Você está na página 1de 28

&$3,72/8/

$1$/,=$

&$3,7$/8/8,

),;



352%/(0( *(1(5$/( 35,9,1' &$3,7$/8/ ),;

5HVXUVHOH PDWHULDOH JHVWLRQDWH GH R vQWUHSULQGHUH VXQW IRUPDWH SUDFWLF GLQ FDSLWDOXO IL[ L FDSLWDOXO FLUFXODQW &DSLWDOXO IL[ HVWH DFHD FRPSRQHQW vQ PDL PXOWH FLFOXUL GH H[SORDWDUH L D FDSLWDOXOXL SURGXFWLY WHKQLF VDX UHDO FDUH HVWH IRORVLW vL WUDQVPLWH YDORDUHD GXS WUHSWDW DVXSUD SURGXVHORU L ILHFDUH FLFOX GH H[SORDWDUH

FDUH

VHUYLFLLORU H[HFXWDWH GH vQWUHSULQGHUH S VWUkQGXL IRUPD LQL LDO GH SURGXF LH  &DSLWDOXO SDUWLFLS LQL LDO FLUFXODQW HVWH DFHD FRPSRQHQW D FDSLWDOXOXL

SURGXFWLY

WHKQLF

UHDO

FDUH

OD XQ VLQJXU FLFOX GH H[SORDWDUH GH SURGXF LH L vL WUDQVIHU vQ FXUVXO GHUXO ULL FLFOXOXL GH H[SORDWDUH $FHVW HOHPHQW DO

vQWUHDJD YDORDUH DVXSUD UHVXUVHORU PDWHULDOH DOH

SURGXF LHL L VHUYLFLLORU H[HFXWDWH vQ FLFOXO GH H[SORDWDUH UHVSHFWLY SLHU]kQGXL GH UHJXO  IRUPD vQWUHSULQGHULL WUHEXLH GHFL UHvQQRLW GXS Q FDGUXO DFWLYLW vQ LL ORU ILHFDUH FLFOX GH H[SORDWDUH vQWUHSULQGHULOH QHFRUSRUDOH VRFLHW LOH FRPHUFLDOH L DQJDMHD] L

HFRQRPLFH FRUSRUDOH L

LPRELOL]HD] GHVHUYHDVF

FDSLWDO

DFWLYH

&DSLWDOXO

DQJDMDW

LPRELOL]DW WUHSWDW

VXSXV

DPRUWL] ULL HVWH UHIOHFWDW vQ SDWULPRQLXO DJHQ LORU HFRQRPLFL SULQ EXQXULOH L YDORULOH GHVWLQDWH V DFWLYLWDWHD HFRQRPLF SH R SHULRDG PDL PDUH GH XQ DQ L FDUH VH FRQVXP vQ GRX

&DSLWDOXO DQJDMDW L LPRELOL]DW VXSXV DPRUWL] ULL VH JUXSHD] DQXPH $ % $FWLYH LPRELOL]DWH FRUSRUDOH VXSXVH DPRUWL] ULL $FWLYH LPRELOL]DWH QHFRUSRUDOH VXSXVH DPRUWL] ULL

FDWHJRULL GLVWLQFWH L

Q JUXSD DFWLYHORU FRUSRUDOH DIHUHQWH FDSLWDOXOXL DQJDMDW L LPRELOL]DW VH LQFOXG  7HUHQXULOH LQFOXVLY LQYHVWL LLOH HIHFWXDWH SHQWUX DPHQDMDUHD ORU  0LMORDFHOH IL[H FDSLWDOXO IL[  Q FHHD FH SULYHWH WHUHQXULOH DFHVWHD VXQW VXSXVH RSHUD LXQLL GH DPRUWL]DUH QXPDL GDF DPHQDMDUHD ORU )RUPD PDWHULDO D FDSLWROXOXL IL[ R FRQVWLWXLH PLMORDFHOH IL[H FD DWDUH L HOH

DX IRUPDW RELHFWXO XQXL FRQWUDFW GH YkQ]DUHFXPS UDUH L QXPDL SHQWUX LQYHVWL LLOH HIHFWXDWH SHQWUX

(VWH FRQVLGHUDW PLMORF IL[ RELHFWXO VDX FRPSOH[XO GH RELHFWH FH VH XWLOL]HD] vQGHSOLQHWH FXPXODWLY XUP WRDUHOH FRQGL LL D DUH R YDORDUH GH LQWUDUH PDL PDUH GHFkW R OLPLW SURILO vQ YLJRDUH E DUH R GXUDW GH XWLOL]DUH PDL PDUH GH XQ DQ PLQLP VWDELOLW

SULQ DFWHOH QRUPDWLYH GH

Q JUXSD DFWLYHORU QHFRUSRUDOH DIHUHQWH FDSLWDOXOXL DQJDMDW L LPRELOL]DW VXSXV DPRUWL] ULL VH LQFOXG HOHPHQWH FXP VXQW D E F G FKHOWXLHOLOH RFD]LRQDWH FX vQILLQ DUHD vQWUHSULQGHULL FKHOWXLHOLOH RFD]LRQDWH FX DFWLYLWDWHD GH FHUFHWDUHGH]YROWDUH GLQ FDGUXO vQWUHSULQGHULL FRQFHVLXQLOH OLFHQ HOH EUHYHWHOH L DOWH GUHSWXUL GH YDORUL DVLPLODWH FKHOWXLHOLOH HIHFWXDWH FX IRUPDUHD IRQGXOXL FRPHUFLDO DO vQWUHSULQGHULL LPDJLQHD GH ILUP  LPDJLQHD GH PDUF  S VWUDUHD L H[WLQGHUHD VHJPHQWXOXL GH SLD H SURSULX HWF 

DOWH LPRELOL] UL QHFRUSRUDOH LQFOXVLY SURJUDPHOH LQIRUPDWLFH FUHDWH GH DJHQ LL HFRQRPLFL VDX DFKL]L LRQDWH GH OD WHU L



6758&785$

(9$/8$5($ ),;(

5((9$/8$5($

&$3,7$/8/8,

),;

0,-/2$&(/25 

6WUXFWXUD PLMORDFHORU IL[H XUP WRDUHOH

&DSLWDOXO IL[ JHVWLRQDW GH R vQWUHSULQGHUH PLMORDFHOH IL[H SRDWH IL JUXSDW GXS FULWHULL PDL LPSRUWDQWH $ *UXSDUHD FDSLWDOXOXL IL[ GXS PRGXO GH IRORVLUH

Q FDGUXO DFHVWXL FULWHULX VH DUH vQ YHGHUH IDSWXO F

vQ FRPSRQHQWHOH FDSLWDOXOXL IL[ LQWU

DFWLYH FRUSRUDOH LPRELOL]DWH FDUH WHPSRUDU QX VXQW vQ IXQF LXQH LQkQG PLMORDFH IL[H   0LMORDFH IL[H DFWLYH FDUH LQFOXG PLMORDFHOH IL[H vQ IXQF LXQH OXFUHD] DGLF PLMORDFHOH  ILH F IL[H VH VHDPD GH DFHVW FULWHULX GH JUXSDUH GHRVHELP XUP WRDUHOH JUXSH GH FDSLWDO IL[

SURGXFWLYH LQVWDODWH L FDUH IXQF LRQHD] J VHVF R DQXPLW SHULRDG

vQ PRG RELQXLW ILH F

vQ SHUPHQHQ

GH WLPS vQ DWHSWDUH VDX vQ vQWUH LQHUH L UHSDUD LL FXUHQWH

 0LMORDFH IL[H LQDFWLYH FDUH FXSULQG D 0LMORDFH IL[H DIODWH vQ UH]HUY  DGLF QHFHVDUH DVLJXU ULL FRQWLQXLW DFHOH PLMORDFH IL[H PRQWDWH VDX QHPRQWDWH FDUH VXQW YkUIXULORU GH

LL SURFHVXOXL GH H[SORDWDUH GH SURGXF LH  DYkQG PHQLUHD GH D LL VH]RQLHUH

vQORFXL PLMORDFHOH IL[H DIODWH vQ UHSDUD LL PLMORFLL L FDSLWDOH GH D IDFH ID VDUFLQ  VDX VXQW PLMORDFH IL[H GHVWLQDWH GHVI XU ULL DFWLYLW E 0LMORDFH IL[H vQ FRQVHUYDUH VXQW vQ VWDUH EXQ

GH IXQF LRQDUH GDU VXQW VFRDVH WHPSRUDU GLQ

DFWLYLWDWHD HFRQRPLF  GLQ GLIHULWH FDX]H OHJDWH GH SURFHVXO GH H[SORDWDUH GH SURGXF LH  F G 0LMORDFH IL[H DIODWH vQ UHSDUD LL PLMORFLL L FDSLWDOH 0LMORDFH IL[H FDUH VH DIO vQ DWHSWDUHD VFRDWHULL GLQ X] GHVWLQD LD WHKQLFRHFRQRPLF

% *UXSDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ GXS

LQkQG VHDPD GH DFHVW FULWHULX GH JUXSDUH GHRVHELP XUP WRDUHOH FDWHJRULL GH PLMORDFH IL[H  &O GLUL  &RQVWUXF LL VSHFLDOH LQGXVWULDOH L FX DOWH GHVWLQD LL  0DLQL GH IRU L XWLODM HQHUJHWLF

 0DLQL XWLODMH L HFKLSDPHQWH GH OXFUX  $SDUDWH L LQVWDOD LL GH P VXUDUH FRQWURO L UHJODUH  0LMORDFH GH WUDQVSRUW  $QLPDOH GH PXQF   3ODQWD LL  8QHOWH DFFHVRULL GH SURGXF LH GH H[SORDWDUH GXUDW  L LQYHQWDU JRVSRG UHVF DOWHOH GHFkW

RELHFWHOH GH LQYHQWDU GH PLF 

YDORDUH VDX VFXUW

(YDOXDUHD L UHHYDOXDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ PLMORDFHORU IL[H D PLMORDFHORU FDUH IDF SDUWH GLQ FDSLWDOXO IL[ HVWH QHFHVDU D P ULPLL FRPSRQHQWHORU FDSLWDOXOXL IL[ UHVSHFWLY SULQ

3HQWUX FDUDFWHUL]DUHD XQLWDU UHDOL]DW SULQ H[SULPDUHD YDORULF

RPRJHQL]DUHD vQWUXQ DQXPLW PRG D DFHVWHL PDVH QHRPRJHQH GH FRPSRQHQWH DF LXQH FDUH SRDWH IL LQWHUPHGLXO HYDOX ULL L UHHYDOX ULL PLMORDFHORU IL[H (YDOXDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ SRDWH IL HIHFWXDW , ,, LQkQG VHDPD GH PRPHQWXO HYDOX ULL LQkQG VHDPD GH JUDGXO GH SDUWLFLSDUH D PLMORFXOXL IL[ OD SURFHVXO GH H[SORDWDUH GH SURGXF LH  SH ED]D XUP WRDUHORU FULWHULL

(YDOXDUHD FULWHULX GHRVHELP

FRPSRQHQWHORU

FDSLWDOXOXL

IL[

vQ

IXQF LH

GH

PRPHQW

SUHVXSXQH

GHWHUPLQDUHD

YDORULL PLMORDFHORU IL[H vQ IXQF LH GH SUH XULOH H[LVWHQWH OD XQ PRPHQW GDW SH SLD  9DORDUHD GH LQWUDUH VDX YDORDUHD LQL LDO  FDUH HVWH GDW

 &RQIRUP DFHVWXL

GH VXPD FKHOWXLHOLORU RFD]LRQDWH H[LVWHQWH vQ

FX FXPS UDUHD WUDQVSRUWXO PRQWDMXO L HYHQWXDO SUREHOH WHKQRORJLFH OD SUH XULOH IL[H VDX vQ IXQF LH GH VFRSXO DQDOL]HL YDORDUHD GH LQWUDUH SRDWH IL DFWXDOL]DW  9DORDUHD GH vQORFXLUH FDUH HVWH GDW GH VXPD FKHOWXLHOLORU DFKL]L LRQDUHD XQXL QRX PLMORF IL[ FDUH DUH DFHHDL GHVWLQD LH HFRQRPLF HYDOX ULL OD LQIOD LH DU IL

PRPHQWXO DFKL]L LRQ ULL PLMORFXOXL IL[ Q IXQF LH GH XQHOH UHJOHPHQW UL OHJDOH SULYLQG PLMORDFHOH FDUH RFD]LRQDWH FX

SH FDUH R DUH L PLMORFXO vQ PRPHQWXO

IL[ DQDOL]DW L DIODW vQ IXQF LXQH FKHOWXLHOL GHWHUPLQDWH GH SUH XULOH H[LVWHQWH SH SLD

(YDOXDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ vQ IXQF LH GH JUDGXO GH SDUWLFLSDUH OD SURFHVXO GH H[SORDWDUH GH SURGXF LH SUHVXSXQH GHWHUPLQDUHD YDORULL PLMORDFHORU IL[H QX vQ IXQF LH GH VWDUHD ORU IL]LF  FL vQ IXQF LH GH QXP UXO GH SDUWLFLS UL OD SURFHVXO GH H[SORDWDUH GH SURGXF LH  $FHVW FULWHULX GH HYDOXDUH VH DSOLF XUP WRDUHOH YDULDQWH GH YDORUL  9DORDUHD GH LQWUDUH FRPSOHW  OD FRQVLGHUDUHD F UHLD QX VH LQH VHDPD GH JUDGXO GH SDUWLFLSDUH D PLMORFXOXL IL[ OD SURFHVXO GH H[SORDWDUH GH SURGXF LH   9DORDUHD GH LQWUDUH U PDV  OD GHWHUPLQDUHD F UHLD VH PLMORFXOXL GLIHUHQ IL[ OD SURFHVXO GH GH H[SORDWDUH GH SURGXF LH  L vQWUH YDORDUHD LQWUDUH FRPSOHW DPRUWL]DUHD LQH VHDPD GH JUDGXO GH SDUWLFLSDUH D DFHVWXL LQGLFDWRU VH RE LQH LQWU ULL FD vQ FXPXODW GLQ PRPHQWXO 1LYHOXO PLMORDFHORU IL[H DIODWH vQ IXQF LXQH L HO SUHVXSXQH

H[SORDWDUH SkQ I U

vQ PRPHQWXO HYDOX ULL SRW IL GHWHUPLQDWH FX VDX

$WkW YDORDUHD GH LQWUDUH FRPSOHW  FkW L YDORDUHD GH LQWUDUH U PDV OXDUHD vQ FRQVLGHUDUH D UDWHL LQIOD LHL Q IXQF LH GH VFRSXO DQDOL]HL SRDWH IL GHWHUPLQDW L U PDV  (YDOXDUHD PLMORDFHORU IL[H SUH]LQW R GHRVHELW LPSRUWDQ SH

UHVSHFWLY L YDORDUHD GH vQORFXLUH FRPSOHW WRDW GXUDWD JHVWLRQ ULL DSUHFLHUHD

DFHVWRUD LQFOXVLY SHQWUX PRPHQWXO YkQ] ULL XQRU DFWLYH IL[H DIODWH vQ IXQF LXQH Q FDGUXO DF LXQLL GH YkQ]DUH D DFWLYHORU XQXL DJHQW HFRQRPLF vQWUHSULQGHUL SUH]LQW FRUHFW D YDORULL PLMORDFHORU IL[H FDUH XUPHD] GH SLD  DFHDVWD GLQ XUP GH FDUH WUHEXLH V YkQ] WRU (VWH GH SUHFL]DW vQV  F YDORDUH DGHY UDW 3ULQWUH YDORDUHD UH]XOWDW R GHRVHELW LPSRUWDQ D IL OLFLWDWH DWkW SHQWUX FXPS U WRU FkW L SHQWUX vQ XUPD HYDOX ULL PLMORDFHORU IL[H QX HVWH R SULQ LQWHUPHGLXO FHUHULL L RIHUWHL VSUH vQ FDGUXO XQHL DF LXQL GH HYDOXDUH D D

ILLQG VWDELOLW VH LQ VHDPD

H[HPSOX vQ FDGUXO DF LXQLL GH OLFLWDUH D XQRU DFWLYH IL[H FULWHULLOH FRPSRQHQWHORU FDSLWDOXOXL IL[ vQ FDGUXO HYDOX ULL XQHL vQWUHSULQGHUL SRW IL PHQ LRQDWH VWDUHD IL]LF  UHVSHFWLY JUDGXO GH X]XU IL]LF  JUDGXO GH X]XU PRUDO  FDSDFLWDWHD GH SURGXF LH GLVSRQLELO D D L PLMORFXOXL IL[ HYDOXDW SUH XULOH SUDFWLFDWH SH SLD

5HHYDOXDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ SUHVXSXQH VWDELOLUHD YDORULL DFWXDOL]DWH OD XQ PRPHQW GDW D FRPSRQHQWHORU FDSLWDOXOXL IL[ JHVWLRQDW GH R vQWUHSULQGHUH 9DORDUHD DFWXDOL]DW FRQWDELO  XWLOLWDWHD PLMORFXOXL IL[ FRQVLGHUDW SUH XO SLH HL SUHFXP L JUDGXO GH X]XU PRUDO HVWLPDW OD GDWD UHHYDOX ULL $F LXQHD GH UHHYDOXDUH D FRPSRQHQWHORU FDSLWDOXOXL IL[ DUH ORF FD XUPDUH D PRGLILF ULL vQ WLPS D SUH XULORU FRPSRQHQWHORU FDSLWDOXOXL IL[ L QXPDL SH ED]D XQRU DFWH QRUPDWLYH H[SUHVH (YDOXDUHD L UHHYDOXDUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ VXQW DF LXQL GH R FRPSOH[LWDWH ULGLFDW  HOH SUHVXSXQkQG SDUWLFLSDUHD XQXL PDUH QXP U GH VSHFLDOLWL GLQ PDL PXOWH GRPHQLL  '(7(50,1$5($ , $1$/,=$ 0 5,0,, 8=85,, &20321(17(/25 IL]LF PLMORDFHORU IL[H VH VWDELOHWH GH UHJXO  DYkQGXVH vQ YHGHUH YDORDUHD GH LQWUDUH GLQ HYLGHQ D

&$3,7$/8/8, ),; 0,-/2$&(/25 ),;(  3UREOHPH JHQHUDOH SULYLQG X]XUD PLMORDFHORU IL[H LQH VHDPD vQ VSHFLDO FX RFD]LD HYDOX ULL L

8Q VLVWHP GH LQGLFDWRUL LPSRUWDQ L GH FDUH VH

UHHYDOX ULL PLMORDFHORU IL[H L vQ JHQHUDO OD VWDELOLUHD FRWHORU GH DPRUWL]DUH L D P ULPLORU DEVROXWH

DOH DPRUWL] ULL vO UHSUH]LQW

LQGLFDWRULL X]XULL PLMORDFHORU IL[H

6H FXQRDWH DWkW GLQ OLWHUDWXUD GH VSHFLDOLWDWH FkW L GLQ SUDFWLFD HFRQRPLF  LGHHD FRQIRUP F UHLD PLMORDFHOH IL[H VXQW VXSXVH XQHL X]XUL PDL PXOW VDX PDL SX LQ DFFHQWXDWH ILH SULQ GHJUDGDUH IL]LF VDX SLHUGHUHD WUHSWDW D SURSULHW LORU WHKQLFH GH H[SORDWDUH ILH SULQ GHSUHFLHUHD VDX vQYHFKLUHD vPE WUkQLUHD ORU vQ FRPSDUD LH FX JHQHUD LLOH QRL GH PLMORDFH IL[H &HOH GRX X]XU IL]LF IRUPH GH X]XU VXQW FXQRVFXWH vQ OLWHUDWXUD GH VSHFLDOLWDWH VXE GHQXPLUHD GH

L UHVSHFWLY X]XU

PRUDO 

Q XOWLPHOH GHFHQLL FD XUPDUH D DFFHOHU ULL L LQWURGXFHULL SURJUHVXOXL WLLQ LILFRWHKQLF FHD GH D GRXD IRUP GH X]XU  X]XUD PRUDO  vQUHJLVWUHD] XQ ULWP GH FUHWHUH IRDUWH DFFHQWXDW vQ VSHFLDO GH FDOFXO HWF   SDUWH ID GH OD DFHOH FRPSRQHQWH DOH FDSLWDOXOXL IL[ FDUH VXQW PDUL SXUW WRUL DL SURJUHVXOXL WLLQ LILFRWHKQLF PDLQL XWLODMH HFKLSDPHQWH GH SURGXF LH PLMORDFH GH WUDQVSRUW WHKQLF

Q FHOH FH XUPHD]  DERUG P X]XUD PLMORDFHORU IL[H FD R P ULPH UHODWLY

vQWUHJ  UH]XOWDWHOH GHWHUPLQ ULORU X]XULL XUP ULQG D IL H[SULPDWH vQ SURFHQWH VDX vQ P ULPL UHODWLYH VLPSOH FXSULQVH vQWUH ]HUR L XQX Q DFHVW PRG VH SRDWH DU WD vQ RULFH PRPHQW DO H[LVWHQ HL L IXQF LRQ ULL XQXL PLMORF IL[ vQ FH SURSRU LH DFHVWD HVWH X]DW IL]LF PRUDO VDX JOREDO 3H ED]D DFHVWRU P ULPL UHODWLYH SRW IL FDOFXODWH L QLYHOXULOH DEVROXWH DOH X]XULL SULQ

PXOWLSOLFDUHD ORU FX YDORDUHD PLMORFXOXL IL[ DQDOL]DW 8UPHD] UH]XOWDQW D IL GHWHUPLQDWH vQ RUGLQH JUDGXO GH X]XU JOREDO IL]LF  JUDGXO GH X]XU PRUDO L FD

D DFHVWRUD JUDGXO GH X]XU

WRWDO DOH PLMORFXOXL IL[ IL]LF FD UHSUH]HQWkQG SLHUGHUHD WUHSWDW D



'HWHUPLQDUHD L DQDOL]D JUDGXOXL GH X]XU

Q FHHD FH SULYHWH X]XUD IL]LF  DFHDVWD SRDWH IL GHILQLW SURSULHW DFHVWXLD vQ SURFHVXO GH H[SORDWDUH Q OLWHUDWXUD GH VSHFLDOLWDWH L vQ SUDFWLFD HFRQRPLF PHWRGH GH FDOFXO DO JUDGXOXL GH X]XU HFRQRPLFH HFRQRPLF 

LORU WHKQLFH GH H[SORDWDUH DOH PLMORFXOXL IL[ FD XUPDUH D IRORVLULL LVDX D QHIRORVLULL

VXQW HYLGHQ LDWH L IRORVLWH PDL PXOWH FULWHULL HFRQRPLFH VDX WHKQLFR

IL]LF  WRDWH DYkQG OD ED]

PLMORFXOXL IL[ DQDOL]DW L XQHRUL vQ IXQF LH GH QDWXUD LQIRUPD LLORU H[LVWHQWH vQ HYLGHQ D WHKQLFR UHIHULWRDUH OD DFHO PLMORF IL[ 0HWRGD H[SHUWL]HL WHKQLFH HVWH XQD GLQ PHWRGHOH FHOH PDL H[DFWH GH GHWHUPLQDUH D

JUDGXOXL GH X]XU

Q FDGUXO DFHVWHL PHWRGH X]XUD IL]LF X]XULOH SDU LDOH GHWHUPLQDWH SULQ H[SHUWL]

X]XULOH GLIHULWHORU S U L FRPSRQHQWH DOH PLMORFXOXL IL[ DQDOL]DW SH GH R SDUWH LDU SH GH DOW HFRQRPLF  3HQWUX GHWHUPLQDUHD JUDGXOXL GH X]XU WHKQLFH SRDWH IL IRORVLW UHOD LD IL]LF

LQH VHDPD GH YDORULOH FRVWXULOH GLIHULWHORU S U L FRPSRQHQWH DOH PLMORFXOXL IL[ DQDOL]DW FULWHULXO

9H]L vQ DFHVW VHQV /LYLX 7URLH &XDQWLILF UL VWDWLVWLFH DOH X]XULL XWLODMHORU vQ 5HYLVWD 5RPkQ

 SDJ

 JUDGXO GH X]XU

vQ FDUH  8



IL]LF

H[SULPDW vQ P ULPL UHODWLYH VLPSOH

 )RORVLUHD XQHLD VDX DOWHLD GLQWUH DFHVWH PHWRGH GH FDOFXO HVWH vQ IXQF LH GH QDWXUD

IL]LF  D XQXL PLMORF IL[ VH VWDELOHWH LQkQGXVH VHDPD GH SDUWH VH

WHKQLF

FULWHULXO WHKQLF  UHVSHFWLY VH LDX vQ FRQVLGHUDUH

D XQXL PLMORF IL[ FX DMXWRUXO PHWRGHL H[SHUWL]HL



GH 6WDWLVWLF

QU

GLQ SUH XO GH FXPS UDUH DO PLMORFXOXL IL[ DQDOL]DW 

 QXP UXO WRWDO DO S U LORU FRPSRQHQWH VXEDQVDPEOHORU DOH PLMORFXOXL IL[ DQDOL]DW

FRQVW

PLMORFXOXL IL[ DQDOL]DW  0HWRGD GXUDWHL GH VHUYLFLX FRQVXPDWH HVWH R PHWRG ULGLFDW GH GHWHUPLQDUH D JUDGXOXL GH X]XU IL]LF  IL]LF  SRDWH IL FDOFXODW SH ED]D UHOD LHL XQGH FX XQ JUDG GH RSHUDWLYLWDWH IRDUWH

 JUDGXO GH X]XU

IL]LF  D PLMORFXOXL IL[ DQDOL]DW VDX SUHVWDELOLW D PLMORFXOXL IL[ DQDOL]DW DSURSLDW GH PHWRGD GXUDWHL GH VHUYLFLX GH VHUYLFLX FRQVXPDWH HVWH QX VH FXQRDWH FX

' '

 GXUDWD GH VHUYLFLX FRQVXPDW  GXUDWD GH VHUYLFLX QRUPDW

QRUPDO

 0HWRGD GXUDWHL GH VHUYLFLX U FRQVXPDWH (D SRDWH IL IRORVLW QHFRQFOXGHQW H[DFWLWDWH  VDX HURQDW

PDVH HVWH R PHWRG

vQ FD]XULOH vQ FDUH PHWRGD

vQ FD]XULOH vQ FDUH GXUDWD GH VHUYLFLX FRQVXPDW

&RQIRUP DFHVWHL PHWRGH JUDGXO GH X]XU


'

L '

DX VHPQLILFD LLOH GDWH DQWHULRU  GXUDWD GH VHUYLFLX U PDV  GHWHUPLQDW SULQ H[SHUWL] WHKQLF 

UHODWLY DUELWUDUH HOH QH LQkQG VHDPD GH JUDGXO GH IRORVLUH LQWHQVLY

YDORDUHD

GHQXPLWH DQLPDOH GH PXQF  vQWUXFkW YDORDUHD UH]LGXDO FX YDORDUHD GH LQWUDUH 3HQWUX GHWHUPLQDUHD JUDGXOXL GH X]XU IL]LF

'

'

XQGH

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[  YDORDUHD UH]LGXDO GH OLFKLGDUH D PLMORFXOXL IL[

 '  '  '

DX VHPQLILFD LLOH GDWH DQWHULRU

0( )

&%

'

'

9 - 5

VDX

'

'

&ULWHULXO GXUDWHL GH VHUYLFLX FRQVXPDWH L FHO DO GXUDWHL GH VHUYLFLX U PDVH VXQW QLWH FULWHULL D PLMORFXOXL IL[ DQDOL]DW

 0HWRGD GXUDWHL GH VHUYLFLX FRQVXPDWH VDX D GXUDWHL GH VHUYLFLX U PDVH FRPELQDWH FX UH]LGXDO D PLMORFXOXL IL[ DQDOL]DW VH IRORVHWH vQ VSHFLDO vQ FD]XO PLMORDFHORU IL[H D DFHVWRUD DUH R SRQGHUH PDUH FRPSDUDWLY

'

"

- '

'

 JUHXWDWHD VSHFLILF DQDOL]DW

D FRVWXOXL FRPSRQHQWHL L

vQ WRWDO SUH

GH FXPS UDUH DO PLMORFXOXL IL[

2 GLILFXOWDWH GHVWXO GH PDUH FDUH SRDWH V

DSDU

vQ FD]XO IRORVLULL PHWRGHL H[SHUWL]HL WHKQLFH

vQ GLILFXOWDWHD HYLGHQ LHULL VDX VWDELOLULL YDORULORU FRVWXULORU GLIHULWHORU S U L FRPSRQHQWH DOH

&RQIRUP DFHVWHL PHWRGH JUDGXO GH X]XU


= '

GXUDWHL

IL]LF

SRDWH IL GHWHUPLQDW SH ED]D UHOD LHL

XQGH

vQ FD]XO DFHVWHL PHWRGH SRDWH IL IRORVLW

- '

9 - 5 9

 JUDGXO GH X]XU FRQVLGHUDW

IL]LF

D S U LL FRPSRQHQWH VXEDQVDPEOXOXL FX LQGH[XO L D PLMORFXOXL IL[

 FRVWXO YDORDUHD S U LL VDX VXEDQVDPEOXOXL FX LQGH[XO L

UHSUH]LQW  SUDFWLF R SDUWH

UHOD LD

L vQ FD]XO FHORU GRX PLMORFXOXL IL[ DQDOL]DW

UHOD LL GH PDL VXV QX VH

LQH VHDPD GH JUDGXO GH IRORVLUH LQWHQVLY

 'HWHUPLQDUHD JUDGXOXL GH X]XU vQUHJLVWUHD] R X]XU IL]LF

IL]LF

SHQWUX DFHOH FRPSRQHQWH DOH FDSLWDOXOXL IL[ FDUH

DOHDWRDUH Q DFHVW FRQWH[W vQ IXQF LH GH QDWXUD X]XULL IL]LFH PLMORDFHOH

IL[H SRW IL FODVLILFDWH vQ PLMORDFH IL[H VXSXVH XQHL X]XUL IL]LFH GHWHUPLQDWH SUHYL]LELOH L PLMORDFH IL[H FDUH VXQW VXSXVH XQHL X]XUL IL]LFH DOHDWRDUH SUREDELOLVWLFH  Q FD]XO PLMORDFHORU IL[H DOH F URU FRPSRQHQWH VXQW VXSXVH XQHL X]XUL IL]LFH DOHDWRDUH VH GHWHUPLQ  vQWUR SULP HWDS  YDORULOH XQHL IXQF LL GHQXPLW IXQF LH GH VXSUDYLH XLUH

(Y (W )) 

LDU vQ

HWDSD D GRXD SRDWH IL GHWHUPLQDW JUDGXO GH X]XU

FX 

Y (R ) = 

'HWHUPLQDUHD L DQDOL]D JUDGXOXL GH X]XU

Q DIDU DFFHOHUDW

GH X]XUD IL]LF  HOHPHQWHOH FRPSRQHQWH DOH FDSLWDOXOXL IL[ VXQW VXSXVH L XQHL X]XUL

DD]LVH PRUDOH PDL DOHV vQ SHULRDGD DFWXDO  vQ FRQGL LLOH SURJUHVXOXL WLLQ LILFRWHKQLF WRW PDL

8]XUD PRUDO  X]XUD PRUDO  X]XUD

DUH GRX

FRPSRQHQWH SULQFLSDOH L DQXPH GH HYROX LD YDORULL GH vQORFXLUH GH VF GHUHD UHODWLY D

GH JUDGXO , GH SULPD IRUP  GHWHUPLQDW GH JUDGXO ,, GH D GRXD IRUP 

PRUDO

UDQGDPHQWXOXL PLMORFXOXL IL[ DQDOL]DW vQ FRPSDUD LH FX JHQHUD LLOH QRL GH PLMORDFH IL[H FDUH DX DFHHDL GHVWLQD LH HFRQRPLF  GDU VXQW PDL SHUIRUPDQWH 6H DSUHFLD] F WRW X]XU PRUDO GH JUDGXO ,, SRDWH IL FRQVLGHUDW L FUHWHUHD UHODWLY D

FKHOWXLHOLORU GH vQWUH LQHUH UHSDUD LL PDQLSXODUH H[SORDWDUH RFD]LRQDWH FX PLMORFXO IL[ DQDOL]DW

LQkQG VHDPD GH DFHVWH FRQVLGHUD LL vQ OLWHUDWXUD HFRQRPLF JUDGXOXL GH X]XU PRUDO , L ,, HVWH SURSXV UHOD LD
$ $ 4 4 .

