('8&$d2,17(5&8/785$/1$)250$d2,1,&,$/'(352)(6625(6$6 3$5$2&,&/2'2(16,12%È6,&280(678'2(;3/25$7Ï5,2
$QD 3LUHV 6HTXHLUD (VFROD 6XSHULRU GH (GXFDomR GR ,QVWLWXWR 3ROLWpFQLFR GH 6HW~EDO DQDVHTXHLUD#HVHLSVSW
,QWURGXomR
³$(XURSDGHKRMHMiQmRpD+HOpQLFDQHPD5RPDQDQHPD5HQDVFHQWLVWDQHPD 5RPkQWLFDQHPD&]DULQDQHPDGR$SRFDOLSVH)HOL]9LHQHQVH$(XURSDGHKRMHMiQmRpD DSHQDV D (XURSD GH 'DQWH GH &DP}HV GH .DQW GH .OLQW GH *RGDUG HWF e R HVSDoR GH P~OWLSORV FHQWURV GH SURGXomR H GH GHFLVmR FXOWXUDLV p XPD (XURSD GH FLUFXODomR GH FULDGRUHV SURGXWRUHV FLHQWLVWDV p XPD (XURSD PXOWLFXOWXUDO FRP HVFULWRUHV DIULFDQRV D UHVLGLUHP HP 3DULV RX HP /LVERD FLQHDVWDV LQGLDQRV D WUDEDOKDUHP HP /RQGUHV H HP $PHVWHUGmR DUWLVWDV SOiVWLFRV FKLQHVHV D FULDUHP HP %DUFHORQD H %HUOLP FRPXQLGDGHV iUDEHV D VXD FXOWXUD TXRWLGLDQD H D VXD OtQJXD RFXSDQGR EDLUURV LQWHLURV HP %UX[HODV XFUDQLDQRV D YLYHUHP HP /LVERD DUWLVWDV SRUWXJXHVHV D SURGX]LUHP HP /MXEOLDQD H SDULVLHQVHVHP3UDJD´5LEHLUR
$QWyQLR3LQWR5LEHLURFRORFDQRVSHUDQWHDTXHVWmRGDGLYHUVLGDGHFXOWXUDOH[LVWHQWHQD (XURSDQXPD(XURSDTXHVHLGHQWLILFDFRPRPXOWLFXOWXUDO1HVWHFRQWH[WRDVVXPHSDUWLFXODU LPSRUWkQFLDXPD(GXFDomR,QWHUFXOWXUDODRHVSHOKDUHPVHQRFDPSRHGXFDWLYRDVLPSOLFDo}HV GHRXWURVFDPSRVVRFLDLVQRPHDGDPHQWHRFXOWXUDORSROtWLFRHRHFRQyPLFRSRLVWDOFRPR .LQFKHORHOHPEUDFRQVWUXtPRQRVHDWXDPRVQXPFDPSR³KLVWyULFRHVSHFtILFR´
251
HVWHVDVUHFRQKHoDPFRPRRSURFHVVRGHDSUHQGL]DJHPGRVVHXVDOXQRVpLQIOXHQFLDGRSHOD VXDOtQJXDPDWHUQDFXOWXUDHFRQWH[WRVRFLDO'DUOLQJ+DPPRQG *DUFLD/RSH]
6H RVDV IXWXURVDV GRFHQWHV QmR WLYHUHP QD VXD IRUPDomR LQLFLDO SUHSDUDomR SDUD LQFRUSRUDUQDVVXDVSUiWLFDVXPDSHUVSHWLYDLQWHUFXOWXUDOWHUmRDOJXPDGLILFXOGDGHHPJHULUD GLYHUVLGDGHHLQFHQWLYDUDLQWHUFXOWXUDOLGDGHUHPHWHQGRVHRXSDUDDWLWXGHVGHLQGLIHUHQoDRX GH PHQRVSUH]R RX SDUD R FRQILQDPHQWR GDV FXOWXUDV SDWHQWHV QDV VXDV VDODV GH DXOD DR DVVXPLUHP DWLWXGHV GH UHODWLYLVPR FXOWXUDO 1HVVHV FHQiULRV D FRPXQLFDomR FRPR XP HOHPHQWRIXQGDPHQWDOjLQWHUFXOWXUDOLGDGHQmRDFRQWHFH6HTXHLUD
