Escolar Documentos
Profissional Documentos
Cultura Documentos
!"#
!
$
%
#
& '(! "'
( !
%
)
* +
,- ,. ,/
)
)
0
"1
%
"1 %
"1%
"
%
+
"2-%
"2.%
3'
4
5
6
7
#8597647".:-.%
4
0
5
7
#".:--%,
'$
6;,408
("-<<<%'=;>
#
6>1".::<%
;
4
'
';?@4'
@
(A;
!"# $
%&
!
"
#
$
!% !
&
$
'
'
($
' # % % )
% * %
'
$ '
+
"
%
&
'
!#
$,
( $
-. /
-.
/
. 0
!
1 . ( 2
-. .
/ 1 %
%% %-3%
-3%
!4
5 -. -. %
% 4 4
7 8
8-3" 9
5
1&)*:6 +)
*
!;!& <!=%<<>?>& %
@
8 6A
B !
'(',&$75,$
'HGLFR HVWH WUDEDOKR DRV PHXV SDLV 2VYDOGR H
-XGLWH j PLQKDDYy -RVHID TXH PHDSRLRX QXP
PRPHQWR LPSRUWDQWH GD PLQKD YLGD (P
HVSHFLDO D PLQKD HVSRVD 6HOPD H ILOKDV
*LRYDQQDH/HWtFLD
$*5$'(&,0(1726
$JUDGHoRD'HXVSHODVD~GHHSHUVHYHUDQoDTXHPHOHYDUDPDUHDOL]DomRGHVWH
REMHWLYR
PLQKDIDPtOLDPDVSULQFLSDOPHQWHDPLQKDHVSRVDHILOKDVSRUHQWHQGHUHPDV
YiULDVKRUDVTXHHVWLYHDXVHQWHHSHORDSRLRLQFRQGLFLRQDOHWDPEpPDRVPHXVSDLV
TXHVHPSUHDFUHGLWDUDPHPPLPHGHRQGHWXGRFRPHoRX
$RV SURILVVLRQDLV FRPSHWHQWHV TXH PH LQFHQWLYDP H SDUWLFLSDP GR PHX
FUHVFLPHQWRSURILVVLRQDOHTXHDFUHGLWDPQDWHFQRORJLDHFLrQFLDTXHWDPEpPGLVS{V
GRVHTXLSDPHQWRVHPDWHULDLVDSOLFDGRVQHVWDSHVTXLVD
$RV3URIHVVRUHV'U$QGHUVRQ3DXORGH3DLYDH'U-RmR5REHUWR)HUUHLUDSHODV
KRUDVGHGLFDGDVQDRULHQWDomRHQRLQFHQWLYRSDUDDSURGXomRGHVWHWUDEDOKR
7KHRU\JXLGHV([SHULPHQWGHFLGHV
,]DDN0DXULWV.ROWKRII
3DLGD4XtPLFD$QDOtWLFD
6805,2
,1752'8d2
3URSyVLWR'HVWH/LYUR
2EMHWLYR(VSHFtILFR
-XVWLILFDWLYD
)81'$0(17265(7,),&$d2
5HWLILFDomR&LOtQGULFD([WHUQD
5HERORV
*UmRV$EUDVLYRV
7DPDQKRVGRV*UmRV$EUDVLYRV
'XUH]DGR5HEROR*UDXGR5HEROR
(VWUXWXUDGRV5HERORV
/LJDQWHGRV5HERORV
'HVFULomRGRV5HERORV
0HFDQLVPRGH)RUPDomRGR&DYDFR
0HFDQLVPRVGH'HVJDVWHGR5HEROR
'UHVVDJHP
'UHVVDJHPFRP'LDPDQWHV1DWXUDLV
,QIOXrQFLDGD'UHVVDJHPQR3URFHVVRGH5HWLILFDomR
*UDXGHUHFREULPHQWRGDGUHVVDJHP
'HVJDVWHGR'UHVVDGRU
3ULQFLSDLV3DUkPHWURVGR3URFHVVRGH5HWLILFDomR
9HORFLGDGHGH&RUWH9F
9HORFLGDGHGH$YDQoR$[LDO9D
(VSHVVXUDGH&RUWH(TXLYDOHQWHKHT
352-(72'((;3(5,0(1726
$SOLFDomRGH3URMHWRVGH([SHULPHQWRVQR3URFHVVRGH5HWLILFDomR
0HWRGRORJLDGD6XSHUItFLHGH5HVSRVWD
$UUDQMR&RPSRVWR&HQWUDO
0pWRGRGR9DORU3
7HVWHSDUDD6LJQLILFkQFLDGR0RGHOR
&RHILFLHQWHGHGHWHUPLQDomRP~OWLSOD5
$QiOLVHUHVLGXDO
3URMHWR5REXVWRGH3DUkPHWURV
$UUDQMR&UX]DGR
$UUDQMR&RPELQDGR
6XSHUItFLHGH5HVSRVWD'XDO
0pWRGRGR&ULWpULR*OREDO
*UDGLHQWH5HGX]LGR*HQHUDOL]DGR
&$3$&,'$'('(352&(6626
QGLFHVGH&DSDFLGDGH3RWHQFLDOGR3URFHVVR&SH&SN
QGLFHVGH'HVHPSHQKR3RWHQFLDOGR3URFHVVR3SH3SN
0e72'26(352&(',0(1726(;3(5,0(17$,6
0DWHULDOH5HFREULPHQWRGRV$QpLVGH3LVWmR
0iTXLQDH)HUUDPHQWDO
0pWRGR([SHULPHQWDO
5XtGRV
)DWRUHV&RQWUROiYHLV
5HVSRVWDVGRV([SHULPHQWRV
0DWUL]([SHULPHQWDO
0RGHODJHPGDV5HVSRVWDV
$MXVWHVH6LJQLILFkQFLDGRV0RGHORV
$QiOLVHGRV5HVtGXRV
6XSHUItFLHGH5HVSRVWD
27,0,=$d2
2WLPL]DomR,QGLYLGXDO
2WLPL]DomR*OREDO
([SHULPHQWRVGH&RQILUPDomR
&RPSDUDWLYRGR3URFHVVR$QWHVGD2WLPL]DomRH$SyV2WLPL]DomR
3DUkPHWURVGH3URFHVVR$QWHVH$SyV2WLPL]DomR
&DSDFLGDGHGR3URFHVVR$QWHVH$SyV2WLPL]DomR
&21&/862
6XJHVW}HVSDUD(VWXGRV)XWXURV
$31',&(
$SrQGLFH$9DORUHVGDVGLPHQV}HV77H7REWLGDVQRVH[SHULPHQWRV
$SrQGLFH%9DORUHVGDVPpGLDVDOYRVYDULkQFLDVHHUURVTXDGUiWLFRVPpGLRV
$SrQGLFH&*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUDYLGDGRGUHVVDGRU
$SrQGLFH'*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
$SrQGLFH(*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
$SrQGLFH)*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
5()(51&,$6%,%/,2*5),&$6
/,67$'($%5(9,$785$6(6,*/$6
D 3URIXQGLGDGHWRWDOGHPHUJXOKR
D $YDQoRSRUYROWDQDUHWLILFDomRFLOtQGULFDGHPHUJXOKRPP
$ [LGRGH$OXPtQLR&LQ]D
$ $PSHUH
$$ [LGRGH$OXPtQLR%UDQFR
$%17 $VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
$' $QGHUVRQ'DUOLQJ
$* $OJRULWPR*HQpWLFR
$,$* $XWRPRWLYH,QGXVWU\$FWLRQ*URXS
$O2 [LGRGH$OXPtQLR
$129$ $QiOLVHGH9DULkQFLD
$16, $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH
EG /DUJXUDGH$WXDomRGR'UHVVDGRU
& &DUEHWRGH6LOtFLR3UHWR
&%1 1LWUHWRF~ELFRGHERUR
&&& $UUDQMR&RPSRVWR&LUFXQVFULWR
&&' $UUDQMR&RPSRVWR&HQWUDORX%R[:LOVRQ&HQWUDO&RPSRVLWH'HVLJQ
&&) $UUDQMRGH)DFH&HQWUDGD
&&, $UUDQMR&RPSRVWR,QVFULWR
&, ,QWHUYDORGH&RQILDQoD
FP &HQWtPHWUR
&1& &RPDQGR1XPpULFR&RPSXWDGRUL]DGR
&U2 [LGRGH&URPR
FW &DUDWTXLODWHXQLGDGHGHSHVRXVDGDSDUDGLDPDQWHV>FW@ >J@
' 'LDPDQWH
G 3URIXQGLGDGHGHGUHVVDJHP
'2( 'HOLQHDPHQWRGH([SHULPHQWRV'HVLJQRI([SHULPHQWV
'5 [LGRGH$OXPtQLR5RVD
GV 'LkPHWURGR5HEROR
GZ 'LkPHWURGD3HoD
(40 (UUR4XDGUiWLFR0pGLR
)(3$ )HGHUDWLRQRI(XURSHDQ3URGXFHURI$EUDVLYH
*& &DUEHWRGH6LOtFLR9HUGH
*5* *UDGLHQWH5HGX]LGR*HQHUDOL]DGR
+. 'XUH]D.QRRS
+5& 'XUH]D5RFNZHOO&
+66 $oR5iSLGR+LJK6SHHG6WHHO
+9 'XUH]D9LFNHUV
-,6 -DSDQHVH,QGXVWULDO6WDQGDUGV
/, /LPLWH,QIHULRU
/,( /LPLWH,QIHULRUGH(VSHFLILFDomR
/6 /LPLWH6XSHULRU
/6( /LPLWH6XSHULRUGH(VSHFLILFDomR
PHVK 8QLGDGHUHODFLRQDGDVDRQ~PHURGHPDOKDVGDVSHQHLUDVJUDQXORPpWULFDV
PV 0HWURVSRU6HJXQGR
PPPLQ 0LOtPHWURSRU0LQXWR
PPUHY 0LOtPHWURSRU5HYROXomR
0&* 0pWRGRGR&ULWpULR*OREDO
0J2 [LGRGHPDJQpVLR
065 0HWRGRORJLDGD6XSHUItFLHGH5HVSRVWD
1 1HZWRQ
1D2+ +LGUy[LGRGHVyGLR
1/3 3UREOHPDGH2WLPL]DomR1mR/LQHDU1RQOLQHDU3UREOHP
QV 5RWDomRGR5HEROR
QZ 5RWDomRGDSHoD
2,&$ 2UJDQLVDWLRQ,QWHUQDWLRQDOHGHV&RQVWUXFWHXUVG$XWRPRELOHV
2/6 0pWRGRGRV0tQLPRV4XDGUDGRV2UGLQiULRV2UGLQDU\/HDVW6TXDUHV
3 3HUFHQWXDOGDHVSHFLILFDomRXVDGDSHORSURFHVVR
33 3HoD3HoD
353 3URMHWR5REXVWRGH3DUkPHWURV
SSP SDUWHVSRUPLOKmR
U &RHILFLHQWHGH&RUUHODomRGH3HDUVRQ
5 &RHILFLHQWHGH'HWHUPLQDomR
5DGM &RHILFLHQWHGH'HWHUPLQDomR$MXVWDGR
53UHG &RHILFLHQWHGH'HWHUPLQDomR3UHYLVWR
5D 5XJRVLGDGH0pGLD
5G 5DLRGD3RQWDGR'UHVVDGRU
USP 5RWDo}HVSRU0LQXWR
V 6HJXQGRV
V &RQVWDQWHGDIXQomRGR0pWRGRGH&ULWpULR*OREDO
6 6RPDGRVTXDGUDGRVGRVUHVtGXRV
6 'HVYLR3DGUmR$PRVWUDO
61 UD]mR6LQDO5XtGR6LJQDOWRQRLVHUDWLR
6G 3DVVRGH'UHVVDJHP
VISP 3pVSRUPLQXWR6XUIDFH)HHWSHU0LQXWH
6L& &DUEHWRGH6LOtFLR
60& 6LPXODomRGH0RQWH&DUOR
65' 6XSHUItFLHGH5HVSRVWD'XDO
7 9DORUDOYRGDGLPHQVmR
7 'LPHQVmRGRDEDXODPHQWRHVTXHUGRGDSHoD
7 'LPHQVmRGDFRWDGHFHQWURGRDEDXODPHQWRGDSHoD
7 'LPHQVmRGRDEDXODPHQWRGLUHLWRGDSHoD
8G *UDXGH5HFREULPHQWRGD'UHVVDJHP
XM /LPLWHVXSHULRUGRSURFHVVR
9 9LGDGR'UHVVDGRU
9D 9HORFLGDGHGH$YDQoRGR0HUJXOKR5HEROR
9& 9HORFLGDGHGH&RUWH
9IG 9HORFLGDGHGH$YDQoRGR'UHVVDGRU
9M 9HORFLGDGHGHVDtGDGRIOXLGR
9U 9HORFLGDGH3HULIpULFDGR'UHVVDGRU
9W 9HORFLGDGHGH$YDQoR$[LDOGR5HEROR
9V 9HORFLGDGH3HULIpULFDGR5HEROR
9Z 9HORFLGDGH3HULIpULFDGD3HoD
: :DWWV
ZHZ &RQVWDQWHVSUpGHILQLGDVGHSHVRVSDUDDHTXDomRGR(40
:W 2QGXODomR7HyULFD0DFUR(IHLWR
< YDULiYHOGHSHQGHQWH
=1 [LGRGH$OXPtQLR=LUFRQDGR
/,67$'(60%2/26
&RHILFLHQWHSROLQRPLDO
L &RHILFLHQWHVGHIDWRUHVFRQWUROiYHLV
LLHLM &RHILFLHQWHVGHLQWHUDomRGHIDWRUHVFRQWUROiYHLV
L &RHILFLHQWHVGRVIDWRUHVGHUXtGRV
LM &RHILFLHQWHVGHLQWHUDomRHQWUHIDWRUHVFRQWUROiYHLVHUXtGR
'LVWkQFLDGRV3RQWRV$[LDLVHP5HODomRDRV3RQWRV&HQWUDLVGD065
V 9DULkQFLD
6RPDWyULR
(UUR([SHULPHQWDO
5HVtGXRV
0pGLD
0pGLDGDHVSHFLILFDomRGDFDUDFWHUtVWLFD
6XSHUItFLHGH5HVSRVWD$MXVWDGDSDUDD0pGLD
6XSHUItFLHGH5HVSRVWD$MXVWDGDSDUDR'HVYLR3DGUmR
&S QGLFH GH FDSDFLGDGH SRWHQFLDO GR SURFHVVR VHP FRQVLGHUDU D
FHQWUDOL]DomRGRSURFHVVR
&SN QGLFHGHFDSDFLGDGHSRWHQFLDOGRSURFHVVRFRQVLGHUDQGRDFHQWUDOL]DomR
GRSURFHVVR
&U &URPR
&RQVWDQWHTXHYDULDGHDFRUGRFRPRWDPDQKRGDDPRVWUDQ
)[ )XQomRREMHWLYR
IL[ )XQo}HVREMHWLYR
JM[ 5HVWULo}HVGDIXQomR
OM /LPLWHLQIHULRUGRSURFHVVR
N 1~PHURGHREMHWLYRVGDIXQomRGR0pWRGRGH&ULWpULR*OREDO
0Q 0DQJDQrV
0R 0ROLEGrQLR
1L 1tTXHO
3 )yVIRUR
3S QGLFH GH GHVHPSHQKR SRWHQFLDO GR SURFHVVR VHP FRQVLGHUDU D
FHQWUDOL]DomRGRSURFHVVR
3SN QGLFH GH GHVHPSHQKR SRWHQFLDO GR SURFHVVR FRQVLGHUDQGR D
FHQWUDOL]DomRGRSURFHVVR
5 $PSOLWXGH
0pGLDGDVDPSOLWXGHVGHXPDVpULHGHVXEJUXSRVGHWDPDQKRFRQVWDQWH
6 (Q[RIUH
6L 6LOtFLR
7L 7LWkQLR
0pGLDGDVPpGLDVGRVVXEJUXSRVGDVOHLWXUDVLQGLYLGXDLVGDDPRVWUD
0pGLDGDVPpGLDVGRVVXEJUXSRVGDDPRVWUD
9HWRUGHQYDULiYHLVGRSURFHVVR
& 9DULiYHOLQGHSHQGHQWH
& 9DULiYHOLQGHSHQGHQWH
/HLWXUDLQGLYLGXDOGHXPDDPRVWUD
[L )DWRUHVFRQWUROiYHLV
;L 6ROXo}HV LGHDLV SDUD FDGD UHVSRVWD GH LQWHUHVVH GR 0pWRGR GH &ULWpULR
*OREDO
9DORUREVHUYDGRUHDOGHXPFRQMXQWRGHGDGRV
9DORUFDOFXODGRGHXPFRQMXQWRGHGDGRV
=L )DWRUHVGHUXtGR
,1752'8d2
$WXDOPHQWH QRV YiULRV UDPRV GD LQG~VWULD VHQGR D DXWRPRELOtVWLFD XPD GDV
SULQFLSDLV Ki XPD IRUWH SUHVVmR SRU DXPHQWR GH HILFLrQFLD YLVDQGR R DXPHQWR GD
FRPSHWLYLGDGHTXHID]SDUWHGDOXWDSHODVREUHYLYrQFLDRXOLGHUDQoDHPFDGDUDPRGH
DWXDomR,5$1,HWDO
'HQWURGRVSURFHVVRVGHPDQXIDWXUDpSRVVtYHODWXDUQRSURFHVVRGHXVLQDJHP
GH IRUPD D XWLOL]DU WRGR R VHX SRWHQFLDO SDUD UHGX]LU D XWLOL]DomR GH LQVXPRV QD
Pi[LPD SURGXWLYLGDGH H DWHQGHQGR DRV QtYHLV GH TXDOLGDGH H[LJLGRV 1R UDPR
DXWRPRWLYR YiULRV SURGXWRV IHUUDPHQWDV H IHUUDPHQWDLV XWLOL]DP R SURFHVVR GH
XVLQDJHPVHQGRDUHWLILFDomRRPDLVXWLOL]DGRSDUDDWHQGHUjVWROHUkQFLDVPLOHVLPDLV
HIRUPDVH[LJLGDV%,$1&+,HWDO
6HJXQGR $JXLDU QRUPDOPHQWH HVWD RSHUDomR HVWi QR ILQDO GD FDGHLD
SURGXWLYDRQGHRFXVWRDJUHJDGRGRSURGXWRpHOHYDGRHSHoDVIRUDGDHVSHFLILFDomR
RQHUDPPDLVDLQGDHVWHFXVWR
$UHWLILFDomRVHGiSHORPRYLPHQWRGHURWDomRGRUHERORSHODURWDomRGDSHoD
HSHORPRYLPHQWRGHDYDQoRTXHSRGHVHUGHPHUJXOKRHRXSDVVDJHP2XWURLWHP
LPSRUWDQWH QHVWH SURFHVVR p D SHUILODomR H DILDomR GR UHEROR DSOLFDGD TXDQGR Ki
UHGXomRGRGHVHPSHQKRVHMDSRUSHUGDGRSRGHUGHFRUWHRXSRUHUURGDJHRPHWULDGR
PHVPR $ SHUILODomR RX DILDomR p H[HFXWDGD SRU GUHVVDGRUHV QRUPDOPHQWH
SURGX]LGRVFRPGLDPDQWHQDWXUDOTXHUHPRYHPXPDILQDFDPDGDGRUHERORH[SRQGR
QRYRVJUmRVQDVXDVXSHUItFLHHUHVWDEHOHFHQGRRVHXSRGHUGHFRUWH'HSHQGHQGRGRV
SDUkPHWURV DSOLFDGRV GXUDQWH D GUHVVDJHP R GLDPDQWH SRGH VH GHJUDGDU PDLV RX
PHQRVUiSLGRRTXHLQIOXHQFLDHPVXDYLGD~WLO0$5,1(6&8HWDO
1HVWDRSHUDomRDOpPGRUHERORRGUHVVDGRUWDPEpPWHPLPSDFWRVLJQLILFDWLYR
QRFXVWRGHVWDRSHUDomR3DUDDPERVTXDQWRPDLRUVXDYLGD~WLOPHQRUVHXLPSDFWR
QR FXVWR H FRQVHTXHQWHPHQWH PHQRU R FXVWR LQGXVWULDO GRV SURGXWRV TXH HVWi
GLUHWDPHQWHOLJDGRjFRPSHWLWLYLGDGHGDVHPSUHVDV
$QpLVGHSLVWmRSDUDPRWRUHVGHFRPEXVWmRLQWHUQDFRQVWLWXHPVHHPXPGRV
LWHQVUHWLILFDGRVGHDOWRYROXPHGHQWURGRVHWRUDXWRPRWLYR6HJXQGRGDGRVGD2,&$
2UJDQLVDWLRQ ,QWHUQDWLRQDOH GHV &RQVWUXFWHXUV G$XWRPRELOHV HP IRUDP
IDEULFDGRV PLOK}HV GH YHtFXORV DR UHGRU GR PXQGR HQWUH FDUURV H YHtFXORV
FRPHUFLDLV R TXH UHSUHVHQWD FHUFD GH ELOKmR GH DQpLV GH SLVWmR SDUD PRWRUHV GH
FRPEXVWmR LQWHUQD FDUDFWHUL]DQGR XP SURGXWR IDEULFDGR HP DOWR YROXPH GHQWUR GR
UDPRGHDXWRSHoDV
$OpPGRDOWRYROXPHGHIDEULFDomRRDQHOGHSLVWmRSRVVXLDOWDWHFQRORJLDQRV
PDWHULDLV DSOLFDGRV HP VXD IDEULFDomR H[LJLQGR PiTXLQDV HVSHFtILFDV H YDORUHV
HVSHFtILFRV SDUD RV SDUkPHWURV GH SURFHVVR H[HPSOLILFDGD SHODV SXEOLFDo}HV GDV
SHVTXLVDVGH3LFFLOOLHWDODSOLFDGDQDRWLPL]DomRGRSURFHVVRGHQLWUHWDomR
JDVRVD GH DQpLV GH SLVWmR H 6HYHULQR HW DO DSOLFDGD QD RWLPL]DomR GH
WRUQHDPHQWR YHUWLFDO GH IHUUR IXQGLGR FLQ]HQWR 'HQWUH DV GLIHUHQWHV HWDSDV GH
IDEULFDomR GHVWH SURGXWR R SURFHVVR GH UHWLILFDomR p DTXHOH FRQVLGHUDGR GH PDLRU
FRPSOH[LGDGH VHQGR GHILQLGR SRU DOJXPDV YDULiYHLV FRPR YHORFLGDGH GH DYDQoR
YHORFLGDGHSHULIpULFDGRUHERORYHORFLGDGHGHGUHVVDJHPHQWUHRXWURVDGHTXDGRVj
VXD H[HFXomR 'HQWUH RV PDWHULDLV XWLOL]DGRV QR UHFREULPHQWR GR GLkPHWUR H[WHUQR
GRVDQpLVGHSLVWmRKiRFURPRGXURTXHYLVDSURPRYHUGXUH]DUHVLVWrQFLDjFRUURVmR
H UHVLVWrQFLD DR GHVJDVWH PDV TXH H[LJH R SURFHVVR GH UHWLILFDomR SDUD DWHQGHU jV
WROHUkQFLDV HVSHFLILFDGDV SRUpP HYLWDQGR GDQRV D VXD HVWUXWXUD PHWDORJUiILFD 2
FURPR QmR p XP PDWHULDO FRQYHQFLRQDO TXDQGR VH WUDWD GH UHWLILFDomR HVXD GXUH]D
JHUD GLILFXOGDGHV SDUD D UHWLILFDomR ID]HQGR FRP TXH VHMD QHFHVViULR IUHTXHQWHV
GUHVVDJHPSDUDUHVWDEHOHFHURSRGHUGHFRUWHGRUHEROR
6HJXQGR 0DONLQ FDGD XVXiULR GHYH GHVHQYROYHU VHXV SUySULRV
SDUkPHWURVGHUHWLILFDomRMXQWRDRVIDEULFDQWHVGHPiTXLQDVIDEULFDQWHVGHUHERORVH
RXWURV IRUQHFHGRUHV SDUD REWHU XP SURFHVVR FRQILiYHO H SUHYLVtYHO 9LVWR TXH R
SURFHVVR GH UHWLILFDomR p FRPSRVWR SRU YiULRV SDUkPHWURV H TXH SRGH KDYHU YiULDV
LQWHUDo}HV HQWUHHOHV GHSHQGHQGR GD UHVSRVWDHVWXGDGD p QHFHVViULD DXWLOL]DomR GH
WpFQLFDVDGHTXDGDVGHH[SHULPHQWDomRHYLWDQGRDHVWUDWpJLDGH WHQWDWLYDHHUURTXH
SRGH VHU PDLV FXVWRVD GHPRUDGD H QmR OHYDU D VROXo}HV DGHTXDGDV
&RQVHTXHQWHPHQWH GHQWUR GD H[SHULPHQWDomR H[LVWHP PpWRGRV FRQVROLGDGRV H
HILFLHQWHV SDUD GHWHUPLQDU RV IDWRUHV TXH LQIOXHQFLDP RV SURFHVVRV H SDUD VXD
RWLPL]DomRPDVSDUWHGRGHVDILRpGHWHUPLQDUTXDORPDLVDGHTXDGRSDUDRSUREOHPD
SURSRVWR
([SHULPHQWRVVmRUHDOL]DGRVQDWHQWDWLYDGHHQFRQWUDUDPHOKRUSDUDPHWUL]DomR
GRSURFHVVRFKHJDQGRDUHVXOWDGRVTXHQHPVHPSUHDSUHVHQWDPUHVXOWDGRVUREXVWRV
GHYLGR j IDOWD GH REVHUYDomR GRV UXtGRV 3$,9$ 1HVWH FRQWH[WR WDPEpP
GHYHP VHU REVHUYDGRV RV UXtGRV DWXDQWHV QR SURFHVVR RQGH XP GRV PpWRGRV
FRQKHFLGRVpR3URMHWR5REXVWRGH3DUkPHWURV353SURSRVWRSRU7DJXFKLHP
TXH FRQVLVWH HP GHWHUPLQDU RV QtYHLV GH DOJXQV IDWRUHV FRQWUROiYHLV SDUD UHGX]LU D
VHQVLELOLGDGHGRSURFHVVRjVYDULDo}HVGRVUXtGRVDXPHQWDQGRVXDUREXVWH]+iDLQGD
D0HWRGRORJLDGD6XSHUItFLHGH5HVSRVWD065LQLFLDOPHQWHGHVHQYROYLGDSRU%R[
H :LOVRQ HP TXH DWXDOPHQWH p DSOLFDGR QD GHILQLomR GRV QtYHLV yWLPRV GRV
IDWRUHVFRQWUROiYHLVTXHLQIOXHQFLDPDVUHVSRVWDV0HVPRRSURFHVVRVHQGRUREXVWRp
QHFHVViULR TXH HVWHMD R PDLV SUy[LPR SRVVtYHO GR DOYR GR YDORU GD FDUDFWHUtVWLFD H
FRP D PHQRU YDULkQFLD R TXH p HTXDFLRQDGR SHOR (UUR 4XDGUiWLFR 0pGLR (40
3RUpP TXDQGR RV SDUkPHWURV SUHFLVDP VHU RWLPL]DGRV SDUD P~OWLSODV UHVSRVWDV
SRGHPRFRUUHUFRQIOLWRVSRLVRWLPL]Do}HVLQGLYLGXDLVOHYDPDFRQMXQWRVGLIHUHQWHVGH
VROXo}HV H SDUD DX[LOLDU QD UHVROXomR GHVWD TXHVWmR SRGH VHU DSOLFDGR R 0pWRGR GR
&ULWpULR*OREDO0&4SURSRVWRSRU5$2
1HVWHFHQiULRHVWHWUDEDOKRDSUHVHQWDDDSOLFDomRGR353SDUD RWLPL]DomRGR
SURFHVVR GH UHWLILFDomR FLOtQGULFD SRU PHUJXOKR GH DQpLV GH SLVWmR UHFREHUWRV FRP
FURPRGXURQDUHJLmRGDIDFHGHFRQWDWRTXHSRVVXLWUrVGLPHQV}HVFRUUHODFLRQDGDV
GH IRUPD D WRUQiOR UREXVWR DRV UXtGRV EXVFDQGR DWHQGHU DRV YDORUHV DOYRV GDV
UHVSRVWDVHVWXGDVHDRPHVPRWHPSRUHGX]LURFXVWRGRSURFHVVRDWUDYpVGRDXPHQWR
GD YLGD ~WLO GR GUHVVDGRU TXH FRQVHTXHQWHPHQWH WDPEpP WHP VHXV LPSDFWRV QD
SURGXWLYLGDGH
3URSyVLWR'HVWH/LYUR
(VWHOLYURWHPFRPRSURSRVLWRSULQFLSDODSUHVHQWDUDRWLPL]DomRGRSURFHVVRGH
UHWLILFDomR FLOtQGULFD SRU PHUJXOKR HP DQpLV GH SLVWmR SDUD PRWRUHVGH FRPEXVWmR
LQWHUQD GH IHUUR IXQGLGR QRGXODU PDUWHQVtWLFR UHYHVWLGRV QR GLkPHWUR H[WHUQR FRP
FURPRGXURYLVDQGRDXPHQWDU DFDSDFLGDGHGRSURFHVVRSDUDDVGLPHQV}HVGDIDFH
GHFRQWDWRGDSHoDHUHGX]LQGRRFXVWRGDRSHUDomRFRPGUHVVDGRUHV
2EMHWLYR(VSHFtILFR
2 REMHWLYR HVSHFtILFR p GHPRQVWUDU D DSOLFDomR GR 3URMHWR 5REXVWR GH
3DUkPHWURV 353 FRP DUUDQMR FUX]DGR QD RWLPL]DomR GH P~OWLSODV UHVSRVWDV SDUD
PLQLPL]DU D YDULkQFLD GDV GLPHQV}HV GR SHUILO GR GLkPHWUR H[WHUQR GRV DQpLV SRU
PHLRGDUHGXomRGR(UUR4XDGUiWLFR0pGLR(40DX[LOLDGDVSHOD0HWRGRORJLDGD
6XSHUItFLH GH 5HVSRVWD 065 0pWRGR GR &ULWpULR *OREDO 0&* H R DOJRULWPR
*UDGLHQWH5HGX]LGR*HQHUDOL]DGR*5*
-XVWLILFDWLYD
6HJXQGR $OYHV R SURFHVVR GH UHWLILFDomR p XP GRV PDLV FRPSOH[RV
SURFHVVRV GH XVLQDJHP GHYLGR DR JUDQGH Q~PHUR GH YDULiYHLV HQJOREDGDV QHVWH
SURFHVVR &RPXPHQWH RV SURFHVVRV GH XVLQDJHP SULQFLSDOPHQWH R SURFHVVR GH
UHWLILFDomR SRU VXD FRPSOH[LGDGH DSUHVHQWDP FRUUHODomR HQWUH VXDV FDUDFWHUtVWLFDV
ID]HQGR FRP TXH GHSHQGHQGR GDV PHGLGDV WRPDGDV QDV GHFLV}HV GRV HQJHQKHLURV
FRUSR WpFQLFR H DGPLQLVWUDWLYR SDUD VH DSHUIHLoRDU XPD GHVWDV FDUDFWHUtVWLFDV KDMD
FRQIOLWRFRPDOJXPRXWURDVSHFWRVHMDQDSURGXWLYLGDGHQRFXVWRQDTXDOLGDGHRX
DOJXPRXWURLQGLFDGRUGHGHVHPSHQKRSULQFLSDOPHQWHTXDQGRVHWUDWDGHLQG~VWULDV
PDQXIDWXUHLUDVGHDOWRYROXPHRQGHFDGDGHFLVmRSRGHWHULPSDFWRGLUHWRHUiSLGRQR
UHVXOWDGRHFRQ{PLFRGDHPSUHVD'HVWHPRGRpQHFHVViULRTXHDVPRGLILFDo}HVQRV
SURFHVVRV VHMDP H[HFXWDGDV SRU PHLR GHWpFQLFDV HVWUXWXUDGDV TXHSURSLFLHP R UHDO
HQWHQGLPHQWRGDLQIOXrQFLDGRVSDUkPHWURVGHFDGDSURFHVVR
1RFDVRHPTXHVWmRRPDWHULDOGRVDQpLVDVHUDSOLFDGRQRVH[SHULPHQWRVpR
FURPRGXURTXHH[LJHFRQWUROHULJRURVRGRVSDUkPHWURVGHSURFHVVRSDUDPDQWHURV
SDGU}HVGHTXDOLGDGHVHQGRTXHHPXPDXQLGDGHIDEULOGHVWHSURGXWRVmRIDEULFDGRV
GLDULDPHQWHFHUFDGHSHoDVDSHQDVFRQVLGHUDQGRRVDQpLVFRPUHFREULPHQWR
GH FURPR GXUR QRV TXDLV p DSOLFDGR R SURFHVVR GH UHWLILFDomR TXH DQXDOPHQWH
UHSUHVHQWD XP YROXPH HP WRUQR GH PLOK}HV GH DQpLV DSOLFDGRV HP YHtFXORV QR
PHUFDGRGRPpVWLFRHLQWHUQDFLRQDOFRQIRUPHPRVWUDGRQD7DEHOD
1DV SHoDV SURGX]LGDV H[LVWHP GLPHQV}HV TXH QHFHVVLWDP VHU RWLPL]DGDV
VLPXOWDQHDPHQWH QHFHVVLWDQGR GH XP PpWRGR HVSHFtILFR SDUD WRUQDU R SURFHVVR
UREXVWRFRQVLGHUDQGRRVUXtGRVHHYLWDQGRVROXo}HVSRUDWHQWDWLYDHHUUR
7DEHOD$QpLVUHYHVWLGRVFRPFURPRGXURHFRPGLkPHWURH[WHUQRUHWLILFDGR
3HUtRGR 9ROXPHSHoDV
'LiULR
0HQVDO
$QXDO
)RQWH'HSDUWDPHQWRGH/RJtVWLFD0$+/(0HWDO/HYH6$
)81'$0(17265(7,),&$d2
$ UHWLILFDomR p FODVVLILFDGD FRPR XPD RSHUDomR QD TXDO XPD VXSHUItFLH
DEUDVLYD FKDPDGD UHEROR HP PRYLPHQWR GH URWDomR HQWUD HP FRQWDWR FRP XPD
SHoD UHPRYHQGR PDWHULDO GHVWD H GHVJDVWDQGR R JUmR DEUDVLYR GR UHEROR
+(//0(,67(52UHERORpFRQVWLWXtGRSRUP~OWLSORVJUmRVDEUDVLYRVFXMDV
DUHVWDVFRPIRUPDHRULHQWDomRLUUHJXODUVmRDOHDWRULDPHQWHGLVWULEXtGRVQRHOHPHQWR
OLJDQWH TXH WHP D IXQomR GH XQLODV 6,/9$ -81,25 H &2(/+2
0$&+$'2HWDO
'HDFRUGRFRP +DVVXL H'LQL]D UHWLILFDomR pLQGLFDGDTXDQGRD SHoD
GHPDQGDXPDVXSHUItFLHFRPERDTXDOLGDGHGLPHQVLRQDOHJHRPpWULFD'HYLGRDLVWR
R SURFHVVR GH UHWLILFDomR p XVXDOPHQWH XPD GDV HWDSDV ILQDLV GR SURFHVVR ORJR
TXDQGR D SHoD DWLQJH HVWH SRQWR Mi HVWi FRP DOWR YDORU DJUHJDGR WRUQDQGR XPD
UHMHLomR PXLWR FDUD $SHVDU GH HVWD RSHUDomR SURPRYHU SUHFLVmR PLFURPpWULFD
DOJXPDVGLILFXOGDGHVFRPRGDQRVWpUPLFRVjSHoDHYLEUDo}HVVmRFRPXQVSRGHQGR
OHYDUDWULQFDVQRVPDWHULDLVHGHVJDVWHSUHPDWXURGDIHUUDPHQWDDEUDVLYD
6HJXQGR 0DONLQ QR SURFHVVR GH UHWLILFDomR SDUD TXH R PDWHULDO VHMD
UHPRYLGR GD SHoD p QHFHVViULR R GLVSrQGLR GH XPD TXDQWLGDGH VLJQLILFDWLYD GH
HQHUJLD VHQGR TXH SDUWH GHVWD HQHUJLD VH WUDQVIRUPD HP FDORU FRQFHQWUDGR
SULQFLSDOPHQWH QD UHJLmR GR FRUWH TXH SRGHP FDXVDU WHQV}HV UHVLGXDLV GLODWDomR
WpUPLFDWULQFDVHHUURVGLPHQVLRQDLV
3DUD:HEVWHUDOXEULILFDomRHDUHIULJHUDomRWrPLPSRUWDQWHSDSHOQHVWH
SURFHVVR e QHFHVViULR TXH R IOXLGR UHIULJHUDQWH SHQHWUH QD UHJLmR GR FRUWH FRP
YROXPHDGHTXDGRHVXILFLHQWHSDUDUHPRYHURH[FHVVRGHFDORUDOpPGHUHPRYHURV
FDYDFRVJHUDGRVHOXEULILFDURSRQWRGHFRQWDWRHQWUHRUHERORHDSHoD
5HWLILFDomR&LOtQGULFD([WHUQD
6HJXQGR0DULQHVFXHWDODUHWLILFDomRFLOtQGULFDH[WHUQDpRSURFHVVR
QRTXDODUHPRomRGHPDWHULDODFRQWHFHQRGLkPHWURH[WHUQRGDSHoDTXHHVWiVHQGR
WUDEDOKDGD QRUPDOPHQWH IL[DGD HQWUH SRQWDV RX SRU FDVWDQKDV H FRQWUD SRQWR $
UHWLILFDomR FLOtQGULFD WDPEpP SRGH VHU VHP FHQWURV FRPXPHQWH FRQKHFLGD FRPR
FHQWHUOHVV
2 SULQFLSLR ItVLFR GR SURFHVVR GH UHWLILFDomR FLOtQGULFD VH Gi SHOD URWDomR GD
SHoDVREUH VHX SUySULR HL[R (VWD SHoDILFD HP FRQWDWRFRP D VXSHUItFLH GR UHEROR
TXH H[HFXWD R PRYLPHQWR GH DYDQoR VREUH D SHoD UHPRYHQGR XP GHWHUPLQDGR
VREUHPHWDO 1HVWH SURFHVVR D UHWLILFDomR SRGH VHU SDUDOHOD GH UHEDL[RV F{QLFD GH
URVFDVRXGHSHUILOVHQGRFRQILJXUDGDEDVLFDPHQWHGDVVHJXLQWHVIRUPDV
7DQJHQFLDO GH 3DVVDJHP PpWRGR QR TXDO R UHEROR VH GHVORFD
ORQJLWXGLQDOPHQWH HP UHODomR DR HL[R GH URWDomR GD SHoD QXPD GHWHUPLQDGD
SURIXQGLGDGH GH UHPRomR GH PDWHULDO (VWH PpWRGR p DSOLFDGR SDUD UHWLILFDomR
SDUDOHODRXF{QLFD$ILJXUDPRVWUDDUHWLILFDomRWDQJHQFLDOGHSDVVDJHPDSOLFDGD
jVSHoDVFRPSHUILVFRPSOH[RV
)LJXUD5HWLILFDomR7DQJHQFLDOGH3DVVDJHP
)RQWH*UXSR'DQREDW
7DQJHQFLDO GH 0HUJXOKR PpWRGR QR TXDO R UHEROR HIHWXD R PRYLPHQWR GH
DYDQoRWUDQVYHUVDODRHL[RGHURWDomRGDSHoDQRVHQWLGRUDGLDOGRUHERORDSOLFDGD
SDUD SURGXomR GH SHUILV HVSHFtILFRV FRP UHERORV SHUILODGRV QRUPDOPHQWH SRU URORV
GUHVVDGRUHVRXHPUHEDL[RVUHWRVHRXF{QLFRVFRQIRUPHH[HPSORGD)LJXUD
)LJXUD5HWLILFDomR7DQJHQFLDOGH0HUJXOKR
)RQWH*UXSR'DQREDW
&RPELQDomR HQWUH SDVVDJHP H PHUJXOKR QHVWH PpWRGR D UHWLILFDomR VH GD
HP DPERV RV VHQWLGRV RQGH RV HL[RV GD PiTXLQD VmR FRPDQGDGRV SRU &RPDQGR
1XPpULFR&RPSXWDGRUL]DGR&1&GHDFRUGRFRPDSURJUDPDomRSUpHVWDEHOHFLGD
1RUPDOPHQWH RV UHERORV DSOLFDGRV VmR GH QLWUHWR F~ELFR GH ERUR &%1 FRP
YHORFLGDGHVDFLPDGHPV$)LJXUDPRVWUDDUHWLILFDomRGHXPSHUILOGHURVFD
FRPRPpWRGRGHVFULWR
)LJXUD5HWLILFDomR7DQJHQFLDOFRPELQDGDHQWUHSDVVDJHPHPHUJXOKR
)RQWH*UXSR'DQREDW
6HP &HQWURVHVWH WLSRGHUHWLILFDomR DPSODPHQWH XWLOL]DGR HPSURGXomRGH
SHoDV VHULDGDV WDPEpP p FRPXPHQWH FRQKHFLGR FRPR &HQWHUOHVV FRQIRUPH
)LJXUD 2 SURFHVVR p FRPSRVWR SRU XP UHEROR GH DUUDVWH FRP EDL[D URWDomR
UHVSRQViYHO SHOR PRYLPHQWR GH URWDomR GD SHoD H RXWUR GH FRUWH TXH UHPRYH R
PDWHULDOGDSHoD(QWUHRVGRLVUHERORVKiXPDUpJXDTXHVHUYHGHDSRLRSDUDDSHoD
HQTXDQWRHVWiVHQGRUHWLILFDGD
)LJXUD5HWLILFDomR6HP&HQWURV&HQWHUOHVV
)RQWH*UXSR'DQREDW
6HJXQGR 0DULQHVFX HW DO R SURFHVVR GH UHWLILFDomR SRVVXL VHLV
HOHPHQWRVEiVLFRVHQYROYHQGR
0iTXLQD5HWLILFDGRUD
5HEROR
)OXLGR5HIULJHUDQWH
3HoDREUD
$WPRVIHUD
5HVtGXRVGD5HWLILFDomR%RUUD
1HVWH WUDEDOKR VHUi FRQVLGHUDGR WDPEpP R GUHVVDGRU TXH SRVVXL VXPD
LPSRUWkQFLDQHVWHSURFHVVR
$ PiTXLQD UHWLILFDGRUD WHP XP SDSHO GH VXPD LPSRUWkQFLD QR SURFHVVR GH
UHWLILFDomR SRLV H[HFXWD RV PRYLPHQWRV GD SHoD GR UHEROR H GR SURFHVVR GH
GUHVVDJHP SDUD UHDOL]DomR GD RSHUDomR GHQWUH RXWURV $ UREXVWH] GD PiTXLQD WHP
LQIOXrQFLD GLUHWD QD JHRPHWULD GD SHoD QD UXJRVLGDGH RQGXODo}HV WROHUkQFLDV H
WDPEpPSDUDHYLWDUYLEUDo}HVDOpPGHPDQWHUDHVWDELOLGDGHGRSURFHVVR
2 UHEROR p D IHUUDPHQWD TXH UHDOL]D D UHPRomR GH PDWHULDO QD SHoD H VXDV
SURSULHGDGHVLQIOXHQFLDPGLUHWDPHQWHRUHVXOWDGRILQDOSRLVSUHFLVDVHUFRUUHWDPHQWH
HVSHFLILFDGR SDUD FDGD DSOLFDomR FRP WLSR H WDPDQKR GH JUmR OLJDQWH GXUH]D
HVWUXWXUD H SURSULHGDGHV TXtPLFDV DGHTXDGDV DOpP GH VHU DSOLFDGR FRP SDUkPHWURV
GHSURFHVVRDGHTXDGRV0$/.,1
'HDFRUGRFRP:HEVWHURIOXLGRGHFRUWHpUHVSRQViYHOSRUOXEULILFDUD
UHJLmR GR FRUWH GLPLQXLQGR R DWULWR H FRQVHTXHQWHPHQWH R GHVJDVWH GR UHEROR
7DPEpP WHP D IXQomR GH UHGX]LU R FDORU QD VXSHUItFLH GD SHoD H GR GUHVVDGRU
HYLWDQGRGDQRVWpUPLFRVjSHoDHSHUPLWLQGRDREWHQomRGDJHRPHWULDHVSHFtILFDSRLV
HYLWDDH[SDQVmRGRPDWHULDOGDSHoDHWDPEpPGRVHOHPHQWRVGDPiTXLQDDX[LOLDQGR
QD PDQXWHQomR GD WHPSHUDWXUD DGHTXDGD 2 IOXLGR GHYH WHU YROXPH H SUHVVmR
VXILFLHQWHV SDUD HYLWDU HVSXPDomR GR PHVPR DOpP GH VHU DGHTXDGDPHQWH
HVSHFLILFDGRSDUDHYLWDUGHUPDWLWHDRVRSHUDGRUHV
$VFDUDFWHUtVWLFDVGDSHoDGHSHQGHPGRVGHPDLVLWHQVHQYROYLGRVQRSURFHVVR
SDUD TXH VHMD SURGX]LGD FRUUHWDPHQWH VHP GDQRV WpUPLFRV RX PHFkQLFRV H HVWHMD
GHQWURGDHVSHFLILFDomRJHRPpWULFDHFRPDUXJRVLGDGHHVSHFLILFDGD'HYLGRDRVHX
DWULWRFRPRUHERORSURPRYHRGHVJDVWHGRVJUmRVDEUDVLYRVJHUDQGRDQHFHVVLGDGHGH
DILDomRHSHUILODPHQWRFRQVWDQWHGRUHEROR
6HJXQGR 0DONLQ R GUHVVDGRU WHP D UHVSRQVDELOLGDGH GH GHILQLU D
JHRPHWULDGRUHERORHWDPEpPSURPRYHUDFRUUHWDDILDomRGRPHVPRVHQGRTXHVXD
JHRPHWULDGHYHSURSLFLDUXPDVXSHUItFLHDGHTXDGDDRUHERORFRQIRUPHRVSDUkPHWURV
DSOLFDGRV
$ DWPRVIHUD TXH HQYROYH R SURFHVVR DSHVDU GH FRPXPHQWH GHL[DGD GH ODGR
WDPEpPWHPRVHXSDSHOQRSURFHVVRSRLVIDFLOLWDDR[LGDomRGHDOJXQVPDWHULDLVH
HVWHy[LGRSRGHVHUYLUFRPROXEULILFDQWH(VWHIHQ{PHQRDFRQWHFHSULQFLSDOPHQWHHP
SHoDVUHFpPIDEULFDGDVDDOWDVWHPSHUDWXUDV
6HJXQGR 'DPDVFHQR RV UHVtGXRV GD UHWLILFDomR VmR IRUPDGRV SHOR
PDWHULDO GD SHoD SHODV SDUWtFXODV GRV JUmRV DEUDVLYRV OLJDQWH GR UHEROR H yOHR
UHIULJHUDQWH (VWH UHVtGXR JHUDGR QR SURFHVVR GHYH VHU WUDWDGR DGHTXDGDPHQWH SDUD
HYLWDU FRQWDPLQDo}HV DR PHLR DPELHQWH $ ERUUD QmR QHFHVVDULDPHQWH SUHFLVD VHU
WRWDOPHQWH GHVFDUWDGD SRLV SRGH VHU UHFLFODGD FRP D XWLOL]DomR GR PHWDO QHOD
FRQWLGD
5HERORV
2V UHERORV VmR IHUUDPHQWDV FRPSRVWDV SRU JUmRV DEUDVLYRV FRP DV DUHVWDV
FRUWDQWHVTXH VmR IL[DGRV GH IRUPD LQGHILQLGDSHOR HOHPHQWR OLJDQWH IRUPDQGR XP
FRUSR GH UHYROXomR FRP JHRPHWULD FLUFXODU 6HJXQGR 'DPDVFHQR R OLJDQWH
SUHFLVD SRVVXLU SRURVLGDGH SDUD D VDtGD GRV FDYDFRV H UHWHQomR GH IOXLGR GH FRUWH
SRGHQGR VHU YLWULILFDGD UHVLQyLGH RX PHWiOLFD $ ILJXUD PRVWUD H[HPSORV GH
UHERORVDSOLFDGRVHPUHWLILFDomRFLOtQGULFDH[WHUQD
)LJXUD5HERORVSDUD5HWLILFDomR&LOtQGULFD([WHUQD
2V UHERORV SRVVXHP FDUDFWHUtVWLFDV TXH GHYHP VHU DGHTXDGDV SDUD TXH
DSUHVHQWH R GHVHPSHQKR HVSHUDGR GXUDQWH VXD DSOLFDomR H TXH UHSUHVHQWDP VXD
HVSHFLILFDomRIRUPDGDSHORVVHJXLQWHVLWHQV
7LSRGHJUmRV
7DPDQKRGRVJUmRV
'XUH]D
(VWUXWXUD
7LSRGH/LJDQWH
*UmRV$EUDVLYRV
2 JUmR DEUDVLYR TXH HIHWLYDPHQWH H[HFXWD D UHPRomR GH PDWHULDO p XP
PDWHULDO UHIUDWiULR GXUR H IUiJLO 6+$: (VWH JUmR SRGH VHU GH GLIHUHQWHV
PDWHULDLV H GHYH VHU HVFROKLGR GH DFRUGR FRP R WLSR GH DSOLFDomR REVHUYDQGR D
DILQLGDGH FRP R PDWHULDO D VHU UHWLILFDGR 1D GHWHUPLQDomR GR WLSR GH DEUDVLYR p
LPSRUWDQWH REVHUYDU VXD IULDELOLGDGH TXH p D FDSDFLGDGH GR JUmR HP VH IUDWXUDU H
OLEHUDU SHTXHQRV IUDJPHQWRV TXDQGR VRIUHP XPD GHWHUPLQDGD SUHVVmR GXUDQWH R
FRUWHTXHGHSHQGHGDIRUPDSXUH]DHFUHVFLPHQWRGRFULVWDOGXUDQWHVXDIRUPDomR
6HJXQGR 0DULQHVFX HW DO RV DEUDVLYRV SRGHP VHU FODVVLILFDGRV HP
QDWXUDLV DTXHOHV HQFRQWUDGRV QD QDWXUH]D H RV VLQWpWLFRV SURGX]LGRV SRU SURFHVVRV
LQGXVWULDLV
2VSULQFLSDLVWLSRVGHDEUDVLYRVDSOLFDGRVQRSURFHVVRGHUHWLILFDomRVmR
[LGRGH$OXPtQLR$O2 JUmRVLQWpWLFR
&DUEHWRGH6LOtFLR6L& JUmRVLQWpWLFR
&%11LWUHWRF~ELFRGHERUR JUmRVLQWpWLFR
'LDPDQWH3ROLFULVWDOLQR JUmRVLQWpWLFR
'LDPDQWH0RQRFULVWDOLQR JUmRQDWXUDO
$7DEHODPRVWUDDVFDUDFWHUtVWLFDVGRVSULQFLSDLVJUmRVDEUDVLYRVSRUPHLR
GDTXDOpSRVVtYHOUHDOL]DUXPFRPSDUDWLYRHQWUHRVGLIHUHQWHVWLSRVVHQGRRy[LGRGH
DOXPtQLR]LUFRQDGRRGHPHQRUGXUH]DHRGLDPDQWHRPDLVGXUR
7DEHOD&DUDFWHUtVWLFDV3ULQFLSDLVGRV*UmRV$EUDVLYRV
'XUH]D
(VWUXWXUD 'HQVLGDGH 3RQWRGH
&ODV +.
