• Nenhum resultado encontrado

Abordagens de cálculo do grau ótimo de endividamento: um estudo em empresas brasileiras

N/A
N/A
Protected

Academic year: 2017

Share "Abordagens de cálculo do grau ótimo de endividamento: um estudo em empresas brasileiras"

Copied!
182
0
0

Texto

(1)

!

"#

"#

$

%&'( ! )* (

+,

,& (& !'

-./

& (

)(/0/(

).&1

$

'

0

(2)

'

0

(3)

'

5

( 6

!

!

"#

5

(

6 *

(

*

$

(

5

( 6 ' 7

8

!

"#

"#

$

(4)

' *

&

!

"

#

!

$

"

%

"

!

"

"

&

'

'

!

'

'

(

'

"

(5)

%*.'

.

*

+

,

- "

-"

$

- "

!

,

!

-

!

!

"

" -

!

"

!!

!

"

$

-

. " !

!

" !

!

"

!

/

&

"

!!

(

" - "

!

-

-"

(6)

!' (

/

).&*

!

2

3

/

4 .

5

5

!

!

%

"

"

6

7

8 .

!

!

5

8

/58 9

5'

:5

;

" )

"

8

!

<

)

+

:=>

"

; "'

+

2

/1

!

!

5

!

!

%

"

"

6

7

8 .

!

!

5

#

5

!

"

"

"

!

(7)
(8)

*

+'/&

< /).'&( =>&

?

@ @ / 85

:75 A7:/*$*)5/*15

@B

@ C ;0+9 85 2

:D7*:5

@@

@ E 0+A /*10: 20 :/720

@C

2 '

' ) / , . -'/ &

@E

C @

785

+; 1

; 1*:F0

2

)04) */0:

$74258 4/5*:

8

:/;7/7;5 2 )5 */59

@G

C C / 0;*5 /;52*)*0459 25

:/;7/7;5 2

)5 */59

/ 0;*5 25

*;; 9 1H4)*5 25 :/;7/7;5 2 )5 */59

@I

C E

1*2J4)*5: 25 ; 9 1H4)*5 25

:/;7/7;5 2

)5 */59 5;5 5

);*5KF0 2 1590;

C@

26?6<

@

A

5

5

5

C@

26?62

CL

C E C @ 5"

CI

C E C C 5"

C?

26?6?

8

@

"#

5

$

26?6B

$

1

$

EG

26?6C

$

1

"#

E?

26?64

$ @

$

%

GB

?

D.&(&* (

+,

,& (& )E0 , -./

&

'

*.' . '

(

/. ,

GE

E @ 5+0;256 8 20 ; :79/520 0

;5)*0459

GM

E C 5+0;256 8 20 2*$ ; 4)*59 2 ; /0;40

GL

E E 5+0;256 8 20 )7:/0 8N2*0 042 ;520 2 )5 */59

GO

E G 5+0;256 8 20 1590; ; : 4/ 5A7:/520

MM

(9)

B '&

(/

).&*

.&(&,-!/ &*

L@

G @ 5+0;256 8 2

:D7*:5

L@

G C ;0) 2*8 4/0: 2 )Q9)790

LE

G E R* S/ : : 5;5 5 5+0;256 8 )08 5;5/*15

LL

G G 2520:

$04/ : 2 *4$0;85KF0

IB

G M 580:/;5

IG

C ' * ,. (&* (

*F /*

II

M @ ; :79/520: 25 5+0;256 8 20 97);0 0

;5)*0459

I?

M C ; :79/520: 25 5+0;256 8 20 2*$ ; 4)*59 2 ; /0;40

OL

M E ; :79/520: 25 5+0;256 8 20 )7:/0 2 )5 */59

?E

M G ; :79/520: 25 5+0;256 8 20 1590; ; : 4/ 5A7:/520

@BB

M M ; 6; ::F0

; :79/520: 25 5+0;256 8 )08 5;5/*15

@BL

4

&) , *>&

@@I

'

'G) / *

@C@

(10)

?

< /).'&( =>&

!

<

!

!

T

#

5

#

<

!

%

MB

8

"

8

2

@

U@?MC

802*69*54* 8*99 ; @?MOV 27;542 @?M?W

8

"

8

U@?MOW !

!

"

<

#

'

!

'

%

#

"

#

!

T

!

!

X

"

'

#

#

!

%"

!

@

27;542 2 5

(11)

@B

N

#

Y

@ @

/ 85

:75 A7:/*$*)5/*15

7

%

"

"

!

!

2

UCBB@W

T

&

!

"

#

$

!

'

%

(

&

'

'

'

!

'

(

!

"

5

"

%

"

!

"

:

!

"

"

!

<

)

#

!

"

!

"

)

!

"

%

(12)

@@

!

Y

%

T

+

!

#

!

!

0

%

Z

&''

"

[

)

(

Y

!

*+; X *

+

$61 X $

6 \

1 "

%

(

)

*

+

;

5

$*

)5$* X $

*

)

%

5

$

&

:

2

0

%

'

'

!

!