&RORFDVHSRLVDTXHVWmRTXHWUDEDOKRpGHVHQYROYLGRQDVLQVWLWXLo}HVGHIRUPDomRGH SURIHVVRUHVDV"
$WHQWDWLYDGHUHVSRQGHUDHVWDTXHVWmRIRLGHWHUPLQDQWHSDUDRGHVHQYROYLPHQWRGHXP HVWXGRTXHLGHQWLILFDVVH QmRVyD HPHUJrQFLDGHVWDWHPiWLFDQR HQVLQRVXSHULRUSROLWpFQLFR S~EOLFRPDVWDPEpPFRPRHVWXGDQWHVHGRFHQWHVD ©ROKDPªHSHUFHFLRQDPQDIRUPDomR EHPFRPRHVWHV~OWLPRVDLQWHJUDPQDVXQLGDGHVFXUULFXODUHVTXHOHFLRQDP
1RSUHVHQWHDUWLJRDSUHVHQWDPVHDOJXQVGRVGDGRVREWLGRVQXPDGDVHWDSDVGRHVWXGR GHVLJQDGDSRUHVWXGRH[SORUDWyULRTXHGHFRUUHXQD(VFROD6XSHULRUGH(GXFDomRGR,QVWLWXWR 3ROLWpFQLFRGH6HW~EDO(6(,36SDUWLFXODUPHQWHDOJXQVGRVGDGRVSURYHQLHQWHVGDDQiOLVHD SURJUDPDV GH XQLGDGHV FXUULFXODUHV H GD DQiOLVH DRV GDGRV REWLGRV SRU LQTXpULWR SRU TXHVWLRQiULRDGRFHQWHV
2So}HVPHWRGROyJLFDV
(QVLQR%iVLFRH0HVWUDGRHP(QVLQRGRHFLFORGR(QVLQR%iVLFREHPFRPRDDQiOLVHD SURJUDPDVGDVGLIHUHQWHVXQLGDGHVFXUULFXODUHV
$ DQiOLVH GH FRQWH~GR IRL D WpFQLFD XWLOL]DGD TXH SHUPLWLX D REWHQomR GH GDGRV QR UHIHUHQWHDSURJUDPDVGDVGLIHUHQWHVXQLGDGHVFXUULFXODUHV4XDQWRDRVjVGRFHQWHVDUHFROKD GHGDGRVIRLIHLWDDWUDYpVGHXPLQTXpULWRSRUTXHVWLRQiULRQDDQiOLVHGHGDGRVXWLOL]RXVHD DQiOLVHGHFRQWH~GRDWUDYpVGHXPDIDVHGHOHLWXUDIOXWXDQWHGHPRGRDHQFRQWUDUDFRHUrQFLD SDUDDFRQVWUXomRGHFDWHJRULDVTXHSXGHVVHPLQFRUSRUDUDV UHSUHVHQWDo}HVGRVDVGRFHQWHV VREUHDWHPiWLFDHPHVWXGR$IRQVR
2 LQTXpULWR SRU TXHVWLRQiULR FRQVWLWXtGR SRU GXDV SDUWHV IRL HQYLDGR SRU HPDLO DRVjVGRFHQWHVUHIHULQGRVHUDQyQLPRHVROLFLWDQGRGHPRGRDVDOYDJXDUGDURDQRQLPDWR TXH IRVVH FRORFDGR QR FDFLIR GD GRFHQWH DXWRUD GR HVWXGR H WDPEpP GRFHQWH QD PHVPD LQVWLWXLomR
$V GXDV SDUWHV FRQVWLWXLQWHV GR TXHVWLRQiULR SUHWHQGLDP REWHU LQIRUPDomR VREUH D FDUDFWHUL]DomRGRVLQTXLULGRVHVREUHRVHXSRVLFLRQDPHQWRIDFHjGLYHUVLGDGHFXOWXUDOQRV FXUULFXOD GH IRUPDomR LQLFLDO GH SURIHVVRUHV GR FLFOR GR (QVLQR %iVLFR )RUDP GH]RLWR RVDVGRFHQWHVTXHUHVSRQGHUDPDRDSHORODQoDGRQXPWRWDOGHYLQWHHVHWHDOHFLRQDUQRV GRLVPHVWUDGRVHPTXHVWmR$SUHVHQWDPVHHPVHJXLGDDOJXQVGRVGDGRVREWLGRVTXHSDUDR PRPHQWR FRQVLGHUDPRV WHUHP UHOHYkQFLD TXHU QR TXH VH UHIHUH D SURJUDPDV TXHU D UHSUHVHQWDo}HVGRVGRFHQWHV
