&RPRHVFROKHURTXHQmRVHFRQKHFH"8PHVWXGRGDLPDJHP
GRHQIHUPHLURSRUDOXQRVGRHQVLQRPpGLR
+RZFDQRQHFKRRVHZKDWLVXQNQRZQ"$VWXG\RQWKHLPDJHRIQXUVHVE\KLJKVFKRROVWXGHQWV
¢&yPRHVFRJHUORTXHQRVHFRQRFH"8QHVWXGLRGHODLPDJHQGHOHQIHUPHURSRUDOXPQRVGHOD HQVHxDQ]D PHGLR
/tJLD)DKO.HPPHU
0DULD-~OLD3DHVGD6LOYD
5(6802
2EMHWLYR(VWHHVWXGRSURFXURXDSURIXQGDUDFRPSUHHQVmRGDVUHSUHVHQWDo}HVVRFLDLVVREUHRHQIHUPHLURHD(QIHUPDJHPSRUDOXQRVGR HQVLQRPpGLRXPDYH]TXHHVWHVHVWmRHPPRPHQWRGHHVFROKDSURILVVLRQDO0pWRGRV(VWXGRGHQDWXUH]DTXDOLWDWLYDEDVHDGRQDWHRULDGDV 5HSUHVHQWDo}HV6RFLDLVGH0RVFRYLFL(QWUHYLVWDUDPVHFLQFRDOXQRVGHXPDHVFRODSDUWLFXODUQDFLGDGHGH/RQGULQDHSDUDDQiOLVHXWLOL]RX VHRPpWRGRGH'LVFXUVRGR6XMHLWR&ROHWLYR5HVXOWDGRV$VDQiOLVHVLQGLFDUDPUHSUHVHQWDo}HVGHSRXFDYDORUL]DomRGHVFRQKHFLPHQWRGD IRUPDomRHGXFDFLRQDOGRVFDPSRVGHDWXDomRGDVSRVVLELOLGDGHVGDSURILVVmRHVXDDXWRQRPLD'LVFXVVmR$VDQFRUDJHQVGDVUHSUHVHQWDo}HV YrPGDDVVRFLDomRGDDWXDomRGRHQIHUPHLURH[FOXVLYDPHQWHDRkPELWRKRVSLWDODU&RQFOXVmReIXQGDPHQWDOTXHVHWUDQVPLWDRTXHRV HQIHUPHLURVID]HPVXDVFRPSHWrQFLDVHFDPSRVGHDWXDomRSDUDRDOFDQFHGHMRYHQVDGROHVFHQWHV
'HVFULWRUHV3DSHOGRSURILVVLRQDOGHHQIHUPDJHP3HVTXLVDTXDOLWDWLYD&RPXQLFDomR
$%675$&7
2EMHFWLYH7KHSXUSRVHRIWKLVVWXG\ZDVWRXQGHUVWDQGIXUWKHUSRLQWRIYLHZVRIKLJKVFKRROVWXGHQWVUHJDUGLQJVRFLDOUHSUHVHQWDWLRQRI WKHGLVFLSOLQHRIQXUVLQJDQGSURIHVVLRQDOQXUVHVJLYHQWKHIDFWWKH\DUHSKDVLQJLQWRFDUHHUFKRLFHGHFLVLRQV0HWKRGV7KLVTXDOLWDWLYH VWXG\ZDVJXLGHGE\0RVFRYLFL·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
NH\ZRUGV1XUVH·VUROH4XDOLWDWLYHUHVHDUFK&RPXQLFDWLRQ
5(680(1
2EMHWLYR(VWHHVWXGLRSURFXUySURIXQGL]DUODFRPSUHQVLyQGHODVUHSUHVHQWDFLRQHVVRFLDOHVVREUHHOHQIHUPHUR\OD(QIHUPHUtDSRUDOXPQRV GHHQVHxDQ]DPHGLDFXDQGRpVWRVVHHQFXHQWUDQHQHOPRPHQWRGHODHOHFFLyQSURIHVLRQDO0pWRGRV6HWUDWDGHXQHVWXGLRGHQDWXUDOH]D FXDOLWDWLYDEDVDGRHQODWHRUtDGHODVUHSUHVHQWDFLRQHVVRFLDOHVGH0RVFRYLFL6HHQWUHYLVWDURQDFLQFRDOXPQRVGHXQDHVFXHODSDUWLFXODUHQ OD FLXGDG GH /RQGULQD \ SDUD HO DQiOLVLV VH XWLOL]y HO PpWRGR GHO 'LVFXUVR GHO 6XMHWR &ROHFWLYR5HVXOWDGRV/RV DQiOLVLV LQGLFDURQ UHSUHVHQWDFLRQHVGHSRFDYDORUL]DFLyQGHVFRQRFLPLHQWRGHODIRUPDFLyQHGXFDWLYDGHORVFDPSRVGHDFWXDFLyQGHODVSRVLELOLGDGHVGHOD SURIHVLyQ\VXDXWRQRPtD'LVFXVLyQ/RVDQFODMHVGHODVUHSUHVHQWDFLRQHVYLHQHQGHODDVRFLDFLyQGHODDFWXDFLyQGHOHQIHUPHURH[FOXVLYDPHQWH DOiPELWRKRVSLWDODULR&RQFOXVLyQ(VIXQGDPHQWDOTXHVHWUDQVPLWDORTXHKDFHQORVHQIHUPHURVVXVFRPSHWHQFLDV\FDPSRVGHDFWXDFLyQ SDUDDOFDQ]DUDORVMyYHQHVDGROHVFHQWHV
'HVFULSWRUHV3DSHOGHOSURIHVLRQDOGHHQIHUPHUtD,QYHVWLJDFLyQFXDOLWDWLYD&RPXQLFDFLyQ
$XWRU &RUUHVSRQGHQWH /tJLD )DKO .HPPHU
5 9LOD /RERV 7XFDQRV /RQGULQD 35 $UWLJR UHFHELGR HP H DSURYDGR HP
7UDEDOKRWHPiWLFRGD'LVFLSOLQD6D~GHGR$GXOWRGR3URJUDPDGH3yV*UDGXDomRGD(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR863 3URIHVVRUD$VVLVWHQWHGR'HSDUWDPHQWRGH(QIHUPDJHPGD8QLYHUVLGDGH(VWDGXDOGH/RQGULQD²8(/²/RQGULQD35%UDVLO3yVJUDGXDQGDGD(VFROD GH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR863²6mR3DXOR63%UDVLO
