Volumen VIII N m ro 1 ú e D c embre 201

(1)

ISSN:1791-7417Print ISSN:1791-7743On line

Edición Espa olañ R ICR

AÑO DE F NDACIÓN 20U 09

D

c

embre 201

Volume

N

m

ro 1

e

i

7

n VIII

ú

e

Investigaci

n en Ciencia Regional

ó

Investigaci n

ó

en Ciencia

Regional

Volumen VIII

N m ro 1

ú e

D c embre 201

e i

7

Asociación Hélenica de Ciencia Regional LA REVISTA DE LA

Investigaci n

ó

en Ciencia

Regional

(2)

(3)

:HEVLWHKWWSZZZUVLMRXUQDOHX(PDLOLQIR#UVLMRXUQDOHXSXEOLVKHU#UVLMRXUQDOHX $GGUHVVE1DYDULQRX6WUHHW&KDODQGUL$WKHQV*UHHFH7HO)D[ &RS\ULJKW&$/$',$6+(//(1,&$662&,$7,212)5(*,21$/6&,(17,676 7KH56,LVLQFOXGHGLQWKHIROORZLQJ5HIHUHQFH/LVWVRI(FRQ/LW6FRSXV56$,(FRQ3DSHUV5H3HF,'($6

7KH,&5=5:.ȆǼDQG***5DUHDOVRLQFOXGHGLQWKH5HIHUHQFH/LVWVRI(FRQ3DSHUV5H3HF,'($6

(OHFWURQLFDQGKDUGFRS\HGLWLRQVDUHRIIHUHGIUHHRIFKDUJH

(4)

56,±ȀȆǼ,&5±=5:±***5 (GLWRULDO%RDUG :HEVLWHKWWSZZZUVLMRXUQDOHX(PDLOLQIR#UVLMRXUQDOHXSXEOLVKHU#UVLMRXUQDOHX$GGUHVVE1DYDULQRX6WUHHW&KDODQGUL$WKHQV*UHHFH 7HO)D[&RS\ULJKW&$/$',$6+(//(1,&$662&,$7,212)5(*,21$/6&,(17,676 7KH56,LVLQFOXGHGLQWKHIROORZLQJ5HIHUHQFH/LVWVRI(FRQ/LW6FRSXV56$,(FRQ3DSHUV5H3HF,'($6 7KH,&5=5:.ȆǼDQG***5DUHDOVRLQFOXGHGLQWKH5HIHUHQFH/LVWVRI(FRQ3DSHUV5H3HF,'($6 (OHFWURQLFDQGKDUGFRS\HGLWLRQVDUHRIIHUHGIUHHRIFKDUJH 7KH%RDUGRIWKH +(//(1,&$662&,$7,212)5(*,21$/ 6&,(17,676+$56

(5)

(6)

(7)

,QYHVWLJDFLyQHQ&LHQFLD5HJLRQDO9RO9,,,

&RQWHQLGRV

3iJLQD

(GLWRULDO

$UWtFXORV

(035((1'('25,602,129$d25,6&2(35Ï$&7,9,'$'(126

6(&725(6'$,1'Ò675,$(&216758d2'$5(*,2'29$/('2 6286$1HOVRQ'8$57()UDQFLVFR',1,=

3$125$0$'(/(035(1',0,(172'((035(6$6'(%,2',(6(/

(1 0(;,&2 3(563(&7,9$ %$6$'$ (1 /$6 ,167,78&,21(6-XDQ -26((63$5=$/23(=-RVp*9$5*$6+(51$1'(=

(/ 02'(/2 '( 1(*2&,26 :$67(72(1(5*< (1 0e;,&2 81

(678',2 '( 75(6 (035(6$6 (1 (/ 3$Ë6 -HV~V ,9È1 *21=È/(= 217,9(526-RVp*9$5*$6+(51È1'(=

&5(&,0,(172 (1 3<0(6 (1 %$6( $ 686 5(&85626 &$62

*$67,&20 &DUORV $/%(572 6$1&+(= 0$57,1(= -RVp * 9$5*$6 +(51È1'(=

&203257$0(1726 '26 $/8126 '( 80$ ,167,78,d2 '(

(16,12 683(5,25 '$ 5(*,2 '( %5$*$1d$ 32578*$/ 5(/$7,9$0(17( $2 &5e',72 678'(176¶ %(+$9,256 )520 $ 32578*8(6( +,*+(5 ('8&$7,21 ,167,787,21 ,1 5(/$7,21 72 &5(',70DULD ,6$%(/ %$55(,52 5,%(,52 $QWyQLR -26e *21d$/9(6 )(51$1'(6)UDQFLVFR-26e/23(6'(6286$',1,=

35()(5(1&,$6 '2 &21680,'25 '( 0(/ 1$ 5(*,2 '(

%5$*$1d$ 32578*$/ 0DULD ,6$%(/ %$55(,52 5,%(,52 $QWyQLR -26e*21d$/9(6)(51$1'(6)UDQFLVFR-26e/23(6'(6286$',1,=

,QVWUXFFLRQHVDORVDXWRUHV

(8)

5LEHLUR0,%)HUQDQGHV$-*'LQL])-/6,QYHVWLJDFLyQHQ&LHQFLD5HJLRQDO9RO9,,,SS

&203257$0(1726'26$/8126'(80$,167,78,d2'((16,12 683(5,25'$5(*,2'(%5$*$1d$32578*$/

5(/$7,9$0(17($2&5e',72

678'(176¶%(+$9,256)520$32578*8(6(+,*+(5('8&$7,21 ,167,787,21,15(/$7,2172&5(',7

0DULD,6$%(/%$55(,525,%(,52

'RXWRUDGDHP(FRQRPLDSHOD8QLYHUVLGDGHGH7UiVRV0RQWHVH$OWR'RXUR9LOD5HDO3RUWXJDO 3URIHVVRUD$GMXQWDGD(VFROD6XSHULRU$JUiULD,QVWLWXWR3ROLWpFQLFRGH%UDJDQoD 3RUWXJDO&RRUGHQDGRUDGR'HSDUWDPHQWRGH&LrQFLDV6RFLDLVH([DWDV(VFROD6XSHULRU$JUiULD

,QVWLWXWR3ROLWpFQLFRGH%UDJDQoD3RUWXJDO&DPSXVGHVDQWD$SROyQLD

%UDJDQoD,QYHVWLJDGRUDLQWHJUDGDGR&HQWURGH(VWXGRV7UDQVGLVFLSOLQDUHVSDUDR'HVHQYROYLPHQWR 8QLYHUVLGDGHGH7UiVRV0RQWHVH$OWR'RXUR9LOD5HDO3RUWXJDO(GLItFLR(&+6±3yOR,,4XLQWDGH

3UDGRV9LOD5HDO [LORWH#LSESW

$QWyQLR-26e*21d$/9(6)(51$1'(6

'RXWRUDGRHP*HVWmRSHOD8QLYHUVLGDGHGH7UiVRV0RQWHVH$OWR'RXUR9LOD5HDO3RUWXJDO 3URIHVVRU$GMXQWRGD(VFROD6XSHULRU$JUiULD,QVWLWXWR3ROLWpFQLFRGH%UDJDQoD3RUWXJDO9LFH FRRUGHQDGRUGR'HSDUWDPHQWRGH&LrQFLDV6RFLDLVH([DWDV(VFROD6XSHULRU$JUiULD,QVWLWXWR 3ROLWpFQLFRGH%UDJDQoD3RUWXJDO&DPSXVGHVDQWD$SROyQLD%UDJDQoD,QYHVWLJDGRU LQWHJUDGRGR&HQWURGH(VWXGRV7UDQVGLVFLSOLQDUHVSDUDR'HVHQYROYLPHQWR8QLYHUVLGDGHGH7UiVRV 0RQWHVH$OWR'RXUR9LOD5HDO3RUWXJDO(GLItFLR(&+6±3yOR,,4XLQWDGH3UDGRV9LOD

5HDO WR]H#LSESW

)UDQFLVFR-26e/23(6'(6286$',1,=

'RXWRUDGRHP(FRQRPLDSHOD8QLYHUVLGDGHGH7UiVRV0RQWHVH$OWR'RXUR9LOD5HDO3RUWXJDO &HQWURGH(VWXGRV7UDQVGLVFLSOLQDUHVSDUDR'HVHQYROYLPHQWR8QLYHUVLGDGHGH7UiVRV0RQWHVH$OWR

'RXUR9LOD5HDO3RUWXJDO(GLItFLR(&+6±3yOR,,4XLQWDGH3UDGRV9LOD5HDO IGLQL]#XWDGSW

$EVWUDFW

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

(9)

