3 - Cnpi-Modulo-3 - Matemátiva e Estatística Financeira (Renda Fixa)

MD =. LBTMOHA HB TBKHO CIZO
6|Vïeiko

]ulïria
=.? Lotblïtimo Cikokmbiro ho Tbkho Cixo ............................................................................................4
Hbtbrlikoktbs poro a vonar ha hikjbira ka tblpa.......................................................................... 4
@uras silpnbs .....................................................................................................................................=
m alpastas.............................................................................................................. 2
Tbeilb hb ùras malpastas
@uras hismrbta b maktìkua.................................................................................................................. 5
(praparmiakon)................................................................................................................. 9
Xoxo nikbor (praparmiakon)
Xoxo bquivonbktb .............................................................................................................................?6
Vrozas b toxo hb bcbtivo ..................................................................................................................??
Xoxo par hio ðtin (toxo avbr) ............................................................................................................ ?4
Xoxo avbrkiejt ha ]BNIM .................................................................................................................. ?=
Xoxo hb hbsmakta ............................................................................................................................?=
Xoxo Tbon .........................................................................................................................................?8
Okuihohbs ....................................................................................................................................... ?2
Sonar Vrbsbktb Nìquiha.................................................................................................................... 4?
Xoxo Iktbrko hb Tbtarka (XIT au ITT) ............................................................................................. 48

=.4 Bstotìstimo Dïsimo ...........................................................................................................................45
o) Lbhihos hb rbtarka0 léhio oritlétimo b ebalétrimo.................................................................45
d) Lbhihos hb hispbrsía0 v oriäkmio...................................................................... =6
hispbrsía0 hbsvia pohría b voriäkmio
=.= Xìtunas hb Tbkho Cixo .................................................................................................................... =:
Xìtunas pðdnimas ............................................................................................................................... =:
Kbeamioåía hb tìtunas pðdnimas. Lbrmoha prilïria0 nbinòbs7 Lbrmoha sbmukhïria0 donmía ............ 8?
Xìtunas privohas0 MHD, NM b NJ. Moromtbrìstimos rbktodinihohb .................................... 8=
Moromtbrìstimos b mïnmuna hb rbktodinihohb
?|Vïeiko

=.? Lotblïtimo Cikokmbiro ho Tbkho Cixo
Hbtbrlikoktbs poro a vonar ha hikjbira ka tblpa
Sonar Vrbsbktb WVS\0 vonar otuon hb ulo opnimoåía cikokmbiro, blpréstila au cikokmiolbkta7
Sonar Cutura WCS\0 vonar ka cutura hb ulo opnimoåía cikokmbiro, blpréstila au

cikokmiolbkta, mal o ikmnusía ho rblukbroåía ha mopiton7
@uras W@\0 rblukbroåía ha mopiton huroktb ul hbtbrlikoha pbrìaha hb tblpa7
Xoxo hb ùras Wi\0 rbktodinihohb (bl %) ha mopiton huroktb ul hbtbrlikoha pbrìaha hb
tblpa7
Vroza Wk\0 pbrìaha hb ulo apbroåía cikokmbiro au kðlbra hb rbmbdilbktas b/au
poeolbktas7
Cnuxa hb moixo0 bktrohos b soìhos hb mopiton ka tblpa.
Bktrohos hb
moixo + + + + +
6 ? 8
4 = 2 3
- - -
]oìhos hb
moixo
O toxo hb ùras hbvb sbr oprbsbktoho bl vonar pbrmbktuon b ossamioho o ul pbrìaha hb tblpa.
Bxblpna0
6,?6% o.h. 6,?6 par mbkta oa hio

6,?6% o.h.u. 6,?6 par mbkta oa hio ðtin
6,?6% o.l. 6,?6 par mbkta oa làs
6,?6% o.t. 6,?6 par mbkta oa trilbstrb
6,?6% o.o. 6,?6 par mbkta oa oka
A ùra é hoha pbno hicbrbkåo bktrb a laktoktb (CS) b a vonar prbsbktb (VS)0
O toxo hb ùras, i, é hoho par0
4|Vïeiko

A vonar cutura0

Bxblpna prïtima0
Hbpýsita bl Mohbrkbto hb Vaupokåo0 T$?.666,66
Tbseotb0 T$?.?66,66
Vbrìaha0 ? oka
@uras silpnbs
O toxo hb ùras ikmihb bxmnusivolbktb sadrb a vonar prbsbktb, au sbò, kía jï ùras sadrb a sonha hb
ùras omulunohas.
omulunohas.
Làs @uras par pbrìaha @uras omulunohas
?
4
=
8
... ... ...
K
@uras0
Vroza Wk\0
Sonar Cutura WCS\0
=|Vïeiko

Sonar Vrbsbktb WVS\0
Bxblpna ?0
Rl blprbbkhbhar maktroi ul blpréstila hb T$?6.666,66 mal a dokma b poeorï ulo toxo hb ùras
silpnbs hb ?% o.l. huroktb ? oka. Hbtbrlikb a vonar has ùras b a laktoktb o sbr poea.
Hohas pbno qubstía0

VS < T$?6.666,66
I < 6,6? au ?% o.l.
k < ?4
Au
Bxblpna 40
Rl tìtuna mal vonar kalikon hb T$5.466,66 vbkmb bl ?46 hios. Voro ulo toxo hb ùras silpnbs hb
4,36% o.l., pbhb-sb monmunor a vonar hbstb tìtuna0
o)
o) Ja`b
d)
d) Hais lbsbs oktbs ha vbkmilbkta7
m)
m) Rl làs opýs sbu vbkmilbkta.
T$5.466,66
6 ? 4 = 8 2
8|Vïeiko

Tbeilb hb ùras malpastas

O toxo hb ùras ikmihb sadrb a laktoktb monmunoha ka pbrìaha oktbriar, au sbò, jï ùras sadrb a sonha
hb ùras omulunohas.
omulunohas.
Làs @uras par pbrìaha Laktoktb (CS) par pbrìaha

?
=
8
... ... ...
k
Sonar Cutura WCS\
Sonar Vrbsbktb WVS\
Xoxo hb ùras Wi\
Vroza Wk\
Bxblpna0
Rlo opnimoåía cikokmbiro bl ul MHD ka vonar hb T$2.666 passui rbseotb poro hoqui 46 lbsbs. _uon
o rblukbroåía b a vonar hb rbseotb, hoha qub o toxo hb ùras malpasto é hb ?% o.l.1
Ko JV
c CIK Bktbr
2666 MJ] VS
46k
?i
CS
2|Vïeiko

Bxblpna 40
Ivok hbvb sudstituir, hoqui o =6 lbsbs, ul bquipolbkta ka vonar hb T$:6.666,66. _uon a vonar ha
bquipolbkta ja`b, maksihbrokha ulo toxo hb ùras malpasto hb 6,56% o.l.
Ko JV
c CIK Bktbr
:6666 MJ] CS
=6k
6,56i
VS
Bxblpna =0
Ivok rbonizau ulo opnimoåía cikokmbiro ka vonar hb T$42.666,66. Opýs ?4 lbsbs rbseotau
T$=6.482,53 poro ikvbstir bl ul kava pra`bta. _uon cai o toxo h
hbb ùras bcbtivo lbkson b okuon adtiho
kbsto apbroåía cikokmbiro1 Ko JV (o.l.)

c CIK Bktbr
=6482,53 MJ] CS
42666 VS
?4k
i
Ko JV (o.o.)
c CIK Bktbr
=6482,53 MJ] CS
42666 VS
?k
Bxblpna 80
Ivok hbsbò hupnimor o prahuåía hb suo ikhðstrio. Maksihbrokha ulo toxo hb mrbsmilbkta
bxpakbkmion hb 4% o.l., bl quokta tblpa suo lbto pahb sbr onmokåoho1
Oqui, pauma ilparto o quoktihohb prahuziho. Hbvblas kas otbktor oa pbrìaha kbmbssïria
poro qub sb hupniqub o prahuåía, ikhbpbkhbktblbktb ho quoktihohb ikimionlbktb
prahuziho. Hita issa, pahblas orditror o prahuåía ikimion (au VS), mala sbkha ?6,66. Naea,
hupnimor o prahuåía ikimion, onmokåorìolas
onmokåorìolas ul CS hb 46,66 (?6 x 4)0
Ko JV
c CIK Bktbr
46 MJ] CS
?6 VS
4i
k
3|Vïeiko

@uras Lista
As ùras malpastas sía utinizohas poro as pbrìahas iktbiras b as ùras silpnbs poro o portb
cromiakïrio hb pbrìahas . O cýrluno ho makvbkåía nikbor (ùras silpnbs) b ho makvbkåía
bxpakbkmion (ùras malpastas),
malpastas), é hoho par0
]b ko JV ?4M o nbtro M (]XA BBZ) bstivbr visìvbn, as mïnmunas sbría pbno makvbkåía
bxpakbkmion. Mosa maktrïria, sb horía pbno makvbkåía nikbor.
Bxblpna0
Rlo hìviho ka vonar kalikon hb T$42.666,66 sbrï poeo 55 hios opýs o hoto hb vbkmilbkta. Monmunb
a vonar hbviha pbnos makvbkåòbs nikbor b bxpakbkmion, hoho ulo toxo hb ùras hb 2% o.l.
Makvbkåía nikbor
Makvbkåía bxpakbkmion
JV?4M
c CIK (M hbsnieoha)
hbsnieoha) ]XA BBZ (M nieoha)
42666 MJ] VS 42666 MJ] VS
2i 2i
55 Bktbr =6 õ k 55 Bktbr =6 õ k
CS CS
@uras hismrbta b maktìkua
O mopitonizoåía has ùras pahb amarrbr hb carlo hismrbto au maktìkuo. Ko mopitonizoåía hismrbto as
ùras hb ul pbrìaha sía monmunohas
monmunohas b ikmarparohas
ikmarparohas ooa
a prikmipon oa cikon hbssb pbrìaha. O mopitonizoåía
mopitonizoåía
amarrb salbktb ulo ðkimo vbz, b bl hoto bstodbnbmiho, b a prikmipon ho apbroåía sacrb, mal issa,
lahicimoåòbs salbktb oa cikon ha pbrìaha.
Ka rbeilb maktìkua, par suo vbz, o mopitonizoåía amarrb ikðlbros vbzbs, sbkha as ùras opurohas
huroktb a pbrìaha hb carlo maktìkuo. As ùras sía ikmarparohas maktikuolbktb oa prikmipon,

vbricimokha-sb
vbricimokha-sb ul kðlbra luita bnbvoha hb apbroåò
a pbroåòbs,
bs, tbkhbkha oa ikcikita. Voro ulo quoktihohb
5|Vïeiko

hb mopitonizoåía luita erokhb, suebrikha ul prambssa ikcikita, a rbeilb hb opraprioåía has ùras é
rbonizoha par mopitonizoåía maktìkuo, b o toxo hb ùras é hbkalikoho hb ikstoktäkbo.
Os carlunoåòbs ho mopitonizoåía maktìkuo, sía0
Akhb CS é a laktoktb, vonar cutura7 VS é a prikmipon, vonar prbsbktb7 b é ul kðlbra makstoktb, dosb
has naeoritlas kbpbriokas7
kbpbriokas7 r é o toxo hb ùras pbriýhimo (toxo kalikon).
O toxo hb ùras r é hoho par0
A proza (k), par suo vbz0
Bxblpna O (rbtiroha hb Ossoc Kbta)0

Ohlito qub ul mopiton hb T$?66.666,66 cai opnimoha pbna proza hb ul oka. Monmunor a laktoktb
hbsso apbroåía ohlitikha ulo toxo ikstoktäkbo hb 3% oa sblbstrb0
Ko JV
6,63 Bktbr
4Z
e
?66.666 Z
Mala a laktoktb é hb T$??4.589,3:, tbl-sb ulo toxo bcbtivo hb ùras hb ?4,52% oa oka
(?4,5893:24%). Ossil, o toxo ikstoktäkbo kalikon hb ?4% oa oka é bquivonbktb æ toxo bcbtivo hb
?4,52% o.o.
:|Vïeiko

Bxblpna D
Rl mopiton cai opnimoha par ul oka bl ulo opnimoåía mal rblukbroåía æ toxo ikstoktäkbo hb ?6%
o.o. Oa cikon ha pbrìaha a ikvbstihar rbseotau T$884.63:,=5. _uon a mopiton ikvbstiha1
Ko JV
884.63:,=5 Bktbr
884.63:,=5
6,?6 MJ] e
Z
Bxblpna M
Rl mopiton hb T$56.666,66 é opnimoha pbna proza hb 3 lbsbs, opurokha oa cikon ha pbrìaha ul
laktoktb hb T$58.?66,66. Hbtbrlikb o toxo ikstoktäkbo hb ùra ho apbroåía.
Ko JV
58.?66 Bktbr
56.666
e nk
Xoxo nikbor (praparmiakon)
Xoxo moromtbrìstimo hb ùras silpnbs, carloho hb laha praparmiakon. Lbtahanaeio opnimïvbn ko

rblukbroåía rbon ho mohbrkbto hb paupokåo, kos toxos Nidar b prilb rotb, bktrb autras.
O toxo nikbor é hbtbrlikoho
hbtbrlikoho pbno rbnoåía silpnbs bktrb o toxo hb ùras maksihbroho ko apbroåía b a
kðlbra hb vbzbs bl qub amarrbl ùras (kðlbra hb pbrìahas hb mopitonizoåía). Inustrotivol
Inustrotivolbktb,
bktb, o
toxo hb 46% oa oka (o.o.)
( o.o.) bquivonb, nikborlbktb,
nikborlbktb, o ?,35% oa làs (o.l.)0
Ko JV
46 Bktbr
?4
9|Vïeiko

]b opnimohos bl ùras silpnbs, o ul lbsla mopiton b ihàktima iktbrvona hb tblpa, prahuzbl a

lbsla laktoktb nikbor hb ùras. Naea, os toxos nikborbs (praparmiakois) hbvbl otbkhbr æ
carlunoåía0
Akhb b rbprbsbktol
rbprbsbkt ol as prozas hb moho toxo, b b as pbrmbktuois
pbrmbkt uois hos toxos maksihbrohos.
Bxblpnicimokha, 4,8% o.o. é praparmiakon æ toxo hb 4:,:% o.o b 2% oa trilbstrb é praparmiakon æ toxo
hb 46% o.o..
Xoxo bquivonbktb
Vbna mritéria hb ùras silpnbs, o toxo bquivonbktb é o prýprio toxo praparmiakon ho apbroåía,
makcarlb monmunoho oktbriarlbktb. Hbsso carlo, 8,2% oa trilbstrb é ulo toxo praparmiakon
(bquivonbktb) o ?:% oa oka, ulo vbz qub0
O ilpartäkmio ho toxo bquivonbktb vanto-sb poro os apbroåòbs qub rbcbrbkmiol suos toxos bl ùras
malpastas. Kbssb mritéria hb mopitonizoåía bxpakbkmion, huos toxos sía ohlitihos mala bquivonbktbs
quokha, ikmihikha sadrb ul lbsla mopiton huroktb mbrta iktbrvona hb tblpa, prahuzbl laktoktbs
ieuois pbna rbeilb hb mopitonizoåía malpasto.
Oa sb hbcikir bl ?:% o.o. a ùra bcbtiva hb ulo apbroåía, a pbrmbktuon trilbstron hbvbrï, opýs as
quotra pbrìahas hb mopitonizoåía ka oka, prahuzir ulo toxo omulunoho (bcbtivo) hb ?:%0
Ko JV
?,?: Bktbr
? Bktbr
8
?
?66 Z
?6 | V ï e i k o

Ebkbrimolbktb,, o bxprbssía hb mïnmuna ho toxo bquivonbktb

Ebkbrimolbktb bquivonbktb ka rbeilb hb ùras malpastas
malpastas é hoho0

Au, ontbrkotivolbktb0
ontbrkotivolbktb0
Akhb toxo bquivonbktb7 i < toxo bcbtivo hb ùras maksihbroho ko apbroåía7 q < kðlbra hb
pbrìahas hb mopitonizoåía.
mopitonizoåía.
Maksihbrokha ul bxblpna prïtima hb ul prahuta hb ikvbstilbkta, o rbktodinihohb bcbtivo acbrbmiho
par ul MHD é hb 44,2% o.o. Voro ulo opnimoåía par ul làs, bssb pbrmbktuon hbvb sbr bxprbssa bl
tbrla hb toxo bquivonbktb malpasto0
]blprb qub car ohatoha a makmbita hb toxo bquivonbktb malpasto ka prambssa hb opraprioåía has
ùras, o toxo hb
hb ùra maksihbroho
maksihbroho poro o apbroåía
apbroåía rbprbsbkto
rbprbsbkto suo toxo
toxo bcbtivo.
Vrozas b toxo hb bcbtivo
O carloåía has ùras bkvanvb, dosimolbktb, hais prozas0
i.
i. A proza o qub sb rbcbrb bspbmicimolbktb o toxo hb ùra7 b
ii.
ii. A proza hb amarràkmio (mopitonizoåía) has ùras.
O toxo bcbtivo bstï ossamioho oa tipa hb toxo hb ùra utinizoha kas pbrìahas hb mopitonizoåía. A usa
ho toxo praparmiakon pralavb ulo toxo bcbtivo lois bnbvoho qub o toxo ilpnimitolbktb hbmnoroho
poro o apbroåía, amarrbkha hb sbrbl odsanutolbktb ieuois ko jipýtbsb hb sb ohator o toxo
bquivonbktb.
Voro ul cikokmiolbkta mal toxo hb 48% o.o., sbkha as ùras mopitonizohas lbksonlbktb. ]b o
opuroåía ho toxo lbkson car o toxo bquivonbktb malpasto, pahb-sb makmnuir qub as 48% rbprbsbktol
bcbtivolbktb a mursa okuon ha cikokmiolbkta0
?? | V ï e i k o

Oa sb mopitonizor bsso toxo hb ?,:?% o.o. poro a pbrìaha hb ul oka, bkmaktro-sb o toxo bcbtivo hb
48%.
]b as ùras huroktb as pbrìahas hb mopitonizoåía carbl monmunohas nikborlbktb, o toxo lbkson otikeb
4% ( ), omulun
omulunokha
okha ulo toxo bcbtivo
bcbtivo okuon
okuon pbna mritéria
mritéria hb ùras
ùras malpasta
malpastass supbri
supbriar
ar oa
oa
pbrmbktuon hbmnoroha, au sbò0
Xoxo par hio ðtin (toxo avbr)
O toxo avbr é ulo toxo hb ùra kalikon mal mopitonizoåía hiïrio, parél vïniho salbktb poro hios
ðtbis, au sbò, suo mopitonizoåía amarrb ukimolbktb bl hio hb cukmiakolbkta ha lbrmoha cikokmbira.
O toxo mastulo sb bxprbsso oa làs, adtiho pbno silpnbs luntipnimoåía ho toxo oa hio par =6.
]upakjo qub bl hbtbrlikoha làs o toxo avbr bstbò cixoho bl 4,8%, sbkha malputohas 44 hios
ðtbis ka pbrìaha. Naea, o toxo hb ùra o sbr maksihbroho bl moho hio ðtin é o praparmiakon hb 6,6:%,
au sbò0 W4,8% oa làs/=6 hios\.
Mal 44 hios ðtbis ka proza hb rbcbràkmio ho toxo avbr, o toxo bcbtivo opuroho par mopitonizoåía
malpasto otikeb0
O toxo bcbtivo mal dosb bl ulo toxo avbr lbkson é hoho par0
Akhb avbr é o toxo kalikon lbkson avbr7 hu é a kðlbra hb hios ðtbis prbvistas ka proza ho apbroåía.
O trokscarloåía hb ulo toxo bcbtivo bl ulo toxo Avbr, oldos rbcbrbkmiohos bl dosbs lbksois, é
adtiho pbno bxprbssía0
?4 | V ï e i k o

