Munich Personal RePEc Archive
Human Capital and Productivity in
Microenterprises
Mungaray, Alejandro and Ramirez-Urquidy, Martin
Universidad Autonoma de Baja California
April 2007
Online at
https://mpra.ub.uni-muenchen.de/4064/
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-Capital humano y productividad en microempresas
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>-CUADRO 1
Clasificación de las empresas en México
Manufactura Comercio Servicios
Micro 1-10 1-10 1-10
Pequeñas 11-50 11-30 11-50
Medianas 51-250 31-100 51-100
Grandes Más de 250 Más de 100 Más de 100
Fuente: Diario Oficial de la Federación, 2002.
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% " " '" 7 ' )6 ' ' " " " ) ' . " . ' $ ' '"$'" " ' ( "'" " )" " (" " ' ( ( # "0$"' " " 9 (" (& ' 3 (" "* $ ' $ ' " (" (%"9 ( ( %' "7 (" ( ( $ . " # ' . / $'") =: " % # : 0" >?BBA- ) ' . " " '& (" 5%" " '$ ' ' " " " %( " &6 '
*'%$ ( " " U=! !0 7A " (" " " *% " " % ('
-CUADRO 2
Variables binarias utilizadas
hs hx z
Nivel de escolaridad Experiencia en años Variables de control
Sin estudios de 0 a 1 Estado
Primaria de más de 1 a 5 Subsector
Secundaria de más de 5 a 10 Periodo
Técnica de más de 10
Preparatoria
) ' . " . ' 5%" '"$'" " ' * (" "&$ (" $"' 3 (" "* " "0$"' " " (& ' 3 (" (%"9 (" "* 5%" ( ( " $ (" "&$'" . / 8 " 5% " & (" " # ! " ( (%' " "0 " (" "&$'" - " ( ( ' %#" "0$"' " (" "&$ " ( (" & ' "&$'" # 5%" " " ; & ( " " %" ' ( $ . "- " ( ( ' $ %' $ ( ( (" $"'& " %$"') )" (" "&$'" &. 6 % "' " (" "0$"' "
$'" ( 7 /" 5%" #%( &"/ ' ' '& " 5%" " (& ' '" %' (" "* (" (" 4 # ' ! !%& # ' $'" ( 7 /" 5%" $%"(" ' "' ' " (" (%"9 "&$ " ( # 5%" " ( % (" " '" " '* (" 9 - 5%4 " %"
" 5%" " ) (5% ' " ( .'" " &$ ' & " (" &"' ( # (5% 3 (" (" '"7 # ( & (" $' " $' (% ) 5%" %" " ") ' &"/ ' ' & & 5%" " *' $ ' ' (" "0$"' " " $' (% 3 $ ( - )" (" " ' ( ( " ! (" (
& " )" "(% ) $' &"( (" & "&.' (" "&$'" # $'" " (" $ %' ' " "&" ( $ . ( ( (" '" 7 ' 8 % (" $' " ' # 7 ' '& 3 ; .'" " "* $ ' 6 " # '"* .8 $ ' (& ' 3 $'" %$%" 3 # / 3 (" $'" '&" " &"' ( # '* 7 3 (" $' (% 3 $ ( ( (" '" ' " # (" "* ' " " # (5% 3 (" " " $" '" ") " $ ' " " '" ( " $' (% " "') ( ( " ! * " " " '" ' 5%" $%( "' '" % ' (" $' " "(% ) '& "
-" $-" " : # " $'" " " " % " MJN M@N # MBN '" $" ) &" " ( (" " ' & ; % '"$'" " ) ' . " " * ' & %'
-yi = (hs, hx, z) + 1ki + 2ni+ 1(ki) 2
+ 2 (ki ni) + 3(ni) 2
MJN
yi = (hs, hx, z) + 1ki + 2ni+ c(ki – ni)
10
yi = (hs, hx, z) + 1ki + 2ni MBN
