,1)5$(6758785$

SHUVSHFWLYDVGHUHRUJDQL]DomR

75$163257(6
9ROXPH
0,1,67e5,2 '2 3/$1(-$0(172 ( 25d$0(172
0LQLVWUR 3DXOR 3DLYD
6HFUHWiULR ([HFXWLYR 0DUWXV 7DYDUHV

Instituto de Pesquisa Econômica Aplicada

3UHVLGHQWH
)HUQDQGR 5H]HQGH
',5(725,$
&ODXGLR 0RQWHLUR &RQVLGHUD
*XVWDYR 0DLD *RPHV
/XtV )HUQDQGR 7LURQL
/XL] $QWRQLR GH 6RX]D &RUGHLUR
0DULDQR GH 0DWRV 0DFHGR
0XULOR /{ER
352-(72  35(63(&7,9$6 '$ 5((6758785$d®2
),1$1&(,5$ ( ,167,78&,21$/ '26 6(725(6
'( ,1)5$(6758785$
&RRUGHQDGRU *HUDO  7RPiV %UXJLQVNL GH 3DXOD  &RQYrQLR ,3($&(3$/
$VVLVWHQWH GD &RRUGHQDomR  &DUORV &HVDU 0DUTXHV )UDXVLQR

,QIUDHVWUXWXUD SHUVSHFWLYDV GH UHRUJDQL]DomR WUDQVSRUWHV)HUQDQGR

5H]HQGH H 7RPiV %UXJLQVNL GH 3DXOD FRRUGHQDGRUHV ³ %UDVtOLD

,3($

 Y

 ,QIUDHVWUXWXUD HFRQ{PLFD  5HJXODPHQWDo}HV  7UDQVSRUWH ,

3DXOD 7RPiV %UXJLQVNL GH ,, ,QVWLWXWR GH 3HVTXLVD (FRQ{PLFD $SOLFDGD

,,, 7tWXOR

&'' 
680É5,2
$SUHVHQWDomR

,QWURGXomR
1HZWRQ&DVWURH-RVp5REHUWR(VSRVLWR 

5HHVWUXWXUDomR)LQDQFHLUDH,QVWLWXFLRQDO
GR6XEVHWRU)HUURYLiULR
6HUJLRGH$]HYHGR0DUTXHVH/HR7DGHX5REOHV 

26XEVHWRUGH,QIUD(VWUXWXUD5RGRYLiULD
9LFHQWHGH%ULWR3HUHLUD 
$35(6(17$d®2
$ H[SDQVmR GRV LQYHVWLPHQWRV HP LQIUDHVWUXWXUD p FRQGLomR FUXFLDO SDUD D UHWRPDGD H VXVWHQWDomR GDV WD[DV GH FUHVFL
PHQWR GD HFRQRPLD QR PpGLR SUD]R H D HILFLrQFLD QD SUHVWDomR GHVVHV VHUYLoRV WRUQDVH FDGD YH] PDLV IDWRU FHQWUDO j FRPSH
WLWLYLGDGH GD HFRQRPLD HP XP FRQWH[WR GH LQH[RUiYHO OLEHUDOL]DomR FRPHUFLDO 1RV YiULRV VHWRUHV WUDWDVH QmR DSHQDV GH VX
SHUDU HPSHFLOKRV DR FUHVFLPHQWR DFXPXODGRV DR ORQJR GRV ~OWLPRV DQRV PDV WDPEpP GH H[SORUDU R SUySULR SRWHQFLDO GLQDPL
]DGRU TXH D UHFXSHUDomR GRV LQYHVWLPHQWRV SRGH DGTXLULU SDUD R FRQMXQWR GD DWLYLGDGH HFRQ{PLFD
'H DFRUGR FRP DV SURMHo}HV GR 3ODQR 3OXULDQXDO RV LQYHVWLPHQWRV QDV SULQFLSDLV iUHDV GH LQIUDHVWUXWXUD GHYHP DOFDQoDU
FHUFD GH 5  ELOK}HV QR SHUtRGR  (VWXGR UHFHQWHPHQWH FRQFOXtGR SHOR ,3($ FRQWXGR QRWD TXH D HOHYDomR
GDV WD[DV PpGLDV DQXDLV GH FUHVFLPHQWR GD HFRQRPLD D SDUWLU GR DQR   SDUD FHUFD GH  VXS}H XPD HOHYDomR GD
WD[D DJUHJDGD GH LQYHVWLPHQWRV SDUD FHUFD GH  GR 3,% R TXH VLJQLILFD XP DFUpVFLPR GD RUGHP GH 5  ELOK}HVDQR

