Você está na página 1de 13

&DQGOHVGH5HYHUVmR$OWLVWD

&DQGOHV GH UHYHUVmR DOWLVWD VmR SDGU}HV GH FDQGOHVWLFN TXH VXJHUHP TXH D DQWHULRU SUHVVmR GH
YHQGD IRL VREUHIRUMDGD SHOD SUHVVmR GH FRPSUD LQGLFDQGR D UHYHUVmR GD WHQGrQFLD GH EDL[D H
LQtFLRGHXPDQRYDWHQGrQFLDGHDOWDPDUFDQGRXPSRQWRGHVXSRUWH
1RUPDOPHQWHHVVDVILJXUDVVmRIRUPDGDVFRPXPIRUWHYROXPHHSUy[LPDVDQtYHLVGHVXSRUWHe
LPSRUWDQWH VDOLHQWDU TXH XP FDQGOH GH UHYHUVmR DOWLVWD RFRUUH DSyV XPD WHQGrQFLD GH EDL[D H
SUHFLVD VHU FRQILUPDGR QRV GLDV VHJXLQWHV 6HX DSDUHFLPHQWR LVRODGR QmR TXHU GL]HU TXH XPD
QRYD WHQGrQFLD FRPHoDUi QD GLUHomR FRQWUiULD $SHQDV VLQDOL]D TXH D WHQGrQFLD GH EDL[D GRV
SUHoRVHVWiPDLVIUDFDHSURYDYHOPHQWHSUy[LPDGHVHXILP

0DUWHORVHVKRRWLQJVWDUVVmRDVPDLVLPSRUWDQWHVILJXUDVGHFDQGOHVWLFN
6WHYH1LOVRQ

0DUXER]XGHDOWDeXPFDQGOHORQJRVHPVRPEUDVFRQVLVWHHPXPGLDGHIRUWHDOWDeXPD

ILJXUDPXLWRIRUWHSRULQGLFDUDXPHQWRGDSUHVVmRGHFRPSUDHDFRQWLQXDomRGHXPDWHQGrQFLDGH
DOWD $ PtQLPD GR GLD p R SUHoR GH DEHUWXUD VHJXLGR GH XPD IRUWH DOWD FRP R IHFKDPHQWR QD
Pi[LPD GR GLD 0XLWDV YH]HV p D FRQILUPDomR GH XP FDQGOH GH UHYHUVmR DOWLVWD RX TXDQGR
DSDUHFHGXUDQWHXPDWHQGrQFLDGHEDL[DpDSUySULDUHYHUVmRGHVVDWHQGrQFLD NLFNHUGHDOWD 




0DUWHOR e D PDLV FRPXP GDV ILJXUDV GH UHYHUVmR DOWLVWD VHQGR IRUPDQGR SRU XP FDQGOH GH
FRUSR SHTXHQR H XPD ORQJD VRPEUD SDUD EDL[R $ DEHUWXUD RFRUUH FRP XP JDS GH H[DXVWmR GH
EDL[DHXPIRUWHPRYLPHQWRGHYHQGDOHYDRSUHoRDRPHQRUQtYHOGRGLDSRQWRHPTXHVHLQLFLD
XP IRUWH PRYLPHQWR GH FRPSUD 2 SUHoR VREH H IHFKD QD Pi[LPD GR GLD RX SRXFR DEDL[R GD
DEHUWXUD$FRUGRFRUSRGRPDUWHORQmRpLPSRUWDQWHSRGHQGRVHUFODUDRXHVFXUD2VLQDOPDLV
UHOHYDQWHGHVWHFDQGOHpXPDORQJDVRPEUD

