Estudo das variáveis do conforto térmico e luminoso em ambientes escolares

81,9(56,'$'((67$'8$/3$8/,67$

)$&8/'$'('($548,7(785$$57(6(&2081,&$d­2

&$0386'(%$858

352*5$0$'(3Ï6*5$'8$d­2(0'(6(1+2,1'8675,$/

3DXOD5REHUWD3L]DUUR

(678'2'$69$5,È9(,6'2&21)25727e50,&2(/80,1262(0 $0%,(17(6(6&2/$5(6

(678'2'$69$5,È9(,6'2&21)25727e50,&2(/80,1262(0

$0%,(17(6(6&2/$5(6

'LVVHUWDomRDSUHVHQWDGDDR3URJUDPDGH 3yV*UDGXDomRHP'HVHQKR,QGXVWULDO± ÈUHDGH&RQFHQWUDomR'HVHQKRGH3URGXWR GD)DFXOGDGHGH$UTXLWHWXUD$UWHVH &RPXQLFDomRGD8QLYHUVLGDGH3DXOLVWD³-~OLR 0HVTXLWD)LOKR´±&DPSXVGH%DXUXFRPR UHTXLVLWRSDUDDREWHQomRGR7tWXORGH0HVWUH HP'HVHQKR,QGXVWULDOVREDRULHQWDomRGD 3URI'U/pD&ULVWLQD/XFDVGH6RX]D

%DXUX

3DXOD5REHUWD3L]DUUR

(678'2'$69$5,È9(,6'2&21)25727e50,&2(/80,1262(0 $0%,(17(6(6&2/$5(6

'LVVHUWDomRDSUHVHQWDGDDR3URJUDPDGH3yVJUDGXDomRHP'HVHQKR,QGXVWULDOGD )DFXOGDGHGH$UTXLWHWXUD$UWHVH&RPXQLFDomR±8QLYHUVLGDGH(VWDGXDO3DXOLVWD &DPSXVGH%DXUX6mR3DXORSDUDREWHQomRGRWtWXORGH0HVWUHHP'HVHQKR ,QGXVWULDO

%DQFD([DPLQDGRUD

3UHVLGHQWH3URI'U/pD&ULVWLQD/XFDVGH6RX]D

,QVWLWXLomR8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGHGH$UTXLWHWXUD$UWHVH &RPXQLFDomR

7LWXODU3URI'U1DLU&ULVWLQD%URQGLQR

,QVWLWXLomR8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGHGH&LrQFLDV

7LWXODU3URI'U/XFLOD&KHEHO/DEDNL ,QVWLWXLomR8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV

¬9HUDH$XJXVWR&pVDUSHORDPRUHFRPSUHHQVmRDSHVDUGDGLVWkQFLD $R *XLOKHUPH SHOD SDFLrQFLD GHGLFDomR FRPSDQKHLULVPR H SHOR DX[tOLR QDHODERUDomRGHILJXUDV

¬ 3URI 'U /pD &ULVWLQD TXH DOpP GH RULHQWDGRUD WRUQRXVH JUDQGH DPLJD

¬3URI'U1DLU&ULVWLQD%URQGLQRSHODDMXGDQDVHWDSDVGHPRGHODJHP GDV5HGHV1HXUDLV

¬ &DPLOD 1DNDWD H &DPLOD 3RVWLJR SHOD FRODERUDomR QDV PHGLo}HV WpFQLFDV

$R'HSDUWDPHQWRGH7UDQVSRUWHVGD(VFRODGH(QJHQKDULDGH6mR&DUORV TXHGLVSRQLELOL]RXRVRIWZDUH($6<11SHODVPmRVGR3URI'U$QW{QLR1pOVRQ 5RGULJXHV

$R3URI'U-RmR)DULDGR1~FOHRGH&RQIRUWR$PELHQWDOGD81(63SHOR HPSUpVWLPRGHPDWHULDOSDUDDVPHGLo}HVWpFQLFDV

$ 6tOYLR H (OGHU GR 'HSDUWDPHQWR GH 3yVJUDGXDomR GD )$$& SHOR HPSUpVWLPRGDPiTXLQDIRWRJUiILFDGLJLWDO

$WRGRVDPLJRVHSURILVVLRQDLVTXHGHDOJXPDIRUPDWRUQDUDPSRVVtYHOD UHDOL]DomRGHVWDSHVTXLVD

3,=$5523DXOD5REHUWD³(VWXGRGDVYDULiYHLVGRFRQIRUWRWpUPLFRHOXPLQRVR QRDPELHQWHHVFRODU´'LVVHUWDomR0HVWUDGRHP'HVHQKR,QGXVWULDOS 81(638QLYHUVLGDGH(VWDGXDO3DXOLVWD%DXUX

2 GHVHPSHQKR GR XVXiULR HP XP DPELHQWH HVWi GLUHWDPHQWH OLJDGR jV

FRQGLo}HV GH FRQIRUWR H HVWpWLFD RIHUHFLGDV SRU DTXHOH DPELHQWH LQVHULQGRVH QR

FRQWH[WR GRV HVWXGRV HUJRQ{PLFRV &RQVLGHUDQGRVH HVSDoRV HVFRODUHV HVWDV

UHODo}HVGRXVXiULRFRPRDPELHQWHWrPXPFDUiWHUDLQGDPDLVLPSRUWDQWHSRUUHIOHWLU

VH QR SUySULR SURFHVVR GH DSUHQGL]DGR e VRE HVWH DVSHFWR TXH HVWD SHVTXLVD VH

FRQFHQWUDSURFXUDQGRHVWDEHOHFHUTXDOLILFDUHSRVWHULRUPHQWHTXDQWLILFDUYDULiYHLVTXH

LQGLTXHP QtYHLV GH FRQIRUWR DPELHQWDO SDUD XVXiULRV GH HGLILFDo}HV HVFRODUHV e

FRQVLGHUDGDDFLGDGHGH%DXUXFRPRiUHDGHHVWXGRHGHQWURGDOLQKDHUJRQ{PLFDYLVD

HVWXGDU GRLV SDUkPHWURV GH FRQIRUWR DPELHQWDO HVSHFLILFDPHQWH FRQIRUWR WpUPLFR H

FRQIRUWR OXPLQRVR 7UrV HVFRODV PXQLFLSDLV VmR VHOHFLRQDGDV H DQDOLVDGDV GHILQLQGR

YDULiYHLV TXH DEUDQJHP WUrV DVSHFWRV SHVVRDO FOLPiWLFR H FRQVWUXWLYR e IHLWR XP

PRGHORGHSUHYLVmRGHtQGLFHGHVDWLVIDomRWpUPLFDGRXVXiULRHGHJUDXGHLOXPLQkQFLD

GH VDOD GH DXOD $V LPSRUWkQFLDV UHODWLYDV GH FDGD YDULiYHO VmR GHILQLGDV DWUDYpV GH

WHVWHV GH VHQVLELOLGDGH YDOHQGRVH GH 5HGHV 1HXUDLV $UWLILFLDLV FRPR IHUUDPHQWD GH

PRGHODomR

3DODYUDVFKDYH(UJRQRPLDHVFRODVFRQIRUWRWpUPLFRFRQIRUWROXPLQRVR

7KHSHUIRUPDQFHRIXVHUVLQDQHQYLURQPHQWLVGLUHFWO\UHODWHGWRWKHFRQGLWLRQVRI

FRPIRUW DQG DHVWKHWLFV RIIHUHG E\ WKDW HQYLURQPHQW DQG LW LV SDUW RI WKH HUJRQRPLF

VWXGLHV ILHOG &RQVLGHULQJ VFKRRO HQYLURQPHQWV WKLV UHODWLRQVKLS RI WKH XVHU ZLWK WKH

HQYLURQPHQWLVHYHQPRUHLPSRUWDQWGXHWRLWVLQIOXHQFHLQWKHOHDUQLQJSURFHVV7KLVLV

WKHVXEMHFWRIWKLVUHVHDUFKZKLFKHVWDEOLVKHVTXDOLILHVDQGTXDQWLILHVWKHYDULDEOHVWKDW

VKRZWKHOHYHOVRIHQYLURQPHQWDOFRPIRUWIRUVFKRROXVHUV7KHFDVHVWXG\LVWKHFLW\RI

%DXUX DQG IURP WKH HUJRQRPLF SRLQW RI YLHZ WZR SDUDPHWHUV RI WKH HQYLURQPHQWDO

FRPIRUW DUH FRQVLGHUHG WKHUPDO FRPIRUW DQG OLJKWLQJ FRPIRUW 7KUHH SXEOLF VFKRROV RI

WKHPXQLFLSDOLW\DUHVHOHFWHGDQGDQDO\]HGIRUWKHGHWHUPLQDWLRQRIYDULDEOHVWKDWLQFOXGH

WKUHH DVSHFWV SHUVRQDO FOLPDWLF DQG FRQVWUXFWLYH $ SUHGLFWLRQ PRGHO LV GHYHORSHG LQ

RUGHUWRVLPXODWHWKHOHYHORIXVHU¶VVDWLVIDFWLRQ7KHUHODWLYHLPSRUWDQFHRIHDFKYDULDEOH

LVGHWHUPLQHGE\VHQVLWLYLW\WHVWVXVLQJ$UWLILFLDO1HXUDO1HWZRUNPRGHOLQJWRROV

.H\ZRUGVHUJRQRPLFVVFKRROVWKHUPDOFRPIRUWOLJKWLQJFRPIRUW

7DEHOD5HGHV1HXUDLV

7DEHOD'DGRVFOLPiWLFRVGDFLGDGHGH%DXUX 7DEHOD$EVRUWLYLGDGHHPIXQomRGDFRU

7DEHOD9DORUHVHVWDEHOHFLGRVSDUD7HPSHUDWXUDH8PLGDGH 7DEHOD9DULiYHOPpGLDGHLOXPLQkQFLDVLQWHUQDV

7DEHOD4XHVWLRQiULRV±PDLR 7DEHOD4XHVWLRQiULRV±QRYHPEUR

7DEHOD4XDQWLILFDomRGDHVFDODVHPkQWLFDGRTXHVWLRQiULRDSOLFDGR 7DEHOD9DORUHVGHYHVWLPHQWDVHP³FOR´

7DEHOD&ODVVLILFDomRGDVYDULiYHLVGHPRGHODJHP

7DEHOD5HVXOWDGRVGHVLPXODomRSDUDVDWLVIDomRWpUPLFDHPPDLR 7DEHOD5HVXOWDGRVGHVLPXODomRSDUDVDWLVIDomRWpUPLFDHPQRYHPEUR 7DEHOD5HVXOWDGRVGHVLPXODomRSDUDJUDXGHLOXPLQkQFLDLQWHUQDHPPDLR 7DEHOD5HVXOWDGRVGHVLPXODomRSDUDJUDXGHLOXPLQkQFLDLQWHUQDHPQRYHPEUR

7DEHOD5HOHYkQFLDGDVYDULiYHLVGRSDUkPHWURWpUPLFRSDUDPHOKRUHVVLPXODo}HV HP

7DEHOD5HOHYkQFLDGDVYDULiYHLVGRSDUkPHWUROXPLQRVRSDUDPHOKRUHVVLPXODo}HV HP

7DEHOD5HODo}HVHQWUHDLPSRUWkQFLDGDVVXSHUItFLHVSDUDOXPLQRVLGDGHGR DPELHQWHEDVHDGRHPVXDVFRUHV

7DEHOD3DUkPHWURVDGRWDGRVSDUDWHVWHVGHVHQVLELOLGDGHGDVYDULiYHLV 7DEHOD&ODVVLILFDomRGRVJUDXVGHLOXPLQkQFLDGHDFRUGRFRP)9& 7DEHODËQGLFHVGHVDWLVIDomRWpUPLFD

7DEHODËQGLFHVGHVDWLVIDomROXPLQRVD

)LJXUD7HPSHUDWXUDGHFRQIRUWRYDULDQGRYHVWLPHQWDHDWLYLGDGH )LJXUD5HIOH[}HVGHVXSHUItFLHVKRUL]RQWDLVH[WHUQDV

)LJXUD$EHUWXUDVXSHULRU )LJXUD$EHUWXUDPHGLDQD )LJXUD$EHUWXUDLQIHULRU

)LJXUD3URMHomRHVWHUHRJUiILFDGDiUHDGRFpXREVWUXtGD )LJXUD9LVLELOLGDGHGRFpXDSDUWLUGRLQWHULRU

)LJXUD9LVmRHVWHUHRJUiILFDGRDOXQRFRPPHQRUIDWRUGHYLVmRGRFpX3URMHomR EDL[D

)LJXUD9LVmRHVWHUHRJUiILFDGRDOXQRFRPPHQRUIDWRUGHYLVmRGRFpX3URMHomR DOWD

)LJXUD9LVmRHVWHUHRJUiILFDGRDOXQRFRPPDLRUIDWRUGHYLVmRGRFpX3URMHomR EDL[D

)LJXUD9LVmRHVWHUHRJUiILFDGRDOXQRFRPPDLRUIDWRUGHYLVmRGRFpX3URMHomR DOWD

)LJXUD6XEWUDomRGDSURWHomREDL[DSHODSURWHomRDOWDUHVXOWDQR)9& )LJXUD3ODQWDHVTXHPiWLFDGD(VFROD³6DQWD0DULD´

)LJXUD3iWLRFREHUWRGD(VFROD³6DQWD0DULD´ )LJXUD3ODQWDGDVDOD

)LJXUD3ODQWDGDVDOD

)LJXUD(VWDGRGHFRQVHUYDomR±VDOD )LJXUD/XPLQiULDVVDOD

)LJXUD-DQHODV±VDOD )LJXUD-DQHODV±VDOD

)LJXUD3iWLRFREHUWR±³$QtEDO'LIUkQFLD´ )LJXUD3iWLRGHVFREHUWR³$QtEDO'LIUkQFLD´

)LJXUD(VWDGRGHFRQVHUYDomR±³$QtEDO'LIUkQFLD´ )LJXUD(VWDGRGHFRQVHUYDomR±³$QtEDO'LIUkQFLD´ )LJXUD(VWDGRGHFRQVHUYDomR±³$QtEDO'LIUkQFLD´ )LJXUD3ODQWDHVTXHPiWLFDGD(VFROD³$QtEDO'LIUkQFLD´ )LJXUD3ODQWDGDVDOD

)LJXUD-DQHODGDVDOD )LJXUD3ODQWDGDVDOD )LJXUD-DQHODVGDVDOD

)LJXUD9LVWDJHUDOGRSiWLR±³5HQRYDGR´

)LJXUD3ODQWDHVTXHPiWLFDGR1~FOHR³5HQRYDGR´ )LJXUD/XPLQiULDV±VDODSRUWXJXrV

)LJXUD4XDGURQHJURPyYHO±VDODSRUWXJXrV )LJXUD3ODQWDGDVDODGHSRUWXJXrV

)LJXUD9DUDQGDGDVDODGHSRUWXJXrV

)LJXUD9LVWDGDVDODGHLQJOrVDUWHV±³5HQRYDGR´ )LJXUD3ODQWDGDVDODGHLQJOrV

)LJXUD6DODGHLQJOrVDUWHV±³5HQRYDGR´ )LJXUD6DODGHLQJOrVDUWHV±³5HQRYDGR´

)LJXUD3ROXLomRYLVXDO±VDODLQJOrV±³5HQRYDGR´

)LJXUD)RUPDHPIXQomRGDRULHQWDomR±4XDGUDQWHV±³6DQWD0DULD´ )LJXUD)RUPDHPIXQomRGDRULHQWDomR±4XDGUDQWHV±³$QtEDO´ )LJXUD)RUPDHPIXQomRGDRULHQWDomR±4XDGUDQWHV±³5HQRYDGR´ )LJXUD([HPSORGHPDSHDPHQWRHPVDODVUHWDQJXODUHV

)LJXUD([HPSORGHPDSHDPHQWRHPVDODVTXDGUDGDV±³5HQRYDGR´ )LJXUD([HPSORGHPDSHDPHQWRHPVDODVRFWRJRQDLV±³5HQRYDGR´ )LJXUD7HUP{PHWURGHJORER

)LJXUD6HQVRUHVGHUHVLVWrQFLD )LJXUD+LJU{PHWUR

)LJXUD/X[tPHWUR

)LJXUD0HGLomROXPLQRVD±³5HQRYDGR´

)LJXUD/X]HVDFHVDV±VDOD±³6DQWD0DULD´ )LJXUD/X]HVDFHVDV±VDOD±³$QtEDO´ )LJXUD/X]HVDFHVDV±VDOD±³6DQWD0DULD´ )LJXUD/X]HVDFHVDV±VDOD±³$QtEDO´

