@2/12

Anuncio
62/8&,¾1'(/(;$0(1'($03/,$&,¾1'()º6,&$-81,2,77
3 8QDSHUVRQDGHNJKDFLHQGR¦SXHQWLQJ§VHGHMDFDHUYHUWLFDOPHQWHGHVGHORDOWRGHXQSXHQWHGHPGHDO
WXUDDWDGDDXQDFXHUGDHOiVWLFDGHPGHORQJLWXGFXDQGRHVWiGLVWHQGLGD
D
E
F
G
62/8&,¾1
'HWHUPtQHVHHOYDORUGHODFRQVWDQWHHOiVWLFDGHODFXHUGDVLODSHUVRQDHVWiVRPHWLGDDXQDIXHU]DQHWD
QXODDPGHEDMRGHOSXHQWH
&DOFXOHHOYDORUGHODHQHUJtDFLQpWLFDGHODSHUVRQDFXDQGRHVWiFD\HQGRDP\DPGHEDMRGHO
SXHQWH
'HWHUPLQHODPtQLPDDOWXUDSRUHQFLPDGHOVXHORDODTXHOOHJDUiODSHUVRQD
6XSRQLHQGRTXHODRVFLODFLyQHVDPRUWLJXDGD\TXHVXFRHILFLHQWHGHDPRUWLJXDPLHQWRHVJ V¤
˜FXiQWDVRVFLODFLRQHVKDEUiUHDOL]DGRFXDQGRODDPSOLWXGVHKD\DUHGXFLGRDGHODDPSOLWXGLQLFLDO"
&RPR OD FDtGD HV YHUWLFDO OD RVFLODFLyQ UHVXOWDQWH WLHQH OXJDU D OR ODUJR GH OD YHUWLFDO TXH OD WRPDPRV FRPR HMH 2<
'HVSUHFLDQGRHOSHVRGHODFXHUGDFXDQGRODFXHUGDHVWiGLVWHQGLGDWLHQHXQDORQJLWXGYHUWLFDOGHP(VWHH[WUHPR
GHODFXHUGDORWRPDUHPRVFRPRRULJHQGHGLVWDQFLDVGDQGRVHQWLGRSRVLWLYRKDFLDHOVXHOR
D &XDQGRODFXHUGDHVWiHVWLUDGDWHQHPRVGRVIXHU]DVDSOLFDGDVVREUHODSHUVRQD\GHVHQWLGRFRQWUDULRODSULPHUDHV
HOSHVR\ODVHJXQGDODIXHU]DHOiVWLFD'HDFXHUGRFRQHOHQXQFLDGRVL '\ G P ODIXHU]DQHWDVREUH
ODSHUVRQDHVQXOD\SRUWDQWRODIXHU]DHOiVWLFDHVLJXDO\GHVLJQRFRQWUDULRDOSHVR
)H
3 Ÿ N '\
PJ
'\
PJ Ÿ N
u 1 P >@
E7DQWRHOSHVRFRPRODIXHU]DHOiVWLFDVRQIXHU]DVFRQVHUYDWLYDVGHPRGRTXHODIXHU]DHOiVWLFDHPSLH]DDDFWXDUSD
UDYDORUHVGH\SRVLWLYRV
'HVGHHOSXHQWHKDVWDHOSXQWR$\ G PVyORDFW~DHOSHVR\HQFRQVHFXHQFLD
(&$
(&$ 8 $
(& 3XHQWH 8 3XHQWH
(& 3XHQWH 8 3XHQWH 8$ P J G
u u -
$SDUWLUGHOSXQWR$\KDVWDHOSXQWR+'\ PDFW~DQODVIXHU]DVFRQWUDULDVGHOSHVR\ODIXHU]DHOiVWLFD\
VHGHEHYHULILFDUTXHHOWUDEDMRGHGLFKDVIXHU]DVVHDODYDULDFLyQGHHQHUJtDFLQpWLFDDVt
&
& &
&
)H N \ M 3 P J M 7 ' (F
7
(& +
&
&
³ P J N \ M x G\ M
(& $ P J N >@
(& + (& $
u u u u -
F 3DUDGHWHUPLQDUODSRVLFLyQPiVFHUFDQDDOVXHORVHUHDOL]DHOPLVPRSODQWHDPLHQWRSHURFRQODFRQGLFLyQGHTXHHQ
HVHSXQWR)ODHQHUJtDFLQpWLFDGHEHVHUFHURSRUWDQWR
