ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Rjleofoiîc bj fos Nctjrhcfjs (JL133-H) Fc`orctorho E´407 Jescyos c fos cirjicbos bjf loelrjto
\jllhüe7 H Troajsorjs7 Hei. Cec Rorrj Lcrrhffo Hei. Ncrlo Cetoeho Rjgcbc \hfvc
Cfuneos7 Cethloec Hsfcbo, Yhfsoe Crturo Lc`cffc Mjrecebjz, Hvce Jstjaceo Pcnos Rhxh, Gosjp Fuhs Cetoeho Njrheo @orbc, @jtzy Nhlcjfc Eoc Llcffo, Pobrhio Pcnüe Torrcs Iuthjrrjz, Njfcey Hsc`jf
Fhnc, Tjr÷ 0438 3
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Loetjehbo Pjsunje ................................................. ..................................................................................................... ......................................................................................... ..................................... 1 Fhstc bj hfustrclhoejs....................................................................................................................... 9 Fhstc bj tc`fcs ................................................................................................................................. 8 Hetrobullhüe .................................................................................................................................. 34 O`gjthvo......................................................................................................................................... 33 O`gjthvo ijejrcf ........................................................................................................................ 33 O`gjthvos jspjlîahlos................................................................................................................. 33 Ncrlo tjürhlo ................................................................................................................................ 30 ERT 244.430. Cirjicbos. Ceãfhshs irceufonètrhlo bjf bj f cirjicbo aheo, irujso y ifo`cf .......... 30 ERT 244.439. Cirjicbos. Nètobo bj jescyo j escyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo . 30 ERT 244.43=. Cirjicbos. Nètobo bj jescyo j escyo eorncfhzcbo pcrc bjtjrnhecr nctjrhcfjs quj pcsce por jf Rcnhz eorncfhzcbo 9: un (E· 044) por fcvcbo je cirjicbos ............................. ............. ................ 30 ERT 244.403. Cirjicbos. Nètobo bj jescyo j escyo eorncfhzcbo pcrc Tjso Jspjlîahlo y C`sorlhüe bjf Cirjicbo Irujso .................................................... ........................................................................................................ ............................................................. ......... 30 ERT 244.400. Cirjicbos. Nètobo bj jescyo j escyo eorncfhzcbo pcrc Tjso Jspjlîahlo Jspjlîah lo y C`sorlhüe bjf Cirjicbo Aheo ................................................ ................................................................................................... ..................................................................... .................. 30 ERT 244.404. Cirjicbos. Nètobo bj jescyo j escyo eorncfhzcbo pcrc bjtjrnhecr fc rjshstjelhc bjf bjsicstj je cirjicbos irujsos bj irce tcncóo por njbho nj bho bj fc Nãquhec bj f os Ãeijfjs ....... 3< ERT 244.433. Cirjicbos. Nètobo bj jescyo j escyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo....................................................................................................... 3< Jquhpos y nctjrhcfjs ..................................................................................................................... 32 Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso ................................................ 32 Rcnhljs bj bhnjeshoejs jstãebcr.......................................................................................... 32 @cfcezcs bj prjlhshüe. ........................................................................................................... 3: Moreo jfèltrhlo. ..................................................................................................................... 3: Pjlhphjetjs njtãfhlos. ........................................................................................................... 31 Nãquhecs vh`rcborcs.............................................................................................................. 31 Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos ........................................ 39 Pjlhphjetjs njtãfhlos. ........................................................................................................... 39 0
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Moreo jfèltrhlo. ..................................................................................................................... 39 @cfcezc bj prjlhshüe. prj lhshüe. ................................................ .................................................................................................... ............................................................. ......... 39 Jescyo pcrc bjtjrnhecr bj tjrnhecr jf pjso uehtcrho bjf cirjicbo .............................................. .............................................................. ................ 3= Fcnpc. ................................................................................................................................... 3= Pjlhphjetjs lhfîebrhlos njtãfhlos bj tcncóo eorncfhzcbo. eornc fhzcbo. ................................................... 3= ............................................................. ....... 3= @crrc bj cljro bj :/=‘‘ bj bhãnjtro y 02‘‘ bj fcrio....................................................... Ncrthffo bj ionc. .................................................................................................................. 38 @cfcezc bj prjlhshüe. prjl hshüe. ................................................ .................................................................................................... ............................................................. ......... 38 Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso ................. 38 Fcnpc. ................................................................................................................................... 38 @cfcezc mhbrostãthlc. ................................................. ..................................................................................................... ............................................................. ......... 04 Lcecsthffc njtãfhlc. ................................................... ....................................................................................................... ............................................................. ......... 04 Moreo jfjltrüehlo. ................................................................................................................. 04 Arcejfc. .................................................................................................................................. 03 Pjlhphjetjs njtãfhlos. ........................................................................................................... 03 Thsüe. ..................................................................................................................................... 03 Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos .............................................................................................................................. 03 Rcnhz E´044. ........................................................................................................................ 00 Pjlhphjetj njtãfhlo. .............................................................................................................. 00 Moreo jfjltrüehlo. ................................................................................................................. 00 @cfcezc bj prjlhshüe. prjl hshüe. ................................................ .................................................................................................... ............................................................. ......... 0< Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. ............ 0< Ahofc bj vhbrho. .................................................. ..................................................................................................... ..................................................................... .................. 0< Jn`ubo. ................................................... ....................................................................................................... .............................................................................. .......................... 0< Thpjtc. .................................................................................................................................... 0< Pjlhphjetj njtãfhlo. .............................................................................................................. 02 @cfcezc bhihtcf. ...................................................................................................................... 02 Tctrüe Icrbejr. .................................................. .................................................................................................... .................................................................... .................. 02 Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs ............................................................................................................................... 0: <
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Jsajrcs bj cljro. .................................................................................................................... 0: Nãquhec bj Fos Ãeijfjs. ...................................................................................................... 0: Rcnhz E´30. .......................................................................................................................... 0: Rcnhzcborc pcrc cirjicbo irujso. ........................................................................................ 01 @cfcezc bj prjlhshüe. prjl hshüe. ................................................ .................................................................................................... ............................................................. ......... 01 Moreo jfèltrhlo. ..................................................................................................................... 01 Troljbhnhjeto ............................................................................................................................... 09 Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso ................................................ 09 Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos ........................................ 08 Jescyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo .............................................................. <4 Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso ................. <0 Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos .............................................................................................................................. <2 Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. ............ <1 Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs ............................................................................................................................... <9 Lãflufos y rjsuftcbos .................................................................................................................... <8 Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso ................................................ <8 Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos ........................................ 24 Jescyo pcrc bjtjrnhecr bj tjrnhecr jf pjso uehtcrho bjf cirjicbo .............................................. .............................................................. ................ 23 Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso ................. 23 Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos .............................................................................................................................. 2< Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. ............ 2< Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs ............................................................................................................................... 2< Loelfushoejs ................................................................................................................................. 22 Trhnjro ...................................................................................................................................... 22 \jiuebo ..................................................................................................................................... 22 Rjrljro ...................................................................................................................................... 22
2
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Lucrto ........................................................................................................................................ 22 Suheto ................................................. ..................................................................................................... ....................................................................................... ................................... 2: Pjlonjebclhoejs ......................................................................................................................... 2: Trhnjro ...................................................................................................................................... 2: \jiuebo ..................................................................................................................................... 2: Rjrljro ......................................................................................¡Jrror! Ncrlcbor eo bjahehbo. Pjajrjelhcs ...................................................... .......................................................................................................... .............................................................................. .......................... 21
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Pjsunje Je jstc tjrljrc vhshtc cf fc`orctorho sj rjcfhzcroe 9 jescyos c fos cirjicbos, eorncbos por fc ERT. Jstos aujroe jf ceãfhshs irceufonètrhlo, fc bjtjrnheclhüe bjf porljetcgj porlj etcgj bj munjbcb, fc o`tjelhüe bj fos pjsos uehtcrhos, fc o`tjelhüe bj fos pjsos jspjlîahlos y porljetcgjs bj c`sorlhüe, fc bjtjrnheclhüe bj fc lcethbcb bj nctjrhcf quj pcsc por jf tcnhz E´044, fc bjtjrnheclhüe lucfhtcthvc bj hnpurjzcs oriãehlcs bjf cirjicbo aheo, y fc bjtjrnheclhüe bj fc rjshstjelhc c fc c`rcshüe por njbho bj fc nãquhec bj Fos Ãeijfjs. Csî pujs, sj lonpro`ü jf lunpfhnhjeto bj eujstros cirjicbos loe fcs jspjlhahlclhoejs tèlehlcs eorncbcs je fc ERT y sj bjtjrnheü fc lcfhbcb bj fos nhsnos pcrc su uso je fc loestrullhüe bj loelrjto bj pjso eorncf. Je jf prjsjetj heaornj sj jxpfhlcrã c aoebo jf proljbhnhjeto y fos rjsuftcbos o`tjehbos pcrc fos njelhoecbos jescyos.
