Está en la página 1de 97

See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/216743946

Análise de Discurso Crítica e Realismo Crítico: implicações interdisciplinares

Book · January 2009

CITATIONS READS

12 58

1 author:

Viviane De Melo Resende


University of Brasília
99 PUBLICATIONS   294 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Entre a justiça e os direitos humanos, o encontro da situação de rua com a lei e com a mídia: o caso Rafael Braga Vieira em diferentes gêneros discursivos View project

Representação discursiva no Correio Braziliense e na Folha de S. Paulo: políticas públicas para população em situação de rua e gestão do espaço urbano (2015-2017)
View project

All content following this page was uploaded by Viviane De Melo Resende on 11 July 2018.

The user has requested enhancement of the downloaded file.


'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR &,3

5HVHQGH9LYLDQHGH0HOR
 $QiOLVHGHGLVFXUVRFUtWLFDHUHDOLVPRFUtWLFR9LYLDQHGH0HOR
 5HVHQGH&DPSLQDV633RQWHV(GLWRUHV

 %LEOLRJUD¿D
 ,6%1
 $QiOLVHGHGLVFXUVRFUtWLFD/LQJXtVWLFD'LVFXUVR
 ,7tWXOR,,9LYLDQH0HORGH5HVHQGH

&''

ËQGLFHVSDUDFDWiORJRVLVWHPiWLFR
  $QiOLVHGHGLVFXUVRFUtWLFD
  /LQJXtVWLFD
  'LVFXUVR

&RS\ULJKW‹GDDXWRUD

&RRUGHQDomR(GLWRULDO3RQWHV(GLWRUHV
(GLWRUDomRHFDSD(FNHO:D\QH
5HYLVmR2QPVGU'FKVQTGU

3217(6(',725(6
$Y'U$UOLQGR-RDTXLPGH/HPRV
&DPSLQDV63%UDVLO
)RQH 
)D[ 
SRQWHVHGLWRUHV#SRQWHVHGLWRUHVFRPEU

ZZZSRQWHVHGLWRUHVFRPEU


,PSUHVVRQR%UDVLO
680È5,2

3$57(,
35È7,&$62&,$/(',6&85623(563(&7,9$2172/Ï*,&$(0$'&

&$3Ë78/2
$1È/,6('(',6&8562&5Ë7,&$+(7(52*(1(,'$'((&217,18,'$'(6 

&$3Ë78/2
3(563(&7,9$2172/Ï*,&$'$62&,('$'((',6&85625&($'& 

&$3Ë78/2
5(35(6(17$d­2(,'(17,),&$d­2     

&$3Ë78/2
$1È/,6(',6&856,9$7(;78$/0(17(25,(17$'$   

3$57(,,
$&216758d­2'2&21+(&,0(172(0$'&
5()/(;­2(3,67(02/Ï*,&$(26(678'26&5Ë7,&26'2',6&8562

&$3Ë78/2
32548($5()/(;­2(3,67(02/Ï*,&$e1(&(66È5,$(03(648,6$6
',6&856,9$6&5Ë7,&$6      

&$3Ë78/2
3(648,6$48$/,7$7,9$      

&$3Ë78/2
5($/,602&5Ë7,&2((3,67(02/2*,$126(678'26&5Ë7,&26'2',6&8562 

&$3Ë78/2
5($/,602&5Ë7,&2($1È/,6('(',6&8562&5Ë7,&$  

&216,'(5$d®(6),1$,6      

5()(5Ç1&,$6%,%/,2*5È),&$6     
$35(6(17$d­2

$$QiOLVHGH'LVFXUVR&UtWLFD $'& GH¿QHVHVREUHWXGRSRU


HVWDEHOHFHU UHODo}HV LQWHUGLVFLSOLQDUHV YROWDGDV SDUD DV FLrQFLDV
VRFLDLV D ¿P GH FRQWHPSODU UHÀH[}HV DFHUFD GD UHODomR HQWUH
OLQJXDJHPHVRFLHGDGHTXHQmRSRGHULDPVHUORJUDGDVQRLQWHULRU
GDVIURQWHLUDVGD/LQJXtVWLFD(QWUHWDQWRD$'&WHPVLGRFULWLFDGD
SRU QmR UHDOL]DU QDV SUiWLFDV GH SHVTXLVD H DQiOLVH DV UHODo}HV
LQWHUGLVFLSOLQDUHVGLVFXWLGDVQRQtYHOWHyULFR YHMDSRUH[HPSOR
:RGDNE 
1HVWHOLYURDUJXPHQWRTXHLVVRSRGHVHGHYHUHPSDUWHDXPD
IDOWDGHUHÀH[LYLGDGHQRGHVHQKRGHSHVTXLVDV&UHLRTXHDOJXPDV
SHVTXLVDVHP$'&WHQGHPDUHSHWLUPRGHORVGHIRUPDPHFkQLFD
VHPUHFRQKHFHUTXHDDEHUWXUDSDUDGLIHUHQWHVDERUGDJHQVSRGH
WUD]HU YDQWDJHQV SDUD D LQYHVWLJDomR 0HX REMHWLYR QHVWH OLYUR
SRUWDQWRpDSRQWDUDQHFHVVLGDGHGHPDLRUUHÀH[LYLGDGHHSLVWHPR
OyJLFDHP$'&HQWHQGHQGRTXHDHSLVWHPRORJLDGHYHFRQVWUXLUD
SRQWHHQWUHWHRULDHPHWRGRORJLDHTXHDFRHUrQFLDHQWUHPRGHORV
RQWROyJLFRVHHSLVWHPROyJLFRVDGRWDGRVpIXQGDPHQWDOSDUDJDUDQWLU
DFRHUrQFLDWDPEpPHQWUHWHRULDHHPSLULD1HVVDUHÀH[mRSDUWR
GRPRGHORSDUD$'&GHVHQYROYLGRSRU)DLUFORXJKHGDUHODomR
LQWHUGLVFLSOLQDUTXHHVWDEHOHFHFRPR5HDOLVPR&UtWLFR
1DSULPHLUDSDUWHGROLYURPHXIRFRpDSHUVSHFWLYDRQWROyJLFD
TXHRULHQWDSHVTXLVDVHP$QiOLVHGH'LVFXUVR&UtWLFDHVSHFL¿FD
PHQWHDYHUVmRGH$'&FRPDTXDOWUDEDOKR1RSULPHLURFDStWXOR
DSUHVHQWR D$'& FRPR FRQVWLWXtGD GH XPD KHWHURJHQHLGDGH GH
DERUGDJHQVTXHQRHQWDQWRFRPSDUWLOKDPSULQFtSLRVFRPXQVH
HVFODUHoRPHXIRFRGHQWUHHVVDVGLIHUHQWHVYHUV}HV1RVHJXQGR
FDStWXORFRPEDVHQR5HDOLVPR&UtWLFRWHRULDVRFLDOTXHLQVSLUD
HVVDDERUGDJHPSDUD$'&GLVFXWRDOJXQVSUHFHLWRVEiVLFRVVREUH
DUHDOLGDGHVRFLDOHVREUHDUHODomRHQWUHHVWUXWXUDHDomRVRFLDOH
IRFDOL]RDVLQÀXrQFLDVGDRQWRORJLDGR5&QD$'&1RWHUFHLUR
FRP EDVH HP DOJXQV GRV SUHVVXSRVWRV GD /LQJXtVWLFD 6LVWrPLFD
)XQFLRQDO /6) HQDUHFRQWH[WXDOL]DomRGHVVHVFRQFHLWRVHP$'&
DERUGR DV GXDV IXQo}HV GD OLQJXDJHP TXH VH PRVWUDP FHQWUDLV
SDUDRLQWHUHVVHHVSHFt¿FRGHSHVTXLVDVHWQRJUi¿FRGLVFXUVLYDVD
UHSUHVHQWDomRHDLGHQWL¿FDomR1RTXDUWRFDStWXORSURFXURHQID
WL]DUDUHOHYkQFLDGHDQiOLVHVGLVFXUVLYDVWH[WXDOPHQWHRULHQWDGDV
SDUDDFUtWLFDVRFLDO
1DVHJXQGDSDUWHSURFXURMXVWL¿FDUD¿OLDomRGHSHVTXLVDVHP
$'&jWUDGLomRGDSHVTXLVDTXDOLWDWLYDHDVHOHomRSRUPpWRGRV
HWQRJUi¿FRVSDUDDJHUDomRHDFROHWDGHGDGRV$GLVFXVVmROH
YDGDDFDERQHVVDSDUWHGROLYURGHYHHQWmRVHUFRPSUHHQGLGD
FRPR XPD FRQWLQXDomR GDV UHÀH[}HV DSUHVHQWDGDV QD 3DUWH ,
1R&DStWXORH[SOLFRTXHHQIDWL]DQGRDUHOHYkQFLDGHUHÀH[}HV
GHFXQKRHSLVWHPROyJLFRSURFXURFRQWULEXLUSDUDDVXSHUDomRGD
ODFXQDHSLVWHPROyJLFDTXHPHSDUHFHVHUXPSUREOHPDHP$'&
1RVH[WRH[SOLFLWRD¿OLDomRGHPHXSUySULRWUDEDOKRjWUDGLomR
GD SHVTXLVD TXDOLWDWLYD 1RV &DStWXORV  H  SURFXUR GHVWDFDU
LPSOLFDo}HVHSLVWHPROyJLFDVGR5HDOLVPR&UtWLFRSDUDD$QiOLVH
GH'LVFXUVR&UtWLFD
2OLYURpGLULJLGRWDQWRDOLQJXLVWDVYROWDGRVDVSDUDRVHVWXGRV
GLVFXUVLYRV TXDQWR D SHVTXLVDGRUHVDV HP FLrQFLDV VRFLDLV TXH
SHUFHEDPDUHOHYkQFLDGRGLVFXUVRQDVSUiWLFDVVRFLDLVFRQWHP
SRUkQHDV7HUHLDWLQJLGRPHXREMHWLYRFRPHVWHOLYURVHHOHORJUDU
FRQVWLWXLU VLPXOWDQHDPHQWH XPD UHÀH[mR DSURIXQGDGD VREUH D
$QiOLVHGH'LVFXUVR&UtWLFDHXPDDSUHVHQWDomRLQWURGXWyULDDR
5HDOLVPR&UtWLFR
3$57(,

35È7,&$62&,$/(',6&8562
3(563(&7,9$2172/Ï*,&$(0$'&
9,9,$1('(0(/25(6(1'(

&$3Ë78/2

$1È/,6('(',6&8562&5Ë7,&$
+(7(52*(1(,'$'((&217,18,'$'(6
$$'&GH¿QHVHSRUXPDKHWHURJHQHLGDGHGHDERUGDJHQVTXH
HPERUDGLYHUVDVLGHQWL¿FDPVHFRPRUyWXORµ$QiOLVHGH'LVFXUVR
&UtWLFD¶$SHVDUGDGLYHUVLGDGHDVSURSRVWDVWHyULFDVHPHWRGROy
JLFDVHP$'&JXDUGDPDOJXPDVFDUDFWHUtVWLFDVHPFRPXPRTXH
FRQIHUHFRHUrQFLDDRFDPSR%ORPPDHUW  HQIDWL]DHVVH
DVSHFWRKHWHURJrQHRSRUpPFRHUHQWHGD$'&³4XDQGRIDODPRV
GH$'&HVWDPRVOLGDQGRFRPXPJUXSRGHSHVTXLVDGRUHVDVTXH
OLGHUDPDERUGDJHQVFDGDTXDOFRPVHXVSUHVVXSRVWRVHVSHFt¿FRV
PDVTXHFRQFRUGDPHPFHUWRVSULQFtSLRVGHDQiOLVHTXHVHGLULJHP
DTXHVW}HVVLPLODUHVHTXHGHVHQYROYHUDPDOJXPDVIHUUDPHQWDV
SDUDLVVR´
(PSULPHLUROXJDUXPDFDUDFWHUtVWLFDIXQGDPHQWDOGHVVDVDERU
GDJHQVFUtWLFDVQRVHVWXGRVGDOLQJXDJHPpDLQWHUGLVFLSOLQDULGDGHR
URPSLPHQWRGHIURQWHLUDVGLVFLSOLQDUHVHRUHFRQKHFLPHQWRGHTXHSDUD
VHDQDOLVDUSUREOHPDVVRFLDLVGLVFXUVLYDPHQWHPDQLIHVWRVpSUHFLVR
RSHUDFLRQDOL]DUFRQFHLWRVHFDWHJRULDVGHVHQYROYLGRVSHODV&LrQFLDV
6RFLDLV :RGDND 6REUHDUHOHYkQFLDGDVUHODo}HVLQWHUGLVFLSOL
QDUHVSDUDDFRQVWLWXLomRGD$'&%ORPPDHUW  UHVVDOWD

2GHVHQYROYLPHQWRGDDQiOLVHGHGLVFXUVRFUtWLFDIRLLPSXOVLR
QDGRSRUXPODGRSRUGHVHQYROYLPHQWRVQDWHRULDOLQJXtVWLFD

 2SWRSHODWUDGXomRµ$QiOLVHGH'LVFXUVR&UtWLFD¶SDUDµ&ULWLFDO'LVFRXUVH$QDO\VLV¶HP
OXJDUGHµ$QiOLVH&UtWLFDGR'LVFXUVR¶-XVWL¿FRPLQKDHVFROKDSHODWUDGLomRKLVWyULFDGRV
HVWXGRVGLVFXUVLYRVQR%UDVLOFRQVROLGDGRVFRPRUyWXORµDQiOLVHGHGLVFXUVR¶7RPHVH
FRPRPDLVXPDUJXPHQWR±HVWHGLUHWDPHQWHOLJDGRjWUDGXomRGRWHUPRHPVL±RWH[WRGH
YDQ'LMN  HPTXHDPEDVDVIRUPDVDSDUHFHP³&ULWLFDO'LVFRXUVH$QDO\VLV´ S H
³FULWLFDODQDO\VLVRIGLVFRXUVHV´ S 3DUHFHPHFRHUHQWHWUDGX]LUDSULPHLUDSRUµ$QiOLVH
GH'LVFXUVR&UtWLFD¶HDVHJXQGDSRUµDQiOLVHFUtWLFDGHGLVFXUVRV¶3DUDXPDUHÀH[mRPDLV
GHWLGDVREUHLVVRYHU0DJDOKmHV  


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

HPVLTXHFKDPDYDPDWHQomRSDUDDERUGDJHQVPDLVFHQWUD
GDVQDDWLYLGDGHQRUHFRQKHFLPHQWRGDOLQJXDJHPHPXVR
FRPRXPREMHWRGHDQiOLVHOHJtWLPR  SRURXWURODGRIRL
LPSXOVLRQDGRSRUFRQWDWRVLQWHUGLVFLSOLQDUHVLQWHQVRVHQWUH
OLQJXLVWDV H SHVTXLVDGRUHVDV VLWXDGRV HP FDPSRV FRPR D
DQiOLVHOLWHUiULDDVHPLyWLFDD¿ORVR¿DDDQWURSRORJLDHD
VRFLRORJLD

(QWUHDVGLIHUHQWHVDERUGDJHQVHP$'&DOJXPDVMiVHWRUQDUDP
EDVLODUHVLQVSLUDQGRGLYHUVRVWUDEDOKRVDFDGrPLFRVeRFDVRGDV
SURSRVWDVGH1RUPDQ)DLUFORXJK7HXQYDQ'LMNH5XWK:RGDN
TXHHVWDEHOHFHPGLIHUHQWHVUHODo}HVLQWHUGLVFLSOLQDUHVHPVXDVYHU
V}HVGH$'&)DLUFORXJKSURS}HXPDDUWLFXODomRHQWUH/LQJXtVWLFD
6LVWrPLFD )XQFLRQDO H 6RFLRORJLD )DLUFORXJK   YDQ 'LMN
 HVWDEHOHFHGLiORJRHQWUH/LQJXtVWLFD7H[WXDOH3VLFRORJLD
6RFLDOHQTXDQWR5XWK:RGDNYROWDVHSDUDD6RFLROLQJXtVWLFDHD
+LVWyULD :RGDN 5HFRQKHFHQGRDKHWHURJHQHLGDGHDVVXPR
D ¿OLDomR GH PHX SUySULR WUDEDOKR j DERUGDJHP GH )DLUFORXJK
TXH VXJHUH TXH SHVTXLVDV GLVFXUVLYDV FUtWLFDV HVWHMDP EDVHDGDV
QD LGHQWL¿FDomR GH SUREOHPDV VRFLDLV SDUFLDOPHQWH GLVFXUVLYRV
TXHSRVVDPVHULQYHVWLJDGRVSRUPHLRGDDQiOLVHVLWXDGDGHWH[WRV
&KRXOLDUDNLH)DLUFORXJK 
8PDVHJXQGDFDUDFWHUtVWLFDFRPXPjVGLYHUVDVSURSRVWDVWHyUL
FRPHWRGROyJLFDVHP$'&pVHXFDUiWHUSRVLFLRQDGR7UDWDVHGH
DERUGDJHQVFUtWLFDVSDUDRHVWXGROLQJXtVWLFRGLVFXUVLYRGHWH[WRV
QRVHQWLGRGHTXHDVSHVTXLVDVYLQFXODGDVj$'&DVVXPHPXPD
SRVLomRH[SOtFLWDHPIDFHGHSUREOHPDVVRFLDLVSDUFLDOPHQWHGLV
FXUVLYRVLVWRpQmRVLPXODPµLPSDUFLDOLGDGHFLHQWt¿FD¶3DUWLQGR
GDLGHQWL¿FDomRGHSUREOHPDVVRFLDLVFRPIDFHWDVGLVFXUVLYDVR
REMHWLYRpGHVYHODUGLVFXUVRVTXHVHUYHPGHVXSRUWHDHVWUXWXUDVGH
GRPLQDomRRXTXHOLPLWDPDFDSDFLGDGHGHWUDQVIRUPDomRGHVVDV
HVWUXWXUDVSRULVVRD$'&UHTXHUDWHQomRWDQWRDRXVRGDOLQJXDJHP
TXDQWRjHVWUXWXUDomRGDDomRVRFLDO %ORPPDHUW5HVHQGH 
5DPDOKR 1RFDVRHVSHFt¿FRGDSHVTXLVDTXHGLVFXWRDTXLR
REMHWLYRpFRPEDVHQDFRQVWDWDomRHPStULFDGDFRQMXQWXUDGHFULVH
GR0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH5XDQR'LVWULWR
)HGHUDO 01005') LGHQWL¿FDUIDFHWDVGLVFXUVLYDVGDFULVHD
¿PGHWRUQiODVPDLVYLVtYHLVSDUDRVPHPEURVGHVVHPRYLPHQWR
VRFLDOSRUPHLRGRFRPSDUWLOKDPHQWRGRVUHVXOWDGRVGDSHVTXLVD


9,9,$1('(0(/25(6(1'(

HGHWUD]HUXPDFRQWULEXLomRFRQWH[WXDOL]DGDjDERUGDJHPWHyULFD
GDUHODomRHQWUHGLVFXUVRHVRFLHGDGH
'HVVDVGXDVFDUDFWHUtVWLFDVIXQGDPHQWDLVjVGLIHUHQWHVDERUGDJHQV
HP$'&HPHUJHXPDWHUFHLUDQHPVHPSUHFODUDPHQWHIRUPXODGD
QRVWUDEDOKRVHP$'&RµYDORU¶GHWHRULDVHFDWHJRULDVSURSULDPHQWH
OLQJXtVWLFDVQmRpWRPDGRFRPRWiFLWRPDVHPHUJHGRVGDGRVHGRV
REMHWLYRVGDDQiOLVH([SOLFRD/LQJXtVWLFDpXWLOL]DGDQRVWUDEDOKRV
GHDQiOLVHGLVFXUVLYDFRPRLQVWUXPHQWRSDUDDFUtWLFDVRFLDO$VVLP
VHQGRRREMHWLYRGDVDQiOLVHVpDFUtWLFDVRFLDOREWLGDSRUPHLRGD
DQiOLVHGHLQVWDQFLDo}HVGLVFXUVLYDVTXHVHUYHPGHVXEVtGLRHVXV
WHQWDomRjFUtWLFDGHSUREOHPDVVRFLDLV$XWLOL]DomRGHFDWHJRULDV
OLQJXtVWLFDVSRUWDQWRMXVWL¿FDVHQDPHGLGDHPTXHSRVVLELOLWDDRj
DQDOLVWDH[SORUDUDPDWHULDOL]DomRGLVFXUVLYDGHSUREOHPDVVRFLDLV
HPWHUPRVGRVHIHLWRVGRVDVSHFWRVGLVFXUVLYRVHPSUiWLFDVVRFLDLV
FRQWH[WXDOL]DGDV HYLFHYHUVD GDYLQFXODomRGHWH[WRVDGLVFXUVRV
SDUWLFXODUHVGRVHIHLWRVGHGLVFXUVRVSDUWLFXODUHVQDFRQVWLWXLomRGH
LGHQWLGDGHVHQDOHJLWLPDomRGHPRGRVGHDomR
2VHVWXGRVGLVFXUVLYRVWrPDWUDtGRDWHQomRGHSHVTXLVDGRUHV
DV GH GLYHUVDV iUHDV GD WHRULD VRFLDO FRQWHPSRUkQHD 6HJXQGR
)DLUFORXJK  HVVHLQWHUHVVHGHYHVHSRUXPODGRDWHRUL]Do}HV
VRFLDLVUHFHQWHVDFHUFDGDDWXDOIDVHGDPRGHUQLGDGHDPSODPHQWH
FHQWUDGDVQRSDSHOGDOLQJXDJHPQDYLGDVRFLDOHSRURXWURODGR
j ³YLUDGD OLQJXtVWLFD QD YLGD VRFLDO UHFHQWH´ SURSULDPHQWH GLWD
)DLUFORXJK ,VWRpWDLVWHRUL]Do}HVVRFLDLVEDVHDGDV
QD OLQJXDJHP D FKDPDGD YLUDGD OLQJXtVWLFD QD WHRULD VRFLDO 
HVWmRQDHVWHLUDGHXPSURFHVVRFRQFUHWRYLYHQFLDGRQDVSUiWLFDV
VRFLDLVFRQWHPSRUkQHDVDYLGDVRFLDOpFDGDYH]PDLVPHGLDGDSRU
WH[WRVHRSDSHOGHWH[WRVQDYLGDVRFLDOpFDGDYH]PDLVVDOLHQWH
HPWRGRVRVFDPSRVGDDWLYLGDGHKXPDQDFRPRSRUH[HPSORD
FXOWXUDDSROtWLFDHDHFRQRPLD )DLUFORXJK %ORPPDHUW
 ID]HQWUHWDQWRXPDUHVVDOYDHPERUDFRQFRUGHTXHPXLWRV
DVSHFWRVGDYLGDVRFLDOFRQWHPSRUkQHDVHMDPGHIDWRFDGDYH]PDLV
LQÀXHQFLDGRVSHODOLQJXDJHPPHGLDGDSHODFRPXQLFDomRGLJLWDOH
SHODUHFRQWH[WXDOL]DomRGHWH[WRVLVVRQmRSRGHVHUJHQHUDOL]DGR
 1HVWH OLYUR HP GLYHUVRV PRPHQWRV XWLOL]R H[HPSORV GD SHVTXLVD ³$QiOLVH GH 'LVFXUVR
&UtWLFDH(WQRJUD¿DR0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH5XDVXDFULVHHR
SURWDJRQLVPRMXYHQLO´ 5HVHQGHE SDUDLOXVWUDUHHVFODUHFHUFRQFHLWRV$SHVTXLVDIRL
UHDOL]DGDMXQWRDR3URJUDPDGH3yV*UDGXDomRHP/LQJXtVWLFDFRPRWUDEDOKRGHGRXWRUD
PHQWRVRERULHQWDomRGH,]DEHO0DJDOKmHV 8QLYHUVLGDGHGH%UDVtOLD HFRRULHQWDomRGH
&ODUD.HDWLQJ 8QLYHUVLGDGHGH&RLPEUD 


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

HPWHUPRVDEVROXWRVVREULVFRGHVHSHUGHUGHYLVWDDVLPHQVDV
GHVLJXDOGDGHV HQWUH UHJL}HV GR PXQGR DOJXPDV GDV TXDLV VmR
H[FOXtGDVGHVVHVSURFHVVRV
(PERUDHVVDVDERUGDJHQVWHyULFDVGDV&LrQFLDV6RFLDLVEDVH
DGDVQDOLQJXDJHPHQRGLVFXUVRDMXGHPDLOXPLQDUDTXHVWmRGH
FRPRDOLQJXDJHPDGTXLUHPDLRUYLVLELOLGDGHHPDOJXPDVSUiWLFDV
VRFLDLVFRQWHPSRUkQHDV±VHQGRSRUWDQWRHQULTXHFHGRUDVSDUDD
GLVFXVVmRGRGLVFXUVRQDVRFLHGDGH±QmRHODERUDPLQYHVWLJDo}HV
HPStULFDV GRV PRGRV FRPR HVVD UHODomR GLVFXUVRVRFLHGDGH VH
FRQFUHWL]D QD SUiWLFD VRFLDO &KRXOLDUDNL   1HVVH VHQWLGR
)DLUFORXJK-HVVRS 6D\HU  VXJHUHP

&LHQWLVWDVVRFLDLVHDQDOLVWDVGHGLVFXUVRURWLQHLUDPHQWHGHIHQ
GHPDDQiOLVHVHPLyWLFDFRPRDUJXPHQWRGHTXHDVHPLRVHWHP
HIHLWRVUHDLVHPSUiWLFDVVRFLDLVHPLQVWLWXLo}HVVRFLDLVHPDLV
DPSODPHQWHQDRUGHPVRFLDO$UJXPHQWDPHPSRXFDVSDODYUDV
TXH D VHPLRVH p SHUIRUPDWLYD   QRUPDOPHQWH IDODPRV RX
HVFUHYHPRVD¿PGHSURGX]LUDOJXPWLSRGHHIHLWR(QWUHWDQWR
pYLVtYHOHPDQiOLVHVVRFLDLVDDXVrQFLDGHUHVSRVWDVjTXHVWmR
GHFRPRDVHPLRVHSURGX]WDLVHIHLWRV

$$'&EXVFDVXSHUDUHVVDODFXQDHQWUHWHRUL]Do}HVEDVHDGDV
QD OLQJXDJHP H HP RXWURV VLVWHPDV VHPLyWLFRV  H SHVTXLVDV
YROWDGDV SDUD XPD H[SODQDomR GRV SDSpLV GD OLQJXDJHP H GH
RXWUDVVHPLRVHV HPSUiWLFDVVRFLDLVFRQWH[WXDOL]DGDV3DUDLVVR
FRQWDFRPDFRQVROLGDomRGHXPFRUSRWHyULFRGDOLQJXDJHPQD
VRFLHGDGHTXHDOLPHQWDGRQDVFLrQFLDVVRFLDLVDSUHVHQWDXPIRFR
PDLVHVSHFt¿FRQRVPRGRVFRPRDOLQJXDJHP¿JXUDQDYLGDVRFLDO
HGHXPFRQMXQWRGHPpWRGRVSDUDDDQiOLVHOLQJXtVWLFDGHGDGRV
HPStULFRVHQWHQGHQGRRWH[WRFRPRXQLGDGHPtQLPDGHDQiOLVH
:RGDNE 2FRQFHLWRGHWH[WRHQYROYLGRQHVVDGH¿QLomR
GDXQLGDGHPtQLPDGHDQiOLVHHPSHVTXLVDVGLVFXUVLYDVpDPSOR
HPGRLVVHQWLGRVSULPHLUR³TXDOTXHULQVWkQFLDGHOLQJXDJHPHP
XVRpXPWH[WR´ )DLUFORXJK RTXHXOWUDSDVVDRVHQWLGR

 2WHUPRµVHPLRVH¶UHIHUHVHjFRQVWUXomRLQWHUVXEMHWLYDGHVLJQL¿FDGRVRTXHXOWUDSDVVDD
OLQJXDJHPYHUEDOSDUDHQYROYHUWDPEpPRXWURVWLSRVGHOLQJXDJHPFRPRDOLQJXDJHPYLVXDO
)DLUFORXJK-HVVRS 6D\HU 8PDYH]TXHPHXIRFRpDSHQDVDOLQJXDJHPYHUEDO
XWLOL]RRWHUPRµGLVFXUVR¶FRPRVXEVWDQWLYRLQFRQWiYHOSDUDPHUHIHULUDRDVSHFWRGLVFXUVLYR
GHSUiWLFDVVRFLDLV )DLUFORXJKVREUHDDPELJXLGDGHGRFRQFHLWRGHµGLVFXUVR¶YHU
&DStWXORYHMDWDPEpP5HVHQGH 5DPDOKR 


9,9,$1('(0(/25(6(1'(

HVWULWRGHWH[WRVFRPRSURGXo}HVHVFULWDVVHJXQGRRVHQWLGRGH
WH[WRHP$'&XOWUDSDVVDDOLQJXDJHPYHUEDORUDOHHVFULWDSDUD
LQFOXLU RXWURV VLVWHPDV VHPLyWLFRV FRPR RV WH[WRV LPDJpWLFRV
H RV WH[WRV PXOWLPRGDLV TXH DUWLFXODP GLIHUHQWHV PRGDOLGDGHV
VHPLyWLFDVFRPRDOLQJXDJHPYHUEDODOLQJXDJHPYLVXDOHHIHLWRV
VRQRURV .UHVV YDQ/HHXZHQ 
3DUDGDUFRQWDGHVXDUHODomRFRPDWHRULDVRFLDOFUtWLFDHPWHUPRV
WHyULFRV H GD GLPHQVmR FUtWLFD DVVXPLGD HP WHUPRV SUiWLFRV ± RX
VHMDSDUDVHFRQ¿JXUDUXPDSUiWLFDWHyULFDFUtWLFDQDVIURQWHLUDVGD
/LQJXtVWLFD±D$'&EXVFDRFRQFHLWRGHSUiWLFDVVRFLDLVXPGRV
FRQFHLWRVEDVLODUHVHP$'&DRODGRGRFRQFHLWRGHGLVFXUVR 5HVHQGH
5DPDOKR 3DUD)DLUFORXJK  DDQiOLVHGDVSUiWLFDV
VRFLDLVFRQVWLWXLXPIRFR³WHRULFDPHQWHFRHUHQWHHPHWRGRORJLFDPHQWH
HIHWLYR´SRUTXHSHUPLWHFRQHFWDUDDQiOLVHGDVHVWUXWXUDVVRFLDLVj
DQiOLVHGD LQWHU DomRRTXHEXVFDVXSHUDUDMiDPSODPDQWHGLVFXWLGD
GLYLVmR HQWUH WHRULDV GD HVWUXWXUD H WHRULDV GD DomR VREUH WHRULDV
GDUHODomRHQWUHHVWUXWXUDHDomRYHMDSRUH[HPSOR%KDVNDU
*LGGHQV%RXUGLHX9HMDWDPEpP3HWHUV 
8PDFDUDFWHUtVWLFDUHOHYDQWHGDVSUiWLFDVVRFLDLVpVXDDUWLFX
ODomRHPUHGHVUHODWLYDPHQWHHVWiYHLV$VUHGHVGHSUiWLFDVVmR
RUJDQL]DGDVQDVGLYHUVDViUHDVGDYLGDVRFLDORXFDPSRV %RXU
GLHX :DFTXDQW 6REUHRFRQFHLWRGHFDPSR%RXUGLHX 
:DFTXDQW  H[SOLFDP

(PWHUPRVDQDOtWLFRVXPFDPSRSRGHVHUGH¿QLGRFRPRXPD
UHGHRXXPDFRQ¿JXUDomRGHUHODo}HVREMHWLYDVHQWUHSRVLo}HV
(VVDVSRVLo}HVHVWmRREMHWLYDPHQWHGH¿QLGDVHPVXDH[LVWrQ
FLDHQRVFRQGLFLRQDPHQWRVTXHLPS}HPVREUHVHXVRFXSDQWHV
DJHQWHVRXLQVWLWXLo}HVSRUVXDVLWXDomRSUHVHQWHHSRWHQFLDOQD
GLVWULEXLomRGHHVSpFLHVGRSRGHU FDSLWDO FXMDSRVVHRUGHQDR
DFHVVR D YDQWDJHQV HVSHFt¿FDV TXH HVWmR HP MRJR QR FDPSR
DVVLPFRPRSRUVXDUHODomRREMHWLYDFRPRXWUDVSRVLo}HV1DV
VRFLHGDGHVDOWDPHQWHGLIHUHQFLDGDVRFRVPRVVRFLDOHVWiFRQ
IRUPDGRSRUYiULRVGHVVHVPLFURFRVPRVVRFLDLVUHODWLYDPHQWH
DXW{QRPRVLVWRpHVSDoRVGHUHODo}HVREMHWLYDVTXHVmRROXJDU
GHXPDOyJLFDHGHQHFHVVLGDGHVHVSHFt¿FDVHLUUHGXWtYHLVjTXHODV
TXHUHJXODPRXWURVFDPSRV

7DQWRDDUWLFXODomRGDVSUiWLFDVHPUHGHVTXDQWRDRUJDQL]DomRGRV
FDPSRVVmRVLVWHPDVDEHUWRVjPXGDQoDVRFLDO )DLUFORXJK Mi


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

TXHDVSUHVV}HVSHODPDQXWHQomRGDVFRQWLQXLGDGHVVmRSDUWHGDOXWDKH
JHP{QLFDHWRGDKHJHPRQLDpXPHTXLOtEULRLQVWiYHO *UDPVFL 
$ DUWLFXODomR HQWUH UHGHV GH SUiWLFDV DVVHJXUD TXH D KHJH
PRQLDpXPHVWDGRGHUHODWLYDSHUPDQrQFLDGHDUWLFXODo}HVGRV
HOHPHQWRVVRFLDLVLQFOXtGRRGLVFXUVR8PDYH]TXHDKHJHPRQLD
pFRQFHLWXDGDHPWHUPRVGDSHUPDQrQFLDUHODWLYDGHDUWLFXODo}HV
HQWUH HOHPHQWRV VRFLDLV H[LVWH XPD SRVVLELOLGDGH LQWUtQVHFD GH
GHVDUWLFXODomR H UHDUWLFXODomR GHVVHV HOHPHQWRV ,VVR SRUTXH RV
DWRUHVVRFLDLVLQGLYLGXDLVRXFROHWLYRVHPERUDQmRJR]HPGHSOHQD
OLEHUGDGHGDGRVRVFRQVWUDQJLPHQWRVRULXQGRVGDHVWUXWXUDVRFLDO
VmRGRWDGRVGHUHODWLYDOLEHUGDGHQDUHDUWLFXODomRWUDQVIRUPDomRGH
SUiWLFDVVRFLDLV2EYLDPHQWHHVVDµOLEHUGDGHUHODWLYD¶pGHSHQGHQWH
GDGLVSRQLELOLGDGHGHUHFXUVRVPDWHULDLVHVLPEyOLFRVTXHVXVWHQWHP
DDomRVRFLDOFULDWLYD VREUHUHFXUVRVHFRQVWUDQJLPHQWRVRULXQGRV
GDHVWUXWXUDVRFLDOHVXDUHODomRFRPDDomRYHMDR&DStWXOR 
(PWHUPRVGLVFXUVLYRVDOXWDKHJHP{QLFDpSHUFHELGDFRPR
GLVSXWD SHOD FULDomRVXVWHQWDomR GH XP VWDWXV XQLYHUVDO SDUD
GHWHUPLQDGDV UHSUHVHQWDo}HV SDUWLFXODUHV ± GR PXQGR PDWHULDO
PHQWDOHVRFLDO±RXVHMDSDUDFHUWRVGLVFXUVRVTXHSRGHPVHU
LQWHULRUL]DGRV HP PRGRV GH LQWHU DomR VRFLDO H HP PRGRV GH
LGHQWL¿FDomR )DLUFORXJK   &RQVLGHUDQGRVH TXH R SRGHU
GHSHQGHGDFRQTXLVWDGRFRQVHQVRHQmRDSHQDVGRVUHFXUVRVSDUD
RXVRGDIRUoDRGLVFXUVR¿JXUDFRPRHOHPHQWRHVVHQFLDOSDUD
D VXVWHQWDomR GH UHODo}HV KHJHP{QLFDV HP XP GDGR FRQWH[WR
KLVWyULFR2FRQFHLWRDEHUWRGHKHJHPRQLDUHFRQWH[WXDOL]DGRGH
*UDPVFLUHIRUoDRSDSHOGRGLVFXUVRQRHVWDEHOHFLPHQWRHQDPD
QXWHQomRGHUHODo}HVGHGRPLQDomRXPDYH]TXHDQDWXUDOL]DomR
GHUHSUHVHQWDo}HVSDUWLFXODUHVpIXQGDPHQWDOSDUDDSHUPDQrQFLD
GHDUWLFXODo}HVEDVHDGDVQRSRGHU 7KRPSVRQ 
2IRFRQHVVDVSHUVSHFWLYDVRQWROyJLFDVRULXQGDVGHGHVGREUD
PHQWRVUHFHQWHVGDVFLrQFLDVVRFLDLVJDUDQWHj$'&XPDDERUGDJHP
VRFLDOGHWH[WRVRTXHWHPLPSOLFDomRGLUHWDQRWLSRGHDQiOLVHVGH
WH[WRVIRUPXODGDVSRUSHVTXLVDGRUHVDVHP$'&,VVRSRUTXHQmR
KiVHSDUDomRHQWUHDVSHUVSHFWLYDVVRFLDOHOLQJXtVWLFDQDVDQiOLVHV
DRFRQWUiULRXPDDQiOLVHGLVFXUVLYDFUtWLFDVHUiWDQWRPDLVH¿FLHQWH
TXDQWRPDLRUIRUDLQWHJUDomRHQWUHRVSUHVVXSRVWRVDUWLFXODGRVQD
UHODomRLQWHUGLVFLSOLQDU³VHTXHUHPRVHQWHQGHUIRUPDVFRQWHPSR
UkQHDVGHGHVLJXDOGDGHQDOLQJXDJHPHSRUPHLRGDOLQJXDJHP


9,9,$1('(0(/25(6(1'(

GHYHPRV ROKDU WDQWR GHQWUR GHOD TXDQWR QD VRFLHGDGH H DPERV


RV DVSHFWRV GD DQiOLVH QmR VmR VHSDUiYHLV´ %ORPPDHUW 
 7HQGRLVVRHPYLVWDQRSUy[LPRFDStWXORPHXIRFRYROWDVH
SDUDDOJXPDVLPSOLFDo}HVRQWROyJLFDVGDUHODomRGD$'&FRPR
5HDOLVPR&UtWLFR


9,9,$1('(0(/25(6(1'(

&$3Ë78/2

3(563(&7,9$2172/Ï*,&$'$62&,('$'(
(',6&85625&($'&
$RQWRORJLDGL]UHVSHLWRDRPRGRFRPRVHHQWHQGHDQDWXUH]D
GRPXQGRVRFLDODRVFRPSRQHQWHVHVVHQFLDLVGDUHDOLGDGHVRFLDO
(PERUDDHVVrQFLDGRPXQGRVRFLDOSRVVDSDUHFHUIXQGDPHQWDO
H HYLGHQWH Ki SHUVSHFWLYDV RQWROyJLFDV DOWHUQDWLYDV GLIHUHQWHV
SHUFHSo}HVDFHUFDGRTXHFRPS}HDUHDOLGDGHVRFLDO1mRKiXPD
YHUGDGHXQLYHUVDOTXHSRVVDVHUWRPDGDFRPRWiFLWDDDGRomRGH
XPD SHUVSHFWLYD RQWROyJLFD FODUD GR PXQGR VRFLDO GHYH HQWmR
VHURSULPHLURSDVVRQDGH¿QLomRGHXPSODQHMDPHQWRGHSHVTXLVD
0DVRQ 
$DERUGDJHPGH$'&FRPDTXDOWUDEDOKRDGRWDXPDYHUVmR
RQWROyJLFDEDVHDGDQR5HDOLVPR&UtWLFR 5&)DLUFORXJK-HVVRS
6D\HU )DLUFORXJK  GHL[DFODUDDUHODomRHQWUH
HVVDYHUVmRGH$'&HR5&

$SHUVSHFWLYDVRFLDOHPTXHPHEDVHLRpUHDOLVWDEDVHDGDHPXPD
RQWRORJLDUHDOLVWDWDQWRHYHQWRVVRFLDLVFRQFUHWRVFRPRHVWUXWXUDV
DEVWUDWDVDVVLPFRPRDVPHQRVDEVWUDWDVµSUiWLFDVVRFLDLV¶VmR
SDUWHGDUHDOLGDGH3RGHPRVID]HUXPDGLVWLQomRHQWUHRµSRWHQFLDO¶
HRµUHDOL]DGR¶±RTXHpSRVVtYHOGHYLGRjQDWXUH]D FRQVWUDQJL
PHQWRVHSRVVLELOLGDGHV GHHVWUXWXUDVVRFLDLVHSUiWLFDVHRTXH
DFRQWHFHGHIDWR$PERVSUHFLVDPVHUGLVWLQJXLGRVGRµHPStULFR¶
RTXHVDEHPRVVREUHDUHDOLGDGH  $UHDOLGDGH RSRWHQFLDOR
UHDOL]DGR QmRSRGHVHUUHGX]LGDDQRVVRFRQKHFLPHQWRVREUHHOD
TXHpFRQWLQJHQWHPXWiYHOHSDUFLDO

