Você está na página 1de 15

25/08/2014

W'

K  Z^WKE^s>

 W
'

*HVWmR $PELHQWDO
$PELHQWDO p D DGPLQLVWUDomR GR H[HUFtFLR
GH DWLYLGDGHV HFRQ{PLFDV H VRFLDLV GH IRUPD D
XWLOL]DU GH PDQHLUD UDFLRQDO RV UHFXUVRV QDWXUDLV
LQFOXLQGR IRQWHV GH HQHUJLD UHQRYiYHLV RX QmR $
JHVWmR DPELHQWDO GHYH YLVDU DR XVR GH SUiWLFDV
TXH JDUDQWDP D FRQVHUYDomR H SUHVHUYDomR GD
ELRGLYHUVLGDGH D UHFLFODJHP GDV PDWpULDV
SULPDV H D UHGXomR GR LPSDFWR DPELHQWDO GDV
DWLYLGDGHV KXPDQDV VREUH RV UHFXUVRV QDWXUDLV

25/08/2014

(VWLPXOD D EXVFD GH PRGHORV H WHFQRORJLDV


DOWHUQDWLYDV GH GHVHQYROYLPHQWR

3ROtWLFDV 3~EOLFDV $PELHQWDLV


3UiWLFDV H (VWUDWpJLDV GH *HVWmR
$PELHQWDO
8WLOL]DomR
UDFLRQDO
GRV
UHFXUVRV
QDWXUDLV
)RFR  HVWUDWpJLD GHVHQYROYLPHQWR
VXVWHQWiYHO

25/08/2014

` '(6(192/9,0(1726867(17$9(/

(ILFLrQFLD(FRQ{PLFD
3UXGrQFLD(FROyJLFD
-XVWLoD6RFLDO

&RQVWLWXLomR)HGHUDO $UW

`

7RGRV WrP GLUHLWR DR PHLR DPELHQWH


HFRORJLFDPHQWH HTXLOLEUDGR EHP GH XVR
FRPXP GR SRYR H HVVHQFLDO j VDGLD TXDOLGDGH
GH YLGD LPSRQGRVH DR SRGHU S~EOLFR H j
FROHWLYLGDGH R GHYHU GH GHIHQGrOR H SUHVHUYi
OR SDUD DV SUHVHQWHV H IXWXUDV JHUDo}HV

25/08/2014

` &RPR

JDUDQWLU R GLUHLWR DR PHLR


DPELHQWH
HFRORJLFDPHQWH
HTXLOLEUDGR"

&RPR JDUDQWLU HVVH GLUHLWR jV


SUHVHQWHV H IXWXUDV JHUDo}HV"

(VWLPXODQGR
D
HILFLrQFLD
GRV
SURFHVVRV
SURGXWLYRV
4XHVWLRQDQGRUHYHQGR QRVVR QtYHO FRQVXPR
(VWDEHOHFHQGR PHFDQLVPRV OHJDLV H WpFQLFRV GH
FRQWUROH GD SROXLomR H GRV SUREOHPDV DPELHQWDLV
3URPRYHQGR GHVHQYROYLPHQWR FRP MXVWLoD VRFLDO
'HVHQYROYHQGR WHFQRORJLDV DOWHUQDWLYDV
(YLWDQGR GHVSHUGtFLRV
5HGX]LQGRUHXWLOL]DQGRUHFLFODQGR RV UHFXUVRV
QDWXUDLV

25/08/2014

` 3ODQHMDPHQWR$PELHQWDO
` 3ROtWLFD$PELHQWDO
` *HVWmR$PELHQWDO

` (GXFDomR$PELHQWDO

` *HVWmR

$PELHQWDO *$ p
XP FRQFHLWR DEUDQJHQWH
TXH VH WUDGX] SRU WUrV
YHUWHQWHV
3ROtWLFD $PELHQWDO
3ODQHMDPHQWR $PELHQWDO
*HUHQFLDPHQWR $PELHQWDO

