$
57,*22
5,*,1$/&LWDomR7LVRW5$$YDQ]L2)UDWXUDGDFROXQDYHUWHEUDOWLSRH[SORVmRQDiUHDGD FDXGDHTLQDFRUUHODomRHQWUHIXQomRQHXUROyJLFDHDOWHUDo}HVHVWUXWXUDLVQRFDQDO YHUWHEUDO$FWD2UWRS%UDV>SHULyGLFRQD,QWHUQHW@'LVSRQtYHO HP85/KWWSZZZVFLHOREUDRE
&LWDWLRQ7LVRW5$$YDQ]L26(07,78/2(0,1*/(6$FWD2UWRS%UDV>VHULDORQ WKH,QWHUQHW@$YDLODEOHIURP85/KWWSZZZVFLHOREUDRE
7UDEDOKRUHFHELGRHPDSURYDGRHP
5
2'5,*2$
512/'7
,6272
60$5$
9$1=,,1752'8d®2
$ IUDWXUD WLSR H[SORVmR TXH RFRUUH QD iUHD UHVHUYDGD j FDXGD HTLQDUHSUHVHQWDXPDSHTXHQDSDUFHODGHWRGDVDVIUDWXUDVWLSR H[SORVmR GD FROXQD YHUWHEUDO SRUpP PHUHFH DWHQomR HVSHFLDO GHYLGRjVFDUDFWHUtVWLFDVDQDW{PLFDVHELRPHFkQLFDVSHFXOLDUHV TXHjVGLIHUHQFLDGRVGHPDLVVHJPHQWRVGDFROXQDLQIOXHQFLDQGR GHVWDIRUPDQDHVFROKDGDFRQGXWDWHUDSrXWLFD
8PDJUDQGHTXDQWLGDGHGHSDFLHQWHVFRPIUDWXUDGDFROXQDWLSR H[SORVmR DWHQGLGRV QR VHWRU GH XUJrQFLD DSUHVHQWDP WUDXPDV P~OWLSORV DVVRFLDGRV WDLV FRPR WUDXPDWLVPR FUDQLRHQFHIiOLFR H IUDWXUDV P~OWLSODV QRV PHPEURV 1HVWHV FDVRV p GLItFLO XPD DYDOLDomRHILFD]GDIXQomRQHXUROyJLFDSDUDLQGLFDomRSUHFLVDH
SUHFRFHGDFRQGXWDWHUDSrXWLFD1HVWDVLWXDomRKiDQHFHVVLGDGH GHVHSUHYHUDIXQomRQHXUROyJLFDGRSDFLHQWH3DUDHVWDSUHGLomR GHYHVHFRQKHFHUQmRDSHQDVDFODVVLILFDomRGDVIUDWXUDVFRPVHXV WLSRVHVXEWLSRVPDVYDORUL]DURVHJPHQWRGDFROXQDYHUWHEUDOHP TXHDIUDWXUDRFRUUHX
$SHTXHQDTXDQWLGDGHGHWUDEDOKRVVREUHDVIUDWXUDVWLSRH[SORVmR LQWHUHVVDQGRDSHQDVDiUHDGDFDXGDHTLQDDOLDGDDRVLJQLILFD WLYRQ~PHURGHFDVRVTXHIRUDPGRFXPHQWDGRVFRPWRPRJUDILD FRPSXWDGRUL]DGDQHVWHVHUYLoRPRWLYDUDPDUHDOL]DomRGHVWDSHV TXLVD&XPSUHUHVVDOWDUDLQGDTXHQmRHQFRQWUDPRVQDOLWHUDWXUD SHVTXLVDGDWUDEDOKRVFRPPDLRUQ~PHURGHFDVRVDQDOLVDGRVH QHPPHVPRFRPRREMHWLYRSURSRVWRTXHpGHDYHULJXDUVHKi
)5$785$'$&2/81$9(57(%5$/7,32(;3/26®21$
É5($'$&$8'$(4h,1$&255(/$d®2(175(
)81d®21(852/Ð*,&$($/7(5$d¯(6(6758785$,6
12&$1$/9(57(%5$/
7UDEDOKRUHDOL]DGR'HSDUWDPHQWRGH2UWRSHGLDH7UDXPDWRORJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD6DQWD&DVDGH6mR3DXOR)&06&63 (QGHUHoRSDUDFRUUHVSRQGrQFLD$YGH6HWHPEUR&HQWUR3DVVR)XQGR56%UDVLO&(3HPDLOUWLVRW#WSRFRPEU
&LUXUJLmR$VVLVWHQWHGR*UXSRGH&ROXQDGR3URQWR6RFRUURGH)UDWXUDV36)GH3DVVR)XQGRH,QVWUXWRUGD5HVLGrQFLD0pGLFDGR&HQWURGH(VWXGRV2UWRSpGLFRV&(23GH3DVVR )XQGR²56
&RQVXOWRUGR*UXSRGH&ROXQDGR'HSDUWDPHQWRGH2UWRSHGLDH7UDXPDWRORJLDGD,UPDQGDGHGD6DQWD&DVDGH0LVHULFyUGLDGH6mR3DXORH3URIHVVRU$GMXQWRGD)DFXOGDGHGH&LrQFLDV 0pGLFDVGD6DQWD&DVDGH6mR3DXOR
5(6802
2EMHWLYR$YDOLDUVHKiFRUUHODomRHQWUHRHVWUHLWDPHQWRWUDXPiWLFR GRFDQDOYHUWHEUDOHDVSRVVtYHLVIUDWXUDVDVVRFLDGDVGDOkPLQD FRPRTXDGURQHXUROyJLFRLQLFLDOGRVSDFLHQWHVFRPIUDWXUDWLSR H[SORVmRQDiUHDGDFDXGDHTLQD0DWHULDOH0pWRGRV)RLUHDOL ]DGDXPDUHYLVmRUHWURVSHFWLYDGHSDFLHQWHVTXHDSUHVHQWDUDP IUDWXUDVWLSRH[SORVmRGH//H/QRSHUtRGRFRPSUHHQGLGR