(PERUDQmRVHMDPLQKDLQWHQomRHVJRWDUDVIRUPXODo}HVSURSRV
WDVQRFDPSRGR5&QHVWHFDStWXORVHOHFLRQRDOJXQVDVSHFWRVGD
WHRULDTXHPHSDUHFHPUHOHYDQWHVSDUDRHPEDVDPHQWRGHGLVFXV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

V}HVHP$'&,QLFLRSHODHVWUDWL¿FDomRGDUHDOLGDGHVRFLDO±FXMD
LPSOLFDomR HSLVWHPROyJLFD VHUi GLVFXWLGD QR &DStWXOR  ± SDUD
HPVHJXLGDDERUGDUDYLGDVRFLDOFRPRVLVWHPDDEHUWRHRPRGHOR
WUDQVIRUPDFLRQDOGDUHODomRHQWUHHVWUXWXUDHDomRVRFLDO
$RFRQWUiULRGHXPDDERUGDJHPUHDOLVWDLQJrQXDTXHFRQVL
GHUDULD R TXH H[LVWH FRPR HTXLYDOHQWH DR TXH SRGHULD H[LVWLU H
RREMHWRHPStULFRFRPRVHSDUDGRGHQRVVRFRQKHFLPHQWRVREUH
HOH%KDVNDU  SURS}HXPDRQWRORJLDHVWUDWL¿FDGDGRPXQGR
VRFLDO7UDWDVHGHXPDRQWRORJLDTXHVXJHUHDH[LVWrQFLDGHWUrV
HVWUDWRVGDUHDOLGDGHRSRWHQFLDORUHDOL]DGRHRHPStULFR
2GRPtQLRGRSRWHQFLDOUHIHUHVHDRTXHTXHUTXHH[LVWD³LQ
GHSHQGHQWHPHQWHGHVHUXPREMHWRHPStULFRSDUDQyVHGHWHUPRV
XPDFRPSUHHQVmRDGHTXDGDGHVXDQDWXUH]D´ 6D\HUE 2
SRWHQFLDOUHIHUHVHWDPEpPjVHVWUXWXUDVLQWHUQDVHSRGHUHVFDXVDLV
GRVHOHPHQWRVVRFLDLVLVWRpVXDFDSDFLGDGHGHVHFRPSRUWDUHP
GHPDQHLUDVSDUWLFXODUHVVXDVWHQGrQFLDVHVXVFHWLELOLGDGHVDFHU
WDVPXGDQoDV3RUH[HPSORXPDSHVVRDGHVHPSUHJDGDSRGHHP
WHUPRVGHHVWUXWXUDVLQWHUQDV±ItVLFDVELROyJLFDVPHQWDLV±VHU
SRWHQFLDOPHQWHFDSD]GHWUDEDOKDUVHWLYHUXPHPSUHJRHVVDFDSD
FLGDGHSHUPDQHFHH[LVWHQWHPHVPRTXDQGRHODHVWiGHVHPSUHJDGD
RXVHMDH[LVWHQRSODQRGRSRWHQFLDO±DLQGDTXHQmRVHFRQFUHWL]H
QRSODQRGRUHDOL]DGR3HVTXLVDGRUHVDVHP5&LQWHUHVVDPVHSHOR
TXHH[LVWHHSHORTXHSRWHQFLDOPHQWHH[LVWLULDGHDFRUGRFRPRV
SRGHUHVFDXVDLVGDTXLORTXHHVWXGDP±HSRULVVRR5&RIHUHFHXPD
FDSDFLGDGHH[SODQDWyULDFUtWLFDGDVFRLVDVGRPXQGRVRFLDODSDUWLU
GRHVWXGRGDVSRVVLELOLGDGHVHPUHGHVGHSUiWLFDVVRFLDLV
6HRSRWHQFLDOUHIHUHVHjVHVWUXWXUDVHSRGHUHVGRVHOHPHQWRV
VRFLDLVRUHDOL]DGRUHIHUHVH³DRTXHDFRQWHFHTXDQGRHVVHVSRGHUHV
VmRDWLYDGRV´ 6D\HUE 5HWRPDQGRRH[HPSORDQWHULRU
VREUHRGHVHPSUHJRQRQtYHOGRSRWHQFLDOLGHQWL¿FDVHRSRGHU

 %KDVNDU  XWLOL]DRVWHUPRVµUHDO¶µDFWXDO¶HµHPSLULFDO¶SDUDVHUHIHULUDRVWUrVHVWUDWRV


GDUHDOLGDGH4XDQWRDRQtYHOGRTXH%KDVNDUGHVLJQDµUHDO¶SUHIHULXWLOL]DUDQRPHQFODWXUD
µSRWHQFLDO¶FRQIRUPHDGDSWDomRGH)DLUFORXJK  ,VVRSRUTXHHQWHQGRTXHSRUXPODGR
µSRWHQFLDO¶GHVLJQDFRPPDLRUFODUH]DRTXHVHHQWHQGHSHORHVWUDWRGDUHDOLGDGHUHODFLRQDGR
DRVSRGHUHVGRVREMHWRVVRFLDLVSRWHQFLDOPHQWHDWLYDGRVHPHYHQWRVUHDOL]DGRVHSRURXWUR
ODGRSRUTXHDGHVLJQDomRGHVVHHVWUDWRFRPRµUHDO¶SRGHOHYDUDXPDLQWHUSUHWDomRGHTXHRV
GRLVRXWURVHVWUDWRVVHULDPPHQRVµUHDLV¶VHQWLGRQmRSUHWHQGLGRQDWHRULD4XDQWRDRQtYHO
GRµDFWXDO¶DGHVSHLWRGHKDYHUWUDGXo}HVFRPRµDWXDO¶FRQVLGHURHVVDWUDGXomRHTXLYRFDGD
SRUTXHµDWXDO¶HPSRUWXJXrVQmRFDUUHJDRPHVPRVLJQL¿FDGRGHµDFWXDO¶HPLQJOrVTXH
VHUHIHUHDRTXHµVHDWXDOL]D¶GHIDWRHPXPGDGRHYHQWR3RULVVRSUHIHULDWUDGXomRSRU
µUHDOL]DGR¶(VVDVWUDGXo}HVVmRPDQWLGDVQDVFLWDo}HVGHRULJLQDLVHPLQJOrV


9,9,$1('(0(/25(6(1'(

SRWHQFLDOGRVXMHLWRSDUDGHVHPSHQKDUWUDEDOKRQRUHDOL]DGRR
WUDEDOKRFRPRH[HUFtFLRGHVVHSRGHUHVHXVHIHLWRVFDVRDSHVVRD
YHQKDGHIDWRDWUDEDOKDURXREORTXHLRGHVVHSRGHUSRWHQFLDOGH
YLGRDFRQWLQJrQFLDVFRQWH[WXDLV QRWHVHTXHµEORTXHLR¶DTXLQmR
pXVDGRHPWHUPRVGHWHUPLQLVWDVPDVFRQWLQJHQFLDLV 
2HPStULFRSRU¿PpGH¿QLGRFRPRRGRPtQLRGDH[SHULrQ
FLDGDREVHUYDomR±pDTXLORTXHQyVHIHWLYDPHQWHREVHUYDPRV
GRVHIHLWRVGDVHVWUXWXUDVGDVSRWHQFLDOLGDGHVHGDVUHDOL]Do}HV
(QTXDQWRRSRWHQFLDOHRUHDOL]DGRVmRGLPHQV}HVRQWROyJLFDVR
HPStULFRpXPDGLPHQVmRHSLVWHPROyJLFD )DLUFORXJK-HVVRS 
6D\HUYHU&DStWXOR $GLIHUHQoDGR5&HPUHODomRDXP
UHDOLVPRHPStULFRpTXHQRVVDFDSDFLGDGHGHREVHUYDUHIHLWRVH
Do}HVVRFLDLVQmRHVJRWDRTXHSRGHULDH[LVWLURXGHIDWRH[LVWHRX
VHMDRHPStULFRQmRpFRUUHVSRQGHQWHQHPDRSRWHQFLDOQHPDR
UHDOL]DGRHPERUDDREVHUYDomRSRVVDQRVHQVLQDUVREUHRTXHVH
UHDOL]DHVREUHRTXHVHSRGHULDUHDOL]DU±RDFHVVRDRSRWHQFLDOHDR
UHDOL]DGRSRUPHLRGDREVHUYDomRpµFRQWLQJHQWH¶QmRpLPSRVVtYHO
PDVWDPEpPQmRpJDUDQWLGR 6D\HUE 
$VVLP SDUD R 5& ³D UHDOLGDGH p FRQVWLWXtGD QmR DSHQDV GH
H[SHULrQFLDV H GR FXUVR GH HYHQWRV UHDOL]DGRV PDV WDPEpP GH
HVWUXWXUDV SRGHUHV PHFDQLVPRV H WHQGrQFLDV ± GH DVSHFWRV GD
UHDOLGDGHTXHJHUDPHIDFLOLWDPHYHQWRVUHDOL]DGRVTXHQyVSRGH
PRV RXQmR H[SHULHQFLDU´ %KDVNDU /DZVRQ 1HVVHV
WHUPRVGLVWLQJXLUHQWUHSRWHQFLDOHUHDOL]DGRVLJQL¿FDUHLYLQGLFDU
XPVWDWXVGHUHDOLGDGHSDUDDVHVWUXWXUDVVRFLDLV±TXHHPERUDQmR
VHMDP GLUHWDPHQWH REVHUYiYHLV SRGHP VHU FRQKHFLGDV SRU VHXV
HIHLWRVHPHYHQWRV
$ HVWUDWL¿FDomR FRPR FDUDFWHUtVWLFD RQWROyJLFD GD UHDOLGDGH
VRFLDOVLJQL¿FDTXHQHPWXGRRTXHSRGHULDDFRQWHFHUHPIXQomR
GDVHVWUXWXUDVLQWHUQDVGRVREMHWRVVRFLDLV SRUH[HPSORGHLQV
WLWXLo}HVFRPRR0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH
5XD DFRQWHFHGHIDWRSRLVKiFRQWLQJrQFLDVFRQWH[WXDLVTXHSRGHP
EORTXHDUPHFDQLVPRV3DUD&ROOLHU  GLVWLQJXLURVGRPtQLRV
GRSRWHQFLDOHGRUHDOL]DGRVLJQL¿FDVLPSOHVPHQWHGL]HUTXHµSRGHU
ID]HU¶QmRpVLQ{QLPRGHµID]¶$GLVWLQomRHQWUHRVGRPtQLRVGR
UHDOL]DGRHGRHPStULFRSRUVXDYH]LPSOLFDTXHQHPWXGRRTXHp
FRQFUHWL]DGRHPHYHQWRVpFDSWDGRHPQRVVDH[SHULrQFLD$VVLPD
UHODomRHQWUHSRWHQFLDOUHDOL]DGRHHPStULFRpGHFRQWLQHQWHHFRQ


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

WH~GRHPTXHRGRPtQLRGRSRWHQFLDOpPDLRUTXHRGRUHDOL]DGR
TXHSRUVXDYH]pPDLRUTXHRGRHPStULFR $UFKHU 
%KDVNDU E SURS}HRVHJXLQWHTXDGURSDUDUHODFLRQDU
RSRWHQFLDORUHDOL]DGRHRHPStULFRFRPRHVWUDWRVGDUHDOLGDGH
VRFLDOHRVHOHPHQWRVVRFLDLV

'RPtQLRGR 'RPtQLRGR 'RPtQLRGR


3RWHQFLDO 5HDOL]DGR (PStULFR

0HFDQLVPRV ¥
(YHQWRV ¥ ¥
([SHULrQFLDV ¥ ¥ ¥

4XDGUR±(VWUDWL¿FDomRGDUHDOLGDGH %KDVNDUE

(PERUDHVVHGLVFXUVRFLHQWt¿FRSRVVDSDUHFHUjSULPHLUDYLVWD
KHUPpWLFRRVPHFDQLVPRVHSRGHUHVFDXVDLVDTXHVHUHIHUHQmR
VmR PLVWHULRVRV VmR HP PXLWRV FDVRV ³PHFDQLVPRV FRPXQV
IUHTXHQWHPHQWH LGHQWL¿FDGRV QD OLQJXDJHP FRPXP SRU YHUERV
WUDQVLWLYRV FRPR HP µHOHV FRQVWUXtUDP XPD UHGH GH FRQH[}HV
SROtWLFDV¶ 7DQWR QD YLGD FRWLGLDQD FRPR QD FLrQFLD VRFLDO
IUHTXHQWHPHQWHH[SOLFDPRVFRLVDVSRUUHIHUrQFLDDSRGHUHVFDXVDLV´
6D\HUDJULIRQRRULJLQDO 1RFDVRGHVVHH[HPSORGH
6D\HUUHIHUHQWHDXPSRGHUFDXVDOXWLOL]DGRHPXPDH[SOLFDomR
FRWLGLDQD D µFRQVWUXomR GH UHGHV¶ p XP SRGHU FDXVDO DWULEXtGR
D µHOHV¶ H TXH IRL DWLYDGR GHYLGR D PHFDQLVPRV HVSHFt¿FRV GR
FRQWH[WRHPERUDLVVRQmRWHQKDVLGRH[SOLFLWDGRQRH[HPSOR 
2XWURH[HPSORTXHSRGHDMXGDUDWUD]HURVFRQFHLWRVWUDQVFHGHQWDLV
GR 5& SDUD PDLV SHUWR GD H[SHULrQFLD ± QR FDVR GD H[SHULrQFLD
HVSHFt¿FDGHPLQKDSHVTXLVDFRPR0RYLPHQWR1DFLRQDOGH0HQLQRV
H 0HQLQDV GH 5XD ± p R WUHFKR GR *UXSR )RFDO  HP TXH 0DULD
D¿UPRX³R0RYLPHQWR  ID]TXHDJHQWHVHMDDJHQWHVGDQRVVD
SUySULDSURPRomR´4XDQGRUHSUHVHQWRXDVVLPVXDH[SHULrQFLDQR

 $SHVTXLVD³$QiOLVHGH'LVFXUVR&UtWLFDH(WQRJUD¿DR0RYLPHQWR1DFLRQDOGH0HQLQRV
H0HQLQDVGH5XDVXDFULVHHRSURWDJRQLVPRMXYHQLO´UHDOL]DGDQRkPELWRGR3URJUDPD
GH3yV*UDGXDomRHP/LQJXtVWLFDGD8QLYHUVLGDGHGH%UDVtOLDIRLXPDSHVTXLVDPXOWLPH
WRGROyJLFD2VPpWRGRVXWLOL]DGRVIRUDPDREVHUYDomRSDUWLFLSDQWHDVQRWDVGHFDPSRRV
JUXSRVIRFDLVDVHQWUHYLVWDVIRFDOL]DGDVHDJUDYDomRGHUHXQL}HV0DULDpRSVHXG{QLPRTXH
XWLOL]HLQDSHVTXLVDSDUDPHUHIHULUDXPDMRYHPSURWDJRQLVWDTXHIH]SDUWHGR0RYLPHQWR
QDLQIkQFLDHDGROHVFrQFLDHTXHGHSRLVQDMXYHQWXGHDVVXPLXDIXQomRGHOtGHUGHXPGRV
Q~FOHRVGHEDVHGR0RYLPHQWR


9,9,$1('(0(/25(6(1'(

0RYLPHQWR 0DULD DWULEXLX j LQVWLWXLomR ± QR QtYHO GLVFXUVLYR GD


UHSUHVHQWDomR±XPSRGHUFDXVDORGHSRVVLELOLWDUDHPHUJrQFLDGR
SURWDJRQLVPR MXYHQLO 3RU RXWUR ODGR TXDQGR 9HUD QD HQWUHYLVWD
LQGLYLGXDOTXH¿]FRPDHGXFDGRUDD¿UPRXTXH³VHWLYHVVHJHQWHSDUD
FRRUGHQDURWUDEDOKRGRVQ~FOHRVRVQ~FOHRVQmRWLQKDPPRUULGRHOHV
QHPHVWDYDPVHPGLQKHLURVHYRFrTXHUVDEHU´LGHQWL¿FRXHPVXD
UHSUHVHQWDomRGDH[SHULrQFLDDIDOWDGHUHFXUVRVKXPDQRVFRPRXP
PHFDQLVPRTXHEORTXHLDDFDSDFLGDGHGR0RYLPHQWRGHPDQWHUVXDV
DWLYLGDGHVHPIXQFLRQDPHQWRHGHFDSWDUUHFXUVRVHPXPDUHODomR
FtFOLFD QD TXDO D IDOWD GH SHVVRDV HQYROYLGDV QR WUDEDOKR OLPLWD R
SRGHUGHFDSWDomRGHUHFXUVRVTXHSRUVXDYH]OLPLWDDFDSDFLGDGHGH
FRQWUDWDomRGHRXWURVDVSUR¿VVLRQDLV
$RGLVFXWLUDUHODomRHQWUHOLQJXDJHPHVRFLHGDGH)DLUFORXJK
 UHFRQWH[WXDOL]DDQRomRGHSRGHUHVFDXVDLVGR5&SDUDSUR
SRUTXHWH[WRVWDPEpPWrPHIHLWRVFDXVDLVHTXHDDQiOLVHGHVVHV
HIHLWRVpSDUWHGDDQiOLVHGLVFXUVLYDGHWH[WRV

7H[WRVFRPRHOHPHQWRVGHHYHQWRVVRFLDLVWrPHIHLWRVFDXVDLV
±RXVHMDDFDUUHWDPPXGDQoDV(PSULPHLUROXJDUWH[WRVSR
GHPDFDUUHWDUPXGDQoDVHPQRVVRFRQKHFLPHQWR DSUHQGHPRV
FRLVDVSRUPHLRGHOHV HPQRVVDVFUHQoDVDWLWXGHVYDORUHVH
DVVLP SRU GLDQWH (OHV WDPEpP WrP HIHLWRV FDXVDLV HP ORQJR
SUD]R±DFUHGLWDVHSRUH[HPSORTXHDH[SRVLomRSURORQJDGD
DWH[WRVSXEOLFLWiULRVFRQWULEXLQDIRUPDomRGDVLGHQWLGDGHVGDV
SHVVRDV FRPR µFRQVXPLGRUDV¶7H[WRV WDPEpP SRGHP LQLFLDU
JXHUUDV FRQWULEXLU FRP PXGDQoDV QD HGXFDomR QDV UHODo}HV
LQGXVWULDLV HWF 6HXV HIHLWRV SRGHP LQFOXLU HQWmR PXGDQoDV
QRPXQGRPDWHULDO(PVXPDWH[WRVWrPHIHLWRVFDXVDLVVREUH
DVSHVVRDV FUHQoDVDWLWXGHV DVDo}HVDVUHODo}HVVRFLDLVHR
PXQGRPDWHULDO(VVHVHIHLWRVVmRPHGLDGRVSHODFRQVWUXomRGH
VLJQL¿FDGR

e QHFHVViULR FRQWXGR WRUQDU FODUD HVVD FDXVDOLGDGH 1mR VH


WUDWDGHXPDVLPSOHVFDXVDOLGDGHPHFkQLFD±QmRSRGHPRVSRU
H[HPSOR VXJHULU TXH WUDoRV SDUWLFXODUHV GH WH[WRV DFDUUHWDP
PXGDQoDVSDUWLFXODUHVQRFRQKHFLPHQWRRXQRFRPSRUWDPHQWR
 9HUD p R SVHXG{QLPR TXH XWLOL]HL QD SHVTXLVD SDUD PH UHIHULU D XPD GDV HGXFDGRUDV GR
0RYLPHQWR FRP TXHP UHDOL]HL HQWUHYLVWDV IRFDOL]DGDV 0DQLIHVWR DTXL PLQKD JUDWLGmR D
WRGDVDVSHVVRDVGR0RYLPHQWRTXHFRQWULEXtUDPSDUDDSHVTXLVDTXHPHDFROKHUDPQR
0RYLPHQWRHTXHJHQWLOPHQWHFRQFRUGDUDPHPSDUWLOKDUFRPLJRVXDH[SHULrQFLD,VVRLQFOXL
DVHGXFDGRUDVDVMRYHQVHRXWUDVWDQWDVSHVVRDVHQYROYLGDVQDFRRUGHQDomR


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

GDVSHVVRDVRXHIHLWRVVRFLDLVHSROtWLFRVSDUWLFXODUHV$FDX
VDOLGDGHQmRLPSOLFDUHJXODULGDGHSRGHQmRKDYHUXPSDGUmR
UHJXODUGHFDXVDHIHLWRDVVRFLDGRDXPWLSRSDUWLFXODUGHWH[WR
RXWUDoRVSDUWLFXODUHVHPWH[WRVPDVLVVRQmRVLJQL¿FDTXHQmR
KDMDHIHLWRVFDXVDLV )DLUFORXJK 

$VVLP FRPR WH[WRV SRGHP WHU HIHLWRV FDXVDLV LGHQWL¿FiYHLV


WDPEpPKiFDXVDVVRFLDLVLPSOLFDGDVQDFRQVWUXomRGHWH[WRVLVWR
pDUHODomRGHFDXVDOLGDGHHQWUHSUiWLFDVVRFLDLVHWH[WRVpGHPmR
GXSODRTXHHVWiOLJDGRDRFRQFHLWRGHRUGHQVGRGLVFXUVR YHMD
DVHJXLU $LQGDRXWURFRQFHLWRFHQWUDOjGLVFXVVmRGDVUHODo}HV
FDXVDLVHQWUHWH[WRVHSUiWLFDVVRFLDLVpRGDVUHSUHVHQWDo}HVGLV
FXUVLYDV Mi TXH GLIHUHQWHV UHSUHVHQWDo}HV GH SUiWLFDV H HYHQWRV
SRGHPDFDUUHWDUGLIHUHQWHVPRGRVGHOHJLWLPDomRGHDo}HVHGH
LGHQWL¿FDomRGHDWRUHVVRFLDLV)DLUFORXJK-HVVRS 6D\HU  
OLVWDPDOJXQVDVSHFWRVGLVFXUVLYRVTXHHPSUiWLFDVVRFLDLVFRQ
WH[WXDOL]DGDVSRGHPVHULGHQWL¿FDGRVFRPRPHFDQLVPRVFDSD]HV
GHDWLYDURXEORTXHDUSRGHUHVFDXVDLV(QWUHHOHVHVWiDVHOHomRGH
GHWHUPLQDGRVGLVFXUVRVSDUDDLQWHUSUHWDomRGHHYHQWRVTXHSRGH
LPSOLFDUDOHJLWLPDomRGHDo}HVSDUWLFXODUHVFRQ¿JXUDUPRGRVGH
FRQGXWDFRPRSURFHGLPHQWRVRUJDQL]DFLRQDLVHVSHFt¿FRVUHVXO
WDUQDLQFXOFDomRGHVVHVGLVFXUVRVQDFRQVWUXomRGHLGHQWLGDGHV
LQÀXHQFLDUDFRQVWUXomRGHHVWUDWpJLDVGHDomR
8PH[HPSORHVSHFt¿FRGHPLQKDSHVTXLVDpDYLQFXODomRGH
PHPEURVGR0RYLPHQWRDRGLVFXUVRGDLPRELOLGDGHGDVHVWUXWXUDV
± SDUWH GR GLVFXUVR QHROLEHUDO TXH SUHJD D LQH[RUDELOLGDGH GDV
HVWUXWXUDVVRFLDLVTXHVXVWHQWDPRQRYRFDSLWDOLVPR )DLUFORXJK
 ±GLVFXUVRTXHHQWUDHPFRQWUDGLomRLUUHFRQFLOLiYHOFRPR
GLVFXUVRGRSURWDJRQLVPRTXHSUHJDRHQYROYLPHQWRGDVRFLHGDGH
FLYLOQDUHVROXomRGHVHXVSUREOHPDVHDQHFHVVLGDGHGHPRELOL]DomR
GDVRFLHGDGHSDUDWUDQVIRUPDUHVWUXWXUDVGHSRGHUHH[SORUDomR
$VDQiOLVHVGRVGDGRVGDSHVTXLVDVXJHUHPTXHDYLQFXODomRDR
GLVFXUVRGDLPRELOLGDGHpXPGRVDVSHFWRVGLVFXUVLYRVGDFULVH
GR0RYLPHQWRHTXHIXQFLRQDFRPRPHFDQLVPRTXHLQÀXHQFLD
FRQÀLWRVLGHQWLWiULRVHEORTXHLDFHUWDVSRVVLELOLGDGHVGHDomR
2EORTXHLRGHSRVVLELOLGDGHVQRVWHUPRVGR5&QmRpGH¿QL
WLYRPDVFRQWLQJHQWHHFRQWH[WXDOL]DGRSRLVDOpPGDGLVWLQomR
HQWUHRVWUrVQtYHLVGDUHDOLGDGHR5&FRQVLGHUDDYLGDVRFLDOXP
VLVWHPDDEHUWRFRQVWLWXtGRSRUYiULDVGLPHQV}HV±ItVLFDTXtPLFD


9,9,$1('(0(/25(6(1'(

ELROyJLFD SVLFROyJLFD HFRQ{PLFD VRFLDO VHPLyWLFD ± TXH WrP


VXDVSUySULDVHVWUXWXUDVGLVWLQWLYDVVHXVPHFDQLVPRVSDUWLFXODUHV
HSRGHUJHUDWLYR %KDVNDU&KRXOLDUDNL )DLUFORXJK 
1DSURGXomRGDYLGDVRFLDODRSHUDomRGHTXDOTXHUPHFDQLVPR
pPHGLDGDSRURXWURVGHWDOIRUPDTXHQXQFDVHH[FOXHPRXVH
UHGX]HPXPDRRXWUR 'DQHUPDUN 
3RUH[HPSORSDUDDSUHQGHUXPDOtQJXDXPDSHVVRDSUHFLVDVHU
GRWDGDGHFHUWDVFDSDFLGDGHVFRJQLWLYDV HVWUDWRSVLFROyJLFR SDUD
IDODUHVVDOtQJXDSUHFLVDDOpPGRVFRQKHFLPHQWRVUHODWLYRVjOtQJXD
HDVXDXWLOL]DomR HVWUDWRVHPLyWLFR VHUGRWDGDGHFRUGDVYRFDLV
HVWUDWRELROyJLFR HFRQWDUFRPXPPHLRGHSURSDJDomRGRVRP
HVWUDWRItVLFR VHHTXDQGRHVVHVSRGHUHVVHUmRDWLYDGRVGHSHQGH
GHFRQWLQJrQFLDVFRQWH[WXDLVDVVLPFRPRGHSHQGHPWDPEpPGHV
VDVFRQWLQJrQFLDVRVHIHLWRVGDXWLOL]DomRGHVVDVFDSDFLGDGHV±SRU
H[HPSORDSUR¿FLrQFLDHPXPDOtQJXDGHSUHVWtJLRSRGHOHJLWLPDU
DSDUWLFLSDomRHPSUiWLFDVVRFLDLVHVSHFt¿FDV HVWUDWRVRFLDO RX
PHVPR XP DXPHQWR VDODULDO HVWUDWR HFRQ{PLFR $V GLYHUVDV
GLPHQV}HVGDYLGDVRFLDOQmRRSHUDPLVRODGDVHDVFRQWLQJrQFLDV
FRQWH[WXDLVSRGHPDSUHVHQWDUPHFDQLVPRVGHDWLYDomREORTXHLR
GHSRGHUHVFDXVDLVRTXHVLJQL¿FDTXHDYLGDVRFLDOpXPVLVWHPD
DEHUWRLVWRpQmRSRGHVHUSUHYLVWD
6D\HU D RIHUHFHXPH[HPSORHVFODUHFHGRUDHVVHUHV
SHLWRRGDV³SURSULHGDGHVHPHUJHQWHVGDiJXDTXHVmREDVWDQWH
GLIHUHQWHVGDTXHODVGHVHXVHOHPHQWRVFRQVWLWXLQWHVRKLGURJrQLR
H R R[LJrQLR´ 2V REMHWRV VRFLDLV WDPEpP VmR HPHUJHQWHV GH
IHQ{PHQRVELROyJLFRVTXHSRUVXDYH]HPHUJHPGHIHQ{PHQRV
ItVLFRVHTXtPLFRV3RUH[HPSORSUREOHPDVHVFRODUHVGHDSUHQGL
]DJHPSRGHPVHUHPHUJHQWHVGHSUREOHPDVELROyJLFRV HVRFLDLV 
GHVXEQXWULomRHWDPEpPGDUHODomRGHVVHFRPRXWURVSUREOHPDV
VRFLDLV SRU H[HPSOR R WUDEDOKR LQIDQWLO 6D\HU WDPEpP GLVFXWH
RXWUR H[HPSOR GDV SURSULHGDGHV HPHUJHQWHV GD VRFLHGDGH HVWH
GLUHWDPHQWHUHODFLRQDGRDRXVRGDOLQJXDJHP

IHQ{PHQRV VRFLDLV VmR HPHUJHQWHV GH IHQ{PHQRV ELROyJLFRV


TXHVmRSRUVHXWXUQRHPHUJHQWHVGRVHVWUDWRVItVLFRVHTXtPL
FRV$VVLPDSUiWLFDVRFLDOGDFRQYHUVDomRGHSHQGHGRHVWDGR
¿VLROyJLFRGRVDJHQWHVLQFOXLQGRRVVLQDLVHQYLDGRVHUHFHELGRV
HPWRUQRGHQRVVDVFpOXODVQHUYRVDVPDVDFRQYHUVDomRQmRp
UHGXWtYHODHVWHVSURFHVVRV¿VLROyJLFRV  (PERUDQyVQmRSUH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

FLVHPRVYROWDUDRQtYHOGDELRORJLDRXGDTXtPLFDSDUDH[SOLFDU
RVIHQ{PHQRVVRFLDLVLVWRQmRVLJQL¿FDTXHRVSULPHLURVQmR
WHQKDPHIHLWRVREUHDVRFLHGDGH 6D\HUD 

$VVLPSDUDR5&DHPHUJrQFLDpXPDFDUDFWHUtVWLFDGRPXQGR
DFRQMXQomRGHFHUWDVFRQGLo}HVHPXPGDGRFRQWH[WRGiRULJHP
DQRYRVSURFHVVRVRVTXDLVWrPFDUDFWHUtVWLFDVLUUHGXWtYHLVjVGH
VHXVFRQVWLWXLQWHV 6D\HUD $LUUHGXWLELOLGDGHpFRQVHTXrQ
FLDGDDEHUWXUDGRVRFLDOTXHJDUDQWHTXHDVUHODo}HVHQWUH UHGHV
GH SUiWLFDVVHMDXPHTXLOtEULRSURYLVyULRQXQFDDFDEDGR±RTXH
pUHDOL]DGRHPXPGDGRPRPHQWRpGHSHQGHQWHGHTXHSRGHUHV
FDXVDLVVmRDWLYDGRV
$FHQWUDOLGDGHGRFRQFHLWRGHSUiWLFDVpGHFRUUHQWHGRWLSRGH
UHODomRHVWDEHOHFLGDHQWUHHVWUXWXUDVVRFLDLVHDDWLYLGDGHVRFLDO
(P VXDV DWLYLGDGHV QD VRFLHGDGH DV SHVVRDV UHDOL]DP XPD GX
SODIXQomR³HODVQmRGHYHPID]HUDSHQDVSURGXWRVVRFLDLVPDV
SURGX]LUWDPEpPDVFRQGLo}HVGDSURGXomRGHSURGXWRVVRFLDLV
LVWRpUHSURGX]LU RXHPPDLRURXPHQRUJUDXWUDQVIRUPDU DV
HVWUXWXUDVTXHJRYHUQDPVXDVDWLYLGDGHVVXEVWDQWLYDVGHSURGXomR´
%KDVNDUG 
,VVRVLJQL¿FDTXHDVHVWUXWXUDVVRFLDLVVmRWDPEpPUHVXOWDGR
GDDomRVRFLDOHSRUWDQWRVmRWDPEpPSRVVtYHLVREMHWRVGHWUDQV
IRUPDomR8PDSHUVSHFWLYDGDVHVWUXWXUDVVRFLDLVFRPRREMHWRV
UHDLVHFRPRSURGXWRVVRFLDLVpLQGLVSHQViYHOjFLrQFLDFUtWLFDSRLV
GHRXWURPRGRQmRKiFRPRSURSRUDSRVVLELOLGDGHGHPXGDQoD
VRFLDO
(VWUXWXUDVRFLDLVHQWmRH[LVWHPHPIXQomRGDVDWLYLGDGHVTXH
JRYHUQDP0DVDUHODomRHQWUHHVWUXWXUDHDomRQmRpGLDOpWLFDH
VLPWUDQVIRUPDFLRQDOLVWRp³QmRFRQVWLWXHPGRLVPRPHQWRVGHXP
PHVPRSURFHVVR´ %KDVNDUG 'L]HUTXHQmRFRQVWLWXHP
GRLVPRPHQWRVGHXPPHVPRSURFHVVRVLJQL¿FDGL]HUTXHQmRVmR
VLPXOWkQHDVTXHKiXPDDVVLPHWULDHQWUHHVVHVGRLVHOHPHQWRVDV
HVWUXWXUDV VmR VHPSUH SUpYLDV j DomR$V VRFLHGDGHV VmR VHPSUH
SUpYLDVDRVLQGLYtGXRVTXHQXQFDDFULDPDSHQDVDUHSURGX]HPRX
WUDQVIRUPDP%KDVNDU G UHVXPHRPRGHORWUDQVIRUPD
FLRQDOGDUHODomRHQWUHHVWUXWXUDVHDWLYLGDGHVVRFLDLV

2PRGHORGHFRQH[mRVRFLHGDGHSHVVRDTXHHVWRXSURSRQGRSR
GHULDVHUVXPDUL]DGRDVVLPSHVVRDVQmRFULDPDVRFLHGDGHTXH


9,9,$1('(0(/25(6(1'(

pVHPSUHSUpH[LVWHQWHDHODVHpDFRQGLomRQHFHVViULDSDUDVXD
DWLYLGDGH(PYH]GLVVRDVRFLHGDGHSRGHVHUHQWHQGLGDFRPR
XPFRQMXQWRGHHVWUXWXUDVSUiWLFDVHFRQYHQo}HVTXHRVLQGLYt
GXRVUHSURGX]HPRXWUDQVIRUPDPHTXHQmRH[LVWLULDPVHHOHV
QmR¿]HVVHPLVVR$VRFLHGDGHQmRH[LVWHLQGHSHQGHQWHPHQWH
GDDWLYLGDGHKXPDQD RHUURGDUHL¿FDomR 0DVQmRpSURGXWR
LPHGLDWRGDDWLYLGDGHKXPDQD RHUURGRYROXQWDULVPR 

$VVLPFRPRDVHVWUXWXUDVVRFLDLVVmRFRQFHELGDVFRPRFRHUomR
GDDWLYLGDGHGHYHPWDPEpPVHUFRQFHELGDVFRPRUHFXUVRSDUDD
DWLYLGDGHRTXHLPSOLFDRFDUiWHUUHFXUVLYRGDYLGDVRFLDODJHQWHV
UHSURGX]HPHWUDQVIRUPDPDVHVWUXWXUDVTXHXWLOL]DP HTXHRV
FRQVWUDQJHP  HP VXDV DWLYLGDGHV %KDVNDU G   VXJHUH
XPDPHWiIRUDLOXVWUDWLYDGRPRGHORSURSRVWR³RSDUDGLJPDpR
GHXPDHVFXOWRUDQRWUDEDOKRPROGDQGRXPSURGXWRDSDUWLUGH
XPPDWHULDOHFRPDVIHUUDPHQWDVDFHVVtYHLVDHOD&KDPDUHLHVVH
PRGHORGH0RGHOR7UDQVIRUPDFLRQDOGD$WLYLGDGH6RFLDO(OHVH
DSOLFDjVSUiWLFDVGLVFXUVLYDVHQmRGLVFXUVLYDV´$)LJXUDD
VHJXLULOXVWUDRPRGHORWUDQVIRUPDFLRQDOGH%KDVNDU

(VWUXWXUD
UHFXUVRFRQVWUDQJLPHQWR UHSURGXomR
WUDQVIRUPDomR
$omR

)LJXUD±0RGHOR7UDQVIRUPDFLRQDOGD$WLYLGDGH6RFLDO
EDVHDGRHP%KDVNDUG

'HDFRUGRFRPHVVHPRGHORDVRFLHGDGHSRUXPODGRVHPSUH
SURYrDVFRQGLo}HVQHFHVViULDVHLQGLVSHQViYHLVSDUDDDomRLQWHQ
FLRQDOKXPDQDHSRURXWURODGRVyH[LVWHQDVDo}HVKXPDQDVTXH
VHPSUHXWLOL]DPDOJXPDIRUPDSUpH[LVWHQWHGHRUGHPVRFLDO0DLV
XPDYH]RXVRGDOLQJXDJHPpXPERPH[HPSOR

3RGHPRVFRQFHEHUTXHDIDODpJRYHUQDGDSHODVUHJUDVJUDPDWL
FDLVVHPVXSRUQRHQWDQWRTXHWDLVUHJUDVH[LVWDPLQGHSHQGHQ
WHPHQWHGHVHXXVRRXTXHHODVGHWHUPLQHPRTXHGL]HPRV$V
UHJUDV GD JUDPiWLFD FRPR DV HVWUXWXUDV LPS}HP OLPLWHV DRV
DWRVGHIDODTXHSRGHPRVSURGX]LUPDVQmRGHWHUPLQDPQRVVDV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

SURGXo}HV(VVDFRQFHSomRHQWmRSUHVHUYDRVWDWXVGDDJrQFLD
KXPDQDHDRPHVPRWHPSRPDQWpPGLVWDQWHRPLWRGDFULDomR
>GDVHVWUXWUDVSHODVSHVVRDV@´ %KDVNDUG 

$FRQFHSomRUHDOLVWDFUtWLFDGDUHODomRHQWUHHVWUXWXUDHDomR
HQWmRHQIDWL]DTXHDVHVWUXWXUDVVRFLDLVVmRFRQGLomRQHFHVViULDH
SUpH[LVWHQWHjDJrQFLDLQWHQFLRQDOPDVWDPEpPTXHHODVH[LVWHP
DSHQDVHPYLUWXGHGDDJrQFLD1HVVDFRQFHSomRHQWmRDVHVWUXWXUDV
VRFLDLVVmRWDQWRFRQGLomRFRPRUHVXOWDGRGDDJrQFLDKXPDQDTXH
DRPHVPRWHPSRDVUHSURGX]HDVWUDQVIRUPD8PDVSHFWRHVVHQ
FLDOGHVVHPRGHOR HTXHRGLIHUHQFLDGD7HRULDGD(VWUXWXUDomR
GH*LGGHQVVHJXQGR$UFKHU pDDVVLPHWULDKLVWyULFDHQWUH
HVWUXWXUDHDomR±RIDWRGHTXHDVHVWUXWXUDVVmRVHPSUHSUpYLDV
LVWRpHPERUDQDDJrQFLDVHMDSRWHQFLDOPHQWHSRVVtYHOWUDQVIRUPDU
HVWUXWXUDV HQmRDSHQDVUHSURGX]LODV DVHVWUXWXUDVFRPDVTXDLV
XPDWRUVRFLDOOLGDKRMHIRUDPFRQIRUPDGDVHPDo}HVDQWHULRUHV
GHDWRUHVVRFLDLVTXHRDQWHFHGHUDP
(QWmRpSRVVtYHOSURSRUXPDUHODomRWHPSRUDO HPWHUPRVGH
VLQFURQLDGLDFURQLD HQWUHRVGRLVHOHPHQWRVGDUHFXUVLYLGDGHHV
WUXWXUDDJrQFLDFRPRLOXVWUDD)LJXUD

)LJXUD±5HODomRVLFU{QLFDGLDFU{QLFDHQWUHHVWUXWXUDHDomR

'HDFRUGRFRPR0RGHOR7UDQVIRUPDFLRQDOGD$WLYLGDGH6RFLDO
LOXVWUDGRHPWHUPRVWHPSRUDLVQD)LJXUDDVHVWUXWXUDVVmRWDQWR
DFRQGLomR VLQFU{QLFD TXDQWRRUHVXOWDGR GLDFU{QLFR GDDomR
VRFLDO4XHUHFXUVRVHFRQVWUDQJLPHQWRVSUHVHQWHVQDVHVWUXWXUDV
VRFLDLV VmR SURGXWR GD DomR Mi TXH QmR Ki HVWUXWXUD VHP DomR
VHJXQGR%KDVNDU QmRVLJQL¿FDTXHHVWUXWXUDVHDo}HVSRVVDPVHU
FRODSVDGDVXPDQDRXWUD