)LJXUD2IXVFDPHQWR±VDOD±³6DQWD0DULD´ )LJXUD2IXVFDPHQWR±VDOD±³6DQWD0DULD´ )LJXUD2IXVFDPHQWR±VDOD±³$QtEDO´

)LJXUD)OX[RJUDPDGRVFRQMXQWRVGDV5HGHV1HXUDLV

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD PDLR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD QRYHPEUR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD PDLR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD QRYHPEUR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD PDLR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD QRYHPEUR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD PDLR

)LJXUD6DOD'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9&SDUD QRYHPEUR

)LJXUD6DODGH3RUWXJXrV'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP )9&SDUDPDLR

)LJXUD6DODGH3RUWXJXrV'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP )9&SDUDQRYHPEUR

)LJXUD6DODGH,QJOrV'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9& SDUDPDLR

)LJXUD6DODGH,QJOrV'LVWULEXLomRGRVSRQWRVGHLOXPLQkQFLDGHDFRUGRFRP)9& SDUDQRYHPEUR

*UiILFR7HPSHUDWXUDVGDVVDODVHHPQRYHPEUR

*UiILFR6DWLVIDomR7pUPLFD±VDOD±³6DQWD0DULD´±PDLRHQRYHPEUR *UiILFR6DWLVIDomR7pUPLFD±VDOD±³6DQWD0DULD´±PDLRHQRYHPEUR *UiILFR6DWLVIDomR7pUPLFD±VDOD±³$QtEDO´±PDLRHQRYHPEUR *UiILFR6DWLVIDomR7pUPLFD±VDOD±³$QtEDO´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR7pUPLFD±VDODGH3RUWXJXrV±³5HQRYDGR´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR7pUPLFD±VDODGH,QJOrV±³5HQRYDGR´±PDLRHQRYHPEUR *UiILFR6DWLVIDomR9LVXDO±VDOD±³6DQWD0DULD´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR9LVXDO±VDOD±³6DQWD0DULD´±PDLRHQRYHPEUR *UiILFR6DWLVIDomR9LVXDO±VDOD±³$QtEDO´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR9LVXDO±VDOD±³$QtEDO´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR9LVXDO±VDODGH3RUWXJXrV±³5HQRYDGR´±PDLRHQRYHPEUR

*UiILFR6DWLVIDomR9LVXDO±VDODGH,QJOrV±³5HQRYDGR´±PDLRHQRYHPEUR *UiILFR3UHIHUrQFLDVGHFRQIRUWR±PDLR

*UiILFR3UHIHUrQFLDVGHFRQIRUWR±QRYHPEUR

*UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDYHVWLPHQWDSDUDPDLR

*UiILFR6DWLVIDomRWpUPLFDHPIXQomRGRtQGLFHGHPDVVDFRUSyUHDSDUDPDLR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDLGDGHSDUDQRYHPEUR

*UiILFR4XDQWLGDGHGHYHVWLPHQWDVHPIXQomRGDLGDGH *UiILFRËQGLFHGHPDVVDFRUSyUHDHPIXQomRGDLGDGH *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGRVH[R

*UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDWHPSHUDWXUDGRDUSDUDPDLR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDWHPSHUDWXUDGRDUSDUDQRYHPEUR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDXPLGDGHUHODWLYDSDUDPDLR

*UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDXPLGDGHUHODWLYDSDUDQRYHPEUR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDiUHDGHDEHUWXUDSDUDPDLR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDiUHDGHDEHUWXUDSDUDQRYHPEUR *UiILFR6DWLVIDomRWpUPLFDHPIXQomRGDRULHQWDomRSDUDPDLR

*UiILFR6DWLVIDomRWpUPLFDHPIXQomRGRIDWRUGHYLVmRGRFpX *UiILFR,OXPLQkQFLDHPIXQomRGRIDWRUGHYLVmRGRFpX

*UiILFR,OXPLQkQFLDHPIXQomRGDRULHQWDomRHiUHDGHDEHUWXUD *UiILFR,OXPLQkQFLDHPIXQomRDVFRUHVGDVVXSHUItFLHV

(TXDomR7HPSHUDWXUDUDGLDQWHPpGLD (TXDomRËQGLFHGHPDVVDFRUSyUHD (TXDomR$EVRUWLYLGDGHGRPDWHULDO

(TXDomRÈUHD3DUHGHLQWHUQD;DEVRUWLYLGDGHGDFRU (TXDomRÈUHD)RUUR;DEVRUWLYLGDGHGDFRU

(TXDomRÈUHD3LVR;DEVRUWLYLGDGHGDFRU (TXDomRÈUHD&RUWLQD;DEVRUWLYLGDGHGDFRU

(TXDomR7HPSHUDWXUDUDGLDQWHPpGLD WHPSHUDWXUDGHJORER

/,67$'($1(;26 $1(;2$ 7DEHOD$5HVXOWDGRVGDYDULiYHO±FRUHVGDVSDUHGHVLQWHUQDV 7DEHOD$5HVXOWDGRVGDYDULiYHO±FRUHVGRVIRUURV 7DEHOD$5HVXOWDGRVGDYDULiYHO±FRUHVGRVSLVRV 7DEHOD$5HVXOWDGRVGDYDULiYHO±FRUHVGDVFRUWLQDVPDLR 7DEHOD$5HVXOWDGRVGDYDULiYHO±FRUHVGDVFRUWLQDV±QRYHPEUR $1(;2% 7DEHOD%4XDQWLILFDomRGDVRULHQWDo}HVSUHGRPLQDQWHVHiUHDVGHDEHUWXUDV $1(;2& 7DEHOD&9DORUHVGH)9&SDUDPrVGHPDLR 7DEHOD&9DORUHVGH)9&SDUDPrVGHQRYHPEUR $1(;2' 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±PDLR±³6DQWD0DULD´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±QRY±³6DQWD0DULD´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±PDLR±³6DQWD0DULD´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±QRY±³6DQWD0DULD´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±PDLR±³$QtEDO´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±QRYHPEUR±³$QtEDO´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±PDLR±³$QtEDO´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDOD±QRYHPEUR±³$QtEDO´ 7DEHOD'7HPSHUDWXUDGRDUHVXSHUItFLHV±VDODGH3RUWXJXrV±PDLR±³5HQRYDGR´

7DEHOD ' 7HPSHUDWXUD GR DU H VXSHUItFLHV ± VDOD GH 3RUWXJXrV± QRYHPEUR ± ³5HQRYDGR´

'HGLFDWyULD LLL )ROKDGHDSURYDomR LY $JUDGHFLPHQWRV Y 5HVXPR YL $EVWUDFW YLL /LVWDGH7DEHODV YLLL /LVWDGH)LJXUDV L[ /LVWDGH*UiILFRV [L /LVWDGH(TXDo}HV [LL /LVWDGH$QH[RV [LLL

,1752'8d­2

-XVWLILFDWLYDGRWUDEDOKR 2EMHWLYRV (VWUXWXUDGDGLVVHUWDomR

$3/,&$d®(6'$(5*2120,$

2HVWXGRHUJRQ{PLFRHDSUiWLFDDUTXLWHW{QLFD &RQIRUWRWpUPLFR &RQIRUWROXPLQRVR

)(55$0(17$'(75$7$0(1726($1È/,6('('$'26

$DSOLFDomRGDH[WHQVmR'VN\9LHZ5HOHDVHHPDPELHQWHVLQWHUQRV 5HGHV1HXUDLV$UWLILFLDLV

$SUHQGL]DJHPVXSHUYLVLRQDGD

$SUHQGL]DJHPQmRVXSHUYLVLRQDGD

5HJUDGHOWDJHQHUDOL]DGD

8WLOL]DomRGH51$V )X]\VHWV$DSOLFDomRGD7HRULDGRV6LVWHPDVQHEXORVRV

0(72'2/2*,$(&$5$&7(5Ë67,&$6'$66$/$6'($8/$

(678'$'$6

&DUDFWHUL]DomRFOLPiWLFDGDUHJLmRGHHVWXGR

&DUDFWHUL]DomRGDVVDODVGHDXOD

(VFROD0XQLFLSDOGH(QVLQR)XQGDPHQWDO6DQWD0DULD

(VFROD0XQLFLSDOGH(QVLQR)XQGDPHQWDO$QtEDO'LIUkQFLD

1~FOHRGH(QVLQRUHQRYDGR

'HWDOKHVVREUHRVGDGRVDGDVFDUDFWHUtVWLFDVFRQVWUXWLYDVGDVVDODV

&RUHVGDVVXSHUItFLHV )RUPDHRULHQWDomR )DWRUGH9LVmRGRFpX)9&

680È5,2

'DGRVWpUPLFRVHOXPLQRVRV

0pWRGRVHHTXLSDPHQWRVSDUDDVPHGLo}HV

'DGRVWpUPLFRV

'DGRVOXPLQRVRV

'DGRVVREUHDVDWLVIDomRGRVXVXiULRV

'(6(192/9,0(172'202'(/2'(35(9,6­2 $1È/,6(6'(6,08/$d®(6

$QiOLVHVGRSDUkPHWURWpUPLFR $QiOLVHVGRSDUmPHWUROXPLQRVR 7DEHODVFRQFOXVLYDV

&21&/86­2 5()(5Ç1&,$6%,%/,2*5È),&$6 $1(;26

$1(;2$ $1(;2% $1(;2& $1(;2' $1(;2(

,1752'8d­2

2 GHVHPSHQKR GR XVXiULR QD UHDOL]DomR GH XPD GHWHUPLQDGD WDUHID HVWi

GLUHWDPHQWH OLJDGR jV FRQGLo}HV GH FRQIRUWR H HVWpWLFD RIHUHFLGDV SHOR DPELHQWH

LQVHULQGRVHQRFRQWH[WRGRVHVWXGRVHUJRQ{PLFRV&RPRGHILQH,LGDHUJRQRPLD

³pRHVWXGRGRUHODFLRQDPHQWRHQWUHRKRPHPHVHXWUDEDOKRHTXLSDPHQWRHDPELHQWH

HSDUWLFXODUPHQWHDDSOLFDomRGRVFRQKHFLPHQWRVGHDQDWRPLDILVLRORJLDHSVLFRORJLDQD

VROXomRGRVSUREOHPDVVXUJLGRVGHVVHUHODFLRQDPHQWR´

&RQVLGHUDQGRVH HVSDoRV HVFRODUHV HVWDV UHODo}HV GR XVXiULR FRP R

DPELHQWHWrPXPFDUiWHUDLQGDPDLVLPSRUWDQWHSRUUHIOHWLUVHQRSUySULRSURFHVVRGH

DSUHQGL]DGR3RUWDQWRHVWHpXPGRVSULQFLSDLVSDUkPHWURVSDUDRGHVHQYROYLPHQWRGH

SURMHWRVYROWDGRVSDUDDDUTXLWHWXUDHVFRODU

-XVWLILFDWLYDGRWUDEDOKR

7HVFDUROORHPHQWUHYLVWDD&DVWURDSRQWDSDUDDLQWHUGLVFLSOLQDULGDGH

UHTXHULGD SDUD RSURMHWR GH HVSDoRV HVFRODUHV HLQGLFD TXH ³R HVSDoR HVFRODU p XPD

UHDOLGDGH H[WUHPDPHQWH FRPSOH[D 1HQKXPD GLVFLSOLQD LVRODGD Gi FRQWD GHVWD

FRPSOH[LGDGH 'HYH KDYHU YLV}HV SVLFROyJLFDV SHGDJyJLFDV DUTXLWHW{QLFDV $OJXpP

TXHWHQKDXPDYLVmRGRHVSDoRGDFRUGDUHODomRHQWUHRTXHFRPS}HRHVSDoRHR

XVXiULR´$HVFRODpXPORFDOGHORQJDSHUPDQrQFLDHGHIXQomRVRFLDOSULPRUGLDO

QRHQWDQWRFRPRFRORFDRPHVPRDXWRUpLQWHUHVVDQWHQRWDUTXHTXDQGRVH

WUDWDP GH DWLYLGDGHV GH FRQVXPR ODQFKRQHWHV ORMDV H SDUTXHV Ki XPD PDLRU

DGDSWDomRGRHVSDoRjFRQGLomRGDFULDQoDHVXDVGLIHUHQWHVIDL[DVHWiULDVGRTXHQDV

HVFRODV

,QWHQVLILFDVH HVWH SUREOHPD TXDQGR p YHULILFDGD XPD IDOWD GH DUWLFXODomR

HQWUH D DUTXLWHWXUD H R SUySULR PpWRGR SHGDJyJLFR SURSRVWR (VWH QmR p XP IDWR

LQFRPXPHPPXLWDVHVFRODVEUDVLOHLUDVMiTXHKRMHPXLWRVHGLItFLRVHVFRODUHVUHIOHWHP

SDUkPHWURV GH RXWURV FRQWH[WRV KLVWyULFRV 0XLWDV HVFRODV FRQVWUXtGDV QD GpFDGD GH

SRU H[HPSOR UHYHODP HP VXD DUTXLWHWXUD XP PRGHOR UHSXEOLFDQR VLPHWULD H

HFOHWLVPR HQTXDQWR PXLWDV GDTXHODV FRQVWUXtGDV QD GpFDGD GH UHIOHWHP XP

JRYHUQRHPSURFHVVRGHHQGLYLGDPHQWRH[WHUQRDSRQWDQGRSDUDXPDSDGURQL]DomRGH

FRPSRQHQWHVGRHGLItFLR

6HJXQGR *UDoD FRQVLGHUDVH XP ERP SURMHWR DUTXLWHW{QLFR SDUD

HVFRODV HVWDGXDLV DTXHOH TXH DWHQGH jV UHVWULo}HV H GLUHWUL]HV FRQVWDQWHV HP

FDWiORJRV GH HVSHFLILFDomR GH DPELHQWHV H QDV QRUPDV WpFQLFDV GH HODERUDomR GH

SURMHWRVGHHVFRODVGHHQVLQRIXQGDPHQWDOHHQVLQRPpGLRQRkPELWRGRHVWDGRGH6mR

3DXOR 'D PHVPD IRUPD VmR DQDOLVDGRV RV SURMHWRV HVFRODUHV PXQLFLSDLV (QWUHWDQWR

QRSURFHVVRGHSURMHWRDVFRQGLo}HVGHFRQIRUWRDPELHQWDOQmRVmRVLVWHPDWLFDPHQWH

FRQVLGHUDGDV FRPR SULQFtSLRV GH SURMHWR SUHMXGLFDQGR R GHVHPSHQKR GR HGLItFLR H

FRQVHTHQWHPHQWHDUHDOL]DomRGDVWDUHIDVGRVXVXiULRV0XLWDVHVFRODVDRORQJRGRV

DQRV YrP VRIUHQGR UHIRUPDV H DGDSWDo}HV HVSDFLDLV PDV TXH QmR JDUDQWHP R ERP

SUREOHPDVItVLFRVRFRUULGRVSRUFRQWDGRIXQFLRQDPHQWRGHHVWDEHOHFLPHQWRHVFRODUHP

DQWLJRVHGLItFLRVUHVLGHQFLDLV

(YLGHQFLDVH DVVLP D QHFHVVLGDGH GH VHUHP WUDWDGRV DTXL DVSHFWRV

FRQVWUXWLYRVFRPRYDULiYHLVGHFRQIRUWRWpUPLFRHOXPLQRVR

$OJXPDV DWLYLGDGHV GR 18&$0 ± 1~FOHR GH &RQIRUWR $PELHQWDO GR

'HSDUWDPHQWR GH $UTXLWHWXUD 8UEDQLVPR H 3DLVDJLVPR GD )$$& ± )DFXOGDGH GH

$UTXLWHWXUD $UWHV H &RPXQLFDomR 81(63 ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD

