Working capital management and financial sustainability performance analysis in SMEs
Testo completo
(2) 6
(3) 23 7 58
(4) 76 . '()*+,-./01+203.40,0-545,2.0,6.7+,0,/+03. 89820+,0:+3+2;.15)7()40,/5.0,03;8+8.+,.8458. )<=>?@A?>B.4CDE>FG.8EHA<ICDAB.)>J<DK>L.. M N82 62
(5) 6 OM PQ6R 2
(6) S 6 R8P289 M N82 62
(7) 868T 62PQ6R 2
(8) 76P289. 0. 0:82)0/2. 3 8
(9) 23 832
(10) 6 72
(11) 23 3N 23 8U 7223 N82
(12) N 826TV &6T 8N289868T 62 6U76
(13) 6868972868U9286P R 627899PN
(14) 28U92 R
(15) 623 8& 2
(16) 89986 728986 N86 W38689 N89P U 6T R 9 N 23 7T38R8982 68 72 29 623 828
(17) 23 N86 697 623 8N9 W6 2 TR 9 R86 2 23 828 7926T
(18) 23N P1P U R82 6V 99 2 P 9826T2 "X N86
(19) 8N
(20) $ 8W3 T6892
(21) 23 839 U 23623 76228& 688
(22) 6 Y289ZPU7289 623 N 66T
(23) P6 6 2 62
(24) N8N 8U 7223 2 NP23
(25) 7 68N 9
(26) 92 N86 W3 23 9 TU8 623 8689
(27) U 9 6T6T2 23 N 72 6 2 W3V8 6 6 2 8R 23828R 8T 8286 228& 8 762
(28) N
(29) 2 # 236T2382V 7938R 7 23 N U92
(30) N 76T 62# 2
(31) 68 87
(32) 623
(33) 89923 R88U9
(34) V &6T8N2898623 U76 9 W5 6T 38638U 6 82 V33P 623 U8
(35) 23 86682
(36) V &6T8N289 868T 62P822U72 8 89 R89782 62 83 N8628& 662 6 82 6P
(37) 83
(38) 23 8
(39) 23 2 3 [ 6W3 282289 982 68689 8 23 68 72U N86T23 U286 8623 86N
(40) 28U92682 PW W\]5P\]P\]P\] 8686682
(41)
(42) 6868972868U928^_M5W `abcdefghijkaelmnopicdeqnopirlknmlsitlolpataomuivnolornlsigwgmlnolxnsnmbuikedvnmlxnsnmbyizddfi nofwgmebyi{|}yi~mlsbi. F.+,2)(69/2+(,.. R 628& 6V23623 N863886N82 829 82896&V23
(43) 686 Y867 9P]29 86 3862P0X& 86 89 PXX%3892 TT 86722PX0ZW3 U 2R
(44) 238 823
(45) 6 V232382
(46) T 6 89868T 62PW W8[82 6
(47) R897 Y 6 6PXX0 V863 PXX$ZW 83 R 23P23 2N
(48) 3 8 8 6R 2 62P 76 3 8682 !"#$!0% 5 672 868& 2$#%1#00#$#!.
(49) 0123566789 6
(50) 6
(51) 23 7 58
(52) 76
(53) 6866(869)723 *+826',+7368632,!01-, 2996' 2 6 86
(54) 6868972868.92
(55) 86 62 / *+ 86 86809918,!0-2 3 61 2 623 8 982 2 23 899 82 6
(56) 7 238223 /86 368672 . 62 2 388212 86/ 4 22382868' 23 .76 72868.9 86/
(57) 28.9 *582 8692 6,!16532 638( 6, 968689,!01-25262 68 623 .8
(58) 23 6 2 / 621897 ,33372. / 21 ,2 223 7/ 2 27672. 3(3 238623 2
(59) 8/289 /9 23 23
(60) 99 36( 982 63/23 ' 23 / 4 28 ,23 3(3 3 79. 23 9*8626 ,0$"-2 96866( 6 982 2 8 23 6 8
(61) 76
(62) 23 /8686381 8 2/82 623
(63) 686892727 2272 / 223 9 1 9
(64) '
(65) 23 / 4 22 .