,1752'8d®2
2MRYHPDGROHVFHQWHFXUVDQGRRHQVLQRPpGLRYrVH GLDQWHGHXPPRPHQWRGHHVFROKDSURILVVLRQDOTXHVH FRQILJXUDHPXPPRPHQWRFUtWLFRGHPXGDQoDQDYLGD GRLQGLYtGXRDFDUUHWDQGRFRQIOLWRVUHODFLRQDGRVjHQWUDGD QR PXQGR DGXOWR HP UHODomR j RFXSDomR 3DUD XP DGROHVFHQWHGHILQLURIXWXURQmRpVRPHQWHGHILQLURTXH ID]HU PDV IXQGDPHQWDOPHQWH GHILQLU R TXH VHU H DR
PHVPRWHPSRGHILQLUTXHPQmRVHU
$GHFLVmRSURILVVLRQDOGRDGROHVFHQWHpIRUWHPHQWH LQIOXHQFLDGDSHODVUHSUHVHQWDo}HVTXHSRVVXLDUHVSHLWR GDVGLIHUHQWHVSURILVV}HVDQFRUDGDVDRORQJRGHVXDYLGD SHODVH[SHULrQFLDVSHVVRDLVLQIOXrQFLDVVRFLDLVHFRQ{PLFDV HSHODVLPDJHQVWUDQVPLWLGDVSHORVPHLRVGHFRPXQLFDomR TXH VH FRQVXEVWDQFLDP QD LPDJHP TXH SRVVXL GH GHWHUPLQDGDFDUUHLUDSURILVVLRQDO(VVDLPDJHPWHPXPD VLJQLILFDomRH[SOLFLWDGDSHODVUHSUHVHQWDo}HVVRFLDLV
(QWHQGHPRVSRULPDJHPSURILVVLRQDOXPDUHGHGHUHSUHVHQWDo}HV VRFLDLVTXHSRUPHLRGHXPFRQMXQWRGHFRQFHLWRVDILUPDo}HVH H[SOLFDo}HVUHSURGX]HpUHSURGX]LGDSHODVLGHRORJLDVRULJLQDGDVQR FRWLGLDQRGDVSUiWLFDVVRFLDLVLQWHUQDVH[WHUQDVDHOD$LPDJHP SURILVVLRQDOUHPHWHQRVjSUySULDLGHQWLGDGHSURILVVLRQDOHPVXD LQWULQFDGDUHGHGHVLJQLILFDGRVTXHVHSUHWHQGHPH[FOXVLYRVHSRUWDQWR LQHUHQWHVjTXHODSURILVVmR$LPDJHPSURILVVLRQDOVHFRQVXEVWDQFLD DVVLPQDSUySULDUHSUHVHQWDomRGDLGHQWLGDGHSURILVVLRQDO
3HVTXLVDV TXH DYDOLDP UHSUHVHQWDo}HV VRFLDLV GD (QIHUPDJHPGHQXQFLDPXPDUHSUHVHQWDomRGHVDWXDOL]DGD
HGHSUHFLDGRUDGDSURILVVmR(VWXGRVUHDOL]DGRVFRP
GLIHUHQWHV HVWUDWRV GD SRSXODomR LGHQWLILFDUDP UHSUHVHQWDo}HVUHIHUHQWHVjLQYLVLELOLGDGHGRHQIHUPHLUR TXH p FDUDFWHUL]DGR SRU UHDOL]DU WDUHIDV VLPSOHVPHQWH WpFQLFDV VXERUGLQDGR j iUHD PpGLFD LGHQWLILFDGR
FRPRDX[LOLDUGHPpGLFRHDWXDQGRHPXPDSURILVVmR GHQRWDWLYDGHPmRGHREUDEDUDWD(VVDVUHSUHVHQWDo}HV
SRGHPVHUSDUWLOKDGDVSHORMRYHPDGROHVFHQWHXPDYH] TXHVmRWDPEpPHPHUJHQWHVGRFRQWH[WRVRFLDOGHTXH HOHID]SDUWH
$VSURILVV}HVGDiUHDGDVD~GHFRQTXDQWRVDELGDPHQWH QHFHVViULDVHPVXDDUWLFXODomRSDUDTXHSRVVDPDVVLVWLU DRVHUKXPDQRHPVXDWRWDOLGDGHDSUHVHQWDPVWDWXVVRFLDLV GtVSDUHV (VWXGR DYDOLDQGR R SUHVWtJLR SURILVVLRQDO GR HQIHUPHLURGHWHFWRXTXHHVWHSURILVVLRQDORFXSDDVpWLPD RXDRLWDYDSRVLomRHPWHUPRVGHSUHVWtJLRGHQWUHWUH]H SURILVV}HV HQTXDQWR D GH PpGLFR RFXSD D SULPHLUD SRVLomRQDVHVFDODVREWLGDVSHORVPpWRGRVXWLOL]DGRV
$RPHVPRWHPSRHVVDLPDJHPHVWiHPGHVFRPSDVVR FRPDVWUDQVIRUPDo}HVTXHHPERUDGHPDQHLUDSDXODWLQD HSDUDDOJXQVDLQGDLQFLSLHQWHLQHJDYHOPHQWHWrPUHIOHWLGR QD SUiWLFD VRFLDO GD (QIHUPDJHP QDV ~OWLPDV GpFDGDV 7DLVPXGDQoDVDFHQDPSDUDFHQiULRVPDLVSURPLVVRUHV TXHVHGHVFRUWLQDPSDUDDSURILVVmRQHVWHPLOrQLR
3HUJXQWDVH HQWUHWDQWR FRPR H VH HVVDV WUDQVIRU PDo}HV WrP UHSHUFXWLGR QD LPDJHP TXH R MRYHP DGROHVFHQWH SRVVXL D UHVSHLWR GD (QIHUPDJHP XPD SURILVVmR TXH DWUDYpV GR FXLGDGR YLVD PHOKRUDU D TXDOLGDGHGHYLGDHPWRGRVRVFLFORVH[LVWHQFLDLVGRVHU KXPDQRHPXPSDtVRQGHRDFHVVRDRFXLGDGRjVD~GH DLQGD p GHVLJXDO H D GHPDQGD SHOR FXLGDGR VRPHQWH WHQGHDDXPHQWDU