Xoxo avbrk
avbrkiejt
iejt ha
ha ]BNIM

O toxo avbrkiejt ha ]istblo Bspbmion hb Niquihoåía b Mustýhio (]bnim) é bxprbsso bl dosbs okuois,
ohlitikha o bxistàkmio hb 424 hios ðtbis, hb omarha mal aribktoåía ha Dombk. Tbprbsbkto o toxo
léhio pakhbroho pbna vanulb hos apbroåòbs hb cikokmiolbkta, nostrbohos bl tìtunas pðdnimas
cbhbrois, hb ul hio, rbonizohos ka äldita ha ]bnim. O toxo Avbr/]bnim é pudnimoho hioriolbktb, sbkha
utinizoho ka lbrmoha mala o toxo dïsimo hb ùras hb rbcbràkmio ho panìtimo lakbtïrio bxbmutoho pbna
Dombk.
A mïnmuna ho toxo bcbtivo Avbr/]bnim é hoha par0
Bxblpna O
Hoho ulo toxo Avbr/]bnim hb ?2,2% o.a., o toxo hiïrio sbrï hb0
Ko JV
?,?22 Bktbr
? Bktbr 424
?
Bxblpna D
Bl ul làs bxistbl 44 hios ðtbis. O toxo Avbr bcbtivo okuon lbksonizoho é0
Xoxo hb hbsmakta
Tbprbsbkto a pbrmbktuon o sbr opnimoha sadrb a vonar hb rbseotb hb ulo apbroåía visokha oa mïnmuna
ha vonar ha hbsmakta (hbsïeia). Bl autros ponovros, rbprbsbkto as ùras oktbmipohas monmunohas ka
lalbkta ho rbonizoåía ho apbroåía.
É hbcikiho, ebronlbktb, hb carlo nikbor, pahbkha oikho sbr lbksuroho par lbia hb hais tipas hb
hbsmaktas0 (i) hbsmakta par hbktra au romiakon, b (ii) hbsmakta par caro, dokmïria au malbrmion.
A hbsmakta par hbktra ikmarparo as makmbitas b os rbnoåòbs dïsimos hb ùras silpnbs, kía
oprbsbktokha opnimoåía prïtimo lois rbnbvoktb. @ï a hbsmakta par caro, ikmihb sadrb a vonar kalikon
ha tìtuna, praparmiakokha loiar vanulb hb ùras bcbtivas kos apbroåòbs.
?= | V ï e i k o

O carlunoåía hb mïnmuna hb ulo toxo bcbtivo mal dosb ko toxo hb hbsmakta é0
sbkha h o toxo hb hbsmakta monmunoho poro taha a pbrìaha ho apbroåía.
Xoxo Tbon
Tbprbsbkto a bkmorea (au rbmbito) cikokmbira, monmunoha nivrb has bcbitas ikcnomiakïrias. O utinizoåía
hb toxos rbois ka lbrmoha cikokmbira pbrlitb qub sb opurb quokta sb eokjau (au pbrhbu)
vbrhohbirolbktb, sbl o iktbrcbràkmio hos vorioåòbs vbricimohos kas prbåas.
O carlunoåía hb Cismjbr pbrlitb qub sb opurbl hb ulo toxo hb ùra as bcbitas ho ikcnoåía, sbkha
adtiho pbno rbnoåía0
Akhb i < toxo bcbtivo hb ùra qub ikmarparo ulo bxpbmtotivo hb ikcnoåía (au toxo apbroktb)7 r < toxo
rbon hb ùra, hbpuroho
hbpuroho has
has bcbitas
bcbitas ikcnomiakïri
ikcnomiakïrias7
as7 < toxo hb ikcnoåía.
ikcnoåía.
Otrovés ho bxprbssía oprbsbktoho, toldél é passìvbn hbhuzir o toxo rbon0
Bxblpna O0
]upakjo qub ul ikvbstilbkta
ikvbstilbkta oprbsbktau, bl ul oka, ulo rbktodinihohb hoho pbno toxo kalikon
hb 48,5:%. O ikcnoåía, ka lbsla pbrìaha, omulunau ?6%. O rbktodinihohb rbon ha prahuta hb
ikvbstilbkta0
Ko JV
?,485: Bktbr
?,?6
?
?66 Z
Oa ovonior rbtarkas hb ikvbstilbktas, é prbmisa hor bspbmion otbkåía æ rbktodinihohb rbon, ulo vbz
qub, opbkos maksihbrokha a bcbita ikcnomiakïria ha pbrìaha é passìvbn ovonior a pahbr hb malpro a
vonar ikvbstiha b rbktodinizoha. Tbtarkas odoixa ho ikcnoåía kía sb trohuzbl bl eokja hb vonar, ulo
vbz a prikmipon ikvbstiha oprbsbktau rbkhilbkta odoixa ha oulbkta ebron ha kìvbn hb prbåas ho
bmakalio. Naea, a ad`btiva é bkmaktror ikvbstilbktas mal eokjas rbois, omilo ho ikcnoåía.
Xoxo kalikon é o toxo oprbsbktoho/hivuneoho. O toxo rbon é o toxo oprbsbktoho/hivuneoho,

rbtiroha a bcbita ho ikcnoåía.
?8 | V ï e i k o

Okuihohbs

Okuihohb é ulo sérib hb poeolbktas ieuois, cbitas bl iktbrvonar rbeunorbs hb tblpa. As iktbrvonas
bktrb as poeolbktas sía malprbbkhihas mala pbrìahas hb poeolbkta. Rlo okuihohb é
moromtbrizoho bl ul maktbxta hb ùras malpastas mal poeolbktas pbriýhimas. _uokha as
poeolbktas sía cbitas ka cil has pbrìahas hb poeolbkta, o okuihohb é hito okuihohb malul,
arhikïrio au hicbriho poeolbktas hb jipatbmos, blpréstilas poro morras b poro bstuhoktbs
bstuhoktb s sía
ebronlbktb bcbtuohas ka cikon has pbrìahas b, par issa, rbprbsbktol okuihohbs arhikïrios. _uokha
as poeolbktas
poeolbkta s sía cbitas ka ikìmia has pbrìahas, o okuihohb é hito okuihohb hbviho poeolbktas
hb namoåía b pràlias hb sbeura hb viho sía bxblpnas hb okuihohbs hbvihos.
Tbprbsbktokha moho ulo hos okuihohbs, tblas0
Okuihohb arhikïrio b hbviho hb $?66, = okas b 2%.
6 ? 4 =
Okuihohb 2%
arhikïrio
- ?66 - ?66 - ?66
6 ? 4 =
Okuihohb 2%
hbviho
- ?66 - ?66 - ?66
?.
?. Sonar cutura hb ulo okuihohb arhikïrio
Maksihbrb ulo okuihohb arhikïrio muàs porälbtras sbeubl a bxblpna omilo. Voro
bkmaktrorlas
bkmaktror las a vonar cutura ho okuihohb, , tblas0
Voro a mosa ebron, a vonar cutura hb ulo okuihohb é0
Vahbkha sbr bsmrita ho sbeuiktb carlo0
?2 | V ï e i k o

Voro rbonizor bssb mïnmuna bl ulo monmunoharo, prilbira hbvblas kas otbktor æ moromtbrìstimo
ho okuihohb. Oqui, trotokha ho arhikïrio, vblas qub as poeolbktas amarrbl ka cikon hb moho
oka. Var issa, hbvblas makcieuror os monmunoharos poro ohbquoåía oas mïnmunas0 o loiario hbnos
bstï makcieuroho poro prbsulir qub as
as poeolbktas amarrbl ka cil hb moho pbrìaha ista é,
poro nihor mal okuihohbs arhikïrios. Ka bktokta, bxistb ulo tbmno qub kas passidinito
passidinito ontbrkor
sblbnjoktb é
Voro a bxblpna, ko JV0
Bkh Lahb
K < =7 I/YT < 27 VS < 6 (pais malbåolas mal koho)7 VLX < -?667 CS < =?2,42

4. Sonar Cutura hb ulo Okuihohb Hbviho
Mala moho poeolbkta amarrb ul pbrìaha oktbs mal o okuihohb hbviho, as poeolbktas
eokjoría ùras par ul pbrìaha ohimiakon. Vartokta, a CS hb ulo okuihohb hbviho sbrï loiar ha qub
oqubnb hb ulo okuihohb arhikïrio sblbnjoktb.
Voro o okuihohb hbviho, tblas0 .
Voro a bxblpna, ko JV0
Dbeik Lahb
K < =7 I/YT < 27 VS < 67 VLX < -?667 CS < ==?,6?

==?,6?
=.
=. Sonar Vrbsbktb hb ulo Okuihohb Arhikïrio0
A SV hb ulo okuihohb arhikïrio pahb sbr adtiha otrovés ho carlunoåía
Vahbkha sbr bsmrita par0
?3 | V ï e i k o

Voro a mosa bxblpnicimoha, tblas0
Ko JV0
Bkh Lahb
K < =7 I/YT < 27 VLX < -?667 CS < 67 VS < 454,=4

454,=4
8.
8. Sonar Vrbsbktb hb Okuihohbs Hbvihos0
Mala poro o okuihohb hbviho a poeolbkta amarrb ul pbrìaha oktbs, as poeolbktas sbría
tahas hbsmaktohas par ul pbrìaha o lbkas. Vartokta, a VS hb ul okuihohb hbviho hbvb
sbr loiar qub oqubnb hb ulo okuihohb arhikïrio sblbnjo
sblbnjoktb.
ktb.
Bl suo carlunoåía, tblas0
Ko JV0
Dbeik Lahb
K < =7 I/YT < 27 VLX < -?667 CS < 67 VS < 4:2,98
2.
2. Bkmaktror poeolbktas hb okuihohb, VLX
Omulunor $?6.666 poro tbr bssb laktoktb hispakìvbn hoqui o 2 okas. Vahblas adtbr ul
eokja hb 3% sadrb bssb vonar. Naea, CS < ?6.6667 VS < 67 K < 27 I/YT < 3. Voro bkmaktror as
vonarbs has hbpýsitas bxieihas, pahblas, otrovés ho JV0
Ko JV0
Okuihohb hbviho
Dbeik Lahb
K < 27 I/YT < 37 VS < 67 CS < ?66667 VLX < -?.35=,22
Okuihohb arhikïrio
Bkh Lahb
K < 27 I/YT < 37 VS < 67 CS < ?66667 VLX < -?55=,93
?5 | V ï e i k o

Naea, hbvb-sb rbsbrvor $?.55=,93 par oka sb bcbtuor poeolbktas ka cikon hb moho oka7 b
$?.35=,22 sb as poeolbktas malbåorbl ilbhiotolbktb.
3.
3. Bkmaktror kðlbra hb pbrìahas,
pbrìahas, K0
Hbmihikha bcbtuor hbpýsitas ka cil hb moho oka, maksbeuikha bmakalizor salbktb
$?.466,66 par oka b, prbsulikha qub sb adtél ul rbtarka hb 3%, quokta tblpa sbrio
kbmbssïria poro otikeir o lbto hb $?6.666,661
Ko JV0
Okuihohb arhikïrio
Bkh Lahb
I/YT < 37 VS < 67 CS < ?66667 VLX < -?4667 K < 3,93
Naea, mal hbpýsitas lbkarbs, nbvorio 3,93 okas, b kía 2 okas, poro onmokåor o lbto hb
$?6.666,66.
5.
5. Bkmaktrokha o toxo hb ùras, i0
]upakha qub vamà maksieo bmakalizor $?.466 par oka, los oikho prbmiso tbr $?6.666,66
bl 2 okas. _ub toxo hb rbtarka vamà prbmisorio eokjor poro onmokåor suo lbto1
Ko JV0
Okuihohb arhikïrio
Bkh Lahb
VS < 67 CS < ?66667 VLX < -?4667

-?4667 K < 27 II/YT
/YT < 42,5:
:.
:. Okuihohbs pbrpétuos
Oneuks tìtunas pralbtbl poeolbktas poro sblprb. _uokha ul tìtuna pralbtb poeor ùras
pbrpbtuolbktb, bnb é mjoloha hb cukha maksanihoha au okuihohb pbrpétuo.
Rl cukha maksanihoha au okuihohb pbrpétuo é silpnbslbktb ulo okuihohb muàs
poeolbktas pralbtihas sb bstbkhbl poro sblprb. Rlo vbz qub as poeolbktas maktikuol
poro sblprb, pahblas opnimor o odarhoebl possa o possa. Varél, é cïmin bkmaktror a VS hb
ulo okuihohb pbrpétuo mal o carlunoåía0
carlunoåía0
?: | V ï e i k o

Voro bxblpnicimor, maksihbrb ul tìtuna mal vonar kalikon hb $?.666 qub rbktodinizo a
ikvbstihar bl 4,2%, ista é, $42 par oka hb okuihohb pbrpétuo0
]upakjo qub o toxo hb ùras marrbktb oulbktau poro mbrmo hb 2,4%, loktbkha a
poeolbkta hb $42 okuon. Naea, a vonar ha tìtuna moi poro0
]b os toxos, parél, mobl poro 4%, bktía a vonar ha tìtuna oulbkto poro0
Bssb mosa kas rbvbno qub, quokha os toxos hb ùras luhol, as prbåas hb tìtunas bl
mirmunoåía toldél luhol, parél, hb carlo ikvbrso æ luhokåo kos toxos. Mala vilas, as
prbåas has tìtunas mobl sb os toxos oulbkto, b oulbktol, sb os toxos mobl. Issa sb opnimo
o tahas as tìtunas, tokta cukhas maksanihohas mala æqubnbs mal vbkmilbktas cikitas.
Cnuxas hb moixo hbsieuois au irrbeunorbs
O hbcikiåía hb ulo okuihohb ikmnui o bxprbssía poeolbkta makstoktb, ul makùkta hb poeolbktas

ihàktimas huroktb ul hbtbrlikoha kðlbra hb pbrìahas. Bldaro luitos hbmisòbs cikokmbiros
bkvanvol poeolbktas makstoktbs, luitos autros bkvanvbl cnuxas hb moixo qub sía hbsieuois au
irrbeunorbs.
Bxistbl huos mnossbs ilpartoktbs hb cnuxas hb moixo hbsieuois0

o.
o. Oqubnos kos quois a cnuxa hb moixo é malpasta hb ulo sérib hb poeolbktas hb okuihohbs
lois ulo salo ohimiakon
ohimiakon cikon ðkimo ka oka K tìtunas, par bxblpna7 b
d.
d. Xahas as autras cnuxas hbsieuois oåòbs b ikvbstilbktas
ikvbstilbkt as hb mopiton, par bxblpna.
Okuihohb + 6 ? 4 = 8 2
?4%
poeolbkta
ohimiakon cikon 6 ?66 ?66 $?66 $?66 $?66

?666
?9 | V ï e i k o

$??66
6 ? 4 = 8 2
Cnuxas hb moixo ?4%
irrbeunorbs
6 ?66 =66 $=66 $=66 266
Oikho qub a prambssa hb sanuåía hb oldas as tipas hiciro, pahblas utinizor o bquoåía odoixa poro
bkmaktror a VS hb moho cnuxa0
Ko JV0
Voro adtbr ulo okuihohb lois poeolbkta ohimiakon cikon ko JV, maksihbrb a cnuxa ?
oprbsbktoha oktbriarlbktb, mal ulo okuihohb arhikïrio hb 2 okas, ?4% lois ul poeolbkta
cikon hb $?.666. Voro apbror ko monmunoharo0
K < 27 I/YT < ?47 VLX < ?667 CS < ?6667 VS < -945,96
Voro adtbr ul cnuxa hb moixo irrbeunor ko JV, pbrmbdo qub as cnuxas hb moixo kía carlol ulo
okuihohb, bktía, kía pahblas utinizor o cukåía hb okuihohb ho monmunoharo. Vahblas,
Vahblas, parél,
utinizor a rbeistra hb cnuxa hb moixo, qub kas pbrlitb bkmaktror a vonar prbsbktb hb lokbiro
bcimoz. Vrilbira, iksiro as cnuxas hb moixo ikhivihuois, bl arhbl mrakanýeimo ka rbeistra ha cnuxa
hb moixo. As cnuxas hb moixo bstía hbsiekohas mala . O sbeuir,
hbvblas iksbrir o toxo hb ùras, i. Mal issa, quokha prbssiakorlas o tbmno KVS, adtbrblas a
VS ha cnuxa. O monmunoharo bkmaktro
bkm aktro a VS hb moho cnuxa hb moixo b salo as vonarbs poro bkmaktror
bkmakt ror
a VS ha cnuxa taha. Voro iksbrir as cnuxas hb moixo poro a pradnblo oprbsbktoha, iksiro 6, pais
?66, =66, =66, =66 b 266, kbsso arhbl, ka rbeistra hb cnuxa hb moixo, i < ?4, b hbpais
prbssiakb KVS poro mjbeor oa rbsuntoha hb $?.6?3,=2.
I. Sonar Cutura hb ul Cnuxa hb Moixo Hbsieuon

A SC hb ul cnuxa hb moixo hbsieuon b bkmaktroha malpakha moho poeolbkta poro a cikon ha cnuxa b
hbpais salokha as vonarbs cuturas0
Vbrìahas sblbstrois b autras pbrìahas hb mopitonizoåía
Ko loiario has mosas oprbsbktohas, prbsulilas qub as ùras sía mopitonizohas ulo vbz par oka,
odarhokha, partokta, ulo mopitonizoåía okuon. ]upakjo ka bktokta, qub $?.666 sbòl manamohas bl
46 | V ï e i k o

ul dokma qub poeo ulo toxo hb ùras okuon hb 3%, los mrbhito ùras o moho 3 lbsbs, odarhokha
ulo mopitonizoåía sblbstron. Hbixokha as rbmursas kbsso makto, rbmbdb-sb $36 hb ùras ka oka, los
$=6 opýs salbktb 3 lbsbs b autras $=6 ka cikon ha oka. Kbssb mbkïria, eokjo-sb $=6 opýs salbktb
3 lbsbs b autra $=6 ka cikon ha oka. Naea, eokjo-sb ùras sadrb as prilbiras $=6 huroktb a sbeukha
sblbstrb, tbrlikokha a oka mal ul laktoktb loiar ha qub as $36 qub tbrìolas ko mopitonizoåía
okuon. A mbkïria é oikho lbnjar mal ulo mopitonizoåía trilbstron, lbkson, sblokon au hiïrio.
I.I. Xipas hb toxos hb ùras

o.
o. Xoxo kalikon (au matoho), 0 bsso é o toxo matoho par dokmas, marrbtaros
marrbtaro s b autros
ICs. Voro sbr siekicimotivo, o toxo kalikon matoho hbvb toldél ikmnuir a kðlbra hb
pbrìahas hb mopitonizoåía par oka7
d.
d. Xoxo pbriýhimo, 0 bsso é o toxo madroho par ul mrbhar au poeo par ul lutuïria
bl moho pbrìaha. Vahb sbr ulo toxo okuon, sblbstron, trilbstron, lbkson, hiïrio au
mal quonqubr autra iktbrvona hb tblpa. Vahb sbr bkmaktroho pbno carlunoåía
7 bl qub L é a kðlbra hb pbrìahas hb mopitonizoåía par oka7
m. Xoxo okuon bcbtivo (au bquivonbktb) (BOT au BCC%)0 bsso é o toxo okuon (ùras ulo
vbz par oka), qub prahuz a lbsla rbsuntoha cikon mala mopitonizoåía o ulo toxo
pbriýhimo poro L vbzbs par oka. É bkmaktroho pbno carlunoåía0
O BCC% rorolbktb é utinizoho bl mïnmunas. Ka bktokta, bno hbvb sbr usoho poro
malporor as mustas bcbtivas hb hicbrbktbs blpréstilas au toxos hb rbtarka sadrb
hicbrbktbs ikvbstilbktas quokha as pbrìahas hb poeolbkta hicbrirbl.
Xoxo iktbrko hb rbtarka (XIT) b malporoåía mal a Sonar Vrbsbktb
Sonar Vrbsbktb Nìquiha
A Sonar Vrbsbktb Nìquiha (KVS), hbcikiha mala vonar prbsbktb hos bktrohos hb moixo hb ul pra`bta
lbkas a vonar prbsbktb hb sbus mustas, lastro-kas a quokta a pra`bta maktridui poro o riqubzo ha
omiakisto quokta loiar a KVS, lois vonar a pra`bta oerbeo b, partokta, lois onta a prbåa hos oåòbs.
A KVS é usuonlbktb maksihbroha a lbnjar mritéria hb okïnisb.
4? | V ï e i k o

Maksihbrb a bxblpna, odoixa0

- Cnuxas hb Moixo (MC) b mritérias hb ovonioåía sbnbmiakohas poro pra`btas I b II0
Musta ikimion Cnuxas hb moixo hb bkmbrrolbkta hb bxbrmìmia, opýs ilpastas, MC
6 ? 4 = 8
Vra`bta I -$ ?6.666 $ 2.666 $ 8.666 $ =.666 $ ?.666
Vra`bta II -$ ?6.666 $ ?.666 $ =.666 $ 8.666 $ 3.526
Musta hb mopiton hb pra`bta, r, poro moho pra`bta0 ?6%.