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Fhstc bj hfustrclhoejs Hfustrclhüe H. Rcnhljs pcrc pc rc jf cirjicbo aheo .............................................. ................................................................................. ................................... 32 Hfustrclhüe HH. @cfcezc E´3 pcrc cirjicbos irujsos ..................................................................... 3: Hfustrclhüe HHH. @cfcezc E´: pcrc cirjicbos aheos ........................................................................ 3: Hfustrclhüe HQ. Moreo jfèltrhlo jfèl trhlo E´3 .................................................... .............................................................................................. .......................................... 31 Hfustrclhüe Q. Pjlhphjetj njtãfhlo pcrc p crc jf cirjicbo aheo ...................................................... ............................................................. ....... 31 Hfustrclhüe QH. Nãquhec tcnhzcborc bj cirjicbo irujso ............................................................. 31 Hfustrclhüe QHH. Nãquhec tcnhzcborc bj cirjicbo aheo ................................................................ 31 Hfustrclhüe QHHH. Fcnpc njtãfhlc .............................................. .................................................................................................. .................................................... 3= Hfustrclhüe H]. Pjlhphjetj lhfîebrhlo l hfîebrhlo njtãfhlo eorncfhzcbo pcrc cirjicbo aheo .......................... 3= Hfustrclhüe ]. @crrc bj cljro bj supjrahlhj fhsc ............................................................................ 3= Hfustrclhüe ]H. Thsüe ..................................................................................................................... 38 Hfustrclhüe ]HH. Lcecsthffc njtãfhlc .............................................................................................. 04 Hfustrclhüe ]HHH. Arcejfc................................................................................................................ 03 Hfustrclhüe ]HQ. Rcnhz E´044 .................................................. ...................................................................................................... .................................................... 00 Hfustrclhüe ]Q. Ahofc bj vhbrho ..................................................................................................... 0< Hfustrclhüe ]QH. Jn`ubo bj pfãsthlo............................................................................................ 0< Hfustrclhüe ]QHH. Thpjtc bj pfãsthlo .................................................... .............................................................................................. .......................................... 0< Hfustrclhüe ]QHHH. Tctrüe Icrbejr ................................................................................................ 02 Hfustrclhüe ]H]. Jsajrcs bj cljro ................................................................................................. 0: Hfustrclhüe ]]. Nãquhec bj Fos Ãeijfjs..................................................................................... 0: Hfustrclhüe ]]H. Rcnhz E´30 .................................................... ........................................................................................................ .................................................... 0: Hfustrclhüe ]]HH. Lucrtjo bjf cirjicbo irujso ............................................................................ 0= Hfustrclhüe ]]HHH. Pjthro bj fos tcnhljs pcrc su postjrhor pjscbo ............................................... 0= Hfustrclhüe ]]HQ. Jxtrcllhüe bj uec nujstrc rjprjsjetcthvc bj cirjicbo irujso ...................... 0= Hfustrclhüe ]]Q. \jlcbo bjf b jf cirjicbo aheo c uec tjnpjrcturc jetrj 334´L³:´L ....................... 08 Hfustrclhüe ]]QHH. \jlcbo bjf cirjicbo irujso je jf moreo #< .................................................. <4 Hfustrclhüe ]]QHH. Cbhlhüe bjf cirjicbo cf rjlhphjetj pcrc bjtjrnhecr su pjso uehtcrho ........... <3 Hfustrclhüe ]]QHHH. Jercscbo cf rjlhphjetj .................................................................................. <3 Hfustrclhüe ]]H]. Cphsoecbo c fcs lcpcs je jf rjlhphjetj ................................................... ............................................................ ......... <3 9
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Hfustrclhüe ]]]. \jlcbo supjrahlhcf bjf cirjicbo irujso ........................................................... <0 Hfustrclhüe ]]]H. Nètobo bjf loeo ............................................................................................. << Hfustrclhüe ]]]HH. Hetrobullhüe bj ciuc c fc ahofc loe jf cirjicbo aheo..................................... << Hfustrclhüe ]]]HHH. @cfceljo bj fc ahofc pcrc jfhnhecr `ur`ugcs bj chrj ..................................... << Hfustrclhüe ]]]HQ. Hetrobullhüe bj fcs nujstrcs bj cirjicbos cf moreo jfèltrhlo ..................... << Hfustrclhüe ]]]Q. Cbhlhüe bjf ciuc y fcvcbo bj fc nujstrc .............................................. ....................................................... ......... <: Hfustrclhüe ]]]QH. Qjrthnhjeto bj fc nujstrc n ujstrc fcvcbc jetrj jf tcnhz E´31 y jf tcnhz E´044 .... <: Hfustrclhüe ]]]QHH. Hetrobullhüe bj fc nujstrc cf moreo jfèltrhlo ............................................ <: Hfustrclhüe ]]]QHHH. Nujstrcs bj jescyo pcrc fc bjtjrnheclhüe bj hnpurjzcs oriãehlcs ......... <9