&
&
7 ³\ ) P J N \ M ˜ G\ M (& ) (& $ P J G
P J \) N \ )
P J G
Ÿ P J \) \ ) \ ) \HQFRQVHFXHQFLDODGLVWDQFLDVREUHHOVXHORK)VHUi
K)
G /DRVFLODFLyQDPRUWLJXDGDTXHUHDOL]DHV
\ W $W Ÿ
$HJW
\)
P J
P
\) G P
$W FRV Z W G $W $
PJ \)
Ÿ
/Q $ H JW
\Z
JW Ÿ W
>Z
/Q J
@
V
>@
\HOQ~PHURGHRVFLODFLRQHVQWHQLHQGRHQFXHQWD>@\>@HV
Q
W
7
WZ
S
>
W N P J
S
@
> @ S
| RVFLODFLRQHV
3 8QDRQGDSODQDHVWiUHSUHVHQWDGDSRUODIXQFLyQ \ FRV W [ HQGRQGH\ HVWiH[SUHVDGDHQPLFUyPHWURV
HOWLHPSRW HQVHJXQGRV\HOGHVSOD]DPLHQWR[ HQPHWURV
D
$PSOLWXGGHGHVSOD]DPLHQWRGHODVSDUWtFXODV
F
9HORFLGDGPi[LPDGHYLEUDFLyQ
E
G
H
62/8&,¾1
/RQJLWXGGHRQGD
9HORFLGDGGHSURSDJDFLyQGHODRQGD
6LHOPHGLRGHSURSDJDFLyQWLHQHXQDFRQVWDQWHGHDEVRUFLyQE PODGLVWDQFLDTXHUHFRUUHOD
RQGDKDVWDTXHVXLQWHQVLGDGGLVPLQX\HHQXQ 3DUDUHVROYHUHOHMHUFLFLRKHPRVGHLGHQWLILFDUYDULDEOHV\SDUiPHWURVHQWUHODIXQFLyQGHRQGDVJHQHUDO\ODTXHVHGDHQ
HOHQXQFLDGRDVtWHQHPRVODVIXQFLRQHV
\ [W $ FRV Z W N [
HQODVFXDOHV\ \[ HVWiQHQPHWURV\WHQVHJXQGRV
,GHQWLILFDQGRWpUPLQRVHQ>@VHWLHQH
Z
UDGV N
>@
\ [ W FRV W [
P D 'H>@ODDPSOLWXGGHODRQGDHV
$ P
E 'H>@ODORQJLWXGGHRQGDOHV
O
S
N
>@
$ P
S
S
P
F 3DUDGHWHUPLQDUODYHORFLGDGGHYLEUDFLyQPi[LPDGHODVSDUWtFXODVGHOPHGLRWHQHPRVTXHGHULYDU>@UHVSHFWRGHO
WLHPSRDVt
YE
w \ [ W wW
>@
u VHQ W [ \HQFRQVHFXHQFLDODH[SUHVLyQ>@HVPi[LPDFXDQGRHOVHQRYDOH¤
YE PD[
G 'H>@ODYHORFLGDGGHSURSDJDFLyQGHODRQGDFHV
F
Z
N
u PV
PV
H 6LHOPHGLRHVDEVRUEHQWHODLQWHQVLGDGGHOPRYLPLHQWRRQGXODWRULR,GHFUHFHH[SRQHQFLDOPHQWHDPHGLGDTXHSH
QHWUDHQpOSRUWDQWR
, [
, H E [
VLHQGR¦[§ ODGLVWDQFLDUHFRUULGDHQHOPHGLR7HQLHQGRHQFXHQWDODVFRQGLFLRQHVGDGDV
, [
, , H E [
[
Ÿ
/Q H [
P
Ÿ
/Q [
>@
& 'RVVRQLGRVGHLQWHQVLGDGHVVXSHULRUHVDODXPEUDOVHSURSDJDQVLPXOWiQHDPHQWHHQXQPLVPRPHGLR,QGLTXHFX
DOGHEHVHUODUHODFLyQHQWUHVXVIUHFXHQFLDVDPSOLWXGHV\IDVHVHQXQFLHUWRSXQWR3GHOPHGLRVLHQ3QRVHR\HQLQJ~Q
VRQLGR
62/8&,¾1
3DUDTXHHQHOSXQWR3QRVHGHWHFWHVRQLGRDOJXQRSHUPDQHQWHPHQWHGHEHSURGXFLUVHXQDLQWHUIHUHQFLDGHVWUXFWLYDHQWUH