]ulïria hb mritérias hb ovonioåía
Vra`bta I Vra`bta II
OKVS $ 5::,46 $ ?.668,6=
ITT (XIT) ?8,89% ?=,22%
LITT ?4,??% ?4,33%

VI ?,6: ?,?6
Tbtarka hb ikvbstilbkta 4,== =,=6
Tbtarka hb ikvbstilbkta
4,92 =,5:
hbsmaktoha
As pra`btas sía ieuonlbktb orrismohas b tàl musta hb mopiton hb ?6%. Onél hissa, as cnuxas hb moixo
carol oùstohas poro ikmarparor a ilpomta hb hbprbmioåía, ilpastas b vonarbs rbsihuois. Os hbspbsos
hb ikvbstilbktas sía ikhimohos ka oka 6 b ikmnubl ikvbstilbktas bl otivas cixas b quonqubr mopiton
hb eira kbmbssïria. Xahas as cnuxas hb moixo sudsbqubktbs amarrbl ka cikon ha oka.
Vahblas bkmaktror as KVSs ho sbeuiktb carlo0
?.
?. Monmunokha a vonar prbsbktb hb moho cnuxa hb moixo hbsmaktoha pbna musta hb mopiton oùstoha
oa risma qub, ka bxblpna, é hb r < ?6%7
4.
4. O salo has cnuxas hb moixo hbsmaktohas é hbcikiho mala a KVS ha pra`bta.
O bquoåía poro a KVS, cbito mal hohas iksbrihas poro a Vra`bta I, é0
44 | V ï e i k o

Ko JV
?6.666 MJ] e (tbmno VS)
2.666 e (tbmno VLX)
8.666 e
=.666 e
?.666 e
?6 i
C VS (KVS)
A é a cnuxa hb moixo bspbroha ka tblpa t, r é a musta hb mopiton ha pra`bta oùstoha oa risma (au
UOMM), b K é o huroåía ha pra`bta. Vra`btas ebronlbktb hblokhol ul ikvbstilbkta ikimion, sbkha
bstb ul cnuxa hb moixo kbeotiva. Voro pra`btas I b II, opbkos a é kbeotiva.
Voro a Vra`bta II0
Ko JV
?.666 e (tbmno VLX)
=.666 e
8.666 e
3.526 e
?6 i
C VS (KVS)
Oktbs hb utinizor as KVSs ka prambssa hbmisýria, é prbmisa sodbr sb as pra`btas sía ikhbpbkhbktbs au
lutuolbktb bxmnusivas. Vra`btas ikhbpbkhbktbs sía oqubnbs muàs cnuxas hb moixo kía sía ocbtohas
par autras pra`btas. @ï bl pra`btas lutuolbktb bxmnusivas, o ocbtoåía amarrb. ]b ul é opravoha, a
autra hbvb sbr rb`bitoha.
Voro kassa bxblpna, mosa as pra`btas sbòl ikhbpbkhbktbs, oldas hbvbl sbr ombitas, ulo vbz qub
passubl KVSs pasitivas b, partokta, oerbeol vonar æ blprbso. Mosa sbòl lutuolbktb bxmnusivas,
4= | V ï e i k o

a Vra`bta II hbvbrio sbr bsmanjiha, ulo vbz qub passui ul KVS lois onta b, par issa, oerbeo lois
vonar.
Tbero hb hbmisía hb KVS

Vra`btas ikhbpbkhbktbs0 sb KVS ; 6, ombitor a pra`bta7
Vra`btas lutuolbktb bxmnusivas0 ombitb a pra`bta mal a KVS pasitiva lois onta. Mosa kbkjul
pra`bta tbkjo KVS pasitiva, rb`bitb tahas.
Xoxo Iktbrko hb Tbtarka (XIT au ITT)
Mosa ul ikvbstihar loktbkjo ul tìtuna oté a vbkmilbkta, rbmbdbrï a rbkhilbkta oté a vbkmilbkta
sadrb sbu ikvbstilbkta. A rbkhilbkta oté a vbkmilbkta (YXL) é adtiha mala o toxo hb hbsmakta
qub tarko a vonar prbsbktb hos bktrohos hb moixo ieuon oa prbåa ha tìtuna. Bstb lbsla makmbita é
usoha ka aråolbkta hb mopiton, quokha monmunolas o toxo iktbrko hb rbtarka au XIT (au oikho ITT)
hb ul pra`bta0
O XIT hb ul pra`bta é o toxo hb hbsmakta qub tarko a VS hos bktrohos ieuon oa musta ikimion (au ieuon
oas VSs hb tahas as mustas sb bnbs ikmarrbl huroktb vïrias okas). Issa é bquivonbktb o cozbr a KVS
ieuon o zbra. O ITT é ulo bstilotivo ho toxo hb rbtarka ha pra`bta, malporïvbn oa YXL hb ul tìtuna.
Voro monmunor o XIT, hbvblas portir ho bquoåía oprbsbktoho poro a mïnmuna ha KVS, sudstituikha r ka
hbkalikohar pbno XIT b bstodbnbmbkha a KVS ieuon o zbra. Vartokta, o toxo qub tarko a KVS ieuon o
zbra é o XIT0
Rtinizokha a bxblpna has Vra`btas I b II oprbsbktohas oktbriarlbktb, tblas0
- Voro a Vra`bta I0
Ko JV
2.666 e (tbmno VLX)
- Voro a Vra`bta II0 8.666 e

=.666 e
?.666 e
c CS (ITT)
48 | V ï e i k o

Ko JV
?6.666
?.666MJ]
e e (tbmno (tbmno
VLX) VS)
=.666 e
8.666 e
3.526 e
c CS (ITT)
O ITT é bktbkhiho mala ulo bstilotivo ho toxo hb rbtarka ha pra`bta. ]b bssb rbtarka bxmbhbr a
musta has cukhas usohas poro cikokmior a pra`bta, o hicbrbkåo é ul døkus poro as omiakistos ho
blprbso b coz a prbåa hos oåòbs sudir. A Vra`bta I tbl rbtarka bstiloha hb ?8,8:9% maktro ul musta
hb mopiton hb ?6%, bktía sbu døkus é hb 8,8:9%. Ka bktokta, sb o XIT é lbkar ha qub a musta hb
mopiton, as omiakistos hbvbl malpbksor a hécimit, a qub prbùhimorio a prbåa hos oåòbs.
Rtinizokha o XIT mala mritéria hb hbmisía, tblas0
- Vra`btas ikhbpbkhbktbs0 sb XIT ; UOMM ha pra`bta, a pra`bta hbvb sbr ombita. ]b XIT > UOMM, a
pra`bta hbvb sbr rb`bitoha.
- Vra`btas lutuolbktb bxmnusivas0 ombitor a pra`bta mal o loiar XIT, hbshb qub o XIT ha pra`bta sbò
loiar qub sbu UOMM.
Vbnas mritérias hb hbmisía, vblas qub kas Vra`btas I b II, KVS b XIT pahbl ebror makmnusòbs
makcnitoktbs quokha sb hbvb bsmanjbr bktrb pra`btas lutuolbktb bxmnusivas, b, quokha amarrbl
makcnitas,, a mritéria KVS é ebronlbktb lbnjar.

makcnitas
XIT lðntipnos
Bl oneulos amosiòbs, pahb amarrbr hb ul pra`bta tbr lois hb ulo XIT. Ka qub hiz rbspbita oa cnuxa
hb moixo hb ul pra`bta, hiz-sb qub bstb passui ul cnuxa rbeunor sb passuir ulo au lois soìhos hb
moixo sbeuihos par ulo sérib hb bktrohos hb moixo. Varél, sb ulo soìho hb moixo amarrbr ul pauma
hbpais qub os bktrohos carbl ikimiohos, lastrokha qub as cnuxas sb ontbrkol lois hb ulo vbz, bktía
hiz-sb qub a pra`bta tbl cnuxa hb moixo irrbeunor.
Bxblpna0 ulo malpokjio bstï maksihbrokha ulo liko bl patbkmion qub passui ul musta $ ?,3
linjía, b prahuzirï ul cnuxa hb moixo hb $ ?6 linjòbs ka cil ha oka ?7 naea, ka cikon ha oka 4, o
42 | V ï e i k o

blprbso hbvb eostor $ ?6 linjòbs poro rbmupbror os makhiåòbs arieikois ha sana. Ossil, as cnuxas hb
moixo nìquihas bspbrohas ha pra`bta sía (bl li)0
Oka Cil ha Oka ? Cil ha Oka 4
- $ ?,3 + $ ?6 - $ ?6
Opnimokha as vonarbs poro hbtbrlikor o XIT0
A KVS é ieuon o zbra quokha o XIT < 42%, los toldél é ieuon o zbra quokha o XIT < 866%. Naea, a
pra`bta tbl ulo XIT hb 42% b autro hb 866%.
XIT Lahicimoho (XITT-L au LITT)
O XIT é dosboho ko prblisso hb qub as cnuxas hb moixo has pra`btas pahbl sbr rbikvbstihas pbno
prýprio XIT, a qub é bquivamoha. O XIT oprbsbkto a loiar rbtarka bspbroha poro pra`btas opravohas,
pais as cnuxas hb moixo ebronlbktb kía pahbl sbr rbikvbstihas pbno prýprio XIT. Naea, o XIT poro
pra`btas opravohas é, ebronlbktb, loiar ha qub o vbrhohbiro toxo hb rbtarka bspbroha, ebrokha ul
viés pasitiva kos pra`båòbs.
É passìvbn rbonizor ul
bxmbha pbna cota hb qub bno é dosboho ko prblisso hb qub as cnuxas hb moixo sía rbikvbstihas pbna
UOMM.
O LXIT tbl huos voktoebks sadrb o XIT0

Bkquokta o XIT prbsulb qub as
a s cnuxas hb moixo hb moho pra`bta sía rbikvbstihas pbno
prýprio XIT, o LXIT prbsulb qub as cnuxas hb moixo sía rbikvbstihas pbna musta hb
mopiton. Naea, o LXIT é ul lbnjar ikhimohar ho vbrhohbiro numrotivihohb hb ul
pra`bta7
O LXIT bniliko a pradnblo hb lðntipnos XITs.
Voro pra`btas ikhbpbkhbktbs, KVS, XIT b LXIT mjbeol æ lbslo makmnusía bl tbrlas hb
ombitoåía au rb`biåía, naea, as tràs mritérias sía ieuonlbktb daks7
Voro pra`btas lutuolbktb bxmnusivas a KVS é lbnjar, ulo vbz qub sbnbmiako a pra`bta qub
loxilizo a vonar.
43 | V ï e i k o

=.4 Bstotìstimo Dïsimo
o) Lbhihos hb rbtarka0 léhio oritlétimo b ebalétrimo
O léhio é o lbhiho hb tbkhàkmio mbktron lois malulbktb utinizoho. Bxistbl vïrias tipas hb léhios,
hbstomokha-sb o léhio oritlétimo silpnbs, o oritlétimo pakhbroho, o léhio jorløkimo b o léhio
ebalétrimo.
O léhio oritlétimo silpnbs é monmunoho pbno hivisía bktrb o salo ha makùkta hb ikcarloåòbs
(vonarbs hb ulo histriduiåía) b a kðlbra hb vonarbs
v onarbs maktiha
maktihass kbssb makùkta.
Lotblotimolbktb, tblas0
Akhb é a vonar hb moho bnblbkta ha makùkta hb ikcarloåòbs7 k é a kðlbra hb ikcarloåòbs
maktiha ka makùkta.
Bxblpna ?0
A ìkhimb hb bkhiviholbkta Wbxieìvbn/otiva\ hb mikma erokhbs blprbsos, bl hbtbrlikoha pbrìaha, é0
=5%, 55%, 3=%, 82% b 39%, rbspbmtivolbktb. O léhio ha ìkhimb hb bkhiviholbkta é0
O léhio oritlétimo é sbksìvbn o tahas as vonarbs qub malpòbl a makùkta, parél sacrb ikcnuàkmio
lois ombktuoho has vonarbs bxtrblas (autnibrs), prikmiponlbktb quokha sb oprbsbktorbl luita
hispbrsas.
Bxblpna 40
O rbktodinihohb léhio hos oåòbs ka Drosin ka pbrìaha hb 4665-46?6 mjbeau o0
Oka Tbtarka
4665 8=,32%
466: -8?,44%
4669 :4,33%
46?6 ?,68%
45 | V ï e i k o

O léhio okuon é hoho par0

Mala pahblas pbrmbdbr, jï ulo cartb hispbrsía has vonarbs, ikha hb -8?,44% oté +8=,32%. Kbssb
mosa, o léhio oritlétimo kía pahb sbr maksihbroho mala ulo lbhiho lois riearaso, mopoz hb
bxprilir o tbkhàkmio mbktron hos toxos hb rbtarka.
O léhio oritlétimo pakhbroho é utinizoho quokha sb otridubl hicbrbktbs pbsas o moho bnblbkta ha
makùkta hb ikcarloåòbs. Samà hbvb tbr pbrmbdiha qub o léhio oritlétimo silpnbs ohlitb
ilpnimitolbktb qub tahas as vonarbs ha makùkta oprbsbktol o lbslo ilpartäkmio bl tbrlas hb
pbsa, ista é, supòb a lbsla pbsa poro tahos os voriïvbis, oa possa qub o léhio pakhbroho salbktb
é maksihbroho quokha bssbs vonarbs oprbsbktol pbsas histiktas.
Lotblotimolbktb, o léhio pakhbroho é hoho pbno hivisía bktrb o salo has vonarbs hb ulo
histriduiåía pakhbroho pbnas sbus rbspbmtivas pbsas b o salo has pbsas0
Bxblpna Vakhbroho0
Rlo mortbiro malpasto par tràs otivas oprbsbkto as sbeuiktbs vonarbs0
Otiva Vroza hb madrokåo (hios) Sonar ($)
O 85 44.366
D 53 3:.666
M 9? ?=8.666
A proza pakhbroha pbnas rbspbmtivas vonarbs ho mortbiro0

4: | V ï e i k o

O léhio jorløkimo hb ulo sérib hb vonarbs é adtiho par lbia ha ikvbrsa ho léhio oritlétimo has
ikvbrsas has vonarbs maksihbrohas, au sbò0
Bxblpna Jorløkimo
Sbò os ikcarloåòbs rbnotivos oas prbåas hb quotra prahutas0
Vrbåa
Vrahuta Vrbåa ka pbrìaha (t-?) Vrbåa ka pbrìaha (t) (t)/Vrbåa
(t-?)
O 86,66 82,86 ?,63 6,98=8

D 96,66 95,46 ?,6: 6,9429
M :,66 ?6,66 ?,42 6,:666
H 466,66 4=6,66 ?,?2 6,:393

Xaton =,2=:9
Mal dosb ka mïnmuna ho léhio jorløkimo, makmnui-sb qub as prbåas has prahutas oulbktorol, bl
léhio, ?=% ka pbrìaha (t), crbktb oa pbrìaha
p brìaha (t-?)0
O léhio ebalétrimo rbprbsbkto o roiz k-ésilo ha prahuta hb k vonarbs, au sbò0
Akhb rbcbrb-sb oa prahuta hb vonarbs .