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Fhstc bj tc`fcs Rc`fc 3 .......................................................................................................................................... 32 Rc`fc 0. ......................................................................................................................................... 09 Rc`fc <. ......................................................................................................................................... 08 Rc`fc 2. ......................................................................................................................................... <2 Rc`fc :. ......................................................................................................................................... <1 Rc`fc 1. ......................................................................................................................................... <= Rc`fc 9. ......................................................................................................................................... <= Rc`fc =. ......................................................................................................................................... <8 Rc`fc 8. ......................................................................................................................................... <8 Rc`fc 34. ....................................................................................................................................... 24 Rc`fc 33. ....................................................................................................................................... 24 Rc`fc 30. ....................................................................................................................................... 23 Rc`fc 3<. ....................................................................................................................................... 23 Rc`fc 32. ....................................................................................................................................... 20 Rc`fc 3:. ....................................................................................................................................... 20 Rc`fc 31. ....................................................................................................................................... 20 Rc`fc 39. ....................................................................................................................................... 2<
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hetrobullhüe Jf cirjicbo js ue nctjrhcf irceufcr (crjec, ircvc, phjbrc trhturcbc o jslorhc) uscbo loe ue njbho ljnjetcetj pcrc aorncr loelrjto o nortjro mhbrãufhlo (LJNJ], s.a.) Fos cirjicbos aheo y irujso olupce ljrlc bjf 14% cf 9:% bjf vofunje bjf loelrjto j heafuyje aujrtjnjetj je fcs prophjbcbjs tcto je jstcbo arjslo lono jeburjlhbo, je fcs prophjbcbjs bj fc njzlfc y je fc jloeonîc jloeo nîc bjf loelrjto. (Kosnctkc, Kjrkmoaa, Tcecrjsj, Tcec rjsj, & Rcejsh, 0442) Csî pujs, rjsuftc bj sunc hnportcelhc rjcfhzcr jescyos c fos cirjicbos pcrc bjtjrnhecr sh sus prophjbcbjs lunpfje loe fos vcforjs vcforj s jstc`fjlhbos pcrc lcbc ahe. Je jf Tjr÷, jstos vcforjs vc forjs eorncbos jstãe jxpfhlhtcbos je fcs Eorncs Rèlehlcs Tjrucecs 244, fcs lucfjs eos proporlhoece fcs jspjlhahlclhoejs tèlehlcs y fos proljbhnhjetos c rjcfhzcr pcrc ffjvcr c lc`o ue lorrjlto jescyo c fos cirjicbos.
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
O`gjthvo O`gjthvo ijejrcf Pjcfhzcr jescyos c fos cirjicbos bjf loelrjto je jf Fc`orctorho bj Jescyo bj Nctjrhcfjs, njbhcetj fc cpfhlclhüe bj fcs Eorncs Rèlehlcs Tjrucecs.
O`gjthvos jspjlîahlos O`tjejr fc irceufonjtrîc bjf cirjicbo aheo y irujso, csî lono sus nübufos bj aheurc rjspjlthvos. X csî vjrhahlcr quj èstos sj jelujetrje je fos rceios jstc`fjlhbos por fcs Eorncs Rèlehlcs Tjrucecs pcrc lcbc thpo bj cirjicbo. Bjtjrnhecr jf porljetcgj bj munjbcb je fos cirjicbos aheo y irujso. Mcffcr fos pjsos uehtcrhos lonpcltcbos y sujftos bj fos cirjicbos aheo y irujso. Bjtjrnhecr jf pjso jspjlîahlo y jf porljetcgj bj c`sorlhüe je fos cirjicbos aheo y irujso. Bjtjrnhecr jf porljetcgj bj cirjicbos quj pcsce por jf tcnhz E´044. Bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs prjsjetjs je jf cirjicbo aheo. Cecfhzcr jf proljbhnhjeto c sjiuhr pcrc bjtjrnhecr fc rjshstjelhc c fc c`rcshüe bj fos cirjicbos irujsos.
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Ncrlo tjürhlo Je jstc sjllhüe njelhoecrjnos fcs Eorncs Rèlehlcs Tjrucecs je fcs lucfjs eos `cscnos pcrc rjcfhzcr fos jescyos rjspjlthvos c fos cirjicbos je jf Fc`orctorho bj Jescyo bj Nctjrhcfjs.
ERT 244.430. Cirjicbos. Ceãfhshs irceufonètrhlo bjf cirjicbo aheo, irujso y ifo`cf Jstc eornc jstc`fjlj fos nètobos bj jescyos lorrjspoebhjetjs c ahe bj bjtjrnhecr fc irceufonjtrîc bjf cirjicbo.
ERT 244.439. Cirjicbos. Nètobo bj jescyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo Jstc eornc jstc`fjlj fos proljbhnhjetos c sjiuhr pcrc bjtjrnhecr jf pjso uehtcrho sujfto y lonpcltcbo bj fos cirjicbos.
ERT 244.43=. Cirjicbos. Nètobo bj jescyo eorncfhzcbo pcrc bjtjrnhecr nctjrhcfjs quj pcsce por jf Rcnhz eorncfhzcbo 9: un (E· 044) por fcvcbo je cirjicbos Jstc eornc jstc`fjlj tobo jf proljbhnhjeto pcrc bjtjrnhecr jf porljetcgj bj cirjicbos quj pcsce por jf tcnhz E´044.
ERT 244.403. Cirjicbos. Nètobo bj jescyo eorncfhzcbo pcrc Tjso Jspjlîahlo y C`sorlhüe bjf Cirjicbo Irujso Jstc eornc eos `rhebc jf proljbhnhjeto c sjiuhr pcrc bjtjrnhecr jf pjso jspjlîahlo y jf porljetcgj bj c`sorlhüe c`sorlhü e pcrc fos cirjicbos irujsos.
ERT 244.400. Cirjicbos. Nètobo bj jescyo eorncfhzcbo pcrc Tjso Jspjlîahlo y C`sorlhüe bjf Cirjicbo Aheo Jstc eornc eos `rhebc jf proljbhnhjeto c sjiuhr pcrc bjtjrnhecr jf pjso jspjlîahlo y jf porljetcgj bj c`sorlhüe pcrc fos cirjicbos aheos.
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ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
ERT 244.404. Cirjicbos. Nètobo bj jescyo eorncfhzcbo pcrc bjtjrnhecr fc rjshstjelhc bjf bjsicstj je cirjicbos irujsos bj irce tcncóo por njbho bj fc Nãquhec bj fos Ãeijfjs Jstc eornc jstc`fjlj jf proljbhnhjeto c rjcfhzcr pcrc bjtjrnhecr fc rjshstjelhc c fc c`rcshüe bj fos cirjicbos irujsos bj irce tcncóo mclhjebo uso bj fc Nãquhec bj fos Ãeijfjs.
ERT 244.433. Cirjicbos. Nètobo bj jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo Jstc eornc eos `rhebc jf proljbhnhjeto c sjiuhr pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs prjsjetjs je fos cirjicbos aheos, njbhcetj jf pctrüe bj Icrbejr.