HQWUHMDQHLURGHDGH]HPEURGH2VUHVXOWDGRVIRUDP DYDOLDGRVGHDFRUGRFRPDGLVIXQomRQHXUROyJLFDLQLFLDOHRGL kPHWURVDJLWDOPpGLRGRFDQDOYHUWHEUDODFRPHWLGR5HVXOWDGRV $ ~QLFD YDULiYHO SUHGLWLYD LQGHSHQGHQWH GR FRPSURPHWLPHQWR QHXUROyJLFRIRLRHVWUHLWDPHQWRGRFDQDOYHUWHEUDOS $ SRUFHQWDJHPPpGLDGHHVWUHLWDPHQWRGRFDQDOYHUWHEUDOIRLVLJQL ILFDWLYDPHQWHSPDLRUQRVFDVRVHPTXHKDYLDDIUDWXUD GDOkPLQDDVVRFLDGD3RUpPQDDQiOLVHP~OWLSODYHULILFRXVHTXH DIUDWXUDGDOkPLQDQmRpXPIDWRUSUHGLWLYRLQGHSHQGHQWHSDUDTXH RFRUUDDOHVmRQHXUROyJLFD&RQFOXVmR2HVWUHLWDPHQWRGRFDQDO YHUWHEUDOFDXVDGRSHORIUDJPHQWRyVVHRGDIUDWXUDFRPRXVHP DDVVRFLDomRGHIUDWXUDVGDOkPLQDQDVIUDWXUDVWLSRH[SORVmRQD iUHDGDFDXGDHTLQDWHPFRUUHODomRGLUHWDHHVWDWLVWLFDPHQWH VLJQLILFDWLYDFRPDDOWHUDomRGDIXQomRQHXUROyJLFD
'HVFULWRUHV)UDWXUDVGD&ROXQD9HUWHEUDO7UDXPDWLVPRVGDFROXQD YHUWHEUDO&DQDO
$&7$25723%5$6
63,1$/%85677<3()5$&785(21&$8'$(48,1$$5($&255(/$7,21%(7:((11(852/2*,&$/
)81&7,21$1'6758&785$/&+$1*(62163,1$/&$1$/
6800$5<
3XUSRVH7KHSXUSRVHRIWKLVVWXG\ZDVWRGHWHUPLQHZKHWKHU
DFRUUHODWLRQH[LVWVEHWZHHQWKHWUDXPDWLFQDUURZLQJRIWKH
VSLQDOFDQDOSRWHQWLDOO\DVVRFLDWHGODPLQDIUDFWXUHVDQGWKH
HDUO\QHXURORJLFDOVWDWXVRISDWLHQWVSUHVHQWLQJWRWKHKRV
SLWDOZLWKEXUVWIUDFWXUHVRIWKHFDXGDHTXLQDDUHD0DWHULDO
DQGPHWKRGV$UHWURVSHFWLYHUHYLHZZDVFDUULHGRXWRQ
SDWLHQWVZLWKEXUVWW\SHIUDFWXUHVRI//DQG/WUHDWHG
DW D WHUWLDU\ PHGLFDO WUDXPD FHQWHU IURP -DQXDU\ WR
'HFHPEHU5HVXOWVZHUHEDVHGRQFRPSDULVRQVPDGH
EHWZHHQWKHLQLWLDOQHXURORJLFDOGHILFLWDQGWKHPLGVDJJLWDO
GLDPHWHURIWKHIUDFWXUHGYHUWHEUDH5HVXOWV7KHRQO\SUH
GLFWLYHLQGHSHQGHQWYDULDEOHRIWKHQHXURORJLFDOGHILFLWZDV
WKHQDUURZLQJRIWKHVSLQDOFDQDOS 7KHDYHUDJH
QDUURZLQJRIWKHVSLQDOFDQDOZDVJUHDWHULQSDWLHQWVZLWK
DVVRFLDWHG ODPLQD IUDFWXUHV S +RZHYHU PXOWLSOH
LQGHSHQGHQWDQDO\VHVGLGQRWHVWDEOLVKODPLQDIUDFWXUHVDV
DSUHGLFWLYHIDFWRUIRUQHXURORJLFDOGHILFLW&RQFOXVLRQ,WZDV
FRQFOXGHGWKDWLQEXUVWIUDFWXUHVRIWKHFDXGDHTXLQDDUHD
WKHDFXWHWUDXPDWLFVSLQDOFDQDOQDUURZLQJZLWKRUZLWKRXW
DVVRFLDWHGIUDFWXUHVRIWKHODPLQDVKRZVDVWDWLVWLFDOO\VLJ
QLILFDQWSRVLWLYHFRUUHODWLRQZLWKWKHQHXURORJLFDOGHILFLW
FRUUHODomRHQWUHRHVWUHLWDPHQWRWUDXPiWLFRGRFDQDOYHUWHEUDOH DVIUDWXUDVDVVRFLDGDVGDOkPLQDFRPDIXQomRQHXUROyJLFDGR H[DPHItVLFRLQLFLDOQRVSDFLHQWHVFRPIUDWXUDWLSRH[SORVmRQRV QtYHLVGH//H/
0$7(5,$/(0e72'26
1RSHUtRGRFRPSUHHQGLGRHQWUHRVDQRVGHHIRUDP LQWHUQDGRVQR´3DYLOKmR)HUQDQGLQKR6LPRQVHQµGD6DQWD&DVD GH6mR3DXORSDFLHQWHVSRUWDGRUHVGHIUDWXUDDJXGDWLSRH[ SORVmRQDFROXQDORPEDUDRQtYHOGH//H/8PGRVSDFLHQWHV DSUHVHQWRXIUDWXUDWLSRH[SORVmRQDVYpUWHEUDVGH/H/VLPXOWD QHDPHQWH3RULVVRRQ~PHURGHIUDWXUDVLQYHVWLJDGDVWRWDOL]RX FDVRV7RGRVHVWHVFDVRVIRUDPUHYLVDGRVDWUDYpVGRVSURQWXiULRV GDVUDGLRJUDILDVHGRVILOPHVGHWRPRJUDILDFRPSXWDGRUL]DGDD[LDO GRVDUTXLYRVGR6HUYLoRGH$UTXLYR0pGLFRH(VWDWtVWLFD6$0( GD6DQWD&DVDGH0LVHULFyUGLDGH6mR3DXOR6&063VHJXQGR FULWpULRVMiHVWDEHOHFLGRV