49 | V ï e i k o

Bxblpna Ebalétrimo0
O léhio ebalétrimo has prbåas rbnotivas has prahutas O, D, M b H oprbsbktohas oktbriarlbktb (?,637
?,6:7 ?,427 ?,?2) otikeb0
A oulbkta vbricimoha kas quotra prahutas ka pbrìaha t bl rbnoåía oa pbrìaha oktbriar (t - ?) cai hb
?=,43%, ikhimokha ulo vorioåía supbriar æqubno adtiho pbno léhio jorløkimo. O léhio ebalétrimo
é luita utinizoho, prikmiponlbktb bl pradnblos bkvanvbkha ùras malpastas b autras vonarbs qub
ossulbl ul malpartolbkta bxpakbkmion, mala rbtarka hb mortbiros, par bxblpna. Xon lbhiho é
toldél suebriho quokha vonarbs hb mïnmuna kía oprbsbktorbl o lbslo ilpartäkmio (pbsa).
v oriäkmio
d) Lbhihos hb hispbrsía0 hbsvia pohría b voriäkmio
Hbsvia pohría b voriäkmio sía os lois ilpartoktbs lbhihos hb hispbrsía. Xois lbhihos ikhimol mala
as vonarbs hb ul makùkta histridubl-sb bl rbnoåía oa sbu pakta mbktron (léhio). _uokta loiar
oprbsbktor-sbb a iktbrvona bktrb as vonarbs bxtrblas hb ul makùkta, lbkar é o rbprbsbktotivihohb
oprbsbktor-s rbprbsbktotivihohb
bstotìstimo ho léhio, pais as vonarbs bl adsbrvoåía histokmiol-sb hbsto lbhiho mbktron.
A hbsvia pohría é rbprbsbktoha
rbprbsbktoh a par (sielo), quokha monmunoha hb hohas hb ulo papunoåía b par
], quokha adtiha ho olastro (bstilotivo léhio ho papunoåía). Bsso lbhiho viso lbhir
bstotistimolbktb o voriodinihohb (erou hb hispbrsía) hb ul makùkta hb vonarbs bl rbnoåía o suo
léhio.
A hbsvia pohría é ulo lbhiho hbstikoho o quokticimor o ikmbrtbzo mal rbnoåía oa malpartolbkta
hb ul otiva. Tbcnbtb o vorioåía hb ul otiva bl rbnoåía æ léhio. _uokha monmunoha sadrb ul
makùkta hb rbtarkas hismrbtas, o lbhiho ha hbsvia pohría é hbcikiho par risma. _uokha a hbsvia
pohría car hbtbrlikoha hb ulo sérib tblparon hb rbtarkas maktìkuas, tbl-sb o vanotinihohb.
A hbsvia pohría hb ul makùkta hb kðlbras hb ulo olastro hb k bnblbktas é

rbprbsbktoha par0
=6 | V ï e i k o

Akhb é o léhio
léhio oritl
oritlétimo
étimo ho olastro
olastro hb k bnblbk
bnblbktas
tas77
é a hbsvia hb moho ul has kðlbras bl rbnoåía æ léhio ho olastro.
A hbsvia pohría ho papunoåía é adtiha par0
_uokha as vonarbs bl ovonioåía bstía oerupohas bl ulo todbno hb histriduiåía hb crbquàkmios, o

lbhiåía ha hbsvia-pohría sb prambsso ho sbeuiktb lokbiro0
]bkha o crbquàkmio hb moho mnossb.

O voriäkmio, par autra noha, é hbcikiho mala sbkha a quohroha ha hbsvia pohría. É ihbkticimoho par
b , rbspbmtivolbktb
rbspbmtivo lbktb voriäkmio ho papunoåía b voriäkmio ho olastro.
Bxblpna ?0
Hohas as rbtarkas ha Idavbspo ka pbrìaha hb 4669-46?=, monmunb o léhio has rbtarkas b a hbsvia
pohría0
Ko JV
Oka Xoxo hb rbtarka c TBE
c
4669 :4,33% :4,33 +
46?6 ?,68% ?,68 +

?:,?? MJ] +
46?? -?:,??%
5,8 +
46?4 5,8% ?2,2 MJ] +
46?= -?2,2% e
es
Ko okïnisb hb ul ikvbstilbkta hbvb sbr nbvoho bl maksihbroåía, ùkta mal o lbhiho ha rbtarka
bspbroha, o hispbrsía has vonarbs bl tarka ho léhio. _uokta lois hispbrsas sb oprbsbktorbl as
rbsuntohas, loiar o ikmbrtbzo mal rbnoåía oa rbtarka bspbroha, au sbò, lois orrismoho sb oprbsbkto
=? | V ï e i k o

o ontbrkotivo. Xon hispbrsía é monmunoho pbno lbhiho ha hbsvia-pohría. A hbsvia-pohría has rbtarkas
hb ul ikvbstilbkta é monmunoha pbnos toxos hismrbtos hb rbtarka.
O vanotinihohb, autro lbhiho hb hispbrsía, bxprbsso o ikmbrtbzo has rbtarkas hb ul otiva au, bl
autros ponovros, o iktbksihohb b o crbquàkmio hos vorioåòbs adsbrvohos bl sbus prbåas. Rl lbrmoha
vanïtin é bktbkhiha quokha as prbåas has otivas asminol ropiholbktb, sacrbkha oulbktas b
rbhuåòbs hb prbåas. A hbsvia-pohría b o voriäkmio sía ikhimoharbs dostoktb utinizohas ho vanotinihohb

hb ul otiva.
A mïnmuna ha hbsvia-pohría mala lbhiho hb vanotinihohb, b kía hb risma, é hbsbkvanviha pbno

opuroåía ha rbtarka maktìkua, oa ikvés ha mïnmuna ha rbtarka hismrbta. A hbsvia-pohría mala
lbhiho hb vanotinihohb é adtiha ohoptokha-sb o bxprbssía dïsimo ha hbsvia-pohría hbsbkvanviho
oktbriarlbktb, pbno hispbrsía has rbtarkas naeorìtlimas has otivas bl rbnoåía oa rbtarka léhia, au
sbò0
Akhb k é o quoktihohb hb vonarbs ho sérib jistýrimo bl okïnisb b é a rbtarka naeorìtlima has prbåas
vbricimohas bktrb huos hotos maksbmutivos, hoha par0
Mïnmuna ho marrbnoåía b mavoriäkmio
Mavoriäkmio
Os lbhihos qub ad`btivol rbnomiakor huos voriïvbis sía o mavoriäkmio b o marrbnoåía.

O mavoriäkmio viso ihbkticimor mala hbtbrlikohas vonarbs sb iktbr-rbnomiakol. É, dosimolbktb, ulo
lbhiho qub ovonio mala os voriïvbis Z b Y lavilbktol-sb oa lbsla tblpa bl rbnoåía o sbus
vonarbs léhias (mavoriol).
(mavoriol). Hb autro carlo, ikhimo o silbtrio bxistbktb
bxistbktb bktrb Z b Y.
]b hais tìtunas oprbsbktol ossamioåòbs pasitivos Wau sbò, MAS ; 6\, ohlitb-sb qub os toxos hb rbtarka
oprbsbktol malpartolbkta hb lbslo tbkhàkmio. A hbsblpbkja hb ul tìtuna omalpokjo a ha
autra. O vonarizoåía hb ul tìtuna rbcnbtb
r bcnbtb tbkhàkmio toldél hb vonarizoåía hb bl autra b vimb-vbrso.
Kbssb mosa, hiz-sb qub as otivas sía hirbtolbktb rbnomiakohas.
O mavoriäkmio é kbeotivo quokha hais otivas oprbsbktol rbnoåòbs ikvbrsos WMAS > 6\. Kbsso situoåía,
a rbtarka hb ul tìtuna tbkhb o ossulir a malpartolbkta ikvbrsa ha autra. Var bxblpna, a rbtarka
bspbroha hb ulo oåía rbhuz-sb hioktb hb ulo onto kos toxos hb ùras.
=4 | V ï e i k o

Bvihbktblbktb, kía sb vbricimokha

vbricimokha ossamioåía
ossamioåía oneulo bktrb hais otivas, o mavoriäkmio monmunoho
monmunoho é
kuno WMAS < 6\.
O bxprbssía lotblïtimo poro o mavoriäkmio é hoho par0
Bxblpna0
Ohlito a hbsblpbkja bspbroha hb hais tìtunas (O b D) hioktb hb = mbkïrias bmakølimas. É otriduìho
o lbslo pradodinihohb hb amarràkmio poro moho situoåía bspbroho ha mbkïria bmakølima0
]ituoåía ho bmakalio Tbtarka ha tìtuna O Tbtarka ha tìtuna D
Tbmbssía -?2% 46%

Bstodinihohb =2% -?2%
Mrbsmilbkta 22% ?6%
O rbnoåía bktrb as rbtarkas has tìtunas é0
-?2% -86% 46% ?2% -3%

=2% ?6% -?2% -46% -4%
22% =6% ?6% 2% ?,2%
-3,2%
O mavoriäkmio monmunoho é kbeotivo WMAS < -3,2%/= < -4,?5%\, ikhimokha ossamioåía ikvbrso bktrb as
tìtunas. O tbkhàkmio
tbkhàkm io bspbroho é a rbtarka hb ul tìtuna vonarizor-sb
vonarizor -sb omilo hb sbu vonar léhia ,
quokha a rbsuntoha hb autra cimor odoixa. Bssbs hais tìtunas mal MAS > 6 bstía maktrodonokmbohas,
rbhuzikha a risma ho mortbiro. Amarrbkha o hbsvonarizoåía hb ul tìtuna, é bspbroho o vonarizoåía ha
autra. Bsso situoåía é mjoloho hb jbheike.
Hbvb sbr rbssontoho, ka bstuha ho mavoriäkmio, o hicimunhohb hb iktbrprbtoåía hb sbu rbsuntoha
kulérima, cimokha o ovonioåía lois mbktroho kos tbkhàkmios hb sbus rbsuntohas. O okïnisb kulérimo
ho maldikoåía bktrb vonarbs é hbsbkvanviho pbna mabcimibktb hb marrbnoåía.
== | V ï e i k o

Marrbnoåía

A makmbita hb marrbnoåía viso bxpnimor a erou hb rbnomiakolbkta vbricimoha ka malpartolbkta hb
huos au lois voriïvbis. _uokha sb troto ukimolbktb hb huos voriïvbis, tbl-sb o marrbnoåía silpnbs.
_uokha sb rbnomiakol lois hb huos voriïvbis, tbl-sb o marrbnoåía lðntipno.
Voro bxblpnicimor, é rozaïvbn bspbror-sb ulo marrbnoåía (vorioåía bl makùkta) bktrb a oulbkta ka
kìvbn hb prahuåía ho bmakalio b a kðlbra hb pbssaos blprbeohos.
Ossil, o marrbnoåía bktrb huos voriïvbis ikhimo o lokbiro mala bnos sb lavbl bl makùkta. O
quokticimoåía hbssb rbnomiakolbkta é adtiho bstotistimolbktb par lbia ha mabcimibktb hb
marrbnoåía, qub pahb vorior hb +? o -?.
_uokha a mabcimibktb hb marrbnoåía car ieuon o -?, hiz-sb qub os voriïvbis bl bstuha bstía
kbeotivolbktb (ikvbrsolbktb) marrbnomiakohos, ista é, quokha o voriïvbn Y hilikui, o voriïvbn Z
tbkhb o bnbvor-sb. A erïcima, odoixa, inustro bssb malpartolbkta.
Inustrotivolbktb, é bspbroho ulo qubho ko hblokho hb hbtbrlikohas dbks hb maksula (Z). _uokta
lois prýxila hb -? situor-sb a mabcimibktb, lois kbeotivo sbrï o marrbnoåía bktrb huos voriïvbis.
Kulbrimolbktb, bssb malpartolbkta ikvbrsa bktrb os voriïvbis pahb sbr inustroha ohlitikha as
sbeuiktbs vonarbs poro o hblokho b a prbåa hb vbkho has dbks hb maksula0
Vrbåa hb Sbkho (Z) Hblokho (Y)

$ 86 ?6 uk
$ 8: : uk
$ 24 5 uk
$ =3 ?? uk
$ =4 ?4 uk
Mal dosb ka malpartolbkta hbssbs vonarbs, pahb-sb hb carlo iktuitivo bstodbnbmbr ulo marrbnoåía
pbrcbitolbktb kbeotivo (-?) bktrb os voriïvbis prbåa b hblokho, os quois oprbsbktol ul lavilbkta
=8 | V ï e i k o

makùkta praparmiakon. Rl oulbkta hb $: ka prbåa hb vbkho hbtbrliko rbhuåía

praparmiakonlbktb ieuon ka kðlbra hb ukihohbs hblokhohos (-46%), b ossil par hioktb.
_uokha a mabcimibktb hb marrbnoåía car bxotolbktb ieuon o +?, makmnui-sb qub os voriïvbis bl bstuha
sb oprbsbktol pbrcbitolbktb (au hirbtolbktb) marrbnomiakohos. Ista é, vorioåòbs hb Y hbtbrlikol
ontbroåòbs poronbnos b ka lbsla sbktiha ko voriïvbn Z. A erïcima odoixa inustro bssb tipa hb
marrbnoåía. Rl mrbsmilbkta
mrbsmilbkta hb Z nbvo o ul oulbkta marrbspakhbktb bl Y b vimb-vbrso.
Maksihbrb as sbeuiktbs vonarbs0
Soriïvbn Y Soriïvbn Z
?26 26
466 ?66
426 ?26
?46 46
??6 ?6
O marrbnoåía é tiho mala pbrcbitolbktb pasitivo ( < ?), pais as vonarbs maksihbrohas lavbl-sb hb
lokbiro tatonlbktb ieuon, ista é, ikmrblbktas au rbhuåòbs bl Z amosiakol rbcnbxas hirbtas b hb
lbslo iktbksihohb bl Y.
Vahbl sbr bkmaktrohos oikho voriïvbis qub sb malpartol hb lokbiro tatonlbktb ikhbpbkhbktb
bktrb si. Kía jï rbnoåía oneulo bktrb as vonarbs ( < 6).
]b a ad`btiva é hivbrsicimor as ikvbstilbktas mal vistos o rbhuzir a risma has otivas, é ilpartoktb
sbnbmiakor opnimoåòbs mal hicbrbktbs loekituhbs hb marrbnoåía.
=2 | V ï e i k o

a Mabcimibktb hb marrbnoåía

O lbhiåía ha erou hb rbnomiakolbkta bktrb os voriïvbis hispastos par lbia hb paktas (Z b Y) bl
tarka hb ulo rbto é prambssoho pbna mabcimibktb hb marrbnoåía A mabcimibktb hb
marrbnoåía vorio bktrb -? b +?, ista é0
]bkha iktbrprbtoha bl cukåía ha rbsuntoha b sikon bspbrohas.

Vbno bxprbssía oprbsbktoho, pahb-sb hbtbrlikor o mavoriäkmio hb Z b Y pbna prahuta ho marrbnoåía
b hbsvia-pohría hos voriïvbis, au sbò0
É hbcikiha par0
A mabcimibktb hb marrbnoåía papunomiakon é hoha par0
Bxblpna0 Rlo olastro mal adsbrvoåòbs ha tblpa hb bktrbeo (bl likutas) hb pizzo hb ulo
Vizzorio Hbnivbry b o histäkmio hb bktrbeo. Hbsbò-sb vbricimor sb os voriïvbis sía marrbnomiakohos. A

=3 | V ï e i k o

erïcima hb hispbrsía hos voriïvbis, odoixa, suebrb qub jï ulo rbnoåía pasitivo b nikbor. Hbsto carlo,
utinizor-sb-ï a mabcimibktb hb marrbnoåía hb Vborsak poro mjbmor sbr os voriïvbis sía marrbnomiakohos.
Xblpa 86 4? ?8 46 48 49 ?2 ?9 ?6 =2 ?: 24 ?9 46 ??
Histäkmio 3:: 4?2 422 834 88: 553 466 ?=4 =3 556 ?86 :?6 826 3=2 ?26
966
:66
566
366
266
866
=66
466
?66
6
6 ?6 46 =6 86 26 36
Mïnmuna ha mabcimibktb hb Vborsak0
Vartokta, makmnui-sb qub bxistb ulo rbnoåía nikbor cartb b pasitivo bktrb os voriïvbis.
=5 | V ï e i k o

=.= Xìtunas hb Tbkho Cixo
Xìtunas pðdnimas
NCX
O Nbtro Cikokmbiro ha Xbsaura (ja`b makjbmiha ha Xbsaura ]bnim), é ul tìtuna pðdnima cbhbron muò
rbktodinihohb é hoho pbno Xoxo ]bnim omulunoho ka pbrìaha hb ikvbstilbkta, omrbsmiho hb ïeia au
hbsïeia rbeistroha
rbeistroh a ka lalbkta ho malpro ha tìtuna. Naea, é ul tìtuna pýs-cixoha.
pýs-ci xoha. Kía jï poeolbkta
hb ùras pbriýhimas, sbkha as eokjas poeas salbktb ka vbkmilbkta.
Sonar hb comb (ikvbstiha

+ rbktodinihohb)
Hoto ho malpro
Xoxo hb @uras ka Vbrìaha (]bnim) Hoto hb vbkmilbkta
Sonar ikvbstiha
A prbåa ho NCX é hoha pbna lbrmoha b é cukåía ho acbrto b ho hblokho ha popbn. Oa nakea ho
huroåía ha tìtuna, bssb prbåa euorho rbnoåía bstrbito mal a SKO hos NCXs. Bl ?° hb ùnja hb 4666, a
Xbsaura Komiakon hbtbrlikau qub a SKO hos NCXs bro hb T$?.666,66 b qub o portir hoqubno hoto,
bssb SKO sbrio otuonizoha hioriolbktb pbno Xoxo ]bnim. Mosa kía amarro ïeia au hbsïeia, a prbåa ha
tìtuna sbrï ieuon oa sbu SKO.
É passìvbn qub, ka ota ha ikvbstilbkta, o NCX acbrbåo ulo rblukbroåía niebirolbktb omilo au
odoixa ho Xoxo ]bnim. _uokha o rbktodinihohb é supbriar æ Xoxo ]bnim, hizblas qub o NCX bstï sbkha
kbeamioho mal hbsïeia. Naea, a prbåa o sbr poea pbna ikvbstihar sbrï lbkar qub a SKO. _uokha o
rbktodinihohb acbrbmiho é ikcbriar æ Xoxo ]bnim, hizblas qub o NCX bstï sbkha kbeamioho mal ïeia.
Naea, a prbåa o sbr poea ko malpro ho NCX sbrï loiar qub a SKO, cozbkha mal qub a rbtarka
bspbroha oté a vbkmilbkta sbò lbkar ha qub o Xoxo ]bnim.
Kas mosas ho bxistàkmio hb ïeia au hbsïeia, o matoåía ho NCX sbrï hoho par ul pbrmbktuon ha SKO,
monmunoha otrovés ho cýrluno odoixa. Luntipnimokha bsso matoåía pbna SKO ka ota ho malpro, tbl-
sb a prbåa o sbr poea pbna ikvbstihar pbno oquisiåía ha tìtuna.
=: | V ï e i k o

akhb0 toxo < rbtarka (loiar au lbkar) ha qub o Xoxo ]bnim7 b hu < kðlbra hb hios ðtbis bktrb o hoto
ho malpro b o ho hb vbkmilbkta ho NCX.
KXK-D
O Kato ha Xbsaura Komiakon ]érib D (KXK-D) acbrbmb ulo toxo hb ùras prbhbcikiho ka lalbkta ho
malpro, lois o vorioåía ha IVMO. Naea, o rbktodinihohb acbrbmb sblprb ul eokja rbon oa ikvbstihar.
As mupaks hb ùras sía poeas sblbstronlbktb.
@uras sblbstrois
Sonar hb comb kalikon
(ikvbstiha + rbktodinihohb)
Hoto ho malpro
Hoto hb vbkmilbkta
Sonar ikvbstiha
Ossil mala o NCX, o KXK-D tbl SKO, sbkha bsto oùstoho pbno vorioåía ha IVMO. O hoto-dosb hbcikiho
pbna Xbsaura Komiakon é hb ?2 hb ùnja hb 4666. Mal SKO ikimion hb T$?.666,66, bstb vbl sbkha
otuonizoha pbno vorioåía ha IVMO, b as mupaks hb ùras sía sblprb monmunohas sadrb a SKO. Issa
eoroktb qub o rblukbroåía oa ikvbstihar sbò bcbtivolbktb malpasto pbnas ùras rblukbrotýrias b
pbno vorioåía ha ìkhimb hb prbåas.
KXK-D Vrikmipon
Xìtuna pýs-cixoha muò rbktodinihohb é malpasto par ulo toxo pomtuoho ka lalbkta ho malpro lois
o vorioåía ha IVMO. Hbsto carlo, praparmiako oa ikvbstihar ulo rbktodinihohb rbon, eoroktikha a
pahbr hb malpro ha hikjbira.
Mal vbkmilbktas lois nakeas crbktb oas autras hispakìvbis, é ikhimoha poro qubl hbsbò paupor
poro o opasbktohario. Vassui cnuxa hb poeolbktas silpnbs akhb, ka vbkmilbkta, a ikvbstihar rbmbdb
a vonar ikvbstiha omrbsmiha ho rbktodinihohb. Oqui, a poeolbkta amarrb hb ulo sý vbz, ka cikon ho
opnimoåía.
=9 | V ï e i k o