&ULVWDOLQD >JPP@ IXVmR>&@
>NJPP@
[LGRGH$OXPtQLR%UDQFR $$
[LGRGH$OXPtQLR5RVD '5 +H[DJRQDO
[LGRGH$OXPtQLR=LUFRQDGR =1
[LGRGH$OXPtQLR&HUkPLFR
6* +H[DJRQDO
6HHGHG*HO
[LGRGH$OXPtQLR&HUkPLFR
&% +H[DJRQDO
&XELWURQ
&DUEHWRGH6LOtFLR3UHWR &
+H[DJRQDO
&DUEHWRGH6LOtFLR9HUGH *&
)RQWH$GDSWDGRGH0DONLQ
2y[LGRGHDOXPtQLRpREWLGRGDEDX[LWDTXHSRVVXLGHDGHy[LGRGH
DOXPtQLR$O2GHDGHGLy[LGRGHWLWkQLR7L2HDWpGHy[LGRGHIHUUR
VtOLFDHy[LGRVEiVLFRV0$5,1(6&8HWDO
$SyV SDVVDU SRU XP SURFHVVR GH WULWXUDomR D EDX[LWD p IXQGLGD HP IRUQRV
HOpWULFRVDDUFRPLVWXUDGRDRFRTXHIHUURWLWkQLR7LHy[LGRGHPDJQpVLR0J2
(VWD IXVmR DFRQWHFH D DOWDV WHPSHUDWXUDV HQWUH & D & SRU FHUFD GH
KRUDV (VWH WLSR GH JUmR WHP FRPR SULQFLSDO FDUDFWHUtVWLFD D GXUH]D H D WHQDFLGDGH
VHQGR DSOLFDGD QD UHWLILFDomR GH PDWHULDLV FRP DOWD UHVLVWrQFLD j WUDomR FRPR DoR
FDUERQR DoR UiSLGR H RXWURV DoRVOLJD FRPR WDPEpP HP IHUUR IXQGLGR FLQ]HQWR H
IHUURIXQGLGRQRGXODU
$)LJXUDPRVWUDWUrVWLSRVGHy[LGRGHDOXPtQLRDSOLFDGRVQDIDEULFDomRGH
UHERORV
)LJXUD$O2&LQ]D$O2%UDQFR H$O2&HUkPLFRUHVSHFWLYDPHQWH
)RQWH6DPXOHZVNL
2VSULQFLSDLVWLSRVy[LGRVGHDOXPtQLRDSOLFDGRVQDUHWLILFDomRHVWmRGHVFULWRV
DVHJXLU
[LGRGH$OXPtQLR&LQ]DRX0DUURPGHVLJQDGRSHODOHWUD$DSUHVHQWDGH
D GH $O2 FULVWDOL]DGR VXD GXUH]D p GH +. H VXD FRORUDomR p
PDUURP'HYLGRDRVHXIRUPDWRSHQHWUDUDSLGDPHQWHSRUpPVHGHVJDVWDHPH[FHVVR
HSRUHVWHPRWLYRpDSOLFDGRDRSHUDo}HVGHGHVEDVWHHIDEULFDomRGHOL[DV
[LGR GH $OXPtQLR %UDQFR GHVLJQDGR SHODV OHWUDV $$ p XPD IRUPD PDLV
SXUD GR y[LGR GH DOXPtQLR FRPXP FRP FHUFD GH GH $O2 e DOWDPHQWH
IULiYHO H SRVVXL SRXFD UHVLVWrQFLD DR DWULWR H DR LPSDFWR GHYLGR D VXD IRUPD
SRQWLDJXGD6HJXQGR$OYHVVmRDSOLFDGRVHPDoRVWHPSHUDGRVHFHPHQWDGRV
(VWHWLSRGHJUmRWDPEpPpDSOLFDGRHPDoROLJDGRHQmROLJDGRDoRQLWUHWDGRIHUUR
IXQGLGR FLQ]HQWR IHUUR IXQGLGR QRGXODU IHUUR IXQGLGR UHFR]LGR DoR IHUUDPHQWD H
FURPRHOHWURGHSRVLWDGR
[LGR GH $OXPtQLR 5RVD H 5XEL HVSHFLILFDGR SHODV OHWUDV '5 SRVVXL DWp
GHy[LGRGHDOXPtQLRHPDLVTXHGHGLy[LGRGHWLWkQLR7L2$SUHVHQWDD
FRORUDomRURVDGHYLGRjDGLomRGHy[LGRGHFURPR&U2HPSRUFHQWDJHQVGHDWp
H D FRU UXEL VH D SRUFHQWDJHP GH &U2 HVWLYHU HQWUH H $PERV
SRVVXHP GXUH]D VXSHULRU DR GR y[LGR GH DOXPtQLR EUDQFR PDV FRP PDLRU
IULDELOLGDGH VHQGR R y[LGR GH DOXPtQLR UXEL DLQGD PDLV IULiYHO TXH R y[LGR GH
DOXPtQLRURVD 6HJXQGR $OYHV p DSOLFDGR QD UHPRomRGH JUDQGHTXDQWLGDGH
GH PDWHULDO HP DoRV VHQVtYHLV DR FDORU 6XD DSOLFDomR WDPEpP VH HVWHQGH DR DoR
OLJDGRDoRWHPSHUDGRDoRIHUUDPHQWDHDoRUiSLGR+66
[LGRGH$OXPtQLR=LUFRQDGRFRGLILFDGRSHODVOHWUDV=1SRVVXLGHD
GH y[LGR GH DOXPtQLR $O2 FRP WHRU GH ]LUF{QLR =U2 TXH p REWLGR SHOD
IXVmRGHDUHLD]LUFRQDGDHQWUHHSRGHQGRDLQGDFRQWHUGLy[LGRGHWLWkQLR
7L2 HP VXD FRPSRVLomR (VWH WLSR GH JUmR SRVVXL DUHVWDV VXSHU DILDGDV TXH VH
UHQRYDP GXUDQWH D DSOLFDomR VHQGR XWLOL]DGRV HP RSHUDo}HV GH GHVEDVWH FRP DOWD
WD[D GH UHPRomR GH PDWHULDO H DPSODPHQWH DSOLFDGR HP IXQGLomR DFLDULD H
SDUWLFXODUPHQWHHPDoRLQR[LGiYHO$VFRPSRVLo}HVGHy[LGRGHDOXPtQLR]LUFRQDGR
XWLOL]DGRQDIDEULFDomRGHUHERORVVmR
D $O2=U2
E $O2=U2
F $O2=U27L2
[LGRGH$OXPtQLR&HUkPLFR6HHGHG*HOFRGLILFDGRSHODVOHWUDV6*HVWH
WLSR GHJUmR IRL SDWHQWHDGRSHOD HPSUHVD1RUWRQ $EUDVLYRV DWXDOPHQWH SHUWHQFHQWH
DR JUXSR 6DLQW *REDLQ 6HJXQGR 0DULQHVFX HW DO p SURGX]LGR SRU XP
SURFHVVR TXtPLFR H FHUkPLFR SHOR TXDO R y[LGR GH PDJQpVLR 0J2 p SUHFLSLWDGR
SDUDVHPHQWHVGHFULVWDLVFRPPPHPIRUPDGHHVSLQpOLRVGHDOXPtQLRPDJQpVLR
UHVXOWDQGR QXP JHO TXH p VHFDGR JUDQXODGR H VLQWHUL]DomR D & 2V JUmRV
SURGX]LGRVVmRFRPSRVWRVGHGHy[LGRGHDOXPtQLR$O2FRPRUHVXOWDGR
XPJUmRPXLWRGXURPDLVDXWRDILiYHOFRPPLFURIUDWXUDV(VWHDEUDVLYRpWmRGXURTXH
pDSOLFDGRFRPRPLVWXUDHPy[LGRGHDOXPtQLREUDQFRSDUDHYLWDUH[FHVVLYDIRUoDGH
UHWLILFDomR$VPLVWXUDVWtSLFDVSDUDUHERORVSRVVXHP RXGH6HHGHG
*HO &* (VWD PLVWXUD SRGH DXPHQWDU D YLGD GR UHEROR HP DWp YH]HV HP
FRPSDUDomR FRP RXWUR GH y[LGR GH DOXPtQLR FRPXP HPERUD RV FXVWRV WDPEpP
VHMDPPDLRUHV
6mR XWLOL]DGRV QD UHWLILFDomR GH SUHFLVmR RQGH R PDLV LPSRUWDQWH p D
LQWHJULGDGHPHWDO~UJLFDGDSHoDREUD
[LGR GH $OXPtQLR &HUkPLFR &XELWURQ FRGLILFDGR SHODV OHWUDV &% HVWH
JUmR IRL GHVHQYROYLGR SHOD 0 SURGX]LGR SHOR SURFHVVR 6RO *HO (VWH DEUDVLYR
WDPEpPSURGX]LGRSRUXPSURFHVVRTXtPLFRHFHUkPLFRPDVDRFRQWUiULRGR6HHGHG
*HO p IRUPDGR SRU XPD HVWUXWXUD PXOWLIDVHV TXH QmR XWLOL]D JUmRV FRPR VHPHQWHV
SDUDFRQWURODURWDPDQKRGRFULVWDOLQR2YDORUGRPDWHULDOSDUDDSOLFDomRHPUHERORV
IRLUHFRQKHFLGRDSyVDLQWURGXomRGH6*1DSURGXomRGR&XELWURQDDOXPLQDpFR
SUHFLSLWDGD FRP YiULRV PRGLILFDGRUHV FRPR y[LGR GH PDJQpVLR 0J2 tWULR
ODQWkQLR H QHRPtGLD SDUD FRQWURODU VXD PLFURHVWUXWXUD PHGLDQWH VLQWHUL]DomR
VXEVHTXHQWH
6HJXQGR 0DULQHVFX HW DO D FRPSDUDomR HQWUH R 6HHGHG *HO H R
&XELWURQ p GLItFLO YLVWR TXH HVWHV WLSRV GH JUmRV QmR VmR DSOLFDGRV QRV UHERORV GH
IRUPD SXUD PDV PLVWXUDGRV FRP y[LGR GH DOXPtQLR EUDQFR 2 6HHGHG *HO p PDLV
GXUR *3D GR TXH R &XELWURQ *3D SRUpP R &XELWURQ FRUWD GH IRUPD PDLV
OLYUHID]HQGRFRPTXHVHMDSUHIHULGRHPDOJXPDVDSOLFDo}HV
2 &DUEHWRGH 6LOtFLR6L& pREWLGRSRUPHLRGD PLVWXUDGH FHUFDGHGH
FRTXH GH SHWUyOHR GH DUHLD GH VtOLFD 'H DFRUGR FRP 0DULQHVFX HW DO
HVWHV PDWHULDLV VmR IXQGLGRV HP IRUQRV HOpWULFRV GH UHVLVWrQFLD j FHUFD GH &
FRPFLFORVGHDWpKRUDVeXPJUmREDVWDQWHIULiYHOHVXDFRUYDULDHPIXQomRGDV
LPSXUH]DVGHVGHRYHUGHDWp RSUHWRH[HPSOLILFDGR QD)LJXUD 6XDGXUH]D HVWi
HQWUHH+.
)LJXUD6L&3UHWRH6L&9HUGHUHVSHFWLYDPHQWH
&DUEHWRGH6LOtFLR3UHWRUHFRQKHFLGRSHODOHWUD&VXDFRORUDomRSUHWDVHGHYHDR
)RQWHDUWLJRV7pFQLFRV1RUWRQ
&DUEHWRGH6LOtFLR3UHWRGHVLJQDGRSHODOHWUD&VXDFRORUDomRSUHWDVHGHYH
DRPDLRUWHRUGHFDUERQROLYUH6XDSXUH]DpGHFRPWHQDFLGDGHPDLRUTXHDGR
FDUEHWRGHVLOtFLRYHUGH(VWHWLSRGHJUmRpDSOLFDGRQDUHWLILFDomRGHPDWHULDLVFRPR
RIHUURIXQGLGRPDWHULDLVQmRIHUURVRVHQmRPHWiOLFRVFRPREURQ]HFREUHDOXPtQLR
DoRUHVLVWHQWHDRViFLGRVDOWRWHRUGHFURPRHDoRQLWUHWDGR
&DUEHWRGH6LOtFLR9HUGHGHVLJQDGRSHODVOHWUDV*&HVWDpDIRUPDPDLVSXUD
GR FDUEHWR FRP GH SXUH]D (VWH WLSR GH JUmR p PDLV IULiYHO TXH R FDUEHWR GH
VLOtFLRSUHWRGHYLGRDVXDIRUPDFULVWDOLQDPDLVSXUDSRUpPUHDJHTXLPLFDPHQWHFRP
PDWHULDLV TXH WHP DILQLGDGH FRP R FDUERQR DFLPD GH & FRPR IHUUR H QtTXHO
OLPLWDQGR VXD DSOLFDomR e DPSODPHQWH DSOLFDGR QD UHWLILFDomR GH FDUEHWR GH
WXQJVWrQLRPHWDOGXURPDWHULDLVQmRPHWiOLFRVTXHVmRGXURVHTXHEUDGLoRVYLGURH
FHUkPLFD
1LWUHWR&~ELFRGH%RUR&%1FRPXPHQWHFRQKHFLGRFRPR&%1pREWLGR
GR QLWUHWR GH ERUR H QLWURJrQLR VRE WHPSHUDWXUDV GH & D & H DOWDV
SUHVV}HV QD RUGHP GH D 03D 0$5,1(6&8 HW DO 2 &%1 p
FODVVLILFDGRFRPRVXSHUDEUDVLYRGHYLGRDVXDDOWDGXUH]DGH+.eRVHJXQGR
PDWHULDO PDLV GXUR TXH VH FRQKHFH DEDL[R DSHQDV GR GLDPDQWH H p FHUFD GH GXDV
YH]HVPDLVGXURTXHRy[LGRGHDOXPtQLR$SHVDUGHPHQRVGXURTXHRGLDPDQWHp
PDLV HVWiYHO WHUPLFDPHQWH SRLV QmR DSUHVHQWD PRGLILFDomR DSDUHQWH DWp D
WHPSHUDWXUDGH&HQTXDQWRRGLDPDQWHVXSRUWDDWp&TXDQGRFRPHoDDVH
JUDILWL]DU e DSOLFDGR QD UHWLILFDomR GH DoRV HQGXUHFLGRV HQWUH H +5& DoRV
OLJDGRVHPDWHULDLVIHUURVRVYLVWRTXHpDOWDPHQWHUHVLVWHQWHDRFDORUHTXLPLFDPHQWH
PHQRVUHDWLYRTXHRGLDPDQWH$/9(6$)LJXUDH[HPSOLILFDRVJUmRVGH
&%1SUHWR&%1kPEDUH&%1PDUURPHVFXUR
)LJXUD&%13UHWR&%1$PEDUH&%10DUURQ(VFXUR
)RQWH4LQJGDR+\SRQ,QWHUQDWLRQDO7UDGH&R/WG
'LDPDQWHDVVLP FRPR R &%1p FODVVLILFDGRFRPRVXSHUDEUDVLYRV(VWH pR
PDWHULDOGHIHUUDPHQWDPDLVGXURTXHVHWHPFRQKHFLPHQWRHHVWiGLVSRQtYHOQDIRUPD
QDWXUDO FRP +. RX QD IRUPD VLQWpWLFD FRP +. R PDLV FRPXPHQWH
HPSUHJDGRQDIDEULFDomRGHUHERORV 1D IRUPD VLQWpWLFD pFULDGRSHODFRQYHUVmRGH
JUDILWH VRE WHPSHUDWXUD GH & H SUHVV}HV DFLPD GH *3D SRGHQGR VHU
PRQRFULVWDOLQR RX SROLFULVWDOLQR GHSHQGHQGR GR SURFHVVR GH IDEULFDomR DR TXDO p
VXEPHWLGR0$5,1(6&8HWDOeDSOLFDGRHPPDWHULDLVQmRPHWiOLFRVPDV
TXDQGR DSOLFDGR HP PDWHULDLV IHUURVRV WHP VHX GHVHPSHQKR UHGX]LGR GHYLGR j
DILQLGDGH TXtPLFD FRP R FDUEHWR GH IHUUR SRLV QD WHPSHUDWXUD GR SURFHVVR GH
UHWLILFDomRKiXPDHURVmRTXtPLFDTXDQGRVXDVDUHVWDVVHDUUHGRQGDPDXPHQWDQGRD
IULFomRSUHMXGLFDQGRRPHFDQLVPRGHFRUWH.,1*H+$+1
)LJXUD'LDPDQWH0RQRFULVWDOLQRH3ROLFULVWDOLQRUHVSHFWLYDPHQWH
)RQWHRIWHFKDEUDVLYHV
7DPDQKRVGRV*UmRV$EUDVLYRV
2 WDPDQKR GR JUmR DEUDVLYR FRQYHQFLRQDO p GHILQLGR SRU GLIHUHQWHV yUJmRV
LQWHUQDFLRQDLV FRPR )(3$ $16, ,62 -,6 SRU H[HPSOR 2V PDFURJUmRV VmR
VHSDUDGRV SRU SHQHLUDPHQWR H FODVVLILFDGRV SRU PHLR GR Q~PHUR PHVK TXH
GHWHUPLQD R Q~PHUR GH ILRV SRU SROHJDGD OLQHDU GD PDOKD GD SHQHLUD XWLOL]DGD QD
FODVVLILFDomR GRV JUmRV 1HVWH PpWRGR TXDQWR PDLRU R Q~PHUR GD PDOKD PHQRU R
WDPDQKR GR JUmR 2V PLFURJUmRV VmR VHSDUDGRV SRU VHGLPHQWDomR $ 7DEHOD
PRVWUDDVJUDQXORPHWULDVHRVWDPDQKRVGRVJUmRVSDUDy[LGRGHDOXPtQLRHFDUEHWR
GHVLOtFLRGHDFRUGRFRPD)(3$XPGRVyUJmRVSDGURQL]DGRUHVFRPHQWDGRV
6HJXQGR0DONLQRVJUmRVSDVVDPSRUXPDVHTXrQFLDGHFLQFRSHQHLUDV
QDTXDORQ~PHURGHILRVGDPDOKDDXPHQWDID]HQGRFRPTXHDDEHUWXUDVHMDPHQRUD
FDGD Q~PHUR QXP IDWRU GH (P FDGD SHQHLUD XPD TXDQWLGDGH GH JUmRV ILFD
UHWLGDLQGLFDQGRXPDIDL[DGHWDPDQKRGRVJUmRV
'HDFRUGR FRP0DULQHVFXHW DO RVSDGU}HV)(3$H $16, VmR PXLWR
SUy[LPRV VHQGR TXH R SULPHLUR p PDLV ULJRURVR QRV OLPLWHV GH JUmRV PDLRUHV H
PHQRUHV DFHLWDQGR GH D VHP XP YDORU QRPLQDO SDUD R WDPDQKR GR JUmR
HQTXDQWRRVHJXQGRWHPXPDOYRSDUDRWDPDQKRPpGLRGRJUmRSHUPLWLQGRHQWUH
HGHJUmRVPDLRUHVHPHQRUHV
7DEHOD7DPDQKRHJUDQXORPHWULDGRVJUmRVGHy[LGRGHDOXPtQLRHFDUEHWRGHVLOtFLR
'HVLJQDomRGR*UmR 'HVLJQDomRGR*UmR 'LkPHWUR
'LkPHWUR0pGLR
3DGUmR)(3$ 3DGUmR)(3$ 0pGLR
>P@
>P@
6HPL$FDEDPHQWR
([WUD)LQR
'XUH]DGR5HEROR*UDXGR5HEROR
$ GXUH]D GR UHEROR WDPEpP FKDPDGD GH JUDX GR UHEROR VH UHIHUH DR TXmR
GLItFLOpUHPRYHURVJUmRVDEUDVLYRVGDVXSHUItFLHGRUHERORRXVHMDLQGLFDRJUDXGH
FRHVmR HQWUH R JUmR DEUDVLYR H D OLJDQWH 'H DFRUGR FRP 0DONLQ R JUDX GR
UHEROR SRGH VHU GHILQLGR FRPR D UHVLVWrQFLD j WUDomR GR DJORPHUDQWH SDUD TXH RV
JUmRVDEUDVLYRVVHMDPDUUDQFDGRV
3DUD 'LQL] HW DO TXDQGR D FRHVmR p HOHYDGD H R OLJDQWH UHVLVWH DRV
HVIRUoRV GH FRUWH GD UHWLILFDomR R UHEROR p FRQVLGHUDGR GXUR SRLV QmR RFRUUH D
UHGXomRGD DQFRUDJHPTXHWHQGH DUHWLUDU RV JUmRVGR UHEROR FDVR FRQWUiULRVH RV
JUmRVHGHVSUHQGHUHPFRPHVWHVHVIRUoRVRUHERORpFRQVLGHUDGRPROH
$ DOWD UHVLVWrQFLD GR OLJDQWH DR GHVJDVWH QmR SHUPLWH TXH RV JUmR VHMDP
UHQRYDGRVHRVPHVPRVVHWRUQDPGHVJDVWDGRVVHPDUHVWDGHFRUWHQDVXSHUItFLHGR
UHEROR DXPHQWDQGR D JHUDomR GH FDORU GHYLGR DR DXPHQWR GR DWULWR HQWUH UHEROR H
SHoD H WDPEpP DXPHQWDQGR R HVIRUoR GH FRUWH &DVR D WHPSHUDWXUD QmR VHMD
FRQWURODGD RX VHMD VXILFLHQWHPHQWH GLVVLSDGD SHOR IOXLGR GH FRUWH SRGHP RFRUUHU
TXHLPDV QD SHoD FRP DOWHUDomR GDV SURSULHGDGHV QD VXSHUItFLH GR PDWHULDO WULQFDV
GHYLGRDRHVIRUoRH[FHVVLYRHWDPEpPDDOWDWHPSHUDWXUDDOpPGHHUURGLPHQVLRQDO
GDSHoD
3DUDUHERORVPROHVDDXWRDILDomRGRUHERORDFRQWHFHGHYLGRDRGHVSUHQGLPHQWR
GRVJUmRVGDVXSHUItFLHID]HQGRFRPTXHQRYRVJUmRVSDVVHPDWUDEDOKDUHQWUHWDQWR
LVVR SRGH JHUDU GHVJDVWH H[FHVVLYR GR SHUILO GR UHEROR FDXVDQGR GHVYLRV
GLPHQVLRQDLVQDSHoD
6HJXQGR0DONLQDGXUH]DGRUHERORHVWiGLUHWDPHQWHUHODFLRQDGDjVXD
SRURVLGDGHSRLVUHERORVFRPPDLRUGXUH]DSRVVXHPPHQRVSRURVYLVWRTXHKiPDLV
JUmRVDEUDVLYRVQROLJDQWH
5HERORV PROHV VmR DSOLFDGRVQD UHWLILFDomR GH PDWHULDLV GXURV FRPR RV DoRV
WHPSHUDGRV H DoR UiSLGR HQTXDQWR TXH UHERORV GXURV VmR DSOLFDGRV D PDWHULDLV
PDFLRVFRPRDoRVHPWUDWDPHQWRWpUPLFRHUHEDUEDomRSRUH[HPSOR
6HJXQGRD$%17$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDVRVUHERORVVmR
FODVVLILFDGRVSRUVXDGXUH]DFRPRPXLWRPROHPROHPpGLRGXURHPXLWRGXUR1D
FRGLILFDomRGRVUHERORVDGXUH]DpFODVVLILFDGDSRUOHWUDVTXHYmRGH$D=FRQIRUPH
PRVWUDGRQD7DEHOD
7DEHOD&ODVVLILFDomRGH'XUH]DGRV5HERORV
&yGLJRGD'XUH]D 'XUH]D
$%&' 5HERORVH[WUDPROHV
()* 5HERORVPXLWRPROHV
+,-. 5HERORVPROHV
/012 5HERORVGHGXUH]DPpGLD
345 5HERORVGXURV
6789 5HERORVPXLWRGXURV
:;<= 5HERORVH[WUDGXURV
)RQWH$%171%5
(VWUXWXUDGRV5HERORV
'H DFRUGR FRP 'LQL] HW DO D HVWUXWXUD GRV UHERORV VH UHIHUH j
FRQFHQWUDomR YROXPpWULFD GH JUmR DEUDVLYRV QR UHEROR VHQGR TXH TXDQWR PDLRU D
FRQFHQWUDomRGHJUmRVPDLVIHFKDGDVHWRUQDVXDHVWUXWXUDSRLVPHQRUpRQ~PHURGH
SRURVGHYLGRDRPHQRUHVSDoDPHQWRHQWUHRVJUmRV
$ SRURVLGDGH p DGHTXDGD TXDQGR HVWi DEHUWD R VXILFLHQWH SDUD TXH R FDYDFR
VHMD UHPRYLGR H R IOXLGR GH FRUWH DWLQMD D UHJLmR GR FRUWH SRUpP GHYH JDUDQWLU R
Q~PHURPtQLPRGHJUmRVSDUDUHDOL]DUDUHPRomRGHPDWHULDOGDSHoD
1XPD HVWUXWXUD IHFKDGD Ki XPD PDLRU TXDQWLGDGH GH JUmRV TXH ILFDP HP
FRQWDWR FRP D SHoD GXUDQWH R FRUWH (VWD JUDQGH TXDQWLGDGH GH JUmRV PHOKRUD R
DFDEDPHQWR SRLV FDGD JUmR UHPRYH PHQRV PDWHULDO HP FDGD UHYROXomR GR UHEROR
PDV SHOD SRXFD iUHD GH VDtGD GR FDYDFR SRGH DFRQWHFHU TXHLPD GD SHoD RX
HPSDVWDPHQWR GR UHEROR 0$/.,1 $ )LJXUD PRVWUD
HVTXHPDWLFDPHQWHDHVWUXWXUDIHFKDGDHDHVWUXWXUDDEHUWD
*UmRV$EUDVLYRV
3RURV
/LJDQWH
(VWUXWXUD)HFKDGD (VWUXWXUD$EHUWD
)LJXUD(VWUXWXUD)HFKDGD[(VWUXWXUD$EHUWD
$GDSWDGRGR0DQXDO5DSSROG:LQWHUWKXU
1RUPDOPHQWH XPD HVWUXWXUD DEHUWD JHUD XP DFDEDPHQWR JURVVHLUR H
REYLDPHQWHXPDHVWUXWXUDPDLVIHFKDGDSURPRYHXPPHOKRUDFDEDPHQWRTXHSRGHP
VHUYHULILFDGRVDWUDYpVGRDVSHFWRYLVXDOHGDUXJRVLGDGHGDVXSHUItFLH
3DUD PDWHULDLV G~FWHLV H GH EDL[D GXUH]D DSOLFDPVH HVWUXWXUDV DEHUWDV
HQTXDQWRTXHSDUDPDWHULDLVGHHOHYDGDGXUH]DVmRDSOLFDGRVUHERORVPDLVGXURV
6HJXQGR 'LQL] HW DO DV HVWUXWXUDV VmR FODVVLILFDGDV FRPR IHFKDGD
PpGLDHDEHUWDWDOFRPRGHVFULWRQD7DEHOD
7DEHOD1~PHUR[7LSRGD(VWUXWXUDGRV5HERORV
1~PHURGD(VWUXWXUD 7LSRGD(VWUXWXUD 3RURVLGDGH
GHD )HFKDGD 1DWXUDO
GHD PpGLD 1DWXUDO
GHD DEHUWD 1DWXUDO
GHGH PXLWRDEHUWD ,QGX]LGD
)RQWH$GDSWDGRGH'LQL]HWDO
'H DFRUGR FRP 0DULQHVFX HW DO D FRQFHQWUDomR GH JUmRV DEUDVLYRV
YDULDGHDGRYROXPHGRUHEROR$HVWUXWXUDGRUHERORpFDUDFWHUL]DGDSRU
XPD QXPHUDomR TXH YDULD FRPXPHQWH HQWUH H H FDGD Q~PHUR SRVVXL XPD
UHIHUrQFLD GH YROXPH GH DEUDVLYR QR UHEROR SRUpP FDGD IDEULFDQWH SRGH XVDU
FRQFHQWUDo}HVOLJHLUDPHQWHGLIHUHQWHVSRUTXHVW}HVGHFRPSHWLWLYLGDGH$7DEHOD
WUD] XPD UHIHUrQFLD GR Q~PHUR GD HVWUXWXUD GR UHEROR H R SHUFHQWXDO GH JUmRV
DEUDVLYRV
7DEHOD(VWUXWXUDGRV5HERORV[3HUFHQWXDO9ROXPpWULFRGH*UmRV$EUDVLYRV
(VWUXWXUDGRV5HERORV
1~PHURGD(VWUXWXUD
3HUFHQWXDOGH$EUDVLYR
)RQWH+DQGERRNRI0DFKLQLQJZLWK*ULQGLQJ:KHHOV0$5,1(6&8HWDO
/LJDQWHGRV5HERORV
2 OLJDQWH pUHVSRQViYHO SRU PDQWHURV JUmRV DEUDVLYRVIL[DGRVDR UHERORSDUD
PDQWHU R SRGHU GH FRUWH H GHYH VHU DGHTXDGD DR WLSR GH DSOLFDomR SRUpP GHYH
SHUPLWLU TXH RV JUmRV VH GHVSUHQGDP D XPD GHWHUPLQDGD SUHVVmR GH FRUWH SDUD TXH
QRYRVJUmRVSRVVDPHQWUDUHPDomRDOpPGHUHVLVWLUjVDOWDVURWDo}HVGRUHERORHDRV
HOHPHQWRVTXtPLFRVGRIOXLGRGHFRUWH'$0$6&(12
6HJXQGR-DFNVRQH0LOOVQRPRPHQWRGDGHWHUPLQDomRGROLJDQWHDVHU
DSOLFDGD GHYH VHU FRQVLGHUDGR R WDPDQKR GR UHEROR DV FRQGLo}HV GH WUDEDOKR H D
UHODomR FXVWREHQHItFLR 2 OLJDQWH LUi UHVWULQJLU D YHORFLGDGH GH FRUWH GR UHEROR
GHSHQGHQGRGHVXDUHVLVWrQFLDPHFkQLFD
&RQIRUPH 0DONLQ p QHFHVViULR TXH R JUmR DEUDVLYR H R DJORPHUDQWH
WHQKDPFRHILFLHQWHVGHGLODWDomRWpUPLFDDQiORJRVSDUDTXHQmRKDMDWHQV}HVLQWHUQDV
GXUDQWH D DSOLFDomR HP DOWDV WHPSHUDWXUDV 2 OLJDQWH WDPEpP GHYH VHU SRURVR R
VXILFLHQWHSDUDTXHKDMDHVSDoRSDUDVDtGDGRVFDYDFRV$)LJXUDUHSUHVHQWDRV
JUmRVROLJDQWHHRVSRURVGHXPUHEROR
/LJDQWH
*UmRV
3RURV
)LJXUD5HSUHVHQWDomRGRVJUmRVOLJDQWHHSRURVGHXPUHEROR
)RQWHRDXWRU
2V SULQFLSDLV OLJDQWHV DSOLFDGRV QR UDPR PHWDO PHFkQLFR VmR R YLWULILFDGR
UHVLQyLGHHPHWiOLFR$OpPGHVWHVWUrVWLSRVKiDLQGDOLJDQWHVGHERUUDFKDHHOiVWLFR
2V OLJDQWHV YLWULILFDGRV VmR DSOLFDGDV HP FHUFD GH GRV UHERORV FRQYHQFLRQDLV
SULQFLSDOPHQWH QDV UHWLILFDo}HV GH SUHFLVmR GHYLGR D VXD FDSDFLGDGH GH DEVRUYHU
LPSDFWRVDDOWDUHVLVWrQFLDPHFkQLFD0$/.,1
%LDQFKLFRPHQWDHPVXDSHVTXLVDXPOHYDQWDPHQWRUHDOL]DGRSHOD*(
&RPSDQ\ 86$ TXDQWR j XWLOL]DomR GRV SULQFLSDLV WLSRV GH OLJDQWHV HP UHERORV
VXSHUDEUDVLYRVPRVWUDQGRTXHGDQDXWLOL]DomRGHOLJDQWHUHVLQyLGHGHSDUD
HDXPHQWRQDDSOLFDomRGHOLJDQWHYLWULILFDGRGHSDUDHPSDWDQGRDDSOLFDomR
GRVGRLVWLSRV
/LJDQWHV9LWULILFDGRVVXDLGHQWLILFDomRpIHLWDSHODOHWUD9 6mRFRPSRVWDVGH
DUJLOD TXDUW]R H IHOGVSDWR TXH VmR VXEPHWLGDV D WHPSHUDWXUDV GH DWp & DSyV
FRPELQDGDVTXLPLFDPHQWH IRUPDQGRXPD HVWUXWXUD YLWULILFDGD PXLWR UtJLGDSRUpP
IUiJLODLPSDFWRV(VWHOLJDQWHSHUPLWHWUDEDOKRVGHSUHFLVmR YLVWRTXHGHYLGRDVXD
ULJLGH] PDQWHP R SHUILO GR UHEROR VHQGR PDLV GXUD GR TXH RV OLJDQWHV UHVLQyLGHV
SRUpPDSUHVHQWDPFXVWRHOHYDGR$/9(66HJXQGR-XQHVWHWLSRGH
OLJDQWHSHUPDQHFHHVWiYHOHPiJXDyOHRVHiFLGRVHSRGHVHUDSOLFDGRYHORFLGDGHGH
FRUWHGHDWpPV
/LJDQWHV 5HVLQyLGHV VXD LGHQWLILFDomR p IHLWD SHOD OHWUD % 6mR FRPSRVWDV GH
OLJDQWHV RUJkQLFRV SUHQVDGDV D TXHQWH H SRVVXHP HOHYDGD UHVLOLrQFLD H UHVLVWrQFLD
(VWHWLSRGHOLJDQWHSRGHSHUGHUDFDSDFLGDGHGHIL[DomRGRVJUmRVFDVRVHMDDSOLFDGD
HPWHPSHUDWXUDVDFLPDGH&6HJXQGR'LQL]HWDOHVWHpRVHJXQGRWLSR
GHOLJDQWHPDLVDSOLFDGRSRGHQGRVHUHPSUHJDGDSDUDUHWLILFDomRFRPYHORFLGDGHGH
DWpPV
/LJDQWHV0HWiOLFRVHVWHWLSRGHOLJDQWHSRGHVHUGHQtTXHOFREDOWRWXQJVWrQLR
EURQ]H H WDPEpP GH RXWURV PHWDLV SRGHQGR VHU LQWURGX]LGR QRV UHERORV SHOR
SURFHVVRGHVLQWHUL]DomRGHSyGHEURQ]HHRXWURVPHWDLVQREUHVRXHOHWURGHSRVLomR
FRPR R QtTXHO (VWH p R WLSR GH OLJDQWH GH PDLRU UHVLVWrQFLD D DOWDV YHORFLGDGHV GH
FRUWH DFLPD GH PV 1R SURFHVVR GH HOHWURGHSRVLomR D WHPSHUDWXUD p
UHODWLYDPHQWHEDL[DVLWXDQGRVHDEDL[RGH&
6HJXQGR0DULQHVFXHWDORVUHERORVUHYHVWLGRVSRUHVWHSURFHVVRXVDP
FRUSR GH DoR UHYHVWLGR FRP XPD FDPDGD VLPSOHV GH OLJDQWH H JUmRV GH &%1 RX
GLDPDQWH (VWHV FRUSRVGH DoR SRGHP VHU UHXWLOL]DGRV GHFLQFR D VHLV YH]HVVH QmR
IRUHPGDQLILFDGRV$HVSHVVXUDGDFDPDGDGHOLJDQWHTXHIL[DRVJUmRVSUHFLVDWHUQR
PtQLPRGDDOWXUDGRJUmRSDUDTXHVHMDIL[DGRDGHTXDGDPHQWH1RSURFHVVRGH
IL[DomR GRV JUmRV SRU VLQWHUL]DomR D WHPSHUDWXUD p DFLPD GH & SRGHQGR
UHGX]LUDUHVLVWrQFLDGRVJUmRVHGHIRUPDURFRUSRGHDoR
'HVFULomRGRV5HERORV
&DGD UHEROR GHYH WHU VXD GHVFULomR JUDYDGD SHOR IDEULFDQWH HP XPD GDV VXDV IDFHV
SDUD TXH R XVXiULR SRVVD UHFRQKHFHU R PHVPR H DSOLFiOR DGHTXDGDPHQWH
1RUPDOPHQWH RV UHERORV SRVVXHP D JUDYDomR GH VXDV GLPHQV}HV H FDUDFWHUtVWLFDV
FRPR WLSR GH JUmR JUDQXORPHWULD HVWUXWXUD GXUH]D H WLSR GH OLJDQWH FRQIRUPH
H[HPSOLILFDGRQD)LJXUD
[[ $$-9
'LkPHWURGR)XUR 2SFLRQDOGRIDEULFDQWH
/DUJXUDGR5HEROR 7LSRGH/LJDQWH
'LkPHWUR([WHUQR (VWUXWXUD
'XUH]DJUDX
*UDQXORPHWULD
7LSRGH$EUDVLYR
)LJXUD'HVFULomRGRUHEROR
0HFDQLVPRGH)RUPDomRGR&DYDFR
'HDFRUGRFRP0DONLQRSURFHVVRGHUHPRomRGH PDWHULDO VHGiSHOD
LQWHUDomR GR UHEROR FRP D VXSHUItFLH GD SHoD GH DFRUGR FRP DV FRQGLo}HV ItVLFDV
LPSRVWDV IRUPDQGR R FDYDFR SRU FLVDOKDPHQWR 1HVWH SURFHVVR Ki D GLVWLQomR GH
GLIHUHQWHV PHFDQLVPRV VHSDUDGRV HP WUrV UHJL}HV $ )LJXUD H[HPSOLILFD R
PHFDQLVPRGHIRUPDomRGRFDYDFR.g1,*H./2&.(
)RUPDomRGR
&DYDFR
)RUPDomRGH
5HEDUED
5HJLmR, 5HJLmR,, 5HJLmR,,,
'HIRUPDomR 'HIRUPDomR 'HIRUPDomR
(OiVWLFD (OiVWLFD3OiVWLFD (OiVWLFD3OiVWLFD
FRP IRUPDomR GR FDYDFR
)LJXUD0HFDQLVPRGH)RUPDomRGR&DYDFR
)RQWHDGDSWDGRGH.|QLJH.ORFNH
0HFDQLVPRVGH'HVJDVWHGR5HEROR
6HJXQGR .DQH R GHVHPSHQKR GD RSHUDomR GH UHWLILFDomR p DOWDPHQWH
LQIOXHQFLDGR SHOD WRSRJUDILD GR UHEROR 'HYLGR DR GHVJDVWH VRIULGR SHORV JUmRV R
UHEROR SHUGH VXDV FDUDFWHUtVWLFDV R TXH H[LJH FLFORV GHGUHVVDJHP SDUD FRUULJLU VXD
WRSRJUDILD
'H DFRUGR FRP 0DONLQ Ki WUrV WLSRV SULQFLSDLV GH FDXVDV GHGHVJDVWH
GRVUHERORVGHVJDVWHSRUDWULWRHRXDGHVmRGHVJDVWHSRUIUDWXUDGRJUmRHGHVJDVWH
SRUIUDWXUDGROLJDQWHTXHVmRH[HPSOLILFDGRVQD)LJXUD2GHVJDVWHSRUIUDWXUD
GRJUmRpVXEGLYLGLGRHPPDFURIUDWXUDTXHRFRUUHQRVJUmRVFRQYHQFLRQDLVFRPRR
y[LGR GH DOXPtQLR FRQYHQFLRQDO H D PLFURIUDWXUD TXH RFRUUH QRV JUmRV FHUkPLFRV
