You are on page 1of 487



5XD+HQULTXH6FKDXPDQQ&HUTXHLUD&pVDU6mR
3DXOR63
&(33$%;  6$&-85
'HDGDVjV
VDUDLYDMXU#HGLWRUDVDUDLYDFRPEU
$FHVVHZZZVDUDLYDMXUFRPEU

),/,$,6

$0$=21$6521'1,$525$,0$$&5(
5XD&RVWD$]HYHGR&HQWUR)RQH  
)D[  0DQDXV
%$+,$6(5*,3(
5XD$JULSLQR'yUHD%URWDV)RQH  
)D[  6DOYDGRU
%$858 623$8/2
5XD0RQVHQKRU&ODUR&HQWUR)RQH 

)D[  %DXUX
&($53,$80$5$1+2
$Y)LORPHQR*RPHV-DFDUHFDQJD)RQH 
)D[  
)RUWDOH]D
',675,72)('(5$/
6,$68/7UHFKR/RWH6HWRUGH,QG~VWULDH
$EDVWHFLPHQWR)RQH  
)D[  %UDVtOLD
*2,672&$17,16
$Y,QGHSHQGrQFLD6HWRU$HURSRUWR)RQH
 )D[  
*RLkQLD
0$72*52662'268/0$72*52662
5XDGH-XOKR&HQWUR)RQH  
)D[  &DPSR*UDQGH
0,1$6*(5$,6
5XD$OpP3DUDtED/DJRLQKD)RQH  

)D[  %HOR+RUL]RQWH
3$5$0$3
7UDYHVVD$SLQDJpV%DWLVWD&DPSRV)RQH 
)D[  %HOpP
3$5$16$17$&$7$5,1$
5XD&RQVHOKHLUR/DXULQGR3UDGR9HOKR
)RQH)D[  &XULWLED
3(51$0%8&23$5$%$5*'2
1257($/$*2$6
5XD&RUUHGRUGR%LVSR%RD9LVWD)RQH 
)D[  5HFLIH
5,%(,5235(72 623$8/2
$Y)UDQFLVFR-XQTXHLUD&HQWUR)RQH 
)D[  5LEHLUmR3UHWR
5,2'(-$1(,52(635,726$172
5XD9LVFRQGHGH6DQWD,VDEHOD9LOD,VDEHO
)RQH  )D[  
5LRGH-DQHLUR
5,2*5$1'('268/

$Y$-5HQQHU)DUUDSRV)RQH)D[ 
3RUWR$OHJUH
623$8/2
$Y$QWiUWLFD%DUUD)XQGD)RQH3$%; 
6mR3DXOR

,6%1

$VVLV2OQH\4XHLUR]
0DQXDOGHDQWURSRORJLDMXUtGLFD
2OQH\4XHLUR]$VVLV
9LWRU)UHGHULFR.XPSHO6mR
3DXOR6DUDLYD
$QWURSRORJLDMXUtGLFD
'LUHLWR%UDVLO'LUHLWRH
DQWURSRORJLD
6RFLRORJLDMXUtGLFD,
.XPSHO9LWRU)UHGHULFR,,
7tWXOR
&'8

QGLFHSDUDFDWiORJRVLVWHPiWLFR
$QWURSRORJLDMXUtGLFD
$QWURSRORJLDMXUtGLFD
'LUHLWRHDQWURSRORJLD
6RFLRORJLDMXUtGLFD

'LUHWRUHGLWRULDO$QWRQLR/XL]GH7ROHGR3LQWR
'LUHWRUGHSURGXomRHGLWRULDO/XL]5REHUWR&XULD
*HUHQWHGHSURGXomRHGLWRULDO/tJLD$OYHV
(GLWRUD0DQXHOOD6DQWRVGH&DVWUR
$VVLVWHQWHGHSURGXomRHGLWRULDO&ODULVVD%RUDVFKL
0DULD
3UHSDUDomRGHRULJLQDLV0DULD,]DEHO%DUUHLURV
%LWHQFRXUW%UHVVDQ(XQLFH$SDUHFLGDGH-HVXV
$UWHHGLDJUDPDomR&ULVWLQD$SDUHFLGD$JXGRGH
)UHLWDV0{QLFD/DQGL
5HYLVmRGHSURYDV5LWDGH&iVVLD4XHLUR]*RUJDWL
0DULH1DNDJDZD
6HUYLoRVHGLWRULDLV$QD3DXOD0D]]RFR(ODLQH
&ULVWLQDGD6LOYD
&DSD,'e(DUWHHFRPXQLFDomR
3URGXomRJUiILFD0DUOL5DPSLP

3URGXomRHOHWU{QLFD5R&RPXQLFDomR

'DWDGHIHFKDPHQWRGDHGLomR


'~YLGDV"
$FHVVHZZZVDUDLYDMXUFRPEU

1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHUiVHU
UHSURGX]LGDSRUTXDOTXHUPHLRRXIRUPDVHPD
SUpYLDDXWRUL]DomRGD(GLWRUD6DUDLYD
$YLRODomRGRVGLUHLWRVDXWRUDLVpFULPHHVWDEHOHFLGR
QD/HLQHSXQLGRSHORDUWLJRGR
&yGLJR3HQDO