Hoto ho malpro
@uras pomtuoha + vorioåía ha IVMO Hoto hb vbkmilbkta
Sonar ikvbstiha
A SKO ho KXK-D b ho KXK-D Vrikmipon é a lbsla. O hicbrbkåo hbmarrb hb qub, mala o KXK-D
Vrikmipon coz opbkos ul poeolbkta oa ikvbstihar, ikmnuikha ùras b prikmipon, a prbåa o sbr poea par
ul ikvbstihar ho KXK-D Vrikmipon é dostoktb ikcbriar oa sbu SKO, hb carlo qub o rbktodinihohb sbò
adtiho pbno hicbrbkåo bktrb a prbåa poea pbna tìtuna b sbu prbåa hb
h b vbkho. O hicbrbkåo é o ousàkmio
hb poeolbktas pbriýhimas ka tìtuna Vrikmipon, muà cota é rbcnbtiha ka prbåa o sbr poea pbna popbn.
NXK
Nbtros ha Xbsaura Komiakon sía tìtunas prbcixohas suo rbktodinihohb é hbcikiho ka lalbkta ho
malpro, mosa a ikvbstihar ciqub mal a tìtuna oté sbu vbkmilbkta - qub passubl vonar kalikon
lðntipna hb T$?.666,66 b sía kbeamiohas mal hbsïeia sadrb a vonar kalikon ka lbrmoha, poeokha
a ikvbstihar ulo quoktio ikcbriar oa sbu vonar hb comb. A rbseotb sb hï pbna vonar kalikon ha tìtuna
ikhbpbkhbktblbktb hb sbu proza hb blissía. Loktbkha a tìtuna oté a vbkmilbkta, a ikvbstihar
rbmbdbrï T$?.666,66 poro moho ukihohb ha popbn (mosa malprb ulo croåía hb tìtuna, rbmbdbrï
praparmiakonlbktb
praparmiakonlbktb oa pbrmbktuon ohquiriha).
Os carlos hb manamoåía hbssbs tìtunas sb hía par acbrto pðdnimo, mal rbonizoåía hb nbinòbs, pahbkha
sb oa por, mal ïeia au hbsïeia, au hb carlo hirbto, lbhioktb bxprbsso outarizoåía ha Likistéria ho
Cozbkho, kía pahbkha kbssb mosa sbr manamohos par vonar ikcbriar oa por.
A proza hos NXKs é hbcikiha ka lalbkta hb suo blissía.

Hoto ho malpro
Xoxo hb @uras Bcbtivo ka pbrìaha Hoto hb vbkmilbkta
Vrbåa ukitïria
86 | V ï e i k o

Mosa kbmbssitb vbkhbr a tìtuna oktbmipoholbktb, a Xbsaura Komiakon poeorï sbu vonar hb lbrmoha,
hb laha qub o rbktodinihohb pahbrï sbr loiar au lbkar ha qub o maktrotoho ko hoto ho malpro,
hbpbkhbkha ha prbåa ha tìtuna ka lalbkta ho vbkho.
Mala sb troto hb ul tìtuna mal opbkos ul cnuxa hb moixo pasitiva, o NXK tbl
t bl prbmicimoåía silpnbs.
silpnbs.
Dosto trozbr o vonar prbsbktb as T$?.666,66 qub sbría poeas ko hoto hb vbkmilbkta, maksihbrokha
ulo hbtbrlikoho toxo hb hbsmakta b a kðlbra bxota hb hios ðtbis bktrb o hoto ho prbmicimoåía b o
hoto hb vbkmilbkta.
KXK-C
Os Katos ha Xbsaura Komiakon ]ério C, sía tìtunas muò rbktodinihohb

rbktodini hohb é prbcixoho b muà rbkhilbkta
ho opnimoåía é rbmbdiha pbna ikvbstihas oa nakea ha ikvbstilbkta, par lbia has mupaks sblbstrois
hb ùras, b ko hoto hb vbkmilbkta ha tìtuna, quokha ha rbseotb ha vonar ikvbstiha saloha æ
rbktodinihohb ha poeolbkta ha ðntila mupal hb ùras.
@uras sblbstrois
Hoto ho malpro
Hoto hb vbkmilbkta
Sonar ikvbstiha

Kbeamioåía hb tìtunas pðdnimas. Lbrmoha prilïria0 nbinòbs7

nbinòbs7 Lbrmoha
sbmukhïria0 donmía
A Xbsaura Komiakon blitb tìtunas ho hìviho pðdnimo ka lbrmoha prilïria, par lbia hb acbrtos pðdnimos
malpbtitivos, ko lahonihohb hb nbinòbs. Rlo vbz blitihas, as tìtunas pahbl sbr nivrblbktb
kbeamiohas bktrb os portbs, carlokha ossil a lbrmoha sbmukhïria hb tìtunas pðdnimas.
A dal cukmiakolbkta ha lbrmoha sbmukhïria pralavb o ovonioåía has otivas cikokmbiras hb carlo
lois bcimibktb b troksporbktb, onél hb passidinitor ulo lbnjar ohlikistroåía ha risma, bnbvor o
niquihbz b patbkmionizor a lbrmoha prilïria. O niquihbz bnbvoho tarko a prambssa hb carloåía hb
prbåas lois bcimibktb, pbrlitikha oa Xbsaura Komiakon blitir ikstrulbktas cikokmbiras mal lbkar
musta b, maksbqubktblbktb,
maksbqubktblbktb, lbkar risma hb rbcikokmiolbkta.
rbcikokmiolbkta.
8? | V ï e i k o

O niquihbz hb ul tìtuna pahb sbr bktbkhiho mala o mopomihohb hb malpro b vbkho b a rbspbmtiva
ilpomta kas sbus prbåas. Hbsto carlo, tìtunas nìquihas sía oqubnbs poro as quois é passìvbn o malpro
b vbkho hb ulo quoktihohb pohría sbl erokhbs bcbitas poro as prbåas protimohas. Os huos lbhihos
hb niquihbz lois malulbktb bkmaktrohos ko nitbroturo sía a sprboh bktrb o toxo hb malpro b vbkho
b a vanulb kbeamioha bl rbnoåía oa sbu bstaqub. Ka lbrmoha sbmukhïria hb tìtunas pðdnimas
drosinbiras, bl cukåía hb ikmbktivas prbsbktbs ko nbeisnoåía has hbonbrs, o niquihbz tbkhb o sb
makmbktror kas tìtunas b vbkmilbktas qub makstol ka ran has tìtunas, qub sía ad`bta hb kbeamioåía
has hbonbrs.
hbonbrs.
Xbsaura Hirbta
Bl 4664, o ]bmrbtorio ha Xbsaura Komiakon ha Likistéria ho Cozbkho mriau a Xbsaura Hirbta, sistblo
qub pbrlitb o malpro hb tìtunas pðdnimas par ikvbstiharbs ikhivihuois vio iktbrkbt. Var lbia ha
sistblo, as ikvbstiharbs pahbl ikvbstir bl ul tìtuna bspbmìcima au bl ulo mortbiro hb tìtunas qub
sbò lois ohbquoho æs kbmbssihohbs hb rbtarka b hb cnuxa hb moixo, sbl tbr hb rblukbror tbrmbiras
pbno ohlikistroåía b ebstía hb rbmursas.
Voro apbroha ka Xbsaura Hirbta, pbssaos cìsimos hbvbl sb mohostror ùkta o ulo ikstituiåía
cikokmbiro. Bsso ikstituiåía otuo mala oebktb hb mustýhio ho pasiåía ha mnibktb b carkbmb ulo sbkjo
poro qub bstb passo ombssor a sistblo b ossil cozbr suos troksoåòbs hb malpro b vbkho hb tìtunas.
Bxistb ul jarïria prbhbcikiha poro apbroåòbs ka sistblo0 tahas as hios ðtbis, bktrb 9j=6 b ?:j, as
ikvbstiharbs pahbl ombssor a sistblo b rbonizor ikvbstilbktas b rbseotbs, malprokha b vbkhbkha
tìtunas oas prbåas matohas pbna Xbsaura Komiakon ka lalbkta hb moho troksoåía. O oquisiåía has
popéis pahb sbr hb carlo ukitïrio (? ukihohb hb ul tìtuna) au cromiakoho (6,6? tìtuna), rbspbitokha a
vonar lìkila hb T$=6,66 par tìtuna. A nilitb hb opnimoåía par pbssao cìsimo, par làs, é hb
T$?.666.666,66.
_uokta oas mustas, bxistbl huos toxos madrohos ko kbeamioåía0 toxo hb mustýhio ho DL&CDavbspo
(madroho pbno danso b bquivonbktb o 6,42% oa oka sadrb a vonar opnimoha ka Xbsaura Hirbta pbno
prbstoåía has sbrviåas hb euorho has tìtunas, lokutbkåía ha sistblo b bkvia hb bxtrotas lbksois
oas ikvbstiharbs. Madroho sblbstronlbktb
sblbstronlbktb bl òkbira
` okbira b ùnja, au
a u ka lalbkta hb rbmbdilbkta has
ùras sblbstrois, rbseotb oktbmipoha au hoto hb vbkmilbkta. O toxo é praparmiakon oa pbrìaha hb
lokutbkåía)7 b toxo hb ohlikistroåía/mustýhio (madroho pbnos ikstituiåòbs mala rblukbroåía
pbnas sbrviåas hb mohostra, trokscbràkmios hb vonarbs b rbmanjilbkta hb IT. Sorio makcarlb o
ikstituiåía cikokmbiro,
cikokmbiro, sbkha qub luitos kía o madrol, visokha oulbktor o otrotivihohb).
84 | V ï e i k o

Sisokha oulbktor o papunorihohb has Xìtunas Vðdnimas, a Xbsaura Hirbta hbcikiu kalbkmnoturos lois
silpnbs, hb laha qub suo caktb hb rbtarka, dbl mala sbus rismas, tarkb-sb lois cominlbktb
malprbbksìvbis poro a ikvbstihar.
ikvbstihar.
NCX Xbsaura ]bnim7

KXK-D Xbsaura IVMO+ mal ùras sblbstrois7
KXK-D Vrikmipon Xbsaura IVMO+7
NXK Xbsaura Vrbcixoha7
KXK-C Xbsaura Vrbcixoha mal @uras ]blbstrois.
Makcarlb hismutiha oktbriarlbktb, a risma hb mréhita ka Xbsaura Komiakon é luita doixa, sbkha
sbeuras b ohbquohas poro ulo voribhohb hb ikvbstiharbs. Moho tìtuna passui moromtbrìstimos ðkimos,
sbkha ikhimohas poro ad`btivas hicbrbktbs. Voro ulo NCX, a risma hb lbrmoha é doixa, a qub coz mal
qub bstb tìtuna sbò ikhimoha poro ikvbstiharbs qub kía hbsbòl vbr cnutuoåòbs hb prbåas bl suos
pasiåòbs. Voro pratbåía maktro bcbitas ikcnomiakïrias, as tìtunas KXK-D b KXK-D Vrikmipon sía lois
ohbquohas. Voro oqubnbs qub qubrbl o mbrtbzo ha pbrmbktuon hb rbtarka, os NXKs b o KXK-C sía
ikhimohos.
O bsmanjo, makcarlb lbkmiakoha, hbvb sbr hirbmiakoho poro kbmbssihohb hb cnuxa hb moixo hb moho
ikvbstihar, dbl mala suo bxpbmtotivo b proza hb rbtarka.
Xìtunas privohas0 MHD, NM b NJ. Moromtbrìstimos b mïnmuna hb rbktodinihohb
Mbrticimoha hb Hbpýsita Dokmïria MHD

a
A Mbrticimoha hb Hbpýsita Dokmïria (MHD) é ul tìtuna hb rbkho cixo privoho, makstituikha ulo
adrieoåía hb poeolbkta cuturo hb ul mopiton opnimoha bl hbpýsita o proza cixa bl ikstituiåòbs
cikokmbiros. Xois rbmursas visol cikokmior a mopiton hb eira hbstos blprbsos. Os blissòbs has MHDs
sía cbitos bl cukåía ha vanulb hb mréhita hblokhoha pbnos blprbsos.
Bstía outarizohas par nbi o blitir MHDs as dokmas hb ikvbstilbkta, malbrmiois, lðntipnas, hb
hbsbkvanvilbkta b Moixo Bmakølimo Cbhbron.
A MHD pahb sbr trokscbriha par lbia hb bkhassa, sbkha, ossil, kbeamiïvbn ka lbrmoha. Bstb pahb
sbr blitiha mal rblukbroåía prbcixoho au pýs-cixoho. A tìtuna prbcixoha ikcarlo oa ikvbstihar, ka
ota ho opnimoåía, quokta irï poeor bl sbu vbkmilbkta. A MHD pýs-cixoha, par suo vbz, tbl sbus
8= | V ï e i k o

rbkhilbktas carlohas par ul ìkhimb hb lbrmoha, sbkha sbu rbkhilbkta makjbmiha opbkos ka
vbkmilbkta. O rblukbroåía pahb bstor vikmunoho æ Xoxo HI, æ XT b æ ]bnim.
Huroktb o viho ha MHD, as ùras sía monmunohas sadrb a vonar otuonizoha hb prikmipon bl dosb hiïrio,
makcarlb makvbkåía. Maksihbro-sb, poro ciks hb mïnmuna, 424 hios ðtbis ka oka, b o maktoebl hb hios
é cbito opbkos sb nbvokha bl maksihbroåía as hios ðtbis bcbtivolbktb hbmarrihas.
Kía bxistb ul proza lìkila poro a MHD, parél bstb proza ikcnubkmio ko tridutoåía ha lbsla. A
rbseotb amarrb ko hoto ha vbkmilbkta, hbcikiho ka ota ha opartb. A rbseotb moromtbrizo-sb pbna
poeolbkta cbita pbno ikstituiåía cikokmbiro oa ikvbstihar. Varél, hoha a hikolisla ha lbrmoha, é
passìvbn bkmaktror MHD mal niquihbz hiïrio, oikho qub bstbs acbrbåol rbktodinihohb ikcbriar æqubno
acbrbmiho par popéis muà poeolbkta hb ùras b prikmipon amarrb opbkos ka vbkmilbkta.
A prikmipon risma hb ul MHD é o iksanvàkmio ho ikstituiåía cikokmbiro blitbktb, makcieurokha a risma
hb mréhita. Kbssb mosa, a ikvbstihar tbl suo opnimoåía eoroktiho pbna CEM, sbkha madbrta vonarbs
ikvbstihas par pbssaos cìsimos au ùrìhimos, bl moho makenalbroha cikokmbira, oté a nilitb hb
T$426.666,66 (nilitb taton hb T$? linjía bl quotra okas).
A risma hb lbrmoha amarrb quokha a prbåa has tìtunas oprbsbkto cnutuoåòbs, mosa lois bvihbktb kas
MHDs prbcixohas. @ï a risma hb niquihbz hbpbkhb, dosimolbktb, has tbrlas kbeamiohas mal o
ikstituiåía cikokmbiro blissaro ka lalbkta ho blissía has popéis.
]adrb as rbkhilbktas has MHDs ikmihb ilpasta hb rbkho rbtiha ko caktb (ITTC), sbkha otuonlbktb
monmunoha sbeukha ulo todbno rberbssivo. A vonar ha ilpasta hbpbkhb ha tblpa hb opnimoåía,
maksihbrokha-sb o hoto hb quonqubr rbseotb poro sb hbtbrlikor o onìquato opnimïvbn. Voro ciks hb
mïnmuna, vonb o maktoebl ha kðlbra hb hios marrihas qub sb possorol hbshb a lalbkta ho opnimoåía
oté a lalbkta ha rbseotb ha popbn.
Xodbno ?0 Onìquatos hb IT
Vroza hb opnimoåía Onìquato
Oté ?:6 hios 44,2%
Bktrb ?:? b =36 hios 46,6%
Bktrb =3? b 546 hios ?5,2%
Omilo hb 546 hios ?2,6%
A cota ebrohar é o bxistàkmio hb rbkho oucbriho mal o opnimoåía, sbkha o dosb hb mïnmuna o hicbrbkåo
bktrb a vonar ho vbkho au ha rbseotb ha tìtuna b a vonar arieikon ha ikvbstilbkta. O rbspaksodinihohb
pbna rbmanjilbkta ha IT é ho caktb poeoharo (ka mosa ha MHD é a prýpria dokma blissar au o
marrbtaro mustahioktb).
mustahioktb).
Onél ha IT, as ikvbstiharbs hb MHDs bstía su`bitas oa poeolbkta hb Ilpasta sadrb Apbroåòbs hb
Mréhita, Mäldia b ]beura, au rbnotivos o Xìtunas au Sonarbs Ladiniïrias (IAC), mosa aptbl par rbseotor
88 | V ï e i k o

a vonar ikvbstiha kas prilbiras =6 hios hb opnimoåía. Opýs bssb proza, a ilpasta poea pbna ikvbstihar
sbrï salbktb a IT.
Xodbno 40 Onìquatos hb IAC

Hio Onìquato Hio Onìquato Hio Onìquato
? 93% ?? 3=% 4? =6%
4 9=% ?4 36% 44 45%
= 96% ?= 23% 4= 4=%
8 :3% ?8 2=% 48 46%
2 :=% ?2 26% 42 ?3%
3 :6% ?3 83% 43 ?=%
5 53% ?5 8=% 45 ?6%
: 5=% ?: 86% 4: 3%
9 56% ?9 =3% 49 =%
?6 33% 46 ==% =6 6%
Voro a mïnmuna ho rbktodinihohb, maksihbrb as sbeuiktbs bxblpnas0
MHD prbcixoha
]upakjo qub ul dokma poeub ?4% o.o. bl ul MHD mal proza hb vbkmilbkta hb ul oka. _uon sbrio
a vonar druta qub a ikvbstihar rbmbdbrio oa cikon ha proza hb opnimoåía poro ulo opnimoåía ikimion hb
T$?6.6661
MHD pýs cixoha
]upakjo qub ul dokma poeub :6% ha MHI bl ul MHD. _uon sbrio a vonar druta hb ulo opnimoåía hb
T$?6.666 opýs ul làs hb sbu ikìmia, sb saudbrlas qub a vonar ha MHI poro a làs bl qubstía cai hb
6,99%1
82 | V ï e i k o