4

"

#

<

< !

%

@ C

;0+9 85 2

:D7*:5

1%

(13)

@C

"

'&

F

H

I J

A

$

I J

$

K

$

L

@ E

0+A /*10: 20 :/720

0

(

'

!

'

!

!

$

H

K

$

$

6

!

%

!

!

<

!

"

"

%

#

(14)

@E

2

'

' ) / , . -'/ &

!

0

&

. $ M 5 " I J

5 " / "

/ )

)

2 U@?MC 5 72 802*69*54* 8*99 ;

@?MOW

5 " / 8 " 8 U@?MOW

5 "

1 "

$ " T

) $

/ ! ,

5 * !

/ 5"

8 " 8 U@?LEW ) 3

U@??OW + U@?LIW = 9 " U@?IEW

8 U@?IIW A 8 . " U@?ILW 3

U@?IIW 2 5 " 8 U@?OBW 5 U@?OGW

8 . T8 U@??BW

/ "

-! "

! &

8] 8 ( ! U@?OGW

" 3 U@?O?W

8] U@?OGW 5 ! # " ! " : ^ /

$ ) 9

:

-A U@?OLW

+ ] A 9 U@?OGW

R ; U@??@W

2 2 U@??EW

(15)

@G

)

!

% !

"

C @

785 +; 1

; 1*:F0 2

)04) */0: $74258 4/5*:

8

:/;7/7;5

2 )5 */59

5

$

'

!

!

"

" #

#

#

U+; 59 >

8> ;: CBBMW

0

' "

"

!

5

"

"

'

5

+

]

8]

UCBBMW

H5

5

"

'!

'

%

!

5

K

0

!

#

(16)

@M

!

'

'

#

5

#

%

%

5

!

'

8

!

'

"

" !

%

U6*/854 @??I

@@IW 0

'

"

!

!

'

\

!

$

$

8

A

A

0

"

" #

!

7

'

E

O

!

&

.#/

012#

# 2

I<J

0

95A*

'

(

2$*4

'

!

0

"

(17)

@L

U # W

#

!

"

#

" '

0

U ;5// @??OW

)

!

6

U@??I

E?LW Z

H

$

$

'

!

'

!

"

[ N

T

!

;

U@??M

LL?W

!

H

$

$

'

(

T

!

!

2

&

)8 ) _ U:^U:`+WWa

` U+^U:`+WWa

U@T/ W

I2J

)

<

"

U

!

'

W

\

#

'

5

U+59+*; ;

:R5 *;0 CBBBW

4

!

8]

U@?OGW

@

"

$

&

(18)

@I

"

'

\

!

!

U+; 59 >

8> ;: @??CW 5

"

#

%

"

C C

/ 0;*5 /;52*)*0459 25

:/;7/7;5 2

)5 */59

/ 0;*5 25

*;; 9 1H4)*5 25 :/;7/7;5 2 )5 */59

4

"

'

"

0

%

'

!

8

"

8

U@?MOW

"

<

#

!

8

"

8

U@?MOW

#

!

"

'

#

(19)

@O

5

'

!

!

4

%

"

!

!

!

"

&

"

!

!

'

<

#

#

!

"

"

'

'

!

!

"

4

"

!

V

;

!

5

8

"

8

U@?MOW

%

"

@

(20)

@?

&

!

:

"

U802*69*54*

8*99 ; @?MOW

+

8

UCBBCW

8

"

8

'

%

"

!

0

"

5

"

!

!

"

"

5 ! "

@

"

"

8

"

8

&

(21)

CB

< '

' @

.

$

"# //

$

& +

:

UCBBBW

%

V 4

#

!

!

U802*69*54*

8*99 ; @?MO V 8*99 ; @?IIW

3 4 5

3 6 "

3 6 4 5

3

4 5

3

4 5

9a 2^ 9

5 " /

7%

8

"

9"

:

(22)

C@

7

!

'

#

8

"

8

U@?MOW '

!

"

#

"

&

W

0

!

V

W

5

'"

'

V

W

0

V

W

4

%

V

W

4

%

!

# V

!W

0

%

"

V

#

"

#

C E

1*2J4)*5: 25 ; 9 1H4)*5 25

:/;7/7;5 2

)5 */59

5;5 5

);*5KF0 2 1590;

26?6<

@

A

5

5

5

5

!

C

!

U

(

<

!

C

! U9046854 CBBCW '

(23)

CC

W

!

!

!

U

!

"

W

*

!

!

!

!

(

0

(

\

!

'

(

!

802*69*54*

8*99 ; U@?LE

)0

9542

3 :/04 @??OW

E

9 "

'

"

"

8

"

8

@?MO

@?LE '

@BBb

!

'

'

!

5

!

!

!

)

!

(

!

*

!

U)0

9542

3 :/04

@??OW

0

'

!

!

"

=

9

"

U@?IEW

8

"

8

!

"

!

!

<

!

*

" !

E

802*69*54* $ 8*99 ; 8 R ; ) " 1 + .8

' ;6 A @?LE GEETGGE )0 9542 / V 3 :/04 A $

(24)

CE

"

!