$OJXQVGDGRVGDDQiOLVHDSURJUDPDVGHXQLGDGHVFXUULFXODUHV
253
SURJUDPDVGD(6(,36DVDEHULFRPSHWrQFLDVDGHVHQYROYHULLWHPDVHFRQWH~GRVLLL HVWUDWpJLDV H PHWRGRORJLDV GH WUDEDOKR LY DSUHQGL]DJHQV HVSHUDGDV Y DYDOLDomR H FODVVLILFDomR2VHL[RVGHDQiOLVHIRUDP
DLQGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDO
ELQGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHOLQJXtVWLFD
FLQGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjHGXFDomRLQWHUFXOWXUDO
GLQGLFDGRUHV H[SOtFLWRV RX SRVVtYHLV GH DERUGDJHP D PHWRGRORJLDV GH WUDEDOKR HP FRQWH[WRVPXOWLFXOWXUDLV
(PVHJXLGDDSUHVHQWDPVH7DEHODRVGDGRVREWLGRVQDDQiOLVHHIHWXDGD
7DEHOD 'DGRV SURYHQLHQWHV GD DQiOLVH HIHWXDGD D SURJUDPDV GH XQLGDGHV FXUULFXODUHV GRV PHVWUDGRV TXH KDELOLWDPSDUDDGRFrQFLDQRFLFORGR(QVLQR%iVLFR &RPSRQHQWHGR3URJUDPD FRPSHWrQFLDVD GHVHQYROYHU ,QGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDO ([WUDWRGH3URJUDPD 3ODQLILFDGLYHUVRVWLSRVGHDWLYLGDGHVDGHTXDGDVjiUHDGR&RQKHFLPHQWRGR 0XQGR WHQGR HP FRQWD RV UHFXUVRV R WHPSR GLVSRQtYHLV H R QtYHO GH FRPSUHHQVmRGDVFULDQoDV
,QGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHOLQJXtVWLFD ([WUDWRGH3URJUDPD
$SURIXQGDU RV FRQFHLWRV GH YDULDomR OLQJXtVWLFD H GH GLYHUVLGDGH OLQJXtVWLFD EHPFRPRUHIOHWLUVREUHPRGHORVSDUDOLGDUFRPHODV ,QGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPDPHWRGRORJLDVGHWUDEDOKR HPFRQWH[WRVPXOWLFXOWXUDLV ([WUDWRGH3URJUDPD &RQFHEHUHFRQFUHWL]DUDo}HVGHLQWHUYHQomRSHGDJyJLFDDGHTXDGDVjWXUPD RQGHGHFRUUHRHVWiJLR
&RPSRQHQWHGR3URJUDPD WHPDVHFRQWH~GRV ,QGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDO ([WUDWRVGH3URJUDPDV 'LPHQV}HVSROtWLFDVHpWLFDVGDSURILVVmRGRFHQWHWUDQVPLWLUDFXOWXUDLQRYDU HWUDQVIRUPDURPXQGR 2GH$EULOGHHDHGXFDomR