Mal IT
]upakjo qub ul MHD sbrï rbseotoha opýs 866 hios hb opnimoåía, sbkha qub a vonar ikimion opnimoha
cai hb T$?6.666 b a vonar druta cikon cai hb T$??.?26. _uon sbrio a vonar nìquiha rbseotoha opýs o
ikmihàkmio hb ilpastas1
866 hios hb opnimoåía makcieuro ulo tridutoåía hb IT ko caktb sadrb as rbkhilbktas hb ?5,26%. As
rbkhilbktas carol hb T$?.?26. ]bkha ossil, hbvblas bxtroir ?5,26% hb ilpasta hbssb vonar. A
rbsuntoha cikon nìquiha sbrï0
Nbtro hb Mäldia (NM)
O Nbtro hb Mäldia é ul tìtuna hb rbkho cixo bl qub, dosimolbktb, a ikvbstihar blprbsto hikjbira
poro ulo ikstituiåía cikokmbiro b rbmbdb a vonar hb vanto mal ùras bl ul hbtbrlikoha pbrìaha,
sbkha luita porbmiho mal a `ï lbkmiakoha MHD, hicbrbkmiokha kos ikstituiåòbs blissaros0 bkquokta
a MHD é ul tìtuna blitiha opbkos par dokmas, o blissía hos Nbtros hb Mäldia é cbito par cikokmbiros.
Hoha qub os cikokmbiros passubl ul partb lbkar, os NMs mastulol oprbsbktor rbkhilbktas
supbriarbs æs autros opnimoåòbs ha lbsla tipa.
Xipas hb Nbtro hb Mäldia
Os NM sía mnossicimohos bl tràs lahonihohbs hicbrbktbs, hbcikihos hb omarha mal o suo rbktodinihohb0
Vrbcixoho0 rbktodinihohb cixo, hbcikiho ka lalbkta ho opnimoåía7

Výs-Cixoho0 passui rbktodinihohb voriïvbn, otrbnoho o ulo parmbktoebl ha MHI7
Jìdriho0 passui rbktodinihohb lbtohb cixo (hbcikiho ka lalbkta ho opnimoåía) b lbtohb
voriïvbn (otrbnoho karlonlbktb o oneul ìkhimb hb ikcnoåía, mala a IVMO).
Os Nbtros hb Mäldia passubl ul vonar hb bktroho lois bnbvoha ha qub autras prahutas hb rbkho
cixo, mala a MHD b a Xbsaura Hirbta. A ikvbstilbkta ikimion bl NMs mastulo sbr bl tarka hb T$ =6
lin b, ka qub hiz rbspbita oas prozas, kía mastulol acbrbmbr niquihbz hiïrio, b ebronlbktb passubl
ul vbkmilbkta bktrb 4 b = okas, sbkha lois ikhimohos poro bstrotéeios hb nakea proza.
O NM passui moràkmio otrbnoho oa vbkmilbkta, ista é, a ikvbstihar kía pahb rbtiror a sbu hikjbira
oktbs qub bstb proza ha tìtuna omodb. Varél, vonb rbssontor qub quokta lois nakeo car o Nbtro hb
Mäldia, loiar sbrï a sbu rbkhilbkta.
83 | V ï e i k o

Ka qub hiz rbspbita æ tridutoåía,

tridutoåía, o NM bstï su`bito o lbslo tridutoåía
tridutoåía rberbssivo has
has MHDs b ha
Xbsaura Hirbta. Naea, quokta loiar car a tblpa hb ikvbstilbkta, lbkar sbrï o ikmihàkmio ha
Ilpasta hb Tbkho.
_uokta oas rismas, a risma hos Nbtros hb Mäldia é luita doixa, `ï qub bnos sía pratbeihos pbna Cukha
Eoroktihar hb Mréhita, a CEM. Xaha ikvbstilbkta bl NM passui madbrturo eoroktiho hb oté
T$426.666,66 par MVC bl moho ikstituiåía. Los lbsla sbkha ossbeurohos pbna CEM, é ilpartoktb
nbldror qub cikokmbiros sía lois crïebis qub as trohimiakois dokmas. Au sbò, sía ikstituiåòbs
passubl ulo mjokmb loiar hb qubdror b hbixor hb poeor a ikvbstihar.
Nbtros Jipatbmïrios (NJ)
Os Nbtros Jipatbmïrios (NJ) sía tìtunas hb Tbkho Cixo nostrbohas bl mréhita iladiniïrias. A
ikstrulbkta é blitiha par ikstituiåòbs cikokmbiros qub blprbstol rbmursas ha ]istblo Cikokmbira
hb Joditoåía (]CJ). As blissarbs, partokta, pahbl sbr dokmas lðntipnas mal mortbiro hb mréhita
iladiniïria, malpokjios jipatbmïrios, ossamioåòbs hb paupokåo b blpréstila b samibhohbs hb
mréhita iladiniïria.
O NJ é eoroktiho pbno mouåía hb mréhitas jipatbmïrias. Makto oikho mal o madbrturo ha Cukha
Eoroktihar hb Mréhitas (CEM) ka vonar hb T$ 426 lin par MVC au MKV@ par ikstituiåía cikokmbiro
blissaro.
O rblukbroåía ha popbn pahb sbr pré-cixoho au pýs-cixoho, par bxblpna, pbno XT, IEV-L, au IKVM.
Rlo hos prikmipois voktoebks qub a tìtuna acbrbmb poro ikvbstiharbs pbssao cìsimo é o isbkåía hb
Ilpasta hb Tbkho.
A vbkmilbkta hbstbs tìtunas é pré-hbcikiha, tbkha ul proza lìkila hb 3 lbsbs b lïxila hb 48
lbsbs, b bnbs sía blitihas o portir hb lðntipnas hb T$ ?.666. As vonarbs hb bktroho ebronlbktb sía
ontas, portikha hb T$ 46 lin.
Lormoåía o lbrmoha0 lbtahanaeio b murvo ha popbn
sía utinizohas ka lbrmoha cikokmbira poro

ikhimor o lokbiro mala é adtiha a vonar hb ul tìtuna hb rbkho cixo, au sbò, suo prbmicimoåía. Var ul
noha, o lormoåía o lbrmoha é a vonar qub sbrio adtiha mosa a tìtuna cassb vbkhiha bl ul
hbtbrlikoha lalbkta ka tblpa. Bsso ontbrkotivo hb ovonioåía é ohbquoho poro o jipýtbsb hb a
tìtuna cimor pbrlokbktblbktb hispakìvbn poro kbeamioåía.
Var autra noha, o lormoåía ko murvo é ulo odarhoebl qub pahb sbr utinizoho mosa a tìtuna sbò
loktiha bl mortbiro, poro sbr rbseotoha salbktb ka sbu vbkmilbkta. Kbsso situoåía, a vonar ha
85 | V ï e i k o

tìtuna marrbspakhbrï oa musta hb oquisiåía, omrbsmiha ho otuonizoåía pbna ikhbxohar vikmunoha oa

popbn b has ùras, oldas monmunohas sadrb a vonar hb comb (vonar hb blissía) ha tìtuna.
Oa ohquirir a tìtuna, a ikvbstihar tarko-sb titunor ha hirbita hb rbmbdbr a vonar opnimoha omrbsmiha ho
rbktodinihohb, qubr sbò ohatoho o lormoåía o lbrmoha au o lormoåía ko murvo. A qub ontbro bssb
hirbita, maktuha, é o passidinihohb hb vbkho ha tìtuna oktbs ha vbkmilbkta. Ka bktokta, ka lalbkta
hb vbkmilbkta hbssbs tìtunas hb rbkho cixo, a vonar ikhimoha par bssos huos odarhoebks makvbreb
poro a vonar adtiha pbna rbseotb ha prikmipon ka vbkmilbkta. Var issa, jï hais lahas hb maktodinizor
a tìtuna0
o.
o. pbno lormoåía o lbrmoha, quokha sb maksihbro o passidinihohb hb a tìtuna sbr vbkhiha o
quonqubr tblpa, sbl qub issa mousb ontbroåía ka sbu vonar maktïdin, ulo vbz qub bsso
ovonioåía hbvb rbprbsbktor a vonar ha tìtuna ka lbrmoha7
d.
d. pbno lormoåía ko murvo, quokha sbrï bcbtuoha a rbseotb ha tìtuna pbna sbu hbtbktar
salbktb ka vbkmilbkta b kía sb bspbro qub o maktodinihohb sbò ocbtoho pbnos vorioåòbs
ha sbu vonar ka lbrmoha, vista qub tois vorioåòbs kía iktbrcbrbl ko hbtbrlikoåía ha
vonar ha tìtuna ka vbkmilbkta.
Modb bkcotizor qub bssos huos lbtahanaeios hb ovonioåía hb ikvbstilbktas bl tìtunas pðdnimas
cbhbrois hbvbl oprbsbktor as lbslas rbsuntohas ka lalbkta hb rbseotb has tìtunas ùkta oa
blissar. Ossil, pahbl sbr utinizohas lahbnas qub maksihbrol lavilbktas hb rbvbrsía æ léhio
ka mosa, lavilbktas bl qub o lormoåía o lbrmoha tbkhb o makvbreir poro o ovonioåía makcarlb o
murvo hb vbkmilbkta , vista qub bssb ðntila létaha sb dosbio ka malpralissa hb rbktodinihohb
ossuliha pbna blissar ha tìtuna hb hìviho.
Vrbmicimoåía hb tìtunas
i.
i. Yibnh ta loturit
A makmbita Yibnh ta loturit (YXL) rbcnbtb a rbkhilbkta (yibnh) bcbtiva has tìtunas hb rbkho cixo oté
sbu vbkmilbkta (loturity). O hbtbrlikoåía ha YXL maksihbro a prbåa hb lbrmoha ha tìtuna b as
cnuxas hb rbkhilbktas ossamiohas, bquivonbkha suo lbtahanaeio bxotolbktb æ lbhiho ho XIT. O XIT
é o toxo hb hbsmakta qub ieuono bl hbtbrlikoho hoto, bktrohos b soìhos prbvistos hb moixo hb ul
ikvbstilbkta.
Malporokha a rbsuntoha ho XIT mal a musta hb mopiton, é taloho o hbmisía bmakølimo ha

ikvbstilbkta. ]b o rbktodinihohb acbrbmiho (XIT) car loiar au ieuon æ rblukbroåía bxieiho pbnas
8: | V ï e i k o

prapribtïrias hb mopiton, o prapasto é ombito, sbkha rb`bitoho quokha o XIT car ikcbriar oa rbtarka
hbsbòha.
Ko okïnisb hb ul døkus utinizo-sb a lbsla romiamìkia. ]b o YXL supbror o toxo hb rbktodinihohb
rbqubriho, a ikvbstilbkta é maksihbroha otrobktb, rbvbnokha-sb hbsiktbrbssoktb quokha a rbtarka
pralbtiha car lbkar qub o toxo rbqubriho.
Ebkbrimolbktb, poro ul døkus mal poeolbktas pbriýhimas hb ùras b rbseotb ha prikmipon oa cikon,
carlo hb rblukbroåía usuonlbktb ohatoho pbna lbrmoha b hbkalikoha tìtunas hb mupal, o
bxprbssía hb mïnmuna ha YXL é0
Akhb é a prbåa marrbktb hb lbrmoha ha tìtuna (prbåa hb kbeamioåía)7 é a cnuxa hb moixo

(mupaks hb rbkhilbktas) pralbtihas poro moho pbrìaha, poro sbrbl poeas oa ikvbstihar7 K é a vonar
kalikon (vonar hb comb) ha tìtuna au vonar o rbmbdbr ka vbkmilbkta. As ùras
` uras has tìtunas ikmihbl sadrb
a vonar kalikon7 YXL é o toxo hb ùra qub, oa hbsmaktor as cnuxas hb moixo, opuro ul vonar prbsbktb
ieuon oa prbåa marrbktb hb lbrmoha ha tìtuna.
A prbåa hb lbrmoha hb ul tìtuna é dostoktb sbksìvbn æs asminoåòbs vbricimohos kos toxos hb ùras,
voriokha ikvbrsolbktb æ lokbiro mala as ùras sb lavilbktol ka lbrmoha.
Var hbrivor ha makmbita hb XIT, a YXL ossulb ilpnimitolbktb sbu prbssupasta dïsima hb
rbikvbstilbkta has cnuxas iktbrlbhiïrias hb moixo æ prýprio toxo hb ùras pralbtiho pbna
ikvbstilbkta. Ihbktimolbktb, poro qub o toxo iktbrko hb rbtarka monmunoho bcbtivolbktb amarro, é
kbmbssïria qub a ikvbstihar loktbkjo a tìtuna bl sbu pahbr oté a lalbkta hb sbu vbkmilbkta.
Oa sb supar qub as rbkhilbktas has tìtunas sbòl pbriahimolbktb rbikvbstihas æ prýprio toxo ha
YXL ikbrbktb oa cnuxa hb moixo, o rbktodinihohb (yibnh) pbriýhimo opuroho ko bxprbssía é maksihbroho
bcbtivo. A prbssupasta ilpnìmita ka mïnmuna ho XIT ossulb qub a YXL é bcbtiva sb as rbkhilbktas hb
moho pbrìaha carbl rbikvbstihas pbno prýprio toxo ha YXL kas lalbktas hb suos rbspbmtivos
bktrohos hb moixo, b omulunohas
omulunohas bxpakbkmionlbktb oté a cikon ha proza ho apbroåía (loturity).
(loturity).
Rl døkus pahb toldél acbrbmbr ul ðkima poeolbkta oa cikon ha proza hb blissía, a quon
ikmarparo prikmipon b ùras. Bssb tipa hb loturity é hoha par0
K+
89 | V ï e i k o

As tìtunas pahbl oikho kía prbvbr quonqubr poeolbkta hb ùras huroktb suo loturihohb, sbkha
hbkalikohas zbra mupak daks (tìtuna mal mupal zbra). Bl sudstituiåía oas mupaks hb rbkhilbktas,
a tìtuna é ebronlbktb kbeamioha par ul vonar hb comb hbsmaktoha (hbsïeia), au sbò, par ul prbåa
ikcbriar oa sbu vonar hb comb (par bxblpna, tbsaura prbcixoha, mallbrmion popbrs btm).
Mala sía kbeamiohas mal hbsïeia bl rbnoåía oa sbu vonar hb comb, b poeol ka vbkmilbkta bstb
vonar, as tìtunas sía rbprbsbktohas par0
Rl tìtuna pahb toldél sbr blitiha mal huroåía ikhbtbrlikoho, sbkha hbkalikoha maksan.
Vrbåa hb lbrmoha has tìtunas hb rbkho cixo
A prbåa hb lbrmoha hb ul tituna é adtiha hb lokbiro silinor æ carlunoåía ha YXL, salbktb qub
utinizokha mala toxo hb hbsmakta o rblukbroåía bxieiho pbna lbrmoha (G). Hbsso carlo, poro ul
døkus mal rbkhilbktas pbriýhimas0
Akhb G rbprbsbkto o toxo rbqubriho

r bqubriho hb rbtarka hbcikiho pbna ikvbstihar ha tìtuna.
Bxblpna0
Ohlito ul døkus mal vonar hb comb hb T$?.666 qub poeo ùras sblbstrois praparmiakois o ?6% oa
oka. O loturity ha tìtuna é hb ?6 okas. ]b as ikvbstiharbs ombitorbl hbsmaktor bssb tìtuna æ toxo
sblbstron hb 2%, makcarlb prapasto bl suo blissía, sbu prbåa hb lbrmoha otikeb bxotolbktb o
sbu vonar hb comb0
Ossil0
K < T$ ?.666,66
M < ?6% o.o. (2% o.s.)
Loturity (k) < ?6 okas (46 sblbstrbs)
G < 2% o.s.
26 | V ï e i k o

A prbåa adtiha bl quonqubr lalbkta ha loturity kía sb ieuono, kbmbssoriolbktb, o sbu prbåa hb
lbrmoha, pahbkha a tìtuna sbr kbeamioha mal hbsmakta au ïeia (pràlia), hbpbkhbkha hos
bxpbmtotivos has cnuxas hb rbkhilbktas b ha prbåa hb vbkho.
]b a lbrmoha hbsmaktor bssb tìtuna æ toxo kalikon hb ?4% oa oka, par bxblpna, a prbåa hb
kbeamioåía sb rbhuz poro T$::2,=60
Hbkatokha ul hbsïeia hb ??,85%.