"

!

'

!

0

!

U35;4 ; @?IIW

&

&

W 0

&

%

"

!

"

"

!

W 0

&

!

'

3

U@?IIW

!

"

!

!

@?EB

@?MM

!

!

\

!

%

0

3

"

!

'

'

"

@b

!

!

/

CBb

!

+

U@?LIW

!

!

!

(25)

CG

"

3

U@?IIW

\

'

!

U

#

"

W

"

5

'

8

U@?IIW

0

!

"

"

(

!

!

%

"

"

!

!

!

2

5 "

8

U@?OBW

!

"

!

" %

4

#

#

"

!

" %

V

'

!

+

]

U@?OGW

4

"

8 . T8

U@??BW

!

!

#

0

!

!

" !

'

#

!

'

#

!

!

" "

"

!

4

%

(26)

CM

5

#

8 . T8

U@??BW

!

#

!

"

#

(

&

!

!

"

!

!

(%

#

"

5

!

'

(%

"

<

!

"

5

U@?OGW

!

"

!

'

/

!

!

!

'

U"

CBb

W

!

"

"

(

\

!

@?IB

@?IO

!

'

5

!

!

!

"

%

(27)

CL

26?62

4

A

8 .

" U@?ILW

! "

"

"

!

0

!

T

!

"

0

"

!

"

#

5

"

%

#

"

!

5

!

%

"

U:*91 *;5 CBBGW

0

"

'

&

W

)

"

V

W

6

"

V

W

6

"

(

!

(

%

W

:

'

"

"

#

"

U:*91 *;5

CBBG

ECW

5

#

"

'

(28)

CI

C E C @

5"

7

#

!

!

(

"

"

8]

U@?ILW

"

!

'

!

!

"

(

!

!

'

(%

'

!

"

;

U@?IIW

'

"

!

0

"

"

!

0

"

!

"

'

"

%T

!

"

'

"

A

U@?OLW

5

A

U@?OLW

!

!

!

(29)

CO

D

%

!

"

#

%

D

A

U@?OLW

"

"

"

!

!

'

'

:

%

!

(

"

!

"

%

"

(

"

"

!

)

%

!

7

%

#

0 < = 0 %

A

U@?OLW

!

'

#

"

%

!

"

!

#

%

"

T

2

2

U@??EW 0

"

C?

#

@?OG

@?OO

!

2 !

!

"

(

CMBb

EMb

)

"

!

(30)

C?

"

5

"

\

4

(

!

"

"

)

" U@??CW

#

!

!

%

#

!

\

#

!

"

(

"

C E C C

5"

7

"

'

"

2

UCBB@W

'

(

(

"

5

"

!

"

"

7

"

%

"

+

]

U@?OGW

!

(31)

EB

0

'

!

!

'

!

!

!

!

"

*

T

"

"

#

2

!

#

+

]

U@?OGW

'

CB

T

@?LC

@?O@ T

!

!

#

!

"

W

OM@

CM

"

%

%

!

"%

5

#

)

"

"

" ;

"

'

"

"

!

(32)

E@

5

#

&

W 5

!

" ;

!

'

" !

"

!

V

W 5

"

"

"

"

W 5

!

\

(

!

"

)

3

U@??OW

'

!

"

!

\

'

\ "

"

!

" T

26?6?

8

@

"#

5

$

4

"

"

!

!

'

" -

>

5

U

W

!

\

U

# W

!

#

7

'

!

'

X

"

"

G

- < U9046854 CBBCW '

(33)

EC

!

UR

;

@??@W

0 !

!

#

5

!

'

'

!

8]

U@?OGW :

!

!

!

#

"

%

%

#

!

"

0

8]

8 ( ! U@?OGW

!

T

!

!

!

<

!

#

0

0

#

5

#

"

&

(34)

EE

W *

!

%T

W 5 !

"

#

"

'

"

'"

!

!

#

"

W

#

#

"

!

'

"

3

U@?O?W

"

<

#

!

%

!

$

? :

;

%

MBB

.

@?OL

CI

@?OI

@IL

5

'

'

!

!

!

!

5

#

&

W 0

%

"

!

"

!

V

W 8

!

!

"

W 5

<

'

#

(35)

EG

W 8

!

'

(

W

(

!

"

#

!

!

!W 5

<

#

'

%

#

!

26?6B

$

1

$

R

;

U@??@W

#

%

&

!

#

'

"

'

!

!

-!

!

"

&

W

.

"

5 !

"

%

#

%T

(36)

-EM

7

!

' !

$

] U@?OLW D

!

%

"

!

%

!

5

!

!

5

T

"

!

!

!

"

$

] U@?OOW

!

!

7

%

!

"

#

#

#

!

'

'

-

*

'

"

!

"

%

"

:8*/R

M

U@?OL

+5;)95>

:8*/R CBBMW

'

< !

"

'

" !

!

'

Eb

\

#

U>746 =*8

:/79c @??L

+5;)95>

:8*/R CBBMW

+ .