(66) 686 ,8623 /8% .8'/ 339 87:6(23 1897
(67) 23 61 2 62296866(8661 2 623 8 229 982 86,8923 7(3
(68)
(69) 6266827 ,72. 868( 8833 9 23 .4 21
(70) 6 8212726 2/ 47 23
(71) 23 23 296899,9)72868( 62 2 6 3 3863 3 73 6 2 .9: 6889.886 69
(72) 2 ;2 87868( 62;*<8 , !00-=>?@A>BCBD>AE>FGHCHGBDG>GBIHJHEDJK 3
(73) 686
(74) 762 6/988662 82 9 . 23 623
(75) 686898' 2
(76) 86(
(77) 76 8623
(78) 76(23 2L623 .8
(79) 282 (/98666( 6,2 893233 32 223 6
(80)
(81) 76
(82) 898212 ,8(86233323 8 7/ 2 1 67 323
(83)
(84) 62 896 86'/
(85) 9 2L6889.8,23 8 23 8212 2382
(86) 8993236238 8868 (78862 6(86
(87)
(88) 21 6
(89) 82 62
(90)
(91) 68689 62 98223 18 7868( 629 1 9 86 /2:6(23 868( 62
(92) 3 '6(8/289.62 826(32323 23
(93) 762 6623 868( 62
(94) 72 2867//9 .2862 '*5
(95) 86686< 2:8.,!0-2 6
(96) 82,2818.9 2 6 9 6(%2
(97) 68689 6623 282 (/98666(/38 , 6 86821 998. 82 66 . 23 6 7 721 86
(98) 68689868( 62, 2 82 8 9
(99)
(100) 727 1 9 / 6233372868.9
(101) 23 /86M 7 *N872 ,O 6' 86 87(826 ,!0$-25223 8 2 ,63 2%2 3 ,26 8238223
(102) 68689/98686 23 28
(103)
(104) 33 8932323 ,3 '9 932323 33 9 823 .76 , 82 67 238223 /986 82 623 282 (/98666(8 827899 62 6232323 .76 2782 6*' 9, !0&-86/ / 21 2623 (8, 6267 7 62 6(86 62 9
(105) 338238// 66(623 /86 62892L6
(106) 23 27
(107) 79 9 6233 62 2 23
(108) 686
(109) 762 6,. 236 2
(110) 868( 6286 62 9,3 '6(8/289*823718,!0"-2 3 .8 8
(111) 23 / 623 '2 83
(112) 23 3/ 23 8. 7223 /82
(113) 3 '6( 8/289868( 62 6.76
(114) 6868972868.9286/
(115) 28.921
(116) ,.8689:6( 89986 728986 /86 23 83.8 686 /898689,. 6( 1 9 / 76 3 8682 !"#$%"0& 5 672 868' 2 $%&1%$00%%".
(117) 0123566789 6
(118) 6
(119) 23 7 58
(120) 76 0 23 7'38(8982 68 72 29 623 828
(121) 23 )86 697 623 8)9 *+ 66 863 8,-0./ 6 2 '( 9 (86 2 23 828 7926'
(122) 23) ,1,# 0 (82 61 99 2 , ( 6'"- 62 ) ( 8)
(123) 8/ 32)
(124) 8318
(125) 28 726--1082 9
(126) *2 9
(127) ,--1. 6 9'86
(128) , 07223 72 380 67
(129) 798696 ( 9 )6' 762 ,'866'9229 )8 623 1 9
(130) 3 2 6 83/6
(131) 82,23 8 ( 8927 9826'2 762 7388&286*+83 86 868,--#.,8988*2876,-00.,' 8*489 ) 86559 ,--.,6 86*57370,-00., 86*5+,8955286:952,-0%.86 23 ,23 8 698386
(132) 79
(133) 7 ) 86 5 86 62
(134) 7 , 9826'2 ; *78<886
(135) 6,--%.,)86=>?@ABC@DEF@$ 7 986826 <$ 986 ,--#.,1 6*56 6869 839,-0#.8623 G62 282 * 70 862 66 9986,-0#./ 682 62 23
(136) 6 6( 6 62
(137) 23 27,23 '6892
(138) 23 839 89 6 3 6'
(139) 23 8689,8
(140) 96( 2'82 0892 670
(141) )8) /'/=H@IJK$ L@M@NNODJPBC@DEF@$ 7ONB@AQBR@DSFAOT$ 986 ,-0-U5
(142)
(143) 8866'086,-0.,139 6 2 23 8 23
(144) 718 68) 9
(145) 92 )86 / 3 23 89 ) 62 9 62
(146)
(147)
(148) 6282 6,6 208 623 8689
(149) 0 9 6'6'2 23 )
(150) ) 72 6 2 /318 6 6 2 0 22 )8 23 792
(151) 23 8689862 28& 62 8 76223 )
(152) 2 8
(153)
(154) 26'23 9 ( 9
(155) 7982 66
(156)
(157) 62 2 /6*981816,V899 286V 8,0%.23 8723 682 23821 &6'8)2890 38( 672 ) 6 6286 ( 6*999,W 99869'3
(158) 9,-0-. 6 23 672
(159)
(160) 2/56 '689 6' 386382370 6 82 133, 623 08
(161) 23 86682
(162) 1 &6'8)289868' 62,822072 8 89 (89782 62 83 )8628& 662 6 82 6,
(163) 83 8
(164) 23 2 3 < 6/3 282289 982 68689 8 23 68 720 )86' 23 0286 8623 86)
(165) 28092682 ,/ /+85,+8,+8,+8864X25/ 3
(166) 2)82
(167) 23 1 & ( 2 2 823 2896$ )23 ( ( 1
(168) 23 6 )2
(169) 1 &6' 8)289862 )2<82 66282 '892 /3 6)8298
(170) 23 05 2( )77 623 83,' 6'62 289 623 08 23 /3 23)82 0 23
(171) 23 8689 2 9
(172) ,12323 ) 66'
(173) 23 8 8
(174) 6( 2'82 68623 3
(175) 23 2 3 < 6/. 6 Y7 629,23 68
(176) 6' 6 8986
(177) 23 ) 72 2 ( 23 2 3 < 686 23
(178) 62 6
(179) 23 682 28& 662 6 82 68 0 /3 982)82 62
(180) 828 99 2 6862822898689, )2 6
(181) 23 386
(182) 6'86 982 6,
(183) 99 1 0 8623 2 8)
(184) 23 792
(185) 23 ) 62 83/ 76 3 8682 !"#$!0% 5 672 868& 2#$%1$#00$$!.