7RUQDVH LPSUHVFLQGtYHO SRUWDQWR SULPHLUDPHQWH FRPSUHHQGHU TXDLV VmR DV UHSUHVHQWDo}HV GR MRYHP DGROHVFHQWH VREUH R HQIHUPHLUR FRPR WDO LPDJHP VH IRUPDHFKHJDDWpHOHXPDYH]TXHHVVDVUHSUHVHQWDo}HV VmR GHFLVLYDV SDUD D HVFROKD RX QmR GH GHWHUPLQDGD SURILVVmR VHQGR HVWH R REMHWLYR GHVWH HVWXGR 6HPHOKDQWHPHQWHHVSHUDVHTXHDSDUWLUGHVVDVUHIOH[}HV SRVVDVH UHSHQVDU R SRVLFLRQDPHQWR H YLVLELOLGDGH GR HQIHUPHLURSHUDQWHMRYHQVTXHWHQKDPLQWHUHVVHSHODiUHD GDVD~GH
0e72'26
2SWRXVHSRUXWLOL]DUXPHVWXGRWUDQVYHUVDOGHVFULWLYR FRP DERUGDJHP TXDOLWDWLYD EDVHDGR QD WHRULD GDV 5HSUHVHQWDo}HV6RFLDLVGH0RVFRYLFL3DUWLFLSDUDPGR
HVWXGRFLQFRDOXQRVGRWHUFHLURDQRGRHQVLQRPpGLR HVWXGDQWHVGHXPDPHVPDHVFRODSDUWLFXODUQDFLGDGHGH /RQGULQD3DUDQiWHQGRFRPRFULWpULRGHLQFOXVmRR LQWHUHVVHHRXLQWHQomRGHVHJXLUDiUHDGDVD~GH7RGRV RVHQWUHYLVWDGRVHUDPGRVH[RIHPLQLQRGHFODVVHPpGLD FXMRV SDLV SRVVXtDP QtYHO HGXFDFLRQDO VXSHULRU H SUHWHQGLDPSUHVWDUYHVWLEXODUSDUDPHGLFLQDILVLRWHUDSLD SVLFRORJLDRGRQWRORJLDRXIDUPiFLD2VDOXQRVIRUDP FRQWDWDGRVGHIRUPDDOHDWyULDIRUDGRkPELWRHVFRODU SDUDTXHQmRVHVHQWLVVHPFRDJLGRVDSDUWLFLSDUHPORFDLV HVFROKLGRVSHORVSDUWLFLSDQWHV
2EWHYHVH D SHUPLVVmR SDUD D SHVTXLVD MXQWR DR &RPLWrGHeWLFDHP3HVTXLVDGR+RVSLWDO8QLYHUVLWiULR 5HJLRQDO1RUWHGR3DUDQiHR7HUPRGH&RQVHQWLPHQWR /LYUH H (VFODUHFLGR IRL DVVLQDGR SHORV SDUWLFLSDQWHV 8WLOL]RXVH SDUD D HQWUHYLVWD XP URWHLUR FRP GDGRV GHPRJUiILFRVFRPRLGDGHVH[RLQWHQomRGHFDUUHLUDD VHUVHJXLGDHDVSHUJXQWDVQRUWHDGRUDV4XDOVXDLPDJHP GD(QIHUPDJHP"4XDOVXDLPDJHPGRHQIHUPHLUR"'H RQGHYHPHVVDLPDJHP"
&RPRUHIHUHQFLDOSDUDDQiOLVHGRVGLVFXUVRVXWLOL]RXVH R'LVFXUVRGR6XMHLWR&ROHWLYRTXHSRGHVHUGHVFULWRFRPR
XP PRGR OHJtWLPR QmR SRU FHUWR R ~QLFR GH FRQFHEHU DV 5HSUHVHQWDo}HV6RFLDLVHQWHQGHQGRDVFRPRDH[SUHVVmRGRTXHSHQVD RXDFKDGHWHUPLQDGDSRSXODomRVREUHGHWHUPLQDGRWHPD(VWHSHQVDU SRUVXDYH]SRGHPDQLIHVWDUVHGHQWUHRXWURVPRGRVDWUDYpVGR FRQMXQWRGHGLVFXUVRVYHUEDLVHPLWLGRVSRUSHVVRDVGHVVDSRSXODomR
VXEPHWLGRVjDQiOLVHGHVFULWLYD3DUDWDQWRXWLOL]DUDPVH TXDWURILJXUDVPHWRGROyJLFDVDDQFRUDJHPDLGpLDFHQWUDO
DVH[SUHVV}HVFKDYHHRGLVFXUVRGRVXMHLWRFROHWLYR
)H]VH D LQWHUSUHWDomR GRV GDGRV SHOD VHOHomR GDV SULQFLSDLVDQFRUDJHQVHRXLGpLDVFHQWUDLVSUHVHQWHVHP FDGD XP GRV GLVFXUVRV LQGLYLGXDLV H HP WRGRV HOHV UHXQLGRVWHUPLQDQGRQXPDIRUPDVLQWpWLFDHPTXHVH EXVFRXDUHFRQVWLWXLomRGLVFXUVLYDGDUHSUHVHQWDomRVRFLDO GDLPDJHPGRHQIHUPHLURHGD(QIHUPDJHP
5(68/7$'26
$UHFRQVWLWXLomRGRVGLVFXUVRVFROHWLYRVSRVVLELOLWRX QRVYLVXDOL]DUDOJXPDVUHSUHVHQWDo}HVVRFLDLVTXHDOXQRV GR HQVLQR PpGLR WrP VREUH R HQIHUPHLUR H D (QIHUPDJHPDVTXDLVQRVFKDPDPDDWHQomR
2HQIHUPHLURFRPRSURILVVLRQDOSRXFRYDORUL]DGR DX[LOLDUGHPpGLFRHFXPSULGRUGHRUGHQVWHUDSrXWLFDVH DHQIHUPDJHPXPDSURILVVmRTXHOLGDFRPVRIULPHQWR RGHVFRQKHFLPHQWRGDFDWHJRUL]DomRGDSURILVVmR
2V MRYHQV LGHQWLILFDP D SUHVHQoD GR HQIHUPHLUR DVVRFLDQGRD D XPD IXQomR HVVHQFLDOPHQWH KRVSLWDODU FRPR GDQGR FRQWLQXLGDGH j WHUDSrXWLFD SUHVFULWD SHOR PpGLFRPDVWDPEpPFRPRDOJXpPTXHSHUPDQHFHDR ODGRGRSDFLHQWH