FRPRR6HHGHG*HOHR&XELWURQSRUH[HPSOR
*UmR$EUDVLYR 3RUR /LJDQWH
'HVJDVWHSRU 'HVJDVWHSRU0DFUR 'HVJDVWHSRU0LFUR
'HVJDVWHSRU$WULWR )UDWXUDGR/LJDQWH )UDWXUDGRV*UmRV )UDWXUDGRV*UmRV
)LJXUD7LSRVGH'HVJDVWHGR5HEROR
)RQWHDGDSWDGRGR0DQXDO5DSSROG:LQWHUWKXU
2GHVJDVWHSRUDWULWRFDXVDGRSRUDo}HVPHFkQLFDVHTXtPLFDVDFDUUHWDDSHUGD
GR SRGHU GH FRUWH GR JUmR DEUDVLYR GHYLGR DR DUUHGRQGDPHQWR GH VXDV DUHVWDV H R
DXPHQWR GD iUHD GH FRQWDWR GR JUmR DXPHQWDQGR R HVIRUoR GH FRUWH (P WHUPRV
GLPHQVLRQDLVHVWHWLSRGHGHVJDVWHpLQVLJQLILFDQWHPDVDIHWDFRQVLGHUDYHOPHQWHR
FRPSRUWDPHQWR GR UHEROR GXUDQWH R WUDEDOKR SULQFLSDOPHQWH DXPHQWDQGR D
SRVVLELOLGDGHGHTXHLPDGDVXSHUItFLHGDSHoD0$/.,1
2GHVJDVWHSRUIUDWXUDGRVJUmRVFRPRRQRPHGL]DFRQWHFHGHYLGRjVTXHEUDV
GRVJUmRVTXHOLEHUDPPLFURSDUWtFXODVUHQRYDQGRVXDVDUHVWDVHPDQWHQGRRSRGHU
GH FRUWH GR UHEROR (VWDV IUDWXUDV DFRQWHFHP TXDQGR R HVIRUoR GH FRUWH p
VXILFLHQWHPHQWHDOWRVREUHRVJUmRVHGHSHQGHGDIULDELOLGDGHGRJUmRHGDGXUH]DGR
UHEROR
6HJXQGR 'LQL] HWDO QHVWH WLSR GH GHVJDVWHKiSHUGDVLJQLILFDWLYDGH
PDWHULDOGRUHERORSRGHQGRFRPSURPHWHUDJHRPHWULDGDSHoD
2GHVJDVWHSRUIUDWXUDGROLJDQWHDFRQWHFHTXDQGRRJUmRDEUDVLYRVHGHVSUHQGH
GR UHEROR GDGR XP GHWHUPLQDGR HVIRUoR GH FRUWH VHQGR PDLV LQWHQVR HP UHEROR
FODVVLILFDGRVFRPRPROHVTXHQmRVXSRUWDPHVWHHVIRUoR2VJUmRVGHVJDVWDGRVDRVH
GHVSUHQGHUHPOLEHUDPDVXSHUItFLHGRUHERORSDUDTXHQRYRVJUmRVSDVVHPDH[HFXWDU
DUHPRomRGHPDWHULDOGDSHoD6HJXQGR.DQHDDXWRDILDomRJHUDDXPHQWRGD
UXJRVLGDGHGHYLGRjDJUHVVLYLGDGHGRVQRYRVJUmRV
6HJXQGR%LDQFKLROLJDQWHVHGHVJDVWDHURPSHGHYLGRDRDWULWRFRPD
SHoDHFRPRVFDYDFRVDIDWRUHVWpUPLFRVHWDPEpPSRUDJHQWHVTXtPLFRVGRIOXLGR
GHFRUWHDOpPGHFRPELQDomRHQWUHHVWHVIDWRUHV
'UHVVDJHP
$GUHVVDJHPpXPDHWDSDIXQGDPHQWDOQRSURFHVVRGHUHWLILFDomRYLVWRTXHp
UHVSRQViYHO SHOD GHILQLomR GD WRSRJUDILD GR UHEROR TXH LQIOXHQFLD GLUHWDPHQWH R
DFDEDPHQWR ILQDO GD SHoD R WHPSR GH FLFOR D IRUPDomR GR FDYDFR GXUDQWH D
UHWLILFDomR HWDPEpPD YLGD~WLOGR UHEROR GDGRTXHTXDQWRPDLRU DIUHTXrQFLDH D
SURIXQGLGDGH GH GUHVVDJHP PHQRU p R DSURYHLWDPHQWR GHVWD IHUUDPHQWD DEUDVLYD
/RJR SDUD VH REWHU XP ERP GHVHPSHQKR QD UHWLILFDomR p QHFHVViULR HQWHQGHU RV
PHFDQLVPRVHQYROYLGRVQHVWHSURFHVVR
6HJXQGR 0DONLQ D WRSRJUDILDGR UHEROR DIHWDGLUHWDPHQWH RV HVIRUoRV
GHFRUWHRFRQVXPRGHSRWrQFLDGDPiTXLQDHDWHPSHUDWXUDGHFRUWHGDRSHUDomR
$SyV XP RX PDLV FLFORV GH UHWLILFDomR R UHEROR SRGH HVWDU LPSUHJQDGR GH
PDWHULDO GD SHoD RV JUmRV SRGHP WHU SHUGLGR VHX SRGHU GH FRUWH SRU HVWDUHP
DUUHGRQGDGRVHLVWRID]FRPTXHRUHERORSHUFDRXUHGX]DVXDFDSDFLGDGHGHUHPRYHU
PDWHULDOQHFHVVLWDQGRGHGUHVVDJHP
'HDFRUGRFRP0DULQHVFXHWDOFRPH[FHomRGHUHERORVFRPFDPDGD
DEUDVLYD HOHWURGHSRVLWDGD RV GHPDLV WLSRV QHFHVVLWDP GH GUHVVDJHP DSHVDU GH TXH
PHVPRRVUHERORVHOHWURGHSRVLWDGRVSRGHPQHFHVVLWDUGHXPDGUHVVDJHPLQLFLDOFRP
SHGUDDEUDVLYDSDUDUHPRomRGRH[FHVVRGROLJDQWHPHWiOLFR$LQGDVHJXQGRRDXWRU
KiYiULRV PpWRGRV GH GUHVVDJHPRTXHFDXVDFRQIXVmR HGLYHUJrQFLDHQWUH DXWRUHV
SRLV D GUHVVDJHP H[HUFH GLIHUHQWHV SDSpLV FRPR R SHUILODPHQWR H D GUHVVDJHP
SURSULDPHQWHGLWD
3HUILODPHQWR p D GUHVVDJHP UHDOL]DGD SDUD VH FRUULJLU R EDWLPHQWR GR UHEROR
SULQFLSDOPHQWH DSyV D VXD PRQWDJHP QD PiTXLQD ID]HQGR FRP TXH JLUH FHQWUDGR
UDGLDOPHQWHHRXD[LDOPHQWHDOpPGHGHILQLURSHUILOGRUHERORVHMDHOHSODQRRXFRP
XP IRUPDWR HVSHFtILFR $ HOLPLQDomR GH HUURV GD WRSRJUDILD GR UHEROR p UHDOL]DGD
SDUDHYLWDUYLEUDo}HVHHUURVJHRPpWULFRVQDSHoD
6HJXQGR 0DONLQDGUHVVDJHP pUHDOL]DGDSDUD UHDILDURUHEROR HREWHU
GLIHUHQWHV FRPSRUWDPHQWRV GXUDQWH D UHWLILFDomR VHQGR TXH SDUD UHERORV
FRQYHQFLRQDLVpUHDOL]DGDDRPHVPRWHPSRHPTXHRSHUILODPHQWR(QWUHWDQWRSDUD
UHERORFRP PDWHULDLV VXSHUDEUDVLYRVDGUHVVDJHPH SHUILODPHQWRVmR UHDOL]DGDVHP
PRPHQWRVGLVWLQWRV
3DUD H[HFXomR GD GUHVVDJHP SRGHP VHU DSOLFDGRV GLIHUHQWHV WLSRV GH
GUHVVDGRUHV TXH VmR GLIHUHQFLDGRV SHOR SULQFtSLR FLQHPiWLFR GH DomR GLYLGLGRV HP
GUHVVDGRUHV HVWiWLFRV H GUHVVDGRUHV URWDWLYRV 3$8/$ $ GUHVVDJHP
FRQYHQFLRQDO p UHDOL]DGD FRP GUHVVDGRUHV SRQWD ~QLFD IOLHVHQ SHUILO ODSLGDGR
PXOWLSRQWDV URORV GUHVVDGRUHV H GLVFRV URWDWLYRV $OJXQV GHVWHV GUHVVDGRUHV VmR
PRVWUDGRVQD)LJXUD
3RQWDQLFD )OLHVHQ 3HUILO/DSLGDGR 0XOWL3RQWDV
0XOWL*UmRV 5RORV'UHVVDGRUHV
)LJXUD'LIHUHQWHVWLSRVGH'UHVVDGRUHV
)RQWH6WURKGR%UDVLO
1R FDVR GH GUHVVDGRUHV HVWiWLFRV FRPR RV GUHVVDGRUHV SRQWD ~QLFD
FRQJORPHUDGRVHEDVW}HVDEUDVLYRVDIHUUDPHQWDpIL[DGDHPDOJXPWLSRGHVXSRUWHH
SDUD D H[HFXomR GD GUHVVDJHP R UHEROR PHVD RX FDEHoRWH VH GHVORFD QXPD
GHWHUPLQDGD SURIXQGLGDGH H YHORFLGDGH GH DYDQoR TXH FRPELQDGD FRP R
PRYLPHQWRGHURWDomRGRUHERORUHPRYHPDWHULDOGDVXSHUItFLHGHVWH~OWLPR3DUDRV
GUHVVDGRUHV URWDWLYRV Ki RV PHVPRV PHFDQLVPRV SUHVHQWHV QD XWLOL]DomR GRV
GUHVVDGRUHV HVWiWLFRV PDV FRP D LQFOXVmR GR PRYLPHQWR GH URWDomR GR GUHVVDGRU
SRGHQGR DYDQoDU ORQJLWXGLQDOPHQWH QR FDVR GH GLVFRV GUHVVDGRUHV RX UDGLDOPHQWH
QRFDVRGHURORVGUHVVDGRUHV
'UHVVDJHPFRP'LDPDQWHV1DWXUDLV
1D GUHVVDJHP FRQYHQFLRQDO REYLDPHQWH SDUD TXH R GUHVVDGRU UHPRYD
PDWHULDOGRUHERORpQHFHVViULRTXHVHMDGHPDWHULDOPDLVGXURTXHRHPSUHJDGRQR
UHERORID]HQGRFRPTXHRGLDPDQWHVHMDRPDWHULDOPDLVXWLOL]DGR
2 GLDPDQWHp FULDGRSHOD DSOLFDomRGHWHPSHUDWXUDVH SUHVV}HVH[WUHPDPHQWH
DOWDV DR FDUERQR TXH QDWXUDOPHQWH RFRUUH D SURIXQGLGDGHV GH FHUFD GH NP GD
FURVWDGD7HUUD
2V SULQFLSDLV SODQRV FULVWDOLQRV GR GLDPDQWH VmR R F~ELFR RFWDHGUR H
GRGHFDHGUR $ WD[D GH FUHVFLPHQWR GRV SODQRV GHSHQGH GD WHPSHUDWXUD H SUHVVmR
DOLDGRDRDPELHQWHTXtPLFRGXUDQWHHVWHFUHVFLPHQWRTXHWDPEpPJRYHUQDPDIRUPD
H D PRUIRORJLD $ )LJXUD PRVWUD H[HPSORV GH SHGUDV GH GLDPDQWHV FRP RV
SODQRVFULVWDOLQRVFLWDGRV
)LJXUD3HGUDVGHGLDPDQWHF~ELFRRFWDHGURHGRGHFDHGURUHVSHFWLYDPHQWH
)RQWH3URFHGLPHQWRVLQWHUQRVGD0$+/(0HWDO/HYH6$
$SHVDUGRFUHVFLPHQWRGDGHPDQGDSRUGLDPDQWHVVLQWpWLFRVDGHPDQGDSRUGLDPDQWHV
$SHVDU GR FUHVFLPHQWR GD GHPDQGD SRU GLDPDQWHV VLQWpWLFRV D GHPDQGD SRU
GLDPDQWHVQDWXUDLVQmRUHGX]LXVHQGRTXHRFXVWRWHPFUHVFLGRSULQFLSDOPHQWHSDUD
SHGUDV GH DOWD TXDOLGDGH 'HYLGR DR FXVWR HOHYDGR GR GLDPDQWH ORJLFDPHQWH DV
SHGUDVXVDGRVQDLQG~VWULDVmRDTXHODVUHMHLWDGDVSDUDDIDEULFDomRGHMRLDVGHYLGRj
FRORUDomRIRUPDWDPDQKRGHIHLWRVQRFULVWDOHQtYHLVGHLQFUXVWDo}HV
'H DFRUGR FRP 0DULQHVFX HW DO D UHGH FULVWDOLQD GR GLDPDQWH p
VXUSUHHQGHQWHPHQWH SXUD H RV ~QLFRV HOHPHQWRV TXtPLFRV FRQKHFLGRV TXH VH
LQFRUSRUDP VmR R QLWURJrQLR H R ERUR 1R YiFXR RX QD SUHVHQoD GH JiV LQHUWH R
GLDPDQWH SHUPDQHFH HVWiYHO DWp D WHPSHUDWXUD GH q& H DSHQDV VH FRQYHUWH HP
JUDILWHFRPXPFDWDOL]DGRUHHQHUJLDVXILFLHQWHSRUpPFRPDSUHVHQoDGHR[LJrQLR
FRPHoDDVHGHJUDGDUDFHUFDGHq&HHVWHIDWRUWHPSDSHOLPSRUWDQWHHPFRPRRV
UHERORV H IHUUDPHQWDV VmR IDEULFDGRV 2V GLDPDQWHV VmR H[FHOHQWHV FRQGXWRUHV
WpUPLFRV H SDUD TXH RV PHVPRV QmR VHMDP GDQLILFDGRV SHOR VXSHUDTXHFLPHQWR
ID]HQGRFRPTXHVHWUDQVIRUPHPHPJUDILWHpQHFHVViULRTXHVHMDPDSOLFDGRVFRPD
VXDPDVVDHPTXLODWHVDGHTXDGRVDRWDPDQKRGRUHERORSDUDTXHWHQKDPRWDPDQKR
VXILFLHQWH SDUD GLVVLSDU R FDORU JHUDGR QD GUHVVDJHP $ 7DEHOD GHWHUPLQD R
WDPDQKRPtQLPRGDSHGUDGHGLDPDQWHHPIXQomRGRGLkPHWURGRUHEROR
7DEHOD0DVVDGRGLDPDQWHHPIXQomRGRGLkPHWURGRUHEROR
'LkPHWURGR5HEROR 'LkPHWURGR5HEROR 3HVRGR'LDPDQWH
>SROHJDGDV@ >PP@ >TXLODWHV@
s
a
sas
sas a
sas a
s
,QIOXrQFLDGD'UHVVDJHPQR3URFHVVRGH5HWLILFDomR
4XDQGRRVHQWLGRGHJLURpHQWUHUHERORHURORpFRQFRUGDQWHKiXPDDOWDFDUJD
FRPSUHVVLYDVREUHRVJUmRVGRUHEROROHYDQGRjIUDWXUDGRVPHVPRVJHUDQGRJXPHV
PDLVYLYRVQHVWHVJUmRVDFDUUHWDQGRQXPDVXSHUItFLHEDVWDQWHUXJRVDGRUHERORFRP
PDLRUDJUHVVLYLGDGH$RFRQWUiULRTXDQGRRVHQWLGRpGLVFRUGDQWHRQ~PHURGHJUmRV
FLVDOKDGRVpPXLWRPDLRUTXHDTXDQWLGDGHGHJUmRVIUDWXUDGRVGHL[DQGRDVXSHUItFLH
GRUHERORPHQRVDJUHVVLYDRXVHMDFRPPHQRUUXJRVLGDGH
2EVHUYDQGR D )LJXUD QRWDVH TXH RV SLFRV GH UXJRVLGDGH UHEROR PDLV
DJUHVVLYR IRUDP REWLGRV FRP UHODomR GH YHORFLGDGHV TG LJXDO j VHQWLGR
FRQFRUGDQWH GDV URWDo}HV H D ]HUR UROR VHP PRYLPHQWR $PEDV DV FRQGLo}HV GH
SLFR QmR VmR UHFRPHQGDGDV YLVWR TXH D FRQGLomR OHYD DR DUUDQFKDPHQWR GH
GLDPDQWHVGRURORGHYLGRjDOWDFDUJDVREUHHOHVHSRUTXHDFRQGLomR]HURSRGHULD
GHVJDVWDU R UROR GHL[DQGR D XPD SDUWH SODQD QR PHVPR YLVWR TXH HVWDULD SDUDGR
3RUpP D PDLRULD GDV FRQGLo}HVSRVLWLYDV JHUDXP UHEROR PDLV DJUHVVLYR GR TXH DV
FRQGLo}HVQHJDWLYDVSRLVQHVWDVFRQGLo}HVDFXUYDGHFUHVFHFRQWLQXDPHQWHRUHEROR
WHQGHDVHWRUQDUVHPFRUWH$GLFLRQDOPHQWHDYHORFLGDGHUDGLDOGRURORSRUURWDomR
GR UHEROR SRGH DXPHQWDU RX UHGX]LU D UXJRVLGDGH GR UHEROR FRPR PRVWUDGR SHODV
TXDWUROLQKDVGD)LJXUD3RUWDQWRPHOKRUHVDFDEDPHQWRVSRGHPVHUREWLGRVSHOD
DSOLFDomR GH XPD EDL[D YHORFLGDGH GH SHQHWUDomR SRU URWDomR H UHODomR GH
YHORFLGDGHVTGQHJDWLYDV'$9,6H$60
5HODomRGH9HORFLGDGHTG[5XJRVLGDGHGR5HEROR
PP
5XJRVLGDGHP
6HQWLGR&RQFRUGDQWHGDV5RWDo}HV 6HQWLGR'LVFRUGDQWHGDV5RWDo}HV
9HORFLGDGH5HODWLYD5HODomRT G 99
3URIXQGLGDGHGHDYDQoRD[LDOGRURORSRUURWDomRGRUHEROR
)LJXUD5HODomRGH9HORFLGDGHT[5XJRVLGDGHGR5HEROR
)RQWHDGDSWDGRGH'DYLVH$60$600HWDOV+DQGERRN9RO
*UDXGHUHFREULPHQWRGDGUHVVDJHP
6HJXQGR$JXLDUHWDORJUDXGHUHFREULPHQWRGDGUHVVDJHPQRUHEROR
LQIOXHQFLD GLUHWDPHQWH D DILDomR GR UHEROR TXH LQWHUIHUH QD WD[D GH UHPRomR GR
PDWHULDOTXHSRUVXDYH]DIHWDDUXJRVLGDGHGDSHoDSURGX]LGD
'HDFRUGRFRP+DVVXLH'LQL]RJUDXGHUHFREULPHQWR8GpGHILQLGR
FRPRVHQGRDUHODomRHQWUHDODUJXUDGHDWXDomRGDSRQWDGRGUHVVDGRUEGHRDYDQoR
GR PHVPR HP FDGD UHYROXomR GR UHEROR H XWLOL]DP SDUD FiOFXOR GR JUDX GH
UHFREULPHQWRDHTXDomR
2QGH
8G*UDXGH5HFREULPHQWRGD'UHVVDJHP
EG/DUJXUDGH$WXDomRGR'UHVVDGRUPP
6G3DVVRGH'UHVVDJHPPP
QV5RWDomRGR5HERORUSP
9IG9HORFLGDGHGH'UHVVDJHPPPPLQ
(P WHUPRV SUiWLFRV GHVHMDVH FDOFXODU D YHORFLGDGH GH DYDQoR GR GUHVVDGRU
9IG HP IXQomR GH XP GHWHUPLQDGR JUDX GH UHFREULPHQWR 8G SDUD VH REWHU R
DFDEDPHQWR GHVHMDGR WHQGR D ODUJXUD HIHWLYD GR GUHVVDGRU EG H URWDomR GR UHEROR
QVORJRREWpPVH
6HJXQGR 0DULQHVFX HW DO GH DFRUGR FRP R JUDX GH DFDEDPHQWR
GHVHMDGRGHYHVHDSOLFDUYDORUHVGHJUDXGHUHFREULPHQWRGLIHUHQWHVGHDFRUGRFRP
D7DEHODSDUDTXDOTXHUGUHVVDJHPWUDQVYHUVDO2DXWRUFLWDXPDIRUPDDOWHUQDWLYD
SDUD GHWHUPLQDU R FRQWDWR HIHWLYR GR PDFUR HIHLWR 6G EDVHDGR QD VHYHULGDGH GD
UHWLILFDomR XWLOL]DQGR D PHWDGH GR WDPDQKR GR JUmR GR UHEROR FRPR UHIHUrQFLD
$LQGDVHJXQGRRDXWRUPXLWRVSUREOHPDVVmRFDXVDGRVGHYLGRDXPDYHORFLGDGHGH
GUHVVDJHPPXLWREDL[DJHUDQGRXPJUDXGHUHFREULPHQWRPXLWRHOHYDGRUHVXOWDQGR
QXPUiSLGRGHVJDVWHGRGLDPDQWHHGDQRVDRVJUmRVDEUDVLYRVGRUHEROR
7DEHOD*UDXGR5HFREULPHQWRHPIXQomRGRDFDEDPHQWR
$FDEDPHQWR *UDXGH5HFREULPHQWR
*URVVHLUR 8G
0pGLR
8G
)LQR 8G
([WUD)LQR 8G
6HJXQGR2OLYHLUDDRQGXODomRWHyULFDPDFURHIHLWRSRGHVHUREWLGDSHODHTXDomR
W VRPHQWHSDUD8G!
8G
2QGH
:W2QGXODomR7HyULFD0DFURHIHLWR
DG3URIXQGLGDGHGH'UHVVDJHP
8G*UDXGH5HFREULPHQWRGD'UHVVDJHP
6HJXQGR 0DULQHVFX HW DO D SURIXQGLGDGH GH GUHVVDJHP GHYH VHU
PDQWLGD DEDL[R GH PP SDUD UHERORV GH y[LGR GH DOXPtQLR FRQYHQFLRQDO SRLV
DFLPDGHVWHVYDORUHVD~QLFDDOWHUDomRpDXPHQWDURGHVJDVWHGRGUHVVDGRU
'HVJDVWHGR'UHVVDGRU
'H DFRUGR FRP 0DULQHVFX HW DO R GHVJDVWH GRV GUHVVDGRUHV GH SRQWD
~QLFD p UiSLGR VH FRPSDUDGR FRP RV GUHVVDGRUHV PXOWLSRQWDV 2V GUHVVDGRUHV GH
SRQWD ~QLFD VmR FRQVLGHUDGRV GHVJDVWDGRV TXDQGR R FRPSULPHQWR GD iUHD SODQD
DWLQJHPP2DXWRUFRPHQWDTXHXPDYDQWDJHPHPIL[DURGUHVVDGRULQFOLQDGR
HPUHODomRDRHL[RGRUHERORpSHUPLWLUTXHRGUHVVDGRUSRVVDVHUJLUDGRSDUDPDQWHU
DSRQWDDILDGD&RPRGHVJDVWHGRGUHVVDGRUHVHVIRUoRVGXUDQWHDUHWLILFDomRSRGHP
VHU DIHWDGRV FDXVDQGR VHYHUDV IUDWXUDV GRV JUmRV SRU H[HPSOR FRP FRQVHTXHQWH
DXPHQWR GD UXJRVLGDGH H DXPHQWDQGR D YDULDELOLGDGH GR SURFHVVR R TXH p
H[DWDPHQWHRSRVWRDRVUHTXHULPHQWRVGHWROHUkQFLDVDSHUWDGDV$LQGDSRGHPRFRUUHU
YLEUDo}HV GR GUHVVDGRU DIHWDQGR D WRSRJUDILD GR UHEROR $ )LJXUD PRVWUD XP
GUHVVDGRUSRQWD~QLFDSHUILODGRVHPGHVJDVWHHRXWURGHVJDVWDGR
'UHVVDGRU6HP'HVJDVWH1RYR 'UHVVDGRU'HVJDVWDGR)LPGH9LGD
)LJXUD'UHVVDGRUQRYR[GUHVVDGRUGHVJDVWDGRDPSOLDomR[
'H DFRUGR FRP /LQNH H .ORFNH FRP R DXPHQWR GR JUDX GH
UHFREULPHQWR GD GUHVVDJHP Ki XPD UHGXomRQDWHPSHUDWXUDQR SRQWR GHGUHVVDJHP
GHIRUPDTXHSDUD8G DWHPSHUDWXUDGHGUHVVDJHPIRLGHq&HSDUD8G D
WHPSHUDWXUD IRL GH q& $ UHGXomR GH WHPSHUDWXUD IRL DWULEXtGD j UHGXomR GD
IUHTXrQFLDGRDWULWRGRVJUmRVGRUHERORFRPRGUHVVDGRUSRUXQLGDGHGHWHPSR
6HJXQGR=KDQJH6KLQRGHVJDVWHGRGLDPDQWHVHGiSRUGRLVGLIHUHQWHV
PHFDQLVPRV VHQGR R GHVJDVWH SURJUHVVLYR GHYLGR DR DWULWR H DomR TXtPLFD
JUDILWL]DomR H R GHVJDVWH SRU PLFUR IUDWXUDV DWULEXtGR j IDGLJD WpUPLFD H PLFUR
IUDJPHQWDomR2VDXWRUHVPRVWUDPTXHFRPRDXPHQWRGDYHORFLGDGHGHGUHVVDJHPR
GHVJDVWHGRGUHVVDGRUpPDLRU
3ULQFLSDLV3DUkPHWURVGR3URFHVVRGH5HWLILFDomR
V YH]HV EDVWD TXH XP ~QLFR SDUkPHWUR DSUHVHQWH XP GHVYLR SDUD TXH XP
SURFHVVRVHMDLQWHLUDPHQWHFRPSURPHWLGR $VGLIHUHQoDVGHTXDOLGDGHGH IDEULFDomR
GH XP PHVPR WLSR GH UHEROR D GHSHQGrQFLD GD KDELOLGDGH H VHQVLELOLGDGH GR
RSHUDGRUHRGHVFRQKHFLPHQWRGDVFRQGLo}HVLGHDLVGHXWLOL]DomRGRUHERORDJUDYDP
HVWHSUREOHPD.$1(
6HJXQGR .LQJ H +DKQ GXUDQWH R SODQHMDPHQWR GD RSHUDomR GH
UHWLILFDomRpQHFHVViULRGHILQLUDVHQWUDGDVHVDtGDVGRSURFHVVRHHQWHQGHUDVUHODo}HV
HQWUHHODV/RJRpLPSRUWDQWHGHILQLUDVYDULiYHLVGHHQWUDGDGDPiTXLQDUHWLILFDGRUD
TXHLUmRGHILQLUDLQWHUDomRHQWUHUHERORHSHoD
6HJXQGR &DWDL HW DO QD RSHUDomR GH UHWLILFDomR FLOtQGULFD H[WHUQD GH
PHUJXOKRRVSULQFLSDLVSDUkPHWURVVmREDVLFDPHQWH
3URIXQGLGDGHWRWDOGHPHUJXOKRD
9HORFLGDGHGDIHUUDPHQWD9V
5RWDomRGDSHoD9Z
9HORFLGDGHGHDYDQoRPHUJXOKR9D
9HORFLGDGHGHVDtGDGRIOXLGR9M
3DUD6KDMLH5DGKDNULVKQDRSURFHVVRGHUHWLILFDomRpFRPSOH[RHFRP
XP DPSORQ~PHUR GH LQWHUDo}HV VHQGR TXHD JHRPHWULDGDSHoD p LQIOXHQFLDGDSRU
YiULRVIDWRUHV
&DUDFWHUtVWLFDV GR UHEROR GLkPHWUR WLSR H WDPDQKR GH JUmR GXUH]D
HVWUXWXUDWLSRGHOLJDQWHPpWRGRGHGUHVVDJHPHQtYHOGHEDODQFHDPHQWRGR
UHEROR
&DUDFWHUtVWLFDV GH WUDEDOKR GXUH]D GD SHoD PLFURHVWUXWXUD H FRPSRVLomR
TXtPLFD
&DUDFWHUtVWLFDV GD PiTXLQD ULJLGH] GD PHVD H FDEHoRWH FDSDFLGDGH GH
DEVRUYHUYLEUDo}HVHRXWUDVFDUDFWHUtVWLFDVGLQkPLFDV
&RQGLo}HV RSHUDFLRQDLV YHORFLGDGH GR UHEROR YHORFLGDGH GH DYDQoR
SURIXQGLGDGHGHFRUWHIOXLGRUHIULJHUDQWHHWF
'HDFRUGRFRP6HYHULDQRRUHVXOWDGRHVSHUDGRSDUDXPDGHWHUPLQDGD
SHoD UHWLILFDGD QmR SRGH VHU DWLQJLGD FRP D HVSHFLILFDomR GH XP ~QLFR SDUkPHWUR
PDVSHODFRPELQDomRGHYiULRVSDUkPHWURVTXHDWXDPDRPHVPRWHPSR2SURFHVVR
GHYHVHUDYDOLDGRGHDFRUGRFRPDTXDOLGDGHGDSHoDHRVDVSHFWRVHFRQ{PLFRVFRPR
RFXVWRGHIDEULFDomRTXHpGLUHWDPHQWHLQIOXHQFLDGRSHODYHORFLGDGHGHUHPRomRGH
PDWHULDO
2V FRPSRQHQWHV GH HQWUDGD GR SURFHVVR GH UHWLILFDomR LQFOXHP R WLSR GH
UHERORRWLSRGHGUHVVDGRUDFLQHPiWLFDGHGUHVVDJHPDFLQHPiWLFDGHUHWLILFDomRHD
SHoD(VWHFRQMXQWRGHGDGRVLUiLPSDFWDUQDWRSRJUDILDGRUHERORTXHMXQWRFRPD
FLQHPiWLFDGHUHWLILFDomRGHWHUPLQDPDJHRPHWULDGRFDYDFRTXHSRUVXDYH]DOLDGD
jSHoDLPSDFWDPQDFDUJDDSOLFDGDVREUHRJUmRDEUDVLYR'(',1(
(VWDV HQWUDGDV LUmR JHUDU DV VDtGDV GHVWH SURFHVVR FRPR DV IRUoDV H
WHPSHUDWXUDVDWXDQWHVQDUHWLILFDomRYLEUDomRGHVJDVWHGRUHERORSRWrQFLDXWLOL]DGD
LQWHJULGDGH GR PDWHULDO GD SHoD FRPR DV FDUDFWHUtVWLFDV GD PLFURHVWUXWXUD DOpP GD
UXJRVLGDGHGDVXSHUItFLHGDSHoDHRHUURGLPHQVLRQDOGDPHVPD
7DQWRRFRQMXQWRGHHQWUDGDTXHJHUDPRVPHFDQLVPRVGHUHWLILFDomRTXDQWRR
FRQMXQWRGHVDtGDVHVWmRLOXVWUDGRVQD)LJXUD
(175$'$6'2352&(662'(5(7,),&$d2
&LQHPiWLFDGH &LQHPiWLFD
5HEROR 'UHVVDGRU 3HoD
'UHVVDJHP GH5HWLILFDomR
7232*5$),$'25(%2/2
*(20(75,$'2&$9$&2
&$5*$12*52
6$'$6'2352&(662'(5(7,),&$d2
)RUoDVGH 7HPSHUDWXUDGH 'HVJDVWHVGR
5HWLILFDomR 5HWLILFDomR
9LEUDomR
5HEROR
3RWrQFLDGH ,QWHJULGDGH
5XJRVLGDGH
(UUR
5HWLILFDomR 6XSHUILFLDO 'LPHQVLRQDO
)LJXUD(QWUDGDVH6DtGDVGR3URFHVVRGH5HWLILFDomR
)RQWHDGDSWDGRGH&KHQH5RZH
9HORFLGDGHGH&RUWH9F
1DUHWLILFDomRFLOtQGULFDFRPRRVHQWLGRGHURWDomRGDSHoDHGRUHERORVmRRV
PHVPRV QR SRQWR GH WDQJrQFLD HQWUH DPERV D GLUHomR GRV PRYLPHQWRV GD SHoD H
UHERORVmRRSRVWRVORJRDYHORFLGDGHGHFRUWH9FFRQIRUPHHTXDomR
p FRPSRVWD SHOD VRPD GD YHORFLGDGH SHULIpULFDGR UHEROR 9V FRQIRUPH
HTXDomRHGDYHORFLGDGHSHULIpULFDGDSHoD9ZFRQIRUPHHTXDomRTXHHVWi
H[HPSOLILFDGDQD)LJXUD$YHORFLGDGHGHFRUWHQRUPDOPHQWHpUHSUHVHQWDGDQR
VLVWHPDPpWULFRHPPHWURVSRUVHJXQGR>PV@
GZ
3HoD 5HEROR
GV
)LJXUD6HQWLGRGHJLURGDSHoDHUHERORFRPSRQGRDYHORFLGDGHGHFRUWH
)RQWHRDXWRU
$ YHORFLGDGH GH FRUWH 9& LQIOXHQFLD R FRPSRUWDPHQWR GR UHEROR YLVWR TXH
FRPRVHXDXPHQWRRVJUmRVSDVVDPPDLVYH]HVQRSRQWRGHFRUWHSDUDXPDPHVPD
YHORFLGDGH GH DYDQoR GLPLQXLQGR D FDUJD VREUH FDGD JUmR H UHGX]LQGR VXD
IULDELOLGDGH &RP HVWH FRPSRUWDPHQWR R UHEROR UHDJH GH IRUPD PDLV GXUR DOpP GH
SURGX]LU FDYDFRV PHQRUHV 2 FRQWUiULR DFRQWHFH FRP D UHGXomR GD YHORFLGDGH GH
FRUWH SRLV VH WrP PHQRV DUHVWDV GH FRUWH DWLYDV QXPD PHVPD XQLGDGH GH WHPSR
DXPHQWDQGRVH D FDUJD VREUH RV JUmRV TXH FRQVHTXHQWHPHQWH VH IUDWXUDP DOpP GD
JHUDomR GH FDYDFRV PDLRUHV TXH GHVJDVWDP PDLV UDSLGDPHQWH R OLJDQWH &RP HVWH
FRPSRUWDPHQWRRUHERORUHDJHGHIRUPDPDLVPROH
9HORFLGDGHGH$YDQoR$[LDO9D
'H DFRUGR FRP 0DULQHVFX HW DO D SURIXQGLGDGH GH FRUWH p GDGD SHOD
SHQHWUDomRGRUHERORQDSHoDHPXPDUHYROXomR$VVLPFRPRDYHORFLGDGHGHFRUWH
GRUHERORDYHORFLGDGHGHDYDQoRD[LDO9DWHPLPSDFWRVREUHRFRPSRUWDPHQWRGR
UHEROR PDV DGLFLRQDOPHQWH WHP LPSDFWR QD SURGXWLYLGDGH SRLV PDLRUHV 9D
LPSOLFDP HP PHQRUHV WHPSRV GH FLFOR H YLFH YHUVD TXH FXOPLQDP HP PDLRU RX
PHQRUFXVWRGRSURFHVVRGHIDEULFDomR
$YHORFLGDGHGHDYDQoRGHILQHDSURIXQGLGDGHGHSHQHWUDomRGRJUmRDEUDVLYR
SDUD XPD GDGD YHORFLGDGH GH FRUWH VHQGR TXH TXDQWR PDLRU D YHORFLGDGH PDLRU D
WD[DGHUHPRomRGHPDWHULDOFRPPDLRUHVFDYDFRVHPDLRUHVFDUJDVVREUHRVJUmRV
DXPHQWDQGR VXD IULDELOLGDGH 0HQRUHV YHORFLGDGHV UHGX]HP D WD[D GH UHPRomR
GLPLQXLQGRRWDPDQKRGRVFDYDFRVEHPFRPRDFDUJDVREUHFDGDJUmRGLPLQXLQGR
VXDIULDELOLGDGH
(VSHVVXUDGH&RUWH(TXLYDOHQWHKHT
$HVSHVVXUDGHFRUWHHTXLYDOHQWHKHTpXPSDUkPHWURDPSODPHQWHXWLOL]DGRH
UHIHUHVHjUHODomRHQWUHDWD[DGHUHPRomRGHPDWHULDOHDYHORFLGDGHGHFRUWHFRPR
XPD PHGLGD GH SURIXQGLGDGH GH SHQHWUDomR GD IHUUDPHQWD 0$5,1(6&8 HW DO
'HDFRUGRFRP%LDQFKLDKHTUHSUHVHQWDDHVSHVVXUDItVLFDGHPDWHULDO
TXHpUHPRYLGDSHORUHEROR QXPD YROWDFRPSOHWDVHQGRXPSDUkPHWUR WHyULFRSDUD
TXDQWLILFDU DFRQGLomR GHWUDEDOKRSRU PHLRGDVYDULiYHLV 9V H9Z VHQGR GHJUDQGH
YDOLDQRSURFHVVRGHUHWLILFDomRTXHpUHSUHVHQWDGDSHODHTXDomR
2QGH
D DYDQoRSRUYROWDQDUHWLILFDomRFLOtQGULFDGHPHUJXOKRPP
9Z YHORFLGDGHSHULIpULFDGDSHoDPV
9V YHORFLGDGHSHULIpULFDGRUHERORPV
352-(72'((;3(5,0(1726
(P PXLWDV XQLGDGHV GH IDEULFDomR HP PDVVD SURMHWRV H[SHULPHQWDLV
VLVWHPiWLFRVEDVHDGRVHPWpFQLFDVHVWDWtVWLFDVWDLVFRPRIDWRULDLVFRPSOHWRVIDWRULDLV
IUDFLRQDGRV H PHWRGRORJLD GD VXSHUItFLH GH UHVSRVWD SDUD SURFHVVRV GH PXOWLHWDSDV
SRGHP VH WRUQDU LQYLiYHLV VH QmR LPSRVVtYHLV 3RU RXWUR ODGR H[SHULPHQWRV
ODERUDWRULDLVSRGHPVHUHFRQRPLFDPHQWHLQYLiYHLVHFRQGX]LUjSDUDGDGHXPDOLQKD
FRPSOHWDGHPDQXIDWXUD$OpPGLVVRDVHOHomRGHIDWRUHVHVHXVQtYHLVSDUDRSURMHWR
GH H[SHULPHQWRV VmR JHUDOPHQWH EDVHDGRV HP FRQKHFLPHQWR HVSHFLDOL]DGR RX
SHUFHSomR H SRGHP VHU HQYLHVDGRV SDUD GHWHUPLQDGRV SURFHVVRV RX QmR LQFOXLU R
HIHLWRUHDODPELHQWHGHIDEULFDomR08.+(5-((H5$<
6HJXQGR0RQWJRPHU\SHVTXLVDGRUHVH[HFXWDPH[SHULPHQWRVHPYiULDV
iUHDV GH DWXDomR SURFXUDQGR GHVFREULU SDUWLFXODULGDGHV GH XP SURFHVVR RX VLVWHPD
(VWHV H[SHULPHQWRV VmR FRPSRVWRV SRU XPD VpULH GH WHVWHV RQGH DV YDULiYHLV VmR
DOWHUDGDV SURSRVLWDOPHQWH QR SURFHVVR RX VLVWHPD SDUD REVHUYDU R HIHLWR QD VDtGD
GHVWH SURFHVVR $LQGD VHJXQGR R DXWRU D H[SHULPHQWDomR WHP SDSHO LPSRUWDQWH QDV
iUHDVGHHQJHQKDULDVHMDQRSURMHWRGHXPSURGXWRGHVHQYROYLPHQWRRXPHOKRULDGH
SURFHVVRVGHPDQXIDWXUDSRUpPHPPXLWRVFDVRVRREMHWLYRSRGHVHUGHVHQYROYHUXP