GH VSHFLDOLWDWH

vQ FDUH

/7URLH vQ &XDQWLILF UL DOH X]XULL XWLODMHORU Q 5HY5RPkQ

F CCE C D

 JUDGXO GH X]XU

PRUDO

GH SULPD L GH D GRXD IRUP 

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW L DIODW vQ IXQF LXQH SUH XO GH FXS UDUH vQ DQXO W =    YDORDUHD GH vQORFXLUH SUH XO GH FXPS UDUH DO XQXL PLMORF IL[ GLQWUR JHQHUD LH PDL QRX  DIODW SH SLD VDX vQ ID] GH SURLHFWDUH vQ DQXO W >  vQ DQXO W >   FX PLMORFXO IL[ DQDOL]DW L DIODW vQ IXQF LXQH vQ

 UDQGDPHQWXO SURGXF LD DQXDO UHDOL]DW SULPXO DQ GH IXQF LRQDUH D OXL W =  

 UDQGDPHQWXO SURGXF LD vQ SULPXO DQ GH IXQF LRQDUH W >   DO XQXL PLMORF IL[ DIODW SH SLD VDX vQ ID] GH SURLHFWDUH vQ DQXO W >   DO HIHFWX ULL FDOFXOHORU

 FKHOWXLHOL GH vQWUH LQHUH UHSDUD LL PDQLSXODUH H[SORDWDUH RFD]LRQDWH FX PLMORFXO IL[ DIODW vQ IXQF LXQH DIHUHQWH SULPXOXL DQ GH IXQF LRQDUH D DFHVWXLD W =    FKHOWXLHOL GH vQWUH LQHUH UHSDUD LL PDQLSXODUH H[SORDWDUH RFD]LRQDWH FX XQ PLMORF IL[ HFKLYDOHQW FX FHO DIODW vQ IXQF LXQH GDU PDL SHUIRUPDQW FKHOWXLHOL SUHY ]XWH SHQWUX SULPXO DQ GH IXQF LRQDUH D DFHVWXLD W >  

GH 6WDWLVWLF

8 9 AA A B

=-

QU SDJ

4 53

FRPSDUDWLY FX XQ PLMORF IL[ GLQWUR JHQHUD LH PDL QRX

=  - Y (W )

IL]LF  IRORVLQG UHOD LD 

Y ( ) =  
PRUDO

GHWHUPLQDW

L FX DFHHDL GHVWLQD LH HFRQRPLF   SHQWUX FDOFXOXO

S R

GDWRUDW  UHVSHFWLY HYROX LHL YDORULL GH vQORFXLUH HYROX LHL UHODWLYH D UDQGDPHQWXOXL PLMORFXOXL IL[ DIODW vQ IXQF LXQH L DQDOL]DW L HYROX LHL UHODWLYH D FKHOWXLHOLORU GH vQWUH LQHUH UHSDUD LL PDQLSXODUH L H[SORDWDUH RFD]LRQDWH FX PLMORFXO IL[ DQDOL]DW

DQDOL]DW vQ PRPHQWXO W >  VDX W >   GXS

FD] YDORDUH UHPDQHQW

PRUDOH , L ,, (OH VXQW QLWH P ULPL UHODWLYH GH FRRUGRQDUH 5HOD LD GH PDL VXV SHQWUX GHWHUPLQDUHD JUDGXOXL GH X]XU PRUDO L 4 , L ,, SRDWH V FRQGXF L

DIODW vQ IXQF LXQH VDX vQ H[SORDWDUH QX DUH X]XUD PRUDO

QX VH SXQH SUREOHPD vQORFXLULL OXL vQDLQWH GH H[SLUDUHD GXUDWHL QRUPDWH SUHVWDELOLWH GH IXQF LRQDUH 5HOD LD GH FDOFXO DO X]XULL PRUDOH , L ,, GDW OD YDORUL QHJDWLYH DOH JUDGXOXL GH X]XU PDL VXV DUH VHQV GRDU SHQWUX FD]XULOH vQ FDUH HD UHOD LH FRQGXFH

FRQGXFH OD YDORUL SR]LWLYH FXSULQVH vQWUH ]HUR L XQX LDU vQ FD]XULOH vQ FDUH DFHDVW IXQF LXQH VDX vQ H[SORDWDUH FX FHO DIODW SH SLD FDOFXOHORU GH X]XU  GHFkW FX WLWOX LQIRUPDWLY  'HWHUPLQDUHD L DQDOL]D JUDGXOXL GH X]XU JOREDO WRWDO

$YkQG vQ YHGHUH F  DWkW X]XUD IL]LF  FkW L X]XUD PRUDO  GHWHUPLQDWH UHVSHFWLY SH ED]D UHOD LLORU SUH]HQWDWH DQWHULRU VH H[SULP GHWHUPLQDUHD JUDGXOXL GH X]XU WRWDO
8

JOREDO  SRDWH IL IRORVLW


=- ( -8 

GH XQGH vQ ILQDO UH]XOW 


8 =8 +8 -8 8

vQ FDUH

GXS

GHGXFHUHD X]XULL IL]LFH L UHVSHFWLY D X]XULL PRUDOH *UDGXO GH X]XU WRWDO SRDWH IL DVLPLODW SUREDELOLW LL SURGXFHULL VLPXOWDQH D GRX

HYHQLPHQWH LQGHSHQGHQWH L DQXPH

)LJ 

6FKHPD GH IRUPDUH D JUDGXOXL GH X]XU

Y UUX U V

Y UUX U V

5a ` `

( -8 

UHSUH]LQW

YDORULOH UHPDQHQWH DOH PLMRFXOXL IL[ DQDOL]DW H[SULPDWH vQ P ULPL UHODWLYH

( $8% ) =

( $) +

(% ) -

( $) 3 ( % )
GH ILJ 

6FKHPDWLF IRUPDUHD JUDGXOXL GH X]XU

WRWDO 8

JOREDO HVWH GDW

JOREDO

 JUDGXO GH X]XU Q UHOD LD GH

WRWDO

JOREDO  GH FDOFXO DO JUDGXOXL GH X]XU JOREDO  H[SUHVLLOH

PDL

VXV

rrx r

y s

UUX U

Y V

DOWH FRPELQD LL GH DFHVW JHQ DWXQFL 8

GHYLQH QHJDWLY  'DU vQWUR DVWIHO GH VLWXD LH PLMORFXO IL[ FL GLQ FRQWU  HO DUH R QRQX]XU PRUDO L

PRUDO  QX DUH VHQV FRPSDUD LD PLMORFXOXL IL[ DIODW vQ vQ PRPHQWXO W >  VDX W >   DO DQDOL]HL L HIHFWX ULL

vQ P ULPL UHODWLYH GH VWUXFWXU UHOD LD

SDUWH ID

GH vQWUHJ  SHQWUX

) ( - 8 

( -8 ) 

OD YDORUL QHJDWLYH DOH X]XULL PRUDOH 6SUH H[HPSOX GDF

u wv u

5DSRDUWHOH

$  $ 

4 4

L .

 .

UHSUH]LQW

S U L DOH YDORULL UHPDQHQWH D PLMORFXOXL IL[ UH]XOWDW vQ XUPD DF LXQLL X]XULL

$ > $

= 4  UHVSHFWLY .

'LIHUHQ HOH SkQ

OD XQLWDWH DOH UDSRDUWHORU

$  $  4 4

L .

 .

UHSUH]LQW

X]XU

PRUDO

= .  VDX

Q ILJ   VXSUDID D KDXUDW

UHSUH]LQW

LQWHUVHF LD GLQWUH JUDGXO GH X]XU

IL]LF

L JUDGXO

VXSUDID

 UHSUH]LQW

X]XUD GDWRUDW  FRQFRPLWHQW QHIRORVLULL PLMORFXOXL IL[ DQDOL]DW L vQYHFKLULL

vPE WUkQLULL DFHVWXLD Q SUDFWLFD HFRQRPLF  SHQWUX FDOFXOXO JUDGXOXL GH X]XU XQHRUL R UHOD LH ED]DW GH WLSXO UHOD LHL SH DPRUWL]DUHD FXPXODW WRWDO D XQXL PLMORF IL[ VH IRORVHWH

XQHL DPRUWL] UL OLQLDUH XQLIRUPH VLWXD LH vQ FDUH QX VH PLMORFXOXL IL[ DQDOL]DW L HVWH UHODWLY FD]XO XQHL DVWIHO GH VWUDWHJLL GH DPRUWL]DUH

GH DPRUWL]DUH IRORVLW SULPD IRUP

GH X]XU

PLMORFXOXL IL[ DQDOL]DW   'HWHUPLQDUHD P ULPLORU DEVROXWH DOH X]XULL IL]LFH DEVROXW FDOFXODW L UHVSHFWLY X]XUD IL]LF UHOD LD DEVROXW FRUHFWDW 

vQ FDUH

vQ FDUH

9  8

w p

 X]XUD IL]LF
)

DEVROXW

FRUHFWDW

DGLF

X]XUD IL]LF

DEVROXW

 8

 VHPQLILFD LLOH GDWH DQWHULRDU

|| | }

 w p

= 9 8

-9

+8

t u pnu t pv w v y x

 P ULPHD X]XULL IL]LFH DEVROXWH FDOFXODWH


)

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW  JUDGXO GH X]XU IL]LF  GHWHUPLQDW GXS XQD GLQ UHOD LLOH FXQRVFXWH UHOD LD

3HQWUX FDOFXOXO X]XULL IL]LFH DEVROXWH FRUHFWDWH SRDWH IL IRORVLW

s l pnl s pm o m r q

h wi h

(W )

 JUDGXO GH X]XU IL[

JOREDO

WRWDO  FDOFXODW SHQWUX PRPHQWXO W

 P ULPHD DEVROXW

D DPRUWL] ULL FDOFXODW

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW 2 DVWIHO GH UHOD LH GH FDOFXO DO JUDGXOXL GH X]XU JOREDO QX HVWH LQGLFDW  PDL DOHV vQ FD]XO D

L vQ FHHD FH SULYHWH OXDUHD vQ FRQVLGHUDUH D X]XULL PRUDOH vQ

2 UHOD LH GH WLSXO FHOHL SUH]HQWDWH DQWHULRU SRDWH IL IRORVLW L GH D GRXD IRUP 

LD vQ FRQVLGHUDUH DWkW HIHFWHOH X]XULL IL]LFH FkW L HIHFWHOH X]XULL PRUDOH GH

 'HWHUPLQDUHD L DQDOL]D P

ULPLORU DEVROXWH DOH X]XULL PLMORDFHORU IL[H

0 ULPLOH DEVROXWH DOH X]XULL XQXL PLMORF IL[ SRW IL GHWHUPLQDWH UHVSHFWLY SH ED]D JUDGXOXL L D YDORULL PLMORFXOXL IL[ VSUH H[HPSOX SRDWH IL OXDW vQ FRQVLGHUDUH YDORDUH GH LQWUDUH D

6H YD GHWHUPLQD X]XUD IL]LF

3HQWUX FDOFXOXO X]XULL IL]LFH DEVROXWH FDOFXODWH SRDWH IL IRORVLW 8 = 9 8 

we

(W ) =

D
f

GH X]XU

JOREDO  DGLF

SURGXVXO 8

 L VXE DVSHFW HFRQRPLF DFHDVW

H[SUHVLH UHVSHFWLY

L SH YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW

vQ FDUH

GH IXQF LRQDUH D PLMORFXOXL

SHQWUX DQXO SHULRDGD L 

LQH VHDPD GH JUDGXO GH IRORVLUH LQWHQVLY

GRDU vQ FD]XULOH vQ FDUH VWUDWHJLD

UHDO 



'HWHUPLQDUHD P

ULPLORU DEVROXWH DOH X]XULL PRUDOH

6H SURFHGHD]

FD L vQ FD]XO GHWHUPLQ ULL P ULPLORU DEVROXWH DOH X]XULL IL]LFH L vQ DFHVW

VFRS VXQW IRORVLWH UHOD LLOH

vQ FDUH



3HQWUX GHWHUPLQDUHD P ULPLL DEVROXWH D X]XULL JOREDOH VH YD SRUQL GH OD FDOFXOXO JUDGXOXL GH X]XU IL]LF L DO JUDGXOXL GH X]XU PRUDO  UHVSHFWLY GH OD UHOD LD GH FDOFXO DO JUDGXOXL GH X]XU JOREDO  SUHFXP L GH OD YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW Q DFHVW VFRS SRDWH IL IRORVLW RULFDUH GLQ UHOD LLOH

VDX

'HVLJXU

F 

($ ) 

 $SOLFD LH SULYLQG GHWHUPLQDUHD X]XULL XQXL PLMORF IL[ 2 OLQLH WHKQRORJLF GXUDWD QRUPDW DIODW vQ IXQF LXQH GH WUHL DQL HVWH FRPSXV GH  DQL OXFUX vQ  VFKLPEXUL  GLQ SDWUX VXEDQVDPEOH L DUH

9DORDUHD GH LQWUDUH D vQWUHJLL OLQLL WHKQRORJLFH HVWH GH  XE GLQ FDUH

   

VXEDQVDPEOXO VXEDQVDPEOXO VXEDQVDPEOXO VXEDQVDPEOXO Q FDGUXO

QU  QU  QU  QU  DF LXQL GH

XQHL

SUHVXSXV

L DF LXQHD GH GHWHUPLQDUH D JUDGXOXL GH X]XU

Q PRPHQWXO HIHFWX ULL FDOFXOHORU L DO DQDOL]HL R OLQLH WHKQRORJLF HFRQRPLF  H[LVWHQW SH SLD  DUH XQ FRVW GH DFKL]L LH HVWLPDW OD VXSHULRU OLQLHL WHKQRORJLFH DIODWH vQ IXQF LXQH FX  UHSDUD LL PDQLSXODUH L H[SORDWDUH PDL UHGXV FX  IXQF LXQH

GH IXQF LRQDUH

YDORDUHD GH LQWUDUH

(9

SHQWUX = $

FDOFXOXO

P ULPLORU

VDX YDORDUHD GH vQORFXLUH GLQ PRPHQWXO

(' )

 XE  XE  XE  XE HYDOXDUH D

w p

DEVROXWH

XQLW

L E QHWL

PLMORDFHORU

L UHVSHFWLY QLYHOXO FKHOWXLHOLORU GH vQWUH LQHUH  FRPSDUDWLY FX OLQLD WHKQRORJLF DIODW vQ

p w

w p w

+ 8

DOH

X]XULL

IL[H

DOH

IL]LF  PRUDO

w p w

pn p

 X]XUD PRUDO
)

, L ,, DEVROXW , L ,, DEVROXW

FDOFXODW  FRUHFWDW X]XUD PRUDO DEVROXW UHDO

 X]XUD PRUDO
)

'HWHUPLQDUHD P

ULPLL DEVROXWH D X]XULL JOREDOH

= 9 8

+9 8

-9 8

w p

= 9 8

-9

+8

pn p

=9 8

SRDWH

IL

IRORVLW 

GXS

FD]

W >  DO HIHFWX ULL FDOFXOHORU

vQWUHSULQGHULL L JOREDO

FRQVLGHUDWH

HVWH

D PLMORDFHORU IL[H

FX DFHHDL GHVWLQD LH XE XQ UDQGDPHQW



Q XUPD XQHL H[SHUWL]H WHKQLFH SULYLQG X]XUD IL]LF

D FHORU SDWUX VXEDQVDPEOH DOH OLQLHL

WHKQRORJLFH DIODWH vQ IXQF LXQH DX IRVW VWDELOLWH XUP WRDUHOH JUDGH DOH X]XULL IL]LFH SH VXEDQVDPEOH     6H FHUH V VXEDQVDPEOXO VXEDQVDPEOXO VXEDQVDPEOXO VXEDQVDPEOXO QU  QU  QU  QU  DIODW     vQ IXQF LXQH

VH GHWHUPLQH SHQWUX OLQLD WHKQRORJLF IL]LF  PRUDO , L ,,

 *UDGXO GH X]XU  *UDGXO GH X]XU  *UDGXO GH X]XU  8]XU  8]XU  8]XU IL]LF PRUDO JOREDO

JOREDO  L FRUHFWDW  L FRUHFWDW 

DEVROXW  FDOFXODW DEVROXW  FDOFXODW WRWDO DEVROXW

FRUHFWDW 

1RW  LQIRUPD LLOH IXUQL]DWH DX IRVW DFWXDOL]DWH OD LQIOD LH

 'HWHUPLQDUHD JUDGXOXL GH X]XU JUDGXO GH X]XU IL]LF

IL]LF 

LQkQG VHDPD GH QDWXUD LQIRUPD LLORU IXUQL]DWH

SRDWH IL GHWHUPLQDW UHVSHFWLYH FX DMXWRUXO PHWRGHL H[SHUWL]HL WHKQLFH L FX

DMXWRUXO PHWRGHL GXUDWHL GH VHUYLFLX FRQVXPPDWH D 0HWRGD H[SHUWL]HL WHKQLFH



E

0HWRGD GXUDWHL GH VHUYLFLX FRQVXPDWH


= 'F 'Q =  DQL  DQL = 
= 

'HVLJXU F  vQ FRQWLQXDUH YD IL UH LQXW UH]XOWDWXO FHO PDL H[DFW DGLF H[SHUWL]HL WHKQLFH  'HWHUPLQDUHD JUDGXOXL GH X]XU PRUDO 
 

'HFL

 'HWHUPLQDUHD JUDGXOXL GH X]XU

JOREDO

=  -     =  -  =   

VDX 8

= 

=   

 

= 

. .