9,9,$1('(0(/25(6(1'(

TXDQGRVHROKDSDUDHODVQRWHPSR±OHPEUDQGRTXHHODVQmR
SRGHPVHURXWUDFRLVDVHQmRWHPSRUDLV±HQWmR¿FDFODURTXH
Do}HV SUHVVXS}HP XP FRQMXQWR SUpH[LVWHQWH GH HVWUXWXUDV
LQFOXLQGR VLJQL¿FDGRV SDUWLOKDGRV DLQGD TXH HVVDV HVWUXWXUDV
GHYDPVXDH[LVWrQFLDDRIDWRGHTXHHPDOJXPWHPSRDQWHULRU
SHVVRDVUHSURGX]LUDPQDVHWUDQVIRUPDUDPQDVSRUPHLRGHVXDV
Do}HVTXHSRUVXDYH]IRUDPFRQVWUDQJLGDVHSRVVLELOLWDGDVSRU
HVWUXWXUDVH[LVWHQWHVQHVVHWHPSR 6D\HUE 

$VVLPRPRGHORWUDQVIRUPDFLRQDOTXDQGRUHLYLQGLFDDDVVLPH
WULDHQWUHHVWUXWXUDHDomRVRFLDOHVWiIRFDOL]DQGRDKLVWRULFLGDGHGD
PXGDQoDVRFLDOLQFOXLQGRWDQWRRVUHFXUVRVHRVFRQVWUDQJLPHQWRV
SDUDDDomRTXDQWRDWUDQVIRUPDomRGDVHVWUXWXUDVVRFLDLVQRWHPSR
7RGDDWLYLGDGHVRFLDOSUHVVXS}HFRQGLo}HVHVWUXWXUDLVVLQFU{QLFDV
H SRVVXL XP SRWHQFLDO SDUD WUDQVIRUPDU GLDFURQLFDPHQWH HVVDV
PHVPDVFRQGLo}HV³DHVWUXWXUDomRGHSDSpLVHSRVLo}HVHPHUJH
GHDWLYLGDGHVSDVVDGDVGHDJHQWHV SRVVLYHOPHQWHMiPRUWRV HQWmR
DHPHUJrQFLDGHWDLVSURSULHGDGHVHSRGHUHVQmRSRGHVHUDWULEXtGD
DSUiWLFDVGRVDJHQWHVSUHVHQWHVTXHSRGHPPDQWHUHWUDQVIRUPDU
HVVDHVWUXWXUDomRPDVQmRFULiOD´ $UFKHU 
(VVDDVVLPHWULDLPSOLFDWDPEpPTXHDUHODomRHQWUHHVWUXWXUDH
DomRQmRpGHHTXLYDOHQWHVRTXHDSRQWDDQHFHVVLGDGHGHHQWLGDGHV
LQWHUPHGLiULDV3UiWLFDVVRFLDLVHSRVLo}HVVmRFRQFHLWRVPHGLDGR
UHVHQWUHDVHVWUXWXUDVVRFLDLVHDDomRVRFLDO%KDVNDUUHVVDOWDD
FHQWUDOLGDGHGHVVHVGRLVFRQFHLWRVSDUDDFUtWLFDH[SODQDWyULDHD
GHFRUUHQWHUHOHYkQFLDGRFRQFHLWRGHUHODo}HVVRFLDLVTXDQGRVH
UHIHUH DR µVLVWHPD SRVLomRSUiWLFD¶ 6H DV HVWUXWXUDV VRFLDLV VmR
FRQWLQXDPHQWHUHSURGX]LGDVRXWUDQVIRUPDGDVHVHH[LVWHPDSHQDV
HPYLUWXGHGDDWLYLGDGHKXPDQDHVmRH[HUFLGDVDSHQDVQDDJrQFLD
KXPDQDHQWmR

SUHFLVDPRV GH XP VLVWHPD GH FRQFHLWRV PHGLDGRUHV   XP


VLVWHPD GH FRQFHLWRV GHVLJQDQGR R SRQWR GH FRQWDWR HQWUH D
DJrQFLDKXPDQDHDVHVWUXWXUDVVRFLDLV8PWDOSRQWROLJDQGR
DomRHHVWUXWXUDGHYHVHUVLPXOWDQHDPHQWHGXUiYHOHRFXSDGRSRU
LQGLYtGXRV(VWiFODURTXHRVLVWHPDGHPHGLDomRTXHSUHFLVDPRV
pDTXHOHGDVSRVLo}HV OXJDUHVIXQo}HVUHJUDVWDUHIDVGHYHUHV
GLUHLWRVHWF RFXSDGDV SUHHQFKLGDVDVVXPLGDVGHVHPSHQKDGDV
 %KDVNDU G HQIDWL]DTXH³DHVWUXWXUDVRFLDOHVWiSDUDRVLQGLYtGXRVFRPRDOJRTXH
HOHVQXQFDID]HPPDVTXHH[LVWHDSHQDVHPYLUWXGHGDDWLYLGDGHGHOHV´


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

HWF SRULQGLYtGXRVHDTXHOHGDVSUiWLFDVHPTXHHPYLUWXGHGH
RFXSDUHPHVVDVSRVLo}HVVHHQJDMDP&KDPDUHLHVVHVLVWHPDGH
VLVWHPDSRVLomRSUiWLFD %KDVNDUG 

2VFRQFHLWRVGHSUiWLFDVHSRVLo}HVJDUDQWHPHQWmRRIRFRQDV
FRQGLo}HVHVWUXWXUDLVSDUDDDomRLVWRpSRVVLELOLWDPTXHQmRVH
SHUFDGHYLVWDQHPDHVWUXWXUDQHPDDomRHTXHVHWHQKDHPPHQWH
RWLSRGHUHODomRWUDQVIRUPDFLRQDOHQWUHDPEDV2PRGHORWUDQV
IRUPDFLRQDOGDDWLYLGDGHVRFLDODOLDGRjSHUVSHFWLYDGDYLGDVRFLDO
FRPR XP VLVWHPD DEHUWR HP TXH GLYHUVRV PHFDQLVPRV RSHUDP
HPVLPXOWkQHRWDPEpPJDUDQWHTXHHPERUDDVDWLYLGDGHVVHMDP
UHVWULQJLGDVSHODVHVWUXWXUDV±HPWHUPRVPDWHULDLVHVLPEyOLFRV
±HVVDUHVWULomRpVHPSUHSDUFLDOQRVHQWLGRGHTXHKiSRVVLELOL
GDGHVSDUDDPXGDQoDVRFLDO
$VVLPDUHODomRWUDQVIRUPDFLRQDOHQWUHHVWUXWXUDHDomRVRFLDO
DVVHJXUDTXHKHJHPRQLDVVmRDUWLFXODo}HVHPUHODWLYDSHUPDQrQFLD
2VDWRUHVVRFLDLVQmRVmRDSHQDVSUpSRVLFLRQDGRVSHODVHVWUXWX
UDVVmRFDSD]HVGHUHODWLYDDXWRQRPLDQDUHDOL]DomRGHVXDDomR
VRFLDOGHPRGRTXHDDomRVRFLDOpSRVVLELOLWDGDHFRQVWUDQJLGD
SRUHVWUXWXUDVPDVSRGHWDPEpPWUDQVIRUPDUHVWUXWXUDVHUHODo}HV
VRFLDLV *UDPVFL&KRXOLDUDNL )DLUFORXJK 
&KRXOLDUDNL )DLUFORXJK  H)DLUFORXJK-HVVRS 6D\HU
 RSHUDFLRQDOL]DPHVVDDERUGDJHPSDUDFRQVWUXtUHPDRQ
WRORJLDTXHRULHQWDDYHUVmRGH$'&TXHGLVFXWRDTXL$OpPGD
FRQFHSomRGDUHDOLGDGHHVWUDWL¿FDGDFDSWDPDFRQFHLWXDomRGD
YLGDVRFLDOFRPRXPVLVWHPDDEHUWRHDQRomRGHPXQGRVRFLDO
FRPR FRQVWLWXtGR GH UHGHV GH SUiWLFDV DUWLFXODGDV$V SUiWLFDV
VmRFRQVWLWXtGDVQDYLGDVRFLDOQRVGRPtQLRVGDHFRQRPLDGD
SROtWLFDHGDFXOWXUDLQFOXLQGRDYLGDFRWLGLDQD &KRXOLDUDNL 
)DLUFORXJK)DLUFORXJK 3UiWLFDVVRFLDLVHP$'&
VmRFRQFHLWXDGDVFRPRFDUDFWHUL]DGDVSHODDUWLFXODomRGHTXDWUR
HOHPHQWRVGLVFXUVRUHODo}HVVRFLDLVIHQ{PHQRPHQWDO FUHQoDV
YDORUHVGHVHMRVLGHRORJLDV HDWLYLGDGHPDWHULDOFRPRLOXVWUDD
)LJXUDDVHJXLU


9,9,$1('(0(/25(6(1'(

)LJXUD±2VPRPHQWRVGDSUiWLFDVRFLDOVHJXQGRD$'&

eLPSRUWDQWHUHVVDOWDUTXHQHVVDRQWRORJLDVHPDQWpPDQRomR
HVVHQFLDOGHTXHHVVHVHOHPHQWRVGDSUiWLFDHPERUDHPUHODomRGH
LQWHULRUL]DomRQmRVHSRGHPUHGX]LUXPDRRXWUR

$UHODomRHQWUHRVGLIHUHQWHVHOHPHQWRVGHSUiWLFDVVRFLDLVpGLDOpWLFD
FRPR+DUYH\VXVWHQWD )DLUFORXJK+DUYH\ HVVDpXPD
PDQHLUDGHDERUGDURIDWRDSDUHQWHPHQWHSDUDGR[DOGHTXHHPERUDR
HOHPHQWRGLVFXUVLYRGHXPDSUiWLFDVRFLDOQmRVHMDLJXDOSRUH[HP
SORDVXDVUHODo}HVVRFLDLVFDGDTXDOFRQWpPRXLQWHUQDOL]DRRXWUR
±UHODo}HVVRFLDLVVmRSDUFLDOPHQWHGLVFXUVLYDVHPVXDQDWXUH]DR
GLVFXUVR p SDUFLDOPHQWH FRQVWLWXtGR GH UHODo}HV VRFLDLV (YHQWRV
VRFLDLVVmRFDXVDOPHQWHFRQIRUPDGRVSRU UHGHVGH SUiWLFDVVRFLDLV
±SUiWLFDVVRFLDLVGH¿QHPPRGRVSDUWLFXODUHVGHDomRHHPERUD
HYHQWRVUHDOL]DGRVSRVVDPGLYHUJLUPDLVRXPHQRVGHVVDVGH¿QLo}HV
HH[SHFWDWLYDV SRUTXHHOHVDWUDYHVVDPGLIHUHQWHVSUiWLFDVVRFLDLVH
SRUFDXVDGRVSRGHUHVFDXVDLVGHDJHQWHVVRFLDLV DLQGDDVVLPVmR
SDUFLDOPHQWHPROGDGDVSRUHODV )DLUFORXJK 

$LUUHGXWLELOLGDGHGRVPRPHQWRVGDSUiWLFDVLJQL¿FD L TXHRVPR
PHQWRVGDVSUiWLFDVVRFLDLVQmRSRGHPVHUUHGX]LGRVDRGLVFXUVRH LL 

 $VREUDVDTXH)DLUFORXJKUHIHUHVHQHVVDFLWDomRVmR)$,5&/28*+17KHGLDOHWLFVRI
GLVFRXUVH7H[WXVYROH+$59(<'-XVWLFHQDWXUHDQGWKHJHRJUDSK\
RIGLIIHUHQFH2[IRUG%ODFNZHOO


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

TXHXPDDOWHUDomRQDFRQ¿JXUDomRLQWHUQDGHXPPRPHQWRFDXVDXPD
DOWHUDomRQDFRQ¿JXUDomRGDSUiWLFD(QWHQGHURVSURFHVVRVGLVFXUVLYRV
FRPRFRQWH[WXDOL]DGRVHPSUiWLFDVVRFLDLVLPSOLFDORFDOL]iORVHPVXD
UHODomRFRPSHVVRDVUHODo}HVVRFLDLVHRPXQGRPDWHULDOOHPEUDQGR
TXHHPERUDRVDVSHFWRVGLVFXUVLYRVGDVSUiWLFDVVRFLDLVVHMDPFUXFLDLV
SDUDVXDFRQ¿JXUDomRQmRH[DXUHPWRGRVRVDVSHFWRVGHVVDVSUiWLFDV
2VFRPSRQHQWHVRQWROyJLFRVGRPXQGRVRFLDOQHVVDSHUVSHFWLYDVmR
HVWUXWXUDVHDo}HVVRFLDLVSUiWLFDVSRVLo}HVHUHODo}HVVRFLDLVHYHQWRV
LGHQWLGDGHVLGHRORJLDVGLVFXUVRVWH[WRV
(VVDRQWRORJLDpFRHUHQWHFRPDGLVFXVVmRGH&KRXOLDUDNL 
)DLUFORXJK  DFHUFDGRFRQWLQXXPHQWUHHVWUXWXUDVSUiWLFDV
HHYHQWRV(VWUXWXUDVVRFLDLVVmRHQWLGDGHVDEVWUDWDVTXHGH¿QHP
XPSRWHQFLDOXPFRQMXQWRGHSRVVLELOLGDGHVSDUDDUHDOL]DomRGH
HYHQWRV0DVDUHODomRHQWUHRTXHpHVWUXWXUDOPHQWHSRVVtYHOHR
TXHDFRQWHFHGHIDWRQmRpVLPSOHVHYHQWRVQmRVmRHIHLWRVGLUHWRV
GHHVWUXWXUDVDUHODomRHQWUHHOHVpPHGLDGDSRU³HQWLGDGHVRUJD
QL]DFLRQDLVLQWHUPHGLiULDV´DVSUiWLFDVVRFLDLV )DLUFORXJK
 $VVLPSRGHVHGL]HUTXHHVWUXWXUDVSUiWLFDVHHYHQWRVHVWmR
HPXPFRQWLQXXPGHDEVWUDomRFRQFUHWXGH
(PWHUPRVHVSHFL¿FDPHQWHGLVFXUVLYRVSRGHVHGL]HUTXHDR
QtYHOGHDEVWUDomRGDHVWUXWXUDFRUUHVSRQGHPRVVLVWHPDVOLQJXtV
WLFRV LQFOXLQGR WDQWR R Op[LFR H D JUDPiWLFD TXDQWR R VLVWHPD
LGHDFLRQDOHRVLVWHPDLQWHUSHVVRDO HDRQtYHOGHFRQFUHWXGHGR
HYHQWRFRUUHVSRQGHPRVWH[WRVSURGX]LGRVHPLQWHUDo}HV2TXH
GRSRWHQFLDOGRVVLVWHPDVOLQJXtVWLFRVVHUiDWLYDGRQRHYHQWRGLV
FXUVLYRGHSHQGHGDFRQ¿JXUDomRGH UHGHVGH SUiWLFDVGHTXHR
PRPHQWRGLVFXUVLYRpSDUWHRXVHMDDLQVWDQFLDomRGRSRWHQFLDO
VHPLyWLFRpRUJDQL]DGDQDVSUiWLFDVVRFLDLV$RQtYHOGDVSUiWLFDV
HQWmR FRUUHVSRQGH D FDWHJRULD RUJDQL]DFLRQDO LQWHUPHGLiULD GD
RUGHPGRGLVFXUVR )DLUFORXJK ³HPWHUPRVGR5HDOLVPR
&UtWLFRDODFXQDHQWUHRSRWHQFLDOGRVVLVWHPDVVHPLyWLFRVHDVIDFH
WDVVHPLyWLFDVGHHYHQWRVUHDOL]DGRVpWDPDQKDTXHRXWUDHVWUXWXUD
SUHFLVDVHUSURSRVWDHPXPQtYHOPDLVEDL[RGHDEVWUDomRLVWRp
PDLVSHUWRGRFRQFUHWR´ )DLUFORXJK-HVVRS 6D\HU 
7HQGRHPYLVWDTXHQmRVHWUDWDGHXPDUHODomRGHFRUUHVSRQGrQFLD
GLUHWDHQWUHRVHOHPHQWRVPDVGHXPDUHODomRHPWHUPRVGHQtYHLV
GHDEVWUDomRFRQFUHWXGHD)LJXUDDVHJXLULOXVWUDHVVDUHODomR
HQWUHRVHOHPHQWRVGDHVWUXWXUDomRVRFLDOHGLVFXUVLYD


9,9,$1('(0(/25(6(1'(

)LJXUD±5HODomRHQWUHHVWUXWXUDomRVRFLDOHGLVFXUVLYD

$VVLPFRPRDUHODomRHQWUHRSRWHQFLDOSUHVHQWHQDVHVWUXWX
UDVVRFLDLVHDFRQFUHWL]DomRGHHYHQWRVpPHGLDGDSHODVSUiWLFDV
VRFLDLV HQWLGDGHV RUJDQL]DFLRQDLV LQWHUPHGLiULDV QR VHQWLGR GH
TXHRUJDQL]DPHVVHSRWHQFLDOHPUHODomRDFDPSRVHVSHFt¿FRVGD
DWLYLGDGHVRFLDOWDPEpPDUHODomRHQWUHRSRWHQFLDOGRVVLVWHPDV
OLQJXtVWLFRVHRVWH[WRVSURGX]LGRVHPHYHQWRVGLVFXUVLYRVpPH
GLDGD SHODV RUGHQV GR GLVFXUVR TXH VH UHIHUHP D SHUPDQrQFLDV
UHODWLYDVGHDVSHFWRVGLVFXUVLYRVHPSUiWLFDVVRFLDLVHVSHFt¿FDV
(VWDEHOHFLGDVDVFRQH[}HVHQWUHRVFRQFHLWRVGHHVWUXWXUDHVLV
WHPDOLQJXtVWLFRSUiWLFDVRFLDOHRUGHPGRGLVFXUVRHYHQWRVRFLDOH
WH[WRDUHODomRHQWUHDHVWUXWXUDomRGDVRFLHGDGHHDHVWUXWXUDomRGH
VHXSRWHQFLDOVHPLyWLFRGLVFXUVLYRSRGHVHULOXVWUDGDFRPRVXJHUH
D)LJXUDDVHJXLU

)LJXUD±2UJDQL]DomRVRFLDOGRSRWHQFLDOVHPLyWLFR

1D)LJXUDDVFDWHJRULDVLQWHUPHGLiULDVGHSUiWLFDVRFLDOH
GHRUGHPGRGLVFXUVRDSDUHFHPOLJDGDVSRUTXHDHVWUXWXUDomRGR
SRWHQFLDOGLVFXUVLYRVRPHQWHSRGHVHUHVWXGDGDHHQWHQGLGDHP
UHODomRDSUiWLFDVVRFLDLVHVSHFt¿FDVDVSUiWLFDVVRFLDLVOLJDGDVD
FDPSRVHVSHFt¿FRVGDDWLYLGDGHVRFLDO ³GLIHUHQWHViUHDVGDYLGD


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

VRFLDOTXHWrPFRHUrQFLDLQWHUQDUHODWLYDHVmRUHODWLYDPHQWHGHPDU
FDGDVHPUHODomRDRXWUDVSRUH[HPSORDSROtWLFDHDHGXFDomR´
)DLUFORXJK RUJDQL]DPHDUWLFXODPGHPRGRVUHODWL
YDPHQWHHVWiYHLVRSRWHQFLDOGLVFXUVLYRGLVSRQtYHOSDUDHYHQWRV
GLVFXUVLYRVQDVDWLYLGDGHVLQHUHQWHVD HVVDV PHVPDVSUiWLFDV$
FRQ¿JXUDomRGHHOHPHQWRVGLVFXUVLYRVHPWH[WRVGHSHQGHSRUWDQWR
GDVSUiWLFDVVRFLDLVDUWLFXODGDVSRULVVRDVGXDVFDWHJRULDVLQWHU
PHGLiULDVGHSUiWLFDVVRFLDLVHGHRUGHQVGRGLVFXUVRH[SOLFDPD
UHODomRHQWUHOLQJXDJHPHVRFLHGDGH$VVLPFRPRHYHQWRVSRGHP
FULDWLYDPHQWHFRQIURQWDUDVH[SHFWDWLYDVSUHVHQWHVHPSUiWLFDVVR
FLDLVHVWUXWXUDGDVHHQWmRSURGX]LUPXGDQoDVRFLDOWDPEpPWH[WRV
FRPRHYHQWRVGLVFXUVLYRVFRQWH[WXDOL]DGRVSRGHPWUDQVJUHGLUD
RUGHPGRGLVFXUVRSURGX]LQGRWUDQVIRUPDo}HVQDUHODomRHQWUH
JrQHURVGLVFXUVRVHHVWLORVHPSUiWLFDVHVSHFt¿FDV
$PXGDQoDQRPRPHQWRGLVFXUVLYRGHSUiWLFDVpWDQWRHIHLWRGH
PXGDQoDVVRFLDLVPDLVDPSODVFRPRSRGHWHUHIHLWRQDHVWUXWXUDomR
VRFLDO¬$'&LQWHUHVVDPWDQWRRVPRGRVFRPRSUiWLFDVVRFLDLV
HVSHFt¿FDVFRQIRUPDPRUGHQVGRGLVFXUVRTXDQWRRVPRGRVFRPR
PXGDQoDVDUWLFXODWyULDVHPRUGHQVGRGLVFXUVROLJDGDVDSUiWLFDV
HVSHFt¿FDVSRGHPFRQ¿JXUDUPXGDQoDVWDPEpPHPVHXVDVSHFWRV
QmRGLVFXUVLYRV
)DLUFORXJK  GHVWDFDRVWUrVSULQFLSDLVHOHPHQWRVGLVFXU
VLYRVOLJDGRVDRFRQFHLWRGHRUGHPGRGLVFXUVRJrQHURGLVFXUVRH
HVWLOR*rQHURVGLVFXUVLYRVVmRUHODFLRQDGRVDPRGRVUHODWLYDPHQWH
HVWiYHLVGHDomRSRUPHLRGDOLQJXDJHPLVWRpFRQVWLWXHP³RDV
SHFWRHVSHFL¿FDPHQWHGLVFXUVLYRGHPDQHLUDVGHDomRHLQWHUDomR
QRGHFRUUHUGHHYHQWRVVRFLDLV´ )DLUFORXJK 4XDQGR
VHDQDOLVDXPWH[WRHPWHUPRVGHJrQHURRREMHWLYRpH[DPLQDU
FRPRRWH[WR¿JXUDQD LQWHU DomRVRFLDOHFRPRFRQWULEXLSDUDHOD
HP HYHQWRV VRFLDLV FRQFUHWRV YHMD GLVFXVVmR PDLV GHWLGD VREUH
UHSUHVHQWDomRHLGHQWL¿FDomRQRSUy[LPRFDStWXORSDUDXPDGLV
FXVVmRWDPEpPGRVLJQL¿FDGRDFLRQDOYHMD5HVHQGH 5DPDOKR
 


9,9,$1('(0(/25(6(1'(

&$3Ë78/2

5(35(6(17$d­2(,'(17,),&$d­2

(P/LQJXtVWLFD6LVWrPLFD)XQFLRQDO /6) HQWHQGHVHTXHD
IXQomR SULPRUGLDO GD OLQJXDJHP p D FRPXQLFDomR 4XDQGR QRV
FRPXQLFDPRV SRU PHLR GD OLQJXDJHP SDUWLFLSDPRV GH HYHQWRV
GLVFXUVLYRVHPTXHDLQWHUDomRVRFLDOpPHGLDGDSRUWH[WRV HV
FULWRVRUDLVYLVXDLVPXOWLPRGDLV $RODGRGHVXDPDFURIXQomR
LQWHUSHVVRDOGHHVWDEHOHFLPHQWRGHUHODo}HVVRFLDLVDOLQJXDJHP
WDPEpPpXWLOL]DGDSDUDUHSUHVHQWDURPXQGRH[WHUQR±REMHWRV
HYHQWRV SUiWLFDV ± H LQWHUQR ± FUHQoDV YDORUHV GHVHMRV (VWD p
VXDPDFURIXQomRH[SHULHQFLDORXLGHDFLRQDO +DOOLGD\*
7KRPSVRQ $WHUFHLUDPDFURIXQomRGDOLQJXDJHPWHRUL]DGD
SRU+DOOLGD\pVXDIXQomRWH[WXDOTXHGL]UHVSHLWRjRUJDQL]DomRGD
PHQVDJHPHPWH[WR±HQWHQGHQGRDJUDPiWLFDFRPRRPHFDQLVPR
OLQJXtVWLFRTXHRSHUDOLJDo}HVHQWUHDVVHOHo}HVVLJQL¿FDWLYDVGHUL
YDGDVGDVIXQo}HVOLQJXtVWLFDVUHDOL]DQGRDVHPHVWUXWXUDXQL¿FDGD
0DJDOKmHV 
)DLUFORXJK  SURS}HXPDUHFRQWH[WXDOL]DomRGDSHUVSHFWL
YDPXOWLIXQFLRQDOGDOLQJXDJHPHP/6)VXJHULQGRQmRWUrVPDFUR
IXQo}HVGDOLQJXDJHPPDVWUrVSULQFLSDLVVLJQL¿FDGRVSUHVHQWHVHP
WRGRWH[WR(VVDUHQRPHDomRGHµPDFURIXQo}HV¶SDUDµVLJQL¿FDGRV¶
QmRFKHJDDVHUXPDQRYLGDGHXPDYH]TXH+DOOLGD\ >
HG @   Mi IDODYDHP³WUrVOLQKDV GH VLJQL¿FDGR´ SDUDVH
UHIHULUjGLVWLQomRHQWUHDVIXQo}HV$GLIHUHQoDHQWUHDVSURSRVWDV
GH+DOOLGD\H)DLUFORXJKQRTXHVHUHIHUHjPXOWLIXQFLRQDOLGDGH

 ³$VWUrVPDFURIXQo}HVVmRLQWHUUHODFLRQDGDVHRVWH[WRVGHYHPVHUDQDOLVDGRVVREFDGDXP
GHVVHVDVSHFWRV,VVRVLJQL¿FDTXHWRGRHQXQFLDGRpPXOWLIXQFLRQDOHPVXDWRWDOLGDGHVHUYH
VLPXOWDQHDPHQWHDGLYHUVDVIXQo}HV1HVVHVHQWLGRDOLQJXDJHPpIXQFLRQDOPHQWHFRPSOH[D
$VHVWUXWXUDVOLQJXtVWLFDVQmRµVHOHFLRQDP¶IXQo}HVHVSHFt¿FDVLVRODGDVSDUDGHVHPSHQKDU
DRFRQWUiULRH[SUHVVDPGHIRUPDLQWHJUDGDWRGRVRVFRPSRQHQWHVIXQFLRQDLVGRVLJQL¿FDGR´
5HVHQGH 5DPDOKR 


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

OLQJXtVWLFDpVLJQL¿FDWLYDHQWUHWDQWRHPWHUPRVGRFRQWH~GRGH
DOJXQVGHVVHVVLJQL¿FDGRV9HMDPRVR4XDGURDVHJXLU

4XDGUR±5HFRQWH[WXDOL]DomRGD/6)QD$'& 5HVHQGH 5DPDOKR

(P)DLUFORXJK WUDG SURS{VDFLVmRGDPDFURIXQomR


LQWHUSHVVRDOGH+DOOLGD\QDVIXQo}HVLGHQWLWiULDHUHODFLRQDO$IXQ
omRLGHQWLWiULDGL]UHVSHLWR³DRVPRGRVSHORVTXDLVDVLGHQWLGDGHV
VRFLDLVVmRHVWDEHOHFLGDV>FRQVWUXtGDV@QRGLVFXUVR´HQTXDQWRD
IXQomRUHODFLRQDOUHIHUHVHDRVPRGRV³FRPRDVUHODo}HVVRFLDLV
HQWUHRVDVSDUWLFLSDQWHVGRGLVFXUVR>GHLQWHUDo}HVGLVFXUVLYDV@
VmRUHSUHVHQWDGDVHQHJRFLDGDV´ )DLUFORXJKDFUpVFLPRV
PHXV $MXVWL¿FDWLYDSDUDHVVDFLVmRpTXHVHJXQGR)DLUFORXJKDV
PDFURIXQo}HVFRQIRUPHDSUHVHQWDGDVSRU+DOOLGD\QmRFDSWDPD
UHOHYkQFLDGDOLQJXDJHPQDFRQVWLWXLomRUHSURGXomRFRQWHVWDomR
HUHHVWUXWXUDomRGHLGHQWLGDGHV
(P)DLUFORXJKDPSOLRXRGLiORJRWHyULFRHQWUHD/6)HD
$'&SURSRQGRRVFRQFHLWRVGHJrQHURVGLVFXUVRVHHVWLORVFRPRDV
VRFLDGRVDRVVLJQL¿FDGRVDFLRQDOUHSUHVHQWDFLRQDOHLGHQWL¿FDFLRQDO
UHVSHFWLYDPHQWH(VVHVFRQFHLWRVVmRFRQVLGHUDGRVVLPXOWDQHDPHQWH
GLVFXUVLYRVHVRFLDLVMiTXHVmRRVSULQFLSDLVHOHPHQWRVGDVRUGHQVGR
GLVFXUVRHSRUWDQWRHVWmRDVVRFLDGRVDSUiWLFDVVRFLDLVHVSHFt¿FDVH
DiUHDVHVSHFt¿FDVGDYLGDVRFLDO

 6REUHDUHFRQWH[WXDOL]DomRGDPXOWLIXQFLRQDOLGDGHOLQJXtVWLFDGD/6)HP$'&5HVHQGH
5DPDOKR  H[SOLFDP³)DLUFORXJKRSHURXHVVDDUWLFXODomRWHQGRFRPRSRQWR
GHSDUWLGDQmRDVPDFURIXQo}HVWDOFRPRSURSRVWDVSRU+DOOLGD\ DVIXQo}HVLGHDFLRQDO
LQWHUSHVVRDOHWH[WXDO PDVDVXDSUySULDPRGL¿FDomRDQWHULRUGDWHRULDRXVHMDDVIXQo}HV
UHODFLRQDOLGHDFLRQDOHLGHQWLWiULD4XDQWRjIXQomRWH[WXDOHPERUDHPVHXOLYURGH
)DLUFORXJKDWHQKDLQFRUSRUDGR µ+DOOLGD\WDPEpPGLVWLQJXHXPDIXQomRµWH[WXDO¶TXHSRGH
VHUXWLOPHQWHDFUHVFHQWDGDDPLQKDOLVWD¶>)DLUFORXJKD@ HPHOHUHMHLWDDLGpLD
GHXPDIXQomRWH[WXDOVHSDUDGDSUHIHUHLQFRUSRUiODDRVLJQL¿FDGRDFLRQDOµQmRGLVWLQJR
XPDIXQomRµWH[WXDO¶VHSDUDGDDRFRQWUiULRHXDLQFRUSRURGHQWURGDDomR¶ )DLUFORXJK
D ´


9,9,$1('(0(/25(6(1'(

XPD RUGHP GR GLVFXUVR p XPD FRPELQDomR RX FRQ¿JXUDomR


SDUWLFXODUGHJrQHURVGLVFXUVRVHHVWLORVTXHFRQVWLWXLRDVSHFWR
GLVFXUVLYRGHXPDUHGHGHSUiWLFDVVRFLDLV&RPRWDLVRUGHQV
GRGLVFXUVRWrPUHODWLYDHVWDELOLGDGHHGXUDELOLGDGH±HPERUD
HODVSRVVDPpFODURVHUWUDQVIRUPDGDV  3RGHPRVYHURU
GHQVGRGLVFXUVRHPWHUPRVJHUDLVFRPRDHVWUXWXUDomRVRFLDO
GDYDULDomROLQJXtVWLFD±KiPXLWDVGLIHUHQWHVSRVVLELOLGDGHVQD
OLQJXDJHPPDVDHVFROKDHQWUHHODVpVRFLDOPHQWHHVWUXWXUDGD
)DLUFORXJK 

2VFRQFHLWRVGHJrQHURVGLVFXUVRVHHVWLORV±FRPRPRGRVUHOD
WLYDPHQWHHVWiYHLVGHDomRGLVFXUVLYDGHUHSUHVHQWDomRGLVFXUVLYDH
GHLGHQWL¿FDomRGLVFXUVLYDUHVSHFWLYDPHQWH±DVVRFLDGRVDRFRQFHLWR
GHRUGHQVGRGLVFXUVRHjPXOWLIXQFLRQDOLGDGHGDOLQJXDJHPWUD]HP
DYDQWDJHPGHUHVVDOWDURFDUiWHUVRFLDOPHQWHHVWUXWXUDGRGDYDULDEL
OLGDGHOLQJXtVWLFDHPWHUPRVGDVSRVVLELOLGDGHVGHUHFRPELQDomRGH
HOHPHQWRVGLVFXUVLYRVHPWH[WRVHVSHFt¿FRVGHSUiWLFDVSDUWLFXODUHV
HGHDVVRFLDUHVVDYDULDELOLGDGHjVIXQo}HVVRFLDLVGDOLQJXDJHP±RV
PRGRVFRPRDJLPRVUHSUHVHQWDPRVHLGHQWL¿FDPRVGLVFXUVLYDPHQWH
HVWmRDVVRFLDGRVjVSUiWLFDVGHTXHSDUWLFLSDPRVHWrPHIHLWRVWDQ
WRQDFRQ¿JXUDomRGHWH[WRVTXDQWRQDUHSURGXomRWUDQVIRUPDomR
GHVVDVPHVPDVSUiWLFDV )DLUFORXJKSDUDXPDUHÀH[mRPDLV
GHWLGDVREUHLVVRYHMD5HVHQGH 5DPDOKR 
$UHODomRHQWUHSUiWLFDVVRFLDLVHRUGHQVGRGLVFXUVRHRIRFR
QD HVWUXWXUDomR VRFLDO GDV SUiWLFDV LPSOLFD TXH RV UHFXUVRV H
FRQVWUDQJLPHQWRV GDV HVWUXWXUDV VRFLDLV WDPEpP LQFLGHP VREUH
D HVWUXWXUDomR GR SRWHQFLDO VHPLyWLFR H HVVD HVWUXWXUDomR WHP
HIHLWRQDFRQ¿JXUDomRGRVHYHQWRVGLVFXUVLYRV1DVSDODYUDVGH
%ORPPDHUW  

8VXiULRVDVGDOLQJXDJHPWrPUHSHUWyULRVTXHFRQWrPGLIHUHQWHV
FRQMXQWRVGHYDULHGDGHVHHVVHVUHSHUWyULRVVmRRPDWHULDOSRU
PHLR GR TXDO HOHVDV VH HQJDMDP QD FRPXQLFDomR   &RPR
FRQVHTXrQFLDDVSHVVRDVQmRVmRLQWHLUDPHQWHµOLYUHV¶TXDQGR
FRPXQLFDPHODVVmRFRQVWUDQJLGDVSHORFRQMXQWRHSHODHVWUXWXUD
GHVHXVUHSHUWyULRVHDGLVWULEXLomRGHHOHPHQWRVGHUHSHUWyULRV
pGHVLJXDO %ORPPDHUW 

)DODQWHVVmRQmRVmRFDSD]HVGHIDODUXPDYDULHGDGHGHOtQJXDV
VmRQmRVmRFDSD]HVGHOHUHHVFUHYHUVmRQmRVmRFDSD]HVGH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

PRELOL]DUUHFXUVRVHVSHFt¿FRVQDSHUIRUPDQFHGHDo}HVHVSHFt
¿FDVQDVRFLHGDGH(WRGDVHVVDVGLIHUHQoDV±GLIHUHQWHVJUDXV
GHSUR¿FLrQFLDYDULDQGRGHµFRPSOHWDLQDELOLGDGH¶DµPDHVWULD¶
QR XVR GH FyGLJRV YDULHGDGHV OLQJXtVWLFDV HVWLORV ± VmR VR
FLDOPHQWHFRQGLFLRQDGDV5HFXUVRVVmRKLHUDUTXL]DGRV  HR
DFHVVRDDOJXQVGLUHLWRVHEHQHItFLRVQDVRFLHGDGHpFRQVWUDQJLGR
SHORDFHVVRDUHFXUVRVFRPXQLFDWLYRVHVSHFt¿FRV %ORPPDHUW
 

$GLVWULEXLomRGHUHFXUVRVGLVFXUVLYRVDVVRFLDGRVDRUGHQVGH
GLVFXUVRQmRSRGHVHUGHVYLQFXODGDGDVSUiWLFDVVRFLDLVHFRQV
WLWXLXPIRFRGLVFXUVLYRGHUHODo}HVVRFLDLVEDVHDGDVHPSRGHU
3DUDYDQ'LMN  ³HQWUHPXLWRVRXWURVUHFXUVRVTXH
GH¿QHPDEDVHGHSRGHUGHXPJUXSRRXLQVWLWXLomRRDFHVVRDR
GLVFXUVRRFRQWUROHVREUHHOHHVREUHDFRPXQLFDomRS~EOLFDVmR
LPSRUWDQWHVUHFXUVRVVLPEyOLFRV´$VVLPDGLVWULEXLomRGHVLJXDO
GHUHFXUVRVGLVFXUVLYRVVHPLyWLFRVpXPGRVSRQWRVGHWDQJrQFLD
HQWUHGLVFXUVRHSRGHU
3RUXPODGRDVSRVVLELOLGDGHVGHDomRGHXPDWRUVRFLDORX
JUXSRVmRFRQVWUDQJLGDVHPWHUPRVHVSHFL¿FDPHQWHGLVFXUVLYRV
SHORVUHFXUVRVGLVSRQtYHLVSDUDVXDDomRGLVFXUVLYDHQWUHHOHVD
KDELOLGDGHGHVLJXDOPHQWHGLVWULEXtGDGHOLGDUFRPJrQHURVGLV
FXUVLYRVHVSHFt¿FRVHFRPYDULDQWHVOLQJXtVWLFDVGHSUHVWtJLR3RU
RXWURODGRDPDQXWHQomRGHUHODo}HVGHSRGHUSRGHVHUIDFLOLWDGD
SRUGLVFXUVRVTXHVXVWHQWHPVXDOHJLWLPLGDGHLVWRpSHODFLUFX
ODomRGHUHSUHVHQWDo}HVHVSHFt¿FDVDFHUFDGHSUiWLFDVHHYHQWRV
1HVVHVHQWLGR)DLUFORXJK HQWUHRXWURVYHMDWDPEpP%RXU
GLHX WHPUHVVDOWDGRRSDSHOGRGLVFXUVRQDPDQXWHQomRGD
KHJHPRQLD QHROLEHUDO HQIDWL]DQGR TXH D FLUFXODomR PDVVLYD GR
GLVFXUVRQHROLEHUDOUHVXOWRXWDPEpPQDGHVDUWLFXODomRGHIRUoDV
HQJDMDGDVHPDOWHUQDWLYDVHQRHQIUDTXHFLPHQWRGRGHEDWHS~EOLFR
'HPRGRVHPHOKDQWH&DVWHOOV  HQIDWL]DTXH³VREHVVDV
QRYDVFRQGLo}HVDVVRFLHGDGHVFLYLVHQFROKHPVHHVmRGHVDUWLFX
ODGDV´$GHVDUWLFXODomRGDVRFLHGDGHFLYLOQHVVHFRQWH[WRHQIDWL]D
DUHOHYkQFLDGHSHVTXLVDVFRPPRYLPHQWRVVRFLDLVQRkPELWRGD
DQiOLVHGHGLVFXUVR
2FRQFHLWRGHµGLVFXUVR¶HVWiORQJHGHVHUXPFRQVHQVR:RGDN
 FKDPDDWHQomRSDUDDKHWHURJHQHLGDGHGHDSUR[LPDo}HVDR
FRQFHLWRWDQWRHPVHXVXVRVFRWLGLDQRVTXDQWRQDVFRQFHLWXDo}HV