$'%". (" ! $3 " 5%" $%"(" (% ' " '"("( ' (" " % " (" ! & " ( ( ! & *" " ( ( (" *' ( > ='" ( & " " " A # (" " $" 3 "*; " $'" " " " % (' G- )"7 '" 7 ( " $'%". # (" "'& ( % 3 (" % ( " '" 7 " 8 (" < 1 . " " " % 3 M
N-$' 0 & 3 " (4 (" ( ! ( "'" " " '" 7 ' )6 (" $ ' $'%". 1 (" "' "$ =1 A 5%" "5% ) " (" "'& ' ( '"*'" " ( "'" " " "' "$ "/" (" # " " & & $% " $% ( "'" " 5%" %* "' (" $ 7 & " (" %') $ '
*'%$ (" "'6 - " '" 7 . " " '"*'" " '" ' * ( 5%" %#" " " (" "'6 # '" ' * ( 5%" "0 %#" " " " . " " ! $3 " I-> I-G " " % (' @- " % 3 M N '"5% "'" " %$%" (" 5%" $" ( " " ) '4 " '"
*'%$ $ ' 5%" &. 6 " $ % $'%". 1 (" $" ( " " =1$A . / ! $3 " I-J " " & & % (' ( (" " & (" '" ' * ( ) " " ( ( $ ' *% " " " % 3
-Yi= F [e
(hs, hx, z)
, 1hs, 1hx, 2hs, 2hx, Ki, Ni] M?N
- )+ )- - , ) - /
+ ,
" ' "* (" )" * 3 5%" ! (#%) ( . " "' ( # .' ( ' " 6 " " $ (" "* " " <' *' & (" I )" * 3 " # " ' # <"5%"9 =<I #< A (" '' ( " )"' ( ( % 3 & (" H / ' - ./" ) (" " " $' *' & ! ( $' & )"' " 6 " " $ (" "* ' )6 (" " %( " " "') # )" * 3 $ ' % (" '' - '& 3 % 7 ( $ ' " " " %( %" &$ ( " " & ' (" " " $' *' & . ' 3 (" " %( "
'* (" '" $"' ( " "' ,/% (" DD> * ,( "&.'" (" DD> # " "' ,/% (" DD - " %( '$ '3 '& 3 (" & ' "&$'" $"' ( " ' & ("
&" # .". ( # &" &" 8 " " ( (" H / ' # # ' 7 ( $ ' &%" '" " ' " 7 '" (" &" *; "') $;.
& *% " " ' ( ( ('" /" # $ ) &" 3 C # (" " '" 5%" 5%" ' $ # % 5%" % (%"9 %) "' % )" &80 & (" " %( (" $'"$ ' ' # 5%" '" "' (" *; "& (& ' ) '& - "&$'" " " ' ' $"' (
& $"5%"9 $' (% ' (" ' ( & " 5%" $ !"''"'4 (% ' " # ' " " # $"5%"9 ' ( " " *4 .8 # $' " ' ( " 5%" (%"9 $'" ( "' (" & '" " ' . / $'")
&" " (" 3 WBE- " " %" ' '" ( " )" (" ) / $' &"( $ ' " . " & " 5%" " (" >> >?@ # ? DE $" '" $" ) &" "- 0 " ( "'"
&$ ' " " 6'& (" ) ' (" ) / $' &"( $ ' " ( # 5%" " H / ' " (" W>B ED? & " ' 5%" " # ' WG
>>>-& 9 $' >>>-&"( (" & ' "&$'" ("' ( " " " ( (" H / ' " (" -? & " ' 5%" $ ' # ' " (" - 7 ( $ ' '%.' (" ) ( ( " " " 5%" "
;&"' (" "&$ " ( " $' &"( " & # ' " &" = A 5%" " &" &" 8 =>-GA-%" " & 9 $' &"( (" & ' " 6'& (" ) / # (" "&$ " ( " & # ' " H / ' 5%" " # ' " ' 7 . " $%" ( 8& & ' "&$'" ' " *" "'
" " ' .8 &" " " ) ( (" (" &" # &" &" 8 # " &$% ( $' & '( &" " $ ' ( 8& ("& *'8 = % 7 # O * &
>??GA-CUADRO 3
Resumen de indicadores de las microempresas de la muestra