= -

$ $

=  -  =  

 VDX

X F

   +   +   +     +  +  + 



=  

VDX 

= 

FHO RE LQXW SULQ PHWRGD

=  

 'HWHUPLQDUHD X]XULL IL]LFH DEVROXWH FDOFXODWH L FRUHFWDWH 8 = 9 8


)

=    =  XE

=   - 

( )

  + 

 'HWHUPLQDUHD X]XULL PRUDOH DEVROXWH FDOFXODWH L FRUHFWDWH

=    - 

  (  )   +  

=  -  =  XE

 'HWHUPLQDUHD X]XULL DEVROXWH JOREDOH FRUHFWDWH

+   -     =  XE

VDX
( )



'(7(50,1$5($

&20321(17(/25 &$3,7$/8/8, ),; 0,-/2$&(/25 ),;(  3UREOHPH JHQHUDOH DOH DPRUWL] $PRUWL]DUHD FDSLWDOXOXL IL[ ULL PLMORDFHORU IL[H DF LXQHD GH UHFXSHUDUH WUHSWDW D YDORULL

FRPSRQHQWHORU FDSLWDOXOXL IL[ PLMORDFHORU IL[H  3ULQ LQWHUPHGLXO DF LXQLL GH DPRUWL]DUH D PLMORDFHORU IL[H VH FUHHD] IRQGXO GH DPRUWL]DUH

FDUH HVWH IRORVLW OD UHSURGXFHUHD FRPSRQHQWHORU FDSLWDOXOXL IL[ )RQGXO GH DPRUWL]DUH VH FRQVWLWXLH SULQ VWDELOLUHD XQRU FRWH L P ULPL GH DPRUWL]DUH SH XQLWDWHD GH WLPS XQLWDWHD GH WLPS FHD PDL PDUH SHQWUX FDUH VH FDOFXOHD] FRWHOH L P ULPLOH GH DPRUWL]DUH HVWH DQXO  FRPSHQVH]H SLHUGHULOH GH YDORDUH D PLMORDFHORU IL[H

$PRUWL]DUHD PLMORDFHORU IL[H WUHEXLH V

GDWRUDWH DF LXQLL X]XULL IL]LFH L X]XULL PRUDOH DVXSUD DFHVWRUD 9ROXPXO FRQVLGHUDELO DO FDSLWDOXOXL IL[ DFXPXODW vQ HFRQRPLH SULQ LQWHUPHGLXO DF LXQLL GH DPRUWL]DUH vQ VSHFLDO SULQ FRPSHQVDUHD SLHUGHULORU GDWRUDWH X]XULL PRUDOH D FDSLWDOXOXL IL[ D GXV OD FRQVWLWXLUHD XQRU IRQGXUL GH DPRUWL]DUH FDUH GHS HVF FX PXOW QHFHVDUXO GH FKHOWXLHOL SHQWUX UHSDUWL LL L vQORFXLUL Q SUH]HQW vQ ULOH GH]YROWDWH GLQ SXQFW GH YHGHUH HFRQRPLF SDUWHD FDUH UHYLQH IRQGXOXL GH

DPRUWL]DUH vQ ILQDQ DUHD LQYHVWL LLORU EUXWH D DWLQV FRWH IRDUWH ULGLFDWH UHSUH]HQWkQG IUHFYHQW SHVWH

D SQ R

$1$/,=$

UHSUH]LQW

D D RQ S P F H G #T #T I E %DT #F U

P##I %G#F F HV

+ 8

=  +  =  XE


)

675$7(*,,/25

3 3 1 32 4

3 3 1 32 4

P H #F#I %G#F P %G P

2 @#6#9 %7#6 2 BA 8 C @ %7 @

= 9 8

+ 9 8

- 9 8

=    +

    

    

 '#!#& %"#!  )( $ 0     

= 9 8

-9

8 8

+8

     

   

= 9 8

=   =  XE

= 9 8

-9

+8



=  -   = 

pn p

D SQ R

=8

+8

-8

=  +   -    =  VDX 8 =   

=  XE

'(

$0257,=$5(



vQ IRUPDUHD EUXW PRGHUQL] UL

D FDSLWDOXOXL IL[ Q DFHVW FRQWH[W LQYHVWL LLOH VXQW vQGUHSWDWH vQ VSHFLDO VSUH UHXWLO UL UHSURILO UL HWF Q DFHVWH UL VH SUDFWLF GXUDWH GH DPRUWL]DUH

vQORFXLUL

GXUDWH GH IXQF LRQDUH D HFKLSDPHQWHORU GH SURGXF LH IRDUWH VFXUWH GH FFD  DQL L XQ VLVWHP GH DPRUWL]DUH vQ FRWH L P ULPL GHVFUHVFkQGH DPRUWL]DUHD GHJUHVLY  8Q DVWIHO GH VLVWHP SHUPLWH HYLWDUHD ULVFXOXL XQHL X]XUL PRUDOH IRDUWH DFFHQWXDWH VDX FHO SX LQ DWHQXDUHD OXL L DVLPLODUHD UDSLG D SURJUHVXOXL WLLQ LILFRWHKQLF DGDSWDUHD OD FHULQ HOH SLH HL REOLJkQG WRWRGDW  OD R XWLOL]DUH FkW PDL DFFHQWXDW D FDSLWDOXOXL IL[ L D FHORUODO L IDFWRUL GH SURGXF LH LQWHQVLY

6XE DVSHFW HFRQRPLF DPRUWL]DUHD HVWH XQ SURFHV FDUH SHUPLWH UHSDUWL]DUHD FRVWXOXL XQHL LQYHVWL LL DVXSUD DVXSUD H[HUFL LLORU GH ILQDQFLDUH GH vQ FDUH HVWH FDUH XWLOL]DW YRU WUHEXL LPRELOL]DUHD vQF UFDWH UHVSHFWLY  FKHOWXLHOL 3RWULYLW SULYLQG FRQFHS LHL HFRQRPLFH DFFHQWXO VH SXQH QX DVXSUD YDORULL LPRELOL] ULORU GLQ ELODQ XO FRQWDELO FL FRVWXULORU H[SORDWDUH SURGXF LH FX DPRUWL]DUHD vQ ILHFDUH GLQ H[HUFL LLOH FDUH EHQHILFLD] GH XWLOL]DUHD DFHVWRU LPRELOL] UL

6XE DVSHFW FRQWDELO DPRUWL]DUHD FDSLWDOXOXL LPRELOL]DW vQ DFWLYH FRUSRUDOH L QHFRUSRUDOH VXSXVH DPRUWL] ULL UHSUH]LQW YRU FDOFXOD vQUHJLVWUD SH R GHSUHFLHUH LUHYHUVLELO L UHFXSHUD X]XUD GDWRUDW IL]LF XWLOL] ULL vQ FD]XO LPRELOL] ULORU L PRUDO D DFWLYHORU LPRELOL]DWH FRUSRUDOH VDX WUHFHULL WLPSXOXL vQ FD]XO LPRELOL] ULORU QHFRUSRUDOH  SHQWUX FDUH DJHQ LL HFRQRPLFL FKHOWXLHOL FRUSRUDOH L QHFRUSRUDOH vQ VFRSXO UHIDFHULL FDSLWDOXOXL DQJDMDW 6XE DVSHFW ILQDQFLDU DPRUWL]DUHD SHUPLWH GHJDMDUHD IRUPDUHD UHVXUVHORU ILQDQFLDUH

QHFHVDUH vQORFXLULL LPRELOL] ULORU DWXQFL FkQG DFHVWHD GHYLQ QHXWLOL]DELOH RIHULQG DVWIHO DJHQWXOXL HFRQRPLF SRVLELOLWDWHD GH DL PHQ LQH SDWULPRQLXO V X SULQ UHvQQRLUHD LPRELOL] ULORU FRUSRUDOH L QHFRUSRUDOH 3DUWLFLSkQG OD FRQVWLWXLUHD FDSDFLW SURSULH GH ILQDQ DUH D vQWUHSULQGHULL SO LORU DFHVWHLD SULQ UHGXFHUHD SULYLQG LL GH DXWRILQDQ DUH DPRUWL]DUHD GHYLQH LPSOLFLW VXUV L OD SH PHQ LQHUHD SURILW GLVSRQLELOLW FX LORU E QHWL DOH VXQW LPSR]LWXO FKHOWXLHOLOH DPRUWL]DUHD

FRQWULEXLQG

GHGXFWLELOH ILVFDO vQ OLPLWD QRUPHORU OHJDOH vQ YLJRDUH L PDL GHSDUWH FKHOWXLHOLOH FX DPRUWL] ULOH GLPLQXkQG SURILWXO QHW UHSDUWL]DELO  )RQGXO SULQFLSDOH GH DPRUWL]DUH HVWH LQFOXV vQ IRQGXO GH GH]YROWDUH SHQWUX

D GLYLGHQGHORU GDWRUDWH

)RQGXO

GH

GH]YROWDUH L

DUH

FD

VXUVH

GH

FRQVWLWXLUH

DPRUWL]DUHD

FDOFXODW

DFWLYHOH

FRUSRUDOH

QHFRUSRUDOH

SUHFXP L VXPHOH QHWH UH]XOWDWH GLQ GH]PHPEUDUHD L YDORULILFDUHD PLMORDFHORU IXQF LXQH 'DF

IL[H VFRDVH GLQ

DJHQ LL HFRQRPLFL FX FDSLWDO PDMRULWDU GH VWDW QX DX SUHY ]XW UHDOL]DUHD vQ DQXO

FXUHQW D XQRU OXFU UL GH LQYHVWL LL VDX UDPEXUVDUHD GH FUHGLWH SHQWUX LQYHVWL LL DFHWLD SRW IRORVL VXPHOH GLQ IRQGXO GH GH]YROWDUH SHQWUX LQYHVWL LL ILQDQFLDUH SH WHUPHQ VFXUW FX REOLJD LD FD OD ILQHOH DQXOXL V UHFRQVWLWXLH VXPHOH UHVSHFWLYH

3URFHVXO GH DPRUWL]DUH vQFHSH vQ PRPHQWXO SXQHULL vQ IXQF LXQH D DFWLYHORU LPRELOL]DWH L GXUHD] SkQ vQ PRPHQWXO UHFXSHU ULL LQWHJUDOH D YDORULL GH LQWUDUH D DFHVWRUD FRQIRUP GXUDWHORU QRUPDOH QRUPDWH VDX SUHVWDELOLWH GH IXQF LRQDUH L FRQGL LLORU GH XWLOL]DUH DOH DFHVWRUD 3RW H[LVWD VLWXD LL GH QHUHFXSHUDUH LQWHJUDO  SH FDOHD DPRUWL] ULL D YDORULL GH LQWUDUH D PLMORDFHORU IL[H VFRDVH GLQ IXQF LXQH L FDVDWH vQDLQWHD H[SLU ULL GXUDWHL QRUPDOH GH XWLOL]DUH Q DFHVW FD] YDORDUHD QHDPRUWL]DW SHULRDG YD IL DFRSHULW GLQ VXPHOH UH]XOWDWH vQ XUPD YDORULILF ULL DFHVWRUD YDORDUHD UHFXSHUDW QHDFRSHULW VH YD LQFOXGH HDORQDW vQ FKHOWXLHOLOH GH H[SORDWDUH SH R vQ FDOFXO OD GHWHUPLQDUHD SURILWXOXL LPSR]DELO 'H H[SLUDUHD GXUDWHL ILQDQFLDUH L D IL OXDW

GLQ FDVDUH  LDU GLIHUHQ D U PDV

GH PD[LPXP  DQL I U

DVHPHQHD R SDUWH GLQ DFWLYHOH LPRELOL]DWH SRW IL PHQ LQXWH vQ IXQF LXQH L GXS QRUPDOH GH XWLOL]DUH L GHFL GXS SUDFWLF V VH FDOFXOH]H vQ FRQWLQXDUH DPRUWL]DUHD GHRDUHFH DIHFWHD]

UHFXSHUDUHD YDORULL GH LQWUDUH SHQWUX DFHVWHD QX VH MXVWLILF UH]XOWDWHOH

LPSOLFLW FXDQWXPXO LPSR]LWXOXL SH SURILW Q SDWULPRQLXO DJHQ LORU HFRQRPLFL FDSLWDOXO DQJDMDW L LPRELOL]DW vQ GRX VXSXV DPRUWL] ULL VH

FRQFUHWL]HD]

vQ EXQXULOH L YDORULOH GHVWLQDWH V

VHUYHDVF

DFWLYLWDWHD SH R SHULRDG

PDL PDUH GH XQ

DQ L FDUH VH FRQVXP

vQ PRG WUHSWDW $FHVW FDSLWDO VH JUXSHD]

FDWHJRULL GLVWLQFWH DFWLYH

LPRELOL]DWH FRUSRUDOH L DFWLYH LPRELOL]DWH QHFRUSRUDOH ,PRELOL] ULOH QHFRUSRUDOH VH DPRUWL]HD] vQ IXQF LH GH WLPS DVWIHO

 SkQ

OD FHO PXOW FLQFL DQL FKHOWXLHOLOH GH FRQVWLWXLUH FKHOWXLHOLOH GH FHUFHWDUHGH]YROWDUH L

SURJUDPHOH LQIRUPDWLFH FUHDWH GH DJHQWXO HFRQRPLF VDX DFKL]L LRQDWH GH OD WHU L  SH GXUDWD SUHY ]XW LQGXVWULDO L FRPHUFLDO SHQWUX XWLOL]DUHD ORU GH F WUH DJHQWXO HFRQRPLF FDUH OH GH LQH vQ FD]XO L GH VHUYLFLL L DOWH GUHSWXUL GH SURSULHWDWH

EUHYHWHORU OLFHQ HORU P UFLORU GH IDEULF  GH FRPHU VLPLODUH VXEVFULVH FD DSRUW UHVSHFWLY

,PRELOL] ULOH DPRUWL]HD]

FRUSRUDOH

FRPSRQHQWHOH

FDSLWDOXOXL

IL[

PLMORDFHOH

IL[H

VH

vQ IXQF LH GH GHSUHFLHUHD ORU vQ SHULRDGD GXUDWD QRUPDO GHFHOHUDW OLQLDU

QRUPDW

VDX SUHVWDELOLW GH XQLIRUP  SURJUHVLY OLQLDU

IXQF LRQDUH XWLOL]kQG XUP WRDUHOH UHJLPXUL VWUDWHJLL GH DPRUWL]DUH DPRUWL]DUHD OLQLDU DPRUWL]DUHD GHJUHVLY VDX QHOLQLDU  VDX QHOLQLDU  DPRUWL]DUHD DFFHOHUDW

 'HWHUPLQDUHD L DQDOL]D VWUDWHJLLORU GH DPRUWL]DUH D PLMORDFHORU IL[H 'XS DPRUWL]DWH FXP LQkQG VD PHQ LRQDW GH GHMD FRPSRQHQWHOH VWUDWHJLL GH DFFHOHUDW  FDSLWDOXOXL DPRUWL]DUH IL[ PLMORDFHOH IL[H SRW IL

VHDPD

XUP WRDUHOH

DPRUWL]DUH

OLQLDU

XQLIRUP 

DPRUWL]DUH GHJUHVLY  DPRUWL]DUH SURJUHVLY

 $PRUWL]DUHD OLQLDU

XQLIRUP

Q FDGUXO DFHVWHL VWUDWHJLL GH DPRUWL]DUH P ULPLOH DQXDOH DOH DPRUWL] ULL VXQW HJDOH vQWUH HOH SHQWUX DFHODL YROXP GH PLMORDFH IL[H $PRUWL]DUHD OLQLDU HVWH IRORVLW  vQ XQLIRUP D IRVW IRORVLW DQXO  XUP WRULL GRL LQGLFDWRUL vQ DUD QRDVWU SkQ vQ DQXO  FD VLQJXUD VWUDWHJLH GH DPRUWL]DUH