SURFHVVR UREXVWR VHQGR DIHWDGRV PLQLPDPHQWH SRU DJHQWHV H[WHUQRV GH YDULDomR
FKDPDGRVGHUXtGRV
2 SLRQHLUR QD DSOLFDomR GH SURMHWR GH H[SHULPHQWRV DOLDGR D PpWRGRV
HVWDWtVWLFRV IRL 5RQDOG $ )LVKHU FLHQWLVWD EULWkQLFR TXH HP SXEOLFRX XPD
SHVTXLVD UHDOL]DGD QD 5RWKDPVWHG ([SHULPHQWDO 6WDWLRQ LQVWLWXWR GH SHVTXLVDV HP
DJULFXOWXUDVLWXDGDHP+HUWIRUGVKLUH,QJODWHUUD),6+(5
6HJXQGR6HYHULQRDWXDOPHQWHVmRYiULRVRVVHJPHQWRVLQGXVWULDLVRQGH
R'HOLQHDPHQWRGH([SHULPHQWRV'2(pDSOLFDGRSDUDLQYHVWLJDomRVLVWHPiWLFDGDV
YDULiYHLV GH XP SURFHVVR KDYHQGR GLYHUVDV HVWUDWpJLDV GH H[SHULPHQWDomR
GHVHQYROYLGDVDRORQJRGRWHPSRGRVTXDLVSRGHPRVFLWDURDUUDQMRIDWRULDODUUDQMRV
RUWRJRQDLVGH7DJXFKLPHWRGRORJLDGDVXSHUItFLHGHUHVSRVWDHDUUDQMRGHPLVWXUDV
$VWpFQLFDVDSOLFDGDVQR'2(YLVDPSODQHMDUH[SHULPHQWRVSRUPHLRGHGDGRV
DSURSULDGRV SDUD XPD DQiOLVH HVWDWtVWLFD TXH SHUPLWD H[WUDLU FRQFOXV}HV YiOLGDV H
REMHWLYDV1RWDVHHQWmRDGLYHUVLGDGHGRSRWHQFLDOGHXWLOL]DomRGHVWDIHUUDPHQWDQD
RWLPL]DomR GH SURFHVVRV SURGXWLYRV HP WRGDV DV iUHDV LQGXVWULDLV
6(9(5,12
2 '2( SHUPLWH GHWHFWDU LQWHUDomR GDV YDULiYHLV GH HQWUDGD SDUD DQDOLVDU RV
HIHLWRVVREUHDVYDULiYHLVGHVDtGDLQGLFDQGRRUHQGLPHQWRHDVLJQLILFkQFLDGRVWHVWHV
GR QtYHO GH IDWRU DOpP GH IRUQHFHU XP PRGHOR PDWHPiWLFR SDUD D UHVSRVWD 3DLYD
DILUPDTXHSDUDJDUDQWLURVXFHVVRGRH[SHULPHQWRpQHFHVViULRUHDOL]DORVGH
DFRUGR FRP R SODQHMDPHQWR GHWHFWDQGR GRFXPHQWDQGR H DQDOLVDQGR DV
DQRUPDOLGDGHV TXH RFRUUHUHP QD FRQGXomR H[SHULPHQWDO $SyV D UHDOL]DomR GRV
H[SHULPHQWRVRSDVVRVHJXLQWHpDYDOLDURVHIHLWRVGRVIDWRUHVGRPRGHORXWLOL]DQGR
PpWRGRV HVWDWtVWLFRV DGHTXDGRV SDUD TXH DR ILQDO RV GDGRV VHMDP LQWHUSUHWDGRV H
GLVFXWLGRVGHILQLQGRVHDVDo}HVGHPHOKRULDV
$SOLFDomRGH3URMHWRVGH([SHULPHQWRVQR3URFHVVRGH5HWLILFDomR
'LYHUVDV WpFQLFDV GH PRGHODJHP H RWLPL]DomR DSOLFDGDV HP UHWLILFDomR SDUD
SUREOHPDV GH RWLPL]DomR GH SDUkPHWURV WrP VLGR UHODWDGDV QD OLWHUDWXUD FRPR QDV
SHVTXLVDV GH 3HL H 6WUDVEDXJK FRP DSOLFDomR GH XP PRGHOR IDWRULDO
FRPSOHWRQDUHWLILFDomRSODQDWDQJHQFLDOHPSDVWLOKDVGHVLOtFLRSDUDVHPLFRQGXWRUHV
HOHWU{QLFRV1HVWDSHVTXLVDRVSDUkPHWURVGHSURFHVVRDQDOLVDGRVIRUDPDURWDomRGR
UHEROR USP URWDomR GR PDQGULO USP H YHORFLGDGH GH DYDQoR D[LDO PPPLQ
DSOLFDGRVQDRWLPL]DomRGDIRUoDGHUHWLILFDomR1FRUUHQWHGRPRWRU$WHPSRGH
FLFOR V UXJRVLGDGH GD VXSHUItFLH 5D H DV PDUFDV GD UHWLILFDomR 2V UHVXOWDGRV
PRVWUDP TXH RV SULQFLSDLV HIHLWRV TXH LQIOXHQFLDUDP D IRUoD GH UHWLILFDomR IRUDP D
YHORFLGDGH GRUHEROR H D YHORFLGDGH GH DYDQoR D[LDO VHQGR TXH FRP R DXPHQWR RV
YDORUHV GHVWHV SDUkPHWURV KRXYH DXPHQWR QD IRUoD GH UHWLILFDomR 2XWUD UHVSRVWD
HVWXGDGD D FRUUHQWH GR PRWRU DXPHQWRX FRP D UHGXomR GD YHORFLGDGH GR UHEROR
$SHVDU GD YHORFLGDGH GR UHEROR LQIOXHQFLDU D IRUoD GH UHWLILFDomR H D FRUUHQWH GR
PRWRUDLQIOXrQFLDGHVWHSDUkPHWURIRLPDLRUQDIRUoDGHUHWLILFDomRFRPDXPHQWRQD
SURSRUomRGHHQWUHDSULPHLUDHD~OWLPDSDVWLOKDGHVLOtFLRUHWLILFDGDHQTXDQWR
TXHDLQIOXrQFLDQDDPSHUDJHPIRLGHDSHQDVWDPEpPHQWUHDSULPHLUDHD~OWLPD
SDVWLOKD 4XDQWR DR WHPSR GH FLFOR HVWH WHYH VHX UHVXOWDGR LQIOXHQFLDGR SHOD
YHORFLGDGHGHDYDQoRREYLDPHQWHTXDQWRPDLRUIRLDYHORFLGDGHGHDYDQoRPHQRU
IRLRWHPSRGHFLFOR-iDUXJRVLGDGHGDVXSHUItFLHVHPRVWURXPDLRUFRPRDXPHQWR
GDURWDomRGRPDQGULO)LQDOPHQWHSDUDDVPDUFDVGDUHWLILFDomRQmRIRLLGHQWLILFDGR
QHQKXPSDUkPHWURVLJQLILFDWLYR2VHVWXGRVWDPEpPPRVWUDUDPTXHDLQWHUDomRHQWUH
DYHORFLGDGHGRUHERORURWDomRGRPDQGULOHYHORFLGDGHGHDYDQoRVmRVLJQLILFDQWHV
SDUDDVUHVSRVWDVHVWXGDGDV
3HL HW DO DSOLFDUDP XP PRGHOR IDWRULDO FRPSOHWR WDPEpP QD
UHWLILFDomR SODQD WDQJHQFLDO HP SDVWLOKDV GH VLOtFLR GH VHPLFRQGXWRUHV HOHWU{QLFRV
SDUDDQDOLVDURGHVORFDPHQWRGRVSLFRVGDRQGXODomRDWpD]RQD DWLYDGHUHWLILFDomR
PP H[SHULPHQWDQGR RV IDWRUHV GH HVSHVVXUD GD SDVWLOKD PP FRPSULPHQWR GD
RQGXODomR PP DOWXUD GD RQGXODomR PP H IRUoD GD UHWLILFDomR 1 7RGRV RV
IDWRUHV HVWXGDGRV VH PRVWUDUDP UHOHYDQWHV TXDQGR REVHUYDGRV LQGLYLGXDOPHQWH
$OpPGDLQIOXHQFLDLQGLYLGXDODLQWHUDomRHQWUHDHVSHVVXUDGDSDVWLOKDFRPSULPHQWR
GDRQGXODomRHIRUoDGHUHWLILFDomRVHPRVWURXVLJQLILFDWLYD2HVWXGRPRVWURXTXHp
PDLV GLItFLO UHPRYHU RV GHVORFDPHQWRV GRV SLFRV GD RQGXODomR FRP D PHQRU
HVSHVVXUDGDSDVWLOKD2PHOKRUFHQiULRSDUDHOLPLQDomRGRVGHVORFDPHQWRVGRVSLFRV
GD RQGXODomRIRL REWLGR FRP D FRPELQDomRGR PHQRU FRPSULPHQWR GDRQGXODomR H
PHQRUIRUoDGHUHWLILFDomRHRSLRUUHVXOWDGRIRLREWLGRFRPRPDLRUFRPSULPHQWRGD
RQGXODomRPDLRUIRUoDGHUHWLILFDomRHSDVWLOKDGHPHQRUHVSHVVXUD
&KRL HW DO SRU PHLR GR DUUDQMR RUWRJRQDO GH 7DJXFKL SHVTXLVDUDP D
UHWLILFDomR FLOtQGULFDGH PHUJXOKR HP DoRFRP GXUH]D +5&DOWHUDQGRRV
SDUkPHWURVGRSURFHVVRFRPRSURIXQGLGDGHGHGUHVVDJHPPPSDVVRGHGUHVVDJHP
PPUHY GLkPHWUR HTXLYDOHQWH PP YHORFLGDGH SHULIpULFD GD SHoD PPV
YHORFLGDGH SHULIpULFD GR UHEROR PV SURIXQGLGDGH GH FRUWH PPUHY H WHPSR GH
IDLVFDPHQWR V DQDOLVDQGR D HQHUJLD GH UHWLILFDomR : UXJRVLGDGH GD VXSHUItFLH
5DGHVJDVWHUDGLDOGRUHERORPPHWD[DGHUHPRomRGHPDWHULDOPPPLQ1HVWH
WUDEDOKR IRL DSUHVHQWDGD D YDQWDJHP GD DSOLFDomR GR PpWRGR TXH FRP
H[SHULPHQWRV TXH IRL VXILFLHQWH SDUD RWLPL]DU RV SDUkPHWURV GR SURFHVVR GH
UHWLILFDomRVHPH[WHQVRHVIRUoRH[SHULPHQWDO
6KDML H 5DGKDNULVKQDQ DSOLFDUDP R DUUDQMR RUWRJRQDO GH 7DJXFKL H D
IXQomRVLQDOUXtGRQDUHWLILFDomRGHVXSHUItFLHSODQDGRDoR$,6,FRPGXUH]D
+5&DOWHUQDQGRDVYDULiYHLVYHORFLGDGHSHULIpULFDPVYHORFLGDGHGHDYDQoRGD
PHVD PPLQ SURIXQGLGDGH GH FRUWH PP PRGR GH GUHVVDJHP PP [ PPPLQ
REVHUYDQGRDVVDtGDVUXJRVLGDGH5DIRUoDQRUPDO1HIRUoDWDQJHQFLDO1SDUD
RWLPL]DU D JHUDomR GH FDORU QDV ]RQDV GH UHWLILFDomR FRP R XVR GH JUDILWH QR
SURFHVVR $ FRQFOXVmR PRVWURX TXH R XVR GH JUDILWH UHGX]LX D IRUoD WDQJHQFLDO H D
UXJRVLGDGH HQTXDQWR TXH D IRUoD QRUPDO IRL PDLRU TXDQGR FRPSDUDGR FRP R
SURFHVVRFRQYHQFLRQDOFRPIOXtGRUHIULJHUDQWH2VH[SHULPHQWRVPRVWUDUDPTXHFRP
R DXPHQWR GD YHORFLGDGH SHULIpULFD H GD YHORFLGDGH GH DYDQoR D FRPSRQHQWH GDV
IRUoDVUHGX]LX$UXJRVLGDGHGDVSHoDVDXPHQWRXFRPRDXPHQWRGDYHORFLGDGHGH
DYDQoRDXPHQWRGDSURIXQGLGDGHGHFRUWHHXPDGUHVVDJHPPDLVJURVVHLUDHUHGX]LX
FRP R DXPHQWR GD YHORFLGDGH SHULIpULFD 2 HVWXGR DSUHVHQWD R HQWHQGLPHQWR GD
OLPLWDomR GR PpWRGR TXH RWLPL]D DSHQDV XPD ~QLFR UHVSRVWD SRU YH] VHQGR TXH
YiULRV SUREOHPDV SUiWLFRV HQYROYHP P~OWLSODV FDUDFWHUtVWLFDV VHQGR QHFHVViULR D
HVFROKDGHTXDOFDUDFWHUtVWLFDGHYHVHUSUHWHULGDQDGHILQLomRGRVSDUkPHWURV
.ZDN DSHUIHLoRRX D UHWLILFDomR GH VXSHUItFLH SODQD HP DoR UiSLGR
6.+DSOLFDQGRR$UUDQMR2UWRJRQDOGH7DJXFKLHD0HWRGRORJLDGD6XSHUItFLHGH
5HVSRVWD065LQYHVWLJDQGRDLQIOXrQFLDGDURWDomRGRUHERORUSPYHORFLGDGHGD
PHVD PPPLQ SURIXQGLGDGH GH FRUWH PP H WDPDQKR GR JUmR PHVK QR HUUR
JHRPpWULFRGDSHoDPP2VUHVXOWDGRVPRVWUDUDPTXHDSURIXQGLGDGHGHFRUWHIRLR
SDUkPHWURGRPLQDQWHVHJXLGRSHORWDPDQKRGRJUmRGRUHERORQDGHILQLomRGRHUUR
JHRPpWULFRGDSHoD$SHVTXLVDHYLGHQFLRXDDSOLFDomRGD0HWRGRORJLDGD6XSHUItFLH
GH 5HVSRVWD 065 SDUD VHOHFLRQDU DV FRQGLo}HV DSURSULDGDV SDUD D UHWLILFDomR
7DPEpP IRUDP UHDOL]DGRV H[SHULPHQWRV GH FRQILUPDomR QD FRQGLomR yWLPD
FRQILUPDQGRTXHRPRGHORSURSRVWRSHOD065IRLDGHTXDGRSDUDSUHYHUDUHVSRVWD
HPTXHVWmR
'KDYOLNDU HW DO DSOLFDUDP R $UUDQMR &RPELQDGR GH 7DJXFKL QD
UHWLILFDomR FLOtQGULFD VHP FHQWURV &HQWHUOHVV HP SLQR PROD XWLOL]DQGR D
PHWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD 'XDO 65' H 6LPXODomR GH 0RQWH &DUOR
60&SDUDRWLPL]DomRGRVSDUkPHWURVGRSURFHVVRVHQGRHOHVkQJXORGHUHJXODJHP
GR UHEROR JUDXV DOWXUD GH WUDEDOKR DFLPD GD OLQKD GH FHQWUR PP YHORFLGDGH GH
SDVVDJHP SHoDVPLQ H SURIXQGLGDGH GH FRUWH PP FRP R REMHWLYR GH UHGX]LU R
HUUR GH FLUFXODULGDGH GDV SHoDV $ SHVTXLVD FRQFOXLX TXH R $UUDQMR &RPELQDGR GH
7DJXFKL H D PHWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD 'XDO SURSLFLDUDP XPD VROXomR
TXH OHYRX D XPD FRQGLomR GH TXDVH ]HUR GHIHLWR QHVWH SURFHVVR GH UHWLILFDomR
FLOtQGULFD FHQWHUOHVV 2 FRQFHLWR GR VLQDO UXtGR 61 GH 7DJXFKL IRL DSOLFDGR QD
PHGLomR GD YDULkQFLD GR HUUR GH FLUFXODULGDGH HQTXDQWR TXH D PHWRGRORJLD GD
6XSHUItFLH GH 5HVSRVWD IRL XWLOL]DGD QD IRUPXODomR GD IXQomR REMHWLYR SDUD REWHU D
FRQGLomR yWLPD GRV SDUkPHWURV $ VLPXODomR GH 0RQWH &DUOR 60& GHWHUPLQRX D
FRQGLomRyWLPD SRUPHLRGHXP VHTXHQFLDPHQWRGHUHGXo}HVGD IDL[DGHWROHUkQFLD
GDVYDULiYHLVDRUHGRUGDVROXomRyWLPDREWLGDDFDGDURGDGD$VROXomRILQDOOHYRX
jWD[DGH61GHHDRHUURGHFLUFXODULGDGHGHPPTXDQGRRREMHWLYRHUDXPD
VROXomRDEDL[RGHPP
.UDMQLN H .RSDF DSOLFDUDP R $UUDQMR 2UWRJRQDO GH 7DJXFKL QD
UHWLILFDomR GH VXSHUItFLH SODQD HP OkPLQD LQGXVWULDO GH DoR ;&U90R WHQGR
FRPR YDULiYHO GH VDtGD D WD[D GH UHPRomR GH PDWHULDO FPPLQ YDULDQGR RV
SDUkPHWURVYROXPHGRVHJPHQWRGRUHERORFPYHORFLGDGHGHDYDQoRORQJLWXGLQDO
PPPLQDYDQoRSRUSDVVHPPSDVVHHGLVWkQFLDHQWUHRVVHJPHQWRVFP1HVWH
WUDEDOKR FRQFOXLXVH TXH D DSOLFDomR GR $UUDQMR 2UWRJRQDO GH 7DJXFKL IRL XPD
DERUGDJHPDGHTXDGDHWURX[HLQIRUPDo}HVDGHTXDGDVVREUHRVHIHLWRVGDUHWLILFDomR
PRVWUDQGR QmR VHU QHFHVViULD D DSOLFDomR GH XPD PDWUL] GH H[SHULPHQWRV IDWRULDO
FRPSOHWR 3RUpP D SHVTXLVD GHL[D FODUD D QmR DSOLFDomR GR $UUDQMR 2UWRJRQDO GH
7DJXFKLQDGHWHUPLQDomRGRVQtYHLVyWLPRVGRVIDWRUHVDOpPGD LQFOXVmRGDDQiOLVH
GH YDULkQFLD VHU QHFHVViULD SDUD DX[LOLDU QD DQiOLVH GRV GDGRV 2V DXWRUHV LQGLFDP
HVWHQGHU DV DQiOLVHV SUHOLPLQDUHV SDUD XP SURMHWR GH SDUkPHWURV GH SURFHVVR PDLV
IRUPDO
.UDMQLN HW DO DSOLFDUDP D 0HWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD QD
UHWLILFDomR VHP FHQWURV &HQWHUOHVV SRU PHUJXOKR HP DoR 60Q SDUD UHGX]LU D
UXJRVLGDGH GD VXSHUItFLH UHWLILFDGD YDULDQGR RV IDWRUHV DOWXUD GR FHQWUR GD SHoD
PPYHORFLGDGHGHGUHVVDJHPPPPLQURWDomRGRUHERORUSPHYHORFLGDGHGH
DYDQoRPPVRWLPL]DQGRRSURFHVVRFRPDDSOLFDomRGH3URJUDPDomR1mR/LQHDU
1/3H $OJRULWPR*HQpWLFR$*1HVWH WUDEDOKRFRQFOXLXVH TXHDV FRQGLo}HVGH
GUHVVDJHPGRUHERORLQIOXHQFLDPDUXJRVLGDGHGDVXSHUItFLHTXHWDPEpPIRLDIHWDGD
SHOD YHORFLGDGH GR UHEROR $ PHWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD FRQGX]LX D
UHJLmRGHyWLPRLQGLFDQGRRQGHSURFXUDUDVFRQGLo}HVyWLPDVGRVSDUkPHWURVQXPD
SUy[LPD PDWUL] GH H[SHULPHQWRV $ 1/3 IRL DSOLFDGD QD IXQomR GHVLUDELOLW\ FRP
WUrV GLIHUHQWHV SHVRV SDUD RV SDUkPHWURV HQTXDQWR TXH R DOJRULWPR JHQpWLFR IRL
DSOLFDGR QD GHILQLomR GR SRQWR yWLPR QD PLQLPL]DomR GD HTXDomR GD VXSHUItFLH GH
UHVSRVWDSDUDRSUREOHPD
.ZDN HW DO DSOLFDUDP D 0HWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD QD
UHWLILFDomRFLOtQGULFDGHSDVVDJHPHPHOHPHQWRGHPRWRUHOpWULFRGHDoRHQGXUHFLGR
6&0WHQGRFRPRUHVSRVWDVDHQHUJLDGHUHWLILFDomR:UXJRVLGDGHGDVXSHUItFLH
5D H WD[D GH UHPRomR GH PDWHULDO PPPLQ H[SHULPHQWDQGR RV SDUkPHWURV
URWDomRGDSHoDUSPYHORFLGDGHGHDYDQoRWUDQVYHUVDOPPLQHSURIXQGLGDGHGH
FRUWH PP 2 PRGHOR GD VXSHUItFLH GH UHVSRVWD IRL GHVHQYROYLGR SDUD D HQHUJLD GH
UHWLILFDomRSDUDDUXJRVLGDGHGDVXSHUItFLHHSDUDDWD[DGHUHPRomRGHPDWHULDOTXH
SRGHP SUHYHU HVWDV UHVSRVWDV DQWHV GD UHWLILFDomR GDV SHoDV GHQWUR GDV UHVWULo}HV
HVWDEHOHFLGDV %DVHDGR QRV UHVXOWDGRV H[SHULPHQWDLV DXPHQWDU D SURIXQGLGDGH GH
FRUWHDIHWRXPDLVDHQHUJLDGHUHWLILFDomRGRTXHRDXPHQWRQDYHORFLGDGHGHDYDQoR
WUDQVYHUVDO &RQFOXLVH WDPEpP TXH D YHORFLGDGH WUDQVYHUVDO H D URWDomR GD SHoD
DOWHUDUDP D UXJRVLGDGH GD VXSHUItFLH VHQGR TXH TXDQWR PDLRU R YDORU GHVWHV GRLV
SDUkPHWURVPDLRUDUXJRVLGDGHGDVXSHUItFLH
&RQIRUPH GHVFULWR DQWHULRUPHQWH YiULDV SXEOLFDo}HV PRVWUDP D DSOLFDomR GH
H[SHULPHQWRV QR SURFHVVR GH UHWLILFDomR &RQIRUPH PRVWUDGR QD 7DEHOD R
PpWRGRPDLVDSOLFDGRpRDUUDQMRRUWRJRQDOGH7DJXFKLHQWUHRXWURVPpWRGRVFRPR
)DWRULDO&RPSOHWRH0HWRGRORJLDGD6XSHUItFLHGH5HVSRVWD$SHVTXLVDGH'KDYOLNDU
HW DO PRVWUD D DSOLFDomR GR 3URMHWR 5REXVWR GH 3DUkPHWURV SRU PHLR GR
$UUDQMR&RPELQDGRHGD6XSHUItFLHGH5HVSRVWD'XDO$SHVDUGDVYiULDVSXEOLFDo}HV
PRVWUDGDV QmR IRL LGHQWLILFDGD D DSOLFDomR GR 3URMHWR 5REXVWR GH 3DUkPHWURV SRU
PHLRGR$UUDQMR&UX]DGRTXHpRPpWRGRDSOLFDGRQHVWHWUDEDOKR
7DEHOD3XEOLFDo}HV(QYROYHQGR5HWLILFDomRH0pWRGRV([SHULPHQWDLV
0pWRGRGH
5HIHUrQFLD 7LSRGH$UUDQMR
2WLPL]DomR
3HLH6WUDVEDXJK )DWRULDO&RPSOHWR
3HLHWDO )DWRULDO&RPSOHWR
)DWRULDO)UDFLRQDGR
&KRLHWDO 7DJXFKL$UUDQMR2UWRJRQDO/
6KDMLH5DGKDNULVKQDQ
7DJXFKL$UUDQMR2UWRJRQDO/
.ZDN 7DJXFKL$UUDQMR2UWRJRQDO/ 065&&'
.UDMQLNH.RSDF 7DJXFKL$UUDQMR2UWRJRQDO/
'KDYOLNDUHWDO $UUDQMR&RPELQDGRGH7DJXFKL/ 65'H60&
$UUDQMR&UX]DGRGH7DJXFKL
.UDMQLNHWDO 065&&'
.ZDNHWDO 065&&' 1/3H$*
$UUDQMRGH0LVWXUDV
3ODFNHWW%XUPDQ
1DV SHVTXLVDV DSUHVHQWDGDV QD 7DEHOD IRUDP LQYHVWLJDGRV YiULRV IDWRUHV
FRQWUROiYHLV DWXDQWHV QRV GLIHUHQWHV SURFHVVRV GH UHWLILFDomR TXH VmR DSUHVHQWDGRV
QD7DEHODEHPFRPRDVUHVSRVWDVGHLQWHUHVVH'HQWUHDVSXEOLFDo}HVDQDOLVDGDV
VmRLGHQWLILFDGRVRVSURFHVVRVGHUHWLILFDomRFLOtQGULFDGHSDVVDJHPGHPHUJXOKRH
VHPFHQWURVEHPFRPRDUHWLILFDomRGHVXSHUItFLHSODQDGHSDVVDJHPHWDQJHQFLDO
1D7DEHODVmRDSUHVHQWDGRVRVQtYHLVDSOLFDGRVQHVWHVIDWRUHVFRQWUROiYHLV
PRVWUDQGR TXH 3HL H 6WUDVEDXJK 3HL HW DO 'KDYOLNDU HW DO
.UDMQLNH.RSDFDSOLFDUDPDSHQDVGRLVQtYHLVHHQTXDQWR&KRLHWDO
6KDMLH5DGKDNULVKQDQ.ZDNH.ZDNHWDODSOLFDUDP
WUrVQtYHLVFRPSRQWRVFHQWUDLVDOpPGRVQtYHLVH$SHVTXLVDGH.UDMQLNHW
DO PRVWUD D DSOLFDomR GH SRQWRV D[LDLV HP VXD PDWUL] GH H[SHULPHQWRV $
7DEHOD PRVWUDDIUHTXrQFLDGHDSOLFDomRGRVSDUkPHWURVDSOLFDGRVFRPRIDWRUHV
FRQWUROiYHLVVHQGRDSURIXQGLGDGHGHFRUWHHDVGLIHUHQWHVYHORFLGDGHVGHDYDQoRRV
IDWRUHV GH PDLRU IUHTXrQFLD VHJXLGRV SHOD YHORFLGDGH GR UHEROR YHORFLGDGH GH
URWDomRGDVSHoDVHDSURIXQGLGDGHGHGUHVVDJHPFRPRRVIDWRUHVPDLVDSOLFDGRV
$ UXJRVLGDGH GD VXSHUItFLH GDV SHoDV IRL D UHVSRVWD TXH DSDUHFHX FRP PDLRU
IUHTXrQFLDRTXHWDPEpPSRGHVHUYHULILFDGRQDWDEHOD
7DEHOD3DUkPHWURV$SOLFDGRVQRV3URFHVVRVGH5HWLILFDomRGDV3XEOLFDo}HV(VWXGDGDV
5HIHUrQFLD 3URFHVVRGH5HWLILFDomR )DWRUHV&RQWUROiYHLV 5HVSRVWDVGH,QWHUHVVH
5HWLILFDomR3ODQD )RUoDGH5HWLILFDomR1
3HLH 7DQJHQFLDOHPSDVWLOKDV 5RWDomRGR5HERORUSP &RUUHQWHGR0RWRU$
6WUDVEDXJK GHVLOtFLRSDUD 5RWDomRGR0DQGULOUSP 7HPSRGH&LFORV
VHPLFRQGXWRUHV 9HORFLGDGHGH$YDQoR$[LDOPPPLQ 5XJRVLGDGHGD3HoD5DPP
HOHWU{QLFRV 0DUFDVGD5HWLILFDomRYLVXDO
5HWLILFDomR3ODQD
(VSHVVXUDGD3DVWLOKDPP
7DQJHQFLDOHPSDVWLOKDV 'HVORFDPHQWRGRV3LFRVGD
3HLHWDO &RPSULPHQWRGD2QGXODomRPP
GHVLOtFLRSDUD 2QGXODomRDWpD=RQD$WLYDGH
$OWXUDGD2QGXODomRPP
VHPLFRQGXWRUHV 5HWLILFDomRPP
)RUoDGD5HWLILFDomR1
HOHWU{QLFRV
9HORFLGDGH3HULIpULFDGD3HoDPPV
(QHUJLDGH5HWLILFDomR:
9HORFLGDGH3HULIpULFDGR5HERORPV
5XJRVLGDGHGD6XSHUItFLH5D
5HWLILFDomR&LOtQGULFDGH 3URIXQGLGDGHGH&RUWHPPUHY
&KRLHWDO PP
0HUJXOKRHP$oR 'LkPHWUR(TXLYDOHQWHPP
'HVJDVWH5DGLDOGR5HERORPP
FRPGXUH]D+5& 3URIXQGLGDGHGH'UHVVDJHPPP
7D[DGH5HPRomRGH0DWHULDO
3DVVRGH'UHVVDJHPPP5HY
PPPLQ
7HPSRGH)DLVFDPHQWRV
5RWDomRGR5HERORUSP
5HWLILFDomRGH
.ZDN 9HORFLGDGHGD0HVDPPPLQ (UUR*HRPpWULFRPP
6XSHUItFLH3ODQDHPDoR
3URIXQGLGDGHGH&RUWHPP 6LQDO5XtGR
UiSLGR6.+
7DPDQKRGR*UmRPHVK
QJXORGH5HJXODJHPGR5HERORJUDXV
5HWLILFDomR&LOtQGULFD
$OWXUDGH$FLPDGD/LQKDGH&HQWUR
'KDYOLNDUHW 6HP&HQWURV (UURGH&LUFXODULGDGHPP
PP
DO &HQWHUOHVVHPSLQR 6LQDO5XtGR
9HORFLGDGHGH3DVVDJHPSHoDVPLQ
PROD
3URIXQGLGDGHGH&RUWHPP
9ROXPH6HJPHQWRGR5HERORFP
5HWLILFDomRGH
9HORFLGDGHGH$YDQoR/RQJLWXGLQDO
.UDMQLNH 6XSHUItFLH3ODQDHP 7D[DGH5HPRomRGH0DWHULDO
PPPLQ
.RSDF OkPLQDLQGXVWULDOGHDoR FPPLQ
$YDQoRSRU3DVVHPPSDVVH
;&U90R
'LVWkQFLDHQWUHRV6HJPHQWRVFP
5HWLILFDomR6HP&HQWURV $OWXUDGR&HQWURGD3HoDPP
.UDMQLNHWDO &HQWHUOHVVSRU 9HORFLGDGHGH'UHVVDJHPPPPLQ
5XJRVLGDGH5DPP
PHUJXOKRHPDoR 5RWDomRGR5HERORUSP
60Q 9HORFLGDGHGH$YDQoRPPV
(QHUJLDGH5HWLILFDomR:
5HWLILFDomR&LOtQGULFDGH 5RWDomRGD3HoDUSP
5XJRVLGDGHGD6XSHUItFLH5D
.ZDNHWDO 3DVVDJHPHPHOHPHQWR 9HORFLGDGHGH$YDQoR7UDQVYHUVDO
PP
GHPRWRUHOpWULFRGHDoR PPLQ
7D[DGH5HPRomRGH0DWHULDO
HQGXUHFLGR6&0 3URIXQGLGDGHGH&RUWHPP
PPPLQ
7DEHOD1tYHLVGRV)DWRUHVGRV3URFHVVRVGH5HWLILFDomRGDV3XEOLFDo}HV(VWXGDGDV
1tYHO 3RQWR 1tYHO
)DWRUHV
5HIHUrQFLD $[LDO %DL[R &HQWUDO $OWR $[LDO
(VWXGDGRV
9ROXPH6HJPHQWRGR5HERORFP
9HORFLGDGHGH$YDQoR/RQJLWXGLQDO
.UDMQLNH
PPPLQ
.RSDF
$YDQoRSRU3DVVHPP3DVVH
'LVWkQFLDHQWUHRV6HJPHQWRVFP
$OWXUDGR&HQWURGD3HoDPP
.UDMQLNHWDO 9HORFLGDGHGH'UHVVDJHPPPPLQ
5RWDomRGR5HERORUSP
9HORFLGDGHGH$YDQoRPPV
5RWDomRGD3HoDUSP
.ZDNHWDO 9HORFLGDGHGH$YDQoR7UDQVYHUVDO
PPLQ
3URIXQGLGDGHGH&RUWHPP
7DEHOD)UHTXrQFLDGRV3DUkPHWURVGRV3URFHVVRVGH5HWLILFDomRGDV3XEOLFDo}HV
5HIHUrQFLDV
6KDMLH5DGKDNULVKQDQ
3HLH6WUDVEDXJK
.UDMQLNH.RSDF
'KDYOLNDUHWDO
.UDMQLNHWDO
.ZDNHWDO
&KRLHWDO
3HLHWDO
.ZDN
3DUkPHWURVGRV3URFHVVRV
$OWXUDGD2QGXODomR ;
$OWXUDGR&HQWURGD3HoD ; ;
QJXORGH5HJXODJHPGR5HEROR ;
&RPSULPHQWRGD2QGXODomR ;
'LkPHWUR(TXLYDOHQWH ;
'LVWkQFLDHQWUHRV6HJPHQWRV ;
(VSHVVXUDGD3DVWLOKD ;
)RUoDGD5HWLILFDomR ;
3DUkPHWURVGH'UHVVDJHP ; ;
3URIXQGLGDGHGH&RUWH ; ; ; ; ; ;
3URIXQGLGDGHGH'UHVVDJHP ; ; ;
7DPDQKRGR*UmR ;
7HPSRGH)DLVFDPHQWR ;
9HORFLGDGHGH$YDQoR ; ; ; ; ; ; ;
9HORFLGDGHGH'UHVVDJHP ;
9HORFLGDGHGD3HoD ; ; ;
9HORFLGDGHGR5HEROR ; ; ; ;
3DUkPHWURVHPQHJULWRUHSUHVHQWDPRVGHPDLRUIUHTXrQFLD
&RPR SRGH VHU YHULILFDGR QD 7DEHOD DSHVDU GRV GLIHUHQWHV WLSRV GH
UHWLILFDomRRVSDUkPHWURVSURIXQGLGDGHGHFRUWHYHORFLGDGHGHDYDQoRHYHORFLGDGH
GR UHEROR VmR IUHTXHQWHPHQWH SHVTXLVDGRV YLVWR TXH VmR RV SDUkPHWURV VHPSUH
SUHVHQWHVQHVWHSURFHVVR
0HWRGRORJLDGD6XSHUItFLHGH5HVSRVWD
6HJXQGR0RQWJRPHU\D0HWRGRORJLDGH6XSHUItFLHGH5HVSRVWD065
pFRPSRVWDSRUWpFQLFDVPDWHPiWLFDVHHVWDWtVWLFDVDSOLFDGDVQDDQiOLVHHPRGHODJHP
GH UHVSRVWDV LQIOXHQFLDGDV SRU DOJXPDV YDULiYHLV (VWH PpWRGR IXQFLRQD PXLWR EHP
TXDQGR VH DVVXPH D KRPRJHQHLGDGH GD YDULkQFLD GRV GDGRV (QWUHWDQWR WDO
FRQVLGHUDomR SRGH QmR VHU YiOLGDSDUD WRGRV RV FDVRV GH DSOLFDo}HV UHDLV ',1* HW
DO
$ 065 p HPSUHJDGD QD RWLPL]DomR GH SURFHVVRV VHQGR FRPSRVWD SRU GXDV
HWDSDVDPRGHODJHPHDEXVFDSRUXPDUHJLmRGHFXUYDWXUD1HVWDVHWDSDVRREMHWLYR
p DWLQJLU D UHJLmR yWLPD SRGHQGR VHU XP SRQWR GH Pi[LPR RX GH PtQLPR QD
VXSHUItFLHDQDOLVDGD$PRGHODJHPFRQVLVWHHPDMXVWDURVPRGHORVPDWHPiWLFRVTXH
SRGHP VHU OLQHDUHV RX TXDGUiWLFRV DRV UHVXOWDGRV DSXUDGRV QRV H[SHULPHQWRV -i D
EXVFD SRUXPD UHJLmR GH FXUYDWXUD p UHDOL]DGR QD GLUHomR GD Pi[LPD LQFOLQDomRGH
XPGHWHUPLQDGRPRGHOR
2 PpWRGR DYDOLD DV UHODo}HV H[LVWHQWHV HQWUH RV IDWRUHV GH XP GHWHUPLQDGR
SURFHVVR SRU PHLR GDV UHVSRVWDV REVHUYDGDV GHWHUPLQDQGR TXDLV FRQGLo}HV GH
SDUDPHWUL]DomR GR SURFHVVR OHYDUmR D DWLQJLU R SRQWR GH yWLPR GH XPD UHVSRVWD RX
FRQMXQWRGHODV)(51$'(6-1,25
6HJXQGR 0RQWJRPHU\ R SULPHLUR SDVVR GD PHWRGRORJLD p HQFRQWUDU
XPDDSUR[LPDomRSDUDRYHUGDGHLURUHODFLRQDPHQWRHQWUHDUHVSRVWD<HRFRQMXQWR
GHSDUkPHWURVTXHVmRDVYDULiYHLV;(VWDPHWRGRORJLDSDVVDDVHUXPDHVWUDWpJLD
DGHTXDGD TXDQGR VH WHP FRQKHFLPHQWR GR SURFHVVR TXH VH SUHWHQGH RWLPL]DU
6HJXQGR 0RQWJRPHU\ D DQiOLVH GD VXSHUItFLH p IHLWD D SDUWLU GH XPD
VXSHUItFLHDMXVWDGDTXHVHIRUDGHTXDGDVHUiHTXLYDOHQWHDDQiOLVHGDVXSHUItFLHUHDO
TXHSRGHDSUHVHQWDUIRUPDVHPHOKDQWHjGD)LJXUD
<
;
;
)LJXUD6XSHUItFLHGH5HVSRVWD
)RQWHRDXWRU
'H DFRUGR FRP 0RQWJRPHU\ R UHODFLRQDPHQWR HQWUH DV YDULiYHLV
GHSHQGHQWHVH LQGHSHQGHQWHVQRUPDOPHQWHpGHVFRQKHFLGRHXVXDOPHQWHpDSOLFDGR
XP SROLQ{PLR GH EDL[D RUGHP SDUD TXDOTXHU UHJLmR GH LQWHUHVVH 6H D UHVSRVWD IRU
PRGHODGD SRU XPD IXQomR OLQHDU HQWmR D IXQomR GH DSUR[LPDomR VHUi GH SULPHLUD
RUGHPGHVFULWDSHORPRGHORDVHJXLUQDHTXDomR
<L E E[ E [ E N [N H
2QGH
FRHILFLHQWHSROLQRPLDO
< YDULiYHOGHSHQGHQWH
& YDULiYHOLQGHSHQGHQWH
& YDULiYHOLQGHSHQGHQWH
H HUURH[SHULPHQWDO
3DUDWHVWDUDVGHSHQGrQFLDVFXPXODWLYDVGHXPD~QLFDYDULiYHOGHSHQGHQWHHP
UHODomRjVGLYHUVDVYDULiYHLVLQGHSHQGHQWHVpDSOLFDGDDUHJUHVVmRP~OWLSODSRUPHLR