6805,2
,$175232/2*,$
&RQFHLWRHREMHWR
$QWURSRORJLDHKXPDQLVPR
(WDSDVGRKXPDQLVPR
2EMHWRWHyULFRHiUHDVGHHVWXGR
$QWURSRORJLDFXOWXUDO
(WQRJUDILDHHWQRORJLD
(WQRORJLDHDQWURSRORJLD
$QWURSRORJLDFXOWXUDOHDQWURSRORJLDVRFLDO
$QWURSRORJLDHVRFLRORJLD
,,35e+,675,$'$$175232/2*,$
'HVFREHUWDGRQRYRPXQGR
(VWUDQKDPHQWR
)DVFtQLRSHORHVWUDQKR
5HFXVDGRHVWUDQKR
&KRTXHGHFXOWXUDV
2FLGHQWH[2ULHQWH
+HJHP{QLFD[PLQRULWiULD
,,,5$&,602

'RXWULQDUDFLVWD
5DoDHJHQpWLFD
&XOWXUD[FLYLOL]DomR
'LYHUVLGDGHGHFXOWXUDV
'LIHUHQoDVUDFLDLVHVRFLDLV
,9$175232/2*,$(',5(,72
&RQH[}HV
$SUR[LPDo}HVHDIDVWDPHQWRV
2IHQ{PHQRMXUtGLFR
(VWXGRGRGLUHLWR
$QWURSRORJLDMXUtGLFD
3OXUDOLVPRMXUtGLFR
-XVWLoDHVWDWDO[MXVWLoDFRPXQLWiULD
91$6&,0(172'$$175232/2*,$
3URMHWRDQWURSROyJLFR
-HDQ-DFTXHV5RXVVHDX 
/LPLWDo}HVGRVpFXOR;9,,,
(YROXFLRQLVPRVRFLROyJLFR
(YROXFLRQLVPRELROyJLFR
-HDQ%DSWLVWH/DPDUFN 
&KDUOHV'DUZLQ 
(YROXFLRQLVPRDQWURSROyJLFR

9,(92/8&,21,602
$QWURSyORJRVHYROXFLRQLVWDV
%DFKRIHQ 
'LUHLWRPDWHUQR[GLUHLWRSDWHUQR
(GZDUG7\ORU 
7HPDVGRHYROXFLRQLVPR
6RFLHGDGHVVLPSOHVRXSULPLWLYDV
3DUHQWHVFR
5HOLJLmRHPDJLD
&UtWLFDVDRHYROXFLRQLVPR
&UtWLFDVDRHYROXFLRQLVPRDQWURSROyJLFR
9,,(92/8&,21,602(',5(,72
5HOLJLmRHGLUHLWR
&DVDPHQWRUHOLJLRVR
-XULVWDVHHYROXFLRQLVPR
+HQU\/pY\%UXKO
2XWUDVPDQLIHVWDo}HV
9,,,/(:,6025*$1 
$QWURSRORJLDVRFLDOHSDUHQWHVFR
0RUJDQHRPDU[LVPR
&RPXQLGDGHJHQWtOLFD
3ULQFtSLRGDVROLGDULHGDGH
6ROLGDULHGDGHHFRVWXPH

)LPGDVROLGDULHGDGH
'HVLJXDOGDGHHFRQ{PLFD
,;)5$1=%2$6 
$QWURSRORJLDQRVpFXOR;;
(WQRJUDILD
5HFRQVWUXomRGDFXOWXUD
&XOWXUDHUDoD
&XOWXUDHVHJUHJDomR
&XOWXUDHVtPERORV
'LIXVLRQLVPR
'LIXVLRQLVPRQRUWHDPHULFDQR
5XWK%HQHGLFW 
(GZDUG6DSLU 
&UtWLFDVDRGLIXVLRQLVPR
'LIXVLRQLVPRHGLUHLWR
'LIXVmRGDWySLFD
&DVRVSUREOHPiWLFRV
;%521,6/$:0$/,12:6., 
)XQFLRQDOLVPR
3HVTXLVDGHFDPSR
)DWRHWRWDOLGDGH
.XOD
1DWXUH]DKXPDQDHFXOWXUD

$PELHQWHVSULPiULRHVHFXQGiULR
,QVWLWXLo}HV
,QVWLWXLomRHIXQomR
'LVIXQomRGDVLQVWLWXLo}HV
'LUHLWRHFRVWXPH
0LWRHGLUHLWR
,QVWLWXLomRHGLUHLWR
,QVWLWXLomRHWHRULDQRUPDWLYD
7HRULDLQVWLWXFLRQDOLVWD
0pULWRGDWHRULDLQVWLWXFLRQDOLVWD
;,5$'&/,))(%52:1 
7HRULDIXQFLRQDOLVWD
(VWUXWXUDHIXQomR
)DPtOLDHOHPHQWDU
(VWUXWXUDVRFLDOHFXOWXUD
&UtWLFDDRIXQFLRQDOLVPR
3UREOHPDGRPpWRGR
6RFLHGDGHHGLUHLWR
)XQFLRQDOLVPRHGLUHLWR
'LUHLWRIXQFLRQDOLVPRHHVWUXWXUDOLVPR
;,,e0,/('85.+(,0 
$XWRQRPLDGDVFLrQFLDVVRFLDLV
)DWRVRFLDO

