Você está na página 1de 21



VXPiULR


 9(17,/$d21$785$/

 $URVDGRVYHQWRV

 &RUUHomRGDYHORFLGDGHGRYHQWR

 &RHILFLHQWHGHSUHVVmRGRYHQWR &3/ 

 UHD~WLOGHYHQWLODomR

 )OX[RGHDU

 5HGXomRGRIOX[RGHDU

 1~PHURGH7URFDVGH$U 1 

 ,QIOXrQFLDGDLPSODQWDomRHGDRULHQWDomRQDYHQWLODomRQDWXUDO

 %DUUHLUDVGH9HQWR

 9HQWLODomR&UX]DGD

 &DSWDGRUHV GH YHQWR SHLWRULV YHQWLODGRV PDQVDUGDV ODQWHUQLQV H WRUUHV GH
YHQWLODomR

 (OHPHQWRVGLUHFLRQDGRUHVHILOWUDQWHVGDYHQWLODomRQDWXUDO

 9HQWLODomRQRWXUQD

 9HQWLODomRHPIDFKDGDGXSODHSHULIpULFD

 7~QHLVGH9HQWRH0HVDGJXD

 7~QHOGH9HQWRFRP6HUUDJHP

 7~QHOGH9HQWRFRP)XPDoD

 0HVDGJXD
5()(51&,$6




























FDStWXOR9(17,/$d21$785$/
&$378/2

9(17,/$d21$785$/
$ YHQWLODomR QDWXUDO p DSyV R VRPEUHDPHQWR D HVWUDWpJLD ELRFOLPiWLFD PDLV LPSRUWDQWH
SDUDR%UDVLO&RQIRUPHVHSRGHYHUQD7DEHODDJUDQGHPDLRULDGDVFDSLWDLVEUDVLOHLUDV
H[LJH D YHQWLODomR QDWXUDO FRPR SULQFLSDO HVWUDWpJLD QR YHUmR H PHVPR DR ORQJR GR DQR
WRGR 1D WDEHOD IRUDP VDOLHQWDGDV DV FLGDGHV FXMR SHUFHQWXDO GH GHVHMDELOLGDGH GHVWD
HVWUDWpJLD XOWUDSDVVD RV  $V FLGDGHV FRP IXQGR D]XO WrP QHFHVVLGDGH GH YHQWLODomR
QDWXUDOHPPDLVGHGDVKRUDVGRDQRWRGR HPPDLVGHKRUDV HDVFLGDGHVFRP
IXQGRDPDUHORWrPJUDQGHQHFHVVLGDGHGHYHQWLODomRDSHQDVQRYHUmRSRUpPHPPDLVGH
 GDV KRUDV GR SHUtRGR HP PDLV GH  KRUDV  2V GDGRV IRUDP JHUDGRV D SDUWLU GR
SURJUDPD$QDO\VLV%,2SDUDDVFLGDGHVEUDVLOHLUDVTXHSRVVXHPGDGRVFOLPiWLFRVKRUiULRVQR
IRUPDWR75<

7DEHOD  3HUFHQWXDO GH QHFHVVLGDGH GH YHQWLODomR QDWXUDO HP


DOJXPDVFLGDGHVEUDVLOHLUDV

QHFHVVLGDGH QHFHVVLGDGH
FLGDGH GHYHQWLODomRQDWXUDO GHYHQWLODomRQDWXUDO
GDVKRUDVGR$12  GDVKRUDVGH9(52 

%HOpP  


%UDVtOLD  
&XULWLED  
)ORULDQySROLV  
)RUWDOH]D  
6mR/XtV  
0DFHLy  
1DWDO  
3RUWR$OHJUH  
5HFLIH  
5LRGH-DQHLUR  
6DOYDGRU  
6mR3DXOR  
9LWyULD  

  FLGDGHVFRPJUDQGHQHFHVVLGDGHGHYHQWLODomRQR$1272'2
  
  FLGDGHVFRPJUDQGHQHFHVVLGDGHGHYHQWLODomRQR9(52

/HPEUDQGR R TXH VH YLX QR LWHP  GR WHUFHLUR FDStWXOR GHVWH OLYUR D YHQWLODomR
QDWXUDOpHILFD]HQWUHWHPSHUDWXUDVGH&D&SRLVDSDUWLUGDtRVJDQKRVWpUPLFRV

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
SRUFRQYHFomRIXQFLRQDULDPPDLVFRPRDTXHFLPHQWRGRDPELHQWHTXHFRPRUHVIULDPHQWR
eLPSRUWDQWHUHVVDOWDUTXHHPWHPSHUDWXUDVHQWUH&H&DYHQWLODomRVypHILFLHQWH
VHDXPLGDGHUHODWLYDGRDUWLYHUYDORUHVHQWUHH
2 YHQWR WDO FRPR R VRO WDPEpP SRGH VHU GHVHMiYHO QR YHUmR H LQGHVHMiYHO QR LQYHUQR
1HVVHVGRLVSHUtRGRVRYHQWRSRGHVHUGLIHUHQWHGHSHQGHQGRGHFDGDORFDO)DWRUHVFRPR
WRSRJUDILDYHJHWDomRHDVHGLILFDo}HVDOWHUDPDGLUHomRHLQWHQVLGDGHGRYHQWR
2YHQWRORFDOSRGHVHUPHGLGRFRPLQVWUXPHQWRVHWDPEpPSRGHWHUGDGRVREWLGRVDWUDYpV
GHDUTXLYRVFOLPiWLFRVHGHGLDJUDPDVFRPRDVURVDVGRVYHQWRV