e XP IRUWH VLQDO GH UHYHUVmR JHUDOPHQWH RFRUUHQGR FRP XP DOWR YROXPH QR GLD HP TXH VmR
IRUPDGRVHQRVGLDVSRVWHULRUHV$FRQILUPDomRGDUHYHUVmRGDWHQGrQFLDGHEDL[DHVWiQDILJXUD
VHJXLQWHTXHGHYHDEULUDFLPDGRFRUSRGRPDUWHORFRPXPJDSGHURPSLPHQWR0HVPRTXHDEUD
DEDL[R GR SUHoR GH IHFKDPHQWR GR PDUWHOR R SUHoR GHYH VXELU H IHFKDU R JDS GH H[DXVWmR GH
EDL[DGRGLDDQWHULRUIRUPDQGRXPFDQGOHGHDOWD
0DUWHORV Vy SRGHP VHU FRQVLGHUDGRV TXDQGR DSDUHFHP DSyV XPD WHQGrQFLD GH EDL[D ERWWRP

UHYHUVDO SRLVpSUHFLVRKDYHUDOJRSDUDVHUUHYHUWLGR2IXQGRGHXPPDUWHOR VHXYDORUPtQLPR


QRUPDOPHQWH LGHQWLILFD XP IRUWH QtYHO GH VXSRUWH 6H HVVD ILJXUD DSDUHFHU GHSRLV GH XPD
WHQGrQFLDGHDOWDVHUiFKDPDGDGHHQIRUFDGRFXMRIRUPDWRpLGrQWLFRDRGRPDUWHORPDVQHVWH
FDVRVHUiGHUHYHUVmREDL[LVWD

0DUWHOR LQYHUWLGR  7HP R PHVPR IRUPDWR GH


XPDVKRRWLQJVWDUXPFRUSRSHTXHQRFRPXPDORQJDVRPEUDSDUDFLPDPDVRFRUUHHPIXQGRV
DSyV XPD WHQGrQFLD GH EDL[D $ ILJXUD DEUH R GLD FRP XP JDS GH EDL[D QR SUHoR PtQLPR RX
SUy[LPR D HOH XP IRUWH PRYLPHQWR GH DOWD RFRUUH H IHFKD HVVH JDS (QWUHWDQWR D SUHVVmR
YHQGHGRUD DXPHQWD H RV SUHoRV YROWDP D FDLU IHFKDQGR SUy[LPR DR SUHoR GH DEHUWXUD e XPD
ILJXUD QmR PXLWR FRPXP WHP R DVSHFWR GH XPD ILJXUD GH EDL[D HQWUHWDQWR LQGLFD TXH HVWi
KDYHQGR DXPHQWR GD SUHVVmR FRPSUDGRUD H TXH D WHQGrQFLD GH EDL[D HVWi HQIUDTXHFHQGR
DXPHQWDQGR D SUREDELOLGDGH GH XPD UHYHUVmR $ FRQILUPDomR GD UHYHUVmR VHULD XPD IRUWH DOWD
QRGLDVHJXLQWH


'RML H (VWUHODV HP IXQGRV  6mR ILJXUDV GH FRUSR SHTXHQR RX VHP FRUSR GRML  FRP RX VHP
VRPEUDVTXHVHIRUPDPFRPXPJDSGHH[DXVWmRGHEDL[DHPUHODomRDRFDQGOHGRGLDDQWHULRU
,QGLFDPLQGHFLVmRSRLVRDWLYRIHFKDRGLDQRPHVPRSUHoRGHDEHUWXUDRXPXLWRSUy[LPRDHOH
4XDQGR DSDUHFHP DSyV XPD WHQGrQFLD GH EDL[D VmR IRUWHV LQGLFDGRUHV GH UHYHUVmR PDUFDQGR
XPDUHVLVWrQFLD





2 IDWR GD OLQKD GRV SUHoRV IDOKDU HP HVWDEHOHFHU QRYDV EDL[DV QR SUHoR GR DWLYR p XP IRUWH
LQGtFLR GH TXH D SUHVVmR GH YHQGD HVWi DFDEDQGR H GH TXH R SUHoR GR DWLYR HVWi SUy[LPR GR
IXQGR GH VXD WHQGrQFLD GH EDL[D &DVR QR GLD VHJXLQWH R PHUFDGR DEUD FRP XP JDS GH
URPSLPHQWRGHDOWDHIRUPHXPFDQGOHGHDOWDWHUHPRVDFRQILUPDomRGDUHYHUVmRGDWHQGrQFLD
GHEDL[D