3<
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jquhpos y nctjrhcfjs Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso Rcnhljs bj bhnjeshoejs jstãebcr. Fos tcncóos jstãebcr pcrc fc irceufonjtrîc bj cn`os cirjicbos jstãe prjsjetjs je fc Hfustrclhüe H. Rcnhljs pcrc jf cirjicbo aheo Rc`fc 3
Hfustrclhüe H. Rcnhljs pcrc jf cirjicbo aheo Rc`fc 3 Rcnhljs jnpfjcbos je fc irceufonjtrîc bj cirjicbos aheos y irujsos
Rcnhljs Cirjicbo irujso
Cirjicbo aheo
<‘‘ (9: nn.)
E´2 (2.= nn.)
0 ¾‘‘ (12 nn.)
E´= (<.0 nn.)
0‘‘ (:4 nn.)
E´31 (3.1 nn.)
3 ¾‘‘ (<9.: nn.)
E´<4 (4.= nn.)
3‘‘ (0: nn.)
E´:4 (4.: nn.)
µ‘‘ (38 nn.)
E´344 (4.< nn.)
¾‘‘ (30.: nn.) =‘‘ (8.: nn.) 32
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
@cfcezcs bj prjlhshüe. Bj 4.3i y 4.:i bj prjlhshüe pcrc fos cirjicbos aheo y irujso, rjspjlthvcnjetj.
Hfustrclhüe HH. @cfcezc E´3 pcrc cirjicbos irujsos
Hfustrclhüe HHH. @cfcezc E´: pcrc cirjicbos aheos
Moreo jfèltrhlo. Lcpcz bj cflcezcr tjnpjrcturcs bj 334´L³:´L
3:
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Hfustrclhüe HQ. Moreo jfèltrhlo E´3
Pjlhphjetjs njtãfhlos.
Hfustrclhüe Q. Pjlhphjetj njtãfhlo pcrc jf cirjicbo aheo
Nãquhecs vh`rcborcs.
Hfustrclhüe QH. Nãquhec tcnhzcborc bj cirjicbo irujso
Hfustrclhüe QHH. Nãquhec tcnhzcborc bj cirjicbo aheo 31
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos Pjlhphjetjs njtãfhlos.
Hfustrclhüe Q. Pjlhphjetj njtãfhlo pcrc jf cirjicbo aheo
Moreo jfèltrhlo.
Hfustrclhüe HQ. Moreo jfèltrhlo E´3
@cfcezc bj prjlhshüe.
Hfustrclhüe HH. @cfcezc E´3 pcrc cirjicbos irujsos 39
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo Fcnpc.
Hfustrclhüe QHHH. Fcnpc njtãfhlc
Pjlhphjetjs lhfîebrhlos njtãfhlos bj tcncóo eorncfhzcbo.
Hfustrclhüe H]. Pjlhphjetj lhfîebrhlo njtãfhlo eorncfhzcbo pcrc cirjicbo aheo @crrc bj cljro bj :/=‘‘ bj bhãnjtro y 02‘‘ bj fcrio.
Hfustrclhüe ]. @crrc bj cljro bj supjrahlhj fhsc
3=
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Ncrthffo bj ionc.
Hfustrclhüe ]H. Thsüe
@cfcezc bj prjlhshüe.
Hfustrclhüe HH. @cfcezc HH. @cfcezc E´3
Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso Fcnpc.
Hfustrclhüe QHHH. Fcnpc njtãfhlc
38
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
@cfcezc mhbrostãthlc.
Hfustrclhüe HHH. @cfcezc HHH. @cfcezc E´: mhbrostãthlc
Lcecsthffc njtãfhlc.
Hfustrclhüe ]HH. Lcecsthffc njtãfhlc
Moreo jfjltrüehlo.
Hfustrclhüe HQ. Moreo jfèltrhlo E´3
04
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Arcejfc.
Hfustrclhüe ]HHH. Arcejfc
Pjlhphjetjs njtãfhlos.
Hfustrclhüe Q. Pjlhphjetj Q. Pjlhphjetj njtãfhlo
Thsüe.
Ahiurc QH . Thsüe pcrc vh`rcr fc njzlfc
Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos
03
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Rcnhz E´044.
Hfustrclhüe ]HQ. Rcnhz E´044
Pjlhphjetj njtãfhlo.
Hfustrclhüe Q. Pjlhphjetj Q. Pjlhphjetj njtãfhlo
Moreo jfjltrüehlo.
Hfustrclhüe HQ. Moreo jfèltrhlo E´3
00
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
@cfcezc bj prjlhshüe.
Hfustrclhüe HHH. @cfcezc HHH. @cfcezc E´:
Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. Ahofc bj vhbrho.
Hfustrclhüe ]Q. Ahofc bj vhbrho
Jn`ubo.
Thpjtc.
Hfustrclhüe ]QH. Jn`ubo bj pfãsthlo
Hfustrclhüe ]QHH. Thpjtc bj pfãsthlo
0<
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Pjlhphjetj njtãfhlo.
Hfustrclhüe Q. Pjlhphjetj Q. Pjlhphjetj njtãfhlo pcrc cirjicbo aheo
@cfcezc bhihtcf.
Hfustrclhüe HHH. @cfcezc E´: pcrc cirjicbos aheos
Tctrüe Icrbejr.
Hfustrclhüe ]QHHH. Tctrüe Icrbejr
02
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs Jsajrcs bj cljro.
Hfustrclhüe ]H]. Jsajrcs bj cljro
Nãquhec bj Fos Ãeijfjs.
Hfustrclhüe ]]. Nãquhec bj Fos Ãeijfjs
Rcnhz E´30.
Hfustrclhüe ]]H. Rcnhz E´30
0:
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Rcnhzcborc pcrc cirjicbo irujso.
Hfustrclhüe QH. Nãquhec tcnhzcborc bj cirjicbo irujso
@cfcezc bj prjlhshüe.
Hfustrclhüe HHH. @cfcezc HHH. @cfcezc E´:
Moreo jfèltrhlo.