´2OKDHXIXLXPDYH]QRKRVSLWDOFRPPLQKDDYyILTXHLOiFRP HODHDVVLPRPpGLFRHOHLDXPDYH]DVVLPHOHIDODYDRTXHHOD WLQKDHOHFRQVXOWDYDHODPDVTXHPFXLGDYDTXHPHODFKDPDYD HUDPVHPSUHRVHQIHUPHLURV2PpGLFRYDLOi2PpGLFRSDVVD XPDYH]SRUGLDQXPKRUiULRYDLOiYLVLWDUQmRVHLGL]HUPXLWR EHPDVVLPPDVWHPHOHYDLOiFRQYHUVDHGiRUHPpGLRH7É $JRUDRHQIHUPHLURYDLOiWHPTXHWiGDQGRDVVLVWrQFLDDVVLP WRGDKRUDHOHILFDOiµ'6&
1RWDVHTXHRHQFRQWURGRVMRYHQVHVWXGDQWHVFRP FRQFHLWRV GH VD~GH H GRHQoD DLQGD VH Gi DWUDYpV GDV H[SHULrQFLDV GH WHUFHLURV DLQGD TXH SUy[LPRV GH VHX kPELWRDIHWLYR(PUHODomRDRHQIHUPHLURID]HPDOXVmR j EDL[D UHPXQHUDomR H j UHODomR FRP R VRIULPHQWR DWULEXLGRVjIXQomRGHFXLGDU
´eXPDSHVVRDTXHWUDEDOKDPXLWRHXDFKRµHTXHWHPXP UHQGLPHQWRjVYH]HVPXLWRSRXFRSHORVHXWUDEDOKRjVYH]HVQmR PDVDFKRTXHWHPQp"RHQIHUPHLURpHOHTXHYDLOiSHJDDFRLVD PDLVIHLDDVVLPGDiUHDQmRVHLµ'6&
´$FKRXPDSURILVVmRWmROLQGDPDVQmRVHULDXPDRSomRSDUD PLPSRUTXHHXQmRQDVFLFRPHVVHGRPGHILFDUOiFRPDSHVVRDGH VRIUHUMXQWRFRPDSHVVRDHXQmRWHQKRHVVHGRPPDVDFKRXPD SURILVVmRPXLWRERQLWD(XYHMRDHQIHUPDJHPFRPRXPDSURILVVmR TXHOLGDFRPRVRIULPHQWR$ILVLRWHUDSLDWDPEpPPDVHXDFKRXPD FRLVDPDLVDPHQDTXHDHQIHUPDJHPSRUHVWDUQRKRVSLWDORQGHDV SHVVRDVHVWmRGRHQWHV(XYHMRDILVLRWHUDSLDMiFRPRXPDUHFXSHUDomR DHQIHUPDJHPQmRµ'6&
(QWUHDOXQRVTXHRSWDPSRUFXUVRVYROWDGRVSDUDD iUHDGDVD~GHHPXPPRPHQWRSDXWDGRSHODEXVFDVREUH SURILVV}HVQmRKiQHPPHVPRRFRQKHFLPHQWRGHTXHR HQIHUPHLURQHFHVVLWDWHUFXUVRVXSHULRUFRPRLOXVWUDGR SHORGLVFXUVRDVHJXLU
´2HQIHUPHLURSUHFLVDHVWXGDU>ID]HQGRXPVRPGHLQGHFLVmR@ ,KKHXSUHFLVRWHGL]HUTXHHXQmRVHLPXLWREHPGDGRVQp DVVLPPDVpHXDFKRTXHDKKHXDFKRTXHDLFDUDPED YRFrPHSHJRXHKKKSUDWLFDPHQWHRTXHRTXHRPpGLFRHVWXGD" $KHXQmRVHLpPHLRFRPSOLFDGR>SHQVDWLYD@SRUTXHWHPDX[LOLDU $KKWHPTXHWHPTXHWHUXPDIDFXOGDGHPDVDK>OHPEUDQGR VH@WHPRVHQIHUPHLURVTXHVmRDX[LOLDUHVQmRpLVVR">ULVRV@ DL FDUDPED&RPRTXHURHVVDiUHD>GDVD~GH@GHYLDHVWDUSURFXUDQGR VDEHUPDLVVREUHLVVRPDVQmRVHLPHVPRµ'6&
$ DQFRUDJHP GHVVDV UHSUHVHQWDo}HV YLQGR EDVLFDPHQWHGHH[SHULrQFLDVTXHDVVRFLDPRHQIHUPHLUR TXDVH H[FOXVLYDPHQWH DR kPELWR KRVSLWDODU DWUDYpV GH H[SHULrQFLDV FRP SDUHQWHV KRVSLWDOL]DGRV FRQWDWRV SHVVRDLVFRPSURILVVLRQDLVHQIHUPHLURVHSHODPtGLD
$rQIDVHGHWHFWDGDQDLGHQWLILFDomRGHXPDDWXDomR HVVHQFLDOPHQWH KRVSLWDODU GR HQIHUPHLUR YHP GH VHXV FRQWDWRVHYLYrQFLDVFRPSDUHQWHVKRVSLWDOL]DGRV
´0LQKDLPDJHPGRHQIHUPHLUR"9HPGRKRVSLWDODKKKVHPSUH TXHDJHQWHYDLQXPKRVSLWDODSULPHLUDFRLVDTXHDJHQWHYr HQIHUPHLURpDVVLPHP87,WDPEpPVHPSUHDVVLPDMXGDQGR VHPSUHFRPRSDFLHQWH>ULVRV@$KQmRVHLWLSRSDUHQWHVTXHMi ILFDUDPHPKRVSLWDLVDPLQKDDYyHWLQKDRVHQIHUPHLURVWHQGRTXH DSOLFDUUHPpGLRVHXLDYLVLWDU(XIXLQRKRVSLWDOHHXILFDYD VHPSUHREVHUYDQGRHXIXLQRKRVSLWDOFRPDPXOKHUTXHWUDEDOKD HPFDVDTXHpPLQKDVHJXQGDPmHDVVLPHWHYHHWDPEpPPHX DY{HOHWHYHSUREOHPDHQWmRHXVHPSUHYRXOiHpVHPSUHRHQIHUPHLUR TXHHVWiOiµ'6&
$VWDUHIDVSXUDPHQWHWpFQLFDVQRDPELHQWHKRVSLWDODU ³ FRPR D DGPLQLVWUDomR GH PHGLFDPHQWRV ³ VmR SURQWDPHQWHLGHQWLILFDGDVSHORVMRYHQVFRPRGHILQLGRUDV GDIXQomRGRHQIHUPHLUR