)RUoDGRVIDWRVVRFLDLV
(VWXGRGRVXLFtGLR
$QWURSRORJLDHUHOLJLmR
6DJUDGRHSURIDQR
'LUHLWRHVROLGDULHGDGH
'LUHLWRHVRFLHGDGHFRPSOH[D
-XVWLoDHUHWULEXLomR
&KLPSDQ]pVH.LNX\XV
;,,,0$5&(/0$866 
7HRULDGRIDWRVRFLDOWRWDO
6LVWHPDGRGRP
2EULJDomRGHGDU
2EULJDomRGHUHVWLWXLU
4XDUWDREULJDomR
6LVWHPDGHSUHVWDo}HVWRWDLV
3RWODWFK
.XOD
'RPHJXHUUD
;,9'201$62&,('$'(&217(03251($
'RPIDWRVRFLDOWRWDO
'RQVHQWUHDPLJRV
'RPHFDULWDV
'RPHXWRSLD

'RPHH[FOXtGRV
$GHPDQGDGRGRP
'RPHREMHWRVDJUDGR
;91(2(92/8&,21,602
(YROXFLRQLVPRGRVpFXOR;;
/HVOLH$OYLQ:KLWH 
9HUH*RUGRQ&KLOGH 
0DUVKDOO6DKOLQV 
3ULPHLURSHUtRGR
6HJXQGRSHUtRGR
0LWRSUi[LV
5HYROXomRFXOWXUDOKDYDLDQD
9LVLWDGR&DSLWmR&RRN
$EROLomRGRVLVWHPDGHWDEXV
&UtWLFDDRQHRHYROXFLRQLVPR
1HRHYROXFLRQLVPRHGLUHLWR
 )ULHGULFK (QJHOV     H .DUO
.DXWVN\ 
 (YJHQL %URQLVODYRYLFK 3DFKXNDQLV 

;9,(6758785$/,602
,QWURGXomR
(VWUXWXUDVLJQLILFDGRUHVWULWR

(VWUXWXUDVLJQLILFDGRJHQpULFR
,QIOXrQFLDGH6DXVVXUH
/pYL6WUDXVVHRHVWUXWXUDOLVPR
(VWUXWXUDHFRQVFLrQFLD
6LVWHPDVGHFXOWXUDV
2UJDQL]DomRGXDOLVWD
(VWUXWXUDOLVPRHGLUHLWR
(VWUXWXUDHKLHUDUTXLD
;9,,&/$8'(/e9,675$866 
6tPERORHVRFLHGDGH
/LQJXtVWLFDHDQWURSRORJLD
/LQJXDJHPHFXOWXUD
6RFLHGDGHVSULPLWLYDV
;9,,,129$$175232/2*,$$0(5,&$1$
&OLIIRUG*HHUW] 
&XOWXUDHUHOLJLmR
&XOWXUDHLGHRORJLD
2PpWRGR
%ULJDVGHJDOR
'DYLG6FKQHLGHU 
3DUHQWHVFRHFXOWXUD
1DWXUH]DHFXOWXUD
&yGLJRGHFRQGXWDHODoRVGHVDQJXH

6tPERORHGLUHLWR
;,;&8/785$
&XOWXUDFRPRREMHWRGDDQWURSRORJLD
&XOWXUDWHUPRDPEtJXR
6XUJLPHQWRGDFXOWXUD
&XOWXUDHYDORUHV
3OXUDOLGDGHGHFXOWXUDV
&XOWXUDHGLUHLWR
7HUPRFXOWXUDXVRFRPXP
)OX[RGHFXOWXUDV
$LPLJUDomR
'LUHLWRGHVHULJXDOHGLIHUHQWH
'LUHLWRHFLGDGDQLD
'LUHLWRHPLQRULDV
;;352&(662&8/785$/
0XGDQoDFXOWXUDO
$VSHFWRVVLQFU{QLFRV
(QGRFXOWXUDomR
$VSHFWRVGLDFU{QLFRV
,QYHQomR
'LIXVmRHDFXOWXUDomR
&XOWXUDHDPELHQWH

$PELHQWHHGLUHLWR
$WLYLGDGHHFRQ{PLFD[GHIHVDGRDPELHQWH
5HODomRFXVWREHQHItFLR
8UJrQFLDGRSUREOHPD
;;,&,1&,$-85',&$
0RGHORWHyULFRGRPLQDQWH
6LVWHPDGHQRUPDV
1RUPDHSURSRVLomR
1RUPDHLQWHUSUHWDomR
0RGHORWHyULFRHPHUJHQWH
=HWpWLFDMXUtGLFD
=HWpWLFDHGRJPiWLFD
%,%/,2*5$),$