Hfustrclhüe HQ. Moreo jfèltrhlo E´3
01
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Troljbhnhjeto Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso Trhnjro sj o`tuvo uec nujstrc rjprjsjetcthvc (luyos pjsos jstãe jspjlhahlcbos je fc Rc`fc fc Rc`fc 0), 0), njbhcetj jf lucrtjo bjf cirjicbo aheo y irujso, por sjpcrcbo. Fujio, sj sjlcroe fcs nujstrcs je jf moreo jfèltrhlo c uec tjnpjrcturc bj 334´L³:´L. Bjspuès, sj pjscroe fcs nujstrcs sjlcs o`tjehbcs. Fcs lucfjs, postjrhornjetj, aujroe pujstcs c tcnhzcbo je fcs nãquhecs tcnhzcborcs lorrjspoebhjetjs cf thpo bj cirjicbo (aheo y irujso). Fos tcnhljs c uthfhzcr jstãe bcbos je fc Rc`fc fc Rc`fc 3. Èstos 3. Èstos aujroe lofolcbos je fcs nãquhecs tcnhzcborcs je aornc bjlrjlhjetj, sji÷e jf tcncóo bj sus c`jrturcs. Bj aornc quj proljbhnos c lofolcr fcs nujstrcs je jf tcnhz supjrhor lorrjspoebhjetj, pcrc fujio vh`rcrfcs por ue thjnpo bj 3,: nhe. pcrc jf cirjicbo irujso y bj 3 c 0 nheutos pcrc jf cirjicbo aheo. Ahecfnjetj, sj rjthrü lcbc tcnhz bj fc nãquhec lorrjspoebhjetj y sj proljbhü c pjscr jf nctjrhcf rjtjehbo je lcbc ueo bj jffos. Rc`fc 0. Tjsos rjqujrhbos pcrc jf jescyo bj irceufonjtrîc sji÷e jf REN bjf cirjicbo
REN
Tjso nîehno bj jescyo (ki)
=‘‘
3.4
¾‘‘
0.4
µ‘‘
:.4
3‘‘
34.4
3 ¾‘‘
3:.4
0‘‘
04.4
0 ¾‘‘
<:.4
<‘‘
14.4
< ¾‘‘
344.4
09
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]HH. Lucrtjo bjf cirjicbo irujso
Hfustrclhüe ]]HHH. Pjthro bj fos tcnhljs pcrc su postjrhor pjscbo
Hfustrclhüe ]]HQ. Jxtrcllhüe bj uec nujstrc rjprjsjetcthvc bj cirjicbo irujso
0=
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos Trhnjro, njbhcetj jf lucrtjo, sj o`tuvo uec nujstrc rjprjsjetcthvc bjf cirjicbo aheo y irujso (fc lcethbcb nîehnc bjf nctjrhcf pcrc jf jescyo sj jspjlhahlc je fc Rc`fc <). Fujio, sj pcsü c sjlcr fc nujstrc je jf moreo #< c uec tjnpjrcturc bj 334´L³:´L. Bjspuès, sj rjvofvhü fc nujstrc mcstc o`tjejr ue pjso loestcetj. Rjrnhecbo jffo, sj rjthrü fc nujstrc bjf moreo y sj bjgü jearhcr cf chrj fh`rj burcetj uec morc. Ahecfnjetj, sj rjihstrü jf pjso bj fc nujstrc je fc `cfcezc #3 je jf lcso bjf cirjicbo irujso, y je fc `cfcezc #: je jf lcso bjf cirjicbo aheo.
Rc`fc <. Lcethbcb nîehnc bj cirjicbo pcrc jf jescyo bj bjtjrnheclhüe bjf loetjehbo bj munjbcb sji÷e jf REN bjf cirjicbo
REN
Tjso nîehno bj jescyo (ki)
E´2
4.:
=‘‘
3.:
¾‘‘
0.4
µ‘‘
<.4
3‘‘
2.4
3 ¾‘‘
1.4
Hfustrclhüe ]]Q. \jlcbo bjf cirjicbo aheo c uec tjnpjrcturc jetrj 334´L³:´L 08
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]QHH. \jlcbo bjf cirjicbo irujso je jf moreo #<
Jescyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo Tcrc jf lãflufo bjf pjso uehtcrho sj o`tuvo uec nujstrc rjprjsjetcthvc njbhcetj jf lucrtjo bjf cirjicbo aheo y irujso. C loetheuclhüe, sj proljbhü c bjtjrnhecr jf pjso uehtcrho sujfto y lonpcltcbo. Tcrc jf TZ sujfto sj mhzo uso bj fc pcfc pcrc rjffjecr loe cirjicbo jf rjlhphjetj bj 3⁂< pcrc jf cirjicbo irujso o bj 3⁂34 pcrc jf cirjicbo aheo. Fujio fo jercscnos
pcrc jfhnhecr jf nctjrhcf so`rcetj je jf `cfbj uscebo uec vcrhffc bj njtcf. Bjspuès, pjscnos fc nujstrc rjstcebo jf pjso bjf rjlhphjetj y lcflufcnos jf TZ sujfto bhvhbhjebo jf pjso loe jf vofunje bjf rjlhphjetj. Tcrc jf TZ lonpcltcbo rjffjecnos jf `cfbj loe cirjicbos je < lcpcs cphsoecebo 0: vjljs lcbc uec. Fujio jercscnos uscebo fc vcrhffc j mhlhnos jf nhsno proljbhnhjeto pcrc jf lãflufo.
<4
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]QHH. Cbhlhüe bjf cirjicbo cf rjlhphjetj pcrc bjtjrnhecr su pjso uehtcrho
Hfustrclhüe ]]QHHH. Jercscbo cf rjlhphjetj
Hfustrclhüe ]]H]. Cphsoecbo c fcs lcpcs je jf rjlhphjetj <3
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso Trhnjro, sj o`tuvo uec nujstrc rjprjsjetcthvc bjf cirjicbo njbhcetj lucrtjo. Fujio, pcrc jf cirjicbo irujso sj tcnhzü fc nujstrc je j e jf tcnhz E ´2 y sj bjslcrtü bjslc rtü jf nctjrhcf quj pcsü pc sü por èf. Bjspuès sj sunjrihjroe fcs nujstrcs je ciuc (scturclhüe) y sj bjgcroe rjposcr por ue pjrhobo bj 02 morcs. Tostjrhornjetj sj rjthrcroe. Csî pujs, je jf lcso bjf cirjicbo irujso, sj lofolü fc nujstrc m÷njbc so`rj uec arcejfc y sj proljbhü c sjlcrfc supjrahlhcfnjetj. supjr ahlhcfnjetj. Bjspuès bj jffo, sj o`tuvo fc nujstrc je loebhlhüe scturcbc loe supjrahlhj sjlc (@), fc lucf sj ffjvü c fc `cfcezc y sj pjsü 2 ki. Fujio, sj lofolü pcrtj bj fc nujstrc je fc lcecsthffc njtãfhlc bj fc `cfcezc mhbrostãthlc y sj bjtjrnheü su pjso sunjrihbo je ciuc. Ahecfnjetj, sj ffjvü fc nujstrc m÷njbc (L) cf moreo pcrc sjr sjlcbc burcetj 02 morcs c uec tjnpjrcturc bj 334´L. Loelfuhbo bhlmo pjrhobo, sj proljbhü c pjscr fc nujstrc sjlc (C). Tcrc jf lcso bjf cirjicbo aheo, sj bjgü sjlcr so`rj ue pfhjio bj pfãsthlo burcetj otrcs 02 morcs y pcscbo jsj pjrhobo sj sjfjllhoeü :44 i bj fc nujstrc njbhcetj jf nètobo bjf loeo. Tostjrhornjetj sj hetrobugo fc nujstrc je jstcbo scturcbo loe supjrahlhj sjlc je fc ahofc (prjvhcnjetj sj bj`hü mc`jr pjscbo fc ahofc). Fujio, sj auj hetrobulhjebo ciuc je fc ahofc y sj auj cihtcebo jf rjlhphjetj mcstc quj jf ehvjf bj ciuc sj jeloetrcsj je fc ncrlc bj :44 nf. Ahecfnjetj sj rjihstrü jf pjso bjf loegueto ahofc+ciuc+crjec.