GR LVRODPHQWR GH FDGD YDULiYHO TXHp PDQWLGD FRQVWDQWH HQTXDQWR RXWUDV YDULiYHLV
YDULDP VLVWHPDWLFDPHQWH SHUPLWLQGR D YHULILFDomR GRV VHXV HIHLWRV VREUH D YDULiYHO
GHSHQGHQWH $ YDULiYHO D VHU LQLFLDOPHQWH PDQWLGD FRQVWDQWH p DTXHOD TXH RFDVLRQD
PDLRU LQIOXrQFLD QD YDULDELOLGDGH GD YDULiYHO GHSHQGHQWH 0217*20(5< H
581*(5
(VVH p XP PRGHOR GH UHJUHVVmR OLQHDU P~OWLSOD FRP N UHJUHVVRUHV 2 WHUPR
OLQHDU p XVDGR SRUTXH D HTXDomR p XPD IXQomR OLQHDU GRV SDUkPHWURV
GHVFRQKHFLGRVN
2V FRHILFLHQWHV N VmR FKDPDGRV GH FRHILFLHQWHV SDUFLDLV GH UHJUHVVmR
YLVWRTXH PHGHDYDULDomRHVSHUDGDHP<SRUXQLGDGHGHYDULDomRHP &TXDQGR
&IRUFRQVWDQWHHPHGHDYDULDomRHVSHUDGDHP<SRUXQLGDGHGHYDULDomRHP&
TXDQGR&IRUFRQVWDQWHHDVVLPSRUGLDQWH
&RQIRUPH 0RQWJRPHU\ H 5XQJHU PRGHORV TXH LQFOXHP HIHLWRV GH
LQWHUDomR SRGHP VHU DQDOLVDGRV SHORV PpWRGRV GH UHJUHVVmR OLQHDU P~OWLSOD 8PD
LQWHUDomR HQWUH GXDV YDULiYHLV SRGH VHU UHSUHVHQWDGD SRU XP WHUPR FUX]DGR QR
PRGHORPRVWUDGRQDHTXDomR
<L E E [ E [ E L [L E [ [ E LM [L [ M H
&DVR D VXSHUItFLH DSUHVHQWH FXUYDWXUD D IXQomR GH DSUR[LPDomR VHUi XP
SROLQ{PLR GH RUGHP VXSHULRU FRPR R PRGHOR GH VHJXQGD RUGHP 2V WHUPRV
TXDGUiWLFRV HGHLQWHUDomRQRVPRGHORVSRGHP SURGX]LUXPD IXQomRIRUPDQGR XPD
FXUYDWXUDFKDPDGRPRGHORGHRUGHP'HSHQGHQGRGRVYDORUHVGRVFRHILFLHQWHVGH
UHJUHVVmR R PRGHOR GH VHJXQGD RUGHP FRP LQWHUDomR p FDSD] GH FRQVLGHUDU XPD
DPSOD YDULHGDGH GH IRUPDV DVVLP HOH p XP PRGHOR IOH[tYHO GH UHJUHVVmR
0217*20(5<H581*(5
2PRGHORGHVHJXQGDRUGHPSRGHVHUDSOLFDGRHPVLWXDo}HVRQGHDIXQomRQmR
VHMDRULJLQDOPHQWHTXDGUiWLFDHpGHVFULWDSHODIXQomRGDHTXDomR
N N
<L E E [ L L E LL [L E
L M
LM [L [ M H L M N
L L
'HDFRUGRFRP%R[H'UDSHUWDQWRRPRGHORGHSULPHLUDRUGHPSDUD
VLVWHPDV VHP FXUYDWXUD TXDQWR R PRGHOR GH VHJXQGD RUGHP SDUD VLVWHPDV FRP
FXUYDWXUD VmR FDSD]HV GH UHSUHVHQWDU TXDVH WRGRV RV SUREOHPDV UHIHUHQWHV j
VXSHUItFLH GH UHVSRVWDV 6HJXQGR 0RQWJRPHU\ p SRXFR SURYiYHO TXH XP
PRGHORSROLQRPLDOVHMDXPDERDDSUR[LPDomRGHXPPRGHORUHDOSDUDWRGRRHVSDoR
H[SHULPHQWDOFREHUWRSDUDDVYDULiYHLVLQGHSHQGHQWHVSRUpPHVWDDSUR[LPDomRSRGH
VHUFRQVLGHUDGDDGHTXDGDSDUDXPDUHJLmRHVSHFtILFD
6HJXQGR 3DLYD SDUD VH HVWLPDU RV FRHILFLHQWHV GH XP PRGHOR GH
UHJUHVVmRVHMDHOHGHUHJUHVVmROLQHDUP~OWLSODIDWRULDOFRPSOHWRIDWRULDOIUDFLRQDGR
RX VXSHUItFLH GH UHVSRVWD SRGH VHU DSOLFDGR R PpWRGR GRV PtQLPRV TXDGUDGRV
RUGLQiULRV 2/6 TXH YLVD HQFRQWUDU R PHOKRU DMXVWH GR PRGHOR DRV GDGRV
REVHUYDGRVSRUPHLRGDPLQLPL]DomRGDVRPDGRVTXDGUDGRVGDVGLIHUHQoDVHQWUHRV
YDORUHV HVWLPDGRV H RV YDORUHV REVHUYDGRV SDUD XP FRQMXQWR GH GDGRV TXH VmR
FKDPDGRVGHUHVtGXRVUHSUHVHQWDGRSHODHTXDomR
2QGH
5HVtGXR
9DORUHVREVHUYDGRVGH\
9DORUHVFDOFXODGRVGH\
&RQVLGHUDQGRDVRPDGRVTXDGUDGRVGRVUHVtGXRVWHPVHDHTXDomR
2QGH
6 6RPDGRV4XDGUDGRVGRV5HVtGXRV
Q Q~PHURGHGLIHUHQoDVHQWUHRVYDORUHVHVWLPDGRVHRVYDORUHVREVHUYDGRV
6HJXQGR 0\HUV H 0RQWJRPHU\ D ~OWLPD HWDSD DSyV D YDOLGDomR GR
PRGHOR PDWHPiWLFR p GHWHUPLQDU RV QtYHLV yWLPRV GR VLVWHPD 1R SURFHVVR GH
RWLPL]DomR GR PRGHOR GH VHJXQGD RUGHP GHYHVH GHWHUPLQDU TXDO p D IRUPD GD
VXSHUItFLHTXHSRGHOHYDUDXPSRQWRGHPtQLPRXPSRQWRGHPi[LPRRXXPSRQWR
GHFHOD8PGRVSURFHVVRVXWLOL]DGRVSDUDVHGHWHUPLQDURWLSRGHVXSHUItFLHHRSRQWR
GH yWLPR p D DQiOLVH FDQ{QLFD TXH WHP FRPR SRQWR GH SDUWLGD D GHWHUPLQDomR GR
SRQWRHVWDFLRQiULRSRUPHLRGDGHULYDomRGDHTXDomRGRPRGHORDMXVWDGRHPUHODomR
D FDGD XPD GDV YDULiYHLV ; ;;N LJXDODQGR D ]HUR H UHVROYHQGR R VLVWHPD
FRQIRUPHDHTXDomRRX
2XQDIRUPDPDWULFLDOGRPRGHORGHVHJXQGDRUGHP
RQGH
6HJXQGR %R[ H 'UDSHU QD HTXDomR E UHSUHVHQWD R YHWRU GRV
FRHILFLHQWHV GH UHJUHVVmR GH SULPHLUD RUGHP H % p XPD PDWUL] VLPpWULFD FRP D
GLDJRQDOSULQFLSDOIRUPDGDSHORVFRHILFLHQWHVGRVWHUPRVTXDGUiWLFRVSXURV
$GHULYDGDGDHTXDomRFRPUHODomRDRVHOHPHQWRVGRYHWRU[pGDGDSHOD
HTXDomR
2 SRQWR HVWDFLRQiULR p REWLGR SHOD VROXomR GD HTXDomR TXH QD IRUPD
PDWULFLDOpREWLGRSRUPHLRGDHTXDomR
2UHVXOWDGRGRFiOFXORGRSRQWRHVWDFLRQiULRSRGHUHSUHVHQWDU
D 8PSRQWRGHPi[LPR
E 8PSRQWRGHPtQLPR
F 8PSRQWRGHVHOD
3DUDVHFDUDFWHUL]DUDQDWXUH]DGDVXSHUItFLHGHUHVSRVWDGHYHVHOHYDUHP
FRQVLGHUDomRRUHVXOWDGRGRVDXWRYDORUHVGDPDWUL]>%@
D 6H RV DXWRYDORUHV VmR WRGRV SRVLWLYRV HQWmR R SRQWR HVWDFLRQiULR p XP
SRQWRGHPtQLPRHDVXSHUItFLHVHUiF{QFDYD
E 6H RV DXWRYDORUHV VmR WRGRV QHJDWLYRV HQWmR R SRQWR HVWDFLRQiULR p XP
SRQWRGHPi[LPRHDVXSHUItFLHVHUiFRQYH[D
F 6HRVDXWRYDORUHVWrPVLQDLVRSRVWRVHQWmRRSRQWRHVWDFLRQiULRpXPSRQWR
GHLQIOH[mRHDVXSHUItFLHWHUiDIRUPDGHVHOD
$UUDQMR&RPSRVWR&HQWUDO
8P GRV DUUDQMRV DPSODPHQWH DSOLFDGRV QD 0HWRGRORJLD GD 6XSHUItFLH GH
5HVSRVWD065pR$UUDQMR&RPSRVWR&HQWUDO&HQWUDO&RPSRVLWH'HVLJQ&&'
UHSUHVHQWDGR QD )LJXUD TXH WHP R REMHWLYR GH DMXVWDU XP PRGHOR GH VHJXQGD
RUGHP DSUHVHQWDQGR UHODWLYD HILFLrQFLD FRP D TXDQWLGDGH GH H[SHULPHQWRV
UHTXHULGDVIRUPDGRSRUWUrVFRQMXQWRGHHOHPHQWRVH[SHULPHQWDLVVHQGR
8PDUUDQMRIDWRULDOFRPSOHWRRXIUDFLRQDGR
8PFRQMXQWRGHSRQWRVFHQWUDLV
8PFRQMXQWRGHSRQWRVD[LDLV
D>
N@
3RQWRV$[LDLV
3RQWRV
)DWRULDLV
3RQWRV&HQWUDLV
)LJXUD$UUDQMR&RPSRVWR&HQWUDOSDUDGRLVIDWRUHV
$TXDQWLGDGHGHSRQWRVD[LDLVpLJXDODRGREURGDTXDQWLGDGHGHIDWRUHV(QWUH
RVYDORUHVGRVSRQWRVFHQWUDLVHRVSRQWRVD[LDLVKiXPDGLVWkQFLDUHSUHVHQWDGDSRU
U{ TXH p GHWHUPLQDGR HP IXQomR GR Q~PHUR GH IDWRUHV HQYROYLGRV
0217*20(5< 'H DFRUGR FRP D ORFDOL]DomR GRV SRQWRV D[LDLV R &&'
SRGHVHUFLUFXQVFULWR&&&LQVFULWR&&,RXGHIDFHFHQWUDGD&&)UHSUHVHQWDGR
QD)LJXUD
)LJXUD7LSRVGH&&'
)RQWH0RQWJRPHU\
6HJXQGR 0RQWJRPHU\ XP &&' FOiVVLFR FRP N IDWRUHV UHTXHU N
FRUULGDV IDWRULDLV [ N FRUULGDV D[LDLV H DR PHQRV XP SRQWR FHQWUDO SRVVXLQGR
SUHIHUHQFLDOPHQWHGHWUrVDFLQFRSRQWRVFHQWUDLV$URWDFLRQDOLGDGHGHXP&&'SDUD
PRGHORVGHVHJXQGDRUGHPVLJQLILFDTXHDYDULkQFLDGDUHVSRVWDpDPHVPDHPWRGRV
RVSRQWRVH[SHULPHQWDLVGDHVIHUDGHUDLR SRLVHVWmRjPHVPDGLVWkQFLDGRSRQWR
FHQWUDO 3DUD PDQWHU D URWDFLRQDOLGDGH GH XP DUUDQMR R YDORU GH GHSHQGHQGR GR
Q~PHUR GH H[SHULPHQWRV N GD SRUomR IDWRULDO GR &&' p UHJLGR SHOD HTXDomR
FRQIRUPH%2;H'5$33(5
N
2 DUUDQMR FLUFXQVFULWR &&& p DTXHOH RQGH RV SRQWRV D[LDLV HVWmR D XPD
GLVWkQFLDGRFHQWURHUHTXHUFLQFRQtYHLVSDUDFDGDIDWRU2DUUDQMRGHIDFHFHQWUDGD
&&) p DTXHOH RQGH RV SRQWRV D[LDLV HVWmR VREUH R FHQWUR GH FDGD IDFH GR HVSDoR
IDWRULDO VHQGR RX UHTXHUHQGR WUrV QtYHLV SDUD FDGD IDWRU -i R DUUDQMR
LQVFULWR&&,XWLOL]DRVSRQWRVD[LDLVFRPYDORUHVGH PHQRUHVTXHRXHP
FDVRV RQGH RV OLPLWHV HVSHFLILFDGRV QmR SRVVDP VHU H[WUDSRODGRV SRU OLPLWDo}HV
ItVLFDVGHHTXLSDPHQWRVRXGRSURGXWRRXDLQGDSRUTXHVWmRGHVHJXUDQoD(VWHWLSR
GH&&'WDPEpPQHFHVVLWDGHFLQFRQtYHLV
6HJXQGR)HUQDQGHV-~QLRUDUHSHWLomRGRSRQWRFHQWUDOWHPDIXQomRGH
IRUQHFHUXPDPHGLGDGHHUURSXURHHVWDELOL]DUDYDULkQFLDGDUHVSRVWDSUHYLVWD3DUD
HVWDELOL]DU D YDULkQFLD R DGHTXDGR p UHDOL]DU GH WUrV D FLQFR UHSHWLo}HV GR SRQWR
FHQWUDOVHHVWLYHUSUy[LPRGHHDSHQDVRXVHHVWLYHUSUy[LPRGH
0pWRGRGR9DORU3
'H DFRUGR 0RQWJRPHU\ DLQYHVWLJDomR GH XP GHWHUPLQDGR IHQ{PHQR
SRU PHLR GH GDGRV HVWDWtVWLFRV FRQVLGHUD D KLSyWHVH GH TXH R PRGHOR VXJHULGR p
DGHTXDGRTXDQGRVHGHVHMDVDEHUVHRIHQ{PHQRSRGHVHUGHVFULWRSRUPHLRGHDOJXP
PRGHORWHyULFRHQYROYHQGRSUREDELOLGDGHV3DUDRWHVWHGHQRPLQDVHDKLSyWHVHQXOD
+ FRPR VHQGR D KLSyWHVH D VHU DYDOLDGD SHOR WHVWH $ KLSyWHVH FRQWUiULD p
GHQRPLQDGDFRPRDOWHUQDWLYDHpUHSUHVHQWDGDFRPR+
0RQWJRPHU\ H 5XQJHU DILUPDP TXH XP GRV PpWRGRV GH WHVWH GH
KLSyWHVHV GH XPD DILUPDomR VREUH XPD PpGLD p R PpWRGR GR YDORU 3 YDORU GD
SUREDELOLGDGH TXH TXDQGR GDGD XPD KLSyWHVH QXOD H XP FRQMXQWR GH GDGRV
DPRVWUDLVUHIOHWHDSODXVLYLGDGHGHVHREWHUWDLVUHVXOWDGRVQRFDVRGHDKLSyWHVHQXOD
VHUYHUGDGHLUD
2SHVTXLVDGRUJHUDOPHQWHGHWHUPLQDRQtYHOGHVLJQLILFkQFLDDVHUDGRWDGRTXH
WUDGLFLRQDOPHQWHQDVYDVWDVDSOLFDo}HVHVWDWtVWLFDVpIL[DGRHP8PYDORU
GH 3 PHQRU TXH VXJHUHTXH RV YDORUHV DPRVWUDLV VmR PXLWRLPSURYiYHLVVRE D
KLSyWHVHQXOD
2YDORUGH3pDSUREDELOLGDGHGHVHREWHUXPYDORUGDHVWDWtVWLFDDPRVWUDOGH
WHVWHQRPtQLPRWmRH[WUHPRFRPRRTXHUHVXOWDGRVGDGRVDPRVWUDLVQDVXSRVLomRGH
DKLSyWHVHQXODVHUYHUGDGHLUD(QTXDQWRDDERUGDJHPWUDGLFLRQDOGRWHVWHGHKLSyWHVH
UHVXOWDHPXPDFRQFOXVmRGRWLSRUHMHLWDUQmRUHMHLWDURVYDORUHV3GmRRJUDXGH
FRQILDQoDDRVHUHMHLWDUDKLSyWHVHQXOD
'HYLGRjWRPDGDGHGHFLVmRSDUWLUGHXPDDPRVWUDHQmRGDSRSXODomRLQWHLUD
Ki D SRVVLELOLGDGH GH TXH VHMD FRPHWLGR XP HUUR TXH VHUi GR WLSR , TXDQGR
UHMHLWDUPRV+HHVWHIRUYHUGDGHLURHVHUiGRWLSR,,TXDQGRDFHLWDUPRV+HHVWHIRU
IDOVR
7DEHOD(UURWLSR,HHUURWLSR,,
5HDOLGDGH
$KLSyWHVH+pYHUGDGHLUD $KLSyWHVH+pIDOVD
$FHLWDU+ 'HFLVmRFRUUHWD (UURGHWLSR,,
'HFLVmR
5HMHLWDU+ (UURGHWLSR, 'HFLVmRFRUUHWD
)RQWH$GDSWDGRGH0RQWJRPHU\
$VVXPHVHRHUURWLSR,HUHMHLWDVHDKLSyWHVHQXODVHRYDORU3IRUPHQRUTXHR
QtYHOGHVLJQLILFkQFLDHVWLSXODGR$RFRQWUiULRVHRYDORU3IRUPDLRUQmRpDVVXPLGR
RHUURWLSR,HVHDFHLWDDKLSyWHVHQXOD
2VYDORUHV3VmRLQWHUSUHWDGRVGDVHJXLQWHIRUPD
D 3(OHYDGDVLJQLILFkQFLDHVWDWtVWLFDHYLGrQFLDPXLWRIRUWHFRQWUDD
KLSyWHVHQXOD
E 3 (VWDWLVWLFDPHQWH VLJQLILFDQWH HYLGrQFLD IRUWH FRQWUD D
KLSyWHVHQXOD
F 3!(YLGrQFLDLQVXILFLHQWHFRQWUDDKLSyWHVHQXOD
7HVWHSDUDD6LJQLILFkQFLDGR0RGHOR
2 WHVWH GH VLJQLILFkQFLD p UHDOL]DGR FRPR XP SURFHGLPHQWR GH DQiOLVH GH
YDULkQFLD$129$RQGHVHFDOFXODDUD]mRHQWUHDPpGLDTXDGUiWLFDGRVWHUPRVGH
UHJUHVVmR H D PpGLD TXDGUiWLFD GR HUUR HQFRQWUDVH R SDUkPHWUR ) TXH FRPSDUDGD
FRP R YDORU FUtWLFR GH ) SDUD XP GDGR QtYHO GH VLJQLILFkQFLD SHUPLWH DYDOLDU D
VLJQLILFkQFLD GR PRGHOR 6H ) IRU PDLRU TXH )FUtWLFR HQWmR R PRGHOR p DGHTXDGR
0RQWJRPHU\
7HVWDQGRVHLQGLYLGXDOPHQWHDVLJQLILFkQFLDGHFDGDFRHILFLHQWHSRGHVHOHYDUj
RWLPL]DomR GR PRGHOR SRU PHLR GD H[FOXVmR RX GD LQFOXVmR GH WHUPRV 4XDQGR R
YDORU3GRWHVWHLQGLYLGXDOSDUDRVWHUPRVIRULQIHULRUDRQtYHOGHVLJQLILFkQFLDHQWmR
RWHUPRpDGHTXDGRDRPRGHORORJRGHYHVHUPDQWLGR$RFRQWUiULRRWHUPRGHYH
VHU HOLPLQDGR VH WDO SURFHGLPHQWR FRQGX]LU DR DXPHQWR GR FRHILFLHQWH GH
GHWHUPLQDomR 5 FRQMXQWDPHQWH FRP D GLPLQXLomR GR HUUR UHVLGXDO 6 H R YDORU 3
UHIHUHQWH j IDOWD GH DMXVWH GR PRGHOR IRU VXSHULRU DR QtYHO GH VLJQLILFkQFLD
$GLFLRQDOPHQWH D UHWLUDGD GH TXDOTXHU WHUPR GHYH REHGHFHU DR SULQFLSLR GD
KLHUDUTXLD 0RQWJRPHU\ (VWH SULQFtSLR LQGLFD TXH VH R PRGHOR FRQWpP XP
WHUPRGHDOWDRUGHPRWHUPRGHEDL[DRUGHPGHYHVHUPDQWLGR,VWRSURPRYHXPWLSR
GHFRQVLVWrQFLDLQWHUQDGRPRGHOR
&RHILFLHQWHGHGHWHUPLQDomRP~OWLSOD5
2TXDGUDGRGRFRHILFLHQWHGHFRUUHODomRGH3HDUVRQUUHVXOWD QRFRHILFLHQWH
GH GHWHUPLQDomR 5 TXH LQGLFD R SRGHU GH H[SOLFDomR GR PRGHOR HP IXQomR GDV
YDULiYHLV LQGHSHQGHQWHV FRQVLGHUDGDV 1D UHJUHVVmR P~OWLSOD D PHGLGD UHODWLYD GH
DGHTXDomR GR DMXVWH p FKDPDGD GH FRHILFLHQWH GH GHWHUPLQDomR P~OWLSOD H p
GHVLJQDGDSHORVtPEROR5TXHpDUHODomRHQWUHDYDULDomRH[SOLFDGDSHODHTXDomR
GH UHJUHVVmR P~OWLSOD H D YDULDomR WRWDO GD YDULiYHO GHSHQGHQWH $VVLP 5
VLJQLILFDTXHGHYDULkQFLDGH\pH[SOLFDGDSHODYDULDomRGH[2FRHILFLHQWHGH
GHWHUPLQDomRpXPQ~PHURQRLQWHUYDOR>@HpREWLGRDWUDYpVGDHTXDomR
RQGH
pXPDPHGLGDGDYDULDELOLGDGHGRVGDGRVDMXVWDGRVSHORPRGHOR
p XPD PHGLGD GD YDULDELOLGDGH GDV REVHUYDo}HV GD YDULiYHO
UHVSRVWD
pXPDPHGLGDGHYDULDELOLGDGHQmRFRQWURODGD
(QWUHWDQWRXPYDORUPDLRUTXHGH5QmRLPSOLFDQHFHVVDULDPHQWHTXHR
PRGHOR GH UHJUHVVmR VHMD ERP $ DGLomR GH XPD YDULiYHO DR PRGHOR VHPSUH
DXPHQWDUi R 5 LQGHSHQGHQWHPHQWH GD YDULiYHO DGLFLRQDO VHU RX QmR VHU
HVWDWLVWLFDPHQWH VLJQLILFDWLYD $VVLP PRGHORV TXH WHQKDP YDORUHV JUDQGHV GH 5
SRGHPUHVXOWDUHPSUHYLV}HVSREUHVGHQRYDVREVHUYDo}HVRXHVWLPDWLYDVGDUHVSRVWD
PpGLD3,0(17$
$UDL]TXDGUDGDGH5pFKDPDGDGHFRHILFLHQWHGHFRUUHODomRP~OWLSODHQWUH<
HRFRQMXQWRGHUHJUHVVRUHV;;;N2XVHMD5pXPDPHGLGDGDDVVRFLDomR
OLQHDUHQWUH<H;H;;N4XDQGRN HOHVHWRUQDDFRUUHODomRVLPSOHV
HQWUH<H;
5 DMXVWDGR 5DGM p XPD PHGLGD VHPHOKDQWH DR 5 PDV TXH DR FRQWUiULR
GHVWH QmR DXPHQWD FRP D LQFOXVmR GH YDULiYHLV LQGHSHQGHQWHV QmR VLJQLILFDWLYDV
'HVVDIRUPDHYLWDVHRSUREOHPDFDUDFWHUtVWLFRGR5TXHWHQGHDDXPHQWDUVHPSUH
TXH VmR DGLFLRQDGDV QRYDV YDULiYHLV LQGHSHQGHQWHV PHVPR TXH FRQWULEXDP SRXFR
SDUDRSRGHUH[SOLFDWLYRGDUHJUHVVmR0217*20(5<H581*(5
2YDORUGH5DGMSRGHVHUREWLGRDWUDYpVGDHTXDomR
RQGH
Q Q~PHURGHLQWHUDo}HVGDVYDULiYHLVLQGHSHQGHQWH;;;N
N Q~PHUR GH FRHILFLHQWHV GDV YDULiYHLV LQGHSHQGHQWHV QD HTXDomR GH UHJUHVVmR
N
$QiOLVHUHVLGXDO
&RQFOXV}HVQmRGHYHPVHUWRPDGDVDSDUWLUDSHQDVGDDQiOLVHGHYDULkQFLDSRLV
DDGHTXDomRGRPRGHORWDPEpPGHYHVHUYHULILFDGDSDUDGHWHFWDUVHKiGLVWRUo}HVQR
PRGHOR 6HJXQGR 0RQWJRPHU\ HW DO D SULPHLUD WpFQLFD D VHU XWLOL]DGD p D
DQiOLVHUHVLGXDO8PUHVtGXRpDGLIHUHQoDHQWUHRYDORUREVHUYDGRHRYDORUDMXVWDGR
FRUUHVSRQGHQWH FRQIRUPH HTXDomR TXH GHSHQGH GH VXSRVLo}HV EiVLFDV $
HVWLPDomR GRV SDUkPHWURV GR PRGHOR UHTXHU D VXSRVLomR GH TXH RV HUURV VHMDP
YDULiYHLV DOHDWyULDV QmR FRUUHODFLRQDGDV FRP PpGLD ]HUR H YDULkQFLD FRQVWDQWH
7HVWHV GH KLSyWHVHV H HVWLPDomR GR LQWHUYDOR UHTXHUHP TXH RV HUURV VHMDP
QRUPDOPHQWHGLVWULEXtGRV0217*20(5<H581*(5
3DUD TXH R PRGHOR VHMD YiOLGR p SUHFLVR YHULILFDU VH HVWDV VXSRVLo}HV DFHUFD
GRV HUURV VmR DWHQGLGDV 0RQWJRPHU\ VXJHUHWpFQLFDVGH DQiOLVHGH UHVtGXRV
TXHLQFOXHPDVVHJXLQWHVYHULILFDo}HV
*UiILFR GH SUREDELOLGDGH QRUPDO GRV UHVtGXRV R KLVWRJUDPD GH UHVtGXRV
GHYH UHSUHVHQWDU XPD GLVWULEXLomR QRUPDO DSHVDU GH SHTXHQDV GLVWRUo}HV QD
QRUPDOLGDGHVHUHPHVSHUDGDVTXDQGRRWDPDQKRGDDPRVWUDpSHTXHQR$SORWDJHP
GRV UHVtGXRV OHPEUDUi XPD OLQKD UHWD H VH DOJXP SRQWR PRVWUDU XP DIDVWDPHQWR
DQRUPDOHPUHODomRDRVGHPDLVVHUiFKDPDGRGHRXWOLHU
*UiILFRVGHUHVtGXRVHPXPDVHTXrQFLDWHPSRUDODWUDoDJHPGRVUHVtGXRV
QDRUGHPGHFROHWDGRVGDGRVVHUYHSDUDGHWHFWDUVHKiFRUUHODomRHQWUHRVUHVtGXRV
6H KRXYHU DOJXPD WHQGrQFLD KDYHUi YLRODomR GD VXSRVLomR GH LQGHSHQGrQFLD
6HJXQGR%UH\IRJOHpLPSRUWDQWHFRQGX]LURVH[SHULPHQWRVGHIRUPDDOHDWyULD
SDUDTXHXPSDVVRLPSRUWDQWHVHMDGDGRSDUDDLQGHSHQGrQFLDGRVGDGRV
*UiILFRV GRV UHVtGXRV FRQWUD RV YDORUHV DMXVWDGRV D WUDoDJHP GRV YDORUHV
DMXVWDGRVQmRGHYHDSUHVHQWDUQHQKXPSDGUmRHGHYHVHUGLVWULEXtGDDOHDWRULDPHQWH
6HJXQGR%UH\IRJOHDVGLVFUHSkQFLDVFRPXQVSRGHPLQFOXLU
3RQWRV IRUD GR FRPXP RXWOLHUV HVWHV SRQWRV DSDUHFHP PXLWR DFLPD RX
PXLWR DEDL[R GRV YDORUHV UHVLGXDLV QRUPDLV (VWHV SRQWRV GHYHP VHU LQYHVWLJDGRV
SRLV SRGHP VHU RULXQGRV GH DOJXPD FROHWD LQFRUUHWD RX SRU RXWUR ODGR DOJXP
FRQKHFLPHQWRDGLFLRQDOSRGHVHUREWLGROHYDQGRDPHOKRULDVGRSURFHVVR
9DULkQFLD QmR FRQVWDQWH RQGH D GLIHUHQoD HQWUH RV YDORUHV RX DXPHQWD RX
GHFUHVFH SDUD XP DXPHQWR QRV YDORUHV DMXVWDGRV TXH SRGH VHU FDXVDGR SHOR
LQVWUXPHQWRGHPHGLomRSRUH[HPSORRQGHRHUURpSURSRUFLRQDODRYDORUPHGLGR
$MXVWH SREUH GR PRGHOR RQGH SRU H[HPSOR YDORUHV UHVLGXDLV DXPHQWDP H
HP VHJXLGD GLPLQXHP FRP XP DXPHQWR QR YDORU DMXVWDGR 1HVWH FDVR WDOYH] XP
PRGHORTXDGUiWLFRVHMDPHOKRUTXHXPPRGHOROLQHDU
$VSUHPLVVDVGHQRUPDOLGDGHHOLQHDULGDGHGRVUHVtGXRVGHYHPVHUYHULILFDGDV
RTXHSRGHVHUIHLWRSRUPHLRGRJUiILFRGHUHVtGXRV0217*20(5<H581*(5
3URMHWR5REXVWRGH3DUkPHWURV
6HJXQGR0RQWJRPHU\QDGpFDGDGHRHQJHQKHLURMDSRQrV*HQLFKL
7DJXFKLGHVHQYROYHXXPDQRYDDERUGDJHPSDUDDUHGXomRGDYDULDomRHPSURGXWRVH
SURFHVVRV VH UHIHULQGR DR PpWRGR FRPR 3URMHWR 5REXVWR GH 3DUkPHWURV 353
FODVVLILFDQGR YDULiYHLV VLJQLILFDWLYDV TXH LQIOXHQFLDP R VLVWHPD FRPR YDULiYHO GH
FRQWUROHHYDULiYHOGHUXtGR7DJXFKLDVVXPLXTXHDPDLRUSDUWHGDYDULDELOLGDGH
GDUHVSRVWDHPUHODomRDRDOYRHUDFDXVDGDSHODSUHVHQoDGHYDULiYHLVGHUXtGR
HVXDDERUGDJHPVHEDVHRXHPHQFRQWUDUYDORUHVSDUDRVSDUkPHWURVFRQWUROiYHLVGH
PRGRDUHGX]LUDYDULDomRGRSURFHVVRFDXVDGDSHORVUXtGRV
6HJXQGR$UGDNDQLH1RRURVVDQD3URMHWR5REXVWRGH3DUkPHWURV353
p XP FRQMXQWR GH WpFQLFDV SDUD GHWHUPLQDU R QtYHO GH XP FRQMXQWR GH IDWRUHV
FRQWUROiYHLVTXHYLVDUHGX]LUDVHQVLELOLGDGHGRSURFHVVRDRXWURFRQMXQWRGHIDWRUHV
LQFRQWUROiYHLV GHQRPLQDGR FRPR UXtGRV GH PRGR D DXPHQWDU D UREXVWH] GR
SURFHVVR 'HVWD IRUPD R 353 SURFXUD XPD FRPELQDomR GH IDWRUHV FRQWUROiYHLVWDLV
TXH GRLV REMHWLYRV SULQFLSDLV VHMDP DOFDQoDGRV D ORFDOL]DomR GD PpGLD GD UHVSRVWD
HVWHMDQRQtYHOGHVHMDGRHDYDULDomRRXGLVSHUVmRGDUHVSRVWDVHMDDPHQRUSRVVtYHO
WRUQDQGRDVVLPRVLVWHPDLQVHQVtYHOjDomRGDVYDULDo}HVLQFRQWUROiYHLVUXtGRV
$V YDULiYHLV GH FRQWUROH LQIOXHQFLDP IRUWHPHQWH R SURFHVVR H VmR IDFLOPHQWH
FRQWURODGDV HP XP SURFHVVR QRUPDO 2V UXtGRV WDPEpP LQIOXHQFLDP R SURFHVVR
SRUpP VmR LQFRQWUROiYHLV (QWUHWDQWR XPD YH] LGHQWLILFDGRV DOJXQV UXtGRV SRGHP
VHU FRQWUROiYHLV QR DPELHQWH H[SHULPHQWDO RX HP ODERUDWyULR 2V UXtGRV SRGHP VHU
JHUDGRVSRUFRQGLo}HVDPELHQWDLVGHYLGRjVFRQGLo}HVGHXWLOL]DomRGRSURGXWRRX
DOWHUDo}HV GH FDUDFWHUtVWLFDV ItVLFDV GH SDUWHV LQWHJUDQWHV GR SURFHVVR GXUDQWH VXD
UHDOL]DomR
'H DFRUGR FRP /L QDV ~OWLPDV GpFDGDV R PpWRGR 353 WHP VH
GHVHQYROYLGRSRUPHLRGHSHVTXLVDVHSXEOLFDo}HVDOpPGHVHUDPSODPHQWHDSOLFDGR
QD LQG~VWULD 3RUpP WDQWR QD LQG~VWULD TXDQWR QR GHVHQYROYLPHQWR PHWRGROyJLFR
WrP RFRUULGR FRQVLGHUiYHLV FRQWURYpUVLDV QmR KDYHQGR XP FRQVHQVR FODUR GH TXDO
HQWUHRVPpWRGRVGLVSRQtYHLVpRPDLVHILFD]
$VLGHLDVJHUDLVGH7DJXFKLVmRDPSODPHQWHGLIXQGLGDVHPWRGRRPXQGR8P
DVSHFWR LPSRUWDQWH QR PpWRGR GHVHQYROYLGR IRL R XVR GR DUUDQMR RUWRJRQDO TXH
IRUQHFH YDQWDJHQV QR EDODQFHDPHQWR GRV H[SHULPHQWRV H HILFLrQFLD QD SUHVHQoD GH
HUURV H[SHULPHQWDLV 1R HQWDQWR VXD ILORVRILD H PHWRGRORJLD SDUD OLGDU FRP
SUREOHPDV353WHPVLGRDOYRGHDQiOLVHVPLQXFLRVDVHQWUHSHVTXLVDGRUHVFRPRSRGH
VHUYHULILFDGRQRVWUDEDOKRVGH.$&.(5+817(5%2;%2;
+$0$'$H:81$,52FRQVHQVRJHUDOpGHTXHRVWUDEDOKRV
GH 7DJXFKL WURX[HUDP JUDQGHV EHQHItFLRV PDV RV PpWRGRV SRGHP VHU PHOKRUDGRV
FRPDDSOLFDomRGHIHUUDPHQWDVHVWDWtVWLFDV%R[FRPHQWDTXHDVERDVLGHLDV
GHYHP VHU DEVRUYLGDV HQTXDQWR DV LGHLDV QmR WmR ERDV GHYHP VHU FRUULJLGDV
PRGLILFDGDVHPHOKRUDGDVVHQGRTXHXPDGDVFUtWLFDVGRPpWRGRpTXHDVLQWHUDo}HV
HQWUH RV IDWRUHV FRQWUROiYHLV H RV UXtGRV VmR GHL[DGDV GH ODGR DOpP GD UHODomR
VLQDOUXtGR61QmRVHUFRQYLQFHQWH.,0H5+((
6HJXQGR /L XPD GDV SULQFLSDLV GLVFXVV}HV WHP VLGR R XVR GR DUUDQMR
FUX]DGR RX R DUUDQMR FRPELQDGR VHQGR TXH XPD GDV YDQWDJHQV GR DUUDQMR
FRPELQDGRp TXDQWRj IOH[LELOLGDGH SDUDTXH DOJXQV HIHLWRV SRVVDPVHU UHWLUDGRV H
GHVWHPRGRUHGX]LUDTXDQWLGDGHGHH[SHULPHQWRV
'HDFRUGR FRP$UGDNDQL H1RRURVVDQD DDERUGDJHP GD065DOLDGD
DR353IRLGHVHQYROYLGDSRU0\HUVH&DUWHUSDUDUHVROYHUSUREOHPDVRQGHR
H[SHULPHQWDGRUSRGHLGHQWLILFDUXPDUHVSRVWDSULPiULDDVHURWLPL]DGDUHVWULWDDXP
YDORUHVSHFLILFRGHPpGLDRXYDULkQFLDFRPRUHVSRVWDVHFXQGiULD
'H DFRUGR FRP 4XHVDGD H 'HO &DVWLOOR D IRUPXODomR HQYROYHQGR D
DSOLFDomR GD 065 FRP 353 VmR REVHUYDGDV GHVGH R LQtFLR GRV DQRV FRP DV
SHVTXLVDVGH%2;H-21(6H9,1,1*H0<(56
2SODQHMDPHQWRJHUDOGD353065FRQVLVWHHPJHUDUXPDPDWUL]H[SHULPHWDO
FRP RV IDWRUHV GH UXtGR FRQVLGHUDGRV FRP YDULiYHLV FRQWUROiYHLV HOLPLQDQGR RV
SRQWRVD[LDLVUHODFLRQDGRVFRPRVUXtGRVGDPDWUL]ORJRSRUPHLRGRDOJRULWPR2/6
D VXSHUItFLH SDUD I[ ] VH DMXVWD H DV GHULYDGDV SDUFLDLV SRGHP VHU FDOFXODGDV
OHYDQGR D HTXDomR GD PpGLD H YDULkQFLD SDUD XPD ~QLFD UHVSRVWD FRQVLGHUDQGR D
LQWHUDomR GRV IDWRUHV GH UXtGR 3RUpP FRPR PHQFLRQDGRDQWHULRUPHQWH QD PDLRULD
GDV DSOLFDo}HV LQGXVWULDLV PDLV GH XPD UHVSRVWD QHFHVVLWD VHU RWLPL]DGD
VLPXOWDQHDPHQWH SDUD REWHQomR GD TXDOLGDGH GR SURGXWR .$=(0=$'(+ HW DO
6HJXQGR4XHVDGDH'HO&DVWLOORH3DLYDHWDODSHVDUGDDPSOD
DSOLFDomR GR 353 SRXFRV WUDEDOKRV WrP VLGR UHDOL]DGRV FRP P~OWLSODV UHVSRVWDV
SULQFLSDOPHQWHTXDQGRDVUHVSRVWDVVmRFRUUHODFLRQDGDV3$,9$HWDO
0HVPR HP WUDEDOKRV TXH HQYROYHP DERUGDJHQV SDUD P~OWLSODV UHVSRVWDV DV
LQWHUDo}HV HQWUH UXtGRV H IDWRUHV FRQWUROiYHLV VmR JHUDOPHQWH QHJOLJHQFLDGDV H DV
HTXDo}HV GD PpGLD H YDULkQFLD SURYrP GR DUUDQMR FUX]DGR RX UHSOLFDomR 7$1* H
;8 -(21* HW DO .29$&+ H &+2 /(( H 3$5.