, $175232/2*,$
&21&(,72(2%-(72
$GDP .XSHU    UHODWD TXH HP 
5REHUW /RZLH GHFODURX TXHFXOWXUD p R ~QLFR
DVVXQWRGDDQWURSRORJLDDVVLPFRPRDFRQVFLrQFLDp
GDSVLFRORJLDDYLGDpGDELRORJLDHDHOHWULFLGDGHp
XP FDPSR GD ItVLFD $OJXQV DQWURSyORJRV
FRQWHVWDUDP GL]HQGR TXH R YHUGDGHLUR WHPD GD
DQWURSRORJLD p DHYROXomR KXPDQD 1D SHUVSHFWLYD
GD FXOWXUD RX GD HYROXomR KXPDQD DQWURSRORJLD p
XPD FLrQFLD TXH VH LQWHUHVVD SRU LGHLDV YDORUHV
VtPERORV QRUPDV FRVWXPHV FUHQoDV LQYHQo}HV
DPELHQWH HWF SRUWDQWR HQFRQWUDVH DVVRFLDGD D
RXWUDVFLrQFLDV GLUHLWRVRFLRORJLDSROtWLFDKLVWyULD
JHRJUDILD OLQJXtVWLFD  PRWLYR SHOR TXDO VXD
DXWRQRPLDQmRpXQLYHUVDOPHQWHUHFRQKHFLGDGDtDV
GLVSXWDV RX GLILFXOGDGHV HP UHODomR j GHWHUPLQDomR
GHVHXREMHWRGHHVWXGR
3DUD/pYL6WUDXVV  DDQWURSRORJLDQmR
VH GLVWLQJXH GDV RXWUDV FLrQFLDV KXPDQDV H VRFLDLV
SRU XP REMHWR GH HVWXGRV TXH OKH VHMD SUySULR
6HJXQGR HOH D KLVWyULD TXLV TXH D DQWURSRORJLD
FRPHoDVVH SHOR HVWXGR GDVVRFLHGDGHV VLPSOHV
WDPEpP
GHQRPLQDGDVVRFLHGDGHV SULPLWLYDV

VRFLHGDGHVDUFDLFDV RXVRFLHGDGHVIULDV 0DV HVVH


LQWHUHVVH WDPEpP p SDUWLOKDGR SRU RXWUDV FLrQFLDV
LQFOXVLYHSHORGLUHLWR0HVPRTXDQGRDDQWURSRORJLD
YROWDVH SDUD R HVWXGR GDVVRFLHGDGHV FRPSOH[DV
WDPEpP
GHQRPLQDGDVVRFLHGDGHV FLYLOL]DGDV
VRFLHGDGHV PRGHUQDV
RXVRFLHGDGHV TXHQWHV
SHUFHEHVH TXH Dt RV YtQFXORV FRP R GLUHLWR H DV
GHPDLV FLrQFLDV VmR DWp PDLV YLVtYHLV +i SRUWDQWR
PXLWRV SRQWRV GH FRQWDWR HQWUH DQWURSRORJLD H
GLUHLWR IDWR TXH UHVVDOWD R DVSHFWR LQWHUGLVFLSOLQDU
GHVVDV GXDV iUHDV GR FRQKHFLPHQWR H MXVWLILFD QRV
VHXVHVWXGRVRLQWHUHVVHGHXPDiUHDSHODRXWUD
2VDQWURSyORJRVGHPRGRJHUDOHQWHQGHPTXH
D DQWURSRORJLD YLVD FRQKHFHU R KRPHP LQWHLUR R
KRPHP HP VXD WRWDOLGDGH LVWR p HP WRGDV DV
VRFLHGDGHV H HP WRGRV RV JUXSRV KXPDQRV (VVH
HQWHQGLPHQWR FRQIHUH j DQWURSRORJLD XP WUtSOLFH
DVSHFWR D GH FLrQFLD VRFLDO QD PHGLGD HP TXH
SURFXUD FRQKHFHU R KRPHP FRPR LQGLYtGXR
LQWHJUDQWH GH VRFLHGDGHV FRPXQLGDGHV H JUXSRV
RUJDQL]DGRV E GHFLrQFLDKXPDQDTXDQGRSURFXUD
FRQKHFHU R KRPHP DWUDYpV GH VXD KLVWyULD VXDV
FUHQoDVVXDDUWHVHXVXVRVHFRVWXPHVVXDPDJLD
VXD OLQJXDJHP HWF F GH FLrQFLD QDWXUDO TXDQGR
SURFXUD FRQKHFHU R KRPHP SRU PHLR GH VXD
HYROXomR VHX SDWULP{QLR JHQpWLFR VHXV FDUDFWHUHV
DQDW{PLFRVHILVLROyJLFRV