$URVDGRVYHQWRV
$ URVDGRVYHQWRV SRGH VHU EDVWDQWH ~WLO DR DUTXLWHWR SRLV UHSUHVHQWD R WUDWDPHQWR
HVWDWtVWLFRGRVGDGRVGHYHQWRGHXPDGHWHUPLQDGDUHJLmR$SHVDUGHSRGHUVHUGHVHQKDGD
GHYiULDVIRUPDVJHUDOPHQWHLQGLFDDGLUHomRYHORFLGDGHVHIUHTXrQFLDGHRFRUUrQFLDGRV
YHQWRV SUHGRPLQDQWHV QXPD UHJLmR DR ORQJR GH WRGR R DQR $VVLP SRGHVH VDEHU TXDO
YHQWRSUHGRPLQDQRYHUmRHTXDOQRLQYHUQRHWRPDUGHFLV}HVGHSURMHWRSDUDDSURYHLWDUR
SULPHLURHHYLWDURVHJXQGR
$)LJXUDPRVWUDDURVDGRVYHQWRVSDUDDFLGDGHGH)ORULDQySROLVHD7DEHODPRVWUD
DIUHTXrQFLDGHRFRUUrQFLDGHFDOPDULDVSRUHVWDomRDPEDVJHUDGDVDSDUWLUGRSURJUDPD
$QDO\VLV 62/$5 2 GLDJUDPD GD HVTXHUGD PRVWUD D URVDGRVYHQWRV FRP DV YHORFLGDGHV
SUHGRPLQDQWHV SRU GLUHomR 3HUFHEHVH TXH RV YHQWRV PDLV LQWHQVRV YrP GD RULHQWDomR
QRUGHVWH FRP PpGLDV TXH FKHJDP D  PV GXUDQWH WRGR R DQR 2 GLDJUDPD GD GLUHLWD
DSUHVHQWD D IUHTXrQFLD GH RFRUUrQFLD GRV YHQWRV HP)ORULDQySROLV$ ILJXUD PRVWUD TXH R
YHQWRPDLVIUHTXHQWHpRQRUWHGXUDQWHRLQYHUQRDWLQJLQGRGRVKRUiULRVHPTXHKi
YHQWR 2 YHQWR QRUWH DFRQWHFH WDPEpP HP  GDV KRUDV GD SULPDYHUD HP  GDV
KRUDV GR RXWRQR H HP  GDV KRUDV GR YHUmR 2 VHJXQGR YHQWR PDLV IUHTXHQWH p R
QRUGHVWHTXHRFRUUHHPGDVKRUDVGRYHUmRHPGDVKRUDVGDSULPDYHUDHP
 GDV KRUDV GR RXWRQR H HP  GDV KRUDV GR LQYHUQR 1RWDVH WDPEpP QR PHVPR
GLDJUDPDTXH DV GXDV IDFKDGDV FRP PDLV YHQWRV QRYHUmR VmR D QRUGHVWH H D QRUWH H DV
GXDV IDFKDGDV PHQRV H[SRVWDV D YHQWRV QR LQYHUQR VmR D RHVWH H D OHVWH $ 7DEHOD 
PRVWUDTXHRVSHUtRGRV GRGLDPDLVYHQWRVRVVmRDVWDUGHVHTXHDVFDOPDULDVDFRQWHFHP
QRUPDOPHQWHQDVPDGUXJDGDVHPWRGDVDVHVWDo}HVGRDQR


)LJXUD5RVDGRVYHQWRVHYDORUHVGHFDOPDULDVVHJXQGRSURJUDPD$QDO\VLV62/$5

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/
7DEHOD9HQWRVDXVHQWHVSRUHVWDomR>@

 35,0$9(5$ 9(52 287212 ,19(512


0DGUXJDGD    
0DQKm    
7DUGH    
1RLWH    

e LPSRUWDQWH UHVVDOWDU TXH RV GDGRV GH YHQWR VmR QRUPDOPHQWH FROHWDGRV HP HVWDo}HV
PHWHRUROyJLFDV HP ORFDLV PDLV DEHUWRV FRPR DHURSRUWRV H iUHDV VXEXUEDQDV ORQJH GD
UXJRVLGDGHGDFLGDGH'HYHVHSRUWDQWRFRUULJLURVYDORUHVLQGLFDGRVQDVURVDVGRVYHQWRV
DWUDYpVGHXPPpWRGREDVWDQWHVLPSOHV


&RUUHomRGDYHORFLGDGHGRYHQWR
$PHGLomRQDVHVWDo}HVPHWHRUROyJLFDVDFRQWHFHQXPDDOWXUDGHPHWURVGRVRORHHVVH
YDORUGHYHVHUFRUULJLGRFRQIRUPHDDOWXUDGDVDEHUWXUDVGDHGLILFDomR
6HJXQGR %LWWHQFRXUW H &kQGLGR   D HTXDomR TXH FRUULJH D YHORFLGDGH GR YHQWR QDV
DEHUWXUDVpDVHJXLQWH (TXDomR 

(TXDomR&RUUHomRGDYHORFLGDGHGRYHQWR

9
= N ]D 
9P
RQGH
9 YHORFLGDGHPpGLDGRYHQWRQDDOWXUDGDDEHUWXUDGHHQWUDGDGRDU PV 
9P YHORFLGDGHPpGLDGRYHQWRQDHVWDomRPHWHRUROyJLFDPHGLGDDXPDDOWXUDSDGUmR
GHP PV 
ND FRHILFLHQWHVGHDFRUGRFRPDUXJRVLGDGHGRWHUUHQR 7DEHOD 
] DOWXUDGDDEHUWXUDHPHGLItFLRVRXGDFXPHHLUDHPFDVDVDWpGRLVDQGDUHV P 
2 YDORU GH 99P p R IDWRU GH PXOWLSOLFDomR TXH GHYH VHU XWLOL]DGR SDUD VH DFKDU D
YHORFLGDGH GR YHQWR HP XPD DEHUWXUD D SDUWLU GD YHORFLGDGH PHGLGD QD HVWDomR
PHWHRUROyJLFD
2VFRHILFLHQWHVNHDSRGHPVHUREWLGRVGLUHWDPHQWHGD7DEHOD

7DEHOD&RHILFLHQWHVNHDSDUDFiOFXORGHYHQWLODomRQDWXUDO

/RFDOL]DomRGD(GLILFDomR N D
FDPSRDEHUWRSODQR  
FDPSRFRPDOJXPDVEDUUHLUDV  
DPELHQWHXUEDQR  
FHQWURGDFLGDGH  


HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 

&RHILFLHQWHGHSUHVVmRGRYHQWR &3/ 
$SyVDYHORFLGDGHGRYHQWRWHUVLGRFRUULJLGDHPIXQomRGRWLSRGHWHUUHQRRQGHVHHVWiH
GDDOWXUDGDMDQHODVREDQiOLVHGHYHVHWDPEpPTXDQWLILFDUDVUHGXo}HVSURYRFDGDVSHOR
DIDVWDPHQWR HQWUH HGLILFDo}HV H SHOR kQJXOR GH LQFLGrQFLD GR YHQWR QDV DEHUWXUDV 3DUD
LVVRVHXWLOL]DRFRHILFLHQWHGHSUHVVmRGRYHQWR &3/ FRQIRUPHD)LJXUD