(186) 0123566789 6
(187) 6
(188) 23 7 58
(189) 76 . '()*+,-./0)123.425)2/6)7./2/18)). 2 9 826:; &6:89289<= > 9 6223
(190)
(191) 6 ? 2; 6 9 826:7 628 2 867 6298?92 <@88ABCDEFGH0%>I 38 762 :
(192) 23 98
(193) 82 6
(194) 23 8986 3 2<J 32 GH00>;2323 2 6
(195) 868: 62 9 K86 8638G77899G89 2K ?8986
(196) 67289 986 G6 6K 62 8628 K8?9 : 6 89938K 8: 82 8 76223868 762988?9 II3 8 7626:79 282 2382868 2 98?92
(197) 6 87 62
(198) 2 6K 2 62 83<623 8
(199) 8 2> 98<623 8
(200) 98?92 >;2360 623I 5 6:2 L 9
(201) <HH1>G23 ;82382; &6:89289868: 388:6
(202) 862982 6 9
(203) 28?92
(204)
(205) I73 792682 238223 8 2869 K 9
(206) ; &6:89289 M7 62G ;339 2 628998NO 276IJ8 92; &6:892899 9 2 8 8& 2 9
(207) 2 6 K 23 9 826:9 8667 28687 ? 6
(208) 223828
(209)
(210) 283
(211) 9 ;86 79282 938 3 9 ; 8923<P99GQ 9986P:3
(212) 9GH0H> 59 9798 87
(213) ; &6:89289868: 6223 83 6K 69 G<. >2382G23 2 986? 2; 623 N9 627
(214) 23 9738
(215) 8;82 898623 99 2 6
(216) 89
(217)
(218) 63 : I L 9
(219) R0#S
(220) 76238223 9 6: 23 2 98:G23 98: 23 6K 2 626; &6:89289I59 6:83 6K 69 :326 8 9
(221) 28?92? 87 29 82 3:3 89 IP ; K G 9 82 9
(222) 28?92:32 8 ;2323 83 6K 69 G
(223) 23 2
(224) 3:3 6K 2 626; &6: 89289
(225) 82 238623 ? 6
(226) 2
(227) 3 96: 6K 62 86T :8626: 28 22 72 U8: 6K 62 86: 6 728 29 989 82 3:389 I3 98: 6K 62 89 7 23 &
(228) 82 &$ 72I8 2827982 89 ? 87 2899 ;8
(229) 2 8 9 72M7892?
(230) 986:I 57?286289?
(231) 83 N86 6K789 9 6 62
(232) 9 826:; &6:892896 982 6I6<U 6:G892O86V8KG01>866<:G238623G0>23 8723 2728 29 986
(233) 6799 2
(234) 23 62826: 2 2K ;23 K8?9 7 889 72M7892 682 I6< 2 686V8W86G0#>23 6282 2382 K8?9 8 292 2 9
(235) 28?9286892898& 28 6<3686 6 6G0>G23 8723 83 23 982 639? 2; 6; &6:89289 868: 6286K897 82 6
(236) 38 3 9 I3 <3686 6 6G0>7 6 2$28 9 < >88 87
(237) ; &6:89289868: 62IG?8899 M7892 23 83 6K 69 <. >G;3 89923 9 6 628 N9 889 628:
(238) 89 I3 N86 23 982 639?76: 982 686 : 68689G?672G86; &6:8928962 62I. 76 3 8682 !"#$!0% 5 672 868& 2 #$%1$#00$$!.
(239) 0123566789 6
(240) 6
(241) 23 7 58
(242) 76 1 3
(243) 7682 6'6 '82( 982 63)* 2+ 623 9 6'23
(244) 23
(245) ,6 2$28 9 862 )
(246) 28*92-8 623
(247) 66'.23 7'' 22382 6 ) *9 +82 82 38 3 9 (897 2 /01230456/7894:;<=4 6>?2@A4B@/3C@$ 7 986826 D$ 986 .EE#F.23 8723 99 2 8)86 9
(248) .#8992 7$D 62 ) GF
(249) )86 ( 6'23 ) 0%$EE-3 2 2 23
(250)
(251) 2
(252) + &6'8)289868' 62 6)
(253) 28*9276'23 )86 9828 23 9 '-3 792.+33 8 *722 23 ) 6
(254) 6 ' 6 2. 6282 2382868' 79 82 (897 * 76' 23 6( 62 8623 67*
(255) 8
(256) +3323 8 7628 722866'- ( .3 2 66' 23 83 6( 69 89 ) ( 23
(257) ,)
(258) 28*92-. )86 8
(259) 2 6 8
(260) 9 H*9286
(261)
(262) 62 *798 ) 22( 8(8628' -I6
(263) 23 869 ( 8(898*9 2 868' 6238* 62 H)8623 86'
(264) ( 86) 72
(265)
(266) GJ892 86K6 .0F-32)
(267) 82 63886)826)82798 62+ 9 62
(268) 23 8 2 2862 &.+3338( 23
(269) ' +66) 286 .2 * 2+
(270) 23 86 ) 6 62
(271) 23 )86868' 62.6 2 69
(272) 23 + '32623 *8986 3 2.*7289
(273) 23 282 ' ) 286 238223 38( 8L7 623286
(274) 82 6-
(275) 23
(276) 7 62+ ) 6 62
(277) + &6'8)289386
(278) 97 6 62 682 689 ) 22 66 23 0#E.623 982
(279)
(280) 2 6 8.+2323 ) 8
(281) 866 86'9'9 *898& 2.6 8 ) 22( 6 8623
(282)
(283) 2
(284) 23 6 .23 7 38( * 6 86'923 7*M 2
(285) (89782 6*8992)
(286) )86 -6
(287) 82.866 86'97' 626 38 ' 2 62 986 )98623 868' 62
