0(675$'2352),66,21$/(0

('8&$d­2352),66,21$/(7(&12/Ï*,&$

&RQKHFHQGRH(QIUHQWDQGRD
$16,('$'(
 Dados Internacionais de Catalogação na Publicação (CIP)
(Biblioteca do Instituto Federal de Roraima- IFRR)

C376c Cavalcante, Priscila Magalhães.

Conhecendo e enfrentando a ansiedade / Priscila Magalhães Cavalcante. -
Boa Vista, 2021.
25f. : il. color; 30 cm.

Orientador: Prof. Dr. Diego Lima de Souza Cruz.

Dissertação (mestrado) - Instituto Federal de Roraima. Programa Pós -
graduação em Educação Profissional e Tecnológica, Boa Vista, 2021.
Bibliografia: f.25

1.Ansiedade. 2.Saúde mental. 3.Terapia cognitivo-comportamental. I. Cruz,

Diego Lima de Souza. II.Título.

CDD – 152.46

Elaborada por Maria de Fátima Freire de Araújo - CRB 11/374

 &RQKHFHQGRH(QIUHQWDQGRD
$16,('$'(

1HVWD&DUWLOKDTXDQGRIDODUPRVHPSHULJRRXDPHDoDQmRHQWHQGDPDSHQDVFRPRXP
ULVFRItVLFRWDOFRPRXPDWDTXHGHOHmRDTXHGDGHXPDYLmRRXGHVDEDPHQWRGHXPSUpGLR
SRU H[HPSOR 0DV VLP FRPR TXDOTXHU VLWXDomR GR GLDDGLD TXH SRVVD JHUDU DOJXP
GHVFRQIRUWRRXFRQVHTXrQFLDGHVDJUDGiYHOFRPRSRUH[HPSORVHUUHMHLWDGRFRQVWUDQJLGR
LQWLPLGDGR

$8725$
3ULVFLOD0DJDOKmHV&DYDOFDQWH
3VLFyORJD&53

25,(17$'25
3URI'U'LHJR/LPDGH6RX]D&UX]

352-(72*5°),&2
:LOOLDP/HPRVGD&RQFHLomR

,0$*(16
:LOOLDP/HPRVGD&RQFHLomR
 680°5,2
$35(6(17$dœ2 

$16,('$'(RPHGRFHUWRQDKRUDHUUDGD" 

',)(5(1d$(175(0('2($16,('$'( 

$16,('$'(1250$/;$16,('$'(3$72/·*,&$ 

5(&21+(&(1'2$$16,('$'( 

3(16$0(1727³3,&2'$$16,('$'( 

(1)5(17$1'2$$16,('$'( 

5(66,*1,),&$1'2$$16,('$'( 

5('8dœ2'$65(63267$6 

0$1(-2'$65(63267$6 

&2021œ2(1)5(17$5$$16,('$'( 

 
48$'525(6802

 
',&$65°3,'$6

 
5()(5¯1&,$6
 $35(6(17$dœ2

&RPFHUWH]DYRFrMiRXYLXIDODUPXLWRVREUHDQVLHGDGH0DVVHUiVHYRFrFRQVHJXHH[SOLFDU
RTXHpDQVLHGDGH"2XFRQKHFHDYHUGDGHLUDGHҕQLomRGHVWHWHUPR"

5HVSRQGHUjHVVDVSHUJXQWDVpXPGRVREMHWLYRVGHVWD&DUWLOKDRVRXWURVGRLVREMHWLYRV
VmRHQWHQGHUFRPRDDQVLHGDGHVHPDQLIHVWDHFRQKHFHUDOJXPDVIRUPDVGHHQIUHQWDPHQWR
GDDQVLHGDGHHPVLWXDo}HVFRWLGLDQDVHPFDVRVFODVVLҕFDGRVFRPROHYHVRXPRGHUDGRV

0DVOHPEUHVHQmRKiIyUPXODPiJLFDHQHQKXPDWpFQLFDpHҕFD]/RJRQmRҕTXH
GHVDSRQWDGRVHSRUDFDVRQmRFRQVHJXLUFRQWURODUVXDDQVLHGDGHDSyVOHUHVWD&DUWLOKD
([LVWHP VLWXDo}HV H VLWXDo}HV FDGD FDVR p XP FDVR (VWDPRV DTXL SDUD DMXGDU H QmR
DWUDSDOKDU


 $16,('$'(
RPHGRFHUWRQDKRUDHUUDGD"

2 WHUPR DQVLHGDGH p JHUDOPHQWH XWLOL]DGR SDUD

H[SUHVVDU XP QHUYRVLVPR WHPSRUiULR UHFHLR HP
Y p V S H UD V G H V LWXD o } HV L P S R UWD QWHV R X
GHVDҕDGRUDV H[FLWDomR SRU DOJR ERP TXH LUi
DFRQWHFHURXDWpPHVPRGHVDFUHGLWDGRSRUDOJXQV
HFKDPDGRGH¢IUHVFXUD£

3DUD D 3VLFRORJLD R WHUPR DQVLHGDGH p HQWHQGLGR FRPR XP HVWDGR HPRFLRQDO GH
DSUHHQVmRSHUWXUEDomRSVLFROyJLFDJHUDGRSRUPHGRGHSHULJRLPLQHQWHYHUGDGHLURRX
LPDJLQDGRGHDOJRGHVFRQKHFLGRRXHVWUDQKRSHUDQWHRTXDORLQGLYtGXRVHVHQWHYXOQHUiYHO
RXLQFDSD]GHHQIUHQWDU

&RPRSHUFHEHUDPDDQVLHGDGHpEHPFRPSOH[DHSRGHQRVDIHWDUGHIRUPDItVLFD
HPRFLRQDO FRPSRUWDPHQWDO H FRJQLWLYD 6XD PDQLIHVWDomR HQYROYH VHQVDo}HV ItVLFDV
DJLWDomRDQJ~VWLDFXOSDSkQLFRIRELDVVWUHVVLQV{QLDHQWUHRXWUDVLQ~PHUDVPDQHLUDV
LVVVHYHURV
YDULDQGRGHLQWHQVLGDGHHQWUHQtYHLVOHYHVPRGHUDGRVHPDLVVHYHURV