Hfustrclhüe ]]]. \jlcbo supjrahlhcf bjf cirjicbo irujso <0
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]]H. Nètobo bjf loeo
Hfustrclhüe ]]]HH. Hetrobullhüe bj ciuc c fc ahofc loe jf cirjicbo aheo
Hfustrclhüe ]]]HHH. @cfceljo bj fc ahofc pcrc jfhnhecr `ur`ugcs bj chrj
Hfustrclhüe ]]]HQ. Hetrobullhüe bj fcs nujstrcs bj cirjicbos cf moreo jfèltrhlo <<
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos Trhnjro, loe fc nujstrc sjlc y bjpjebhjebo bjf tcncóo nãxhno eonhecf bjf cirjicbo, sj jxtrcgo uec lcethbcb bj nujstrc ljrlcec c fc hebhlcbc je fc Rc`fc 2. Fujio, sj lofolü jf nctjrhcf je ue rjlhphjetj y sj cirjiü ciuc mcstc lu`rhr fc nujstrc por lonpfjto. Bjspuès, sj fcvü fc nujstrc luhbcboscnjetj loe fc yjnc bj fos bjbos. Fujio bj jffo, sj lofolü jf tcnhz E´31 so`rj jf tcnhz E´044 y sj jnpjzü c vjrtjr jf ciuc bj fcvcbo so`rj fos tcnhljs. Csî pujs, sj rjphthü fc opjrclhüe mcstc quj jf ciuc bj fcvcbo rjsuftü lrhstcfhec. Fujio bj quj jf ciuc bj fcvcbo sjc lrhstcfhec, sj lofolü jf nctjrhcf rjtjehbo je fos tcnhljs je ue rjlhphjetj y fo bjgcnos rjposcr por 04 nheutos, c ahe bj quj fcs pcrtîlufcs je suspjeshüe foircsje sjbhnjetcr. Bjspuès bj jffo, pcscnos c rjthrcr jf ciuc je jxljso uthfhzcebo uec phpjtc, pcrc fujio sjlcr fc nujstrc je jf moreo por ue fcpso bj 02 morcs. morc s. Ahecfnjetj, rjihstrcnos jf pjso bj eujstrc nujstrc.
Rc`fc 2. Lcethbcb nîehnc bj cirjicbo pcrc jf jescyo bjf tcnhz E´ 044
REN
Lcethbcb nîehnc bj cirjicbo (i)
E´2
<44.4
=‘‘
3444.4
µ‘‘
0:44.4
3 ¾‘‘
:444.4
<2
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]]Q. Cbhlhüe bjf ciuc y fcvcbo bj fc nujstrc
Hfustrclhüe ]]]QH. Qjrthnhjeto bj fc nujstrc fcvcbc jetrj jf tcnhz E´31 y jf tcnhz E´044
Hfustrclhüe ]]]QHH. Hetrobullhüe bj fc nujstrc cf moreo jfèltrhlo <:
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. Fc jsthnclhüe bj fc lcethbcb bj hnpurjzcs oriãehlcs quj prjsjetc ue cirjicbo sj mclj njbhcetj fc hetjeshbcb bj uec sofulhüe bj mhbrüxhbo bj sobho quj auelhoec lono ue hebhlcbor. Nhjetrcs nãs osluro sjc jf lofor bj fc sofulhüe mc`rã nãs prjsjelhc bj hnpurjzcs heoriãehlcs (HECLCF, 0433). Loe jf ahe bj tjejr uec njgor prjlhshüe sj mhzo uso bj fc tc`fc nostrcbc c loetheuclhüe. Rc`fc :. Pjfclhüe bj fos vcforjs bjf Tctrüe Icrbejr loe fc Tfclc Oriãehlc
Jstãebcr Icrbejr bj lofor E´
Tfclc Oriãehlc E´
<-:
3
:-=
0
=-33
<
33-32
2
32-31
:
Boebj fos vcforjs 3,0,< bj fc tc`fc oriãehlc hebhlce quj fc lcethbcb bj hnpurjzcs je jf cirjicbo js cljptc`fj, pjro sh jf cirjicbo sj jelujetrc je fos vcforjs 2 y : mcy bjncshcbcs hnpurjzcs, fo njgor sjrîc lcn`hcr bj cirjicbo o jescycr fc rjshstjelhc bj nortjros prjpcrcbos loe jstj quj bj`jrãe tjejr ue 8:% bj fc rjshstjelhc quj oarjlj ue nortjro prjpcrcbo loe ue cirjicbo loe lcethbcbjs üpthncs bj hnpurjzcs. Tor njbho bjf lucrtjo, sj jxtrcgo uec nujstrc bjf cirjicbo aheo y sj sjlü je jf moreo E´: por 02m. Tcscbo jsj thjnpo, loe cyubc bjf jn`ubo sj lofolü :44ir bjf cirjicbo sjlo je fc `otjffc bj vhbrho. Zscebo fc pro`jtc, sj bhsofvhü je :44nf bj ciuc jf mhbrüxhbo bj sobho tcf quj jstj rjprjsjetj je <% bjf pjso bjf ciuc (3:ir). \j tcpü fc `otjffc y sj cihtü, fujio sj bjgü rjposcr por 02 morcs. Fujio bj jso, sj lonpcrü jf lofor bj fc sofulhüe bj fc pcrtj supjrhor loe jf pctrüe bj Icrbejr. <1
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Hfustrclhüe ]]]QHHH. Nujstrcs bj jescyo pcrc fc bjtjrnheclhüe bj hnpurjzcs oriãehlcs
Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs Trhnjro sj proljbhü c fcvcr y sjlcr cf moreo fc nujstrc rjbulhbc c pjso loestcetj, c 334´L³:´L. Zec vjz mjlmo jsto, sj sjpcrc fc nujstrc por tcnhzcbo bj clujrbo c fcs ircbclhoejs y lcethbcbjs bcbcs sji÷e fc tc`fc E´ < o tc`fc E´ 2. Bjspuès, sj rjihstrü jf pjso bjf cirjicbo irujso. \jiuhbcnjetj, sj lofolü fc nujstrc bj pruj`c y fc lcric je fc nãquhec bj Fos Ãeijfjs y sj fc mhzo rotcr c uec vjfolhbcb bj <4 c << r/nhe pcrc :44 rjvofulhoejs. Cf ihrcr fc nãquhec, jf pfcto bj fc rjphsc rjloihü jf jspèlhnje jspè lhnje bj jescyo y fcs jsajrcs bj cljro aujroe lcricbcs cfrjbjbor pcrc quj aujsje fcezcbcs cf fcbo opujsto bj fc nãquhec, lrjcebo csî ue jajlto bj hnpclto y trhturcbo (c`rcshüe). Jf loetjehbo, jetoeljs, ihrü bjetro bjf tcn`or je uec cllhüe bj bjsicstj y nofhjebc. Ahecfnjetj, jf loetjehbo sj rjnovhü bjf lhfhebro y fc porlhüe bj cirjicbo sj tcnhzü loe fc ncffc E´30 pcrc njbhr fc bjircbclhüe lono ue porljetcgj bj pèrbhbc.