7RGRVRVFDVRVHVWDYDPGRFXPHQWDGRVFRPUDGLRJUDILDVGDFROXQD YHUWHEUDOQDVLQFLGrQFLDVkQWHURSRVWHULRUHSHUILODOpPGHILOPHV GHWRPRJUDILDFRPSXWDGRUL]DGDD[LDOLQWHUHVVDQGRWHFLGRyVVHR HSDUWHVPROHVFRPFRUWHVD[LDLVGHWUrVDFLQFRPLOtPHWURVGH HVSHVVXUDRULHQWDGRVSHUSHQGLFXODUPHQWHDRHL[RORQJLWXGLQDOGR FDQDOYHUWHEUDOGDYpUWHEUDIUDWXUDGDHGHVHXVQtYHLVDGMDFHQWHV 2VFULWpULRVGHH[FOXVmRGRHVWXGRVHULDPOHVmRQHXUROyJLFDSUpYLD RXSURYRFDGDSRUIUDWXUDYHUWHEUDOORFDOL]DGDDFLPDGH/IHULPHQWR SRUDUPDGHIRJRRXIUDWXUDHPRVVRSDWROyJLFR1HQKXPGRV SDFLHQWHVVHHQTXDGURXQHVWHVUHTXLVLWRV
$WpFQLFDGHDIHULomRGRFRPSURPHWLPHQWRGRFDQDOYHUWHEUDOSHOR IUDJPHQWRyVVHRSURMHWDGRSDUDRVHXLQWHULRUIRLUHDOL]DGDFRP UpJXDWUDQVSDUHQWHJUDGXDGDHPPLOtPHWURVHEDVHDGDQRGLkPHWUR VDJLWDOPpGLR2GLkPHWURGRFDQDOYHUWHEUDOQRUPDODQWHVGR
WUDXPDIRLHVWLPDGRDWUDYpVGDPpGLDGRVYDORUHVHQFRQWUDGRV QRV FRUWHV D[LDLV QR FRUUHVSRQGHQWH DQDW{PLFR GDV YpUWHEUDV DGMDFHQWHVDRORFDOGDIUDWXUD)LJXUD
2VPHFDQLVPRVGHWUDXPDIRUDPTXHGDGHDOWXUDHPSDFLHQWHV DFLGHQWHDXWRPRELOtVWLFRHPSDFLHQWHVDWURSH ODPHQWRHPGRLVSDFLHQWHVDFLGHQWHFRPPRWRFLFOHWDHP SDFLHQWHVHVRWHUUDPHQWRHPSDFLHQWHeLQWHUHV VDQWHUHVVDOWDUTXHGRVSDFLHQWHVYtWLPDVGHTXHGDGHDOWXUD FDVRVIRUDPFDXVDGRVSRUWHQWDWLYDGHVXLFtGLR
&RPUHODomRDRQtYHOGDIUDWXUDFDVRVRFRUUHUDPDR QtYHOGH/FDVRVDRQtYHOGH/HVHLVFDVRV DRQtYHOGH/
'HDFRUGRFRPRH[DPHItVLFRQHXUROyJLFRUHDOL]DGRSDFLHQWHV DSUHVHQWDYDPTXDGURQHXUROyJLFRQRUPDO)UDQNHO( SDFLHQWHV)UDQNHO'SDFLHQWHV)UDQNHO&SD FLHQWHV)UDQNHO%HQHQKXPSDFLHQWH)UDQNHO$
$OWHUDomRQHXUROyJLFDLQLFLDO
&RQVWDWRXVHXPDGLIHUHQoDHVWDWtVWLFDVLJQLILFDWLYDS HQWUHDPpGLDGDSRUFHQWDJHPGHHVWUHLWDPHQWRGRFDQDOYHUWHEUDO QRVSDFLHQWHVFRPHVHPDOWHUDomRQRH[DPHQHXUROyJLFRLQLFLDO 2VSDFLHQWHVFRPGpILFLWQHXUROyJLFRSUHVHQWHQDDGPLVVmRKRVSL WDODUDSUHVHQWDYDPXPHVWUHLWDPHQWRGRFDQDOYHUWHEUDOPDLRUTXH RVSDFLHQWHVFRPH[DPHQHXUROyJLFRQRUPDO7DEHOD
2YDORUGRHVWUHLWDPHQWRGRFDQDOYHUWHEUDOIRLDQDOLVDGRHPDVVR FLDomRFRPRHVFDODGH)5$1.(/(VWHHVWXGRGHPRQVWURXKDYHU XPDGLIHUHQoDHVWDWLVWLFDPHQWHVLJQLILFDWLYDHQWUHDVPpGLDVGDSRU FHQWDJHPGRFRPSURPHWLPHQWRGRFDQDOYHUWHEUDOQDVGLIHUHQWHV JUDGXDo}HVGRUHIHULGRHVFRUHQHXUROyJLFRS1RWHVWH GHFRPSDUDo}HVP~OWLSODVREVHUYDVHTXHDVGLIHUHQoDVUHDLVQR HVWUHLWDPHQWRGRFDQDOHVWmRHQWUHDVJUDGXDo}HVQHXUROyJLFDV )UDQNHO(H%SH)UDQNHO(H&S
%DVHDGRQDHTXDomRGDUHJUHVVmRORJtVWLFDP~OWLSODIRLUHDOL]DGR RFiOFXORGDVSUREDELOLGDGHVGHRFRUUrQFLDGHOHVmRQHXUROyJLFD FRPYDORUHVGHHGHHVWHQRVHXWLOL]DQGRDVHJXLQWH HTXDomR3 H²ββ['HDFRUGRFRPRVYDORUHVGHHV
WUHLWDPHQWRVXSUDFLWDGRVDSUREDELOLGDGHGHRFRUUrQFLDGHOHVmR QHXUROyJLFDpUHVSHFWLYDPHQWHGHH $ ~QLFD YDULiYHO SUHGLWLYD LQGHSHQGHQWH GR FRPSURPHWLPHQWR QHXUROyJLFRIRLRHVWUHLWDPHQWRGRFDQDOYHUWHEUDO