 ',)(5(1d$(175( 0('2($16,('$'(
2PHGRpXPHVWDGREiVLFRXPDUHVSRVWDDXWRPiWLFDGLDQWHGHXPREMHWRVLWXDomRRX
FLUFXQVWkQFLD SHUFHELGD FRPR DPHDoD -i D DQVLHGDGH p PDLV FRPSOH[D GXUDGRXUD
GHVHQFDGHDGDSRUXPPHGRLQLFLDOHYROWDGDSDUDRIXWXUR3RUH[HPSORRPHGREiVLFRp
HQFRQWUDU XPD EDUDWD PDV VH YRFr YLYH HP HVWDGR SHUPDQHQWH GH DOHUWD VREUH D
SRVVLELOLGDGHIXWXUDGHHQFRQWUDUXPDEDUDWDLVVRpDQVLHGDGH

6XD FDUDFWHUtVWLFD EiVLFD p VHPSUH

HVWiRULHQWDGDDRIXWXURRXVHMDQmR
VHQWLPRV DQVLHGDGH VREUH HYHQWRV
TXHMiDFRQWHFHUDP $ PDQLIHVWDomR GD DQVLHGDGH LQFOXL
DOWHUDo}HVGRHVWDGRGHKXPRUTXHYDULDP
HQWUH X P VLPSOHV QHUYRVLVPR DWp
FRPSOH[RVTXDGURVGHSkQLFR

2SHQVDPHQWRSULQFLSDOGDDQVLHGDGHp¢HVH"£TXHGiRULJHPjGLYHUVDVVLWXDo}HV
KLSRWpWLFDVPXLWDVYH]HVGHVIDYRUiYHLVHLQFRQWUROiYHLVTXHVmRHQWHQGLGDVFRPRSRVVtYHLV
DPHDoDVGHVHQFDGHDQGRXPDVpULHGHUHVSRVWDVGDQRVVDPHQWHHFRUSR

4XDQGRHVWDPRVHPHVWDGRGHDQVLHGDGHQRVVRFRUSRHQWHQGHTXHFRUUHPRVSHULJRH
UHDJHFRPRWDOSDUDFRPEDWHUDDPHDoD3RULVVR
† VXDPRV † SUHRFXSDGRV † HYLWDPRVOXJDUHVHVLWXDo}HV
† ҕFDPRVWHQVRV † FRQIXVRV † SHUGHPRVRVRQR
† LUULWDGRV † DJLWDGRV † WHPRVIDOWDGHDU

 eQRUPDOVHQWLUDQVLHGDGHLVVRVHGHYH
HQWUH RXWURV PRWLYRV DR H[FHVVR GH
LQIRUPDo}HV URWLQD VREUHFDUUHJDGD
FREUDQoDVVRFLDLVH[SHFWDWLYDVSHVVRDLV
HGHIDPLOLDUHV

3R
3RULVVRDSUHVHQWDPRVUHVSRVWDVLQYROXQWiULDV
TTXHGHPRQVWUDPIDOWDGHFRQWUROHVREUHQRVVRV
SHQVDPHQWRV H FRPSRUWDPHQWRV JHUDQGR
PDLRUHVGLҕFXOGDGHSDUDGHVHPSHQKDUQRVVDV
DWLYLGDGHVGLiULDV

(QWHQGHUDIXQomRGDDQVLHGDGHpIXQGDPHQWDOSDUDHQIUHQWiODPDVQmREDQLOD
WRWDOPHQWH,VVRSRUTXHDOpPGHVHULPSRVVtYHODDQVLHGDGHpIXQGDPHQWDOSDUDQRVVD
VREUHYLYrQFLDYLVWRTXHGHSHQGHPRVGHODSDUDQRVDOHUWDUVREUHSHULJRVUHDLV3RUWDQWR
GHYHPRV DSUHQGHU D OLGDU GD PHOKRU IRUPD SDUD TXH D DQVLHGDGH QmR VH WRUQH DOJR
OLPLWDQWHTXHUHVWULQMDQRVVDYLGD

ՈÌ>à Ûiâià iÃÌ>“œÃ «ÀiœVÕ«>`œÃ]

«i˜Ã>˜`œÜLÀiÈÌÕ>XªiõÕi«œ`i“
˜i“>œ“i˜œÃ>Vœ˜ÌiViÀ° ÃÜÃi`iÛi
> ˜œÃÃ> V>«>Vˆ`>`i `i À>VˆœV‰˜ˆœ
iÝVÕÈÛ> `œÃ ÃiÀià …Õ“>˜œÃ] œ}œ] j
˜>ÌÕÀ>]v>â«>ÀÌi`œ˜œÃ܈˜Ã̈˜Ìœ`i
ÜLÀiۈÛk˜Vˆ>°
œ“«Àii˜`iÀi>ViˆÌ>À
iÃÃ>Vœ˜`ˆXKœjœ«Àˆ“iˆÀœ«>ÃÜ«>À>
>«Ài˜`iÀ>ˆ`>ÀVœ“>>˜Ãˆi`>`i°


 $16,('$'(1250$/;$16,('$'(3$72/·*,&$

2TXHGLIHUHQFLDDDQVLHGDGHQRUPDOGDSDWROyJLFDpDLQWHQVLGDGHHIUHTXrQFLDGH
PDQLIHVWDomRHFRQVHTXHQWHFRPSURPHWLPHQWRGRGLDDGLD

$DQVLHGDGHSDWROyJLFDWHQGHDVHUPDLVVHYHUDLUUHDOHSHUVLVWHQWHSUHMXGLFDQGR
EDVWDQWHRFRWLGLDQRGRLQGLYtGXRDFRPHWLGRHYDLDOpPGDVSUHRFXSDo}HVURWLQHLUDV
HQYROYHQGRIRELDVHSkQLFRQRVFKDPDGRV7UDQVWRUQRVGH$QVLHGDGH

$DQVLHGDGHSDWROyJLFDpJUDYHHVHYRFrVHQWLU
TXHVHHQFDL[DQHVVDFRQGLomREXVTXHDMXGDGH
XPSURҕVVLRQDOHVSHFLDOL]DGRQDiUHD


 5(&21+(&(1'2$$16,('$'(

3DUDFRPSUHHQGHUDDQVLHGDGHpQHFHVViULRUHFRQKHFHUVHXV
VLQWRPDVHFRPRHOHVVHPDQLIHVWDP3RLVWRGDVHVVDVDOWHUDo}HVTXH
VHQWLPRVTXDQGRHVWDPRVDQVLRVRVQDGDPDLVVmRGRTXHUHVSRVWDV
GRQRVVRFRUSR