$QWURSRORJLDHKXPDQLVPR
$QWURSRORJLDHPVHQWLGRHWLPROyJLFRVLJQLILFD
RHVWXGRGRKRPHP3DUD$EEDJQDQR  pD
H[SRVLomRVLVWHPiWLFDGRVFRQKHFLPHQWRVTXHVHWrP
D UHVSHLWR GR KRPHP 9LVD HOD SRUWDQWR IXQGDU RX
FRQVWLWXLU XP VDEHU FLHQWtILFR TXH WRPD R KRPHP
FRPRREMHWR0DVFRQIRUPH/DSODWLQH  RV
DQWURSyORJRV QmR HVWmR GH DFRUGR FRP D
SRVVLELOLGDGH GH R KRPHP SRGHU HVWXGDU
FLHQWLILFDPHQWH R KRPHP +i VHJXQGR HOH RV TXH
SHQVDP FRPR 5DGFOLIIH%URZQ TXH DV VRFLHGDGHV
VmR VLVWHPDVQDWXUDLV TXH GHYHP VHU HVWXGDGRV
VHJXQGRRVPpWRGRVFRPSURYDGRVSHODVFLrQFLDVGD
QDWXUH]D H RV TXH SHQVDP FRPR (YDQV3ULWFKDUG
TXH p SUHFLVR WUDWDU DV VRFLHGDGHV QmR FRPR
VLVWHPDV RUJkQLFRV PDV FRPR VLVWHPDV VLPEyOLFRV
3DUDHVWHV~OWLPRVORQJHGHVHUXPDFLrQFLDQDWXUDO
GDVRFLHGDGHDDQWURSRORJLDGHYHVHUFRQVLGHUDGD
XPDDUWH
3DUD /pYL6WUDXVV    D DQWURSRORJLD
SURFHGH GH FHUWD FRQFHSomR GR PXQGR RX GH XPD
PDQHLUD RULJLQDO GH FRORFDU RV SUREOHPDV XPD H
RXWUD GHVFREHUWD SRU RFDVLmR GR HVWXGR GH
IHQ{PHQRV VRFLDLV TXH WRUQDP PDQLIHVWDV FHUWDV
SURSULHGDGHVJHUDLVGDYLGDVRFLDO3RUHVVDVUD]}HV
HQWHQGH TXH D DQWURSRORJLD IXQGD XP KXPDQLVPR
GHPRFUiWLFRTXHFODPDSHODUHFRQFLOLDomRGRKRPHP
FRPDQDWXUH]D

(WDSDVGRKXPDQLVPR
(PHVWXGRLQWLWXODGR2VWUrVKXPDQLVPRV /pYL
6WUDXVV D FRQVWDWDTXHSDUDDPDLRULD
GDV SHVVRDV D DQWURSRORJLD DSDUHFH FRPR XPD
FLrQFLD QRYD XP UHILQDPHQWR H XPD FXULRVLGDGH GR
KRPHP PRGHUQR SHORV REMHWRV FRVWXPHV H FUHQoDV
GRV SRYRV GLWRV VHOYDJHQV 2EVHUYD SRUpP TXH D
DQWURSRORJLDQmRpQHPXPDFLrQFLDjSDUWHQHPXPD
FLrQFLDQRYDpDIRUPDPDLVDQWLJDHJHUDOGRTXHVH
FRVWXPD GHVLJQDU SRU KXPDQLVPR 2 KXPDQLVPR
VHJXQGR R DXWRU SRGH VHU GHFRPSRVWR HP WUrV
HWDSDVD DGD5HQDVFHQoDE DGRVVpFXORV;9,,,H
;,;HF DDWXDO
2 KXPDQLVPR GD 5HQDVFHQoD UHGHVFREUH D
DQWLJXLGDGHJUHFRURPDQDHID]GRJUHJRHGRODWLPD
EDVHGDIRUPDomRLQWHOHFWXDO1HVVHVHQWLGRHVERoD
XPD SULPHLUD IRUPD GH DQWURSRORJLD QD PHGLGD HP
TXHUHFRQKHFHTXHQHQKXPDFLYLOL]DomRSRGHSHQVDU
DVLPHVPDVHQmRGLVSXVHUGHDOJXPDVRXWUDVTXH
OKHVLUYDPGHFRPSDUDomR$5HQDVFHQoDUHHQFRQWUD
QD OLWHUDWXUD DQWLJD QRo}HV H PpWRGRV HVTXHFLGRV
SRUpP PDLV HVSHFLDOPHQWH HQFRQWUD R PHLR GH
FRORFDU VXD SUySULD FXOWXUD HP SHUVSHFWLYD
FRQIURQWDQGR DV FRQFHSo}HV UHQDVFHQWLVWDV FRP DV
GHRXWUDVpSRFDVHOXJDUHV$WUDYpVGDOtQJXD JUHJR
H ODWLP  H GRV WH[WRV FOiVVLFRV RV KRPHQV GD
5HQDVFHQoDHQFRQWUDUDPXPPpWRGRLQWHOHFWXDOTXH
SRGHVHUGHQRPLQDGRWpFQLFDGRHVWUDQKDPHQWR