)LJXUD,OXVWUDomRGRPpWRGRGHDIHULomRGRGLkPHWURVDJLWDOPpGLR'60 GDYpUWHEUDIUDWXUDGDHPUHODomRjPpGLDGRVQtYHLVDGMDFHQWHV
2VSDFLHQWHVIRUDPDJUXSDGRVVHJXLQGRDFODVVLILFDomRSURSRVWD SRU)UDQNHOHWDOFRPEDVHQDVDOWHUDo}HVQHXUROyJLFDV
$V WpFQLFDV HVWDWtVWLFDV HPSUHJDGDV LQFOXtUDP HVWDWtVWLFD GHV FULWLYD DQiOLVH GH YDULkQFLD $129$ RX WHVWH GH .UXVNDO:DOOLV FRPSOHPHQWDGR FRP WHVWH GH 7XNH\+6' SDUD FRPSDUDo}HV P~OWLSODVWHVWHWGHVWXGHQWSDUDDPRVWUDVLQGHSHQGHQWHVWHVWH GHDVVRFLDomRGRTXLTXDGUDGRRXWHVWHH[DWRGH)LVKHUTXDQGR SHORPHQRVXPDGDVIUHTrQFLDVHVSHUDGDVIRLPHQRUGRTXH FLQFRPRGHORGHUHJUHVVmRORJtVWLFDP~OWLSODSDUDGHWHUPLQDomR GRVIDWRUHVSUHGLWLYRVLQGHSHQGHQWHVGRFRPSURPHWLPHQWRQHX UROyJLFR 3DUD WRGRV RV WHVWHV R QtYHO GH VLJQLILFDGR HVWDWtVWLFR DGRWDGRIRLLJXDOD
5(68/7$'26
7ULQWDHXPSDFLHQWHVHUDPGRVH[RPDVFXOLQRHGR VH[RIHPLQLQR
$LGDGHGHVWHVSDFLHQWHVYDULRXHQWUHHDQRVFRPPpGLD GHDQRV
([DPH 1HXUROÚJLFR
,QLFLDO
1àPHURGH )UDWXUDV7LSR
([SORVÏR
0ÑGLDGD 3RUFHQWDJHPGH (VWUHLWDPHQWRGR
&DQDO9HUWHEUDO Normal 30 37,2
Alterado 13 67,0
Total 43 46,2
SWHVWH tGHstudent.
7DEHOD0pGLDGRSHUFHQWXDOGHHVWUHLWDPHQWRGRFDQDOYHUWHEUDOGHDFRUGR FRPRH[DPHQHXUROyJLFRLQLFLDO
)UDWXUDVGDOkPLQD
$SRUFHQWDJHPPpGLDGHHVWUHLWDPHQWRGRFDQDOYHUWHEUDOFDX VDGRSHORIUDJPHQWRyVVHRGDIUDWXUDIRLVLJQLILFDWLYDPHQWHS PDLRUQRVFDVRVHPTXHKDYLDDIUDWXUDGDOkPLQDDVVRFLDGD 7DEHOD
$WUDYpVGD5D]mRGH&KDQFH2GGV5DWLRS{GHVHSUHYHURULVFR GHRFRUUrQFLDGDIUDWXUDGDOkPLQDDVVRFLDGDDXPFRPSURPHWL PHQWR VLJQLILFDWLYR GR FDQDO YHUWHEUDO SHOR IUDJPHQWR yVVHR GD YpUWHEUD IUDWXUDGD &RQVWDWRXVH TXH XPD IUDWXUD WLSR H[SORVmR ORPEDUDRQtYHOGH//H/FRPPDLVGHGHHVWUHLWDPHQWRGR FDQDOWHPYH]HVPDLVULVFRGHDSUHVHQWDUXPDIUDWXUDGDOkPLQD DVVRFLDGDTXDQGRFRPSDUDGRDXPDIUDWXUDTXHDSUHVHQWD RXPHQRVGHHVWUHLWDPHQWRGRFDQDO25 S +RXYHXPDDVVRFLDomRHVWDWLVWLFDPHQWHVLJQLILFDWLYDHQWUHRTXDGUR QHXUROyJLFRQRUPDORXDOWHUDGRHDIUDWXUDGDOkPLQDSUHVHQWHRX DXVHQWHS $SHQDVXPDGDVIUDWXUDVDVVRFLDGDVFRP
OHVmRQHXUROyJLFDQmRDSUHVHQWDYDIUDWXUDGDOkPLQDFRQFRPLWDQWH 7DEHOD3RUpPQDDQiOLVHP~OWLSODYHULILFRXVHTXHDIUDWXUDGD OkPLQDQmRpXPIDWRUSUHGLWLYRLQGHSHQGHQWHSDUDTXHRFRUUDD OHVmRQHXUROyJLFD
QHXURORJLFDPHQWH6H\EROGHWDODYDOLDQGRSDFLHQWHV
FRPHVWHWLSRGHIUDWXUDQRVQtYHLVGH//H/UHODWDUDPTXH GHOHVDSUHVHQWDYDPVHLQLFLDOPHQWHVHPGDQRQHXUROyJLFR (VWHV GDGRV UHIRUoDP TXH D PDLRULD GRV SDFLHQWHV YtWLPDV GD IUDWXUDWLSRH[SORVmRDRQtYHOGDFDXGDHTLQDQmRSRVVXHPOHVmR QHXUROyJLFDDVVRFLDGDSRLVDFDXGDHTLQDpPHQRVVHQVtYHOj SUHVVmRH[WUtQVHFDTXHDiUHDGDPHGXODHGRFRQHPHGXODU $ HVFDOD GH )5$1.(/ DSHVDU GH GLIXQGLGD QD SUiWLFD FOtQLFD GHYLGRDVXDIDFLOLGDGHGHXVRpPDLVLQGLFDGDSDUDOHV}HVTXH VHHQFRQWUDPDFLPDGRFRQHPHGXODU1DiUHDGDFDXGDHTLQD RVHXXVRSRGHQmRUHIOHWLUDUHDOJUDYLGDGHGRGDQRQHXUROyJLFR GRSDFLHQWH$OpPGLVVRDFODVVLILFDomRGRVSDFLHQWHVGHDFRUGR FRPDVYiULDVFDWHJRULDVGHVWDHVFDODSRGHWDPEpPGLILFXOWDU DYDOLGDomRHVWDWtVWLFDGRVUHVXOWDGRV+iDLQGDXPDIDOWDGH