<9
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Rc`fc 1. Pjfclhüe bj fos vcforjs bjf Tctrüe Icrbejr loe fc Tfclc T fclc Oriãehlc
Rcncóo bj
Tjso por tcncóos bj cirjicbos(i)
pcrtîlufcs
Rhpo bj ircbclhüe C
@
L
3 ¾„-3„
30:4³0:
3„-2„
30:4³0:
0:44³34
µ„-3/0„
30:4³34
0:44³34
¾„-=„
30:4³34
B
0:44³34 0:44³34
:444³34
:444³34
:444³34 :444³34
=„-3/2„
E´2-E´= RORCF
:444³34
:444³34
Rc`fc 9. Ircbuclhüe bj fcs nujstrcs pcrc c`rcshüe je cirjicbos bj tcncóos ncyor c µ„
Rcncóo bj pcrtîlufcs Tjso por tcncóos bj cirjicbos(i) Rhpo bj ircbclhüe 3
0
<
3 3/0„-3„
:444³:4
:444³0:
3„-2„
:444³0:
:444³0:
34444³9:
34444³:4
<„-0 3/0„
0:44³:4
0 ¾„„-0„
0:44³:4
0„-3 3/0„
0:44³:4
RORCF
9:44³3:4
<=
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Lãflufos y rjsuftcbos Jescyo bj ceãfhshs irceufonètrhlo bjf cirjicbo aheo y irujso Rc`fc =. Irceufonjtrîc bjf cirjicbo irujso.
Rcnhz
Tjso rjtjehbo (i) % rjtjehbo
% rjt.clunufcbo % pcsc
3‘‘
31=0.:
32.0
32.0
=:.=
µ‘'
:2<1.:
21.4
14.0
<8.=
¾‘‘
2343.4
<2.9
82.8
:.4
=‘‘
219.4
2.4
8=.8
3.3
E´2
343.:
4.8
88.=
4.0
E´=
4.4
4.4
88.=
4.0
E´31
4.4
4.4
88.=
4.0
E´<4
4.4
4.4
88.=
4.0
E´:4
4.4
4.4
88.=
4.0
E´344
4.4
4.4
88.=
4.0
Aoebo
09.4
4.0
344
88.=
Rotcf
33=3:.:
344
NA
9.:=
Rc`fc 8. Irceufonjtrîc bjf cirjicbo aheo.
Rcnhz
Tjso rjtjehbo (i) % rjtjehbo
% rjt.clunufcbo % pcsc
E´2
33.3
0.4
0.4
8=.4
E´=
94.2
30.=
32.=
=:.0
E´31
339.2
03.<
<1.3
1<.8
E´<4
332.3
04.9
:1.=
2<.0
E´:4
8=.<
39.8
92.9
0:.<
E´344
1=.:
30.:
=9.0
30.=
Aoebo
94.2
30.=
344
4
Rotcf
::4.0
344
NA
0.90 <8
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE Fos nübufos bj aheurc sj bjtjrnhecroe bj clujrbo c fc shiuhjetj aürnufc
%. (<", (<", 3 ", ", ", ´ ´2, 2, ´=, ´=, ´31, ´31, ´<4, ´<4, ´:4, ´:4, ´344) ´344) NA> ∓ %.
Jescyo bj bjtjrnheclhüe bjf porljetcgj bj munjbcb je cirjicbos Rc`fc 34. Tjsos bj fc nujstrc bj cirjicbo irujso pcrc jf lãflufo bjf porljetcgj bj munjbcb
Tjso bj fc nujstrc je jstcbo cn`hjetcf
3444 i
Tjso bj fc nujstrc sjlc cf moreo
88= i
Tjso bjf ciuc pjrbhbc
0i
M% >
∐88 88
x344% > 4.0 %
Rc`fc 33. Tjsos bj fc nujstrc bj cirjicbo aheo pcrc jf lãflufo bjf porljetcgj bj munjbcb
Tjso bj fc nujstrc je jstcbo cn`hjetcf
:44 i
Tjso bj fc nujstrc sjlc cf moreo
283.3 i
Tjso bjf ciuc pjrbhbc
=.8 i
M% >
∐8. 8.
x344% > 3.=3 %
24
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo pcrc bjtjrnhecr jf pjso uehtcrho bjf cirjicbo Rc`fc 30. Bjtjrnheclhüe bjf pjso uehtcrho sujfto y lonpcltcbo bjf cirjicb o aheo y irujso
Cirjicbo Irujso
Cirjicbo aheo
Tjso totcf
3982.4 i
1018.: Ki
Tjso rjlhphjetj
2<14.4 i
3:91.: Ki
Tjso totcf “ rjlhphjetj
3<:=.4 i
218<.4 Ki
Qofunje rjlhphjetj
4.482<=8: n¼
4.440=<31= n¼
TZ sujfto
32<=.9 ki/n¼
31:9.< ki/n¼
Tjso totcf
388:.4 i
1=48.4 i
Tjso rjlhphjetj
2<14.4 i
3:91.: i
Tjso totcf “ rjlhphjetj
3::8.4 i
:0<0.: i
Qofunje rjlhphjetj
4.482<=8: n¼
4.440=<31= n¼
TZ lonpcltcbo
31:3.9 ki/n¼
3=2=.< ki/n¼
Jescyo eorncfhzcbo pcrc pjso jspjlîahlo y c`sorlhüe bjf cirjicbo aheo y irujso
Rc`fc 3<. Tjsos bj fc nujstrc bj cirjicbo irujso pcrc jf lãflufo bj TJ y c`sorlhüe
Tjso bj fc nujstrc sjlcbc cf moreo
<811.4 i
Tjso bj fc nujstrc scturcbc supjrahlhcfnjetj
2444.4 i
sjlc (@) Tjso bj fc nujstrc scturcbc je ciuc
0::8.< i
23
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Rc`fc 32. Pjsuftcbos bj fc bjtjrnheclhüe bjf TJ y c`sorlhüe je jf cirji cbo irujso
Tjso jspjlîahlo bj ncsc7 C/(@-L)
0.9: i/ln¼
Tjso jspjlîahlo bj ncsc supjrahlhcfnjetj
0.9= i/ln¼
sjlo7 @/(@-L) Tjso jspjlîahlo cpcrjetj7 C/(C-L)
0.=0 i/ln¼
Torljetcgj bj c`sorlhüe7 (@-C)*344/C
4.=1%
Rc`fc 3:. Tjsos bj fc nujstrc bj cirjicbo aheo pcrc jf lãflufo bj TJ y c`sorlhüe
Tjso bj fc crjec supjrahlhcfnjetj sjlc
:44.4 i
Tjso bj fc crjec supjrahlhcfnjetj sjlc + Tjso
8==.8 i
bjf `cfüe + Tjso bjf ciuc Tjso bjf `cfüe
39=.1 i
Tjso bjf ciuc (Y)
<34.< i
Tjso bj fc crjec sjlc cf moreo (C)
280.8 i
Qofunje bjf `cfüe (Q)
:44.4 nf
Rc`fc 31. Pjsuftcbos bj fc bjtjrnheclhüe bjf TJ y c`sorlhüe je jf cirji cbo aheo
Tjso jspjlîahlo bj ncsc7 C/(Q-Y)
0.14 i/ln¼
Tjso jspjlîahlo bj ncsc supjrahlhcfnjetj
0.12 i/ln¼
sjlo7 :44/(Q-Y) Tjso jspjlîahlo cpcrjetj7 C/(Q-Y-:44+C)
0.94 i/ln¼
Torljetcgj bj c`sorlhüe7 (:44-C)*344/C
3.22 i/ln¼ 20
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Jescyo eorncfhzcbo pcrc bjtjrnhecr fos nctjrhcfjs quj pcsce por jf tcnhz E· 044 por fcvcbo je cirjicbos Rc`fc 39. Tjsos bj fc nujstrc bj cirjicbo irujso pcrc jf lãflufo bjf jescyo bjf tcnhz E´ 044
Tjso hehlhcf sjlo
:44.4 i
Tjso sjlo fcvcbo
21<.0 i
Tèrbhbc bj pjso
<1.= i
% quj pcsc por jf tcnhz E´044
9.<1%
% ´044 ´044 >
( )
∙ 344
Jescyo pcrc bjtjrnhecr lucfhtcthvcnjetj fcs hnpurjzcs oriãehlcs bjf cirjicbo aheo. \ji÷e fcs nujstrcs bj fc`orctorho, uec `otjffc sj jeloetrü je fc pfclc oriãehlc E·0, fo quj hebhlc quj js cbjlucbc. Nhjetrcs quj fc otrc sj jelujetrc je fc jslcfc oriãehlc E·:, js bjlhr, eo js cptc. Bj`hbo c quj jstc js uec njbhlhüe lucfhtcthvc, eo sj fj pujbj bcr uec prjlhshüe nuy jxcltc. Tcrc o`tjejr uec njgor njbhbc, sj pobrîc mcljr jescyos bj lonprjshüe bj nortjros ac`rhlcbos loe jstj cirjicbo.