DR QtYHO FRUUHQWH GH LQYHVWLPHQWRV 2V VHWRUHV GH LQIUDHVWXWXUD SHODV HVWLPDWLYDV H[LVWHQWHV GHYHP UHVSRQGHU SRU SDUFHOD H[
SUHVVLYD GHVVH LQFUHPHQWR FRP FUHVFHQWH SDUWLFLSDomR GR VHWRU SULYDGR
0DV QmR p DSHQDV D PDJQLWXGH GRV LQYHVWLPHQWRV TXH FKDPD D DWHQomR QHVVDV iUHDV (VWi HP FXUVR H GHYH DYDQoDU QRV
SUy[LPRV DQRV XPD SURIXQGD UHRUJDQL]DomR GRV PHUFDGRV GDV HVWUXWXUDV GH SUHVWDomR GRV VHUYLoRV GDV IRUPDV GH FRQFRUUrQ
FLD H GDV UHODo}HV HQWUH PHUFDGR H SRGHU S~EOLFR FRP LPSOLFDo}HV UHJXODWyULDV HYLGHQWHV
2V PRGHORV GH RUJDQL]DomR VHWRULDO TXH SUHYDOHFHUDP DWp DTXL FDUDFWHUL]DYDPVH DOpP GH SHOR FRQWUROH HVWDWDO SRU VHUHP
HP JHUDO IRUWHPHQWH FHQWUDOL]DGRV FRP SUHGRPLQkQFLD GH JUDQGHV HPSUHVDV YHUWLFDOL]DGDV PHUFDGRV UHJLRQDOPHQWH VHJPHQ
WDGRV H DXVrQFLD GH FRQFRUUrQFLD QDV GLIHUHQWHV IDVHV GH SURGXomR H GLVSRQLELOL]DomR GRV VHUYLoRV $OpP GLVVR FRQIXQGLDPVH
QD SUiWLFD DV IXQo}HV GH SODQHMDPHQWR UHJXODomR H RSHUDomR GD LQIUDHVWUXWXUD 2 QRYR FRQWH[WR LQGLFD QmR DSHQDV XPD VL
JQLILFDWLYD DPSOLDomR GD SUHVHQoD GR VHWRU SULYDGR PDV WDPEpP PDLRU GHVFHQWUDOL]DomR GDV GHFLV}HV GH LQYHVWLPHQWR H GD
LPSOHPHQWDomR GDV SROtWLFDV SURJUHVVLYD LQWURGXomR GH FRQFRUUrQFLD HP GLIHUHQWHV HWDSDV GD FDGHLD SURGXWLYD IOH[LELOL]DomR
GD UHJLRQDOL]DomR GRV PHUFDGRV UHGXomR GR JUDX GH YHUWLFDOL]DomR DOpP GD VHSDUDomR LQFOXVLYH LQVWLWXFLRQDO GD RSHUDomR
SODQHMDPHQWR H UHJXODomR GRV GLIHUHQWHV PHUFDGRV
'R SRQWR GH YLVWD ILQDQFHLUR HVSHFLDOPHQWH HP XP TXDGUR GH LPSRUWDQWHV UHVWULo}HV ILVFDLV QRYDV IRUPDV GH ILQDQFLD
PHQWR VmR QHFHVViULDV H YrP VHQGR EXVFDGDV SHODV SUySULDV HPSUHVDV HVWDWDLV SHORV DJHQWHV ILQDQFHLURV RILFLDLV  FRPR R
%1'(6  H SHOR VHWRU SULYDGR +i FUHVFHQWH VXEVWLWXLomR GDV IRUPDV WUDGLFLRQDLV GH HQGLYLGDPHQWR H D HPHUJrQFLD GH QRYRV