6+$,%8H&+26+,1HWDO3$,9$HWDO
$UUDQMR&UX]DGR
6HJXQGR 0RQWJRPHU\ D PHWRGRORJLD GH 7DJXFKL JLUD HP WRUQR GD
DSOLFDomR GR DUUDQMR RUWRJRQDO SDUD DV YDULiYHLV GH FRQWUROH FKDPDGD GH DUUDQMR
LQWHUQR H RXWUR DUUDQMR RUWRJRQDO SDUD DV YDULiYHLV GH UXtGR GHQRPLQDGR DUUDQMR
H[WHUQR IRUPDQGR R DUUDQMR FUX]DGR RQGH FDGD FRPELQDomR GH IDWRUHV p UHDOL]DGD
VREXPFHQiULRGHFRQGLo}HVGHUXtGR$)LJXUDPRVWUDRIRUPDWRGHXPDUUDQMR
FUX]DGRFRPSRVWRGHXPDUUDQMRLQWHUQRHGHXPDUUDQMRH[WHUQR
$55$1-2(;7(512
M M M M
=
$55$1-2,17(512 =
L ; ; ; ; <LM <LM <LM
<M <M <M
<M <M <M
<M <M <M
<M <M <M
<M <M <M
<M <M <M
<M <M <M
<M <M <M
)LJXUD353FRP$UUDQMR&UX]DGR
&RPRSRGHVHUYLVWRQD)LJXUDD PDWUL]GRDUUDQMRFUX]DGR SRGHUHVXOWDU
HP XP JUDQGH Q~PHUR GH H[SHULPHQWRV PHVPR SDUD XP Q~PHUR UHODWLYDPHQWH
SHTXHQRGHIDWRUHVFRQWUROiYHLVHGHUXtGRVSRLVQHVWHWLSRGHDUUDQMRFDGDFRQGLomR
H[SHULPHQWDO p UHSHWLGD QDV GLYHUVDV FRQGLo}HV GH UXtGR QXPD WHQWDWLYD GH VH
FRPELQDU LQIRUPDo}HV VREUH D PpGLD H D YDULkQFLD FRQKHFLGD FRPR D UD]mR 6LQDO
5XtGR 61 TXH GHILQH TXH R PDLRU YDORU GD WD[D PLQLPL]D D YDULDELOLGDGH
WUDQVPLWLGDSHORUXtGR1HVWDDERUGDJHPRREMHWLYRpGHWHUPLQDUTXDLVVmRRVYDORUHV
GRVIDWRUHVFRQWUROiYHLVTXHUHVXOWDPQXPDPpGLDRPDLVSUy[LPRSRVVtYHOGRDOYR
2V HIHLWRV GRV IDWRUHV FRQWUROiYHLV QR VLQDOUXtGR VmR DQDOLVDGRV SDUD UREXVWHFHU DR
Pi[LPRRVLVWHPD
6HJXQGR 6LQJK HW DO SDUD UHGX]LU R HVIRUoR FRP R Q~PHUR GH
H[SHULPHQWRV7DJXFKLSURS{VRUXtGRFRPSRVWRTXHFRQVLVWHQXPDWpFQLFDQRTXDO
RV P~OWLSORV IDWRUHV GH UXtGRV VmR WUDWDGRV FRPR XP ~QLFR IDWRU QRUPDOPHQWH HP
DSHQDVGRLVQtYHLVQRTXDOWRGRVRVIDWRUHVGHUXtGRVmRDOWHUDGRVVLPXOWDQHDPHQWH
7DJXFKL H 3KDGNH VXJHULUDP D IRUPDomR GR UXtGR FRPSRVWREDVHDGR
QRGLUHFLRQDPHQWRGRHIHLWRGHVWHVIDWRUHVGHVWHPRGRFULDQGRGXDVFRQGLo}HVTXH
UHSUHVHQWDPRVH[WUHPRVRSRVWRVGHVWHVIDWRUHVGHUXtGR
'H DFRUGR FRP 0RQWJRPHU\ XP SRQWR LPSRUWDQWH VREUH R DUUDQMR
FUX]DGR p TXH HOH IRUQHFH VLP LQIRUPDo}HV VREUH DV LQWHUDo}HV HQWUH RV IDWRUHV
FRQWUROiYHLVHRVUXtGRVTXHVmRFUXFLDLVSDUDDVROXomRGRVSUREOHPDVHQYROYHQGR
353FRPRQDLQWHUDomRHQWUHGRLVIDWRUHVPRVWUDGDQD)LJXUDVHQGR[RIDWRU
FRQWUROiYHO]RUXtGRH\DUHVSRVWD1D)LJXUDDQmRKiLQWHUDomRHQWUH[H
]HGHVWDIRUPDQmRKiYDORUSDUDRIDWRUFRQWUROiYHO[TXHDIHWHDYDULDELOLGDGHGD
UHVSRVWDWUDQVPLWLGDSRU]3RUpPQD)LJXUDEKiXPDIRUWHLQWHUDomRHQWUH[H
]HTXDQGR[HVWiQRVHXQtYHOEDL[RDYDULDomRpPXLWRPHQRUGRTXHTXDQGR
HVWiQRVHXQtYHODOWR'HVWDIRUPDVHQmRKRXYHUDRPHQRVXPDLQWHUDomRHQWUH
RVIDWRUHVFRQWUROiYHLVHRVUXtGRVQmRKi3URMHWR5REXVWRGH3DUkPHWURV
9DULDELOLGDGHHP\ 9DULDELOLGDGHHP\p
WUDQVPLWLGDSHORUXtGR
UHGX]LGDTXDQGR[
\ \
[ [
[
[
9DULDELOLGDGH 9DULDELOLGDGH
QDWXUDOGRUXtGR QDWXUDOGRUXtGR
] ]
D %DL[R&RQWUROH[,QWHUDomRFRP5XtGR E$OWR&RQWUROH[,QWHUDomRFRP5XtGR
)LJXUD&RQWUROHGR3URFHVVR[,QWHUDomRFRP5XtGRQR3530RQWJRPHU\
$UUDQMR&RPELQDGR
:HOFKHWDOSURSXVHUDPDVXEVWLWXLomRGRDUUDQMRFUX]DGRSHORDUUDQMR
FRPELQDGR WDQWR FRP RV IDWRUHV FRQWUROiYHLV TXDQWR FRP RV IDWRUHV GH UXtGR
DSOLFDQGR HVWD DERUGDJHP D H[SHULPHQWRV FRPSXWDFLRQDLV SRU PHLR GH VLPXODomR
(VWDPHVPDDERUGDJHPIRLDSOLFDGDSRU6KRHPDNHUDWDOHPH[SHULPHQWRVQD
ItVLFD
:XH=KXSURSXVHUDPRFULWpULRPLQLPXP-DEHUUDWLRQSDUDDVHOHomR
GRDUUDQMRFRPELQDGREDVHDGRQRVSULQFtSLRVGDRUGHQDomRGRVHIHLWRVQRVTXDLVDV
GLIHUHQWHV FDWHJRULDV GRV HIHLWRV VmR RUGHQDGDV GH DFRUGR FRP VXD SURYiYHO
LPSRUWkQFLDSDUDR3URMHWR5REXVWRGH3DUkPHWURV353
$ DERUGDJHP353FRP DUUDQMRFRPELQDGR WUDWD WRGDV DVYDULiYHLV GD PHVPD
IRUPDVHQGRHODVYDULiYHLVFRQWUROiYHLVRXGHUXtGRXVDQGRXPPRGHORTXHLQFOXLDV
LQWHUDo}HVHQWUHHOHV(VVHVPRGHORVVmRFDSD]HVGHPRGHODURVHIHLWRVSULQFLSDLVGH
IDWRUHVFRQWUROiYHLVHUXtGRHWDPEpPDVVXDVLQWHUDo}HV
6HJXQGR0RQWJRPHU\RPRGHORTXHGHVFUHYHRPpWRGRpPRVWUDGRQD
HTXDomR
RQGH
[L VmRRVIDWRUHVFRQWUROiYHLV
]M VmRRVIDWRUHVGHUXtGR
L VmRRVFRHILFLHQWHVGHIDWRUHVFRQWUROiYHLV
LLHLMVmRRVFRHILFLHQWHVGHLQWHUDomRGHIDWRUHVFRQWUROiYHLV
L VmRRVFRHILFLHQWHVGRVIDWRUHVGHUXtGRV
LM VmRRVFRHILFLHQWHVGHLQWHUDomRHQWUHIDWRUHVFRQWUROiYHLVHUXtGR
HUURH[SHULPHQWDO
&RPRSRGHVHUYLVWRRPRGHORLQFOXLWRGDVDVYDULiYHLVHPXP~QLFRPRGHOR
H[SHULPHQWDOQmRLPSRUWDQGRVHHODVVmRFRQWUROiYHLVRXUXtGRV$VVXPLQGRTXHp
XPD YDULiYHO FRP PpGLD ]HUR H YDULkQFLD TXH RV UXtGRV VmR YDULiYHLV DOHDWyULDV
FRP PpGLD ]HUR H YDULkQFLD ] TXH VH KRXYHUHP YiULRV IDWRUHV GH UXtGR VXDV
FRYDULkQFLDVVHUmR]HURHTXHDVYDULiYHLVGHUXtGRHYDULiYHLVFRQWUROiYHLVQmRVmR
FRUUHODFLRQDGDV2PRGHORSRGHVHUGHVFULWRSHODVHTXDo}HVH
( ] > \ [ ] @ I [
U w\ [ ]
9] > \ [ ] @ V ]L V
L w]L
$OJXQV SHVTXLVDGRUHV DUJXPHQWDP TXH R DUUDQMR FRPELQDGR JHUDOPHQWH p
VXSHULRU DR DUUDQMR FUX]DGR :X H +DPDGD DILUPDP TXH DOJXQV DUUDQMRV
FRPELQDGRV VmR XQLIRUPHPHQWH PHOKRUHV TXH RV DUUDQMRV FUX]DGRV FRP D PHVPD
TXDQWLGDGHGHH[SHULPHQWRVHPWHUPRVGHHIHLWRVSULQFLSDLVHLQWHUDo}HVGHVHJXQGD
RUGHP2VDXWRUHVH[SOLFDPTXHVHRVFXVWRVGHH[SHULPHQWRVFRPIDWRUHVGHUXtGRV
IRUHPPXLWRPHQRUHVTXHRVFXVWRVGRVIDWRUHVFRQWUROiYHLVRDUUDQMRFUX]DGRpPDLV
HFRQ{PLFR
6HJXQGR.DFNHURVDUUDQMRVFRPELQDGRVVmRH[FHVVLYDPHQWHVHQVtYHLV
jIDOWDGHGDGRVHWDPEpPOHYDPDDOJXPDVGLILFXOGDGHVTXDQGRDVIRQWHVGHYDULDomR
QmRHVWmRLQFOXtGDVQDVYDULiYHLVH[SORUDWyULDV
%DVHDGRVQHVWDVHYLGrQFLDVDOJXQVSHVTXLVDGRUHVSURSXVHUDPDDOWHUQDWLYDGH
DERUGDJHP SRU PHLR GD VXSHUItFLH GH UHVSRVWD H GD VXSHUItFLH GH UHVSRVWD GXDO
:(/&+HWDO9,1,1*H0(<(56
.XQHUWHWDOFRPSDUDUDPDHILFiFLDGDDERUGDJHPGRDUUDQMRFUX]DGRH
GRDUUDQMRFRPELQDGRQXPSURFHVVRGHFRQIRUPDomRGHIROKDVGHPHWDOPRVWUDQGR
TXH R DUUDQMR FUX]DGR HQFRQWURX XP HIHLWR QD YDULkQFLD TXH QmR SRGH VHU YLVWR QR
DUUDQMRFRPELQDGRVHPRVWUDQGRPDLVHILFLHQWHHPSURPRYHUDUHGXomRGDYDULkQFLD
QDV IROKDV GH PHWDO.XQHUW HW DO WDPEpP FRPHQWDP TXH D DERUGDJHP GR
DUUDQMR FRPELQDGR IDOKRX GHYLGR DR IDWR GH VH EDVHDU H[FHVVLYDPHQWH QD GLVSHUVmR
GRVHIHLWRV
&RPDVHYLGrQFLDVDSRQWDGDVQDOLWHUDWXUDQmRKiXPDGHILQLomRUHODWLYDHQWUH
TXDOPpWRGRGHYDVHUHVFROKLGRRDUUDQMRFUX]DGRRXRDUUDQMRFRPELQDGR
6XSHUItFLHGH5HVSRVWD'XDO
'H DFRUGR FRP 6DOJDGR -~QLRU QRV SURFHVVRV GH PDQXIDWXUD GRLV
REMHWLYRV GHYHP VHU DYDOLDGRV TXDQGR VH EXVFD VXD PHOKRULD VHQGR XP GHOHV D
GLVWkQFLD HQWUH R YDORU UHDO H R YDORU GHVHMDGR SDUD XPD GDGD FDUDFWHUtVWLFD GH
TXDOLGDGHGHQRPLQDGRFRPRDOYRPHDRXWUDDUHGXomRGHVXDYDULkQFLDV
$VXSHUItFLHGHUHVSRVWDGXDO65'pXPPRGHORFOiVVLFRGD065QRTXDOD
HTXDomR GD PpGLD H GD YDULkQFLD VmR REWLGDV SRU PHLR GD HTXDomR GD VXSHUItFLH GH
UHVSRVWDSDUDDPpGLDPHGDHTXDomRGDVXSHUItFLHGHUHVSRVWDSDUDDYDULkQFLDV
DSOLFDQGRUHSOLFDo}HVDUUDQMRFUX]DGRRXDUUDQMRFRPELQDGR(VWDVIXQo}HVTXHVmR
XVXDOPHQWH HVFULWDV FRPR PRGHORV GH VHJXQGD RUGHP SRGHP VHU RWLPL]DGDV
VLPXOWDQHDPHQWH.$=(0=$'(+HWDO
9LQLQJH0\HUVGHVHQYROYHUDPDDERUGDJHPGD6XSHUItFLHGH5HVSRVWD
'XDO65'SURSRQGRXPPpWRGRGHRWLPL]DomRSDUDDVXSHUILFLHGHUHVSRVWDSDUDD
PpGLD GD UHVSRVWD HQYROYLGD FRQIRUPH HTXDomR H RXWUD VXSHUItFLH GH
UHVSRVWDSDUDRGHVYLRSDGUmR FRQIRUPHHTXDomR
2V DXWRUHV XWLOL]DUDP D WpFQLFD GH 0\HUV H &DUWHU SDUD RWLPL]DU D
6XSHUItFLH GH 5HVSRVWD 'XDO VHP D QHFHVVLGDGH GD IXQomR VLQDOUXtGR GH 7DJXFKL
H[SUHVVDQGR R SUREOHPD FRPR PLQLPL]DomR RX PD[LPL]DomR GD IXQomR REMHWLYR
FRQIRUPH HTXDo}HV H FRP XPD VLPSOHV UHVWULomR GH LJXDOGDGH
DSOLFDQGR RV PXOWLSOLFDGRUHV GH /DJUDQJH DVVXPLQGR TXH WDQWR D IXQomR REMHWLYR
TXDQWR D UHVWULomR FRPR PRGHORVGH VXSHUItFLH GH UHVSRVWD GHVHJXQGD RUGHP (VWD
WpFQLFDEXVFDXPSRQWRGHPi[LPRRXGHPtQLPRQXPDIXQomRTXDGUiWLFD
6HQGR DVXSHUILFLHGHUHVSRVWDDMXVWDGDSDUDD PpGLDH DVXSHUILFLHGH
UHVSRVWD DMXVWDGD SDUD R GHVYLR SDGUmR WUrV GLIHUHQWHV WLSRV GH VROXo}HV IRUDP
SURSRVWDV
&DVR1RUPDOL]DomR7DUJHWYDOXHLVEHVWFRPRREMHWLYRGHPDQWHUDPpGLD
PQRYDORUDOYR7PLQLPL]DQGRDYDULkQFLD
0LQLPL]DU
6XMHLWRj 7
&DVR0D[LPL]DomR7KHODUJHUWKHEHWWHUFRPRREMHWLYRGHPD[LPL]DUD
PpGLD FRQWURODQGRDYDULkQFLD HPXPYDORUGHVHMDGR
0D[LPL]DU
6XMHLWRj 7
&DVR0LQLPL]DomR7KHVPDOHUWKHEHWWHUFRPRREMHWLYRGHPLQLPL]DUD
PpGLD FRQWURODQGRDYDULkQFLD HPXPYDORUGHVHMDGR
0LQLPL]DU
6XMHLWRj 7
7
6XMHLWRj; ;
2QGH
6XSHUILFLHGH5HVSRVWD$MXVWDGDSDUDD0pGLD
7 9DORUDOYRGDGLPHQVmR
6XSHUILFLHGH5HVSRVWD$MXVWDGDSDUDR'HVYLR3DGUmR
'LVWkQFLDGRV3RQWRV$[LDLVHP5HODomRDRV3RQWRV&HQWUDLVGD065
6XSRQGRTXHDPpGLDHDYDULkQFLDSRGHPWHUGLIHUHQWHVLPSRUWkQFLDVDIXQomR
REMHWLYRSDUDR(40SRGHVHUSRQGHUDGDSRUPHLRGHSHVRVFRQIRUPHH[SUHVVRQD
HTXDomR %2; H -21(6 /,1 H 78 7$1* H ;8
.$=(0=$'(+HWDO
2QGH
H&RQVWDQWHVSUpGHILQLGDV
0pGLDGDHVSHFLILFDomRGDFDUDFWHUtVWLFD
7 9DORUDOYRGDGLPHQVmR
9DULkQFLDGDGLPHQVmR
'H DFRUGR FRP 7DQJ H ;X RV SHVRV SRGHP DSUHVHQWDU GLIHUHQWHV
FRPELQDo}HV FRPR ZZ Z! Z! JHUDQGR XP FRQMXQWR GH VROXo}HV SDUD
RWLPL]Do}HVPXOWLREMHWLYR
$QDORJDPHQWH R (40 SRGH VHU HVWHQGLGR SDUD SUREOHPDV PXOWLREMHWLYR
TXDQGRKiYDULDVFDUDFWHUtVWLFDVSRUPHLRGHDOJXPWLSRGHRSHUDGRUGHDJOXWLQDomR
FRPRDVRPDSRQGHUDGD<$1*H6(1%86$&&$HWDO1HVWHFDVR
D(40pH[SUHVVRFRQIRUPHDHTXDomR
'H DFRUGR FRP .|NVR\ VH GLIHUHQWHV LPSRUWkQFLDV IRUDP QHFHVViULDV
SDUD FDGD (40 D HTXDomR SRGH VHU PRGLILFDGD FRP R DFUpVFLPR GH SHVRV
ILFDQGRFRQIRUPHHTXDomR
3RU PHLR GD FRPELQDomR GDV HTXDo}HV H D DERUGDJHP DR (UUR
4XDGUiWLFR0pGLRSDUDXPSUREOHPDPXOWLREMHWLYRHQYROYHQGR65'SRGHVHUHVFULWR
SHODHTXDomR
0pWRGRGR&ULWpULR*OREDO
*UDQGHSDUWHGRVSUREOHPDVGHRWLPL]DomRHQYROYHREMHWLYRVP~OWLSORVHGHVWD
IRUPD QmR VH SRGH DSOLFDU D RWLPL]DomR LVRODGD GH FDGD REMHWLYR $GLFLRQDOPHQWH
PXLWDVYH]HVRVREMHWLYRVVmRFRQIOLWDQWHVRXVHMDPHOKRUDUDOJXPGHVWHVREMHWLYRV
FRQVLVWHHPSLRUDUDOJXPRXWUR2/,9(,5$
*HUDOPHQWH DV RWLPL]Do}HV PXOWLREMHWLYR FRQVLVWHP HP PLQLPL]DU XPD RX
PDLV IXQo}HV REMHWLYR VXMHLWDV RX QmR D UHVWULo}HV TXH GHYHP VHU VDWLVIHLWDV SHOD
VROXomRHQFRQWUDGDTXHSRGHPVHUGHLJXDOGDGHGHVLJXDOGDGHHUHVWULo}HVODWHUDLV
6HJXQGR 5DR R 0pWRGR GR &ULWpULR *OREDO 0&* p XP PpWRGR
XWLOL]DGR QD RWLPL]DomR PXOWLYDULDGD 1HVWH PpWRGRD VROXomR yWLPDp XPYHWRUGH
YDULiYHLV GH GHFLVmRTXH PLQLPL]D DOJXP FULWpULRJOREDO TXHWHPSRUREMHWLYRXPD
VROXomR yWLPD SRU PHLR GD PLQLPL]DomR GD VRPD GRV TXDGUDGRV GRV GHVYLRV GDV
IXQo}HVREMHWLYRVLQGLYLGXDLVHPUHODomRjVROXomRLGHDOSDUDFDGDUHVSRVWDGHQWURGD
UHJLmRSUDWLFiYHO
'H DFRUGR FRP 2V\F]DND H[LVWHP GLIHUHQWHV HTXDo}HV DSOLFDGDV DR
FULWpULRJOREDOPDVFDEHDRSHVTXLVDGRUGHILQLUDIXQomRTXHPHOKRURGHVFUHYHGH
IRUPD TXH VH SRVVD REWHU D VROXomR PDLV SUy[LPD SRVVtYHO GD VROXomR LGHDO $
HTXDomRUHSUHVHQWDRPpWRGRHPTXHVWmR
2QGH
); )XQomRGR&ULWpULR*OREDO
IL;
$OYRGHFDGDIXQomRREMHWLYR
IL; )XQomR2EMHWLYR
N 1~PHURGHREMHWLYRV
V &RQVWDQWH
JM;5HVWULo}HV
3DUD D HTXDomR %R\FKXN H 2YFKLQQLNRY SURSXVHUDP V H
6DOXNYDG]H SURS{V V TXH p R YDORU FRPXPHQWH XWLOL]DGR PDV RXWURV
YDORUHVWDPEpPSRGHPVHUDVVXPLGRV
*UDGLHQWH5HGX]LGR*HQHUDOL]DGR
3UREOHPDVGH2WLPL]DomR1mR/LQHDU1RQOLQHDU3UREOHP1/3SRGHPVHU
UHVROYLGRV SRU GLIHUHQWHV PpWRGRV FRQKHFLGRV VHQGR R DOJRULWPR GR *UDGLHQWH
5HGX]LGR *HQHUDOL]DGR *HQHUDOL]HG 5HGXFHG *UDGLHQW *5* R GH PDLRU
DSOLFDomR SRLV DSUHVHQWD JUDQGH UREXVWH] H HILFLrQFLD GHQWUH RV PpWRGRV GH
RWLPL]DomR GH UHVWULo}HV QmR OLQHDUHV GLVSRQtYHLV .g6.2< H '2*$1$.62<
6HJXQGR&DUO\OHHWDODOpPGHVXDHILFLrQFLDRXWURIDWRUTXHFRQWULEXL
SDUD D DPSOD DSOLFDomR GR DOJRULWPR *5* D PXLWRV WLSRV GH SUREOHPDV GH
RWLPL]DomR 1mR/LQHDUHV p D GLVSRQLELOLGDGH QR SURJUDPD ([FHO GD 0LFURVRIW
2IILFH
(VWHPpWRGRGHUHVROXomRGHSUREOHPDVGHSURJUDPDomRQmROLQHDUpDSOLFDGRD
SUREOHPDVFRPUHVWULo}HV2PpWRGRSUHYrDSHQDVDXWLOL]DomRGHUHVWULo}HVOLQHDUHV
RXQmROLQHDUHVGHLJXDOGDGH1RHQWDQWRSDUDUHVROYHUFDVRVRQGHDUHVWULomRQmRIRU
GHLJXDOGDGHDFUHVFHQWDPVHYDULiYHLVGHIROJDFDVRDUHVWULomRVHMDGRWLSRPHQRU
RXLJXDORXYDULiYHLVGHH[FHVVRFDVRDUHVWULo}HVVHMDGRWLSRPDLRURXLJXDO
'HDFRUGRFRP.|NVR\RPpWRGR*5*pFRQKHFLGRFRPRXPPpWRGR
SULPDOTXHDSUHVHQWDWUrVVLJQLILFDQWHVYDQWDJHQV
D 6H R SURFHVVR WHUPLQD DQWHV GD FRQILUPDomR GR yWLPR R ~OWLPR SRQWR
HQFRQWUDGRpYLiYHOGHYLGRDRIDWRGHTXHFDGDSRQWRJHUDGRQR SURFHVVR
GHSHVTXLVDpYLiYHOHSURYDYHOPHQWHSUy[LPRGRyWLPR
E 6HRPpWRGRJHUDXPDVHTXrQFLDFRQYHUJHQWHRSRQWROLPLWHJDUDQWHSHOR
PHQRVXPPtQLPRORFDO
F $PDLRULDGRVPpWRGRVSULPDLVVmRJHUDOPHQWHDEVROXWRVQmRGHSHQGHQGR
GHXPDHVWUXWXUDHVSHFLDOWDLVFRPRDFRQYH[LGDGH
3DUD/DVGRQHWDO1DVKH6RIHU.RNVR\H'RJDQDNVR\
XPDIRUPDJHUDOSDUDDSURJUDPDomRQmROLQHDUpDGHVFULWDQDHTXDomR
2QGH
)[ )XQomRREMHWLYRGR*5*
[ 9HWRUGHQYDULiYHLVGHSURFHVVR[[Q
JM[ 5HVWULo}HV
OMHXM/LPLWHVLQIHULRUHVXSHULRUGRSURFHVVR
2QGH
O1HX1VmRYHWRUHVGRVOLPLWHVSDUD[1
,QLFLDQGRVH FRP XP SRQWR YLiYHO [N R DOJRULWPR *5* WHQWD HQFRQWUDU XPD
GLUHomRGHPRYLPHQWRSDUDRWLPL]DUDIXQomRREMHWLYR$GLUHomRGRPRYLPHQWRSRGH
VHUREWLGDSHORJUDGLHQWHUHGX]LGRDWUDYpVGD(TXDomR
6HJXQGR /DVGRQ HW DO R DOJRULWPR SiUD TXDQGR D PDJQLWXGH GR
JUDGLHQWH UHGX]LGR QR SRQWR FRUUHQWH p WmR SHTXHQR TXDQWR R GHVHMDGR 'H RXWUR
PRGR XP SURFHGLPHQWR GH SHVTXLVD p H[HFXWDGR SDUD ORFDOL]DU XP QRYR SRQWR QD
GLUHomRGRJUDGLHQWHUHGX]LGR(VWHSURFHGLPHQWRpH[HFXWDGRUHSHWLGDPHQWH
&$3$&,'$'('(352&(6626
6HJXQGR 0RQWJRPHU\ D GLVWULEXLomR QRUPDO p SURYDYHOPHQWH D PDLV
LPSRUWDQWH GDVGLVWULEXLo}HVWDQWRQD WHRULDTXDQWRQD DSOLFDomR GD HVWDWtVWLFD (VWH
WLSRGHGLVWULEXLomRpVLPpWULFDFRPXPDFXUYDHPIRUPDGHVLQRXPDPpGLDPH
XPDYDULkQFLD FRQIRUPHLOXVWUDGRQD)LJXUD
I[
[
P
)LJXUD+LVWRJUDPDGHXPDGLVWULEXLomRQRUPDO
)RQWH0RQWJRPHU\
2KLVWRJUDPDp~WLOQDDQiOLVHGHFDSDFLGDGHYLVWRTXHDSUHVHQWDXPDLPSUHVVmR
YLVXDOHLPHGLDWDGRGHVHPSHQKRGRSURFHVVR$)LJXUD
)LJXUD D PRVWUD XP SURFHVVR FRP XPD FDSDFLGDGH SRWHQFLDO DGHTXDGD
SRUpPFRPDPpGLDIRUDGHFHQWUR$)LJXUDEPRVWUDXPSURFHVVRFRPEDL[D
FDSDFLGDGHUHVXOWDGRGHYDULDELOLGDGHH[FHVVLYD0217*20(5<
V V
/,( P /6( /,( P /6(
D
E
)LJXUD+LVWRJUDPDDSURFHVVRFRPPpGLDIRUDGHFHQWURESURFHVVRFRPYDULDELOLGDGH
H[FHVVLYD
)RQWH0RQWJRPHU\
1XPD GLVWULEXLomR QRUPDO GRV YDORUHV GD SRSXODomR HVWmR FRQWLGRV
HQWUHRVOLPLWHVGHILQLGRVHQWUHDPpGLDPDLVRXPHQRVXPGHVYLRSDGUmRPV
HVWmR HQWUH RV OLPLWHV HQWUH D PpGLD PDLV RX PHQRV GRLV GHVYLRV SDGUmR
PVHGRVYDORUHVHVWmRFRQWLGRVHQWUHRVOLPLWHVGHILQLGRVHQWUHDPpGLD
PDLV RX PHQRV WUrV GHVYLRV SDGUmR P V (VWHV SHUFHQWXDLV VmR FDOFXODGRV SRU
PHLR GDiUHD HQWUH FDGD IDL[D GH GHVYLR SDGUmR $ )LJXUD PRVWUD D GLVWULEXLomR
GHVWDViUHDVQRKLVWRJUDPDGHXPDGLVWULEXLomRQRUPDO
)LJXUD'LVWULEXLomRGDViUHDVGHXPDGLVWULEXLomRQRUPDO
)RQWH0RQWJRPHU\
4XDQGR R SURFHVVR HVWi FHQWUDGR QR YDORU QRPLQDO GD HVSHFLILFDomR R &S p
LJXDODR&SN&DVRR&SVHMDGLIHUHQWHGR&SNRSURFHVVRHVWiGHVFHQWUDGRRXVHMDD
PpGLD QmR FRLQFLGH FRP R YDORU QRPLQDO GD HVSHFLILFDomR *21d$/(= (
:(51(5
2tQGLFH&SN PHGHTXDQWRVGHVYLRVSDGUmRHVWmRVLWXDGRVQRLQWHUYDORHQWUH D
PpGLDGRSURFHVVRHROLPLWHHVSHFLILFDGRPDLVSUy[LPR4XDQWRPDLRUR&SNPHQRU
DGLVSHUVmRGRSURFHVVRRXPHQRURDIDVWDPHQWRGDPpGLDGRSURFHVVRHPUHODomRDR
DOYR1DHTXDomRHRGHVYLRSDGUmRpFDOFXODGRFRPDHTXDomR
2QGH
0pGLDGDVDPSOLWXGHVGHXPDVpULHGHVXEJUXSRVGHWDPDQKRFRQVWDQWH
&RQVWDQWHTXHYDULDGHDFRUGRFRPRWDPDQKRGDDPRVWUDQ
1DHTXDomRRGHVYLRSDGUmRHVWLPDGRpFDOFXODGRFRPEDVHQRVVXEJUXSRV
RULXQGR GDV DPSOLWXGHV 5 GH FDGD VXEJUXSR 2 GHVYLR SDGUmR GRV YDORUHV
LQGLYLGXDLV p PDLRU TXH R GHVYLR SDGUmR EDVHDGR QRV VXEJUXSRV QmR LQFOXLQGR R
HIHLWRGDYDULDELOLGDGHGRSURFHVVRHQWUHRVVXEJUXSRV
6HJXQGR 0RQWJRPHU\ R YDORU GH &S WHP XPD XVXDO LQWHUSUHWDomR
SUiWLFD SDUD GHWHUPLQDU R SHUFHQWXDO GD HVSHFLILFDomR TXH HVWi VHQGR XVDGD SHOR
SURFHVVR3GHILQLGRSHODHTXDomR
$ $XWRPRWLYH ,QGXVWU\ $FWLRQ *URXS $,$* TXH FRQVLVWH GH WUrV JUDQGHV
PRQWDGRUDV GH DXWRPyYHLV )RUG *HQHUDO 0RWRUV H &KU\VOHU RULHQWD TXH RV tQGLFHV
&SH &SNVHPSUH GHYHP VHU DYDOLDGRV HP FRQMXQWRYLVWRTXHXPYDORUGH &S PDLRU
TXH R YDORU GR &SN LQGLFD XPD RSRUWXQLGDGH GH PHOKRULD QR SURFHVVR SRU PHLR GD
FHQWUDOL]DomRGRSURFHVVRHTXHQmRSRGHVHUGHWHFWDGRDSHQDVFRPDDQiOLVHGR&SN
6HJXQGR 0RQWJRPHU\ HP IXQomR GR YDORU FDOFXODGR GR tQGLFH GH
FDSDFLGDGH GR SURFHVVR SRGH VH GHWHUPLQDU D TXDQWLGDGH GH SHoDV IRUD GD
HVSHFLILFDomRHPSDUWHVSRUPLOKmRSSPPRVWUDGRQD7DEHODYiOLGRSDUDGDGRV
FRP GLVWULEXLomR QRUPDO FRP SURFHVVR VREUH FRQWUROH HVWDWtVWLFR H PpGLD FHQWUDGD
HQWUHROLPLWHVXSHULRUHLQIHULRUGDHVSHFLILFDomR
7DEHOD3HoDVIRUDGDHVSHFLILFDomRHPIXQomRGDFDSDFLGDGHGRSURFHVVR
3HoDVIRUDGDHVSHFLILFDomRHPSSP
QGLFHGH (VSHFLILFDomR (VSHFLILFDomR
&DSDFLGDGH 8QLODWHUDO %LODWHUDO
)RQWH0RQWJRPHU\
QGLFHVGH'HVHPSHQKR3RWHQFLDOGR3URFHVVR3SH3SN
6HJXQGR0RQWJRPHU\D$,$*HVWDEHOHFHRXVRGR&SH&SNTXDQGRR
SURFHVVR HVWi VRE FRQWUROH 4XDQGR R SURFHVVR QmR HVWi VRE FRQWUROH D $,$*
UHFRPHQGD XVDU RV tQGLFH GH GHVHPSHQKR GR SURFHVVR 3S H 3SN (VVHV tQGLFHV
DQDOLVDPVHDDPRVWUDJHUDGDGRSURFHVVRWHPFRQGLomRGHDWHQGHUDVHVSHFLILFDo}HV
HVWDEHOHFLGDV QmR VHQGR DGHTXDGRV SDUD LQIHUrQFLDV VREUH D FRQGLomR JHUDO GR
SURFHVVR(VVHVtQGLFHVVmRFDOFXODGRVSHODVHTXDo}HVH
2QGH
/,( /LPLWH,QIHULRUGH(VSHFLILFDomR
/6( /LPLWH6XSHULRUGH(VSHFLILFDomR
6 'HVYLR3DGUmR$PRVWUDO
0pGLDGDVPpGLDVGRVVXEJUXSRVGDDPRVWUD
23SNpXPLQGLFDGRUGRGHVHPSHQKREDVHDGRQDYDULDomRGRSURFHVVRDWUDYpV
GRFRQMXQWRFRPSOHWRGHGDGRVRXVHMDFRQVLGHUDDYDULDomRHQWUHRVVXEJUXSRVGR
HVWXGR2FiOFXORGRGHVYLRSDGUmRDPRVWUDOpGHWHUPLQDGRSHODHTXDomR
2QGH
OHLWXUDLQGLYLGXDOGHXPDDPRVWUD
PpGLDGDVPpGLDVGRVVXEJUXSRVOHLWXUDVLQGLYLGXDLVGDDPRVWUD
WDPDQKRGDDPRVWUD
6HJXQGR R PDQXDO GR 3URFHVVR GH $SURYDomR GH 3HoDV GH 3URGXomR 3$33
(GLomRRVUHTXHULPHQWRVGHFDSDFLGDGHGRSURFHVVRVmRGHILQLGRVFRPR
3DUD SURFHVVRV H[LVWHQWHV R tQGLFH GH GHVHPSHQKR GR SURFHVVR GHYH VHU
GHILQLGR SHORV FOLHQWHV 6H HVWH UHTXLVLWR QmR IRU HVWDEHOHFLGR RV VHJXLQWHV YDORUHV
GHYHPVHUDSOLFDGRV
3DUD SURFHVVRV HVWiYHLV H FRP GLVWULEXLomR QRUPDO R &SN GHYH VHU
DOFDQoDGR
3DUD SURFHVVRV FURQLFDPHQWH LQVWiYHLV FRP D VDtGD DWHQGHQGR D
HVSHFLILFDomR H FRP FRPSRUWDPHQWR SUHYLVtYHO R 3SN GHYH VHU
DWLQJLGR
$LQGD GH DFRUGR FRP R PDQXDO GR 3$33 RV UHTXHULPHQWRV UHODFLRQDGRV DR
GHVHPSHQKRGRSURFHVVRGHYHPVHULQWHUSUHWDGRVFRQIRUPH7DEHOD
7DEHOD'HVHPSHQKRGR3URFHVVR[,QWHUSUHWDomRGRV9DORUHV
'HVHPSHQKRGR3URFHVVR ,QWHUSUHWDomR
3SH3SN! 2SURFHVVRDWHQGHDRVUHTXLVLWRVGRFOLHQWH
2SURFHVVRSRGHVHUDFHLWR&RQWDWDURUHSUHVHQWDQWHDXWRUL]DGR
3SN
GRFOLHQWHSDUDUHYLVmRGRVUHVXOWDGRVGRHVWXGR
6HJXQGRRPDQXDOGHUHIHUrQFLDGR&RQWUROH(VWDWtVWLFRGR3URFHVVR&(3QmR
H[LVWHXP~QLFRtQGLFHTXHSRVVDGHVFUHYHUXPSURFHVVRHUHFRPHQGDTXHWRGRVRV
TXDWURtQGLFHV&S&SN3SH3SNVHMDPFDOFXODGRVQRPHVPRFRQMXQWRGHGDGRVHVXD
FRPSDUDomRSRGHLQGLFDURVSRWHQFLDLVSUREOHPDVGRSURFHVVRHDX[LOLDUQDPHGLomR
HSULRUL]DomRGDPHOKRULDGHORQJRSUD]R
0e72'26(352&(',0(1726(;3(5,0(17$,6
2SUHVHQWHFDStWXORPRVWUDDDSOLFDomRGRPpWRGRH[SHULPHQWDOQDPDQXIDWXUD
GHXPDLQG~VWULDGHDXWRSHoDVPXOWLQDFLRQDOGHJUDQGHSRUWHGRVXOGH0LQDV*HUDLV
HVSHFLILFDPHQWH QR SURFHVVR GH UHWLILFDomR FLOtQGULFD GH DQpLV GH IHUUR IXQGLGR
QRGXODU PDUWHQVtWLFR UHFREHUWR FRP FURPR GXUR QR VHX GLkPHWUR H[WHUQR 'HVWD
IRUPDVHUmRGHWDOKDGDVDVHWDSDVUHDOL]DGDVQRVH[SHULPHQWRVFRPRRSODQHMDPHQWR
D PiTXLQD UHWLILFDGRUD XWLOL]DGD LQVXPRV H SDUkPHWURV GH XVLQDJHP EHP FRPR RV
UHVXOWDGRVSUiWLFRVHHVWDWtVWLFRVREWLGRVDRORQJRGRHVWXGR
0DWHULDOH5HFREULPHQWRGRV$QpLVGH3LVWmR
2VDQpLVGHSLVWmRVmRSHoDVFLUFXODUHVDXWRH[SDQVLYDVFRPXPDDEHUWXUD(VWH
SURGXWR H[HUFH SUHVVmR FRQWUD D SDUHGH GR FLOLQGUR GR PRWRU GH FRPEXVWmR LQWHUQD
1R FDVR HP TXHVWmR R SURGXWR VH WUDWD GH XP DQHO GH FRPSUHVVmR FRQIRUPH
PRVWUDGRQD)LJXUDDVVLPGHQRPLQDGRSRUVHURSULPHLURDQHOGDSDUWHVXSHULRU
GRFLOLQGURHTXHWHPDSULQFLSDOIXQomRGHYHGDUDFkPDUDGHFRPEXVWmRDOpPGHVHU
UHVSRQViYHO SRU WUDQVPLWLU FDORU GR SLVWmR SDUD D SDUHGH GR FLOLQGUR H FRQWURODU R
ILOPHGHyOHRSDUDHYLWDURDWULWRVHFR
q&DQDOHWH
DQHOGHFRPSUHVVmR
q&DQDOHWH
DQHOUDVSDGRU
q&DQDOHWH
DQHOGHyOHR
)LJXUD,OXVWUDomRGDFpOXODGHSRWrQFLDGHXPPRWRUGHFLFOR2WWR
)RQWH0$+/(0HWDO/HYH6$
2 SURGXWR D VHU XVLQDGR QRV GLYHUVRV H[SHULPHQWRV p UHFREHUWR HP VHX
GLkPHWURH[WHUQRSRUXPDILQDFDPDGDGHFURPRGXURFRPGXUH]DGH+9PLQH
HVSHVVXUDGHPPVREUHRPHWDOEDVHGHIHUURIXQGLGRQRGXODUPDUWHQVtWLFR(VWH
SURGXWR SRVVXLDVSULQFLSDLV GLPHQV}HV GLkPHWUR H[WHUQRDOWXUD SDUDOHODHVSHVVXUD
UDGLDO IROJD HQWUH SRQWDV H HVSHVVXUD GD FDPDGD GH FURPR UHSUHVHQWDGDV QD
7DEHOD
7DEHOD3ULQFLSDLVGLPHQV}HVGRDQHOGHSLVWmRDSOLFDGRQRVH[SHULPHQWRV
(VSHVVXUDGD
'LkPHWUR $OWXUD (VSHVVXUD )ROJDHQWUH
&DPDGDGH&URPR
([WHUQR 3DUDOHOD 5DGLDO 3RQWDV
'XUR
PtQLPR
$)LJXUDLOXVWUDDVSULQFLSDLVGLPHQV}HVGRDQHOHPTXHVWmRDOpPGD
VHFomRWUDQVYHUVDOHYLGHQFLDQGRDFDPDGDGHFURPRGXURGHSRVLWDGDQRGLkPHWUR
H[WHUQR
$QHOGH3LVWmR &URPR'XUR )HUUR)XQGLGR1RGXODU
)LJXUD$QHOGH3LVWmR
1D)LJXUDpPRVWUDGDDHVWUXWXUDPHWDORJUiILFDGRIHUURIXQGLGRDWDFDGR
FRPVROXomRGHQLWDODHYLGHQFLDQGRRVQyGXORVGHJUDILWDHFDUEHWRV
)LJXUD$PSOLDomR[$WDTXH1LWDO
7DEHOD&DUDFWHUtVWLFDVGR)HUUR)XQGLGR1RGXODU
)HUUR)XQGLGR1RGXODU0DUWHQVtWLFR,626XEFODVVH0&
0DUWHQVLWDWHPSHUDGDFRPJUDILWDQRGXODUHGLVWULEXLomRILQDGH
0LFURHVWUXWXUD
FDUEHWRV
'XUH]D +9
+5&
0yGXORGH(ODVWLFLGDGH 0SD
1D 7DEHOD HVWi GHVFULWD D FRPSRVLomR TXtPLFD GR PDWHULDO EDVH TXH
SRVVLELOLWDRPHOKRUHQWHQGLPHQWRGRWLSRGHPDWHULDO
7DEHOD&RPSRVLomR4XtPLFDGR0DWHULDO%DVH
&RPSRVLomR4XtPLFD
&DPDGDGH&URPR'XUR
0HWDO%DVH)RIR
)LJXUD&URPR'XURVREUH)RIR1RGXODUDPSOLDomR[DWDTXH1D2+
&DPDGDGH&URPR'XUR
0HWDO%DVH)RIR
)LJXUD&URPR'XURDPSOLDomR[6HP$WDTXH
2 FURPR p XP PDWHULDO FRP WHQV}HV LQWHUQDV HP VXD HVWUXWXUD VHQGR
LPSRUWDQWH R FRQWUROH GDV PLFURILVVXUDV GH PRGR D PLQLPL]DU R DSDUHFLPHQWR GH
PDFURWULQFDVRTXHpSUHMXGLFLDODRSURGXWR2FURPRGXURDSOLFDGRQRVHQVDLRVWHP
DVFDUDFWHUtVWLFDVPRVWUDGDVQDWDEHODDVHJXLU
7DEHOD&DUDFWHUtVWLFDV&URPR'XUR
&URPR'XUR
0LFURHVWUXWXUD 0RQRIiVLFD
'HQVLGDGHGH)LVVXUDV ILVVXUDVSRUPPOLQHDU
'XUH]D +9PLQ
0iTXLQDH)HUUDPHQWDO
$PiTXLQDXWLOL]DGDQDH[SHULPHQWDomRpXPDUHWLILFDGRUDFLOtQGULFDHVSHFtILFD
SDUD IDEULFDomR GH DQpLV GH SLVWmR FRQIRUPH )LJXUD 2 HTXLSDPHQWR SRVVXL
FRPDQGRQXPpULFRFRPSXWDGRUL]DGR&1&QRTXDOVmRLQVHULGRVRVSDUkPHWURVGH
UHWLILFDomRHGUHVVDJHP
)LJXUD5HWLILFDGRUD&LOtQGULFD
$IL[DomRGRVDQpLVpUHDOL]DGDSRUPHLRGHPDQGULOHHVSDoDGRUHVIRUPDQGR
GRLV SDFRWHV GH SHoDV TXH VmR UHWLILFDGDV HP GXDV HWDSDV DWUDYpV GH GRLV
PRYLPHQWRVGHPHUJXOKRGRUHERORH[HFXWDQGRRqSDFRWHjHVTXHUGDSUy[LPRGD
SODFD GH DUUDVWH H R VHJXQGR SDFRWH j GLUHLWD SUy[LPR DR FRQWUDSRQWR HVWDQGR HP
FRQGLo}HV GLIHUHQWHV GH ULJLGH] 3Uy[LPR D UHJLmR GH IL[DomR GR PDQGULO PRQWDGR
FRPRVDQpLVILFDORFDOL]DGRRGUHVVDGRUFRPSRQWD~QLFDGHGLDPDQWHUHVSRQViYHO
SRUUHDILDUHSHUILODURUHERORXWLOL]DGRQDUHWLILFDomR$)LJXUDPRVWUDRFRQMXQWR
GHIHUUDPHQWDOHDQpLVPRQWDGRVQDUHWLILFDGRUD
3 3
3
3
3 3
3
3
)LJXUD)L[DomRGDV3HoDVH3RVLomRGH'UHVVDJHP
$IHUUDPHQWDGHFRUWHDSOLFDGDpXPUHERORUHWRGHy[LGRGHDOXPtQLRURVDGH
OLJDQWH YLWULILFDGR 57 [ [ '5 - 9 GHVHQYROYLGR HQWUH
IDEULFDQWH H XVXiULR HVSHFLILFDPHQWH SDUD VHU DSOLFDGR HP SURGXWRV FRP
UHFREULPHQWR GH FURPR GXUR FRP DV FDUDFWHUtVWLFDV H GLPHQV}HV PRVWUDGDV QDV
7DEHODH
7DEHOD)RUPDH'LPHQV}HVGR5HEROR
'LkPHWUR([WHUQR /DUJXUD 'LkPHWUR,QWHUQR
)RUPD
>PP@ >PP@ >PP@
57
7DEHOD&DUDFWHUtVWLFDVGR5HEROR
$EUDVLYR *UmR 'XUH]D (VWUXWXUD /LJDQWH
'5 - 9
[LGRGH$OXPtQLR5RVD 0XLWR)LQR 0ROH 1RUPDO 9LWULILFDGD
3DUDGUHVVDJHPGRUHERORpDSOLFDGRXPGUHVVDGRUFRPSRQWD~QLFD$SHGUD
GHGLDPDQWHQDWXUDOpIL[DGDHPXPFRUSRGHDoRSDUDSHUPLWLUDIL[DomRQDPiTXLQD
&RPRHVWHGUHVVDGRUWDPEpPWHPDIXQomRGHSHUILODURUHERORDSRQWDGRGLDPDQWH
GHYH VHU GHOJDGD RX VHMD FRP XPD JHRPHWULD HVSHFtILFD FRQIRUPH PRVWUDGR QD
)LJXUD/RJRDSHGUDGHGLDPDQWHQmRSRVVXLPDLVDVXDJHRPHWULDQDWXUDOSRLV
SDVVD SRU XP SURFHVVR GH ODSLGDomR DWp DWLQJLU DV GLPHQV}HV HVSHFLILFDGDV HP
GHVHQKR
9HUWLFHVGR'UHVVDGRU
)LJXUD'UHVVDGRU3RQWDQLFD
2GUHVVDGRUp PRQWDGRQDPiTXLQDFRPLQFOLQDomRGHqSDUDTXHDSHQDVR
YpUWLFH GD SHGUD WUDEDOKH QR UHEROR SHUPLWLQGR D XWLOL]DomR GRV GRLV YpUWLFHV H
SURPRYHQGR DR UHEROR XPD GUHVVDJHP DGHTXDGD 'HSRLV GH GHVJDVWDGRV RV
GUHVVDGRUHV VmR HQYLDGRVSDUD UHODSLGDomR SDUD UHWRUQDU j JHRPHWULD HVSHFLILFDGD H
VHUUHXWLOL]DGR
0pWRGR([SHULPHQWDO
3DUD D RWLPL]DomR GR SURFHVVR GH UHWLILFDomR VHUi DSOLFDGR XP $UUDQMR
&UX]DGR QD LGHQWLILFDomR GRV IDWRUHV TXH LQIOXHQFLDP D UHVSRVWD QD SUHVHQoD GH
UXtGRV FRQFRPLWDQWHPHQWH FRP D 0HWRGRORJLD GD 6XSHUItFLH GH 5HVSRVWD 065
XVDGDQDFULDomRGDPDWUL]GHH[SHULPHQWRVFRPSRQWRVFHQWUDLVHD[LDLV7DPEpPp
DSOLFDGD D HTXDomR GR (UUR 4XDGUiWLFR 0pGLR (40 QR FiOFXOR GDV UHVSRVWDV GRV
H[SHULPHQWRV EHP FRPR R 0pWRGR GR &ULWpULR *OREDO 0&* QD RWLPL]DomR GH