.H\ZRUGV)LQDQFLDOEHKDYLRU6WXGHQWV+LJKHUHGXFDWLRQ%UDJDQoD3RUWXJDO

-(/FODVVLILFDWLRQ

5HVXPR

(VWH WUDEDOKR SUHWHQGH FRPSUHHQGHU R FRPSRUWDPHQWR ILQDQFHLUR GRV DOXQRV GH XPD LQVWLWXLomRGHHQVLQRVXSHULRUSRUWXJXHVD3DUDHVWHILPIRLUHDOL]DGRXPHVWXGRTXDQWLWDWLYR REVHUYDFLRQDO WUDQVYHUVDO H DQDOtWLFR $ UHFROKD GH GDGRV TXH GHFRUUHX GH RXWXEUR D QRYHPEURGHEDVHRXVHQXPTXHVWLRQiULRTXHIRLDGPLQLVWUDGRGLUHWDPHQWHDRVDOXQRV GHXPDLQVWLWXLomRS~EOLFDGHHQVLQRVXSHULRUGRQRUGHVWHWUDQVPRQWDQR)RLUHFROKLGDXPD DPRVWUDDFLGHQWDOGHLQGLYtGXRVFRPLGDGHVFRPSUHHQGLGDVHQWUHRVHRVDQRV$ PDLRULDHUDGRJpQHURIHPLQLQRWLQKDQDFLRQDOLGDGHSRUWXJXHVDIUHTXHQWDYDRDQRGHXPD OLFHQFLDWXUDQD(VFROD6XSHULRUGH(GXFDomRYLYLDHPDJUHJDGRVIDPLOLDUHVGHRXSHVVRDV FRPXPUHQGLPHQWRPHQVDODWpHXURV2VSURJHQLWRUHVWLQKDPKDELOLWDo}HVOLWHUiULDVDR QtYHO GR FLFOR GR HQVLQR EiVLFR RX GR HQVLQR VHFXQGiULR 3DUD HIHWXDU R WUDWDPHQWR HVWDWtVWLFR GRV GDGRV UHFRUUHXVH DR VRIWZDUH 6366 9HULILFRXVH TXH R SHUILO GR HVWXGDQWHTXHWLQKDFRQWUDtGRHPSUpVWLPRVEDQFiULRVHUDHVWDWLVWLFDPHQWHGLIHUHQWHGDTXHOH TXH QmR RV WLQKD FRQWUDtGR $V GLIHUHQoDV LGHQWLILFDGDV GL]LDP UHVSHLWR jV KDELOLWDo}HV OLWHUiULDVGRVSURJHQLWRUHVFRQFUHWDPHQWHGRSDLHjLGDGHGRHVWXGDQWH7UDWDVHGHDOXQRV FXMRSDLWLQKDHVFRODULGDGHLQIHULRUDRFLFORHGRVDOXQRVTXHWLQKDPPDLVLGDGH

2V UHVXOWDGRV UHODWLYRV j VRFLDOL]DomR SDUHQWDO HQVLQDPHQWRV SDUHQWDLV H RWLPLVPR ILQDQFHLUR UHJLVWDUDP YDORUHV OLJHLUDPHQWH DFLPD GR PRGHUDGR -i QR TXH GL] UHVSHLWR DR UHQGLPHQWRVXEMHWLYRGRDOXQRHGDIDPtOLDRVHVWXGDQWHVFRQVLGHUDPHVWDUDEDL[RGRVYDORUHV TXH VHULDP QHFHVViULRV SDUD FREULU WRGDV DV REULJDo}HV H VDWLVID]HU WRGDV DV QHFHVVLGDGHV 4XDQWR j LQWHQomR GR HVWXGDQWH YLU D FRQWUDLU HPSUpVWLPRV QR IXWXUR IRL UHJLVWDGD XPD SUREDELOLGDGHHOHYDGDGHRYLUDID]HUSDUDID]HUIDFHDGHVSHVDVFRPEHQVGHQHFHVVLGDGH HGXFDomR H VD~GH 3RU ILP QR TXH GL] UHVSHLWR jV DWLWXGHV GR HVWXGDQWH IDFH DR HQGLYLGDPHQWRSRGHGL]HUVHTXHpXPDDWLWXGHFRQVHUYDGRUDSRLVDSHVDUGHFRQVLGHUDUHPR UHFXUVR DR FUpGLWR FRPR XP DWR QRUPDO QD VRFLHGDGH DWXDO FRQVLGHUDUDP WDPEpP TXH R UHFXUVRDRFUpGLWRGHYHVHUYLUHVVHQFLDOPHQWHSDUDID]HUIDFHDGHVSHVDVUHODFLRQDGDVFRPD VDWLVIDomRGHQHFHVVLGDGHVEiVLFDV

3DODYUDVFKDYH &RPSRUWDPHQWR ILQDQFHLUR $OXQRV (QVLQR VXSHULRU %UDJDQoD

3RUWXJDO

,1752'8d2

(10)

SDUHQWDLV RWLPLVPR ILQDQFHLUR UHQGLPHQWR VXEMHWLYR GR DOXQR UHQGLPHQWR VXEMHWLYR GD IDPtOLD DWLWXGHV IDFH DR HQGLYLGDPHQWR FRP RV UHVXOWDGRV OLWHUDFLD ILQDQFHLUD VXEMHWLYD GR DOXQR LQWHQomR GH FRQWUDLU HPSUpVWLPRV SDUD DGTXLULU SURGXWRV EHQV RX VHUYLoRV PDLV VXSpUIOXRV H LQWHQomR GH FRQWUDLU HPSUpVWLPRV SDUD DGTXLULU EHQV RX VHUYLoRV HVVHQFLDLV REWLGRVSRU2OLYHLUD3DUDDDQiOLVHGHFRQILDELOLGDGHGRTXHVWLRQiULRHDFRQVLVWrQFLD LQWHUQDGDVUHVSRVWDVIRLFDOFXODGRRWHVWHGR$OID&URQEDFK

(VWH WUDEDOKR p FRQVWLWXtGR SRU FLQFR VHFo}HV QRPHDGDPHQWH LQWURGXomR UHYLVmR GD OLWHUDWXUDPHWRGRORJLDUHVXOWDGRVHILQDOPHQWHDFRQFOXVmR1DLQWURGXomRDSUHVHQWDPVHRV REMHWLYRV MXVWLILFDVH R HVWXGR H HVWUXWXUDVH R WUDEDOKR 1D VHJXQGD VHFomR UHDOL]DVH D UHYLVmRGDOLWHUDWXUDGHIRUPDDHQTXDGUDUWHRULFDPHQWHRWHPDHPHVWXGR$WHUFHLUDVHFomR GHVFUHYH D PHWRGRORJLD XWLOL]DGD SDUD UHDOL]DU D LQYHVWLJDomR RX VHMD RV SDUWLFLSDQWHV RV PDWHULDLVHRVSURFHGLPHQWRV1DTXDUWDVHFomRDSUHVHQWDPVHHGLVFXWHPVHRVUHVXOWDGRVGD DQiOLVHHVWDWtVWLFD1DTXLQWDH~OWLPDVHFomRWHFHPVHDVFRQVLGHUDo}HVILQDLVUHIHUHPVHDV OLPLWDo}HV GR HVWXGR EHP FRPR DV LQYHVWLJDo}HV IXWXUDV TXH YHQKDP D SHUPLWLU FROPDWDU HVVDVOLPLWDo}HV