DJHQWHV  FRPR RV IXQGRV GH SHQVmR  FRP SRWHQFLDO SDUD ILQDQFLDU D RSHUDomR H DLQGD D H[SDQVmR GRV LQYHVWLPHQWRV $V
WDULIDV SRU VXD YH] UHDGTXLUHP LPSRUWkQFLD FRPR UHIHUHQFLDO EiVLFR GH UHPXQHUDomR GRV LQYHVWLPHQWRV FRP DPSODV UHYLV}HV
GDV HVWUXWXUDV WDULIiULDV H[LVWHQWHV H RV UHFXUVRV H[WHUQRV YROWDP D FRPSRU R IXQGLQJ GHVVHV VLVWHPDV GH XPD IRUPD PDLV
VLVWHPiWLFD
1RWHVH TXH RV IXQGRV ILVFDLV QmR GHL[DUmR GH HVWDU SUHVHQWHV QR ILQDQFLDPHQWR GD LQIUDHVWUXWXUD (QWUHWDQWR VXD XWLOL
]DomR GHYHUi VHU RULHQWDGD SRU JUDQGH VHOHWLYLGDGH WDQWR SDUD DV iUHDV TXH VmR SRXFR DWUDWLYDV DRV FDSLWDLV SULYDGRV FRPR
SDUD UHJL}HV VHWRUHV RX SURMHWRV HVSHFtILFRV TXH VHMDP FDSD]HV GH YLDELOL]DGRV DODYDQFDU LQYHVWLPHQWRV FRPSOHPHQWDUHV
e LPSRUWDQWH OHPEUDU TXH PXGDQoDV VHPHOKDQWHV HVWmR DFRQWHFHQGR HP RXWURV SDtVHV H TXH QmR GHFRUUHP DSHQDV GD FULVH
ILQDQFHLUD GR VHWRU S~EOLFR DLQGD TXH HVWD VHMD GHFLVLYD SDUD VHX HVWtPXOR ,QRYDo}HV ILQDQFHLUDV WHFQROyJLFDV H LQVWLWXFLRQDLV
DVVLP FRPR GD GLQkPLFD GD FRQFRUUrQFLD QHVVHV VHWRUHV WrP YLDELOL]DGR RV QRYRV DUUDQMRV GHVGH R ILQDO GRV DQRV 
1R FDVR GR %UDVLO j QHFHVVLGDGH GH PRGHUQL]DomR GRV VLVWHPDV DGLFLRQDPVH DV GHPDQGDV SUySULDV GH XPD HFRQRPLD
FRP IRUWH SRWHQFLDO GH FUHVFLPHQWR H FRP FDUrQFLDV DFXPXODGDV HP YiULDV iUHDV $TXL GLIHUHQWHPHQWH GR TXH DFRQWHFH QRV SDt
VHV GHVHQYROYLGRV DWp PHVPR VHUYLoRV EiVLFRV FRPR RV GH VXSULPHQWR GH HQHUJLD HOpWULFD WHOHIRQLD IL[D H DEDVWHFLPHQWR GH iJXD
VmR iUHDV TXH GHYHP VH H[SDQGLU D WD[DV HOHYDGDV DFLPD GDV WD[DV GH FUHVFLPHQWR GD HFRQRPLD HP XP KRUL]RQWH GH SHOR
PHQRV GH] DQRV $V PHWDV SUHYLVWDV QR 3ODQR 3OXULDQXDO H QRV SODQRV VHWRULDLV EHP FRPR RV SURMHWRV SULRUL]DGRV QR kPELWR
GR 3URJUDPD %UDVLO HP $omR VmR LQGLFDWLYDV GDV PDJQLWXGHV HQYROYLGDV H GRV GHVDILRV D VHUHP HQIUHQWDGRV TXHU GR SRQWR GH