P~OWLSODVUHVSRVWDVDOpPGRDX[tOLRGR*UDGLHQWH5HGX]LGR*HQHUDOL]DGR*5*QD
VROXomRGDVHTXDo}HV
$)LJXUDDSUHVHQWDRIOX[RGDVIDVHVGRSURFHVVRH[SHULPHQWDOH[HFXWDGDV
GXUDQWHRWUDEDOKR
,QtFLR
'HILQLomRGRV
$MXVWHGRV0RGHORV
)DWRUHVGH5XtGR
2WLPL]DomR,QGLYLGXDO
9DOLGDomRGRV GDV5HVSRVWDV
)DWRUHVGH5XtGR 065*5*
'HILQLomRGRV)DWRUHV 2WLPL]DomR*OREDOGDV
&RQWUROiYHLVHVHXV 5HVSRVWDV
1tYHLV 0&**5*
([HFXomRGRV
0DWUL]GH([SHULPHQWRV
([SHULPHQWRVGH
353065
&RQILUPDomR
([HFXomRGRV
([SHULPHQWRVH5HJLVWUR $QiOLVHGRV5HVXOWDGRV
GRV5HVXOWDGRV
0RGHODJHP0DWHPiWLFD )LP
GDV5HVSRVWDV
)LJXUD0pWRGR([SHULPHQWDO
2V DQpLV GH SLVWmR XWLOL]DGRV QRV H[SHULPHQWRV SRVVXHP XPD GHWHUPLQDGD
VLQJXODULGDGH QR VHX GLkPHWUR H[WHUQR FRP XP SHUILO IRUPDGR SRU GRLV UDLRV FRP
WUrV GLPHQV}HV TXH GHYHP VHU DWHQGLGDV SDUD TXH R SURGXWR HVWHMD GHQWUR GD
HVSHFLILFDomR GH GHVHQKR (VWH SHUILO p FKDPDGR GH SHUILO DEDXODGR H DV GLPHQV}HV
IRUDP QRPHDGDV FRPR 7 7 H 7 FRQIRUPH PRVWUDGR QD )LJXUD VHQGR HVWDV
GLPHQV}HVDOYRVGRVHVWXGRVGRVH[SHULPHQWRVHTXHIRUDPXVDGDVSDUDFiOFXORGDV
UHVSRVWDVGRVH[SHULPHQWRV
'LkPHWUR 3HUILOGR'LkPHWUR
([WHUQRGR$QHO ([WHUQRGR$QHO
7
7
7
;
;
)LJXUD3HUILOGR'LkPHWUR([WHUQRGRV$QpLVGH3LVWmR
$7DEHODPRVWUDRVYDORUHVPtQLPRVHPi[LPRVSDUDDVGLPHQV}HV77H
7HVSHFLILFDGRQRGHVHQKRGRSURGXWRSDUDRVDQpLVDSOLFDGRVQRVHQVDLRVSDUDRV
TXDLVRSURFHVVRGHUHWLILFDomRGHYHVHUUREXVWRHSURSLFLDUXPDYDULkQFLDDGHTXDGD
SDUD TXH DSUHVHQWH tQGLFH GH FDSDFLGDGH 3SN TXH p R YDORU GH FDSDFLGDGH
PtQLPRH[LJLGRSHORPHUFDGRDXWRPRELOtVWLFR
7DEHOD9DORUHVGR3HUILOGR'LkPHWUR([WHUQRGRV$QpLV
'LPHQV}HV
(VSHFLILFDo}HV 7 7 7
>PP@ >PP@ >PP@
/,(
$OYR
/6(
$V WUrVGLPHQV}HVVmRSURGX]LGDVVLPXOWDQHDPHQWHYLVWRTXHDJHRPHWULD GR
SURGXWRp GHILQLGDSHOR UHEROR TXHFRQIRUPH FRPHQWDGR DQWHULRUPHQWH p SHUILODGR
FRPRVYDORUHVGHILQLGRVQRFRPDQGR&1&GDUHWLILFDGRUD$UHWLILFDomRpH[HFXWDGD
SRUPHUJXOKRQXPWRWDOGHSHoDVHPFDGDSDFRWHWRWDOL]DQGRSHoDVSRUFLFOR
SURPRYHQGR HOHYDGR HVIRUoR QD PiTXLQD VH FRPSDUDGR FRP XPD UHWLILFDomR SRU
SDVVDJHP 'HVWD IRUPD D RWLPL]DomR GRV SDUkPHWURV GHYH SURPRYHU UREXVWH] DR
SURFHVVRSDUDDVWUrVGLPHQV}HVTXHVmRLPSRUWDQWHVSDUDRGHVHPSHQKRGRSURGXWR
GXUDQWHVXDDSOLFDomRQRPRWRU3DUDHVWDVWUrVGLPHQV}HVVHUmRXWLOL]DGRVRV(40V
FRPRUHVSRVWDVGDPDWUL]GHH[SHULPHQWRV
2XWURLWHPGRSURFHVVRTXHIRLFRQVLGHUDGRQRVH[SHULPHQWRVpRGHVJDVWHGR
GUHVVDGRUGHSRQWD~QLFDGHGLDPDQWHTXHGHYHVHURPHQRUSRVVtYHOSDUDTXHRFXVWR
GR SURFHVVR VHMD UHGX]LGR (VWH GHVJDVWH VH Gi SHOR DWULWR GR UHEROR QD SHGUD GH
GLDPDQWH H SHOR DTXHFLPHQWR SURPRYLGR SRU HVWH DWULWR TXH GHSHQGHQGR GRV
SDUkPHWURVXWLOL]DGRVSRGHVHUPDLRURXPHQRU(VWHGHVJDVWHpPHGLGRLQGLUHWDPHQWH
SRU PHLR GD YLGD ~WLO GR GUHVVDGRU TXH QXP GHWHUPLQDGR PRPHQWR DWLQJH VHX
GHVJDVWH Pi[LPR H GHYH VHU VXEVWLWXtGR SRLV LQWHUIHUH QDV GLPHQV}HV 7 7 H 7
UHGX]LQGRDFDSDFLGDGHGRSURFHVVRID]HQGRFRPTXHDVWUrVGLPHQV}HVWHQGDPDVDLU
GRVOLPLWHVGDVHVSHFLILFDo}HVVHQGRHQWmRDYLGD~WLOGRGUHVVDGRUXPDGDVUHVSRVWDV
GRVH[SHULPHQWRV
5XtGRV
,QLFLDOPHQWH IRUDP GLVFXWLGRV RV UXtGRV TXH LQIOXHQFLDP DV GLPHQV}HV GDV
SHoDVHTXHLQWHUIHUHPQDUREXVWH]GRSURFHVVRVHQGRDSRVLomRGRSDFRWHGHDQpLV
=HRV HL[RV XWLOL]DGRV FRPR PDQGULVSDUDIL[DomRGDVSHoDV=RVGRLVUXtGRV
FRQVLGHUDGRV
&RPR Mi PHQFLRQDGR DQWHULRUPHQWH FDGD FLFOR GR SURFHVVR p FRPSRVWR SHOD
UHWLILFDomRGHGRLVSDFRWHVGHDQpLVTXHVmRIL[DGRVHPXPPDQGULOHSRVWHULRUPHQWH
PRQWDGRVHQWUHSRQWDVQDUHWLILFDGRUDVHQGRTXHDFRQGLomRGHULJLGH]GHVWHVSDFRWHV
QmRpDPHVPDSRLVRSDFRWHjHVTXHUGDTXHHVWiSUy[LPRDRFDEHoRWHGRHL[RiUYRUH
DSUHVHQWD PHQRU EDODQoR HP UHODomR DR VHJXQGR SDFRWH TXH HVWi SUy[LPR DR
FRQWUDSRQWR RQGH Ki XP PDLRU EDODQoR GR VLVWHPD FRQIRUPH PRVWUDGR QD )LJXUD
3DFRWH SUy[LPR DR 3DFRWHSUy[LPRDRFRQWUD
FDEHoRWHPDLRUULJLGH] SRQWRPHQRUULJLGH]
)LJXUD3RVLomRGRV3DFRWHVGH$QpLVQDUYRUH
3DUD TXH DSyV FDGD ILQDO GH FLFOR D PiTXLQD QmR ILTXH SDUDGD DJXDUGDQGR D
GHVPRQWDJHP H PRQWDJHP GRV SUy[LPRV DQpLV QR PDQGULO Ki GRLV FRQMXQWRV GHVWH
WLSRGHIHUUDPHQWDO/RJRHQTXDQWRXPHVWiQDPiTXLQDHPSURFHVVRRRXWURHVWi
VHQGR SUHSDUDGR SDUD R SUy[LPR FLFOR 2V PDQGULV GLIHUHQWHV WDPEpP IRUDP
FRQVLGHUDGRV FRPR XP UXtGR QR VLVWHPD SRLV FDGD FRQMXQWR GHVWH PDQGULO p
FRPSRVWR SRU GLIHUHQWHV SHoDV DV TXDLV SRVVXHP GLIHUHQoDV FRQVWUXWLYDV H JHUDP
SHTXHQRHUURGHSRVLomRGRVDQpLVQDUHWLILFDGRUDSRGHQGRLQIOXHQFLDUDVGLPHQV}HV
GDSHoD
2V SULPHLURV HQVDLRV UHDOL]DGRV WLYHUDP R REMHWLYR GH FRPSURYDU RV IDWRUHV
HVFROKLGRVFRPRUXtGRVTXHUHDOPHQWHLQWHUIHULDPQDGLPHQVmRGDSHoD3DUDWDQWR
IRUDPUHWLILFDGRVSDFRWHVGHDQpLVQDSRVLomRQRPHDGDFRPR/DGR3ODFDHSDFRWHVQD
SRVLomRQRPHDGDFRPR/DGR&RQWUDSRQWR
$)LJXUDGHPRQVWUDDPERVRVPDQGULVSUHSDUDGRVFRPRVDQpLV
0DQGULO
0DQGULO
)LJXUD0DQGULVGH)L[DomRGRV$QpLV
$SyV D FRQILUPDomR GR SULPHLUR UXtGR R PHVPR SURFHGLPHQWR IRL UHDOL]DGR
SDUDRVHJXQGRTXHVHUHIHUHDRVGRLVPDQGULVGHDQpLVHTXHHVWmRGHPRQVWUDGRVQD
7DEHODFRQGLo}HV QDV TXDLV IRUDP SURGX]LGDVSHoDVH DVVLP FRPR QDSULPHLUD
LQYHVWLJDomRIRUDPPHGLGDVHFRPSDUDGDVSHOD$129$
7DEHOD5XtGRGD3RVLomRGRV3DFRWHV
5XtGR 1tYHLVGRV5XtGRV
)DWRU
= 3DFRWH3Uy[LPRD3ODFD 3DFRWH3Uy[LPRDR&RQWUD3RQWR
= 0DQGULO 0DQGULO
2QHZD\$129$3RVLFLRQDPHQWRGR3DFRWHGH$QpLV 0DQGULOH0DQGULO
,QGLYLGXDO&,VSDUDDPpGLDEDVHDGRQR'HVYLR3DGUmR
'HVYLR
'LPHQVmR 1tYHO= 1 0pGLD ) 3
3DGUmR
/DGR3ODFD
3RVLFLRQDPHQWRGR3DFRWH
$GLIHUHQoDHQWUHDVGXDVSRVLo}HVWDPEpPSRGHVHUREVHUYDGDSHORVER[SORWV
GD)LJXUDH)LJXUD
%R[SORWSDUD0DQGULOH0DQGULO
'LPHQVmR7
0DQGULO 0DQGULO
)LJXUD%R[SORWGR5HVXOWDGRGDV3RVLo}HVGRV3DFRWHV
%R[SORWSDUD3RVLo}HV/DGR3ODFDH/DGR&RQWUD3RQWR
'LPHQVmR7
/DGR3ODFD /DGR&RQWUD3RQWR
)LJXUD%R[SORWGR5HVXOWDGRGRV'LIHUHQWHV0DQGULV
)DWRUHV&RQWUROiYHLV
$SyVDYDOLGDomRGRVUXtGRVRSDVVRVHJXLQWHIRLGHWHUPLQDURVSDUkPHWURVGH
SURFHVVR H VHXV QtYHLV EDVHDGR QRV IDWRUHV LQGLFDGRV QD OLWHUDWXUD FRPR
VLJQLILFDWLYRVFRQIRUPHMiDSUHVHQWDGRQRFDStWXORHWDPEpPQDH[SHULrQFLDGRV
HQJHQKHLURVGHVWDRSHUDomR2VSDUkPHWURVDGRWDGRVIRUDPYHORFLGDGHGHDYDQoRGR
UHEROR 9D YHORFLGDGH GH GUHVVDJHP 9IG YHORFLGDGH SHULIpULFD GR UHEROR 9V H
SURIXQGLGDGH GH GUHVVDJHP DG $ YHORFLGDGH GR PDQGULO 9Z QmR IRL FRQVLGHUDGD
GHYLGRDWHUSRXFDLQIOXrQFLDQDYHORFLGDGHGHFRUWH9FYLVWRTXHIRLDSOLFDGDQXPD
UHODomRGHHPUHODomRjYHORFLGDGHSHULIpULFDGRUHEROR9V
3DUD RV SDUkPHWURV FRQVLGHUDGRV IRUDP DGRWDGRV RV QtYHLV DSUHVHQWDGRV QD
7DEHOD
7DEHOD3DUkPHWURVGH3URFHVVRH1tYHLV
7DEHOD3DUkPHWURV)L[RVGH3URFHVVR
3DUkPHWURVGH3URFHVVR (VSHFLILFDomR
6REUHPHWDO >PP@QRGLkPHWUR
5HEROR 57[['5-9
9HORFLGDGHGR0DQGULO9Z >PV@
7LSR(FRFRRO)RUQHFLGRSHOD)XFKV
)OXLGR5HIULJHUDQWH
9D]mR>OPLQ@
5HVSRVWDVGRV([SHULPHQWRV
&RPR UHVSRVWDV GRV H[SHULPHQWRV IRUDP GHILQLGDV D YLGD GR GUHVVDGRU 9
FRPR<R(40SDUDDGLPHQVmR7(407FRPR<R(40SDUDDGLPHQVmR7
(407FRPR<HR(40SDUDDGLPHQVmR7 (407FRPR<&DGDYDORUGH
(40 IRL FDOFXODGR FRP RV GDGRV REWLGRV HP FDGD FRQGLomR GH UXtGR SDUD FDGD
FRPELQDomR GH SDUkPHWURV GD PDWUL] GH H[SHULPHQWRV SRU PHLR GD HTXDomR
3DUDPHOKRUHQWHQGLPHQWRD7DEHODPRVWUDFDGDUHVSRVWD<GRVH[SHULPHQWRV
7DEHOD9DULiYHLVGH5HVSRVWDVSDUDRV([SHULPHQWRV
5HVSRVWDV<
< 9LGDGRGUHVVDGRUFRQWDGDVHPQqGHGUHVVDJHQV9
< (40GDGLPHQVmR7QDVFRQGLo}HVGHUXtGRV(407
< (40GDGLPHQVmR7QDVFRQGLo}HVGHUXtGRV(407
< (40GDGLPHQVmR7QDVFRQGLo}HVGHUXtGRV(407
0DWUL]([SHULPHQWDO
$ PDWUL] H[SHULPHQWDO GR DUUDQMR LQWHUQR XWLOL]DGD SDUD D 0HWRGRORJLD GD
6XSHUItFLHGH5HVSRVWDIRLXP&&'$UUDQMR&RPSRVWR&HQWUDOFRPTXDWURIDWRUHV
HPGRLVQtYHLVN TXDWURSRQWRVFHQWUDLVN HRLWRSRQWRV
D[LDLV N FRP XPD UHSOLFDomR YDORU GH U{ H GRLV EORFRV
WRWDOL]DQGR HQVDLRV ,QLFLDOPHQWH IRL DSOLFDGR SDUD U{ R YDORU GH N
PDV RV H[SHULPHQWRV LQLFLDLV UHVXOWDUDP HP YDORUHV GH 7 7 H 7 FRP YDULkQFLD
HOHYDGDFRPYDORUHVIRUDGDHVSHFLILFDomRSRLVRVYDORUHVGRVSRQWRVD[LDLVILFDUDP
IRUD GD UHJLmR DGHTXDGD GRV SDUkPHWURV GR SURFHVVR TXH SRU HVWH PRWLYR IRL
UHGX]LGRSDUD
3DUD R SODQHMDPHQWR GD PDWUL] GR DUUDQMR H[WHUQR IRL XWLOL]DGR XP IDWRULDO
FRPSOHWRFRPGRLVIDWRUHVHPGRLVQtYHLVN
$SyVDGHILQLomRGRVIDWRUHVGRVH[SHULPHQWRVHGRVSDUkPHWURVIL[RVDPDWUL]
GHH[SHULPHQWRVIRLJHUDGDDVGLPHQV}HVGDVSHoDVHPFDGDFRQGLomRH[SHULPHQWDO
IRUDP FROHWDGDV H XWLOL]DGDV SDUD FiOFXOR GDV UHVSRVWDV (40V $ 7DEHOD
PRVWUDDPDWUL]FRPSOHWDGHH[SHULPHQWRVFRPRDUUDQMRLQWHUQRGHHQVDLRVHR
DUUDQMR H[WHUQR FRP HQVDLRV WRWDOL]DQGR H[SHULPHQWRV IRUPDQGR R PpWRGR
353HVXDVUHVSHFWLYDVUHVSRVWDV
2V YDORUHV GH (40V GD 7DEHOD IRUDP FDOFXODGRV D SDUWLU GRVGDGRV GD
WDEHODGRDSrQGLFH$REWLGRVSHODVGLPHQV}HVGDVSHoDVHGRDSrQGLFH%
7DEHOD0DWUL]GH([SHULPHQWRV353
$55$1-2(;7(512
=6HWXS
$55$1-2,17(512 =UYRUH
; ; ; ; < < < <
9D 9IG 9V DG
9 (407 (407 (407
>PPPLQ@>PPPLQ@ >PV@ >PP@
0RGHODJHPGDV5HVSRVWDV
$UHVSRVWD<FRUUHVSRQGHQWHjYLGD~WLOGRGUHVVDGRU9pUHSUHVHQWDGDSHOD
TXDQWLGDGHGHGUHVVDJHQVUHDOL]DGDSRUHVWHGUHVVDGRU(VWDVGUHVVDJHQVGHVJDVWDPR
GLDPDQWH DOWHUDQGR D JHRPHWULD GD SRQWD GHVWD IHUUDPHQWD TXH SRU VXD YH]
LQIOXHQFLDRGHVYLRSDGUmRGDVFDUDFWHUtVWLFDV77H7RXVHMDFRQIRUPHDYLGD~WLO
GRGUHVVDGRUDXPHQWDRGHVYLRSDGUmRWDPEpPDXPHQWDUHGX]LQGRDFDSDFLGDGHGR
SURFHVVRPHGLGDSRUPHLRGR3SN'HVWHPRGRDYLGD~WLOGRGUHVVDGRUIRLGHILQLGD
SRUPHLRGDUHGXomRGR3SNRXVHMDTXDQGRHVWHIDWRUDWLQJHYDORUHVHQWUHH
RGLDPDQWHHVWiQRILQDOGHYLGDHHQWmRGHYHVHUVXEVWLWXtGR
$R ILQDO GD YLGD ~WLO GH FDGD GUHVVDGRU IRUDP FROHWDGDV SHoDV R TXH
HTXLYDOHDRQ~PHURGHPHGLo}HVSRUH[SHULPHQWRTXHIRUDPXWLOL]DGDVSDUDFDOFXODU
DVVXDVUHVSHFWLYDVUHVSRVWDV(VWDVSHoDVIRUDPFRPSRVWDVSRUSHoDVHPFDGD
FRQGLomRGHUXtGRSDUDFDGDH[SHULPHQWRWRWDOL]DQGRGDGRVSDUDFRPSRUWRGDV
DV UHVSRVWDV $ PpGLD GH FDGD H[SHULPHQWR IRL FDOFXODGD FRP RV YDORUHV GHVWDV
SHoDVVHQGRHVWDPpGLDXWLOL]DGDQDHTXDomR
$ 7DEHOD PRVWUD FRPR H[HPSOR RV GDGRV GR H[SHULPHQWR SDUD D
GLPHQVmR7HPPPQDVFRQGLo}HVGHUXtGR
7DEHOD9DORUHVGDGLPHQVmR7GRH[SHULPHQWRQDVFRQGLo}HVGHUXtGR
(;3(5,0(1723$5$',0(1627
58'26 3 3 3 3 3 3 3 3 3 3
3RVLomR0DQGULO
3RVLomR0DQGULO
3RVLomR0DQGULO
3RVLomR0DQGULO
2VGDGRVGHFDGDH[SHULPHQWRIRUDPDSOLFDGRVQDHTXDomRSDUDFiOFXOR
GR(40GHWHUPLQDQGRDUHVSRVWDGHFDGDH[SHULPHQWRSDUDXPDGDVWUrVGLPHQV}HV
77H7
$ SDUWLU GDV UHVSRVWDV GRV H[SHULPHQWRV FRQIRUPH D 7DEHOD D UHODomR
HQWUHDVUHVSRVWDVIRLHVWDEHOHFLGDSRUPHLRGDPRGHODJHP PDWHPiWLFDGR0pWRGR
GD6XSHUItFLHGH5HVSRVWDGHWHUPLQDQGRDVUHODo}HVHQWUHRVIDWRUHVFRQWUROiYHLVGR
SURFHVVR XWLOL]DGRV FRPR YDULiYHLV GH HQWUDGD H VXDV LQIOXrQFLDV QDV UHVSRVWDV GH
LQWHUHVVH (P VHJXLGD IRL UHDOL]DGD D $QiOLVH GH 9DULkQFLD $129$ FDOFXODGDV
SHOR0LQLWDEXWLOL]DGDSDUDYHULILFDURDMXVWHGHFDGDPRGHORRYDORU3GHWRGRVRV
SDUkPHWURVHVXDVLQWHUDo}HV
$MXVWHVH6LJQLILFkQFLDGRV0RGHORV
3DUWLQGR GR PRGHOR FRPSOHWR DOJXQV WHUPRV QmR VLJQLILFDWLYRV IRUDP
UHWLUDGRV LQLFLDQGR SHOR GH PDLRU YDORU3 VHPSUH REVHUYDQGR R SULQFtSLR GD
KLHUDUTXLD$SyV DHOLPLQDomRGHVWHV WHUPRVIRUDPGHILQLGRVRV PRGHORV UHGX]LGRV
FRPVHXVUHVSHFWLYRVYDORUHV3FRQIRUPHPRVWUDGRQD7DEHOD&RPRSRGHVHU
REVHUYDGR KRXYH DXPHQWR GRV DMXVWHV GRV PRGHORV H UHGXomR GD YDULkQFLD
FRPSURYDQGR TXH RV WHUPRV QmR VLJQLILFDWLYRV IRUDP HOLPLQDGRV FRUUHWDPHQWH H
QHQKXP PRGHORDSUHVHQWRXIDOWDGHDMXVWH /DFNRI)LW VHQGRTXHDQWHVGD
UHPRomR GHVWHV WHUPRV QmR VLJQLILFDWLYRV R PRGHOR FRPSOHWR SDUD < (40
DSUHVHQWDYDIDOWDGHDMXVWHGH2PRGHORSDUDDUHVSRVWD9DSUHVHQWRX
ERP DMXVWH SRLV 5 $GM ! HQTXDQWR RV GHPDLV (40 (40 H (40
DSUHVHQWDUDPDMXVWHVVDWLVIDWyULRVSRLVVHPDQWLYHUDPHQWUHH
7DEHOD$QiOLVHGH6LJQLILFkQFLD,QGLYLGXDO
9DORU39 9DORU3(40 9DORU3(40 9DORU3(40
0RGHOR 0RGHOR 0RGHOR 0RGHOR 0RGHOR 0RGHOR 0RGHOR 0RGHOR
7HUPRV
&RPSOHWR 5HGX]LGR &RPSOHWR 5HGX]LGR &RPSOHWR 5HGX]LGR &RPSOHWR 5HGX]LGR
9D
5DGM
7DEHOD&RHILFLHQWHVGRV0RGHORV4XDGUiWLFRVSDUD9(40(40H(40
7DEHOD$QiOLVHGRV5HVtGXRV
5HVSRVWDV
$QiOLVHGRV5HVtGXRV 9 (40 (40 (40
7HVWHGH $'
1RUPDOLGDGH 9DORU3
&RPRSRGHVHUYHULILFDGRRVUHVtGXRVVmRQRUPDOPHQWHGLVWULEXtGRVYLVWRTXH
RV WHVWHV GH QRUPDOLGDGH GH $QGHUVRQ 'DUOLQJ $' DSUHVHQWDUDP YDORUHV PHQRUHV
TXHXPHYDORUHV3PDLRUHVTXH'D)LJXUDD)LJXUDHVWmRPRVWUDGDV
DVGLVWULEXLo}HVGRVUHVtGXRVSDUDDVTXDWURUHVSRVWDVGHLQWHUHVVH
7HVWHGH1RUPDOLGDGHGRV5HVtGXRVSDUD<
1RUPDO
0HDQ
6W'HY
1
$'
39DOXH
3HUFHQWDJHP
5HVtGXRVSDUD<
)LJXUD7HVWHVGH1RUPDOLGDGHSDUDRV5HVtGXRVGH9
7HVWHGH1RUPDOLGDGHGRV5HVtGXRVSDUD<
1RUPDO
0HDQ
6W'HY
1
$'
39DOXH
3HUFHQWDJHP
5HVtGXRVSDUD<
)LJXUD7HVWHVGH1RUPDOLGDGHSDUDRV5HVtGXRVGH(407
7HVWHGH1RUPDOLGDGHGRV5HVtGXRVSDUD<
1RUPDO
0HDQ
6W'HY
1
$'
39DOXH
3HUFHQWDJHP
5HVtGXRVSDUD<
)LJXUD7HVWHVGH1RUPDOLGDGHSDUDRV5HVtGXRVGH(407
7HVWHGH1RUPDOLGDGHGRV5HVtGXRVSDUD<
1RUPDO
0HDQ
6W'HY
1
$'
39DOXH
3HUFHQWDJHP
5HVtGXRVSDUD<
)LJXUD7HVWHVGH1RUPDOLGDGHSDUDRV5HVtGXRVGH(407
6XSHUItFLHGH5HVSRVWD
3RU PHLR GH FDGD PRGHOR IRUDP FRQVWUXtGDV DV VXSHUItFLHV GH UHVSRVWDV $V
)LJXUDV H UHSUHVHQWDP FRPR H[HPSOR DV VXSHUItFLHV SDUD
YHORFLGDGH GH GUHVVDJHP 9IG H D SURIXQGLGDGH GH GUHVVDJHP DG SDUD PRVWUDU D
LQIOXHQFLD GRV SDUkPHWURV QDV UHVSRVWDV HVWXGDGDV YLGD GR GUHVVDGRU 9 (40 7
(40 7 H (40 7 $V GHPDLV VXSHUItFLHV GH UHVSRVWDV SRGHP VHU YHULILFDGDV QRV
DSrQGLFHV&'(H)
9DORUHV)L[RV
9D
9DORUHV)L[RV
9D
9V
9V
'U HVVDJHQV
(4 07
9 IG
DG
9 IG DG
)LJXUD,QWHUDomRHQWUH9IG[DG )LJXUD,QWHUDomRHQWUH9IG[DG
SDUD9LGDGR'UHVVDGRU SDUD(407
9DORUHV)L[RV 9DORUHV)L[RV
9D 9D
9V
9V
(4 0 7
(4 0 7
9IG DG
DG
9 IG
2EVHUYDQGRD)LJXUDpSRVVtYHOQRWDUSHODVXSHUItFLHTXHKiDXPHQWRGD
YLGD GR GUHVVDGRU FRQIRUPH D SURIXQGLGDGH GH GUHVVDJHP DG H D YHORFLGDGH GH
GUHVVDJHPGRUHEROR9IGVmRUHGX]LGDV
7DPEpPDVVXSHUItFLHVGHUHVSRVWDVSDUD(407(407H(407PRVWUDP
TXH RV PHQRUHV YDORUHV GRV HUURV TXDGUiWLFRV PpGLRV (40 VmR REWLGRV FRP D
UHGXomRGDSURIXQGLGDGHGHGUHVVDJHPHGDYHORFLGDGHGHGUHVVDJHP
27,0,=$d2
2WLPL]DomR,QGLYLGXDO
3DUD D RWLPL]DomR GRV PRGHORV IRL DSOLFDGD D HTXDomR GR 065 TXH ILFRX
GLVSRVWDFRQIRUPHDVHTXDo}HVGHD
3RU PHLR GRV PRGHORV UHGX]LGRV IRUDP REWLGDV DV VXDV UHVSHFWLYDV HTXDo}HV
TXHIRUDPXWLOL]DGDVLQLFLDOPHQWHSDUDDRWLPL]DomRLQGLYLGXDOSDUDFDGDUHVSRVWDGH
LQWHUHVVH 3DUD D UHVSRVWD 9 D IXQomR REMHWLYR p GH PD[LPL]DomR YLVWR TXH TXDQWR
PDLRU D YLGD GR GUHVVDGRU PHQRU R FXVWR GD RSHUDomR HQTXDQWR SDUD DV GHPDLV
UHVSRVWDV (40 7 (40 7 H (40 7 D IXQomR REMHWLYR p GH PLQLPL]DomR SRLV
TXDQWRPHQRURYDORUGHVWDVUHVSRVWDVPDLVUREXVWRDRVUXtGRVpRSURFHVVR
&RQVLGHUDQGR D HTXDomR DSUHVHQWDGD IRUDP HVWDEHOHFLGDV DV HTXDo}HV
SDUDDVUHVSRVWDVGHLQWHUHVVH9(407(407H(407UHVSHFWLYDPHQWHTXH
ILFDUDPIRUPDWDGDVFRQIRUPHHTXDo}HVH
0D[LPL]DU I 9 9 IG 9 S D G 9 IG
9 S 9 IG 9 S 9 S D G
0LQLPL]DU I (40 7 9 D 9 IG 9 S D G
9 D 9 IG 9 S D G 9 D 9 IG
9 D 9 S 9 D D G 9 IG 9 S 9 IG D G
0LQLPL]DU I (40 7 9 D 9 S 9 D 9 S
D G 9 D9 IG
0LQLPL]DU I (40 7 9D 9IG 9S DG 9D
9IG 9S DG 9D9S 9DDG
9SDG
3DUD HYLWDU TXH D VROXomR HQFRQWUDGD ILTXH IRUD GD UHJLmR H[SHULPHQWDO IRL
DFUHVFHQWDGDDVHJXLQWHUHVWULomR
;7;
2VUHVSHFWLYRVGDGRVIRUDPODQoDGRVQXPDSODQLOKDGRSURJUDPD06([FHO
GLVWULEXtGRVFRQIRUPHPRVWUDGRQD7DEHOD3DUDVROXFLRQDUDVHTXDo}HVXWLOL]RX
VHRDSOLFDWLYR6ROYHUTXHFRQGX]LXDXPDVROXomRyWLPDLQGLYLGXDOSDUDFDGDXPD
GDV HTXDo}HV WHQGR R SRQWR GH SDUWLGD SDUD FDGD YDULiYHO GH GHFLVmR R YDORU
FRGLILFDGR]HUR
7DEHOD6ROXomRGDV)XQo}HV2EMHWLYRV
3DUDUHVROYHUDVIXQo}HVSURSRVWDVXPDQRYDSODQLOKDGRSURJUDPD06([FHO
IRL FULDGD QD TXDO RV GDGRV IRUDP ODQoDGRV H D IXQomR 6ROYHU IRL QRYDPHQWH
DSOLFDGDWDPEpPWHQGRFRPRSRQWRLQLFLDOYLiYHOSDUDDDSOLFDomRGR*5*RYHWRU
>@
$ WDEHOD PRVWUD D GLVWULEXLomR GDV IXQo}HV H GHPDLV GDGRV QD SODQLOKD
([FHO EHPFRPRDVROXomRHQFRQWUDGDSDUDRVSDUkPHWURVGHSURFHVVR
7DEHOD$SOLFDomRGR0pWRGRGR&ULWpULR*OREDO
9 (407 (407 (407
6ROXomR
$OYRV
9D 9IG 9V DG
>PPPLQ@ >PPPLQ@ >PV@ >PP@
&RGLILFDGR
'HFRGLILFDGR
([SHULPHQWRVGH&RQILUPDomR
(P VHJXLGD DSyV D GHILQLomR GRV SDUkPHWURV yWLPRV SDUD R SURFHVVR IRL
LQLFLDGDDIDVHGHH[HFXomRGRVH[SHULPHQWRVGHFRQILUPDomRSDUDYDOLGDURVYDORUHV
REWLGRVSDUDRVSDUkPHWURVGRSURFHVVR
$QWHV GR LQtFLR GRV WHVWHV IRL UHDOL]DGR R FiOFXOR GR LQWHUYDOR GH FRQILDQoD
SDUD FDGD XPD GDV UHVSRVWDV SDUD VHUYLUHP GH HVWLPDWLYDV SDUD YDOLGDomR GRV
H[SHULPHQWRVGHFRQILUPDomRFRQIRUPHPRVWUDGRQD7DEHOD
7DEHOD,QWHUYDORGH&RQILDQoDSDUDRV([SHULPHQWRVGH&RQILUPDomR
,QWHUYDORGH&RQILDQoD
/LPLWH /LPLWH
5HVSRVWDV $OYR
,QIHULRU 6XSHULRU
9
(407
(407
(407
)LJXUD'UHVVDGRU([S;)LJXUD'UHVVDGRU([S;
)LJXUD'UHVVDGRU([S;
$SyV D PHGLomR GDV SHoDV GDV DPRVWUDV RV GDGRV IRUDP WDEXODGRV SDUD R
FiOFXORGDVUHVSRVWDV(40VGHFDGDVXEJUXSRFRQIRUPHPRVWUDGRQD7DEHOD
7DEHOD H 7DEHOD FRP D GLVWULEXLomR GRV GDGRV SDUD (40 7 (40 7 H
(407GRH[SHULPHQWRGHFRQILUPDomR
7DEHOD'DGRVGR([SHULPHQWRGH&RQILUPDomRSDUD(407
(;3(5,0(172'(&21),50$d2',0(16(6'(7
6XEJUXSR
'UHVVDJHQV $PRVWUD (407
7DEHOD'DGRVGR([SHULPHQWRGH&RQILUPDomRSDUD(407
(;3(5,0(172'(&21),50$d2',0(16(6'(7
6XEJUXSR
'UHVVDJHQV $PRVWUD (407
7DEHOD'DGRVGR([SHULPHQWRGH&RQILUPDomRSDUD(407
(;3(5,0(172'(&21),50$d2',0(16(6'(7
6XEJUXSR
'UHVVDJHQV $PRVWUD (407
&RP RV GDGRV FROHWDGRV GH WRGRV RV H[SHULPHQWRV IRL YHULILFDGR R
FRPSRUWDPHQWRGHFDGDUHVSRVWDQRLQWHUYDORGHYLGDGRGUHVVDGRUFRPH
GUHVVDJHQV&RPRSRGHUiVHUYHULILFDGDQRVJUiILFRVGD)LJXUD)LJXUDH
)LJXUD Ki XPD WHQGrQFLD GH DXPHQWR GD PpGLD GR (40 GH FDGD GLPHQVmR j
PHGLGDTXHDYLGDGRGUHVVDGRUDXPHQWD(VWHFRPSRUWDPHQWRWUDGX]RGHVJDVWHGR
GUHVVDGRU JHUDQGR XP GHVORFDPHQWR GD PpGLD GH FDGD GLPHQVmR H UHGX]LQGR D
FDSDFLGDGHGRSURFHVVR
7HQGrQFLDGR(407QRLQWHUYDORHQWUHHGUHVVDJHQV
0RGHORSDUD7HQGrQFLDGR(407
<W
W
9DULDEOH
$ FWXDO
)LWV
$ FFXUDF\ 0HDVXUHV
0$ 3(
0$ '
06'
(407
1~PHURGH'UHVVDJHQV
)LJXUD7HQGrQFLDGH(407QRLQWHUYDORHQWUHHGUHVVDJHQV
$GLPHQVmR7pDFDUDFWHUtVWLFDTXHDSUHVHQWDPDLRULQIOXrQFLDGRGHVJDVWHGR
GUHVVDGRUWDPEpPPRVWUDQGRXPDXPHQWRGDPpGLDGR(407FRPRGHFRUUHUGD
YLGDGRGUHVVDGRUTXHSRGHVHUREVHUYDGRSHOD)LJXUD
7HQGrQFLDGR(407QRLQWHUYDORHQWUHHGUHVVDJHQV
0RGHORSDUD7HQGrQFLDGR(407
<W
W
9DULDEOH
$ FWXDO
)LWV
$ FFXUDF\ 0HDVXUHV
0$ 3(
0$ '
06'
(407
1~PHURGH'UHVVDJHQV
)LJXUD7HQGrQFLDGR(407QRLQWHUYDORHQWUHHGUHVVDJHQV
$VVLP FRPR 7 H 7 D GLPHQVmR 7 WDPEpP WHP D PpGLD GR (40 7
LQIOXHQFLDGD FRP R DXPHQWR GR GHVJDVWH GR GUHVVDGRU SRUpP GH IRUPD PHQRV
DFHQWXDGDTXDQGRFRPSDUDGDFRP(407H(407
7HQGrQFLDGR(407QRLQWHUYDORHQWUHHGUHVVDJHQV
0RGHORSDUD7HQGrQFLDGR(407
<W
W
9DULDEOH
$ FWXDO
)LWV
$ FFXUDF\ 0HDVXUHV
0$ 3(
0$ '
1~PHURGH'UHVVDJHQV
)LJXUD7HQGrQFLDGH(407QRLQWHUYDORHQWUHHGUHVVDJHQV
3DUD YHULILFDU VH RV YDORUHV GH (40 SDUD FDGD UHVSRVWD FRUUHVSRQGHUDP DRV
YDORUHV SUHYLVWRV SHORV PRGHORV WHyULFRV IRUDP FDOFXODGDV DV PpGLDV GRV (40V
SDUDFDGDUHVSRVWDEHPFRPRRLQWHUYDORGHFRQILDQoDWRGRVFRQVLGHUDGRVQRILQDO
GHYLGDGRGUHVVDGRUFRPGUHVVDJHQV
7DEHOD(40
VH,QWHUYDORVGH&RQILDQoD9DORUHV7HyULFRV[9DORUHV([SHULPHQWDLV
9LGDGR
(407 (407 (407
'UHVVDGRU
7HyULFRV
7DEHOD&DSDFLGDGHGR3URFHVVRGH5HWLILFDomRSDUDDVGLPHQV}HVGDSHoD
&DSDFLGDGHGR3URFHVVRQR)LQDOGH9LGDGRV'UHVVDGRUHV
9LGDGR'UHVVDGRU
&SN7 &SN7 &SN7
>'UHVVDJHQV@
([S&RQILUPDomR
([SHULPHQWRVGH&RQILUPDomR
&RPSDUDWLYRGR3URFHVVR$QWHVGD2WLPL]DomRH$SyV2WLPL]DomR
3DUkPHWURVGH3URFHVVR$QWHVH$SyV2WLPL]DomR
3DUD YHULILFDU D PHOKRULD REWLGD QR SURFHVVR GH UHWLILFDomR IRL UHDOL]DGR XP
HVWXGRFRPSDUDWLYRFRPRVSDUkPHWURVDSOLFDGRVDQWHVHDSyVDRWLPL]DomRTXHHVWmR
GHPRQVWUDGRVQDWDEHOD
7DEHOD&RPSDUDWLYR3URFHVVR$QWHVGD2WLPL]DomR[$SyV2WLPL]DomR
3DUkPHWURVGR3URFHVVR$QWHVGD2WLPL]DomR[$SyV2WLPL]DomR
3DUkPHWURVGR3URFHVVR $QWHVGD2WLPL]DomR $SyV2WLPL]DomR
9D >PPPLQ@
9IG >PPPLQ@
9V >PV@
DG >PP@
8G
ZW
9 >GUHVVDJHQV@
&RPR SRGH VHU REVHUYDGR QD 7DEHOD R YDORU RWLPL]DGR GD YHORFLGDGH
SHULIpULFD GR UHEROR 9V VRIUHX DXPHQWR HP UHODomR DR YDORU DSOLFDGR DQWHV GD
RWLPL]DomR (VWH DXPHQWR GH YHORFLGDGH ID] FRP TXH RV JUmRV DEUDVLYRV GR UHEROR
VRIUDP PHQRVHVIRUoRVGXUDQWHDUHWLILFDomRYLVWRTXHSDVVDPPDLVYH]HVQRSRQWR
GHFRUWHUHPRYHQGRXPDPHQRUTXDQWLGDGHGHPDWHULDOHPFDGDUHYROXomRGRUHEROR
VH FRPSDUDGR FRP XPD YHORFLGDGH SHULIpULFD 9V PHQRU H PDQWLGD XPD PHVPD
YHORFLGDGH GH DYDQoR GH PHUJXOKR 9D (VWH IHQ{PHQR JHUD PHQRU GHVJDVWH GR
UHEROR R TXH ID] FRP TXH D VXD JHRPHWULD SHUPDQHoD SRU XP PDLRU WHPSR GH
UHWLILFDomRFRQWULEXLQGRSDUDDPHQRUYDULkQFLDGDJHRPHWULDGDSHoD
$QDOLVDQGR D YLGD ~WLO GR GUHVVDGRU 9 PHGLGD HP GUHVVDJHQV SRGH VH
YHULILFDUTXHRVIDWRUHVFRQWUROiYHLVTXHPDLVDIHWDPHVWDUHVSRVWDVmRD9HORFLGDGH
3HULIpULFDGR5HEROR9VHD3URIXQGLGDGHGH'UHVVDJHPDGVHQGRRYDORUyWLPR
SDUD HVWD VHJXQGD YDULiYHO GH PP DEDL[R GR YDORU SUDWLFDGR DQWHV GD
RWLPL]DomR GH PP $ UHGXomR QR YDORU GHVWD YDULiYHO FRUURERUD FRP
0DULQHVFX HW DO TXH DILUPDUDP TXH R GLDPDQWH FRPHoD VH GHVJDVWDU HP
WHPSHUDWXUDVDFLPDGHq&QDSUHVHQoDGHR[LJrQLRHTXHDPDLRUSURIXQGLGDGH
GH GUHVVDJHP DSHQDV DXPHQWD R GHVJDVWH GR GUHVVDGRU &RP HVWDV LQIRUPDo}HV
DOLDGD DRV HVWXGRV GH =KDQJ H 6KLQ TXH PRVWUDP TXH XPD GDV FDXVDV GR
GHVJDVWH GR GLDPDQWH VH Gi GHYLGR DR DWULWR SRGH VH LQIHULU TXH D UHGXomR QD
SURIXQGLGDGH GH GUHVVDJHP SURPRYH PHQRU JHUDomR GH DWULWR H FDORU FRQWULEXLQGR
SDUD R DXPHQWR GD YLGD GR GUHVVDGRU FRQIRUPH REVHUYDGR QRV UHVXOWDGRV GRV
H[SHULPHQWRV
2EVHUYDQGR D RQGXODomR WHyULFD :W PRVWUDGD QD 7DEHOD QRWDVH TXH
KRXYHUHGXomRQHVWHSDUkPHWURTXHVHJXQGR$JXLDUHWDOOHYDjUHGXomRGD
UXJRVLGDGHHTXHVHJXQGR0DULQHVFXHWDOOHYDDRDXPHQWRGRGHVJDVWHGR
GUHVVDGRU %DVHDGR QD UHGXomR GR :W SRGHVH GHGX]LU TXH D UHGXomR QHVWH
SDUkPHWUR FRQWULEXL SDUD D PHQRU YDULkQFLD GD JHRPHWULD DQDOLVDGD GD SHoD TXH
SRVVXLGLPHQV}HVPLOHVLPDLVHTXHVmRLQIOXHQFLDGDVSHODUXJRVLGDGHGDVXSHUItFLH
2JUDXGHUHFREULPHQWRGDGUHVVDJHP8GPRVWUDGDQD7DEHODWDPEpPp
RXWUDFRQGLomRGHGUHVVDJHPGRUHERORTXHIRLDOWHUDGDVRIUHQGROLJHLUDUHGXomRDSyV
DRWLPL]DomR$DOWHUDomRGHVWHSDUkPHWURpXPIDWRUGHVIDYRUiYHODRPHQRUGHVJDVWH
GR GUHVVDGRU LQGR GH HQFRQWUR FRP DV DILUPDo}HV GH /LQNH H .ORFNH TXH
PRVWUDUDPTXHRDXPHQWRGRJUDXGHUHFREULPHQWRJHUDPHQRVFDORUQRPRPHQWRGD
GUHVVDJHPHFRQVHTXHQWHPHQWHPHQRUGHVJDVWHGRGUHVVDGRU
&DSDFLGDGHGR3URFHVVR$QWHVH$SyV2WLPL]DomR
$OpPGDDQiOLVHGRVSDUkPHWURVGDUHWLILFDomRIRLUHDOL]DGRWDPEpPXPHVWXGR
HVWDWtVWLFRGDFDSDFLGDGHGRSURFHVVRQRTXDOIRUDPDQDOLVDGRVR(40DPpGLDP
GDVGLPHQV}HV77 H7 HDYDULkQFLDGRSURFHVVREHPFRPRR&SNH3SNWDOFRPR
LOXVWUD D 7DEHOD FRP RV YDORUHV REWLGRV FRP R SURFHVVR DQWHV H DSyV D
RWLPL]DomR
7DEHOD&DSDFLGDGHGR3URFHVVR$QWHVH$SyV2WLPL]DomR
1RWDVHTXHDSyVDRWLPL]DomRGRSURFHVVRRVYDORUHVPpGLRVREWLGRVSDUDDV
GLPHQV}HV 7 7 H 7 HVWmR PDLV SUy[LPRV GH VHXV DOYRV $ RWLPL]DomR WDPEpP
SURPRYHXDUHGXomRGDYDULkQFLDGDVWUrVGLPHQV}HVTXHUHVXOWDUDPQRDXPHQWRGD
FDSDFLGDGH GR SURFHVVR DYDOLDGRV SHOR &SN H 3SN EHP FRPR QD UHGXomR GR (UUR
4XDGUiWLFR0pGLR(40
&RPR SRGH VHU YHULILFDGR QD )LJXUD DSHVDU GR DXPHQWR GD YLGD ~WLO GR
GUHVVDGRU SDUD GUHVVDJHQV QmR KRXYH GHJUDGDomR GD FDSDFLGDGH GR SURFHVVR
SDUD D GLPHQVmR 7 HQWUHWDQWR KRXYH D UHGXomR GD YDULkQFLD H D PpGLD FRQWLQXRX
SUDWLFDPHQWHQRDOYR
*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
$QWHVGD2WLPL]DomR $SyV2WLPL]DomR
/6&
/6&
0pGLDGD$PRVWUD
B
B B
B
; ;
/,&
/,&
$PRVWUD
)LJXUD*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
3DUDDGLPHQVmR7RFRPSRUWDPHQWRWDPEpPIRLGHUHGXomRGDYDULkQFLDHGR
PHVPR PRGR D PpGLD ILFRX PDLVSUy[LPDGR DOYRGDHVSHFLILFDomRVH FRPSDUDGR
FRPRSURFHVVRDQWHVGDRWLPL]DomRTXHSRGHVHUREVHUYDGRQD)LJXUD
*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
$QWHVGD2WLPL]DomR $SyV2WLPL]DomR
/6&
/6&
0pGLDGD$PRVWUD
B
B
;
B
B
;
/,&
/,&
0pGLD
)LJXUD*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
3DUD D GLPHQVmR 7 UHSUHVHQWDGD QD )LJXUD D DOWHUDomR IRL PDLV
UHSUHVHQWDWLYDYLVWRTXHDDOWHUDomRGDPpGLDIRL PDLRUTXHSDUDDVGLPHQV}HV7H
7(VWDGLPHQVmRWDPEpPILFRXPDLVSUy[LPDGRDOYRHFRPPHQRUYDULkQFLDDSyVD
RWLPL]DomRGRVSDUkPHWURVGRSURFHVVR
*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
$QWHVGD2WLPL]DomR $SyV2WLPL]DomR
/6&
B
B
/6& ;
0pGLDGD$PRVWUD
B
B
;
/,&
/,&
0pGLD
)LJXUD*UiILFR;EDUSDUD7$QWHVH$SyV2WLPL]DomR
'D )LJXUD D )LJXUD VmR PRVWUDGRV RV UHODWyULRV GD FDSDFLGDGH GR
SURFHVVR DQWHV H DSyV RWLPL]DomR SDUD DV WUrV UHVSRVWDV GH LQWHUHVVH TXH VmR DV
GLPHQV}HVGRSHUILOGDIDFHGHFRQWDWRGRVDQpLVRQGHVHYHULILFDPSULQFLSDOPHQWHRV
tQGLFHV &S &SN 3S H 3SN H VHXV UHVSHFWLYRV LQWHUYDORV GH FRQILDQoD DOJXQV Mi
PRVWUDGRVDQWHULRUPHQWHQD7DEHODH7DEHOD2XWUDVLQIRUPDo}HVSHUWLQHQWHV
DRVHVWXGRVWDPEpPSRGHPVHUH[WUDtGDVGHVWHVUHODWyULRV
