Corel Ventura - S82203G.CHP

(6
*DEDULWR
6LPXODGRGH)tVLFD,QJOrV3RUWXJXrVH4XtPLFD
)tVLFD
$OWHUQDWLYDE
&RQVLGHUDQGRTXHQmRKiDWULWRSRGHPRVDILUPDUTXH
57→FRPSRQHQWHWDQJHQFLDO
37→FRPSRQHQWHWDQJHQFLDOGRSHVRGLUHomRGRPRYLPHQWR
57 37
PD7 3VHQα
D7 JVHQα
­PHGLGDTXHRFRUSRGHVFHSRGHPRVYHUSHODILJXUDTXHαGHFUHVFHSRUWDQWRVHQαGHFUHVFH
/RJRD7GHFUHVFH
3RURXWURODGRGXUDQWHDGHVFLGDDHQHUJLDSRWHQFLDOJUDYLWDFLRQDOYDLVHWUDQVIRUPDQGRHPFLQpWLFD
HRPyGXORGDYHORFLGDGHYDLDXPHQWDQGR
$OWHUQDWLYDF
2EVHUYHDILJXUD
3DUD5H5·VHUHPSDUDOHORV
α⠞FRODWHUDLVLQWHUQRV
(QWmRα⠞
PDVGDILJXUDα⠞
3RUWDQWR5H5·QmRVmRSDUDOHORVTXDOTXHUTXHVHMDα
$OWHUQDWLYDF
7RPDQGRXPDSRUomRPGHiJXDHVXSRQGRTXHDHQHUJLDPHFkQLFDHP$VHMDLQWHJUDOPHQWH
FRQYHUWLGDHPFDORUHP%WHPRV
(0HF$ 4%


PY
+PJ+=PF∆θF=
=×

J.
NJ. 

++=××∴+=P
$OWHUQDWLYDG
1
'DGRRJUiILFRY×WVDEHVHTXH∆6=iUHDDVVLP
(QWUHHVWHPRV
∆6$=
∆6%=
EK
=
=P(PRYLPHQWRSURJUHVVLYR)
(−)
EK
=
=−P(PRYLPHQWRUHWUyJUDGR)
(QWUHHVWHPRV
∆6·$=
∆6·%=
(−)
EK
=
=−P(PRYLPHQWRUHWUyJUDGR)
EK
=
=P(PRYLPHQWRSURJUHVVLYR)
$GRWDQGRFRPRRULJHPGRVHVSDoRVDSRVLomRLQLFLDOGRVWUHQVDSRVLomRILQDO6$GRWUHP$VHUi
6$ ∆6$∆6·$ PHDSRVLomRILQDOGRWUHP%6% ∆6%∆6·% P
/RJRDGLVWkQFLDGHQWUHRVGRLVWUHQVQRILQDOGDPDQREUDVHUiGDGDSRU
G=6%−6$=−(−)⇒G=P
$OWHUQDWLYDE
2PyGXORGDYHORFLGDGHHVFDODUGDURGDGLDQWHLUD9GpLJXDODRGDURGDWUDVHLUD9WDPEDVHP
UHODomRDRVROR
9G 9W
&RPR9G ωG5G
9W ωW5W
ωG5G ωW5W
π
π
5G= 5W
7G
7W
5G
7G
=
5W
7W
6XEVWLWXLQGRRVYDORUHVWHPRV
= ⇒7W= V
7W
$OWHUQDWLYDF
,VRODQGRRVFRUSRVHLQGLFDQGRDVIRUoDVDWXDQWHVWHPRV
$SOLFDQGRRSULQFtSLRIXQGDPHQWDOGDGLQkPLFDSRGHUHPRVHVFUHYHUSDUDFDGDFRUSR
&RUSR$37 Pγ
&RUSR%773 Pγ
SHODVLPHWULDGRVLVWHPD7 7HFKDPDUHPRV
JHQHULFDPHQWHGH7
&RUSR&37 Pγ
 3−7=Pγ

7−3=PγVRPDQGRDVHTXDo}HV

 3−7=Pγ
WHUHPRV3=Pγ⇒γ=
γ J
PJ
J
=
P
$VVLPDDFHOHUDomRGRFRUSR%WHUiPyGXORSDUDFLPDFRPRHVTXHPDWL]DPRVQDILJXUDDFLPD
$OWHUQDWLYDE
$GLOWDomRYROXPpWULFDSRGHVHUHVFULWD
∆9=9γ∆W
γ=
∆9
9∆W
1RWXERWHUHPRV
∆9=6K==PP
9=FP=PP
∆W=−=ž&
γ=
=−ž&−
γ=−ž&−
$OWHUQDWLYDF
,QLFLDO
4$=P$F$∆W$
&RUSR&
4$=
4&=P&F&∆W&
4$=FDO
3HODWURFDGHFDORU4$4& 'HVWDIRUPDHQFRQWUDUHPRVDWHPSHUDWXUDILQDOGRFRQMXQWR
4&=P&F&∆W&
4&=∆W&
+∆W&=
+(W&I−)=
W&I=
≅ž&
&RPRDWHPSHUDWXUDGHYHSHUPDQHFHUž&GHYHUHPRVJDVWDUHQHUJLDGRIRUQRSDUDDWLQJLUHVWH
YDORU
4=4$+4&=+(−)
4 FDO
&RPR