D 6RFLRORJLD GD (GXFDomR H D OHLWXUD GRV SURFHVVRV GH GHPRFUDWL]DomRH[FOXVmRHGXFDWLYD D(GXFDomRSDUD7RGRVHDHVFRODLQFOXVLYD (VFRODFRQWH[WRVVRFLDLVHDUHVSRQVDELOLGDGHSHODVDSUHQGL]DJHQV GLPHQVmRHXURSHLDGDHGXFDomR ,QGLFDGRUHVH[SOtFLWRVRXSRVVtYHLVGHDERUGDJHPjGLYHUVLGDGHOLQJXtVWLFD ([WUDWRGH3URJUDPD 9DULHGDGHVGRSRUWXJXrVIDODGR 3RUWXJDO%UDVLOÈIULFD /tQJXDVFULRXODVGHEDVHSRUWXJXHVD $/tQJXD3RUWXJXHVDQRFXUUtFXORGRFLFORGR(QVLQR%iVLFR DGLPHQVmRWUDQVYHUVDOGD/tQJXD3RUWXJXHVDHQTXDQWROtQJXDGHHQVLQR DLPSRUWkQFLDHRSDSHOGDOtQJXDGDHVFRODQDVDSUHQGL]DJHQVGRVDOXQRV
255
QHQKXP GRV SURJUDPDV VH REVHUYRX HVVD LQWHQFLRQDOLGDGH H[SUHVVD QDV GLIHUHQWHV FRPSRQHQWHVTXHRVFRPS}HP
3HUDQWHRVGDGRVREWLGRVWRPRXVHFRPRUHIHUrQFLDR3ODQRGH(VWXGRVGD/LFHQFLDWXUD HP (GXFDomR %iVLFD GH PRGR D YHULILFDU VH QD LQVWLWXLomR D WHPiWLFD p RX QmR XPD SUHRFXSDomRQDIRUPDomRLQLFLDOGHHGXFDGRUHVDVHSURIHVVRUHVDVGRHFLFORV
$ DQiOLVH HIHWXDGD SHUPLWLX YHULILFDU D H[LVWrQFLD GH GXDV XQLGDGHV FXUULFXODUHV TXH H[SOLFLWDPHQWH DERUGDP D WHPiWLFD KDYHQGR DLQGD RXWUDV GXDV TXH R ID]HP HPERUD QXP FRQWH[WRGHXQLGDGHVFXUULFXODUHVRSWDWLYDV
7DEHOD± 'DGRV SURYHQLHQWHV GD DQiOLVH DR SURJUDPD GD XQLGDGH FXUULFXODU ³&RQWH[WRV 0XOWLFXOWXUDLV H (GXFDomR´ &RPSRQHQWHGR3URJUDPD FRPSHWrQFLDVDGHVHQYROYHU ,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDO &RPSUHHQGH D FRPSOH[LGDGH KROtVWLFD GR +RPHP QR TXDGUR GD VXD GLYHUVLGDGHFXOWXUDO
'RPLQDXPDFXOWXUDKLVWyULFDQDiUHDGD(GXFDomRHHPSDUWLFXODUGD (GXFDomR HP 3RUWXJDO TXH OKH SHUPLWH VLWXDUVH FULWLFDPHQWH QD SURILVVmRGRFHQWH
&RQKHFH RV SURFHVVRV IRUPDLV H LQIRUPDLV GH HQVLQR DSUHQGL]DJHP HP GLIHUHQWHVFRQWH[WRVGHGLYHUVLGDGHVRFLDOHFXOWXUDO
$SOLFD PHWRGRORJLDV H WpFQLFDV GH LQYHVWLJDomR SUySULDV GDV FLrQFLDV VRFLDLVSDUDXPHQWHQGLPHQWRGDKHWHURJHQHLGDGHGDLQWHUDFomRVRFLDO &RPSRQHQWHGR3URJUDPD WHPDVHFRQWH~GRV ,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDO $V VRFLHGDGHV PXOWLFXOWXUDLV QD HUD GD *OREDOL]DomR H RV SURFHVVRV SROtWLFRFXOWXUDLVGHKRPRJHQHL]DomRDFDQWRQDPHQWRHEDOFDQL]DomR ,PLJUDomR HWQLFLGDGH H QDFLRQDOLVPR D TXHVWmR pWQLFD QRV FRQIOLWRV UHJLRQDLV
,GHQWLGDGHVpWQLFRFXOWXUDLVHFRHVmRQDFLRQDOXQLGDGHYVGLYHUVLGDGH $VFXOWXUDVSHULIpULFDVLQYLVtYHLVHGRVLOrQFLR
2LPSHUDWLYRGHPRJUiILFRHDOLWHUDFLDPXOWLFXOWXUDO