6'& (" " ' ( ( % ( ( *% (" & ' "&$'" $ "" " ' ( ( (" $' & ' # " % ( ' "* ( /% JEF (" - '" " '"$ ' " " " '%.' (" " %( =>JFA 6 =>GFA # " " )" (" $'"$ ' ' =@FA- %* "'" 5%" 3 " F (" &%" ' $ "" " %( (" "(% 3 &"( %$"' '- :" . "') % )" (" " ' ( ( $' &"( & # ' " # ' 5%" " H / ' $%" " " $' &"' " ' & 5%" JEF (" "&$'" %" "(% 3 $' &"( (" &"( %$"' ' & " ' 5%" " "*% (
%" DF " " " )" 5%" $ ('4 "0$ ' " $ ' ' * ("& *'8 " ( " ( (- " & & '& " . "') 5%" " H / ' F %"
" %( & " ' 5%" " # ' " ' " (" >>F- % ' & (" ) ( ( $ ("& $'" ' 5%" B F (" "&$'" (" ' & (" &" &" 8 $ "" % )" (" " %( $' &"( (" " % ( ' # 6 & " ' 5%" " ' " (" DF " &" - "
*% '& DF (" "&$'" %" "(% 3 $' &"( (" &"( %$"' ' " &" & " ' 5%" " &" &" 8 " ' " (" GF 5%" &$ 5%" " " " ' '"5% "'" % & # ' )" (" "(% 3 $ ' $"' ' "* (". ( & # ' " 3 '" ) (" ) ( ( " " "0 (" " " $ (" "*
-Variables Económicas Escolaridad promedio Rangos de experiencia en años
Num. de
empresas % Muestra Valor agregado promedio por día ($)
Valor de activos fijos promedio ($) Número promedio de empleados Número empresas sin educación Número empresas con primaria Número empresas con secundaria Número empresas con técnica Número empresas con preparatoria
De 0 a 1 año
Más de 1 y 5 años
Más de 5 y 10 años
Más de 10 años
Total 89 100% 275.00 10 449.00 1.89 14 28 28 13 6 28 32 20 9
16% 31% 31% 15% 7% 31% 36% 22% 10%
Por estado:
Baja California 36 40% 315.44 18 309.08 2.9 8 14 10 2 2 17 8 8 3
22% 39% 28% 6% 6% 47% 22% 22% 8%
Nayarit 53 60% 134.24 5 111.35 1.17 6 14 18 11 4 11 24 12 6
11% 26% 34% 21% 8% 21% 45% 23% 11%
Por actividad:
Alimentos 77 87% 163.37 9 034.00 1.96 14 27 20 11 5 23 29 17 8
18% 35% 26% 14% 6% 30% 38% 22% 10%
Metalmecánica 12 13% 963.16 11 197.00 1.5 0 1 8 2 1 5 3 3 1
12
< ' ; & J@F (" (" "&$'" " " (" "' 9 " $"' 3 - ' ' % ( " ( ) (" $ ' " ( $%" "' (" @F (" & ' "&$'" (" H / ' ! $"' ( $ ' &" (" % 9 >F " '" % # 9 # " '" $ ' &8 (" 9 - # ' 3 >F (" "&$'" ! .4 $"' ( $ ' &" (" % 9 & " ' 5%" GF ! .4 !" ! $ ' % # 9 # E F $ ' &8 (" 9
-%* "'" 5%" "&$'" " # ' ") $"' ( " $' &"( &8 9 5%" (" H / ' 5%" (" *% '& $%"(" ' " ( "'" " " ( 8& " 3& # ("& *'8 - H / ' $'" " (" % &"' ( . ' &8 &$ # ( 8& $ ' " " " (" (% ' & 5% ( ' (" "0$ ' 3 $"'& " % & '8$ (
'8 (" "&$ " ( & ' "&$'" ' # ) ")"' (". ( & # ' "' (" "&$ " '" $" # ' 5%" " " " ' 3 (" $"' ' "'4 ("
(% ' " H / ' '"$ ' ( " ) ' " %(
-'" % ( (" " & 3 " &6 ' (" % " :# " % " MJN M@N # MBN '" $" ) &" " " $'" " " " % (' & " ' 5%" " % (' G &%" ' $'%". (" ! $3 " (
-$'%". (" ! $3 " %* "'" " $' &"' "$ 3 (" ! $3 " (" ! & " ( ( # (" '" ( & " " " - $'%". (" " $" 3 '" 7 (