(QJROIRGHDOWDeXPDIRUWHILJXUDGHUHYHUVmR
IRUPDGDSRUXPFDQGOHGHDOWDTXHHQJOREDRFDQGOHGRGLDDQWHULRU2FRUUHDSyVXPDWHQGrQFLD
GH EDL[D R SUHoR GR DWLYR DEUH DEDL[R GR IHFKDPHQWR DQWHULRU JDS GH EDL[D  H RFRUUH XP IRUWH
PRYLPHQWRGHFRPSUDGXUDQWHRGLD2VSUHoRVVREHPHIHFKDPRJDSID]HQGRXPIHFKDPHQWR
DFLPDGDDEHUWXUDHGRPi[LPRGRGLDDQWHULRU3RGHRXQmRSRVVXLUVRPEUDRLPSRUWDQWHpTXH
VHXFRUSRVHMDFODURHPDLRUTXHRFDQGOHGRGLDDQWHULRU
2HQJROIRGHDOWDpDFRPSDQKDGRSRUXPDOWRYROXPH6yGHYHVHUFRQVLGHUDGRTXDQGRDSDUHFH
DSyVXPDWHQGrQFLDGHEDL[DTXDQWRPDLVFDQGOHVIRUHPFREHUWRVSHORHQJROIRPDLVIRUWHVHUiR
VHXVLQDOGHUHYHUVmR

+DUDPLGHDOWD e FRQVLGHUDGD XPD ILJXUD GH UHYHUVmR VHFXQGiULD WHQGR R IRUPDWR RSRVWR DR
HQJROIR GH DOWD 2FRUUH DSyV XPD WHQGrQFLD GH EDL[D VHQGR IRUPDGR SRU XP FDQGOH FRP XP
ORQJRFRUSRVHJXLGRSRUXPFDQGOHGHFRUSRSHTXHQRXPDHVWUHODRXXPPDUWHORFXMRPi[LPRH
PtQLPR HVWmR GHQWUR GRV OLPLWHV GR FRUSR GR FDQGOH DQWHULRU 2V MDSRQHVHV R GHILQHP FRPR
PXOKHU JUiYLGD $ FRQILUPDomR GD UHYHUVmR p XP FDQGOH GH DOWD QR GLD VHJXLQWH H DXPHQWR GR
YROXPHQRVGLDVTXHVHJXHP




3LHUFLQJ OLQH  (VVD ILJXUD p XPD YDULDomR GR


HQJROIR GH DOWD WHP R IRUPDWR LQYHUVR GD WHPSHVWDGH H RFRUUH DSyV XPD WHQGrQFLD GH EDL[D 2
SUHoRGRDWLYRDEUHDEDL[RGRIHFKDPHQWRGRGLDDQWHULRU JDSGHEDL[D HVREHIHFKDQGRDFLPD
GR SUHoR GH IHFKDPHQWR GR GLD DQWHULRU H IHFKDQGR R JDS GH EDL[D GD DEHUWXUD UHYHUVmR GH
IXQGR 2IHFKDPHQWRGRFDQGOHGHDOWDGHYHHVWDUSUy[LPRGRPHLRGRFRUSRGRFDQGOHGHEDL[D
GRGLDDQWHULRU
$VVLP FRPR QR PDUWHOR RV JUDQGHV LQYHVWLGRUHV IRUoDP R PHUFDGR SDUD EDL[R FRP XP JDS GH
EDL[D SURFXUDQGR FRPSUDU D SUHoRV PDLV EDL[RV H LQLFLDP XP IRUWH PRYLPHQWR GH FRPSUD8P
FDQGOHGHDOWDQRGLDVHJXLQWHFRQILUPDDUHYHUVmRGDWHQGrQFLDGHEDL[D