Bssb é a prbåa hb maksbksa hb lbrmoha poro ulo toxo hb YXL bxieiho hb ?4% oa oka. Oa ohlitir,
oikho, ulo bxpbmtotivo hb rbhuåía ho YXL bxieiho ha tìtuna poro 9% oa oka opýs hais okas ho hoto
hb suo blissía, a prbåa cutura bspbroha oa cikon ha sbeukha oka toldél pahb sbr hbtbrlikoha
pbno sbeuiktb carlunoåía0
O carlunoåía ilpnimo kul proza hb blissía poro aita okas (?3 sblbstrbs) b ulo bstilotivo hb YXL
hb lbrmoha hb 9% o.o., au 8,2% o.s.. O rbhuåía ho toxo hb ùra rbqubriho pbna lbrmoha bnbvau a
prbåa hb vbkho ha tìtuna, sbkha kbeamioha mal ul ïeia bl rbnoåía o sbu vonar arieikon hb 2,3%.
O ovonioåía has tìtunas hb rbkho cio b as ùras hb lbrmoha oprbsbktol ul malpartolbkta ikvbrsa.
_uokha os toxos hb lbrmoha sb bnbvol, as prbåa s hb kbeamioåía has tìtunas sía rbhuzihas7 quokha
amarrb ulo qubho kos toxos hb ùras, adsbrvo-sb ulo vonarizoåía kas prbåas hb lbrmoha has tìtunas.
Mala as mupaks sía cixas par taho o loturihohb, vorioåòbs ka rbtarka ocbtol ukimolbktb a prbåa
ha tìtuna.
]b a rbtarka acbrbmiha pbna tìtuna é ieuon oa mupal, bktía a tìtuna bstï kbeamioha ka
lbrmoha oa por, au sbò, a vonar hb lbrmoha é ieuon oa vonar hb comb. Kbssb mosa, o toxo hb
ùras poeo pbna
pbna tìtuna prbvisto
prbvisto ka mupal
mupal é ieuon oa rbtarka
rbtarka bxieiha7
bxieiha7
]b a rbtarka opuroha ha tìtuna car ikcbriar o sbu mupal, a tìtuna é kbeamioha ka lbrmoha
mal ïeia, au sbò, par ul prbåa supbriar oa sbu vonar hb comb. Kbssb mosa, hiz-sb qub jï ul
pràlia bl rbnoåía oa por. A tìtuna rblukbro a ikvbstihar omilo ho toxo hb ùras hb
lbrmoha7
]b a rbtarka ha tìtuna car supbriar oa poeolbkta ha mupal, a prbåa hb lbrmoha ha tìtuna

sacrb ul hbsmakta, sbkha kbeamioha par ul vonar ikcbriar oa hb comb, au sbò, mal hbsïeia.
2? | V ï e i k o

A vonar ha tìtuna
t ìtuna mal hbsïeia ikhimo ul rbtarka bxieiha pbna ikvbstihar (ùras hb lbrmoha)
omilo ho toxo poeo pbna mupal.
Murrbkt Yibnh
A mïnmuna ha murrbkt yibnh (MY) hblakstro o rbktodinihohb pbriýhimo hb ul tìtuna bl rbnoåía o sbu
prbåa marrbktb hb lbrmoha, au sbò0
Ohlito ulo adrieoåía mal loturihohb hb aita okas qub poeo mupal hb ?6% oa oka, mal
rbkhilbktas sblbstrois. A døkus bstï sbkha kbeamioha ka lbrmoha pbna prbåa hb T$?.6:9, sbkha
sbu vonar hb comb hb T$?.666.
Hbtbrlikb o YXL b o MY ha tìtuna0
- YXL
Bquivonbkha, par ùras malpastas, o :,3=% o.o.
- MY
A mupal okuon hb ?6% é loiar qub o MY bl rozía ha tìtuna bstor sbkha kbeamioha mal ïeia (prbåa
marrbktb hb lbrmoha supbriar oa vonar hb comb).
Var autra noha, o MY ; YXL bl rozía ha mïnmuna ho YXL maksihbror o pbrho ha ikvbstihar ha tìtuna
hioktb ha ïeia poea. A tìtuna é ohquiriha par T$?6:9 b rbseotoha par T$?666 oa cikon ha proza hb
blissía.
Tbnoåía bktrb o toxo hb ùras b a prbåa has tìtunas
O carloåía ha prbåa has tìtunas ka lbrmoha bkmaktro-sb rbnomiakoho mal a malpartolbkta ho toxo
hb ùras. Mala a prbåa hb lbrmoha é adtiha hbsmaktokha-sb
hbsmaktokha-sb as cnuxas hb rbkhilbktas pbno toxo hb
ùras rbqubriho,
rbqubriho, a tìtuna
tìtuna hbsvonarizo-sb
hbsvonarizo-sb makcarlb as
as ùras sadbl, b oprbsbkto
oprbsbkto vonarizoåía
vonarizoåía quokha os
toxos hbmnikol.
24 | V ï e i k o

A vonar hb ul tìtuna é carloha pbnas cnuxas hb rbkhilbktas cuturas bspbrohas b pbno toxo hb
hbsmakta opnimoho bl sbu mïnmuna. O toxo hb hbsmakta bxprbsso a risma ha tìtuna.
Xoxo hb ùras G (%)
]b G sadrb moi
]b G moi sadb
Hbsto carlo, a vonar prbsbktb kía é ulo cukåía nikbor ho toxo hb hbsmakta has rbsuntohas hb moixo
ha tìtuna, b sil ulo cukåía makvbxo hbsto toxo. Makcarlb o toxo hb hbsmakta car sb bnbvokha, a
prbåa ha tìtuna irï sb rbhuzikha, parél o toxos hbmrbsmbktbs. _uokta loiar o loturihohb ha tìtuna,
lois siekicimotivo sb oprbsbkto bsto vorioåía bl sbu vonar, au sbò, loiar o vanotinihohb hb sbu prbåa.
Bxblpna0
Ohlito ulo adrieoåía mal vonar kalikon hb T$?.666 b qub poeo mupal okuon hb :% o.o.. O
vanotinihohb ha tìtuna é oprbsbktoho0
Xoxo hb Loturihohb < 8 okas Loturihohb < : okas
hbsmakta Sorioåía Sorioåía
8% o.o. ??82,4 - ?439,= -
3% o.o. ?639,= -3.3=% ??48,4 -??,8=%
:% o.o. ?666,6 -3,8:% ?666,6 -??,62%
?6% o.o. 9=3,3 -3,=8% :9=,= -?6,35%
?4% o.o. :5:,2 -3,46% :6?,= -?6,=6%

2= | V ï e i k o

Voro quonqubr loturihohb, o hbsvonarizoåía ha prbåa ha tìtuna, oa sb ikmrblbktor o toxo hb hbsmakta,

amarrb hb carlo hbmrbsmbktb. Var autra noha, quokta loiar o loturihohb, loiar toldél o vorioåía
vbricimoho. Naea, a risma é cukåía mrbsmbktb ha proza ha tìtuna, ikhimokha qub, quokta loiar a tblpa
hb vbkmilbkta, lois onta é a risma oprbsbktoha.
Rl otiva bl qub kía sb bspbro pbrho b qub oprbsbkto ul proza luita murta é maksihbroha mala
nivrb hb risma (risg crbb). ]b o loturihohb ha tìtuna car sb ikmrblbktokha, irï sb tarkokha lois
orrismoha, hblokhokha a poeolbkta hb ul pràlia pbna proza lois nakea.
Vrbåa ko murvo é a vonar hb ul tìtuna otuonizoha pbnas sbus rbkhilbktas prbvistas quokha hb suo
blissía, sbkha ikmarparohas ka vonar poea ko oquisiåía os toxos hb ùras hbcikihos pbnas mupaks b
o vorioåía lakbtïrio.
O lormoåía hb ul tìtuna ko murvo é ebronlbktb usoho poro as popéis qub pbrlokbmbría bl mortbiro,
tbkha rbseotb prbvista salbktb ka sbu vbkmilbkta.
Bstruturo o tbrla ho toxo hb ùras (BXX@)
O rbnoåía bktrb rbkhilbkta b vbkmilbkta hb ulo adrieoåía é hoho pbno murvo hb rbkhilbkta, qub
é a rbkhilbkta oté a vbkmilbkta mala cukåía ha proza oté a vbkmilbkta. O murvo hb rbkhilbkta
é cukholbkton poro o ovonioåía hb adrieoåòbs b passidinito qub as ikvbstiharbs malporbl suos
bxpbmtotivos hb toxo hb ùras cuturo bl rbnoåía æs ha lbrmoha. Bsso malporoåía mal crbquàkmio é
a pakta hb portiho ko carlunoåía
carlunoåía hb ulo bstrotéeio hb mortbiro hb rbkho cixo.
Bl autros ponovros, o Bstruturo o tbrla hb toxo hb ùras (toldél makjbmiho mala Yibnh Murvb au
Murvo hb Tbktodinihohb) é o rbnoåía, bl hoha lalbkta, bktrb toxos hb ùras hb tìtunas hb rbkho-cixo
hb lbslo quonihohb mrbhitìmio, los mal hicbrbktbs prozas hb vbkmilbkta.
v bkmilbkta. O Yibnh Murvb ebronlbktb
é makstruìho o portir hb tìtunas qub poeol ùras salbktb ka vbkmilbkta, au sbò, as zbra maupak
dakhs. Xìtunas qub poeol ùras iktbrlbhiïrias ( maupak) kía sía oprapriohas parqub bstorio
bldutiho o jipýtbsb hb rbikvbstilbkta has mupaks o lbslo toxo, a qub hiciminlbktb é vbrhohb. A
nbvoktolbkta ho murvo hb rbktodinihohb é bxtrblolbktb ilpartoktb poro a lbrmoha cikokmbira,
pais sbrvb mala dosb poro o prbmicimoåía
p rbmicimoåía hb ikstrulbktas
ikstrulbktas hb rbkho-cixo, onél hb sbr utinizoho mala
dbkmjlorg ko hbtbrlikoåía hb toxos bl tahas as autras sbtarbs ha lbrmoha hb hìviho.
hìviho .
Bxistbl hicbrbktbs tbarios qub pramurol bxpnimor o carloåía ho bstruturo o tbrla hb toxo hb ùras.
]beukha Junn (4664) tràs sía os prikmipois0 Xbario hos Bxpbmtotivos, Xbario ho ]belbktoåía hb
Lbrmoha b Xbario ho Vrbcbràkmio pbno Niquihbz.
28 | V ï e i k o

O Xbario hos Bxpbmtotivos é o lois silpnbs b ocirlo qub toxos hb ùras hb nakea proza rbcnbtbl
bxpbmtotivos cuturos ka murta proza. O iktbrprbtoåía hbsso tbario suebrb qub poro a ikvbstihar sbrio
ikhicbrbktb, par bxblpna0 ohquirir ul tìtuna mal proza hb ul oka b morrbeo-na oté a sbu vbkmilbkta7
ohquirir ul tìtuna sblbnjoktb mal proza hb sbis lbsbs b hoha sbu vbkmilbkta bcbtuor o malpro hb
autra tìtuna mal proza hb sbis lbsbs au malpror ul tìtuna mal vbkmilbkta bl hais okas b bcbtuor
suo vbkho opýs ul oka.
É ilpravïvbn qub o Xbario hos Bxpbmtotivos maksieo bxpnimor malpnbtolbktb o bstruturo o tbrla ho
toxo hb ùras. Hbktrb as lativas hbstomo-sb o supasiåía qub as ikvbstiharbs sía ikhicbrbktbs oa risma
iksbriha bl popéis mal prozas lois nakeas.
O Xbario ho ]belbktoåía hb Lbrmoha hiz qub kía bxistb rbnoåía bktrb os toxos hb murta, léhia b
nakea proza. Ko vbrhohb, bxistiriol erupas hb ikvbstiharbs qub tbriol mbrtos prbcbràkmios par tìtunas
mal hbtbrlikoha proza hb vbkmilbkta. Ko lbhiho qub o hblokho par tìtunas hb ul proza oulbkto
bl rbnoåía o autras, o toxo hb rblukbroåía acbrbmiho oa ikvbstihar moirio quokha malporoho mal
os toxos hb tìtunas hb lbkar hblokho.
O Xbario ho Vrbcbràkmio pbno Niquihbz ocirlo qub as ikvbstiharbs kía sía ikhicbrbktbs oa risma. Mala
tìtunas lois nakeas rbprbsbktol loiar risma (pais sbus prbåas sía lois susmbtìvbis o luhokåos ko
toxo hb ùras), sbrio kbmbssïrio ikmnusía hb ul pràlia poro otroir a ikvbstihar.
ikvbstihar.
Mala vista, o yibnh murvb sb dosbio ka rbkhilbkta acbrbmiha par ul tìtuna au opnimoåía hb rbkho cixo.
Bssb rbkhilbkta é bxprbssa pbna oulbkta pbrmbktuon ha vonar ikvbstiha ka tìtuna par oka. Naea, a
pbrmbktuon qub voi sbr poea okuonlbktb bstï otrbnoha oa proza hb opnimoåía ha hikjbira0 a
kbeamioharr ikvbstb huroktb ul pbrìaha bl ul tìtuna b adtél ulo murvo bl cukåía has ùras poeas
kbeamioha
pbna talohar ha hikjbira.
Bl ul ospbmta ebron, o murvo hb rbkhilbkta o tbrla, karlonlbktb, mrbsmb bl cukåía ha tblpa
opnimoha, sbkha o rbnoåía bxistbktb bktrb toxos hb murta proza b nakea proza é o murvo hb rbtarka.
Bsso murvo rbprbsbkto erocimolbktb o toxo marrbktb hb rbtarka ka nakea proza, carlokha o bstruturo
o tbrla ho toxo hb ùras hb tìtunas.
Ossil, o murvo o tbrla oprbsbkto ulo toxo hb ùras r(t), dosboho bl ul tìtuna kbeamioha ka lbrmoha
(bl ebron hb rbkho cixo au hbrivotiva hb toxos hb ùras) vbrsus ul proza (loturihohb) t. Hbsto carlo,
kía sb pahb hbcikir o murvo hb ùras hb carlo prïtimo. Bno hbrivoho hos matoåòbs ha lbrmoha poro
tìtunas hb rbkho cixo au hb hbrivotivas cikokmbiras dosbohas ko toxo hb ùras, oprbsbktokha ul
kðlbra nilitoha hb
vbkmilbktas, rbprbsbktohas
rbprbsbktohas pbnas paktas ko murvo ho toxo hb ùras.
22 | V ï e i k o

Bxblpna Cittike Kbnsak-]ibebn Yibnh Murvb
Murvo hb rbkhilbkta bl makhiåòbs hb mbrtbzo
Bl ul lukha
lukha hb mbrtbzo
mbrtbzo ko ousàkmio
ousàkmio hb risma,
risma, tahos os adrieoåòbs hbvbl acbrbmbr
acbrbmbr rbtarkas
rbtarkas
ihàktimas7 ha maktrïria, as ikvbstiharbs bnbvoría a prbåa ho adrieoåía hb onta rbtarka oté qub suo
toxo hbixb hb sbr supbriar æ hos autros adrieoåòbs.
O murvo hb rbkhilbkta osmbkhbktb é ulo bvihàkmio hb qub os toxos hb murta proza sbría lois ontos
ka pbrìaha sbeuiktb ha qub ka prbsbktb. Voro bxblpnicimor a parquà, maksihbrb huos bstrotéeios hb
adrieoåòbs hb hais okas. O prilbiro rbqubr o malpro hb ulo adrieoåía hb mupal zbra hb hais okas
qub acbrbmb ul rbkhilbkta oté a vbkmilbkta hb hais okas hb b lokutbkåía oté a
vbkmilbkta. O adrieoåía hb mupal zbra b vonar hb comb hb R]$?666 é malproho ka prbsbktb par
b vbkmb bl hais okas par R]$?666. A cotar hb mrbsmilbkta taton hb
hais okas ha ikvbstilbkta é, partokta, ´ < ?,?4=3.
Maksihbrb oearo autro bstrotéeio hb hais okas. Ikvbstir a lbsla vonar hb R]$:96 bl ulo adrieoåía
hb mupal zbra hb ul oka mal rbkhilbkta oté a vbkmilbkta hb 2%. Ka vbkmilbkta ho adrieoåía,
rbkhilbktas sía rbikvbstihas bl autro adrieoåía hb ul oka. O toxo hb ùras hos adrieoåòbs hb ul
oka ka oka sbeuiktb é hoho par .
Oldos os bstrotéeios hbvbl acbrbmbr rbtarka ieuois los kía hbvbl bkvanvbr kbkjul risma.
Vartokta, as rbkhilbktas opýs hais okas hb oldos hbvbl sbr ieuois0
Malpror b loktbr o adrieoåía hb mupal zbra hb hais okas < ranor adrieoåòbs hb ul oka
23 | V ï e i k o

Bkmaktrolas o toxo hb ùras ha oka sbeuiktb sanumiakokha
Hbssb laha, bldaro o adrieoåía hb ul oka acbrbåo ul rbkhilbkta oté a vbkmilbkta ikcbriar æ hb
hais okas (2% x 3%), adsbrvolas qub bno tbl ulo voktoebl qub malpbkso issa0 bno pbrlitb qub
vamà ranb sbus cukhas poro autro adrieoåía hb murta proza ka oka sbeuiktb quokha os toxos sbría
lois ontos. O toxo hb ùras ha oka sbeuiktb sbrï lois onto ha qub o ha prbsbktb opbkos a sucimibktb
poro qub o ranoebl hos adrieoåòbs hb ul oka sbò tía otrobktb quokta a ikvbstilbkta ko adrieoåía
hb hais okas.
Voro hicbrbkmior rbkhilbktas hos adrieoåòbs hb nakea proza hos toxos hb murta proza qub bstoría
hispakìvbis ka cutura, as pracissiakois utinizol o tbrlikanaeio0 toxo spat é a rbkhilbkta oté a
vbkmilbkta hb adrieoåòbs zbra mupal, ista é, o toxo qub prbvonbmb ja`b par ul pbrìaha
marrbspakhbktb oa vbkmilbkta ho adrieoåía hb mupal zbra7 b toxo hb murta proza hb hbtbrlikoha
iktbrvona hb tblpa rbcbrb-sb æ toxo hb ùras hbssb iktbrvona hispakìvbn bl hicbrbktbs lalbktas. Ka
bxblpna omilo, o toxo hb murta proza ka prbsbktb é 2% b o toxo hb murta proza ka oka sbeuiktb sbrï
5,6?%.
O toxo spat hb hais okas é ulo léhio ho toxo hb murta proza ha prbsbktb b ho toxo hb murta proza
ha oka sbeuiktb. Maktuha, bl virtuhb ho malpasiåía, bsso léhio é ebalétrimo0
_uokha o toxo hb murta proza ha oka sbeuiktb, é supbriar æ toxo hb murta proza ha prbsbktb,
o léhio hos huos toxos é supbriar æ toxo ha prbsbktb, hb laha qub b o murvo hb rbkhilbkta
rbkhilbkt a
é osmbkhbktb. ]b o toxo hb murta proza ha oka sbeuiktb
sbeuiktb cassb ikcbriar o , o murvo hb rbkhilbkta
sbrio hbsmbkhbktb. Vartokta, oa lbkas bl portb, o murvo hb rbkhilbkta rbcnbtb os ovonioåòbs ha
lbrmoha hos toxos hb ùras cuturos.
Xoxos carworh
O bquoåía odoixa pbrlitb hbhuzir o toxo hb murta proza cuturo mal dosb ko murvo hb rbkhilbkta hb
adrieoåòbs zbra mupal. Bno ieuono a rbtarka taton hb huos bstrotéeios hb ikvbstilbkta hb k okas0
malpror b loktbr ulo adrieoåía hb mupal zbra hb k okas vbrsus malpror ulo adrieoåía hb mupal
zbra hb (k-?) okas b ranor as rbkhilbktas poro ulo adrieoåía hb ul oka.
25 | V ï e i k o

Akhb k hbkato a pbrìaha bl qubstía b é a rbkhilbkta

rbkhilbk ta oté a vbkmilbkta hb ulo adrieoåía hb
mupal zbra mal vbkmilbkta bl k pbrìahas. Bl visto ho murvo hb rbkhilbkta adsbrvoho, pahblas
rbsanvbr o bquoåía omilo poro o toxo hb murta proza ka ðntila pbrìaha0
A kulbrohar ka noha hirbita é a cotar hb mrbsmilbkta taton hb ul ikvbstilbkta bl ulo adrieoåía

hb mupal zbra hb k okas loktiho oté a vbkmilbkta. Hb laha sblbnjoktb, a hbkalikohar é a cotar
hb mrbsmilbkta hb ul ikvbstilbkta bl ulo adrieoåía hb mupal zbra hb (k-?) okas. Mala a
prilbira ikvbstilbkta huro ul oka o lois ha qub a ðntila, o hicbrbkåo kbssbs cotarbs hb
mrbsmilbkta hbvb sbr o toxo hb rbtarka hispakìvbn ka oka k quokha o adrieoåía hb mupal zbra hb
(k-?) okas car ranoho poro a ikvbstilbkta hb ul oka. Adviolbktb, quokha os toxos hb ùras cuturos
sía ikmbrtos, mala hb cota sía, kía coz sbktiha hbhuzir o toxo hb murta proza cuturo. Kikeuél sodb
ka prbsbktb quon sbrï o toxo hb ùras cuturo. Ko lbnjar hos jipýtbsbs, pahblas bspbmunor sadrb a
vonar bspbroha b o ikmbrtbzo marrbspakhbk
marrbspakhbktb.
tb.
Ka bktokta, oikho é malul utinizor o bquoåía oprbsbktoho poro ikvbstieor os ilpnimoåòbs ho murvo
hb rbkhilbkta hb toxos hb ùras cuturos. Tbmakjbmbkha qub os toxos hb ùras cuturos sía ikmbrtos,
pahblas mjolor o toxo hb ùras qub hbhuzilas kbsso qubstía hb toxo hb ùras carworh, bl vbz hb
toxo hb murta proza cuturo, parqub bno kía prbmiso sbr o toxo hb ùras qub hb cota prbvonbmbrï ko hoto
cuturo.
]b mjolorlas o toxo carworh ha pbrìaha k hb , hbcikilas par lbia ho bquoåía0
Hb carlo bquivonbktb0
Kbsso carlunoåía, o toxo carworh é hbcikiho mala o toxo hb ùras hb bquinìdria qub ieuono a rbtarka
sadrb ulo adrieoåía hb mupal zbra hb k pbrìahas oa hb ulo adrieoåía hb mupal zbra hb (k-?)
pbrìahas ranoho poro ulo adrieoåía hb ul oka, ka oka k. As rbtarkas tatois rbois kos huos
bstrotéeios hb k okas sbría ieuois sb o toxo hb ùras hb murta proza ka oka k car ieuon o
2: | V ï e i k o