(288) + &6'8)2896 2
(289) 623 '32*8986 * 2+ 6
(290) 6868986 ) 82 6893 -5282 9& 23 ) 62.+3 623 8 6 8*9 ) *9
(291) 8 2 2. 286* (
(292)
(293) 7922 *6 23 6
(294) 23
(295) 686898 8+2323
(296) 23 ) 826'8 8.6276 8 ) *9 82* ) 22 68623 6 2 86286) 72 68223 9 ( 9
(297) L7892 L7 . +23 72 H 6'62 &86 '79826'23 986)8 62- 682 62 * 86
(298)
(299) 2( 62 92 9.+ &6'8)289 6
(300) 23 2 982 9 62
(301) 23
(302) 686
(303) 762 6-3 3 8 +23 '82 + &6'8)28986* 6 8 6'23 6
(304) 23
(305) 6866'H.+3338( 2
(306)
(307) 2 623
(308) 686892727 86. 6 L7 629. 6 23 2
(309) *28623 9 ( 9
(310)
(311) 68689&) ( *23 8& 2-682 6.6 '82( 9 62 96& 2 23 ( 899)
(312) 28*92
(313) 23 )868 '
(314) 23 868' 62
(315) + &6'8)289 623
(316)
(317) )827 76 99 2*9 28 (8*9 . 9 96& 2 6( 62 * 9 6 - I) 826'J '682
(318) 23 ' 6
(319) 8 28698*92 623 *76 9 G6L(2.N83886&&6 6.E0"F.+2323 82 689(88*9
(320) 23 9 8662
(321) 98 )8 62863'3 267 7 2
(322) )2-3 ) 6 626
(323) 97 66')8 62
(324) 8923
(325) 38( 8 ( 6
(326) 97 6 623 2 682 6
(327) 23 J -3 697 23 6827 76 3 8682 !"#$!0% 5 672 868& 2#$%1$#00$$!.
(328) 0123566789 6
(329) 6
(330) 23 7 58
(331) 76
(332) 23 82'28 72(23 6$8&6) 9(23 )86*82 689 986(
(333) 6899(23 6
(334) 82 62 + 5 )823 6827
(335) 23 82'28 72(
(336) 6 8 2 23
(337)
(338) 6 238288 623 ,8
(339) 23 2-
(340) 2 3689$- 72' 9 8623 62 62-89
(341) 23 6726.33 23 -86 - 82 /0** 6(001+6 672 (6 2 )78862 8 2869 ' 9
(342) ' ( 26 82 & -868 2782 '8 2868 6 8,9 ' 97
(343) - 726 6 3 .6 .8 3 7 (.39 6 23 6 ,9) 2 2 &8.82 8982-
(344) 2
(345) 23 87 2 23 8 6898'898,92
(346) 23 8 +6, 238 2 62892 38' 898) .8 3 7 76) 2
(347) 23 82'2+3 6827
(348) 23 ,76 (3 . ' ( 6 2 698
(349)
(350) 223 68
(351) 2 &(,7286 89 386) 23 8 762
(352) '8,9
(353) 72 (, 87 2 - 82 6 286 2 6.33 72 38' 82 6)- 2 6.23 - 22 23 99 (28-- -82 2 899 .' 9 6)-8 62 2 +623.8(23 72 86
(354) 686 3 9
(355) ( 6 27 62923 8)862 , 623.8 8 - 22'
(356) 82 8623 .3
(357) 89623 62 68 9& 92 , -98 6, 23 7--9 + 3 24- 82 689. &6)8-2896 )82' 98 82 .2389 ' 98292+6 8 89 ' 9829287
(358) 2 7 23 6 26' 2 626 - 826). &6)8-289+987,9(23 6 628983
(359) 9 .- ' , 76)23 . &6)8-289)8-6 2,
(360) .23 ' 9829 89 /599(6 99865)3
(361) 9(!7071+ 3 6$8&6) 96
(362) 97 6 23 82 622 .33. &6)8-289 68 6 28 ,86)9 - 9
(363) 9 2 86 29 62 998,9 7,9 2(,728 8 828999 ' 9
(364) 23 -86 3 83
(365) 2 -868) 622 23 982 - 82 638)
(366) 6' 6) 9' + 3 )86*82 689 99 996& 2 23 7
(367) 23 6$8&6)- +59 623 8 (6
(368) 82(272, 6 238223 3 8 8 828993 83899 ' 9(876)- ,9
(369) 682 6+286,
(370)
(371) 7922 -9 6289 ' 9
(372) 62 96 82 '
(373) 238223-97892
(374) 3 2 ) 6 77,9 2(82
(375) 99 .6)89 )
(376) -2*82 682 868 9 ' 9+286, 7 238223 9 23 2727 8,9 2 682 2 9
(377) (23 23 '8 7 6.99, 6 6
(378) 92 .23 83 23 86.9987 23 9 ' 9
(379) 23 - 82' 79826)2 6 8 + :6899(8
(380) 82 2 6 23 - 82 6
(381) 82 62 (+ +;23 2
(382) 62 66 2 9 622382 - 82 2 99 2(- (2 86 682 6
(383) 82 62 7-- 2 6$ 8&6)- ( 682 6( 62 9('
(384) 82 686 282 6686 )86*82 6+3 82 6
(385) 866
(386) 82 62 8& 2- ,9 2 2868* , 38' 2382. 79 23 . , 23 792
(387) 82 - 86 73 ,8 623 6272 6
(388) 23 6'7896' 9' (.3 79 6 23 . &6 - 6 62
(389) 2382
(390) 23 () 6 826)86 8- 6 6289) .23623 - 6 62
(391) . &6) 8-289+3 2 (23
(392) (899 . 72 - ' 62 9 ' 23 68 86 67 2382 76 3 8682 !"#$"0% 5 672 868& 2 #$%1$#00$$".