'"("( ' (" " & " # : $% ! "$ 3 (" ! $3 " 5%" % " ) ("7 (" % 3 $ ' '"$'" " ' & ' "&$'" (" &%" ' - '" % ( " &6 ' (" % 3 (" " % 3 MBN &%" ' * ( ) (% # "
/% (" '" $ # " ' . / & ( " (4 # 1- ) ' (" " ( (" V> # V " . / $ ' " $ # '" ) &" " & # ' $ ' " ' . / 5%" "
" " "' %' .'" $"5%"9 "&$'" - H / " %$%" (" '" ( & " " " & " ("& '3 " "' ' &$ 5%" " ' . / 7 % $" & # ' (" ' (" $' " $' (% ) " '" 3 $ - & (" " " % $ ( ( "0$ ) (" JDF &"( ( $ ' " /% ( - $'%". L! " # (" '& ( ( $ ' '" (% ( 5%" " & (" " ! & "(8 # " &$ ' '& &" " $%" "0 " ") (" % " " $ ' '" ! 7 ' " ! $3 " - * " (4 (" ) ' . " . ' 5%" ' " & (" $ ' " " ( # " % . " ' '")" &$ ' " ( "'" " " (" % 3 (" $' (% 3 " '" *'%$ 5%" " &" ' &"( ( %''"
" " " (" $"' ( 5%" '" % 3 * ) >D $ ' "
-)"7 % ( ' " $ ' " " ( %. " ' # $"' ( " $ . " (" "'& ' &$ (" $ !%& .'" " "' "$ U # ("' ) ' *% /" %' .'" % &$ " " 4 ( " (" < 1 (" *'%$ (" & ' "&$'" - *" "' " $ . " . "') ' '" ") (" $ !%& .'" " "' "$ (" % " %* ' " ( % 3 " 4 ( " ("< 1- $' &"' " . "') 5%" " " (" )" " "(% ) =! A (" $' & ' # " % ( ' .'" " "' "$ "* ) % 5%" " ; & "
* ) >DF # )" " (" "(% 3 6 = * ) GFA # $'"$ ' ' $ ) % 5%" " " ; & '" % 3 * ) " (4 &" "- " '4 &$ ( % '" 3 $ ) " '" " )" (" "(% 3 # " 4 ( " (" $' (% ) ( ( (
"-CUADRO 4
Resultados econométricos de las funciones TL, CES y CD
Variables Parámetros TL [6]
CES
[7]
CD
[8]
Constante (z) α(z) 1.43 2.58* 1.29*
Dummy sin educación (hs1) α(hs1)
Dummy educación primaria (hs2) α(hs2) –0.31 –0.31 –0.30
Dummy educación secundaria (hs3) α(hs3) –0.31 –0.35 –0.44**
Dummy educación técnica (hs4) α(hs4) 0.58* 0.54* 0.51*
Dummy educación preparatoria (hs5) α(hs5) 0.04 0.03 0.04
Dummy tiempo de operación de 0 a 1 año (hx1) α(hx1)
Dummy tiempo de operación de 1 a 5 años (hx2) α(hx2) 0.88 0.89* 0.98
Dummy tiempo de operación de 5 a 10 años (hx3) α(hx3) 0.54 0.53* 0.55
Dummy tiempo de operación, más de 10 años (hx4) α(hx4) 0.52 0.50** 0.46
Dummy Baja California (z1) α(z1) 1.63* 1.70* 1.68
Dummy metal mecánica (z2) α(z2) 0.78* 0.78* 0.78
Dummy periodo (z3) α(z3) –0.13 –0.16 –0.17**
Valor de los activos fijos ki β1 –0.35 –0.40 0.19*
Horas hombre laboradas en el periodo ni β2 2.06* 1.23* 0.59*
TL (ki)2 τ1 0.05
TL (ki ni) τ2 –0.15
TL (ni)2 τ3 –0.03
CES (ki - ni)2 c 0.047
Estadísticos
R2Adj. 0.60 0.60 0.60
F (Prob) 10.62 (0.00) 12.3 (0.00) 13.15 (0.00) White-Test (Prob) 1.09 (0.41) 0.83 (0.71) 0.89 (0.65) Normalidad (Prob) 1.27 (0.52) 0.87 (0.64) 0.84 (0.65)
SRC 46.86 47.84 47.04
Nota: *5% y ** 10% de significancia estadística.