UHODomRVLPSOHVHGLUHWDHQWUHRGDQRQHXUROyJLFRPHQVXUDGRSHOR HVFRUHGH)5$1.(/HDPRUELGDGHGRSRQWRGHYLVWDIXQFLRQDO DSUHVHQWDGDSHORVSDFLHQWHVYLWLPDGRVSRUIUDWXUDVWLSRH[SORVmR QDiUHDGDFDXGDHTLQD$FUHGLWDPRVTXHSDUDXPDDYDOLDomR IXQFLRQDO DGHTXDGD RXWURV HVFRUHV QHXUROyJLFRV SRGHULDP VHU GLVFXWLGRV1RSUHVHQWHHVWXGRHQWUHWDQWRRHVFRUHGH)5$1.(/ PRVWURXVHHIHWLYRHPDSUHVHQWDUXPDUHODomRGLUHWDFRPDSRU FHQWDJHPGHFRPSURPHWLPHQWRGRFDQDOYHUWHEUDO
$IUDWXUDWLSRH[SORVmRGHDFRUGRFRP+ROGVZRUWKHUDFRQ
VLGHUDGDXPDOHVmRHVWiYHOVHPOHVmRGRFRPSOH[ROLJDPHQWDU SRVWHULRU RX IUDWXUDV GR DUFR SRVWHULRU DVVRFLDGDV 1R HQWDQWR GHDFRUGRFRP:KLWHVLGHVXPDOHVmRFRPSOHWDGRFRPSOH[R
OLJDPHQWDUSRVWHULRUSRGHULDRFRUUHUHPDVVRFLDomRDXPDFRPL QXLomRVHYHUDGRFRUSRYHUWHEUDOIUDWXUDWLSRH[SORVmRLQVWiYHO$ WRPRJUDILDFRPSXWDGRUL]DGDSDVVRXDGLDJQRVWLFDUFRPSUHFLVmR DIUDWXUDWLSRH[SORVmRHDIUDWXUDDVVRFLDGDGDOkPLQDDWp
HQWmRGLItFLOGHVHUGLDJQRVWLFDGDQDUDGLRJUDILDVLPSOHVFRPH oRXDFKDPDUDDWHQomRGHGLYHUVRVDXWRUHV1RSUHVHQWH
HVWXGR ILFDPRV LPSUHVVLRQDGRV HP GHVFREULU TXH D PDLRULD GRV SDFLHQWHV DYDOLDGRV DSUHVHQWDYDP D IUDWXUD DVVRFLDGD GD OkPLQD&RPRMiPHQFLRQDGRGDVIUDWXUDVWLSRH[SORVmR SRVVXtDPDIUDWXUDGDOkPLQD&DPPLVDHWDOHYLGHQ
FLDUDPTXHSDFLHQWHVGHVHXVSDFLHQWHVFRPIUDWXUD WLSRH[SORVmRWRUiFLFDHORPEDUTXHIRUDPWUDWDGRVFLUXUJLFDPHQWH DSUHVHQWDYDP IUDWXUD GD OkPLQD 6H FRQVLGHUDUPRV DSHQDV RV FDVRVVXEPHWLGRVDRWUDWDPHQWRFLU~UJLFRTXHDSUHVHQWDUDPHVWD IUDWXUDDLQFLGrQFLDHPQRVVRHVWXGRVREHSDUDGRVFDVRV $FUHGLWDPRVTXHHVWDVLJQLILFDWLYDLQFLGrQFLDGHIUDWXUDGDOkPLQD DVVRFLDGD j IUDWXUD WLSR H[SORVmR ORPEDU EDL[D VHMD SURYRFDGD HP FRQVHTrQFLD GD ORUGRVH ILVLROyJLFD HP TXH HVWD UHJLmR VH HQFRQWUD8PWUDXPDD[LDOFDXVDQGRIUDWXUDWLSRH[SORVmRGH/ /H/DFDUUHWDXPPDLRULPSDFWRQDUHJLmRSRVWHULRUGRFRUSR
GHVWDVYpUWHEUDV&RQVHTHQWHPHQWHKiXPDPDLRUIUDJPHQWD omRyVVHDMXQWRDRFDQDOYHUWHEUDORFDVLRQDQGRXPDXPHQWRQD GLVWkQFLDLQWHUSHGLFXODU(VWHDIDVWDPHQWRGRVSHGtFXORVDFDUUHWD XPD PDLRU LQFLGrQFLD GH IUDWXUD GD OkPLQD $OpP GLVVR VH QmR KRXYHUXPDIRUoDGHIOH[mRDVVRFLDGDDRWUDXPDD[LDOHRFRODSVR YHUWHEUDOIRULPSRUWDQWHDFUHGLWDPRVTXHIUDWXUDGRDUFRSRVWHULRU SRGHRFRUUHUDWpPHVPRGHYLGRDWUDXPDGLUHWRFRPRVDUFRV DGMDFHQWHV2VUHVXOWDGRVREWLGRVQHVWHHVWXGRUHIRUoDPHVWDV LGpLDVSRLVDPpGLDGRHVWUHLWDPHQWRyVVHRQRFDQDOYHUWHEUDOIRL VLJQLILFDWLYDPHQWHPDLRUQRVSDFLHQWHVTXHDSUHVHQWDUDPIUDWXUDGD OkPLQD1RVSDFLHQWHVTXHQmRDSUHVHQWDUDPHVWDIUDWXUD DVVRFLDGDDPpGLDGHHVWUHLWDPHQWRyVVHRQRFDQDOYHUWHEUDOIRL GHDSHQDV$OpPGLVVRGHDFRUGRFRPDOLQKDGHJUDYLGDGH GRFRUSR/DSDUHQWHPHQWHpDYpUWHEUDTXHPDLVVHDSUHVHQWDHP ORUGRVHILVLROyJLFDHSRUWDQWRFRPRHUDGHVHHVSHUDUIRLDYpU WHEUDFRPDPDLRUPpGLDGHFRPSURPHWLPHQWRGRFDQDOYHUWHEUDO SHORVIUDJPHQWRVGDIUDWXUDDOpPGHDSUHVHQWDUDPDLRU TXDQWLGDGHGHIUDWXUDGDOkPLQDDVVRFLDGDHPERUDHVWHV YDORUHVQmRWHQKDPWLGRXPDGLIHUHQoDVLJQLILFDQWH