´$X[LOLDURVPpGLFRVDFKRDKKGDUPHGLFDPHQWRVRPpGLFR DWHQGHHGDtHQFDPLQKDSUDRHQIHUPHLURID]HURTXHHOHSUHVFUHYHXQR KRVSLWDOeSRUTXHRPHGLFRQmRYDLSRGHUHVWDUDOLSUDID]HURV QHJyFLRVHQWmRSUHFLVDGRHQIHUPHLURSUDID]HU'6&
2 FRQWDWR SHVVRDO FRP DPLJRV TXH FXUVDP RX FXUVDUDP(QIHUPDJHPHDWXDPQDiUHDKRVSLWDODUWDPEpP FRQWULEXLSDUDDFRQVWUXomRGHVVDLPDJHP
2GHVFRQKHFLPHQWRGDVSRVVLELOLGDGHVGRVFDPSRV GHDWXDomRGRHQIHUPHLURGHVXDVDo}HVQDSUHYHQomRH UHDELOLWDomRGDVD~GHHVXDDXWRQRPLDHFRQVLGHUDo}HV VREUHDPtGLD
'HVWDFDVHQRVGLVFXUVRVHQFRQWUDGRVDLGHQWLILFDomR GDDWXDomRGRHQIHUPHLURTXDVHTXHFRPH[FOXVLYLGDGH QDiUHDKRVSLWDODU
´$FKR TXH HP KRVSLWDLV DVVLP HP FOtQLFDV DOJXPDV HVSHFLDOL]DGDV(PKRVSLWDLV>ULVRV@1mRLPDJLQRHPRXWUROXJDU >%RDULVDGD@1RKRVSLWDO>FRPrQIDVH@1RKRVSLWDOQmRVHLGH PDLVQHQKXPOXJDUµ'6&
&RQTXDQWR D DWXDomR GR HQIHUPHLUR DLQGD VH FRQFHQWUHJUDQGHPHQWHQDiUHDFXUDWLYDWHPRVREVHUYDGR SDUWLFXODUPHQWH FRP D LQWURGXomR GR PRGHOR GH DVVLVWrQFLDSUHFRQL]DGRSHOR6LVWHPDÓQLFRGH6D~GHXP HVIRUoR VLJQLILFDWLYR GH DWXDomR QD iUHD GH SUHYHQomR VD~GH GD IDPtOLD FXLGDGR GRPLFLOLDU DWXDomR HP FRQVXOWyULRV GH (QIHUPDJHP H QDV FRPXQLGDGHV 2EVHUYDVHHQWUHWDQWRTXHPHVPRQRVPRPHQWRVHP TXHRVDOXQRVLGHQWLILFDPRXWURVFDPSRVGHDWXDomRGR HQIHUPHLURHVVDSHUFHSomRpSDUFLDOIUDJPHQWDGDHFKHLD GHG~YLGDV
´+XPP1RKRVSLWDOHPFOtQLFDVWDPEpPjVYH]HVHQFRQWUD +XPPPGHL[DPHYHUWHPDWHQGLPHQWRGRPLFLOLDUWDPEpPTXH HXMiYLQmRVHLRHQIHUPHLURWUDEDOKDHPWXGR$KKWHP HQIHUPHLURQDHVFRODQRKRVSLWDOHPSUHVDVGDUDXOD²SRGH" 3RGHQpYRFrGiDXOD>ULVRV@7RGDVDViUHDVQp"3RGHVHU GHSHQGHQGRKXPPPDMXGDQRSDUWRWDPEpP""">5LVDGD@$FKR TXHPDLVRXPHQRVLJXDORPpGLFRVyTXHQmRWHPHVSHFLDOL]DomRRX WHP""QmRVHLDFKRTXHQmRµ'6&
$OpP GLVVR RV MRYHQV GHVFRQKHFHP DV GLYHUVDV HVSHFLDOLGDGHV SRVVtYHLV GHQWUR GR FDPSR GD (QIHUPDJHPHWUDoDPQRYDPHQWHXPDOLJDomRGLUHWD GHGHSHQGrQFLDHQWUHDDWXDomRGRHQIHUPHLURHRPpGLFR
´>)DODQGRVREUHRVFDPSRVGHDWXDomRSDUDRHQIHUPHLUR@QR %UDVLO""7HPKRVSLWDOQp"8PHQIHUPHLURQmRWHPFRPRDEULU XPDFOtQLFDSUDHOHSRUTXHHOHpPXLWRJHUDODVVLPXPPpGLFR WHPFRPRVHHVSHFLDOL]DUSRGHVHUXPFDUGLRORJLVWDXPQHXURORJLVWD XPDFRLVDDVVLP2HQIHUPHLURQmR>2HQIHUPHLURWUDEDOKD@QD 87, H HP FRQVXOWyULRV GHSHQGHQGR Qp GH PpGLFR TXH pµ'6&
0HVPR TXDQGR LGHQWLILFDP XP FDPSR GLYHUVR GR KRVSLWDODU FRPR QR FDVR GD DWXDomR GD (QIHUPDJHP GR 7UDEDOKRHFRPRHPSUHViULRRGLVFXUVRGRMRYHP DGROHVFHQWHpFKHLRGHG~YLGDV
´(XQmRVHL>RTXHHOHID]QDVHPSUHVDV@SRUTXHDVVLPQXPD HPSUHVDWHPVHPSUHULVFRGHDOJXpPVHPDFKXFDUHWHPTXHHVWDUDOL
SUDUHFHLWDU$KQmRVHLDFKRTXHSUDiUHDGHVD~GHPHVPRVH DOJXpPVHFRUWDVHDOJXpPVHPDFKXFD8PDDPLJDGLVVHSUDPLP TXHRHQIHUPHLURQDHPSUHVDGRSDLGHOD>GHHVWHULOL]DomR@QD HPSUHVDGRSDLGHODWHPXPHQIHUPHLUR>SHUJXQWDQGRSDUDD SHVTXLVDGRUD@$JRUDTXDODJUDQGHGLIHUHQoDHQWUHRPpGLFRHR HQIHUPHLUR"(XQmRVHLWHPHQIHUPHLURQDHPSUHVD>FKHJDQGRD XPDFRQFOXVmR@(QmRWHPPpGLFR3RUTXHXPHQIHUPHLURQp" 3RUTXr"(QWmRWDOYH]XPHQIHUPHLURpXPSRXFRXPSVLFyORJR >ULVRV@1mRVHLQmRVHLRTXHHOHID]OiQDHPSUHVDµ'6&