CUADRO5
Pruebas de hipótesis para las funciones TL, CES y CD
Especificación Tipo de prueba Hipótesis nula Resultado (*)
TL
Homoteticidad
Homogeneidad de grado 1 Especificación C-D
τ1 + τ2 + τ3 = 0
β1 + β2 = 1
τ1, τ2, τ3 =0
Aceptación (2.40, 0.12) Aceptación (0.83,0.36) Aceptación (1.12, 0.34)
CES Homogeneidad de grado 1
Especificación C-D
β1 + β2 = 1
c =0
Aceptación(2.16, 0.15) Aceptación(1.65, 0.20)
CD Homogeneidad de grado 1 β1 + β2 = 1 Aceptación(2.40, 0.12)
Nota: (*) Se aplican pruebas Wald de coeficientes. Los términos en paréntesis son el estadístico F y la probabilidad asociada
"0$"' " (" (%"9 " $"' 3 (" "* =!0A &%" ' &$ $ ) ("' . " .'" " " $ ' % ' )" " (" > G # (" G >D 5%" '" % * ) GF # " &" ' &"( ( " ' * (" &8 (" ( "7 9 5%" " * )
14
" )" (" "0$"' " 5%" $ ('4 "' " '" "/ (" '" ( & " (" '" " " ( " " ( (
'-< ' (" "'& ' " (4 &" " "0 " &. '" ") " " " 5%" &$ 5%" ( "'" " " " 4 ( " (" $' (% ) ( ( ( " " (" $ !%&
" $' $'%". 1 (" "' "$ . / " %$%" (" 5%" $" ( " " ) '4 " '" *'%$ (" "'6 $' (% (" " " . / 8 - ("&8 * ' 7 5%" " % 3 M N $ 5%" # 5%" " 8 % (" ( "'" " " 4 ( " (" $' (% ) ( ( $%"(
$' 0 & ' " &"( " ( "'" " " "' "$ $ ' 5%" &. 6 " (% " % $'%". (" $" ( " "- ! $'%". " '" 7 % 7 ( '" % ( " &6 ' $'" " ( " " % (' J 5%" ''" $ (" & (" '" ' * ( $ ' $'%". 1 # '" ' * ( '"5%"' ( $ ' $'%". 1$ %# '" % ( " $'" " " " % ('
@-CUADRO 6
Resultados econométricos de los modelos CD
Variables Parámetros
Restringida Capital humano
hs, hx
Restringida Escolaridad hs Restringida Experiencia hx No restringido (Fp)
Constante (z) α(z) 1.60* 1.20** 1.84 3.95*
Dummy sin educación (hs1) α(hs1)
Dummy educación primaria (hs2) α(hs2) –0.36 –0.24
Dummy educación secundaria (hs3) α(hs3) –0.46** –1.64
Dummy educación técnica (hs4) α(hs4) 0.46* –1.43
Dummy educación preparatoria (hs5) α(hs5) 0.04 –0.65
Dummy tiempo de operación de 0 a 1 año (hx1) α(hx1)
Dummy tiempo de operación de 1 a 5 años (hx2) α(hx2) 0.98* –1.94*
Dummy tiempo de operación de 5 a 10 años (hx3) α(hx3) 0.56* –2.33*
Dummy tiempo de operación de más de 10 años (hx4) α(hx4) 0.51** –2.37*
Dummy Baja California (z1) α(z1) 1.69* 1.64* 1.73* 1.67*
Dummy metal mecánica (z2) α(z2) 0.35* 0.69* 0.50* 0.81*