UHYHODUDP SRU H[HPSOR TXH DOJXPDV HVFRODV S~EOLFDV HP %DXUX SRGHP QmR HVWDU

DSUHVHQWDQGRFRQGLo}HVWpUPLFDVHOXPLQRVDVDGHTXDGDVjVDWLYLGDGHVHGXFDFLRQDLVH

ID]HQGRXVRGHPDWHULDLVFRQVWUXWLYRVLQDGHTXDGRV&RPRSRGHVHUREVHUYDGRHPXPD

DQiOLVHGH6RX]D )DULDSDUDDUHTXDOLILFDomRWpUPLFDGREHUoiULRGR&HQWURGH

&RQYLYrQFLD,QIDQWLOGD81(63±%DXUXIRLFRQVWDWDGRTXHRPDWHULDOHPSUHJDGRHDV

FRUHV GDV SDUHGHV GD HGLILFDomR OHYDYDP D WHPSHUDWXUDV HOHYDGDV H

FRQVHTHQWHPHQWHWUDQVPLWLDPJUDQGHSDVVDJHPGHFDORUSDUDRLQWHULRUGDHGLILFDomR

9iULDV RXWUDV SHVTXLVDV TXH HVWmR VHQGR GHVHQYROYLGDV VREUH R FRQIRUWR

DPELHQWDO HP DUTXLWHWXUD HVFRODU UHVVDOWDP D QHFHVVLGDGH GH VHUHP HVWDEHOHFLGDV

PHOKRULDV HP VDODV GH DXOD SDUD TXH R HQVLQR H R DSUHQGL]DGR SRVVDP DSUHVHQWDU

PHOKRUTXDOLGDGH

)UHLUH HP 6DOYDGRU HVWXGDQGR DV VDODV GH DXOD DQDOLVDH DYDOLD R

GHVHPSHQKROXPLQRVRHPVDODGHDXODPRGHOR)$(&VREFRQGLo}HVGHOXPLQkQFLDGD

DEyEDGD FHOHVWH GD FLGDGH 2 UHIHULGR PRGHOR p XPD HGLILFDomR SUpIDEULFDGD Mi

1DTXHOH WUDEDOKR SRGH VHU REVHUYDGR TXH R HIHLWR GDV FRQGLo}HV GH

QHEXORVLGDGHSURSLFLDRXVRGHLOXPLQDomR]HQLWDOJDUDQWLQGRRDSURYHLWDPHQWRGHOX]

QDWXUDOHPVDODVGHDXOD

3RGHVHFLWDUWDPEpP$UD~MRTXHHVWDEHOHFHSDUkPHWURVGHFRQIRUWR

WpUPLFRSDUDXVXiULRVGHHGLILFDo}HVHVFRODUHVQROLWRUDOQRUGHVWLQREUDVLOHLUR7DYDUHV

&OtPDFRGHVHQYROYHPWUDEDOKRVVLPLODUHVHPHVFRODVS~EOLFDVGH°JUDXQDV

UHJL}HV QRUWH H FHQWURRHVWH GR SDtV 1DTXHOH WUDEDOKR p IHLWR DLQGD XP

DVVHVVRUDPHQWR WpFQLFR jV VHFUHWDULDV HVWDGXDLV GH HGXFDomR SDUD D H[HFXomR GR

FKDPDGR3URJUDPD0RQKDQJXDURTXDODWXDVREUHDUHFXSHUDomRHFRQVWUXomRGHVWDV

HVFRODVPHOKRUDQGRSDGU}HVGHTXDOLGDGHGHHQVLQRDWUDYpVGDDSOLFDomRGHSULQFtSLRV

GRFRQIRUWRDPELHQWDO

%DUQHVFKL 6RX]D )DULD .DQHNR 6RX]D )DULD

6RX]D HW DO %RXoDV HW DO LQGLFDP TXH SUREOHPDV FRPR HOHYDGDV

WHPSHUDWXUDVQRLQWHULRUGRVDPELHQWHVEDL[RQtYHOGHLOXPLQDomRLQWHUIHUrQFLDDF~VWLFD

HQWUH VDODV GH DXOD H DWLYLGDGHV GLYHUVDV IRUDP YHULILFDGRV OHYDQGR jV SULPHLUDV

SURSRVWDVGHUHDGHTXDomRGHVWDVVDODVMiH[LVWHQWHV$LQGDHP%HUWROL.RZDOWRZVNL

%DUURVSRGHPVHUREVHUYDGRVUHODWRVGHSURMHWRVTXHSUHYrHPDDYDOLDomRGR

FRQIRUWRDPELHQWDOHPHGLILFDo}HVHVFRODUHVPXQLFLSDLVSDUDDFLGDGHGH&DPSLQDV

'H DFRUGR FRP HVWXGRV UHDOL]DGRV SDUD DVSHFWRV OXPLQRVRV SRU 3DWWLQL

.LUVKEDXPDTXDOLGDGHGDVDWLYLGDGHVGHVHQYROYLGDVHPHGLILFDo}HVHVFRODUHV

pGHYLWDOLPSRUWkQFLDSRLVLQIOXHPQmRVyQRUHQGLPHQWRLQWHOHFWXDOQD

DSUHQGL]DJHP QDV DWLWXGHV H MXt]RV GH YDORUHV PDV WDPEpP SURYRFDP

LPSDFWRV SVLFROyJLFRV $OpP GLVVR R QtYHO GH LOXPLQDPHQWR LQWHUIHUH GLUHWDPHQWH QR

PHFDQLVPRILVLROyJLFRGDYLVmRHWDPEpPQDPXVFXODWXUDTXHFRPDQGDRVPRYLPHQWRV

GRVROKRV

6HJXQGR ,LGD SDUD FDGD XPD GDV YDULiYHLV DPELHQWDLV Ki FHUWDV

FDUDFWHUtVWLFDVTXHVmRPDLVSUHMXGLFLDLVjIXQomRH[HUFLGDSHORXVXiULRQRDPELHQWHe

GH UHVSRQVDELOLGDGH GR SURMHWLVWD GHWHFWDU RV SUREOHPDV H WRPDU DV SURYLGrQFLDV

QHFHVViULDV SDUD PDQWHU RV XVXiULRV OLYUHV GHVWH GHVFRQIRUWR RX QD PHGLGD GR

SRVVtYHO DYDOLDU RV SRVVtYHLV GDQRV DR GHVHPSHQKR H j VD~GH GR XVXiULR SDUD TXH

VHMD DGRWDGD D DOWHUQDWLYD PHQRV SUHMXGLFLDO (QWUHWDQWR PXLWRV UHTXLVLWRV GH SURMHWR

SDUDIDYRUHFLPHQWRGHXPDGHVWDVYDULiYHLVDPELHQWDLVHVSHFtILFDVSRGHPUHSUHVHQWDU

XPD TXHGD QR GHVHPSHQKR GR HGLItFLR SDUD DV RXWUDV YDULiYHLV 1HVVHV FDVRV R

DUTXLWHWR VH Yr PXLWDV YH]HV REULJDGR D RSWDU SHOR IDYRUHFLPHQWR GH XPD HP

GHWULPHQWRGDRXWUDFRQIRUPHRSDUkPHWURTXHVHWRUQDPDLVLPSRUWDQWHSDUDRSURMHWR

HPTXHVWmR6HJXQGR*UDoD .RZDOWRZVNLQmRpSRVVtYHOPD[LPL]DUWRGRVRV

WLSRV GH FRQIRUWR DR PHVPR WHPSR PDV VLP HQFRQWUDU XP FRQMXQWR GH VROXo}HV GH

FRPSURPLVVR

eVREHVWHDVSHFWRTXHDSURSRVWDGHVWDSHVTXLVDVHFRQFHQWUDSURFXUDQGR

HVWDEHOHFHU TXDOLILFDU H SRVWHULRUPHQWH TXDQWLILFDU YDULiYHLV TXH LQGLTXHP QtYHLV GH

FRQIRUWR DPELHQWDO SDUD XVXiULRV GH HGLILFDo}HV HVFRODUHV (VWH SURMHWR SURSRVWR

FRQVLGHUDDFLGDGHGH%DXUXFRPRiUHDGHHVWXGRHGHQWURGDOLQKDHUJRQ{PLFDYLVD

HVWXGDU GRLV SDUkPHWURV GH FRQIRUWR DPELHQWDO HVSHFLILFDPHQWH FRQIRUWR WpUPLFR H

FRQIRUWR OXPLQRVR ,QWHJUDVH SRUWDQWR DRV HVWXGRV Mi LQLFLDGRV SHOR 18&$0 QHVWD

iUHD FRP XPD VpULH GH SHVTXLVDV TXH YLVDP DYDOLDU R GHVHPSHQKR DPELHQWDO GH

HGLItFLRVS~EOLFRVHVFRODUHV

2EMHWLYRV

2VREMHWLYRVGHVWHWUDEDOKRFRQVLVWHPHP

• ,GHQWLILFDU YDULiYHLV TXH FDUDFWHUL]DP R QtYHO GH FRQIRUWR GRV DOXQRV

GHVWDVVDODVGHDXOD

• 9HULILFDUDLPSRUWkQFLDUHODWLYDGHFDGDYDULiYHOSDUDRFRQIRUWRGRDOXQR

• 'HVHQYROYHU PRGHORV GH SUHYLVmR GR tQGLFH GH VDWLVIDomR WpUPLFD H GR

tQGLFHGHVDWLVIDomROXPLQRVDGRDOXQR

(VWUXWXUDGDGLVVHUWDomR

(VWH WUDEDOKR GLYLGHVH HP RLWR FDStWXORV 1R FDStWXOR TXH VH VHJXH p

DSUHVHQWDGR R FRQKHFLPHQWR GD DXWRUD VREUH R DVVXQWR DWUDYpV GH WySLFRV TXH

GHVFUHYHP GXDV YDULiYHLV SUHVHQWHV HP DYDOLDo}HV HUJRQ{PLFDV FRQIRUWR WpUPLFR H

FRQIRUWROXPLQRVR

2 FDStWXOR WUrV DSUHVHQWD DV 5HGHV 1HXUDLV $UWLILFLDLV D H[WHQVmR

IRUDPDVIHUUDPHQWDVXWLOL]DGDVSDUDJHUDomRHPRGHODJHPGHGDGRVGHVWHWUDEDOKR2

SUy[LPRFDStWXORGHVFUHYHRHVWXGRGHFDVR(VWHVHGLYLGHHPFLQFRSDUWHVGLVWLQWDV

3ULPHLUDPHQWHH[S}HDUHJLmRGHHVWXGRHDVHVFRODVGHXPDIRUPDJHUDODILPGHTXH

R OHLWRU WHQKD XPD FRPSUHHQVmR LPHGLDWD GR WUDEDOKR (P VHJXLGD FDUDFWHUL]DPVH D

SHVTXLVDGHFDPSRFLWDQGRRVHTXLSDPHQWRVXWLOL]DGRVSDUDDVPHGLo}HVFOLPiWLFDVD

IRUPDGHFROHWDGHGDGRVHDLGHQWLILFDomRGDVYDULiYHLVGHFRQIRUWRWpUPLFRHOXPLQRVR

YHULILFDQGRVHRGHVHPSHQKRWpUPLFRHOXPtQLFRGDVVDODVHVWXGDGDV

2 TXLQWR FDStWXOR GHVHQYROYH H DQDOLVD R PRGHOR SURSRVWR DWUDYpV GDV

VLPXODo}HV FRP R VRIWZDUH GH UHGHV 1HXUDLV $UWLILFLDLV GHQRPLQDGR (DV\11 1HVWH

PHVPR FDStWXOR VmR DSUHVHQWDGDV DV LPSRUWkQFLDV UHODWLYDV GDV YDULiYHLV HQYROYLGDV

HPUHODomRDRVQtYHLVGHFRQIRUWRGRVXVXiULRVGDVHVFRODV

2FDStWXORVH[WRFRQWpPDVDQiOLVHVGRVPRGHORVSURSRVWRVHRFDStWXORVHWH

FRQFOXLDSHVTXLVDDERUGDQGRVXJHVW}HVSDUDWUDEDOKRVIXWXURV3RUILPDSUHVHQWDVH

DUHODomRGDVUHIHUrQFLDVELEOLRJUiILFDVFLWDGDVQRWUDEDOKR

$3/,&$d®(6'$(5*2120,$

'H DFRUGR FRP D ,($ ± $VVRFLDomR ,QWHUQDFLRQDO GH (UJRQRPLD RV

GRPtQLRVGHHVSHFLDOL]DomRGDHUJRQRPLDVmR

• (UJRQRPLD ItVLFDHVWi UHODFLRQDGD FRP DV FDUDFWHUtVWLFDV GD DQDWRPLD KXPDQD DQWURSRPHWULD ILVLRORJLD H ELRPHFkQLFD HP VXD UHODomR j

DWLYLGDGH ItVLFD 2V WySLFRV UHOHYDQWHV LQFOXHP R HVWXGR GD SRVWXUD QR

WUDEDOKR PDQXVHLR GH PDWHULDLV PRYLPHQWRV UHSHWLWLYRV GLVW~UELRV

P~VFXORHVTXHOHWDLV UHODFLRQDGRV DR WUDEDOKR SURMHWR GH SRVWRV GH

WUDEDOKRVHJXUDQoDHVD~GH

• (UJRQRPLD FRJQLWLYD UHIHUHVH DRV SURFHVVRV PHQWDLV WDLV FRPR SHUFHSomR PHPyULD UDFLRFtQLR H UHVSRVWD PRWRUD FRQIRUPH DIHWDP DV

LQWHUDo}HV HQWUH VHUHV KXPDQRV H RXWURV HOHPHQWRV GH XP VLVWHPD 2V

WySLFRVUHOHYDQWHVLQFOXHPRHVWXGRGDFDUJDPHQWDOGHWUDEDOKRWRPDGD

GH GHFLVmR GHVHPSHQKR HVSHFLDOL]DGR LQWHUDomR KRPHPFRPSXWDGRU

VWUHVVHWUHLQDPHQWRFRQIRUPHHVVHVVHUHODFLRQHPDSURMHWRVHQYROYHQGR

VHUHVKXPDQRVHVLVWHPDV

• (UJRQRPLD RUJDQL]DFLRQDO FRQFHUQH j RWLPL]DomR GRV VLVWHPDV VRFLRWpFQLFRV LQFOXLQGR VXDV HVWUXWXUDV RUJDQL]DFLRQDLV SROtWLFDV H GH