(393) 0123566789 6
(394) 6
(395) 23 7 58
(396) 76 ' 6 388 2 23 82823 6 2 8& 3 62 62(2323 28&86)76 *98666+, 8&6+23
(397) 82 62 8 762-2( ). 2' 3 79) 83 ' /56+-!00"12 )6 23 868+ 62
(398) 23 6'789 9 62
(399) 23 79826+7 6(23 83 23 -)7289 (23 23 *866' 2 622862 86893 23 2 98'898)9 2 23 868+ 62
(400) 23 868+ 62
(401) 6 28
(402) 9 (-) 2388
(403) 689)8986 8668* ' 62' 866 , 4 &6+8*28938) 68 )8( 86+
(404) 7
(405) 6 92 827 -2826+(23 23 868 7626+86 * 82
(406) 686 86789,5 ( ' -238) 6 982' 99229 28& 662 8 762))76 892 - *2 23
(407) 822382898+ * * 2 6
(408)
(409) 897 ( 7 2 68 6782 6623 868+ 62
(410) )76 ( &6+8*289,5 ( ' -23 92 827 89 2 6 2 89 (2323 7
(411) ( &6+8*2898696 982 62 98
(412) 82 6
(413) 23 )8986 3 2-897982 6
(414) 682 -8( 9988 * 6 622 627283
(415) 9 (86
(416) 68689282 62-(39 2 8238 867 86 (* 286 , 7
(417)
(418) 628723 / 89:;<==>?;@ABC9;ADE;FGBA:;<==H?;@IJCI;ADE;KL9MANI:;<=O>P7** 223 * 286
(419) ( &6+8*289868+ 62(23*82798
(420) 6 2 23 * 286
(421) 3 2$2 6 8623 868+ 62
(422) 8*289 ' , 6 23
(423) 68689
(424) !00- *86 38' 68 2 82 6
(425) 23 * 826+ 6' 6 62-(23868+
(426) 2 8**922 87 -72 286* 2* 6 6' 2 62 82 ) 8)9 2 * 62 8 6 8686 6 67 62 72 66* 72 6,58 792- 967286( &6+8*28938' ) 2( '88)9 76 ' 9 ) '82 6-8623
(427) 76 6267 7 62 6+86 62 9,4 &6+8*289868+ 6238386+ 89 28623 2 686( * 8* 9 38' ) 688*2 2 23 6 ( 6 62 6,77 2 23 8* 386+ 623 6 - *86 8 6 (6+23 9' 86
(428) 66+6 ((82 * 2 86 ( &6+8*289) 6+6 86+9* 28628 6+23 ,' 623 62 6 87 ) '$0 7296 23 789 9
(429) 23 * 82 689( &6+8*289
(430) 23 *86&86 72868)92,. QRSTUVWXYZ[WST\SY]WS^W_W`^X]aS`b`cdeWfSXTggTfZYdS_WXYT^_S`bfS XTb_ZfW^WfS[`^Z`UcW_SS. 3 86 ). 2'
(431) 2386892 '
(432)
(433) 23 896&) 2( 623 *2382 6
(434) * 826+( &6+8*2898623 *
(435) 28)92
(436) 23 *86,3 6 *2-(336262' 9 )' 7-6 86 *2382 63 79 79268) 22 *
(437) 86 -386 ' ) 623 7). 2
(438) 8689(23 +82 23 2
(439) 899$ 728986 *86 ,2(823
(440) . 76 3 8682 !"#$0% 5 672 868& 2 #$%1$#00$$.