)LJXUDkQJXORGHLQFLGrQFLDGRYHQWRQDDEHUWXUD
$7DEHODDSUHVHQWDDGLIHUHQoDHQWUHRV&3/HPFDVDVORFDOL]DGDVHPFDPSRDEHUWR

7DEHOD'LIHUHQoDHQWUHRVFRHILFLHQWHVGHSUHVVmRGRYHQWRHPFDVDVHPFDPSRDEHUWR

QJXORGH,QFLGrQFLD  'LIHUHQoDHQWUHRVFRHILFLHQWHVGHSUHVVmRGRYHQWR &3/ 


R 
R<R +  

$7DEHODPRVWUDDFRUUHomRTXHGHYHVHUIHLWDQR&3/SDUDFDVDVGHORWHDPHQWRVHP
IXQomRGRDIDVWDPHQWRHQWUHHODV

7DEHOD&RHILFLHQWHGHSUHVVmRGRYHQWRSDUDORWHDPHQWRV

'LVWkQFLDHQWUHFDVDV &RHILFLHQWHVGHSUHVVmRGRYHQWR &3 


XPDFDVD &3/
GXDVFDVDV &3/


UHD~WLOGHYHQWLODomR
8PDYDULiYHOTXHWDPEpPGHYHVHUFRQVLGHUDGDpDiUHD~WLOGHYHQWLODomRTXHUHSUHVHQWD
DiUHDHIHWLYDGHYHQWLODomRTXDQGRDMDQHODHVWiWRWDOPHQWHDEHUWD(VVDiUHDpGLIHUHQWH
SDUD FDGD WLSR GH DEHUWXUD 8PD MDQHOD GR WLSR JXLOKRWLQD WHP  GH iUHD ~WLO GH
YHQWLODomRSRLVTXDQGRHVWiWRWDOPHQWHDEHUWDVRPHQWHPHWDGHGHVXDiUHDpOLYUHSDUD
YHQWLODURDPELHQWH$)LJXUDPRVWUDRVYDORUHVGHiUHD~WLOGHYHQWLODomRSDUDGLYHUVRV
WLSRV GH MDQHODV $V MDQHODV GR WLSR JXLOKRWLQD FRUUHU H DEULU WrP LQGLFDGDV VXDV
UHVSHFWLYDViUHDV~WHLVGHYHQWLODomRPi[LPDVFRQVLGHUDQGRDEHUWXUDWRWDO$VMDQHODVGR
WLSREDVFXODQWHHPD[LPDUWrPLQGLFDGDVDViUHDV~WHLVGHYHQWLODomRHPIXQomRGHDOJXQV
kQJXORVFRPXQVGHDEHUWXUD H 

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/


)LJXUDUHD~WLOGHYHQWLODomRSDUDGLYHUVRVWLSRVGHMDQHODV


)OX[RGHDU
2 IOX[R GH DU TXH DWUDYHVVD XP DPELHQWH p GHWHUPLQDGR GH IRUPD GLIHUHQWH TXDQGR D
YHQWLODomR p FUX]DGD RX XQLODWHUDO &RP YHQWLODomR FUX]DGD R IOX[R GH DU p GDGR SHOD
(TXDomR

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
(TXDomR)OX[RGHDUTXHDWUDYHVVDXPDPELHQWH

4 =  $ - 9 &3 
RQGH
4 IOX[RGHDUFRPYHQWLODomRFUX]DGDHPPV
$- iUHDHTXLYDOHQWHGDDEHUWXUD P 
9 YHORFLGDGHPpGLDGRYHQWRQDDOWXUDGDDEHUWXUDGHHQWUDGDGRDU PV 
&3/ FRHILFLHQWHGHSUHVVmRGRYHQWR
$iUHDHTXLYDOHQWHGDDEHUWXUDSRGHVHUFDOFXODGDSHOD(TXDomR

(TXDomRUHDHTXLYDOHQWHGDDEHUWXUD

  
= + 
$ - ( $ (175$'$ ) ( $

6$,'$ )


RQGH
$(175$'$ iUHDGHHQWUDGDGRIOX[RGHDU P 
$6$'$ iUHDGHVDtGDGRIOX[RGHDU P 
&DVR KDMD SRUWDV LQWHUPHGLiULDV HQWUH D VDtGD H HQWUDGD GH DU HP VpULH  GHYHVH
DFUHVFHQWDUDSDUFHODDEDL[RQDHTXDomR


+
$ 3257$ 


6HDYHQWLODomRGRDPELHQWHIRUXQLODWHUDORIOX[RGHDUSRGHVHUFDOFXODGRSHOD(TXDomR


(TXDomR)OX[RGHDUTXHDWUDYHVVDXPDPELHQWHSDUDYHQWLODomRXQLODWHUDO

4 =  $ 9 
RQGH
4 IOX[RGHDUFRPYHQWLODomRXQLODWHUDOHPPV
$ iUHDHIHWLYDGDMDQHOD P UHGX]LUVHIRUYHQH]LDQDRXWHOD
9 YHORFLGDGHPpGLDGRYHQWRQDDOWXUDGDDEHUWXUDGHHQWUDGDGRDU PV 


5HGXomRGRIOX[RGHDU
2 IOX[R GH DU TXH DWUDYHVVD XPD DEHUWXUD SRGH VRIUHU UHGXo}HV VH DOJXPD EDUUHLUD IRU
LQWHUSRVWDDHOHFRPRSRUH[HPSORWHODVFRQWUDPRVTXLWRV$7DEHODLQGLFDRYDORUGR
IOX[RGHDUUHGX]LGR 40 VHIRUXWLOL]DGDWHODFRQWUDPRVTXLWRQDDEHUWXUD

7DEHODUHGXomRGRIOX[RGHDUSDUDWHODVFRQWUDPRVTXLWRV
7LSRGH7HOD YHQWLODomRFUX]DGD YHQWLODomRXQLODWHUDO
DOJRGmR 40=4 40=4
Q\ORQ 40=4 40=4

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/

1~PHURGH7URFDVGH$U 1 
3DUDJDUDQWLU D TXDOLGDGH GR DU GH XP DPELHQWH GHILQHVH XP Q~PHUR PtQLPR GH WURFDV
GHDUSRUKRUDFDOFXODGRVHJXQGRD(TXDomR

(TXDomR1~PHURPtQLPRGHWURFDVGHDUSRUKRUD

4 
Q= 
Y
RQGH
Q Q~PHURGHWURFDVGHDUHPWURFDVSRUKRUD
Y pRYROXPHGRDPELHQWHYHQWLODGR P 
4 pRIOX[RGHDU P6 
5LYHUR  VXJHULXDYHQWLODomRPtQLPDQHFHVViULDHPDPELHQWHVFRQIRUPHRQ~PHURGH
SHVVRDV 7DEHOD 3DUDFRPSDUDURVYDORUHVGDGRVSHODHTXDomR HPPHWURVF~ELFRVSRU
VHJXQGR FRPRVGDWDEHODGH5LYHUR HPPHWURVF~ELFRVSRUKRUD GHYHVH
PXOWLSOLFDURYDORUDFKDGRSHODHTXDomRSRU
GLYLGLURYDORUDFKDGRSHORQRGHSHVVRDVTXHRFXSDRDPELHQWH
7DEHOD9HQWLODomRPtQLPDQHFHVViULDHPDPELHQWHV 5,9(52 
DUIUHVFRUHTXHULGRSRUSHVVRD PK 
HVSDoR GLVSRQtYHO SRU
 YDORUHVUHFRPHQGiYHLV
SHVVRD P 
PtQLPR VHPIXPDU IXPDQGR
   