SURFHVVRV 2V WySLFRV UHOHYDQWHV LQFOXHP FRPXQLFDo}HV JHUHQFLDPHQWR

GH UHFXUVRV GH WULSXODo}HV &50 ± GRPtQLR DHURQiXWLFR SURMHWR GH

SDUWLFLSDWLYR QRYRV SDUDGLJPDV GR WUDEDOKR WUDEDOKR FRRSHUDWLYR FXOWXUD

RUJDQL]DFLRQDORUJDQL]Do}HVHPUHGHWHOHWUDEDOKRHJHVWmRGHTXDOLGDGH (UJRQRPLDSDUD:LQRJUDGDSXG025$(6pDLQWHUDomRHQWUH

VHUHVKXPDQRVHPHFDQLVPRVRXVHMDFRPRFRQVWUXLUSDUDLQWHUDJLUVHUH[SHUHQFLDGR

H XVDGR $LQGD HP 0RUDHV p GHVFULWR TXH PXLWDV SHVVRDV FRQFHLWXDP

HUJRQRPLD FRPR XPD ³IRUPD GH SVLFRORJLD´ GHVOHJLWLPDQGR D SUySULD HUJRQRPLD 'H

XPD IRUPD JHUDO D SVLFRORJLD QmR DEUDQJH D WHFQRORJLD HQTXDQWR TXH D HQJHQKDULD

QmRVHLQWHUHVVDSHORFRPSRUWDPHQWRKXPDQRVHQGRTXHDHUJRQRPLDXQHHVWHVGRLV

DVSHFWRV3RUWDQWRRHQIRTXHGHVWDGLVFLSOLQDpRGHVHQYROYLPHQWRGHVLVWHPDVRTXHp

MXVWDPHQWHDWUDGXomRGHSULQFtSLRVFRPSRUWDPHQWDLVQRGHVLJQGHVLVWHPDVItVLFRV

6HQGR DVVLP GRLV GRPtQLRV GH HVSHFLDOL]DomR GD HUJRQRPLD ± HUJRQRPLD

ItVLFD H HUJRQRPLD FRJQLWLYD SRGHP VHU WUDEDOKDGRV GH IRUPD FRQMXQWD D ILP GH

SURSRUFLRQDUUHVXOWDGRVPDLVHILFLHQWHVHPSHVTXLVDVGHGHVLJQ

2HVWXGRHUJRQ{PLFRHDSUiWLFDDUTXLWHW{QLFD

$TXDOLGDGHGHXPDSURSRVWDHVSDFLDOHVWiLQWLPDPHQWHUHODFLRQDGDFRPD

TXDOLGDGHGDDQiOLVHHLQWHUSUHWDomRTXHVHID]GHFRPRDFRQWHFHDLQWHUIDFHHQWUHRV

VXMHLWRV VHXV GHVHMRV DV REULJDo}HVLPSRVWDV SHOR WUDEDOKR HR DPELHQWH FRQVWUXtGR

526&,$12

6HJXQGR%DWLVWD 8OEULFKWSHUFHEHVHRDPELHQWHFRQVWUXtGRFRPR

PHLR HVWpWLFR LQIRUPDWLYR RX SVLFROyJLFR HVSHFLDOPHQWH SURMHWDGR SDUD

DJUDGDUVHUYLUSURWHJHUHXQLUSHVVRDVQRH[HUFtFLRGHVXDVDWLYLGDGHV

2VOXJDUHVTXHRVHUKXPDQRKDELWDSUHFLVDPLQIRUPiORVREUHDWDUHIDHGDU

FRQGLo}HV SDUD UHDOL]iOD GHVHPSHQKDQGR VHX SDSHO GH PHGLDGRUHV GD H[LVWrQFLD

KXPDQD $ LQIRUPDomR p QHFHVViULD SRLV FRPR DILUPD %DNHU 6WDQGHYHQ DSXG

;$9,(5 DWUDYpV GR PHLR GD FRJQLomR GHVHQYROYHVH D ³WROHUkQFLD FRJQLWLYD´

TXHpDFDSDFLGDGHGHVHUPDLVWROHUDQWHFRPRGHVFRQIRUWRGRDPELHQWHTXDQGRVH

FRQKHFH D FDXVD GR PHVPR &RQHFWDPVH Dt SHOD LQYHVWLJDomR H SODQHMDPHQWR GDV

DWLYLGDGHV D HUJRQRPLD H D DUTXLWHWXUD 3HOR YLpV GR HVWXGR HUJRQ{PLFR SRGHPRV

FRPSUHHQGHU DV DWLYLGDGHV KXPDQDV H VHXV UHTXLVLWRV GH SURMHWR $WUDYpV GD SUiWLFD

DUTXLWHW{QLFDSRGHPRVSURMHWDURVPHLRVTXHDVYLDELOL]DP$/0(,'$

2VYtQFXORVGDDUTXLWHWXUDFRPDHUJRQRPLDVXUJHPQRVOXJDUHVHPTXHR

KRPHPKDELWDDSDUWLUGRPRPHQWRHPTXHHOHWHPDLQWHQomRGHDGHTXDURPHLRSDUD

RGHVHQYROYLPHQWRGHVXDVDWLYLGDGHV

2FRQWUDVWHHQWUHXPDPELHQWHYLYHQFLDGRHXPDPELHQWHLGHDOL]DGRSDUHFH

H[SRU XPD TXHVWmR IXQGDPHQWDO QD DUTXLWHWXUD QmR p WUDWDGR DTXL R DWR GH SURMHWDU

SDUD XP KLSRWpWLFR KRPHP LGHDO RX KRPHP PpGLR PDV VLP SDUD R KRPHP FRPXP

$SUR[LPDUVH GHVWH VHU EHP PDLV FRPSOH[R p FRQGLomR SDUD ID]HU DUTXLWHWXUD

$/0(,'$

$R DUTXLWHWR FDEH LQYHVWLJDU RV VLJQLILFDGRV SUiWLFRV GRV HOHPHQWRV

DUTXLWHW{QLFRV TXH XWLOL]D SRLV DWUDYpV GHVWH DWR R SURSyVLWR IXQFLRQDO VHUi UHYHODGR

6DEHVHTXHDVYDULiYHLVHUJRQ{PLFDVDSOLFDGDVDRDPELHQWHFRQVWUXtGRVmR

HP JUDQGH Q~PHUR 1R XQLYHUVR GHVWD SHVTXLVD SURFXUDVH DQDOLVDU R FRQIRUWR

OXPLQRVR H WpUPLFR GRV DPELHQWHV HVFRODUHV FRQVLGHUDQGRVH R SRQWR GH YLVWD GR

XVXiULRHVSHFLILFDPHQWHGRDOXQRGHHQVLQRIXQGDPHQWDODEUDQJHQGRDIDL[DGHD

DQRV

&RQIRUWRWpUPLFR

&RQIRUWR 7pUPLFR p XP HVWDGR GH HVStULWR TXH UHIOHWH D VDWLVIDomR FRP R

DPELHQWHWpUPLFRTXHHQYROYHDSHVVRD6HREDODQoRGHWRGDVDVWURFDVGHFDORUDTXH

HVWi VXEPHWLGR R FRUSR IRU QXOR H D WHPSHUDWXUD GD SHOH H VXRU HVWLYHUHP GHQWUR GH

FHUWRV OLPLWHV SRGHVH GL]HU TXH R KRPHP VHQWH &RQIRUWR 7pUPLFR /$0%(576

'875$ 3(5(,5$DSXG$6+5$(

2 KRPHP p FRQVLGHUDGR XP VHU KRPHRWpUPLFRLVWR p SRVVXL PHFDQLVPRV

LQWHUQRVGHUHJXODomRWpUPLFDTXHVHDFLRQDPHPIXQomRGDWHPSHUDWXUDH[WHUQD'H

FHUWDIRUPDDWHPSHUDWXUDHDXPLGDGHDPELHQWDOLQIOXHPGLUHWDPHQWHQRGHVHPSHQKR

GDVDWLYLGDGHVKXPDQDV

6HJXQGR ,LGD R FRUSR KXPDQR WUDEDOKD FRPR XPD PiTXLQD

H[RWpUPLFDVHPSUHJDVWDQGRFDORUPHVPR HPHVWDGRGHUHSRXVRDEVROXWR1RFDVR

GHWUDEDOKRVQRUPDLVD:VmRJDVWDVSDUDWUDEDOKRVPRGHUDGRVFRPRVEUDoRV

D : H : SDUD WUDEDOKRV SHVDGRV HQYROYHQGR PRYLPHQWRV FRUSRUDLV

PHFDQLVPRV GH FRQGXomR FRQYHFomR UDGLDomR H SULQFLSDOPHQWH HYDSRUDomR H

UHVSLUDomR

$VWURFDVGHFDORUSRUFRQYHFomRVXEVWLWXHPDFDPDGDGHDUSUy[LPDjSHOH

SRUXPDUPDLVIULR3DUDTXHLVVRRFRUUDDWHPSHUDWXUDDPELHQWDOGHYHVHUPHQRUTXH

ž&TXHpDPpGLDGDWHPSHUDWXUDFRUSRUDO$VWURFDVSRUFRQGXomRVyVmRSRVVtYHLV

VHRRUJDQLVPRWLYHUFRQWDWRGLUHWRFRPDOJXPPDWHULDO4XDQWRjVWURFDVGHFDORUSRU

UDGLDomR R FRUSR KXPDQR VH FRPSRUWD FRPR XP ERP DEVRUYHQWH H UDGLDGRU ,,'$

$HYDSRUDomRGRVXRUFRQWLGRQDSHOHpRPHFDQLVPRWHUPRUHJXODGRUPDLV

LPSRUWDQWH H GHSHQGH GLUHWDPHQWH GD XPLGDGH UHODWLYD H GR PRYLPHQWR GR DU $

XPLGDGHUHODWLYD8UpXPSDUkPHWURHVVHQFLDOQRFRQMXQWRGHYDULiYHLVFOLPiWLFDVSHOR

IDWR GDLQIOXrQFLD GD XPLGDGH GR DU QR FRQIRUWR WpUPLFR GDV SHVVRDV HVWDU IRUWHPHQWH

UHODFLRQDGDFRPDVFRQGLo}HVGHWHPSHUDWXUD'HQWURGHVWDVGHILQLo}HVSRGHVHGL]HU

TXHDXPLGDGHUHODWLYD8UpDUHODomRGDXPLGDGHDEVROXWDFRPDFDSDFLGDGHPi[LPD

GR DU GH UHWHU YDSRU GH iJXD jTXHOD WHPSHUDWXUD 3RUWDQWR D XPLGDGH UHODWLYD p XPD

SRUFHQWDJHPGDXPLGDGHDEVROXWDGHVDWXUDomR)527$ 6&+,))(5

4XDQWRPDLVVHFRIRURDUPHQRUDVXDVDWXUDomRSRUWDQWRDVLWXDomRpPDLV

IDYRUiYHOjHYDSRUDomR(QWUHWDQWRRVtQGLFHVGHXPLGDGHGHYHPHVWDUGHQWURGHFHUWRV

OLPLWHV SDUD TXH R RUJDQLVPR QmR VRIUD 'H DFRUGR FRP $UD~MR D XPLGDGH

UHODWLYDGRDUQmRGHYHVHULQIHULRUDSDUDHYLWDURUHVVHFDPHQWRGDVPXFRVDV'D

PHVPDIRUPDRH[FHVVRGHYHVHUHYLWDGRSULQFLSDOPHQWHHPDPELHQWHVFRP

WHPSHUDWXUDV PXLWR DOWDV H SRXFD YHQWLODomR TXH GLILFXOWDP R HIHLWR GD DEVRUomR H D

HYDSRUDomR GD YHVWLPHQWD H GD SHOH $OpP GLVVR R H[FHVVR GH XPLGDGH SURYRFD D

FRQGHQVDomR VXSHUILFLDO H R GHVHQYROYLPHQWR GH IXQJRV QRV FRPSRQHQWHV GDV

HGLILFDo}HVTXHSRUVXDYH]WDPEpPSURYRFDPVpULRVSUREOHPDVGHDOHUJLDVQDVYLDV

UHVSLUDWyULDV

*RQ]iOHV )UXWRV DILUPDP TXH SDUD SRGHU WUDEDOKDU FRP WRGR R

FRQMXQWR GH SDUkPHWURV GH FRQIRUWR VmR FULDGRV tQGLFHV DUELWUiULRV TXH GH XPD

PDQHLUD RX GH RXWUD HQJOREDP D PDLRU SDUWH GDV Do}HV (QWUH HOHV HVWi D

7HPSHUDWXUD HIHWLYD 7H GHVHQYROYLGD SRU <DJORX H FRODERUDGRUHV HP TXH p

FDSD]GHHQJOREDUHPXP~QLFRYDORURVHIHLWRVGDWHPSHUDWXUDXPLGDGHHPRYLPHQWR

GRDU'HVWHPRGRQDKRUDGHIL[DUDWHPSHUDWXUDGHFRQIRUWRGHXPORFDOHPIXQomR

GRV XVXiULRV H GR WLSR GH WDUHID TXH YmR UHDOL]DU p VXILFLHQWH LQGLFDU D WHPSHUDWXUD

HIHWLYDGHFRQIRUWRDTXHHODFRUUHVSRQGH2XWURtQGLFHpDWHPSHUDWXUDRSHUDWLYD7RS

TXHVHJXQGR;$9,(5pDWHPSHUDWXUDDTXHRVXVXiULRVHVWmRVXMHLWRVHPXP

DPELHQWH2VHXYDORUpREWLGRDWUDYpVGDPpGLDSRQGHUDGDHQWUHDWHPSHUDWXUDGRDU

7DUHDWHPSHUDWXUDPpGLDUDGLDQWH7PU

$ 7HPSHUDWXUD GR DU 7DU FRUUHVSRQGH j WHPSHUDWXUD DR UHGRU GR FRUSR

KXPDQR;$9,(5'HWHUPLQDDWURFDGHFDORUSRUFRQYHFomRHQWUHDVSHVVRDVH

R DPELHQWH DR UHGRU $ WHPSHUDWXUD UDGLDQWH PpGLD 7UP WUDGX] R SURFHVVR GH

WUDQVIHUrQFLD GH FDORU SRU UDGLDomR GDV VXSHUItFLHV FLUFXQGDQWHV GR DPELHQWH SDUD DV

SHVVRDV

9 7J 7EV

7J

7UP= + −

[

]