VWUDWHJLH GH DPRUWL]DUH D PLMORDFHORU IL[H QWUR P VXU DUD QRDVWU  L GXS

PDL PLF  DFHDVW

Q FDGUXO DFHVWHL VWUDWHJLL GH DPRUWL]DUH VH GHWHUPLQ

1LYHOXO DFHVWRU GRL LQGLFDWRUL VH GHWHUPLQ


=  '

FRQIRUP UHOD LLORU


=  ' 

XQGH ' 9 D  GXUDWD QRUPDW QRUPDO GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW H[SULPDW vQ DQL

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW  P ULPLOH DQXDOH DOH DPRUWL] ULL $PRUWL]DUHD OLQLDU XQLIRUP HVWH GHILFLWDU  vQWUXFkW SURFHVXO UHDO GH WUDQVIHUDUH D YDORULL SDUWH OD FDOFXOXO QRUPHORU X]XULL PRUDOH DVXSUD QX VH LQH VHDPD L GH HIHFWHOH

PLMORFXOXL IL[ DVXSUD SURGXF LHL L VHUYLFLLORU QX HVWH XQLIRUP 3H GH DOW L P ULPLORU DQXDOH DOH DPRUWL] ULL FRPSRQHQWHORU FDSLWDOXOXL IL[

Q FD]XO XQHL DPRUWL] UL OLQLDUH XQLIRUPH HYROX LD YDORULL U PDVH D DPRUWL] ULL FXPXODWH L D P ULPLORU DQXDOH DOH DPRUWL] ULL HVWH UHIOHFWDW vQ JUDILFXO GLQ ILJ  

= 1 9

UHVSHFWLY

 P ULPLOH DQXDOH DOH DPRUWL] ULL HJDOH vQWUH HOH

 QRUPD FRWD DQXDO

GH DPRUWL]DUH

(1 )  (D ) 

)LJ 

$PRUWL]DUH OLQLDU

XQLIRUP

3HQWUX FDOFXOXO DPRUWL] ULL FXPXODWH L D YDORULL U PDVH SRW IL IRORVLWH UHOD LLOH

vQ FDUH

'HVFUHWHUHD P ULPLORU DQXDOH DOH DPRUWL] ULL SRDWH V FUHVF WRDUH VDX QHOLQLDUFUHVF WRDUH LQkQG VHDPD GH HYROX LD vQ WLPS D PDMRULW UHSDUDUHD ORU FUHVF LDU SH GH DOW SDUWH F

R GHVFUHWHUH QHOLQLDU  vQ IXQF LH GH HYROX LD X]XULL PLMORFXOXL IL[ DQDOL]DW FDUH SRDWH V

UDQGDPHQWXO DFHVWRUD VFDGH SH SDUFXUVXO IRORVLULL ORU L FKHOWXLHOLOH RFD]LRQDWH FX vQWUH LQHUHD L X]XUD PRUDO SRDWH SULFLQXL RULFkQG R GHYDORUL]DUH PDL ILH GHVFUHVF WRDUH DVWIHO vQFkW VSUH VIkULWXO PDUH VDX PDL PLF  DX IRVW FRQFHSXWH VWUDWHJLL VDX PRGHOH GH DPRUWL]DUH vQ FDUH P ULPLOH DQXDOH DOH DPRUWL] ULL GHQXPLWH XQHRUL L FRWH GH DPRUWL]DUH V GXUDWHL GH IXQF LRQDUH D PLMORFXOXL IL[ HOH V ILH VXILFLHQW GH PLFL SHQWUX D SXWHD IL VXSRUWDWH PDL

XRU HYHQWXDOHOH HIHFWH QHJDWLYH DOH XQHL X]XUL PRUDOH PDL DYDQVDWH QWUXFkW VWUDWHJLLOH VDX PRGHOHOH GH DPRUWL]DUH GHJUHVLY DX OD ED] LQGLFDWRUL VWDWLVWLFL VDX

PHWRGH VWDWLVWLFH GH FDOFXO FXP VXQW ULWPXULOH GH FUHWHUH VDX GH GHVFUHWHUH ULWPXULOH VSRUXOXL DMXVW UL VWDWLVWLFH DOH VHULLORU GH GDWH REVHUYDWH DFHVWH VWUDWHJLL VDX PRGHOH GH DPRUWL]DUH SRW IL GHQXPLWH L PRGHOH VWDWLVWLFH GH DPRUWL]DUH

 DPRUWL]DUHD FXPXODW

SkQ

vQ DQXO L 

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[  YDORDUHD U PDV  FDOFXODW  GXUDW QRUPDW SHQWUX DQXO L 

QRUPDO GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW

 P ULPLOH DQXDOH DOH DPRUWL] ULL YDORUL DEVROXWH   $PRUWL]DUHD GHJUHVLY GHFHOHUDW OLQLDU L QHOLQLDU

Q FD]XO XQHL DPRUWL] UL GHJUHVLYH P ULPLOH DQXDOH DOH DPRUWL] ULL (D ILH R GHVFUHWHUH OLQLDU

LL PLMORDFHORU IL[H DGLF

=9 -

t b v

 L =  Q

GH IDSWXO F  SH GH R SDUWH

D
e

W L DQL

VXQW GHVFUHVF WRDUH GXS R GUHDSW VDX ILH OLQLDU

$ $PRUWL]DUHD GHJUHVLY Q OLWHUDWXUD HFRQRPLF

OLQLDU VXQW SURSXVH L IRORVLWH PDL

GH VSHFLDOLWDWH L vQ SUDFWLFD HFRQRPLF OLQLDU 

PXOWH YDULDQWH GH PRGHOH GH DPRUWL]DUH GHJUHVLY  $PRUWL]DUH GHJUHVLY DULWPHWLF

Q FD]XO DFHVWHL VWUDWHJLL GH DPRUWL]DUH DPRUWL]DUHD WRWDO

XQGH
6

 VXPD P ULPLORU DQXDOH DOH DPRUWL] ULL  GXUDWD QRUPDW SUHVWDELOLW GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW

Q
U

 ULWPXO DQXDO DO VF GHULL P ULPLORU GH DPRUWL]DUH QWUXFkW VXPD P ULPLORU DQXDOH DOH DPRUWL] ULL WUHEXLH V ILH HJDO FX YDORDUHD GH LQWUDUH

DGLF

6 = 9  P ULPHD GH DPRUWL]DUH SHQWUX SULPXO DQ GH IXQF LRQDUH D PLMORFXOXL IL[ SRDWH IL

FDOFXODW

FX DMXWRUXO UHOD LHL


D = 9 Q - Q  - U 

LDU P ULPHD GH DPRUWL]DUH FRUHVSXQ] WRDUH DQXOXL

L >  SRDWH IL FDOFXODW

3HQWUX FDOFXOXO FRQVWDQWHL U SRDWH IL IRORVLW


U = 9 9 Q 

UHOD LD
=  Q 

( + 

Q)

'HFL ULWPXO PHGLX DQXDO DO VF GHULL P ULPLORU GH DPRUWL]DUH QRUPDW GH IXQF LRQDUH

(Q )

D PLMORFXOXL IL[ DQDOL]DW

FD]XO

DPRUWL] ULL QHILLQG

GHJUHVLYH FRUHODW L

DULWPHWLFH FX

GHSLQGH

GRDU

GH

GXUDWD IL[

QRUPDW

GH

IXQF LRQDUH FX

DFHDVW HYROX LD

HYROX LH

HYROX LD

X]XULL

PLMORFXOXL

DQDOL]DW

UHVSHFWLY

UDQGDPHQWXOXL PLMORFXOXL IL[ FX HYROX LD FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL L FX HYROX LD YDORULL GH vQORFXLUH D PLMORFXOXL IL[ DQDOL]DW 3HQWUX vQO WXUDUHD XQXL DVWIHO GH QHDMXQV vQ OLWHUDWXUD GH VSHFLDOLWDWH VXQW SURGXVH L PRGHOH VWDWLVWLFH GH DPRUWL]DUH GHJUHVLY  OLQLDUH L QHOLQLDUH FDUH VH ED]HD] HYROX LD JUDGXOXL GH X]XU  $PRUWL]DUH D PLMORDFHORU IL[H OLQLDU vQWUXQ PRG PDL ULJXURV SH

  FRQFRPLWHQW SH HYROX LD UDQGDPHQWXOXL D

GHJUHVLY

ED]DW

FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL L D YDORULL GH vQORFXLUH Q X]XU FDGUXO XQXL DVWIHO GH PRGHO GH DPRUWL]DUH

VH

IRORVHWH

SULQFLSLXO

SURSRU LRQDOLW

P ULPLORU DQXDOH DOH DPRUWL] ULL FX P ULPL D F URU HYROX LH HVWH GHWHUPLQDW

GH HYROX LD JUDGXOXL GH

D PLMORFXOXL IL[ DQDOL]DW $FHVWH P ULPL VDX YDULDELOH OXDWH vQ FRQVLGHUDUH FRQFRPLWHQW VXQW

0DOWHUQH .'LH *UXQGPLWWHOVZLUWVFKDIW LQ GHU ,QGXVWULH GHU ''5 9HUODJ 'LH :LUWVFKDIW %HUOLQ  7URH /$QDOL]D XWLOL] ULL IRQGXULORU IL[H vQ LQGXVWULD FKLPLF FX DMXWRUXO PHWRGHORU VWDWLVWLFRPDWHPDWLFH WH] GH 6WDWLVWLF QU   GH

GRFWRUDW $6( 

7URLH /0RGHOH VWDWLVWLFH OLQLDUH GH DPRUWL]DUH Q 5HY5RPkQ

 UDQGDPHQWXO VDX SURGXF LD DQXDO

D PLMORFXOXL IL[ DQDOL]DW

(4 ) 

&D L vQ FD]XO DPRUWL] ULL OLQLDUH XQLIRUPH HYROX LD P ULPLORU DQXDOH DOH DPRUWL] ULL

= D - D U (L - ) = D [ - U (L - )] 

( +

Q)

6 =

[D

- D

(L

- )] = D

 VH GHWHUPLQ FX DMXWRUXO UHOD LHL

Q - D

Q -  U (L - ) = Q D  - U 

FX DMXWRUXO UHOD LHL

(U )

GHSLQGH GRDU GH GXUDWD

(D )

vQ

LL

d # d e d #f

3UDFWLF

VH

DFFHSW

LSRWH]D

SURSRU LRQDOH FX HYROX LD UDQGDPHQWXOXL PLMORFXOXL IL[ LQYHUV SURSRU LRQDOH FX HYROX LD FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL L GLUHFW SURSRU LRQDOH FX HYROX LD YDORULL GH vQORFXLUH D PLMORFXOXL IL[ DQDOL]DW Q FHHD FH SULYHWH UDQGDPHQWXO PLMORFXOXL IL[ DQDOL]DW DFHVWD VFDGH vQ WLPS DWkW FD XUPDUH D DF LXQLL X]XULL IL]LFH FkW L FD XUPDUH D X]XULL PRUDOH 9DORDUHD GH vQORFXLUH SRDWH V GH IRUPD D ,,D VDX HD SRDWH V PRUDO DF LXQLL X]XULL PRUDOH DVXSUD PLMORFXOXL IL[ FRQVLGHUDW LDU FKHOWXLHOLOH GH vQWUH LQHUH L UHSDUD LL FUHVF vQ WLPS VXE DF LXQHD X]XULL IL]LFH L D ILH GHVFUHVF WRDUH vQ WLPS VXE DF LXQHD X]XULL PRUDOH R QRQX]XU ILH FUHVF WRDUH vQ WLPS vQ DFHVW FD] VH vQUHJLVWUHD]

GH IRUPD D ,,D SHQWUX PLMORFXO IL[ DQDOL]DW  3ULQ XUPDUH SRDWH IL VFULV XUP WRUXO LU GH UDSRDUWH L SURSRU LL

4 $

VHDPD GH H[SUHVLLOH 4 = 4 ( - L & 

( + L & ) 
~

XQGH
9

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW  GXUDWD QRUPDW SUHVWDELOLW GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW

ULWPXO

PHGLX

DQXDO

DO

VF GHULL

DEVROXWH

UDQGDPHQWXOXL

PLMORFXOXL

DF LXQHD X]XULL IL]LFH U

> 

 ULWPXO PHGLX DQXDO DO VF GHULL UHODWLYH D UDQGDPHQWXOXL PLMORFXOXL IL[ DQDOL]DW VXE DF LXQHD X]XULL PRUDOH FRPSDUDWLY FX JHQHUD LLOH PDL QRL GH PLMORDFH IL[H FDUH DX DFHHDL GHVWLQD LH HFRQRPLF  U



 ULWPXO PHGLX DQXDO DO VF GHULL VDX DO FUHWHULL YDORULL GH vQORFXLUH U

&

= U + U 

&

= U + U

  IL[ DQDOL]DW VXE

( + L & ) 
} ~

( - L & ) ( + L U )  

9( - L & 

)( + L U ) 

UH]XOW

XUP WRDUHD UHOD LH ILQDO

GH FDOFXO SHQWUX P ULPLOH DQXDOH DOH DPRUWL] ULL

)
v

= .

( + L & ) 

$ =9 ( +LU 

) (D ) 

UHVSHFWLY D XQHL HYROX LL OLQLDUFUHVF WRDUH VDX OLQLDUGHVFUHVF WRDUH D YDULDELOHL

$  L GDF

VH

OLQLDUFUHVF WRDUH D YDULDELOHL

UHVSHFWLY R HYROX LH OLQLDUGHVFUHVF WRDUH D YDULDELOHL   . L LQH

'DF

VH DFFHSW

LSRWH]D XQHL HYROX LL OLQLDUGHVFUHVF WRDUH D YDULDELOHL

q p n

GH XQGH

4 $

i km

i km

4 $

4 $

4 $

=  =

= 

i km

 YDORDUHD GH vQORFXLUH

($ )

D PLMORFXOXL IL[ DQDOL]DW FRQIRUP F UHLD P ULPLOH DQXDOH DOH DPRUWL] ULL VXQW GLUHFW

9 4 $

4  D XQHL HYROX LL

 FKHOWXLHOLOH GH vQWUH LQHUH L UHSDUD LL RFD]LRQDWH DQXDO FX PLMORFXO IL[ DQDOL]DW

(. ) 

 ULWPXO PHGLX DQXDO DO FUHWHULL UHODWLYH D FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL RFD]LRQDWH FX PLMORFXO IL[ DQDOL]DW L DIODW vQ IXQF LXQH FRPSDUDWLY FX PLMORDFHOH IL[H VLPLODUH GLQ JHQHUD LLOH QRL  U


L U  SRW IL IRORVLWH UHOD LLOH

P.

vQ FDUH $
9

 YDORDUHD GH vQORFXLUH vQ DQXO W    YDORDUHD GH LQWUDUH SHQWUX PLMORFXO IL[ DQDOL]DW L LQWUDW vQ IXQF LXQH vQ DQXO W =    UDQGDPHQWXO SURGXF LD IL]LF DQ GH IXQF LRQDUH VDX YDORULF D PLMORFXOXL IL[ DQDOL]DW FDOFXODW SHQWUX SULPXO

4 4

 LGHP vQ DQXO W >    UDQGDPHQWXO SURGXF LD IL]LF VDX YDORULF FH XUPHD] D IL UHDOL]DW FX XQ PLMORF IL[ FX L PDL SHUIRUPDQW HVWLPDW

DFHHDL GHVWLQD LH HFRQRPLF  GDU GLQWUR JHQHUD LH PDL QRX SHQWUX SULPXO DQ P  GH IXQF LRQDUH D DFHVWXLD

DULWPHWLFH HYROX LD YDORULL U PDVH D DPRUWL] ULL FXPXODWH L D P ULPLORU DQXDOH DOH DPRUWL] ULL VXQW UHIOHFWDWH vQ JUDILFXO GH SULQFLSLX GLQ ILJ 

P ULPHD

DEVROXW

FKHOWXLHOLORU

GH

vQWUH LQHUH

UHSDUD LL

DQDOL]DW L DIODW vQ IXQF LXQH GHWHUPLQDW  LGHP FDOFXODW

SHQWUX SULPXO DQ GH IXQF LRQDUH D DFHVWXLD

SHQWUX XOWLPXO DQ GH IXQF LRQDUH Q  SHQWUX XQ PLMORF IL[ FX DFHHDL FRQVLGHUDW SHQWUX SULPXO DQ GH

 P ULPHD FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL HVWLPDW GHVWLQD LH HFRQRPLF  GDU GLQWUR JHQHUD LH PDL QRX 

IXQF LRQDUH D DFHVWXLD P   Q FD]XO XQHL DPRUWL] UL GHJUHVLYH OLQLDUH UHVSHFWLY vQ FD]XO XQHL DPRUWL] UL GHJUHVLYH

)LJ 

$PRUWL]DUH GHJUHVLY

(Q

- ) .