7RGRVRVSDFLHQWHVFRPGDQRQHXUROyJLFRLQLFLDODSUHVHQWDUDPD IUDWXUDGDOkPLQDDVVRFLDGDSRUpPQHPWRGRVRVSDFLHQWHVFRP IUDWXUDGDOkPLQDSRVVXtDPDOWHUDomRQHXUROyJLFDLQLFLDO$OpPGLV VRIRLFXULRVRREVHUYDUTXHDPpGLDGRHVWUHLWDPHQWRWUDXPiWLFR
)UDWXUDGD
/ËPLQD 1àPHURGH&DVRV
0ÑGLDGR (VWUHLWDPHQWRQR &DQDO9HUWHEUDO
Sim 24 58,9
Não 19 30,2
Total 43 46,2
SWHVWHWVWXGHQW
7DEHOD0pGLDGRHVWUHLWDPHQWRGRFDQDOYHUWHEUDOVHJXQGRDSUHVHQoDRX DXVrQFLDGHIUDWXUDVGDOkPLQD
)XQÐÏR QHXURORJLFDO
)UDQNHO )UDWXUDGDOËPLQD
não % sim %
Normal 18 60,0 12 40,0
Alterada 1 7,7 12 92,3
S WHVWHTXLTXDGUDGR
7DEHOD'LVWULEXLomRGDVIUDWXUDVWLSRH[SORVmRVHJXQGRDIXQomRQHXUROyJLFD LQLFLDOGRVSDFLHQWHVHDSUHVHQoDRXQmRGHIUDWXUDGDOkPLQD
',6&866®2
9iULRV WUDEDOKRV IRUDP UHDOL]DGRV REMHWLYDQGR FRUUHODFLRQDU D TXDQWLGDGHGHIUDJPHQWRyVVHRQRFDQDOYHUWHEUDOFRPRTXDGUR QHXUROyJLFRQDVIUDWXUDVWLSRH[SORVmRWRUiFLFDHORPEDU$OJXQV GHVWHV HVWXGRV GHPRQVWUDUDP TXH TXDQWR PDLRU R IUDJPHQWR yVVHRQRFDQDOYHUWHEUDODXPHQWDYDVHDVFKDQFHVGHTXHDOH VmRQHXUROyJLFDRFRUUHVVH'HIRUPDFRQWUDGLWyULDRXWURV
DXWRUHVDILUPDUDPLQH[LVWLUWDOFRUUHODomRGLUHWDGHYLGRDYDULiYHLV TXH HPERUD QmR YLVLELOL]DGDV QD WRPRJUDILD FRPSXWDGRUL]DGD H[SOLFDULDPXPDOHVmRQHXUROyJLFDJUDYHVHPXPHVWUHLWDPHQWR yVVHRVLJQLILFDWLYDGRFDQDOYHUWHEUDO(VWDVYDULiYHLVVHULDPOHV}HV LQWHUVWLFLDLVKHPDWRPDVFLIRVHORFDOL]DGDVHFomRGDPHGXODHVSL QKDOHIUDJPHQWRVGRGLVFRLQWHUYHUWHEUDO$RDQDOLVDUPRVHVWHV
HVWXGRVYHULILFDPRVTXHDPDLRULDGHOHVQmRDJUXSRXDVIUDWXUDV WLSRH[SORVmRGHDFRUGRFRPRVHJPHQWRDQDW{PLFRHELRPHFkQLFR DRTXDOSHUWHQFH$SUHVHQoDGHPHGXODFRQHPHGXODURXFDXGD HTLQDQRFDQDOYHUWHEUDOSRGHLQWHUIHULUGHPDQHLUDGLIHUHQWHQD IXQomRQHXUROyJLFDGRSDFLHQWHTXDQGRXPDGHWHUPLQDGDTXDQ WLGDGH GH HVWUHLWDPHQWR GR FDQDO HVWLYHU SUHVHQWH 'D PHVPD IRUPDDVFDUDFWHUtVWLFDVHVWUXWXUDLVGDVIUDWXUDVTXHRFRUUHPHP XPVHJPHQWRGHFLIRVHSRGHPGLIHULUGDTXHODVTXHRFRUUHPHP XPVHJPHQWRGHORUGRVHHSRUFRQVHJXLQWHWDPEpPLQIOXHQFLDU QDIXQomRQHXUROyJLFD
$ SRUFHQWDJHP PpGLD GH HVWUHLWDPHQWR WUDXPiWLFR DJXGR GR FDQDOYHUWHEUDOTXHRFRUUHXFRQVHTHQWHPHQWHDRVIUDJPHQWRV yVVHRVGDIUDWXUDIRLHOHYDGR(VWHYDORUpVLJQLILFDQWH PHQWHPDLRUTXHRVYDORUHVGHHVWUHLWDPHQWRGRFDQDOYHUWHEUDO GRVHJPHQWRWRUiFLFRHWRUDFRORPEDUHQFRQWUDGRVSRUGLYHUVRV DXWRUHV$FUHGLWDPRVTXHHVWDPDLRUSRUFHQWDJHPPpGLD
GH FRPSURPHWLPHQWR GR FDQDO YHUWHEUDO DR QtYHO GH / / H / VHMD MXVWLILFDGD SHOD ORUGRVH ILVLROyJLFD HP TXH HVWDV YpUWHEUDV ORPEDUHVVHHQFRQWUDP
1mRKRXYHGDQRQHXUROyJLFRHPSDFLHQWHVGRSUHVHQWHHVWXGR $QHWDOGHPRQVWUDUDPTXHGHVHXVSDFLHQWHVFRP