PLQ³FDO
[³FDO⇒[≅V
$OWHUQDWLYDH
Y=
λ
FP
∆V
FP
=
=FP⁄V
∆W
V
$OWHUQDWLYDF
,VRODQGRXPDFDL[DHPDUFDQGRDVIRUoDVWHPRV
&RPRDHVWHLUDWUDQVSRUWDFDL[DVSRUPLQXWRSDUDFDL[DWHPRV
QRGHFDL[DV
WHPSRV
∆W
⇒ ∆W V
&RPRDYHORFLGDGHpFRQVWDQWHDUHVXOWDQWHpQXOD
) 3VHQž
) ) 1
'DGHILQLomRGHSRWrQFLDYHP
→
)τ
)∆6
=
=
⇒3=:
3=
∆W
∆V
$OWHUQDWLYDG
→ →
→
&RPR)H)HTXLOLEUDPRSHVR3SRGHPRVHVFUHYHUFRPEDVHQRSULQFtSLRGDLQpUFLDTXH
→
→
→ →
)+)+3=2
3RUWDQWRDUHVROXomRJUiILFDGHVVDHTXDomRLPSOLFDUiXPDSROLJRQDOIHFKDGD
→
3HODILJXUD_3_=1
$OWHUQDWLYDE
'HDFRUGRFRPDWDEHODGDGDFRQFOXLVHTXHDDFHOHUDomRGRFRUSRpFRQVWDQWHSRLVRPRYLPHQWRp
XQLIRUPHPHQWHYDULDGR/RJR
D=
∆Y
−
=
=P⁄V
∆W
−
6HQGRRPRYLPHQWRUHWLOtQHRWHPRV
5=P_D_
5=
5=1
$OWHUQDWLYDF
7RPDQGRVHDUELWUDULDPHQWHGRLVLQWHUYDORVGHWHPSRLGrQWLFRVHFRQVHFXWLYRVSRGHPRVHODERUDUR
VHJXLQWHHVTXHPD
___
___
$&
G
G
%&
2VWULkQJXORV&$$·H&%%·VmRVHPHOKDQWHVORJR ____ = ___⇒
= ∴G=G
G+G
G
$·&
%·&
&RQFOXtPRVTXHHPLQWHUYDORVGHWHPSRLGrQWLFRVRGHVORFDPHQWRGDVRPEUDpFRQVWDQWHHDSDUWLU
GDILJXUDWDPEpPSRGHPRVREVHUYDUTXHGG!G6HQGRDVVLPRPRYLPHQWRGDVRPEUDp
XQLIRUPHFRPYHORFLGDGHGHPyGXORPDLRUTXHRGDEROD
$OWHUQDWLYDF
2SHUtRGRGHRVFLODomRGHXPSrQGXORVLPSOHVTXHRVFLODFRPSHTXHQDDPSOLWXGHDQJXODUQXPORFDO
GHLQIOXrQFLDGRDUGHVSUH]tYHOpFDOFXODGRSRU
√J/
7=π
RQGH/pFRPSULPHQWRGRILRJpDLQWHQVLGDGHGDDFHOHUDomRGDJUDYLGDGHHPpDPDVVDGDHVIHUD
SHQGXODU
2SHUtRGR7LQGHSHQGHGHP/HLGR,VRFURQLVPR
2YDORUGHJREWLGRH[SHULPHQWDOPHQWHWHUiSUHFLVmRPDLRUVHPHGLUPRVXPQ~PHURPDLRUGH
SHUtRGRVHDOpPGLVVRXWLOL]DUPRVQRSrQGXORXPILRGHFRPSULPHQWRUHODWLYDPHQWHJUDQGH
$OWHUQDWLYDG
&RQVWUXDPRVRJUiILFRYHORFLGDGHHVFDODU×WHPSRSDUDRVPRYLPHQWRVGRDXWRPyYHOHGD
PRWRFLFOHWD
9DPRVDVVXPLUTXHDYHORFLGDGHHVFDODUGRFDUURVHMDFRQVWDQWHNPK PVHTXHRVPyYHLV
GHVFUHYDPXPDPHVPDWUDMHWyULD
2LQVWDQWHGHHQFRQWUR7(pREWLGRLPSRQGRVHDLJXDOGDGHGDVGLVWkQFLDVSHUFRUULGDVSHORVPyYHLV
PHGLGDDSDUWLUGDViUHDVGRVJUiILFRV
∆VFDUUR ∆VPRWR
[=
([+[−)
[=([−)
[=[−⇒[=⇒7(=V
$GLVWkQFLDSHUFRUULGDSRUDPERVRVPyYHLVDWpRHQFRQWURpGDGRSRU
∆VFDUUR=[(P)
∆VFDUUR=(P)⇒∆VFDUUR=P
$OWHUQDWLYDG
9 9SRLVSHUWHQFHPjPHVPDVXSHUItFLHHTXLSRWHQFLDO
→
→
9−9=_(_G⇒9=9−_(_G
9 9SRLVSHUWHQFHPDPHVPDVXSHUItFLHHTXLSRWHQFLDO
→
→
9−9=_(_G⇒9=9+_(_G
$OWHUQDWLYDG
9$ 9% PHVPDVXSHUItFLHHTXLSRWHQFLDO
→
9$−9&=_(_G⇒−9&=⇒9&=−9
$OWHUQDWLYDG