$FUHVFHQWHKHWHURJHQHLGDGHpWQLFRFXOWXUDOQDVRFLHGDGHSRUWXJXHVD 'LYHUVLGDGH pWQLFRFXOWXUDO H OLQJXtVWLFD $V PLQRULDV QDFLRQDLV DXWyFWRQHVHRVLPLJUDQWHV
$V FXOWXUDV HP FRQWDFWR H D KLEULGDomR FXOWXUDO R FRQFHLWR GH ³UDoD´ FRPR FRQVWUXomR VRFLDO GRV IHQyPHQRV GH HWQRFHQWULVPR [HQRIRELD H GLVFULPLQDomRjLQWHUDFomRFRPXQLFDWLYDLQWHUFXOWXUDO
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjHGXFDomRLQWHUFXOWXUDO $V HWQRFXOWXUDV QR VLVWHPD HGXFDWLYR D GHPRJUDILD HVFRODU GD GLYHUVLGDGH
$VSROtWLFDVPXOWLFXOWXUDLVQD(GXFDomRDV5HIRUPDV(GXFDWLYDVH RWULXQIRGR
³GDOWRQLVPRFXOWXUDO´PLWLJDGR
6LQHUJLDV QD FRODERUDomR HVFRODIDPtOLDVFRPXQLGDGH HP FRQWH[WRV PXOWLFXOWXUDLV2
FDSLWDO FXOWXUDO H VRFLDO GRV DOXQRV VXDV IDPtOLDV H FRPXQLGDGHV 2V PHGLDGRUHV
VyFLRFXOWXUDLVHDQHFHVVLGDGHGH³DWUDYHVVDUIURQWHLUDV´RVHXSDSHOQR FRPEDWHDRDEVHQWLVPRDEDQGRQRLQVXFHVVRHVFRODUHQDFRQVWUXomRGH LGHQWLGDGHVpWQLFRFXOWXUDLV
'LIHUHQWHV DERUGDJHQV HP (GXFDomR 0XOWLFXOWXUDO $ DERUGDJHP KROtVWLFD HWQLFLGDGHQDFLRQDOLGDGH OtQJXD JpQHUR FODVVH VRFLDO UHOLJLmR
$YDOLDomRFUtWLFDjVWHRULDVHSUiWLFDVGHHGXFDomRPXOWLFXOWXUDO (GXFDomR0XOWLFXOWXUDOLGDGHHUHFRQWH[WXDOL]DomRFXUULFXODU
$ (GXFDomR 0XOWLFXOWXUDO H QDV SUiWLFDV SHGDJyJLFDV GDV HVFRODV S~EOLFDVGRHQVLQR
EiVLFR
257
$VRXWUDVFRPSRQHQWHVGRSURJUDPDHVSHOKDPWDPEpPDVWHPiWLFDVHPHVWXGR$VVLP H FRPR VH SRGH YHULILFDU D XQLGDGH FXUULFXODU FRQWHPSOD WHPiWLFDV UHODFLRQDGDV FRP D GLYHUVLGDGHFXOWXUDOHDHGXFDomRLQWHUFXOWXUDOHVSHOKDQGRDVPHVPDVDRORQJRGHGLYHUVDV FRPSRQHQWHVGRSURJUDPD
7DEHOD± 'DGRV SURYHQLHQWHV GD DQiOLVH DR SURJUDPD GD XQLGDGH FXUULFXODU ³'LYHUVLGDGH &XOWXUDO H &RPXQLFDomR/LQJXtVWLFD´
&RPSRQHQWHGR3URJUDPD
FRPSHWrQFLDVDGHVHQYROYHU
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDOHjGLYHUVLGDGH OLQJXtVWLFD
&RQKHFHU H TXHVWLRQDU D QRYD UHDOLGDGH HXURSHLD GH GLYHUVLGDGH OLQJXtVWLFDHGHFXOWXUDFRPSyVLWD
9DORUL]DUDLQWHUFXOWXUDOLGDGHFRPRIRUPDGHSURPRYHUDWROHUkQFLDHD FLGDGDQLDDWLYD
,QWHUDJLU DGHTXDGDPHQWH FRP GLIHUHQWHV LQWHUORFXWRUHV HP VLWXDo}HV GH GLYHUVLGDGHFXOWXUDOHOLQJXtVWLFD