- .

- .

OLQLDU

W 9

P 4

(W

- )4

$ -9

U =

4 -4

3HQWUX FDOFXOXO FRQVWDQWHORU U  U  U  U

ULWPXO

PHGLX

DQXDO

DO

FUHWHULL

DEVROXWH

FKHOWXLHOLORU

GH

vQWUH LQHUH

UHSDUD LL

VXE

DF LXQHD X]XULL IL]LFH U  > 

-4

RFD]LRQDWH

FX

PLMORFXO

IL[

VWUDWHJLL GHJUHVLYH OLQLDUH GH DPRUWL]DUH vQUHJLVWUHD] L YDORDUHD U PDV vQUHJLVWUHD] HYROX LL QHOLQLDUH QHOLQLDU L X]XUD

R GHVFUHWHUH OLQLDU  LDU DPRUWL]DUHD FXPXODW

% $PRUWL]DUHD GHJUHVLY Q FD]XO vQ FDUH X]XUD

IL]LF

PRUDO

DOH

XQXL

QHOLQLDUH FUHWHUL GH IRUP

H[SRQHQ LDO  VH LPSXQH R VWUDWHJLH GHJUHVLY GH VSHFLDOLWDWH L vQ SUDFWLFD HFRQRPLF

Q OLWHUDWXUD HFRQRPLF

IRORVLWH PDL PXOWH PRGHOH GH DPRUWL]DUH GHJUHVLY  DPRUWL]DUH GHJUHVLY  DPRUWL]DUH GHJUHVLY vQWUH LQHUH L UHSDUD LL JHRPHWULF  QHOLQLDU FX

QHOLQLDU  GLQ FDUH UH LQHP

ED]DW  FRQFRPLWHQW SH HYROX LD QHOLQLDUGHVFUHVF WRDUH D PLMORFXO IL[ DQDOL]DW L UHVSHFWLY SH HYROX LD QHOLQLDU

UDQGDPHQWXOXL SURGXF LHL DQXDOH D PLMORFXOXL IL[ SH HYROX LD QHOLQLDUFUHVF WRDUH D FKHOWXLHOLORU GH RFD]LRQDWH GHVFUHVF WRDUH VDX QHOLQLDUFUHVF WRDUH D YDORULL GH vQORFXLUH D PLMORFXOXL IL[ DQDOL]DW  $PRUWL]DUH GHJUHVLY JHRPHWULF

8Q PRGHO PDL GHV vQWkOQLW vQ OLWHUDWXUD GH VSHFLDOLWDWH HVWH PRGHOXO DPRUWL] ULL GHJUHVLYH JHRPHWULFH

 QHOLQLDU VH LQH VHDPD GH R YDORDUH GH WRWDO GH UHFXSHUDW VH

Q FD]XO DFHVWXL PRGHO GH DPRUWL]DUH GHJUHVLY

GHWHUPLQ

SH ED]D UHOD LHL

XQGH
6

 VXPD P ULPLORU DQXDOH DOH DPRUWL] ULL  P ULPHD DEVROXW D DPRUWL] ULL vQ SULPXO DQ GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW

XQGH
9

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW 3HQWUX L >   P ULPHD DPRUWL] ULL DEVROXWH DQXDOH YD IL
= D ,

FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL L SH HYROX LD YDORULL GH vQORFXLUH Q FD]XO XQHL DVWIHO GH VWUDWHJLL GH DPRUWL]DUH GHJUHVLY F UHLD HYROX LD UDQGDPHQWXOXL PLMORFXOXL IL[ DQDOL]DW HVWH

VH SRUQHWH GH OD LSRWH]D FRQIRUP QHOLQLDUGHVFUHVF WRDUH HYROX LD

FKHOWXLHOLORU GH vQWUH LQHUH L UHSDUD LL HVWH QHOLQLDUFUHVF WRDUH LDU HYROX LD YDORULL GH vQORFXLUH D PLMORFXOXL IL[ DQDOL]DW HVWH QHOLQLDUGHVFUHVF WRDUH VDX QHOLQLDUFUHVF WRDUH

0DWWHUQH . 'LH *UXQGPLWWHOVZLUWVFKDIW LQ GHU ,QGXVWULH GHU ''5 9HUODJ 'LH :LUWVFKDIW %HUOLQ  7URLH / 0RGHOH VWDWLVWLFH QHOLQLDUH GH DPRUWL]DUH Q 5HY 5RPkQ GH 6WDWLVWLF  QU  

$PRUWL]DUH

GHJUHVLY

QHOLQLDU

ED]DW

FRQFRPLWHQW

9 - 5

 LQGLFHOH PHGLX GH VF GHUH D P ULPLORU DQXDOH DOH DPRUWL] ULL  < , <    GXUDWD QRUPDW QRUPDO GH IXQF LRQDUH D PLMORFXOXL IL[ DQDOL]DW F 6 = 9 - 5  DYHP , =

QWUXFkW VH FRQVLGHU

LDU

6 = D

OLFKLGDUH

YDORDUH

UH]LGXDO 

PLMORFXOXL

IL[

DQDOL]DW

$PRUWL]DUHD

9

'LQ ILJ  UH]XOW

P ULPLOH DQXDOH DOH DPRUWL] ULL

(D ) 

UH]XOWDWH vQ FD]XO IRORVLULL XQHL

PLMORF

IL[

vQUHJLVWUHD]

FUHWHUL

QHOLQLDU

GH DPRUWL]DUH

VXQW SURSXVH L UHVSHFWLY

SH

HYROX LD

UDQGDPHQWXOXL

# #

Q FRQVHFLQ YDULDELOH VWDWLVWLFH

 FD L vQ FD]XO XQHL DPRUWL] UL GHJUHVLYH OLQLDUH ED]DW vQ VFRSXO vQF UF ULL FRUHFWH L SURSRU LRQDOH D

SH HYROX LD DFHORUDL WUHL GH H[SORDWDUH FX

FRVWXULORU

FKHOWXLHOLOH SULYLQG DPRUWL]DUHD PLMORDFHORU IL[H P ULPLOH DQXDOH DEVROXWH DOH DPRUWL] ULL UH]XOWDWH vQ FDGUXO DFHVWXL PRGHO GH DPRUWL]DUH GHJUHVLY  YRU GHVFUHWH WRW QHOLQLDU 3UDFWLF VH DGPLWH L vQ FD]XO DFHVWHL VWUDWHJLL GH DPRUWL]DUH LSRWH]D SURSRU LRQDOLW LL

P ULPLORU DQXDOH DOH DPRUWL] ULL FX JUDGXO GH X]XU FUHWHUHD JUDGXOXL GH X]XU IL]LF L PRUDO DQXDOH DOH DPRUWL] ULL GHVFUHVF WRW QHOLQLDU

IL]LF

L PRUDO  vQ VHQVXO F  vQ SDUDOHO FX

FUHWHUH FDUH SULQ LSRWH]  HVWH QHOLQLDU  P ULPLOH

'HFL IRORVLQG QRWD LLOH XWLOL]DWH vQ PRGHOXO GH DPRUWL]DUH GHJUHVLY

OLQLDU

ED]DW SH FHOH WUHL

YDULDELOH VWDWLVWLFH PHQ LRQDWH UDQGDPHQWXO FKHOWXLHOLOH GH vQWUH LQHUH L UHSDUD LL L YDORDUHD GH vQORFXLUH  SHQWUX GHWHUPLQDUHD P ULPLORU DQXDOH DOH DPRUWL] ULL VH SRUQHWH GH OD UHOD LD

vQ FDUH
9

 YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ DQDOL]DW

GDF

QRW P

UHOD LD JHQHUDO

GH FDOFXO SHQWUX P ULPLOH DQXDOH DOH DPRUWL] ULL GHYLQH

FRQWH[WXO PRGHOXOXL QHOLQLDU GH DPRUWL]DUH GHJUHVLY  DFHVWH YDULDELOH DX HYROX LL QHOLQLDUH SHQWUX

XQGH

OLQLDU  ED]DW SH YDULDELOHOH 4    .

4  4  4  .  .  .

DX DFHOHDL VHPQLILFD LL FD L vQ FD]XO PRGHOXOXL GH DPRUWL]DUH GHJUHVLY L $ 

.

-

. .

U =

FDOFXOXO FRQVWDQWHORU U  U  U

L U

VH IRORVHVF UHOD LLOH 4 4 -  U = 4 4 - -  

GHJUHVLY

OLQLDU  ED]DW FRQFRPLWHQW SH FHOH WUHL YDULDELOH VWDWLVWLFH 4 

&RQVWDQWHOH

U 

U 

DX DFHOHDL VHPQLILFD LL FD L vQ FD]XO PRGHOXOXL GH DPRUWL]DUH




&

&

&

&

&

&

&

&

9 ,

9 ,

vQ FDUH

HVWH LQGLFHOH FUHWHULL VDX GHVFUHWHULL YDORULL GH vQORFXLUH D PLMORFXOXL IL[ DQDOL]DW L

&

= ( + U 

) ( + 

&

= ( + U 

) ( + 

$  GDU vQWUXFkW vQ

4 =

[( +

) ( +

)]

= .

$ =9 ,

[( +

) ( + 

)]

'DF

VH

LQH VHDPD GH H[SUHVLLOH DQDOLWLFH DOH P ULPLORU 4  .

$ 

3HQWUX FDOFXOXO P ULPLORU DQXDOH DOH DPRUWL] ULL

(D ) 

UH]XOW

UHOD LD

L $  DGLF 

4 $

= 

4 $

= 

4 $

DFHVW FD] GH R HYROX LH QHOLQLDU  VH IRORVHWH UHOD LD

XQGH $
9

 YDORDUHD GH vQORFXLUH vQ DQXO W    YDORDUHD GH LQWUDUH D PLMORFXOXL IL[ FRQVLGHUDW Q FD]XO XQHL DPRUWL] UL GHJUHVLYH QHOLQLDUH HYROX LD P ULPLORU DQXDOH DOH DPRUWL] ULL D

DPRUWL] ULL FXPXODWH L D YDORULL U PDVH VXQW UHIOHFWDWH vQ JUDILFXO GH SULQFLSLX GLQ ILJ  

)LJ  $PRUWL]DUHD GHJUHVLY

GHFHOHUDW

'LQ ILJ  UH]XOW DPRUWL]DUHD FXPXODW

P ULPLOH DQXDOH DOH DPRUWL] ULL VXQW QHOLQLDUGHVFUHVF WRDUH LDU vQUHJLVWUHD]  L HOH HYROX LL QHOLQLDUH FRUHVSXQGH FHO PDL ELQH SURFHVXOXL GH X]XU D

L YDORDUHD U PDV OLQLDU

$PRUWL]DUHD GHJUHVLY

VDX QHOLQLDU L PRUDO

XQXL PLMORF IL[ UHVSHFWLY X]XUD IL]LF

ILLQG OLQLDU VDX QHOLQLDUFUHVF WRDUH LDU DPRUWL]DUHD D FRVWXULORU GH L HD HVWH

ILLQG OLQLDU VDX QHOLQLDUGHVFUHVF WRDUH DFHDVWD SHUPL kQG R vQF UFDUH HFKLOLEUDW DPRUWL]DUHD IRORVLW GHJUHVLY VH IRORVHWH FHO PDL IUHFYHQW vQ HFRQRPLLOH ULORU

H[SORDWDUH LQFOXVLY FX P ULPLOH DEVROXWH DOH DPRUWL] ULL $FHVWD HVWH PRWLYXO SULQFLSDO SHQWUX FDUH GH]YROWDWH WRW PDL PXOW L vQ  DUD QRDVWU  DFFHOHUDW OLQLDU L QHOLQLDU GLQ SXQFW GH YHGHUH  FRVWXULOH L SUH XO GH 

$PRUWL]DUHD SURJUHVLY

Q SULQFLSLX DPRUWL]DUHD DFFHOHUDW HFRQRPLFRILQDQFLDU 3RW V OLYUDUH WUHEXLH V SRDWH IL MXVWLILFDW V

SURJUHVLY QX HVWH MXVWLILFDW

DSDU  WRWXL VLWXD LL FkQG R DVWIHO GH VWUDWHJLH GH DPRUWL]DUH HVWH

RSRUWXQ  6SUH H[HPSOX vQ FD]XULOH vQ FDUH SHQWUX D SXWHD SHQHWUD SH SLD DSOLFDUHD XQHL VWUDWHJLL GH DPRUWL]DUH DFFHOHUDW

ILH PDL PLFL VDX vQ FD]XO XQRU SURGXVH VDX VHUYLFLL QRL QHFXQRVFXWH SH SLD

WRFPDL vQ LGHHD FD vQ SHULRDGD SHQHWU ULL SH SLD SH WRDW GXUDWD QRUPDO

 vQF UFDUHD FRVWXULORU FX P ULPLOH GH DPRUWL]DUH V QX ILH DSOLFDW

ILH PDL UHGXV  (VWH GH SUHIHUDW WRWXL FD R VWUDWHJLH GH DPRUWL]DUH DFFHOHUDW GH IXQF LRQDUH D XQXL PLMORF IL[

2 VWUDWHJLH GH DPRUWL]DUH SURJUHVLY

DFFHOHUDW SRDWH IL MXVWLILFDW  VSUH H[HPSOX L vQ  XQ DQXPLW PLMORF IL[ QX SRDWH IL

FD]XO vQ FDUH GLQ PRWLYH RELHFWLYH GLFWDWH GH FHUHUHD GH SH SLD

IRORVLW GH OD vQFHSXWXO LQWU ULL VDOH vQ IXQF LXQH OD vQWUHDJD VD FDSDFLWDWH L vQ DVWIHO GH FD]XUL

$ 9

> 

QHOLQLDU

D FRPSRQHQWHORU FDSLWDOXOXL IL[

3HQWUX FDOFXOXO LQGLFHOXL PHGLX GH GLQDPLF

DO YDORULL GH vQORFXLUH

(, ) 

ILLQG YRUED L vQ

SHQWUX D HFKLOLEUD vQF UFDUHD FRVWXULORU FX P ULPLOH GH DPRUWL]DUH DFHVWH P ULPL GH DPRUWL]DUH HVWH GH GRULW FD V ILH FUHVF WRDUH vQ WLPS vQ SDUDOHO FX FUHWHUHD JUDGXOXL GH IRORVLUH D FDSDFLW GXUDWD QRUPDO GH IXQF LRQDUH D XQXL PLMORF IL[ VH MXVWLILF VDX QHOLQLDU  SH WRDW GXUDWD QRUPDW LL GH H[SORDWDUH Q FD]XO vQ FDUH JUDGXO GH IRORVLUH D FDSDFLW QHOLQLDUFUHVF WRU SH WRDW XQHL VWUDWHJLL GH DPRUWL]DUH SURJUHVLY  OLQLDU LL GH H[SORDWDUH HVWH OLQLDUFUHVF WRU VDX DSOLFDUHD GH IXQF LRQDUH

Q DVWIHO GH FD]XUL P ULPLOH DQXDOH DOH DPRUWL] ULL YRU IL UHVSHFWLY OLQLDUFUHVF WRDUH VDX QHOLQLDU FUHVF WRDUH DGLF  OD vQFHSXWXO IXQF LRQ ULL PLMORFXOXL IL[ FRQVLGHUDW HOH YRU IL PDL PLFL L SH P VXU FH VH DYDQVHD] vQ IXQF LRQDUHD PLMORFXOXL IL[ UHVSHFWLY HOH V FUHDVF OLQLDU VDX QHOLQLDU 

'H UHJXO  IRORVLUHD XQHL VWUDWHJLL GH DPRUWL]DUH DFFHOHUDW GLQ SDUWHD 0LQLVWHUXOXL )LQDQ HORU DSUREDUH FH VH RE LQH IXQGDPHQWDUH $SUREDUHD FRPSHWHQ D XWLOL] ULL UHJLPXOXL D GH DPRUWL]DUH SHQWUX

SURJUHVLY LPSXQH R DSUREDUH SH ED]D XQHL GRFXPHQWD LL GH

OLQLDUXQLIRUP LOH

VDX

GHJUHVLY L D

HVWH

vQ GH

DGXQ ULL

JHQHUDOH

DVRFLD LORU

VRFLHW

FRPHUFLDOH

FRQVLOLXOXL

DGPLQLVWUD LH SHQWUX UHJLLOH DXWRQRPH

 $1$/,=$ 0,& ,QVWUXPHQWXO VWDWLVWLF

5,, &$3,7$/8/8, ),; SULQFLSDO FDUH RJOLQGHWH PLFDUHD FDSLWDOXOXL IL[ vQ FXUVXO XQHL

DQXPLWH SHULRDGH GH WLPS HVWH EDODQ D FDSLWDOXOXL IL[ EDODQ D PLMORDFHORU IL[H  %DODQ D PLMORDFHORU IL[H SRDWH IL HODERUDW vQ XUP WRDUHOH GRX YDULDQWH