   
   
   

&RPR H[HPSOR GH DSOLFDomR SRGHVH GHWHUPLQDU R Q~PHUR GH WURFDV GH DU HP XP
DPELHQWHFRPDVVHJXLQWHVFDUDFWHUtVWLFDV
GLPHQV}HVGH[P
SpGLUHLWRGHP
XPDMDQHODVGHFRUUHU GHDSURYHLWDPHQWRSDUDYHQWLODomR QDIDFKDGDQRUWHFRP
GLPHQV}HVGH[P
XPDMDQHODGHFRUUHUQDIDFKDGDVXOFRPGLPHQV}HVGH[P
WHODVGHQ\ORQFRQWUDPRVTXLWRVLQVWDODGDVHPDPEDVDVMDQHODV
YHORFLGDGHGRYHQWRLQFLGHQWHQRUPDOjIDFKDGDQRUWHGHPVDPGHDOWXUD
DOWXUDDWpDFXPHHLUDpGHP
DPELHQWH ORFDOL]DGR HP XP ORWHDPHQWR DPELHQWH XUEDQR  FXMD GLVWkQFLD HQWUH DV
FDVDVpLJXDOjODUJXUDGHXPDFDVD

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
3ULPHLUDPHQWH GHYHVH GHWHUPLQDU R FRHILFLHQWH GH SUHVVmR GR YHQWR FRP DX[tOLR GD
7DEHOD  &RPR R YHQWR LQFLGH QRUPDO j IDFKDGD R FRHILFLHQWH &3/ WHP YDORU GH 
6HJXQGRD7DEHODHVWHYDORUGHYHVHUFRUULJLGRSDUD&3/HPORWHDPHQWRVTXDQGR
DGLVWkQFLDHQWUHFDVDVpGHXPDFDVD(QWmR

&3=&3/=&3=

$YHORFLGDGHGRYHQWRGHYHVHUFRUULJLGDSHOD(TXDomRHQWmR
9
= N ] D 9 = 9P N ] D 
9P
3DUDDPELHQWHXUEDQRRVFRHILFLHQWHVNHDWrPUHVSHFWLYDPHQWHYDORUHVGHH
 7DEHOD $YHORFLGDGHGRYHQWRQDDOWXUDGDFXPHHLUDVHUiHQWmR
9FXPHHLUD = 9P N ] D =     = P  V 

$iUHD~WLOGHYHQWLODomRGHYHVHUFDOFXODGDFRQVLGHUDQGRDRULHQWDomRGRYHQWRLQFLGHQWH
1RH[HPSORDMDQHODGHHQWUDGDGDYHQWLODomRpDQRUWHHDMDQHODGHVDtGDpDVXO&RPR
DPEDVDVMDQHODVVmRGHFRUUHUHWrPiUHD~WLOGHYHQWLODomRGHVHJXQGRD)LJXUD
SRUWDQWR
$HQWUDGD==P

$VDtGD==P

3DUD FDOFXODU R IOX[R GH DU TXH DWUDYHVVD R DPELHQWH p QHFHVViULR DQWHV FDOFXODU D iUHD
HTXLYDOHQWHGDDEHUWXUDSHOD(TXDomR
  
 =  + $ - = P 
$- ( ) ( )
4XDQGRDVGXDVMDQHODV HVWmRDEHUWDVRIOX[RGHDUTXHDWUDYHVVDRDPELHQWHFDOFXODGR
SHOD(TXDomRp
4 =     = P  V 
( TXDQGR D MDQHOD SDUD D RULHQWDomR VXO HVWi IHFKDGD R IOX[R GH DU SDUD YHQWLODomR
XQLODWHUDOpGDGRSHOD(TXDomRFRQVLGHUDQGRTXHDiUHD~WLOGDMDQHODQRUWHpGH
P
4 =    = P  V 
3HOD 7DEHOD  FDOFXODVH D UHGXomR GR IOX[R GH DU GHYLGR DR XVR GH WHOD FRQWUD
PRVTXLWRVSDUDYHQWLODomRFUX]DGD GXDVMDQHODVDEHUWDV 
40=4==PV
(SDUDYHQWLODomRXQLODWHUDOFDOFXODVH
40=4==PV
)LQDOPHQWHFDOFXODVHRQ~PHURGHWURFDVGHDUSDUDYHQWLODomRFUX]DGDSHOD(TXDomR
FRQVLGHUDQGRTXHRDPELHQWHWHPYROXPHGHP
 
Q= = WURFDVKRU D 

(SDUDYHQWLODomRXQLODWHUDOWHPVH

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/
 
Q= = WURFDVKRU D 

6HRDPELHQWHDQDOLVDGRIRVVHXPHVFULWyULRFRPRLWRSHVVRDV HVSDoRGLVSRQtYHOSRUSHVVRD
GHP DYHQWLODomRPtQLPDQHFHVViULDVHJXQGRD7DEHODVHULDGHPKGHDU
IUHVFRSRUSHVVRDRXVHMDPKGHDUIUHVFRSDUDRDPELHQWH3HODPHVPDWDEHODR
YDORU UHFRPHQGDGR SDUD DPELHQWHV VHP IXPDQWHV VHULD GH  PK GH DU IUHVFR SRU
SHVVRD
2 IOX[R 4 DFKDGR QR DPELHQWH SDUD YHQWLODomR FUX]DGD DPEDV DV MDQHODV DEHUWDV 
FRPSDUDGR DR YDORU GD 7DEHOD  Mi FRQVLGHUDQGR D UHGXomR SURSRUFLRQDGD SHODV WHODV
FRQWUDPRVTXLWRVVHULD
 
4 = = P  KSRUSHVVRD 

(RIOX[RSDUDYHQWLODomRXQLODWHUDOVHULD
 
4 = = P  KSRUSHVVRD 

&RPR VRPHQWH R IOX[R SDUD YHQWLODomR FUX]DGD DWHQGH DRV YDORUHV UHFRPHQGDGRV SHOD
7DEHOD  FRQFOXLVH TXH R DPELHQWH WHP YHQWLODomR QDWXUDO DGHTXDGD GHVGH TXH HVWD
VHMDFUX]DGDRXVHMDTXHVHPDQWHQKDPVXDVGXDVMDQHODVDEHUWDV