9,9,$1('(0(/25(6(1'(

HVSHFLDOL]DGDV1HVWHOLYURDDERUGDJHPGHGLVFXUVRDGRWDGDp
DTXHODTXHYHPVHQGRGHVHQYROYLGDSRU)DLUFORXJKTXHVHEDVHLD
QDUHODomRHQWUHOLQJXDJHPHVRFLHGDGHWH[WRVFRPRLQVWDQFLDo}HV
GLVFXUVLYDVVmRUHVXOWDQWHVGDHVWUXWXUDomRVRFLDOGDOLQJXDJHP
QDVRUGHQVGRGLVFXUVR PDVVmRWDPEpPSRWHQFLDOPHQWHWUDQV
IRUPDGRUHVGHVVDHVWUXWXUDomRDVVLPFRPRRVHYHQWRVVRFLDLVVmR
WDQWRUHVXOWDGRTXDQWRVXEVWUDWRGDVHVWUXWXUDVVRFLDLV %KDVNDU
 )DLFORXJK   &RPR YLPRV D HVWUXWXUDomR VRFLDO GR
VHPLyWLFRQmRpLQGHSHQGHQWHGDHVWUXWXUDomRVRFLDOGHSUiWLFDV
VRFLDLVDVRUGHQVGRGLVFXUVRHVWmRDVVRFLDGDVDSUiWLFDVVRFLDLV
HVSHFt¿FDV
)DLUFORXJK  GH¿QHGLVFXUVRFRPRXPPRPHQWRGHSUi
WLFDVVRFLDLVXPHOHPHQWRGDYLGDVRFLDOLQWHUFRQHFWDGRDRXWURV
HOHPHQWRV0DVRWHUPRµGLVFXUVR¶DSUHVHQWDXPDDPELJXLGDGH
SRGHQGR WDPEpP VHU XVDGR HP XP VHQWLGR PDLV FRQFUHWR HP
UHIHUrQFLDDµGLVFXUVRV¶SDUWLFXODUHV±SRUH[HPSORRGLVFXUVRGR
SURWDJRQLVPRRGLVFXUVRQHROLEHUDO )DLUFORXJK-HVVRS 6D\HU
)DLUFORXJK 
(PH[SUHVV}HVFRPRµDQiOLVHGHGLVFXUVR¶RWHUPRUHPHWHDR
HOHPHQWRGLVFXUVLYRGHSUiWLFDVVRFLDLV2VµPRPHQWRVGDSUiWLFD
VRFLDO¶HVWDEHOHFHPHQWUHVLUHODo}HVGHLQWHULRUL]DomRSRULVVRp
SRVVtYHODQDOLVDUHPWH[WRVDPDWHULDOL]DomRGLVFXUVLYDSRUH[HP
SORGHUHODo}HVVRFLDLV4XDQGRVHID]µDQiOLVHGHGLVFXUVR¶HQWmR
RREMHWLYRpPDSHDUDUHODomRHQWUHHVFROKDVOLQJXtVWLFDVHPWH[WRV
HLQWHUDo}HVSDUWLFXODUHVHRXWURVPRPHQWRVQmRGLVFXUVLYRVGDV
SUiWLFDVVRFLDLVHPDQiOLVH3RURXWURODGRTXDQGRQRVUHIHULPRV
DµGLVFXUVRV¶SDUWLFXODUHVRIRFRVmRPRGRVGHUHSUHVHQWDomRGD
UHDOLGDGHPDQHLUDVVLWXDGDVGHUHSUHVHQWDUHFRPSUHHQGHUDUHDOL
GDGH$VVLPSRGHPRVQRVUHIHULUDGLVFXUVRVSROtWLFRVDGLVFXUVRV
SHGDJyJLFRVDRGLVFXUVRQHROLEHUDOHWFHSURFHGHUjµDQiOLVHGRV
GLVFXUVRV¶TXHHVWDEHOHFHPUHODomRLQWHUGLVFXUVLYDHPWH[WRVHVSH
Ft¿FRV2VLJQL¿FDGRUHSUHVHQWDFLRQDOGHWH[WRVpUHODFLRQDGRDR
FRQFHLWRGHGLVFXUVRVFRPRPRGRVGHUHSUHVHQWDomRGHDVSHFWRV
GRPXQGRRXVHMDDRVLJQL¿FDGRPDLVFRQFUHWRGHGLVFXUVRFRPR
VXEVWDQWLYRFRQWiYHO
'LVFXUVRV QHVVH VHQWLGR PDLV FRQFUHWR VmR HOHPHQWRV TXH
FRQVWLWXHPDRODGRGHJrQHURVHHVWLORVRPRPHQWRGLVFXUVLYRGH
SUiWLFDVVRFLDLVQDFRQ¿JXUDomRGHRUGHQVGRGLVFXUVR )DLUFORXJK


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

YHMDWDPEpP)DLUFORXJK-HVVRS 6D\HU $OJXQVGLVFXU


VRVHPFRQWH[WRVHVSHFt¿FRVVmRFRPSDUWLOKDGRVHUHSHWLGRVHP
GLIHUHQWHVDPELHQWHVLQVWLWXFLRQDLVJHUDQGRPXLWDVUHSUHVHQWDo}HV
HPGLIHUHQWHVWLSRVGHWH[WR8PERPH[HPSORpRGLVFXUVRQHR
OLEHUDOTXHFODVVL¿FDDVUHHVWUXWXUDo}HVUHFHQWHVGRFDSLWDOLVPR
FRPRHYROXomRµQDWXUDO¶LVHQWDGDDomRKXPDQDHLQHVFDSiYHOXP
IHQ{PHQR HQmRXPSURFHVVR XQLYHUVDOHLQHYLWiYHO )DLUFORXJK
 
2IDWRGHRUGHQVGRGLVFXUVRHVWDUHPOLJDGDVDFRQWH[WRVHVSH
Ft¿FRVQmRVLJQL¿FDTXHVHMDPKRPRJrQHDVRXOLYUHVGHFRQÀLWRV
/HPEUDQGRTXHRUGHQVGRGLVFXUVRHVWmRUHODFLRQDGDVD³LQVWLWXL
o}HVRUJDQL]Do}HVHUHGHVGHSUiWLFDVVRFLDLV´)DLUFORXJK 
  UHVVDOWD TXH ³XPD RUGHP GR GLVFXUVR SDUWLFXODU LQFOXL XP
Q~PHUR GH GLIHUHQWHV GLVFXUVRV GLIHUHQWHV JrQHURV H GLIHUHQWHV
HVWLORV(OHVSRGHPVHUFRPSOHPHQWDUHVXPDRRXWUR  RXSRGHP
VHUDOWHUQDWLYRVHHPDOJXQVFDVRVFRQÀLWDQWHV´
$ FRQWUDGLomR HQWUH GLVFXUVRV XOWUDSDVVD D UHSUHVHQWDomR
UHVXOWDQGRWDPEpPHPFRQÀLWRVQDFRQVWLWXLomRGHLGHQWLGDGHV
GHDFRUGRFRPDGLDOpWLFDHQWUHRVVLJQL¿FDGRVUHSUHVHQWDFLRQDO
H LGHQWL¿FDFLRQDO (P$'& R VLJQL¿FDGR LGHQWL¿FDFLRQDO HVWi
UHODFLRQDGRDRFRQFHLWRGHµHVWLOR¶(VWLORVFRQVWLWXHPRDVSHFWR
GLVFXUVLYRGHLGHQWLGDGHVRXVHMDUHODFLRQDPVHjLGHQWL¿FDomR
GHDWRUHVVRFLDLVHPWH[WRV)DLUFORXJK  GHVWDFDTXH
³HVWLORVHVWmROLJDGRVjLGHQWL¿FDomR±XVDQGRDQRPLQDOL]DomRDR
LQYpVGRQRPHµLGHQWLGDGHV¶HQIDWL]RRSURFHVVRGHLGHQWL¿FDomR
R PRGR FRPR DV SHVVRDV VH LGHQWL¿FDP H VmR LGHQWL¿FDGDV SRU
RXWUDV´$VVLPRVLJQL¿FDGRLGHQWL¿FDFLRQDOHVWiOLJDGRQmRDSH
QDVjVLGHQWLGDGHVPDVWDPEpPjLGHQWL¿FDomRGHRXWUHPRTXH
HQIDWL]DDUHODomRHQWUHLGHQWL¿FDomRHUHODo}HVVRFLDLV$UHODomR
HQWUHGLVFXUVRVHHVWLORVpGLDOpWLFDXPDUHODomRGHLQWHULRUL]DomR
,VVRVLJQL¿FDTXHGLVFXUVRVVmRLQFXOFDGRVHPHVWLORVPRGRVGH
UHSUHVHQWDUUHDOLGDGHVVRFLDLVLPSOLFDPPRGRVGH VH LGHQWL¿FDU
IDFHDHVVDVUHDOLGDGHV$GLVWLQomRHQWUHUHSUHVHQWDomRHLGHQWL¿
FDomRpSRUWDQWRXPDQHFHVVLGDGHDQDOtWLFDPDVQmRKiIURQWHLUDV
UtJLGDVHQWUHRVVLJQL¿FDGRVDRFRQWUiULRKiÀXLGH]
1HVVHVHQWLGRSURSRQKRTXHRVLJQL¿FDGRLGHQWL¿FDFLRQDOVHMD
YLVWRFRPRXPSRQWRGHPHGLDomRHQWUHDIXQomRLGHDFLRQDOHD
IXQomRLQWHUSHVVRDOGDOLQJXDJHPQRVWHUPRVGH+DOOLGD\  


9,9,$1('(0(/25(6(1'(

SRLVRPRGRFRPR QRV LGHQWL¿FDPRVHPLQWHUDo}HVGLVFXUVLYDV


GHSHQGHWDQWRGRVGLVFXUVRVTXHLQWHULRUL]DPRVTXDQWRGDVUHODo}HV
TXH HVWDEHOHFHPRV FRP QRVVRVDV LQWHUORFXWRUHVDV )DLUFORXJK
 UHVVDOWDDUHODomRGHLQWHULRUL]DomRHQWUHUHSUHVHQWDomR
HLGHQWL¿FDomR

&RPRRSURFHVVRGHLGHQWL¿FDomRHQYROYHRVHIHLWRVFRQVWLWXWL
YRVGRGLVFXUVRGHYHVHUYLVWRFRPRXPSURFHVVRGLDOpWLFRQR
TXDOGLVFXUVRVVmRLQFXOFDGRVHPLGHQWLGDGHV  8PDFRQVH
TXrQFLDGHVVDYLVmRGLDOpWLFDpTXHVLJQL¿FDGRVLGHQWL¿FDFLRQDLV
HP WH[WRV SRGHP VHU YLVWRV FRPR SUHVVXSRQGR VLJQL¿FDGRV
UHSUHVHQWDFLRQDLVDVSUHVXQo}HVSRUPHLRGDVTXDLVDVSHVVRDV
VHLGHQWL¿FDP

$OpPGRVGLVFXUVRVLQWHULRUL]DGRVHPSURFHVVRVGHLGHQWL¿FDomR
WDPEpP DV UHODo}HV VRFLDLV WrP HIHLWR QRV PRGRV FRPR QRV 
LGHQWL¿FDPRV HP LQWHUDo}HV VH HQWHQGHPRV TXH RV SURFHVVRV
LGHQWL¿FDFLRQDLVHVWmROLJDGRVjVSRVLo}HVRFXSDGDVSRUDWRUHV
VRFLDLV6D\HU E FKDPDDWHQomRSDUDDUHODomRLQWHUQD
HQWUH RV SDSpLV H SRVLo}HV TXH DV SHVVRDV RFXSDP H VXDV
LGHQWLGDGHV ³QR PXQGR VRFLDO RV SDSpLV GDV SHVVRDV H VXDV
LGHQWLGDGHV IUHTXHQWHPHQWH VmR LQWHUQDPHQWH UHODFLRQDGRV GH
PRGRTXHRTXHXPDSHVVRDRXLQVWLWXLomRpRXSRGHID]HUGHSHQGH
GH VXDV UHODo}HV FRP RXWUDV´ 3DUD GLVFXWLU HVVD UHODomR HQWUH
SRVLomR H LGHQWL¿FDomR 6D\HU UHFRUUH DR H[HPSOR GR DVSHFWR
UHODFLRQDOGRTXHVLJQL¿FDVHUXPDSURIHVVRUDTXHQmRSRGH
VHUH[SOLFDGRQRQtYHOGRLQGLYtGXRPDVDSHQDVHPWHUPRVGH
VXDUHODomRFRPHVWXGDQWHVHYLFHYHUVD$VVLPDFRQVWUXomRGH
LGHQWLGDGHVHGHLGHQWL¿FDo}HVWDPEpPHVWiOLJDGDDRVSURFHVVRV
UHSUHVHQWDFLRQDLVGHFODVVL¿FDomRGHHODERUDomRGHVHPHOKDQoDV
HGLIHUHQoDV )DLUFORXJK 
&DVWHOOV  GH¿QHLGHQWLGDGHFRPR³RSURFHVVRGHFRQV
WUXomRGHVLJQL¿FDGRFRPEDVHHPXPDWULEXWRFXOWXUDORXDLQGD
XPFRQMXQWRGHDWULEXWRVFXOWXUDLVLQWHUUHODFLRQDGRVR V TXDO DLV 
SUHYDOHFH P VREUHRXWUDVIRQWHVGHVLJQL¿FDGR´(PERUDRDXWRU
IDoD GLVWLQomR HQWUH LGHQWLGDGHV H SDSpLV DGPLWH TXH ³DOJXPDV
DXWRGH¿QLo}HVSRGHPWDPEpPFRLQFLGLUFRPSDSpLVVRFLDLV´
$ GLIHUHQoD TXH SURSRQKR HQWUH LGHQWLGDGH H LGHQWL¿FDomR
p TXH ³DV LGHQWLGDGHV FRQVWLWXHP IRQWHV GH VLJQL¿FDGR SDUD RV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

SUySULRVDWRUHV´ &DVWHOOV LVWRpVmRDXWRGH¿QLo}HV


DXWRLGHQWL¿FDo}HV$VLGHQWL¿FDo}HVDOKHLDVSRURXWURODGRVmR
FRQVWUXo}HVGLVFXUVLYDVGHLGHQWL¿FDomRSDUDRXWUDVSHVVRDVHP
WH[WRVHLQWHUDo}HV±XVDPRVRSRWHQFLDOGLVFXUVLYRQmRVySDUD
QRVLGHQWL¿FDUPRVPDVWDPEpPSDUDFRQVWUXLULGHQWL¿FDo}HVGDV
SHVVRDVFRPTXHPGHTXHPIDODPRV$PERVRVSURFHVVRVSRUpP
QmRHVWmRHVWULWDPHQWHVHSDUDGRV%ORPPDHUW  VXJHUH
TXH³SDUDVHUHPHVWDEHOHFLGDVLGHQWLGDGHVSUHFLVDPVHUUHFRQKH
FLGDV SHORVDV RXWURVDV´ HQIDWL]DQGR R FDUiWHU LQWHUSHVVRDO GD
LGHQWLGDGH
&DVWHOOV  DSRQWDTXHWRGDHTXDOTXHULGHQWLGDGHpFRQVWUX
tGD&RPRDFRQVWUXomRGDLGHQWLGDGHVHPSUHVHGiHPFRQWH[WRV
GHSRGHU&DVWHOOV  SURS}HWUrVIRUPDVGHFRQVWUXomRGD
LGHQWLGDGHDLGHQWLGDGHOHJLWLPDGRUDDLGHQWLGDGHGHUHVLVWrQFLD
HDLGHQWLGDGHGHSURMHWR

,GHQWLGDGH OHJLWLPDGRUD LQWURGX]LGD SHODV LQVWLWXLo}HV GRPL


QDQWHVGDVRFLHGDGHQRLQWXLWRGHH[SDQGLUHUDFLRQDOL]DUVXD
GRPLQDomRHPUHODomRDRVDWRUHVVRFLDLV  
,GHQWLGDGHGHUHVLVWrQFLDFULDGDSRUDWRUHVTXHVHHQFRQWUDP
HP SRVLo}HVFRQGLo}HV GHVYDORUL]DGDV HRX HVWLJPDWL]DGDV
SHOD OyJLFD GD GRPLQDomR FRQVWUXLQGR DVVLP WULQFKHLUDV GH
UHVLVWrQFLD 
,GHQWLGDGHGHSURMHWRTXDQGRRVDWRUHVVRFLDLVXWLOL]DQGRVHGH
TXDOTXHUWLSRGHPDWHULDOFXOWXUDODVHXDOFDQFHFRQVWURHPXPD
QRYDLGHQWLGDGHFDSD]GHUHGH¿QLUVXDSRVLomRQDVRFLHGDGHH
DRID]rORGHEXVFDUDWUDQVIRUPDomRGDHVWUXWXUDVRFLDO 

,GHQWLGDGHV GH UHVLVWrQFLD OHYDP j IRUPDomR GH FRPXQL


GDGHV OLJDGDV j UHVLVWrQFLD FROHWLYD D PRGRV HVSHFt¿FRV GH
RSUHVVmRH[SHULPHQWDGRVSHORVPHPEURVGDFRPXQLGDGH8P
GHVVHVPRGRVGHRSUHVVmRGHVWDFDGRSRU&DVWHOOV  
UHIHUHVHD³XPUHVVHQWLPHQWRFRQWUiULRjH[FOXVmRLQMXVWD´R
TXHSRGHVHGHYHUDPRWLYDo}HVSROtWLFDVHFRQ{PLFDVRXVR
FLDLV RXXPDPHVFODGHVVHVIDWRUHV (PERUD&DVWHOOVHQIDWL]H
HVVHWLSRGHUHVLVWrQFLDHPPRYLPHQWRVYROWDGRVSDUDYDORUHV
 &DVWHOOVHQIDWL]DTXHHPERUDDVLGHQWLGDGHVOHJLWLPDGRUDVVHMDPLQWURGX]LGDVSRULQVWLWXLo}HV
GRPLQDQWHVVRPHQWHVHWRUQDPLGHQWLGDGHVSURSULDPHQWHGLWDVTXDQGRVmRLQWHUQDOL]DGDV
SHODVSHVVRDV±GHRXWURPRGRVHUmRLGHQWL¿FDo}HVMiTXHDLGHQWLGDGHFDUUHJDRDVSHFWR
GHDXWRGH¿QLomR


9,9,$1('(0(/25(6(1'(

WUDGLFLRQDLVFRPRRVPRYLPHQWRVOLJDGRVDUHOLJLmRUHVVDOWD
TXH³LGHQWLGDGHVGHUHVLVWrQFLDSRGHPWDPEpPVHUFRQVWUXtGDV
SRUPRYLPHQWRVVRFLDLVDWLYLVWDVRXDRUHGRUGHOHV´ &DVWHOOV
   ,GHQWLGDGHVGHUHVLVWrQFLDSRGHP VHGHVHQYROYHU
SDUDFRQIRUPDULGHQWLGDGHVGHSURMHWRPDV&DVWHOOV  
UHVVDOWDTXH³RIDWRGHXPDFRPXQLGDGHVHUFRQVWLWXtGDHPWRU
QRGHXPDLGHQWLGDGHGHUHVLVWrQFLDQmRVLJQL¿FDTXHUHVXOWDUi
QHFHVVDULDPHQWHHPXPDLGHQWLGDGHGHSURMHWR´
,GHQWLGDGHVGHSURMHWRUHIHUHPVHjIRUPDomRGRµDWRUVRFLDO
FROHWLYR¶FRQVWLWXLQGRUHFXUVRSDUDSURMHWRVGHWUDQIRUPDomRGD
VLWXDomR GH RSUHVVmR SDUD DOpP GD UHVLVWrQFLD D LGHQWLGDGH GH
SURMHWRHVWiOLJDGDjFRQVWUXomRGHSURMHWRVFROHWLYRVGHPXGDQoD
VRFLDO3DUDTXHLVVRDFRQWHoD&DVWHOOV  VXJHUH³ID]VH
QHFHVViULRXPSURFHVVRGHPRELOL]DomRVRFLDODVSHVVRDVSUHFLVDP
SDUWLFLSDUGHPRYLPHQWRV  SHORVTXDLVVmRUHYHODGRVHGHIHQ
GLGRVLQWHUHVVHVHPFRPXP  HXPQRYRVLJQL¿FDGRSRGHVHU
SURGX]LGR´$UHODomRHQWUHDPRELOL]DomRVRFLDOHDLGHQWL¿FDomRp
TXHHVVHVQRYRVVLJQL¿FDGRVSURGX]LGRVQRLQWHULRUGHPRYLPHQWRV
VRFLDLVSRGHPVHUPRELOL]DGRVQDFRQVWUXomRGHLGHQWLGDGHV
$UFKHU  WDPEpPSURS}HXPWLSRGHUHODomRHQWUHLGHQWLGDGH
H PRELOL]DomR SDUD D WUDQVIRUPDomR GD VRFLHGDGH GLVWLQJXLQGR RV
FRQFHLWRVGHµDJHQWHVSULPiULRV¶HµDJHQWHVLQFRUSRUDGRV¶(PVXD
H[SHULrQFLDQRPXQGRDVSHVVRDVVmRSRVLFLRQDGDVLQYROXQWDULDPHQWH
FRPRDJHQWHVSULPiULRVSHORPRGRFRPRQDVFHPHVREUHRTXDOVmR
LPSRVVLELOLWDGDVLQLFLDOPHQWHGHRSHUDUHVFROKDV±LVVRLQFOXLDQRomR
GHFODVVHVRFLDOXPDYH]TXHRFRQFHLWRGHDJHQWHSULPiULRHVWiOLJDGR
D³QRVVRSHUWHQFLPHQWRDFROHWLYLGDGHVSDUWLFXODUHVFRPSULYLOpJLRV
RXIDOWDGHSULYLOpJLRVFRPSDUWLOKDGRV´ $UFKHU 
$FDSDFLGDGHGHWUDQVIRUPDUHPVXDFRQGLomRQHVVHSRVLFLRQD
PHQWRSULPiULRGHSHQGHGHVXDUHÀH[LYLGDGHSDUDVHWUDQVIRUPDUHP
HPDJHQWHVLQFRUSRUDGRVFDSD]HVGHDJLUFROHWLYDPHQWHHGHDWXDU
QDPXGDQoDVRFLDO

 $UFKHU  WDPEpPID]GLVWLQomRHQWUHLGHQWLGDGHSHVVRDO±TXHHQYROYHRVHQWLGRGHVL


PHVPRDHDSHUVRQDOLGDGH±HLGHQWLGDGHVRFLDO±OLJDGDDRVFRQFHLWRVGHDJHQWHSULPiULRH
DJHQWHLQFRUSRUDGR(VVDVTXDWURFDWHJRULDVHVWmRHPUHODomRGHHPHUJrQFLDLVWRpRVHQWLGR
GHVL SHUFHSomRGHVLPHVPRDFRPRXPLQGLYtGXR~QLFRHPWHUPRVItVLFRVHHVSLULWXDLV p
SUpYLRjIRUPDomRGDSHUVRQDOLGDGHTXHHVWiHPUHODomRGLDOpWLFDFRPDLGHQWLGDGHVRFLDO
$DJrQFLDSULPiULDSRUVXDYH]pSUpYLDjDJrQFLDLQFRUSRUDGD$DXWRUDRIHUHFHORQJDV
H[SODQDo}HVDUHVSHLWRGHVVHVFRQFHLWRVIDUHLHQWUHWDQWRXPDSHTXHQDVHOHomRGHDVSHFWRV
UHOHYDQWHVSDUDDGLVFXVVmRQHVWHOLYUR


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

$ DOWHUQDWLYD TXH WHP FRQVHTXrQFLDV VLVWrPLFDV p VXSHUDU R


VWDWXV DJUHJDGR FRPR DJHQWHV SULPiULRV SRU PHLR GR GHVHQ
YROYLPHQWRGHDomRFROHWLYD*UXSRVGHLQWHUHVVHRUJDQL]DGRV
UHSUHVHQWDP D JHUDomR GH XPD QRYD SURSULHGDGH HPHUJHQWH
GDV SHVVRDV   VRPHQWH DTXHOHVDV TXH WrP FRQVFLrQFLD GR
TXHTXHUHPSRGHPDUWLFXODUVHHRUJDQL]DUVHD¿PGHREWrOR
SRGHP VH HQJDMDU HP Do}HV SODQHMDGDV SDUD UHFRQ¿JXUDU RX
PDQWHUDVSHFWRVHVWUXWXUDLVHPTXHVWmR(VWHVVmRFKDPDGRVGH
DJHQWHVLQFRUSRUDGRV $UFKHU 

(QWUHRVSRGHUHVHPHUJHQWHVGHDJHQWHVLQFRUSRUDGRV$UFKHU
GHVWDFDDFDSDFLGDGHGHDUWLFXODomRGHLQWHUHVVHVFRPXQVDRUJDQL
]DomRGHDomRFROHWLYDHDIRUPDomRGHPRYLPHQWRVVRFLDLV$VVLP
D DomR FROHWLYD GH DJHQWHV LQFRUSRUDGRV XOWUDSDVVD R VRPDWyULR
GRVLQWHUHVVHVLQGLYLGXDLVGHFDGDPHPEURGDFROHWLYLGDGHSRLV
HVWiYROWDGDSDUDRVLQWHUHVVHVFRPXQVHRVREMHWLYRVLGHQWL¿FDGRV
FRPRFHQWUDLVjTXHODPRELOL]DomR
7DQWR &DVWHOOV TXDQWR$UFKHU LGHQWL¿FDP UHODo}HV HQWUH D
FRQVWUXomRGHLGHQWLGDGHVHDDomRVRFLDOHDPERVORFDOL]DPQRV
PRYLPHQWRVVRFLDLVSRVVLELOLGDGHVHVWUDWpJLFDVGHDomRFROHWLYD
SRWHQFLDOPHQWH WUDQVIRUPDGRUD ,VVR VXJHUH D UHODomR GLDOpWLFD
HQWUHUHSUHVHQWDomRLGHQWL¿FDomRHDomRMiTXHGLVFXUVRVVmRLQ
FXOFDGRVHPLGHQWLGDGHVHLGHQWLGDGHVSRGHPHVWDUUHODFLRQDGDV
jDomRHVWUDWpJLFD2VGLVFXUVRVWRPDGRVFRPRSUHVVXSRVWRVSDUD
D FRQVWUXomR LGHQWLWiULD SRUWDQWR WrP HIHLWR QDV SRVVLELOLGDGHV
GHDomR±HHQWmRUHWRPDQGRRH[HPSORGHPLQKDSHVTXLVDMXQWR
DR0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH5XD 5HVHQ
GHE DFRQWUDGLomRHQWUHRVGLVFXUVRVGRSURWDJRQLVPRH
GDLPRELOLGDGHGDVHVWUXWXUDVHRVPRGRVFRPRVmRPRELOL]DGRV
SDUDDFRQVWUXomRLGHQWLWiULDSRGHPVHUFDXVDOPHQWHUHODFLRQDGRV
jDomR



9,9,$1('(0(/25(6(1'(

&$3Ë78/2

$1È/,6(',6&856,9$7(;78$/0(17(
25,(17$'$
$LQGDTXHDVUHODo}HVFRPGLVFLSOLQDVGDVFLrQFLDVVRFLDLV
VHMDP IXQGDPHQWDLV SDUD D FRQVWLWXLomR GD$'& FRPR LQWHU
GLVFLSOLQD VXD RULJHP LGHQWL¿FDVH QRV HVWXGRV OLQJXtVWLFRV
PDLVHVSHFL¿FDPHQWHQD/LQJXtVWLFD&UtWLFD /& GHVHQYROYLGD
QD GpFDGD GH  QD 8QLYHUVLGDGH GH (DVW $QJOLD :RGDN
D 3DUD%ORPPDHUW  DUHOHYkQFLDGD/&SDUDR
GHVHQYROYLPHQWRGD$'&GHFRUUHGHTXHD/&³YROWRXVHSDUD
TXHVW}HVWDLVFRPRRXVRGDOLQJXDJHPHPLQVWLWXLo}HVVRFLDLVH
DVUHODo}HVHQWUHOLQJXDJHPSRGHUHLGHRORJLDHSURFODPRXXPD
DJHQGDFUtWLFDSDUDDDQiOLVHOLQJXtVWLFD´DEULQGRFDPSRSDUD
RSRVWHULRUHVWDEHOHFLPHQWRGDVUHODo}HVLQWHUGLVFLSOLQDUHVTXH
VHWRUQDULDPIXQGDPHQWDLVSDUDDFRQVWLWXLomRGD$'&(PERUD
:RGDN D FKHJXHDLJXDODUD/&j$'&XWLOL]DQGRRVGRLV
UyWXORVFRPRSHUPXWiYHLVHPVHXWH[WR0DJDOKmHV  
DUJXPHQWDTXH³FRQVLGHUDUD$'&FRPRXPDFRQWLQXDomRGD/&
pXPDUHGXomRGHTXHVW}HVIXQGDPHQWDLVTXHIRUDPH[SOLFLWDGDV
SHOD$'&´3RGHVHGL]HUHQWmRTXHD$'&DPSOLRXHPWHUPRV
GHWHRULDHGHDSOLFDomRDWUDGLomRGHHVWXGRVOLQJXtVWLFRVDTXH
VH¿OLD 5HVHQGH 5DPDOKR 
(PWHUPRVWHyULFRVD$'&H[SOLFLWDXPDGLIHUHQoDQRWiYHO
HPUHODomRj/&QRPRGRGHHQWHQGHUDUHODomRHQWUHOLQJXDJHP
HVRFLHGDGHDYDQoRUHVXOWDQWHGDDUWLFXODomRHVWDEHOHFLGDFRPD
WHRULDVRFLDOUHFHQWHQRTXHVHUHIHUHHVSHFL¿FDPHQWHjVWHRUL]Do}HV
TXHEXVFDP³DVXSHUDomRGDGLYLVmRLPSURGXWLYDHQWUHWHRULDVGD
HVWUXWXUDHWHRULDVGDDomR´ )DLUFORXJK 3DUD)RZOHU
JULIRVPHXV XPGRVIXQGDGRUHVGD/&DVUHSUHVHQWD
o}HVOLQJXtVWLFDVVmR³PROGDGDVSRUVLVWHPDVGHYDORUHVTXHHVWmR
LPSUHJQDGRVQDOLQJXDJHP´RXVHMDQDSHUVSHFWLYDGD/&TXHGHX


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

RULJHPj$'&DVUHSUHVHQWDo}HVOLQJXtVWLFDVUHÀHWHPDVHVWUXWXUDV
VRFLDLV-iSDUDD$'&DUHODomRHQWUHOLQJXDJHPHVRFLHGDGHp
LQWHUQD )DLUFORXJK LVWRpWH[WRVFRPRSDUWHGHSUiWLFDV
VRFLDLV QmR DSHQDV UHFHEHP LQIRUPDomR RULXQGD GDV HVWUXWXUDV
VRFLDLV FRPR WDPEpP WrP HIHLWRV QD UHSURGXomRWUDQVIRUPDomR
GHVVDVPHVPDVHVWUXWXUDV3RULVVRUHODo}HVVRFLDLVHLGHQWLGDGHV
DSUHVHQWDPXPD³IDFHWDGLVFXUVLYD´ 0DJDOKmHV HVmRUH
IRUPXODGDVHPLQVWkQFLDVGLVFXUVLYDVFRQFUHWDV
(PWHUPRVGHHVFRSRHDSOLFDomRD$'&DFUHVFHQWRXDRVHVWXGRV
OLQJXtVWLFRVXPLQWHUHVVHQDLQYHVWLJDomRGRDVSHFWRGLVFXUVLYRGH
SUiWLFDVSUREOHPiWLFDVQDYLGDVRFLDOFRQWHPSRUkQHD &KRXOLDUDNL
H)DLUFORXJK 1HVVHVHQWLGRD³GLPHQVmRFUtWLFDUHODFLRQDD
$'&FRPXPDSUHRFXSDomRH[SOtFLWDFRPRH[HUFtFLRGRSRGHUQDV
UHODo}HVVRFLDLV´ 0DJDOKmHV HXPDFRQVHTXrQFLDGLVVR
pDLQFRUSRUDomRGHTXHVW}HVTXHDQWHVSDUHFLDPDOKHLDVDRFDPSR
GD/LQJXtVWLFD 0DUWLQV 
8PDGHVVDVTXHVW}HVpDSREUH]DDSUHFDULHGDGHDTXHHVWmR
H[SRVWDV WDQWDV SHVVRDV DR UHGRU GR PXQGR SUREOHPD TXH WHP
LQVSLUDGRPHXSUySULRWUDEDOKR YHMDWDPEpP3DUGR %XVFDJOLD
3DUGR$EULO5HVHQGHD6LOYD0RQWHFLQRV
 2XWUDVTXHVW}HVTXHVHWrPPRVWUDGRSHUWLQHQWHVVmRRV
SUHFRQFHLWRVGHUDoDHJrQHURHRVPRGRVFRPRVmRYHLFXODGRVQD
PtGLDHHPDPELHQWHVLQVWLWXFLRQDLVDH[FOXVmRGHSRUWDGRUHVGH
GH¿FLrQFLDVRXQHFHVVLGDGHVHVSHFLDLVDVSROtWLFDVGHLPLJUDomR
QRFRQWH[WRGRQRYRFDSLWDOLVPRRVWDWXVKHJHP{QLFRGRGLVFXUVR
QHROLEHUDOHVXDQDWXUDOL]DomRHPGLYHUVRVWLSRVGHWH[WRHWF
1RTXHVHUHIHUHDRVPpWRGRVSDUDDQiOLVHGHWH[WRVDVGLYHUVDV
YHUV}HV GH$'& VH DSURSULDP GH FRQFHLWRV H FDWHJRULDV GHVHQ
YROYLGRVSRUYHUWHQWHVGD/LQJXtVWLFD)XQFLRQDO±D/LQJXtVWLFD
7H[WXDOD6RFLROLQJXtVWLFDD3UDJPiWLFDD/LQJXtVWLFD6LVWrPLFD
)XQFLRQDOHWF±HRVS}HPHPIXQFLRQDPHQWRSDUDVHXVREMHWLYRV
GHFUtWLFDVRFLDO1RVWHUPRVGD/6)DIXQomRWH[WXDOGDOLQJXDJHP
pLQVWUXPHQWDOGHVXDVGHPDLVIXQo}HV±UHSUHVHQWDomRGLVFXUVLYD
GRPXQGRHVWDEHOHFLPHQWRGHUHODo}HVVRFLDLVDOWHUHDXWRLGHQ

 4XHURGHVWDFDUDSHUWLQrQFLDGHSHVTXLVDVVREUHHVVHWHPDHP$'&ID]HQGRUHIHUrQFLDj
5HG/DWLQRDPHULFDQDGH(VWXGLRVGHO'LVFXUVRVREUHOD3REUH]D 5('/$' FRRUGHQDGD
SRU/DXUD3DUGRGD8QLYHUVLGDGHGH%XHQRV$LUHV2YROXPH  GDUHYLVWD'LVFXUVR 
6RFLHGDGGHIRLGHGLFDGRDSHVTXLVDVGHVVHJUXSRTXHFRQJUHJDSHVTXLVDGRUHVDVGH
$UJHQWLQD%UDVLO&KLOH&RO{PELDH9HQH]XHOD


9,9,$1('(0(/25(6(1'(

WL¿FDomRDomRVRFLDOPHGLDGDSHODOLQJXDJHP1HVVHVHQWLGRD
OLQJXDJHPRIHUHFHUHFXUVRVOLQJXtVWLFRV±WH[WXDLV±SDUDTXHHVVDV
IXQo}HVSRVVDPVHURUJDQL]DGDVHPWH[WRVSHUWLQHQWHVDLQWHUDo}HV
HVSHFt¿FDV *KLR  )HUQiQGH]   2V UHFXUVRV GLVSRQtYHLV
VmRVHOHFLRQDGRVSRUDWRUHVVRFLDLVSDUDVXDLQWHUDomRSRUPHLRGD
OLQJXDJHPHHVVDVHOHomRSRGHVHUDQDOLVDGDFRPYLVWDVjUHODomR
HQWUHRVUHFXUVRVWH[WXDLVXWLOL]DGRVHDQDWXUH]DFRQWH[WXDOKLV
WyULFDGDVLQWHUDo}HV±HPDQiOLVHVGLVFXUVLYDVFUtWLFDVTXHYLVDP
DRPDSHDPHQWRGDQDWXUH]DVRFLDOGHWH[WRV
$VVLP D DUWLFXODomR GH FDWHJRULDV OLQJXtVWLFDV GH DQiOLVH VH
MXVWL¿FDSHODUHODomRTXHSRVVLELOLWDPHVWDEHOHFHUHQWUHRVUHFXUVRV
OLQJXtVWLFRVPRELOL]DGRVHPWH[WRVHFDWHJRULDVVRFLROyJLFDVFRPR
SRGHUKHJHPRQLDLGHRORJLDLGHQWLGDGH,VVRSRGHID]HUFUHUTXHD
DQiOLVHOLQJXtVWLFDpXPHOHPHQWRPHQRUGDFUtWLFDVRFLRGLVFXUVLYD
RTXHQmRpYHUGDGHDQDOLVWDVGHGLVFXUVRFUtWLFRVDVSUH]DPDR
FRQWUiULRDQiOLVHVWH[WXDOPHQWHRULHQWDGDVFDSD]HVGHPDSHDUHVFR
OKDVOLQJXtVWLFDVHPFRQWH[WRVVRFLDLVDPSORVD¿PGHGHVHQYROYHU
XPDFRPSUHHQVmRDFXUDGDGRIXQFLRQDPHQWRVRFLDOGDOLQJXDJHP
$RLQYpVGHPHUDPHQWHGHVFUHYHUHVWUXWXUDVOLQJXtVWLFDVHVXDXWL
OL]DomRHPWH[WRVHVVHVDVDQDOLVWDVLQWHUHVVDPVHSRUH[SOLFiODV
HPWHUPRVGDQDWXUH]DGDVSUiWLFDVVRFLDLVIRFDOL]DQGRDVUHODo}HV
HQWUHHVWUXWXUDVOLQJXtVWLFDVVHOHFLRQDGDVHUHODo}HVGHSRGHUTXH
DWUDYHVVDPDVRFLHGDGH YDQ'LMN 
$YDQWDJHPGHXPDDQiOLVHGHGLVFXUVRWH[WXDOPHQWHRULHQWDGD
pRIHUHFHUVXEVtGLRVSDUDXPDDQiOLVHVRFLDOIXQGDPHQWDGDHPGD
GRVOLQJXtVWLFRVTXHVXVWHQWHPDFUtWLFDH[SODQDWyULD3RUPHLRGH
DQiOLVHVGLVFXUVLYDVFUtWLFDVpSRVVtYHOLGHQWL¿FDUFRQH[}HVHQWUH
HVFROKDVOLQJXtVWLFDVGHDWRUHVVRFLDLVRXJUXSRVHRVFRQWH[WRV
VRFLDLVPDLVDPSORVQRVTXDLVRVWH[WRVDQDOLVDGRVVmRIRUPXODGRV
$VVLPpJHUDGRFRQKHFLPHQWRDFHUFDGDLQWHULRUL]DomRGHGLVFXUVRV
QDFRQVWUXomRGHLGHQWLGDGHVHQDFRQVWLWXLomRGHUHODo}HVVRFLDLV
DFHUFD GD XWLOL]DomR GH HVWUXWXUDV OLQJXtVWLFDV FRP SURSyVLWRV
SROtWLFRVDFHUFDGDGLVWULEXLomRGHVLJXDOGRDFHVVRDHOHPHQWRV
GLVFXUVLYRVDFHUFDGDUHODomRHQWUHRVPRPHQWRVGLVFXUVLYRVHQmR
GLVFXUVLYRVGHSUiWLFDVVRFLDLVHVSHFt¿FDV
$$'&HQWmRSURYrPHLRVSDUDLQYHVWLJDURVPRGRVFRPRD
OLQJXDJHP ¿JXUD QD YLGD VRFLDO SRVVLELOLWDQGR R GHVYHODPHQWR
GD XQLYHUVDOL]DomR GH GLVFXUVRV SDUWLFXODUHV H GD YLQFXODomR GH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