2FRQGXWRUHPHTXLOtEULRHOHWURVWiWLFRDSUHVHQWDPHVPRSRWHQFLDOHOpWULFRHPWRGRVRVVHXVSRQWRV
$OWHUQDWLYDF
$GPLWDPRVTXHXPRSHUDGRUDSOLTXHDFDUJDT·XPDIRUoD
DGHTXDGDSDUDWUD]rODGRLQILQLWRHGHSRVLWiODHP&1HVWH
FDVRWHPRV
τ

 →
 RSHUDGRU∞F+τ)H∞F=(FF−(F∞
τ  +T·9 −9 =−
F
 RS ∞F
 ∞




τ  +T·− NT + N(−T) =
 RS ∞F
G 

 G
/RJRτRS =LQGHSHQGHQWHPHQWHGDWUDMHWyULDSRLV
∞F
→
)HpFRQVHUYDWLYD
$OWHUQDWLYDH
2VHQWLGRGDOLQKDGHIRUoDFRUUHVSRQGHDRVHQWLGRGRVSRWHQFLDLVGHFUHVFHQWHV
$VOLQKDVGHIRUoDVmRSHUSHQGLFXODUHVjVVXSHUItFLHVHTXLSRWHQFLDLV
1XPFDPSRHOpWULFRXQLIRUPHDVVXSHUItFLHVHTXLSRWHQFLDLVVmRSODQDVHSDUDOHODVHQWUHVL
,QJOrV
$OWHUQDWLYDH
DOLQKDGRWH[WR7KHFDEE\FDEGULYHUZKRGULYHV\RXIURPWKHDLUSRUWLQWRWRZQLVPRUHOLNHO\
WKDQQRWWREHZRUNLQJRQKLV3K''RFWRURI3KLORVRSK\
XQGHUJUDGXDWHVWXGHQWV VWXGHQWVZKRDUHVWXG\LQJIRUWKHLUGHJUHHDWFROOHJHRUXQLYHUVLW\
JUDGXDWHVWXGHQWV VWXGHQWVZKRKDYHDGHJUHHIURPDXQLYHUVLW\RUFROOHJHDQGDUHQRZSXUVXLQJ
WKHLU0DVWHU·VRU'RFWRU·V
$OWHUQDWLYDG
WRSDQKDQGOH WRDVNIRUPRQH\HVSHFLDOO\LQDSXEOLFSODFH
([DPSOH7KHZRPDQSDQKDQGOHGQLFNHOVDQGGLPHVIURPEXVLQHVVH[HFXWLYHVRQWKHLUZD\WROXQFK
$OWHUQDWLYDD
$DILUPDomRQDDOWHUQDWLYDDHVWiWRWDOPHQWHLQFRUUHWD2VDOXQRVGH%HUNHOH\QmRVHUHXQLUDPQD
OLYUDULDPDVHPIUHQWHDOLYUDULDHDUHXQLmRQmRIRLSDUDSURWHVWDUVREUHDXPHQWRGHPHQVDOLGDGHQD
)UDQoD
$OWHUQDWLYDF
OLQKD$IWHUWKHFRQYLFWVRPHRQHZKRLVLQSULVRQEHFDXVHKHLVJXLOW\RIDSDUWLFXODUFULPHLV
FDXJKWJXHVWVDUHDVNHGWRJLYHKLPDOLJKWEHDWLQJ,WVHHPVWKDWSHRSOHZDQWWRH[SHULHQFHWKHNLQG
RIH[SHULHQFHWKH\ZLOOQHYHUKDYHLQUHDOOLIH
$OWHUQDWLYDG
2VGRLVOHLWRUHVWrPRSLQLmRFRQWUiULDjHGLomRFRPHPRUDWLYDGRVDQRVGDUHYLVWD7,0(
3DODYUDVTXHPRVWUDPHVVHFRQWUDVWHPRQVWURXVSLHFHRIVHOIFRQJUDWXODWRU\UXEELVK(YHU\WKLQJ
DERXW\RXUDQQLYHUVDU\LVVXHLVDGHOLJKW
$OWHUQDWLYDH
OLQKDGRWH[WRFLW\SROLFHDQQRXQFHGWKDWWKHPLOOLRQSURGXFWLRQDQGSDUW\IRUZHUHEHLQJ
FDQFHOHGEHFDXVHRIVHFXULW\LQIUDFWLRQV
$OWHUQDWLYDD
OLQKDGRWH[WR$UPDQLZDVDOVRVQXEEHG LQVXOWHGEHFDXVHWKHGHVLJQHUUHIXVHGWRDOWHUWKHP
WRFKDQJHIRUDQHZFDVW
$OWHUQDWLYDF
2VKRZIRLFDQFHODGRSHODSROtFLDORFDOGHYLGRDLQIUDo}HVDUHJUDVGHVHJXUDQoDLQGHSHQGHQWHPHQWH
GHVHU*LRUJLR$UPDQLXPGHVLJQHUIDPRVR
$OWHUQDWLYDD
5HPHPEHUWKHPDLQLGHDLVWKHZULWHU·VSULPDU\SRLQWDERXWWKHVXEMHFWVXSSRUWHGE\GHWDLOVVXFK
DVH[DPSOHV