2QGH

7UPpDWHPSHUDWXUDUDGLDQWHPpGLDHPž&

7JpDWHPSHUDWXUDGHJORERHPž&

9pDYHORFLGDGHGRDUHPPV

7EVpDWHPSHUDWXUDGHEXOERVHFRHPž&

'HVGH R LQtFLR GR VpFXOR ;; YiULRV HVWXGRV GHOLPLWDP ]RQDV GH FRQIRUWR

WpUPLFR EDVHDGDV HP IDL[DV GH YDULDo}HV GH WHPSHUDWXUD XPLGDGH UHODWLYD GR DU H

YHORFLGDGH GR DU TXH GHWHUPLQDP VLWXDo}HV DPELHQWDLV LGHDLV SDUD R KRPHP

GHVHQYROYHU VXDV WDUHIDV VHP D QHFHVVLGDGH GH R RUJDQLVPR DFLRQDU VHXV

PHFDQLVPRVWHUPRUHJXODGRUHV

'HQWUHWRGRVSRGHVHFLWDUD=RQDGH&RQIRUWR7pUPLFRGH*LYRQLGLYXOJDGD

HPHRtQGLFHSURSRVWRSRU)DQJHUHP$SULPHLUDFRQVWDGHXPPpWRGRGH

UHSUHVHQWDomRGHDOJXPDVHVWUDWpJLDVGHFRQWUROHDPELHQWDOFRPRDPDVVDWpUPLFDGD

HGLILFDomR R YHQWR R HVIULDPHQWR HYDSRUDWLYR R FDORU UDGLDQWH D XPLGLILFDomR HWF

TXHSHUPLWHPRUHVWDEHOHFLPHQWRGDVFRQGLo}HVGHFRQIRUWRQRLQWHULRUGDVHGLILFDo}HV

(VWD =RQD GH &RQIRUWR IRL GHVHQYROYLGD DWUDYpV GH XP GLDJUDPD SVLFURPpWULFR RQGH

HVWmR UHSUHVHQWDGRV RV OLPLWHV GH FRQIRUWR SURSULDPHQWH GLWRV SDUD XVXiULRV

SDUWLUGHHVWXGRVUHDOL]DGRVQD'LQDPDUFDpEDVHDGRQDIRUPXODomRGHXPDHTXDomR

GHFRQIRUWRWpUPLFRTXHFRUUHODFLRQD³VHQVDomRWpUPLFD´FRPDDWLYLGDGHPHWDEyOLFDGR

FRUSRKXPDQRVHQGRTXHHVWD~OWLPDpIXQomRGDDWLYLGDGHUHDOL]DGDSHORLQGLYtGXR$

³VHQVDomRWpUPLFDPpGLD´GDVSHVVRDVHPXPGDGRDPELHQWHVHJXQGR)DQJHUSRGH

VHUUHSUHVHQWDGDDWUDYpVGR³YRWRPpGLRHVWLPDGR´90(GRJUXSREDVHDGRHPXPD

HVFDOD GH SRQWRV GH VDWLVIDomR WpUPLFD H[SUHVVDQGR D SRUFHQWDJHP HVWLPDGD GH

VDWLVIHLWRV$5$Ò-2

1R%UDVLODVSHVTXLVDVQDiUHDVHLQLFLDUDPQDGpFDGDGHHDWUDYpVGH

WUDEDOKRV GH KLJLHQLVWDV 6RPHQWH D SDUWLU GD GpFDGD GH FRP D FULVH PXQGLDO GH

HQHUJLD TXDQGR R FRQFHLWR GH XWLOL]DomR GH RXWUDV IRQWHV GH HQHUJLD IRL VHQGR

LQFRUSRUDGR±RVtQGLFHVWpUPLFRVSDVVDUDPDVHULQFRUSRUDGRVjDQiOLVHGHSURMHWRVH

D VHU TXHVWLRQDGRV 1R HQWDQWR QHQKXP HVWXGR H[SHULPHQWDO YDOLGRX UHDOPHQWH RV

tQGLFHVWpUPLFRVDGRWDGRV

6HJXQGR *RQoDOYHV 9DOOH *DUFLD XP LQGLYtGXR SRGH VH VHQWLU

FRQIRUWiYHOQXPDIDL[DODUJDGHWHPSHUDWXUDVHH[LVWHXPDIDL[DGHPRGLILFDomRGHQWUR

GDTXDODLQGDTXHDWHPSHUDWXUDVHMDGHVFRQIRUWiYHODVHQVDomRGHGHVFRQIRUWRQmR

VHUiLPHGLDWDHVWDDGDSWDomRDRGHVFRQIRUWRDFRQWHFHGHIRUPDOHQWDHJUDGXDO&RPR

FRORFD ;DYLHU PXGDQoDV EUXVFDV GH WHPSHUDWXUD H WHPSHUDWXUDV LQHVSHUDGDV

SRU H[HPSOR RQGDV GH IULR QR YHUmR H YLFHYHUVD WHQGHP D SURYRFDU VHQVDo}HV GH

LQVDWLVIDomR HP UHODomR DR DPELHQWH H SURYDYHOPHQWH GHILFLrQFLDQD DomRGD WDUHID

(QWUHWDQWRFRQFOXLVHTXHHPWHPSHUDWXUDVDFLPDGHž&RKRPHPMiQmRVH

HQFRQWUDPDLVDSWRDUHDOL]DUVXDDWLYLGDGHHPULWPRQRUPDODXPHQWDPVHDVSDXVDVH

GLPLQXHPVHDYHORFLGDGHGDWDUHIDHDFRQFHQWUDomR

2 FRQIRUWR WpUPLFR SRGH QmR VHU YLVWR DSHQDV FRPR XP SUREOHPD GH

WHUPRUUHJXODomR ILVLROyJLFD PDV WDPEpP FRPR XPD UHVSRVWD FRPSRUWDPHQWDO jV

FRQGLo}HV DPELHQWDLV +803+5(<6 1,&2/ $ IDOWD GH FRQWUROH VREUH R

DPELHQWH SRGH DXPHQWDU D SUREDELOLGDGH GH GHVFRQIRUWR $VVLP D KLSyWHVH

DGDSWDWLYD SDUWH GR SULQFtSLRGH TXH DV SHVVRDV HQFRQWUDP PDQHLUDV GH DGDSWDUVH

jV FRQGLo}HV GR DPELHQWH TXDQGR Ki WHPSR VXILFLHQWH GHVGH TXH HVVD DGDSWDomR

QmRUHSUHVHQWHXPULVFRGHFKRTXHWpUPLFR*21d$/9(69$//( *$5&,$

8PGRVPHFDQLVPRVDGDSWDWLYRVGRTXDOGLVS}HRKRPHPpDYHVWLPHQWD

³2EVHUYDVH TXH HP XP GHWHUPLQDGR DPELHQWH VH GXDV SHVVRDV HVWLYHUHP

WUDMDQGR YHVWLPHQWDV FRP GLVWLQWRV YDORUHV GH LVRODPHQWR WpUPLFR LVVR QmR

VLJQLILFD REULJDWRULDPHQWH TXH XPD GHYD HVWDU VHQWLQGR PDLV FDORU SRLV D

SUySULDHVFROKDGDYHVWLPHQWDDXWLOL]DUpXPGRVPHFDQLVPRVDGDSWDWLYRVGH

TXH GLVS}H DV SHVVRDV 3RUWDQWR XPD GDV VXJHVW}HV GH WUDEDOKRV IXWXURV p

HVWXGDURLVRODPHQWRWpUPLFRQmRDSHQDVFRPRXPLWHPGHUHVLVWrQFLDWpUPLFD

PDVWDPEpPFRPRXPPHFDQLVPRDGDSWDWLYR´;$9,(5

4XDQWR PDLRU D UHVLVWrQFLD WpUPLFD GD URXSD PHQRU VHUmR VXDV WURFDV GH

FDORU FRP R PHLR 5HVVDOWDVH DTXL TXH FRQVLGHUDQGR FDUDFWHUtVWLFDV GD YHVWLPHQWD

MXQWDPHQWHFRPQtYHOGHDWLYLGDGHWHPSHUDWXUDXPLGDGHUHODWLYDWHPSHUDWXUDUDGLDQWH

DERUGDJHQVHPWHUPRVGHtQGLFHGHFRQIRUWR1HVWHtQGLFHDLQIOXrQFLDGDYHVWLPHQWDVH

PHGH SRU XPD XQLGDGH GHQRPLQDGD ³FOR´ RULJLQiULD GD SDODYUD FORWKHV $VVLP D

XQLGDGHFORHTXLYDOHDXPDUHVLVWrQFLDWpUPLFDGHP.:

&RUEHOOD <DQQDVDERUGDQGRRVHIHLWRVSURGX]LGRVSHODYHVWLPHQWD

DWUDYpV GD XQLGDGH ³FOR´LQGLFD DV WHPSHUDWXUDV GH FRQIRUWR DOFDQoDGDV SHOD UHODomR

HQWUHURXSDVHDWLYLGDGHGRXVXiULRSDUDWUrVVLWXDo}HVXPDSHVVRDHPUHSRXVRRXWUD

VHQWDGD HVFUHYHQGR H RXWUD HP WUDEDOKR SHVDGR 1D ILJXUD YDULDVH D URXSD

REVHUYDQGRVHRTXHDFRQWHFHFRPRSDUGHDVSHFWRVURXSDDWLYLGDGHPDQWHQGRIL[DV

DV RXWUDV YDULiYHLV 2 LQWHUYDOR GH YDULDomR GDV WHPSHUDWXUDV GH FRQIRUWR p PXLWR

JUDQGHƒ&SDUDDSHVVRDVHQWLUFRQIRUWRHVWDQGRHPUHSRXVRHFRPSRXFDURXSDDR

SDVVR TXH FRP PDLRU DWLYLGDGH H PXLWD URXSD D WHPSHUDWXUD GHYH VHU EDL[DGD SDUD

ƒ&SDUDTXHHOHVHVLQWDEHP

$OpPGDVDWLYLGDGHVGHVHQYROYLGDVSHORLQGLYtGXRGDVXDYHVWLPHQWDHGDV

YDULiYHLV GR DPELHQWH TXH SURSRUFLRQDP DV WURFDV GH FDORU GHYHP VHU FRQVLGHUDGDV

RXWUDVYDULiYHLVFRPRVH[RLGDGHELyWLSRKiELWRVDOLPHQWDUHVHWF

$OJXQVHVWXGRVDSRQWDPTXHDLGDGHpGLUHWDPHQWHSURSRUFLRQDODRDXPHQWR

GH WHPSHUDWXUD LVVR VH GHYH DR IDWR GR PHWDEROLVPR EDVDO FDLU OLJHLUDPHQWH FRP D

LGDGH$OpPGLVVRDWD[DPHWDEyOLFDSDUDFHUWDVDWLYLGDGHVTXHHQYROYHPPRYLPHQWRV

WHQGH D VHU PDLV DOWD SDUD SHVVRDV REHVDV H SRU HVWD UD]mR HODV WHQGHP D SUHIHULU

DPELHQWHVPDLVIULRVGXUDQWHHVVDVDWLYLGDGHV7HPVHDLQGDTXHDVPXOKHUHVSUHIHUHP

WHPSHUDWXUDVOLJHLUDPHQWHPDLVDOWDV$5$Ò-2

$IRUPDGRFRUSRRXVHMDDUHODomRHQWUHRSHVRHDDOWXUDWDPEpPLQIOXL

QDV FRQGLo}HV GH FRQIRUWR WpUPLFR 9iULRV H[SHULPHQWRV WrP VLGR UHDOL]DGRV SDUD

LQYHVWLJDU H FODVVLILFDU D REHVLGDGH DWUDYpV GH XP tQGLFH SRQGHUDGR SHVR GLYLGLGR

SHODDOWXUDRXDWUDYpVGDFDPDGDGHJRUGXUDPHGLGDDWUDYpVGHLQVWUXPHQWRSUySULR

8PDIRUPDGHVHFDOFXODURËQGLFHGH0DVVD&RUSyUHD,0&p

DOWXUD SHVR

,0& =

[

]

6HJXQGR *RQoDOYHV 9DOOH *DUFLD D H[SHFWDWLYD GRV XVXiULRV

TXDQWR jV FRQGLo}HV GH FRQIRUWR TXH HOHV HQFRQWUDUmR HP XP GHWHUPLQDGR DPELHQWH

WDPEpPpXPSDUkPHWURLPSRUWDQWHQDDERUGDJHPDGDSWDWLYD8PH[HPSORpTXHDV

ODERUDWyULRRXHPVHXVHVFULWyULRVGRTXHTXDQWRjTXHODDOFDQoDGDHPFDVDGHYLGRj

H[SHFWDWLYDTXHHODVWrPGHHVWDUHPFRQIRUWiYHLVHPFDVD

$OpP GDV DGDSWDo}HV GRV LQGLYtGXRV HP UHODomR DR FRQIRUWR DPELHQWDO

GHYHPVH UHVVDOWDU RV PHFDQLVPRV UHJXODGRUHV GR FRQIRUWR SUHVHQWHV QR SUySULR

FRQMXQWR GH HOHPHQWRV FRQVWUXWLYRV GR DPELHQWH 'H DFRUGR FRP &RIDLJK 2OOH\

/HZLV R WUDWDPHQWR GD LQWHUDomR HQWUH LQWHULRU H H[WHULRU GR HGLItFLR SRGH

LQWHQVLILFDUQRVVDSHUFHSomRHDSURYHLWDPHQWRGDQDWXUH]DHGRFOLPD$RULHQWDomR

GR HGLItFLR HR GHVLJQ GH VHXV HOHPHQWRV SRGHP H[SOLFLWDUD VXD IXQFLRQDOLGDGH HR

VHXUHODFLRQDPHQWRVLPEyOLFRFRPRFOLPDORFDO

$JUDQGHFDSDFLGDGHGRLQGLYtGXRGHVHDGDSWDUDRDPELHQWHSDUHFHFRQIOLWDU

FRPRVFRQFHLWRVGHHUJRQRPLDMiTXHDVHJXQGDSUHJDDDGDSWDomRGRDPELHQWHDR

KRPHP 'HYHVH UHVVDOWDUTXH VmR WHUPRV FRPSOHPHQWDUHV SRLV VH DRV HVWXGRV HP

HUJRQRPLD FRPSHWHP RV PHFDQLVPRV FRQVWUXWLYRV FRQWURODGRV SHORV RFXSDQWHV

FRPSHWHPWDPEpPjVVHQVDo}HVHDVLQLFLDWLYDVGRVXVXiULRV

&RQIRUWROXPLQRVR

&RQIRUWRYLVXDOpHQWHQGLGRFRPRDH[LVWrQFLDGHXPFRQMXQWRGHFRQGLo}HV

QXP GHWHUPLQDGR DPELHQWH QR TXDO R VHU KXPDQR SRGH GHVHQYROYHU VXDV WDUHIDV

YLVXDLVFRPRPi[LPRGHDFXLGDGHHSUHFLVmRYLVXDOFRPRPHQRUHVIRUoRFRPPHQRU

ULVFRGHSUHMXt]RVjYLVWDHFRPUHGX]LGRVULVFRVGHDFLGHQWHV

(P ,LGD DILUPDVH TXH PXLWRV IDWRUHV LQIOXHQFLDP QD FDSDFLGDGH GH

GLVFULPLQDomR YLVXDO FRPR IDL[D HWiULD H DV GLIHUHQoDV LQGLYLGXDLV PDV SRGHPRV

FRQVLGHUDURVWUrVIDWRUHVPDLVLPSRUWDQWHVHFRQWUROiYHLVHPVHWUDWDQGRGHSURMHWRVGH

DPELHQWHVGHWUDEDOKRDTXDQWLGDGHGHOX]RWHPSRGHH[SRVLomRHRFRQWUDVWHHQWUH

ILJXUDHIXQGR

6HJXQGR DV 1RUPDV %UDVLOHLUDV SDUD ,OXPLQkQFLDV GHLQWHULRUHV 1%5

GHDEULOGHDVVDODVGHDXODGHYHPWHUXPDLOXPLQkQFLDPpGLDGHDOX[

VHQGR TXH RV TXDGURQHJURV GHYHP VHU PDLV LOXPLQDGRV ± GH D OX[

0$*$/+­(6

3DUD TXH XP REMHWR SRVVD VHU GLVFULPLQDGR HP UHODomR DR WHPSR GH

H[SRVLomR DQDOLVDPRV R FRQWUDVWH R VHX WDPDQKR H R QtYHOGHLOXPLQDomR HQTXDQWR

TXHQRFDVRGRFRQWUDVWHRIDWRUGHGLVFULPLQDomRpDGLIHUHQoDGHEULOKRHQWUHILJXUDH

IXQGR

4XDQGRRIXQGRpPDLVEULOKDQWHTXHRREMHWRRFRUUHRIHQ{PHQRFKDPDGR

RIXVFDPHQWR 6HJXQGR ,LGD H[LVWHP GRLV WLSRV GH RIXVFDPHQWRV 8P GHOHV p

GHYLGRDXPDIRQWHGHOX]PXLWRIRUWHQRFDPSRYLVXDOTXHWHQGHDFDXVDU³FHJXHLUD´

2 RXWUR p SURYRFDGR SRU XPD VLWXDomR PDLV EUDQGD RQGH QmR Ki SURSULDPHQWH

³FHJXHLUD´ PDV GHVFRQIRUWR LUULWDomR H GLVWUDomR YLVXDO (VVD VLWXDomR RFRUUH HP

DPELHQWHV LQWHULRUHV FRP LOXPLQDomR PDO SODQHMDGD SUHMXGLFDQGR RV WUDEDOKRV

GHVHQYROYLGRV QHVWHV ORFDLV 2 WLSR GH RIXVFDPHQWR PDLV FRPXP HP VDODV GH DXOD

SRGHVHUFKDPDGRGHUHIOH[mRYHODGRUD(VWHWLSRGiDVHQVDomRGHTXHDLPDJHPHVWi

2 6RO TXH SHQHWUD SHODV DEHUWXUDV SRGH SURYRFDU RIXVFDPHQWR LQFLGLQGR

VREUH HTXLSDPHQWRV RX TXDLVTXHU REMHWRV GH PDQHLUD LQGHVHMiYHO RX SUHMXGLFLDO 'H

DFRUGRFRP5REELQVDSXG%52:1 '(.$<SDUDHYLWDURIXVFDPHQWRDUD]mR

HQWUHDOXPLQkQFLDGRSODQRGHWUDEDOKRHDGRHQWRUQRLPHGLDWRGHYHVHUHPWRUQRGH

(P UHODomR D UDGLDomR LQFLGHQWH QR IHFKDPHQWR RSDFR XPD SDUFHOD p

UHIOHWLGDHRXWUDDEVRUYLGDFXMRYDORUGHSHQGHUiUHVSHFWLYDPHQWHGDUHIOHWLYLGDGHȡ

HGDDEVRUWLYLGDGHĮGRPDWHULDORQGH

= +ρ

α

[

]

$QDOLVDQGR D DEVRUWLYLGDGH SRGHVH GL]HU TXH RV PDWHULDLV GH FRQVWUXomR

VmRVHOHWLYRVjUDGLDomRGHRQGDFXUWDUDGLDomRVRODUHDSULQFLSDOGHWHUPLQDQWHGHVWD

FDUDFWHUtVWLFDpVXDFRUVXSHUILFLDO

'H DFRUGR FRP (JDQ 2OJ\D\ WDQWR VXSHUItFLHVKRUL]RQWDLV TXDQWR

YHUWLFDLV SRGHP SURYRFDU UHIOH[mR H[FHVVLYD GD OX] VRODU $ OX] VRODU UHIOHWLGD GH

VXSHUItFLHV KRUL]RQWDLV p PDLV DEXQGDQWH QDV RULHQWDo}HV /HVWH H 2HVWH H p PDLV

SURStFLDDDFRQWHFHUHPHGLItFLRVEDL[RV3DUDSURYRFDUGHVFRQIRUWRHPHGLItFLRVDOWRV

VHULD QHFHVViULD XPD H[WHQVmR KRUL]RQWDO GH PHVPD SURSRUomR FRPR SRGH VHU

REVHUYDGRQDILJXUD

)LJXUD±5HIOH[}HVGHVXSHUItFLHVKRUL]RQWDLVH[WHUQDV )RQWH(JDQ 2OJ\D\

$LQGD HP (JDQ 2OJ\D\ D GLVWULEXLomR GD OX] p IRUWHPHQWH

GHSHQGHQWH GD UHIOHWkQFLD GR DPELHQWH (P JHUDO R IRUUR p D VXSHUItFLH GH PDLRU

UHIOHWkQFLD GH OX] 3HOR IDWR GD PDLRULD GDV WDUHIDV UHDOL]DGDV VRIUHU LQIOXrQFLD GD OX]