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjHGXFDomRLQWHUFXOWXUDO &RQKHFHU LQVWLWXLo}HV H RUJDQL]Do}HV QDFLRQDLV H LQWHUQDFLRQDLV TXH WUDEDOKDPHP(GXFDomR,QWHUFXOWXUDO
&RQKHFHU FRQWULEXLo}HV GD LQYHVWLJDomR QDFLRQDO H LQWHUQDFLRQDO QHVWH GRPtQLR
&RPSRQHQWHGR3URJUDPD
WHPDVHFRQWH~GRV
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjGLYHUVLGDGHFXOWXUDOHjGLYHUVLGDGH OLQJXtVWLFD
'LYHUVLGDGHFXOWXUDOHOLQJXtVWLFDKRMH &RQWH[WRVGHVDILRVHUHVSRVWDV
&XOWXUDHFXOWXUDVKLEULGDomRFXOWXUDOXQLYHUVDOHSDUWLFXODUJOREDOH ORFDO
/tQJXDVHFXOWXUDVQDHVFROD
'LIHUHQWHVIXQo}HVGDVOtQJXDVQDHVFROD 2HQVLQRQXPDOtQJXDTXHQmRpDOtQJXDPDWHUQD GDFULDQoDRTXHHVWiHPFDXVD
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPjHGXFDomRLQWHUFXOWXUDO ,QWHUFXOWXUDOLGDGHHPXOWLFXOWXUDOLGDGHSHUVSHWLYDVHIXQGDPHQWRV +LVWyULDGRPXOWLFXOWXUDOLVPRFDUDFWHUL]DomRGDVSULQFLSDLVHWDSDV $HVFRODSRUWXJXHVDFRQWH[WRVPXOWLFXOWXUDLVHSUiWLFDVLQWHUFXOWXUDLV
,QGLFDGRUHVH[SOtFLWRVGHDERUGDJHPDPHWRGRORJLDVGHWUDEDOKRHP FRQWH[WRVPXOWLFXOWXUDLV
(VWUDWpJLDV SDUD R GHVHQYROYLPHQWR GH FRPSHWrQFLDV LQWHUFXOWXUDLV R SDSHOGDVKLVWyULDVSDUDFULDQoDV
2EVHUYDQGR D WDEHOD YHULILFDVH TXH D XQLGDGH FXUULFXODU FRQWHPSOD D DERUGDJHP D WHPiWLFDVUHODFLRQDGDVFRPDGLYHUVLGDGHFXOWXUDOHOLQJXtVWLFDDHGXFDomRLQWHUFXOWXUDOHD PHWRGRORJLDVGHWUDEDOKRHPFRQWH[WRVPXOWLFXOWXUDLV,JXDOPHQWHDVRXWUDVFRPSRQHQWHVGR SURJUDPDHVSHOKDPDVWHPiWLFDVHPHVWXGR
$OJXPDVUHSUHVHQWDo}HVGRVDVGRFHQWHV
2V GRFHQWHV TXH UHVSRQGHUDP DR TXHVWLRQiULR FRPR Mi UHIHULGR IRUDP GH]RLWR GH] PXOKHUHV H RLWR KRPHQV 4XDQWR jV KDELOLWDo}HV DFDGpPLFDV GH] WrP PHVWUDGR RLWR VmR GRXWRUDGRVHQRYHHVWmRHPGRXWRUDPHQWR
$ H[SHULrQFLD SURILVVLRQDO QR HQVLQR VXSHULRU GD TXDVH WRWDOLGDGH GRV GRFHQWHV IRL DGTXLULGDQD(6(,36DSHQDVWUrVUHIHULUDPWHUH[HUFLGRHPRXWUDVLQVWLWXLo}HV
2VLQTXLULGRVVmRXQkQLPHVDRFRQVLGHUDUTXHRVDVIXWXURVDVGRFHQWHVGHYHPWHUXPD QRomR FODUD GR TXH p D GLYHUVLGDGH FXOWXUDO 7DPEpP WRGRV DVVLQDODUDP HVWDU HP ³DFRUGR WRWDO´HPDGLYHUVLGDGHFXOWXUDOGRVDOXQRVVHUIRQWHGHHQULTXHFLPHQWRQRSURFHVVRGHHQVLQR DSUHQGL]DJHP