 %DODQ D PLF ULL PLMORDFHORU IL[H vQ YDORDUH GH LQWUDUH FRPSOHW   %DODQ D PLF ULL PLMORDFHORU IL[H vQ YDORDUH GH LQWUDUH U PDV  %DODQ D PLF VLQWHWLFH D E F G ([LVWHQW OD vQFHSXWXO DQXOXL ,QWU UL vQ FXUVXO DQXOXL SULQ LQYHVWL LL  ,HLUL SULQ OLFKLGDUH VFRDWHUH GLQ X]  ([LVWHQW OD VIkULWXO DQXOXL ULL PLMORDFHORU IL[H vQ YDORDUH GH LQWUDUH FRPSOHW DUH XUP WRDUHOH SR]L LL

(G

= D + E - F) 
PDV DUH XUP WRDUHOH SR]L LL VLQWHWLFH

%DODQ D PLMORDFHORU IL[H vQ YDORDUH GH LQWUDUH U D E F G

([LVWHQW OD vQFHSXWXO DQXOXL vQ YDORDUH U PDV  ,QWU UL SULQ LQYHVWL LL OD YDORDUHD GH LQWUDUH FRPSOHW  ,HLUH SULQ OLFKLGDUH OD YDORDUHD GH OLFKLGDUH 6XPH QHUHFXSHUDWH SULQ DPRUWL]DUH DPRUWL]DUHD DIHUHQW IL[H U PDVH vQ IXQF LXQH  DQXOXL FXUHQW SHQWUX PLMORDFH

([LVWHQW OD VIkULWXO DQXOXL vQ YDORDUH U PDV  XUP WRDUHD UHOD LH GH EDODQ 

Q FD]XO EDODQ HL PLMORDFHORU IL[H vQ YDORDUH U PDV  RSHUHD]


D + E -F - G = H

3ULQFLSDOLL LQGLFDWRUL IRORVL L SHQWUX FDUDFWHUL]DUHD PLF ULL FDSLWDOXOXL IL[ VXQW  &RHILFLHQWXO GH UHvQQRLUH D FDSLWDOXOXL IL[ FDUH VH GHWHUPLQ WRWDO D PLMORDFHORU IL[H H[LVWHQWH OD VIkULWXO SHULRDGHL DQDOL]DWH  &RHILFLHQWXO VFRDWHULL GLQ IXQF LXQH FDUH VH GHWHUPLQ IL[H VFRDVH GLQ IXQF LXQH vQ SHULRDGD FRQVLGHUDW IL[H L UHVSHFWLY YDORDUHD WRWDO FD UDSRUW vQWUH YDORDUHD PLMORDFHORU EDODQ D PLMORDFHORU FD UDSRUW vQWUH YDORDUHD

PLMORDFHORU IL[H LQWUDWH LVDX SXVH vQ IXQF LXQH vQ WLPSXO SHULRDGHL DQDOL]DWH L UHVSHFWLY YDORDUHD

SHQWUX FDUH VH HODERUHD]

D PLMORDFHORU IL[H H[LVWHQWH OD vQFHSXWXO SHULRDGHL

&HL GRL LQGLFDWRUL DL PLF ULL FDSLWDOXOXL IL[ VXQW GHWHUPLQD L UHVSHFWLY SH WRWDO FDSLWDO IL[ L SH FDWHJRULL L JUXSH GH FDSLWDO IL[ $FHWL LQGLFDWRUL SRW FRQVWLWXL ED]D XQRU DQDOL]H ILH vQ VWDWLF SULQ UHOD LLOH GH RUGLQH FDUH SRW IL FRQVLGHUDWH vQWUH UHvQQRLUH L VFRDWHUHD GLQ IXQF LXQH  ILH vQ

GLQDPLF  LQFOXVLY SULQ LQWHUPHGLXO XQRU VHULL FURQRORJLFH UHIHULWRDUH OD LQWU ULOH GH FDSLWDO IL[ L VFRDWHULOH GLQ IXQF LXQH

 $1$/,=$ 02'8/8, '( )2/26,5( $ &$3,7$/8/8, ),; $QDOL]D YROXPXOXL VWUXFWXULL PLF ULL L VW ULL FDSLWDOXOXL IL[ UHIOHFW HFRQRPLF FDUDFWHUL]DUHD PRGXOXL GH IRORVLUH D FDSLWDOXOXL IL[ GRDU SDU LDO DFWLYLWDWHD

L UH]XOWDWHOH XWLOL] ULL FDSLWDOXOXL IL[ 3HQWUX FRPSOHWDUHD DFHVWHL DQDOL]H HVWH QHFHVDU

 3UREOHPH JHQHUDOH SULYLQG IRORVLUHD FDSLWDOXOXL IL[ ,QGLFDWRULL FHL PDL JHQHUDOL FDUH UHIOHFW PHGLH D FDSLWDOXOXL IL[ FRUHVSXQ] WRDUH PRGXO GH IRORVLUH D FDSLWDOXOXL IL[ VH ED]HD] vQWUR DQXPLW GH SHULRDG SHULRDGH WLPS LQGLFDWRUL FXQRVFX L SH VXE

UDSRUWXO GLQWUH SURGXF LD YROXPXO GH VHUYLFLL RE LQXW DFHOHLDL

GH WLPS L YDORDUHD

GHQXPLUHD GH FRHILFLHQ L GH XWLOL]DUH DL FDSLWDOXOXL IL[  VDX SH UDSRUWXO GLQWUH YDORDUHD PHGLH D FDSLWDOXOXL IL[ L QXP UXO PHGLX GH VDODULD L FRHILFLHQWXO vQ]HVWU ULL PXQFLL FX FDSLWDO IL[  Q FHHD FH SULYHWH FRPSDUDUHD YROXPXOXL GH SURGXF LH VDX GH VHUYLFLL FX YDORDUHD PHGLH D FDSLWDOXOXL IL[ HD SRDWH IL FRQFHSXW D SULQ UHSRUWDUHD YROXPXOXL L HIHFWXDW DQXDO DO vQ DPEHOH VHQVXUL DYkQG XUP WRDUHOH VHPQLILFD LL L VHUYLFLLORU OD YDORDUHD PHGLH DQXDO D

SURGXF LHL

FDSLWDOXOXL IL[ VH HYLGHQ LD] XQLWDWH YDORULF E

YROXPXO GH SURGXF LH L GH VHUYLFLL FH UHYLQH vQWUXQ DQ OD R

GH FDSLWDO IL[ OD XQ OHX VDX OD  OHL 

SULQ UDSRUWDUHD YDORULL PHGLL DQXDOH D FDSLWDOXOXL IL[ OD YROXPXO DQXDO DO SURGXF LHL LVDX VHUYLFLLORU VH HYLGHQ LD] SHQWUX RE LQHUHD XQHL XQLW FH P ULPH D FDSLWDOXOXL IL[ D IRVW IRORVLW  vQ DQXO FRQVLGHUDW L YDORULFH VDX IL]LFH GH SURGXF LH VDX VHUYLFLL VH IRORVHWH YDULDQWD D D LQGLFDWRUXOXL GH XWLOL]DUH D

'H RELFHL vQ FDOFXOHOH GH DQDOL] FDSLWDOXOXL IL[

3HQWUX FDOFXOXO YDORULL PHGLL DQXDOH D FDSLWDOXOXL IL[ SRDWH IL IRORVLW


) = ) +

UHOD LD



vQ FDUH
)

 YDORDUHD PHGLH DQXDO

D FRPSRQHQWHORU FDSLWDOXOXL IL[



ILH OD QLYHOXO GH DQVDPEOX DO FDSLWDOXOXL IL[ JHVWLRQDW GH R vQWUHSULQGHUH  /D QLYHOXO XQHL FRPSRQHQWH D FDSLWDOXOXL IL[ OD QLYHOXO XQXL PLMORF IL[ Q DFHVW FD] LQGLFDWRUXO GH XWLOL]DUH D FDSLWDOXOXL IL[ UHIOHFW SURGXF LH VDX VHUYLFLL FH UHYLQH SH PLMORFXO IL[ DQDOL]DW vQWUR DQXPLW FDQWLWDWHD VDX YROXPXO GH SHULRDG GH WLPS SURGXF LD

'

& $ # # %

! " 

  

 YDORDUHD GH LQWUDUH D DFHORU FRPSRQHQWH DOH FDSLWDOXOXL IL[ FDUH VH DIODX vQ IXQF LXQH OD vQFHSXWXO DQXOXL  LGHP D FRPSRQHQWHORU GH FDSLWDO IL[ LQWUDWH vQ FXUVXO DQXOXL  LGHP D FHORU LHLWH GLQ vQWUHSULQGHUH vQ FXUVXO DQXOXL  QXP UXO ]LOHORU GH IXQF LRQDUH ]LOH FDOHQGDULVWLFH SHQWUX PLMORDFHOH IL[H LQWUDWH vQ FXUVXO DQXOXL  QXP UXO ]LOHORU GH QHIXQF LRQDUH ]LOH FDOHQGDULVWLFH SHQWUX PLMORDFHOH IL[H LHLWH vQ FXUVXO DQXOXL  QXP UXO ]LOHORU FDOHQGDULVWLFH GLQ DQ



,QGLFDWRULL XWLOL]

ULL FDSLWDOXOXL IL[

$FHWL LQGLFDWRUL SRW IL FRQFHSX L L FDOFXOD L ILH OD QLYHOXO XQHL FRPSRQHQWH D FDSLWDOXOXL IL[

- )

 

QXP U WRUXO UDSRUWXOXL SXWkQG IL H[SULPDW 'HVLJXU F HVWH SRVLELO WLS ,QGLFDWRULL GH XWLOL]DUH D FDSLWDOXOXL H[SULPDUHD IL]LF

IL]LF VDX YDORULF H[SULP ULL YDORULFH GDU DFHDVWD L PLMORDFH IL[H GH DFHODL

D SURGXF LHL HVWH SUHIHUDELO

GRDU vQ FD]XO XQHL SURGXF LL RPRJHQH VDX UHODWLY RPRJHQ

IL[

OD

QLYHOXO

PLMORFXOXL

IL[

SHUPLW

HIHFWXDUHD

XQHL

DQDOL]H FRPSDUDWLYH UHIHULWRDUH OD HILFLHQ D FX FDUH DX IRVW IRORVLWH PLMORDFHOH IL[H GH DFHODL WLS OD UHDOL]DUHD DFHOXLDL JHQ GH SURGXF LH VDX SURGXF LL GH SURILOXUL DSURSLDWH 3HQWUX GHWHUPLQDUHD QLYHOXOXL JUDGXOXL GH XWLOL]DUH D FDSLWDOXOXL IL[ OD QLYHO GH FRPSRQHQWH DOH FDSLWDOXOXL IL[ SRW IL IRORVLWH UHOD LLOH
T 4 )

vQ FDUH

vQ FDUH

(4 )
)
.

UHDOL]DW

 YDORDUHD PHGLH DQXDO FDOFXODW

VHUYLFLLORU FH UHYLQH vQ PHGLH OD  OHX VDX OD  OHL YDORDUH PHGLH DQXDO D FDSLWDOXOXL IL[

vQ FDUH
.  .

b b b 66a

 FRHILFLHQWXO PHGLX GH XWLOL]DUH DO FDSLWDOXOXL IL[

)
U U

VDX

X X X 66W

S G F R R R 66Q

 FH SURGXF LH YDORULF

 YDORDUHD SURGXF LHL UHDOL]DWH FX WLSXO L GH PLMORDFH IL[H  /D QLYHOXO GH DQVDPEOX DO FDSLWDOXOXL IL[ OD QLYHO GH VHF LH VDX GH vQWUHSULQGHUH /D DFHVW QLYHO LQGLFDWRUXO GH XWLOL]DUH DO FDSLWDOXOXL IL[ UHIOHFW YDORDUHD SURGXF LHL VDX

H G F

(.

= .

 FRHILFLHQWXO GH XWLOL]DUH D PLMORFXOXL IL[ GH WLSXO L  FDOFXODW SH ED]D SURGXF LHL YDORULFH FX PLMORFXO IL[ UHVSHFWLY SHQWUX PLMORFXO IL[ GH WLSXO L 

UHYLQH OD  OHL YDORDUH PHGLH D PLMORFXOXL IL[ GH WLSXO L 

ED

QXP UXO GH ]LOH DOH VXESHULRDGHL

M  vQ FDUH DX IXQF LRQDW FHOH 1

XWLODMH GH WLSXO L 



ED

ED

 UHSUH]LQW

QXP UXO GH XWLODMH GH WLSXO

H[LVWHQWH vQ VXESHULRDGD

C#

C#

C#

 FDQWLWDWHD GH SURGXF LH RPRJHQ


L vQ SHULRDGD DQDOL]DW 

H[SULPDW

 QXP UXO PHGLX GH XWLODMH GH WLSXO L  FDOFXODW SHQWUX SHULRDGD DQDOL]DW 

 FRHILFLHQWXO GH XWLOL]DUH D PLMORFXOXL IL[ GH WLSXO L  SHQWUX SURGXF LD H[SULPDW QDWXUDOH VDX QDWXUDOFRQYHQ LRQDOH T  vQ XQLW L IL]LFH RE LQXW

7 9

VDX

5 5 58 664

(
 

3 2

UHVSHFWLY

= .

21

0)

'@

vQ XQLW

FX XWLODMHOH GH WLSXO

M  LDU

UHSUH]LQW

'DU vQWUXFkW GLQ


= 4 )

vQ FDUH

VXEXQLW

VSUH H[HPSOX SURGXF LD H[HUFL LXOXL SRDWH IL H[SULPDW DVWIHO

OD QLYHO GH PLMORF IL[ VDX OD QLYHO GH VXEXQLWDWH D vQWUHSULQGHULL 

OD QLYHO GH DQVDPEOX DO vQWUHSULQGHULL  VDX



,QGLFDWRULL HILFLHQ HL XWLOL]

ULL FDSLWDOXOXL IL[

$FHWL LQGLFDWRUL VH RE LQ SULQ UDSRUWDUHD PDVHL SURILWXOXL OD YDORDUHD PHGLH D PLMORDFHORU IL[H D /D QLYHO GH VXEXQLWDWH
=

vQ FDUH

) E

UHDOL]DW GH vQWUHSULQGHUH UHVSHFWLY GH VXEXQLWDWHD L 



,QGLFDWRULL vQ]HVWU

ULL PXQFLL FX FDSLWDO IL[ FD UDSRUW vQWUH YDORDUHD

$FHVW JHQ GH LQGLFDWRUL DL JHVWLRQ ULL FDSLWDOXOXL IL[ VH GHWHUPLQ

PHGLH D FDSLWDOXOXL IL[ PLMORDFHORU IL[H L QXP UXO PHGLX GH VDODULD L HL ILLQG QLWH P ULPL UHODWLYH

Q FHHD FH SULYHWH P ULPHD

 FHO PDL IUHFYHQW VH LD vQ FDOFXOH PDVD SURILWXOXL EUXW

FRHILFLHQWXO

GH

HILFLHQ

DO

IRORVLULL

FDSLWDOXOXL

IL[

GHWHUPLQDW

LQGH[XO L   PDVD SURILWXOXL DIHUHQW VXEXQLW LL L  LL L  FRHILFLHQWXO PHGLX GH HILFLHQ D

 YDORDUHD PHGLH D PLMORDFHORU IL[H GLQ FDGUXO VXEXQLW /D QLYHO GH DQVDPEOX DO vQWUHSULQGHULL VH GHWHUPLQ

IRORVLULL FDSLWDOXOXL IL[

GH XQGH

= .

= .

4
x x

4
x x

) = .

u s

UHSUH]LQW

VWUXFWXUD

FRPSRQHQWHORU

FDSLWDOXOXL

IL[

L DOH vQWUHSULQGHULL  'HFL LQkQG VHDPD GH FRHILFLHQ LL GH XWLOL]DUH D FDSLWDOXOXL IL[ YROXPXO YDORULF DO SURGXF LHL

4 = .

u s

SH

rq

u s

SHQWUX FDOFXOXO LQGLFDWRUXOXL .

SRDWH IL IRORVLW

UHOD LD
)

gi h

f d e

UH]XOW 

4 = .