 ,3($ 2 %UDVLO QD 9LUDGD GR 0LOrQLR

 WUDMHWyULDV GR FUHVFLPHQWR H GHVDILRV GR GHVHQYROYLPHQWR ³ %UDVtOLD ,3($


YLVWD GR HTXDFLRQDPHQWR ILQDQFHLUR SDUD DV GHPDQGDV H[LVWHQWHV FRPR GH HVWUXWXUDomR GH XP DUFDERXoR LQVWLWXFLRQDO DGH
TXDGR SDUD D QRYD UHDOLGDGH HPHUJHQWH QHVVDV iUHDV
$VVLP DV WUDQVIRUPDo}HV HP FXUVR FDUDFWHUL]DP XPD QRYD IDVH GDV SULYDWL]Do}HV QR SDtV FRP UHVXOWDGRV ILQDQFHLURV UH
FRQKHFLGDPHQWH H[SUHVVLYRV H TXH GHYHP VXSHUDU DPSODPHQWH RV DXIHULGRV QD HWDSD LQLFLDO GR 3URJUDPD 1DFLRQDO GH 'HVHV
WDWL]DomR &RORFDP WDPEpP GHVDILRV LPSRUWDQWHV SDUD DV SROtWLFDV S~EOLFDV H SDUD DV LQVWkQFLDV GH GHFLVmR H FRRUGHQDomR GDV
Do}HV GH JRYHUQR QR VHQWLGR GH TXH DV UHIRUPDV YLDELOL]HP R FUHVFLPHQWR HOHYHP D FRPSHWLWLYLGDGH GD HFRQRPLD H FRQWULEXDP
SDUD D UHGXomR GDV JUDQGHV GHVLJXDOGDGHV SHUVLVWHQWHV QR SDtV
2 ,3($ FRP R LQWXLWR GH DSUHHQGHU R VLJQLILFDGR H DV LPSOLFDo}HV GHVVH SURFHVVR GH UHRUJDQL]DomR GD LQIUDHVWUXWXUD H GH
WHU XPD YLVmR LQWHJUDGD GDV PXGDQoDV FDSD] GH VXEVLGLDU D IRUPXODomR GDV SROtWLFDV SDUD HVVDV iUHDV GHVHQYROYHX D SDUWLU
GR VHJXQGR VHPHVWUH GH  D UHDOL]DomR GR SURMHWR 3HUVSHFWLYDV GD 5HHVWUXWXUDomR )LQDQFHLUD H ,QVWLWXFLRQDO GRV 6HWRUHV
GH ,QIUD(VWUXWXUD (QYROYHQGR XP FRQMXQWR UHOHYDQWH GH HVSHFLDOLVWDV HP YiULDV iUHDV R SURMHWR IRL GHVHQYROYLGR HQWUH VHWHP
EUR GH  H MXOKR GH  H FRQWRX FRP DSRLR ILQDQFHLUR GR %1'(6 H GR %,5' 3URMHWR %,5' %5 DOpP GH UHFXU
VRV GR SUySULR ,3($
$ DQiOLVH GRV SURFHVVRV GH UHRUJDQL]DomR GD LQIUDHVWUXWXUD IRL GHVGREUDGD HP WUrV FRPSRQHQWHV EiVLFRV VHQGR XP VHWRUL
DO H GRLV GH FDUiWHU PDLV JHUDO DQDOLVDQGR WHPDV RX DVSHFWRV FRPXQV DRV GLIHUHQWHV VHWRUHV 1R FRPSRQHQWH VHWRULDO SURFX
URXVH UHFXSHUDU D WUDMHWyULD UHFHQWH H LGHQWLILFDU DV SULQFLSDLV FDUDFWHUtVWLFDV SRWHQFLDOLGDGHV H SUREOHPDV GDV UHHVWUXWXUDo}HV
HP FXUVR QRV VHWRUHV GH HQHUJLD HOpWULFD WHOHFRPXQLFDo}HV LQIUDHVWUXWXUD URGRYLiULD SRUWRV IHUURYLDV H VDQHDPHQWR EiVLFR
1HVVHV HVWXGRV DOpP GD DQiOLVH GD VLWXDomR DWXDO GD RIHUWD GRV VHUYLoRV H GDV UHIRUPDV RUD H[SHULPHQWDGDV IRUDP VHPSUH
FRQVLGHUDGDV DV H[SHULrQFLDV LQWHUQDFLRQDLV UHOHYDQWHV QD GLVFXVVmR GR FDVR EUDVLOHLUR 8P VHJXQGR FRPSRQHQWH SURFXURX DYD
OLDU GLIHUHQWHV DVSHFWRV OLJDGRV DR ILQDQFLDPHQWR GD LQIUDHVWUXWXUD FRPR D SDUWLFLSDomR GRV LQYHVWLGRUHV LQVWLWXFLRQDLV D
TXHVWmR WDULIiULD R ILQDQFLDPHQWR GD LQIUDHVWUXWXUD XUEDQD H DV SRVVLELOLGDGHV DEHUWDV FRP DV FRQFHVV}HV )LQDOPHQWH R WHU
