ORFDZHE
VIGYTIVEV IWXIW HEHSW 'SQS I\IQTPS ZEQSW VIXSVREV
XSHSW SW HEHSW I\MWXIRXIW RE XEFIPE UYI EVQE^IRE EW
MRJSVQEp~IW WSFVI EYXSVIW
6(/(&7 )520 DXWRU
3 GEVEGXIVI EWXIVMWGS WIVZI GSQS GSVMRKE TEVE
VIXSVREV UYEPUYIV GEQTS I\MWXIRXI RE W XEFIPE W YWEHE W
RE GSRWYPXE 'EWS UYIMVE JE^IV E WIPIpnS HI HIXIVQMREHSW
GEQTSW HIZI WI PMWXj PSW PSKS ETzW S XIVQS 7)0)'8
2S I\IQTPS EFEM\S ETIREW S RSQI HI UYIQ TSWXSY
GSQIRXjVMSW JSM WIPIGMSREHS
6(/(&7 QRPH )520 FRPHQWDULR
'LFD
DSHVDU GR XVR GR FDUDFWHUH IDFLOLWDU D OLVWDJHP GRV FDPSRV
TXH VH GHVHMD UHWRUQDU QD FRQVXOWD HVWD VLWXD¨¤R ID] FRP TXH
VXD FRQVXOWD ILTXH PDLV SHVDGD 2 LQGLFDGR ª TXH VH LQIRUPH R
QRPH GH WRGRV RV FDPSRV VHSDUDGRV SRU Y®UJXOD SDUD PHOKRUDU R
GHVHPSHQKR QD KRUD GD H[HFX¨¤R GD FRQVXOWD
4SHI WI VIWXVMRKMV XSHSW SW HEHSW UYI
WI UYIV VIXSVREV TSV QIMS HE MRGPYWnS HE
GPjYWYPE;,)6)
6(/(&7 FRQWHXGR )520 FRPHQWDULR
:+(5( QRPH ĥ)HOLSHĦ
2S I\IQTPS EGMQE JSM VIEPM^EHE YQE
GSRWYPXE RE UYEP WnS VIXSVREHSW XSHSW
SW GSRXIHSW HI GSQIRXjVMSW IQ UYI S
GEQTS ±RSQI² GSRXIRLE S ZEPSV ±*IPMTI² 3
TVSFPIQE q UYI ES TSWXEV YQ GSQIRXjVMS
RIQ WIQTVI S YWYjVMS MRJSVQE ETIREW S
TVMQIMVS RSQI 4SV MWWS WI S SFNIXMZS q
XVE^IV XSHSW SW VIKMWXVSW UYI GSQIGIQ TSV
±*IPMTI² HIZI WI JE^IV S WIKYMRXI
6(/(&7 FRQWHXGR )520 FRPHQWDULR :+(5( QRPH /,.( ĥ)HOLSH Ħ
3 GSQERHS 0-/) MRJSVQE UYI S GEQTS HIZIVj
TSWWYMV ZEPSVIW GSQS ±*IPMTI ² 3 GEVEGXIVI
TSVGIRXEKIQ WIVZI TEVE HM^IV UYI WIVj FYWGEHS
UYEPUYIV GEVEGXIVI I\MWXIRXI 'SQS JSM MRWIVMHS S RSQI
±*IPMTI² ERXIW HS E GSRWYPXE WSPMGMXEVj ES FERGS XSHSW
SW GSRXIHSW HI GSQIRXjVMSW RS UYEP S GEQTS RSQI
GSRXIRLE S ZEPSV ±*IPMTI² ¯ I UYEPUYIV SYXVS GEVEGXIVI E
TEVXMV HEu 'EWS JSWWI JIMXS S GSRXVjVMS ± *IPMTI² E GSRWYPXE
YWEVME GSQS ½PXVS UYEPUYIV GEVEGXIVI WIKYMHS HI ±*IPMTI²
5YERHS q VIEPM^EHE YQE GSRWYPXE RS FERGS HI HEHSW
YQE UYERXMHEHI ZEVMjZIP HI MRJSVQEp~IW q PIZERXEHE -WWS
TSHI TVSZSGEV E RIGIWWMHEHI HI SVKERM^EV SW VIKMWXVSW
VIXSVREHSW IQ SVHIQ EPJEFqXMGE SY RYQqVMGE 4EVE JEGMPMXEV
IWWI TVSGIHMQIRXS YWI E GPjYWYPE 36()6 VIWTSRWjZIP TSV
VIEPM^EV E SVHIREpnS HS VIWYPXEHS HE GSRWYPXE GSQ FEWI
IQ GEQTSW HIXIVQMREHSW TIPS HIWIRZSPZIHSV
6(/(&7 QRPH SRVW )520 FRPHQWDULR 25'(5 %< SRVW '(6& QRPH $6&
2S I\IQTPS EGMQE S VIWYPXEHS HE GSRWYPXE JSM
SVHIREHS TVMQIMVEQIRXI TIPS GSRXIHS HS GEQTS TSWX
IQ SVHIQ EPJEFqXMGE MRZIVWE HI > TEVE % TSV GEYWE HS
YWS HS ()7' ,j XEQFqQ YQE SVHIREpnS WIGYRHjVME IQ
SVHIQ GVIWGIRXI %7' EWGIRHIRXI GSQ FEWI RS GEQTS
TSWX 'SQS IWXI GEQTS q RYQqVMGS E SVHIREpnS TEVXI
2 XVR GD OLQJXDJHP 64/ QD
FRQVWUX¨¤R GH VLVWHPDV WHP
EDVLFDPHQWH TXDWUR FRPDQGRV
SULQFLSDLV 6(/(&7 ,16(57
83'$7( H '(/(7(
(P VLWHV FRPR R ZZZ VTOFRXUVH FRP YRF« HQFRQWUD GHILQL¨¶HV E¢VLFDV GD
OLQJXDJHP H RXWUDV DSOLFD¨¶HV SDUD JHUHQFLDU RV EDQFRV GH GDGRV GH VHXV VLVWHPDV