$IRUPDTXHFDGDSHVVRDVHQWHDQVLHGDGHpGLIHUHQWHORJRVHYRFr
DSUHQGHUPDLVVREUHRWHPDLUiGHVHQYROYHUKDELOLGDGHVPHOKRUHVSDUD
LGHQWLҕFDUDVSRVVtYHLVFDXVDVHUHFRQKHFHUVHXVSDGU}HVSHVVRDLVGH
UHVSRVWDV SDUD TXH DVVLP FRQVLJD PDLRUHV r[LWRV HP OLGDU FRP D
DQVLHGDGH

8PGRVFRPEXVWtYHLVGDDQVLHGDGHpDLQFHUWH]DRULXQGDGH
VLWXDo}HVFRQIXVDVHGHVFRQKHFLGDVSRLVQDPDLRULDGDVYH]HV
WLUDPRV FRQFOXV}HV SUHFLSLWDGDV H SDVVDPRV D QRV SUHRFXSDU
DLQGD PDLV FRP SUREOHPDV TXH WDOYH] QHP DFRQWHoDP 3RU
H[HPSORTXDQGRHVWDPRVFRPDOJXPVLQWRPDItVLFRWHQGHPRVD
SHQVDU HP GRHQoDV JUDYHV DR LQYpV GH EXVFDU FDXVDV PDLV
VLPSOHV


 4XDQGR QmR QRV VHQWLPRV VHJXURV HP
FHUWDVVLWXDo}HVPXLWDVYH]HVEXVFDPRV
LPSHGLURXHVTXLYDUVHGHODV
&RP LVVR R FRPSRUWDPHQWR UHVXOWDQWH
SDVVDDVHUHYLWDUOXJDUHVHVLWXDo}HVTXH
SRVVDP GHVHQFDGHDU SHQVDPHQWRV H
VHQWLPHQWRVDQVLRVRV

2VTXDGURVDEDL[RH[HPSOLҕFDPDOJXQVGRVLQFRQWiYHLVVLQWRPDVGHDQVLHGDGH
5+0#+5(©5+%15 5+0#+5'/1%+10#+5

(CNVCFGCTGDCVKOGPVQUECTFÉCEQUCEGNGTCFQU
&KOKPWKÿQQWCWOGPVQFQCRGVKVGQWFQUQPQ
&KCTTÅKCQW2TKU¿QFGXGPVTG
(CFKICQW%CPUCÃQ
6GPUÑGUQWFQTGUOWUEWNCTGU
pVCPVQHC\q
5GPVKOGPVQUGZCIGTCFQUGEQPUVCPVGUFGVTKUVG\C
EWNRCOGFQQWRTGQEWRCÿQ
5GPVKOGPVQUFGPGTXQUKUOQGZEKVCÿQR¾PKEQ
&GU¾PKOQ
+TTKVCDKNKFCFGGZEGUUKXC
+PFKHGTGPÃCHTKG\C

5WFQTGUGGXGTVKIGO *WOQTFGRTKOKFQ

5+0#+5%1/2146#/'06#+5 5+0#+5%1)0+6+815

&KUEWUUÑGUGKORCEKÆPEKC 2TGQEWRCÃÑGUGRGPUCOGPVQUECVCUVTÏƂEQU

'XKVCUGGZRTGUUCTGEQORCTVKNJCTUGPVKOGPVQU 2GPUCOGPVQUKPFGUGLCFQUGTGRGVKVKXQU

#DWUQ FG UWDUV¾PEKCU
TGOÅFKQU ½NEQQN 5WRGTGUVKOCÿQ FQ RGTKIQ G UWDGUVKOCÿQ FC
EKICTTQGFTQICU ECRCEKFCFGFGGPHTGPVCOGPVQGCLWFCFKURQPÉXGN

8KQNÆPEKC &KƂEWNFCFGFGOGOÏTKC

#IKVCÿQ &KƂEWNFCFGFGEQPEGPVTCÿQ

'XKVCTNWICTGUGUKVWCÃÑGU %QPHWU¿QOGPVCNG+PFGEKU¿Q

$7(1dœ2 LGHQWLҕFDUDSHQDVXPGHVWHVVLQDLVQmRVLJQLҕFDQHFHVVDULDPHQWH
TXHWHQKDUHODomRFRPDQVLHGDGHGHYHVHDQDOLVDUMXQWDPHQWHFRPRFRQWH[WR
HQYROYLGR


 3(16$0(1727³3,&2'$$16,('$'(

4XDQGRHVWDPRVDQVLRVRVDOpPGHSHQVDUQRSHULJRLPLQHQWHSDVVDPRVDGHVDFUHGLWDU
QRVVDFDSDFLGDGHGHHQIUHQWDUWDODPHDoDRXVHMDQRVVDSHUFHSomRHTXLYRFDGDGHTXHR
SHULJRpPDLRUTXHQRVVDFDSDFLGDGHGHOLGDUFRPDVLWXDomRQRVGHL[DDQVLRVRV

2VSHQVDPHQWRVDQVLRVRVSUHQXQFLDPSHULJRLPLQHQWHHJHUDOPHQWHFRPHoDPFRP¢H
VH"£DFRPSDQKDGRVGDFUHQoDGHTXHDOJXPDFRLVDUXLPYDLDFRQWHFHUHGRVHQWLPHQWRGH
LQFDSDFLGDGHGHHQIUHQWDPHQWR5HVXPLQGRUHIHUHPVHjSHQVDPHQWRVUHODFLRQDGRVDR
IXWXURHFXOPLQDPQXPGHVIHFKRQHJDWLYR
'UG!