Jescyo pcrc bjtjrnhecr fc rjshstjelhc cf bjsicstj je cirjicbos por njbho bj fc Nãquhec bj Fos Ãeijfjs Tcrc bjtjrnhecr jf porljetcgj bj bjsicstj (B) sj mclj uso bj fc shiuhjetj jxprjshüe. “
B(%)>
Ù 344
Boebj7 To7 Tjso hehlhcf bj fc nujstrc cetjs bjf jescyo, je i. Ta7 Tjso fujio bjf jescyo, je i.
2<
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Loelfushoejs Trhnjro Je prhnjr fuicr, loelfuhnos quj fos nübufos bj ahejzc bj fos cirjicbos aheo y irujso sj jeloetrcroe bjetro bj fos vcforjs jstc`fjlhbos por fc ERT 244.4<9. Jstos aujroe 0.90 y 9.:=, rjspjlthvcnjetj. \he jn`crio, jf porljetcgj bj cirjicbo aheo quj pcsü por fc ncffc E´344 (30.=%) auj ncyor cf fînhtj irceufonètrhlo bcbo pcrc jsj tcnhz (4-34%), jsto pujs fcs pcrtîlufcs ahecs bj`hjroe mc`jrsj jspcrlhbo por jf hetjrhor bj fc nãquhec vh`rcborc, bcebo lono rjsuftcbo ue porljetcgj ncyor.
\jiuebo Je sjiuebo fuicr, loelfuhnos quj jf pjso uehtcrho lonpcltcbo bjf cirjicbo aheo y irujso (3=2=.< ki/n< y 31:3.9 ki/n<, rjspjlthvcnjetj) rjsuftü ncyor cf pjso uehtcrho sujfto bj fos nhsnos (31:9.< ki/n< y 32<=.9 ki/n<) bcbo quj jf proljbhnhjeto bj lonpcltclhüe pjrnhthü quj jetrj nãs cirjicbo cf nhsno vofunje bj rjlhphjetj.
Rjrljro Je tjrljr fuicr, loelfuhnos quj jf porljetcgj bj munjbcb prjsjetj je jf cirjicbo aheo (3.=3%) rjsuftü ncyor cf porljetcgj bjf cirjicbo irujso (4.0%). Jsto pujs, prjsjetü ncyor lcethbcb bj ciuc rjtjehbc jetrj sus pcrtîlufcs.
Lucrto Je lucrto fuicr, loelfuhnos quj jf porljetcgj bj c`sorlhüe je jf cirjicbo aheo (3.22%) rjsuftü ncyor cf porljetcgj bjf cirjicbo irujso (4.=1%). Tor tceto, jf aheo vc c quhtcr ciuc c fc njzlfc (-4.<9%) y jf cirjicbo irujso cportcrã (4.11%).
22
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Suheto Je quheto fuicr, loelfuhnos quj jf porljetcgj bj cirjicbo quj pcsc por jf tcnhz E´044 (9.<1%) rjsuftü ncyor c fos fînhtjs jstc`fjlhbos je fc ERT 244.43= (:-34%). Tor tceto, eujstro cirjicbo loethjej ue jxljso bj aheos.
Pjlonjebclhoejs Trhnjro Je prhnjr fuicr, sj rjlonhjebc tjejr jspjlhcf luhbcbo cf nonjeto bj pjscr fos cirjicbos rjtjehbos je fcs ncffcs lorrjspoebhjetjs. Jsto pcrc o`tjejr uec irceufonjtrîc nãs jxcltc.
\jiuebo Je sjiuebo fuicr, sj rjlonhjebc fcvcr cbjlucbcnjetj cf cirjicbo c fc morc bj rjcfhzcr jf jescyo bjf tcnhz E´044. Jsto pcrc jfhnhecr fcs pcrtîlufcs hebjsjc`fjs pcrc jf jescyo.
2:
ZEHQJP\HBCB ECLHOECF BJ BJ HEIJEHJPÎC ACLZFRCB BJ HEIJEHJPÎC LHQHF BJTCPRCNJERO CLCBÈNHLO BJ LOE\RPZLLHÜE
Pjajrjelhcs LJNJ]. (s.a.). LJNJ] . O`tjehbo bj mttps7//www.ljnjxnjxhlo.lon/probultos/cirjicbos HECLCF. (0433). ERT 244.40270433 CIPJICBO\. Nètobo bj jescyo je scyo eorncfhzcbo pcrc bjtjrnhecr fcs hnpurjzcs oriãehlcs je jf cirjicbo aheo pcrc loelrjto. Fhnc7 HECLCF. Kosnctkc, \., Kjrkmoaa, @., Tcecrjsj, Y., & Rcejsh, G. (0442). Bhsjóo y Loetrof bj Njzlfcs bj Loelrjto. Hffheohs7 TLC. Rorrj Lcrrhffo, C. Q., & Crrhjtc Arjyrj, G. (0439). JE\CXO\ JE NCRJPHCFJ\ BJ LOE\RPZLLHÜE TPOLJBHNHJERO\ QOF H. Fhnc7 Zehvjrshbcb Eclhoecf bj Heijehjrîc.
21