5(9,62'$/,7(5$785$

$V DWLWXGHV UHODWLYDPHQWH DR GLQKHLUR GRV MRYHQV RQGH VH LQFOXHP RV HVWXGDQWHV GR HQVLQR VXSHULRU p XP GRV WHPDV GH SHVTXLVD PDLV HVWXGDGR TXH ID] SDUWH GD WHPiWLFD VRFLDOL]DomRGRFRQVXPLGRU.}LYHWHPVLGRXPDFDXVDFRPXPGHSUHRFXSDomRHQWUH HFRQRPLVWDV SVLFyORJRV H VRFLyORJRV Ki PDLV GH WUrV GpFDGDV )DODKDWL 3DLP 2 GLQKHLUR p XP DVSHWR PXLWR LPSRUWDQWH TXH ID] SDUWH GD YLGD GLiULD GDV SHVVRDV 6HJXQGR &DUYDOKRFRPDHPHUJrQFLDGHXPDFXOWXUDJOREDOGHFRQVXPRRGLQKHLURSDVVRXD DVVXPLU XP SDSHO FDGD YH] PDLV LPSRUWDQWH QD YLGD GDV SHVVRDV $V DWLWXGHV UHODWLYDV DR GLQKHLUR VmR DSUHQGLGDV DWUDYpV GR SURFHVVR GH VRFLDOL]DomR HVWDEHOHFLGR QD LQIkQFLD H PDQWLGRDRORQJRGDYLGDDGXOWD7DQJ7DQJ /XQD$URFDV6HJXQGR6KLP;LDR %DUEHUH/\RQVDVDWLWXGHVHRVFRPSRUWDPHQWRVHPUHODomRDRGLQKHLURGHWHUPLQDPD JHVWmR H R EHPHVWDU ILQDQFHLUR GH XP LQGLYtGXR 1HVWH FRQWH[WR D HGXFDomR ILQDQFHLUD GHVHPSHQKD XP SDSHO EDVLODU QD IRUPDomR GH MRYHQV GHYHQGR VHU HQFDUDGD FRPR XP LQYHVWLPHQWR FRP UHVXOWDGRV D ORQJR SUD]R (IHWLYDPHQWH D QtYHLV PDLV HOHYDGRV GH FRQKHFLPHQWR ILQDQFHLUR HVWmR DVVRFLDGRV FRPSRUWDPHQWRV ILQDQFHLURV PDLV GHVHMiYHLV FRQWULEXLQGR SDUD XP PDLRU EHPHVWDU ILQDQFHLUR QRPHDGDPHQWH PHQRU QtYHO GH HQGLYLGDPHQWR 2OLYHLUD 9iULRV HVWXGRV VREUH DV DWLWXGHV H FRPSRUWDPHQWRV HP UHODomR DR GLQKHLUR HQWUH HVWXGDQWHV GR HQVLQR VXSHULRU LQGLFDP TXH KRPHQV H PXOKHUHV HQWHQGHP R GLQKHLUR GH IRUPD GLIHUHQWH XPD YH] TXH KRPHQV H PXOKHUHV WrP GLIHUHQWHV FRQYLFo}HVVREUHRGLQKHLUR'RZOLQJHWDO6KLPHWDO$VGLIHUHQoDVSRGHP HVWDUUHODFLRQDGDVFRPDVHVWUDWpJLDVXWLOL]DGDVSHODVIDPtOLDVQDHGXFDomRHVRFLDOL]DomRGRV VHXV GHVFHQGHQWHV TXH VmR GLIHUHQWHV FRQVRDQWH R JpQHUR MXVWLILFDQGR GLIHUHQWHV QtYHLV GH FRQKHFLPHQWR ILQDQFHLUR HQWUH KRPHQV H PXOKHUHV TXH VH YDL UHIOHWLU QR FRPSRUWDPHQWR H EHPHVWDUILQDQFHLUR)DODKDWL 3DLP2GLQKHLURpQDRSLQLmRGH3LPHQWHO0LOIRQW *RXYHLD0HQGHVH9LRQHXPDIRQWHGHLQIOXrQFLDSUHSRQGHUDQWHQRFRPSRUWDPHQWR FRPLPSDFWRQDYLGDGRVLQGLYtGXRVGHVLJQDGDPHQWHQRVVHXVKiELWRVGHSRXSDQoDJDVWRV GHVHPSHQKR SURILVVLRQDO H DFDGpPLFR HQWUH RXWURV 3KDX :RR 'HVWD IRUPD FRQKHFHUDVDWLWXGHVHRVFRPSRUWDPHQWRVGRFRQVXPLGRUpIXQGDPHQWDOSDUDTXHDVHPSUHVDV SRVVDPGHVHQYROYHUHVWUDWpJLDVHILFD]HVHGHVVHPRGRLQIOXHQFLDURSURFHVVRGHGHFLVmRGR FRQVXPLGRU XPD YH] TXH DV DWLWXGHV H RV FRPSRUWDPHQWRV HP UHODomR DR GLQKHLUR SRGHP H[SOLFDUKiELWRVGHFRQVXPRXVRHDEXVRGRGLQKHLURSHUPLWLQGRFRQKHFHURVLJQLILFDGRTXH RVLQGLYtGXRVDWULEXHPDRGLQKHLUR0RUHLUD

0(72'2/2*,$

(11)

XPD LQVWLWXLomR GH HQVLQR VXSHULRU SRUWXJXHVD GH DFRUGR FRP RV PHVPRV LQYHVWLJDGRUHV SRGHVHUFODVVLILFDGRFRPRREVHUYDFLRQDO3RURXWURODGRRHVWXGRSRGHVHUFODVVLILFDGRFRPR TXDQWLWDWLYRSRUTXHSHUPLWHDUHSUHVHQWDomRGRFRQKHFLPHQWRDGTXLULGRQDIRUPDGHJUiILFRV GLDJUDPDVHFiOFXORV)LQDOPHQWHRHVWXGRpDQDOtWLFRSRLVSDUDDOpPGHHQYROYHURFiOFXOR GDVHVWDWtVWLFDVGHVFULWLYDVSHUPLWHHVWXGDUUHODo}HVHQWUHYDULiYHLV

3DUDDUHFROKDGRVGDGRVIRLXWLOL]DGRXPTXHVWLRQiULRDGDSWDGRGH2OLYHLUDTXH IRLDGPLQLVWUDGRGLUHWDPHQWHHPFRQWH[WRGHVDODGHDXODDDOXQRVGHXPDLQVWLWXLomR GH HQVLQR VXSHULRU SRUWXJXHVD )RUDP LQYDOLGDGRV TXHVWLRQiULRV SRU HVWDUHP LQGHYLGDPHQWHSUHHQFKLGRVRXLQFRPSOHWRV2TXHVWLRQiULRHUDFRQVWLWXtGRSRUGXDVSDUWHV$ SULPHLUDSDUWHWLQKDTXHVW}HVDFHUFDGRJpQHURLGDGHQDFLRQDOLGDGHQtYHOGHHQVLQRHVFROD DQRIUHTXHQWDGRUHQGLPHQWRPHQVDOGRDJUHJDGRIDPLOLDUQ~PHURGHHOHPHQWRVGRDJUHJDGR IDPLOLDUHKDELOLWDo}HVOLWHUiULDVGRVSURJHQLWRUHV$VHJXQGDSDUWHLQFOXtDSHUJXQWDVVREUHRV FRPSRUWDPHQWRVILQDQFHLURVQRPHDGDPHQWHVLWXDomRILQDQFHLUDGRVSDLVHGRDOXQRQRTXH GL]UHVSHLWRDRFUpGLWRUHFXUVRDFDUW}HVGHFUpGLWRHRXHPSUpVWLPRVEDQFiULRV)RLOLVWDGD XPDVpULHGHDILUPDo}HVDOXVLYDVDFRPSRUWDPHQWRVIDFHDRXVRGHFDUW}HVGHFUpGLWRH DILUPDo}HVGHVFULWRUDVGRFRPSRUWDPHQWRILQDQFHLURGRVSDLVHGRDOXQRVROLFLWDQGRRJUDX GH FRQFRUGkQFLD GRV UHVSRQGHQWHV QXPD HVFDOD GH GLVFRUGR WRWDOPHQWH D FRQFRUGR WRWDOPHQWH )RL WDPEpP FRQVLGHUDGD D LQWHQomRSUREDELOLGDGH GRV DOXQRV FRQWUDtUHP HPSUpVWLPRVQRIXWXURDILUPDo}HVQXPDHVFDODGHPXLWREDL[DDPXLWRDOWDSDUD DTXLVLomR GH EHQVVHUYLoRV PDLV VXSpUIOXRV GHVLJQDGDPHQWH KDELWDomR PRELOLiULR HOHWURGRPpVWLFRVDSDUHOKRVHOHWUyQLFRVHIpULDVRXSDUDDTXLVLomRGHEHQVVHUYLoRVHVVHQFLDLV QRPHDGDPHQWHEHQVVHUYLoRVGHQHFHVVLGDGHVD~GHHHGXFDomR4XDGUR

4XDGUR±$ILUPDo}HVGHVFULWRUDVGRFRPSRUWDPHQWRILQDQFHLURGRVSDLVHGRDOXQR

'LPHQVmR ,WHP

2VPHXVSDLVPRQLWRUL]DPDVGHVSHVDVPHQVDLVTXHID]HP 2VPHXVSDLVJDVWDPGHQWURGDVVXDVSRVVHV

2VPHXVSDLVSRXSDPGLQKHLURWRGRVRVPHVHVDSHQVDUQRIXWXUR 6RFLDOL]DomR

SDUHQWDO

2VPHXVSDLVID]HPLQYHVWLPHQWRVILQDQFHLURVFRPREMHWLYRVGHORQJR SUD]R

1RSDVVDGRRVPHXVSDLVIRUDPIDODQGRFRPLJRVREUHDLPSRUWkQFLD GHSRXSDU

'XUDQWHDPLQKDLQIkQFLDHDGROHVFrQFLDRVPHXVSDLVIRUDP FRQYHUVDQGRFRPLJRVREUHRVDVVXQWRVILQDQFHLURVGDIDPtOLD (QVLQDPHQWR

SDUHQWDO

¬PHGLGDTXHIXLFUHVFHQGRRVPHXVSDLVGHUDPPHFRQVHOKRVVREUH FRPRJDVWDURPHXGLQKHLURGHIRUPDVHQVDWD

6RXRWLPLVWDHPUHODomRjPLQKDVLWXDomRILQDQFHLUDIXWXUD $PLQKDVLWXDomRILQDQFHLUDIXWXUDSHUPLWLUPHiVDWLVID]HUWRGRVRV

PHXVGHVHMRV 2WLPLVPRILQDQFHLUR

1RIXWXURWHUHLXPDERDVLWXDomRILQDQFHLUD

2GLQKHLURTXHWHQKRUHFHERQmRFKHJDSDUDVDWLVID]HUDVPLQKDV QHFHVVLGDGHV

0HVPRTXDQGRRGLQKHLURTXHWHQKRUHFHERDXPHQWDQXQFDSDUHFH FKHJDUSDUDDVPLQKDVQHFHVVLGDGHV

5HQGLPHQWR VXEMHWLYRGRDOXQR

7HQKRSRXFRGLQKHLURSDUDJDVWDUHPFRLVDVQmRHVVHQFLDLV 2UHQGLPHQWRGDPLQKDIDPtOLDQmRFKHJDSDUDVDWLVID]HUDVQRVVDV

QHFHVVLGDGHV

0HVPRTXDQGRRUHQGLPHQWRGDPLQKDIDPtOLDDXPHQWDQXQFDSDUHFH FKHJDUSDUDDVQRVVDVQHFHVVLGDGHV

5HQGLPHQWR VXEMHWLYRGDIDPtOLD

$PLQKDIDPtOLDWHPSRXFRGLQKHLURSDUDJDVWDUHPFRLVDVQmR HVVHQFLDLV

1mRKiTXDOTXHUGHVFXOSDSDUDSHGLUGLQKHLURHPSUHVWDGR 'HYHVHSULPHLURSRXSDUDQWHVGHFRPSUDUDOJR

2VHVWXGDQWHVGHYLDPVHUGHVHQFRUDMDGRVGHXVDUFDUWmRGHFUpGLWR $VVLPTXHFRQWUDtPRVGtYLGDVpPXLWRGLItFLOOLYUDUPRQRVGHODV $WLWXGHVIDFHDR