0XLWDV SHVVRDV SURSHQVDV j DQVLHGDGH FRVWXPDP SHQVDU GH IRUPD QHJDWLYD H

LGHQWLҕFDPLQFHUWH]DVFRPRDPHDoDVRXSHULJRV2XVHMDRDQVLRVRWHQGHDSHQVDUTXH
VHPSUH VH WUDWD GH DOJR WHUUtYHO ([HPSORV GH SHQVDPHQWRV QHJDWLYRV TXH RFRUUHP
LQYROXQWDULDPHQWH H GHYHP VHU HYLWDGRV FDWDVWURҕ]DomR GHVFRQWR GR TXH p SRVLWLYR
HQIRTXH QR QHJDWLYR VXSHUJHQHUDOL]DomR SHQVDPHQWR GLFRW{PLFR DFKDU TXH DV FRLVDV
GHYHPVHUGLIHUHQWHVOHYDUSDUDRODGRSHVVRDOFXOSDURRXWURFRPSDUDo}HVLQMXVWDVIRFDU
QRMXOJDPHQWRHQRTXHLUmRSHQVDUHQWUHRXWURV


 2HQWHQGLPHQWRGHSHULJRYDULDHQWUHRVLQGLYtGXRVDOJXQVVHVHQWHPPDLVVHJXURV
HQTXDQWRRXWURVQDWXUDOPHQWHVHVHQWHPPDLVDPHDoDGRVHSRWHQFLDOPHQWHVmRDQVLRVRV
0XLWDVYH]HVLVVRpUHVXOWDGRGHUHSHWLGDVH[SHULrQFLDVDQWHULRUHVRQGHIRLQHFHVViULR
GHVHQYROYHUKDELOLGDGHVSDUDUHFRQKHFHUHUHDJLUjFRQVWDQWHVFLUFXQVWkQFLDVGHSHULJRR
IDPRVR¢VHPSUHDOHUWD£
(PUHVSRVWDDHVVHHVWDGRGHDQVLHGDGHWHQGHPRVDPDQLIHVWDUDOJXQVGRVGLYHUVRV
VLQDLVHVLQWRPDVGHVFULWRVDQWHULRUPHQWH3RURXWURODGRTXDQGRHQWHQGHPRVTXHQRVVDV
KDELOLGDGHVVmRVXҕFLHQWHVSDUDHQIUHQWDURSHULJRLPLQHQWHFRQVHJXLPRVUHDOL]DUQRVVDV
WDUHIDVFRPWUDQTXLOLGDGH

ePXLWRSHVDGRQXQFDYRXFRQVHJXLU
FDUUHJDU

9HMDP p LPSRUWDQWH UHVVDOWDU TXH D DQVLHGDGH QmR p DOJR VHPSUH UXLP SRLV HP
GHWHUPLQDGDVVLWXDo}HVHPTXHQRVVDVKDELOLGDGHVGHHQIUHQWDPHQWRIRUHPGHIDWRPHQRUHV
TXHRSHULJRRPDLVVHQVDWRVHUiUHDOPHQWHUHFXDU2SUREOHPDHVWiHPVHQWLUDQVLHGDGH
H[FHVVLYDPHQWHYLVWRTXHSRGHVHWRUQDUDOJRSDWROyJLFRHLQWHUIHULUFDGDYH]PDLVHPVHX
FRWLGLDQR


 (1)5(17$1'2$$16,('$'(

$JRUD TXH YRFr Mi FRQKHFH PDLV VREUH D DQVLHGDGH H WHP PDLRU QRomR GH FRPR
UHFRQKHFrOD FKHJRX R PRPHQWR GH DSUHQGHU DOJXPDV IRUPDV GH FRPR HQIUHQWDU D
DQVLHGDGH3DUDLVVRLUHPRVXWLOL]DURFRQKHFLPHQWRHDOJXPDVWpFQLFDVGHVHQYROYLGDVSHOD
DERUGDJHPGD3VLFRORJLDFKDPDGD7HUDSLD&RJQLWLYR&RPSRUWDPHQWDO7&& 7&&
7

&RPHVWDDERUGDJHPYRFrSRGHVH
WRUQDUPDLVFRQVFLHQWHGDVFDXVDV
GH VXD DQVLHGDGH H EXVFDU XPD
SRVWX UD UD FLRQD O IUHQWH VXDV
SUHRFXSDo}HVDQVLRVDV

2VSULQFtSLRVGD7&&SDUDOLGDUFRPSUREOHPDVGHDQVLHGDGHHQYROYHPUHFRQKHFHUH
PDQHMDUHPRo}HVLGHQWLҕFDUHUURVGHSHQVDPHQWRVTXHVWLRQiORVHGHVHQYROYHUKDELOLGDGHV
TXHUHGX]HPDDQVLHGDGH

/HPEUHWHDVGLFDVGHVWDFDUWLOKDVmRSDUDFDVRVGHDQVLHGDGH
OHYHVDPRGHUDGRV3DUDFDVRVJUDYHVSDWROyJLFRVGHYHVH
SURFXUDUXPSURҕVVLRQDOHVSHFLDOLVWDQDiUHD

/HPEUHWH  -i VDEHPRV TXH QmR SRGHPRV H[WLQJXLU D DQVLHGDGH

FRPSOHWDPHQWHHODpRVLVWHPDGHDODUPHGRQRVVRFRUSRTXHQRV
DYLVDVREUHSHULJRVHDPHDoDV2TXHSUHFLVDPRVDSUHQGHUpDSHQDV
DMXVWiODRXGHVOLJiODTXDQGRQmRKRXYHUSHULJRUHDO


 5(66,*1,),&$1'2$$16,('$'(

2DMXVWHQRIXQFLRQDPHQWRGDDQVLHGDGHpGLYLGRHP

 4XDQWR PDLV UHSHWLU HVVH SURFHVVR PDLRU VHUi VXD FDSDFLGDGH SDUD OLGDU FRP D
DQVLHGDGHHVXDVPDQLIHVWDo}HV,VVRSRUTXHYRFrҕFDUiPHQRVDQVLRVRDRSHUFHEHUTXHR
SHULJRWDOYH]QmRVHMDWmRJUDQGHDVVLPHTXHVXDFDSDFLGDGHGHHQIUHQWDPHQWRpVXҕFLHQWH
SDUDHQIUHQWiOR&RPRFRQVHTXrQFLDYRFrҕFDUiPDLVFRQҕDQWHVXDVUHVSRVWDVDRSHULJR
VHUmRFRQVFLHQWHVYRFrWHUiPDLRUDXWRFRQWUROHIUHQWHDVLWXDo}HVDQVLRVDVHFRQVHJXLUi
VXSHUDUDVGLҕFXOGDGHVGHPDQHLUDPDLVIiFLO