WH[WRV SDUWLFXODUHV D LGHRORJLDV HQWHQGLGDV FRPR FRQVWUXo}HV


VLPEyOLFDVDVHUYLoRGDPDQXWHQomRGHHVWUXWXUDVGHGRPLQDomR
7KRPSVRQ 3RULVVRD$'&pFRQVLGHUDGDXPDIHUUDPHQWD
SDUDSHVTXLVDVFRPSURPLVVDGDVFRPREMHWLYRVpWLFRVHSROtWLFRV
XPDYH]TXHXPREMHWLYRGHSHVTXLVDVGHVVDQDWXUH]DpDSRQWDU
FRPRFHUWRVGLVFXUVRVQDWXUDOL]DPLQMXVWLoDVVRFLDLVHGLVVLPXODP
SUREOHPDVVRFLDLVHPRVWUDUFRPRLVVRVHUHDOL]DHPLQVWDQFLD
o}HVGLVFXUVLYDVFRQFUHWDVDSDUWLUGHXPDDQiOLVHPLQXFLRVDGH
HOHPHQWRVOLQJXtVWLFRVQRVWH[WRV
&RQVLGHUDQGR TXH VLJQL¿FDGRV LGHROyJLFRV VmR WDQWR PDLV
H¿FD]HVTXDQWRPHQRVWUDQVSDUHQWHV %DNKWLQ)DLUFORXJK
 DDQiOLVHWH[WXDOPHQWHRULHQWDGDGHLQVWDQFLDo}HVGLVFXU
VLYDV DVVXPH UHOHYkQFLD QD FUtWLFD VRFLDO FRQWHPSRUkQHD 3RU
PHLRGHVVHWLSRGHDQiOLVHpSRVVtYHOGHPRQVWUDUHPSLULFDPHQWH
RV SDSpLV GD OLQJXDJHP QD VRFLHGDGH FRQIHULQGR XPD UHVSRVWD
GHEDVHOLQJXtVWLFDjVLQTXLHWDo}HVGHFLHQWLVWDVVRFLDLVDFHUFDGR
GLVFXUVRHFRQVROLGDQGRRSDSHOGHOLQJXLVWDVFUtWLFRVDVHPUHGHV
LQWHUGLVFLSOLQDUHVHQJDMDGDVQRWUDEDOKRFLHQWt¿FRFRPRIRUPDGH
FUtWLFDVRFLDOHOXWDHPDQFLSDWyULD
$ H¿FiFLD GH SHVTXLVDV GHVVD QDWXUH]D SDUD D WUDQVIRUPDomR
GHUHODo}HVGHSRGHUQRVHLRGHVRFLHGDGHVFRQWHPSRUkQHDVHQ
WUHWDQWRGHSHQGHDLQGDGHXPVDOWRTXHD$'&QmRIRLFDSD]GH
ORJUDUVDWLVIDWRULDPHQWHDVXSHUDomRGRVFtUFXORVDFDGrPLFRVH
LQWHOHFWXDLV3DUDWDQWRVHUiLPSUHVFLQGtYHOXPHVIRUoRQRVHQWL
GRGHDOFDQoDURXWURVS~EOLFRVSDUDQRVVRVWH[WRVDOpPGHQRVVRV
SUySULRVSDUHVHGLYXOJDUPXLWRPDLVDPSODPHQWHRVDYDQoRVTXH
QRVVDVSHVTXLVDVQRVSHUPLWHPHPUHODomRDRFRQKHFLPHQWRDFHUFD
GRIXQFLRQDPHQWRVRFLDOGDOLQJXDJHP
1mRVHWUDWDGHWDUHIDIiFLOPDVFUHLRTXHXPFDPLQKRSDVVDSHOD
FRQVROLGDomRGHUHGHVGHSHVTXLVDGRUHVDVHQJDMDGRVDVFRPWHPDV
SDUWLFXODUHVD¿PGHEXVFDUPRGRVGHLQÀXHQFLDUSROtWLFDVS~EOLFDV
HDo}HVVRFLDLVSURWDJRQLVWDVFRQVLGHUDQGRTXH³DFRQGLomRSULQ
FLSDOSDUDTXHXPSURJUDPDLQWHUGLVFLSOLQDUSRVVDVHGHVHQYROYHU
pXPLQWHUHVVHFRPSDUWLOKDGRSRUSUREOHPDVQRPXQGRHRGHVHMR
GH FRQWULEXLU SDUD VXD VROXomR´ %ORPPDHUW    7HPRV
PXLWRDLQGDDID]HUSDUDFRQTXLVWDUDGHVHMiYHODUWLFXODomRHQWUH
LQVWLWXLo}HVGHSDUWDPHQWRVHJUXSRVGHSHVTXLVDWDQWRHPQRVVR
FDPSRGHHVWXGRVTXDQWRFRPSHVTXLVDGRUHVDVGHRXWUDViUHDV2


9,9,$1('(0(/25(6(1'(

GHVD¿RpDLQGDPDLRUVHSHQVDUPRVQDQHFHVViULDDUWLFXODomRFRP
DWRUHVVRFLDLVDWXDQWHVHPRXWUDVHVIHUDVSDUDDOpPGD$FDGHPLD
7XGR LVVR HQWUHWDQWR SRGHUi QRV SHUPLWLU VRPDU HVIRUoRV SDUD
PXOWLSOLFDUDDEUDQJrQFLDGHQRVVRDOFDQFH



3$57(,,

$&216758d­2'2&21+(&,0(172
(0$'&5()/(;­2(3,67(02/Ï*,&$
(26(678'26&5Ë7,&26'2',6&8562
9,9,$1('(0(/25(6(1'(

&$3Ë78/2

32548($5()/(;­2(3,67(02/Ï*,&$
e1(&(66È5,$(03(648,6$6
',6&856,9$6&5Ë7,&$6
2SODQHMDPHQWRGDPHWRGRORJLDGHXPDSHVTXLVDQmRGHYHGHFRUUHU
GLUHWDPHQWHGRFDPSRVRFLDOSHVTXLVDGRHRXGRVREMHWLYRVLQLFLDLVGD
SHVTXLVDGHYHDQWHVVHUUHVXOWDQWHGDUHÀH[mRDFHUFDGDVSHUVSHFWLYDV
RQWROyJLFDHHSLVWHPROyJLFDDGRWDGDV 0DVRQ $HSLVWHPRORJLD
pGH¿QLGDFRPR³RHVWXGRGDQDWXUH]DHGRVIXQGDPHQWRVGRVDEHU´
/DYLOOH 'LRQQH 3DUD3iUDPR 2WiOYDUR  DSRVWXUD
HSLVWHPROyJLFDUHIHUHVHDR³FRQMXQWRGHSUHVVXSRVLo}HVGDVTXDLV
QRVYDOHPRVSDUDQRVRULHQWDUQDEXVFDGRFRQKHFLPHQWR´4XHVW}HV
HSLVWHPROyJLFDVHQWmRVmRTXHVW}HVVREUHFRPRVHFRQVLGHUDSRVVtYHO
JHUDUFRQKHFLPHQWRDFHUFDGDUHDOLGDGHVRFLDOSHVTXLVDGDVmRTXHVW}HV
DFHUFDGDQDWXUH]DGRFRQKHFLPHQWRQmRVREUHHVWUDWpJLDVGHJHUD
omRHFROHWDGHGDGRV±HVWDV~OWLPDVVmRTXHVW}HVPHWRGROyJLFDV$
HSLVWHPRORJLDGL]UHVSHLWRDRVPRGRVSRUPHLRGRVTXDLVDUHDOLGDGH
VRFLDOSRGHVHUFRQKHFLGDDRTXHVHFRQVLGHUDFRPRHYLGrQFLDRX
FRQKHFLPHQWRGDVFRLVDVVRFLDLV
2PRGHORHSLVWHPROyJLFRDGRWDGRHPXPDSHVTXLVDSUHFLVDDMX
GDUDSURGX]LUFRQKHFLPHQWRVDFHUFDGRVFRPSRQHQWHVRQWROyJLFRV
GRPXQGRVRFLDOGHDFRUGRFRPDYHUVmRGDRQWRORJLDFRQVLGHUDGD
SDUDDSHVTXLVD3RULVVRHPXPDSHVTXLVDpQHFHVViULRKDYHUFRU
UHVSRQGrQFLDHQWUHDVSHUVSHFWLYDVRQWROyJLFDHHSLVWHPROyJLFD
,VVRGHYHGHFRUUHUGRUHFRQKHFLPHQWRQmRVyGHTXHKiGLYHUVDV
HSLVWHPRORJLDVGLVSRQtYHLVPDVWDPEpPGHTXH³HODVQmRVmRWRGDV
FRPSOHPHQWDUHV RX LJXDOPHQWH FRQVLVWHQWHV FRP GHWHUPLQDGDV
SRVLo}HVRQWROyJLFDV´ 0DVRQ 
3RUH[HPSORVHRREMHWLYRGHXPDSHVTXLVDpH[SORUDUDVUH
ODo}HVHQWUHDWLYLGDGHVUHODo}HVVRFLDLVLGHQWLGDGHVLGHRORJLDV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

HGLVFXUVRVHPXPDSUiWLFDVRFLDOHVSHFt¿FDHQWmRHVVDSHVTXLVD
DSUHVHQWDUiLQFRQVLVWrQFLDVFDVREDVHLHVHHPXPDHSLVWHPRORJLD
VHJXQGRDTXDODSHQDVRTXHpSURGX]LGRQRPRPHQWRGLVFXUVLYR
GDVSUiWLFDVpSDVVtYHOGHFRQKHFLPHQWR±SRUTXHGHVHMDH[SORUDU
WDPEpP RXWURV PRPHQWRV GD SUiWLFD PDV QmR SHUFHEH TXH WDLV
PRPHQWRVVmRWDPEpPSDVVtYHLVGHFRQKHFLPHQWR6HFRQFRUGDPRV
TXHDo}HVHSURFHVVRVVRFLDLVVmRSDVVtYHLVGHFRQKHFLPHQWRHVH
TXHUHPRVHQWHQGHUDUHODomRHQWUHHYHQWRVSUiWLFDVHHVWUXWXUDV
HQWmRVyRGLVFXUVRQmRGH¿QLUiXPERPSURMHWRpSUHFLVRODQoDU
PmR GH UHODo}HV LQWHUGLVFLSOLQDUHVRTXHLQFOXL UHÀH[mR HSLVWH
PROyJLFD$QiOLVHVGLVFXUVLYDVFUtWLFDVEDVHDGDVDSHQDVHPGDGRV
GRFXPHQWDLV HDPDLRULDGDVDERUGDJHQVpGRFXPHQWDOVHJXQGR
0H\HU QmRFRQVHJXHPUHDOL]DUHSLVWHPRORJLFDPHQWHWRGR
RSRWHQFLDOGDSHUVSHFWLYDRQWROyJLFDDGRWDGDSHOD$'&EDVHDGD
HPXPDUHDOLGDGHVRFLDOHVWUDWL¿FDGDFRPSRVWDGHSUiWLFDVHUHGHV
GHSUiWLFDV(PRXWUDVSDODYUDVFDUHFHPGHFRHUrQFLDHQWUHWHRULD
HHPSLULD
([LVWHHQWmRXPDLQFRQVLVWrQFLDHQWUHDSHUVSHFWLYDRQWROyJLFD
GD$'&HVXDWUDGLomRGHDQiOLVHGRFXPHQWDOLVRODGDVHRVFRPSR
QHQWHVGRPXQGRVRFLDOVmRSUiWLFDVVRFLDLVFRPSRVWDVGHUHODo}HV
VRFLDLV LGHRORJLDV DWLYLGDGHV PDWHULDLV H GLVFXUVRV H VH HVVHV
HOHPHQWRVGDSUiWLFDVRFLDOVmRGLDOHWLFDPHQWHLQWHUFRQHFWDGRVH
QmRVHSRGHPUHGX]LUXPDRRXWURHQWmRKiXPDLQFRQJUXrQFLD
HQWUHHVVDRQWRORJLDHDSRVWXUDHSLVWHPROyJLFDTXHDFUHGLWDTXH
HVVDUHDOLGDGHVRFLDOSRGHVHUFRQKHFLGDVLPSOHVPHQWHSRUPHLRGR
GLVFXUVRPDWHULDOL]DGRHPWH[WRV DQiOLVHGRFXPHQWDO $HSLVWHPR
ORJLDTXHGiFRQWDGHSUiWLFDVHUHGHVGHSUiWLFDVWHPGHVHUPDLV
UHÀH[LYDGHVXDSUiWLFDHSURYDYHOPHQWHWHPGHDUWLFXODURXWURV
PpWRGRVDOpPGDFROHWDGHGRFXPHQWRV$TXHVWmRIXQGDPHQWDO
pTXHSHVTXLVDGRUHVDVHP$'&SUHFLVDPVHHQJDMDUQDUHÀH[mR
HSLVWHPROyJLFDGHVHXVSURMHWRVDQWHVGHSDVVDUjFRQVWUXomRGH
PHWRGRORJLDVFDSD]HVGHJHUDUH[SODQDo}HVFRQWH[WXDOPHQWHLQ
IRUPDGDVGDVUHODo}HVHQWUHRPRPHQWRGLVFXUVLYRHDVGLPHQV}HV
H[WUDGLVFXUVLYDVGDVSUiWLFDVVRFLDLVTXHHVWXGDP
3DUD5HWDPR]R  ³DGLPHQVmRRQWROyJLFDVHUHODFLRQD
FRPRQtYHOPHWRGROyJLFRDWUDYpVGRHSLVWHPROyJLFR´HSRULVVR
³pQHFHVViULRFRQVWUXLUSRQWHVTXHSHUPLWDPWUDQVLWDUGDRQWRORJLD
SDUDDHSLVWHPRORJLDHSDUDDPHWRGRORJLD´(PPXLWDVSHVTXLVDV


9,9,$1('(0(/25(6(1'(

GLVFXUVLYDVDRFRQWUiULRSDUHFHKDYHUXPVDOWRHQWUHXPDRQWRORJLD
DOWDPHQWHFRPSOH[DHXPDPHWRGRORJLDSRUYH]HVLQFDSD]GHUHV
SRQGHUDHVVDFRPSOH[LGDGHHHVVHVDOWRVHGiMXVWDPHQWHSRUVREUH
DUHÀH[mRHSLVWHPROyJLFDTXHpVXSULPLGDGDSHVTXLVDJHUDQGR
XPDODFXQD5HFRQKHFHQGRTXHWRGDSUiWLFDWHyULFDFUtWLFDGHYH
VHUWDPEpPDXWRFUtWLFDSUHWHQGLHPPLQKDSHVTXLVD 5HVHQGH
E LQWURGX]LUXPDPDLRUSUHRFXSDomRFRPDUHÀH[mRHSLV
WHPROyJLFDHP$'&FRPEDVHQR5HDOLVPR&UtWLFRHQDWUDGLomR
TXDOLWDWLYDHWQRJUi¿FD
1mR SUHWHQGR FRP LVVR D¿UPDU TXH DFUHGLWR TXH D UHDOLGDGH
VRFLDOSRVVDVHUGLUHWDPHQWHDFHVVDGDFRPRSUHIHULULDXPDDERUGD
JHPUHDOLVWDLQJrQXD6DEHPRVTXHQRVVDFRPSUHHQVmRGRPXQGR
VRFLDOVHPSUHpPHGLDGDSRUQRVVRVFRQKHFLPHQWRVHWHRULDVGR
PXQGRVRFLDOSRULVVRWRGDDERUGDJHPSOHQDPHQWHQDWXUDOLVWDGR
PXQGRVRFLDOGHYHVHUYLVWDFRPFDXWHOD&RP3iUDPR 2WiOYDUR
 DVVXPRTXH³DLQIRUPDomRHPStULFDQmRpLPHGLDWDPDV
HVWiDXPDFHUWDGLVWkQFLDGRREMHWRTXHUHSUHVHQWD3RUWDQWRp
LQJrQXRFRQVLGHUDURVGDGRVHPStULFRVFRPRHTXLYDOHQWHVGLUHWRV
GRVREMHWRVPDWHULDLV´$$'&DVVLPFRPRR5&FRQVLGHUD³D
LPSRVVLELOLGDGHGHSHVTXLVDVFLHQWt¿FDVDFHVVDUHPGLUHWDPHQWH
SRU H[HPSOR VHP SDVVDU SHOR FULYR GR SHVTXLVDGRU R HVWUDWR
HPStULFRGDUHDOLGDGH´ 5DPDOKR 7DOIDWRHQWUHWDQWR
QmRGHYHVHUVX¿FLHQWHSDUDS{UHPULVFRDYDOLGDGHGRVPpWRGRV
REVHUYDFLRQDLV SDUD LQYHVWLJDomR GD DomR VRFLDO H GDV SUiWLFDV
VRFLDLVSRLVPHVPRRVGDGRVWH[WXDLVVmRDQDOLVDGRVDSDUWLUGD
VXEMHWLYLGDGHGRDDQDOLVWDHLVVR±FRPRVDEHPRV±QmRFRQVWLWXL
XPSUREOHPDSDUDDLQWHUSUHWDomRHP$'&TXHQmRVHSUHWHQGHLP
SDUFLDOHDVVXPHDLPSRVVLELOLGDGHGDQHXWUDOLGDGHDQDOtWLFD³QmR
H[LVWHDQiOLVHµREMHWLYD¶GHWH[WRVSRLVQmRpSRVVtYHOGHVFUHYHU
VLPSOHVPHQWHµRTXHHVWiOi¶VHPDSDUWLFLSDomRGDVXEMHWLYLGDGH
GRDDQDOLVWD )DLUFORXJKYHMDWDPEpP&KRXOLDUDNL 
)DLUFORXJK 
8PGHVD¿RLQWHOHFWXDOTXHPHWHQKRSURSRVWRHPPLQKDVSHV
TXLVDVHQWmRpDPSOLDUDUHODomRHQWUHD&LrQFLD6RFLDO&UtWLFD
&6& HD$'&SRUPHLRGHXPDDERUGDJHPHWQRJUi¿FDPXOWLPH
WRGROyJLFDHPXOWLGLPHQVLRQDOFDSD]GHDFHVVDUDUHODomRHQWUHSUi
WLFDVHYHQWRVGLVFXUVRVLGHQWLGDGHVUHODo}HVVRFLDLV$$'&WHP
VLGRFULWLFDGDSRUQmRUHDOL]DUQDVSUiWLFDVGHSHVTXLVDHDQiOLVH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

DVUHODo}HVLQWHUGLVFLSOLQDUHVGLVFXWLGDVQRQtYHOWHyULFR :RGDN
E ,VVRSRGHVHGHYHUHPSDUWHDXPDIDOWDGHUHÀH[LYLGDGH
±QRVHQWLGRGHDERUGDJHPTXHVWLRQDGRUDHDWLYD±QRGHVHQKRGH
SHVTXLVDV&UHLRTXHDOJXPDVSHVTXLVDVHP$'&WHQGHPDUHSHWLU
PRGHORVGHIRUPDPHFkQLFDVHPUHFRQKHFHUTXHDDEHUWXUDSDUD
GLIHUHQWHVDERUGDJHQVSRGHWUD]HUYDQWDJHQVSDUDDLQYHVWLJDomR
1HVVHVHQWLGRpSRVVtYHOSRWHQFLDOL]DUDUHODomRHQWUHD$'&
HD&6&IRUPXODQGRTXHVW}HVTXHDMXGHPDSHUFHEHUDGLDOpWLFD
HQWUH UHSUHVHQWDomR H LGHQWL¿FDomR H VXJHULQGR FDPLQKRV SDUD
VXSHUDU³DLQGHVHMiYHOGLYLVmRHQWUHHVWUXWXUDHDomR´ )DLUFORXJK
 $VUHÀH[}HVTXHDSUHVHQWRDTXLVmRIUXWRGDVSHVTXLVDV
TXHGHVHQYROYLQmRVHWUDWDGHIRUPXODUXPPRGHORFRQVLGHUDGR
PHOKRUQHPSLRUTXHQHQKXPRXWURFUHLRTXHFDGDSHVTXLVDGRUD
SUHFLVDVHHQJDMDUSHVVRDOPHQWHQDVFRQVLGHUDo}HVHSLVWHPROyJLFDV
GHVXDVSHVTXLVDV$VVLPFRPRD$'&QmRpFRPSDWtYHOFRPPH
WRGRORJLDVSUpPROGDGDVWDPEpPQmRSRGHFRQWDUFRPUHÀH[}HV
HSLVWHPROyJLFDVSURQWDV
1RSUy[LPRFDStWXORSURFXURMXVWL¿FDUPHXHQJDMDPHQWRFRP
RSDUDGLJPDTXDOLWDWLYRXOWLOL]DQGRFRPRH[HPSORRSODQHMDPHQWR
GH PLQKD SHVTXLVD HWQRJUi¿FRGLVFXUVLYD MXQWR DR 0RYLPHQWR
1DFLRQDOGH0HQLQRVH0HQLQDVGH5XDHDVHVWUDWpJLDVTXHXOWL
OL]HLQDSHUVHFXomRGHFRHUrQFLDHQWUHRQWRORJLDHSLVWHPRORJLDH
PHWRGRORJLD1RFDStWXORVHJXLQWHYROWRDIRFDOL]DUDVLPSOLFDo}HV
HSLVWHPROyJLFDVGDUHODomRHQWUH$'&H5&


9,9,$1('(0(/25(6(1'(

&$3Ë78/2

3(648,6$48$/,7$7,9$
$ SHVTXLVD GH QDWXUH]D TXDOLWDWLYD 34  OLGD FRP GHVFULo}HV
HLQWHUSUHWDo}HVGDUHDOLGDGHVRFLDODSDUWLUGHGDGRVLQWHUSUHWD
WLYRVpXPDIRUPDGHSHVTXLVDSRWHQFLDOPHQWHFUtWLFDSRUPHLR
GD34DVFLrQFLDVVRFLDLVFUtWLFDVLGHQWL¿FDPHVWUXWXUDVGHSRGHU
QDWXUDOL]DGDVHPXPFRQWH[WRVyFLRKLVWyULFRGH¿QLGR3RULVVRD
34pLQGLFDGDTXDQGRVHSUHWHQGHIRFDUUHSUHVHQWDo}HVGHPXQGR
UHODo}HVVRFLDLVLGHQWLGDGHVRSLQL}HVDWLWXGHVFUHQoDVOLJDGDVD
XPPHLRVRFLDO
0HVPRTXHHPFHUWDViUHDVDLQGDKDMDSUHFRQFHLWRVHPUHODomRj
34SRGHVHGL]HUTXHHODDJRUDHVWiHVWDEHOHFLGDFRPRSDUDGLJPD
SDUDSHVTXLVDVRFLDO )OLFN.DUGRUII 6WHLQNH $GLQkPLFD
GD34WHPGRLVHOHPHQWRVGLVWLQWLYRVHPUHODomRjSHVTXLVDTXDQ
WLWDWLYD3ULPHLURQmRKiSODQHMDPHQWRVGHSHVTXLVDSUpPROGDGRV
DRFRQWUiULRKiP~OWLSODVRSo}HVGHPpWRGRVSDUDJHUDomRHFROHWD
GHGDGRVFRQVWUXomRGHFRUSRUDPDQHMRHDQiOLVHGHGDGRV±RD
SHVTXLVDGRUDSUHFLVDVHHQJDMDUQDFRQVWUXomRGHXPDPHWRGRORJLD
DGHTXDGDDVXDSHVTXLVD
3URSRQKRXPDGLVWLQomRHSLVWHPROyJLFDHQWUHDµFROHWDGHGDGRV¶
HDµJHUDomRGHGDGRV¶(QWHQGRTXHHPSHVTXLVDGHFDPSRGH
QDWXUH]DHWQRJUi¿FDDPDLRUSDUWHGRVGDGRVQmRpVLPSOHVPHQWH
FROHWDGD±FRPRVHMiHVWLYHVVHGLVSRQtYHOLQGHSHQGHQWHGRWUDEDOKR
GRDSHVTXLVDGRUD±HVLPJHUDGDSDUD¿QVHVSHFt¿FRVGDSHVTXLVD
,UDFDPSRHUHDOL]DULQWHUDo}HVHVSHFL¿FDPHQWHRUJDQL]DGDVSDUDD
SHVTXLVDQmRpFROHWDUDOJRTXHMiHVWHMDGLVSRQtYHOQDYLGDVRFLDO
SRLVRTXHID]HPRVpFULDUVLWXDo}HVJHUDUHVSDoRVGHLQWHUORFXomR
HPXLWDVYH]HVFULDUPpWRGRVSDUDLVVR,QYHVWLJDPRVSUREOHPDV
VRFLDLVVHPG~YLGDSUpH[LVWHQWHVjSHVTXLVDPDVFULDPRVVLWXD
o}HVVRFLDLV~WHLVSDUDVXDLQYHVWLJDomR3RURXWURODGRDOJXPDV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

YH]HVFROHWDPRVWH[WRVHLQWHUDo}HVMiGLVSRQtYHLVTXHH[LVWHP
LQGHSHQGHQWHPHQWHGHQRVVDLQWHUYHQomR±pRFDVRGDFROHWDGH
PDWHULDLVLPSUHVVRVQRFRQWH[WRGDSHVTXLVDRXGDJUDYDomRGH
LQWHUDo}HVWtSLFDVGHVVHFRQWH[WR
(VVDGLVWLQomRpHSLVWHPROyJLFDSRUTXHRVGDGRVJHUDGRVHRV
GDGRVFROHWDGRVQRVSHUPLWHPDFHVVRDGLIHUHQWHVFRPSRQHQWHV
RQWROyJLFRV5HFRQKHFHUDGLIHUHQoDHQWUHRVGRLVWLSRVGHGDGRV
HQWUHWDQWR QmR LPSOLFD XPD REMHWLYDomR GRV GDGRV FROHWDGRV
SRLV PHVPR HVVHV VmR VHOHFLRQDGRV SHORD SHVTXLVDGRUD 7DP
SRXFRLPSOLFDGHVFRQVLGHUDUTXHPHVPRDVLQWHUDo}HVWtSLFDVGR
FRQWH[WRSHVTXLVDGRVHFRQVWUXDPQRPRPHQWRPHVPRGRHYHQWR
GLVFXUVLYRHPTXHRFRUUHP±DTXHVWmRpTXHHVVHWLSRGHGDGR
FROHWDGR QRVSRVVLELOLWDHVWXGDUDHVWUXWXUDomRGRVHYHQWRVQR
FRQWH[WRSHVTXLVDGRRGHVHQURODUGHXPDDWLYLGDGHTXHRFRUUHULD
LQGHSHQGHQWHPHQWHGDSHVTXLVDTXHVHUHDOL]D
(PPLQKDSHVTXLVDMXQWRDR0RYLPHQWR1DFLRQDOGH0HQL
QRVH0HQLQDVGH5XD 5HVHQGHE SRUH[HPSORIRUDP
JHUDGRV GDGRV SRU PHLR GH JUXSRV IRFDLV H GH HQWUHYLVWDV H
IRUDP FROHWDGRV GDGRV SRU PHLR GD JUDYDomR GH UHXQL}HV$
GLIHUHQoDHQWUHXPHRXWURWLSRGHGDGRVpTXHRSULPHLURGH
FRUUHGHLQWHUDo}HVTXHQmRRFRUUHULDPIRUDGDSHVTXLVDVmR
LQWHUDo}HVJHUDGDVSDUD¿QVGDSHVTXLVDMiRVHJXQGRGHFRUUH
GRUHJLVWURRXFROHWDGHLQWHUDo}HVH[LVWHQWHVIRUDGRXQLYHU
VRGDSHVTXLVDHTXHVmRDSURYHLWDGDVWDPEpPSDUDHVVH¿P
8PDLPSOLFDomRHSLVWHPROyJLFDGHVVDGLVWLQomRpTXHRVGDGRV
JHUDGRVHPFDPSRVHUmR~WHLVSDUDDDQiOLVHGHUHSUHVHQWDo}HV
GD DomR GD DWLYLGDGH PDWHULDO GDV UHODo}HV VRFLDLV PDV QmR
SDUDDDQiOLVHGDDomRVRFLDOHPVL±DPHQRVTXHDDWLYLGDGH
VRFLDOLQYHVWLJDGDVHMDDSUySULDSUiWLFDGDSHVTXLVD3RULVVR
pLPSUHVFLQGtYHOHPSHVTXLVDVGLVFXUVLYDVTXHHVWHMDFODUDD
GLVWLQomRHQWUHDomRVRFLDOHVXDUHSUHVHQWDomR
2VHJXQGRHOHPHQWRGLVWLQWLYRGD34HPUHODomRjSHVTXLVD
TXDQWLWDWLYDpTXHRSURFHVVRGH34pFtFOLFRUHFXUVLYRDJHUDomR
FROHWDHDDQiOLVHGHGDGRVVmRUHODFLRQDGDVRXVHMDDVDQiOLVHV
LQLFLDLVSRGHPDSRQWDUQHFHVVLGDGHGHUHYLVmRGRVPpWRGRVSDUD
JHUDomRHFROHWDGHGDGRVHSRULVVRRPDQHMRGRVPpWRGRVGHYH
VHUVX¿FLHQWHPHQWHÀH[tYHOSDUDGDUFRQWDGHVVHVDMXVWHV &UDEWUHH
0LOOHU0DVRQ 


9,9,$1('(0(/25(6(1'(

$HVFROKDHQWUHGLIHUHQWHVWLSRVGHSHVTXLVDGHYHGHSHQGHUGD
TXLORTXHVHSUHWHQGHSHVTXLVDU$TXHVWmRQmRpHVWDEHOHFHUXPD
KLHUDUTXLDHQWUHPRGHORVTXDQWLWDWLYRVHTXDOLWDWLYRVQmRpDVVXPLU
DSULRULTXHXPWLSRGHSHVTXLVDVHMDVXSHULRURXLQIHULRUDRXWUR
$ TXHVWmR VHPLQDO TXH QRV GHYHPRV ID]HU TXDQGR SODQHMDPRV
XPGHVHQKRGHSHVTXLVDp³RVPpWRGRVGHSHVTXLVDDGRWDGRVVmR
DSURSULDGRVjQDWXUH]DGDTXHVWmRTXHHVWiVHQGRLQYHVWLJDGDQD
SHVTXLVD"´ 6LOYHUPDQ 8PDYH]TXHVHWUDWDGHXPD
TXHVWmRGHFDUiWHUHSLVWHPROyJLFRHVVDUHÀH[mRGHYHVHUDQWHULRU
jVHOHomRFULDomRGHPpWRGRVSDUDDSHVTXLVD
$ ¿OLDomR j WUDGLomR TXDOLWDWLYD SRGH QmR VHU VX¿FLHQWH SDUD
HVFODUHFHUDQDWXUH]DGHXPDSHVTXLVD(PERUDRUyWXORµSHVTXLVD
TXDOLWDWLYD¶SRVVDVXJHULUKRPRJHQHLGDGHHFRQVHQVRWDOQmRID]
MXVjPXOWLSOLFLGDGHGHDERUGDJHQVTXHVHLGHQWL¿FDPFRPRUyWXOR
WUDWDVHGHXPQRPHJHQpULFRSDUDXPDYDULHGDGHGHDERUGDJHQV
LQWHUSUHWDWLYDV+iHQWUHWDQWRXPSULQFtSLRHSLVWHPROyJLFRFR
PXPjVDERUGDJHQVTXDOLWDWLYDVRLQWHUHVVHQDFRPSUHHQVmRGH
UHODo}HVFRPSOH[DVGH UHGHVGH SUiWLFDVRTXHMXVWL¿FDDDGRomR
GHPpWRGRVP~OWLSORVHDUHFXVDDPpWRGRVSDGURQL]DGRVFRPR
RVTXHVWLRQiULRVDPHQRVTXHVHMDPDUWLFXODGRVDRXWURVPpWRGRV
FRPSOHPHQWDUHV3RULVVRSRUPHLRGD34±HQRWDGDPHQWHSRU
PHLR GH PpWRGRV REVHUYDFLRQDLV ± p SRVVtYHO R DFHVVR D LQIRU
PDo}HVHVSHFt¿FDVQmRHQFRQWUDGDVHPGDGRVTXDQWLWDWLYRVHRX
GRFXPHQWDLVLVRODGRV
'LVFXVV}HVDFHUFDGHpWLFDHPSHVTXLVDTXDOLWDWLYDWrPIDYRUHFLGR
PpWRGRVFRODERUDWLYRVGHSHVTXLVDHPTXHRREMHWLYRGRDSHVTXL
VDGRUDQmRpDSHQDVSHVTXLVDUVREUHRXSDUDVXMHLWRVPDVSHVTXLVDU
VREUH SDUD H FRP VXMHLWRV SDUWLFLSDQWHV GR SURFHVVR GH SHVTXLVD
&DPHURQHWDO ,VVRLPSOLFDXPUHFRQKHFLPHQWRGRVDVSDU
WLFLSDQWHVGDSHVTXLVDFRPRSDUWLFLSDQWHVGHIDWRQmRFRPRµVXMHLWRV
SHVTXLVDGRV¶RXPXLWRPHQRVFRPRµLQIRUPDQWHV¶7RPDURVDWRUHV
VRFLDLVLPSOLFDGRVHPSURFHVVRVGHSHVTXLVDFRPRSDUWLFLSDQWHVLP
SOLFDLQVHULUVXDDJHQGDGHLQWHUHVVHVQDSUiWLFDLQYHVWLJDWLYDRTXH
H[LJHXPSODQHMDPHQWRGHSHVTXLVDVX¿FLHQWHPHQWHÀH[tYHODSWRD
VHUPRGL¿FDGRSDUDWRUQDUVHUHOHYDQWHSDUDDFRPXQLGDGHTXHFRP
SDUWLOKDVHXVFRQKHFLPHQWRVFRPRDSHVTXLVDGRUD 'HPR 
$SHVTXLVDSDUWLFLSDWLYDLQFOXLHQWmRULVFRVHVSHFt¿FRVYLVWR
TXHVXDFRQGXomRWRUQDVHYiOLGDQmRSHODJHQHUDOL]DomRGRVUH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

VXOWDGRVPDVSRUVXDDGHTXDomRWDPEpPjDJHQGDGHLQWHUHVVHV
GRVDVSDUWLFLSDQWHV±pSUHFLVRHVWDUVHQVtYHODLVVRSDUDVHDEULU
PmRGHHWDSDVSUHYLVWDVQRSODQHMDPHQWRLQLFLDOHTXHHPERUDQRV
SDUHoDP DFDGHPLFDPHQWH SHUWLQHQWHV PRVWUHPVH LQDGHTXDGDV
DRJUXSR
3HVTXLVDVVRFLDOPHQWHHQJDMDGDVWrPVLGRUHIHULGDVFRPRSHV
TXLVDV FRPSURPHWLGDV FRP R HPSRGHUDPHQWR &DPHURQ HW DO
 2WHUPRµHPSRGHUDPHQWR¶HQWUHWDQWRJXDUGDXPDFRQWUD
GLomRSRLVGHQRWDXPDSHUVSHFWLYDVHJXQGRDTXDOSHVTXLVDGRUHV
DVVHULDPGHWHQWRUHVGHµSRGHU¶DVHUUHGLVWULEXtGRHQWUHVXMHLWRV
µGHVHPSRGHUDGRV¶6DEHPRVFRQWXGRTXHKiGLIHUHQWHVWLSRVGH
FRQKHFLPHQWRHGLIHUHQWHVWLSRVGHSRGHUGLVWULEXtGRVQDVRFLHGDGH
1HVVHVHQWLGRWRGRVXMHLWRH[FOXtGRGHXPDSUiWLFDHVWDUiLQFOXt
GRHPRXWUDVRTXHLPSOLFDTXHRSUySULRFRQFHLWRGHH[FOXVmRp
VHPSUHUHODWLYRDDOJRHVSHFt¿FR$VVLPRTXHXPDSHVTXLVDFRPR
DTXHFRQGX]LMXQWRDR0RYLPHQWR1DFLRQDOGH0HQLQRVGH5XD
5HVHQGHE SRGHDPELFLRQDUHPWHUPRVGHUHVXOWDGRVSUiWL
FRVHVWiPDLVOLJDGRjUHÀH[mRTXHSRGHGHVHQFDGHDUQRFRQWH[WR
SHVTXLVDGRjGHVQDWXUDOL]DomRGHUHSUHVHQWDo}HVWRPDGDVFRPR
WiFLWDVDRGHVYHODPHQWRGHPHFDQLVPRVFDXVDGRUHVGHTXHVW}HV
SUREOHPiWLFDVRXEORTXHDGRUHVGHVROXo}HV 2XWKZDLWH 
'HVVHPRGRDPRWLYDomRVRFLDOGDSHVTXLVDQmRLPSOLFDXPD
SHUVSHFWLYDVHJXQGRDTXDOD$FDGHPLDGRDOWRGHVXDVDEHGRULD
HPSRGHUDVXMHLWRVFDUHQWHVGHVVDPHVPDVDEHGRULDHPXPDLQWHU
YHQomRYHUWLFDOGHFLPDSDUDEDL[R6RPHQWHSUiWLFDVGHSHVTXLVD
TXHEXVTXHPVXSHUDUDVVLPHWULDVWRPDGDVFRPRWiFLWDVSRGHPVH
SUHWHQGHU FRODERUDWLYDV QR VHQWLGR TXH SURFXUHL H[SOLFLWDU QRV
SDUiJUDIRVDQWHULRUHV
+iWUrVSULQFtSLRVTXHGHYHPVHUFRQVLGHUDGRVQRGHVHQYROYL
PHQWRGHXPSURMHWRGHSHVTXLVDFRODERUDWLYD L RXVRGHPpWRGRV
LQWHUDWLYRVGLDOyJLFRVTXHVmRLPSUHVFLQGtYHLVTXDQGRVHSUHWHQGH
GHVHQYROYHUSHVTXLVDGHVVDQDWXUH]D LL DDERUGDJHPGHWHPDVGH
LQWHUHVVHGRVDVSDUWLFLSDQWHVTXHDVVHJXUDDLQFRUSRUDomRGDDJHQGD
GDFRPXQLGDGHQRSURMHWRGHSHVTXLVD LLL RFRPSDUWLOKDPHQWRGRV
UHVXOWDGRVTXHJDUDQWHDFHVVRDRFRQKHFLPHQWRHVSHFLDOL]DGRHjV
LQWHUSUHWDo}HVJHUDGDVSHODSHVTXLVD &DPHURQHWDO 
2FRPSDUWLOKDPHQWRGRVUHVXOWDGRVFRPRVDVSDUWLFLSDQWHVp
SULPRUGLDOSDUDDSHVTXLVDFRODERUDWLYDSRLVGHRXWUDPDQHLUDDV


9,9,$1('(0(/25(6(1'(

UHÀH[}HVOHYDGDVDFDERQDSHVTXLVDGL¿FLOPHQWHWrPHIHLWRQR
FRQWH[WRSHVTXLVDGR,VVRHVWiGHDFRUGRFRPDUHÀH[mRGH%ORP
PDHUW  DFHUFDGRFRUWHQRSURFHVVRGLDOyJLFRGDSHVTXLVD
QRTXHVHUHIHUHjVDQiOLVHV

8PSUREOHPDFODUR>HP$'&@pDUHÀH[LYLGDGH2SURFHVVRGH
DQiOLVHpQHFHVVDULDPHQWHGLDOyJLFRHHQWmRDLQWHUSUHWDomRp
DIHWDGDSHORDDQDOLVWD0DVTXDQGRRDDQDOLVWDVHUHWLUDSDUDR
QtYHOPDLVDOWRGRGRPtQLRGDWHRULDFRPRYHUGDGHRSURFHVVR
GLDOyJLFRVHIHFKDHRDDQDOLVWDVHWRUQDR~QLFRiUELWURGRVVLJQL
¿FDGRV  2$SDUWLFLSDQWHpHPSXUUDGRDSDUDIRUDGDDQiOLVH
SRUDVVLPGL]HUWmRORJRDIDVHH[SODQDWyULDGDDQiOLVHpLQLFLDGD
(VVHpXPSUREOHPDVpULRQDPHGLGDHPTXHD$'&DVSLUDDR
HPSRGHUDPHQWRGHVXMHLWRVSRUPHLRGDDQiOLVHFUtWLFD

3DUDXPDSHVTXLVDFRQ¿JXUDUVHFRPRGLDOyJLFDpQHFHVViULR
SRUWDQWRTXHDVDQiOLVHVHVHXVUHVXOWDGRVVHMDPFRPSDUWLOKDGRV
FRPRVDVSDUWLFLSDQWHVTXHKDMDHVSDoRSDUDQHJRFLDomRGDVLQWHU
SUHWDo}HVTXHDVSHVVRDVHQYROYLGDVQRSURFHVVRGDSHVTXLVDVHMDP
RXYLGDVWDPEpPHPUHODomRjVFRQFOXV}HVGRDSHVTXLVDGRUD$
GHPRFUDWL]DomRGRFRQKHFLPHQWRJHUDGRSHODSHVTXLVDHDQHJR
FLDomRGDVLQWHUSUHWDo}HVVySRGHPVHUHIHWLYDVVHRVPpWRGRVSDUD
WDQWRIRUHPGH¿QLGRVGHDFRUGRFRPRJUXSRHFRPVHXVLQWHUHVVHV
HVSHFt¿FRVQDSHVTXLVD
eLPSUHVFLQGtYHOWUDWDQGRVHGHSHVTXLVDFUtWLFDFRPSURPHWLGD
FRPDpWLFDTXHGHVGHRVHVWiJLRVLQLFLDLVGDSHVTXLVDRVREMHWLYRV
GDLQYHVWLJDomRHRVPpWRGRVTXHVHSUHWHQGHDGRWDUVHMDPGLV
FXWLGRVHQHJRFLDGRVFRPRVDVSDUWLFLSDQWHVHPXPDSUiWLFDGH
SHVTXLVDTXHSULPDSHODFODUH]DHSHORUHVSHLWRDRVVXMHLWRV(VVD
SUHRFXSDomR HP WRUQDU FODURV RV REMHWLYRV H DV HVWUDWpJLDV YLVD
DXPDIDVWDPHQWRHPUHODomRjSUiWLFDGHSHVTXLVDH[SORUDWyULD
HPTXHRDSHVTXLVDGRUDXWLOL]DRVFRQKHFLPHQWRVGRJUXSRVHP
SUHRFXSDUVH FRP DV GHV YDQWDJHQV TXH D SHVTXLVD SRVVD OKHV
WUD]HU1DSHVTXLVDHQJDMDGDDRFRQWUiULRRVGDGRVVHUmRYiOLGRV
DSHQDVVHIRUHPWDPEpPpWLFRV
$UHÀH[mRpWLFDHPSHVTXLVDTXDOLWDWLYDUHODFLRQDDHSLVWHPR
ORJLD±QRVHQWLGRGHFRPRSHUFHEHPRVRVVXMHLWRVSDUWLFLSDQWHV
HFRPRQRVSRVLFLRQDPRVHPUHODomRDHOHVSDUDFRQVWUXLUFRQKH
FLPHQWR±HDPHWRGRORJLD±QRVHQWLGRGHFRPRHVVDUHÀH[mRLQ