3 "

UCBBCW !

%

I@M

T

!

\

'

%

@???

"

- ! !

-

#

M

:8*/R ) !! # % - ) " " .8 O 5

(37)

EL

"

!

#

%

W

'"

)

<

"

+

] :

U@??LW

"

0

LBBB

!

)

@?O@

@??E

U

W 5

!

+

.

$

U@??EW

!

"

!

'

!

!

0

\

!

!

(38)

EI

W

!

5 %

!

!

/

3

U@?OOW

!

@?IG

@?OC

GL? !

"

!

<

!

!

\

0

!

"

" !

0

'

#

!

<

"

!

<

W

"

R

;

U@??@W

!

!

"

!

(39)

EO

7

'

7

!

; (

c "

U@??MW

6TI U 75 A

5

$

* %

;

7

)

%W

@

A

@?OIT@??@

EBb

IBb

MBb

4

!

"

"

' !

!

%

<

!

!

'

"

#

#

0

"

" "

"

!

'

6TI

"

!

!

!

5

#

!

%

%

"

(40)

E?

26?6C

$

1

"#

5 "

"

%

#

8]

UCBB@W

"

&

W /

8

"

8

U@?MOWV

W /

!

!

"

!

V

W /

" -

!

!

(

!

%

!

V

W /

!

%

+

]

:

UCBBMW

&

W

U

"

!

W

W

"

U

^ !

!

^!

W

!

U

-" -

W

0

'

(41)

GB

%

"

#

6

R

] UCBB@W

%

E?C

!

GGBB

?b

D

<

!

!

&

!

!

!

#

U

W

"

-!

R%

U

"

"

#

!

W !

26?64

$ @

$

%

4 .

U@??CW

(

T

0

"

!

"

&

W

!

Y

W

'

!

(42)

G@

0

!

"

" !

!

!

!

"

"

9

:

UCBBCW

!

#

"

#

EC@

T

@??M

@???

!

!

#

0

)

UCBBEW

!

(

&

U

W

"

!

"

@??G

CBBC

@?L

+

!

#

@G

!

(

%

!

)

" !

!

'

!

)

Y

(43)

GC

8

"

]

:

" "

UCBBGW

!

" !

%

4

'

!

'

#

@??M

CBBB

#

!

#

%

"

'

#

!

0

&

'

!

\

'

M@b

%

%

%

%

V

"

'

%

(44)

GE

?

D.&(&* (

+,

,& (& )E0 , -./

&

'

*.' . '

(

/. ,

8]

U@?OGW

"

!

!

"

(

(

\

"

'

%

/

/ ]

.

UCBBCW

"

!

0

#

"

!

!

(

!

!

0

:

/

U@??IW

!

(

4

"

!

!

!

!

!

!

7

8

)

&

0 95A*25

(

:<1 = :

1

(45)

GG

5

(

&

)

!

!

!

#

*

"

=

:

/

UCBBEW

'

!

"

"

5

"

(

)

R

"

U@?OCW

*

"

=

!

L

U@??I

258025;54 CBB@W

#

!

!

:

"

%

"

2

UCBB@W

"

"

"

(

&

5

"

;

0

V

5

"

2 !

;

V

5

"

)

8'

)

V

5

"

1

5(

V

5

"

)

4

L

*4: 9+56 * V =57$092 R B . 1"" ) A " 1 % .

$ O 5 $$ $ 61 @B @ @@MT@CC @??I 258025;54

(46)

GM

5

"

'

"

!

#

"

E @

5+0;256 8 20 ; :79/520 0

;5)*0459

4

"

2

UCBB@W

"

'

!

7

(

%

%

'

:

%

9

"

%

&

"

C

012# 1

012# 1

0

U

a

a

W

I?J

95A*25

_ 9

(

#

#

_ 2

#

U

!

W

_

%

(

_ /

(

(47)

GL

7

%

' !

(

!

"

"

V

"

'

(

"

5

#

"

&

W

"

'

!

V

W

!

V

W

"

V

W

(

E C

5+0;256 8 20 2*$ ; 4)*59 2 ; /0;40

5

"

!

'

!

Y

'

(

!

:

/] (

I

U@?OM

258025;54 CBB@W

#

!

0 "

'

!

I

:/5/854 8 V /> +A / / <" " . 1 ;"

(48)

GI

%

:

%

!

0

!

'

&

WW

@

U

U

:<

:<

:<

IBJ

0

&

;0 _ ;

Y

9

2^ _ 2

Y

9

6

(

6

;0) _ ;

)

0 ;

)

'

&

012#

:<

U

@

W

ICJ

0

&

;0) _ ;

)

012#

6

(

6

2

_

%

_

%

Y

7

"

'

(

(49)

GO

E E

5+0;256 8 20 )7:/0 8N2*0 042 ;520 2 )5 */59

5

"

"

'

U)8 )W

%

5

'

!

#

'

(

'

" T

%

5 "

"

&

W 5

T

!

!

"

V

W 5 !

"

V

W 5 !