UHIOHWLGDGRIRUURHOHpXPLPSRUWDQWHUHIOHWRUGHOX]HVSHFLDOPHQWHHPVDODVSURIXQGDV

HDPSODVGLVWDQWHGDVDEHUWXUDV(PDPELHQWHVFRPSpGLUHLWRDOWRVHGHSURSRUo}HV

UHGX]LGDVDVSDUHGHVODWHUDLVVmRLPSRUWDQWHV

=RQD GH VLJQLILFDQWH UHIOH[mR GR SLVR H[WHUQR ³YLVWD´SHODMDQHODVXSHULRU

*UDQGHSRUomRGHUHIOHWLYLGDGH GRSLVRH[WHUQR

'HDFRUGRFRPRVPHVPRVDXWRUHVDMDQHODORFDOL]DGDQRPHLRGDSDUHGH

LVWRpFRPSHLWRULOGHPDSUR[LPDGDPHQWHHPVDODVGHSURSRUo}HVFRPXQVQmRp

DPHOKRURSomRSDUDDGLVWULEXLomRGHOX]QDWXUDOQHPSDUDGLDVGHFpXFODURQHPSDUD

GLDV GH FpX QXEODGR (QWUHWDQWR p R PRGHOR PDLV XWLOL]DGR HP VDODV GH DXOD SHOD

SRVVLELOLGDGHGHYLVmRH[WHUQD(VWHWLSRGHDEHUWXUDSRGHVRIUHUUDGLDomRVRODUGLIXVDH

GLUHWD FDXVDQGR GHVFRQIRUWR YLVXDO H RIXVFDPHQWR SRGHQGR SUHMXGLFDU WDPEpP D

SHUIRUPDQFHWpUPLFDGRDPELHQWH$OpPGLVVRKiDSRVVLELOLGDGHGHUDGLDomRUHIOHWLGD

SHORSLVRH[WHUQRFRPRSRGHVHUREVHUYDGRQDILJXUD7HPVHHVWHWLSRGHDEHUWXUD

FRPRDSLRURSomRGRSRQWRGHYLVWDGRFRQIRUWROXPLQRVRSRUTXHDVRXWUDVDEHUWXUDV

WDQWRVXSHULRUHVTXDQWRLQIHULRUHVFRPSRUWDPRXUHIOH[mRRXUDGLDomRGLUHWDHGLIXVD

HQXQFDDVGXDVVLPXOWDQHDPHQWHGHDFRUGRFRPDVILJXUDVH

)LJXUD±$EHUWXUDVXSHULRU )RQWH(JDQ 2OJ\D\

&pXHQFREHUWR

)LJXUD±$EHUWXUDPHGLDQD

)RQWH(JDQ 2OJ\D\

)LJXUD±$EHUWXUDLQIHULRU

)RQWH(JDQ 2OJ\D\

$LQGDHPUHODomRjVFRQGLo}HVLQWHUQDVGRDPELHQWHRWHWRGHYHVHUVHPSUH

FODURQXQFDFRPUHIOH[mRLQIHULRUDHRVSLVRVHSDUHGHVGHYHPVHURVPDLVFODURV

SRVVtYHLV SDUD TXH SRVVDP DMXGDU D GLIXQGLU D OX] QRLQWHULRU REHGHFHQGR VHPSUH j

SURSRUomRGHUHIOHWkQFLDGHSDUDIRUURSDUHGHVHSLVRUHVSHFWLYDPHQWH$OpP

GLVVR DV FDUWHLUDV GHYHP VHU GH FRUHV FODUDV H VHPSUH IRVFDV Mi TXH VXSHUItFLHV

EULOKDQWHV FDXVDP PDLRU FDQVDoR H FRQVHTHQWHPHQWH GHVFRQIRUWR j YLVWD

0$*$/+­(6

6HJXQGR %URZQ 'HND\ R LPSDFWR GRV FRQWUROHV GD LOXPLQDomR

QDWXUDO PDLV LPSRUWDQWH QD DUTXLWHWXUD p D RUJDQL]DomR GRV SRQWRV GH OX] HP ]RQDV

HVWDEHOHFLGDVSHODVDWLYLGDGHVLQWHUQDVHSHORVSDGU}HVGHGLVWULEXLomRGHOX]QDWXUDO

4XDQGR D OX] QDWXUDO p XVDGD SDUD DWHQGHU D XP SODQR GH WUDEDOKR RX D LOXPLQDomR

DPELHQWH Ki XP GHFUpVFLPR QD LOXPLQDomR j PHGLGD TXH QRV DIDVWDPRV GDV

DEHUWXUDV &RP D PXGDQoD GDV FRQGLo}HV FHOHVWHV H PHQRU GLVSRQLELOLGDGH GH OX]

QDWXUDODVFRQGLo}HVGDV]RQDVLQWHUQDVGHLOXPLQDomRWDPEpPYDULDPFRPDViUHDV

PDLVGLVWDQWHVGDVMDQHODVHVFXUHFHQGRUDSLGDPHQWH

$OpP GD QHFHVVLGDGH GH ERD LOXPLQDomR SDUD D H[HFXomR GDV WDUHIDV

H[LVWHPQHFHVVLGDGHVELROyJLFDVLQHUHQWHVDRVHUKXPDQRTXHDIHWDPRSURFHVVRGH

SHUFHSomR YLVXDO H D SVLFRORJLD 2V HVWXGRV QDFLRQDLV VREUH R FRQIRUWR YLVXDO

GHPRQVWUDP D QHFHVVLGDGH GH XPD LOXPLQDomR DGHTXDGD SDUD D RULHQWDomR HVSDFLDO

PDQXWHQomRGDVHJXUDQoDItVLFDDGHOLPLWDomRGRWHUULWyULRSHVVRDOHRUHFRQKHFLPHQWR

GDVDWLYLGDGHVTXHGHSHQGHPGDSHUFHSomRGDRUGHPQRFDPSRYLVXDO$LOXPLQDomR

QDWXUDOpGHVWDFDGDFRPRIDWRULPSRUWDQWHSDUDSURSLFLDUFRQWDWRFRPRVHOHPHQWRVGD

QDWXUH]D H RULHQWDomR WHPSRUDO SDUD R DMXVWH GR UHOyJLR ELROyJLFR $LQGD QtYHLV

LQDGHTXDGRVGHLOXPLQDomRSDUDGHWHUPLQDGDWDUHIDYLVXDOSRGHPSURYRFDUSUREOHPDV

ItVLFRVFRPRGRUGHFDEHoDHGHILFLrQFLDYLVXDO/$%$., %8(12%$57+2/20(,

&RUEHOOD <DQQDV DILUPDP TXH R ROKR KXPDQR VH DGDSWD PHOKRU j

OX]QDWXUDOTXHjDUWLILFLDOSRUWDQWRpPHOKRUWUDEDOKDUFRPDOX]QDWXUDO$OpPGLVVRD

OX] DUWLILFLDO QmR UHSURGX] DV FRUHV GD OX] QDWXUDO HVSHFWURV GLIHUHQWHV QHP YDULD

FRQIRUPH DV KRUDV GR GLD UHGX]LQGR DVVLP D ULTXH]D HP FRUHV H FRQWUDVWHV GRV

REMHWRVLOXPLQDGRV

6HJXQGR 6FDUD]]DWR DSXG *5$d$ D XWLOL]DomR FRUUHWD GD

LOXPLQDomR QDWXUDO SRGH UHGX]LU GH IRUPD VLJQLILFDWLYD D XWLOL]DomR GH OX] HOpWULFD QD

PDLRULD GRV FOLPDV 1RV FOLPDV WURSLFDLV H[LVWH DLQGD D YDQWDJHP GDV FDUDFWHUtVWLFDV

GHVWHVFOLPDVSHUPLWLUHPXPDLOXPLQDomRQDWXUDOGXUDQWHTXDVHWRGRRSHUtRGRGLXUQR

DQXDO8PDLOXPLQDomRQDWXUDOFRUUHWDPHOKRUDDVDWLVIDomRGRXVXiULRGRDPELHQWHH

GLPLQXL R FRQVXPR GH HQHUJLD (QWUHWDQWR D SURSRVWD GH SURMHWRV HP HVFRODV QmR p

WUDEDOKDU DSHQDV FRP OX] QDWXUDO Mi TXH R DSURYHLWDPHQWR GRV SHUtRGRV GD QRLWH GR

DPDQKHFHU H GR ILP GD WDUGH RXDLQGDGRVGLDV FRP QHEXORVLGDGH GHQVD H WDPEpP

SURMHWRV FRP HVWXGR SUpYLR GH DSURYHLWDPHQWR GH OX] QDWXUDO UHTXHUHP R XVR GH OX]

HOpWULFD0DVRSURMHWRGHLOXPLQDomRGHYHWHUFRPREDVHDFRPSOHPHQWDomRHQmRD

VXEVWLWXLomR GD LOXPLQDomR QDWXUDO SHOD HOpWULFD HYLWDQGR JDVWRV HQHUJpWLFRV

H[FHVVLYRV

$LQGDHP&RUEHOOD <DQQDVpLPSRUWDQWHFRQVLGHUDURSUREOHPDGR

FDORU JHUDGR SHOD OX] DUWLILFLDO TXH VH VRPD DR SURGX]LGR SHODV SHVVRDV H DUWHIDWRV

DXPHQWDQGRDWHPSHUDWXUDGRDUHDVHQVDomRGHGHVFRQIRUWRWpUPLFR

2 FRQIRUWR OXPLQRVR p XP IDWRU GH VXPD LPSRUWkQFLD SDUD D VD~GH H D

SURGXWLYLGDGHGDVSHVVRDVHGHSDUWLFXODULPSRUWkQFLDQRVHGLItFLRVHGXFDWLYRVYLVWRR

VHXXVRGLXUQRHRWLSRGHIXQo}HVUHDOL]DGDVQHVWHVDPELHQWHV0$5,1&,& 2&+2$

&RPR SRGH VHU REVHUYDGR HP 0DJDOKmHV D SURIXQGLGDGH GDV VDODV D

DOWXUD GR SpGLUHLWR D ORFDOL]DomR GDV FLUFXODo}HV D IRUPD GDV HGLILFDo}HV H

HYLGHQWHPHQWHDGLVSRVLomRGDVDEHUWXUDVVmRIDWRUHVGHWHUPLQDQWHVSDUDVHREWHUR

SUHRFXSDomRGHYHVHUSULRUL]DGDWHQGRHPYLVWDDVFDUDFWHUtVWLFDVMiUHIHULGDVTXDQWR

DRSHUtRGRGHSHUPDQrQFLDGRVXVXiULRV

/DEDNL %XHQR%DUWKRORPHL DSRQWDP TXH SDUD DQiOLVH H DYDOLDomR

GD TXDOLGDGH OXPLQRVD GH XP DPELHQWH DWUDYpV GRV SDUkPHWURV FRQVWUXWLYRV p

QHFHVViULDDYHULILFDomRGRVVHJXLQWHVDVSHFWRV

• 1tYHLVGHLOXPLQDomRUHFRPHQGDGRVSDUDWDUHIDYLVXDO

• 8QLIRUPLGDGHHQtYHLVGHFRQWUDVWH

• 'LVWkQFLDVHQWUHRVXVXiULRVHRVREMHWRV

• 8VRGHFRUHVQDVVXSHUItFLHV

• (OHPHQWRVH[WHUQRVHLQWHUQRVGHSURWHomRGDLQVRODomRGLUHWD

• ,OXPLQDomRDUWLILFLDOVXSOHPHQWDU

8PDVSHFWRLPSRUWDQWHHPUHODomRjDYDOLDomRFRQVWUXWLYDGHXPDPELHQWHp

R IDWR GH TXH DOJXQV SDUkPHWURV PHVPR TXH DQDOLVDGRV VHSDUDGDPHQWH VH

FRPSOHPHQWDP&RPRSRGHVHUREVHUYDGRHP*UDoDRIRUPDWRGRDPELHQWHH

DRULHQWDomRGDVDEHUWXUDVLQIOXHQFLDPXPDRRXWURRXVHMDXPDERDRULHQWDomRGDV

DEHUWXUDV SRGH VHU SUHMXGLFDGD SHOR IRUPDWR GD VDOD GH DXOD H YLFHYHUVD $OLDGD D

HVWHV GRLV DVSHFWRV SRGHVH VDOLHQWDU WDPEpP D IRUPD GDV DEHUWXUDV FRPR IDWRU

LQIOXHQFLDGRU $VVLP VHQGR FRQFOXLVH TXH XP GRV IDWRUHV TXH FRQWULEXHP SDUD

FRQIRUWROXPLQRVRHTXHPRGLILFDDIRUPDGRSURMHWRSRUWDQWRGHUHOHYkQFLDQDIDVHGH

DQWHSURMHWR VH UHIHUH j RULHQWDomR GH LPSODQWDomR H DR IRUPDWR GDV DEHUWXUDV GR

DPELHQWH

*DOOR SUREOHPDWL]D D GLVWkQFLD SUHVHQWH HP PXLWRV HGLItFLRV HQWUH R

VHXHQYHORSHHDiUHDGHWUDEDOKRHPVLRTXHDFDUUHWDXPDGHVDVWURVDSHUIRUPDQFH

OXPLQRVD p GH GLItFLO UHVROXomR GR SRQWR GH YLVWD GD LOXPLQkQFLD QDWXUDO 6HJXQGR R

DXWRU QHVWH FDVR RV HOHPHQWRV GR GHVLJQ VmR GH JUDQGH LPSRUWkQFLD QD LQWHUDomR

HQWUHRVHOHPHQWRVGHFRPSRVLomRGDIRUPDGRHGLItFLRHDLOXPLQDomRORFDO

)LQDOPHQWH DOpP GH GHVFUHYHU R FRQIRUWR OXPLQRVR VRE R DVSHFWR GH XPD

YDULiYHO HUJRQ{PLFD GHYHVH VDOLHQWDU D VXD UHODomR GLUHWD FRP R FRQIRUWR WpUPLFR H

FRPRVJDVWRVHQHUJpWLFRVGHXPDHGLILFDomR

%URZQ 'HND\ DSRQWDP TXH VH D iUHD WRWDO GH XP DPELHQWH IRU

LOXPLQDGD VHJXQGRRV QtYHLV GHOX] QHFHVViULRVjV DWLYLGDGHV YLVXDLV PDLV H[LJHQWHV

DVMDQHODVWHUmRTXHVHUJUDQGHVGHPDLVUHVXOWDQGRHPH[FHVVRVHSHUGDVGHJDQKRV

WpUPLFRV 6H IRU WRGD LOXPLQDGD DWUDYpV GH HQHUJLD HOpWULFD DV OkPSDGDV FRQVXPLUmR

HQHUJLD GHPDLV H SURGX]LUmR JDQKR WpUPLFR H[FHVVLYR 3RUWDQWR FRQFOXLVH DTXL D

QHFHVVLGDGH GH VH XWLOL]DU D LOXPLQDomR DUWLILFLDO FRPR PHFDQLVPR VXSOHPHQWDU j

LOXPLQDomRQDWXUDO

)(55$0(17$6'(75$7$0(172($1È/,6(6'('$'26

1HVWH FDStWXOR VmR FRQVLGHUDGDV WUrV IHUUDPHQWDV HVSHFtILFDV TXH VmR

XWLOL]DGDVQRHVWXGRGHFDVRHGHVHQYROYLPHQWRGRPRGHORGHSUHYLVmRDTXLSURSRVWRD

H[WHQVmR '6N\9LHZ DV 5HGHV 1HXUDLV $UWLILFLDLV 51$V H RV &RQMXQWRV )X]]\ $

SULPHLUDp XWLOL]DGD SDUD D JHUDomR GH XP GDGR HVSHFtILFRD VHU DSOLFDGR QR PRGHOR

HQTXDQWR DV GXDV ~OWLPDV UHIHUHPVH D IHUUDPHQWDV GH DQiOLVH H PRGHODJHP GRV

GDGRV

2GDGRHVSHFtILFRDVHUJHUDGRWUDWDVHGRIDWRUGHYLVmRGRFpX)9&TXH

p GHWDOKDGDPHQWH GHVFULWR QHVWH FDStWXOR &RPR p D DEyEDGD FHOHVWH XPD GDV

SULQFLSDLV IRQWHV GH OX] QDWXUDO H DFHVVR VRODU HVWD iUHD WRUQDVH XP HOHPHQWR

GHWHUPLQDQWHGRFRQIRUWRDPELHQWDOGRXVXiULRGHQWURGDHGLILFDomR

3DUD D GHWHUPLQDomR GHVWH IDWRU p TXH D H[WHQVmR'6N\9LHZp DSOLFDGD

(VWDH[WHQVmRIRLGHVHQYROYLGDDSDUWLUGRVRIWZDUH$UF9LHZ*,6HSHUPLWHREWHUGH

IRUPDDXWRPDWL]DGDRGHOLQHDPHQWRHDGHWHUPLQDomRGDiUHDYLVtYHOGHFpXQDPDOKD

XUEDQD 6HJXQGR 6RX]D 5RGULJXHV 0HQGHV XP DPELHQWH 6,* ± '