 5('8dœ2'$65(63267$6

&RPR YLPRV DQWHULRUPHQWH R HVWDGR DQVLRVR GLVWRUFH QRVVRV

SHQVDPHQWRVHDWUDLWRGDQRVVDDWHQomRSDUDRSHULJRHQRVVD
LPSRWrQFLDIUHQWHDHOH6HQGRTXHPXLWDVYH]HVHVVHSHULJRp
HTXLYRFDGDPHQWHDQWHFLSDGRHLUUHDO(VWHIHQ{PHQRpFDXVDGR
SHORTXHFKDPDPRVGHHUURVGHSHQVDPHQWRVTXHQRVLPSHGHGH
HQ[HUJDUDVVLWXDo}HVFRPRPHQRVDPHDoDGRUDVRXLQRIHQVLYDV
HGLҕFXOWDTXHSHQVHPRVGHIRUPDUDFLRQDORXFRQVWUXWLYD

$VPDQLIHVWDo}HVGHDQVLHGDGHSRGHPVHUUHGX]LGDVVHPXGDUPRV
QRVVDSHUFHSomRVREUHRSHULJRHRXDXPHQWDUPRVDFRQҕDQoDHP
QRVVDFDSDFLGDGHGHHQIUHQWDPHQWR&RPSUHHQGHULVVRWDOYH]VHMD
D DWLWXGH PDLV LPSRUWDQWH SDUD DOFDQoDUPRV XPD GLPLQXLomR
SURJUHVVLYDGDDQVLHGDGH

([LVWHPDOJXQVH[HPSORVGHHUURVGHSHQVDPHQWRTXHVmRFRPXQVHPTXDGURVGH
DQVLHGDGHREVHUYHVHFRVWXPDXWLOL]DUDOJXQVGHOHVFRPPXLWDIUHTXrQFLD

y $FKDUTXHRSLRUYDLDFRQWHFHU
y 7LUDUFRQFOXV}HVSUHFLSLWDGDV
y 6XSRUDPHDoDVIXWXUDV
y )RFDUDSHQDVQRODGRQHJDWLYRHLJQRUDURODGRSRVLWLYR


 $SDUWLUGHVVHVHUURVGHSHQVDPHQWRVDDQVLHGDGHDVVXPHRFRQWUROHHGHVHQFDGHLD
DOJXPDVGDVPDQLIHVWDo}HVTXHFLWDPRVDTXL6HQGRDVVLPSDUDVDLUGRHVWDGRGHDQVLHGDGH
p QHFHVViULR TXH YRFr PXGH VHXV SHQVDPHQWRV H FUHQoDV TXH FDXVDP DQVLHGDGH 2
HVTXHPDDVHJXLUGHPRQVWUDPHOKRUHVWHSURFHVVR

2GPUCOGPVQCPUKQUQ 2GPUCOGPVQPQTOCNK\CFQ
2TQEGUUQFG
(QEQPCRTQDCDKNKFCFG OWFCPÃC (QEQPCRTQDCDKNKFCFG
FGCOGCÃCRGTKIQUÅTKQ TGCNKUVCFGFKXGTUQUFGUHGEJQU

(QEQPCKPECRCEKFCFGFG (QEQPCECRCEKFCFGFG
GPHTGPVCTKORQVÆPEKCRGUUQCN GPHTGPVCTGUQNWEKQPCT
GXWPGTCDKNKFCFG EKTEWPUV¾PEKCUFGUCƂCFQTCU

#05+'&#&'+06'05# #05+'&#&'/©0+/#

/HPEUHVH SURFXUH PXGDU VHXV SHQVDPHQWRV H SUHRFXSDo}HV DQVLRVDV SDUD

FRQVHTXHQWHPHQWHGLPLQXLUDDQVLHGDGHHVXDVPDQLIHVWDo}HV&RPRID]HULVVR"%XVTXHWHU
SHQVDPHQWRVUHDOLVWDVVLPSOHVHSUiWLFRVSDUDIRFDUQDVSRVVtYHLVVROXo}HVGRVSUREOHPDV


 2 SURFHVVR GH PXGDQoD GR SHQVDPHQWR DQVLRVR SDUD R SHQVDPHQWR QRUPDOL]DGR
FRPHoDQDLGHQWLҕFDomRGRVHUURVGHSHQVDPHQWRVVHJXLGRGHVXDVFRUUHo}HV8PUHFXUVR
IXQGDPHQWDOSDUDLVVRpTXHVWLRQDUGXYLGDUGHVHXVSHQVDPHQWRVDQVLRVRVHDQDOLVDUVH
VmRSHUWLQHQWHVRXQmRVHID]HPVHQWLGRRXVHVmRH[DJHUDGRVHVHPIXQGDPHQWRVSDUD
HQWmRGHVFDUWiORVRXSDVVDUDEXVFDUSRVVtYHLVVROXo}HV

7HUmR DOJXQV PRPHQWRV TXH R FDPLQKR D VHJXLU

VHUiSHQVDUQDV SLRUHV KLSyWHVHV 1HVVHV FDVRV
EXVTXH SHQVDU HP VROXo}HV UHDLV H REMHWLYDV H
HODERUHXPSODQRGHHQIUHQWDPHQWR

(;(03/2
9RFrWHUiXPDSURYDDPDQKmHQmRWHPWHPSRKiELOSDUDHVWXGDURVXҕFLHQWH)LFDUDQVLRVR
VyYDLDWUDSDOKDUORJRFRJLWHDVKLSyWHVHVGRTXHSRGHDFRQWHFHUQRVSLRUHVFRQWH[WRVH
EXVTXHVROXo}HVSDUDHODV6HYRFrWLUDUQRWDEDL[DSRGHHVWXGDUPDLVSDUDDSUy[LPDSURYD
RXDLQGDVHGHGLFDUPHOKRUGXUDQWHDUHFXSHUDomRGDGLVFLSOLQD