2EVHUYDVHTXHRDGROHVFHQWHVHQWHDQHFHVVLGDGHGD EXVFDGHLQIRUPDo}HVVREUHDVSURILVV}HV3HORVUHODWRV REVHUYDVH HQWUHWDQWR TXH p PtQLPD SRU YH]HV LQH[LVWHQWHDSHUFHSomRGRVMRYHQVVREUHDH[SRVLomR GRVSURILVVLRQDLVHQIHUPHLURVDWUDYpVGDPtGLD
´1RGLDGRHQIHUPHLURDSDUHFHPDTXHODVSURSDJDQGDVFRLVDH WDO>ULVRV@PDVRXWUROXJDU""1DWHOHYLVmR7HPILOPHWDPEpP GHTXDQGRYDLSUDJXHUUDHVVDVFRLVDV$KKQmRVHL2TXHHX YLQDWHOHYLVmR"3URSDJDQGDGRGLDGRHQIHUPHLURTXHHXWLQKD IDODGRDtDSDUHFHPDVHQIHUPHLUDVGHEUDQFRFRLVDHWDODtWHP D&UX]9HUPHOKDDFKRTXHpDVVLPµ'6&
(PXPDJHUDomRFLEHUQpWLFDHFRQHFWDGDHPUHGH FKDPDDDWHQomRDSRVLomRTXHDLQWHUQHWDVVXPHFRPR IRQWH GH UHFXUVRV SDUD LQIRUPDomR VREUH DV IXWXUDV SURILVV}HV
´>%XVFRLQIRUPDo}HV@1DLQWHUQHWpPDLVUiSLGRRDFHVVR$ PDLRULDGRVOLYURVHVWmRGHVDWXDOL]DGRVVHDJHQWHQmRSXGHUFRQILDU QD,QWHUQHW1DTXHOHJXLDGRHVWXGDQWHHXWDPEpPSURFXUR EDVWDQWHHXWDPEpPSURFXURFRQYHUVDUFRPRVSURILVVLRQDLVGDiUHD TXHHXFRQKHoRLQFRPRGDQGRSHUJXQWDQGR´'6&
',6&866®2
3HODDQiOLVHGRVGLVFXUVRVHQFRQWUDGRVREVHUYDVHTXH RWUDEDOKRGRHQIHUPHLURpDVVRFLDGRDRVRIULPHQWRHD XPDDWLYLGDGHFRPSHTXHQDUHPXQHUDomRDOpPGHHVWDU LQWULQVHFDPHQWH DVVRFLDGR D XPD DWLYLGDGH SXUDPHQWH FXUDWLYDHKRVSLWDODU2VDGROHVFHQWHVGHVFRQKHFHPD DWXDomRGRHQIHUPHLURQDViUHDVGHSURPRomRUHVROXomR H SUHYHQomR UHFXSHUDomR GD VD~GH H GHIHVD SHOD TXDOLGDGHGHYLGD
$ LPDJHP TXH VH FRQILJXUD GD DVVRFLDomR D XP SHTXHQRUHQGLPHQWRHjGHILQLomRGHDWXDomRFRPDo}HV UHSXWDGDVGHPHQRUYDORUSRGHPQmRDWUDLUXPMRYHP KRMHTXHVHYrGLDQWHGHXPOHTXHGHSURILVV}HVFRP QRPHVPRGHUQRVHLQVWLJDQWHV
jSURILVVmRGHHQIHUPDJHPHQTXDQWRPDMRULWDULDPHQWH IHPLQLQDUHODo}HVGHSRGHUHPTXHDKHJHPRQLDPpGLFD IRLSHUSHWXDGDGHQWURGDHTXLSHPXOWLSURILVVLRQDOSROtWLFDV GHVD~GHSULYLOHJLDQGRRPRGHORPpGLFRGHDVVLVWrQFLDD UHDILUPDomR GH XPD LPDJHP VXEVHUYLHQWH DWUDYpV GRV PHLRV GH FRPXQLFDomR GH PDVVD H XPD LQYLVLELOLGDGH SHUSHWXDGD SHORV SUySULRV SURILVVLRQDLV HQWUH PXLWRV
RXWURV
'LVWRUo}HVGHLPDJHPHPUHODomRjVRFXSDo}HVVmR VXVFLWDGDVQRDGROHVFHQWHTXHPXLWDVYH]HVYDORUL]DDV SURILVV}HVDOKHLRjUHDOIXQomRVRFLDOGHODV7RUQDVHIiFLO FRPSUHHQGHU TXH IDWRUHV FXOWXUDLV YDORUDWLYRV GH SURILVV}HVTXHFRQIHUHPVWDWXVSRGHUHSUHVWtJLRDIHWHP RDGROHVFHQWHSRUUHODFLRQDUVHHHVWDULQVHULGRHPXPD FRPXQLGDGHXPDYH]TXHHVVHVYDORUHVVmRXPUHIOH[R GDLGHRORJLDGRPLQDQWH
'HVVDIRUPDDWHFQRORJLDGRFXLGDGRHRYDORUGD YLGD³RSULPHLURFRPRH[SUHVVmRREMHWLYDGRID]HUH R VHJXQGR FRPR VXVWHQWDomR PRUDO GR WUDEDOKR GR
HQIHUPHLUR³QmROKHVSDUHFHPjSULPHLUDYLVWDWmR
DWUDHQWHVFRPRGLVFXWHPDOJXQVDXWRUHV
3DUHFHQRVTXHDUHSUHVHQWDomRFRQVWUXtGDHPWRUQRGRFXUDUGR DIDVWDUDGRHQoDDPERVFRQVLGHUDGRVQRVWHPSRVPRGHUQRVFRPR DWLYLGDGHVPpGLFDVpGHSHUPDQrQFLDVLPEyOLFDPXLWRPDLVVLJQLILFDWLYD GRTXHDTXHODFRQVWUXtGDHPWRUQRGRFXLGDUGRFRUSRGRHQWHRXVDGLR DWLYLGDGHPDLVLGHQWLILFDGDjPXOKHUHjHQIHUPHLUD$FXUDpXPDWR LPSUHJQDGRGHPLWRVHVLPERORJLDVHQTXDQWRRFXLGDGRpHQWHQGLGR FRPRXPDWREDQDOHUHSHWLWLYRGRFRWLGLDQRIHPLQLQR