WRVWXWWHU WRVSHDNRUVD\VRPHWKLQJHVSHFLDOO\WKHILUVWSDUWRIDZRUGZLWKGLIILFXOW\SDXVLQJ
EHIRUHLWRUUHSHDWLQJLWVHYHUDOWLPHV
$OWHUQDWLYDE
5HPHPEHUWKHWRSLFLVWKHVXEMHFWRIWKHSDVVDJHZKLFKLVH[SUHVVHGLQDZRUGRULQDIHZZRUGV
$OWHUQDWLYDH
/RJRQRLQtFLRGRSDUiJUDIRKiXPDH[SUHVVmRGHWHPSRSDVVDGRWKHZHHNEHIRUH&KULVWPDV
SRUWDQWRRYHUERGHYHHVWDUQRVLPSOHSDVW+iGXDVDOWHUQDWLYDVFRPYHUERQRVLPSOHSDVWGH1R
~OWLPRHVSDoRSRUpPKiDSUHSRVLomRE\'HSRLVGHSUHSRVLomRRYHUERGHYHHVWDUQDIRUPDGH
JHU~QGLRQmRQDIRUPDGHSDUWLFtSLRSDVVDGR'DtDDOWHUQDWLYDFRUUHWDpH
$OWHUQDWLYDD
$UHVSRVWDHVWiQDOLQKDGRWH[WRFRPDGHILQLomRGRTXHpRSURMHWR0$7&+
$OWHUQDWLYDE
5HPHPEHUDIDFWFDQEHSURYHQWUXHRUIDOVHVRWKH\DUHQHXWUDO
2SLQLRQVDUHEDVLFDOO\H[SUHVVHGE\DGMHFWLYHV
-RKQQ\&DUVRQEHFDPHKRVWRI7KH7RQLJKW6KRZLQ)DFW
-RKQQ\&DUVRQLVWKHJUHDWHVWWDONVKRZKRVWRIWKHP2SLQLRQ
$OWHUQDWLYDG
2VXMHLWRGDVHQWHQoDpEDJVTXHSRGHUmRVHUXVDGDVSHODVSHVVRDVSDUDVKRSOLIWLQJWKHLOOHJDODFW
RIWDNLQJJRRGVIURPDVKRSZLWKRXWSD\LQJIRUWKHP
$UHVSRVWDpGSDVVLYHYRLFHHDIRUPDFRUUHWDGRYHUERGHYHVHUPD\EHXVHG
3RUWXJXrV
$OWHUQDWLYDF
6HJXQGRRMRUQDOLVWD-kQLRGH)UHLWDVGRLVPHFDQLVPRVVmRREVHUYDGRVQD&kPDUD
)HGHUDOSDUDDDSURYDomRGHUHIRUPDVSURSRVWDVSHORJRYHUQR)+&DOLEHUDomRGHYHUEDV
RUoDPHQWiULDVHDFRPSUDGHGHSXWDGRVDGLQKHLUR$VGXDVPDQHLUDVVmRFRQGHQiYHLVQRHQWDQWRD
~OWLPDpGHVWDFDGDFRPPDLRULQGLJQDomRDRILQDOGRWH[WRDUHDOLGDGHpSLRUDFRPSUDGH
GHSXWDGRVDGLQKHLUR
$OWHUQDWLYDG
2WH[WRDILUPDTXHDEDQFDGDUXUDOLVWDYRWDGHDFRUGRFRPLQWHUHVVHVSDUWLFXODUHVVHMDP
HVVHVGHRUGHPSROtWLFDRXILQDQFHLUDPDQLIHVWDGHVVHPRGRWUDLomRDRSDtVHRXGHVRQHVWLGDGH
$OWHUQDWLYDH
2KXPRUDGYpPSULQFLSDOPHQWHGRIDWRGHTXHDWpPHVPRXPDFULDQoDDVVRFLDHYHQWRV
HVSRUWLYRVDLQWHUHVVHVHFRQ{PLFRVHQmRPDLVDRVLGHDLVFRQVDJUDGRVSHORVJUHJRVDRVMRJRV
ROtPSLFRV
$OWHUQDWLYDF
$SHUJXQWDGRSURIHVVRUUHVVDOWDDYHUGDGHGHTXHDPRUWHpLQHYLWiYHODVVLPRIDWRGH
PXLWDVPRUWHVVHUHPFDXVDGDVSRUGRHQoDVFDUGtDFDVRXQmRLQGHSHQGHQmRpUHOHYDQWHWDOYH]VH
SRVVDDSHQDVODPHQWDURVOLPLWHVGDFLrQFLDTXHQmRSRGHHYLWDUDPRUWH
$OWHUQDWLYDD
2SRHPDGH'UXPPRQGQmRUHVVDOWDDSRVVHGHEHQVPDWHULDVPDVVLPDVDWLVIDomRTXH
DGYpPGDVHJXUDQoDGRLVRODPHQWRGDYLGDGRPpVWLFDEXUJXHVD
$OWHUQDWLYDH
2VYHUVRVGH&DP}HVH[SUHVVDPDLGpLDGHTXHDLQGDTXHVHVLQWDGHVHVSHUDQoRVRH
DWRUPHQWDGRRSRHWDVREUHYLYHjWLUDQLDGRDPRU
$OWHUQDWLYDD