2 KXPDQLVPR GRV VpFXORV ;9,,, H ;,; DWXD


QXPD H[WHQVmR PDLV DPSOD 2 SURJUHVVR GD
H[SORUDomRJHRJUiILFDFRORFRXRKRPHPHXURSHXHP
FRQWDWR FRP R DFHUYR FXOWXUDO GDV FLYLOL]Do}HV PDLV
ORQJtQTXDV FRPR &KLQD QGLD H$PpULFD 7UDWDVH
GHXPKXPDQLVPROLJDGRDRVLQWHUHVVHVLQGXVWULDLVH
FRPHUFLDLV TXH OKH VHUYLDP GH DSRLR PRWLYR SHOR
TXDOPHVPRGLDQWHGDPXOWLSOLFLGDGHFXOWXUDOFDUUHJD
YDORUHVOLJDGRVDRHWQRFHQWULVPRQDPHGLGDHPTXH
HVWDEHOHFHDLGHQWLILFDomRGRVXMHLWRFRPHOHPHVPR
HGDFXOWXUDFRPDFXOWXUDHXURSHLD
2 KXPDQLVPR DWXDO SRU LQWHUPpGLR GD
DQWURSRORJLDSHUFRUUHVXDWHUFHLUDHWDSDDRIRFDUDV
VRFLHGDGHV SULPLWLYDV DV ~OWLPDV FLYLOL]Do}HV DLQGD
GHVGHQKDGDV 3DUD /pYL6WUDXVV HVWD VHUi VHP
G~YLGD D ~OWLPD HWDSD SRUTXH DSyV HOD R KRPHP
QDGD PDLV WHUi SDUD GHVFREULU VREUH VL PHVPR DR
PHQRVHPWHUPRVGHH[WHQVmR
2V GRLV SULPHLURV KXPDQLVPRV VHJXQGR HOH
HVWDYDP OLPLWDGRV HP VXSHUItFLH H TXDOLGDGH
HVSHFLILFDPHQWH SRUTXH D  DV FLYLOL]Do}HV DQWLJDV
WLQKDP GHVDSDUHFLGR H Vy SRGHULDP VHU FRQKHFLGDV
SHORV WH[WRV RX PRQXPHQWRV E  DV FLYLOL]Do}HV
ORQJtQTXDV 2ULHQWH H ([WUHPR 2ULHQWH  DLQGD TXH
SRVVXtVVHP WH[WRV H PRQXPHQWRV Vy PHUHFLDP
LQWHUHVVH SRU VXDV SURGXo}HV PDLV HUXGLWDV H
UHILQDGDV F  DV VRFLHGDGHV SULPLWLYDV QmR
GHVSHUWDYDP LQWHUHVVH SRUTXH QmR SRVVXtDP

GRFXPHQWRV HVFULWRV H D PDLRULD GHODV QHP VHTXHU


SRVVXtD PRQXPHQWRV ILJXUDGRV 3DUD VXSHUDU HVVDV
OLPLWDo}HV H SUHFRQFHLWRV D DQWURSRORJLD GHSDUDVH
FRPDQHFHVVLGDGHGHGRWDURKXPDQLVPRGHQRYRV
LQVWUXPHQWRVGHLQYHVWLJDomR
$ DQWURSRORJLD FRQIRUPH /pYL6WUDXVV
XOWUDSDVVD R KXPDQLVPR WUDGLFLRQDO HP WRGRV RV
VHQWLGRVYLVWRTXHVHXWHUUHQRHQJOREDDWRWDOLGDGH
GD WHUUD KDELWDGD HQTXDQWR VHX PpWRGR UH~QH
SURFHGLPHQWRV TXH SURYrP WDQWR GDV FLrQFLDV
KXPDQDV H VRFLDLV FRPR GDV FLrQFLDV QDWXUDLV
SRUWDQWR GH WRGDV DV IRUPDV GR VDEHU 1R VHX
HVWiJLR DWXDO D DQWURSRORJLD IH] SURJUHGLU R
FRQKHFLPHQWR HP WUrV GLUHo}HV D HP VXSHUItFLH
SRUTXH VH LQWHUHVVD SRU WRGDV DV VRFLHGDGHV VHMDP
VLPSOHV RX FRPSOH[DV E HP ULTXH]D GRV PHLRV GH
LQYHVWLJDomR SRUTXH HP IXQomR GDV FDUDFWHUtVWLFDV
SDUWLFXODUHV GDV VRFLHGDGHV SULPLWLYDV LQWURGX]LX
QRYRV PRGRV GH FRQKHFLPHQWR TXH SRGHP VHU
DSOLFDGRVDRHVWXGRGHWRGDVDVRXWUDVVRFLHGDGHV
LQFOXVLYH DV VRFLHGDGHV FRQWHPSRUkQHDV PDLV
FRPSOH[DV FRPR p R FDVR GD VRFLHGDGH HXURSHLD H
GD
QRUWHDPHULFDQD
F QD DPSOLDomR GRV
EHQHILFLiULRV SRUTXH DR FRQWUiULR GR KXPDQLVPR
FOiVVLFR UHVWULWR DRV EHQHILFLiULRV GD FODVVH
SULYLOHJLDGD DOFDQoD DV SRSXODo}HV GDV VRFLHGDGHV
PDLVKXPLOGHV
$ DQWURSRORJLD PDUFD SRUWDQWR R DGYHQWR GH