ORVGRVVRQLGRV3RUFRQVLJXLHQWHGHEHFXPSOLUVH
/DVIUHFXHQFLDVGHEHQFRLQFLGLU Z Z Z SDUDTXHHOSDWUyQGHLQWHUIHUHQFLDVVHPDQWHQJDHQHOWLHPSR
/DGLIHUHQFLDGHIDVHV G N U U M M GRQGHN HVHOQ~PHURGHRQGDVU ¤U HVODGLIHUHQFLDGHFDPLQRV
GHVGHHOSXQWR3DORVHPLVRUHV\M M HVODGLIHUHQFLDGHIDVHVGHYLEUDFLyQGHORVIRFRV/DGLIHUHQFLDGHIDVHVGHEH
VHUXQP~OWLSORLPSDUGHS UDGLDQHVSDUDDVHJXUDUODLQWHUIHUHQFLDGHVWUXFWLYD
/DVDPSOLWXGHVGHEHQVHULJXDOHVRVXGLIHUHQFLDLQIHULRUDODDPSOLWXGXPEUDOGHOGHWHFWRU $ $ d $XPEUDO SDUD
TXHODLQWHUIHUHQFLDGHVWUXFWLYDGpXQRVYDORUHVGHVHxDODF~VWLFDQRGHWHFWDEOHV
& 8QDYLyQGHWHUPLQDVXYHORFLGDGUHVSHFWRDOVXHORHPLWLHQGRGRVRQGDVDUPyQLFDVHOHFWURPDJQpWLFDVGHODPLVPD
IUHFXHQFLDXQDGHHOODVKDFLDGHODQWH\KDFLDHOVXHORODRWUDKDFLDDWUiV\KDFLDHOVXHOR/DVGRVRQGDVXQDYH]UHIOH
MDGDVHQODVXSHUILFLHLUUHJXODUGHOVXHORVRQGHWHFWDGDVVLPXOWiQHDPHQWHSRUXQUHFHSWRUFRP~QDERUGRGHODYLyQ
˜4XpWLSRGHVHxDOGHWHFWDHOUHFHSWRU\FyPRVHFRQVLJXHGHWHUPLQDUODYHORFLGDGGHODYLyQ"5D]RQHODUHVSXHVWD
62/8&,¾1
6HD I OD IUHFXHQFLD GH HPLVLyQ GHO IRFR VL
WXDGRHQHODYLyQ$OHVWDUHOHPLVRUHQ PR
YLPLHQWR UHVSHFWR GHO VXHOR OD IUHFXHQFLD
SHUFLELGD HQ HO VXHOR HV GLVWLQWD GH OD HPLWL
GD HO VXHOR UDGLDUi HQ WRGDV ODV GLUHFFLRQHV
FRQ HVWD IUHFXHQFLD GLVWLQWD \ HQ HO DYLyQ
TXHKDFHDKRUDODVYHFHVGHUHFHSWRUDOHVWDU
HQPRYLPLHQWRUHVSHFWRGHOVXHORVHSHUFLEL
UiRWUDIUHFXHQFLDGLIHUHQWHGHODHPLWLGDSRU
HOVXHOR˜&yPRVRQHVWDVIUHFXHQFLDVSDUDHO
FDVRUDGLDFLyQHPLWLGDKDFLDDWUiV \SDUD
HOFDVRUDGLDFLyQKDFLDDGHODQWH"
(Q OD ILJXUD VH REVHUYD HO SURFHVR
DVtHQHOFDVRSDUDXQREVHUYDGRUVLWXDGR
HQ3YHTXH HO IRFR VH DOHMD FRQ XQD YHORFL
GDGY SUR\HFFLyQGHODYHORFLGDGGHODYLyQ
VREUH OD GLUHFFLyQ DYLyQ¤3 \ SRU WDQWR OD
IUHFXHQFLD SHUFLELGD HQ 3 I HV PHQRU TXH OD HPLWLGD (O SXQWR 3 HPLWH FRQ HVWD IUHFXHQFLD SHUFLELGD I \ FRPR HO
DYLyQVHDOHMDFRQYHORFLGDGYHQHOGHWHFWRUVLWXDGRHQHODYLyQVHSHUFLEHXQDIUHFXHQFLD I PHQRUTXHI