(441) 0123566789 6
(442) 6
(443) 23 7 58
(444) 76 6 ' 28622 3 &(3 23 23 982 63' )2* ' 899 6 6+238223 23 2 62'
(445)
(446) 6289, 3 8689697 866% '238689
(447) 28986- 9 6+6+2 23
(448)
(449) 62 2
(450) 23
(451) 672,6 2 ' (238 866+
(452) 798689*2(8 6 8'' '82 2 8689. *682 62 *98+ '86 6 83 2 2 7 23 -- 638&86/88-9 62/ *82 62
(453) 8899 67-
(454) '86 * 986+9 -898623
(455) 9 62/ 2 23
(456)
(457) 2
(458) 23 ,3(8 6 6 6+238223 2 3 . 6382 - 8 9 8' -9 2 23 ' 62*23
(459) 28696976+ 86(3323
(460)
(461) 2
(462) 23 !00 862 6 17 6 ( 86' 2862 ) + 6 7
(463) 82 2382+ 8296
(464) 97 6 '86 '
(465) 86 86/88-9 , 3 3 67/ 8 823
(466) 28986,5 6+2 23 23 457 2 23
(467) 62 6
(468) 267 ' 86 6!00"767 ' 6!001*66 72
(469) 2 6 '86 8 6 * 8 7626+
(470) 2386!099 6,3 38/ ' / ,99 68 -* 826+! 72
(471) 18 -,2
(472) 99 (2382232'
(473) 62 ' 862 3868 / ' 28622 6/ 2+82
(474) 69
(475) 23 9 /86 2382
(476) 738' 8,3 -82 8
(477) 8 6+(3 23 8 '8686 8 9 89-8 6. ,2' 28622 26+73
(478) 23 2'
(479) '86 * - 87 23
(480) 8 867-
(481) ' -9 982 2 8& 2
(482) 897 86272789-8 23829 8 23 2 6 ' 898286 *' / 623
(483)
(484) 3' +8 , 5
(485) 82 2 6 23 86 89 76 8 *-72 62 62(2323 + 6 892782 6*
(486) '86 (23829 82 6 -86&7'2 91782 6' 7 *82'2 82
(487) 23
(488)
(489) 792
(490) '86 68 62 )2
(491) ' 8 2 2862+32' ' 22 6,53 (66 23 9+7 *2826+
(492) !0023 67-
(493) '86 6-86&7'2 6 7
(494)
(495) 79238 + (6828
(496) 82'8 *(238' 8&76+!001*
(497) 99 ( -8 6267 7 8 76+!00#86 !00"*-6+6+23 /897 -8&2 23
(498) 982 !00% 89!00, 3
(499) 82388+ 826
(500) 97 6 623 8689*- 87
(501) 8 '8668' 8 72782 6*2 769& 92382* / 6(2386 ) 99 62868+ 62
(502) 23 ( &6+8'289*2(99- 8-9 2 83 / + '
(503) 86 ,3 6+9 82 23
(504) 8 7'
(505) / 9 '86 238238/ 868+ 2 + ( '2 23
(506)
(507) 792 86238238/ 8&8-9 792*86 '86 6*6 87398+ 67- 2386623 '82*(3362 89 ( 23 2 86+9 -898/ 8+ ,28 93 2 + 6 7(3 9 *-722 ' 6223 88 2
(508) 23 28986 62 ' 6 78982/2* 8623
(509) 2 6 /89
(510) 866% '238689, 3 8 86/88-9 2382868
(511)
(512) 223 '864'
(513) 28-92,3 2' 286223 2 6
(514) 23 6 *(338
(515)
(516) 2899 '86 ' 826+ 623 682 6892 2 ,6 2 76 3 8682 !"#$%"0 5 672 868& 2 $%1%$00%%".
(517) 0123566789 6
(518) 6
(519) 23 7 58
(520) 76 8 23
(521)
(522) 2
(523) 23 6' 72(282682 6899 ( 9)828* +282
(524) 878 682 ),-)23 (897
(525) *337 .782 9/50 ,-88 6 87 62( 2 3861 6 72'72863 6 6 868223 682 6899 ( 903
(526) 17 +' 6' 6281 (897 )6*33!2228& 6823 /8 8) *3323
(527) * 230220286/ 6 623 8 18'32382761!2223 *88 99 2( 998' 8223 9 ( 9
(528) 23 7 ' 8636 6)/72 ( '9 2 94 89 256!200/23 23 762 )'89/, 860 6623 628)23 289862782 6299( 289)8 ( 6 /23
(529) 822382,-38 6 2 2 276 2 ' $9 ( 9) ( 623 71323 *891321 *23623 828
(530) !20)23 6 28/9
(531) !200 623 9 622 6 /
(532) ' 61*2323 86898 828 6
(533)
(534) 6 6 ' 72(22 68 612 23 7
(535) 23 62 ' 02' 28622 76 96 23
(536)
(537) 6 / 2* 6981 62 ' 86) ' 8998/ 2382 1 *99/ 7 623 8689) 6 88 (88/9 6.7 2 686 6 88 62 9(88/9 0 72 69 ( 938( 6 2 2 276 2 23 9 ( 9
(538) !22)' 2 23 72/ 8&
(539) 23 ) 6
(540) 6123 8 .78
(541) 8 828738,-2 871 23 '
(542) 86
(543) 837 82 1 02 62 261)3 * ( )2 (89782 3 *23 82 1
(544) 7$7 62 ' 8681 2 + 23 !2228686!20#)23 69' 2( 6 2
(545) 23 82876 +8682 6028689 / 6 238223 8( 81 (897 ) 189
(546) 23 8)8 73313 6981 '86 23866)*23 8
(547)
(548) 6
(549) 8 76!2)222 7
(550) 8 (897 ' '9 0 3
(551)
(552) 6 '3 9 189)8981 '86 86/ 6
(553) 2
(554) 6
(555) 89 8638(
(556) * /8 2 62)8* 9981 82 ' 72 6862/72 68'8203
(557) 17 ' 62 623 917 / ( 6 ' 2862
(558) * 6 238223 67/
(559) '9 6 62 838187899 8 623 1 620 3' /8/97 2 / 232 36 9 18966 (82 68623 6267 7( 2 7 2) *3 23
(560) + (88/9 032 6386 2/ 6 2 616/1/76 86 799 82
(561) 723 '86 623 792
(562) 23 2* 82 1 0 5
(563) 689' 6223823 79/ 62 6 6 982 62 6 62 823 7
(564)
(565) 610 5923 71323 '82
(566) /23889 8/ 6 6 62
(567) /86&7'2 9.782 6)2 .7
(568) 723 822 62 6)826 2 286238223 ' 6
(569) '8 /2
(570) '86 *99 699 82 73 6 .7 6 0( 623 '86 238238( 8681 23 2782 6867(( 23 838( 38
(571)
(572) 792 9 8612 982 '8 62)23 6 2 2727 9 86 62 6 4*3338 6279 + '2 6891 *235 23 ( 76661
(573) +' 7 0 76 3 8682 !"#$"0% 5 672 868& 2 $%1$00$$".