,QIOXrQFLDGDLPSODQWDomRHGDRULHQWDomRQDYHQWLODomRQDWXUDO
$ YHQWLODomR QDWXUDO HP DPELHQWHV p LQGLVVRFLiYHO GD RULHQWDomR H GD LPSODQWDomR GR
HGLItFLR QR WHUUHQR 2 YHQWR SUHGRPLQDQWH GR YHUmR GHYH VHU H[SORUDGR SDUD UHVIULDU RV
DPELHQWHVTXDQGRQHFHVViULR-iRYHQWRSUHGRPLQDQWHGRLQYHUQRGHYHVHUHYLWDGRSRLV
QHVWH SHUtRGR GR DQR VH TXHU HYLWDU DV SHUGDV GH FDORU GD HGLILFDomR SDUD R H[WHULRU
(OHPHQWRVFRPRDYHJHWDomRHVXSHUItFLHVHGLILFDGDVLQIOXHQFLDPQRkQJXORGHLQFLGrQFLDH
QDLQWHQVLGDGHFRPDTXDORYHQWRDWLQJHDHGLILFDomR
$)LJXUDLOXVWUDRHIHLWRGDYHJHWDomRFRPREDUUHLUDGRYHQWRLQGHVHMiYHOUHGX]LQGRDV
SHUGDVGHFDORUGRDPELHQWHSRULQILOWUDomR


)LJXUD5HGXomRGDVSHUGDVGHFDORUSRULQILOWUDomRFRPEORTXHLRGRYHQWRFRPYHJHWDomR
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
1RWDVH TXH FRP D UHGXomR GD LQWHQVLGDGH GR YHQWR LQFLGHQWH SDUD  UHGX]HPVH DV
SHUGDV GHFDORU SRU LQILOWUDomR GH DU GH  SDUD DSHQDV  ,VVR LQGLFD TXH DV SHUGDV
SRU LQILOWUDomR VmR UHGX]LGDV QXPD SURSRUomR TXH HTXLYDOH DR TXDGUDGR GD UHGXomR GD
LQWHQVLGDGHGRYHQWRLQFLGHQWH
$ )LJXUD  PRVWUD TXH iUYRUHV FRP FRSDV DOWDV VmR PHOKRUHV SDUD VRPEUHDU R VRO
LQGHVHMiYHOQRYHUmRHSDUDIDFLOLWDURDFHVVRGRYHQWRjHGLILFDomR


)LJXUD&LUFXODomRGRYHQWRVREFRSDVGHiUYRUHVDOWDV
$ )LJXUD  PRVWUD R XVR GD YHJHWDomR FRPR IRUPD GH GLUHFLRQDPHQWR GR YHQWR SDUD
PHOKRUYHQWLODomRQDWXUDOGHXPDHGLILFDomR


)LJXUD,QIOXrQFLDGDYHJHWDomRQDYHQWLODomRQDWXUDO

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/

%DUUHLUDVGH9HQWR
9HJHWDomRRXVXSHUItFLHVHGLILFDGDVSRGHPVHUYLUGHEDUUHLUDVGHYHQWR4XDQWRPDLVDOWDD
EDUUHLUDPDLRUDVRPEUDGHYHQWRTXHHODSURGX]FRQIRUPHLOXVWUDGRQD)LJXUD


)LJXUD6RPEUDGHYHQWRHPIXQomRGDDOWXUDGDEDUUHLUD
'H IRUPD VHPHOKDQWH TXDQWR PDLV ODUJD D EDUUHLUD PDLV H[WHQVD D VRPEUD GH YHQWR
SURGX]LGDSRUHOD )LJXUD 


)LJXUD6RPEUDGHYHQWRHPIXQomRGDODUJXUDGDEDUUHLUD
2JUiILFRGD)LJXUDDGDSWDGRGH/HFKQHU S UHSUHVHQWDDUHGXomRREWLGDQD
YHORFLGDGHGRYHQWRLQFLGHQWHHWDPEpPRDXPHQWRGDVRPEUDGHYHQWRSURSRUFLRQDGRSRU
EDUUHLUDVPDLVGHQVDVFRPRHGLItFLRVHPDLVSRURVDVFRPRYHJHWDomR

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 


)LJXUD6RPEUDGHYHQWRHPIXQomRGRWLSRGHEDUUHLUDHVXDDOWXUDDGDSWDGRGH/HFKQHU
$ )LJXUD  PRVWUD R IOX[R GH YHQWR DR UHGRU GH HGLILFDo}HV GH GLYHUVDV FRQILJXUDo}HV
YROXPpWULFDVVHJXQGRVLPXODo}HVIHLWDVHPW~QHOGHYHQWR (9$16H6&+,//(5 



)LJXUD)OX[RGHYHQWRVDRUHGRUGDVHGLILFDo}HV

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/

9HQWLODomR&UX]DGD
$YHQWLODomRFUX]DGDpXPDGDVWpFQLFDVPDLV HILFD]HVGHYHQWLODomRQXPDPELHQWHSRLV
H[LJH EDVLFDPHQWH GXDV DEHUWXUDV HP SDUHGHV GLIHUHQWHV H FHUWR FRQKHFLPHQWR GD
RULHQWDomR GRLV YHQWRV GHVHMiYHLV QRV SHUtRGRV TXHQWHV $ )LJXUD  LOXVWUD GLYHUVDV
SRVVLELOLGDGHV GH SRVLFLRQDPHQWR GH DEHUWXUDV HP GLIHUHQWHV SDUHGHV 2 HVWXGR IRL IHLWR
DWUDYpVGHVLPXODomRHPW~QHOGHYHQWR (YDQVH6FKLOOHU 1DILJXUDRVHVTXHPDVH
 VmR RV TXH SHUPLWHP PDLRUHV YHORFLGDGHV GR YHQWR DWUDYpV GR DPELHQWH SRUpP R
HVTXHPD  SURYRFD XPD FXUYDWXUD QR FXUVR GD YHQWLODomR 2V HVTXHPDV  H  PRVWUDP
DEHUWXUDVHPSDUHGHVDGMDFHQWHVSURYRFDQGRXPDYHQWLODomRPDLVHIHWLYD2HVTXHPD
PRVWUD TXH MDQHODV PXLWR SUy[LPDV SRGHP SURYRFDU XP FXUWRFLUFXLWR QD YHQWLODomR
$IDVWDQGR XP SRXFR DV MDQHODV HVTXHPD   WHPVH PHOKRU GLVWULEXLomR GR DU QR
DPELHQWH


)LJXUD  3DGUmR GD YHQWLODomR GHWHUPLQDGR SHOR SRVLFLRQDPHQWR GDV HVTXDGULDV DGDSWDGR GH
(YDQVH6FKLOOHU
$ )LJXUD  DSUHVHQWD RV FDPLQKRV WRPDGRV SHORV IOX[RV GHDU DWUDYpV GHXP DPELHQWH
HPIXQomRGDSUHVHQoDGHGLYLVyULDVHUHSDUWLo}HVLQWHUQDV