#

"

"

"

7

"

'

' !%

"

8

T

T

0

(

'

'

!

N

&

A

A

(50)

G?

0

&

)8 ) _ )

'

5

_ ;

2

_ )

_ )

2

_ 8

_ 8

1

_ 1

"

&

#

"

'

# &

W 0 "

%

<

W 5

!

!

!

#

:

%

'

!

'

(51)

MB

5 "

# &

W 7

'

%

%

Y

U

(

"

WV

W 7

!

#

U

5

V

W 5

Y

"

%

(

'

'

"

7

T

!

%

"

"

%

&

;

D

%

W

@

U

@

IPJ

0

&

_

U

W

_

U

W

6

5

6

8

(52)

M@

5

T

'

(

(%

'

%

"

"

!

"

!

2

UCBB@W

'

%

"

$

,

?

!

(

'

95A* X 9

5

A

*

2

A

7

(

%

P

)

A

'

"

95A*

(

!

(

T

!

(53)

MC

.

< E

O

5

"#

'

. K

O

$

$

P

)

A

)

!

/

A

+

5

@

T@BBBBB

B @?????

2

@? @Mb

C

B C

B LG????

)

@L LMb

E

B LM

B I?????

))

@M @Mb

G

B O

@ CG????

)))

@G @Mb

M

@ CM

@ G?????

+T

@E GBb

L

@ M

@ IG????

+

@C GBb

I

@ IM

@ ??????

+`

@@ LMb

O

C

C G?????

++

@@ @Mb

?

C M

C ??????

+++

@B LMb

@B

E

G CG????

5T

@B GBb

@@

G CM

M G?????

5

@B @Mb

@C

M M

L G?????

5`

? ?Mb

@E

L M

O G?????

55

? LMb

@G

O M

@BBBBB

555

? EMb

$

& 2

UCBB@W

2

UCBB@W

'

%

!

%

"

!

%

(

!

2

UCBB@W

"

!

"

(54)

ME

.

2 E

O

5

"Q

'

$

$

# 5

$

$

$

P

)

A

)

!

:

$"

@

T@BBBBB

B @?????

2

@B BBb

C

B C

B LG????

)

I MBb

E

B LM

B I?????

))

L BBb

G

B O

@ CG????

)))

M BBb

M

@ CM

@ G?????

+T

G CMb

L

@ M

@ IG????

+

E CMb

I

@ IM

@ ??????

+`

C MBb

O

C

C G?????

++

C BBb

?

C M

C ??????

+++

@ MBb

@B

E

G CG????

5T

@ CMb

@@

G CM

M G?????

5

@ BBb

@C

M M

L G?????

5`

B OBb

@E

L M

O G?????

55

B MBb

@G

(55)

MG

.

? E

O

5

"Q

'

$

$

$

$

P

)

A

)

!

: $"

@

T@BBBBB

B G?????

2

@B BBb

C

B M

B I?????

)

I MBb

E

B O

@ CG????

))

L BBb

G

@ CM

@ G?????

)))

M BBb

M

@ M

@ ??????

+T

G CMb

L

C

C G?????

+

E CMb

I

C M

C ??????

+`

C MBb

O

E

E G?????

++

C BBb

?

E M

G G?????

+++

@ MBb

@B

G M

M ??????

5T

@ CMb

@@

L

I G?????

5

@ BBb

@C

I M

? G?????

5`

B OBb

@E

? M

@C G?????

55

B MBb

@G

@C M

@BBBBB

555

B CBb

)

"

T

!%

!

(

"

"

2

(

"

(

(56)

MM

E G

5+0;256 8 20 1590; ; : 4/ 5A7:/520

)

!

)

U@?OCW

'

!

8]

@?IG

2

.

#

"

.

# %

= # "

"

#

"

0 1

5(

1 A = 1 C

A

!

8]

U@?IGW '

!

&

0

&

5 1

_

(

!

E

6

!

:

_

U

W

_

U

W

6

6

<

_

(

"

6

!

'

!

!

!

!

IRJ

<

I

<

J

<

I

<

J

(57)

ML

0

!

'

0

"

!

4

!

(

!

"

!

!

0

!

"

!

0

(

'

(

%

%

'

(

!

V

'

&

0

&

1$5

_ 1

5

$

$)$$ _ 1

!

"

_

_

!

6

6

6

!

6

!

. ..

A.1

W

U

W

@

U

B

(58)

MI

2

UCBB@W

!

O

D

!

2

UCBB@W

%

!

&

W

!

U

W

!

!

"

"

W

'

!

%

!

"

0

!

2

UCBB@W

"

&

O

0 ( U; / W

" +*;2^$8* 5 % < ' \ @B

(

(59)

MO

.

B *$

.A

,

/

$

$

5

5

"Q

:

(

! &

&

8

8

"

5

!

'&

0 :

/

9

"

'&

5

*

'

T@BBBBB

B CG?????

2

@C BBb

@BBb

B CM

B LL?????

)

? BBb

OBb

B LI

B OL?????

))

I MBb

LM BBb

B OI

@ CL?????