 0DVOHPEUHVHYRFrQmRGHYHUHOD[DURVHVWXGRVHGHL[DUSDUDFRPSHQVDU
GXUDQWHRSHUtRGRGHUHFXSHUDomR2REMHWLYRpDSHQDVTXHYRFrQmRVHVLQWD
WmRDQVLRVRDRSRQWRGHVHSUHMXGLFDUDLQGDPDLV0XLWDVYH]HVVyRIDWRGH
SHQVDUQDVSRVVtYHLVVROXo}HVSDUDRVSLRUHVUHVXOWDGRVMiQRVDFDOPDHDMXGD
DHQIUHQWDUGDPHOKRUIRUPDRSUREOHPD7UD]HQGRSDUDRH[HPSORDQWHULRUVH
HODERUDURSODQRGHHQIUHQWDPHQWRWDOYH]YRFrҕTXHUHOD[DGRRVXҕFLHQWHSDUD
FRQVHJXLUHVWXGDUHID]HUXPDERDSURYD
DERDDSURRYDD

(PUHVXPRDSHoDFKDYHSDUDPXGDUXPDPHQWHDQVLRVDpLGHQWLҕFDURV
HUURV GH SHQVDPHQWRV H EXVFDU DOWHUQDWLYDV SODXVtYHLV H UHDOtVWLFDV SDUD
QRUPDOL]iORVEHPFRPRUDSLGDPHQWHXWLOL]DUHVVHHQWHQGLPHQWRVHPSUHTXH
VHVHQWLUDQVLRVR


 0$1(-2'$65(63267$6

(P VLWXDo}HV GH SHULJR UHDO RX VHMD TXDQGR H[LVWH GH IDWR DOJXPD VLWXDomR
DPHDoDGRUDTXHQmRpDSHQDVXPDKLSyWHVHH[DJHUDGDRXLPDJLQDomRGDVXDFDEHoDFRPR
SRUH[HPSORSURYDVHVFRODUHVDSUHVHQWDo}HVHPS~EOLFRYHVWLEXODUHVXPDYLDJHPPXLWR
GHVHMDGDHQFRQWURFRPDOJXpPHVSHFLDOXPMRJRLPSRUWDQWHHWFDDQVLHGDGHpTXDVH
LQHYLWiYHO H DSHQDV WHQWDU UHGX]LU VXD PDQLIHVWDomR WDOYH] QmR VHMD VXҕFLHQWH 1HVVHV
FDVRVRTXHSRGHPRVID]HUpOLGDUGDPHOKRUIRUPDFRPRVVLQWRPDVGDDQVLHGDGHHWHQWDU
GDUGDPHOKRUIRUP
I DFRPRV
DPHQL]DUVXDVUHVSRVWDV

,QLFLDOPHQWHXPDGDVPDQHLUDVPDLVVLPSOHVGHHQIUHQWDUDDQVLHGDGHQHVVHVFDVRVp
FRPSDUWLOKDUVXDDQJ~VWLDFRPDOJXpPGHFRQҕDQoD&RQYHUVHFRPDOJXPDPLJRRXIDPLOLDU
RXoDRXWURSRQWRGHYLVWDEXVTXHRXWUDVRSLQL}HVHH[SHULrQFLDVPHVPRTXHQmRVROXFLRQH
VHXSUREOHPDH[SUHVVDUVXDTXHL[DIDUiYRFrVHVHQWLUPHOKRU1RVVDVUHODo}HVVRFLDLVVmR
PXLWRLPSRUWDQWHVHWHURDSRLRGHSHVVRDVSUy[LPDVpIXQGDPHQWDOSDUDHQIUHQWDUVLWXDo}HV
GHVDҕDGRUDV


 2XWUDIRUPDFRPXPGHDPHQL]DUDDQVLHGDGHVmRRV
H[HUFtFLRVGHUHVSLUDomRTXHFRQVLVWHPQDUHDOL]DomRGD
UHVSLUDomRFRQWURODGDHSURIXQGD3URFXUHUHVSLUDUOHQWDH
SURIXQGDPHQWH VH SRVVtYHO FRQWDQGR LQVSLUDQGR H
H[SLUDQGR QD PHVPD TXDQWLGDGH GH WHPSR LQVSLUH SHOR
QDUL]HH[SLUHSHODERFDPDQWHQGRRIRFRGHVXDDWHQomR
QDUHVSLUDomR7HQWHWDPEpPLQVSLUDUSRUXPDGDVQDULQDV
SRU YH] WDSDQGR XPD GHODV FRP R GHGR LQGLFDGRU
DOWHUQDQGRHQWUHQDULQDHVTXHUGDHGLUHLWD)DoDGXUDQWHR
WHPSRQHFHVViULRSDUDVHVHQWLUPDLVFDOPRPDVOHPEUH
VH HVVD WpFQLFD QmR p LQGLFDGD HP PRPHQWRV GH
DQVLHGDGHPXLWRHOHYDGRV

&RPR YLPRV DQWHULRUPHQWH XPD GDV PDQLIHVWDo}HV

ItVLFDVGDDQVLHGDGHpDWHQVmRPXVFXODU3DUDLVVRYRFr
SRGH XWLOL]DU D WpFQLFD GR 5HOD[DPHQWR 0XVFXODU
3URJUHVVLYRTXHFRQVLVWHHPFRQWUDLUHGHSRLVUHOD[DURV
P~VFXORVGRFRUSRHPVHTXrQFLDSRUDSUR[LPDGDPHQWH
PLQXWRV 3URFXUH XP PRPHQWR WUDQTXLOR H XP OXJDU
FRQIRUWiYHO H VLOHQFLRVR HVWLTXH H WHQFLRQH VXD
PXVFXODWXUDFRPHoDQGRSHORVSpVHSHUQDVGHSRLVSDVVH
SDUDJO~WHRDEG{PHQFRVWDVHWyUD[SRVWHULRUPHQWHIDoD
QDVPmRVEUDoRVRPEURVSHVFRoRHFDEHoDҕQDOL]HFRP
WRGRVRVP~VFXORVMXQWRV


 ,Q~PHURVHVWXGRVLQGLFDPHFRPSURYDPDHҕFiFLDGDSUiWLFDGHH[HUFtFLRVItVLFRVQR
FRPEDWH D DQVLHGDGH 5HDOL]DU DWLYLGDGHV ItVLFDV UHJXODUPHQWH VHMD GH OHYH RX DOWD
LQWHQVLGDGHWUD]HPEHQHItFLRVDFXUWRHORQJRSUD]R'HLPHGLDWRYRFrSDVVDDVHVHQWLU
PHOKRUORJRDSyVRH[HUFtFLRSRLVQRVVRRUJDQLVPROLEHUDHQGRUҕQDKRUP{QLRTXHSURPRYH
XPDVHQVDomRGHEHPHVWDU&RPDFRQWLQXLGDGHGDVDWLYLGDGHVYRFrPDQWpPERDIRUPD