(574) 0123566789 6
(575) 6
(576) 23 7 58
(577) 76 '623 (8
(578) 23 9 6223823882 ) 23 *82 3 ) 6+83 62826,
(579) --*23
(580) 2 86+3323
(581)
(582) 2
(583) 23 7 *6 2 . 7 868689 623 (8
(584) 8 2
(585) 3 , 6 7/897 08&6,62 8 76223 828
(586) --#+ 7938/ 862 826,,6
(587) 8622 2 6*,/ 623 / 972 6
(588) 23 289868& 2 / 23 982 8 */
(589)
(590) 62
(591) +382+ 23 . / 728680 62 6,23 828
(592) 898, 67(
(593) .86 623 . --$-0%*23 79( . (9 2 /
(594) +3 23 23 3. 23
(595) 982 6( 2+ 68 2868, 62
(596) + &6, 8.28986.
(597) 86 126 8920 234356789:;<5=<7>5?:;59@75ABACD<E<5 5
(598) 8823 .
(599) 23 7/ 6 6 *2+8 2 6/ 2,82 23
(600) 672* 6
(601) 23 98, 286 2. 2862 892
(602) 28986. 72 603 23 972 3 6
(603) 9 2 62 26,8 886 9 /862 892
(604) 23 . 72/2
(605) 28923 . 72 6
(606) 9&*2 /82/ 863 *68 923 8 2 F23
(607) 228986
(608) 2 GH23 . 72 6
(609) + 2*8 892+ 23
(610) 6 2 . 899
(611) 23 62 , 6*3 6 23 6
(612) 2 6 2 H23 . 72 6
(613)
(614) 9 786(8& . 72*+3389 8( 9
(615) 28986 622623 + 90 3 23 8 838/ ( 6 6 ( 87 8223 9 / 9
(616) . 72 6867..99 23 3 79( 6 898*89938/6,2 62 82+239 89. 72 6*9 ,982 6 982 2 23 8,792789 2 868 2 82 6
(617) . 72623 3 22 0I 23 8 6*23 792
(618) 23 8689 79(
(619)
(620) 62*(7223 /88(9 2 ( 8
(621)
(622) 2 8 9 23 8 *8&6,2 . (9 2 9 &
(623) 8 668/ 68 +86,
(624) /88(920 289 6 82 6 3 +*623 8--$-0!* 67.2 6 1. 627
(625)
(626) 866 6$89 3 9( / 8, 6289387
(627)
(628) 8 96 *8 / 6 (23 . 6,
(629) 5 8280 29 823827629--%23 , +23
(630) 8/ 8, 62393 7 3 9 1. 627 , +8283,3 82 *8 / 6 (23 2+ $. /6,8/ 8, F G862382
(631) -- 6+823, +23 6 2 692 .. *(72 276 2 739 + 9 / 903 7
(632) "%011 7 68/ 8,
(633) --38 6 / ( 6 83 8,86* .2 23 / 76 +86 -0"03 12 68968866 2 (726
(634) 97 6 23 .86J.
(635) 86 862+99( 6 82 28& 2362 8 762+3 6 626, 623 792. 7 (23 86890 23K35LA;EAMC7<5;7CA9EBN59:5>DBAOE8<5:?5:P7;A9EBN58D8C75 8 7223 8689*28/8(9 2 62722+ 2
(636) /88(9 23
(637) 2 2 628623 .2 82682
(638) 23 868, 62
(639) 6 2+ &6,8.289*8623 6 2 628623 76 3 8682 !"#$!0% 5 672 868& 2#$%1$#00$$!.
(640) 0123566789 6
(641) 6
(642) 23 7 58
(643) 76 '
(644) 28(92682 )2 87 23 '86*'
(645) 86 +3
(646) 282 , 982 2 23 68
(647) 23 ' 826,9 -23 8 $.889 /722866,0./1 2 87 23 82 8, 67(
(648) 8(
(649) 72 229 23 98 623 '866 37 2 68
(650) 2 889 + ' 22
(651) 23 42 6 6' ,862 (23 '86) 2 8'8 (
(652) 8
(653) 2 2382' +3 8 6 28682897 5236533286( 6 6, 6+6 2 8 23)26 82 '8 52323 82 8,
(654) 23 '86 623 8 2 + $.862 62 /722866,0./1 32897 ' 6223 82 8, 67(
(655) 823 2 &62 &(
(656) 2 6 5 2 6 6238 23 8 6 28682897 +223
(657) 6 82 8& 868 62 623 (8
(658) 23 82 8,
(659) 23 8
(660) 282 6
(661) 2 &623 2 2 53323 '86( 9 6,) 2 6
(662) 23 (76 98 '2 866
(663) 97 6 2+ $.888(9 /722866,0./1 3 792
(664) 23682 37892 23 82 8, 67(
(665) 8(
(666) 23 '86'823 (2238 6282 5237''9 +6238 )223 6827
(667) 23 '86*822223823886 '82)(728( 2 89923 7
(668) 23 '868&6 568698, '86599382 (8,866, ' 5 86599( 8(9 2 868, 23 68
(669) 228 (282599+3 6 82 6 ' 2862)( 87 89 6, 98 628 (2 ' 62 23 '86*8(922
(670) 686 2 9
(671) + 3
(672) ) 2 6
(673) 82897 3,3 238623 82 8, 79 86 ,822 ,68986
(674)
(675)
(676) 792 6'8 62)623 ' 6
(677) 8 9
(678) 686892782 6)28,6238223 '86
(679) 6866, 2 9
(680) 686892 6822 58+5,86)23 8 6 28(93 2897 8623 792382 2 ( '8 52323 67282 8, + $52 8, 76 9 .782 60 83 62 6 9 $. 1 32897 23 78
(681) 23 23 ' 2 7 6 )6 2 (286 (86,23 67(
(682) 8
(683) 2 42 6 62 2382
(684) 82 8, 2 &'9 )
