IRUPD©¥R
?=
")"1/,1" +& Á0& )"&0 $"/ &0 !, &/ 2&1, ")Ç1/& , >:
-RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH /LYURV 7«FQLFR 'LG£WLFRV GH (OHWULFLGDGH H (OHWUµQLFD
&/ 2&1, ")Ç1/& , Ç ,+01&12Ë!, -,/ 3Á/&,0 ,*-,+"+1"08 +,*" ! *"+1"r #,+1"0 !" )&*"+1 ÅÃ,8 ,+!21,/"08 &0,) !,/"08 - /")%,0 !" -/,1"ÅÃ,8 - /")%,0 !" ,/1" " ,* +!,8 - /")%,0 !" *"!&! " ,+1 $"*8 - /")%,0 !" /"$2) ÅÃ, " /" "1,/"0: ! 2* !")"0 1"* 02 #2+ÅÃ, "0-" Ë#& " &*-,/1 +1" +, &/ 2&1,8 .2" 0" !"3" ! / !"3&! 1"+ÅÃ,: ,+0, +1" #2+ÅÃ, !, &/ 2&1,8 00&* * &,/ ,2 *"+,/ &*-,/1Â+ & !" ! 2* !"01"0 ,*-,+"+1"0: A:=: /& ÅÃ, ! /"0&01È+ & ")Ç1/& ,* 1"*-"/ 12/ $ UHVLVWLYLGDGH HO«WULFD GH XP FRQGXWRU GHͤQH VH FRPR R YDORU GD VXD UHVLVW¬QFLD HO«WULFD TXDQGR R FRPSULPHQWR ͏ H D VHF©¥R 6 V¥R XQLW£ ULRV ͏ PHWUR H 6 PHWUR TXDGUDGR 1RWH VH TXH HVWD IµUPXOD WDPE«P VH DSOLFD D PDWHULDLV LVRODGR UHV RV TXDLV W¬P REYLDPHQWH XPD UHVLVWLYLGDGH HO«WULFD EDVWDQWH PDLV HOHYDGD 1D 7DEHOD DSUHVHQWDPRV YDORUHV GD UHVLVWLYLGDGH HO«WULFD D | & GH DOJXQV GRV FRQGXWRUHV PDLV XWLOL]DGRV
0DWHULDO 3UDWD &REUH 2XUR $OXP¯QLR 7XQJVW«QLR )HUUR 0DLOOHFKRUW 0DQJDQLQD &RQVWDQWDQ )HUURQ¯TXHO &URPRQ¯TXHO &DUY¥R
7DEHOD 5HVLVWLYLGDGH D | &
Ω PP P
D
&RHͤFLHQWH GH WHPSHUDWXUD | & ̰
̰ ̰
(VWXG£PRV DQWHULRUPHQWH TXH D UHVLVW¬QFLD HO«WULFD GHSHQGH HVVHQ FLDOPHQWH GH WU¬V SDU¤PHWURV UHVLVWLYLGDGH FRPSULPHQWR H VHF©¥R 1D YHUGDGH HVWHV V¥R RV SDU¤PHWURV SULQFLSDLV PDV D UHVLVW¬QFLD HO« WULFD YDULD WDPE«P FRP D WHPSHUDWXUD &RPR VDEHPRV GD )¯VLFD H GD 4X¯PLFD TXDQGR D WHPSHUDWXUD GH XP FRQGXWRU DXPHQWD WDPE«P DXPHQWD D DJLWD©¥R W«UPLFD GDV VXDV HVWUXWXUDV DWµPLFD H PROHFXODU 1RV FRQGXWRUHV HVWD PDLRU DJLWD©¥R W«UPLFD FRQGX] D XP PDLRU Q¼ PHUR GH FKRTXHV HQWUH HOHWU·HV H £WRPRV R TXH FRUUHVSRQGH D XP DX PHQWR GD VXD UHVLVW¬QFLD HO«WULFD 3RUWDQWR TXDQWR PDLRU IRU D WHP SHUDWXUD GH XP FRQGXWRU PDLRU VHU£ D VXD UHVLVW¬QFLD HO«WULFD (VWD UHOD©¥R « H[SUHVVD PDWHPDWLFDPHQWH DWUDY«V GD VHJXLQWH H[SUHVV¥R
5 5 > Ƌ W W @
FRP 5 ̰ UHVLVW¬QFLD HO«WULFD ͤQDO RKPV ¢ WHPSHUDWXUD ͤQDO 5 ̰ UHVLVW¬QFLD HO«WULFD LQLFLDO RKPV ¢ WHPSHUDWXUD LQLFLDO W ̰ WHPSHUDWXUD ͤQDO | &