25/08/2014

3DUD0LFKHO(SHOEDXP*HVWmR$PELHQWDO

3RGH VHU HQWHQGLGD FRPR D DSOLFDomR


GRV SULQFtSLRV GH SODQHMDPHQWR QD
LGHQWLILFDomR DYDOLDomR FRQWUROH
PRQLWRUDPHQWR H UHGXomR GRV
LPSDFWRV
DPELHQWDLV
D
QtYHLV
SUHGHILQLGRV
0LFKHO(SHOEDXP$LQIOXrQFLDGDJHVWmRDPELHQWDOQD
FRPSHWLWLYLGDGHHQRVXFHVVRHPSUHVDULDOGLVVHUWDomRGH
PHVWUDGR

*$ p WDPEpP GHILQLGD FRPR VHQGR

D RSRUWXQLGDGH SDUD DYDOLDU YDORUHV H OLPLWHV GDV


SHUWXUEDo}HV H DOWHUDo}HV TXH XPD YH] H[FHGLGRV
UHVXOWDP HP UHDELOLWDomR GHPRUDGD GR PHLR
DPELHQWH GH PRGR D PD[LPL]DU D UHFXSHUDomR GRV
UHFXUVRV GR HFRVVLVWHPD QDWXUDO SDUD R KRPHP
DVVHJXUDQGR VXD SURGXWLYLGDGH SURORQJDGD H GH
ORQJR SUD]R

5RJpULR 6WDFFLDULQL p HQJHQKHLUR &LYLO 0HVWUH H 'RXWRU


HP JXD H 6ROR SHOD )HDJUL8QLFDPS $WXDOPHQWH
FRRUGHQD R 3URJUDPD GH 3yV*UDGXDomR HP *HVWmR
$PELHQWDO GD 8QLYHUVLGDGH GH 8EHUDED

10

25/08/2014

*HVWmR $PELHQWDO p D LPSOHPHQWDomR SRU SDUWH


GD RUJDQL]DomRLQVWLWXLomR GH VXD SROtWLFD
DPELHQWDO
$ SROtWLFD DPELHQWDO p LPSOHPHQWDGD PHGLDQWH
D GHILQLomR GH HVWUDWpJLDV Do}HV LQYHVWLPHQWRV
H SURYLGrQFLDV LQVWLWXFLRQDLV H MXUtGLFDV
$ ILQDOLGDGH p JDUDQWLU D TXDOLGDGH GR PHLR
DPELHQWH D FRQVHUYDomR GD ELRGLYHUVLGDGH H R
GHVHQYROYLPHQWR VXVWHQWiYHO

$ *$ YLVD RUGHQDU DV DWLYLGDGHV SURGXWLYDV


DV DWLYLGDGHV GD VRFLHGDGH GH PDQHLUD JHUDO
SDUD TXH HVWDV RULJLQHP R PHQRU LPSDFWR
SRVVtYHO VREUH R PHLR DPELHQWH
(VWD RUGHQDomR YDL GHVGH D HVFROKD GDV
PHOKRUHV
WpFQLFDVIHUUDPHQWDV
DWp
R
FXPSULPHQWR GD OHJLVODomR H D DORFDomR
FRUUHWD GH UHFXUVRV KXPDQRV H ILQDQFHLURV

11

25/08/2014

2 WHUPR *$ p DSOLFDGR D XPD YDULHGDGH GH


LQLFLDWLYDV UHODWLYDV D TXDOTXHU WLSR GH SUREOHPD
HRX LPSDFWR DPELHQWDO

1D VXD RULJHP HVWmR DV Do}HV JRYHUQDPHQWDLV SDUD


HQIUHQWDU D HVFDVVH] GH UHFXUVRV
&RP R WHPSR RXWUDV TXHVW}HV DPELHQWDLV IRUDP
VHQGR FRQVLGHUDGDV SRU RXWURV DJHQWHV H FRP
DOFDQFHV GLIHUHQWHV
$WXDOPHQWH QmR Ki iUHD TXH QmR VHMD FRQWHPSODGD
SHOD *$

2 WHUPR *$ p IUHTXHQWHPHQWH XVDGR SDUD


GHVLJQDU Do}HV DPELHQWDLV HP GHWHUPLQDGRV
HVSDoRV JHRJUiILFRV FRPR SRU H[HPSOR

JHVWmR
DPELHQWDO
GH
EDFLDV
KLGURJUiILFDV
JHVWmR DPELHQWDO GH SDUTXHV H UHVHUYDV
IORUHVWDLV
JHVWmR GH iUHDV GH SURWHomR DPELHQWDO
JHVWmR DPELHQWDO GH UHVHUYDV GH
ELRVIHUD
H RXWUDV WDQWDV PRGDOLGDGHV GH JHVWmR
TXH LQFOXDP DVSHFWRV DPELHQWDLV