)))

L BBb

GL L@b

@ CI

@ ML?????

+T

M BBb

EC MBb

@ MI

@ OL?????

+

G BBb

CL ELb

@ OI

C @L?????

+`

E BBb

@? COb

C @I

C IM?????

++

C MBb

@C CBb

C IL

E CO?????

+++

C BBb

C EBb

E C?

G GO?????

5T

@ MBb

@ G@b

G G?

M LG????

5

@ CMb

B MEb

M LM

L OG????

5`

@ BBb

B GBb

L OM

? EG????

55

B IBb

B COb

? LM

@BBBBB

555

B EBb

B B@b

$

& 2

UCBB@W

E M

5+0;256 8 )08 5;5/*15 20: 4P1 *: 2

42*1*258 4/0

5 \

"

'

2

UCBB@W

!

"

"

(60)

M?

4

'

'

!

!

\

"

' \

%

#

!

5

"

"

'

"

&

W

!

!

'

?

W

"

"

'

9

0

5

*

A

2

5

X 95A*25

1

8

W D

"

!

"

"

"

'

W D

'

0

!

#

!

?

8 ! U W % !

(61)

LB

5

'

#

#

5

&

0

@ E G

I<3J

0

&

9

_ 6

%

V

_

_ 4\

#

\

#

6

2

%

6

F "

012# 1 40

(

(62)

L@

B

'&

(/

).&*

.&(&,-!/ &*

G @

5+0;256 8 2

:D7*:5

: "

R

]

R

] U@??I

@BT@EW

!

"

(

5

!

$

$

$

!

T

<

'

!

# &

5

'

(

'

#

'

'

!

'

T

%

%

!

%T

5

'

#

!

!

#

!

Y

5

& '

(

!

Y

!

'

!

#

#

(%

#

(

"

(63)

LC

0

"

!

'

$

T

5

%

'

!

%

!

#

5

!

'

(

'

"

!

T

5

'

'

!

"

T

"

5

'

'

!

"

T

"

5

\

!

'

T

4

T

!

"

!

%

!

5

(64)

LE

(%

%

!

'

"

!

<

<

!

"

:

!

!

N

!

Y

'

!

Y

'

!

!

D

T

%

'

'

5

"

'

"

(%

!

T

'

<

!

G C

;0) 2*8 4/0: 2 )Q9)790

5

"

!

"

(

!

#

(65)

LG

5

"

' !

!

'

'

%

!

R

UCBBMW

(

%

%

'

' !

%

: "

!

=

"

9

UCBBB

GIW

%

'

%

5

%

'

!

Y

%

'

!

%

D

%

!

R

UCBBM

CIW

'

'

0

'

!

"

&

W

&

'

"

$

(66)

LM

0

'

"

!

(

:

&

W

&

!

!

W

&

!

!

R

UCBBMW

%

Y

'

%

'

!

%

'

"

%

@

B

&

(

"

' !

T

@

%

B

2

!

#

R

UCBBM

ELTEIW

%

\

%

'

U

W

%

U '

'

Y

W '

%

"

\

( !

'&

G

G

G

G

H

@ C E

I<<J

0

&

>

'

%

d@

d

%

'

%

'

(67)

LL

0

! -

%

"

'

: ::e

T

"

'

U

%

%

W

"B

U

%

"

W

%

%

#

"

"

"

!

&

5

+

)

5 '

"

"

4

"

2

UCBB@W

%

"

G E

R* S/ : : 5;5 5 5+0;256 8 )08 5;5/*15

2

UCBB@W

%

"

"

"

&

"

X

!

"

<

(68)

LI

X

%

!

T

!

"

!

(

"

!

T

"

"

"

!

# &

!

%

!

2

UCBB@W

"

@??O

!

!

'

%

!

#

5

#

2

"

!

%

'

"

'

%

%

2

'

&

!

U/*/854

3 :: 9: @?OOW

7

<

%

(69)

LO

U $

0

$

"#

.

5

"#

5

'

/585/

5

/

9 "

5

/

6 ;)d

;

+*/25

- ! !

-

U1

W

"

97);5/*1*25

2

95A*^;

0

9

D

!

+

!

$

!

+ 4$*:)

8 "

0

X8'

@B

+

!

$

&

!

!

'

+

!

$

" %

+$*:)2+/

2

$

9

+

+

!

!

" %

+$*:)2

;

2 !

95A*25

95A*

9

+

F

2 N 0

/

$

"#

(70)

L?

U

%"

W

U $

0

$

"#

.

5

"#

!

&

"

*)A

95A*^2

$

UP

(

W

5"

&

"

!

!

/

"

*

5

/

5"

&

#

%

)

%

5 #

^/

#

(71)

IB

G G

2520:

$04/ : 2 *4$0;85KF0

%

"

"

"

&

(

' 5

V

$

A

1

:

!