IUDWXUDWLSRH[SORVmRGH//H/HVWDYDPLQLFLDOPHQWHLQWDFWRV
DJXGRGRFDQDOYHUWHEUDOIRLVLJQLILFDWLYDPHQWHPDLRUQRVSDFLHQWHV FRPGDQRQHXUROyJLFRLQLFLDODVVRFLDGRjIUDWXUDGDOkPLQDTXDQGR FRPSDUDGRDRVSDFLHQWHVQHXURORJLFDPHQWHQRUPDLVFRPHVHP HVWDIUDWXUDDVVRFLDGD(VWHVGDGRVUHIRUoDPTXHTXDQWRPDLRU D HQHUJLD GLVVLSDGD j YpUWHEUD PDLRU VmR DV FKDQFHV GH TXH XPIUDJPHQWRyVVHRVHMDLPSXOVLRQDGRSDUDRFDQDOYHUWHEUDOH FRQVHTHQWHPHQWHPDLRUpDSUREDELOLGDGHGHTXHRFRUUDIUDWXUD GDOkPLQD(VWDVDOWHUDo}HVHVWUXWXUDLVQRFDQDOYHUWHEUDOHOHYDP SRUFRQVHJXLQWHDLQFLGrQFLDGHOHVmRQDFDXGDHTLQD'HYHVH VDOLHQWDUHQWUHWDQWRTXHQRSUHVHQWHHVWXGRDIUDWXUDGDOkPLQD QmRIRLFRQVLGHUDGDGHPDQHLUDLVRODGDXPIDWRUSUHGLWLYRSDUD DFDUUHWDUOHVmRQHXUROyJLFD(ODHVWDUHIOHWLQGRQDDQiOLVHP~OWLSOD RUHDOIDWRUTXHLQWHUIHUHQDIXQomRQHXUROyJLFDTXHpDTXDQWLGDGH GHHVWUHLWDPHQWRGRFDQDOYHUWHEUDO1mRKiFRPRDILUPDUQHVWH HVWXGRVHDQmRLQFOXVmRGDIUDWXUDGDOkPLQDFRPRIDWRUSUHGLWLYR LQGHSHQGHQWHGHFRUUHXHPFRQVHTrQFLDGHXPSHTXHQRQ~PHUR GHFDVRVFRPGDQRQHXUROyJLFRWDPDQKRGDDPRVWUDTXHSRU FRQVHJXLQWH SRGHULD UHIOHWLU HP SRXFR SRGHU HVWDWtVWLFR SDUD D UHJUHVVmRP~OWLSOD$YDULDELOLGDGHDPRVWUDOHLQGLYLGXDODOpPGR FRPSRUWDPHQWR ELROyJLFR QD iUHD HVWXGDGD WDPEpP SRGHULDP HVWDUUHODFLRQDGDVFRPHVWHUHVXOWDGRHVWDWtVWLFR
(PIDFHGRH[SRVWRQRVSDFLHQWHVSROLWUDXPDWL]DGRVFRPIUDWXUD WLSRH[SORVmRGDFROXQDORPEDUEDL[DQRVTXDLVRH[DPHQHXUROyJLFR LQLFLDOGRVPHPEURVLQIHULRUHVpSUHMXGLFDGRDPHGLGDGRGLkPHWUR VDJLWDOPpGLRGRFDQDOYHUWHEUDOQDWRPRJUDILDFRPSXWDGRUL]DGD VHUYHGHSDUkPHWURFRQILiYHOSDUDVHHVWLPDUDIXQomRQHXUROyJLFD &DVRRHVWUHLWDPHQWRHVWLPDGRGRFDQDOYHUWHEUDOVHMDPHQRURXLJXDO DLQGHSHQGHQWHGDSUHVHQoDRXDXVrQFLDGHIUDWXUDGDOkPLQD DSUREDELOLGDGHGDSUHVHQoDGHOHVmRQDFDXGDHTLQDpSHTXHQD
&21&/86®2
2HVWUHLWDPHQWRWUDXPiWLFRDJXGRGRFDQDOYHUWHEUDOFDXVDGRSHOR IUDJPHQWRyVVHRGDIUDWXUDFRPRXVHPDDVVRFLDomRGHIUDWXUDV GDOkPLQDQDVIUDWXUDVWLSRH[SORVmRQDiUHDGDFDXGDHTLQDWHP FRUUHODomRGLUHWDHHVWDWLVWLFDPHQWHVLJQLILFDWLYDFRPDDOWHUDomR GDIXQomRQHXUROyJLFD
$*5$'(&,0(172
$JUDGHFHPRVDR1~FOHRGH$SRLRj3XEOLFDomRGD)DFXOGDGHGH &LrQFLDVpGLFDVGD6DQWD&DVDGH6mR3DXOR1$36&RVXSRUWH WpFQLFRFLHQWtILFRjSXEOLFDomRGHVWHPDQXVFULWR
5HLPDQQ$)$QVRQ%-9HUWHEUDOOHYHORIWHUPLQDWLRQRIGHVSLQDOFRUGZLWKUHSRUW RIDFDVHRIVDFUDOFRUG$QDW5HF
6H\EROG($6ZHHQH\&$)UHGULFNVRQ%(:DUKROG/*%HUQLQL30)XQFWLRQDO RXWFRPHRIORZOXPEDUEXUVWIUDFWXUHV$PXOWLFHQWHUUHYLHZRIRSHUDWLYHDQGQRQ RSHUDWLYHWUHDWPHQWRI//6SLQH
:DOO(-&RKHQ060DVVLH-%5\GHYLN%*DUILQ65&DXGDHTXLQDDQDWRP\, ,QWUDWKHFDOQHUYHURRWRUJDQL]DWLRQ6SLQH
$Q +6 9DFFDUR $ &RWOHU -0 /LQ 6 /RZ OXPEDU EXUVW IUDFWXUHV &RPSDULVRQ DPRQJ ERG\ FDVW +DUULQJWRQ URG /XTXH URG DQG 6WHIIHH SODWH 6SLQH
$Q +6 6LPSVRQ -0 (EUDKHLP 1$ -DFNVRQ :7 0RRUH - 2 0DOOH\ 13 /RZ OXPEDUEXUVWIUDFWXUHFRPSDULVRQEHWZHHQFRQVHUYDWLYHDQGVXUJLFDOWUHDWPHQWV 2UWKRSHGLFV