12

25/08/2014

*HVWmR
$PELHQWDO
FRQVLVWH
QD
DGPLQLVWUDomR GR XVR GRV UHFXUVRV
DPELHQWDLV SRU PHLR GH Do}HV RX
PHGLGDV HFRQ{PLFDV
HFRQ{PLFDV LQYHVWLPHQWRV
H
SURYLGrQFLDV
LQVWLWXFLRQDLV
H
MXUtGLFDV
MXUtGLFDV FRP D ILQDOLGDGH GH PDQWHU
RX UHFXSHUDU D TXDOLGDGH GR PHLR
DPELHQWH DVVHJXUDU SURGXWLYLGDGH
GRV UHFXUVRV H R GHVHQYROYLPHQWR
VRFLDO

`2

FRQFHLWR GH *$ p XWLOL]DGR FRPR


UHIHUrQFLD WDQWR GD JHVWmR S~EOLFD
GR PHLR DPELHQWH TXDQWR GRV
SURJUDPDV GH DomR GHVHQYROYLGRV
SRU
HPSUHVDVFRUSRUDo}HV
H
LQVWLWXLo}HV
QmRJRYHUQDPHQWDLV
SDUD DGPLQLVWUDU VXDV DWLYLGDGHV
GHQWUR GRV PRGHUQRV SULQFtSLRV GH
SURWHomR GR PHLR DPELHQWH

13

25/08/2014

2 JRYHUQR WHP SDSHO IXQGDPHQWDO QD


FRQVROLGDomR GR GHVHQYROYLPHQWR VXVWHQWiYHO
SRUTXH
HOH
p
R
UHVSRQViYHO
SHOR
HVWDEHOHFLPHQWR GDV OHLV H QRUPDV TXH
HVWDEHOHFHP RV FULWpULRV DPELHQWDLV TXH GHYHP
VHU VHJXLGRV SRU WRGRV HP HVSHFLDO R VHWRU
SULYDGR TXH HP VHXV SURFHVVRV GH SURGXomR
GH EHQV H VHUYLoRV VH XWLOL]D GRV UHFXUVRV
QDWXUDLV H SURGX] UHVtGXRV SROXHQWHV

3RU LVVR PHVPR DOpP GH GHILQLU DV OHLV H


ILVFDOL]DU VHX FXPSULPHQWR R SRGHU S~EOLFR
SUHFLVD
WHU
XPD
DWLWXGH
FRHUHQWH
UHVSRQVDELOL]DQGRVH WDPEpP SRU DMXVWDU
VHX
FRPSRUWDPHQWR
DR
SULQFtSLR
GD
VXVWHQWDELOLGDGH WRUQDQGRVH H[HPSOR GH
PXGDQoD GH SDGU}HV GH FRQVXPR H
SURGXomR DGHTXDQGR VXDV Do}HV j pWLFD
VRFLRDPELHQWDO

14

25/08/2014

` (VWXGR

GLYXOJDGR UHFHQWHPHQWH
SHOD FRQVXOWRULD (UQVW <RXQJ
DSRQWD RV GH] GHVDILRV TXH
VHUmR HQIUHQWDGRV SRU HPSUHVDV
GH WRGR R PXQGR QRV SUy[LPRV
FLQFR DQRV

5HYLVWD %UDVLO 6XVWHQWiYHO (GLomR  S


 

(VWDU VHPSUH GH DFRUGR FRP D OHL


(QIUHQWDU FKRTXHV ILQDQFHLURV JOREDLV
$GHTXDUVH DR HQYHOKHFLPHQWR GD SRSXODomR H
GRV WUDEDOKDGRUHV
$WHQGHU GHPDQGDV GH PHUFDGRV HPHUJHQWHV
&RQVROLGDU HPSUHVDV DSyV IXV}HV H DTXLVLo}HV
5HVROYHU D FULVH GH HQHUJLD
&RQWURODU ULVFRV HP IXV}HV H WUDQVDo}HV
HVWUDWpJLFDV
'HEHODU D WHQGrQFLD GH DOWD GD LQIODomR
5HFRQKHFHU R FUHVFLPHQWR GD FRQVFLrQFLD
DPELHQWDO
$WHQGHU jV QRYDV GHPDQGDV GH FRQVXPR