&DSDFLGDGHGR3URFHVVR2WLPL]DGRSDUD'LPHQVmR7
FRQILDQoD
/6/ 86/
3 URFHVV' DWD : LWKLQ
/6 / 2Y HUDOO
7DUJHW
3 RWHQWLDO:LWKLQ& DSDELOLW\
8 6/
6 DPSOH0 HDQ &S
6 DPSOH1 /RZ HU& /
6 W' HY :LWKLQ 8 SSHU& /
6 W' HY 2 Y HUDOO & 3/
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
3 SN
2 EVHUY HG3 HUIRUPDQFH ( [S:LWKLQ3 HUIRUPDQFH
( [S2 Y HUDOO3 HUIRUPDQFH
/RZ HU& /
3 3 0 /6 / 3 3 0 /6 / 3 3 0 /6 /
3 3 0 !8 6 / 3 3 0 !8 6 / 3 3 0 !8 6/ 8 SSHU& /
3 3 0 7RWDO 3 3 0 7RWDO
3 3 0 7RWDO & SP
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$QWHVGD2WLPL]DomRSDUD'LPHQVmR7
&DSDELOLGDGHGR3URFHVVR2WLPL]DGRSDUD'LPHQVmR7
&RQILDQoD
/6/ 86/
3 URFHVV'DWD : LWKLQ
/6 / 2Y HUDOO
7DUJHW
86/ 3 RWHQWLDO:LWKLQ& DSDELOLW\
&S
6 DPSOH0 HDQ
/RZ HU& /
6 DPSOH1
6 W'HY :LWKLQ
8 SSHU& /
6 W'HY 2 Y HUDOO & 3/
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
2 EVHUY HG3 HUIRUPDQFH ( [S:LWKLQ3 HUIRUPDQFH ( [S2 Y HUDOO3 HUIRUPDQFH 3 SN
3 3 0 /6/ 3 3 0 /6 / 3 3 0 /6/ /RZ HU& /
8 SSHU& /
3 3 0 !8 6 / 3 3 0 !8 6/ 3 3 0 !8 6 /
3 3 0 7RWDO 3 3 0 7RWDO 3 3 0 7RWDO & SP
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$SyV2WLPL]DomRSDUD'LPHQVmR7
&DSDFLGDGHGR3URFHVVR$QWHVGD2WLPL]DomRSDUD'LPHQVmR7
FRQILDQoD
/6/ 86/
3 URFHVV' DWD : LWKLQ
/6 / 2YHUDOO
7DUJHW
8 6/ 3 RWHQWLDO:LWKLQ& DSDELOLW\
6 DPSOH0 HDQ &S
/RZ HU& /
6 DPSOH1
6 W'HY :LWKLQ 8 SSHU& /
& 3/
6 W'HY 2 Y HUDOO
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
2 EVHUY HG3 HUIRUPDQFH ( [S:LWKLQ3 HUIRUPDQFH ([S2Y HUDOO3 HUIRUPDQFH 3 SN
/RZ HU& /
3 3 0 /6 /
3 3 0 !8 6 /
3 3 0 /6 /
3 3 0 !8 6 /
3 3 0 /6 /
3 3 0 !8 6 / 8 SSHU& /
3 3 0 7RWDO 3 3 0 7RWDO 330 7RWDO & SP
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$QWHVGD2WLPL]DomRSDUD'LPHQVmR7
&DSDFLGDGHGR3URFHVVR2WLPL]DGRSDUD'LPHQVmR7
&RQILDQoD
/6/ 86/
3 URFHVV'DWD :LWKLQ
/6 / 2YHUDOO
7DUJHW
86/ 3 RWHQWLDO:LWKLQ& DSDELOLW\
&S
6 DPSOH0 HDQ
/RZ HU& /
6 DPSOH1
6 W'HY :LWKLQ 8 SSHU& /
& 3/
6 W'HY 2 Y HUDOO
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
2 EVHUY HG3 HUIRUPDQFH ( [S:LWKLQ3 HUIRUPDQFH ([S2 Y HUDOO3 HUIRUPDQFH 3 SN
/RZ HU& /
3 3 0 /6 / 3 3 0 /6 / 3 3 0 /6 /
3 3 0 !8 6 / 3 3 0 !8 6 / 3 3 0 !8 6 / 8 SSHU& /
& SP
3 3 0 7RWDO 3 3 0 7RWDO 3 3 0 7RWDO
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$SyV2WLPL]DomRSDUD'LPHQVmR7
&DSDFLGDGHGR3URFHVVR$QWHVGD2WLPL]DomRSDUD'LPHQVmR7
FRQILDQoD
/6/ 86/
3 URFHVV'DWD :LWKLQ
/6 / 2YHUDOO
7DUJHW
86/ 3 RWHQWLDO:LWKLQ& DSDELOLW\
&S
6 DPSOH0 HDQ
/RZ HU& /
6 DPSOH1
6 W'HY :LWKLQ 8 SSHU& /
& 3/
6 W'HY 2 Y HUDOO
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
2 EVHUY HG3 HUIRUPDQFH ([S:LWKLQ3 HUIRUPDQFH ([S2 Y HUDOO3 HUIRUPDQFH 3 SN
3 3 0 /6 / 3 3 0 /6 / 3 3 0 /6 / /RZ HU& /
3 3 0 !8 6 / 3 3 0 !8 6 / 3 3 0 !8 6 / 8 SSHU& /
3 3 0 7RWDO 3 3 0 7RWDO 3 3 0 7RWDO & SP
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$QWHVGD2WLPL]DomRSDUD'LPHQVmR7
&DSDFLGDGHGR3URFHVVR2WLPL]DGRSDUD'LPHQVmR7
&RQILDQoD
/6/ 86/
/6 /
3 URFHVV'DWD
: LWKLQ
2YHUDOO
7DUJHW
3 RWHQWLDO:LWKLQ& DSDELOLW\
86/
6 DPSOH0 HDQ
&S
6 DPSOH1 /RZ HU& /
6 W'HY :LWKLQ 8 SSHU& /
6 W'HY 2 Y HUDOO & 3/
& 38
& SN
/RZ HU& /
8 SSHU& /
& & SN
2 Y HUDOO& DSDELOLW\
3S
/RZ HU& /
8 SSHU& /
33/
338
3 SN
2 EVHUY HG3 HUIRUPDQFH ([S:LWKLQ3 HUIRUPDQFH ( [S2 Y HUDOO3 HUIRUPDQFH
3 3 0 /6 / 3 3 0 /6 / 3 3 0 /6 / /RZ HU& /
8 SSHU& /
3 3 0 !8 6 /
3 3 0 7RWDO
3 3 0 !8 6 /
3 3 0 7RWDO
3 3 0 !8 6 /
3 3 0 7RWDO & SP
/RZ HU& /
)LJXUD&DSDFLGDGHGR3URFHVVR$SyV2WLPL]DomRSDUD'LPHQVmR7
&21&/862
%DVHDGR QRV UHVXOWDGRV REWLGRV H[SHULPHQWDOPHQWH DV VHJXLQWHV FRQFOXV}HV
SRGHPVHUHVWDEHOHFLGDV
$ DERUGDJHP GR SUREOHPD SDUD RWLPL]DomR GR SURFHVVR GH UHWLILFDomR
FLOtQGULFD GH PHUJXOKR HP DQpLV UHYHVWLGRV FRP FURPR GXUR VH PRVWURX DGHTXDGD
FRP D DSOLFDomR GR 3URMHWR 5REXVWR GH 3DUkPHWURV 2V UHVXOWDGRV GR (UUR 0pGLR
4XDGUiWLFR (40 GRV H[SHULPHQWRV GH FRQILUPDomRSDUD DV GLPHQV}HV 7 7 H 7
ILFDUDP FRQWLGDV QRV LQWHUYDORV GH FRQILDQoD FDOFXODGRV SDUD RV YDORUHV yWLPRV
REWLGRVSHODRWLPL]DomR
2V H[SHULPHQWRV GH FRQILUPDomR HYLGHQFLDP TXH PHVPR FRP R DXPHQWR GD
YLGD~WLOGRGUHVVDGRUTXHDQWHVGDRWLPL]DomRHUDHP PpGLD GHGUHVVDJHQVH
DSyVDRWLPL]DomRSDVVRXDVHUGHGUHVVDJHQVQmRKRXYHUHGXomRGDFDSDFLGDGH
GRSURFHVVRSHORFRQWUiULRDSUHVHQWRXOLJHLUDPHOKRULDTXHSRGHVHUREVHUYDGDSHOR
DXPHQWR GR &SN H 3SN SDUD DV WUrV GLPHQV}HV 7 7 H 7 PRVWUDQGR D UREXVWH] GR
SURFHVVRFRPDPLQLPL]DomRGDYDULkQFLD
2 DXPHQWR GD YLGD ~WLO GR GUHVVDGRU 9 PHGLGD HP GUHVVDJHQV VH GHX
EDVLFDPHQWH SHOD UHGXomR GD SURIXQGLGDGH GH GUHVVDJHP DG GH >PP@ SDUD
>PP@HSHODUHGXomRGDYHORFLGDGHGHGUHVVDJHP9IGGH>PPPLQ@SDUD
>PPPLQ@ 3RUpP FRP D UHGXomR GHVWHV SDUkPHWURV KRXYH UHGXomR QR JUDX GH
UHFREULPHQWR8GLQGRGHHQFRQWURjVSHVTXLVDVGH/LQNHH.ORFNHYLVWRTXH
D UHGXomR GD YHORFLGDGH GH GUHVVDJHP 9IG DXPHQWD R JUDX GH UHFREULPHQWR GR
GUHVVDGRU TXH QD SHVTXLVD GHVWHV DXWRUHV UHGX]LX D WHPSHUDWXUD QD UHJLmR GH
GUHVVDJHPUHGX]LQGRRGHVJDVWHGRGUHVVDGRU(QWUHWDQWRDDWULEXLomRGDUHGXomRGR
GHVJDVWH j PHQRU SURIXQGLGDGH GH GUHVVDJHP YDL DR HQFRQWUR GD DILUPDomR GH
0DULQHVFX HW DO TXH GL]HP TXH R DXPHQWR GD SURIXQGLGDGH GH GUHVVDJHP
OHYDDRPDLRUGHVJDVWHGRGUHVVDGRU
$PDLRUUREXVWH]GRSURFHVVRFRPDUHGXomRGDYDULkQFLDHDOFDQFHGRDOYRGD
HVSHFLILFDomR SDUD GLPHQV}HV 7 7 H 7 TXH IRUDP PHGLGRV SHOR HUUR TXDGUiWLFR
PpGLR (40p H[SOLFDGDSHOR DXPHQWRGDYHORFLGDGH SHULIpULFD GRUHEROR9VGH
>PV@ SDUD >PV@ TXH JHUD PHQRU GHVJDVWH GR UHEROR GXUDQWH R FLFOR GH
UHWLILFDomRDVVRFLDGDjUHGXomRGDYHORFLGDGHGHGUHVVDJHP9IGTXHJHUDPPHQRU
PDFUR HIHLWR GD GUHVVDJHP :W GHL[DQGR D VXSHUItFLH GR UHEROR PHQRV DJUHVVLYD
FRQWULEXLQGRSDUDDPHQRUYDULkQFLDGDVGLPHQV}HV
$SHVDUGRVUHVXOWDGRVREWLGRVQmRVHSRGHFRQFOXLUTXHRVPHVPRVSDUkPHWURV
VHMDP DGHTXDGRV SDUDD UHWLILFDomR FLOtQGULFDGH PHUJXOKRGHRXWURV PDWHULDLV FRP
GLIHUHQWHV WLSRV GH UHERORV IOXLGRV H PiTXLQDV PHVPR DSOLFDGRV D DQpLV GH SLVWmR
FRP RXWURV UHFREULPHQWRV 3RUpP D PHVPD DERUGDJHP SRGH VHU DSOLFDGD D RXWUDV
RSHUDo}HVGHXVLQDJHP
6XJHVW}HVSDUD(VWXGRV)XWXURV
(VWH WUDEDOKR DSUHVHQWRX D DSOLFDomR GR 3URMHWR 5REXVWR GH 3DUkPHWURV H
RXWURV PpWRGRV GH RWLPL]DomR QXP SURFHVVR GH UHWLILFDomR HVSHFtILFR SDUD D
IDEULFDomR GH DQpLV GH SLVWmR YROWDGR DRDFDEDPHQWR GD IDFH GH FRQWDWR GHQWUR GH
FHUWRVOLPLWHVGHWUDEDOKRHFRPSDUWLFXODULGDGHVHVWXGDQGRDVYDULiYHLVGHHQWUDGDH
DV VDtGDV GR SURFHVVR 1R HQWDQWR RXWURV DVSHFWRV SRGHULDP VHU FRQVLGHUDGRV HP
RXWUDVVLWXDo}HVGHXVLQDJHPQDWHQWDWLYDGHDSHUIHLoRDURPpWRGRRXYHULILFDUVXDV
OLPLWDo}HVEHPFRPR
$GRWDU RV PpWRGRV DSOLFDGRV D RXWURV SURFHVVRV GH UHWLILFDomR RX
GLIHUHQWHV SURFHVVRV GH XVLQDJHP DOpP GH RXWURV PDWHULDLV FRQWULEXLQGR
SDUDRDXPHQWRGRFRQKHFLPHQWRFLHQWtILFRGRPpWRGR
,QFOXLU RX DGRWDU RXWUDV YDULiYHLV GR SURFHVVR FRPR GLIHUHQWHV WLSRV GH
UHERORVIOXLGRVGHFRUWHHIRUPDVGHGUHVVDJHP$OpPGDFRQVLGHUDomRGH
RXWURVUXtGRVFRPXQVDRSURFHVVRGHUHWLILFDomRFRPRYDULDo}HVGHGXUH]D
H SRURVLGDGH QRV UHERORV H SURSULHGDGHV PHFkQLFDV GD PDWpULD SULPD GDV
SHoDV
$SOLFDU R PpWRGR GR (UUR 4XDGUiWLFR 0pGLR FRP R DFUpVFLPR GH SHVRV
SDUDFDGDUHVSRVWDGHLQWHUHVVHRXHQWUHDPpGLDHDYDULkQFLD
$SOLFDUGLIHUHQWHVURWLQDVGHRWLPL]DomRFRPR$OJRULWPRV*HQpWLFRVTXH
VmRPpWRGRVGHRWLPL]DomRJOREDO
$31',&(
$SrQGLFH$9DORUHVGDVGLPHQV}HV77H7REWLGDVQRVH[SHULPHQWRV
UYRUH
$SrQGLFH%9DORUHVGDVPpGLDVDOYRVYDULkQFLDVHHUURVTXDGUiWLFRVPpGLRV
REWLGRVQRVH[SHULPHQWRV
$SrQGLFH&*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUDYLGDGRGUHVVDGRU
FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD'UHVVDJHQVYVDG9D
9DORUHV)L[RV
9IG
9V
'U HVVDJHQV
9D
DG
6XSHUItFLHGH5HVSRVWDSDUD'UHVVDJHQVYV9G9S
9DORUHV)L[RV
9D
DG
'U HVVDJHQV
9 IG
9V
$SrQGLFH&*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUDYLGDGRGUHVVDGRU
FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD'UHVVDJHQVYVDG9IG
9DORUHV)L[RV
9D
9V
'U HVVDJHQV
9 IG
DG
6XSHUItFLHGH5HVSRVWDSDUD'UHVVDJHQVYVDG9V
9DORUHV)L[RV
9D
9IG
'U HVVDJHQV
9V
DG
$SrQGLFH'*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9D
9DORUHV)L[RV
9V
DG
(4 0 7
9D
9 IG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9V9D
9DORUHV)L[RV
9IG
DG
(4 0 7
9D
9V
$SrQGLFH'*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9D
9DORUHV)L[RV
9IG
9V
(4 0 7
9D
DG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9V
9DORUHV)L[RV
9D
DG
(4 0 7
9V 9 IG
$SrQGLFH'*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9IG
9DORUHV)L[RV
9D
9V
(4 0 7
9 IG DG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9V
9DORUHV)L[RV
9D
DG
(4 0 7
9V 9 IG
$SrQGLFH(*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9D
9DORUHV)L[RV
9V
DG
(4 0 7
9D
9 IG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9V9D
9DORUHV)L[RV
9IG
DG
(4 0 7
9D
9V
$SrQGLFH(*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9D
9DORUHV)L[RV
9IG
9V
(4 0 7
9D
DG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9V
9DORUHV)L[RV
9D
DG
(4 07
9V
9 IG
$SrQGLFH(*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9IG
9DORUHV)L[RV
9D
9V
(4 0 7
DG
9 IG
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9V
9DORUHV)L[RV
9D
9IG
(4 07
9V DG
$SrQGLFH)*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9V
9DORUHV)L[RV
9D
DG
(4 0 7
9V
9 IG
6XSHUItFLHGH5HVSRVWDSDUD(407YV9V9D
9DORUHV)L[RV
9IG
DG
(4 0 7
9D
9V
$SrQGLFH)*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9D
9DORUHV)L[RV
9IG
9V
(4 0 7
DG
9D
6XSHUItFLHGH5HVSRVWDSDUD(407YV9IG9V
9DORUHV)L[RV
9D
DG
(4 0 7
9 IG
9V
$SrQGLFH)*UiILFRVGDV6XSHUItFLHVGH5HVSRVWDSDUD(407FRQWLQXDomR
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9IG
9DORUHV)L[RV
9D
9V
(4 0 7
9 IG DG
6XSHUItFLHGH5HVSRVWDSDUD(407YVDG9V
9DORUHV)L[RV
9D
9IG
(4 0 7
9V DG
5()(51&,$6%,%/,2*5),&$6
$*8,$535&58=&('3$8/$:&)%,$1&+,(&7+20$=(//$
5 DQG '2772 )5/ 1HXUDO 1HWZRUN $SSURDFK IRU 6XUIDFH 5RXJKQHVV
3UHGLFWLRQLQ6XUIDFH*ULQGLQJ3URFHHGLQJVRIWKHWKFRQIHUHQFHRQ3URFHHGLQJV
RI WKH WK ,$67(' ,QWHUQDWLRQDO 0XOWL&RQIHUHQFH DUWLILFLDO LQWHOOLJHQFH DQG
DSSOLFDWLRQVSS
$,$* $XWRPRWLYH ,QVWLWXWH $FWLRQ *URXS 0DQXDO GH 5HIHUrQFLD GR &RQWUROH
(VWDWtVWLFRGH3URFHVVR&(3(GLomR
$,$* $XWRPRWLYH ,QVWLWXWH $FWLRQ *URXS 0DQXDO GR 3URFHVVR GH $SURYDomR GH
3HoDVGH3URGXomR3$33(GLomR
$/9(60&6$QiOLVHGD,QIOXrQFLDGD9HORFLGDGHGH0HUJXOKRQD5HWLILFDomRGH
$oRV (QGXUHFLGRV 8WLOL]DQGR 5HIULJHUDomR 2WLPL]DGD 'LVVHUWDomR GH 0HVWUDGR
)DFXOGDGHGH(QJHQKDULDGD81(636mR3DXOR
$5'$.$1,0.1225266$1$5$1HZ2SWLPL]DWLRQ&ULWHULRQIRU5REXVW
3DUDPHWHU 'HVLJQ 7KH &DVH RI 7DUJHW LV %HVW ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH
7RROVDQG0DQXIDFWXUHYSS
$5'$.$1,0.1225266$1$5$:HLJKWHG0HWULF0HWKRGWR2SWLPL]H
0XOWL5HVSRQVH5REXVW3UREOHPV-RXUQDORI,QGXVWULDO(QJLQHHULQJ,QWHUQDWLRQDOY
SS
%,$1&+,(&021,&,5'1(72/'$*8,$5$5*8(50$1',/
* (VWXGR FRPSDUDWLYR HQWUH D DJUHVVLYLGDGH VXSHUILFLDO REWLGD QD UHWLILFDomR FRP
UHERORVGHy[LGRGHDOXPtQLRH&%1IDEULFDGRVFRPOLJDQWHVUHVLQyLGHHYLWULILFDGR
&HUkPLFDYQSS6mR3DXOR
%2; * ( 3 'LVFXVVLRQ 2II /LQH 4XDOLW\ &RQWURO 3DUDPHWHU 'HVLJQ DQG WKH
7DJXFKL0HWKRG-RXUQDORI4XDOLW\7HFKQRORJ\YSS
%2; * ( 3 6LJQDOWR1RLVH 5DWLRV 3HUIRUPDQFH &ULWHULD DQG 7UDQVIRUPDWLRQV
ZLWKGLVFXVVLRQ7HFKQRPHWULFVYSS
%2; * ( 3 DQG -21(6 6 'HVLJQLQJ 3URGXFWV 7KDW $UH 5REXVW WR WKH
(QYLURQPHQW4XDOLW\ DQG3URGXFWLYLW\5HSRUW8QLYHUVLW\RI:LVFRQVLQ&34,
%2;*(3'5$3(515(PSLULFDO0RGHO%XLOGLQJDQG5HVSRQVH6XUIDFHV
-RKQ:LOH\DQG6RQVHGSS
&$5/</( : 0 0217*20(5< ' & 581*(5 * & 2SWLPL]DWLRQ
3UREOHPV DQG 0HWKRGV LQ 4XDOLW\ &RQWURO DQG ,PSURYHPHQW -RXUQDO RI 4XDOLW\
7HFKQRORJ\YSS
&$7$,(5%,$1&+,(&$*8,$5356,/9$/5$QiOLVHGD,QIOXrQFLD
GR 3URFHVVR GH 5HWLILFDomR QDV &LUFXODULGDGHV 7HQV}HV 5HVLGXDLV H QD
0LFURHVWUXWXUD GR $oR 9& 0HGLDQWH D 9DULDomR GR 7LSR GH )OXLGR GH &RUWH
&RQJUHVVR%UDVLOHLURGH(QJHQKDULDH&LrQFLDGRV0DWHULDLV
&+(10&)$1667ROHUDQFHHYDOXDWLRQRIPLQLPXP]RQHVWUDLJKWQHVVXVLQJ
QRQOLQHDU SURJUDPPLQJ WHFKQLTXHV D VSUHDGVKHHW DSSURDFK &RPSXWHU DQG
,QGXVWULDO(QJLQHHULQJYSS
&+(1 ; 52:( % : $QDO\VLV DQG 6LPXODWLRQ RI *ULQGLQJ 3URFHVV
,QWHUQDWLRQDO -RXUQDO RI 0DFKLQLQJ 7RROV DQG 0DQXIDFWXULQJ Y SS
&+2, 7- 68%5$+0$1<$ 1 /L + 6+,1 <& *HQHUDOL]HG SUDFWLFDO
PRGHOVRIF\OLQGULFDOSOXQJHJULQGLQJSURFHVVHV,QWHUQDWLRQDO-RXUQDORI0DFKLQH
7RROVDQG0DQXIDFWXUHYSS
'$0$6&(12 5 ) $QiOLVH 'D ,QIOXrQFLD GD 3URIXQGLGDGH GH &RUWH H GH
'LIHUHQWHV0pWRGRVGH/XEULUHIULJHUDomRQD5HWLILFDomR3ODQDGH$oR$%17
'LVVHUWDomRGH0HVWUDGR)DFXOGDGHGH(QJHQKDULDGD81(636mR3DXOR
'(',1( 5 2WLPL]DomR GH XP &LFOR GH 5HWLILFDomR &LOtQGULFD GH 0HUJXOKR GH
9LUDEUHTXLQV QD 3URGXomR 'LVVHUWDomR GH 0HVWUDGR 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03&DPSLQDV
',1*5/,1'.-:(,''XDOUHVSRQVH6XUIDFH2SWLPL]DWLRQ$ZHLJKWHG
06($SSURDFK4XDOLW\(QJLQHHULQJYSS
',1,=$(0$5&21'(6)&&233,1,1/7HFQRORJLDGD8VLQDJHPGRV
0DWHULDLV$UWOLEHU(GLWRUD
),6+(55$7KH$UUDQJHPHQWVRI)LHOG([SHULPHQWV-RXUQDORIWKH0LQLVWU\RI
$JULFXOWXUHRI*UHDW%ULWDLQYSS
*20(6-+)&267$6&3$,9$$3%$/(675$66,332WLPL]DomRGH
0~OWLSORV 2EMHWLYRV QD 6ROGDJHP GH 5HYHVWLPHQWR GH &KDSDV GH $oR &DUERQR
$%17 8WLOL]DQGR $UDPH 7XEXODU ,QR[LGiYHO $XVWHQtWLFR 6ROGDJHP H
,QVSHomRYQ6mR3DXOR
*21d$/(= 38 :(51(5 / &RPSDUDomR GRV tQGLFHV GH FDSDFLGDGH GR
SURFHVVRSDUDGLVWULEXLo}HVQmRQRUPDLV5HYLVWD*HVWmR 3URGXomRYQS
6mR&DUORV
*5$) : +DQGERRN &UHHS)HHG DQG 6XUIDFH *ULQGLQJ 5DSSROG:LQWHUWKXU
7HFKQRORJ\*URXS
+$0$'$ 0 H :8 & ) - $ &ULWLFDO /RRN DW $FFXPXODWLRQ $QDO\VLV DQG
5HODWHG0HWKRGVZLWKGLVFXVVLRQ7HFKQRPHWULFVYSS
+$668, $ ',1,= $ ( &RUUHODWLQJ VXUIDFH URXJKQHVV DQG YLEUDWLRQ LQ SOXQJH
F\OLQGULFDO JULQGLQJ RI VWHHO ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV DQG
0DQXIDFWXUH,QJODWHUUDYSS
+(//0(,67(5&)/30RQLWRUDPHQWRGD'UHVVDJHPQD5HWLILFDomR$WUDYpVGR
6LQDO 3XUR GH (PLVVmR $F~VWLFD 'LVVHUWDomR GH 0HVWUDGR )DFXOGDGH GH
(QJHQKDULDGD81(636mR3DXOR
+817(5 - 6 6WDWLVWLFDO 'HVLJQ $SSOLHG WR 3URGXFW 'HVLJQ -RXUQDO RI 4XDOLW\
7HFKQRORJ\YSS
,5$1, 5 $ %$8(5 5 - :$5.(17,1 $ $ UHYLHZ RI FXWWLQJ IOXLG
DSSOLFDWLRQ LQ WKH JULQGLQJ SURFHVV ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV DQG
0DQXIDFWXUH'HVLJQ5HVHDUFKDQG$SSOLFDWLRQYSS
-$&.621 0 - 0,//6 % 0LFURVFDOH ZHDU RI YLWULILHG DEUDVLYH PDWHULDOV
-RXUQDORI0DWHULDOV6FLHQFHYSS
-(21*,-.,0.-&+$1*6<2SWLPDO:HLJKWLQJRI%LDVDQG9DULDQFH
LQ'XDO5HVSRQVH6XUIDFH2SWLPL]DWLRQ-RXUQDORI4XDOLW\7HFKQRORJ\YSS
-81 1 = ; $QiOLVH GH XP 3URFHVVR $EUDVLYR &RPELQDQGR HP $OJXPDV
&DUDFWHUtVWLFDVGD/DSLGDomRH5HWLILFDomR'LVVHUWDomRGH0HVWUDGR)DFXOGDGHGH
(QJHQKDULDGD81(636mR3DXOR
.$&.(5 5 1 2II /LQH 4XDOLW\ &RQWURO 3DUDPHWHU 'HVLJQ DQG WKH 7DJXFKL
0HWKRG-RXUQDORI4XDOLW\7HFKQRORJ\YSS
.$1( ' $QiOLVH GD LQWHJULGDGH VXSHUILFLDO QD UHWLILFDomRGXSOD IDFHGH DQpLVGH
SLVWmRGHDoRLQR[LGiYHO,620&1LWUHWDGR'LVVHUWDomRGH0HVWUDGR
8QLYHUVLGDGH)HGHUDOGH,WDMXEi81,)(,0LQDV*HUDLV
.$=(0=$'(+5%%$6+,5,0$7.,1621$&1225266$1$5$
JHQHUDO IUDPHZRUN IRU PXOWLUHVSRQVH RSWLPL]DWLRQ SUREOHPV EDVHG RQ JRDO
SURJUDPPLQJ (XURSHDQ -RXUQDO RI 2SHUDWLRQDO 5HVHDUFK Y SS
.,0'5+((62SWLPL]DWLRQRI*0$ZHOGLQJSURFHVVXVLQJWKHGXDOUHVSRQVH
DSSURDFK,QWHUQDWLRQDO-RXUQDORI3URGXFWLRQ5HVHDUFKYSS
.,1* 5, +$+1 56 %RRN +DQGERRN RI 0RGHUQ *ULQGLQJ 7HFKQRORJ\
&KDSPDQDQG+DOO$GYDQFHG,QGXVWULDO7HFKQRORJ\6HULHV1HZ<RUN
.2.62<2$1RQOLQHDU3URJUDPPLQJ6ROXWLRQWR5REXVW0XOWLUHVSRQVH4XDOLW\
3UREOHP$SSOLHG0DWKHPDWLFVDQG&RPSXWDWLRQYSS
.2.62< 2 '2*$1$.62< 1 -RLQW 2SWLPL]DWLRQ RI 0HDQ DQG 6WDQGDUG
'HYLDWLRQ8VLQJ5HVSRQVH6XUIDFH0HWKRGV-RXUQDORI4XDOLW\7HFKQRORJ\Y
SS
.2.62< 2 <$/&,12= 7 0HDQ 6TXDUH (UURU &ULWHULD WR 0XOWLUHVSRQVH
3URFHVV 2SWLPL]DWLRQ E\ $ 1HZ *HQHWLF $OJRULWKP $SSOLHG 0DWKHPDWLFV DQG
&RPSXWDWLRQYSS
.23$& - .5$-1,. 3 +LJK 3HUIRUPDQFH *ULQGLQJ $ UHYLHZ -RXUQDO RI
0DWHULDOV3URFHVVLQJ7HFKQRORJ\YSS
.29$&+ - &+2 % 5 $ '2SWLPDO 'HVLJQ $SSURDFK WR &RQVWUDLQHG
0XOWLUHVSRQVH5REXVW'HVLJQ:LWK3ULRULWL]HG0HDQ$QG9DULDQFH&RQVLGHUDWLRQV
&RPSXWHUVDQG,QGXVWULDO(QJLQHHULQJYSS
.5$-1,.3.23$&-$GHTXDF\RI0DWUL[([SHULPHQWLQ*ULQGLQJ-RXUQDORI
0DWHULDOV3URFHVVLQJ7HFKQRORJ\YHSS
.5$-1,.3.23$&-$GHTXDF\RIPDWUL[H[SHULPHQW,Q*ULQGLQJ-RXUQDORI
0DWHULDOV3URFHVVLQJ7HFKQRORJ\YSS
.5$-1,. 3 .23$& - 6/8*$ $ 'HVLJQ RI *ULQGLQJ )DFWRUV %DVHG RQ
5HVSRQVH 6XUIDFH 0HWKRGRORJ\ -RXUQDO RI 0DWHULDOV 3URFHVVLQJ 7HFKQRORJ\ Y
SS
.81(57 - $8(5 & (5'%58**( 0 DQG *2%(/ 5 $Q ([SHULPHQW WR
&RPSDUH 7DJXFKL
V 3URGXFW $UUD\ DQG WKH &RPELQHG $UUD\ -RXUQDO RI 4XDOLW\
7HFKQRORJ\YSS
.:$. - 6 $SSOLFDWLRQ RI 7DJXFKL DQG 5HVSRQVH 6XUIDFH 0HWKRGRORJLHV IRU
*HRPHWULF (UURU LQ 6XUIDFH *ULQGLQJ 3URFHVV ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH
7RROV 0DQXIDFWXUHYSS
.:$. - 6 6,0 6 % -(21* < ' $Q $QDO\VLV RI *ULQGLQJ 3RZHU DQG
6XUIDFH 5RXJKQHVV LQ ([WHUQDO &\OLQGULFDO *ULQGLQJ RI +DUGHQHG 6&0 6WHHO
8VLQJ WKH 5HVSRQVH 6XUIDFH 0HWKRG ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV
0DQXIDFWXUHYSS
/$6'21 / 6 -$,1 $ ' $ 5$71(5 0 'HVLJQ DQG 7HVWLQJ RI D
*HQHUDOL]HG 5HGXFHG *UDGLHQW &RGH IRU 1RQOLQHDU 3URJUDPPLQJ -RXUQDO $&0
7UDQVDFWLRQVRQ0DWKHPDWLFDO6RIWZDUHYSS
/(( 6% 3$5. & 'HYHORSPHQW RI 5REXVW 'HVLJQ 2SWLPL]DWLRQ 8VLQJ
,QFRPSOHWH'DWD&RPSXWHUVDQG,QGXVWULDO(QJLQHHULQJY,VVXHSS
/, ; 6\VWHP 5HJXODULWLHV LQ 'HVLJQ RI ([SHULPHQWV DQG WKHLU $SSOLFDWLRQ 3KG
7KHVLV0DVVDFKXVHWWV,QVWLWXWHRI7HFKRQRORJ\
/,1 ' .- 78 : 'XDO 5HVSRQVH 6XUIDFH 2SWLPL]DWLRQ -RXUQDO RI 4XDOLW\
7HFKQRORJ\YSS
/,1.( % ./2&.( ) 7HPSHUDWXUHV DQG :HDU 0HFKDQLVPV LQ 'UHVVLQJ RI
9LWULILHG %RQGHG *ULQGLQJ :KHHOV ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV DQG
0DQXIDFWXUHYSS
0$&+$'2 $5 $%52 $0 &2(/+2 57 6,/9$ 0 % 7HRULD GD
8VLQDJHPGRV0DWHULDLV(GLWRUD(%OXFKHU6mR3DXOR%UDVLOSS
0$5,1(6&8 , ' +,7&+,1(5 0 8+/0$11 ( 52:( : % DQG
,1$6$., , %RRN +DQGERRN RI 0DFKLQLQJ ZLWK *ULQGLQJ :KHHOV VW HG %RFD
5DWRQ&5&3UHVV7D\ORU )UDQFLV*URXS
0$5,1(6&8,'52:(:%',0,7529%,1$6$.,,%RRN7ULERORJ\
RI$EUDVLYH0DFKLQLQJ3URFHVVHVVWHG:LOOLDP$QGUHZ,QF
0217*20(5<'&'HVLJQDQG$QDO\VLVRI([SHULPHQWVWKHG1HZ<RUN
86$-RKQ:LOH\DQG6RQV
0217*20(5< ' & ,QWURGXFWLRQ WR 6WDWLVWLFDO 4XDOLW\ &RQWURO WK HG 1HZ
<RUN86$-RKQ:LOH\DQG6RQV
0217*20(5<'&581*(5*&(VWDWtVWLFD$SOLFDGDH3UREDELOLGDGHSDUD
(QJHQKHLURV /7& /LYURV 7pFQLFRV H &LHQWtILFRV (GLWRUD 6$ QG HG SS
08.+(5-(( , 5$< 3 . 2SWLPDO SURFHVV GHVLJQ RI WZRVWDJH PXOWLSOH
UHVSRQVHV JULQGLQJ SURFHVVHV XVLQJ GHVLUDELOLW\ IXQFWLRQV DQG PHWDKHXULVWLF
WHFKQLTXH$SSOLHG6RIW&RPSXWLQJYSS
0<(565+&$57(5:+5HVSRQVH6XUIDFH7HFKQLTXHVIRU'XDO5HVSRQVH
6\VWHPV7HFKQRPHWULFVYSS
0<(565+0217*20(5<'&5HVSRQVH6XUIDFH0HWKRGRORJ\3URFHVV
DQG 3URGXFW 2SWLPL]DWLRQ 8VLQJ 'HVLJQ RI ([SHULPHQWV QG HG :LOH\
,QWHUVFLHQFH1HZ<RUN
1$6+ 6 * 62)(5 $ /LQHDU DQG QRQOLQHDU SURJUDPPLQJ )LUVW HG 0F*UDZ
+LOO&RPSDQLHV,QFSS
2/,9(,5$ - ) * %,$1&+, ( & 2 'HVHPSHQKR GH 5HERORV 3RGH VHU
&RQWURODGRSHOD'UHVVDJHP5HYLVWD0iTXLQDVH0HWDLV6mR3DXORSS
DEU
2/,9(,5$-)*7ySLFRV$YDQoDGRV6REUHR3URFHVVRGH5HWLILFDomR3XEOLFDomR
/$0$)((VFRODGH(QJHQKDULDGH6mR&DUORV8QLYHUVLGDGHGH6mR3DXOR
2/,9(,5$/68PD&RQWULEXLomRDR(VWXGRGRV0pWRGRVGH2WLPL]DomR0XOWL
2EMHWLYR'LVVHUWDomRGHPHVWUDGR8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
3$,9$ $ 3 0HWRGRORJLD GH 6XSHUItFLH GH 5HVSRVWD H $QiOLVH GH &RPSRQHQWHV
3ULQFLSDLV HP RWLPL]DomR GH SURFHVVRV GH PDQXIDWXUD FRP P~OWLSODV UHVSRVWDV
FRUUHODFLRQDGDV7HVH GH 'RXWRUDGR3URJUDPD GH 3yV*UDGXDomRHP (QJHQKDULD
0HFkQLFD81,)(,,WDMXEi
3$,9$$33$,9$(-)(55(,5$-)%$/(675$66,33&267$6
&$0XOWLYDULDWH0HDQ6TXDUH(UURU2SWLPL]DWLRQRI$,6,+DUGHQHG6WHHO
7XUQLQJ ,QWHUQDWLRQDO -RXUQDO RI $GYDQFHG 0DQXIDFWXULQJ 7HFKQRORJ\ Y SS
3$,9$ $3 &$0326 3+ )(55(,5$ -5 /23(6 /*' 3$,9$ (-
%$/(675$66, 33 $ 0XOWLYDULDWH 5REXVW 3DUDPHWHU 'HVLJQ $SSURDFK IRU
2SWLPL]DWLRQ RI $,6, +DUGHQHG 6WHHO 7XUQLQJ :LWK :LSHU 0L[HG &HUDPLF
7RRO,QWHUQDWLRQDO-RXUQDORI5HIUDFWRU\0HWDOV$QG+DUG0DWHULDOVYSS
3$8/$:&)$QiOLVHGH6XSHUItFLHVGH3HoDV5HWLILFDGDVFRPR8VRGH5HGHV
1HXUDLV$UWLILFLDLV'LVVHUWDomRGH0HVWUDGRHP&LrQFLDH7HFQRORJLDGH0DWHULDLV
8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR%DXUX
3(, =- 675$6%$8*+ $ )LQH *ULQGLQJ RI 6LOLFRQ :DIHUV 'HVLJQHG
([SHULPHQWV ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV 0DQXIDFWXUH Y SS
3(, =- ;,1 ;- /,8 : )LQLWH (OHPHQW $QDO\VLV IRU *ULQGLQJ RI :LUH6DZQ
6LOLFRQ:DIHUV$'HVLJQHG([SHULPHQW,QWHUQDWLRQDO-RXUQDORI0DFKLQH7RROV
0DQXIDFWXUHYSS
3,&&,//,05%$/(675$66,333$,9$$3)(55(,5$-5',$=
$*&UDFN$YRLGDQFHLQ6WHHO3LVWRQ5LQJV7KURXJKWKH2SWLPL]DWLRQRI3URFHVV
DQG *DV 1LWULGLQJ 3DUDPHWHUV ,QWHUQDWLRQDO -RXUQDO RI $GYDQFHG 0DQXIDFWXULQJ
7HFKQRORJ\YSS
48(6$'$ * 0 DQG '(/ &$67,//2 ( $ 'XDO5HVSRQVH $SSURDFK WR WKH
0XOWLYDULDWH5REXVW3DUDPHWHU'HVLJQ3UREOHP7HFKQRPHWULFVYSS
5$266(QJLQHHULQJRSWLPL]DWLRQ7KHRU\DQG3UDFWLFHHG86$-RKQ:LOH\H
6RQV
6$/*$'2 -1,25 $ 5 2WLPL]DomR GH 0~OWLSORV 'XDLV &RUUHODFLRQDGRV QR
3URFHVVR GH 7RUQHDPHQWR GR $oR GH &RUWH )iFLO $%17 / 'LVVHUWDomR GH
0HVWUDGR8QLYHUVLGDGH)HGHUDOGH,WDMXEi81,)(,0LQDV*HUDLV
6$08/(:6.,*2WLPL]DomRGR3URFHVVRGH5HWLILFDomRGH3HoDV 3ULVPiWLFDV
0RQRJUDILD'HSDUWDPHQWRGH&LrQFLDV([DWDVH7HFQROyJLFDV&HQWUR8QLYHUVLWiULR
3RVLWLYR
6(9(5,$12 $ & 5HWLILFDomR GH $oRV FRP 5HERORV GH &%1 /LJDGR
*DOYDQLFDPHQWH6REUH&RUSRGH$OXPtQLR'LVVHUWDomRGH0HVWUDGR8QLYHUVLGDGH
)HGHUDOGH6DQWD&DWDULQD)ORULDQySROLV
6(9(5,12*3$,9$(-)(55(,5$-5%$/(675$66,333$,9$$3
'HYHORSPHQWRID6SHFLDO*HRPHWU\&DUELGH7RROIRUWKH2SWLPL]DWLRQRI9HUWLFDO
7XUQLQJ RI 0DUWHQVLWLF *UD\ &DVW ,URQ 3LVWRQ 5LQJV ,QWHUQDWLRQDO -RXUQDO RI
$GYDQFHG0DQXIDFWXULQJ7HFKQRORJ\YSS
6(9(5,12*2WLPL]DomRGR7RUQHDPHQWR9HUWLFDOGH$QpLVGH3LVWmRGH)HUUR
)XQGLGR&LQ]HQWR0DUWHQVtWLFR8WLOL]DQGR)HUUDPHQWDGH0HWDO'XURFRP*HRPHWULD
(VSHFLDO 'LVVHUWDomR GH 0HVWUDGR 8QLYHUVLGDGH )HGHUDO GH ,WDMXEi 81,)(,
0LQDV*HUDLV
6+$,%8 $ % &+2 % 5 $QRWKHU 9LHZ RI 'XDO 5HVSRQVH 6XUIDFH 0RGHOLQJ
DQG 2SWLPL]DWLRQ LQ 5REXVW 3DUDPHWHU 'HVLJQ ,QWHUQDWLRQDO -RXUQDO RI $GYDQFHG
0DQXIDFWXULQJ7HFKQRORJ\YSS
6+$-, 6 5$'+$.5,6+1$1 9 $QDO\VLV RI 3URFHVV 3DUDPHWHUV LQ 6XUIDFH
*ULQGLQJ :LWK *UDSKLWH DV /XEULFDQW %DVHG RQ WKH 7DJXFKL 0HWKRG -RXUQDO RI
0DWHULDOV3URFHVVLQJ7HFKQRORJ\YSS
6+$: 0 & 3ULQFLSOHV RI $EUDVLYHV 3URFHVVLQJ 2[IRUG 6FLHQFH RQ $GYDQFHG
0DQXIDFWXULQJ1HZ<RUN86$
6+,1 6 6$0$1/,2*/8 ) &+2 % 5 :,(&(. 00 &RPSXWLQJ 7UDGH
2IIV LQ 5REXVW 'HVLJQ 3HUVSHFWLYHV RI WKH 0HDQ 6TXDUHG (UURU &RPSXWHUV DQG
,QGXVWULDO(QJLQHHULQJYSS
6+2(0$.(5 $ & 768, . / H :8 & ) - (FRQRPLFDO ([SHULPHQWDWLRQ
0HWKRGVIRU5REXVW'HVLJQ7HFKQRPHWULFVYSS
6,/9$-1,25&(&2(/+257'UHVVDJHPGH5HERORVSDUD$SOLFDo}HVGH
3UHFLVmR0iTXLQDVH0HWDLVYSS
6,1*+ - )5(< ' ' 62'(5%25* 1 -8*8/80 5 &RPSRXQG 1RLVH
(YDOXDWLRQ DV D 5REXVW 'HVLJQ 0HWKRG 4XDOLW\ DQG 5HOLDELOLW\ (QJLQHHULQJ
,QWHUQDWLRQDOYSS
7$1* /& ;8 . $ 8QLILHG $SSURDFK IRU 'XDO 5HVSRQVH 6XUIDFH
2SWLPL]DWLRQ-RXUQDORI4XDOLW\7HFKQRORJ\YSS
7+20$=(//$ , + $*8,$5 3 5 %,$1&+, ( & 628=$ $ * 2
&$1$5,05&H%28-806WXG\RI7KH&XWWLQJ)OXLG,QIOXHQFHRQ$FRXVWLF
(PLVVLRQ 6LJQDO 'XULQJ WKH 'UHVVLQJ 2SHUDWLRQ QG ,QWHUQDWLRQDO 5HVHDUFKHUV
6\PSRVLXP RQ ,QQRYDWLYH 3URGXFWLRQ 0DFKLQHV DQG 6\VWHPV ,VFKLD ,WDO\
7250,1$72 60 $QiOLVH 'D 8WLOL]DomR 'D )HUUDPHQWD &(3 8P (VWXGR GH
&DVR QD 0DQXIDWXUD GH $XWRSHoDV 'LVVHUWDomR GH 0HVWUDGR 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03&DPSLQDV
9,(,5$-U00HWRGRORJLDSDUD'HWHUPLQDo}HVGDV&RQGLo}HVGH8VLQDJHPHGH
2SHUDomR QR 3URFHVVR GH 5HWLILFDomR ((6& 863 6mR &DUORV 'LVVHUWDomR GH
0HVWUDGR
:(/&+ : - <8 7 . .$1* 6 0 6$&.6- &RPSXWHU ([SHULPHQWV IRU
4XDOLW\&RQWUROE\3DUDPHWHU'HVLJQ-RXUQDORI4XDOLW\7HFKQRORJ\YSS
:8 & ) - =+8 < 2SWLPDO 6HOHFWLRQ RI 6LQJOH $UUD\V IRU 3DUDPHWHU 'HVLJQ
([SHULPHQWV6WDWLVWLFD6LQLFDYSS
:8 & ) - +$0$'$ 0 ([SHULPHQWV 3ODQQLQJ $QDO\VLV DQG 3DUDPHWHU
'HVLJQ2SWLPL]DWLRQ:LOH\H6RQV,QF1HZ<RUN
=+$1* & 6+,1 <& :HDU RI 'LDPRQG 'UHVVHU LQ /DVHU $VVLVWHG 7UXLQJ DQG
'UHVVLQJ RI 9LWULILHG &%1 :KHHOV ,QWHUQDWLRQDO -RXUQDO RI 0DFKLQH 7RROV DQG
0DQXIDFWXUHYSS