)LQQ&$6WDXIIHU(6%XUVWIUDFWXUHRIWKHILIWKOXPEDUYHUWHEUD-%RQH-RLQW6XUJ $P
)UHGULFNVRQ%(<XDQ+$0LOOHU+%XUVWIUDFWXUHVRIWKHILIWKOXPEDUYHUWHEUD$ UHSRUWRIIRXUFDVHV-%RQH-RLQW6XUJ$P
0LFN&$&DUO$6DFKV%+UHVNR073IHLIHU%$%XUVWIUDFWXUHRIWKHILIWKOXPEDU YHUWHEUD6SLQH
.DPLQVNL$0ÄOOHU(-0XKU*%XUVWIUDFWXUHRIWKHILIWKOXPEDUYHUWHEUDUHVXOWV
'HQLV)7KHWKUHHFROXPQVSLQHDQGLWVVLJQLILFDQFHLQWKHFODVVLILFDWLRQRIDFXWH WKRUDFROXPEDUVSLQDOLQMXULHV6SLQH
0DJHUO)$HEL0*HUW]EHLQ6'+DUPV-1D]DULDQ6$FRPSUHKHQVLYHFODVVLIL
FDWLRQRIWKRUDFLFDQGOXPEDULQMXULHV(XU6SLQH- 7UDIWRQ3%R\G&&RPSXWHGWRPRJUDSK\RIWKRUDFLFDQGOXPEDUVSLQHLQMXULHV-7UDXPD
)UDQNHO+/+DQFRFN'2+\VORS*0HO]DN-0LFKDHOLV/68QJDU*+HWDO7KH YDOXHRISRVWXUDOUHHGXFWLRQLQWKHLQLWLDOPDQDJHPHQWRIFORVHGLQMXULHVRIWKH VSLQHZLWKSDUDSOHJLDDQGWHWUDSOHJLD3DUDSOHJLD
0HYHV5$YDQ]L2&RUUHODWLRQEHWZHHQQHXURORJLFDOGHILFLWDQGVSLQHFDQDOFRP SURPLVHLQSDWLHQWVZLWKWKRUDFROXPEDUDQGOXPEDUIUDFWXUHV6SLQH
)RQWLMQH:3GH.OHUN/:%UDDNPDQ56WLMQHQ77DQJKH+/6WHHQEHHN5HWDO &7VFDQSUHGLFWLRQRIQHXURORJLFDOGHILFLWLQWKRUDFROXPEDUEXUVWIUDFWXUHV-%RQH -RLQW6XUJ%U
+DVKLPRWR7.DQHGD.$EXPL.5HODWLRQVKLSEHWZHHQWUDXPDWLFVSLQDOFDQDO VWHQRVLV DQG QHXURORJLF GHILFWV LQ WKRUDFROXPEDU EXUVW IUDFWXUHV 6SLQH
.LP1+/HH+0&KXQ,01HXURORJLFLQMXU\DQGUHFRYHU\LQSDWLHQWVZLWKEXUVW IUDFWXUHRIWKHWKRUDFROXPEDUVSLQH6SLQH
*HUW]EHLQ6'&RXUW%URZQ&00DUNV30DUWLQ&)D]O06FKZDUW]0HWDO7KH QHXURORJLFRXWFRPHIROORZLQJVXUJHU\IRUVSLQDOIUDFWXUHV6SLQH .HHQH-6)LVKHU639DQGHUE\5-U'UXPPRQG'67XUVNL3$6LJQLILFDQFH
RIDFXWHSRVWWUDXPDWLFERQ\HQFURDFKPHQWRIWKHQHXUDOFDQDO6SLQH
/LPE'6KDZ'/'LFNVRQ5$1HXURORJLFDOLQMXU\LQWKRUDFROXPEDUEXUVWIUDF WXUHV-%RQH-RLQW6XUJ%U
/LQGDKO 6 :LOOHQ - ,UVWDP / &RPSXWHG WRPRJUDSK\ RI ERQH IUDJPHQWV LQ WKH VSLQDOFDQDO$QH[SHULPHQWDOVWXG\6SLQH
9DFFDUR$51DFKZDOWHU56.OHLQ*56HZDUGV-0$OEHUW7-*DUILQ657KHVLJ QLILFDQFHRIWKRUDFROXPEDUVSLQDOFDQDOVL]HLQVSLQDOFRUGLQMXU\SDWLHQWV6SLQH
0XPIRUG-:HLQVWHLQ-16SUDWW).*RHO9.7KRUDFROXPEDUEXUVWIUDFWXUHV 7KHFOLQLFDOHIILFDF\DQGRXWFRPHRIQRQRSHUDWLYHPDQDJHPHQW6SLQH
+ROGVZRUWK):)UDFWXUHVGLVORFDWLRQVDQGIUDFWXUHVGLVORFDWLRQVRIWKHVSLQH-%RQH-RLQW6XUJ%U
+ROGVZRUWK):)UDFWXUHVGLVORFDWLRQVDQGIUDFWXUHGLVORFDWLRQVRIWKHVSLQH-%RQH-RLQW6XUJ$P
:KLWHVLGHV7(7UDXPDWLFN\SKRVLVRIWKHWKRUDFROXPEDUVSLQH&OLQ2UWKRS5HODW 5HV
&ROOH\ '3 'XQVNHU 6% 7UDXPDWLF QDUURZLQJ RI WKH GRUVROXPEDU VSLQDO FDQDO GHPRQVWUDWHGE\FRPSXWHGWRPRJUDSK\5DGLRORJ\
0F$IHH3&<XDQ+$/DVGD1$7KHXQVWDEOHEXUVWIUDFWXUH6SLQH
0XPIRUG-:HLQVWHLQ-16SUDWW).*RHO9.7KRUDFROXPEDUEXUVWIUDFWXUHV 7KHFOLQLFDOHIILFDF\DQGRXWFRPHRIQRQRSHUDWLYHPDQDJHPHQW6SLQH
&DPPLVD)3(LVPRQW)-*UHHQ%$'XUDOODFHUDWLRQRFXUULQJZLWKEXUVWIUDFWXUHV DQGDVVRFLDWHGODPLQDUIUDFWXUHV-%RQH-RLQW6XUJ$P
5()(5È1&,$6