5HSUHVHQWDo}HVGHPHQRUYDOLDUHODFLRQDGDVDRFXLGDU SRUWDQWR DFDEDP SRU LQWHUIHULU QD HVFROKD TXH R DGROHVFHQWHID]TXDQGRFRQVLGHUDRSWDUSHODiUHDGDVD~GH $QDOLVDQGRRSHUILOGHHVWXGDQWHVLQJUHVVDQWHVQRFXUVR GH(QIHUPDJHPXPHVWXGRYHULILFRXXPSHUFHQWXDOGH GH RSomR SUHIHUHQFLDO SRU RXWURV FXUVRV FRQVWDWDQGRVH GLILFXOGDGHV GH FRQKHFLPHQWR RX LGHQWLILFDomR FRP D SURILVVmR DQWHULRUHV j SHVTXLVD UHVXOWDQWHVGHHVWHUHyWLSRVHWDEXVFXOWXUDLV
'HPDQHLUDSDUDGR[DORIXQFLRQDPHQWRGRVHUYLoR PpGLFRTXHpYLVtYHOYDORUDGRHQRWDGRQRVGLVFXUVRV GRV DGROHVFHQWHV GHSHQGH HVVHQFLDOPHQWH GD DomR GD (QIHUPDJHP SRU PHLR GD YLJLOkQFLD GLXWXUQD FRQWLQXLGDGH GRV SURFHGLPHQWRV WHUDSrXWLFRV H SODQHMDPHQWR H SUHVWDomR GH FXLGDGRV 1mR REVWDQWH REVHUYDVHTXH´TXDQWRPHQRUDDXWRQRPLDGRVHUYLoR GH (QIHUPDJHP PDLV SRGH HVWH PXOWLSOLFDU D
SURGXWLYLGDGHGRDWRPpGLFRµ
$PRWLYDomRGHDOXQRVTXHHVFROKHP(QIHUPDJHP FRPR SURILVVmR VRIUH JUDQGH LQIOXrQFLD GH DPLJRV H IDPLOLDUHV2VMRYHQVSHUFHEHPD(QIHUPDJHPFRPRXP DFHVVRjiUHDGDVD~GHKDYHQGRSRXFRFRQKHFLPHQWRGD SURILVVmRHPVL'LVFXWHVHSRUWDQWRDLPSRUWkQFLDGHVH GLYXOJDUDViUHDVGHDWXDomRGD(QIHUPDJHPMXQWRDHVVD
SRSXODomR
$ LPDJHP GH XP JUXSR SURILVVLRQDO RX SURILVVmR UHSUHVHQWDGD SHOD PtGLD p HQWHQGLGD FRP IUHTrQFLD FRPRPHGLGDVLJQLILFDWLYDGRYDORUVRFLDOHHFRQ{PLFR GDTXHOH JUXSR 'HVVD IRUPD D LQYLVLELOLGDGH GD
(QIHUPDJHPHDVLPDJHQVHVWHUHRWLSDGDVPXLWDVYH]HV
HQFRQWUDGDV QD PtGLD SRXFR FRQWULEXHP FRPR
LQIRUPDomRRFXSDFLRQDOGDSURILVVmR
(PHVWXGRUHDOL]DGRVREUHDLPDJHPGRHQIHUPHLUR GHWHFWRXVHTXHRVSUySULRVSURILVVLRQDLVGHFRPXQLFDomR TXHVmRLQWHUPHGLiULRVQDFRGLILFDomRGDVUHSUHVHQWDo}HV LPDJpWLFDVHWH[WXDLVVREUHDVRFLHGDGHGHVFRQKHFHPRV FDPSRVGHDWXDomRPHUFDGRGHWUDEDOKRHFDWHJRUL]DomR SURILVVLRQDOGD(QIHUPDJHPGHQXQFLDPDLQYLVLELOLGDGH GRHQIHUPHLURSHUDQWHDPtGLDHDVRFLHGDGHHDOHUWDP SDUDDUHVSRQVDELOLGDGHGRSUySULRHQIHUPHLURSDUDTXH KDMDUHFRQKHFLPHQWRSURILVVLRQDOHYLVLELOLGDGH
8PDYH]TXHRDGROHVFHQWHQmRFRQVHJXHYLVXDOL]DUDV SRVVLELOLGDGHVGHDWXDomRHUHDOL]DomRGHXPDGHWHUPLQDGD SURILVVmRVXDSRVVLELOLGDGHGHHVFROKDSRUDTXHODFDUUHLUD ILFD GLPLQXtGD 0pWRGRV PDLV HILFD]HV GHYHULDP VHU DGRWDGRVSDUDDOFDQoDUSRVVtYHLVHVWXGDQWHVWUDQVPLWLQGR OKHVRTXHRVHQIHUPHLURVID]HPSDUDTXHHOHVSRVVDP WDPEpPFRQVLGHUDUDVYDQWDJHQVGD(QIHUPDJHPFRPR FDUUHLUD
0HVPRHPXPSDtVFRPVpULDVGHVLJXDOGDGHVVRFLDLV FRPRR%UDVLORFUHVFLPHQWRGHPLOKDUHVGHMRYHQVGHX VHSDUDOHODPHQWHjJUDQGHH[SORVmRGDVWHFQRORJLDVGD LQIRUPDomRTXHSRUVXDYH]FXOPLQDUDPQRDGYHQWRGD ,QWHUQHWePDUFDQWHRSRGHUGHDWUDomRTXHHVVHQRYR HVSDoRHHVVDQRYDUHDOLGDGHWrPSDUWLFXODUPHQWHMXQWR DRVMRYHQVSDUDTXHPDWHFQRORJLDGLJLWDOHVWiWmRLQWHJUDGD j YLGD FRPR VH IRUD XP VLPSOHV HOHWURGRPpVWLFR
9LVOXPEUDVH DTXL XPD PHGLDomR TXH QmR SRGH VHU VXEHVWLPDGD FRPR YHtFXOR SDUD DWLQJLU R MRYHP DGROHVFHQWHQDFRPXQLFDomRVREUHDVSRVVLELOLGDGHVGD HQIHUPDJHPFRPRFDUUHLUDSURILVVLRQDO
&21&/86®2
2HVWXGRGDVUHSUHVHQWDo}HVVRFLDLVFRQWULEXLSDUDD FRPSUHHQVmR GR FRQMXQWR GH FRPSRQHQWHV H UHODo}HV FRQWLGDVQRVDEHUSUiWLFRGRVHQVRFRPXPFROHWLYR3DUD HVVDFRPSUHHQVmRpSUHFLVRUHVSRQGHUDWUrVSHUJXQWDV IXQGDPHQWDLVTXHPVDEHHDSDUWLUGHRQGHVDEH"2TXH HFRPRVHVDEH"6REUHRTXHVHVDEHHFRPTXHHIHLWR"