FHLUR FRQMXQWR GH WUDEDOKRV DQDOLVRX DV SULQFLSDLV PXGDQoDV LQVWLWXFLRQDLV HP FXUVR HQIDWL]DQGR D TXHVWmR UHJXODWyULD RV
LPSDFWRV UHJLRQDLV H DOJXPDV H[SHULrQFLDV HVWDGXDLV GH UHRUJDQL]DomR GHVVHV VHJPHQWRV
3DUD R ,3($ R GHVHQYROYLPHQWR GR WUDEDOKR UHSUHVHQWRX D RSRUWXQLGDGH GH UHWRPDU HP XP QRYR FRQWH[WR D WHPiWLFD GD
LQIUDHVWUXWXUD 1HVVH VHQWLGR R SURMHWR UHSUHVHQWD XPD HWDSD LQLFLDO TXH FRPSOHPHQWD RXWUDV LQLFLDWLYDV GR ,QVWLWXWR QD
PHVPD iUHD H TXH Mi WrP GHVGREUDPHQWRV HP RXWURV SURMHWRV HVSHFLDOPHQWH YROWDGRV SDUD DV TXHVW}HV GR ILQDQFLDPHQWR H GD
UHJXODomR
3DUD GLVVHPLQDU DV DQiOLVHV UHDOL]DGDV H DSURIXQGDU D GLVFXVVmR GRV WHPDV R ,3($ HVWi SXEOLFDQGR RV UHODWyULRV HP RLWR
YROXPHV VHJXQGR RV SULQFLSDLV WySLFRV GR SURMHWR 9HUV}HV SUHOLPLQDUHV GHVVHV WUDEDOKRV IRUDP DSUHVHQWDGDV H GLVFXWLGDV HP
ZRUNVKRSV SURPRYLGRV SHOR ,QVWLWXWR UHXQLQGR FRQVXOWRUHV WpFQLFRV GR JRYHUQR H HVSHFLDOLVWDV (QWUHWDQWR H PXLWR HPERUD
WRGRV RV WH[WRV WHQKDP VH RULJLQDGR GH XP WHUPR GH UHIHUrQFLD EiVLFR SURSRVWR SHOR ,3($ DV RSLQL}HV QHOHV HPLWLGDV VmR GH
UHVSRQVDELOLGDGH GRV VHXV DXWRUHV H QmR QHFHVVDULDPHQWH UHIOHWHP R SRQWR GH YLVWD GR ,3($ RX GR 0LQLVWpULR GR 3ODQHMDPHQWR H
2UoDPHQWR
1HVVHV GRLV YROXPHV VREUH D UHHVWUXWXUDomR QD iUHD GH WUDQVSRUWHV VmR DQDOLVDGRV R VXEVHWRU IHUURYLiULR D LQIUDHVWUXWXUD
URGRYLiULD H R VXEVHWRU SRUWXiULR 2V WUrV UHODWyULRV VmR SUHFHGLGRV GH XPD LQWURGXomR GH DXWRULD GH 1HZWRQ 5DEHOOR GH
&DVWUR H -RVp 5REHUWR (VSRVLWR TXH VLQWHWL]D DV SULQFLSDLV PXGDQoDV HP FXUVR H SURFXUD GDU XPD YLVmR LQWHJUDGD GDV TXHV
W}HV FRORFDGDV SDUD RV GLIHUHQWHV PRGDLV
8PD QRWD GHYH VHU IHLWD FRP UHODomR j GHIDVDJHP HQWUH D UHDOL]DomR GHVVHV WUDEDOKRV H VXD SXEOLFDomR TXH VH GHYHX
HVVVHQFLDOPHQWH j GHPRUD QD FRQFOXVmR GR HVWXGR VREUH R VHWRU SRUWXiULR WDQWR SRU UD]}HV RSHUDFLRQDLV HVSHFtILFDV FRPR SHOD
GLILFXOGDGH HP VH FKHJDU FRPR HUD GR LQWHUHVVH GR ,3($ D XPD YLVmR PDLV LQWHJUDGD H FRHUHQWH DFHUFD GDV PXGDQoDV HP FXU
VR QD iUHD $VVLP R UHODWyULR VREUH DV IHUURYLDV IRL ILQDOL]DGR HP PHDGRV GH  H R HVWXGR VREUH DV URGRYLDV QR ILQDO GH
 SUHFHGHQGR DOJXQV GHVHQYROYLPHQWRV SRVWHULRUHV HVSHFLDOPHQWH HP UHODomR DR DYDQoR GRV SURJUDPDV GH FRQFHVVmR
$V HYHQWXDLV GHIDVDJHQV SRQWXDLV GH TXDOTXHU PRGR QmR DIHWDP R VXEVWDQFLDO GHVVHV UHODWyULRV WDPSRXFR HOLGHP R IDWR
GH TXH R WUDEDOKR GHVHQYROYLGR QHVVDV WUrV iUHDV p D SULPHLUD DQiOLVH PDLV DEUDQJHQWH H VLVWHPiWLFD GDV JUDQGHV PXGDQoDV