2SRHPDDSUHVHQWDRFRQFHLWRGHTXHSRHVLDpXPHVWDGRGHDOPDpXPDVDWLVIDomR
tQWLPDQmRQHFHVVLWDQGRSRUWDQWRGHPDQLIHVWDomRHPYHUVRV
$OWHUQDWLYDE
2QDUUDGRUQmRDWULEXLVRPHQWHjLQIkQFLDRFRPSRUWDPHQWRYDLGRVRHHJRtVWDPDV
LGHQWLILFDRWDPEpPQRPXQGRGRVDGXOWRV1mRVHFRQWHQWRXDPLQKDIDPtOLDHPWHUXPTXLQKmR
DQ{QLPRQRUHJR]LMRS~EOLFRHQWHQGHXRSRUWXQRHLQGLVSHQViYHOFHOHEUDUDGHVWLWXLomRGRLPSHUDGRU
FRPXPMDQWDUHWDOMDQWDUTXHRUXtGRGDVDFODPDo}HVFKHJDVVHDRVRXYLGRVGH6XD$OWH]DRX
TXDQGRPHQRVGHVHXVPLQLVWURV
$OWHUQDWLYDF
$SDVVDJHPDSUHVHQWDDYLVmRSHVVLPLVWDHDPDUJDGH0DFKDGRGH$VVLVHPUHODomRj
YLGDKXPDQDQDPHGLGDTXHLGHQWLILFDLJXDOPHQWHDSUHVHQoDGRSUD]HURUJXOKRVRHHJRtVWDQR
PXQGRGRVDGXOWRVHGDVFULDQoDV
$OWHUQDWLYDD
2WUHFKRQmRLQGLFDTXHRVDPLJRVVHVLQWDPDOLYLDGRVFRPDPRUWHGRWUDEDOKDGRU2
DOtYLRYLULDSDUDRSUySULRGHIXQWRMiTXHQmRPDLVWHULDGHHQIUHQWDUDVGXUDVFRQGLo}HVGHH[LVWrQFLD
GRVHUWmRQRUGHVWLQR
$OWHUQDWLYDE
1RSULPHLURWUHFKRQmRRFRUUHSURVRSRSpLDSHUVRQLILFDomRPDVRFRQWUiULRDPHWiIRUD
DVVRFLDRVHUKXPDQRDRXQLYHUVRYHJHWDOVHPHQWHFROKHLWD7DPSRXFRVHSRGHDILUPDUTXHD
LQWHQomRGRSULPHLURWUHFKRpGHPRVWUDUDH[XEHUkQFLDGDYLGDKXPDQDMiTXHDVSDODYUDVVH
GLULJHPDXPWUDEDOKDGRUPRUWR
$OWHUQDWLYDG
2QDUUDGRUGH2SULPR%DVtOLRQmRDPHQL]DHPQHQKXPPRPHQWRDFXOSDGH/XtVDQD
UHODomRDG~OWHUD6HpYHUGDGHTXH/XtVDHUDIUXWRGHXPDHGXFDomRHGHXPDFODVVHVRFLDOTXH
SURGX]LDPPXOKHUHVRFLRVDVHYRO~YHLVDOLPHQWDGDVSHODVLOXV}HVURPkQWLFDVpLJXDOPHQWHFHUWRTXH
DSHUVRQDJHPQDGDIH]SDUDVHRSRUDRSUD]HULPDJLQDGRGHPDQWHUXPFDVRDPRURVRGHL[DQGRVH
IDFLOPHQWHVHGX]LUVHSHORSULPR
$OWHUQDWLYDF
$LQWHQomRGH-XOLDQDDRFKDQWDJHDU/XtVDQmRHUDSURYRFDUXPURPSLPHQWRDPRURVR
HQWUHDSDWURDH-RUJHPDVFRQVHJXLUSULYLOpJLRVSDUDPHOKRUDUVXDFRQGLomRPLVHUiYHOTXHDID]LD
VHQWLUVHLQMXVWLoDGDSHODYLGD
$OWHUQDWLYDG
,QWHUHVVDHVSHFLDOPHQWHDRVURPDQFHVGHWHVHDDQiOLVHGDVUHODo}HVHQWUHRKRPHPHR
PHLRTXHVmRLQWHUSUHWDGDVFRPRPDQLIHVWDomRGDVLGpLDVGHWHUPLQLVWDVWtSLFDVGR
5HDOLVPR1DWXUDOLVPR2VGUDPDVHDVFDUDFWHUtVWLFDVGDVSHUVRQDJHQVVmRGHWHUPLQDGRVSHODVIRUoDV
GRPHLRDPELHQWHHFRPIUHTrQFLDDVGHVFULo}HVWrPDIXQomRGHUHJLVWUDUPLQXFLRVDPHQWHHVVHV
HOHPHQWRVVLJQLILFDWLYRVTXHLQIOXHQFLDPDWUDPDHRXDVSHUVRQDJHQV
$OWHUQDWLYDE
0DGHPRLVHOOHpDSUHVHQWDGDFRPRXPDPXOKHUIUXVWUDGDHVROLWiULD/~FLDH$OED
PDQLIHVWDPDFXULRVLGDGHSHODVH[XDOLGDGHSUySULDVGDDGROHVFrQFLDQmRVHQGRSRUWDQWRMRYHQV