WLSXUL

GH

PLMORDFH

IL[H

VDX

SH

SHQWUX

VXEXQLWDWHD

FX

GH LQWHQVLWDWH FDUH DUDW VXEXQLW

FH YDORDUH GH PLMORDFH IL[H UHYLQH OD XQ VDODULDW DO vQWUHSULQGHULL VDX DO XQHL

L GLQ vQWUHSULQGHUH  &D L vQ FD]XO DOWRU LQGLFDWRUL GLQ FDGUXO XQHL vQWUHSULQGHUL FDUH HVWH VWUXFWXUDW SH VXEXQLW L

LQGLFDWRULL GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ SRW IL GHWHUPLQD L UHVSHFWLY OD QLYHO LQGLYLGXDO GH VXEXQLWDWH L OD QLYHOXO GH DQVDPEOX DO vQWUHSULQGHULL D /D QLYHO GH VXEXQLWDWH
. = ) 7

vQ FDUH

) 7

/D QLYHOXO GH DQVDPEOX DO vQWUHSULQGHULL VH GHWHUPLQ PXQFLL FX FDSLWDO IL[ IRORVLQG UHOD LD

DQDOL]HL FDOLWDWLYH D DFHVWRUD vQ VHQVXO F

FDSLWDO IL[ VDX XQD PDL SX LQ JURVLHU  VDX XQD FDOLWDWLY  GXS IRDUWH SHUIRUPDQWH

JHVWLRQDW GH vQWUHSULQGHUH VXQW IRUPDWH GLQ PLMORDFH IL[H PDL SX LQ SHUIRUPDQWH SHUIRUPDQWH VDX

FRHILFLHQ LL GH HILFLHQ

SRW IL VXSXL DWkW XQHL DQDOL]H vQ VWDWLF  FkW L XQHL DQDOL]H FRPSDUDWH $QDOL]D vQ VWDWLF UHVSHFWLY QLYHOXOXL SHQWUX L FDOLW ILHFDUH LL D DFHVWRU LQGLFDWRUL SUHVXSXQH vQ SULPXO UkQG DQDOL]D ILHF UXLD GLQWUH HL SHULRDG GH WLPS VXQW $FHDVW IRORVL L DQDOL] OD SUHVXSXQH GH DVHPHQHD GH DQDOL]D DL FDUH FDOFXOXO LQGLFDWRULORU JHVWLRQDUH

FDSLWDOXOXL IL[ $QDOL]D FRPSDUDW D LQGLFDWRULORU GH JHVWLRQDUH D FDSLWDOXOXL IL[ SUHVXSXQH FX QLYHOXO GLQ SHULRDGD SHULRDGHOH DQWHULRDU 

DGLF

R DQDOL]

XQGH J

UHSUH]LQW

VWUXFWXUD QXP UXOXL GH VDODULD L SH VXEXQLW

L

Q FHHD FH SULYHWH LQGLFDWRULL vQ]HVWU ULL PXQFLL FX FDSLWDO IL[ R PDUH DWHQ LH YD IL DFRUGDW HL SRW V UHIOHFWH R vQ]HVWUDUH PDL JURVLHU D PXQFLL FX FXP FRPSRQHQWHOH FDSLWDOXOXL IL[

 $QDOL]D vQ VWDWLF

L FRPSDUDW

D LQGLFDWRULORU GH JHVWLRQDUH DL FDSLWDOXOXL IL[

,QGLFDWRULL GH JHVWLRQDUH D FDSLWDOXOXL IL[ UHVSHFWLY FRHILFLHQ LL GH XWLOL]DUH D FDSLWDOXOXL IL[ D IRORVLULL FDSLWDOXOXL IL[ L FRHILFLHQ LL GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[

LQGLFDWRULORU

 FRPSDUDUHD QLYHOXOXL GLQ SHULRDGD DQDOL]DW vQ GLQDPLF 

 FRPSDUDUHD QLYHOXOXL HIHFWLY FX QLYHOXO SUHY ]XW SHQWUX SHULRDGD DQDOL]DW   FRPSDUDUHD QLYHOXOXL UHDOL]DW GH vQWUHSULQGHUH FX QLYHOXO UHDOL]DW GH ILUPHOH FRQFXUHQWH 3HQWUX HIHFWXDUHD XQHL DQDOL]H FRPSDUDWH D LQGLFDWRULORU PHQ LRQD L SRW IL IRORVL L UHVSHFWLY  LQGLFLL LQGLYLGXDOL  PRGLILF ULOH DEVROXWH LQGLYLGXDOH  LQGLFLL GH JUXS  PRGLILF ULOH DEVROXWH GH JUXS

kl

kl

)
k k

hi

 FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ FDOFXODW SHQWUX VXEXQLWDWHD L   YDORDUHD PHGLH D FRPSRQHQWHORU FDSLWDOXOXL IL[ GLQ VXEXQLWDWHD L   QXP UXO PHGLX GH VDODULD L GLQ FDGUXO VXEXQLW 'LQ UHOD LD GH PDL VXV SHQWUX .  UH]XOW  ) = . 7 FRHILFLHQWXO PHGLX GH vQ]HVWUDUH D LL L 

ef

Q FD]XO DQDOL]HL FRPSDUDWH OD QLYHOXO GH DQVDPEOX DO XQHL vQWUHSULQGHUL FDUH HVWH VWUXFWXUDW SH VXEXQLW L YD IL HIHFWXDW R DQDOL] SH WRWDO LQGLFDWRU L R DQDOL] SH IDFWRUL GH LQIOXHQ  UHVSHFWLY SULQ LQWHUPHGLXO XQRU VLVWHPH GH LQGLFL GH JUXS L DO XQRU VLVWHPH GH PRGLILF UL DEVROXWH GH JUXS IRORVLQGXVH FD PHWRG  GH SRQGHUDUH PHWRGD VXEVWLWX LHL vQ ODQ 06/ 

,03$&78/ ,1',&$725,/25 '( *(67,21$5( $ &$3,7$/8/8, ),; $6835$ 352'8&7,9,7 ,, 081&,, LL PXQFLL SRDWH IL GHWHUPLQDW L FD SURGXV DO

6H SRDWH GHPRQVWUD XRU F IDFWRULORU GH LQIOXHQ 

QLYHOXO SURGXFWLYLW

 FRHILFLHQWXO GH XWLOL]DUH D FDSLWDOXOXL IL[  FRHILFLHQWXO GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ D /D QLYHO LQGLYLGXDO GH VXEXQLWDWH 
: = =

vQ FDUH : 4  SURGXFWLYLWDWHD PXQFLL FDOFXODW SHQWUX VXEXQLWDWHD L  LL L YROXPXO YDORULF DO SURGXF LHL SRDWH IL EUXW 

 YROXPXO YDORULF DO SURGXF LHL DIHUHQW VXEXQLW

UHSUH]HQWDW GH SURGXF LD H[HUFL LXOXL FLIUD GH DIDFHUL VDX YDORDUHD DG XJDW ) 7  VHPQLILFD LLOH GDWH DQWHULRU 'DF VH

LQH VHDPD L GH PLMORDFHOH IL[H GLUHFW SURGXFWLYH SURGXFWLYLWDWHD PXQFLL SRDWH IL 

GHVFRPSXV  vQ DFHVW FRQWH[W vQ WUHL IDFWRUL GH LQIOXHQ 4 7 4 ) ) )

vQ FDUH
) J

 YDORDUHD PHGLH D PLMORDFHORU IL[H GLUHFW SURGXFWLYH DOH VXEXQLW  JUHXWDWHD VSHFLILF WRWDO

D YDORULL PHGLL D PLMORDFHORU IL[H GLUHFW SURGXFWLYH vQ YDORDUHD PHGLH SHQWUX VXEXQLWDWHD L 

D PLMORDFHORU IL[H FDOFXODW

vQ FDUH

:
J

 SURGXFWLYLWDWHD PHGLH D PXQFLL  JUHXWDWHD VSHFLILF vQWUHSULQGHULL D FDSLWDOXOXL IL[ GLUHFW SURGXFWLY DO vQWUHSULQGHULL vQ WRWDO FDSLWDO IL[ DO

 FRHILFLHQWXO PHGLX GH XWLOL]DUH D FDSLWDOXOXL IL[ GLUHFW SURGXFWLY  FRHILFLHQWXO PHGLX GH XWLOL]DUH D FDSLWDOXOXL IL[ WRWDO DO vQWUHSULQGHULL

: =

= .

: =

 FRHILFLHQWXO GH XWLOL]DUH D FDSLWDOXOXL IL[ GLUHFW SURGXFWLY FDOFXODW SHQWUX VXEXQLWDWHD L  /D QLYHOXO GH DQVDPEOX DO XQHL vQWUHSULQGHUL FDUH HVWH VWUXFWXUDW SH VXEXQLW L

:  4  )

L .

 VHPQLILFD LLOH GDWH DQWHULRU

= .

ts

y t v

: =

= .

w u

ef

ep o

= .

| }

LL L 

VDX

FDSLWDOXOXL IL[ YD IL GHWHUPLQDW L DQDOL]DW SHQWUX ILHFDUH SHULRDG IDFWRULL GH LQIOXHQ HYLGHQ LD L vQ FRQWH[W D SURGXFWLYLW

FDSLWDOXOXL IL[ YRU IL IRORVLWH  VLVWHPH GH LQGLFL LQGLYLGXDOL  VLVWHPH DOH PRGLILF ULORU DEVROXWH LQGLYLGXDOH  VLVWHPH GH LQGLFL GH JUXS  VLVWHPH DOH PRGLILF ULORU DEVROXWH GH JUXS UHVSHFWLY vQ ILHFDUH FD] vQ SDUWH OD QLYHO LQGLYLGXDO L OD QLYHOXO GH DQVDPEOX DO vQWUHSULQGHULL  FkWH XQ VLVWHP GH DQDOL] FRPSDUDW FX GRL L FX WUHL IDFWRUL GH LQIOXHQ 

VXEVWLWX LHL vQ ODQ

DFHHDL FX FHD IRORVLW

PDWHULDOH

DFXPXODUH L vQFRUSRUDUH GH SURJUHV WLLQ LILFRWHKQLF 'H DFHHD GH PRGXO vQ FDUH HVWH JHVWLRQDW FDSLWDOXO IL[ DO XQHL vQWUHSULQGHUL GHSLQGH vQWUR P VXU SDUWH 'H PRGXO vQ FDUH HVWH JHVWLRQDW vQWUR FDSLWDOXO IL[ KRW UkWRDUH QLYHOXO SURGXFWLYLW DO vQWUHSULQGHULL vQWUHJLL UHVSHFWLY DFWLYLW L GH LL PXQFLL FDOLWDWHD L D SH GH R SDUWH L FDQWLWDWHD FDOLWDWHD L FRPSHWLWLYLWDWHD SURGXF LHL L VHUYLFLLORU H[HFXWDWH SH GH DOW WHKQLFLWDWHD DFHVWXLD GHSLQGH PDUH P VXU  HILFLHQ D HFRQRPLFH

vQWUHSULQGHULL 3HQWUX D HYLGHQ LD L D FXDQWLILFD LQIOXHQ D FDSLWDOXOXL IL[ DVXSUD SURGXFWLYLW DVXSUD SURGXF LHL SRW IL IRORVLWH PDL PXOWH PRGHOH IDFWRULDOH FXP VXQW  /D QLYHO GH VXEXQLWDWH D vQWUHSULQGHULL LL PXQFLL L

vQ FDUH 4  YROXPXO YDORULF DO SURGXF LHL L VHUYLFLLORU SURGXF LD H[HUFL LXOXL SURGXF LD PDUI  FLIUD GH DIDFHUL YDORDUHD DG XJDW  H[FHGHQWXO GH H[SORDWDUH   SURGXFWLYLWDWHD PXQFLL FDOFXODW FXUHQWH FDUH SRDWH IL :  : SH ED]D YROXPXOXL YDORULF DO SURGXF LHL H[SULPDW vQ SUH XUL

7 .

 QXP UXO PHGLX GH VDODULD L L .

(( 

QLYHO

GH

SURGXF LHL L VHUYLFLLORU VXE LPSDFWXO LQGLFDWRULORU GH JHVWLRQDUH D FDSLWDOXOXL IL[

 .

 VHPQLILFD LD GDW

DQWHULRU

$FHVWH PRGHOH IDFWRULDOH DOH YROXPXOXL YDORULF DO SURGXF LHL L VHUYLFLLORU FRQVLGHUDWH OD VXEXQLWDWH SRW IL IRORVLWH UHVSHFWLY SHQWUX DQDOL]D vQ VWDWLF L DQDOL]D FRPSDUDW D

 VHPQLILFD LLOH GDWH DQWHULRU HL SXWkQG IL UHVSHFWLY FDOFXOD L SH ED]D 4  3

SH ED]D 4  3

 &$  9$  (( 

 :

 :

 :

4 = : 7 = .

 FRHILFLHQWXO PHGLX GH vQ]HVWUDUH D PXQFLL FX FDSLWDO IL[ 3HQWUX DQDOL]D vQ VWDWLF D SURGXFWLYLW LL PXQFLL VXE LPSDFWXO LQGLFDWRULORU GH JHVWLRQDUH D DQDOL]DW  QLYHOXO ILHF UXLD GLQWUH

3HQWUX DQDOL]D FRPSDUDW

LL PXQFLL VXE LPSDFWXO LQGLFDWRULORU GH JHVWLRQDUH D

&D L vQ DOWH FD]XUL FD PHWRG

GH SRQGHUDUH vQ FD]XO LQGLFLORU IDFWRULDOL VH YD IRORVL PHWRGD FRPSDUDW HVWH

06/  LDU PHWRGRORJLD GH FRQVWUXLUH D VLVWHPHORU GH DQDOL] vQ FDGUXO FDSLWROXOXL 

 $1$/,=$ &25(/$7

$ ,1',&$725,/25 '( *(67,21$5($ &$3,7$/8/8, ),; &8 ,$ GLQDPLF SURGXFWLY L HO FHD PDL DFWLY D UHVXUVHORU PDL PDUH

352'8&7,9,7$7($ 081&,, , 352'8& &DSLWDOXO DOH IL[ UHSUH]LQW FRPSRQHQWD D FHD

PDL

vQWUHSULQGHULL

UHVSHFWLY

FDSLWDOXOXL

SUHVXSXQkQG

FHD

4 = : 7 = .

7 

VDX 7 

 DGLF

SURGXFWLYLWDWHD PXQFLL FDOFXODW

 &$  9$ 

 /D QLYHOXO GH DQVDPEOX DO XQHL vQWUHSULQGHUL FDUH HVWH VWUXFWXUDW

SH VXEXQLW

L

SURGXFWLY vQ WRWDO FDSLWDO IL[ P ULPH FDOFXODW

XQGH

D FDSLWDOXOXL IL[ WRWDO DPEHOH GLQ VXEXQLWDWHD L  3HQWUX DQDOL]D vQ VWDWLF vQWUHSULQGHUL FDUH HVWH VWUXFWXUDW PDL VXV UHVSHFWLY GH OD $QDOL]D FRPSDUDW L FRPSDUDW SH VXEXQLW D YROXPXOXL YDORULF DO SURGXF LHL L VHUYLFLLORU VXE IL[ UHVSHFWLY OD QLYHOXO GH DQVDPEOX DO XQHL L SRDWH IL IRORVLW RULFDUH GLQWUH PRGHOHOH IDFWRULDOH GH

LPSDFWXO LQGLFDWRULORU GH JHVWLRQDUH D FDSLWDOXOXL

(D )

OD

( I )

vQ IXQF LH GH VFRSXO DQDOL]HL L GH LQIRUPD LLOH GLVSRQLELOH

YD IL UHDOL]DW

SH ED]D PHWRGRORJLHL FRUHVSXQ] WRDUH GLQ FDSLWROXO 

UHSUH]LQW

YDORDUHD PHGLH D FDSLWDOXOXL IL[ GLUHFW SURGXFWLY LDU )

) )

LDU vQ WRDWH FHOHODOWH PRGHOH P ULPHD

UHSUH]LQW

SHQWUX VXEXQLWDWHD L  DGLF  

JUHXWDWHD VSHFLILF

6H SUHFL]HD]

F  vQ PRGHOXO

JUHXW

LOH VSHFLILFH J

( I )

=:

= .

=:

= .

7 =

7 

VDX

VDX

= : 7 =

=:

= .

7 =

VDX

VDX

VDX

VH FDOFXOHD]

GXS

UHOD LD

D FDSLWDOXOXL IL[ GLUHFW

UHSUH]LQW

YDORDUHD PHGLH

Você também pode gostar