%

D

#

D

#

+

1

5

/

*

CBBG

95A* X 9

A

*

;

2

$

@??G

CBBG

95A*25 X 9

A

*

;

2

5

Y

9

;

0

9

CBBG

%

e

F

? N (

$

$

"

%

(72)

I@

(

N

0

/

"

"

X +

? @Mb U W

/

'

* d

C? Ob U W

*+ U

*

+

W

C Ob U W

@B BBb U W

!

Mb

EB BBb U W

F

B N (

/ 5

"#

W /

4

T +

@B

W+

1

:

T *+ d

@@

W *

5 T *

5

@C @E

W /

4

T +

+

1

:

T *+ d

@G

W+

U@?LIW

2

UCBB@W 3

U@?IIW

@B

1 4/4T+ X 4 / 4 :' + ( ' (

* )T5 1 @M CBGM BE ( CBBM ? @Mb

@@

/ ' * d CBBE CBBG C? Ob

@C

0 ( " % T )W 4S * 5& *

Y 5

@E

0 ( U; / W

" +*;2^$8* 5 % < '

\ @B

@G

(73)

IC

0

"

!

5

+

)

CBBG

/ 5

"#

F

C N (

/ 5

"# N

/ 5

"#

F

4 N (

/ 5

"# N

/ 5

"#

F

P N (

/ 5

"# N '

1

5

/

1

5

/

X 5

*

2

2$ X 2

#

$

X 6

BL X +

)

X 5

"

9

"

'

$

` 0

X )

'

$

` 0

X 9

"

Y

9

2$ X 2

#

$

X 6

BL X +

)

X

CBBG

;

0

9

95A* X 9

A

*

;

2

$

2$ X 2

#

$

X 6

BI X

2

;

(74)

IE

/ 5

"#

F

RN (

/ 5

"# N (

"#

&

$

"#

'

/ 5

"#

F

S N (

/ 5

"# N )

K$

/ 5

"#

+

%

1

8

%

D

#

%

95A* X 9

A

*

;

T

@??G

CBBG

%

F

<3N (

X %

2

2

2$ X 2

#

$

X 6

BO X

2

0 "

5

#

;

)

8

)

6

%

2$ X 2

#

$

X 6

BO X

2

0 "

5

#

;

)

6

BL X +

)

X 5

8

'

U

W

9

" 0

5

M

5

*

;

2$ X 2

#

$

(75)

IG

G M

580:/;5

)

!

:

UCBBC

@B?W& Z

"

(

[

:

UCBBC

@@BW

!

'

%

!

(

!

'

!

#

CBBG6

:

UCBBC

@@BW

!

& Z5

&

T

"

[

5

"

&

"

(

'

5

"

!

!

'

"

"

:

UCBBCW

'

'

(76)

IM

"

!

'

:

UCBBCW&

'

"

'

"

!

U

W

'

"

&

"

4

!

!

#

+

]

8]

UCBBMW

#

)

#

!

"

5

"

!

!

T

!

!

; (

c "

U@??M

@GCET@GCGW

!

!

'

!

!

#

!

"

!

(77)

IL

!

!

%

%

!

:

"

'

$

"Q

%&0 *

T +

1

:

X

233B

(

Y

T!

e

T

# 5

<C

\

EBL

2

!

%

\

22P

!

"

&

.

C

!" #$

%&'

(

$

)

5"

@

G

G

5

+

@C

M E

M I

)

'

O

E M

? E

)

@@

G O

@G @

Y

M

C C

@L E

"

'

EB

@E C

C? M

8%

*

E

@ E

EB O

8

C

?

E@ I

8

8

E

@ E

EE B

0

EM

@M G

GO M

)

O

E M

MC B

6

O

E M

MM M

D

@I

I M

LE B

:

f 8

CL

@@ M

IG G

/

#

@G

L C

OB L

/

C@

? E

O? ?

/

:

O

E M

?E G

1

@M

L L

@BB B

B6C6<6<6< .

22P

<33 3

$

&

%

@M

0 ' ! & : ! % e ! ! !

(78)

II

C

' * ,. (&* (

*F /*

4

!

"

%

4

%

%

!

!

&

.

4 N

)

%

@L

8

@I

%

C?Y

<SY

5

G?b

@Gb

5

IEb

L@b

)

EMb

CCb

*"

) !'

G@b

@Ib

"

LCb

COb

:

:5

L?b

GEb

1 "

IMb

O?b

$

CCY

BCY

5

LCb

E@b

)

*

MIb

G@b

=

MCb

C?b

8

OCb

OEb

;

MCb

EIb

:

MGb

CLb

1

)

GOb

LMb

$

&

0

%

!

"

2

%

5 4

'

#

@L

0 % " ' M? I@b

@I

0 ! %

# ! ! %T "

(79)

I

O

.

P '

$

H

$

$

5 )

)

%

8

8'

9

0

8'

2 !

;

8'

)

)

8'

1

5(

)

$

MB b

8'

1

5(

)

$

EBb

8'

5

"

)

5

G?b

@Gb

@Cb ??b CBb @Bb CBb LOb

5

IEb

L@b

EEb Bb Bb Bb Bb LLb

)

EMb

CCb

CIb MBb EBb CBb CBb IBb

*"

) !'