)LJXUD(VWXGRGRIOX[RGHDUHPDPELHQWHVHPIXQomRGDSUHVHQoDGHGLYLVyULDVHUHSDUWLo}HV
LQWHUQDVDGDSWDGRGH:DWVRQH/DEV

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
1DILJXUDQRVHVTXHPDVHRIOX[RGHDUpVHPHOKDQWHSRUpPQRHVTXHPDH[LVWHXP
DPELHQWH FRP DU HVWDJQDGR 2 HVTXHPD  PRVWUD TXH R IOX[R GH DU GLYLGLGR UHGX] D
YHQWLODomRHRFRQVHTXHQWHUHVIULDPHQWRDGYLQGRGHVWD2GHVHQKRPRVWUDTXHHPERUD
FRP D UHGXomR GR IOX[R GH DU D YHQWLODomR GLYLGLGD SRGH VHU DGHTXDGD GHSHQGHQGR GR
DPELHQWH H GH VXDV QHFHVVLGDGHV GH UHVIULDPHQWR 2 HVTXHPD  LOXVWUD XPD GLYLVmR
LQWHUFHSWDQGR D ]RQD GR IOX[R GH DU LQFLGHQWH SUHMXGLFDQGR D YHQWLODomR 2 HVTXHPD 
PRVWUDRXWUDGLYLVmRSRVVtYHOGLPLQXLQGRRIOX[RGHDUQXPDPELHQWHLPSRUWDQWH


&DSWDGRUHVGHYHQWRSHLWRULVYHQWLODGRVPDQVDUGDVODQWHUQLQV
HWRUUHVGHYHQWLODomR
$YHQWLODomRYHUWLFDOpPXLWRHILFD]TXDQGRpQHFHVViULRUHWLUDURDUTXHQWHTXHWHQGHDVH
DFXPXODU QDV UHJL}HV PDLV DOWDV GD HGLILFDomR QRUPDOPHQWH HP FREHUWXUDV H iWLFRV 2
/$17(51,0pXPDWpFQLFDEDVWDQWHXWLOL]DGDSDUDHVWHILP
2FDORUDFXPXODGRQDFREHUWXUDpUHWLUDGRSHODYHQWLODomRQDWXUDOGRHOHPHQWRTXHSRVVXL
DEHUWXUDV HP DPEDV DV H[WUHPLGDGHV IDYRUHFHQGR D YHQWLODomR FUX]DGD (VWDV DEHUWXUDV
GHYHPVHUSURWHJLGDVFRPWHODVFRQWUDLQVHWRVHVHRFOLPDORFDOWLYHUHVWDo}HVPDLVIULDV
GHYHP LQFOXLU FRQWUROH 8P H[HPSOR p R ODQWHUQLP XWLOL]DGR QR 5HWLUR 7DJDVWH GR
DUTXLWHWR -RmR &DVWUR )LOKR SURMHWR GHVFULWR QR SULPHLUR FDStWXOR GHVWH OLYUR LQWLWXODGR
8P%UHYH+LVWyULFR
23(,725,/9(17,/$'2SHUPLWHDHQWUDGDGHYHQWLODomRDEDL[RGDDEHUWXUD7HODVFRQWUD
PRVTXLWRV H RXWURV DQLPDLV GHYHP VHU LQVWDODGDV EHP FRPR HOHPHQWRV TXH SRVVDP
EORTXHDU R LQJUHVVR GH DU QR LQYHUQR 2 DU TXH HQWUD DWUDYpV GR SHLWRULO YHQWLODGR SRGH
FLUFXODUQRDPELHQWHVDLQGRSHODFREHUWXUDDWUDYpVGHODQWHUQLQVPDQVDUGDVRXWRUUHVGH
YHQWLODomR
$V 0$16$5'$6 WDPEpP FRQKHFLGDV FRPR iJXDIXUWDGD VmR XPD ERD DOWHUQDWLYD SDUD
YHQWLODomRGHiWLFRVRFXSDGRV )LJXUD 



)LJXUD0DQVDUGDRXiJXDIXUWDGD
2V&$37$'25(6'(9(172VmRXWLOL]DGRVSDUDOHYDUDYHQWLODomRQDWXUDOSDUDDPELHQWHV
$)LJXUDPRVWUDRVFDSWDGRUHVGHYHQWRFRQVWUXtGRVHPFDVDVQR3DTXLVWmRTXHOHYDP
DVEULVDVPDLVIUHVFDVGDWDUGHSDUDRVDPELHQWHVLQWHULRUHV 5XGRIVN\ 

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/


)LJXUD&DSWDGRUHVGHYHQWRQR3DTXLVWmRDGDSWDGRGH5XGRIVN\
$V 7255(6 '( 9(17,/$d2 EDVWDQWH XWLOL]DGDV QD DUTXLWHWXUD YHUQDFXODU GR OHVWH
HXURSHX YHP VHQGR UHVJDWDGDV QD DUTXLWHWXUD HXURSpLD ELRFOLPiWLFD PDLV UHFHQWH (VWDV
WRUUHVVHXWLOL]DPGRIHQ{PHQRFRQKHFLGRFRPRYHQWLODomRSRUWHUPRVLImRRXSRUHIHLWR
FKDPLQp RQGH H[LVWH XPD WRPDGD GH DU QR DPELHQWH TXH SUDWLFDPHQWH DVSLUD R DU
H[WHUQR SDUD FRPSHQVDU D GLIHUHQoD GH SUHVVmR SURYRFDGD SHOD VDtGD GR DU TXHQWH SHOD
WRUUHeLPSRUWDQWHTXHH[LVWDXPDGLIHUHQoDGHDOWXUDHQWUHDWRPDGDGHDUHVXDVDtGD
GH SHOR PHQRV VHLV PHWURV H TXH D HQWUDGD GH DU QR DPELHQWH VHMD FDXWHORVDPHQWH
GLUHFLRQDGD HYLWDQGR UHFHEHU R DU PDLV TXHQWH GR RHVWH RX R DU PDLV SROXtGR GH XPD
DYHQLGDRXHVWDFLRQDPHQWRDGMDFHQWHSRUH[HPSOR