XP KXPDQLVPR GXSODPHQWH XQLYHUVDO D SULPHLUR


SURFXUDQGRVXDLQVSLUDomRQRFHUQHGDVVRFLHGDGHV
PDLVKXPLOGHVHGHVSUH]DGDVSURFODPDTXHQDGDGH
KXPDQR SRGHULD VHU HVWUDQKR DR KRPHP H IXQGD
DVVLP XP KXPDQLVPR GHPRFUiWLFR TXH VH RS}H DRV
TXHRSUHFHGHUDPFULDGRVSDUDSULYLOHJLDGRVDSDUWLU
GH
FLYLOL]Do}HV
SULYLOHJLDGDV
E VHJXQGR
PRELOL]DQGR PpWRGRV H WpFQLFDV WRPDGRV GH
HPSUpVWLPR D WRGDV DV FLrQFLDV SDUD ID]rORV VHUYLU
DR FRQKHFLPHQWR GR KRPHP D DQWURSRORJLD FODPD
SHOD UHFRQFLOLDomR GR KRPHP H GD QDWXUH]D QXP
KXPDQLVPRJHQHUDOL]DGR
+iSRUWDQWRQDEDVHGHVVDQRYDDQWURSRORJLDD
DILUPDomRGRSULQFtSLRGHDOWHULGDGHHDQHJDomRGR
HWQRFHQWULVPR $ILUPDU DDOWHULGDGH VLJQLILFD ID]HU
XP DSHOR DR KRPHP SDUD UHFRQKHFHUVH QR RXWUR
HVSHFLILFDPHQWHSDUDUHFRQKHFHUVHQDVFDUrQFLDVGR
RXWUR H HQ[HUJDU VHXV SULYLOpJLRV FRPR H[SUHVVmR
GLUHWD GDV SULYDo}HV GR RXWUR 1HJDU R
HWQRFHQWULVPR VLJQLILFD SRVLFLRQDUVH FRQWUD D
DWLWXGH TXH FRQVLVWH HP VXSHUYDORUL]DU D SUySULD
FXOWXUD H FRQVLGHUDU DV GHPDLV FRPR LQIHULRUHV
VHOYDJHQV EiUEDUDV H DWUDVDGDV 2 QDFLRQDOLVPR
H[DFHUEDGR p XPD YLD SDUD R HWQRFHQWULVPR
SULQFLSDOPHQWH TXDQGR VH PDQLIHVWD SRU PHLR GH
FRPSRUWDPHQWR DJUHVVLYR GH DWLWXGHV GH
VXSHULRULGDGH H GH KRVWLOLGDGH $ GLVFULPLQDomR R
SURVHOLWLVPRDYLROrQFLDDDJUHVVLYLGDGHVmRIRUPDV

GHH[SUHVVDURHWQRFHQWULVPRHQHJDUDDOWHULGDGH
$ DXVrQFLD GH DOWHULGDGH H D SUHVHQoD GR
HWQRFHQWULVPRH[SOLFDPSRUTXHDOJXPDVSUiWLFDVGRV
tQGLRV GD FRVWD EUDVLOHLUD FRPR D DQWURSRIDJLD H D
QXGH]IRUDPFRQGHQDGDVHFRQVLGHUDGDVVHOYDJHQV
SHORV HXURSHXV ,VVR FHUWDPHQWH RFRUUHX SRUTXH D
DYDOLDomR GRV SDGU}HV FXOWXUDLV GRV tQGLRV QmR IRL
IHLWD HP UHODomR DR FRQWH[WR FXOWXUDO GRV SUySULRV
tQGLRVPDVGHDFRUGRFRPRVYDORUHVpWLFRVHPRUDLV
SUHGRPLQDQWHVQDFXOWXUDHXURSHLD
2EMHWRWHyULFRHiUHDVGHHVWXGR
$ DQWURSRORJLD FRPR GLWR p XPD FLrQFLD
EDVWDQWHGLYHUVLILFDGD$ERUGDRKRPHPGHWRGDVDV
VRFLHGDGHVSRUWDQWRXPDYDULHGDGHGHDVSHFWRVGD
UHDOLGDGHKXPDQDUD]mRSHODTXDOQmRWHPVLGRWDUHID
IiFLO SDUD RV DQWURSyORJRV GHVFUHYHU RV UHDLV
FRQWRUQRVGRVHXREMHWRGHHVWXGR
1RV VHXV SULPHLURV PRPHQWRV PHDGRV GR
VpFXOR ;,;  D DQWURSRORJLD HOHJH FRPR REMHWR R
HVWXGRGDVVRFLHGDGHVSULPLWLYDV(VVDVVRFLHGDGHV
QmR SHUWHQFHP j FLYLOL]DomR RFLGHQWDO PRWLYR SHOR
TXDO p SRVVtYHO DSRQWDU DOJXPDV FDUDFWHUtVWLFDV TXH
DV GLVWLQJXHP GDV VRFLHGDGHV HXURSHLDV D  VmR
VRFLHGDGHVGHGLPHQV}HVHVWULWDVE WLYHUDPSRXFR
FRQWDWR FRP VRFLHGDGHV YL]LQKDV F  SRVVXHP XPD
WHFQRORJLDSRXFRGHVHQYROYLGDG pEDL[DDGLYLVmR
GR WUDEDOKR VRFLDO QR HQWDQWR Ki XPD PHQRU