ItVLFDPHOKRUDRVLVWHPDFDUGLRYDVFXODUHFRQGLFLRQDPHQWRItVLFRHQWUHRXWURVLQ~PHURV
EHQHItFLRV

$GHPDLV SUDWLFDU DWLYLGDGHV ItVLFDV IUHTXHQWHPHQWH DX[LOLD QR DOLYLR GH WHQV}HV H
GHVFDUUHJD HQHUJLD 1mR LPSRUWD TXDO H[HUFtFLR H QmR IDOWDP RSo}HV FDPLQKDU FRP R
FDFKRUURSHGDODUQDGDUGDQoDUFRUUHUPXVFXODomRDUWHVPDFLDLVIXWHEROHWFEDVWD
HVFROKHUXPDGHVHXLQWHUHVVHDGHTXDGDSDUDYRFrHTXHQmRVHMDHVWUHVVDQWHRXPXLWRDOpP
GHVHXVOLPLWHV

8P GRV PDLV UHFRUUHQWHV VLQWRPDV GH DQVLHGDGH p D

LQV{QLDTXHDEUDQJHGLҕFXOGDGHVSDUDFRPHoDUDGRUPLUHRX
DLQGDDFRUGDUSUHPDWXUDPHQWH3DUDHVWHVLQWRPDHVSHFtҕFR
H[LVWHXPFRQMXQWRGHRULHQWDo}HVTXHSRGHPDPHQL]iORRX
QHXWUDOL]iORWDLVFRPRDGRWDUKRUiULRVUHJXODUHVSDUDGRUPLU
HYLWDUWLUDUFRFKLORVGXUDQWHRGLDUHGX]LUDLQJHVWmRGHOtTXLGRV
DQRLWHHHYLWDUSHQVDPHQWRVDQVLRVRVDQWHVGHGRUPLUYRFr
SRGH DQRWDU R PRWLYR GD VXD DQVLHGDGH QR PRPHQWR SDUD
WHQWDUOLGDUFRPHOHQRGLDVHJXLQWH


2XWUDHVWUDWpJLDTXHSRGHVHUXWLOL]DGDpDWpFQLFDFKDPDGD$&$/0(6(DGDSWDGD
SRU%HUQDUG5DQJpTXHWUD]LQVWUXo}HVVREUHFRPRDJLUHPVLWXDo}HVGHDQVLHGDGHH
DX[LOLDQDFRQVROLGDomRGHKDELOLGDGHVSDUDHQIUHQWDPHQWRGHTXDGURVDQVLRVRVSRGHQGR
VHUUHSHWLGDTXDQWDVYH]HVIRUQHFHVViULD$WpFQLFDFRQVLVWHHPRLWRSDVVRV

$FHLWHDVXDDQVLHGDGH
&RQWHPSOHDVFRLVDVHPVXDYROWD
$MDFRPVXDDQVLHGDGH
/LEHUHRDUGHVHXVSXOP}HV
0DQWHQKDRVSDVVRVDQWHULRUHV
([DPLQHVHXVSHQVDPHQWRV
6RUULDYRFrFRQVHJXLX
(VSHUHRIXWXURFRPDFHLWDomR

&202
& 1œ2(1)5(17$5$$16,('$'(
eLPSRUWDQWHIDODUPRVWDPEpPVREUHFRPSRUWDPHQWRVH[WUHPRVTXHPXLWDVYH]HVVmR
HUURQHDPHQWHXWLOL]DGRVFRPRHVWUDWpJLDVSDUDOLGDUFRPDDQVLHGDGH7DLVFRPSRUWDPHQWRV
SRGHPUHVROYHUWHPSRUDULDPHQWHVHXSUREOHPDPDVDORQJRSUD]RWUD]LQҕQLWRVPDOHItFLRV
DOpPGHVHULQ~WLOSRLVLQLFLDOPHQWHYRFrVHVHQWHPHOKRUPDVGHSRLVVHXFpUHEUREXVFDD
FRPSHQVDomRYRFrVHVHQWHSLRUHYLUDXPFLFORVHPҕP([HPSORVGHVWHVFRPSRUWDPHQWRV
TXHGHYHPVHUHYLWDGRVDWRGRFXVWRDEXVRGHiOFRROHRXWUDVGURJDVH[DJHUDUQDFRPLGD
GRUPLUGHPDLVFRPSXOV}HVDXWRPXWLODomR
2V FRPSRUWDPHQWRV GH IXJD H HYLWDomR WDPEpP VmR UHVSRVWDV HTXLYRFDGDV QR
HQIUHQWDPHQWRGDDQVLHGDGHDSHVDUGHVHUFRPXPSURFXUDUHYLWDURXIXJLUGHVLWXDo}HVRX
OXJDUHVTXHFDXVDPDQVLHGDGH3DUDHVVHVFDVRVVHYRFrVHVHQWLUFRQIRUWiYHOHFRQҕDQWH
YRFrSRGHWHQWDUUHDOL]DUDWpFQLFDGHH[SRVLomR(VWDWpFQLFDFRQVLVWHHPDRVSRXFRVVH
H[SRUDVLWXDomRDQVLRVDDWpXPQtYHOQRTXDOYRFrFRQVLJDVXSHUiODPDQWHQGRVHQD
VLWXDomRFRPREMHWLYRGHDSUHQGHUDOLGDUHSHUFHEHUTXHpFDSD]


 48$'525(6802

† 6XSHUDUDDQVLHGDGHQmRpWmRFRPSOLFDGRSHQVDUSRVLWLYRSRGHVHUXPERPFRPHoR

† 3HQVHTXHDDQVLHGDGHpXPHVWDGRGHDOHUWDQDPHQWHTXHDOLPHQWDQRVVDVDo}HVID]HQGR
FRPTXHSURFXUHPRVSRVVtYHLVDOWHUQDWLYDVHEXVTXHPRVDo}HVGHHQIUHQWDPHQWRRXIXJD