HQGLYLGDPHQWR

(12)

QRLWH

'HYLDPVHIDFLOLWDURVHPSUpVWLPRVDHVWXGDQWHV

eFRUUHWRSHGLUGLQKHLURHPSUHVWDGRSDUDFRPSUDUSURGXWRVHVVHQFLDLV &RQWUDLUHPSUpVWLPRVID]SDUWHGRHVWLORGHYLGDDWXDO

eFRUUHWRFRQWUDLUXPHPSUpVWLPRVHVRXEHUPRVTXHSRGHPRVSDJiOR 'HYHUGLQKHLURpEDVLFDPHQWHHUUDGR

eERPWHUDOJRDJRUDHSRGHUSDJDUPDLVWDUGH

eERPSHGLUGLQKHLURHPSUHVWDGRSRUTXHSHUPLWHGHVIUXWDUGDYLGD (XWHQKRPDLVFRQKHFLPHQWRVVREUHDVVXQWRVILQDQFHLURVGRTXHRV

PHXVDPLJRV

(XWHQKRERQVFRQKHFLPHQWRVVREUHSUiWLFDVHFRQFHLWRVUHODFLRQDGRV FRPILQDQoDVSHVVRDLV

/LWHUDFLDILQDQFHLUD VXEMHWLYDGRDOXQR

(PJHUDOHXWHQKRERQVFRQKHFLPHQWRVVREUHJHVWmRGRGLQKHLUR +DELWDomR

0RELOLiULR $XWRPyYHORXWUDYLDWXUD (OHWURGRPpVWLFRV$SDUHOKRVHOHWUyQLFRV ,QWHQomRGHFRQWUDLU

HPSUpVWLPRVSDUD DGTXLULUSURGXWRV EHQVRXVHUYLoRV

PDLVVXSpUIOXRV

)pULDV

%HQVGHQHFHVVLGDGH 6D~GH

,QWHQomRGHFRQWUDLU HPSUpVWLPRVSDUD

DGTXLULUEHQVRX

VHUYLoRVHVVHQFLDLV (GXFDomR

,WHQVLQYHUWLGRV

$VDILUPDo}HVIRUDPSRVWHULRUPHQWHGLVWULEXtGDVSRUGH]GLPHQV}HVQRPHDGDPHQWH D VRFLDOL]DomR SDUHQWDO RV HQVLQDPHQWRV SDUHQWDLV R RWLPLVPR ILQDQFHLUR R UHQGLPHQWR VXEMHWLYRGRDOXQRRUHQGLPHQWRVXEMHWLYRGDIDPtOLDDVDWLWXGHVID]HDRHQGLYLGDPHQWRD OLWHUDFLDVXEMHWLYDGRDOXQRHDLQWHQomRGHFRQWUDLUHPSUpVWLPRVQRIXWXURSDUDDTXLVLomRGH EHQVHVHUYLoRVHVVHQFLDLVHRXEHQVRXVHUYLoRVPDLVVXSpUIOXRV4XDGUR

$QWHVGDDSOLFDomRGRTXHVWLRQiULRIRLVROLFLWDGDDXWRUL]DomRDRVGLUHWRUHVGDVXQLGDGHV RUJkQLFDVGDLQVWLWXLomRGHHQVLQRVXSHULRU2TXHVWLRQiULRGHPRUDYDFHUFDGHGH]PLQXWRVD VHU SUHHQFKLGR 3DUD DOpP GLVVR QmR UHTXHULD D LGHQWLILFDomR SHVVRDO GR DOXQR GH IRUPD D JDUDQWLURDQRQLPDWRGRLQTXLULGR$UHFROKDGHGDGRVGHFRUUHXGHRXWXEURDQRYHPEURGH

)RL UHFROKLGD XPD DPRVWUD QmR SUREDELOtVWLFD DFLGHQWDO FRQVWLWXtGD SRU HVWXGDQWHV TXH HVWDYDP SUHVHQWHV QDVDOD GH DXOD QRV PHVHVHP TXH VH SURFHGHXj UHFROKD GRV GDGRV 3RVWHULRUPHQWHRVGDGRVIRUDPHGLWDGRVHWUDWDGRVUHFRUUHQGRDRVRIWZDUH63666WDWLVWLFDO SDFNDJHIRU6RFLDO6FLHQFHV1XPDSULPHLUDIDVHUHDOL]RXVHXPHVWXGRGHVFULWLYRTXH HQYROYHX R FiOFXOR GH HVWDWtVWLFDV GHVFULWLYDV GHVLJQDGDPHQWH R FiOFXOR GH IUHTXrQFLDV DEVROXWDVQHUHODWLYDVSDUDDVYDULiYHLVGHQDWXUH]DTXDOLWDWLYDHPHGLGDVGHWHQGrQFLD FHQWUDO H GH GLVSHUVmR SDUD DV YDULiYHLV GH QDWXUH]D TXDQWLWDWLYD 0DURFR 3HVWDQD *DJHLUR1XPDVHJXQGDIDVHIRLUHDOL]DGRRHVWXGRDQDOtWLFRGHQDWXUH]DFRPSDUDWLYD GH IRUPD D YHULILFDU VH DV SURSRUo}HV GDV FDWHJRULDV GDV FDUDFWHUtVWLFDV HVWXGDGDV QRPHDGDPHQWHJpQHURQDFLRQDOLGDGHQtYHOGHHQVLQRHVFRODHDQRIUHTXHQWDGRUHQGLPHQWR PHQVDO GR DJUHJDGR IDPLOLDU Q~PHUR GH HOHPHQWRV GR DJUHJDGR IDPLOLDU H KDELOLWDo}HV OLWHUiULDV GRV SURJHQLWRUHV GLIHULDP HVWDWLVWLFDPHQWH WHQGR HP FRQVLGHUDomR R IDFWR GH R DOXQRWHUFRQWUDtGRHPSUpVWLPRVRXQmR3DUDLVVRXWLOL]RXVHRWHVWHGR4XLTXDGUDGRVHPSUH TXDDUHJUDSUiWLFDGRWHVWHVHYHULILFRXSRLVHVWDVYDULiYHLVHUDPGHQDWXUH]DTXDOLWDWLYD1D UHDOLGDGHVHJXQGR0DURFRRWHVWHGR4XLTXDGUDGRVySRGHVHUDSOLFDGRFRPULJRU TXDQGR VH YHULILFDP DV VHJXLQWHV FRQGLo}HV 1 WRGDV DV IUHTXrQFLDV HVSHUDGDV VXSHULRUHVDHTXHSHORPHQRVGDVIUHTXrQFLDVHVSHUDGDVVHMDPVXSHULRUHVRXLJXDLVD 1RFDVRGDUHJUDSUiWLFDGRWHVWHGR4XLTXDGUDGRVHUYLRODGDGHYHVHUHFRUUHUjVLPXODomR GH0RQWH&DUOR

(13)

+șVLP șQmR

YHUVXV HPTXHșpDSURSRUomR

+șVLPșQmR

3DUD FRPSDUDU D LGDGH YDULiYHO GH QDWXUH]D TXDQWLWDWLYD UHFRUUHXVH DR WHVWH GH 0DQQ :KLWQH\ 0DURFR 3HVWDQD *DJHLUR SRLV TXDQGR WHVWDGDV DV FRQGLo}HV GH DSOLFDomRGRVWHVWHVSDUDPpWULFRVQRPHDGDPHQWHDQRUPDOLGDGHGRVGDGRVFRPUHFXUVRDR WHVWH GH .ROPRJRURY6PLUQRY FRP D FRUUHomR GH /LOOLHIRUV Q ! H D LJXDOGDGH GH YDULkQFLDVFRPUHFXUVRDRWHVWHGH/HYHQHYHULILFRXVHTXHDPEDVIRDPYLRODGDVSYDOXH (IHWLYDPHQWHQDH[HFXomRGRHVWXGRDQDOtWLFRXWLOL]RXVHXPJUDXGHFRQILDQoDĮ GHDTXHFRUUHVSRQGHXPQtYHOGHVLJQLILFkQFLDĮGH6HJXQGR0DURFRD UHJUD GHGHFLVmR HVWDWtVWLFD p UHMHLWDU DKLSyWHVH QXOD+ TXDQGR RSYDOXH IRU LQIHULRU RX LJXDODRQtYHOGHVLJQLILFkQFLDRXVHMDTXDQGRSYDOXHĮ$SUREDELOLGDGHGHVLJQLILFkQFLD RXSYDOXHpRQtYHOPDLVEDL[RGHĮSDUDRTXDOpSRVVtYHOUHMHLWDU+0DURFR