LQIHOL]HVIUXVWUDGDV
$OWHUQDWLYDF
2WUHFKRQmRJRVWRXSRUTXHRVRXWURVULUDPGHOHEHVWDVRWHUPREHVWDVSURPRYH
XPDLQGHILQLomRHQWUHRVOLPLWHVGDIDODGRQDUUDGRUHGRSHUVRQDJHP(VVDPHVFODGHGLVFXUVRV
JDUDQWHjQDUUDWLYDDUHYHODomRGRPXQGRLQWHUQRGDVSHUVRQDJHQVVHPFRPLVVRVHUQHFHVViULDD
LQWHUPHGLDomRGRQDUUDGRU
$OWHUQDWLYDH
(PWRGRVRVWUHFKRVFRPH[FHomRGR~OWLPRRSHUVRQDJHPQDUUDGRULQGLFDTXHDJLX
SURSRVLWDOPHQWHGHPDQHLUDIDOVDQDVFDUWDVTXHHQYLRXD)UHGHULFRGHSRLVTXHHOHVHPXGDUDSDUDR
5LRDOWHUQDWLYDDQDLQWHQomRGLVIDUoDGDGHPRVWUDUTXHHVWDYDOHQGRROLYURVREUHSURVWLWXLomRQR
PXQGRDQWLJRDOWHUQDWLYDEHPUHODomRjVHSDUDomRIXWXUDGHYLGRDRVSODQRVGH)UHGHULFRLU
HVWXGDUPHGLFLQDQR5LRDOWHUQDWLYDFQDFDUWDPHUDPHQWHOLWHUiULDTXHLPDJLQRXHVFUHYHUGHSRLV
GDPRUWHGDPmHGH)UHGHULFRDOWHUQDWLYDG$DOWHUQDWLYDHDRFRQWUiULRDSUHVHQWDXPD
FRQILVVmRIUDQFDGH-XFDHPUHODomRDRPRGHORGHSHUIHLomRTXH)UHGHULFRUHSUHVHQWDYDSDUDHOH
$OWHUQDWLYDE
$GHVFULomRKLSHUEyOLFDTXHGLVWRUFHDUHDOLGDGHSDUDH[SUHVVDURYLJRUGHVHQWLPHQWRV
DQJXVWLDGRVSRGHVHUDVVRFLDGDDR([SUHVVLRQLVPR
$OWHUQDWLYDH
GLVVHUWDWLYR
2WH[WRH[S}HRSLQLmRSRQWRGHYLVWDLGHRORJLDpSRLVGHFDUiWHUHVVHQFLDOPHQWH
$IRUPDomRLQWHJUDOGRLQGLYtGXRDWUDYpVGDUHGDomRpGHPRQVWUDGDHPGLYHUVDV
SDVVDJHQV4XHPHVFUHYHFRQFHQWUDVHDQDOLVDUDFLRFLQDFULWLFDDSUHVHQWDVROXo}HV(VFUHYHUpR
PDLVDGHTXDGRPHLRSDUDDIRUPDomRGHQRVVDSHUVRQDOLGDGH
2EVHUYHDVGHPDLVDOWHUQDWLYDV
DeOLPLWDGDDLQIRUPDomRGHTXHHVFUHYHUSDUDRKRPHPpDSHQDVGHVFREULUDYHUGDGH
E1mRKiTXDOTXHUSDVVDJHPTXHHQIDWL]HRGHVHQYROYLPHQWROLQJtVWLFR$RPHVPRWHPSRp
LPSURFHGHQWHFRORFDUHPPHVPRQtYHOHOHPHQWRVGHVFULWLYRVHGLVVHUWDWLYRV
FeEHPFODUDHDWpH[DXVWLYDDSRVLomRGRDXWRUTXDQWRjILQDOLGDGHGHVHUHGLJLU
G$VH[SUHVV}HVHOHPHQWRVGHVFULWLYRVHVROXo}HVSDUDDTXHOHVTXHVHGHL[DPOXGLEULDUWRUQDP
WRWDOPHQWHLPSURFHGHQWHDDOWHUQDWLYD
$OWHUQDWLYDF
$VIRUPDVYHUEDLVHVWmRFRQMXJDGDVQRLPSHUDWLYRDILUPDWLYR$VVHJXQGDVSHVVRDVGR
VLQJXODUHGRSOXUDOVmRIRUPDGDVDSDUWLUGRSUHVHQWHGRLQGLFDWLYRVXSULPLQGRVHDOHWUDV$VVLP
SUHVHQWHGRLQGLFDWLYRWXSHQVDVYyVSHQVDLVWXGHGLFDVYyVGHGLFDLVORJRLPSHUDWLYRDILUPDWLYR
SHQVDWXSHQVDLYyVGHGLFDWXGHGLFDLYyV
$OWHUQDWLYDD
1DSULPHLUDRUDomRKiREHGLrQFLDjQRUPDFXOWDDFRORFDomRSURQRPLQDORXVRGR
WHPSRYHUEDOHDJUDILDQmRDSUHVHQWDPTXDOTXHUGHVYLRSRUpPQDVHJXQGDRUDomRKiHUURQR
HPSUHJRGRSURQRPHRFRUUHWRpGHL[RXRSUHRFXSDGR3RUWDQWRKiHPSUHJRGDQRUPDFXOWDH