 $ UHODomR FRPSOHWD GRV WySLFRV DERUGDGRV ILJXUD DR ILQDO GHVWH YROXPH

TXH HVWmR RFRUUHQGR QD iUHD GH WUDQVSRUWHV QRV ~OWLPRV DQRV UHDOL]DGD SRU FRQVXOWRUHV UHFRQKHFLGRV HP VXDV UHVSHFWLYDV HVSH
FLDOLGDGHV
$ SUHRFXSDomR FRP XPD YLVmR GH FRQMXQWR GR VHWRU GH WUDQVSRUWHV HQVHMRX D LQWURGXomR H D FRPSDUDomR TXH p IHLWD DOL GRV
SULQFLSDLV SDVVRV GDV UHIRUPDV LQVWLWXFLRQDLV 7UDGLFLRQDOPHQWH WDQWR QR VHWRU S~EOLFR FRPR QR VHWRU SULYDGR TXH QR %UDVLO p
R RSHUDGRU GD TXDVH WRWDOLGDGH GRV VHUYLoRV GH WUDQVSRUWH SURSULDPHQWH GLWRV HVVH HQIRTXH LQWHJUDGR H TXH SULYLOHJLD D ORJtVWLFD
GR VLVWHPD Vy UHFHQWHPHQWH SDVVRX D ID]HU SDUWH GH PRGR PDLV HIHWLYR GD DJHQGD GR SODQHMDPHQWR S~EOLFR H QD RIHUWD GRV VHUYL
oRV SHOR VHWRU SULYDGR e HYLGHQWH TXH HVVD WHQGrQFLD FRORFD SDUD R VHWRU S~EOLFR XP SUREOHPD GH DGDSWDomR LQVWLWXFLRQDO TXH
p PDLV OHQWD GR TXH D YHULILFDGD QDV HPSUHVDV SULYDGDV PDV TXH GHYHUi VHU D W{QLFD GDV PXGDQoDV QRV SUy[LPRV DQRV
1D iUHD GH IHUURYLDV R UHODWyULR GH 6pUJLR GH $]HYHGR 0DUTXHV H /pR 5REOHV ID] XP UHWURVSHFWR GHWDOKDGR GD HYROXomR
GHVVH VXEVHWRU DWp D SULYDWL]DomR GDV SULQFLSDLV PDOKDV GD 5))6$ RFRUULGD HP  $SRQWDPVH Dt DV FDUDFWHUtVWLFDV GHV
VHV VHJPHQWRV DV SHUVSHFWLYDV GH LQWHJUDomR IHUURYLiULD FRP R 0(5&268/ EHP FRPR D VLWXDomR GD )(3$6$ RUD VHQGR OH
YDGD D SULYDWL]DomR SHOR JRYHUQR IHGHUDO
$ DQiOLVH GDV WUDQVIRUPDo}HV HP FXUVR QD RIHUWD H JHVWmR GD LQIUDHVWUXWXUD URGRYLiULD UHDOL]DGD SRU 9LFHQWH %ULWWR 3H