2 WHVWH GR 0DQQ:KLWQH\ SHUPLWH WHVWDU D KLSyWHVH QXOD GDV PHGLDQDV GD LGDGH VHUHP LJXDLVFRQWUDDKLSyWHVHDOWHUQDWLYDGDLGDGHGRDOXQRTXHFRQWUDLXHPSUpVWLPRVVHUGLIHUHQWH GDLGDGHGDTXHOHVTXHQmRFRQWUDtUDP

+ȘVLP ȘQmR

YHUVXV HPTXHȘpDPHGLDQD

+ȘVLPȘQmR

)LQDOPHQWH R WHVWHW6WXGHQW RQH VDPSOH IRL XWLOL]DGR SDUD FRPSDUDU DV PpGLDV GDV

GLPHQV}HVREWLGDVQHVWHHVWXGRFRPDDVPpGLDVREWLGDVSRU2OLYHLUDQRPHDGDPHQWH SRU GH] GLPHQV}HV QRPHDGDPHQWH D VRFLDOL]DomR SDUHQWDO RV HQVLQDPHQWRV SDUHQWDLV R RWLPLVPRILQDQFHLURRUHQGLPHQWRVXEMHWLYRGRDOXQRRUHQGLPHQWRVXEMHWLYRGDIDPtOLDDV DWLWXGHV ID]H DR HQGLYLGDPHQWR D OLWHUDFLD VXEMHWLYD GR DOXQR H D LQWHQomR GH FRQWUDLU HPSUpVWLPRVQRIXWXURSDUDDTXLVLomRGHEHQVHVHUYLoRVHVVHQFLDLVHRXEHQVRXVHUYLoRVPDLV

VXSpUIOXRV2WHVWHW6WXGHQWRQHVDPSOHSHUPLWHFRPSDUDUDVVHJXLQWHVKLSyWHVH

+GLPHQVmRGRSUHVHQWHHVWXGR GLPHQVmRGRHVWXGRGH2OLYHLUD

YHUVXV HPTXHpDPpGLD

+GLPHQVmRGRSUHVHQWHHVWXGRGLPHQVmRGRHVWXGRGH2OLYHLUD

5(68/7$'26(',6&8662

&RPRSRGHYHUVHQR4XDGURDPDLRULDGRVHVWXGDQWHVHUDGRJpQHURIHPLQLQR WLQKD QDFLRQDOLGDGH SRUWXJXHVD IUHTXHQWDYD R DQR GH XPD OLFHQFLDWXUD QD(VFROD6XSHULRUGH(GXFDomRYLYLDHPDJUHJDGRVIDPLOLDUHVFRQVWLWXtGRV SRU SHVVRDV RX SHVVRDV FRP XP UHQGLPHQWR PHQVDO DWp HXURV H RV SDLV WLQKDP KDELOLWDo}HV OLWHUiULDV DR QtYHO GR FLFOR GR HQVLQR EiVLFR RX HQVLQR VHFXQGiULR $ DPRVWUD HUD FRQVWLWXtGD SRU LQGLYtGXRV FRP LGDGH FRPSUHHQGLGDHQWUHHDQRV$PpGLDGDLGDGHIRLGHDQRV'3

4XDGUR±&DUDFWHUL]DomRGDDPRVWUD

&DWHJRULDV Q

0DVFXOLQR

*pQHUR1

)HPLQLQR

3RUWXJXHVD

1DFLRQDOLGDGH1

2XWUD

7pFQLFR6XSHULRU 3URILVVLRQDO

/LFHQFLDWXUD

*UDXFRQIHULGRSHORFXUVRTXHIUHTXHQWD 1

3yVJUDGXDomR0HVWUDGR

(GXFDomR

$JUiULD

7HFQRORJLDH*HVWmR

(VFROD1

(14)

DQR

$QRIUHTXHQWDGR1

DQR

0HQRVGHHXURV

DHXURV

5HQGLPHQWRPHQVDOGRDJUHJDGRIDPLOLDU 1

0DLVGHHXURV

SHVVRD

SHVVRDV

$JUHJDGRIDPLOLDU1

RXPDLVSHVVRDV

,QIHULRUDRFLFOR

FLFOR

(QVLQRVHFXQGiULR

(VFRODULGDGHGRSDL1

(QVLQRVXSHULRU

,QIHULRUDRFLFOR

FLFOR

(QVLQRVHFXQGiULR

(VFRODULGDGHGDPmH1

(QVLQRVXSHULRU

2 JUXSR GH DOXQRV TXH WLQKD FRQWUDtGR HPSUpVWLPRV HUD FRQVWLWXtGR SRU LQGLYtGXRV FRP LGDGHFRPSUHHQGLGDHQWUHHDQRV$PpGLDGDLGDGHIRLGHDQRV'3 &RPR SRGH YHUVH QR 4XDGUR D PDLRULD HUD GR JpQHUR IHPLQLQR WLQKD QDFLRQDOLGDGH SRUWXJXHVD IUHTXHQWDYD R DQR GH XPD OLFHQFLDWXUD QD (VFROD 6XSHULRU GH (GXFDomR YLYLD HP DJUHJDGRV IDPLOLDUHV GH SHVVRDV RX SHVVRDV FRP XP UHQGLPHQWR PHQVDO DWp HXURV 2V SURJHQLWRUHV GRV UHVSRQGHQWHVWLQKDP KDELOLWDo}HV OLWHUiULDVDR QtYHOGR FLFOR QR FDVR GRSDL H HQVLQRVHFXQGiULRQRFDVRGDPmH

4XDGUR±&RPSDUDomRGRSHUILOGRVDOXQRVWHQGRHPFRQWDVHUHFRUUHXDHPSUpVWLPRV

(PSUpVWLPRV

9DULiYHO &DWHJRULDV _6LP

Q

1mR Q

SYDOXH

0DVFXOLQR

*pQHUR

)HPLQLQR

3RUWXJXHVD

1DFLRQDOLGDGH

2XWUD

7pFQLFR6XSHULRU3URILVVLRQDO

/LFHQFLDWXUD

*UDXFRQIHULGRSOHR FXUVRTXHIUHTXHQWD

3yVJUDGXDomR0HVWUDGR

(GXFDomR

$JUiULD

7HFQRORJLDH*HVWmR

(VFROD

6D~GH

DQR

$QRIUHTXHQWDGR

DQR

(15)

DQR

0HQRVGHHXURV

DHXURV

5HQGLPHQWRPHQVDO GRDJUHJDGRIDPLOLDU

0DLVGHHXURV

SHVVRD

SHVVRDV

$JUHJDGRIDPLOLDU

RXPDLVSHVVRDV

D

,QIHULRUDRFLFOR

FLFOR

(QVLQRVHFXQGiULR

(VFRODULGDGHGRSDL

(QVLQRVXSHULRU

E

,QIHULRUDRFLFOR

FLFOR

(QVLQRVHFXQGiULR

(VFRODULGDGHGDPmH

(QVLQRVXSHULRU

D_{6LPXODomRGH0RQWH&DUORE([LVWHPGLIHUHQoDVVLJQLILFDWLYDVDRQtYHOGHVLJQLILFkQFLDGH}

4XDQGRFRPSDUDGRRSHUILOGRDOXQRWHQGRHPFRQWDVHWHPHPSUpVWLPRVYHULILFRXVHD H[LVWrQFLD GH GLIHUHQoDV HVWDWLVWLFDPHQWH VLJQLILFDWLYDV HP DSHQDV XPD FDUDFWHUtVWLFD QRPHDGDPHQWH D HVFRODULGDGH GR SDL SYDOXH FRPR SRGH YHUVH QR 4XDGUR $VVLP SRGH DILUPDUVH FRP XP JUDX GH FRQILDQoD GH TXH D SURSRUomR GH DOXQRV SDUWLFLSDQWHV QHVWD LQYHVWLJDomR FRP HPSUpVWLPRV p PDLV HOHYDGD TXDQGR R SDL WHP HVFRODULGDGHPXLWREDL[DLQIHULRUDRFLFOR

4XDQGR XWLOL]DGR R WHVWH GH 0DQQ:KLWQH\ SDUD FRPSDUDU D LGDGH YHULILFRXVH TXH D PHGLDQD GD LGDGH GRV DOXQRV TXH WLQKDP FRQWUDtGR HPSUpVWLPRV DQRV HUD HVWDWLVWLFDPHQWH GLIHUHQWH SYDOXH H VXSHULRU j GRV DOXQRV TXH QmR UHFRUUHUDP D HPSUpVWLPRVDQRV

&RPRSRGHYHUVHQD)LJXUDDPDLRULDGRVSURJHQLWRUHVWHPFDUWmRGHFUpGLWR 'RV DOXQRV TXH UHVSRQGHUDP DILUPDWLYDPHQWH D HVWD TXHVWmR QmR LQGLFDUDP VH RV SURJHQLWRUHV SDJDP D WRWDOLGDGH GDV GHVSHVDV GR FDUWmR GH FUpGLWR HP FDGD PrV 'RV DOXQRV TXH UHVSRQGHUDP D HVWD TXHVWmR UHIHULUDP TXH RV VHXV SURJHQLWRUHV HIHWLYDPHQWH SDJDP D WRWDOLGDGH GDV GHVSHVDV GR FDUWmR GH FUpGLWR PHQVDOPHQWH 'HVWD IRUPDSRGHPEHQHILFLDUGHFUpGLWRDGLDVVHPMXURV