(OHPHQWRVGLUHFLRQDGRUHVHILOWUDQWHVGDYHQWLODomRQDWXUDO
$ YHQWLODomR QDWXUDO SRGH VHU FRQWURODGD WDPEpP SRU HOHPHQWRV H[WHUQRV j HGLILFDomR
FRPR PXURV SODFDV H RXWUDV VXSHUItFLHV TXH GLUHFLRQDP GHVYLDP RX PHVPR ILOWUDP D
YHQWLODomRDQWHVGDPHVPDDWLQJLUDVDEHUWXUDV
2VEHLUDLVSRUH[HPSORSRGHPGLUHFLRQDURIOX[RGHDUSDUDRLQWHULRUDOpPGHVHUYLUHP
FRPRXPDSURWHomRVRODUKRUL]RQWDO$)LJXUDPRVWUDFRPRXPEHLUDOPDLVJHQHURVR
SRGHDXPHQWDU D ]RQD GH SUHVVmR GR ODGR H[WHUQR j DEHUWXUD DXPHQWDQGRR IOX[R GH DU
SDUDRLQWHULRU3URWHo}HVVRODUHVKRUL]RQWDLVSRGHPSURYRFDURPHVPRHIHLWR


)LJXUD,QIOXrQFLDGREHLUDOQRGLUHFLRQDPHQWRGRIOX[RGHYHQWLODomRSDUDRLQWHULRU

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 
'HIRUPDVHPHOKDQWHDSODWLEDQGDWDPEpPDXPHQWDD]RQDGHSUHVVmRDQWHULRUjMDQHOD
DXPHQWDQGRRIOX[RGHYHQWLODomRSDUDRLQWHULRU )LJXUD 


)LJXUD,QIOXrQFLDGDSODWLEDQGDQRGLUHFLRQDPHQWRGRIOX[RGHYHQWLODomRSDUDRLQWHULRU
(OHPHQWRV FRPR YHQH]LDQDV SURWHo}HV VRODUHV YHUWLFDLV RX RXWUDV VDOLrQFLDV YHUWLFDLV QD
DEHUWXUDSRGHPDX[LOLDUQRGLUHFLRQDPHQWRGRIOX[RGHDUSDUDRLQWHULRU1D)LJXUDD
YHQH]LDQD WDPEpP VHUYH FRPR SURWHomR VRODU YHUWLFDO 1RWDVH QDV PiVFDUDV GH
VRPEUHDPHQWR j GLUHLWD GD LPDJHP D HILFiFLD GDV YHQH]LDQDV FRPR HOHPHQWRV GH
VRPEUHDPHQWRDOpPGHVXDIXQomRFRPRGLUHFLRQDGRUDVGRIOX[RGHDUSDUDRLQWHULRU


)LJXUD9HQH]LDQDVFRPRGLUHFLRQDGRUHVGRDUSDUDRLQWHULRUHSURWHomRVRODUYHUWLFDO
0XURV H SDUHGHV H[WHUQDV WDPEpP SRGHP GHVHPSHQKDU R SDSHO GH GLUHFLRQDGRUHV GR DU
SDUDQRLQWHULRUGDPHVPDIRUPDTXHHOHPHQWRVFRPRiUYRUHVDUEXVWRVHRXWURVWLSRVGH
YHJHWDomR
$ YHJHWDomR WDPEpP SRGH VHUYLU GH EDUUHLUD GH YHQWR FRPR QD )LJXUD  TXH LOXVWUD
EDUUHLUDVHPIRUPDGH/SDUDSURWHomRGRYHQWRHGHWHPSHVWDGHVGHQHYHHP6KLPDQHQR
-DSmR 5XGRIVN\ 

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/


)LJXUD%DUUHLUDVGHYHQWRQRPXQLFtSLRGH6KLPDQHQR-DSmRDGDSWDGRGH5XGRIVN\
2XWUR UHFXUVR SDUD ILOWUDU H FRQWURODU R IOX[R GH DU SDUD R LQWHULRU VmR RV HOHPHQWRV
YD]DGRV FRPR RV XWLOL]DGRV QD &DVD (ILFLHQWH GD (OHWURVXO GHVFULWD QR SULPHLUR FDStWXOR
GHVWHOLYURLQWLWXODGR8P%UHYH+LVWyULFR(VWHVUHGXWRUHVGHYHQWREORTXHLDPSDUWHGR
YHQWRLQGHVHMiYHOGRLQYHUQReLPSRUWDQWHGLUHFLRQDUHVWHVHOHPHQWRVHPIXQomRGRYHQWR
TXHVHTXHUEORTXHDU )LJXUD 


)LJXUD5HGXWRUGHYHORFLGDGHGRYHQWRFRPHOHPHQWRVYD]DGRV

HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD

ODPEHUWVGXWUDHSHUHLUD 

9HQWLODomRQRWXUQD
$YHQWLODomRQRWXUQDWDPEpPFKDPDGDGHYHQWLODomRHVWUXWXUDOSRGHVHUHPSUHJDGDSDUD
UHGX]LU D WHPSHUDWXUD GR HGLItFLR j QRLWH TXDQGR D WHPSHUDWXUD GR DU H[WHUQR p PDLV
EDL[D TXH D GR DU LQWHUQR (P UHVLGrQFLDV HVVD HVWUDWpJLD SRGH PHOKRUDU DV FRQGLo}HV
LQWHUQDVGHFRQIRUWRjQRLWHHQTXDQWRTXHHPHGLItFLRVFRPHUFLDLVHS~EOLFRVQmRPXLWR
RFXSDGRV j QRLWH D YHQWLODomR QRWXUQD p XPD JUDQGH DOLDGD SDUD UHVIULDU D HVWUXWXUD GR
HGLItFLR(GLItFLRVFRPPDLRULQpUFLDWpUPLFDXVXIUXHPPDLVGHVWDWpFQLFDSRLVPDQWpPD
WHPSHUDWXUDGHHOHPHQWRVHVWUXWXUDLVFRPRODMHVSDUHGHVHYLJDVPDLVEDL[DVGLPLQXLQGR
RVSLFRVGHWHPSHUDWXUDQRGLDVHJXLQWH
$ YHQWLODomR QDWXUDO SRGH VHU FRPELQDGD FRP VLVWHPDV PHFkQLFRV SDUD JDUDQWLU TXH D
HVWUDWpJLDIXQFLRQHHPSHUtRGRVGHFDOPDULDVHQWUHWDQWRDYHQWLODomRQDWXUDOpHPJHUDO
VXILFLHQWH 6H VLVWHPDV PHFkQLFRV IRUHP XWLOL]DGRV p LPSRUWDQWH DWHQWDU SDUD SRVVtYHLV
UXtGRV XPD YH] TXH j QRLWH LVVR SRGH UHSUHVHQWDU SUREOHPDV QR HQWRUQR LPHGLDWR DR
HGLItFLRHDRVVHXVSUySULRVRFXSDQWHV
eLPSRUWDQWHSUHYHUWRPDGDVGHDUH[WHUQRHPGLYHUVRVQtYHLVQRSURMHWRSUHIHULYHOPHQWH
LQWHUOLJDGDV QD SUXPDGD GR HGLItFLR H FRP VDtGDV GH DU QD FREHUWXUD 'HYHVH WDPEpP
HYLWDU WRPDGDV GH DU H[WHUQR HP ORFDLV RQGH Ki PDLRUHV QtYHLV GH SROXLomR FRPR HP
VDtGDVGHJDUDJHQVHVWDFLRQDPHQWRVSDUDGDVGH{QLEXVHYLDVGHJUDQGHWUiIHJR
$)LJXUDLOXVWUDDDWXDomRGDYHQWLODomRQRWXUQDQXPHGLItFLR