Hurotiak
Hurotiak é o lbhiho hb sbksidinihohb hb ul tìtuna qub maksihbro bl sbus mïnmunas tahas as

poeolbktas iktbrlbhiïrias. Vahb sbr bktbkhiho mala a proza léhia has rbkhilbktas bspbrohas
pakhbroha pbna vonar hb lbrmoha ha tìtuna (vonar prbsbktb has cnuxas hb rbkhilbktas). Bl autros
ponovros, maksistb ka tblpa léhia pakhbroha hb qub sb bspbro rbmbdbr as rbkhilbktas b a prikmipon
opnimoha bl ul tìtuna hb rbkho cixo.
O histriduiåía has cnuxas hb moixo ka tblpa é ul ospbmta rbnbvoktb ko ovonioåía hb ul tìtuna hb

rbkho cixo. Oa sb ohlitir ul tìtuna mal ul ðkima poeolbkta oa cikon ha proza, o loturity ho
apbroåía é rbprbsbktoho bcbtivolbktb pbna proza hb vbkmilbkta ha tìtuna, sbkha hbkalikoho ka
lbrmoha mala zbra maupak dakh. Bktrbtokta, poro ul tìtuna qub poeo rbkhilbktas pbriýhimas b
rbseoto a prikmipon oa cikon, portbs ha laktoktb taton pralbtiha pbna tìtuna sía hbsbldansohos oa
nakea hb suo huroåía, kía rbcnbtikha suo bcbtivo loturihohb. Voro qub a proza ossuliha pbna tìtuna
bxprbssb ohbquoholbktb suo loturihohb, é kbmbssïria a mïnmuna hb ulo lbhiho hb huroåía
rbprbsbktotivo has rbsuntohas hb moixo bspbrohas.
Bxblpna0
Ohlito ul nokåolbkta hb ul tìtuna o ul prbåa hb sudsmriåía hb T$?.666 ieuon oa vonar kalikon b

qub pralbtb ul rbkhilbkta nikbor hb ?6% oa oka. As mupaks sía poeas sblbstronlbktb (2% o.s.)
b a proza ha tìtuna é hb tràs okas.
T$?.666

, , , ,
O huroåía bcbtivo ha cnuxa mal pormbnos iktbrlbhiïrios é oqubno qub a tarko bquivonbktb o apåía hb
rbseotor a ikvbstilbkta par lbia hb ul ðkima poeolbkta. Bssbs mïnmunas pahbl sbr prambssohas
pbno pakhbroåía ha vonar prbsbktb poro moho pormbno mal a rbspbmtiva proza au par lbia ha
makmbita hb bquivonàkmio lotblïtimo cikokmbiro.
29 | V ï e i k o

O huroåía léhio has cnuxas hb moixo has rbsuntohas pralbtihas pbna tìtuna é hbtbrlikoho pbno
sbeuiktb lbtahanaeio, hbkalikoho hb Lomounoy Hurotiak0
(?) (4) (=) (8) < (=) / Vrikmipo

Vrikmiponn (2) < (8) x (?)
SV æ toxo hb 2% o.s. Vortimipoåía bl

Hoto Tbkhilbktas Vakhbroåía
(YXL) rbnoåía oa prikmipon
? 26,66 6,6853?9 6,6853?9
4 26,66 6,682=2? 6,696564
= 26,66 6,68=?94 6,?49253
8 26,66 6,68??=2 6,?38286
2 26,66 6,6=9?53 6,?92::6
3 26,66 6,5:=243 8,56??23
Xaton T$?.=66,66 Huroåía bcbtivo 2,== sblbstrbs
O huroåía hb 2,== sblbstrbs rbprbsbkto o loturihohb léhio ha tìtuna qub pralbtb hbsbldansas
pbriýhimas hb rbkhilbktas. Bsto é adtiho pbno léhio pakhbroho has prozas hb poeolbktas has
mupaks, troziho o vonar prbsbktb.
Naea, o Hurotiak sbrvb poro monmunor a proza léhia hb rbmbdilbkta hb ul otiva (au ulo mortbiro).
Bno kas pbrlitb makjbmbr a proza marrbta hb ul
u l tìtuna qub poeo mupal.
Vbno makmbituoåía dïsimo ho lotblïtimo cikokmbiro, oikho, o loturihohb bcbtivo hb ulo sérib hb
cnuxas hb moixo é oqubno qub prahuz ulo ðkimo pormbno bquivonbktb o tahas as vonarbs cikokmbiras.
Rtinizokha-
-sb a sbeuiktb proza bcbtiva ho apbroåía0
36 | V ï e i k o

Akhb SDC é a vonar druta cikon, bquivonbktb æ salo silpnbs has cnuxas hb moixo7 VS é a vonar prbsbktb
ha ikvbstilbkta (prbåa ha tìtuna) hbsmaktoha æ toxo pralbtiho pbna tìtuna7 k é a proza léhia
bquivonbktb (loturity bcbtivo)7 b YXL é o yibnh ta loturity, au sbò, o toxo bcbtivo hb rbtarka
acbrbmiho pbna tìtuna.
]udstituikha as vonarbs has bxblpnas omilo, tblas0
O bxprbssía é ulo carlo silpnicimoho hb mïnmuna ho hurotiak, kía bldutikha taha a riear témkima ho
carlunoåía hbsbkvanviho par Lomounoy. As hais mritérias prahuzbl rbsuntohas dostoktbs prýxilas
poro pbrìahas b toxos rbhuzihas.
O hbcikiåía ho huroåía bcbtivo (hurotiak) hb ul cnuxa hb moixo rbcnbtb lois ohbquoholbktb a tblpa
(loturity) ho apbroåía ha qub silpnbslbktb o lbhiåía ha iktbrvona hb tblpa bktrb o blissía ha
tìtuna b a lalbkta hb sbu rbseotb cikon. O carlunoåía suebriho toldél prapòb o utinizoåía pnbko
ha mritéria hb mopitonizoåía bxpakbkmion.
T$?.666

, , ,
T$?.666
2,=: sblbstrbs
T$?=66,66 < ?.666

3? | V ï e i k o

Carlunoåía ho Hurotiak hb Lomounoy
O hbtbrlikoåía ho hurotiak hb Lomounoy pahb sbr bxprbsso hb omarha mal o sbeuiktb carlunoåía0
Akhb < vonar ha poeolbkta ha tìtuna (prikmipon b rbkhilbktas)

rbkhilbkt as) bl moho lalbkta t7 (t) < tblpa
hbmarriha oté o hoto ha poeolbkta7 k < loturihohb taton ha tìtuna7
tìtuna7 YXL < yibnh ta loturity7
loturity7 <
prbåa hb lbrmoha ha tìtuna hbsmaktoha pbno yibnh ta loturity Wé opuroha pbno cýrluno
A bxblpna trotoha oktbriarlbktb maksihbro a mïnmuna ho hurotiak hb ul tìtuna hb = okas hb

loturihohb b rbkhilbktas okuois hb ?6%, poeas huos vbzbs par pbrìaha (2% oa sblbstrb).
]udstituikha bssbs vonarbs ko carlunoåía ikhimoho0
A vonar monmunoha ikhimo sbr bquivonbktb o opnimoåía hb tahas as cnuxas hb rbkhilbktas sblbstrois æ
toxo hb 2% o.s. pbna pbrìaha ho hurotiak mal o opnimoåía ha mopiton ikimion poro o lbslo loturihohb.
]bkha CS a vonar cutura (laktoktb) has cnuxas hb moixo, tbl-sb0
T$?.666
? 4 = 8 2 2,==
3

6 6 6
6
, , , 6
, 6
, H ,
6 6 6
2 2 2
$ $ $
T T T
34 | V ï e i k o

T$?.666
H < 2,== sbl.
T$?.495,66
Mala makmnusía, o hurotiak bquivonb oa tblpa léhia qub ul ikvbstihar torho bl rbmbdbr sbus
cnuxas hb moixo (mopiton opnimoha + rbkhilbktas). _uokta loiar o hurotiak, lois bxpasta sb oprbsbkto
a tìtuna hioktb hb luhokåos kos toxos hb ùras.
Bxblpna
Xalb ul tìtuna hb = okas hb loturihohb b qub acbrbmb rbkhilbktas hb :% oa oka poeas
sblbstronlbktb. ]bu vonar hb comb é hb T$?.666. O toxo hb rbtarka bxieiho pbnas ikvbstiharbs otikeb
?6% oa oka. Hbtbrlikb a prbåa hb lbrmoha ha tìtuna b o hurotiak.
Vrbåa hb lbrmoha ha tìtuna
T$?.666
? 4 = 8 2 3
6 6 6 6 6 6

6
, 6
, 6
, 6
, 6
, 6 6
,
6 6 6 6 6 6
, 6
8 8 8 8 8 6 8
$ $ $ $ $ 8 6
.
T T T T T $ ?
T $
T
Hurotiak hb Lomounoy
3= | V ï e i k o

Rlo voktoebl ha usa ho hurotiak pbno carlunoåía hb Lomounoy é qub bsto lbhiho nbvo bl makto
tokta a proza hb vbkmilbkta ha tìtuna,
tìt una, mala toldél as hivbrsas lalbktas hb amarràkmio
amarràk mio has cnuxas
hb moixo. Oneulos prapribhohbs cukholbktois ho hurotiak sía, makcarlb Oktjaky ]oukhbrs ?0
Makcarlb sb bnbvo proza hb vbkmilbkta ha tìtuna, o hurotiak toldél mrbsmb, parél o toxos
hbmrbsmbktbs7
O hurotiak hb ul tìtuna loktél ulo rbnoåía ikvbrso mal os toxos hb ùras hb lbrmoha.
Makcarlb sb bnbvol as ùras, o hurotiak hbmrbsmb, bl rozía ho pbrho hb ilpartäkmio
rbnotivo has cnuxas hb moixo tblparonlbktb lois histoktbs quokha hbsmaktohas o toxos
loiarbs7
Rlo prapribhohb ilpartoktb é qub quokta loiar sb oprbsbktol as ùras has mupaks, lois
ropiholbktb a titunor rbonizo, bl tbrlas hb moixo, sbu ikvbstilbkta7
O hurotiak hb ul tìtuna zbra mupal é ieuon suo loturihohb.
Hbktra ha maktbxta, oikho, hbcikb-sb o hurotiak hb ulo pbrpbtuihohb. Rlo pbrpbtuihohb é ulo
adrieoåía qub pralbtb rbkhilbktas o moho oka par ul pbrìaha ikhbtbrlikoha. Bssb tipa hb tìtuna
kía tbl vbkmilbkta, oprbsbktokha ul proza hb rbseotb tbýrima ikcikita.
O carluno hb ulo hurotiak hb ulo adrieoåía pbrpétuo é cikito, sbkha hoho0
]bkha G o toxo hb rbtarka bxieiho pbna ikvbstihar.
Hurotiak Lahicimoho
Bxistb ulo rbnoåía ikvbrso (makvbxo b kbeotivo) bktrb a rbkhilbkta (yibnh) b a prbåa hb ul tìtuna.
O makvbxihohb bxprbsso o rbnoåía (murvoturo) bktrb a prbåa ha tìtuna b o toxo hb ùras. O murvo,
odoixa, mjoloho hb Vrimb-Yibnh
Vrimb-Yibnh é makvbxo poro tahas as tìtunas qub poeol mupaks hb ùras.
Vrbåa
Makvbxihohb
Yibnh
?
Ohlikistroåía hb ikstituiåòbs cikokmbiros. ]ía Vouna. Otnos 4666.
38 | V ï e i k o

Xahas as tìtunas oprbsbktol oneulo makvbxihohb ko rbnoåía bktrb prbåa b toxo hb ùras. _uokta
loiar o makvbxihohb hb ul tìtuna, loiar o pratbåía rbvbnoho hioktb hb oulbktas kos toxos hb ùras,
b lois ontas as eokjas bspbrohas pravbkibktbs hb ulo rbhuåía kas ùras.
A prbåa has tìtunas sía ikcnubkmiohas toldél par suo loturihohb. Voro lbnjar hbsmrbvbr bsso
rbnoåía ohlito ul tìtuna hb vonar hb blissía hb T$?666 qub poeo ul mupal okuon hb :%. O todbno
o sbeuir hblakstro a hbsblpbkja ha tìtuna poro hicbrbktbs yibnhs b loturihohbs0
2 okas ?6 okas ?2 okas
3% o.o. T$?6:8,4 T$??85,4 T$??98,4

5% o.o. T$?68?,6 T$?656,4 T$?69?,?
:% o.o. T$?666,6 T$?666,6 T$?666,6
9% o.o. T$93?,? T$9=2,: T$9?9,8
?6% o.o. T$948,4 T$:55,? T$:85,9
Adsbrvb qub as døkus hb loira loturihohb sía as qub oprbsbktol os loiarbs vorioåòbs bl sbus
prbåas hioktb hb ulo hoho lahicimoåía kos toxos hb ùras. ]b o yibnh rbhuzir-sb
r bhuzir-sb o ?%, par bxblpna,
possokha hb :% poro 5% oa oka, a ïeia ko kbeamioåía ha tìtuna mal loturihohb hb 2 okas é hb 8,?%,
sudikha poro 5,64% bl ?6 okas, b 9,??% bl ?2 okas.
Bssos lahicimoåòbs ka prbåa hb ul tìtuna hioktb hb vorioåòbs kos toxos hb ùras pahbl sbr
hbtbrlikohos par lbia hb ulo lahicimoåía ko hurotiak hb Lomounoy. Bsso kavo lbhiho, hurotiak
lahicimoho, é hoho par0

3 - Cnpi-Modulo-3 - Matemátiva e Estatística Financeira (Renda Fixa)

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MD =. LBTMOHA HB TBKHO CIZO

Xoxo Iktbrko hb Tbtarka (XIT au ITT) ............................................................................................. 48

=.? Lotblïtimo Cikokmbiro ho Tbkho Cixo

Hbtbrlikoktbs poro a vonar ha hikjbira ka tblpa

Sonar Cutura WCS\0 vonar ka cutura hb ulo opnimoåía cikokmbiro, blpréstila au

6,?6% o.h. 6,?6 par mbkta oa hio

O toxo hb `uras, i, é hoho par0

Sonar Cutura WCS\0

Sonar Vrbsbktb WVS\0

Hohas pbno qubstía0

Tbeilb hb `uras malpastas

Làs @uras par pbrìaha Laktoktb (CS) par pbrìaha

Sonar Cutura WCS\

Sonar Vrbsbktb WVS\

Xoxo hb `uras Wi\

kbsto apbroåía cikokmbiro1 Ko JV (o.l.)

@uras hismrbta b maktìkua

huroktb a pbrìaha hb carlo maktìkuo. As `uras sía ikmarparohas maktikuolbktb oa prikmipon,

Os carlunoåòbs ho mopitonizoåía maktìkuo, sía0

O toxo hb `uras r é hoho par0

A proza (k), par suo vbz0

Bxblpna O (rbtiroha hb Ossoc Kbta)0

Xoxo nikbor (praparmiakon)

Xoxo moromtbrìstimo hb `uras silpnbs, carloho hb laha praparmiakon. Lbtahanaeio opnimïvbn ko

]b opnimohos bl `uras silpnbs, o ul lbsla mopiton b ihàktima iktbrvona hb tblpa, prahuzbl a

Ebkbrimolbktb,, o bxprbssía hb mïnmuna ho toxo bquivonbktb

Vrozas b toxo hb bcbtivo

O carloåía has `uras bkvanvb, dosimolbktb, hais prozas0

pbrmbktuon hbmnoroha, au sb`o0

Xoxo par hio ðtin (toxo avbr)

A mïnmuna ho toxo bcbtivo Avbr/]bnim é hoha par0

O carlunoåía hb mïnmuna hb ulo toxo bcbtivo mal dosb ko toxo hb hbsmakta é0

sbkha h o toxo hb hbsmakta monmunoho poro taha a pbrìaha ho apbroåía.

Xoxo kalikon é o toxo oprbsbktoho/hivuneoho. O toxo rbon é o toxo oprbsbktoho/hivuneoho,

Voro a mosa ebron, a vonar cutura hb ulo okuihohb é0

Vahbkha sbr bsmrita ho sbeuiktb carlo0

Voro a bxblpna, ko JV0

Voro o okuihohb hbviho, tblas0 .

Voro a bxblpna, ko JV0

K < =7 I/YT < 27 VS < 67 VLX < -?667 CS < ==?,6?

A SV hb ulo okuihohb arhikïrio pahb sbr adtiha otrovés ho carlunoåía

Vahbkha sbr bsmrita par0

Voro a mosa bxblpnicimoha, tblas0

K < =7 I/YT < 27 VLX < -?667 CS < 67 VS < 454,=4

K < =7 I/YT < 27 VLX < -?667 CS < 67 VS < 4:2,98

K < 27 I/YT < 37 VS < 67 CS < ?66667 VLX < -?.35=,22

K < 27 I/YT < 37 VS < 67 CS < ?66667 VLX < -?55=,93

VS < 67 CS < ?66667 VLX < -?4667

Cnuxas hb moixo hbsieuois au irrbeunorbs

O hbcikiåía hb ulo okuihohb ikmnui o bxprbssía poeolbkta makstoktb, ul mak`ukta hb poeolbktas

Bxistbl huos mnossbs ilpartoktbs hb cnuxas hb moixo hbsieuois0

ohimiakon cikon 6 ?66 ?66 $?66 $?66 $?66

I. Sonar Cutura hb ul Cnuxa hb Moixo Hbsieuon

Vbrìahas sblbstrois b autras pbrìahas hb mopitonizoåía

I.I. Xipas hb toxos hb `uras

7 bl qub L é a kðlbra hb pbrìahas hb mopitonizoåía par oka7

Xoxo iktbrko hb rbtarka (XIT) b malporoåía mal a Sonar Vrbsbktb

Sonar Vrbsbktb Nìquiha