Dummy periodo (z3) α(z3) 0.10 –0.10 0.03 –0.10
Valor de los activos fijos ki β1 0.16* 0.18* 0.14*
Horas hombre laboradas ni β2 0.59* 0.53* 0.64*
Valor de los activos fijos hs khs β1hs 0.18*
Valor de los activos fijos hx khx β1hx 0.16
Horas hombre laboradas hs nhs β2hs 0.58*
Horas hombre laboradas hx nhx β2hx –0.02
Estadísticos
R2Adj. 0.45 0.59 0.46 0.61
F(Prob) 17.06
[0] 20.7 [0] 14.52 [0] 10.28 White-Test (Prob) 1.62 [0.07] 1.12 [0.32] 1.21 [0.24] 0.93 [0.59] Normalidad
(Prob) [0.10] [0.55] [0.55] [0.65]
SRC 106 55.38 93.45 53.51
CUADRO7
Pruebas F de intercepto y pendiente
Número Hipótesis nula F Fc0.99 Fc0.95 Resultado
Fi
H.1 α(hs, hx, z)= α(z) 107 6.90 3.94 Rechazo (0.95, 0.99)
H.2 α(hs, z)= α(z) 65.37 6.90 3.94 Rechazo (0.95, 0.99)
H.3 α(hx, z)= α(z) 84.09 6.90 3.94 Rechazo (0.95, 0.99)
H.4 α(hs, hx, z)= α(hs, z) 13.17 6.90 3.94 Rechazo (0.95, 0.99)
H.5 α(hs,hx, z)= α(hx, z) 88.11 6.90 3.94 Rechazo (0.95, 0.99)
Fp
H.6 β1hs = β1hx, β2hs = β2hx –8.64 6.96 3.96 Aceptación (0.95, 0.99)
$'%". (" $" ( " " . / ! $3 " I-J $% "$ 3 (" ! $3 " % (" *% ( ( (" $" ( " " 5%" &$ 5%" $ '8&" ' ( $ # ' . /
&. & " %" (" " " (" $ !%& # 5%" 6 3 " '" "/ " " ( 4 ( " (" $' (% ) ( ( (" '" - $"'& " $ ' $'%". (" "' "$ $ ' (" "'& ' " " ) &" " "0 " ( "'" " " " 5%" $%( "' ' " " $ !%& - '" % ( " &%" ' *% &" " " "
% (' @- $'%". &%" ' ") (" (" '" ! 7 (" ! $3 " % (" *% ( ( (" "' "$ )" " (" . ( ( (" ??F $ ' " $ !%& " % /% & $ ' % " $" " $ ' " ( " ' ( ( '& # "0$"' "
-'" % ( &%" ' ") (" % ) (" "0 " (" ( "'" " " " (" % " (" $' (% 3 ( ( )"'*" " 6'& (" $ !%& " '" *'%$ % " $%"(" ' " 4 ( " ("< 1 & ( " % 3 M N- $ ( " 3'&% & (" '" ' * ( (" " % 3 MBN %# '" % ( " &6 ' " " %" ' " " % (' " $ . " $' 0 & ' &. ("
"' "$ ( ( $"' (" $ !%& 5%" ''" $ ("'4 ) ' " " " 4 ( " (" < 1" '" *'%$ (" "'6 - '" % ( " &%" ' " " % (' B ( (" " $ . " . "') ' 5%" " $ !%& " % /% '"&" < 1 " @@F-" ' ( ( 5%" % ( &" &" " ) " " &$% ( $ ' " )" (" "(% 3 6 " ") $' (% ) ( ( " >@F & " ' 5%" "0$"' " (" (%"9 " (& ' 3 (" "*
! " " JDF- '"&" (" < 1 ("' ) ( (" "(% 3 '& %& " ( %&% 3 $'") (" "0$"' " " (" >DF & " ' 5%" ( ! " " $ ' " (" "0$"' " %& " ( %&% 3 (" "(% 3 '& " (" G $ ' "
-CUADRO 8
Cálculo del cambio en el índice de PTF