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

ÀXHQFLDRSODQHMDPHQWRGDSHVTXLVDHDFRPSRVLomRGDVHVWUDWpJLDV
SDUDRDFHVVRDRFRQKHFLPHQWRFRQWH[WXDOL]DGR
$VHVWUDWpJLDVSDUDJHUDomRHFROHWDGHGDGRVXVDGDVHPXPD
SHVTXLVDQmRVHMXVWL¿FDPHPVLPHVPDVPDVHPVXDUHODomRFRP
RV FRPSRQHQWHV RQWROyJLFRV GR PXQGR VRFLDO TXH VH SUHWHQGH
DFHVVDUFRPDYHUVmRGHHSLVWHPRORJLDDGRWDGDHFRPDVTXHVW}HV
GD SHVTXLVD 1R GHVHQYROYLPHQWR GH PLQKD SHVTXLVD MXQWR DR
0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH5XDQR'LVWULWR
)HGHUDODJHUDomRHDFROHWDGHGDGRVIRUDPIHLWDVSRUPHLRGD
DUWLFXODomRGHGLYHUVRVPpWRGRVHWQRJUi¿FRVHHVVDDUWLFXODomR
±GHFRUUHQWHGDUHÀH[mRDFHUFDGDQHFHVViULDUHODomRHQWUHRQWR
ORJLDHSLVWHPRORJLDHPHWRGRORJLD±GH¿QLXXPDFRQWULEXLomRGD
SHVTXLVDSDUDRVHVWXGRVHP$'&
(PWHUPRVPHWRGROyJLFRVDSHVTXLVDEXVFRXHVWDEHOHFHUGL
iORJRHQWUHRSDUDGLJPDHWQRJUi¿FRGHSHVTXLVDTXDOLWDWLYDHRV
HVWXGRVGLVFXUVLYRVFUtWLFRVHVSHFLDOPHQWHD$'&$HWQRJUD¿Dp
GH¿QLGDFRPRXPDWUDGLomRGH34TXHDJUXSDDDQiOLVHGHGDGRV
HPStULFRVJHUDGRVHFROHWDGRVVLVWHPDWLFDPHQWHSDUDDSHVTXLVD
SURYHQLHQWHVGHFRQWH[WRVVLWXDGRVHGHXPDYDULHGDGHGHPpWRGRV
HPERUDRIRFRGHYDVHUUHODWLYDPHQWHHVWUHLWRHPHVFDODHQYROYHQ
GRSRXFRVJUXSRVGHLQGLYtGXRV +DPPHUVOH\ 
$JHUDomRFROHWDGHGDGRVHWQRJUi¿FRVHVXD¿[DomRHPWH[WRV
SDVVtYHLVGHDQiOLVHVHJXHPXPDWUDGLomRPHWRGROyJLFDTXHFRQWD
FRPYDULDGRVPpWRGRVDVHUHPVHOHFLRQDGRVGHDFRUGRFRPRVRE
MHWLYRVGHFDGDSHVTXLVD$OpPGLVVRpSRVVtYHOTXDQGRQHFHVViULD
SDUDRVREMHWLYRVGHXPDSHVTXLVDDFULDomRGHPpWRGRVLQRYDGRUHV
SDUDDJHUDomRGHGDGRV±RTXHSDUDDOJXQVDOJXPDVDXWRUHVDVp
XPDYDQWDJHPYLVWRTXHGHQRWDPDLRUÀH[LELOLGDGHHFULDWLYLGD
GHQRGHVHQKRGDSHVTXLVD YHMDSRUH[HPSOR)OLFN.DUGRUII 
6WHLQNH'HQ]LQ /LQFROQ0DVRQ 
%DUWRQ  +DPLOWRQ   GH¿QHP D SHVTXLVD HWQRJUi¿FD
GHOLQHDQGRTXDWURGHVXDVFDUDFWHUtVWLFDV  XWLOL]DomRGHGDGRV
UHDLVHVLWXDGRV  IRFRQRSURFHVVRVRFLDOFRQWH[WXDOL]DGR  
XWLOL]DomRGHPpWRGRP~OWLSOR  DQiOLVHLQWHUSUHWDWLYD(PHW
QRJUD¿DQmRVHREMHWLYDXPDJHQHUDOL]DomRSRUPHLRGRVGDGRV
PDVDIRFDOL]DomRGHSUiWLFDVSDUWLFXODUHVHPHYHQWRVSDUWLFXODUHV
±GDtDDGHTXDomRGHVVHWLSRGHSHVTXLVDDSURMHWRVTXHIRFDOL]DP
SHUVSHFWLYDVORFDOL]DGDV3HVTXLVDVHWQRJUi¿FDVWrPXPDSUHRFX


9,9,$1('(0(/25(6(1'(

SDomRKDELWXDOFRPRSDUWLFXODUFRPDFRPSUHHQVmRGDH[SHULrQFLD
VRFLDOVLWXDGDVHXVSURFHVVRVHPXGDQoDVVHQVtYHLVDRIDWRGHTXH
³SURFHVVRVVRFLDLVVmRFRQWLQJHQWHVDFRQWH[WRVHVSHFt¿FRVHQHOHV
HQFDL[DGRV´ 0DVRQ 
5HFRQKHFHQGRPHXLQWHUHVVHSRUXPPRYLPHQWRVRFLDOHVSHFt¿
FRHYLQFXODQGRPLQKDSHVTXLVDDHVVHFRQWH[WRSDUWLFXODUREMHWL
YHLFRPSUHHQGHUDQHJRFLDomRGHVLJQL¿FDGRVHQWUHVHXVPHPEURV
HRVPRGRVFRPRHVVHVVLJQL¿FDGRVFRQ¿JXUDPDRPHVPRWHPSR
SURGXWR H PHLR GRV SURFHVVRV GH DomR VRFLDO LQÀXHQFLDQGR RV
PRGRV GH LGHQWL¿FDomR DV UHODo}HV VRFLDLV H D SUySULD DomR GR
0RYLPHQWR3DUDWDQWR¿]XVRGHGLYHUVRVPpWRGRVSDUDJHUDomR
HFROHWDGHGDGRVYLVDQGRH[SORUDUGLIHUHQWHVGLPHQV}HVGHPHX
REMHWRGHSHVTXLVD
2GHVD¿RIRLPRELOL]DUD$'&SDUDDDQiOLVHGHGDGRVHWQR
JUi¿FRVD¿PGHDFHVVDURVVHJXLQWHVFRPSRQHQWHVRQWROyJLFRV
GRPXQGRVRFLDOGLVFXUVRVUHODo}HVVRFLDLVDWLYLGDGHVPDWHULDLV
DomRVRFLDOLGHQWLGDGHVH UHGHVGH SUiWLFDV&RPRPHXIRFRIRL
RPRPHQWRGLVFXUVLYRGDVSUiWLFDVVREUHWXGRHPVHXVDVSHFWRV
UHSUHVHQWDFLRQDO H LGHQWL¿FDFLRQDO D UHSUHVHQWDomR GH HYHQWRV
SUiWLFDVHUHODo}HVVRFLDLVHDFRQVWUXomRGLVFXUVLYDGHLGHQWLGDGHV
VmRVDOLHQWHVQRVGDGRVHQWUHWDQWRRVPpWRGRVREVHUYDFLRQDLVIR
UDP~WHLVQDDSUHHQVmRWDPEpPGHDVSHFWRVPDWHULDLVGDVSUiWLFDV
LQYHVWLJDGDV 5HVHQGHE 

1RTXHVHUHIHUHjDUWLFXODomRWHyULFDHHSLVWHPROyJLFDFRPR5&
HVXDVLPSOLFDo}HVPHWRGROyJLFDV6D\HU E SRQGHUD

25&HQGRVVDRXpFRPSDWtYHOFRPXPFRQMXQWRUHODWLYDPHQWH
DPSOR GH PpWRGRV GH SHVTXLVD H LVVR LPSOLFD TXH DV HVFROKDV
SDUWLFXODUHV GHYHP GHSHQGHU GD QDWXUH]D GR REMHWR GH HVWXGR H
GRTXHVHSUHWHQGHDSUHQGHUVREUHHOH3RUH[HPSORDERUGDJHQV
HWQRJUi¿FDVHTXDQWLWDWLYDVVmREDVWDQWHGLIHUHQWHVPDVFDGDXPD
SRGHVHUDSURSULDGDSDUDWDUHIDVGLIHUHQWHVHOHJtWLPDV±DSULPHLUD
WDOYH]SDUDDSHVTXLVDGHQRUPDVHFRVWXPHVGHXPJUXSRDVHJXQ
GDGLJDPRVSDUDSHVTXLVDUÀX[RVGRFRPpUFLRPXQGLDO7DOYH]R
PDLVLPSRUWDQWHVHMDTXHUHDOLVWDVUHMHLWDPSUHVFULo}HVGHµOLYURVGH
UHFHLWD¶VREUHPpWRGRVTXHIDoDPFUHUTXHVHSRVVDID]HUSHVTXLVD
VLPSOHVPHQWHDSOLFDQGRRVDRREMHWRGHHVWXGRHPTXHVWmR


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

$VVLPFRQVLGHUDQGRPHXREMHWRGHSHVTXLVD±DFULVHGR0R
YLPHQWR±HPHXLQWHUHVVHHPFRPSUHHQGHUUHODo}HVFDXVDLVTXH
SXGHVVHPH[LVWLUHQWUHHVVDFULVHHHOHPHQWRVGHQDWXUH]DGLVFXU
VLYDQDSUiWLFDVRFLDOFRPRPRGRVGHUHSUHVHQWDomRHFRQVWUXo}HV
LGHQWLWiULDVHVFODUHFHVHDDGHTXDomRGRHVWLORGHSHVTXLVDHGRV
PpWRGRVHVFROKLGRVSDUDJHUDomRHFROHWDGHGDGRV
(PUHODomRjUHOHYkQFLDGHXPDGHVFULomRPHWRGROyJLFDGHWD
OKDGDHPSHVTXLVDHWQRJUi¿FDUHVVDOWRTXHKiYDQWDJHQVHPVH
WRUQDUDPHWRGRORJLDH[SOtFLWDSURYHUSRVVLELOLGDGHVGHDYDOLDomR
HGHLQWHUFkPELRGHH[SHULrQFLDVHQWUHSHVTXLVDGRUHVDVDOpPGH
SURPRYHUDDXWRUHÀH[mRHPUHODomRjSUySULDSUiWLFDGHSHVTXLVD
%DUWRQ +DPLOWRQ $RGLVFXWLUDXWLOL]DomRGHPpWRGRV
HWQRJUi¿FRVHPSHVTXLVDVHP$'&%ORPPDHUW  SRQ
GHUDTXHPXLWDVYH]HV³QmRVRPRVLQIRUPDGRVDVVREUHGHRQGH
LQIRUPDo}HVHWQRJUi¿FDVFUXFLDLVYrP  $IRQWHGHLQIRUPDo}HV
FRQWH[WXDLVpIUHTXHQWHPHQWHUHIHULGDGHPRGRREOtTXR  6XD
IXQomRHQWUHWDQWRpFUXFLDOVmRDVSHFWRVFHQWUDLVGDFRQWH[WXDOL
]DomR´$VVLPFUHLRTXHGHYHPRVHYLWDUGHL[DUGHIRUDGRHVFRSR
GD$'&DEDVHHWQRJUi¿FDGDSHVTXLVDQRFDVRGHSHVTXLVDVHW
QRJUi¿FRGLVFXUVLYDVFRPRDVTXHYHQKRUHDOL]DQGR
$DUWLFXODomRGHGLYHUVRVPpWRGRVSDUDJHUDomRHFROHWDGHGDGRV
HGHGDGRVGHGLIHUHQWHVIRQWHVHPSHVTXLVDTXDOLWDWLYDQmRGHYH
VHUIHLWDDSHQDVSDUDFRQIHULUFRQ¿DELOLGDGHjSHVTXLVDPDVWDP
EpPSRUTXHDVTXHVW}HVGHSHVTXLVDSRGHPVHUDERUGDGDVGHXPD
YDULHGDGHGHkQJXORVRXFRQFHLWXDGDVGHGLYHUVDVPDQHLUDVRTXH
 $SHVTXLVDTXHUHDOL]HLUHODFLRQDVHDRTXH6D\HU E GH¿QHFRPRSHVTXLVDLQWHQVLYD
³$SHVTXLVDLQWHQVLYDHVWiLQWHUHVVDGDSULQFLSDOPHQWHFRPRTXHID]DVFRLVDVDFRQWHFHUHP
HPFDVRVHVSHFt¿FRVRXQXPDIRUPDPDLVHWQRJUi¿FDTXHWLSRGHXQLYHUVRGHVLJQL¿FDGRV
H[LVWHHPXPDVLWXDomRSDUWLFXODU´4XDQGRGLVFXWHDVYDQWDJHQVHGHVYDQWDJHQVGHVVHWLSR
GHSHVTXLVD6D\HU E DUJXPHQWD³$SHVTXLVDLQWHQVLYDpIRUWHHPH[SODQDomR
FDXVDO H QD LQWHUSUHWDomR GH VLJQL¿FDGRV FRQWH[WXDOL]DGRV PDV WHQGH D FRQVXPLU PXLWR
WHPSR  DYDOLGDGHGDDQiOLVHGHVVHVFDVRVHVXDUHSUHVHQWDWLYLGDGHHPWHUPRVQXPpULFRV
VmRTXHVW}HVLQWHLUDPHQWHVHSDUDGDVDDGHTXDomRGDDQiOLVHGHXP~QLFRFDVRQmRSUHFLVD
WHUQDGDDYHUFRPTXDQWRVRXWURVFDVRVGHVVHWLSRH[LVWHP´
 1HVWHOLYURQmRDSUHVHQWRXPUHODWyULRGHPLQKDSHVTXLVDMXQWRDR0RYLPHQWR1DFLRQDOGH
0HQLQRVH0HQLQDVGH5XDDSHQDVIDoRUHIHUrQFLDjSHVTXLVDFRPRREMHWLYRGHGHPRQVWUDU
SRUXPODGRFRPRDDUWLFXODomRHQWUH$'&5&H(WQRJUD¿DIRLIHLWDHSRURXWURODGRGH
SUREOHPDWL]DUDQHFHVVLGDGHGHDUWLFXODomRHQWUHDVSHUVSHFWLYDVRQWROyJLFDHSLVWHPROyJLFD
HPHWRGROyJLFDHPSHVTXLVDV$VVLPFRPRDH[SOLFLWDomRGHWDOKDGDGRVPpWRGRVXWLOL]DGRV
QDSHVTXLVDQmRIRLLQFOXtGDQROLYURWDPEpPQmRIRUDPLQFOXtGDVDVDQiOLVHVGHGDGRVH
DFUtWLFDH[SODQDWyULDDTXHSXGHFKHJDUSRUPHLRGHVVDVDQiOLVHV2UHODWyULRFRPSOHWRGD
SHVTXLVDQDIRUPDGHWHVHGHGRXWRUDPHQWRHVWiGLVSRQtYHOQDSiJLQDGD%LEOLRWHFD&HQWUDO
GD8QLYHUVLGDGHGH%UDVtOLDHSRGHVHUDFHVVDGRSRUPHLRGRHQGHUHoRKWWSEGWGEFHXQE
EUWHGHVLPSOL¿FDGRWGHBEXVFDDUTXLYRSKS"FRG$UTXLYR 


9,9,$1('(0(/25(6(1'(

VXJHUHXPDYDULHGDGHGHPpWRGRVHIRQWHV 0DVRQ 
(QWmRQmREDVWDGHVHQYROYHUXPDDERUGDJHPPXOWLPHWRGROyJLFDH
PXOWLGLPHQVLRQDOpSUHFLVRHVWDUFRQVFLHQWHGDIXQFLRQDOLGDGHGHVVD
DERUGDJHPQDH[SORUDomRGDVTXHVW}HVGHSHVTXLVD0LQKDVTXHVW}HV
QDSHVTXLVDIRUDPTXDWURFRPRPRVWUDR4XDGURDVHJXLU
48(67®(6'(3(648,6$
 &RPRDVHGXFDGRUDVGR01005')UHSUHVHQWDPDDomRHDD
FULVHGDLQVWLWXLomR"
 &RPRDVMRYHQVUHSUHVHQWDPR01005')HLGHQWL¿FDPVH
FRPRSURWDJRQLVWDV"
 &RPRDVMRYHQVUHSUHVHQWDPVXDVWUDMHWyULDVGHQWURGR01005
')HVXDDomRFRPRSURWDJRQLVWDV"
 &RPRDVHGXFDGRUDVGR01005') HRXWURVDVDGXOWRVDV
HQYROYLGRVDVFRPR0RYLPHQWR UHSUHVHQWDPRSURWDJRQLVPRH
LGHQWL¿FDPDVMRYHQV"

4XDGUR±4XHVW}HVGHSHVTXLVD

$ DUWLFXODomR GDV GLIHUHQWHV IRQWHV H GRV GLYHUVRV PpWRGRV


SDUDJHUDomRHFROHWDGHGDGRVVHMXVWL¿FDSRUTXHPHSRVVLELOLWRX
HSLVWHPRORJLFDPHQWH R DFHVVR D WRGDV DV TXHVW}HV GH SHVTXLVD
IRUPXODGDVFRPEDVHQDSHUVSHFWLYDRQWROyJLFDDGRWDGD(VVHV
HL[RVQDDQiOLVHDVVHJXUDUDPDSDUWLUGDVHVWUDWpJLDVGHSHVTXLVD
DGRWDGDVRFRQKHFLPHQWRDFHUFDGRVFRPSRQHQWHVRQWROyJLFRVGR
PXQGRVRFLDOTXHGHFLGLSULRUL]DU
$4XHVWmRIRLDERUGDGDSRUPHLRGHHQWUHYLVWDVLQGLYLGXDLVFRP
GXDVHGXFDGRUDVD4XHVWmRWHYHFRPRIRQWHLQWHUDo}HVGHJUXSR
IRFDOD4XHVWmRIRLH[SORUDGDSRUPHLRGHHQWUHYLVWDVLQGLYLGX
DLVFRPMRYHQVSURWDJRQLVWDVHD4XHVWmRWHYHSRUEDVHUHXQL}HV
JUDYDGDVQRkPELWRGR0RYLPHQWR2VFRPSRQHQWHVRQWROyJLFRV
DFHVVDGRVVmRGLVFXUVRVLGHQWLGDGHVHLGHQWL¿FDo}HVHDUHSUHVHQ
WDomRGLVFXUVLYDGHUHODo}HVVRFLDLVGHHYHQWRVHSUiWLFDV
1DGLVFXVVmRGRVGDGRVFROHWDGRVSRUPHLRGDJUDYDomRGHUHXQL}HV
HQWUHWDQWRDFDEHLSRUIRFDOL]DUWDPEpPDVSHFWRVGDDomRGLVFXUVLYD
5HVHQGHE (PWHUPRVHSLVWHPROyJLFRVHVVDGLIHUHQoDGHFRP
SRQHQWHVRQWROyJLFRVSDVVtYHLVGHDFHVVRSRUPHLRGHFDGDWLSRGHGDGR
UHODFLRQDVHWDPEpPDRTXHMiIRLGLVFXWLGRVREUHDGLVWLQomRHQWUHGDGRV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

JHUDGRVHFROHWDGRV±RVGDGRVJHUDGRVGHHQWUHYLVWDVHJUXSRVIRFDLV
VRPHQWHSRGHULDPSURYHUFRQKHFLPHQWRVREUHDDomRVHRREMHWRGD
SHVTXLVDIRVVHDSUySULDSUiWLFDGHSHVTXLVD&DVRFRQWUiULRVmR~WHLV
SDUDDLQYHVWLJDomRGDUHSUHVHQWDomRVREUHDDomRPDVQmRVREUHDDomR
PHVPD2TXHVHFRQFOXLpDQHFHVVLGDGHGHVHWHUFODUDDGLIHUHQoDHQWUH
DomRHUHSUHVHQWDomRGHDomRHPSHVTXLVDVGLVFXUVLYDV$REVHUYDomR
SDUWLFLSDQWHWDPEpPSURYrFRQKHFLPHQWRVDFHUFDGDDomRHGDVUHODo}HV
VRFLDLVHVWDEHOHFLGDVQHVVHVFRQWH[WRVeFODURTXHHVVHVFRQKHFLPHQWRV
VmR¿OWUDGRVSHODVXEMHWLYLGDGHGHTXHPREVHUYDPDVRPHVPRWDPEpP
pYHUGDGHSDUDDVDQiOLVHVGHRXWURVWLSRVGHGDGRV
9HMR D PHWRGRORJLD TXH GHVHQYROYL FRPR PXOWLGLPHQVLRQDO
SRUTXHHPERUDWHQKDLQYHVWLJDGRXPFRQWH[WRHVWULWDPHQWHORFDO
±FRPIRFRHVSHFt¿FRHPXPDFRPLVVmRORFDOGHXP~QLFRPRYL
PHQWRVRFLDO±WDOIRLIHLWRH[SORUDQGRWUrVGLIHUHQWHVGLPHQV}HV
GRREMHWRDVUHSUHVHQWDo}HVGDVHGXFDGRUDV HGHRXWURVDVDGXO
WRVDVHQYROYLGRVQR0RYLPHQWR DVUHSUHVHQWDo}HVGDVMRYHQV
SURWDJRQLVWDVHDVSUiWLFDVGDRUJDQL]DomR$VWUrVGLPHQV}HVGD
SHVTXLVDDVTXDWURTXHVW}HVGHSHVTXLVDRVPpWRGRVSDUDJHUDomR
HFROHWDGHGDGRVHRVFRPSRQHQWHVRQWROyJLFRVGRPXQGRVRFLDO
LQYHVWLJDGRVDUWLFXODPVHFRPRLOXVWUDR4XDGUR

',0(16®(6'$ &20321(17(6
48(67®(6'(3(648,6$ 0e72'26
3(648,6$ 2172/Ï*,&26

&RPRDVHGXFDGRUDVGR (QWUHYLVWDV 'LVFXUVRV


01005')UHSUHVHQWDP LQGLYLGXDLV UHSUHVHQWDo}HV
DDomRHDDFULVHGD FRPDV GLVFXUVLYDVGHUHODo}HV
LQVWLWXLomR" HGXFDGRUDV VRFLDLVHGDDomRVRFLDO
,
5HSUHVHQWDomR
HLGHQWL¿FDomR ,GHQWL¿FDo}HVH
DYR]GDV &RPRDVHGXFDGRUDV UHSUHVHQWDo}HV
HGXFDGRUDVGR GR01005') H GLVFXUVLYDVGHUHODo}HV
01005') RXWURVDVDGXOWRVDV *UDYDomRGH VRFLDLVHGDDomRVRFLDO
HQYROYLGRVDVFRPR UHXQL}HVQR DVSHFWRVDFLRQDLV
0RYLPHQWR UHSUHVHQWDPR 01005') FRPRDQHJRFLDomR
SURWDJRQLVPRHLGHQWL¿FDP GHVLJQL¿FDGRVHDV
DVMRYHQV" KLHUDUTXLDVWDPEpP
VmRLGHQWL¿FDGRV

 &UHLRTXHHPTXDOTXHUSHVTXLVDPXOWLPHWRGROyJLFDpVHPSUH~WLOPRQWDUTXDGURVFRPRHVWHTXH
QRVDMXGDPDUHÀHWLUVREUHRSRWHQFLDOGHFDGDWLSRGHGDGRHPWHUPRVGRDFHVVRDRVFRPSRQHQWHV
RQWROyJLFRVTXHQRVSHUPLWHPDFHVVDU(VVDUHÀH[mRpIXQGDPHQWDOSDUDVHDOFDQoDUDFRHUrQFLD
HQWUHRQWRORJLDHSLVWHPRORJLDHPHWRGRORJLD


9,9,$1('(0(/25(6(1'(

&RPRDVMRYHQV
UHSUHVHQWDPR01005
*UXSRVIRFDLV
')HLGHQWL¿FDPVHFRPR
,, SURWDJRQLVWDV"
5HSUHVHQWDomRH 'LVFXUVRVLGHQWLGDGHV
LGHQWL¿FDomRD HUHSUHVHQWDo}HV
YR]GDVMRYHQV &RPRDVMRYHQV GLVFXUVLYDVGHUHODo}HV
SURWDJRQLVWDVGR (QWUHYLVWDV VRFLDLVHGDDomRVRFLDO
UHSUHVHQWDPVXDVWUDMHWyULDV
01005') LQGLYLGXDLV
GHQWURGR01005
FRPDVMRYHQV
')HVXDDomRFRPR
SURWDJRQLVWDV
SURWDJRQLVWDV"

2EVHUYDomR
SDUWLFLSDQWH
1mRIRUPXOHLTXHVW}HV
QRWDVGH $omRVRFLDODWLYLGDGHV
HQYROYHQGRDVSUiWLFDV
,,,3UiWLFDV FDPSR PDWHULDLVUHGHVGH
SRLVVHOHFLRQHLRIRFR
VRFLDLV SDUWLFLSDomR SUiWLFDVUHODo}HV
HPUHSUHVHQWDomRH
HPGLYHUVDV VRFLDLV
LGHQWL¿FDomR
DWLYLGDGHVGR
01005')

4XDGUR±5HODomRHQWUHGLPHQV}HVGDSHVTXLVDTXHVW}HVGHSHVTXLVD
PpWRGRVHFRPSRQHQWHVRQWROyJLFRV

$ VHOHomR GD DERUGDJHP PXOWLPHWRGROyJLFD QD SHVTXLVD VH


MXVWL¿FDSRUTXHDVIRQWHVHPpWRGRVVHOHFLRQDGRVSDUDDJHUDomRH
DFROHWDGHGDGRVHQVLQDPVREUHDVSUiWLFDVLPSOLFDGDVQDDWXDomR
GR0RYLPHQWRHDMXGDPDSHUFHEHUFRPRUHODo}HVVRFLDLVLGHQ
WLGDGHVHGLVFXUVRVDUWLFXODPVHQHVVDVSUiWLFDV7DPEpPSRUTXH
SRUPHLRGHVVDVIRQWHVHPpWRGRVIRLSRVVtYHOH[DPLQDUWRGDVDV
TXHVW}HVGHSHVTXLVDOHYDQWDGDV
$OpPGLVVRDDUWLFXODomRGRVPpWRGRVVHOHFLRQDGRVIRLXPD
IRUPDGHH[SORUDUGLIHUHQWHVGLPHQV}HVGHXPSURFHVVRVRFLDOH
GHGLULJLUPHDGLIHUHQWHVQtYHLVRQWROyJLFRV$VVLPSRUPHLRGD
REVHUYDomRSDUWLFLSDQWHUHJLVWUDGDHPQRWDVGHFDPSRTXHVHHV
WHQGHXDWRGRRSURFHVVRGHSHVTXLVDSUHWHQGLFRQKHFHUDWLYLGDGHV
PDWHULDLVUHODo}HVVRFLDLVHUHGHVGHSUiWLFDVSRUPHLRGHJUXSRV
IRFDLVHHQWUHYLVWDVIRFDOL]DGDVSUHWHQGLDFHVVDUGLVFXUVRVLGHQ
WLGDGHVHLGHQWL¿FDo}HVUHSUHVHQWDo}HVGLVFXUVLYDVGDDomRVRFLDO
HGHUHODo}HVVRFLDLVSRUPHLRGDJUDYDomRGHUHXQL}HVEXVTXHL
DFHVVRDLGHQWL¿FDo}HVHUHSUHVHQWDo}HVGLVFXUVLYDVGHUHODo}HV
VRFLDLVHGDDomRVRFLDODOpPGHFRQYHUWHUHPWH[WRVSDVVtYHLVGH


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

DQiOLVH DWLYLGDGHV PDWHULDLV GR 0RYLPHQWR R TXH PH SHUPLWLX


IRFDOL]DUWDPEpPDQHJRFLDomRGHVLJQL¿FDGRVHDVUHODo}HVVRFLDLV
HVWDEHOHFLGDGHVQDVLQWHUDo}HV
(PERUD D REVHUYDomR SDUWLFLSDQWH DV QRWDV GH FDPSR H D
SDUWLFLSDomRHPGLYHUVDVDWLYLGDGHVGR0RYLPHQWRQmRHVWHMDP
GLUHWDPHQWHUHODFLRQDGDVDQHQKXPDTXHVWmRGHSHVTXLVDXPDYH]
TXHQmRFRQVWLWXLUDPGDGRVDQDOtWLFRVIRUDPLPSUHVFLQGtYHLVSDUD
DJHUDomRGHFRQKHFLPHQWRVDFHUFDGDVSUiWLFDVGR0RYLPHQWRR
TXHWHPLPSOLFDomRQDVDQiOLVHVGLVFXUVLYDVDLQGDTXHPHXIRFR
SULQFLSDOQDSHVTXLVDWHQKDPVLGRRVVLJQL¿FDGRVUHSUHVHQWDFLRQDO
HLGHQWL¿FDFLRQDO2DFHVVRjDomRVRFLDOQRFRQWH[WRSHVTXLVDGR
p~WLOSDUDDDQiOLVHGDVUHSUHVHQWDo}HVGLVFXUVLYDVWHQGRHPYLVWD
DUHODomRGLDOpWLFDHQWUHRVPRPHQWRVGDSUiWLFD
1HVVHVHQWLGRXPDSHVTXLVDGLVFXUVLYDLVRODGDGRFRQKHFL
PHQWR DFHUFD GD DomR VRFLDO UHODWLYD DR SUREOHPD SHVTXLVDGR
GL¿FLOPHQWH SRGHUi YLVOXPEUDU DV UHODo}HV HQWUH RV PRPHQWRV
GDV SUiWLFDV VRFLDLV HP TXHVWmR$LQGD TXH QD SHVTXLVD TXH
UHDOL]HL R IRFR FHQWUDO VHMD UHSUHVHQWDomR H LGHQWL¿FDomR SRLV
PHX LQWHUHVVH UHSRXVD SULQFLSDOPHQWH QR GLVFXUVR FRPR EDVH
SDUDDVUHSUHVHQWDo}HVGHSUiWLFDVHHYHQWRVHFRPREDVHSDUDD
FRQVWUXomRHDQHJRFLDomRGHLGHQWLGDGHVLVVRQmRVLJQL¿FDTXH
SRVVDPHQRVSUH]DUDUHOHYkQFLDGDREVHUYDomRGDVSUiWLFDVVRE
ULVFRGHPDQWHUQRSODQRWHyULFRDSHUVSHFWLYDGDUHODomRLQWHUQD
HQWUHOLQJXDJHPHVRFLHGDGH




9,9,$1('(0(/25(6(1'(

&$3Ë78/2

5($/,602&5Ë7,&2((3,67(02/2*,$126
(678'26&5Ë7,&26'2',6&8562

1D3DUWH,YLPRVTXHDRQWRORJLDTXHRULHQWDSHVTXLVDVHP$'&
EDVHLDVHHPSHUVSHFWLYDVGD&6&9LPRVWDPEpPTXHHQWUHHVVDV
SHUVSHFWLYDVD7HRULD6RFLDOGR'LVFXUVRYHUVmRGH$'&TXHGLV
FXWRDTXLSULYLOHJLDDRQWRORJLDSURSRVWDQR5HDOLVPR&UtWLFR YHMD
WDPEpP3DSD $YDQWDJHPGDDUWLFXODomRLQWHUGLVFLSOLQDU
HQWUHR5&HD$'&pGHPmRGXSODSHVTXLVDVHP5&OLGDPFRP
GDGRVWH[WXDLVHSRGHPVHEHQH¿FLDUGDIRUPXODomRPHWRGROyJLFD
SDUDDQiOLVHGHWH[WRVFRQVWUXtGDQD$'&HSHVTXLVDVHP$'&
FRVWXPDPVHUSRXFRH[SOtFLWDVDFHUFDGHYtQFXORVHSLVWHPROyJLFRV
HSRGHPWLUDUSURYHLWRGHXPGLiORJRFRPR5&TXHpULJRURVR
QHVVHDVSHFWR
1HVWHFDStWXORDERUGRDOJXPDVLPSOLFDo}HVHSLVWHPROyJLFDV
GDRQWRORJLDGR5HDOLVPR&UtWLFR1DSULPHLUDVHomRPHXIRFRp
DHVWUDWL¿FDomRGDUHDOLGDGHVRFLDOQRVGRPtQLRVGRSRWHQFLDOGR
UHDOL]DGRHGRHPStULFR(PVHJXLGDDERUGRDGLVFXVVmRUHDOLVWD
FUtWLFDGDVGLPHQV}HVLQWUDQVLWLYDHWUDQVLWLYDGRFRQKHFLPHQWR
1DWHUFHLUDVHomRSDVVRDGLVFXWLURDVSHFWRHSLVWHPROyJLFRGR
PRGHORWUDQVIRUPDFLRQDOGDUHODomRHQWUHHVWUXWXUDHDomRVRFLDO
'HYRHVFODUHFHUTXHPLQKDVUHÀH[}HVVREUHR5HDOLVPR&UtWLFRQmR
YLVDPHVJRWDURDVVXQWRQHPGLVFXWLUWRGDDDPSODWHRULDGHVHQ
YROYLGDQHVVDiUHDIDoRXPDVHOHomRGHWySLFRVTXHPHSDUHFHP
UHOHYDQWHVSDUDDUHÀH[mRTXHSURSRQKR

(VWUDWL¿FDomRGD5HDOLGDGH6RFLDO

8PGRVDVSHFWRVEiVLFRVGR5&pDGLVWLQomRHQWUHRQWRORJLD
HHSLVWHPRORJLD³XPDUHLYLQGLFDomRGDRQWRORJLDWHRULDGRVHU


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

FRPRGLVWLQWD HP~OWLPDLQVWkQFLDFRQWHQGR GDHSLVWHPRORJLDD


WHRULDGRFRQKHFLPHQWR´ %KDVNDU /DZVRQ 3DUWLQGR
GHVVDGLVWLQomRR5&RIHUHFHXPDFUtWLFDDRTXHGHQRPLQDµIDOiFLD
HSLVWrPLFD¶DUHGXomRGDTXHVWmRGRTXHH[LVWHjTXHVWmRGRTXH
VRPRVFDSD]HVGHFRQKHFHU %KDVNDUD $IDOiFLDHSLVWrPLFD
pDVVRFLDGDDR5HDOLVPR(PStULFRRX(PSLULFLVPRTXHDVVXPHD
SRVVLELOLGDGHGHDSUHHQGHUSRUREVHUYDomRWXGRRTXHH[LVWH(P
RXWUDVSDODYUDVLJXDODRHVWUDWRSRWHQFLDODRHPStULFRSURSRQGR
DH[LVWrQFLDGHXPµPXQGRHPStULFR¶

(VVDIUDVH>PXQGRHPStULFR@VXJHUHSRUXPODGRXPPXQGR
GH¿QLGRSRUVXDVUHODo}HVFRPQRVVDH[SHULrQFLDHSRURXWUR
ODGRR~QLFRPXQGRTXHKi RXQRPtQLPRR~QLFRDFHVVtYHO
SDUDQyV 1DIUDVHµPXQGRHPStULFR¶HVWiHQFHUUDGDDSHUPLVVmR
SDUDUHGX]LUDVTXHVW}HVVREUHRTXHH[LVWH TXHVW}HVRQWROyJLFDV 
jVTXHVW}HVVREUHRTXHSRGHPRVFRQKHFHU TXHVW}HVHSLVWHPR
OyJLFDV  &ROOLHU 

(VVDFUtWLFDGDUHGXomRGDUHDOLGDGHDRHVWUDWRHPStULFRWHP
SRU EDVH D HVWUDWL¿FDomR GD UHDOLGDGH VRFLDO QR 5& VHJXQGR D
TXDOVHGLVWLQJXHPRVGRPtQLRVGRSRWHQFLDOGRUHDOL]DGRHGR
HPStULFR YHU&DStWXOR (QTXDQWRRSRWHQFLDOHRUHDOL]DGRVmR
FDWHJRULDV RQWROyJLFDV UHIHUHQWHV UHVSHFWLYDPHQWH jV HVWUXWXUDV
HSRGHUHVFDXVDLVGRVREMHWRVVRFLDLVHDRTXHVHUHDOL]DTXDQGR
HVVHVSRGHUHVFDXVDLVVmRDWLYDGRVHPHYHQWRVRHPStULFRpXPD
FDWHJRULDHSLVWHPROyJLFDTXHVHUHIHUHDRTXHSRGHPRVREVHUYDU
)DLUFORXJK-HVVRS 6D\HU 
'HDFRUGRFRPHVVDHVWUDWL¿FDomRGDUHDOLGDGHVRFLDORSRWHQ
FLDOpGLVWLQWRHPDLRUTXHRGRPtQLRGRUHDOL]DGRQRVHQWLGRGH
TXHQHPWRGRVRVSRGHUHVFDXVDLVGHXPREMHWRVmRDWLYDGRVHP
HYHQWRVGDGDVDVFRQWLQJrQFLDVFRQWH[WXDLV7HQGRLVVRHPYLVWD
R5&GHQXQFLDWDPEpPRHTXtYRFRGHVHFRQVLGHUDURUHDOL]DGR
HTXLYDOHQWH DR SRWHQFLDO R TXH QHJD D H[LVWrQFLD GH HVWUXWXUDV
VXEMDFHQWHVH³QmRGHL[DHVSDoRSDUDRSRWHQFLDOSDUDRVSRGHUHV
TXH SRGHP WDQWR VHU DWLYDGRV TXDQWR HVWDU GRUPHQWHV´ 6D\HU
E 
'LVWLQJXLURSRWHQFLDOGRUHDOL]DGRVLJQL¿FDHQWHQGHUTXHQHP
WXGRRTXHSRGHULDDFRQWHFHUGDGRVRVSRGHUHVFDXVDLVDFRQWHFHGH
IDWRGHYLGRjVFRQWLQJrQFLDVGDDUWLFXODomRGHHOHPHQWRVVRFLDLV


9,9,$1('(0(/25(6(1'(

HPXPGDGRPRPHQWRTXHSRGHPEORTXHDUSRVVLELOLGDGHVTXH
¿FDPQmRUHDOL]DGDV(PWHUPRVHSLVWHPROyJLFRVHVVDHVWUDWL¿
FDomRGDUHDOLGDGHLPSOLFDTXHHPDQiOLVHVpSRVVtYHOUHLYLQGLFDU
FDXVDV QmR REVHUYiYHLV QR GRPtQLR GR SRWHQFLDO GRV SRGHUHV
FDXVDLV SDUDHIHLWRVHPHYHQWRV QRGRPtQLRGRUHDOL]DGR RE
VHUYDGRV HPSLULFDPHQWH QR GRPtQLR GR HPStULFR  (P RXWUDV
SDODYUDVVLJQL¿FDTXHDHPHUJrQFLDGHHYHQWRVUHDOL]DGRVSRGHVHU
H[SOLFDGDFRPEDVHQDFDXVDomR(VVHDUJXPHQWRHSLVWHPROyJLFR
pWUDQVFHQGHQWDOQRVHQWLGRGHTXHDH[SODQDomRGHXPSURFHVVR
VRFLDOSRGHWHUSRUEDVHD³GHVFULomRGHDOJRTXHRSURGX]RXp
VXDFRQGLomR´ %KDVNDU 
$H[SODQDomRGHREMHWRVSURFHVVRVVRFLDLVFRPEDVHQDFDX
VDomRLVWRpQDDWLYDomRGHSRGHUHVFDXVDLVQmRSUHVVXS}HXPD
OyJLFDGHUHJXODULGDGHVHQWUHFDXVDVHHIHLWRV$FDXVDomR³QmRp
HQWHQGLGDFRPRXPPRGHORGHVXFHVV}HVUHJXODUHVGHHYHQWRVH
HQWmRDH[SODQDomRQmRGHSHQGHGHVHGHVFREULUHPUHJXODULGDGHV
RXOHLVVRFLDLV´ 6D\HUE 1R5&DH[SODQDomRGHSHQ
GHHPYH]GLVVRGDLGHQWL¿FDomRGHPHFDQLVPRVFDXVDLVHGDV
FRQGLo}HVTXHRVDWLYDUDPEORTXHDUDP1RFDVRGDSHVTXLVDTXH
GHVHQYROYLVREUHDFULVHGR0RYLPHQWR1DFLRQDOGH0HQLQRVH
0HQLQDVGH5XDSRUH[HPSORRREMHWLYRIRLORFDOL]DUPHFDQLV
PRVVRFLRGLVFXUVLYRVTXHEORTXHLDPRVXFHVVRGDVDVSLUDo}HVGD
LQVWLWXLomR±QRWDGDPHQWHHPUHODomRDRSURWDJRQLVPRMXYHQLO±H
PRGRVGHVXSHUiORV 5HVHQGHE 
6D\HU E  SURS}H D VHJXLQWH LOXVWUDomR GD YLVmR UHDOLVWD GD
FDXVDomR