SRVVLELOLWD DUPD]HQDPHQWR WUDWDPHQWR H DQiOLVH GH GDGRV WULGLPHQVLRQDLV GR HVSDoR

XUEDQR H D VXD LQWHJUDomR DR VRIWZDUH$UF9LHZ*,6 SHUPLWH D PDQLSXODomR GH

GDGRVHVSDFLDLVSDUDDYLVXDOL]DomRHTXDQWLILFDomRGRIDWRUGHYLVmRGRFpX)9&

$ SURSRVWD GD XWLOL]DomR GHVWD H[WHQVmR QHVWH WUDEDOKR p WUDQVIRUPiOD HP

XPDSOLFDWLYRSDUDDPELHQWHVLQWHUQRVMiTXHIRLGHVHQYROYLGDDSDUWLUGHVLWXDo}HVHP

UHODWLYDGRDOXQRHPVDODVGHDXODV$SRVLomRGRDOXQRHPUHODomRjMDQHODLQWHUIHUHQD

LOXPLQDomRQDWXUDOSRUHOHUHFHELGD

(PUHODomRjPRGHODJHPDWUDYpVGH5HGHV1HXUDLV$UWLILFLDLVHVWDDSDUHFH

FRPR XP VXEVWLWXWR SRWHQFLDO DRV PRGHORV HVWDWtVWLFRV FRQYHQFLRQDLV GHYLGR j IiFLO

LQWHUIDFHGRVSURJUDPDVFRPRXVXiULRHDQmRQHFHVVLGDGHGHFRQKHFLPHQWRSUpYLRGD

UHODomRHQWUHDVYDULiYHLVHQYROYLGDV%521',12DSXG&267$

$LQGD HP %URQGLQR 6LOYD SURYDV GD HILFLrQFLD GHVWH WLSR GH

PRGHODJHPVmRYiULRVHVWXGRVHIHWXDGRVQDVPDLVGLYHUVDViUHDVGHDSOLFDomRFRPR

D HGXFDomR D HQJHQKDULD GH WUDQVSRUWHV H D PHGLFLQD H TXH WrP UHODWDGR R ERP

GHVHPSHQKR GHVWH PpWRGR FRP UHODomR D PRGHORV PDWHPiWLFRV FRQYHQFLRQDLV

)LQDOPHQWHSRGHPRVFLWDU*XHGHVDSXG3,=$552TXHXVRXPRGHORVGH

UHJUHVVmR H 51$ SDUD ID]HU HVWLPDWLYDV GRV YDORUHV GH DSDUWDPHQWRV QR 5LR GH

-DQHLUR

(P SHVTXLVDV UHODFLRQDGDV j HUJRQRPLD GH DPELHQWHV QmR p FRPXP

HQFRQWUDU R XVR GH VLPXODo}HV DWUDYpV GDV 5HGHV 1HXUDLV 7DOYH] R IDWR GHYDVH j

GHVLQIRUPDomRHPUHODomRjVSRWHQFLDOLGDGHVGRPRGHORFRPSXWDFLRQDOYLVWRTXHpXP

yWLPR UHFXUVR SDUD SHVTXLVDV TXH DSUHVHQWHP XP FRQMXQWR GH YDULiYHLV

LQWHUGHSHQGHQWHV

6HQGRDVVLPQHVWDSHVTXLVDRPRGHORGHSUHYLVmRGRJUDXGHVDWLVIDomRGR

XVXiULRVHUiHODERUDGRDWUDYpVGDDSOLFDomRGDV51$V

$LQGD SDUD D PRGHODJHP SURSRVWD p QHFHVViULD D YHULILFDomR GR JUDX GH

TXHVWLRQiULR VHUi DSOLFDGR VHQGR SDUD LVVR QHFHVViULD XPD IHUUDPHQWD TXH

UHFRQKHoD TXDQWLWDWLYDPHQWH RV YDORUHV VHPkQWLFRV HVWDEHOHFLGRV QR TXHVWLRQiULR

6HJXQGR &KHQJ PXLWRV SUREOHPDV UHDLV GH HQJHQKDULD VmR GHPDVLDGDPHQWH

FRPSOH[RV H PDO GHILQLGRV SDUD VHUHP PRGHODGRV SRU SURFHGLPHQWRV GHWHUPLQtVWLFRV

FRQYHQFLRQDLV &RQVHTHQWHPHQWH RV UHTXLVLWRV H RV FULWpULRV GR SURMHWR VmR

IRUWHPHQWH LQIOXHQFLDGRV SHOD VXEMHWLYLGDGH GHFRUUHQWH GD FRPXQLFDomR YHUEDO H GDV

H[SHULrQFLDVHLQWXLo}HVGRVXVXiULRVGRVHVSHFLDOLVWDVHGRVSURMHWLVWDV

e QHVVH FRQWH[WR TXH VH DSOLFD D 7HRULD GH 6LVWHPDV 1HEXORVRV )X]]\

6\VWHP7KHRU\SDUDPRGHODURVSUREOHPDVTXHHQYROYHPIDWRUHVVXEMHWLYRV

$ SDUWLU GHVWDV FRQVLGHUDo}HV IHLWDV VREUH DV WUrV IHUUDPHQWDV D VHUHP

DSOLFDGDVFDGDXPDGHODVpGHVFULWDDVHJXLU

$DSOLFDomRGDH[WHQVmR'6N\9LHZ5HOHDVHHPDPELHQWHVLQWHUQRV

&RPR IRUPD GH VH HVWLPDU D LQIOXrQFLD GD SRVLomR GR DOXQR QD LOXPLQDomR

QDWXUDOSRUHOHUHFHELGDSURS}HVHDTXLDXWLOL]DomRGDH[WHQVmR'6N\9LHZ

2ULJLQDOPHQWHDH[WHQVmRIRLGHVHQYROYLGDSDUDFiOFXORGRIDWRUGHYLVmRGR

FpX HP YLDV XUEDQDV PDV D PXGDQoD QRVSDUkPHWURV GH HQWUDGDGR SURJUDPD SRGH

SRVVLELOLWDUDHVWLPDWLYDGDiUHDGHDEyEDGDFHOHVWHYLVtYHOSRUXPDDEHUWXUDDSDUWLUGH

XPREVHUYDGRUQRLQWHULRUGHXPDHGLILFDomR

(P WHUPRV JHRPpWULFRV TXDOTXHU HGLILFDomR HOHPHQWR RX HTXLSDPHQWR

UHSUHVHQWDXPDREVWUXomRjDEyEDGDFHOHVWH$VRPEUDSURMHomRGHVVDHGLILFDomRQD

DEyEDGD FHOHVWH p D IUDomR GR FpX SRU HOD REVWUXtGD SDUD R REVHUYDGRU RX DLQGD

UHSUHVHQWDDSDUWHREVWUXtGDGRIOX[RGHUDGLDomRTXHGHL[DRREVHUYDGRUHPGLUHomR

DRFpX628=$52'5,*8(6 0(1'(6

$ HVWLPDWLYD GH YDORUHV GR )9& SRGH VHU IHLWD DWUDYpV GD SURMHomR GDV

HGLILFDo}HVHPXPSODQRKRUL]RQWDOGHQWURGHXPXQLYHUVRGHSURMHomRHVWHUHRJUiILFD

DILPGHTXHDiUHDGHFpXYLVtYHOVHMDUHSUHVHQWDGD)LJ

)LJ±3URMHomRHVWHUHRJUiILFDGDiUHDGHFpXREVWUXtGD )RQWH6RX]D5RGULJXHV 0HQGHV

(PUHVXPRRIDWRUGHYLVmRGRFpXQDGDPDLVpTXHDUHODomRHQWUHDiUHD

GHFpXREVWUXtGDHDiUHDWRWDOGDDEyEDGDFHOHVWH6HXREMHWLYRFRPRYDULiYHOQHVWD

SHVTXLVD p GHWHUPLQDU D LOXPLQkQFLD SHQHWUDQWH QR DPELHQWH GDV VDODV GH DXOD HP

IXQomRGDORFDOL]DomRGHFDGDXVXiULRDOXQRGRDPELHQWHILJXUD

3DUD D HVWLPDWLYD GHVWH IDWRU 6RX]D 5RGULJXHV 0HQGHV

GHVHQYROYHUDPDGHQRPLQDGD'6N\9LHZWHQGRFRPRSULQFtSLREiVLFRGHFiOFXORD

VREUHSRVLomR HVSDFLDO GH XPD PDOKD HVWHUHRJUiILFD GH SRQWRV GD DEyEDGD FHOHVWH

VREUH D SURMHomR HVWHUHRJUiILFD GD FDPDGD LQWUDXUEDQD HP SODQR KRUL]RQWDO 1HVWH

WUDEDOKRpXWLOL]DGDDVXDVHJXQGDYHUVmR'6N\9LHZ5HOHDVHFULDGDSRU5RGULJXHV

6RX]D 0HQGHVHTXHHVWiHPIDVHGHWHVWHHH[SHULPHQWRV

2 SULQFtSLR GDV GXDV YHUV}HV HP GHWHUPLQDU R )9& p R PHVPR FRP D

GLIHUHQoDTXHDVHJXQGDSHUPLWHDDSOLFDomRGRDOJRULWPRHPXP PRGRVLPXOWkQHRH

DXWRPiWLFR SDUD YiULRV SRQWRV GH REVHUYDGRUHV e XPD YDQWDJHP LQWHUHVVDQWH SDUD

HVWDSHVTXLVDYLVWRTXHDSOLFDo}HVHPVDODVGHDXODGHYHPFRQVLGHUDUHPWRUQRGH

DOXQRVVXMHLWRVDXP PHVPRDPELHQWHVHQGRTXHFDGDXPHVWiVXEPHWLGRjHQWUDGD

GHOX]QDWXUDOGHXPDIRUPDGLIHUHQWH3RUWDQWRFRPDH[WHQVmRpSRVVtYHOGHWHUPLQDU

R IDWRU GH IRUPD SDUD FDGD SRQWR HVSHFtILFR H DSOLFDU VHXV YDORUHV QR PRGHOR D VHU

SURSRVWR

)LJXUD±9LVLELOLGDGHGRFpXDSDUWLUGRLQWHULRU

$RILQDOGRDOJRULWPRpSRVVtYHOREWHUVHRVVHJXLQWHVUHVXOWDGRVFiOFXORGH

)9& SURMHomR HVWHUHRJUiILFD GD FHQD SURMHomR RUWRJUiILFD GD FHQD YLVXDOL]DomR GH

WRGDDFHQDDEyEDGDFHOHVWHHVRORHP'

$WUDYpVGDLQWHUIDFHFRPRXVXiULRGR'6N\9LHZRSURFHVVRGHVLPXODomR

pLQLFLDGRFRPJUXSRVGHGDGRV(OHVVmRLQIRUPDo}HVGHSURFHVVDPHQWRGDGRVGD

PDOKD RUWRJUiILFDLQIRUPDo}HV VREUHRV SRQWRV GRV REVHUYDGRUHVLQIRUPDo}HV VREUH

RVSROtJRQRVUDLRGRFtUFXORGHSURMHomRHRIRUPDWRGRUHVXOWDGRRXWSXW

$V LQIRUPDo}HV VREUH R SURFHVVR UHIHUHPVH j LGHQWLILFDomR GH QRPHV GH

DUTXLYRHORFDOL]DomRSDWK

$V LQIRUPDo}HV TXH UHDOPHQWH GLIHUHQFLDP FDGD SURFHVVR HVWmR DTXL

LQFOXtGDVQRVJUXSRV³,QIRUPDomRVREUH2EVHUYDGRU´H³,QIRUPDomRVREUHR3ROtJRQR´

2FDPSRQDWDEHODGHGDGRVGHYHLQFOXLUXPD~QLFDLGHQWLILFDomRSDUDFDGDSRQWRGH

REVHUYDGRU7DPEpPDDOWXUDGRHGLItFLRFRRUGHQDGD=HVXDHOHYDomRQtYHOGRVROR

VmRGDGRVTXHGHYHPHVWDUGLVSRQtYHLVQHVWDWDEHODGHGDGRV

&RPRDTXLVHUiDSOLFDGDDH[WHQVmRSDUDDPELHQWHVLQWHUQRVDFRRUGHQDGD

=FRUUHVSRQGHjDOWXUDGDVDEHUWXUDVHQFRQWUDGDVQDVVDODVGHDXODVSRUWDVHMDQHODV

HQTXDQWR TXH D HOHYDomR FRUUHVSRQGH j DOWXUD GR DOXQR VHQWDGR SRVLomR HP TXH

SHUPDQHFHDVVLVWLQGRjVDXODVID]HQGRXPDUHODomRFRPRVHXkQJXORGHYLVmR

$LQIRUPDomRVREUHRVSROtJRQRVFRUUHVSRQGHDRVDWULEXWRVGDVHGLILFDo}HV

QHVWH FDVR DV DEHUWXUDV FXMR WHPD WDPEpP Mi GHYH VH HQFRQWUDU SUpVHOHFLRQDGR

DWUDYpVGDSODQWDGHFDGDVDODLQFRUSRUDGDjH[WHQVmR2XVXiULRGHYHUiLQIRUPDUDV

FROXQDVTXHFRQWHQKDPDDOWXUDHDHOHYDomRGHVWHVSROtJRQRV(SRUILPpLQIRUPDGRR

UDLR GR FtUFXOR GHVHMDGR SDUD TXH DV SURMHo}HV HVWHUHRJUiILFD H RUWRJUiILFD VHMDP

JHUDGDV

$RSomR³RXWSXW´pXPDGDVYDQWDJHQVGDYHUVmR(ODWRUQDSRVVtYHOSRU

H[HPSOR XWLOL]DU D H[WHQVmR VRPHQWH SDUD REWHU UHVXOWDGRV WDEXODGRV VHP RV

UHVXOWDGRV JUiILFRV 6H R XVXiULR HVFROKHU VRPHQWH D RSomR ´69) 7DEOH´ XPD WDEHOD

VHUiFULDGD

(P RXWUDV SDODYUDV HVWD H[WHQVmR DJRUD FKDPDGD'6N\9LHZ 5HOHDVH

SHUPLWH D DWULEXLomR GH IDWRUHV GH YLVmR GR FpX TXH GHWHUPLQDP D HQWUDGD GH OX]