$R VHUHP TXHVWLRQDGRV VREUH VH D GLYHUVLGDGH QXPD VDOD GH DXOD HQYROYH TXHVW}HV UHODFLRQDGDV FRP R UDFLVPR D LQWHUDomR HQWUH FXOWXUDV DV GLIHUHQoDV GH FODVVH VRFLDO GRV DOXQRV R JpQHUR H DV GLIHUHQWHV OtQJXDV PDWHUQDV IDODGDV SHORV DOXQRV PDLRULWDULDPHQWH FRQVLGHUDUDPPDQLIHVWDUDPRVHX³DFRUGRWRWDO´
&RQWXGRFRPRVHSRGHYHULILFDUQDWDEHODVHJXLQWHQRTXHVHUHODFLRQDFRPRUDFLVPR HFRPRJpQHURKiUHVSHWLYDPHQWHWUrVHGRLVGRVLQTXLULGRVTXHVHSRVLFLRQDUDPQRLWHP ³GHVDFRUGRSDUFLDO´6DOLHQWDVHGH]DVVHLVGRFHQWHVWHUHPDVVLQDODGR³DFRUGRWRWDO´TXDQWRj GLYHUVLGDGHSDWHQWHQXPDVDODGHDXODHQYROYHUDLQWHUDomRHQWUHFXOWXUDVHGLIHUHQWHVOtQJXDV PDWHUQDV
259
7DEHOD±3RVLFLRQDPHQWRHPWRUQRGHWHPiWLFDVLQHUHQWHVjGLYHUVLGDGH
3RVLFLRQDPHQWRHPWRUQR GHWHPiWLFDVLQHUHQWHVj
GLYHUVLGDGH
'HVDFRUGR
WRWDO 'HVDFRUGRSDUFLDO $FRUGRSDUFLDO $FRUGRWRWDO
$GLYHUVLGDGHQXPDVDOD GHDXODHQYROYHR
SUREOHPDGRUDFLVPR
BBBBBBBBBB
$GLYHUVLGDGHQXPDVDOD GHDXODHQYROYHDLQWHUDomR HQWUHFXOWXUDV
BBBBBBBBBB BBBBBBBBB
$GLYHUVLGDGHQXPDVDOD GHDXODLQFOXLDVGLIHUHQoDV GHFODVVHVRFLDOGRVDOXQRV
BBBBBBBBBB
$GLYHUVLGDGHQXPDVDOD GHDXODHQYROYHDV TXHVW}HVGRJpQHUR
BBBBBBBBBB
$GLYHUVLGDGHQXPDVDOD GHDXODHQYROYHDV TXHVW}HVGDVGLIHUHQWHV OtQJXDVPDWHUQDVIDODGDV SHORVDOXQRV
BBBBBBBBBBB BBBBBBBBBB
(P UHODomR j LQFOXVmR GD (GXFDomR ,QWHUFXOWXUDO QDV FRPSRQHQWHV GH IRUPDomR TXH LQWHJUDPRSODQRGHHVWXGRVRVLQTXLULGRVPDLRULWDULDPHQWHFRQVLGHUDPTXHDVXDLQFOXVmR GHYHULDRFRUUHUHPWRGDVDVFRPSRQHQWHVRVGDGRVDSUHVHQWDGRVQDWDEHODVHJXLQWHVmRGLVVR WHVWHPXQKR
7DEHOD 3RVLFLRQDPHQWR TXDQWR jV FRPSRQHQWHV GH IRUPDomR HP TXH D HGXFDomR LQWHUFXOWXUDO GHYH HVWDU SDWHQWH
&RPSRQHQWHVGHIRUPDomRHPTXHDHGXFDomRLQWHUFXOWXUDOGHYH HVWDUSDWHQWH
1~PHURGH UHVSRVWDV
)RUPDomRQDiUHDGDGRFrQFLD
)RUPDomRHGXFDFLRQDOJHUDO
'LGiWLFDVHVSHFtILFDV
&RQYLGDGRV D MXVWLILFDU R VHX SRVLFLRQDPHQWR DOJXQV GRV GRFHQWHV IL]HUDPQR $SUHVHQWDVH HP VHJXLGD XPD GHVVDV MXVWLILFDo}HV TXH FRQVLGHUDPRV LOXVWUDWLYD GR SRVLFLRQDPHQWRH[SRVWRSHORVLQTXLULGRV