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
W ̰ WHPSHUDWXUD LQLFLDO | &
Ƌ ̰ FRHͤFLHQWH GH WHPSHUDWXUD | &
2 FRHͤFLHQWH GH WHPSHUDWXUD Ƌ « XPD FRQVWDQWH SDUD FDGD PDWHULDO H GH SHQGH DSHQDV GD VXD HVWUXWXUD DWµPLFD H PROHFXODU 'HYH GL]HU VH DLQGD TXH D UHVLVW¬QFLD HO«WULFD DXPHQWD FRP D WHPSHUDWXUD SRUTXH D VXD UH VLVWLYLGDGH HO«WULFD WDPE«P DXPHQWD DWUDY«V GH XPD IRUPD VHPHOKDQWH
ƛ ƛ > Ƌ W W @
,VWR TXHU GL]HU TXH VH FDOFXODUPRV R YDORU GH ƛ ¢ QRYD WHPSHUDWXUD W XWLOL]DQGR D H[SUHVV¥R SRGHPRV FDOFXODU R QRYR YDORU GH 5 XWL OL]DQGR D H[SUHVV¥R 5 ƛ ͏ 6 HP YH] GH XWLOL]DU D H[SUHVV¥R +£ SRUWDQWR GRLV SURFHVVRV GH FDOFXODU R YDORU GH 5 ¢ WHPSHUDWXUD W 1D 7DEHOD DSUHVHQWDPRV WDPE«P RV FRHͤFLHQWHV GH WHPSHUDWX UD GH DOJXQV PDWHULDLV $ YDULD©¥R GD UHVLVW¬QFLD HO«WULFD GRV PDWHULDLV FRP D WHPSHUDWXUD WHP FRPR « µEYLR GLIHUHQWHV LPSOLFD©·HV ̰ YDQWDJHQV H LQFRQYH QLHQWHV 9HMDPRV DOJXPDV GHODV 2V ͤODPHQWRV GDV O¤PSDGDV GH LQFDQGHVF¬QFLD DXPHQWDP EDVWDQ WH D VXD UHVLVW¬QFLD HO«WULFD FRP D WHPSHUDWXUD R TXH « XPD YDQWD JHP SRLV SHUPLWH TXH D O¤PSDGD IRUQH©D PDLRU SRW¬QFLD HO«WULFD +£ PDWHULDLV FRQGXWRUHV TXH Q¥R SRGHP VHU XWLOL]DGRV QR IDEULFR GH UHVLVW¬QFLDV GH SUHFLV¥R FRPR R FREUH R DOXP¯QLR D SUDWD HQWUH RXWURV &RP HIHLWR D UHVLVW¬QFLD HO«WULFD GHVWHV PDWHULDLV YDULD FRQ VLGHUDYHOPHQWH FRP D WHPSHUDWXUD SRLV DSUHVHQWDP FRHͤFLHQWHV GH WHPSHUDWXUDV HOHYDGRV SDUD R HIHLWR GHVHMDGR 'HYHP VHU XWLOL]DGRV R FRQVWDQWDQ RX D PDQJDQLQD QR IDEULFR GDV UHVLVW¬QFLDV GH SUHFLV¥R $ YDULD©¥R GD UHVLVW¬QFLD HO«WULFD GRV PDWHULDLV FRP D WHPSHUDWX UD VHMD EDL[D RX HOHYDGD SHUPLWH HP PXLWDV VLWXD©·HV FRQKHFHU D WHPSHUDWXUD GH IXQFLRQDPHQWR GH DSDUHOKDJHP H PDTXLQDULD HO« WULFD VHQGR XWLOL]DGRV FRPR VRQGDV W«UPLFDV 1D )LJXUD DSUHVHQWDPRV R FµGLJR GH FRUHV SDUD UHVLVW¬QFLDV ͤ[DV Q¥R ERELQDGDV FRUHV $ % ' (
&RU 3UDWD 2XUR 3UHWR &DVWDQKR 9HUPHOKR /DUDQMD $PDUHOR 9HUGH $]XO 9LROHWD &LQ]HQWR %UDQFR
FRUHV $ % & ' (
)DL[DV $ % & | | RX | DOJDULVPRV ̰ ̰
)DL[D ' 0XOWLSOLFDGRU
)DL[D ( 7ROHU¤QFLD
s s ̰ s s ̰ ̰ ̰ ̰ ̰ ̰ ̰
),*85$ & ',*2 '( &25(6 3$5$ 5(6,67 1&,$6 ),;$6 1 2 %2%,1$'$6