SRSXODUHPWDODOWHUQDWLYD
$OWHUQDWLYDF
2EVHUYHTXHRSURQRPHUHODWLYRDSUHVHQWDGRLVVXEVWDQWLYRVDTXHVHUHIHUHXP
DQWHFHGHQWHFDQWRUHVHXPFRQVHTHQWHGLVFRV9DOHWDPEpPREVHUYDUTXHKiLGpLDGHSRVVH1R
FDVRSRUWDQWRWHPGHVHUXWLOL]DGRRUHODWLYRFXMRV2VFDQWRUHVFXMRVGLVFRVVmRPXLWRYHQGLGRV
RVGLVFRVGRVFDQWRUHV
$OWHUQDWLYDG
1DIUDVHGRHQXQFLDGRDSDODYUDGLUHLWRpDGYpUELRIRUPDomRSRUGHULYDomRLPSUySULD
YLVWRTXHQRUPDOPHQWHpDGMHWLYR
$~QLFDIUDVHHPTXHRWHUPRGHVWDFDGRQmRpDGYpUELRHVWiQDDOWHUQDWLYDGHPTXH
LQJrQXDpDGMHWLYR
$OWHUQDWLYDG
2YHUERIRUDXWLOL]DGRQRPDLVTXHSHUIHLWRGRLQGLFDWLYRFRPYDORUGHLPSHUIHLWRGR
VXEMXQWLYRIRVVHH[LJHRYHUERKDYHUQRIXWXURGRSUHWpULWRKDYHULDDILPGHRFRUUHUDGHTXDGD
FRUUHODomRYHUEDO
$OWHUQDWLYDF
2EVHUYHTXHQRVHJPHQWRJULIDGRDORFXomRFRQMXQWLYD1mRREVWDQWHHVWDEHOHFHQR
SHUtRGRUHODomRGHFRQFHVVmR2PHVPRRFRUUHFRPDFRQMXQomR&RQTXDQWR
1RVGHPDLVLWHQVWHPRV
• &RQWDQWRTXHUHODomRGHFRQGLomR
• 4XDQWRPDLVUHODomRGHSURSRUFLRQDOLGDGH
• $WpTXHUHODomRGHWHPSR
• 8PDYH]TXHUHODomRGHFDXVD
$OWHUQDWLYDD
E2YHUERKDYHUQRVHQWLGRGHH[LVWLURFRUUHUDFRQWHFHUpLPSHVVRDOSRUWDQWRQmRWHPVXMHLWRH
VySRGHVHUXVDGRQDDSHVVRDGRVLQJXODU2FRUUHWRVHULDVHQmRKRXYHVVHLQMXVWLoDV
F1mRVHWUDWDYDGHTXHVW}HVRYHUERpWUDQVLWLYRLQGLUHWRHDRLQGLFDUVXMHLWRLQGHWHUPLQDGRFRPD
SDUWtFXODVHVySRGHVHUXWLOL]DGRQDDSHVVRDGRVLQJXODU$OpPGLVVRRVXMHLWRGHSHGLUp
UHODWyULRVTXHHVWiQRSOXUDOHSRUWDQWRH[LJHRYHUERQRSOXUDOYR]SDVVLYDVLQWpWLFD
SHGLUDPVHDRIXQFLRQiULRRVUHODWyULRV
G2YHUERDQVLDUQRVHQWLGRGHGHVHMDUDOPHMDUpWUDQVLWLYRLQGLUHWRHH[LJHDSUHSRVLomRSRU
2LGHDOSRUTXHRXSHORTXDOWDQWRDQVLDPRV
H$SUHSRVLomRHQWUHH[LJHSURQRPHREOtTXRPLPHQmRUHWRHXQmRKRXYHHQWUHHODH
PLP
4XtPLFD
$OWHUQDWLYDF
$GHFRPSRVLomRGDiJXDpGDGDSHODVHJXLQWHHTXDomR
+2→+2
RX
$OWHUQDWLYDF
$GHQVLGDGHGRJiVGLPLQXLSRLVRDXPHQWRGRYROXPHGLPLQXLDSUHVVmRDWHPSHUDWXUDFRQVWDQWH
G=
30
57
3GLPLQXL→GGLPLQXL
$WHPSHUDWXUDFRQVWDQWHDHQHUJLDFLQpWLFDPpGLDGDPROpFXODSHUPDQHFHFRQVWDQWHSRLV(F N7
$OWHUQDWLYDE
,$FHWRQDHiJXDOtTXLGRVPLVFtYHLVGHVWLODomRIUDFLRQDGD&
,,*RUGXUDGROHLWHFHQWULIXJDomR$
,,,ÉJXDHVDOGHVWLODomRVLPSOHV'
,9*DVROLQDHiJXDOtTXLGRVQmRPLVFtYHLVGHFDQWDomR(
9$UHLDHiJXDILOWUDomR%
$OWHUQDWLYDD
$UHDomRHQWUHiFLGRVXOI~ULFRHFDOFiULRp
+62&D&2→&D62+&2
&2J+2
$OWHUQDWLYDD