$ HGXFDomR LQWHUFXOWXUDO GHYH VHU XPD WHPiWLFD D FRQVLGHUDU HP TXDOTXHU iUHD GH
IRUPDomRQDPHGLGDHPTXHDPHXYHUVHUHODFLRQDDFRPRUHVSHLWRSHODGLYHUVLGDGH
FXOWXUDOEFRPDDWHQomRDRRXWURFFRPDWHQWDWLYDGHUHGXomRGHIRUPDVGHH[FOXVmR
HFRP GDSURPRomR GRVXFHVVRHGXFDWLYRDWUDYpVGDLGHQWLILFDomR HFRQFUHWL]DomRGH
PHLRV GH GLIHUHQFLDomR SHGDJyJLFD TXH SHUPLWDP PD[LPL]DU DV RSRUWXQLGDGHV GH WRGRV
DSUHQGHUHP
1RTXHVHUHIHUHjDGHVmRDFLQFRSUHVVXSRVWRVSRVVtYHLVGHFRQWULEXLUSDUDGHILQLomRGR FRQFHLWRGH(GXFDomR,QWHUFXOWXUDOGHDFRUGRFRPDSHUVSHWLYDGH2XHOOHWDVDEHU
D (GXFDomR ,QWHUFXOWXUDO p XPD IRUPDomR VLVWHPiWLFD GLULJLGD WDQWR DRV JUXSRV PDLRULWiULRVFRPRDRVPLQRULWiULRV
D (GXFDomR ,QWHUFXOWXUDOYLVDXPDPHOKRU FRPSUHHQVmRGDV FXOWXUDVQDVVRFLHGDGHV PRGHUQDV
D (GXFDomR ,QWHUFXOWXUDO VLJQLILFD PDLRU FDSDFLGDGH GH FRPXQLFDU HQWUH SHVVRDV GH FXOWXUDVGLIHUHQWHV
D (GXFDomR ,QWHUFXOWXUDO GHVHQYROYH DWLWXGHV PDLV DGDSWDGDV DR FRQWH[WR GD GLYHUVLGDGHFXOWXUDO
261
FRPSDUDGR FRP RV GDGRV GR QtYHO GH PDLRU DGHVmR SRGH SRVVLELOLWDU D OHLWXUD GH TXH D (GXFDomR,QWHUFXOWXUDOSDUDHVWHVGRFHQWHVQmRpXPDIRUPDomRTXHLQFOXLWRGRVPDVVLP FHQWUDGDQRGHVHQYROYLPHQWRGHDWLWXGHVPDLVDGHTXDGDVRXDGDSWDGDVTXDQGRHPVLWXDomRGH FRQWH[WRDGLYHUVLGDGHFXOWXUDOHVWHMDSDWHQWH
5HIHUrQFLDVELEOLRJUiILFDV
$IRQVR1,QYHVWLJDomR1DWXUDOLVWDHP(GXFDomR8PJXLDSUiWLFRHFUtWLFRHG3RUWR
(GLo}HV$6$
'DUOLQJ+DPPRQG/*DUFLD/RSH]63:KDWLVGLYHUVLW\"LQ/'DUOLQJ+DPPRQG-)UHQFKH63*DUFLD/RSH](GV/HDUQLQJWRWHDFKIRUVRFLDOMXVWLFH1HZ<RUN7HDFKHUV
&ROOHJH3UHVV
.LQFKHORH-&RQVWUXWLYLVPR&UtWLFR0DQJXDOGH(GLo}HV3HGDJR/GD
1LHWR 6 %RGH 3 $IILUPLQJ 'LYHUVLW\ ± 7KH 6RFLRSROLWLFDO &RQWH[W RI0XOWLFXOWXUDO
(GXFDWLRQ8QLWHG6WDWHV3HDUVRQ(GXFDWLRQ,QF
2XHOOHW ) /C(GXFDWLRQ ,QWHUFXOWXUHOOH ± (VVDL VXUOHFRQWHQX GHODIRUPDWLRQ GHV PDvWUHV
3DULV(GLWLRQV/C+DUPDWWDQ
5LEHLUR $3 4XHVW}HV 3HUPDQHQWHV ± HQVDLRV HVFROKLGRV VREUH FXOWXUD FRQWHPSRUkQHD
/LVERD/LYURV&ROLEUL
6HTXHLUD$3)RUPDomR,QLFLDOGH3URIHVVRUHVGRFLFORGR(QVLQR%iVLFR9iULRV2OKDUHV
VREUHD'LYHUVLGDGH&XOWXUDO±3URMHFWRGH'RXWRUDPHQWR±/LVERD8QLYHUVLGDGHGH/LVERD