UHLUD HYLGHQFLD D GHVFHQWUDOL]DomR D DPSOLDomR VLJQLILFDWLYD GD SDUWLFLSDomR SULYDGD QD RSHUDomR H D YDULHGDGH GH PRGHORV
SDUD DV FRQFHVV}HV JHVWmR H ILQDQFLDPHQWR GRV LQYHVWLPHQWRV QDV URGRYLDV WDQWR QR kPELWR IHGHUDO FRPR QRV HVWDGRV RV TXDLV
HVWmR EDVWDQWH DWLYRV QD iUHD HVSHFLDOPHQWH QR VXO H VXGHVWH GR SDtV 6XEOLQKDPVH D SDUWLU GHVVH TXDGUR SRVVtYHLV FDPLQKRV
SDUD D PXGDQoD LQVWLWXFLRQDO OHYDQGR HP FRQWD D DPSOLWXGH GR SURFHVVR H D H[SHULrQFLD LQWHUQDFLRQDO UHFHQWH
)LQDOPHQWH QR FDVR GR VHWRU SRUWXiULR *XVWDYR /RQWUD %HQMDPLQ *DOORWL %H]HUUD H 'HQLVH 3RUWHOOD 5RVD PRVWUDP
TXH VmR PXLWDV DV PXGDQoDV GHVGH D HGLomR GD /HL GRV 3RUWRV HP  PDV TXH DLQGD Ki FHUWDPHQWH PXLWR D ID]HU GR
SRQWR GH YLVWD LQVWLWXFLRQDO H GD UDFLRQDOL]DomR HFRQ{PLFD GR FRQMXQWR GHVVH PRGDO 8P SUREOHPD TXH VH FRORFD QR DWXDO
PRPHQWR GH WUDQVLomR H TXH UHIOHWH WDQWR D FRPSOH[LGDGH FRPR D KLVWyULD GHVVH VXEVHWRU VmR DV YLV}HV JHUDOPHQWH SDUFLDLV GRV
GLIHUHQWHV VHJPHQWRV HQYROYLGRV TXHU QR VHWRU S~EOLFR RX QR VHWRU SULYDGR 1HVVH VHQWLGR IH]VH XP HVIRUoR UHOHYDQWH GH VLVWH
PDWL]DomR GRV SULQFLSDLV LPSDVVHV FRORFDGRV SDUD D PRGHUQL]DomR SRUWXiULD WHQGR HP FRQWD HVSHFLDOPHQWH R QRYR PDUFR OHJDO
H VXD LPSOHPHQWDomR HP EDVHV UHJLRQDLV

)HUQDQGR 5H]HQGH 7RPiV %UXJLQVNL GH 3DXOD

35(6,'(17( '2 ,3($ &225'(1$'25 '2 352-(72
 ,1)5$(6758785$ 3(563(&7,9$6 '( 5(25*$1,=$d®2

,1)5$(6758785$3(563(&7,9$6 '( 5(25*$1,=$d®2

, 5(*8/$d®2

,, 6(725(/e75,&2

,,, 7(/(&2081,&$d¯(6

,9 ),1$1&,$0(172

9 (035(*2

9, 75$163257(

9,, 6$1($0(172

9,,, &$626 (67$'8$,6