)LJXUD9HQWLODomRQRWXUQD


9HQWLODomRHPIDFKDGDGXSODHSHULIpULFD
(VWDWpFQLFDGHYHQWLODomRQDWXUDOWHPVLGRXWLOL]DGDUHFHQWHPHQWHHPHGLItFLRVGHPDLRU
SRUWH SULQFLSDOPHQWH GH PXLWRV SDYLPHQWRV 2 0HQDUD 0HVLQLDJD GH .HQ <HDQJ SRU
H[HPSOR YHU FDStWXOR 8P %UHYH +LVWyULFR  WHP QDV VXDV IDFKDGDV SODFDV KRUL]RQWDLV
FXUYDVGHPHWDOTXHIRUoDPDSDVVDJHPGRVYHQWRVUHQWHjVXSHUItFLHH[WHUQDGRHGLItFLR
FULDQGRFRQGLo}HVSDUDTXHDFRQYHFomRUHWLUHFDORUGDHVWUXWXUDHGDVSDUHGHVDOpPGH
YHQWLODUVDFDGDVHGLUHFLRQDURVIOX[RVGHDUSDUDDVDEHUWXUDV

 HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
FDStWXOR9(17,/$d21$785$/

7~QHLVGH9HQWRH0HVDGJXD
2 W~QHO GH YHQWR p XP DSDUDWR YDOLRVR SDUD R DUTXLWHWR SRLV SHUPLWH D DQiOLVH GH
PDTXHWHVIUHQWHjYHQWLODomRQDWXUDO([LVWHPEDVLFDPHQWHGRLVWLSRVGHW~QHOGHYHQWRR
FRP VHUUDJHP H R FRP IXPDoD $OWHUQDWLYDPHQWH SRGHVH VLPXODU R YHQWRHP PDTXHWHV
FRPXPDPHVDGiJXD


7~QHOGH9HQWRFRP6HUUDJHP
7LSRPDLVVLPSOHVGHW~QHOGHYHQWRRW~QHOGHYHQWRFRPVHUUDJHPFRQVLVWHQXPW~QHO
SDUFLDOPHQWHWUDQVSDUHQWHRQGHVHLQVWDODDPDTXHWHVREDQiOLVHHHPVHJXLGDSXOYHUL]D
VH Sy GH VHUUDJHP VREUH D PHVPD 8P YHQWLODGRU HVSHFLDO p DFLRQDGR FRP YiULDV
YHORFLGDGHV GH YHQWR HP HVFDOD PHGLGDV FRP DX[tOLR GH XP DQHP{PHWUR  $SyV DOJXQV
LQVWDQWHVGHVOLJDVHRYHQWLODGRUHIRWRJUDIDVHDPDTXHWHFRPDVHUUDJHPUHVWDQWHSDUD
DTXHOD YHORFLGDGH GH YHQWR HVSHFtILFD LQGLFDWLYD GH ]RQDV VHP FLUFXODomR GH DU RX FRP
WXUEXOrQFLD 5HSHWHVH R SURFHGLPHQWR SDUD RXWUDV YHORFLGDGHV GH YHQWR GH IRUPD D
LGHQWLILFDURFRPSRUWDPHQWRGDVFRQVWUXo}HVHPUHODomRDRYHQWR


7~QHOGH9HQWRFRP)XPDoD
(VWH WLSR GH W~QHO GH YHQWR p PDLV FRPSOH[R SRUpP WDPEpP PDLV LQWHUSUHWDWLYR GR
FRPSRUWDPHQWR GDV FRQVWUXo}HV IUHQWH DR YHQWR 6HPHOKDQWH DR W~QHO GH YHQWR FRP
VHUUDJHP HVWH FRQVLVWH QXP W~QHO SRU RQGH FLUFXOD IXPDoD GH GLYHUVDV FRUHV H RQGH VH
FRORFDDPDTXHWHGRHGLItFLRRXFRQMXQWRGHHGLItFLRVDVHUDQDOLVDGRV&RPDREVHUYDomR
GRFRPSRUWDPHQWRGDIXPDoDHPGLYHUVDVYHORFLGDGHVGHYHQWRSRGHVHFRQFOXLUVREUHD
QHFHVVLGDGHGHLQVWDODomRGHEORTXHLRVRXWDPEpPHOHPHQWRVFDQDOL]DGRUHVGHYHQWRSDUD
DHGLILFDomR


0HVDGJXD
(PERUDGLIHUHQWHHPPHFDQLVPRVDPHVDGiJXDpEDVWDQWHVHPHOKDQWHDRW~QHOGHYHQWR
FRPIXPDoD&RQVLVWHQXPDSDUDWRSRURQGHFLUFXODHVSXPDDWUDYpVGHXPDPDTXHWHHP
EDL[DYHORFLGDGHSHUPLWLQGRDDQiOLVHGDYHQWLODomRQDWXUDOHPHGLILFDo}HV2/DERUDWyULR
GH &RQIRUWR $PELHQWDO GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD /DEFRQ8)6& 
GHVHQYROYHXXPDPHVDGiJXD KWWSZZZODEFRQXIVFEUHTXLSBGHVHQYBGDJXDSKS 



5()(51&,$6
$1781(6%  3RUXPDQRYDDWLWXGHLQ$UTXLWHWXUDH8UEDQLVPRDQR
Q~PHURMXQKRGH(GLWRUD3,1,6mR3DXORS
%,77(1&2857 / &kQGLGR &   ,QWURGXomR j YHQWLODomR QDWXUDO ('8)$/
0DFHLyS
%52:1*='H.D\0  6ROYHQWRHOX]HVWUDWpJLDVSDUDRSURMHWRGH
DUTXLWHWXUDD(GLomR%RRNPDQ3RUWR$OHJUH
(9$16 0 6FKLOOHU 6   'LVHQR %LRDPELHQWDO \ $UTXLWHFWXUD 6RODU
8QLYHUVLGDGGH%XHQRV$LUHV6HULH(GLFLRQHV3UHYLDVQ
+$:.(6 ' )RUVWHU :   $UFKLWHFWXUH HQJLQHHULQJ DQG HQYLURQPHQW
/DZUHQFH.LQJ3XEOLVKLQJ/RQGRQ
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD


Você também pode gostar