)LJXUD±&DUW}HVGHFUpGLWRGRVSDLVGRVDOXQRV

(16)

5HODWLYDPHQWHDRXVRGHFDUWmRGHFUpGLWRDPDLRULDGRVDOXQRVQmRTXHUYLUDWHUPDLV FDUW}HV GH FUpGLWR SDUD DOpP GDTXHOHV TXH SRVVXL DWXDOPHQWH QmR JRVWDULD GH H[SHULPHQWDU WRGR R WLSR GH FDUW}HV GH FUpGLWR QmR VH VHQWH WHQWDGR SHODV RIHUWDV SURPRFLRQDLVGHDGHVmRDFDUW}HVGHFUpGLWRQmRSURFXUDWHURXVROLFLWDUPDLVXPRX PDLV FDUW}HV GH FUpGLWR PHVPR WHQGR HP FRQVLGHUDomR TXH QmR p IiFLO REWHU FDUW}HV GH FUpGLWR VHQGR HVWXGDQWH GR HQVLQR VXSHULRU QmR SHQVD YLU D ID]HU D PDLRULD GDV FRPSUDV FRP FDUWmR GH FUpGLWR QmR JRVWDULD GH VROLFLWDU XP RX PDLV FDUW}HV GH FUpGLWR 3RU RXWUR O DGR D PDLRULD GRV DO XQRV FRQVLGHUD TXH R XVR GH FDUW}HV GH FUpGLWROHYDDVSHVVRDVDJDVWDUHPPDLVHRXVRH[FHVVLYRGHFDUW}HVGHFUpGLWRWHP FRPRFRQVHTXrQFLDGtYLGDVHOHYDGDV)LJXUD

)LJXUD±&RPSRUWDPHQWRGRVDOXQRVIDFHDRXVRGHFDUW}HVGHFUpGLWR

(17)

)LJXUD±5HFXUVRDHPSUpVWLPRVEDQFiULRVSRUSDUWHGRVSDLVGRVDOXQRV

&RPRSRGHYHUVHQD)LJXUDDOXQRVQmRUHVSRQGHUDPjTXHVWmRVHWLQKDPFDUWmRGH FUpGLWR 1 $ PHVPD ILJXUD PRVWUD TXH D PDLRULD GRV DOXQRV QmR WHP FDUWmR GH FUpGLWR 'RV DOXQRV TXH WrP FDUWmR GH FUpGLWR QmR LQGLFDUDP D IUHTXrQFLD FRPTXHSDJDPMXURVSRUWHUHPUHFRUULGRDRXVRGRFDUWmRGHFUpGLWR&RPRSRGHYHUVHQD )LJXUDDPDLRULDGRVDOXQRVTXHXVDPFDUWmRGHFUpGLWRQXQFDSDJDMXURV SDJDPMXURVXPDDGXDVYH]HVSRUDQRSDJDPMXURVWUrVDTXDWURYH]HVSRUDQRH SDJDPMXURVPDLVGHTXDWURYH]HVSRUDQR

)LJXUD±&DUW}HVGHFUpGLWRGRVDOXQRV

dĞŶƐĐĂƌƚĆŽĚĞĐƌĠĚŝƚŽ͍ ;EсϭϮϳϴͿ

^ŝŵ ϰϳ͕ϲй

EĆŽϱϮ͕ϰй

4XDQGRTXHVWLRQDGRVDFHUFDGDVIRQWHVGHILQDQFLDPHQWRXVDGDVSDUDVXSRUWDUDVGHVSHVDV FRP RV HVWXGRV DSHQDV UHVSRQGHUDP 4XDGUR &RPR SRGH YHUVH QR TXDGUR D PDLRULDGRVDOXQRVILQDQFLDDVVXDVGHVSHVDVDWUDYpVGRVSDLVHRXRXWURVIDPLOLDUHV 3DUDHVWHVDOXQRVQ HVWDIRQWHGHILQDQFLDPHQWRDVVHJXUDHPPpGLDRSDJDPHQWR GH'2 GDVGHVSHVDVWRWDLVGRVDOXQRV$%ROVDGH(VWXGRpXVDGDFRPR IRQWH GH ILQDQFLDPHQWR SRU GRV DOXQRV 3DUD HVWHV DOXQRV Q HVWD IRUPD GH ILQDQFLDPHQWR DVVHJXUD HP PpGLD R SDJDPHQWR GH GDV GHVSHVDV '3 2 WUDEDOKRUHPXQHUDGRpXPDIRQWHGHILQDQFLDPHQWRXVDGDSRUDOXQRVHTXHDVVHJXUDHP PpGLDRSDJDPHQWRGHGDVGHVSHVDV'3 $SHQDVGRDDOXQRVUHFRUUHP DHPSUpVWLPRVEDQFiULRVSDUDILQDQFLDUDVVXDVGHVSHVDV3DUDRVTXHRID]HPHVWDIRQWH GH ILQDQFLDPHQWR SHUPLWH DVVHJXUDU HP PpGLD GDV GHVSHVDV '3 )LQDOPHQWH GRV DOXQRV RX VHMD DOXQRV XVDP RXWUD IRQWH GH ILQDQFLDPHQWR QRPHDGDPHQWH DV SRXSDQoDV (VWD IRUPD GH ILQDQFLDPHQWR SHUPLWH DVVHJXUDU HP PpGLD GDVGHVSHVDVGHVWHVDOXQRV'3

4XDGUR±)RUPDVGHILQDQFLDPHQWRGDVGHVSHVDVGRVDOXQRV1

)UHTXrQFLDV ,PSRUWkQFLD

)RQWHVGHILQDQFLDPHQWR

(18)

3DLVHRXWURVIDPLOLDUHV

%ROVDGHHVWXGR

7UDEDOKRUHPXQHUDGR

(PSUpVWLPREDQFiULR

2XWUD

&RPRSRGHYHUVHQD)LJXUDQRTXHGL]UHVSHLWRDRVHQVLQDPHQWRVSDUHQWDLVDPDLRULD GRVDOXQRVFRQVLGHUDTXHjPHGLGDTXHIRUDPFUHVFHQGRRVSDLVGHUDPOKHVFRQVHOKRVVREUH FRPRJDVWDURVHXGLQKHLURGHIRUPDVHQVDWDQRSDVVDGRRVSDLVIRUDPIDODQGRFRP HOHVVREUHDLPSRUWkQFLDGHSRXSDUHTXHGXUDQWHDVXDLQIkQFLDHDGROHVFrQFLDRV SDLVIRUDPFRQYHUVDQGRFRPHOHVVREUHRVDVVXQWRVILQDQFHLURVGDIDPtOLD

5HODWLYDPHQWHjLQIOXrQFLDSDUHQWDOD)LJXUDPRVWUDTXHDPDLRULDGRVDOXQRVDFKDTXH RV VHXV SDLV JDVWDP GHQWUR GDV VXDV SRVVHV FRQWURODP DV GHVSHVDV PHQVDLV TXH ID]HP SRXSDP GLQKHLUR WRGRV RV PHVHV D SHQVDU QR IXWXUR H ID]HP LQYHVWLPHQWRVILQDQFHLURVFRPREMHWLYRVGHORQJRSUD]R

)LJXUD±6RFLDOL]DomRHHQVLQDPHQWRSDUHQWDO

5HODWLYDPHQWHjOLWHUDFLDILQDQFHLUDVXEMHWLYDGRVDOXQRVDPDLRULDGRVDOXQRVFRQVLGHUD TXH HP JHUDO WHP ERQV FRQKHFLPHQWRV VREUH D JHVWmR GR GLQKHLUR 1R HQWDQWR DSHQDVGRVDOXQRVFRQVLGHUDTXHWHPERQVFRQKHFLPHQWRVVREUHSUiWLFDVHFRQFHLWRV UHODFLRQDGRV FRP ILQDQoDV SHVVRDLV H VRPHQWH GRV DOXQRV FRQVLGHUD WHU PDLV FRQKHFLPHQWRV VREUH DVVXQWRV ILQDQFHLURV GR TXH RV DPLJRV R TXH p UHYHODGRU GH DOJXPD LOLWHUDFLDILQDQFHLUD)LJXUD

(19)

)LJXUD±2WLPLVPRHOLWHUDFLDILQDQFHLUDGRVDOXQRV

5HODWLYDPHQWH DR UHQGLPHQWR VXEMHWLYR GD IDPtOLD XPD SHUFHQWDJHP H[SUHVVLYD GRV DOXQRV FRQVLGHUD TXH D IDPtOLD WHP SRXFR GLQKHLUR SDUD JDVWDU HP FRLVDV QmR HVVHQFLDLV 0HVPRTXDQGRRUHQGLPHQWRGDIDPtOLDDXPHQWDGRVDOXQRVFRQVLGHUDPTXH QXQFDSDUHFHFKHJDUSDUDID]HUIDFHjVQHFHVVLGDGHVHFRQVLGHUDPTXHRUHQGLPHQWR GDIDPtOLDQmRpVXILFLHQWHSDUDVDWLVID]HUDVQHFHVVLGDGHVGDIDPtOLD)LJXUD