.LFNHU GH DOWD  e XPD ILJXUD GH UHYHUVmR H[WUHPDPHQWH IRUWH SRU VHU D SUySULD UHYHUVmR GD
WHQGrQFLD $SyV XPD WHQGrQFLD GH EDL[D p IRUPDGR XP FDQGOH GH DOWD FRP SUHoR GH DEHUWXUD
LJXDORXDFLPDDRGRFDQGOHGHDOWDDQWHULRU QHVWHFDVRID]HQGRXPJDSGHURPSLPHQWRGHDOWD 
2 SUHoR GR DWLYR VREH H IHFKD PXLWR DFLPD GR IHFKDPHQWR GR FDQGOH DQWHULRU 2V JUDQGHV
LQYHVWLGRUHVID]HPXPDLQYHUVmRGRPHUFDGRGUDVWLFDPHQWHPDUFDQGRRLQtFLRGHXPDWHQGrQFLD
GHDOWD



$PDLRULJQRUkQFLDpLJQRUDUDOJRTXHVHGHVFRQKHFH
2V FDQGOHV SRGHP VHU XWLOL]DGRV SDUD FRQILUPDU H PDUFDU RV QtYHLV GH VXSRUWH GH XP DWLYR
SRGHQGRLQGLFDUPRPHQWRVGHFRPSUDSUy[LPRVDHOH4XDQGRGRMLVPDUWHORVRXRXWURVFDQGOHV
GHUHYHUVmRDOWLVWDVDSDUHFHPQRVXSRUWHDFRPSDQKDGRVGHDOWRYROXPHpVLQDOGHTXHRVXSRUWH
HVWiIRUWHHRVSUHoRVGHYHPVXELU

2VGRMLVPDUFDPDUHVLVWrQFLDHRVPDUWHORVRVXSRUWH
(PJHUDOWRGRVLQGLFDGRUHVWpFQLFRVGHYHPREHGHFHUDRSULQFtSLRGDFRQILUPDomR(VWHSULQFtSLR
GL] TXH DOJXPD FRLVD Vy DFRQWHFHUi TXDQGR Mi DFRQWHFHX 7RGD UHYHUVmR GH WHQGrQFLD LQGLFDGD
SRU ILJXUDV GH FDQGOH QHFHVVLWD GH XPD FRQILUPDomR VHP HOD WDLV ILJXUDV VmR FRQVLGHUDGDV
QHXWUDV H QmR GHYHP VHU OHYDGDV HP FRQVLGHUDomR $ FRQILUPDomR GH XP FDQGOH GH UHYHUVmR

DOWLVWD VHULD XP JDS GH DOWD H XP FDQGOH GH DOWD QR GLD VHJXLQWH EHP FRPR XP FRQVLGHUiYHO
DXPHQWRGRYROXPH(VWDVILJXUDVSRVWHULRUHVLQGLFDPDFRQWLQXDomRGDSUHVVmRGHFRPSUD
/LQKDVGHWHQGrQFLDVXSRUWHHUHVLVWrQFLDHLQGLFDGRUHVWpFQLFRVWDLVFRPRPpGLDPyYHOH,)5
WDPEpPGHYHPVHUXWLOL]DGRVSDUDFRQILUPDURVVLQDLVGHFDQGOHVWLFNVQRJUiILFR5HFRPHQGDVH
SURFXUDUFDQGOHVGHUHYHUVmRDOWLVWDSUy[LPRDQtYHLVGHVXSRUWH1RJUiILFRWHPRVRH[HPSORGH
XPKDUDPLGHEDL[DPDUFDQGRXPW{SRGHPHUFDGRHXPKDUDPLGHDOWDPDUFDQGRXPIXQGR

1RJUiILFRWHPRVRH[HPSORGHGRMLVPDUFDQGRXPIXQGRHXPWRSRGHPHUFDGRHDUHYHUVmRGDV
WHQGrQFLDV

1RJUiILFRWHPRVRH[HPSORGHXPDVKRRWLQJUHYHUWHQGRDWHQGrQFLDGHDOWDHXPPDUWHORFRP
DOWRYROXPHUHYHUWHQGRDWHQGrQFLDGHEDL[D

Você também pode gostar