(685) 53323 67(
(686) 8
(687) (2 42 6 672( 7(282 +223
(688) 8623 2 87 2382 4' 23 67(
(689) 8 23828 '866 2 62 26 6, 7 62 83
(690) 9 5+ 3 ' 82 6 37 2 897982 7386682 '9 23822 87 3 537&98 '868(9 2 62 2937262 62 62 8628 (2)23 7,323 2
(691) 89 86 28(9 )86 6 37 629(8&62 9372+ 6,8 7'
(692) 8 (682 6
(693) 23 682
(694) 23 282
(695) 23 '86*8222)23 . 682 3 5&99
(696) 79868, 626868,6, 3 2$2 8 28698(92 6 2 , 6 82 9372+59 6238 23 62272( 87 623 (8
(697) 23 82 8,
(698) 23 2 2 53323 '86( 9 6,8623 9 5 23 2897
(699) 23 . )23 6823 '868623
(700) 23 28, 792+ 76 3 8682 !"#$!0% 5 672 868& 2#$%1$#00$$!.
(701) 0123566789 6
(702) 6
(703) 23 7 58
(704) 76 $ 2( '6)8*289+276 , 3682 23 792
(705) 23 82 - 2( 623 ,897
(706) 23 6 2( '6)8*2898623 276 , 623 8 8.382 7
(707) 792 *8
(708)
(709) 62 *86 -72 , 62 87 3 (23 89 ) (23/ 8 08
(710)
(711) 2( '6)8*289- 38, . $1 '6)8*289+276 , 3 792
(712) 23682 -286 -23 82 - 2( 623 * 6 62
(713) ( '6)8*289 8 22. .6, 62 868 762 ,8-9 286276 ,
(714) 23 8 * .6238 22 223 86823 *88-92
(715) 23 792- 2( 6
(716)
(717) 62 886 *86 6, 2)826)3 ( 23 82 386) - 2( 6 *86
(718)
(719)
(720) 623 86(23
(721)
(722) 62) (2382 86
(723) 23 * 2, 982 6(23*
(724) 28-92. 5(2323 * , 7 6 223 62 * 282 6
(725) 23,897 7-4 22 23 82 6
(726)
(727)
(728) 62
(729) .823 827)) 22382866 8 623 6 682 2. .6276 , 2(338* 2, )689
(730) 23 *862( 799 82 8 8 623 792. 5656789:;9<=>?7:>=9@;AB7@C7D>:EC:F9AG>7 3 *
(731) 86 ,88-9 28' 662 6 82 68 23 86*
(732) 28-92682 *9786 9 622382 6 623 72868-92
(733) 23 *86. $H 276 68 2682 /HI50 3 HI5 J* 23 82
(734) 276 623 *86K2 2898 2.286682
(735)
(736)
(737) 6 623 7
(738) 23 7 * 62623 8 26 2 * 7 8*
(739) 2.3 HI5 -286
(740) 23 * 72
(741) 23 HI8623 82
(742) 282 6
(743) 23 8 2.HI589 6
(744) 23
(745) 82 238272- 792*9 2 -286HI.3682 86- 7 2 2 6 (3 23 8 28 - 2868) 6 738(882 67 *
(746) 28-92 6 2. $H 276 66, 2 62/HI0682 HI23 276 66, 2 62
(747)
(748) -23 *86.2 6
(749) 23 2 697 6 -286 -882 (3 23 67 82 * 6223 792
(750) 6 89 * 82 62(39 23 6 682 8 7*
(751) 6, 2 62623 -76 6 2
(752) 877982 * 82 68686 * , 6.3 HI86682 6
(753) 23 )
(754)
Documenti correlati
zioni in substrati sintetici a di- retto contatto con campioni di legno tratfato e non. I dati so- no stati trattati seguendo l'ap- proccio Lineweaver & Burk per determinare
An intrinsic teleological account may eventually explain the appearance of mind, but not the objective truths discovered by the mind. Cognition raises two different issues: how
internazionale, Milano, Giuffré, 2008, p.. applicare una misura per così dire sostitutiva, la perdurante detenzione è da considerarsi unlawful. In estrema sintesi – posto che
From comparing the results from the multi-temperature mkcflow model with that from the single-temperature mkcflow, we conclude that the mass depo- sition rate found in the analysis
In this work, an experimental and numerical demonstration of the dependence of the quality factor of AlN contour- mode resonators (CMRs) on the size of the resonator inactive region
Le antiche formazioni politiche – principato di Capua, ducato di Puglia e contea di Sicilia – sopravvissero solo come articolazioni geografiche del regno, mentre la
Tale gioia si riflette nel fatto che lo shintoismo nasce come culto di tutto quel che appare, ovvero della natura nel suo darsi immediato: ogni cosa o persona in