3DUD HOFDVRWRGRHVVLPLODUDVtSDUDXQREVHUYDGRUVLWXDGRHQ$YHTXHHOIRFRVHDFHUFDFRQXQDYHORFLGDG
Y SUR\HFFLyQGHODYHORFLGDGGHODYLyQVREUHODGLUHFFLyQDYLyQ¤$\SRUWDQWRODIUHFXHQFLDSHUFLELGDHQ$IHVPD
\RUTXHODHPLWLGD(OSXQWR$HPLWHFRQHVWDIUHFXHQFLDSHUFLELGDI\FRPRHODYLyQVHDFHUFDFRQYHORFLGDGYHQHO
GHWHFWRUVLWXDGRHQHODYLyQVHSHUFLEHXQDIUHFXHQFLD I PD\RUTXHI
$OPH]FODUHVWDVGRVVHxDOHVGHIUHFXHQFLDVGLVWLQWDV I \ I ODVFXDOHVVRQIXQFLyQGHODYHORFLGDGGHODYLyQ
VHREWLHQHXQDSXOVDFLyQ GHIUHFXHQFLD I 3 I I K I Y F DVtTXHPLGLHQGRODIUHFXHQFLDGHODSXOVDFLyQ\FR
QRFLGD OD IUHFXHQFLD GH HPLVLyQ \ OD YHORFLGDG GH ODV RQGDV HOHFWURPDJQpWLFDV VH SXHGH GHWHUPLQDU OD YHORFLGDG GHO
DYLyQ
127$0$7(0·7,&$
6LODVGLUHFFLRQHVGHHPLVLyQKDFLDDGHODQWH\KDFLDDWUiVVRQWDOHVTXHY Y YFRVD VLHQGR¦D§HOiQJXOR
IRUPDGRHQWUHODGLUHFFLyQGHOPRYLPLHQWRGHODYLyQ\ODGLUHFFLyQDYLyQ¤$HQWRQFHV
§ Y FRV D ·
¨
© F ¹̧ Y FRV D
F
I
I
I I
§ Y FRV D ·
¨
© F ¹̧
Y FRV D
F
§ Y FRV D ·
¨
© F ¹̧ I
§ Y FRV D ·
¨
© F ¹̧
§ Y FRV D ·
¨
© F ¹̧ Y FRV D
F
I
I
I
I
Y FRVD
F
I
§ Y FRVD ·
¨
© F ¹̧
§ Y FRV D ·
¨
© F ¹̧
Y FRV D
F
§ Y FRV D ·
¨
© F ¹̧ I
§ Y FRV D ·
¨
© F ¹̧
I3
& 8QDRQGDSODQDLQFLGHVREUHXQDVXSHUILFLHSODQDIRUPDQGRXQiQJXORGH•6LHOiQJXORGHUHIUDFFLyQWUDQVPL
VLyQHVGH•MXVWLILTXH
D
E
62/8&,¾1
FyPRYDUtDQODIUHFXHQFLD\ODORQJLWXGGHRQGDGHODVRQGDVWUDQVPLWLGD\UHIOHMDGD
˜([LVWLUiDOJ~QiQJXORGHLQFLGHQFLDDSDUWLUGHOFXDO\DQRH[LVWDRQGDWUDQVPLWLGD"(QFDVRDILU
PDWLYR˜FXiQWRYDOGUtD"
&XDQGRXQDRQGDSODQDVHSURSDJDSRUXQPHGLRHLQFLGHVREUHODVXSHUILFLHGHVHSDUDFLyQTXHOHVHSDUDGHXQVHJXQGR
PHGLRORVSXQWRVGHHVWDVXSHUILFLHFRPLHQ]DQDYLEUDUFRQODPLVPDIUHFXHQFLDYLEUDFLyQIRU]DGDGDQGROXJDUDXQD
RQGDSODQDHQHOSULPHUPHGLR¥RQGDUHIOHMDGD¥\DRWUDRQGDHQHOVHJXQGRPHGLR¥RQGDWUDQVPLWLGD¥YHULILFiQ
GRVHODOH\GHODUHIOH[LyQ\ODOH\GHODUHIUDFFLyQ3RUWDQWR
D ODVRQGDVWUDQVPLWLGDV\UHIOHMDGDVVRQGHODPLVPDIUHFXHQFLDTXHODRQGDLQFLGHQWHI&RPRODVYHORFLGDGHVGHODV
RQGDVGHSHQGHQGHORVPHGLRVHQWRQFHVODVORQJLWXGHVGHRQGDGHODRQGDVUHIOHMDGD\WUDQVPLWLGDVHUiQGLIHUHQWHVDVt