15

25/08/2014

` 3ULQFLSDLVSUHVV}HVSDUDDGRWDUH

LPSOHPHQWDUD*$

/HJDLVHUHJXODPHQWDGRUDV
OHJLVODomR 
,QYHVWLGRUHVILQDQFLDGRUHVHVHJXURV
&OLHQWHVFRQFRUUHQWHVHHPSUHJDGRV
21*VUJmR3~EOLFRVH3DUFHLURV
&RPXQLGDGHVORFDLV GLUHWDPHQWH
DIHWDGDV 

4XDOTXHU SURSRVWD GD *$ LQFOXL QR


PtQLPR WUrV GLPHQV}HV

'LPHQVmR
'LPHQVmR HVSDFLDO
HVSDFLDO TXH FRQFHUQH D iUHD
QD TXDO HVSHUDVH TXH DV Do}HV GH JHVWmR
WHQKDP HILFiFLD
'LPHQVmR
'LPHQVmR WHPiWLFD
WHPiWLFD TXH GHOLPLWD DV
TXHVW}HV DPELHQWDLV jV TXDLV DV Do}HV VH
GHVWLQDP
'LPHQVmR
'LPHQVmR LQVWLWXFLRQDO
LQVWLWXFLRQDO UHODWLYD DRV
DJHQWHV TXH WRPDUDP DV LQLFLDWLYDV GH
JHVWmR

16

25/08/2014

6mRWUrVDVIDVHVGHJHVWmRDPELHQWDO

$ SULPHLUD TXH YDL GH LQtFLR GR


VpFXOR ;; DWp  RQGH
SUHYDOHFH XP WUDWDPHQWR SRQWXDO
GDV
TXHVW}HV
DPELHQWDLV
H
GHVYLQFXODGR
GH
TXDOTXHU
SUHRFXSDomR FRP RV SURFHVVRV GH
GHVHQYROYLPHQWR

17

25/08/2014

6mRWUrVDVIDVHVGHJHVWmR
DPELHQWDO
$ VHJXQGD IDVH FRPHoD FRP D
&RQIHUrQFLD GDV 1Do}HV 8QLGDV SDUD
R 0HLR $PELHQWH +XPDQR HP
(VWRFROPR HP  H YDL DWp 
FDUDFWHUL]DQGRVH SHOD EXVFD GH
XPD QRYD UHODomR HQWUH PHLR
DPELHQWH H GHVHQYROYLPHQWR

` 6mR

WUrV DV
DPELHQWDO

IDVHV

GH

JHVWmR

$ WHUFHLUD IDVH p D IDVH DWXDO TXH WHP LQtFLR FRP D


UHDOL]DomR GD &RQIHUrQFLD GDV 1Do}HV 8QLGDV SDUD R
0HLR $PELHQWH H 'HVHQYROYLPHQWR HP  QR 5LR GH
-DQHLUR
RQGH
IRUDP
DSURYDGRV
GRFXPHQWRV
LPSRUWDQWHV UHODWLYRV DRV SUREOHPDV VRFLRDPELHQWDLV
JOREDLV (VVD IDVH FDUDFWHUL]DVH SHOR DSURIXQGDPHQWR
H SHOD LPSOHPHQWDomR GDV VXDV GLVSRVLo}HV H
UHFRPHQGDo}HV SHORV HVWDGRV QDFLRQDLV JRYHUQRV
ORFDLV HPSUHVDV H RXWURV DJHQWHV

18

25/08/2014

` 0RQWDU

JUXSRV FRP  DOXQRV


H SURSRU XPD HPSUHVD GD
iUHD
GD
(QJHQKDULD
GH
0HFkQLFD
` 'HVFUHYHU DV DWLYLGDGHV GHVWD
HPSUHVD H FRPHoDU D PRQWDU
XP
SODQR
GH
*HVWmR
$PELHQWDO

19

Você também pode gostar