% , % / , 2 * 5 $ ) , (



$'2&+,

(,0

)LQDQ HOH vQWUHSULQGHULL vQ HFRQRPLD GH SLD

 7LSRJUDILD 0LWUHD

3LDWUD1HDP 


5%8/(6&8&

(FRQRPLDLJHVWLXQHDvQWUHSULQGHULL(GLWXUD$6(%XFXUHWL

&RRUGRQDWRU


%$5217

6WDWLVWLF

 WHRUHWLF

 L HFRQRPLF

 (GLWXUD 'LGDFWLF  L 3HGDJRJLF 

%XFXUHWL

%,-,(
7g9,66,/
:$*1(53
,6$,&0$1,8$
.25.$0
3252-$1'


%,(50$1+-5



60,'76


(FRQRPLF $QDO\VLV RI ,QYHVWPHQW 3URMHFWV 0DF0LOODQ 3XEO &R

%2*'$150

9DOXH DQG 9DOXDWLRQ LQ %LVLQHVV D VWXG\ RQ PHWKRGV RI YDOXDWLRQ RI
LQYHVWPHQWV LQ XQTXRWHG EXVLQHVV LQ 5RPDQLD 0%$ 'LVVHUWDWLRQ
QHSXEOLFDW



%5(=($183

*HVWLXQHD ILQDQFLDU

 (GLWXUD

 D vQWUHSULQGHULL vQ HFRQRPLD GH SLD

)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL


&23(/$1'7

)LQDQFLDO7KHRU\DQG&RUSRUDWH3ROLF\$GGLVRQ:HVOH\

:($6721)


'21(,

6DODULXOLPRWLYD LDPXQFLL(GLWXUD([SHUW%XFXUHWL



'80,75(6&8'

(YDOXDUHDvQWUHSULQGHULORU(GLWXUD(FRQRPLF %XFXUHWL

'5$*27

9



'80,75,8'

)RU DGHPXQF



(+5(1%(5*

0RGHUQ/DERU(FRQRPLFV+DUSHU&ROOLQV3XE,QF1HZ<RUN

(GLWXUD&RQSK\V%XFXUHWL

5*
60,7+56


+$/3(513
:(621-)

)LQDQ H

PDQDJHULDOH

0RGHOXO

FDQDGLDQ

WUDGXFHUH

GLQ

OLPED

HQJOH] (GLWXUD(FRQRPLF %XFXUHWL

%5,*+$0()


+,**,165

$QDO\VLVIRUILQDQFLDOPDQDJHPHQW0F*UDZ+LOO



,6$,&0$1,8$

(YDOXDUHD vQWUHSULQGHULORU IH]DEOLWDWH L SODQXO GH DIDFHUL (GLWXUD

38,82


,6$,&0$1,80
$1721(6&8&

,QGHSHQGHQ D(FRQRPLF %XFXUHWL

6WDWLVWLF

JHQHUDO

L

%UkQFRYHDQX3LWHWL

HFRQRPLF



8QLYHUVLWDWHD

&RQVWDQWLQ

.25.$0
0,758

&

92,1($*89


,)
67
%



1(6&8$
1(6&8&

$QDOL]

 HFRQRPLFRILQDQFLDU

 FX DSOLFD LL vQ VRFLHW

LOH FRPHUFLDOH

LQGXVWULDOH GH FRQVWUXF LL L GH WUDQVSRUWXUL (GLWXUD (FRQRPLF 

%XFXUHWL

,&8,$

/(9<+

&DSLWDO,QYHVWPHQWDQG)LQDQFLDO'HFLVLRQV3UHQWLFH+DOO

6$51$70


/2)7+286(6



5*8/(6&8

'

5HDGLQJVLQLQYHVWPHQWV-RKQ:LOH\DQG6RQV
'LDJQRVWLF HFRQRPLFRILQDQFLDU&RQFHSWH PHWRGH WHKQLFL (GLWXUD
5RPFDUW%XFXUHWL

1,&8/(6&80
52%89


0$7+,65/
1,&$3&

0DQDJHPHQWXO UHVXUVHORU XPDQH (GLWXUD (FRQRPLF  %XFXUHWL



5868&


0$7+,6/
-$&.621-+



520$10

+XPDQ 5HVRXUFHV 0DQDJHPHQW 6L[WK (GLWLRQ :HVW 3XEOLVKLQJ &R

1HZ<RUN
'LPHQVLXQL VWDWLVWLFH DOH SURWHF LHL VRFLDOH D RPHULORU vQ 5RPkQLD vQ
YROXPXO 6WUDWHJLL HFRQRPLFH DOWHUQDWLYH (GLWXUD (5$ %XFXUHWL
SDJ



520$10

$QDOL]D HFKLOLEUXOXL SH SLD D IRU HL GH PXQF  vQ  YROXPXO 5ROXO
 (GLWXUD $6( %XFXUHWL  SDJ

VWDWLVWLFLL vQ HFRQRPLD GH SLD




526(1%(5*-0

'LFWLRQDU\RI,QYHVWLQJ-RKQ:LOH\DQG6RQV



67$1&8,

)LQDQ H(GLWXUD(FRQRPLF %XFXUHWL



752,(/

$QDOL]D VWDWLVWLF

=$+$5,$2


9$6,/(6&8*+
1,&8/(6&8,

 D VLWXD LHL ILQDQFLDUSDWULPRQLDOH L HYDOXDUHD

vQWUHSULQGHULL(GLWXUD$6(%XFXUHWL

$QDOL]D

VWDWLVWLFRHFRQRPLF

vQ

LQGXVWULH

(GLWXUD

'LGDFWLF 

3HGDJRJLF %XFXUHWL

:$*1(5)/
=$+$5,$2


9$6,/(6&8*+
:$*1(5)/
=$+$5,$2
520$10
+85'8=(80

$QDOL]D VWDWLVWLFRHFRQRPLF
WHVWHJULO

 vQ LQGXVWULH &XOHJHUH GH SUREOHPH L

(GLWXUD$6(%XFXUHWL



9,17,/

*

*HVWLXQHDILQDFLDU

DvQWUHSULQGHULL(GLWXUD'LGDFWLF L3HGDJRJLF 

%XFXUHWL


=$+$5,$2
520$10

$QDOL]DVWDWLVWLFRHFRQRPLF DvQWUHSULQGHULL&RPSHQGLX(GLWXUD$6(
%XFXUHWL

+85'8=(80
0,+


(6&8&

=$+$5,$2
752,(/
520$10
'$1&,8$

$QDOL]D VWDWLVWLF

 D DFWLYLW

LL HFRQRPLFRILQDQFLDUH D vQWUHSULQGHULL

&XOHJHUH GH SUREOHPH VWXGLL GH FD] L WHVWHJULO

%XFXUHWL

 (GLWXUD $6(