)LJXUD9LVmRUHDOLVWDFUtWLFDGHFDXVDomR 6D\HUE


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

$IRFDOL]DomRGDVFRQGLo}HVFRQWH[WXDLVFRPRUHOHYDQWHVSDUD
DH[SODQDomRGDUHDOL]DomRGHXPHYHQWRDVVHJXUDDSHUVSHFWLYD
GDYLGDVRFLDOFRPRXPVLVWHPDDEHUWRHPWRGDSUiWLFDVRFLDOKi
DDWXDomRVLPXOWkQHDGHGLYHUVRVPHFDQLVPRV$FRQMXQomRGHVVHV
PHFDQLVPRV LPSOLFD TXH DV H[SODQDo}HV VRFLDLV QmR SRGHP VHU
SUHYLVLYDVDVVLPFRPRRVHYHQWRVVRFLDLVQmRSRGHPVHUSUHYLVWRV
6D\HUE 
$V LPSOLFDo}HV HSLVWHPROyJLFDV GD HVWUDWL¿FDomR GD UHDOLGDGH
SURSRVWDQR5HDOLVPR&UtWLFRHQWmRVmR L RTXHVHUHDOL]DHP
HYHQWRVHRTXHSRGHPRVREVHUYDUGRPXQGRVRFLDOQmRHVJRWDPR
TXHH[LVWHXPDYH]TXHKiSRGHUHVFDXVDLVVXEMDFHQWHVjVHVWUXWXUDV
LL LVVRQmRVLJQL¿FDTXHQmRVHMDSRVVtYHOJHUDUFRQKHFLPHQWRVREUH
DTXLORTXHQmRSRGHPRVREVHUYDUHPSLULFDPHQWHMiTXHSRGHPRV
FRPEDVHQRFRQKHFLPHQWRVREUHDVSUiWLFDVID]HUDEVWUDo}HVVREUH
RVSRGHUHVFDXVDLVDWLYDGRVEORTXHDGRVHPXPGDGRHYHQWR LLL 
FRPRDYLGDVRFLDOpXPVLVWHPDDEHUWRDTXLORTXHDFRQWHFHQmR
HVJRWDRTXHSRGHULDWHUDFRQWHFLGRSRLVSRGHKDYHUSRGHUHVFDX
VDLVODWHQWHV LY WRGDH[SODQDomRVRFLDOpIDOtYHOHSDVVtYHOGHVHU
VXSHUDGDSRLVDVHVWUXWXUDVQmRVmRWUDQVSDUHQWHVjUD]mR
8PDYDQWDJHPGDFUtWLFDH[SODQDWyULDEDVHDGDQDHVWUDWL¿FDomRGD
UHDOLGDGHpDYLVmRGRPXQGRVRFLDOFRPRXPVLVWHPDDEHUWRGDGDV
DVFRQWLQJrQFLDVFRQWH[WXDLVTXHWRUQDPLPSUHYLVtYHLVDVPXGDQoDV
VRFLDLV,GHQWL¿FDUFRQWLQJrQFLDVTXHEORTXHLDPSRVVtYHLVPXGDQoDV
VRFLDLVTXHVHMDPGHVHMiYHLVHPXPFRQWH[WRGHLQMXVWLoDVRFLDOSRU
H[HPSORpXPPRGRGHSRWHQFLDOPHQWHFRQWULEXLUSDUDVXDVXSHUD
omR7DOFRQWULEXLomRpTXDOL¿FDGDFRPRSRWHQFLDOSRUTXHQmREDVWD
GHVHQYROYHUSHVTXLVDFRPRREMHWLYRGHJHUDUFRQKHFLPHQWRDFHUFD
GHREVWiFXORVSDUDDPXGDQoDVRFLDOHSRVVtYHLVPRGRVGHVXSHUiORV
pSUHFLVRWDPEpPIRUPXODUPHLRVGHID]HUFRPTXHHVVHFRQKHFL
PHQWRVHMD~WLOQRFRQWH[WRSHVTXLVDGR±XPPRGRGHDWLQJLUHVVH
REMHWLYRpDFULDomRGHPpWRGRVSDUDDQHJRFLDomRGDVLQWHUSUHWDo}HV
HSDUDRFRPSDUWLOKDPHQWRGRVUHVXOWDGRVGDSHVTXLVD

'LPHQV}HVWUDQVLWLYDHLQWUDQVLWLYDGRFRQKHFLPHQWR

%KDVNDU  SURS}HDGLVWLQomRHQWUHDVGLPHQV}HVLQWUDQ


VLWLYD H WUDQVLWLYD GD FLrQFLD RV REMHWRV GD FLrQFLD DTXLOR TXH
HVWXGDPRVQRPXQGRVRFLDO HVWmRHPVXDGLPHQVmRLQWUDQVLWLYD


9,9,$1('(0(/25(6(1'(

DVWHRULDVHGLVFXUVRVVREUHRPXQGRVRFLDOIRUPDPVXDGLPHQVmR
WUDQVLWLYD,VVRLPSOLFDTXHRPXQGRQmRGHYHVHUUHGX]LGRDQRVVR
FRQKHFLPHQWRVREUHHOHHTXHD³UHDOLGDGH±GLPHQVmRLQWUDQVLWLYDH
RQWROyJLFD´pLQGHSHQGHQWHGD³UHODWLYLGDGHGHQRVVRVFRQKHFLPHQ
WRV±QDGLPHQVmRWUDQVLWLYDHHSLVWHPROyJLFD´ %KDVNDUD[ 
$FRQVWUXomRGHFRQKHFLPHQWRpXPDDWLYLGDGHWUDQVLWLYDGHSHQ
GHQWHGHFRQKHFLPHQWRVDQWHULRUHVHGDDWLYLGDGHGRVHUKXPDQR
PDVWHPREMHWRVLQWUDQVLWLYRVTXHH[LVWHPDQWHULRUPHQWHjSHVTXLVD
HFXMDUHDOLGDGHQmRGHSHQGHGHQRVVRVFRQKHFLPHQWRV
1HVVHVHQWLGRWHRULDVULYDLVSRVVXHPGLIHUHQWHVSHUVSHFWLYDV
WUDQVLWLYDVLVWRpGLIHUHQWHVLQWHUSUHWDo}HVVREUHRPXQGRPDVR
PXQGRGHTXHWUDWDP±VXDGLPHQVmRLQWUDQVLWLYD±pRPHVPRRX
QmRVHULDPULYDLV &ROOLHU 2H[HPSORTXH6D\HU D 
XWLOL]DSDUDLOXVWUDULVVRSRGHVHUHVFODUHFHGRUDPXGDQoDGHXPD
WHRULDGD7HUUDSODQDSDUDXPDWHRULDGD7HUUDUHGRQGD GLPHQVmR
WUDQVLWLYD QmRGHWHUPLQRXQHQKXPDPXGDQoDQRIRUPDWRGD7HUUD
GLPHQVmRLQWUDQVLWLYD PDVXPDPXGDQoDHPQRVVDFRPSUHHQVmR
VREUHHVVDUHDOLGDGH GLPHQVmRWUDQVLWLYD 

4XDGUR±'LPHQV}HVWUDQVLWLYDHLQWUDQVLWLYDGDFLrQFLDVHJXQGR
%KDVNDU  H6D\HU D

$GLPHQVmRLQWUDQVLWLYDGRFRQKHFLPHQWRpVXDGLPHQVmRRQ
WROyJLFD±GDVFRLVDVTXHKiQRPXQGR±HDGLPHQVmRWUDQVLWLYD
pHSLVWHPROyJLFDQRVHQWLGRGHTXHVHUHIHUHjVWHRULDVTXHFRQV
WUXtPRVVREUHRPXQGR QDWXUDORXVRFLDO HSRUPHLRGDVTXDLV
SRGHPRV JHUDU FRQKHFLPHQWR VREUH VXD GLPHQVmR LQWUDQVLWLYD
$VVLPRUHFRQKHFLPHQWRGHVVDVGXDVGLPHQV}HVFDPLQKDDRODGR


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

GDHVWUDWL¿FDomRGRPXQGRVRFLDOQDGLVWLQomRHQWUHRQWRORJLDH
HSLVWHPRORJLD
4XDQGRVHWUDWDGHTXHVW}HVVRFLDLVHQmRItVLFDVLVVRVHFRPSOH
[L¿FDSRLVRPXQGRVRFLDOpWDPEpPVRFLDOPHQWHFRQVWUXtGRPDV
HVVDFDUDFWHUtVWLFDGRPXQGRVRFLDOQmRGLOXLDUHDOLGDGHLQWUDQVLWLYD
GHVHXVREMHWRV³HPERUDDVSHFWRVGRPXQGRVRFLDO FRPRSRU
H[HPSORLQVWLWXLo}HVVRFLDLV GH¿QLWLYDPHQWHVHMDPFRQVWUXtGRV
VRFLDOPHQWHXPDYH]FRQVWUXtGRVHOHVVmRUHDOLGDGHVTXHDIHWDPH
OLPLWDPDFRQVWUXomRGLVFXUVLYDGRVRFLDO´ )DLUFORXJK 
(YLGHQWHPHQWHGHDFRUGRFRPDUHODomRHQWUHGLVFXUVRHVRFLHGDGH
HP$'& YHU&DStWXOR DVVLPFRPRDHVWUXWXUDomRGDUHDOLGDGH
VRFLDO DIHWD D FRQVWUXomR GLVFXUVLYD WDPEpP QRVVRV PRGRV GH
UHSUHVHQWDomRSRGHPWHUHIHLWRVQDRUJDQL]DomRGRPXQGRVRFLDO
,VVR VLJQL¿FD TXH QRVVR FRQKHFLPHQWR DFHUFD GR PXQGR VRFLDO
QmRSRGHVHUHVWULWDPHQWHVHSDUDGRGRPXQGRVRFLDOHPVLSRLV
QRVVDVFRQVWUXo}HVWrPLPSOLFDomRVREUHRPRGRFRPRRPXQGR
VRFLDOVHRUJDQL]D HDTXLµQRVVDV¶QmRVHUHIHUHDSHQDVDSHVTXL
VDGRUHVDVPDVDRFRQMXQWRGRVVHUHVKXPDQRVTXHH[SHULHQFLDP
VLWXDo}HVVRFLDLVHID]HPXVRGHFRQFHLWRVSDUDJHUDUFRPSUHHQVmR
DUHVSHLWRGHVXDVSUiWLFDV 0DVHVVDLQWHUGHSHQGrQFLDFDXVDOHQWUH
DVGLPHQV}HVLQWUDQVLWLYDHWUDQVLWLYDGRFRQKHFLPHQWRGDVFRLVDV
VRFLDLVQmRGHYHVHUFRQIXQGLGDFRPDLQWUDQVLWLYLGDGHH[LVWHQFLDO
FRPRH[SOLFD%KDVNDU GJULIRVQRRULJLQDO 

(QTXDQWR HP JHUDO QR PXQGR QDWXUDO RV REMHWRV GR FRQKH
FLPHQWR H[LVWHP H DJHP LQGHSHQGHQWHPHQWH GR SURFHVVR GH
SURGXomRGHFRQKHFLPHQWRGRTXDOVmRREMHWRVQDDUHQDVRFLDO
QmRpDVVLP2SURFHVVRGHSURGXomRGHFRQKHFLPHQWRSRGHVHU
FDXVDOHLQWHUQDPHQWHUHODFLRQDGRDRSURFHVVRGHSURGXomRGRV
REMHWRVHPTXHVWmR(QWUHWDQWRTXHURGLVWLQJXLUHVVDLQWHUGH
SHQGrQFLDFDXVDOTXHpXPDVSHFWRFRQWLQJHQWHGRVSURFHVVRV
GDLQWUDQVLWLYLGDGHH[LVWHQFLDOTXHpXPDFRQGLomRSUpYLDSDUD
TXDOTXHULQYHVWLJDomRHVHDSOLFDLJXDOPHQWHQDVHVIHUDVQDWXUDO
HVRFLDO

$LQWHUGHSHQGrQFLDFDXVDOHQWmRGL]UHVSHLWRjSRVVLELOLGDGHGH
RVREMHWRVGDVFLrQFLDVVRFLDLVVHUHPDIHWDGRVSHORVSURFHVVRVGH
FRQVWUXomRGRFRQKHFLPHQWRRTXHpYLVWRFRPERQVROKRVMiTXH
FRPRSRQWXD&ROOLHU  ³DLPSRUWkQFLDSUiWLFDGDWHRULD


9,9,$1('(0(/25(6(1'(

pTXHWHRULDVSRGHPWUDQVIRUPDUSUiWLFDV´,VVRQmRVHFRQIXQGH
FRPDLQWUDQVLWLYLGDGHH[LVWHQFLDOGRVREMHWRVVRFLDLVTXHVHUHIHUH
jH[LVWrQFLDPDWHULDOGHVVHVREMHWRVDQWHULRUPHQWHDRSURFHVVRGD
SHVTXLVDHGDFRQVWUXomRGRFRQKHFLPHQWR$DOWHUQDWLYDjSHUV
SHFWLYDGDLQWUDQVLWLYLGDGHVHULDFUHUTXHDVVLWXDo}HVVRFLDLVTXH
SHVTXLVDPRV QmR H[LVWHP LQGHSHQGHQWHPHQWH GRV PRGRV FRPR
VmRLQWHUSUHWDGDVSRUVHXVSDUWLFLSDQWHVRXSRUSHVTXLVDGRUHVDV
2XWKZDLWH 
$DERUGDJHPGDVGLPHQV}HVWUDQVLWLYDHLQWUDQVLWLYDGDFLrQFLD
VRFLDO±HQWHQGHQGRTXHQRVVRFRQKHFLPHQWRVREUHRPXQGRVRFLDO
HPERUDQmRVHLJXDOHDRPXQGRVRFLDOHPVLQmRSRGHVHUHVWULWD
PHQWHVHSDUDGRGRTXHH[LVWHQDVRFLHGDGH±MXVWL¿FDDH[LVWrQFLD
GDFLrQFLDFUtWLFDTXHFUrTXHVXDSUiWLFDWHyULFDSRVVDUHVXOWDUQD
VXSHUDomRGHTXHVW}HVSUREOHPiWLFDV(VVDSHUVSHFWLYDVHDOLQKD
FRPD$'&HPVXDLGHQWLGDGHFRPRSUiWLFDWHyULFDFUtWLFD
$ LPSOLFDomR GD UHLYLQGLFDomR GH LQWUDQVLYLGDGH GRV REMHWRV
VRFLDLV HVSHFL¿FDPHQWH SDUD RV HVWXGRV GR GLVFXUVR p TXH RV
HOHPHQWRVGLVFXUVLYRVTXHLQYHVWLJDPRV±VHMDPGLVFXUVRVFRPR
PRGRVGHUHSUHVHQWDomRGHHYHQWRVVHMDPFRQVWUXo}HVGLVFXUVLYDV
GHLGHQWLGDGHV±VmRREMHWRVFRQFUHWRVQRVHQWLGRGHTXHVmRWDO
FRPRDVDWLYLGDGHVPDWHULDLV³SURGXWRVGHP~OWLSORVFRPSRQHQWHV
HIRUoDV´ 6D\HUE 
$VVLPFRPRGLVFXUVRVFRQWH[WXDOPHQWHORFDOL]DGRVSRGHPVHU
H[SOLFDGRVHPWHUPRVFDXVDLVSRGHPWDPEpPVHULGHQWL¿FDGRV
FRPR WHQGR SRGHUHV FDXVDLV HP HYHQWRV e LVVR R TXH MXVWL¿FD
D SHUVSHFWLYD GH UHODomR GLDOpWLFD HQWUH OLQJXDJHP H VRFLHGDGH
UHLYLQGLFDGD SHOD$'& H QHP VHPSUH FODUDPHQWH IRUPXODGD
DVSHFWRV GLVFXUVLYRV GH SUiWLFDV VRFLDLV FRPR UHSUHVHQWDo}HV
GLVFXUVLYDV GH HYHQWRV H SUiWLFDV SRGHP WHU HIHLWRV FDXVDLV QD
VRFLHGDGHSRGHPSRUH[HPSOROHJLWLPDUFHUWRVPRGRVGHDomR
RX VHU XWLOL]DGDV FRPR EDVH SDUD FRQVWUXo}HV LGHQWLWiULDV 8P
H[HPSORGLVVRpFRPRDLQWHULRUL]DomRGRGLVFXUVRGDLPRELOLGDGH
± R GLVFXUVR GD LQH[RUDELOLGDGH VRFLDO SUHGRPLQDQWH QR QRYR
FDSLWDOLVPR )DLUFORXJK ±HPUHSUHVHQWDo}HVSUHVHQWHVHP
YDULDGRVWLSRVGHWH[WRSRGHVHULGHQWL¿FDGDFRPRVHQGRXPGRV
PHFDQLVPRVTXHEORTXHLDDPRELOL]DomRVRFLDO3RURXWURODGRD
FRORQL]DomRGHGLIHUHQWHVSUiWLFDVVRFLDLVSRUHVVDVUHSUHVHQWDo}HV
GLVFXUVLYDV H VXD SUHVHQoD HP GLIHUHQWHV WLSRV GH WH[WR H D


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

FRQILJXUDomR GH RUGHQV GR GLVFXUVR HP SUiWLFDV SDUWLFXODUHV


VmRWDPEpPUHVXOWDGRVGHSRGHUHVFDXVDLVQRVHQWLGRGHTXHD
RUJDQL]DomRGRVHOHPHQWRVGLVFXUVLYRVHPSUiWLFDVpVRFLDOPHQWH
HVWUXWXUDGD

0RGHOR7UDQVIRUPDFLRQDOGD$WLYLGDGH6RFLDO

$SHUVSHFWLYDWUDQVIRUPDFLRQDOGDUHODomRHQWUHHVWUXWXUDHDomR
VRFLDOpIXQGDPHQWDOSDUDXPDFLrQFLDFUtWLFDTXHSURFXUDHVWXGDU
TXHVW}HV SUREOHPiWLFDV QD YLGD VRFLDO FRPR D H[FOXVmR VRFLDO
e SUHFLVR UHFRQKHFHU DV HVWUXWXUDV FRPR H[LVWLQGR SUHYLDPHQWH
DRVHYHQWRVHVWXGDGRVHPERUDVHMDPQRVHYHQWRVKLVWRULFDPHQWH
FULDGDVUHL¿FDGDVHWUDQVIRUPDGDV±XPDSHVTXLVDGRUDFUtWLFRD
GD H[FOXVmR VRFLDO TXH QmR SHUFHED DV HVWUXWXUDV FDXVDGRUDV GD
PLVpULDHGDIDYHOL]DomRSRUH[HPSORFRPRSUpYLDVjVLQWHUDo}HVH
DRVHYHQWRVDSUHVHQWDUiXPDLQFRQVLVWrQFLDRQWROyJLFDJUDYHFRP
FRQVHTXrQFLDVHSLVWHPROyJLFDVSDUDDH[SODQDomRVRFLDO
8PDWDOSHUVSHFWLYDGRPXQGRVRFLDOpWDPEpPIXQGDPHQWDO
SDUDVHDFHUFDUGDUHODomRHQWUHHVWUXWXUDHDomRVRFLDOFRPEDVHQRV
FRQFHLWRVGHSUiWLFDVHSRVLo}HV±DVHVWUXWXUDVVmRWDQWRDFRQGLomR
VLQFU{QLFD TXDQWRRUHVXOWDGR GLDFU{QLFR GDDomRVRFLDORXVHMD
VmRSUpYLDVjVSUiWLFDVPDVSRGHPWDPEpPVHUWUDQVIRUPDGDVQDV
SUiWLFDV YHU&DStWXOR 3DUD%KDVNDU  ³DVUHODo}HVHP
TXHDVSHVVRDVHQWUDPSUpH[LVWHPDRVLQGLYtGXRVFXMDDWLYLGDGHDV
UHSURGX]RXDVWUDQVIRUPD(pDHVVDVHVWUXWXUDVGHUHODo}HVVRFLDLV
TXHRUHDOLVPRGLULJHVXDDWHQomR  FRPRFKDYHVH[SODQDWyULDV
SDUDHQWHQGHUHYHQWRVVRFLDLV´
2 IRFR QDV UHODo}HV VRFLDLV FRPR HVWUXWXUDGDV LVWR p SUp
H[LVWHQWHV JDUDQWH XPD SHUVSHFWLYD WUDQVIRUPDFLRQDO HQWUH WDLV
UHODo}HVHDVDWLYLGDGHVHPTXHDWRUHVVRFLDLVVHHQJDMDP$VUH
ODo}HVSUpHVWDEHOHFLGDVVmRFRQGLo}HVQHFHVViULDVSDUDRVHYHQWRV
HVWUXWXUDGRVSRUHVVDVUHODo}HVHRVHYHQWRVVmRSRWHQFLDOPHQWH
WUDQVIRUPDGRUHVGHVVDVPHVPDVUHODo}HVGHSHQGHQGRGDVFRQWLQ
JrQFLDVFRQWH[WXDLV8PFRQFHLWRPHGLDGRUHQWUHUHODo}HVVRFLDLV
HDWLYLGDGHVpRGHSRVLo}HV

8PD SRVLomR SUHFLVD H[LVWLU SUHYLDPHQWH D VXD RFXSDomR H


PHVPRTXHDVPHVPDVSHVVRDVVHWRUQHPRFXSDQWHVGHSRVLo}HV
HODERUDGDVUHFHQWHPHQWHRQRYRFRQMXQWRGHUHODo}HVLQWHUQDV


9,9,$1('(0(/25(6(1'(

QDVTXDLVHVWmRLPSOLFDGDVH[HUFHXPDLQÀXrQFLDFRQGLFLRQDO
VREUHHODV±TXHpFDXVDOPHQWHGHWHFWiYHOSUHFLVDPHQWHDWUDYpV
GHVXDVSUiWLFDVWUDQVIRUPDGDVHGDHODERUDomRGDDJrQFLD 6D\HU
 

2FRQFHLWRGHSRVLomRpPHGLDGRUHQWUHUHODo}HVVRFLDLVHDWLYL
GDGHVVRFLDLVSRUTXHSHUPLWHXPIRFRVLPXOWkQHRQDDomRLQGLYLGXDO
±GHDWRUHVVRFLDLVTXHRFXSDPFRQWH[WXDOPHQWHSRVLo}HVSUHYLD
PHQWHHVWDEHOHFLGDV±HQDVSUiWLFDVVRFLDLVHVWUXWXUDGDV(P5&
³LQÀXrQFLDFRQGLFLRQDO´QmRpVLQ{QLPRGHGHWHUPLQLVPRVLJQL¿FD
TXHDVUHODo}HVVRFLDLVHVWDEHOHFLGDVQDVQRYDVSRVLo}HVRFXSDGDV
LQÀXHQFLDPDVSUiWLFDVLQHUHQWHVDHVVDVQRYDVSRVLo}HV(QWUHWDQWR
DPXGDQoDGHSRVLomRGHQWURGHXPDLQVWLWXLomRHVWUXWXUDGDQmR
pXPSURFHVVROLYUHGHFRQÀLWRV±DVSRVLo}HVDQWHULRUHVFRQWLQX
DPH[HUFHQGRSUHVV}HVSDUDDFRQWLQXLGDGHGHSUiWLFDVLQWHUQDV
jV UHODo}HV SUpYLDV 2V FRQFHLWRV GH SUiWLFDV H SRVLo}HV HQWmR
PRVWUDPVHHSLVWHPRORJLFDPHQWHSURGXWLYRVQRVHQWLGRGHTXH
SRVVLELOLWDPDH[SODQDomRGHFRQÀLWRVGHFRUUHQWHVGHKLHUDUTXLDV
HVXDLQÀXrQFLDSDUDDDomRVRFLDO
$VVLPHVVHVFRQFHLWRVPHGLDGRUHVSHUPLWHPIRFDOL]DUTXHVW}HV
UHODFLRQDGDVjGLVWULEXLomRGHFRQGLo}HVHVWUXWXUDLVSDUDDDomR
8PDLPSOLFDomRHSLVWHPROyJLFDGHVVHPRGHORWUDQVIRUPDFLRQDO
HVWUXWXUDDomRVRFLDOEDVHDGRQDPHGLDomRGHSUiWLFDVHSRVLo}HV
HQWmRpDDWHQomRDQDOtWLFDTXHGHYHPRVWHUQDVUHODo}HVVRFLDLV
FRPREDVHSDUDDVH[SODQDo}HV
&RPRYLPRVQD3DUWH,RPRGHORWUDQVIRUPDFLRQDOGDDWLYLGDGH
VRFLDOJDUDQWHTXHDSHVDUGRFRQVWUDQJLPHQWRGDVDWLYLGDGHVSHODV
HVWUXWXUDVHVVDUHVWULomRpVHPSUHSDUFLDOQRVHQWLGRGHTXHKi
EUHFKDVSDUDDPXGDQoDVRFLDO(PWHUPRVHSLVWHPROyJLFRVLVVR
VLJQL¿FDTXHpSRVVtYHOJHUDUSURMHWRVGHSHVTXLVDHPDQFLSDWyULRV
FDSD]HV GH UHYHODU ³ D  XPD QHFHVVLGDGH E  DOJXP REVWiFXOR
LPSHGLQGRDUHDOL]DomRGHVVDQHFHVVLGDGH F DOJXQVPHLRVSDUD
DUHPRomRGHVVHREVWiFXOR´ &ROOLHU 
7HQGR HP YLVWD D ¿JXUD TXH LOXVWUD HP WHUPRV RQWROyJLFRV
R PRGHOR WUDQVIRUPDFLRQDO GD UHODomR HVWUXWXUDDomR %KDVNDU

 8P H[HPSOR GD SURGXWLYLGDGH GR VLVWHPD SRVLomRSUiWLFD SDUD SHVTXLVDV HP$'& p D
H[SODQDomRGHFRQÀLWRVHQYROYHQGRDQRYDSRVLomRµPHQLQDHGXFDGRUD¶FULDGDQRkPELWR
LQVWLWXFLRQDOGR0RYLPHQWR1DFLRQDOGH0HQLQRVH0HQLQDVGH5XDHPFRQVHTXrQFLDGH
VXDFULVH YHMD5HVHQGHE 


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

GYHU)LJXUDQR&DStWXOR SRGHPRVSURSRUD)LJX
UDDVHJXLUFRPRXPDLOXVWUDomRGDLPSOLFDomRHSLVWHPROyJLFD
GHVVHPRGHORWUDQVIRUPDFLRQDOSDUDSHVTXLVDVVRFLDLV

)LJXUD±,PSOLFDomRHSLVWHPROyJLFDGR0RGHOR7UDQVIRUPDFLRQDOGD$WLYLGDGH6RFLDO

$VVLPSHVTXLVDVFRPSURPHWLGDVFRPDPXGDQoDVRFLDOSRGHP
VHEDVHDUHSLVWHPRORJLFDPHQWHQR0RGHOR7UDQVIRUPDFLRQDOGD
$WLYLGDGH 6RFLDO GH %KDVNDU   YLVDQGR LGHQWL¿FDU QHFHV
VLGDGHVQmRVDWLVIHLWDVGHDWRUHVVRFLDLVHQYROYLGRVQDVSUiWLFDV
HVWXGDGDVPHFDQLVPRVTXHSRVVLYHOPHQWHEORTXHLDPDVDWLVIDomR
GHVVDVQHFHVVLGDGHVHPWHUPRVGDVHVWUXWXUDo}HVVRFLDLVHPRGRV
SRWHQFLDLVSDUDDVXSHUDomRGHVVHVPHFDQLVPRVHHQWmRGHWUDQV
IRUPDomR GRV DVSHFWRV HVWUXWXUDLV FRQVLGHUDGRV SUREOHPiWLFRV
1DVSDODYUDVGH&ROOLHU  ³DFLrQFLDVRFLDOQmROHYDHP
FRQWDDSHQDVDVFUHQoDVHVXDVUHODo}HVFDXVDLVFRPDVHVWUXWXUDV
HOD WDPEpP UHYHOD QHFHVVLGDGHVKXPDQDVVXDV IUXVWUDo}HV HDV
UHODo}HVHQWUHHVVDVQHFHVVLGDGHVHHVVDVIUXVWUDo}HVHDHVWUXWXUD
VRFLDO´
(VVHPRGHORVHUYHGHLQVSLUDomRDRHQTXDGUHSDUD$'&SURSRV
WRSRU&KRXOLDUDNL )DLUFORXJK  QRWDGDPHQWHQDVHWDSDV
HPTXHDDXWRUDHRDXWRUVXJHUHPTXHVHLGHQWL¿TXHPHPUHODomR
DRSUREOHPDVRFLDOSDUFLDOPHQWHGLVFXUVLYRHVWXGDGRREVWiFXORV
SDUDVHUHPVXSHUDGRVDIXQomRGRSUREOHPDQDSUiWLFDHSRVVtYHLV
PRGRVGHVHXOWUDSDVVDUHPRVREVWiFXORV VREUHDUHODomRHQWUH
RHQTXDGUHSDUD$'&GH&KRXOLDUDNL )DLUFORXJKHR5&YHMD
WDPEpP5DPDOKR 


9,9,$1('(0(/25(6(1'(

&$3Ë78/2

5($/,602&5Ë7,&2($1È/,6(
'(',6&8562&5Ë7,&$
9LPRVQRFDStWXORDQWHULRUDOJXPDVLPSOLFDo}HVHSLVWHPR
OyJLFDVGR5&SDUDSHVTXLVDVHPFLrQFLDVVRFLDLVHHVSHFL¿FD
PHQWHSDUDSHVTXLVDVGLVFXUVLYDV1mRVRPRVFLHQWLVWDVVRFLDLV
VRPRVDQDOLVWDVGHGLVFXUVR(PERUDQRVVRVSUREOHPDVVHMDPGH
FDUiWHUVRFLDOHGLDORJXHPRVFRPWHRULDVVRFLDLVpLPSRUWDQWH
TXHPDQWHQKDPRVQRVVDLGHQWLGDGH±RTXHSRUXPODGRDMXGD
DOHJLWLPDUDOLQJXtVWLFDFRPRFDPSRGHLQYHVWLJDomRFUtWLFDH
SRURXWURHVFODUHFHQRVVRIRFR,VVRQmRVLJQL¿FDQRVIHFKDU
PRV HP XP FDPSR FRQVLGHUDGR DFDEDGR VDEHPRV TXH WRGR
FRQKHFLPHQWRpKLVWyULFRHFRQWH[WXDOHFRPRTXDOTXHURXWUR
FRQMXQWRGHFUHQoDVpSDVVtYHOGHWUDQVIRUPDomRHVXSHUDomR
1HVVHVHQWLGRpYDQWDMRVDDDEHUWXUDDWHRULDVIURQWHLULoDVH
pHVVDDEHUWXUDTXHID]GD$'&QmRXPDGLVFLSOLQDPDVXPD
LQWHUGLVFLSOLQD0DQWHUPRVDGLVWLQomRGHQRVVRWUDEDOKRFRPR
DQDOLVWDVGHGLVFXUVRHPUHODomRDRWUDEDOKRGHFLHQWLVWDVVRFLDLV
pXPPRGRSRUpPGHHVWDEHOHFHUPRVFRPFODUH]DQRVVRSDSHO
SDUWLFXODUQDFUtWLFDVRFLDOFRQWHPSRUkQHD
7HPRVLQWHUHVVHVHVSHFt¿FRVHPDVSHFWRVGHSUREOHPDVVRFLDLV
TXHQmRFRLQFLGHPSOHQDPHQWHFRPRVLQWHUHVVHVGDVFLrQFLDVVRFLDLV
HPWHUPRVGDGLPHQVmRLQWUDQVLWLYDGRFRQKHFLPHQWR HFRQWDPRV
FRPKDELOLGDGHVHGLVFXUVRVFLHQWt¿FRVGLIHUHQWHV HPVXDGLPHQVmR
WUDQVLWLYD $FRQWHFHTXHQRVVRIRFRFRPRDQDOLVWDVGHGLVFXUVRQmR
VmRSULPDULDPHQWHDVDWLYLGDGHVPDWHULDLVRXDVHVWUXWXUDVVRFLDLVGH
XPPRGRDPSORPDVRPRPHQWRGLVFXUVLYRGDVSUiWLFDVVRFLDLVHDV
UHODo}HVFDXVDLVTXHHVWDEHOHFHPFRPRXWURVPRPHQWRVGDVSUiWLFDV
DVUHODo}HVGHHPHUJrQFLDHQWUHDVSHFWRVGLVFXUVLYRVHQmRGLVFXUVL
YRVQDUHSURGXomRWUDQVIRUPDomRGDVRFLHGDGH&RPRGHWHUPLQDGRV


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

GLVFXUVRVVmRXWLOL]DGRVSDUDPDQWHUWUDQVIRUPDUUHODo}HVVRFLDLV"
&RPRFRQVWUXo}HVGLVFXUVLYDVGHLGHQWLGDGHVHQWUDPHPFRQÀLWR
HPSUiWLFDVVRFLDLVHVSHFt¿FDV"&RPRUHFXUVRVGLVFXUVLYRV±KDEL
OLGDGHVSDUDDSURGXomRGHWH[WRVHPJrQHURVHVSHFt¿FRVDFHVVRD
HVSDoRVSULYLOHJLDGRVGHLQWHUORFXomRHWF±VmRGLVSRQLELOL]DGRVD
DWRUHVVRFLDLVTXHRFXSDPSRVLo}HVHVSHFt¿FDV"
8PDLPSOLFDomRGLUHWDGHVVHLQWHUHVVHSDUWLFXODUQRVDVSHFWRV
GLVFXUVLYRVGHSUiWLFDVVRFLDLVpTXHHPQRVVRGLiORJRSURItFXR
FRPDVFLrQFLDVVRFLDLVSUHFLVDPRVID]HUUHÀH[}HVTXHQRVSHUPL
WDPDGDSWDUFDWHJRULDVHFRQFHLWRVDQRVVRVLQWHUHVVHVSUHFLVDPRV
WUDQVIRUPiORVHPIHUUDPHQWDVDGDSWDGDVDQRVVDVQHFHVVLGDGHV
8PERPH[HPSORGLVVRpDQHFHVVLGDGHGHVHGLVWLQJXLUFRPFOD
UH]DDomRVRFLDOHUHSUHVHQWDomRGDDomRVRFLDOSDUDQmRLQFRUUHU
HPLQFRQVFLVWrQFLDVHSLVWHPROyJLFDV
3DUDH[DPLQDUHVVDGLVWLQomRWRPHPRVDVHJXLQWHFLWDomRGH
%KDVNDU D[YLLJULIRVPHXV ³RLQWHUHVVHGDVFLrQFLDVVR
FLDLVLQFOXLQmRDSHQDVREMHWRVVRFLDLVPDVWDPEpPFUHQoDVVREUH
HVVHVREMHWRV´(QTXDQWRSHVTXLVDVHP5&WDPEpPSHUFHEHPD
UHOHYkQFLD GRV GLVFXUVRV VREUH REMHWRV VRFLDLV QmR GLVFXUVLYRV
SHVTXLVDVHP$'&HVWmRSULPDULDPHQWHLQWHUHVVDGDVQDVUHSUHVHQ
WDo}HVGLVFXUVLYDVVHPSHUGHUGHYLVWDDUHOHYkQFLDGRVPRPHQWRV
QmRGLVFXUVLYRVGDVSUiWLFDVVRFLDLVSDUDDFUtWLFDH[SODQDWyULDGR
SDSHOGRPRPHQWRGLVFXUVLYRGDVSUiWLFDV,VVRSRUTXHRIRFRGH
SHVTXLVDVHP$'&pQRGLVFXUVRHSRUWDQWRQDVUHSUHVHQWDo}HV
1RFDVRHVSHFt¿FRGHSHVTXLVDVHWQRJUi¿FRGLVFXUVLYDVFRPRDV
TXHYHQKRUHDOL]DQGRpSUHFLVRWHUHPPHQWHTXH³QmRGHVFREULPRVHV
WUXWXUDVVRFLDLVUHDLVHQWUHYLVWDQGRSHVVRDVVREUHHODV´ $UFKHU
 3RULVVRRIRFRFHQWUDOHPSHVTXLVDVHWQRJUi¿FRGLVFXUVLYDVQmR
VmRDVHVWUXWXUDVSUiWLFDVHHYHQWRVHPVLPDVVXDVUHSUHVHQWDo}HV
GLVFXUVLYDVHPERUDSDUDRHVWXGRGHVVDVUHSUHVHQWDo}HVRFRQKHFL
PHQWRFRQWH[WXDOL]DGRGDVSUiWLFDVHPTXHVWmRVHMDLPSUHVFLQGtYHO
9HMDPRVRTXH6D\HU E QRVGL]DHVVHUHVSHLWR

 1mRH[FOXRDSRVVLELOLGDGHGHSHVTXLVDVHP$'&IRFDOL]DUHPRDVSHFWRGLVFXUVLYRGDDomR
VRFLDOHPVLHQmRDUHSUHVHQWDomRGDDomRVRFLDO7RPHPRVFRPRH[HPSORXPDSHVTXLVD
HPTXHDXGLrQFLDVS~EOLFDVVHMDPJUDYDGDVD¿PGHVHLQYHVWLJDUFRPRRVDWRUHVVRFLDLV
SDUWLFLSDQWHVDJHPSRUPHLRGDOLQJXDJHP YHMDSRUH[HPSOR*RPHV 1HVVHFDVR
RIRFRVHUiRDVSHFWRGLVFXUVLYRGDDomRVRFLDODDomRGLVFXUVLYD1HVWHOLYURHQWUHWDQWR
GLVFXWRDTXHVWmRGDGLVWLQomRHQWUHDomRHUHSUHVHQWDomRGDDomRSRLVPHXLQWHUHVVHHVSH
Ft¿FRpDUHSUHVHQWDomR$TXHVWmRGDUHODomRHQWUHDomRVRFLDOHDomRGLVFXUVLYD¿FDSRU
HQTXDQWRHPDEHUWR


9,9,$1('(0(/25(6(1'(

4XDQGR SHVTXLVDGRUHVDV HVWmR LQWHUHVVDGRVDV HP GLVFXUVRV


HQDVTXDOLGDGHVVLJQL¿FDWLYDVGHSUiWLFDVVRFLDLVQmRVHWUDWD
GHDEVWUDomRVHJXLGDGHVtQWHVHFRQFUHWDPDVGHLQWHUSUHWDomR
(QWUHWDQWRUHDOLVWDVDFUHVFHQWDULDPTXHSDUDLQWHUSUHWDURTXH
DWRUHVVRFLDLVGL]HPSUHFLVDPRVUHODFLRQDUVHXGLVFXUVRDRVUH
IHUHQWHVHDRVFRQWH[WRV7DPEpPYDOHOHPEUDUTXHDUHDOLGDGH
VRFLDOpDSHQDVSDUFLDOPHQWHWH[WXDO0XLWRGRTXHDFRQWHFHQmR
GHSHQGHRXQmRFRUUHVSRQGHjFRPSUHHQVmRGHDWRUHVVRFLDLV
KiFRQVHTXrQFLDVLQHVSHUDGDVHFRQGLo}HVQmRSHUFHELGDVHDV
FRLVDV SRGHP DFRQWHFHU D SHVVRDV LQGHSHQGHQWHPHQWHGH VXD
FRPSUHHQVmR

3DUD DQiOLVHV GLVFXUVLYDV ORJUDUHP FUtWLFDV H[SODQDWyULDV p


LQGLVSHQViYHOXPFRQKHFLPHQWRFRQWH[WXDOFDSD]GHSRVVLELOLWDU
R HVWDEHOHFLPHQWR GDV UHODo}HV HQWUH UHSUHVHQWDo}HV GLVFXUVLYDV
HSUiWLFDVVRFLDLV,VVRHQGRVVDDUHODomRGHVHMiYHOHQWUH$'&H
HWQRJUD¿D2UHFRQKHFLPHQWRGHTXHDUHDOLGDGHVRFLDOpDSHQDV
SDUFLDOPHQWH GLVFXUVLYD H GH TXH SRUWDQWR DV UHSUHVHQWDo}HV
GDV SUiWLFDVHYHQWRV FDUUHJDP ODFXQDV LQHYLWiYHLV VXJHUH TXH
RVGRFXPHQWRVHWQRJUi¿FRVJHUDGRVFROHWDGRVHPFDPSRVHMDP
FRPSOHPHQWDGRVSRUHVWUDWpJLDVREVHUYDFLRQDLVQDFRQVWUXomRGR
REMHWR GD SHVTXLVD 1HVVH VHQWLGR )DLUFORXJK -HVVRS  6D\HU
   VXJHUHP TXH ³SRGH VHU QHFHVViULR RX DSURSULDGR VX
SOHPHQWDU D$'& FRP DQiOLVHV PDLV FRQFUHWDVFRPSOH[DV GRV
GRPtQLRV H[WUDGLVFXUVLYRV´ DVVLP FRPR:RGDN D  LQVLVWH
TXHRWUDEDOKRGHFDPSRpGHVHMiYHOSDUDVHH[SORUDURREMHWRGD
LQYHVWLJDomR H FRPR FRQGLomR SUpYLD SDUD WUDEDOKRV GH DQiOLVH
%ORPPDHUW  YDLPDLVDOpPTXDQGRVXJHUHRFDUiWHU
FHQWUDOGDFRQWH[WXDOL]DomRSDUDSHVTXLVDVGLVFXUVLYDVHSURS}HD
HWQRJUD¿DFRPRPHLRSDUDWDQWR