1RTXHGL]UHVSHLWRDRUHQGLPHQWRVXEMHWLYRGRVDOXQRVFRQVLGHUDPTXHWrPSRXFR GLQKHLURSDUDJDVWDUHPEHQVQmRHVVHQFLDLV$SHQDVFRQVLGHUDPTXHRGLQKHLURTXH WrPGLVSRQtYHORXTXHUHFHEHPQmRpVXILFLHQWHSDUDVDWLVID]HUDVVXDVQHFHVVLGDGHVHPHVPR TXDQGRRGLQKHLURTXHRDOXQRWHPGLVSRQtYHORXUHFHEHDXPHQWDGRVDOXQRVDFKDP TXHQXQFDSDUHFHVHUVXILFLHQWHSDUDFREULURXVDWLVID]HUWRGDVDVVXDVQHFHVVLGDGHV)LJXUD

)LJXUD±5HQGLPHQWRVXEMHWLYRGRVDOXQRVHGDIDPtOLD

&RPR SRGH YHUVH QD )LJXUD UHODWLYDPHQWH jV DWLWXGHV GRV DOXQRV IDFH DR HQGLYLGDPHQWRDPDLRULDGRVDOXQRVFRQVLGHUDTXHGHYHVHSRXSDUSULPHLURDQWHVGHFRPSUDU DOJRpSUHIHUtYHOILFDUHPFDVDGRTXHSHGLUGLQKHLURHPSUHVWDGRSDUDVDLUjQRLWH GHSRLV GH FRQWUDLU GtYLGDV p PXLWR GLItFLO OLYUDUVH GHODV p FRUUHWR SHGLU GLQKHLURHPSUHVWDGRSDUDFRPSUDUEHQVHVHUYLoRVHVVHQFLDLVHpFRUUHWRFRQWUDLUXP HPSUpVWLPRWHQGRFDSDFLGDGHSDUDRSDJDU

(20)

SRUTXH SHUPLWH GHVIUXWDU GD YLGD 'HVWHV UHVXOWDGRV GHSUHHQGHVH TXH RV DOXQRV LQTXLULGRV QmRWrPJUDQGHDYHUVmRDRULVFRTXHUHVXOWDPXLWDVYH]HVQRHQGLYLGDPHQWR'HIDFWRSRGH GL]HUVHTXHHVWHVDOXQRVHQFDUDPRFUpGLWRFRPRDOJRQDWXUDOQDVRFLHGDGHDWXDO

)LJXUD±$WLWXGHVGRVDOXQRVIDFHDRHQGLYLGDPHQWR

)LQDOPHQWH IRL FRORFDGR DRV DOXQRV R FHQiULR QR TXDO R DOXQR Mi HVWi D WUDEDOKDU H p DXWyQRPRILQDQFHLUDPHQWHPDVQmRWHPGLQKHLURSDUDFRPSUDURVEHQVRXVHUYLoRVLQGLFDGRV QD)LJXUD1HVVHFRQWH[WRRVDOXQRVIRUDPTXHVWLRQDGRVDFHUFDGDSUREDELOLGDGHGHYLUHP DFRQWUDLUXPHPSUpVWLPRSDUDDGTXLULUHVVHVEHQVRXVHUYLoRV&RPRSRGHYHUVHQDILJXUDD PDLRULD GRV DOXQRV DWULEXLX XPD SUREDELOLGDGH DOWD RX PXLWD DOWD j SRVVLELOLGDGH GH YLU D UHFRUUHUDFUpGLWREDQFiULRSDUDILQDQFLDUGHVSHVDVFRPDKDELWDomRHFRPDVD~GH 2VHPSUpVWLPRVSDUDILQDQFLDUGHVSHVDVFRPDHGXFDomRHFRPDTXLVLomR GHEHQVGHQHFHVVLGDGHUHJLVWDUDPWDPEpPSUREDELOLGDGHDOWDRXPXLWDDOWD$ SUREDELOLGDGH GRV DOXQRV YLUHP D UHFRUUHU D HPSUpVWLPRV SDUD ILQDQFLDUHP D DTXLVLomR GH DXWRPyYHO HRX RXWUDV YLDWXUDV HOHWURGRPpVWLFRV HRX RXWURV DSDUHOKRV HOHWUyQLFRV PRELOLiULRHIpULDVVmREHPPDLVEDL[DV

)LJXUD±3UREDELOLGDGHGRVDOXQRVYLUHPDFRQWUDLUHPSUpVWLPRVQRIXWXUR

(21)

UHJLVWDGDSDUDFDGDXPDGDVGLPHQV}HVIRLERD1XQQDOO\3HVWDQD *DJHLUR2 $OID&URQEDFKJOREDOIRLGHHQTXDQWRTXHSDUDDVGLPHQV}HVYDULRXGHD

4XDGUR±'LPHQV}HVUHODWLYDVjVDWLWXGHVHFRPSRUWDPHQWRVILQDQFHLURVGRVHVWXGDQWHVGR HQVLQRVXSHULRU

(VWXGRGH 2OLYHLUD

3UHVHQWH HVWXGR

'LPHQV}HV $OID

&URQEDFK

0pGLD '3 0pGLD '3

S YDOXH

6RFLDOL]DomRSDUHQWDO D

(QVLQDPHQWRSDUHQWDO E

2WLPLVPRILQDQFHLUR D

5HQGLPHQWRVXEMHWLYRGRDOXQR D

5HQGLPHQWRVXEMHWLYRGDIDPtOLD D

$WLWXGHVIDFHDRHQGLYLGDPHQWR E

/LWHUDFLDILQDQFHLUDVXEMHWLYDGR

DOXQR

D

,QWHQomRGHFRQWUDLUHPSUpVWLPRV SDUDDGTXLULUEHQVRXVHUYLoRV

VXSpUIOXRV

D

,QWHQomRGHFRQWUDLUHPSUpVWLPRV SDUDDGTXLULUEHQVRXVHUYLoRV

HVVHQFLDLV

D

D([LVWHPGLIHUHQoDVVLJQLILFDWLYDVDRQtYHOGHVLJQLILFkQFLDGH E([LVWHPGLIHUHQoDVVLJQLILFDWLYDVDRQtYHOGHVLJQLILFkQFLDGH

2V UHVXOWDGRV UHODWLYRV j VRFLDOL]DomR SDUHQWDO HQVLQDPHQWRV SDUHQWDLV H RWLPLVPR ILQDQFHLUR UHJLVWDUDP YDORUHV OLJHLUDPHQWH DFLPD GR PRGHUDGR -i QR TXH GL] UHVSHLWR DR UHQGLPHQWRVXEMHWLYRGRDOXQRHGDIDPtOLDRVHVWXGDQWHVFRQVLGHUDPHVWDUDEDL[RGRVYDORUHV TXH VHULDP QHFHVViULRV SDUD FREULU WRGDV DV REULJDo}HV H VDWLVID]HU WRGDV DV QHFHVVLGDGHV 4XDQWRjLQWHQomRGRHVWXGDQWHYLUDFRQWUDLUXPHPSUpVWLPRIRLUHJLVWDGDXPDSUREDELOLGDGH DOWDQDSRVVLELOLGDGHGHID]HUIDFHDGHVSHVDVTXHGLJDPUHVSHLWRDEHQVGH QHFHVVLGDGH HGXFDomRHVD~GH3RUILPQRTXHGL]UHVSHLWRjVDWLWXGHVGRHVWXGDQWHIDFHDRHQGLYLGDPHQWR SRGH GL]HUVH TXH p XPD DWLWXGH FRQVHUYDGRUD SRLV DSHVDU GH FRQVLGHUDUHP R UHFXUVR DR FUpGLWR FRPR XP DWR QRUPDO QD VRFLHGDGH DWXDO FRQVLGHUDP WDPEpP TXH R UHFXUVR DR FUpGLWRGHYHVHUYLUHVVHQFLDOPHQWHSDUDID]HUIDFHDGHVSHVDVUHODFLRQDGDVFRPDVDWLVIDomR GHQHFHVVLGDGHVHVVHQFLDLV

&RPR SRGH YHUVH QR 4XDGUR TXDQGR FRPSDUDGDV DV PpGLDV UHODWLYDV jV GLPHQV}HV HVWXGDGDV FRP RV UHVXOWDGRV REWLGRV SRU 2OLYHLUD QXP HVWXGR TXH HQYROYHX HVWXGDQWHV GD 8QLYHUVLGDGH GH &RLPEUD YHULILFRXVH D H[LVWrQFLD GH GLIHUHQoDV HVWDWLVWLFDPHQWH VLJQLILFDWLYDV HP WRGDV DV GLPHQV}HV TXH GL]HP UHVSHLWR jV DWLWXGHV H FRPSRUWDPHQWRV ILQDQFHLURV GRV HVWXGDQWHV 5HODWLYDPHQWH jV GLPHQV}HV ³6RFLDOL]DomR SDUHQWDO´ H ³(QVLQDPHQWR SDUHQWDO´ RV YDORUHV GDV PpGLDV VmR VXSHULRUHV QR HVWXGR GH 2OLYHLUD FRQWUDULDPHQWH DR TXH DFRQWHFHFRP DV GLPHQV}HV ³2WLPLVPR ILQDQFHLUR´ ³5HQGLPHQWRVXEMHWLYRGRDOXQR´H³5HQGLPHQWRVXEMHWLYRGDIDPtOLD´$FUHVFHDLQGDTXHD SUREDELOLGDGH GH FRQWUDLU HPSUpVWLPRV SDUD DTXLVLomR GH EHQV PDLV VXSpUIOXRV p PDLRU QR HVWXGRGH2OLYHLUDFRQWUDULDPHQWHDRTXHDFRQWHFHUHODWLYDPHQWHjSUREDELOLGDGHGH FRQWUDLU HPSUpVWLPRV SDUD DTXLVLomR GH EHQV HVVHQFLDLV TXH p VXSHULRU QD SUHVHQWH LQYHVWLJDomR