&iOFXORGDTXDQWLGDGHGHFDUERQRDWUDYpVGR&2
&[+\&2
PRO³PRO
PRO³[⇒[ PRO
&iOFXORGDTXDQWLGDGHGHKLGURJrQLRDWUDYpVGD+2
&[+\+2
PRO³PRO
PRO³\⇒\ PROFRPRWHPRV+WHUHPRVPRO
$IyUPXODPROHFXODUp&+
$OWHUQDWLYDG
&iOFXORGROLPLWHPi[LPRGHLQJHVWmRGRiOFRRO
P/³P/
P/³[⇒[ P/
(VVHYDORUFRUUHVSRQGHDGRVHGHXtVTXH
P/³P/
P/³\⇒\ P/
$OWHUQDWLYDE
6XEVWLWXLQGRXPiWRPRGHKLGURJrQLRSRUXPJUXSRKLGUR[LOD2+WHUHPRV
$OWHUQDWLYDG
$VSURSULHGDGHVFLWDGDVVHUHIHUHPDXPVyOLGRL{QLFR
$OWHUQDWLYDG
&+2++2→&2++2
HWDQRO
4XRFLHQWH
=
&++
RFWDQR
2 →&2++2
4XRFLHQWH
=
+&−2++ 2→&2++2
PHWDQRO
4XRFLHQWH
=
&++2→&2++2
PHWDQR
4XRFLHQWH
=
&++
EXWDQR
2 →&2++2
4XRFLHQWH
=
$OWHUQDWLYDH
2IHUURDRVRIUHUR[LGDomRLQFRUSRUDRR[LJrQLRGRDUDXPHQWDQGRDPDVVD
$OWHUQDWLYDE
$YHORFLGDGHGHGHFRPSRVLomRGDiJXDR[LJHQDGDGLPLQXLGXUDQWHRSURFHVVRSRUWDQWRQRILQDOGR
SURFHVVRGHGHFRPSRVLomRWHQGHSDUD]HUR
$OWHUQDWLYDE
&iOFXORGDTXDQWLGDGHHPPROGRVtRQV&XQDVROXomRILQDO
/³PRO
/³[⇒[ PRO
&iOFXORGDPDVVDPGLVVROYLGDGH&X62+2
&X62+2→&X62+2
PROPRO
JPRO
[PRO
[ J
$OWHUQDWLYDE
$VXEVWkQFLD&+−&+−&+−2+DSUHVHQWDLQWHUDomRLQWHUPROHFXODUPDLVIRUWHSRQWHGH
KLGURJrQLRSRUWDQWRWHPPDLRU3(
$OWHUQDWLYDG
)D]HQGRRDTXHFLPHQWRJUDGXDOGHFHUWDPDVVDGRVyOLGRHVWDSHUPDQHFHFRQVWDQWHDWpD
WHPSHUDWXUDGHž&TXDQGRFRPHoDDVXDGHVLGUDWDomR
$SDUWLUGDtDPDVVDLUiGLPLQXLUDWpDGHVLGUDWDomRWRWDOGRVDOKLGUDWDGRHSHUPDQHFHUiFRQVWDQWH
DWpž&TXDQGRFRPHoDUiDGHFRPSRVLomRGRVyOLGRDQLGUR
$VVLPDPDVVDLUiGLPLQXLUDWpUHVWDUDSHQDVR0Q2V
$OWHUQDWLYDD
&+
_
&+
_
&+
&+
_
_
+&−&+ −&+ −&+ −&+=&+
_
&+
2QRPHRILFLDOGD,83$&p
GLPHWLOSURSLOKH[HQR
$OWHUQDWLYDH
&iOFXORGDHQHUJLDHQYROYLGDQRSURFHVVR
&2J+2J→&+2DT2J
↓↓↓↓
∆+ +I+L
∆+ ∆+ N-HQGRWpUPLFR
$OWHUQDWLYDE
2FDWDOLVDGRUGLPLQXLDHQHUJLDGHDWLYDomRGDUHDomRSRUWDQWRDHQWDOSLDGRFRPSOH[RDWLYDGRVHUi
UHSUHVHQWDGDSRUXPSRQWR'TXHQRGLDJUDPDHVWDULDHQWUHRVSRQWRV$H%
$OWHUQDWLYDG
$HTXDomRTXtPLFDGRSURFHVVRp
+62.%U→%U.6262+2
UHG∆ R[L∆ UHG62
R[L%U
&iOFXORGDPDVVDGR%U
+62→%U
PROPRO
J³J
J³[⇒[ J
&iOFXORGRYROXPHGR%U
J³P/
J³[⇒[ P/
$OWHUQDWLYDD
&iOFXORGDTXDQWLGDGHHPPROGH3W
J³PRO
J³[⇒[ PRO
&iOFXORGDTXDQWLGDGHHPPROGH&O
/³PRO
/³[⇒[ PRO
$HTXDomRTXtPLFDGRSURFHVVRp
\
3W[&O\→[3W &O
PROPRO
[
[
=
⇒ =
=
\
\
$OWHUQDWLYDF
&iOFXORGRQYDSRUL]DGRGDiJXD
39 Q57⇒ Q⇒Q PRO
&iOFXORGDPDVVDYDSRUL]DGDGDiJXD
PRO³J
PRO³[⇒[ J
$PDVVDQmRYDSRUL]DGDpJJ J