† %XVFDUVHUUHDOLVWDQmRJDUDQWHTXHWXGRYiIXQFLRQDUEHPPDVSRVVLELOLWDTXHHVWHMDDEHUWRD
LQIRUPDo}HVSRVLWLYDVHQHXWUDVDVVHJXUDQGRXPDYLVmRHTXLOLEUDGDVREUHRVDFRQWHFLPHQWRV

† 1mRVRIUDSRUDQWHFLSDomRWHQWHLPSHGLUTXHRVSHQVDPHQWRVDQVLRVRVGRPLQHPVXDPHQWH

† 4XDQWRPDLVYRFrSHQVDUHPSHULJRVPDLVDQVLRVRHLQTXLHWRLUiҕFDUOHPEUHVHTXHHVVH
H[FHVVRGHYLJLOkQFLDQmRpEHQpҕFR

† 3URFXUHRUJDQL]DUVHXVFRPSURPLVVRVSRURUGHPGHXUJrQFLDHGLVWLQJXLURTXHpSULRULGDGHRX
QmR6HFRQFHQWUHQRDJRUDHPYH]GHVHSUHRFXSDUGHPDLVFRPRIXWXUR

† 3HUFHEDTXHVHXQtYHOGHPHGRQmRpGHWHUPLQDGRSHODVLWXDomRHPTXHVHHQFRQWUDPDVVLP
SHODVXDLQWHUSUHWDomRGHWDOVLWXDomR

† 1mRSHQVHVHPSUHTXHRSLRUYDLDFRQWHFHUWHQWHPXGDURIRFRSDUDDVDOWHUQDWLYDVSRVLWLYDVH
EDVHDGDVQDUHDOLGDGH9RFrSRGHWDPEpPSHQVDUTXHDVFRLVDVFRUUHUmREHPHLPDJLQDUR
PHOKRUGHVIHFKRSRVVtYHO

† 4XDQGRYRFrVHDFDOPDWRGDVDVHPRo}HVIRUWHVVHQWLPHQWRVVHQVDo}HVHVLQWRPDV
GLPLQXHPHDFDEDPGHVDSDUHFHQGR

† 6HFRQFOXLUTXHYRFrpDQVLRVREXVTXHUHFHEHUHDFROKHUDDQVLHGDGHFRPRSDUWHGDVXDYLGD
HSURFXUHOLGDUGDPHOKRUPDQHLUDSRVVtYHO


 ',&$65°3,'$6

3URFXUHOLGDUPHOKRUFRPVHXVVHQWLPHQWRV

$FHLWHVXDDQVLHGDGHID]SDUWHGRVHUKXPDQR

7RGRVVHQWHPDQVLHGDGHYRFrQmRHVWiVR]LQKR

$QVLHGDGHYHPHSDVVDQmRGXUDSDUDVHPSUH

1mRVLQWDYHUJRQKDRXFXOSDSHODVXDDQVLHGDGH
DSUHQGDDOLGDUFRPHOD

9RFrSRGHID]HUFRLVDVEDFDQDVPHVPRVH
HVWLYHUDQVLRVR

7HQKDDXWRFRQҕDQoDDFUHGLWHTXHpFDSD]
/HPEUHVHTXHYRFrMiHQIUHQWRXSUREOHPDV
DQWHVHFRQVHJXLXVXSHUiORV

%XVTXHSHQVDPHQWRVSRVLWLYRVHHYLWHRVQHJDWLYRV

(QWHQGDTXHTXDQGRQmRSXGHUPXGDUXPD
VLWXDomRUHVWDDFHLWiOD


$ DQVLHGDGH p XPD HPRomR QDWXUDO PDV TXH SRGH VH WRUQDU
LQWHQVDHGHVFRQIRUWiYHO3RUWDQWRSURFXUHDFHLWiODHHQWHQGHU
VXDVFDXVDVSDUDOLGDUGDPHOKRUPDQHLUDSRVVtYHO(VSHUDPRV
WHUDMXGDGRYRFrFRPHVWDFDUWLOKDHOHPEUHVHVHDDQVLHGDGH
HVWLYHU DIHWDQGR GHPDLV VHX FRWLGLDQR HRX VHX EHPHVWDU
EXVTXHDX[tOLRGHXPSURҕVVLRQDOHVSHFLDOL]DGRQDiUHD


 5()(5¯1&,$6

&/$5.'DYLG$%(&.$DURQ79HQFHQGRDDQVLHGDGHHSUHRFXSDomRFRPDWHUDSLD
FRJQLWLYRFRPSRUWDPHQWDOPDQXDOGRSDFLHQWH7UDGXomR'DQLHO%XHQRUHYLVmRWpFQLFD
(OLVDEHWK0H\HU3RUWR$OHJUH$UWPHG

*5((1%(5*(5'HQQLV3$'(6.<&KULVWLQH$$PHQWHYHQFHQGRRKXPRUPXGH
FRPRYRFrVHVHQWHPXGDQGRRPRGRFRPRYRFrSHQVDWUDGXomR6DQGUD0DULD
0DOOPDQQGD5RVDUHYLVmRWpFQLFD%HUQDUG5DQJp3RUWR$OHJUH$UWPHG

/($+<5REHUW//LYUHGHDQVLHGDGH7UDGXomR9LQtFLXV'XDUWH)LJXHLUDUHYLVmR
WpFQLFD(GZLJHV)HUUHLUDGH0DWWRV6LOYDUHV5RGULJR)HUQDQGR3HUHLUD3RUWR$OHJUH
$UWPHG

/23(65HJLQD1$6&,0(1725REHUWD/23(6)HUQDQGD&DL[LQKDDQWLDQVLHGDGH
6mR3DXOR0DWUL[

67$//$5'3DXO$QVLHGDGHWHUDSLDFRJQLWLYRFRPSRUWDPHQWDOSDUDFULDQoDVHMRYHQV
7UDGXomR6DQGUD0DULD0DOOPDQQGD5RVDFRQVXOWRULDVXSHUYLVmRHUHYLVmRWpFQLFD
5LFDUGR:DLQHU3RUWR$OHJUH$UWPHG

:(,'(-19,&(17,1,(&&$5$8-20)0$&+$'2:/(180265)
&DUWLOKDSDUDHQIUHQWDPHQWRGRHVWUHVVHHPWHPSRVGHSDQGHPLD7UDEDOKRJUiҕFR
*XVWDYR)DULQDUR&RVWD3RUWR$OHJUH38&56&DPSLQDV38&&DPSLQDV