$UHOHYkQFLDGHVHEXVFDUHVWDFRPSUHHQVmRHVWiQRIDWR GHTXHIXQGDPHQWDOPHQWHDVUHSUHVHQWDo}HVWDPEpPQRV RULHQWDPHPUHODomRjVQRVVDVGHFLV}HVSRLVDJLPRVHP IXQomRGDTXLORTXHUHSUHVHQWDPRV
SDUDDVSRVVLELOLGDGHVGHHVFROKDSURILVVLRQDO³SRVVXHP GD SURILVVmR 1D DQiOLVH GRV GLVFXUVRV HQFRQWUDGRV GHVWDFDVHTXHSHORIDWRGHRMRYHPDGROHVFHQWHYLVXDOL]DU HVVHQFLDOPHQWHRKRVSLWDOFRPRFDPSRGHDWXDomRSDUD RHQIHUPHLURGHQWURGHXPDDomRQRWDGDPHQWHFXUDWLYD HGHDSRLRHVVDLPDJHPQmRHVWiVHQGRGHVDILDGD
2SUHVHQWHHVWXGRWURX[HDOJXPDVUHIOH[}HVLQLFLDLV VREUHDLPDJHPTXHXPJUXSRGHDGROHVFHQWHVSRVVXL VREUHRHQIHUPHLURHDHQIHUPDJHPHTXHSRGHPRULHQWDU VXD DWLWXGH HP UHODomR j SURILVVmR $WHQWDU SDUD HVVDV UHSUHVHQWDo}HV SRGHP DX[LOLDUQRV QD HODERUDomR GH HVWUDWpJLDV YLVDQGR PLQRUDU D LQYLVLELOLGDGH GD HQIHUPDJHPFRPRSURILVVmRMXQWRDHVVDIDL[DHWiULD
5()(5È1&,$6
%RKRVODYVN\5$LQIRUPDomRRFXSDFLRQDOHPRULHQWDomR YRFDFLRQDO,Q%RKRVODYVN\52ULHQWDomRYRFDFLRQDODHVWUDWpJLD FOtQLFDDHG6mR3DXOR0DUWLQV)RQWHVS 6LOYD$/3DGLOKD0,&6%RUHQVWHLQ06,PDJHPHLGHQWLGDGH
SURILVVLRQDOQDFRQVWUXomRGRFRQKHFLPHQWRHPHQIHUPDJHP 5HY/DWLQRDP(QIHUPDJHP
6DPSDLR0$(QIHUPDJHPPtGLDHELRpWLFD>WHVH@%UDVtOLD 8QLYHUVLGDGHGH%UDVtOLD
)HUQDQGHV %0 $ HQIHUPHLUD QR ROKDU GDV FOLHQWHV UHSUHVHQWDo}HVGDVXDSUiWLFDSURILVVLRQDO>WHVH@5LRGH -DQHLUR8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR )XUHJDWR$5)3UHVWXSD6&02TXHDSRSXODomRVDEHHR
TXH HVSHUD GR HQIHUPHLUR 5HY *D~FK (QIHUP
6DQWRV&%$LPDJHPGDHQIHUPDJHPIUHQWHDRVHVWHUHyWLSRV XPDUHYLVmRELEOLRJUiILFD,Q6LPSyVLR%UDVLOHLURGH &RPXQLFDomRHP(QIHUPDJHP6,%5$&(12XW 5LEHLUmR3UHWR$QDLV5LEHLUmR3UHWR
6RXVD)$()6LOYD-$3UHVWtJLRSURILVVLRQDOGRHQIHUPHLUR HVWLPDomRGHPDJQLWXGHVHGHFDWHJRULDVH[SDQGLGDV5HY /DWLQRDP(QIHUPDJHP
/HRSDUGL076DQWRV,6HQD557HQGrQFLDVGHHQIHUPDJHP QR%UDVLOWHFQRORJLDVGRFXLGDGRHYDORUGDYLGD,Q &RQJUHVVR %UDVLOHLUR GH (QIHUPDJHP &RQJUHVVR 3DQDPHULFDQR GH (QIHUPHULD 2XW )ORULDQySROLV$QDLV)ORULDQySROLV
0RVFRYLFL62QVRFLDOUHSUHVHQWDWLRQV,Q)RUJDV-3HGLWRU 6RFLDOFRJQLWLRQSHUVSHFWLYHVRQHYHU\GD\XQGHUVWDQGLQJ /RQGRQ$FDGHPLF3UHVVS
/HIqYUH)/HIqYUH$0&2GLVFXUVRGRVXMHLWRFROHWLYR XP QRYR HQIRTXH HP SHVTXLVD TXDOLWDWLYD GHVGREUDPHQWRV3RUWR$OHJUH('8&6
3HUHLUD:56LOYD*%$PXOKHURWUDEDOKRHDHQIHUPDJHP SURILVVLRQDODOJXPDVUHFRQVLGHUDo}HVVREDyWLFDGRJrQHUR 7H[WR &RQWH[WR(QIHUPDJHP &DUGRVR 1&6 0DWRV 0)6 9LHLUD 0- $ RSomR SHOD
HQIHUPDJHPHVWXGRUHWURVSHFWLYRHP6HUJLSH5HY%UDV (QIHUPDJHP
%DWLVWD66%DUUHLUD,$$OXWDGDHQIHUPDJHPSRUXPHVSDoR 6SLQGROD70RUHLUD$2DOXQRHDHQIHUPDJHPSRUTXHHVWD RSomRSURILVVLRQDO"(VF $QQD1HU\5HY(QIHUP
+DOODP-1XUVLQJWKHLPDJHPHGLDFXOWXUHDQGSURIHVVLRQDO LGHQWLW\/RQGRQ1HZ<RUN5RXWOHGJH
.HPPHU/)6LOYD0-38PHVWXGRVREUHDYLVLELOLGDGHGR HQIHUPHLUR VHJXQGR D SHUFHSomR GH SURILVVLRQDLV GH FRPXQLFDomR5HY/DWLQRDP(QIHUPDJHP1RSUHOR %HUOLQHU+7DNHDOHVVRQIURP+ROO\ZRRG1XUV6WDQG
7HUHQFLR0*6RDUHV'+3$,QWHUQHWFRPRIHUUDPHQWD SDUDRGHVHQYROYLPHQWRGDLGHQWLGDGHSURILVVLRQDO3VLFRO (VWXG