&21&/86®(6

(22)

GLIHUHQoDVVLJQLILFDWLYDVHPGXDVFDUDFWHUtVWLFDVGRVDOXQRVGHVLJQDGDPHQWHDHVFRODULGDGH GRSDLHDLGDGH'HIDFWRRVDOXQRVTXHUHFRUUHUDPDHPSUpVWLPRVWLQKDPPDLVLGDGHHRSDL GHVVHVDOXQRVWLQKDXPQtYHOGHHVFRODULGDGHPDLVEDL[RLQIHULRUDRFLFOR

2V UHVXOWDGRV UHODWLYRV j VRFLDOL]DomR SDUHQWDO HQVLQDPHQWRV SDUHQWDLV H RWLPLVPR ILQDQFHLUR UHJLVWDUDP YDORUHV OLJHLUDPHQWH DFLPD GR PRGHUDGR 1R TXH GL] UHVSHLWR DR UHQGLPHQWRVXEMHWLYRGRDOXQRHGDIDPtOLDRVHVWXGDQWHVFRQVLGHUDPTXHRUHQGLPHQWRHVWi DEDL[RGRVYDORUHVTXHVHULDPQHFHVViULRVSDUDFREULUWRGDVDVREULJDo}HVHVDWLVID]HUWRGDVDV QHFHVVLGDGHV 4XDQWR j LQWHQomR GR HVWXGDQWH YLU D FRQWUDLU HPSUpVWLPRV QR IXWXUR IRL UHJLVWDGDXPDSUREDELOLGDGHDOWDQRTXHGL]UHVSHLWRjSRVVLELOLGDGHGHID]HUIDFHDGHVSHVDV FRP EHQV GH QHFHVVLGDGH HGXFDomR HVD~GH 3RU ILP QR TXH GL] UHVSHLWRjV DWLWXGHV GR HVWXGDQWHIDFHDRHQGLYLGDPHQWRSRGHGL]HUVHTXHRVDOXQRVWrPXPDDWLWXGHFRQVHUYDGRUD SRLVDSHVDU GHFRQVLGHUDUHP R UHFXUVR DRFUpGLWR FRPR XP DWR QRUPDO QD VRFLHGDGHDWXDO FRQVLGHUDP LJXDOPHQWH TXH Vy VH GHYH UHFRUUHU D FUpGLWR SDUD ID]HU IDFH D GHVSHVDV UHODFLRQDGDVFRPDVDWLVIDomRGHQHFHVVLGDGHVEiVLFDV

8PDGDVOLPLWDo}HVGHVWHHVWXGRHVWiUHODFLRQDGDFRPRIDFWRGHVHWUDWDUGHXPHVWXGR WUDQVYHUVDO(VWDOLPLWDomRpVXVFHWtYHOGHVHUVXSHUDGDHPLQYHVWLJDo}HVIXWXUDVTXHSHUPLWDP DFRPSDQKDU D HYROXomR GRV FRPSRUWDPHQWRV ILQDQFHLURV GRV DOXQRV 3RU RXWUR ODGR RV UHVXOWDGRV SRGHUmR HVWDU HQYLHVDGRV GHYLGR DR IDFWR GH VH WUDWDU GH XPD DPRVWUD QmR SUREDELOtVWLFD DFLGHQWDO $VVLP VHQGR RV UHVXOWDGRV VmR YiOLGRV DSHQDV SDUD R JUXSR GH DOXQRVHVWXGDGRQmRSRGHQGRVHUH[WUDSRODGRVSDUDDSRSXODomR3DUDFROPDWDUHVWDODFXQD HVWXGRV IXWXURV GHYHUmR EDVHDUVH HP DPRVWUDV SUREDELOtVWLFDV UHSUHVHQWDWLYDV GD SRSXODomR TXHVHSUHWHQGHHVWXGDU

$*5$'(&,0(1726

(VWHWUDEDOKRIRLILQDQFLDGRSRU)XQGRV(XURSHXV(VWUXWXUDLVHGH,QYHVWLPHQWRQDVXD

FRPSRQHQWH )('(5 DWUDYpV GR 3URJUDPD 2SHUDFLRQDO &RPSHWLWLYLGDGH H

,QWHUQDFLRQDOL]DomR&203(7(>3URMHWRQ8,'62&5HIHUrQFLDGR )LQDQFLDPHQWR 32&,)('(5@H SRU )XQGRV 1DFLRQDLV DWUDYpV GD )&7± )XQGDomRSDUDD&LrQFLDHD7HFQRORJLDQRkPELWRGRSURMHWR8,'62&

%,%/,2*5$),$

&DUYDOKR6$WLWXGHVIDFHDRGLQKHLURFRPSUDSRULPSXOVRFRPSUDFRPSXOVLYDH PDWHULDOLVPRQXPDDPRVWUDGHMRYHQVFRQVXPLGRUHV'LVVHUWDomRGH0HVWUDGRHP0DUNHWLQJ 6FKRRORI(FRQRPLFVDQG0DQDJHPHQW/LVERD3RUWXJDO

'RZOLQJ1&RUQH\7 +RLOHV/)LQDQFLDO0DQDJHPHQW3UDFWLFHVDQG0RQH\$WWLWXGHVDV 'HWHUPLQDQWVRI)LQDQFLDO3UREOHPVDQG'LVVDWLVIDFWLRQLQ<RXQJ0DOH$XVWUDOLDQ:RUNHUV -RXUQDORI)LQDQFLDO&RXQVHOLQJDQG3ODQQLQJ

)DODKDWL/ 3DLP/$FRPSDUDWLYHVWXG\LQ0RQH\$WWLWXGHDPRQJ8QLYHUVLW\6WXGHQWV$ *HQGHUHG9LHZ-RXUQDORI$PHULFDQ6FLHQFH

-XQJ&0HWRGRORJLDSDUDSHVTXLVDHGHVHQYROYLPHQWR5LRGH-DQHLUR(GLWRUD$[FHO%RRNV GR%UDVLO

.}LY.8QLYHUVLW\VWXGHQWVDWWLWXGHVWRZDUGVFKDUDFWHULVWLFVRIPRQH\EHIRUHDIWHUDQGGXULQJ GXDOFXUUHQF\SHULRGLQ(VWRQLDLQ3&XQQLQJKDPHG,GHQWLWLHVDQG&LWL]HQVKLS(GXFDWLRQ &RQWURYHUV\FULVLVDQGFKDOOHQJHV/RQGRQ&L&HSS±

0DURFR-$QiOLVH(VWDWtVWLFDFRPXWLOL]DomRGR6366/LVERD(GLo}HV6tODER

0RUHLUD$6'LQKHLURQR%UDVLO8PHVWXGRFRPSDUDWLYRGRVLJQLILFDGRGRGLQKHLURHQWUHDV UHJL}HVJHRJUiILFDVEUDVLOHLUDV(VWXGRVGH3VLFRORJLD

1XQQDOO\-3V\FKRPHWULFWKHRU\1HZ<RUN0F*UDZ+LOO

2OLYHLUD$$WLWXGHVSDUDFRPR(QGLYLGDPHQWRHQWUH(VWXGDQWHV8QLYHUVLWiULRV3DSHOGD /LWHUDFLD)LQDQFHLUDGD,QIOXrQFLD3DUHQWDOHGDV'LILFXOGDGHV)LQDQFHLUDV7HVHGH0HVWUDGRHP (FRQRPLD&RLPEUD)DFXOGDGHGH(FRQRPLDGD8QLYHUVLGDGHGH&RLPEUD&RLPEUD

3HVWDQD0 *DJHLUR-$QiOLVHGH'DGRVSDUD&LrQFLDV6RFLDLV$FRPSOHPHQWDULGDGHGR 6366/LVERD(GLo}HV6tODER

(23)

3LPHQWHO&0LOIRQW7*RXYHLD90HQGHV/ 9LRQH.(VFDODGHDWLWXGHVIUHQWHDR GLQKHLUR0$67HVWHGHPRGHORVHSRGHUSUHGLWLYR,QWHUDPHULFDQ-RXUQDORI3V\FKRORJ\

6KLP6;LDR-%DUEHU% /\RQV$3DWKZD\VWROLIHVXFFHVV$FRQFHSWXDOPRGHORI ILQDQFLDOZHOOEHLQJIRU\RXQJDGXOWV-RXUQDORI$SSOLHG'HYHORSPHQWDO3V\FKRORJ\

7DQJ77DQJ' /XQD$URFDV50RQH\SURILOHV7KHORYHRIPRQH\DWWLWXGHVDQGQHHGV 3HUVRQQHO5HYLHZ