VLHOPHGLRLQLFLDOHVWiFDUDFWHUL]DGRSRUXQtQGLFHGHUHIUDFFLyQYHORFLGDGQ Y\HOVHJXQGRPHGLRSRUXQtQGLFH
GHUHIUDFFLyQYHORFLGDGQYHQWRQFHV
\GHORVGDWRVGHOSUREOHPD
I
Y
O
Y
O
F
QO
F
Q O
>@
Q VHQ >@
Q VHQ &RPRODRQGDUHIOHMDGDDYDQ]DHQHOPLVPRPHGLRTXHODLQFLGHQWHODYHORFLGDGQRFDPELD\HQFRQVHFXHQFLDVXORQ
JLWXGGHRQGDHVLJXDODODGHODRQGDLQFLGHQWHOHQFDPELRODORQJLWXGGHRQGDGHODWUDQVPLWLGDHVGLIHUHQWHDOPR
Q
YHUVHDXQDYHORFLGDGGLVWLQWD\WLHQHSRUYDORU O
O ! O WHQLHQGRHQFXHQWDODH[SUHVLyQ>@
Q
E 'H>@VHYHULILFDTXHQ!Q\SRUWDQWRHOVHQRGHOiQJXORGHWUDQVPLVLyQDPHGLGDTXHDXPHQWHHOiQJXORGHLQFL
GHQFLDOOHJDUtDDYDOHUPiVTXHORTXHHVLPSRVLEOH\SRUWDQWRQRH[LVWLUtDRQGDWUDQVPLWLGD(OYDORUGHHVWHiQJXOR
T/VHGHWHUPLQDSRUODFRQGLFLyQGHVDOLGDUDVDQWHHVGHFLUT7 DVtWHQLHQGRHQFXHQWD>@
Q VHQ Q VHQ T /
Ÿ
Q VHQ Q VHQ Ÿ
VHQ T /
Q
Q
Ÿ T/
& 6HREVHUYDTXHHQXQFLUFXLWR5/&FRQ/ P+\& z)NCHTGEWGPEKCFGTGUQPCPEKCGUXGEGUNCHTGEWGP
EKCPCVWTCNFGQUEKNCEKÎP&GVGTOKPGNCTGUKUVGPEKC4 FGNEKTEWKVQ[NCHCUGFGNCVGPUKÎPCRNKECFCTGURGEVQFGNCKPVGPUKFCF
FGNCEQTTKGPVGGPTGUQPCPEKC
62/8&,¾1
6HGLVSRQHGHXQFLUFXLWR5/&FRQHFWDGRDXQJHQHUDGRUSRUWDQWRODUHVSXHVWDGHOFLUFXLWRGHSHQGHGHODIUHFXHQFLD
GHOJHQHUDGRU'HORVGDWRVGHOHMHUFLFLRVDEHPRV
Z5
Z
Z
/ & u u ˜ Z J Ÿ J
UDGV
u ˜ V \WHQLHQGRHQFXHQWDODGHILQLFLyQGHOFRHILFLHQWHGHDPRUWLJXDPLHQWR
J
5 / Ÿ
5 J / u u ˜ :
6LDOFLUFXLWRVHOHDSOLFDXQDIXHQWHGHWHQVLyQGHYDORU
9 W 9 FRV Z W HOFLUFXLWRUHVSRQGHFRQXQDFDUJDHQHOFRQGHQVDGRUGHYDORU
T W >@
$Z FRV Z W G Z >@
\HQFRQVHFXHQFLDODFRUULHQWHDWUDYpVGHOFLUFXLWRHV
GT
>@
Z $Z VHQ Z W G Z Z $Z FRV Z W G Z S L W GW
3DUDKDOODUODIDVHGHODWHQVLyQDSOLFDGDUHVSHFWRODLQWHQVLGDGHQHOFLUFXLWRVyORWHQHPRVTXHFDOFXODUODIDVH
G HQUHVRQDQFLD
G Z ª JZ º
DUF WJ « »
¬ Z Z ¼
SRUWDQWRGH>@
Ÿ G Z5 L W ª JZ º
DUF WJ « 5 »
¬ Z Z5 ¼
ªZ º
DUF WJ « 5 »
¬ J ¼
Z $Z FRV Z W G Z S ª º
DUF WJ «
» UDG
¬ ¼
Z $Z FRV Z W &RPSDUDQGR>@\>@VHGHGXFHTXHODWHQVLyQHVWiUHWUDVDGDUHVSHFWRGHODLQWHQVLGDGHQUDG
>@
Descargar