G@b

@Ib

@Bb Bb CBb Bb @Bb LCb

"

LCb

COb

EBb ??b LBb MBb ??b LIb

:

:5

L?b

GEb

Gb CBb GBb EBb GBb L?b

1 "

IMb

O?b

Lb ??b MBb ??b ??b LEb

5

LCb

E@b

GEb OBb MBb EBb MBb M?b

)

*

MIb

G@b

LOb Bb EBb @Bb IBb MEb

=

MCb

C?b

CIb ??b LBb GBb ?Bb LGb

8

OCb

OEb

@Mb Bb LBb OBb ??b L@b

;

MCb

EIb

E?b Bb GBb CBb CBb MOb

:

MGb

CLb

G@b IBb GBb EBb GBb LCb

1

)

G?b

LMb

LGb ??b LBb IBb ?Bb L@b

(80)

I?

M @

; :79/520: 25 5+0;256 8 20 97);0 0

;5)*0459

4

'

"

!

# &

95A*25 U9

(

W

(

(

"

"

"

"

(

%

2

"

%

5

"

%

'

%

T

"

C BBB

C BBG 0

"

'

5

!

!

(81)

OB

5

(

!

T

'

%

!

(%

E 0

@

!

T

'

@??G

CBBG "

;g CMB BBB BB

C

!

T

'

!

;g CMB BBB BB

5

%

.

R

'

*

H

$

(A

$

#

,

&$

/ 95A* ` 5( 0 2 A ` 5( 0 P ) A : $" ) %

5 @ E EMG OCB @ @@M MEB E B@ 5T @b @B GBb

5 C E ?IM @IL I@M B BC 2 @Bb @? @Mb

) C EB ?MB @C CIC C MC +` Eb @@ LMb

*" ) !' C C@ ELE @C GL? @ I@ +T Gb @E GBb

" @ G?O COE ?@ IOL M GE 5 @b @B @Mb

: :5 @ LE@ G?G ECC BBB @ ?L +` Eb @@ LMb

1 " C @L@ LOM @LI ?B@ B ?L )) Lb @M @Mb

$

5 @ @ EE@ LIL EGC ILB E O? 5T @b @B GBb

) * C @C OM@ @O EMC B IB ) Ob @L LMb

= @ O@C @EO CE@ M?O E M@ 5T @b @B GBb

8 C CE EEM E@ G@C B IG ) Ob @L LMb

; C @?@ MEG @GM CBC @ EC ))) Mb @G @Mb

: @ O@E GCB @G@ M@B M IM 5` @b ? ?Mb

1 ) @ C O@@ ?GB C BLB LMM @ EL +T Gb @E GBb

(82)

O@

5

'

%

%

(

' !

& 1 "

1

!

&

.

3S 1

#

,

$

(A

1 "

1

)

2 " @@O BBB C EMB BBB

5 @ @GG IIM C BCM BBB

5 C @GG IIM C BCM BBB

5 E OG GMC C BCM BBB

5 G C BCM BBB

5 M C BCM BBB

5 L L BIM BBB

) B B

95A* # ! GE LOM @ @LO LLG

2 @? C@L ECI BMI

2 ( G? ?B@ G@I EI?

2 # ! @?? II? C ?CE IBB

4\ L T E

9 " @ @CM ICI @ IOM I@G

9 " C @B? @OL @ MIG IBG

9 " E MM E@C @ EOO LCO

9 " G T @ CCG MGB

9 " M T @ BI? OG@

9 " L T M CB? OCL

1 / " C?B CCM @C CLE CMC

95A* OI LMG C O@@ ?GB

2 9 " 0 ! G?B BBG @M @OL ?MC

2 ( !

?E OIB C BLB LMM

95A*25 ( @BL OIB E @EO ??I

$ &

2

!

#

%

'

Referências

Documentos relacionados

k) uso de equipamentos e técnicas de proteção; l) participação do servidor em atividades comunitárias. Observa-se que as questões atribuídas aos quatro níveis de

Ninguém quer essa vida assim não Zambi.. Eu não quero as crianças

Os dados encontrados sugerem que existe condições de preservação com trechos alterados, logo faz-se necessário a reversibilidade dos impactos de maior magnitude como a

Em relação ao Fundamento da Dissolução, assinale a alternativa incorreta. A) A dissolução pode ser definida de forma simplificada como o processo pelo qual o fármaco

O nutricionista pode utilizar as plantas medicinais e drogas vegetais, medicamentos fitoterápicos, produtos tradicionais fitoterápicos e preparação magistral fitoterápica como

ITIL, biblioteca de infraestrutura de tecnologia da informação, é um framework que surgiu na década de mil novecentos e oitenta pela necessidade do governo

Conforme a Tabela 7, observou-se que, com exceção dos temas Líder/Liderança e Liderança Carismática, para os quais o resultado do coeficiente de variação

a Matemática costuma provocar duas sensações contraditórias, tanto por parte de quem ensina como por parte de quem aprende: de um lado, a constatação de que se