3UHFLVDPRVGHVHQYROYHUXPDDERUGDJHPDPSODGDOLQJXDJHP
QDVRFLHGDGHHPTXHDFRQWH[WXDOL]DomRGRGLVFXUVRVHMDXP
HOHPHQWRFHQWUDO6HWRPDPRVFRQWH[WRVHULDPHQWHHQWmRSUH
FLVDPRVLQYHVWLJiORVHULDPHQWH,VVRVLJQL¿FDTXHSUHFLVDPRV
DGRWDUXPUHJLVWURHFOpWLFRGHDERUGDJHQVHPpWRGRVFDSD]GH
FDSWDUDFRPSOH[LGDGHGRGLVFXUVRFRPRORFDOGHGHVLJXDOGDGH
3DUDLVVRDHWQRJUD¿DpFHQWUDOXPDSHUVSHFWLYDGDOLQJXDJHP
FRPRLQWULQVHFDPHQWHOLJDGDDFRQWH[WRHDWLYLGDGHKXPDQD


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

1mREDVWDLGHQWL¿FDURVGHVHMRVPRWLYDo}HV±HPHVPRDo}HV
±GHDWRUHVVRFLDLVHPUHODomRDXPREMHWLYRGHPXGDQoDVRFLDOSRU
TXHDHIHWLYLGDGHGRVSURMHWRVSHVVRDLVLQVWLWXFLRQDLVGHSHQGHGRV
PRGRVFRPRVHUHODFLRQDPFRPFRQWLQJrQFLDVFRQWH[WXDLVFRP
DVSRVVLELOLGDGHVDSUHVHQWDGDVQRVFRQWH[WRVHPTXHVXDDWLYLGDGH
VRFLDOVHGHVHQUROD,VVRMXVWL¿FDH[SODQDo}HVFDXVDLVRTXHKiQRV
FRQWH[WRVSHVTXLVDGRVTXHSHUPLWHRXEORTXHLDRVXFHVVRGHXPD
DomRLQWHQFLRQDO"2IUDFDVVRGDVHVWUDWpJLDVGHDWRUHVVRFLDLVLQV
WLWXLo}HVSRGHWHUPDLVUHODomRFRPDVOLPLWDo}HVFRQWH[WXDLVTXH
FRPVXDVLQWHQo}HVGLVFXUVLYDPHQWHUHSUHVHQWDGDV'DtDUHOHYkQFLD
GDREVHUYDomRSDUDDDSUHHQVmRGHVVDVFRQWLQJrQFLDV
$ FUtWLFD H[SODQDWyULD FRQVWUXtGD HP WHUPRV GH UHODo}HV
FDXVDLVH[SOLFD&ROOLHU  pLQWHUQDQRVHQWLGRGHTXH
³DV FRQWUDGLo}HV GHVFREHUWDV VmR LQWHUQDV j SUiWLFD´ 2 TXH
HVWiHPTXHVWmRpLGHQWL¿FDUQDVSUySULDVSUiWLFDVSHVTXLVDGDV
FRQWUDGLo}HVTXHEORTXHLDPDDomRVRFLDO1RFDVRGHSHVTXLVDV
GLVFXUVLYDVHVVDVFRQWUDGLo}HVSRGHPVHUHQWUHGLVFXUVRVLQWH
ULRUL]DGRVHSUiWLFDVHQWUHFRQVWUXo}HVLGHQWLWiULDVHSRVLo}HV
&RPRYLPRVHVVHVHOHPHQWRVGLVFXUVLYRVVmRREMHWRVFRQFUHWRV
TXHSRGHPVHUFDXVDOPHQWHH[SOLFDGRVSRUXPODGRHLGHQWL¿
FDGRVFRPRPHFDQLVPRVHPH[SODQDo}HVFDXVDLVSRURXWUR
$GHVFULomRGRREMHWRGDSHVTXLVDpXPDQHFHVVLGDGHDQWHULRU
jSURGXomRGHXPDFUtWLFDH[SODQDWyULD%KDVNDU F VX
JHUHTXHHVVDHWDSDGHVFULWLYDGHSHQGHGHGRLVWLSRVGHWUDEDOKR
RWUDEDOKRSUiWLFRH[SHULPHQWDOFXMRREMHWLYRpWRUQDURREMHWR
DFHVVtYHO j SHUFHSomR GRD SHVTXLVDGRUD ³HP TXH RV SRGHUHV
SHUFHSWLYRVGRDFLHQWLVWDDXPHQWDP´HRWUDEDOKRWHyULFRFXMR
REMHWLYRpSRVVLELOLWDUDSURGXomRGHXPDGHVFULomRFLHQWL¿FDPHQWH
LQIRUPDGDGRREMHWR³HPTXHRVSRGHUHVFRQFHLWXDOHGHVFULWLYR
GRDFLHQWLVWDDXPHQWDP´%KDVNDUSRQGHUDTXHDPERVRVWLSRVGH
WUDEDOKRVmRHVVHQFLDLVSDUDXPDGHVFULomRTXDOLWDWLYDPDVSDUD
HOHVmRWDUHIDVLQGHSHQGHQWHV
1RFDVRGHSHVTXLVDVGHFDUiWHUHWQRJUi¿FRHQWUHWDQWRHVVD
VHSDUDomRHQWUHFRQVWUXomRGRREMHWRHFRQVWUXomRGRFRQFHLWRGR
REMHWRQmRVHYHUL¿FDMiTXHRSURFHVVRGDSHVTXLVDHWQRJUi¿FDp
UHFXUVLYR&UHLRTXHHPTXDOTXHUSHVTXLVDTXHOLGHFRPJHUDomR
FROHWDGHGDGRVSRUPHLRGHWUDEDOKRGHFDPSRTXDQGRVHLQLFLDR
SURFHVVRGHSURGXomRGRFRUSXV FRQVWUXomRGRREMHWR MiVHLQLFLD


9,9,$1('(0(/25(6(1'(

DIRUPXODomRGHFRQFHLWRVFRPEDVHQDVWHRULDVTXHQRVVHUYHPGH
VXSRUWH FRQVWUXomRGRFRQFHLWRGRREMHWR 7HQWDUHVWDEHOHFHUXPD
VHSDUDomRSRUXPODGRQmRpSRVVtYHOHSRURXWURQmRpGHVHMiYHO
1HVVHVHQWLGRSUH¿URFRQFRUGDUFRP6D\HU  TXDQGR
DUJXPHQWDTXH³DREVHUYDomRQmRpWHRULFDPHQWHQHXWUDHDWHRULD
QmRDSHQDVµRUJDQL]DRV IDWRV¶PDVWUD] UHLYLQGLFDo}HV VREUH D
QDWXUH]DGHVHXREMHWR´
8PDYH]FRQVWUXtGRRFRUSXVHIRUPXODGRVRVFRQFHLWRVEiVLFRV
GDSHVTXLVDUHDOLVWDVFUtWLFRVDVSURFHGHPjH[SODQDomRVRFLDOGRV
SUREOHPDVLQYHVWLJDGRV2SRQWRGHSDUWLGDSDUDDLGHQWL¿FDomRGH
HVWUXWXUDVH[SODQDWyULDVpDLQWHUSUHWDomR3DUD%KDVNDU G
 RSRWHQFLDOH[SODQDWyULRGHSHVTXLVDVVRFLDLVWHPSRUEDVH
DDQiOLVHGHVLJQL¿FDGRVH³GRVPRGRVFRPRWDLVVLJQL¿FDGRVVmR
SURGX]LGRV´(VVDUHOHYkQFLDGDDQiOLVHVHPLyWLFDSDUDDFUtWLFD
H[SODQDWyULDVXJHUHDYDQWDJHPGHXPDDUWLFXODomRFRPD$'&H
VXDIRUPXODomRPHWRGROyJLFDSDUDDDQiOLVHGHGDGRVWH[WXDLV³p
DtTXHDDQiOLVHGHGLVFXUVRSRGHFRQWULEXLUQRGHVHQYROYLPHQWR
GD SHVTXLVD VRFLDO PDV LVVR QmR GHYH VHU FRQFHELGR FRPR XP
VLPSOHVVRPDWyULRGHWHRULDVGHOLQJXDJHPH[LVWHQWHVFRPWHRULDV
VRFLDLVH[LVWHQWHV´ )DLUFORXJK $LQWHULRUL]DomRHQWUH
WHRULDVVRFLDLVHGLVFXUVLYDVVHPG~YLGDUHFHEHXPDFRQWULEXLomR
UHOHYDQWHGD$'&PDVQmRSRGHPRVFRQVLGHUDUHVVDUHODomRFRPR
HVWDQGRSURQWDKiDLQGDPXLWDUHÀH[mRSRUID]HU


9,9,$1('(0(/25(6(1'(

&216,'(5$d®(6),1$,6
$$'&QmRpXPFDPSRIHFKDGRHPGRLVVHQWLGRV3ULPHLURQmR
VHWUDWDGHXPDSHUVSHFWLYDWHyULFRPHWRGROyJLFDKRPRJrQHDDR
FRQWUiULRFRQ¿JXUDVHXPFRQMXQWRGHSURSRVWDVWHyULFDVVREUHR
GLVFXUVRHVHXIXQFLRQDPHQWRVRFLDOHGHHQTXDGUHVPHWRGROyJLFRV
SDUDDQiOLVHGHWH[WRVHVFULWRVIDODGRVYLVXDLVPXOWLPRGDLV$V
VLPD$'&QmRSRVVXLXPDVXSHUItFLHFODUDPHQWHGH¿QLGDVHQGR
QHFHVViULRGHOLPLWDUYtQFXORVHSHUVSHFWLYDVTXDQGRVHSUHWHQGH
WRUQDUFODURGHTXHWLSRGH$'&VHIDOD
(PVHJXQGROXJDUD$'&QmRpXPFDPSRIHFKDGRSRUTXHXP
GHVHXVSUHVVXSRVWRVEiVLFRVpDLQWHUGLVFLSOLQDULGDGH,VVRVHGHYH
jSHUFHSomRGHTXHSDUDDDQiOLVHGHWH[WRVHQTXDQWRLQVWkQFLDV
GLVFXUVLYDVD/LQJXtVWLFDQmRpVX¿FLHQWH$VVLPDVGLYHUVDVDERU
GDJHQVGH$'&UHFRUUHPDGLIHUHQWHVUHODo}HVHQWUHGLVFLSOLQDVSDUD
UHFRQWH[WXDOL]DUFRQFHLWRVRULXQGRVGDV&LrQFLDV6RFLDLV
$ KHWHURJHQHLGDGH GH DERUGDJHQV GHYH VHU FHOHEUDGD FRPR
XPDGLYHUVLGDGHFDSD]GHJDUDQWLUGLiORJRVSURItFXRVTXHSRV
VLELOLWDPXPFRQVWDQWHDSHUIHLoRDPHQWRGDVIHUUDPHQWDVGHTXH
GLVSRPRVSDUDDQDOLVDULQVWDQFLDo}HVGLVFXUVLYDVFRQWH[WXDOPHQWH
VLWXDGDV1mRVHWUDWDGHXPYDOHWXGRHSLVWHPROyJLFRSRLVKi
PDUFDQWHV FRQWLQXLGDGHV TXH JDUDQWHP D FRHUrQFLD QHFHVViULD
DRFDPSR(PSULPHLUROXJDUDVGLYHUVDVDERUGDJHQVFUtWLFDVDR
GLVFXUVRPDQWrPXPIRFRQDUHODomRHQWUHOLQJXDJHPHVRFLHGD
GHHQWHQGHQGRTXHRGLVFXUVRFRPRSDUWHGDVSUiWLFDVVRFLDLVp
WDQWRLQÀXHQFLDGRSHODVHVWUXWXUDVSUiWLFDVVRFLDLVFRPRLQÀXHQ
FLDVXDPDQXWHQomRRXWUDQVIRUPDomR8PDYH]TXHWH[WRVVmR
WDQWRVRFLDOPHQWHHVWUXWXUDGRVTXDQWRHVWUXWXUDQWHVSUHFLVDPRV
H[DPLQDUQmRVyRVPRGRVFRPRVHSURGX]HPVLJQL¿FDGRVHP
WH[WRVTXHHQWmRDMXGDPDUHSURGX]LUWUDQVIRUPDUDVHVWUXWXUDV
VRFLDLVPDVWDPEpPRVPRGRVFRPRDSURGXomRGHVLJQL¿FDGRV
pWDPEpPFRQVWUDQJLGDSRVVLELOLWDGDSRUDVSHFWRVQmRVHPLyWLFRV
HPHUJHQWHVGDHVWUXWXUDVRFLDO


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

$OpPGLVVRRIRFRQDDQiOLVHOLQJXtVWLFDGHWH[WRVUHFRUUHQGR
VHDIHUUDPHQWDVGHVHQYROYLGDVSRUGLYHUVRVUDPRVGD/LQJXtVWLFD
)XQFLRQDOFRPRFDWHJRULDVGHDQiOLVHpXPDFRQVWDQWHREVHUYiYHO
QDVGLIHUHQWHVDERUGDJHQVGH$'&$/LQJXtVWLFDpXWLOL]DGDSRU
DQDOLVWDVGHGLVFXUVRFUtWLFRVDVFRPRLQVWUXPHQWRSDUDDDQiOLVH
HDFUtWLFDGHSUREOHPDVVRFLDLVGLVFXUVLYDPHQWHPDQLIHVWRVD¿P
GHPDSHDURVPRGRVSHORVTXDLVHVFROKDVOLQJXtVWLFDVGHIDODQWHV
RXJUXSRVGHDWRUHVVRFLDLVUHODFLRQDPVHDTXHVW}HVVRFLDLVPDLV
DPSODV
(VVHLQWHUHVVHSRUSUREOHPDVVRFLDLVSDUFLDOPHQWHGLVFXUVLYRVp
RXWUDFRQWLQXLGDGHQRWiYHOQDVGLYHUVDVDERUGDJHQVGH$'&&RPR
SUiWLFDWHyULFDFUtWLFDD$'&DVVXPHXPDDJHQGDGHSHVTXLVDHQ
JDMDGDFRPSUREOHPDVUHODWLYRVjGLVWULEXLomRGHUHFXUVRVPDWHULDLV
HVLPEyOLFRVQDVVRFLHGDGHVFRQWHPSRUkQHDV3RULVVRRFRQFHLWR
GHSUiWLFDVRFLDOpFDURj$'&SRLVVHHQWHQGHTXHDVVLPFRPRD
OLQJXDJHPSRGHVHUXWLOL]DGDFRPRXPUHFXUVRSDUDDPDQXWHQomR
GHUHODo}HVH[SORUDWyULDVEDVHDGDVHPSRGHUpWDPEpPXPUHFXUVR
SRWHQFLDOSDUDDPXGDQoDVRFLDO
$RSomRSHOD$'&FRPRFDPSRGHLQYHVWLJDomRpSRUWDQWR
XPDGHFLVmRDFLPDGHWXGRSROtWLFD0XLWRVGHVD¿RVVmRLPSRVWRV
jTXHOHVDVTXHHQYHUHGDPSRUHVVHFDPLQKR'DGDVDVUHODo}HV
LQWHUGLVFLSOLQDUHVGHTXHGHSHQGHPRVSDUDJDUDQWLUDSHUWLQrQFLD
GHQRVVDVDQiOLVHVOLQJXtVWLFDVGDGDDQHFHVVLGDGHGHDSUHVHQWDU
DQiOLVHVOLQJXLVWLFDPHQWHRULHQWDGDVHFRQWH[WXDOPHQWHORFDOL]DGDV
HSROLWLFDPHQWHSRVLFLRQDGDVHQ¿PGDGDHVVDFRQMXQomRGHIDWRUHV
TXHWRUQDRWUDEDOKRGHDQDOLVWDVGHGLVFXUVRFRPSOH[RHLQVWLJDQWH
FRPRFRQTXLVWDURQHFHVViULRHTXLOtEULRHQWUHDFRQWH[WXDOL]DomR
GRSUREOHPDDSURIXQGLGDGHGDDQiOLVHHGDUHÀH[mRWHyULFDHD
GHIHVDGHLQWHUHVVHVOLJDGRVjMXVWLoDHjLJXDOGDGH"6HPG~YLGD
SHVTXLVDVHP$QiOLVHGH'LVFXUVR&UtWLFDHVWmRORQJHGHVHUHP
SUHHQGLPHQWRVIiFHLV
2GLiORJRLQWHUGLVFLSOLQDUFRPD&6&HHVSHFLDOPHQWHFRPR
5&SURYrj$'&XPDYHUVmRGHRQWRORJLDTXHSUHYrDHVWUDWL¿
FDomRGDUHDOLGDGHVRFLDODYLGDVRFLDOFRPRXPVLVWHPDDEHUWR
FRQVWLWXtGR GH SUiWLFDV H UHGHV GH SUiWLFDV HP UHODo}HV UHODWL
YDPHQWH HVWiYHLV HP TXH DV HVWUXWXUDV VRFLDLV VmR D FRQGLomR
VLQFU{QLFD GRV HYHQWRV VRFLDLV H R UHVXOWDGR GLDFU{QLFR GHVVHV
PHVPRVHYHQWRV3URFXUHLHQIDWL]DUDQHFHVVLGDGHGHUHÀH[}HV


9,9,$1('(0(/25(6(1'(

GHFDUiWHUHSLVWHPROyJLFRHPHVWXGRVGLVFXUVLYRVVREUHWXGRGR
SRQWRGHYLVWDGDVYDQWDJHQVHOLPLWDo}HVGDVUHODo}HVHQWUHGLV
FLSOLQDVGHTXHQRVYDOHPRVHPQRVVDVSHVTXLVDV1HVVHVHQWLGR
IRUDP DERUGDGDV DOJXPDV LPSOLFDo}HV HSLVWHPROyJLFDV GHVVD
YHUVmRGDRQWRORJLD
(PPXLWRVGHEDWHVGHTXHYHQKRSDUWLFLSDQGRVREUHWXGRQRV
FRQWH[WRV GR 1~FOHR GH (VWXGRV GH /LQJXDJHPH 6RFLHGDGH GD
8QLYHUVLGDGHGH%UDVtOLD 1(/L6 HGD5HGH/DWLQR$PHULFDQD
GH$QDOLVWDV GH 'LVFXUVR &UtWLFRVDV 5('/$'  D TXHVWmR GR
SRWHQFLDOGDVSHVTXLVDVHP$'&SDUDDPXGDQoDVRFLDOWHPVLGR
FHQWUDO3DUHFHPHTXHXPDPDQHLUDGHSRWHQFLDOL]DURHIHLWRGH
QRVVDVSHVTXLVDVpSDXWiODVSHODFUtWLFDH[SODQDWyULDEXVFDQGRQmR
DSHQDVDH[SODQDomRGHWH[WRVHVSHFt¿FRVHPSUiWLFDVSDUWLFXODUHV
PDVWDPEpPDH[SODQDomRGHVVHVPHVPRVWH[WRVFRPRHIHLWRVGH
SUiWLFDV HVWUXWXUDGDV H GRV HIHLWRV GHVVHV WH[WRV QHVVDV PHVPDV
SUiWLFDV 6HP G~YLGD WUDWDVH GH WUDEDOKR LQWHQVLYR TXH FUHLR
SUHFLVDODQoDUPmRGHWpFQLFDVGHWUDEDOKRGHFDPSRQRWDGDPHQWH
DTXHODVGHVHQYROYLGDVQRFDPSRGD(WQRJUD¿D
$OpPGLVVRSDUDHVVDVSHVTXLVDVGHFDUiWHUHWQRJUi¿FRGLVFXU
VLYRORJUDUHPLQÀXrQFLDQRVHQWLGRGDPXGDQoDVRFLDOpSUHFLVR
WHUHPPHQWHRVSULQFtSLRVGDSHVTXLVDFRODERUDWLYDHGHPRFUiWL
FDSUH]DQGRVREUHWXGRDVHVWUDWpJLDVSDUDFRPSDUWLOKDPHQWRGRV
UHVXOWDGRVGDSHVTXLVDHSDUDQHJRFLDomRGDVDQiOLVHV,VVRHYLWD
RULVFRGHVHFRQGX]LUHPSHVTXLVDVHPTXHRGLiORJRVHIHFKDWmR
ORJRDLQWHUSUHWDomRVHLQLFLDpSUHFLVRPDQWHUDSUiWLFDGLDOyJLFD
WDPEpPQRTXHGL]UHVSHLWRjVDQiOLVHV XPGHIHQVRUGDUHÀH[LYL
GDGHQHVVHVHQWLGRp%ORPPDHUW 
$GLVWLQomRHQWUHRVHVWXGRVVRFLDLVHRVHVWXGRVGLVFXUVLYRVQR
TXHVHUHIHUHjFUtWLFDH[SODQDWyULDEDVHDGDHPUHODo}HVFDXVDLV
pTXHQRVVRLQWHUHVVHVmRRVPHFDQLVPRVJHUDWLYRVGHHOHPHQWRV
GLVFXUVLYRVHRVPRGRVFRPRIDFHWDVGHVVHPRPHQWRGLVFXUVLYR
SRGHPVHUWDPEpPPHFDQLVPRVJHUDWLYRVGHPXGDQoDVRFLDO6H
TXHVW}HVHSLVWHPROyJLFDVWDPEpPLQFOXHPDFRQVLGHUDomRGHTXH
HYLGrQFLDVFRQWDPFRPRFRQKHFLPHQWRGDVFRLVDVVRFLDLVRXWUD
GLIHUHQoDQRWiYHOSRGHVHUIRUPXODGDSDUDD$'&DVHYLGrQFLDV
PDLVVLJQL¿FDWLYDVVmROLQJXtVWLFRGLVFXUVLYDVSRLVQRVVDIHUUDPHQ
WDSDUDDFUtWLFDVRFLDOVmRFDWHJRULDVSDUDDQiOLVHVWH[WXDOPHQWH
RULHQWDGDV


$VVLPVHHPSHVTXLVDVHWQRJUi¿FRGLVFXUVLYDVRVSURFHVVRV
GHFRQVWUXomRGRREMHWRHGHFRQVWUXomRGRFRQFHLWRGRREMHWRVmR
FRQVLGHUDGRVUHFXUVLYRV±SRLVDREVHUYDomRQmRpWHRULFDPHQWH
QHXWUDHDVWHRULDVFDUUHJDPSUHVVXSRVWRVVREUHVHXVREMHWRV±R
PHVPRWDPEpPpYHUGDGHSDUDRVSURFHVVRVGHDQiOLVHGLVFXUVLYD
HFUtWLFDH[SODQDWyULD,VVRSRUTXHDVHYLGrQFLDVGHTXHQRVYDOH
PRVSDUDDFUtWLFDH[SODQDWyULDVmRDVDUWLFXODo}HVHQWUHDVDQiOLVHV
WH[WXDOPHQWHRULHQWDGDVGHGDGRVHFRQKHFLPHQWRVH[WUDGLVFXU
VLYRVGDVSUiWLFDVVRFLDLVLQYHVWLJDGDV4XDQWRPDLVH¿FLHQWHIRU
DSHVTXLVDQRVHQWLGRGHPDSHDUHVVDVFRQH[}HVPDLVUHOHYDQWHV
VHUmRVHXVUHVXOWDGRVHPWHUPRVGDFUtWLFDH[SODQDWyULD


9,9,$1('(0(/25(6(1'(

5()(5Ç1&,$6%,%/,2*5È),&$6
$5&+(50,QWURGXFWLRQUHDOLVPLQWKHVRFLDOVFLHQFHV,Q0$UFKHU
HWDO RUJV &ULWLFDO5HDOLVP(VVHQWLDOUHDGLQJV/RQGRQ1HZ<RUN
5RXWOHGJHSS
BBBBB%HLQJKXPDQ7KHSUREOHPRIDJHQF\&DPEULGJH8QLYHUVLW\
3UHVV
%$.+7,100DU[LVPRH¿ORVR¿DGDOLQJXDJHP7UDG0/DKXGH<
9LHLUD6mR3DXOR+XFLWHF
%$5721' 0+$0,/721/RFDOOLWHUDFLHV5HDGLQJDQGZULWLQJ
LQRQHFRPPXQLW\/RQGRQ1HZ<RUN5RXWOHGJH
%+$6.$5 5 6FLHQWL¿F UHDOLVP DQG KXPDQ HPDQFLSDWLRQ /RQGRQ
9HUVR
BBBBB 7KH SRVVLELOLW\ RI 1DWXUDOLVP$ SKLORVRSKLFDO FULWLTXH RI WKH
FRQWHPSRUDU\ +XPDQ 6FLHQFHV +HPHO +HPSVWHDG +DUYHVWHU
:KHDWVKHDI
BBBBB*HQHUDOLQWURGXFWLRQ,Q0$UFKHUHWDO RUJV &ULWLFDO5HDOLVP
(VVHQWLDO UHDGLQJV /RQGRQ 1HZ<RUN 5RXWOHGJH  SS L[
[[LY
BBBBB 3KLORVRSK\ DQG VFLHQWL¿F UHDOLVP ,Q 0$UFKHU HW DO RUJV 
&ULWLFDO5HDOLVP(VVHQWLDOUHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJH
ESS
BBBBB 7KH ORJLF RI VFLHQWL¿F GLVFRYHU\ ,Q 0$UFKHU HW DO RUJV 
&ULWLFDO5HDOLVP(VVHQWLDOUHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJH
FSS
BBBBB6RFLHWLHV,Q0$UFKHUHWDO RUJV &ULWLFDO5HDOLVP(VVHQWLDO
UHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJHGSS
%+$6.$5 5  7 /$:621 ,QWURGXFWLRQ EDVLF WH[WV DQG
GHYHORSPHQWV,Q0$UFKHUHWDO RUJV &ULWLFDO5HDOLVP(VVHQWLDO
UHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJHSS
%/200$(57 - 'LVFRXUVH$ FULWLFDO LQWURGXFWLRQ &DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV
%285',(83 RUJ $0LVpULDGR0XQGR7UDG06$]HYHGRHWDO
3HWUySROLV9R]HV
BBBBB&RQWUDIRJRV7UDG/0DJDOKmHV5LRGH-DQHLUR-RUJH=DKDU



$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

BBBBB 2 SRGHU VLPEyOLFR7UDG )7RPD] 5LR GH -DQHLUR %HUWUDQG


%UDVLO
%285',(8 3  / :$&48$17 8QD LQYLWDFLyQ D OD VRFLRORJtD
UHÀH[LYD7UDG$ 'LORQ %XHQRV$LUHV 6LJOR9HLQWLXQR (GLWRUHV

&$0(521 ' HW DO 5HVHDUFKLQJ ODQJXDJH /RQGRQ 5RXWOHGJH

BBBBB7KHUHODWLRQVEHWZHHQUHVHDUFKHUDQGUHVHDUFKHGHWKLFVDGYRFDF\
DQGHPSRZHUPHQW,Q'*UDGGROHWDO5HVHDUFKLQJODQJXDJHDQG
OLWHUDF\ LQ VRFLDO FRQWH[W &OHYHGRQ 3KLODGHOSKLD$GHODLGH 7KH
2SHQ8QLYHUVLW\SS
'(0233HVTXLVDSDUWLFLSDQWH6DEHUSHQVDUHLQWHUYLUMXQWRV%UDVtOLD
/LEHU/LYUR
'(1=,1 1 < /,1&2/1 RUJV  2 SODQHMDPHQWR GD SHVTXLVD
TXDOLWDWLYD7UDG651HW]3RUWR$OHJUH$UWPHG
&$67(//602SRGHUGDLGHQWLGDGH7UDG.%*HUKDUGW6mR3DXOR
3D]H7HUUD
&+28/,$5$.,/0HGLDGLVFRXUVHDQGWKHSXEOLFVSKHUH'(/7$
 HVSHFLDO 
&+28/,$5$.,/ 1)$,5&/28*+'LVFRXUVHLQODWHPRGHUQLW\
5HWKLQNLQJ FULWLFDO GLVFRXUVH DQDO\VLV (GLQEXUJK (GLQEXUJK
8QLYHUVLW\3UHVV
&2//,(5$ &ULWLFDO 5HDOLVP$Q LQWURGXFWLRQ WR 5R\ %KDVNDU¶V
SKLORVRSK\/RQGRQ9HUVR
'$1(50$5. % HW DO ([SODLQLQJ VRFLHW\ &ULWLFDO 5HDOLVP LQ WKH
VRFLDOVFLHQFHV/RQGRQ1HZ<RUN5RXWOHGJH
)$,5&/28*+1/DQJXDJHDQGSRZHU1HZ<RUN/RQJPDQ
BBBBB &ULWLFDO GLVFRXUVH DQDO\VLV 7KH FULWLFDO VWXG\ RI ODQJXDJH
/RQGRQ/RQJPDQ
BBBBB'LVFXUVRPXGDQoDHKHJHPRQLD,Q(53HGUR RUJ $QiOLVH
&UtWLFD GR 'LVFXUVR 8PD SHUVSHFWLYD VyFLRSROtWLFD H IXQFLRQDO
/LVERD&DPLQKRSS
BBBBB'LVFRXUVHVRFLDOWKHRU\DQGVRFLDOUHVHDUFK7KHGLVFRXUVHRI
ZHOIDUHUHIRUP-RXUQDORI6RFLROLQJXLVWLFV  
BBBBB'LVFXUVRHPXGDQoDVRFLDO7UDG,0DJDOKmHV%UDVtOLD(GLWRUD
8QLYHUVLGDGHGH%UDVtOLD
BBBBB$QDO\VLQJGLVFRXUVH7H[WXDODQDO\VLVIRUVRFLDOUHVHDUFK/RQGRQ
5RXWOHGJH
BBBBB/DQJXDJHDQGJOREDOL]DWLRQ/RQGRQ5RXWOHGJH
)$,5&/28*+ 1 -(6623 % 6$<(5$ &ULWLFDO 5HDOLVP DQG
VHPLRVLV-RXUQDORI&ULWLFDO5HDOLVP LQFRUSRUDWLQJ$OHWKLD   



9,9,$1('(0(/25(6(1'(

)/,&. 8 .$5'25)) ( 67(,1.( , RUJV  $ FRPSDQLRQ WR


TXDOLWDWLYHUHVHDUFK/RQGRQ6DJH
)2:/(5 5 6REUH D /LQJXtVWLFD &UtWLFD 7UDG ' )LJXHLUHGR H '
2OLYHLUD/LQJXDJHPHP GLV FXUVR Q~PHURHVSHFLDO 

*,''(16$$VFRQVHTXrQFLDVGDPRGHUQLGDGH7UDG5)LNHU6mR
3DXOR(GLWRUD8QHVS
*+,2 (  0 ' )(51È1'(= 0DQXDO GH /LQJXtVWLFD 6LVWpPLFR
)XQFLRQDO(OHQIRTXHGH0$.+DOOLGD\\5+DVDQDSOLFDFLRQHV
D OD OHQJXD HVSDxROD 6DQWD )p 8QLYHUVLGDG 1DFLRQDO GHO /LWRUDO

*20(6 0&$ $ SUiWLFD VyFLRLQVWLWXFLRQDO GR /LFHQFLDPHQWR
$PELHQWDODWHQVmRHQWUHRVJrQHURVGLVFXUVLYRVGLVFXUVRVHYR]HV
7HVHGH'RXWRUDGR (VWXGRV/LQJXtVWLFRV 8QLYHUVLGDGH)HGHUDOGH
0LQDV*HUDLV
*5$06&,$&RQFHSomRGLDOpWLFDGDKLVWyULD7UDG&1&RXWLQKR
5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD
+$//,'$<0$.&RQWH[WRIVLWXDWLRQ,Q0$.+DOOLGD\ 5+DVDQ
/DQJXDJHFRQWH[WDQGWH[W$VSHFWVRIODQJXDJHLQDVRFLDOVHPLRWLF
SHUVSHFWLYH/RQGRQ2[IRUG8QLYHUVLW\3UHVVSS
BBBBB$Q,QWURGXFWLRQWR)XQFWLRQDO*UDPPDUUGHGUHYLVHGE\&
0,00DWWKLHVVHQ/RQGRQ$UQROG
.5(66 *  7 9$1 /((8:(1 5HSUHVHQWDWLRQ DQG LQWHUDFWLRQ
'HVLJQLQJWKHSRVLWLRQRIWKHYLZHU,Q$-DZRUVNL 1&RXSODQG
RUJV  7KH GLVFRXUVH UHDGHU /RQGRQ 5RXWOHGJH  SS 

/$9,//( &  - ',211( $ FRQVWUXomR GR VDEHU 0DQXDO GH
PHWRGRORJLDGDSHVTXLVDHPFLrQFLDVKXPDQDV7UDG+0RQWHLURH
)6HWWLQHUL%HOR+RUL]RQWH(GLWRUDGD8)0*
0$*$/+­(6 , 7HRULD FUtWLFD GR GLVFXUVR H WH[WR /LQJXDJHP HP
GLV FXUVR HVSHFLDO 
BBBBB ,QWURGXomR D$QiOLVH GH 'LVFXUVR &UtWLFD '(/7$ 
HVSHFLDO 
0$57,16$51*UXSRVH[FOXtGRVGRGLVFXUVRGDPtGLD8PDDQiOLVH
GHGLVFXUVRFUtWLFD'(/7$ HVSHFLDO 
0$621-4XDOLWDWLYHUHVHDUFKLQJ/RQGRQ6DJH
BBBBB0L[LQJPHWKRGVLQDTXDOLWDWLYHGULYHQZD\4XDOLWDWLYH5HVHDUFK
  
0(<(50(QWUHODWHRUtDHOPpWRGR\ODSROtWLFD/DXELFDFLyQGH
ORVHQIRTXHVUHODFLRQDGRVFRPHO$&',Q5:RGDN 00H\HU
RUJV 0pWRGRVGHDQiOLVLVFUtWLFRGHOGLVFXUVR7UDG7)HUQiQGH]
\%(JXLEDU%DUFHORQD*HGLVDSS


$1È/,6('(',6&8562&5Ë7,&$(5($/,602&5Ë7,&2

0217(&,126/3HUVRQDVHQVLWXDFLyQGHFDOOHHQ6DQWLDJRGH&KLOH
,GHQWLGDG\IXWXUR'LVFXUVR 6RFLHGDG  
287+:$,7(:5HDOLVPDQGVRFLDOVFLHQFH,Q0$UFKHUHWDO RUJV 
&ULWLFDO5HDOLVP(VVHQWLDOUHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJH
SS
3$3$60%,3UiWLFDSHGDJyJLFDHPDQFLSDWyULDRSURIHVVRUUHÀH[LYR
HPSURFHVVRGHPXGDQoD6mR&DUORV3HGUR -RmR(GLWRUHV
3È5$02 3  * 27È/9$52 ,QYHVWLJDFLyQ DOWHUQDWLYD SRU XQD
GLVWLQFLyQHQWUHSRVWXUDVHSLVWHPROyJLFDV\QRHQWUHPpWRGRV&LQWD
GHPRHELR'LVSRQtYHOQD,QWHUQHWKWWSZZZPRHELR
XFKLOHFOSDUDPRKWP!$FHVVRHPIHY
3$5'2$%5,/13/DUHSUHVHQWDFLyQGHORPHQVXUDEOHVREUHODSREUH]D
HQODSUHQVDFRORPELDQD'LVFXUVR 6RFLHGDG  
3$5'2/ 9%86&$*/,$3REUH]D\VDOXGPHQWDOGHVGHHO$QiOLVLV
&UtWLFRGHO'LVFXUVR(ODLVODPLHQWRVRFLDO\HOGHWHULRURFRPXQLFDWLYR
\FRJQLWLYR'LVFXUVR 6RFLHGDG  
3(7(56*03HUFXUVRVQDWHRULDGDVSUiWLFDVVRFLDLV$QWKRQ\*LGGHQV
H3LHUUH%RXUGLHX'LVVHUWDomRGH0HVWUDGR 6RFLRORJLD %UDVtOLD
8QLYHUVLGDGHGH%UDVtOLD
5$0$/+2 9 'LiORJRV WHyULFRPHWRGROyJLFRV 5HDOLVPR &UtWLFR H
$QiOLVHGH'LVFXUVR&UtWLFD&DGHUQRVGH/LQJXDJHPH6RFLHGDGH

5(6(1'( 9 0 ³1mR p IDOWD GH KXPDQLGDGH p SDUD GL¿FXOWDU D
SHUPDQrQFLDGHOHVSHUWRGHQRVVRSUpGLR´$QiOLVHGLVFXUVLYDFUtWLFD
GH XPD FLUFXODU GH FRQGRPtQLR DFHUFD GH³PRUDGRUHV GH UXD´ HP
%UDVtOLD%UDVLO'LVFXUVR 6RFLHGDG  D
BBBBB$QiOLVHGH'LVFXUVR&UtWLFDH(WQRJUD¿DR0RYLPHQWR1DFLRQDO
GH0HQLQRVH0HQLQDVGH5XDVXDFULVHHRSURWDJRQLVPRMXYHQLO
7HVHGH'RXWRUDGR /LQJXtVWLFD 8QLYHUVLGDGHGH%UDVtOLDE
5(6(1'(9 0 9 5$0$/+2$QiOLVH GH 'LVFXUVR &UtWLFD GR
PRGHORWULGLPHQVLRQDOjDUWLFXODomRHQWUHSUiWLFDV,PSOLFDo}HVWHyULFR
PHWRGROyJLFDV/LQJXDJHPHP GLV FXUVR  
BBBBB$QiOLVHGH'LVFXUVR&UtWLFD6mR3DXOR&RQWH[WR
5(7$02=2 0 (VER]RV SDUD XQD HSLVWHPRORJtD GH ORV VXMHWRV \
PRYLPLHQWRVVRFLDOHV&LQWDGHPRHELR)DFXOWDGGH&LHQFLDV
6RFLDOHV8QLYHUVLGDGGH&KLOH'LVSRQtYHOQD,QWHUQHWKWWSZZZ
PRHELRXFKLOHFOUHWDPR]RKWP!$FHVVRHPIHY
6$<(5$$EVWUDFWLRQDUHDOLVWLQWHUSUHWDWLRQ,Q0$UFKHUHWDO RUJV 
&ULWLFDO5HDOLVP(VVHQWLDOUHDGLQJV/RQGRQ1HZ<RUN5RXWOHGJH
SS
BBBBB&DUDFWHUtVWLFDVFKDYHGR5HDOLVPR&UtWLFRQDSUiWLFD8PEUHYH
UHVXPR(VWXGRVGH6RFLRORJLD  D


9,9,$1('(0(/25(6(1'(

BBBBB5HDOLVPDQGVRFLDOVFLHQFH/RQGRQ6DJHE
6,/9$ ' ( *$ 3REUH]D QR &RQWH[WR %UDVLOHLUR 'D ([FOXVmR
(FRQ{PLFDH6RFLDOj5XSWXUD)DPLOLDU'LVFXUVR 6RFLHGDG  

6,/9(50$1''RLQJTXDOLWDWLYHUHVHDUFK/RQGRQ6DJH
6286$6$1726%5HQRYDUDWHRULDFUtWLFDHUHLQYHQWDUDHPDQFLSDomR
VRFLDO6mR3DXOR%RLWHPSR
7+203621 * ,QWURGXFLQJ IXQFWLRQDO JUDPPDU /RQGRQ$UQROG

7+203621-%,GHRORJLDHFXOWXUDPRGHUQD7UDG&*ULVFLHWDO
3HWUySROLV9R]HV
9$1',-.7$6RFLDOFRJQLWLRQDQGGLVFRXUVH,Q+*LOHV 53
5RELQVRQ RUJV  +DQGERRN RI VRFLDO SV\FKRORJ\ DQG ODQJXDJH
&KLFKHVWHU:LOH\SS
BBBBB'LVFRXUVHSRZHUDQGDFFHVV,Q&5&DOGDV&RXOWKDUG 0
&RXOWKDUG RUJV 7H[WVDQG3UDFWLFHV5HDGLQJVLQ&ULWLFDO'LVFRXUVH
$QDO\VLV/RQGRQ5RXWOHGJHSS
BBBBB  &ULWLFDO 'LVFRXUVH$QDO\VLV ,Q ' 7DQQHQ ' 6FKLIIULQ
+ +DPLOWRQ RUJV  +DQGERRN RI 'LVFRXUVH $QDO\VLV 2[IRUG
%ODFNZHOOSS
:2'$.5'LVRUGHUVRIGLVFRXUVH1HZ<RUN/RQJPDQ
BBBBB'HTXpWUDWDHODQiOLVLVFUtWLFRGHOGLVFXUVR $&' 5HVXPHQGHVX
KLVWRULDVXVFRQFHSWRVIXQGDPHQWDOHV\VXVGHVDUUROORV,Q5:RGDN
00H\HU RUJV 0pWRGRVGH$QiOLVLV&UtWLFRGHO'LVFXUVR7UDG
7)HUQiQGH]\%(JXLEDU%DUFHORQD*HGLVDDSS
BBBBB(OHQIRTXHKLVWyULFRGHOGLVFXUVR,Q5:RGDN 00H\HU
RUJV 0pWRGRVGH$QiOLVLV&UtWLFRGHO'LVFXUVR7UDG7)HUQiQGH]
\%(JXLEDU%DUFHORQD*HGLVDESS


View publication stats

También podría gustarte