7LHPSRK GH)HEUHUR
6HGHVHDGDUXQDSDVDGDGHIUHVDGRWDQJHQFLDODODFDUDGH[PP GHXQDSLH]D3DUD
HOOR VH HPSOHD XQD IUHVD GH PP GH GLiPHWUR PP GH ORQJLWXG ILORV \ ORV
VLJXLHQWHViQJXORV. .¶ g \l
/DSLH]DHVGHDOXPLQLRS 1PP
U U 6
/DSURIXQGLGDGGHSDVDGDHVGHPP
6
/DPiTXLQDHVXQDIUHVDGRUDFRQYHQFLRQDOTXHSRVHHODVLJXLHQWHJDPDGHYHORFLGDGHVGH
JLURGHIUHVD\USP\XQDJDPDGHYHORFLGDGHV
GHDYDQFHGHPHVDGH\PPPLQ
/DVUHVWULFFLRQHVGHOSURFHVRVRQ
3RWHQFLDGHOFDEH]DOSRUWDIUHVDVN:\h
9 PPLQ
) 1
F
F
6HSLGH
9HORFLGDG GH DYDQFH GH OD PHVD \ YHORFLGDG GH JLUR GH OD IUHVD SDUD TXH HO
WLHPSRGHPHFDQL]DGRVHDPtQLPRSXQWRV
9DORUGHODUXJRVLGDGPHGLDWHyULFD'LEXMDUHOiQJXOR. \GHFLUVLHOiQJXOR.¶
DIHFWD D OD UXJRVLGDG GH HVWD SLH]D 'HFLU VL KD\ UHFXEULPLHQWR GHGXFLHQGR OD IyUPXOD
U U
DGHFXDGDSXQWRV
'DWRV7DEODVSDUDFiOFXORGHSRWHQFLDSRUHOPpWRGR6$1'9,.
3B)(%BB(63
9 \1SDUDTXHW VHDPtQLPR
1
; P
)UHVDGR7DQJHQFLDO
)
D
*DPDGLVFUHWDGHYHORFLGDGHVGHJLUR
1 ( ) USP q¶
&Pi[
q
D / q
*DPDGLVFUHWDGHYHORFLGDGHVGHDYDQFHGHPHVD
3 <
PP
D
PLQ
5HVWULFFLRQHV
&Pi[
5 < 9& < P PLQ
P PLQ
9& = p ¼ ' ) ¼ 1 1> = USP
p ¼ ¼ - P
< 1 < USP
P PLQ
1< = USP
p ¼ ¼ - P
/D~QLFDYHORFLGDGGHJLURGLVSRQLEOHHQODJDPDTXHFXPSOHODUHVWULFFLyQGHYHORFLGDGGH
FRUWHHVODYHORFLGDGGHUSP3RUWDQWR
1 = USP
5 )& = S 6 ¼ $ & = S 6 ¼ D & ¼ D : )&Pi[ = S 6 ¼ D &Pi[ ¼ D :
$OQRWHQHUODIUHVDORVILORVUHFWRVHOHVSHVRUGHYLUXWDHOLPLQDGRHQFDGDLQVWDQWHYDUtDD
ORODUJRGHOILOR(QODILJXUDGHVDUUROODQGRHOiUHDGHFRUWHVHUHSUHVHQWDODVLWXDFLyQPiV
GHVIDYRUDEOH HQ OD FXDO XQRGHORVH[WUHPRVGHOILORHVWiHOLPLQDQGRHOHVSHVRUGHYLUXWD
Pi[LPR 6LQ HPEDUJR HO RWUR H[WUHPR HVWi HOLPLQDQGR XQ HVSHVRU GH YLUXWD PHQRU 6H
FDOFXODHOHVSHVRUGHYLUXWDPHGLRSDUDHVWDVLWXDFLyQ
/=ÂWDJl6 5 q¶5q
/ =
l 6
D:
5q
5 - D 3 -
FRV q = = = q = = UDG
5
/ ¼ WDJ l 6
/ = ¼ WDJ l 6 = 5 ¼ q
q
= = = UDG
5
q = q - q
= - = UDG =
D & = D I ¼ VHQ q = D I ¼ VHQ
D & = D I ¼ VHQ q = D I ¼ VHQ
D + D &
D & = & = ¼ D I
/DIXHU]DGHFRUWHSDUDHVWDSRVLFLyQGHOILORYDOH
/= 1 PP
)& = S 6 ¼ D : ¼ D & = S 6 ¼ ¼ D & = ¼ ¼ ¼ D I 1
FRV PP FRV
D I PP
9; = 1 I ¼ D I ¼ 1 ¼ PP ¼ USP = PP PLQ
'HODJDPDGHYHORFLGDGHVGHDYDQFHVHWRPD 9; = PP PLQ 6HFRPSXHEDTXHKD\
SRWHQFLDGLVSRQLEOH
9; PP PLQ
DI = = = PP
1I ¼ 1 ¼ USP
5
&RPSUREDQGRODSRWHQFLDGLVSRQLEOH 3& = S 6 ¼ N ¼ N ¼ / ] ¼ / < ¼ 9; ¼ ¼ :
¼DI ¼ /< - FRV q
N = I D & D& = = DI ¼
q ¼ ') q
&RPRVHKDPHQFLRQDGRDQWHULRUPHQWHDOVHUORVILORVLQFOLQDGRVHOHVSHVRUEDUULGRSRUHO
ILORHQFDGDSXQWRYDUtD3RUHOORVHFDOFXODHOHVSHVRUPHGLRGHYLUXWDSDUDXQiQJXOR q
TXHHVHOYDORUPHGLRHQWUH q \ q
q + q
q= =
D & = ¼
( - FRV )
= PP . =
p
1 PP P PLQ
3& = ¼ ¼ ¼ PP ¼ PP ¼ ¼ - = : ¼ ¼ :
PP
PLQ PP V
+D\SRWHQFLDGLVSRQLEOH3RUORWDQWR
9; = PP PLQ
1 = USP
D
5 7D = I = = ¼ - PP
G
¼ ¼
I
5 DU = = ¼ ¼ - = ¼ - PP
G
(OiQJXOR . U QRDIHFWDDODUXJRVLGDG\DTXHODKHUUDPLHQWDFRUWDFRQODSHULIHULD\QRFRQ
ODEDVH
'HFLUVLKD\UHFXEULPLHQWR
5q 6L ; > 5 (QY - q) FRUWDQQRQ
5Y 5Y
;
WDJ l 6 = ; = / = ¼ WDJ l 6
/=
l6
/ = ¼ WDJ l 6 > 5 (QY - q ) Q < ÌÌ =
Ë / ¼ WDJ l 6 Û
+ q ÜÜ
/ Í 5 ÝY
=
p
Y= = = = =
1)
Ë ¼ WDJ p Û
; Q<Ì + Ü =
Í Ý
/XHJRFRUWDQR+D\UHFXEULPLHQWR