Perfil de capital humano Diferencial PTF1/PTF2 (Ecuación 4)
Variación estimada del índice de PTF(*)
Capital humano
(educación y experiencia) [α(hs, hx, z)/α(z)] –1 77%
Educación formal [α(hs, z) /α(z)] –1 17%
Experiencia [α(hx, z)/α(z)] –1 60%
Educación/ Experiencia [α(hs, hx, z)/α(hs, z)] –1 10%
16
'" % ( . " ( .'" '" 3 $ ) " '" (" "&$"9 # '& 3 (" $ !%& " " '"*% '&" " " ' ( $ ' " %( )" & ' # & ' " 3& - $ ' % ' " " %" ' " ! 7* (" :" =>?JJA H '' =>?B@A H ' " =>?B? # >?? A H ! $ =>?? A # H 2 # # ! =>??JA 5% " "
6 # & " ( "'" " " ' ' 5%" )"' 3 " $ !%& " " ' ( ( '& " '" & " " " ' . / # "0$"' " (" ' (" $' " $' (% ) "
$ ) &" " & # '" )" " (" $' (% ) ( ( )" (" " . " & " - " *% '& " " %" ' " ! 7* (" 1 " =>?@GA I% & =>?@@A # : " % # : 0" =>?BBA 5% " " " ' ' &$ ) ' . " (" $ !%& .'" " " * ) &"( ( & $ ( ( (" $"' ( '" (" "* (" * ' " " "&" " '" %'
-$'" " " ' . / " % " %"'7 $ ' $' . ' ! $3 " (" 5%" " $ !%& '& ( " %" " '& " (" "(% 3 # " $' " '& " ' )6 (" "0$"' " (" (%"9 " (& ' 3 (" "&$'" " ) % &"/ '" ( 8& $' (% ) $ ' 5%" ( "'" " " %&% 3 (" " " ) '" %' " ( )"'*" " 6'& (" $' (% ) ( ( " '" "&$'" - " ! 7 " % &%" ' (" & ' "&$'" (" . / ) '
*'"* ( % 7 ( " " 5%" (" % " (" $' (% 3 # " 8 (" $' (% ) ( ( ' - %" " (" $ !%& %"' /% &" " 7 ( . / " " " 5%" $'" ( 7 /" '& " (5% ' ( " % " "(% ) # $'" ( 7 /" ("
'8 "' '& $' (% (" "0$"' " (" (%"9 " (& ' 3 (" "* -'" % ( $' $ ' ") (" (" 5%" ) ' . " (" $ !%& % 7 ( &$ $ ) &" " " " (" & ' "&$'" ' )6 (" % " " " $' (% ) ( ( (" '" - " " $%"(" "'$'" ' " & '" ' " 3& (" $ !%& " " " $ (" "* - " & 3 (" &. " $' (% ) ( ( %"' ("
'(" (" @@F $ ' " $ !%& " % /% & " ' 5%" $ ' "0$"' " # "(% 3 6 '" % ' (" '(" (" GG # >@ $ ' " '" $" ) &" "- " '" % (
" ) %&.' *; " " .'" " % (" '" ("' ) ( (" ( "'" " " $ !%& " '" "&$'" & " '"$ ' 3 " $'%". (" $" ( " "- &$ 5%" " " " (" $ !%& " & " " " < 1 &8 5%" " " " & '* ("
'" - $'" ( "'" ' &$ .'" $' (% ) ( ( ("' ) ( (" ( $ (" )"' 3 " $ !%& ("' ( $%" 6 " %" & # ' $ ' "0$"' " 5%" $ '
" ' ( (- $ ('4 ("."' " % '"(% 3 (" &$ (" " ' ( ( '& &"( ( 5%" $ 9 $ ' ' (" 5%" " ("/ " %" # " %" "&" " " '"&" (" $" '" ) (" $'" ( 7 /" $ ' "0$"' " " " ' . / 5%" "&$ "7 "' ;
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