QDWXUDOQRDPELHQWHVLPXOWDQHDPHQWHYLVWRVDWUDYpVGHYiULRVSRQWRVGHREVHUYDGRUHV

6HQGR DVVLP FRPR RV UHVXOWDGRV Mi VmR DUPD]HQDGRV HP XP VRIWZDUH *,6 HVWHV

GDGRV SRGHP VHU WUDEDOKDGRV SDUD FULDU QRYDV EDVHV GH GDGRV H PDSDV $V ILJXUDV

VHJXLQWHVLOXVWUDP DV SURMHo}HV HVWHUHRJUiILFDV UHVXOWDQWHV GH XP H[HPSOR HODERUDGR

GHQWURGHXPDVDODGHDXODSDUDRPDLRUHRPHQRUUHVXOWDGRGHIDWRUGHYLVmRGRFpX

VHQGRTXHDVSDUWHVFODUDVVmRDVSRUo}HVYLVtYHLVGDDEyEDGD&RPRRSURJUDPDQmR

pDGDSWDGRSDUDDPELHQWHVLQWHUQRVVmRQHFHVViULDVGXDVVLPXODo}HVGHYLVmRH[WHUQD

SDUD FDGD XVXiULR XPD FRQVLGHUDQGR DV GLPHQV}HV KRUL]RQWDLV GDV DEHUWXUDV H VXD

SURMHomRDWpRSLVRSURMHomREDL[DHRXWUDFRQVLGHUDQGRDVGLPHQV}HVYHUWLFDLVGDV

PHVPDV DEHUWXUDV FRQVLGHUDQGR RV YDORUHV GR SHLWRULO SURMHomR DOWD 6HQGR DVVLP

SDUDFDGDSRQWRXVXiULRDQDOLVDGRGXDVSURMHo}HVHVWHUHRJUiILFDVVmRHQFRQWUDGDV

H D VXEWUDomR GRV YDORUHV GD SURMHomR EDL[D SHOD SURMHomR DOWD GHWHUPLQD R IDWRU GH

YLVmRGRFpXGHFDGDDOXQR

)LJ±9LVmRHVWHUHRJUiILFDGRDOXQRFRPPHQRUIDWRUGHYLVmRGHFpX 3URMHomREDL[D

)LJ±9LVmRHVWHUHRJUiILFDGRDOXQRFRPPHQRUIDWRUGHYLVmRGHFpX 3URMHomRDOWD

)LJ±9LVmRHVWHUHRJUiILFDGRDOXQRFRPPDLRUIDWRUGHYLVmRGHFpX 3URMHomREDL[D

)LJ±9LVmRHVWHUHRJUiILFDGRDOXQRFRPPDLRUIDWRUGHYLVmRGHFpX 3URMHomRDOWD

)9&

)LJXUD±6XEWUDomRGDSURWHomREDL[DSHODSURWHomRDOWDUHVXOWDQR)9&

5HGHV1HXUDLV$UWLILFLDLV

)HUUDPHQWD SULPRUGLDO GHVWD SHVTXLVD DV 5HGHV 1HXUDLV $UWLILFLDLV 51$V

VmRDTXLXWLOL]DGDVSDUDHVWDEHOHFHUDVUHODo}HVHQWUHYDULiYHLVGHVHQYROYHQGRVHXP

PRGHOR GH SUHYLVmR GR JUDX GH VDWLVIDomR GR XVXiULR HP VDODV GH DXOD GR HQVLQR

IXQGDPHQWDO &RQVLVWHP HP PRGHORV FRPSXWDFLRQDLV TXH SURFXUDP LPLWDU R

IXQFLRQDPHQWR GR FpUHEUR KXPDQR QR VHX SURFHVVR GH UHFXSHUDomR H DTXLVLomR GH

FRQKHFLPHQWR3,=$552 628=$

$V51$VDSUHVHQWDPFRPRYDQWDJHPRIDWRGHUHVROYHUHPSUREOHPDVFRPSOH[RVTXH

HQYROYHPRUHFRQKHFLPHQWRGHSDGU}HVDVVLPFRPRRFpUHEURKXPDQR6,/9$HWDO

&RQVWLWXHP XP VLVWHPD GH HTXDo}HV LQWHUOLJDGDV HP TXH R UHVXOWDGR GH XPD

HTXDomR p R YDORU GH HQWUDGD SDUD YiULDV RXWUDV GD UHGH UHSURGX]LQGR DVVLP R

FRPSRUWDPHQWRGHTXDOTXHUIXQomRPDWHPiWLFD

$ DSUHQGL]DJHP FRQVLVWH QXP DOJRULWPR HVSHFtILFR TXH SHUPLWH j UHGH

DSUHQGHU XPD GHWHUPLQDGD IXQomR DWUDYpVGH H[HPSORV e DWUDYpVGHVWHVDOJRULWPRV

TXHHODDGTXLUHRFRQKHFLPHQWR

$WUDYpV GD WDEHOD SRGHPRV YHULILFDU DV GLIHUHQoDV HQWUH R PRGHOR

PDWHPiWLFRFRQYHQFLRQDO6LVWHPDV3HULFLDLVHDV51$V

$KLVWyULDGDV5HGHV1HXUDLVVHLQLFLDFRPDSULPHLUDSXEOLFDomRDUHVSHLWR

GRDVVXQWRHPFRP0F&XOORFK 3LWWVLQWURGX]LQGRRSULPHLURPRGHORGH5HGHV

1HXUDLV3RVWHULRUPHQWHVXUJH+HEEHPFRPRPRGHOREiVLFRGHUHGHGHDXWR

RUJDQL]DomR

6HJXQGR &RVWD R FDPSR FRQKHFLGR KRMH FRPR 5HGHV 1HXUDLV HUD

RULJLQDOPHQWH FKDPDGR GH FRQH[LRQLVPR ,VVR VH GHYH jV GXDV FRUUHQWHV GH

,QWHOLJrQFLD $UWLILFLDO FULDGDV QD pSRFD D VLPEyOLFD H D FRQH[LRQLVWD $ SULPHLUD WHQWD

VLPXODU R FRPSRUWDPHQWR LQWHOLJHQWH KXPDQR GHVFRQVLGHUDQGR RV PHFDQLVPRV

UHVSRQViYHLV SRU WDO HQTXDQWR D VHJXQGD DFUHGLWD TXH FRQVWUXLQGR XP VLVWHPD TXH

VLPXOHDHVWUXWXUDGRFpUHEURHOHVHUiFDSD]GHDSUHQGHUDVVLPLODUHUUDUHDSUHQGHU

FRPVHXVHUURV

7DEHOD±5HGHV1HXUDLV

6,67(0$63(5,&,$,6 5('(61(85$,6

/LQHDUHV 1mROLQHDUHV

9HUWLFDLVKLHUiUTXLFRV /DWHUDLVHPPRVDLFR

(VWiWLFRV 'LQkPLFRV

'LJLWDLV $QDOyJLFRV

6HULDLV 3DUDOHORV

(VSHFLDOL]DGRV *HQHUDOLVWDV 0RGHORV&RPSXWDFLRQDLV 0RGHORVQHXURELROyJLFRV 0HPyULDSURFHVVDPHQWRQXPpULFRFRJQLomR 3URMHomRVHQVRULDO

$QiOLVHVHTHQFLDO 5HFRQKHFLPHQWRGHSDGU}HV %DVHDGRVHPUHJUDVSUHFLVDGHUHJUDV %DVHDGRVHPH[HPSORVHQFRQWUDUHJUDV

(VSHFtILFRVGHGRPtQLRV /LYUHGHGRPtQLRV 3UHFLVDPGHPHOKRULDVIUHTHQWHV 3RGHPPHOKRUDUVHDVLSUySULDV

1mRWROHUDQWHDRVHUURV 7ROHUDQWHDRVHUURV 3UHFLVDPGHXPSHULWRKXPDQR 3UHFLVDPGHXPDEDVHGHGDGRV

/yJLFDUtJLGD /yJLFD³GLIXVD´ 3URWRFRORVEDVHDGRVHPURWLQDV &RPSHWrQFLDVDEHUWDV

)RQWHLQGHWHUPLQDGD

2 SULPHLUR QHXURFRPSXWDGRU6QDUN IRL SURGX]LGR SRU 0LQVN\ HP 2

6QDUNQXQFDH[HFXWRXTXDOTXHUIXQomRGHSURFHVVDPHQWRLQWHUHVVDQWHPDVIRLRSRQWR

GHSDUWLGDSDUDWUDEDOKRVTXHRVXFHGHUDP

(P 5RVHQEODWW H :LJKWPDQ DSUHVHQWDP R PRGHOR 3HUFHSWURQ GH

DSUHQGL]DJHP VXSHUYLVLRQDGD 2 LQWHUHVVH LQLFLDO SDUD D FULDomR GR3HUFHSWURQ HUD R

UHFRQKHFLPHQWR GH SDGU}HV (QWUHWDQWR HP 0LQVN\ H 3DSHUW FKDPDUDP D

DWHQomRSDUDDOJXPDVWDUHIDVTXHR3HUFHSWURQQmRHUDFDSD]GHH[HFXWDUMiTXHHVWH

VyUHVROYHSUREOHPDVOLQHDUPHQWHVHSDUiYHLV6HQGRDVVLP%HUQDUG:LGURZ

GHVHQYROYHXR$GDOLQH$GDSWLYH/LQHDU1HXURQVXSHULRUDR3HUFHSWURQHRTXDODLQGD

SHUPDQHFHHPXVR

(P -RKQ +RSILHOG XWLOL]RX UHGHV VLPpWULFDV SDUD D RWLPL]DomR H HP

5XPHOKDUW +LQWRQ H :LOOLDPV DSUHVHQWDUDP R PpWRGR GHEDFNSURSDJDWLRQ $

SDUWLUGHVWHIDWRDOLDGRDRDYDQoRGDWHFQRORJLDHGDPLFURHOHWU{QLFDDV51$VWRUQDP

VHQRYDPHQWHDVVXQWRGHLQWHUHVVHLQWHQVRQDFRPXQLGDGHLQWHUQDFLRQDO

$DSUHQGL]DJHPpXPGRVHOHPHQWRVGHIXQFLRQDPHQWRGHXPD5HGH1HXUDO

H SRGH VHU FRPSUHHQGLGD FRPR XP FRQMXQWR GH UHJUDV GHILQLGDV SDUD TXH D UHGH

DSUHQGDXPDGHWHUPLQDGDIXQomR(ODSRGHVHUVXEGLYLGLGDHPWLSRVDDSUHQGL]DJHP

VXSHUYLVLRQDGD H D QmR VXSHUYLVLRQDGD 'HQWUR GHVWDV GXDV GLYLV}HV HQFRQWUDPVH

PDLV GRLV FDVRV SDUWLFXODUHV DSUHQGL]DJHP SRU UHIRUoR H SRU FRPSHWLomR &267$

$SUHQGL]DJHPVXSHUYLVLRQDGD

7HP HVWD GHQRPLQDomR SRUTXH VH QmR WLYHU XP ³SURIHVVRU´ RX VHMD XPD

VXSHUYLVmRHPWRGRRVHXSURFHVVRDUHGHQmRFRQVHJXHDSUHQGHUQRYDVHVWUDWpJLDV

SDUD VLWXDo}HV QmR FREHUWDV SHORV H[HPSORV GR WUHLQDPHQWR GH UHGH 5HJUD 'HOWD H

%DFNSURSDJDWLRQ

7UDEDOKDDMXVWDQGRRVSDUkPHWURVGDUHGHGHIRUPDDPLQLPL]DURHUURTXHp

DIXQomRGDGLIHUHQoDHQWUHDVDtGDGHVHMDGDHDIRUQHFLGDSHODUHGH(VWDPLQLPL]DomR

$DSUHQGL]DJHPVXSHUYLVLRQDGDSRGHVHUXWLOL]DGDGHGXDVIRUPDVRQOLQHH

RIIOLQH1RWUHLQDPHQWRRIIOLQHRVGDGRVGRFRQMXQWRQmRPXGDPDVROXomRGDUHGHp

IL[D &DVR QRYRV GDGRV VHMDP DGLFLRQDGRV DR FRQMXQWR GH WUHLQDPHQWR XP QRYR

WUHLQDPHQWRHQYROYHQGRRVGDGRVDQWHULRUHVGHYHVHUUHDOL]DGR1DDSUHQGL]DJHPRQ

OLQHRFRQMXQWRGHGDGRVPXGDFRQWLQXDPHQWH

$ DSUHQGL]DJHP SRU UHIRUoR p XP FDVR SDUWLFXODU GD DSUHQGL]DJHP

VXSHUYLVLRQDGD$GLIHUHQoDHVWiQDPHGLGDGHGHVHPSHQKRXWLOL]DGDHPFDGDXPGRV

VLVWHPDV$DOLPHQWDomRGL]VHDVDtGDHVWiFRUUHWDRXQmRHQmRDUHVSRVWDFRUUHWD

SDUDRSDGUmRGHHQWUDGD

$SUHQGL]DJHPQmRVXSHUYLVLRQDGD

1mRH[LVWHSURIHVVRUHQHPPHQVDJHPGHHUURH[WHUQDDUHGHDSUHQGHSRU

VL Vy $V HQWUDGDV DSUHVHQWDGDV GHYHP VHU SDUHFLGDV SDUD TXH HVWD SRVVD H[WUDLU

FDUDFWHUtVWLFDV HVWDWLVWLFDPHQWH UHOHYDQWHV H FULDU SDUkPHWURV DXWRPDWLFDPHQWH (VWH

WLSRGHDSUHQGL]DJHPVypSRVVtYHOTXDQGRH[LVWHJUDQGHQ~PHURGHGDGRVGHHQWUDGD $DSUHQGL]DJHPSRUFRPSHWLomRpXPFDVRSDUWLFXODUGDDSUHQGL]DJHPQmR

VXSHUYLVLRQDGD'DGRXPSDGUmRGHHQWUDGDRREMHWLYRpID]HUFRPTXHDVXQLGDGHVGH

VDtGD GLVSXWHP HQWUH VL SDUD VHUHP DWLYDGDV $ TXH WLYHU D VDtGD DWLYDGD WHUi VHXV

SHVRV DWXDOL]DGRV QR WUHLQDPHQWR &RP R WHPSR DV XQLGDGHV GH VDtGD PDLV IUDFDV

ILFDUmRLQDWLYDVH[FHWRDLGHDO

5HJUD³'HOWDJHQHUDOL]DGD´

$UHJUD³GHOWDJHQHUDOL]DGD´pDUHJUDGHDSUHQGL]DJHP PDLVXWLOL]DGDSDUD

WUHLQDUDUHGHPXOWLOD\HUSHUFHSWURQDWUDYpVGRXVRGRDOJRUtWLPREDFNSURSDJDWLRQ(VWH

DOJRUtWLPR VH VLWXD QD IDVH GH WUHLQDPHQWR H p UHVSRQViYHO SHODGLPLQXLomR FRQVWDQWH

GR YDORU GHVWH HUUR DWUDYpV GR DMXVWH HP FDGD QRYD DSUHQGL]DJHP $ UHJUD

EDFNSURSDJDWLRQ ID] FRP TXH RV SHVRV GD FDPDGD GH VDtGD VHMDP RV SULPHLURV D

VHUHP DMXVWDGRV H SRVWHULRUPHQWH RV SHVRV GDV UHVWDQWHV FDPDGDV GH WUiV SDUD

IUHQWH

2 DOJRULWPR EDFNSURSDJDWLRQ DSUHVHQWD DOJXPDV GLILFXOGDGHV FRPR R

RYHUIILWLQJ IHQ{PHQR TXH VXUJH GHSRLV GH XP FHUWR WHPSR GH WUHLQDPHQWR TXDQGR D

UHGH PHPRUL]D RV SDGU}HV DSUHVHQWDGRV H R SURFHVVR GH FODVVLILFDomR SLRUD

VHQVLYHOPHQWH 3DUD HYLWDU HVWHV WLSRV GH SUREOHPDV p UHFRPHQGDGR D FRORFDomR QD

UHGHGHXPQ~PHURGHQHXU{QLRVLQWHUPHGLiULRVVXILFLHQWHVSDUDDVROXomRGRSUREOHPD

GHUHFRQKHFLPHQWRGHSDGU}HVWHQGRWDPEpPDWHQomRSDUDQmRXWLOL]DUQHXU{QLRVHP

Q~PHUR UHGX]LGR R TXH SRGH OHYDU D UHGH D GHVSHQGHU WHPSR HP H[FHVVR SDUD

HQFRQWUDUXPDUHSUHVHQWDomRyWLPD

8WLOL]DomRGDV51$V

&RPRH[S}H%URQGLQR 6LOYDRGHVHPSHQKRGDV5HGHV1HXUDLVWHP

9iULDV VmR DV FDUDFWHUtVWLFDV TXH GHYHP SRVVXLU RV SUREOHPDV SDUD TXH DV 51$V

SURSRUFLRQHP ERQV UHVXOWDGRV 'H DFRUGR FRP %ULR 0ROLQD DSXG 3,=$552

QmRID]VHQWLGRXWLOL]DUHODERUDGRVPpWRGRVVHpSHUIHLWDPHQWHSRVVtYHOUHVROYr

ORVFRPXP PRGHORHVWDWtVWLFRVLPSOHVRXXPVLPSOHVSURJUDPDGHFRPSXWDGRU8PD

FRQGLomR LQGLVSHQViYHO SDUD SRGHU DSOLFDU D WpFQLFD GDV 5HGHV 1HXUDLV p GLVSRU GH

YiULRVH[HPSORVRXFDVRVKLVWyULFRVHQmRGLVSRUGHXPFRQMXQWRGHUHJUDVVLVWHPiWLFDV

TXH GHVFUHYDP FRPSOHWDPHQWH R SUREOHPD 2V GDGRV GHVWH SUREOHPD GHYHP VHU

LPSUHFLVRVLQFOXtUHPUXtGRVSRUH[HPSORQRFDVRGHXPUHFRQKHFHGRUGHFDUDFWHUHV

DV GLIHUHQWHV LPDJHQV FRUUHVSRQGHQWHV D XPD PHVPD OHWUD SRGHP DSDUHFHU FRP D

SRVLomR DOWHUDGD DPSOLDGD GLVWRUFLGD HWF RX VHUHP GH HOHYDGD GLPHQVmR SRU

H[HPSORDPDWUL]GHSRQWRVTXHIRUPDPXPDLPDJHPSRGHVHUXPQ~PHURGHPDVLDGR

JUDQGH SDUD TXH XP VLVWHPD FRQYHQFLRQDO RSHUH HP VpULH H IDoD XPD DQiOLVH GD

LPDJHP HP WHPSR UHDO 8P IDWRU LQWHUHVVDQWH p TXH VH DV FRQGLo}HV GH WUDEDOKR

YDULDP SRGHVH ID]HU XVR GD FDSDFLGDGH GDV 51$V SDUD DGDSWDUVH D HVVDV

PXGDQoDVYROWDQGRDWUHLQDURVLVWHPDFRPQRYRVH[HPSORV

'DPHVPDIRUPDH[LVWHPVLWXDo}HVHPTXHDVFDUDFWHUtVWLFDVGRSUREOHPD

WRUQDP GHVDFRQVHOKiYHLV D XWLOL]DomR GH 51$V FRPR TXDQGR QmR VH GLVS}H GH XP

Q~PHURDGHTXDGRGHFDVRVH[HPSORVSDUDWUHLQDUD5HGH1HXUDO7DPEpPTXDQGR

DV WDUHIDV VmR SRWHQFLDOPHQWH SHULJRVDV SRLV QmR p SRVVtYHO SUHYHU FRP WRWDO

ILDELOLGDGHRUHVXOWDGRTXHD5HGH1HXUDOSRGHIRUQHFHUHPWRGRVRVFDVRVSRVVtYHLV