HVSHFLDOL]DomR GDV DWLYLGDGHV H IXQo}HV VRFLDLV H


VmRVRFLHGDGHVVLPSOHVSRUTXHSRVVXHPXPJUDXGH
FRPSOH[LGDGHPHQRU
1RVpFXOR;;DDQWURSRORJLDDPSOLDVHXREMHWR
GHHVWXGRSDUDDOFDQoDUWRGDVDVVRFLHGDGHVHWRGRV
RVJUXSRVKXPDQRVHPWRGDVDVpSRFDV$VVLPGH
DFRUGR FRP /pYL6WUDXVV    H /DSODWLQH
   KRMH R REMHWR WHyULFR GD DQWURSRORJLD
FRQVLVWH QR HVWXGR GRKRPHP LQWHLUR (OD YLVD DR
FRQKHFLPHQWR FRPSOHWR GR KRPHP ,VVR LPSOLFD R
HVWXGR GR KRPHP H GDV FXOWXUDV HP WRGDV DV VXDV
GLPHQV}HV $ DQWURSRORJLD FRQVLGHUD SRUWDQWR
WRGRVRVDVSHFWRVGDH[LVWrQFLDKXPDQDUD]mRSHOD
TXDO SRGH VHU GLYLGLGD QR PtQLPR HP TXDWUR iUHDV
GHHVWXGRDVDEHU
$QWURSRORJLD FXOWXUDO RX VRFLDO &RQVLVWH QR
HVWXGR GH WXGR TXH FRQVWLWXL DV VRFLHGDGHV
KXPDQDVVHXVPRGRVGHSURGXomRHFRQ{PLFDVXDV
GHVFREHUWDV H LQYHQo}HV VXDV WpFQLFDV VXD
RUJDQL]DomR SROtWLFD H MXUtGLFD VHXV VLVWHPDV GH
SDUHQWHVFR VHXV VLVWHPDV GH FRQKHFLPHQWR VXDV
FUHQoDV UHOLJLRVDV VXD OtQJXD VXD SVLFRORJLD VXDV
FULDo}HVDUWtVWLFDV
$QWURSRORJLD ELROyJLFD RX ItVLFD &RQVLVWH QR
HVWXGRGHSUREOHPDVFRPRRGDHYROXomRGRKRPHP
DSDUWLUGDVIRUPDVDQLPDLVGHVXDGLVWULEXLomRDWXDO
HP JUXSRV pWQLFRV GLVWLQJXLGRV SRU FDUDFWHUHV
DQDW{PLFRV RX ILVLROyJLFRV 7DPEpP YHULILFD DV

UHODo}HV HQWUH R SDWULP{QLR JHQpWLFR H RV HVSDoRV


JHRJUiILFR HFROyJLFR H VRFLDO RX VHMD DQDOLVD DV
SDUWLFXODULGDGHVPRUIROyJLFDVHILVLROyJLFDVOLJDGDVD
GHWHUPLQDGRDPELHQWHEHPFRPRDHYROXomRGHVVDV
SDUWLFXODULGDGHV ,QYHVWLJD D JHQpWLFD GDV
SRSXODo}HV TXH SHUPLWH GLVFHUQLU R LQDWR H R
DGTXLULGRHDLQWHUDomRHQWUHDPERV
$QWURSRORJLDSUpKLVWyULFD&RQVLVWHQRHVWXGR
GRKRPHPDWUDYpVGRVYHVWtJLRVPDWHULDLVHQWHUUDGRV
QR VROR YLVD UHFRQVWLWXLU DV VRFLHGDGHV
GHVDSDUHFLGDV WDQWR HP VXDV WpFQLFDV H
RUJDQL]Do}HV VRFLDLV TXDQWR HP VXDV SURGXo}HV
FXOWXUDLVHDUWtVWLFDV
$QWURSRORJLDOLQJXtVWLFD&RQVLGHUDDOLQJXDJHP
SDUWH GR SDWULP{QLR FXOWXUDO GH XPD VRFLHGDGH R
PHLR SHOR TXDO HOD H[SUHVVD VHXV YDORUHV FUHQoDV H
SHQVDPHQWRV&RQVLVWHQRHVWXGRGRVGLDOHWRVHGDV
WpFQLFDVPRGHUQDVGHFRPXQLFDomR
(VVDViUHDVFRPRGLWRHVWmRFRUUHODFLRQDGDVGH
WDO PRGR TXH R HVWXGR GH XPD LQH[RUDYHOPHQWH
YLQFXOD DV GHPDLV $OpP GLVVR RV UHVXOWDGRV GDV
SHVTXLVDV H GRV HVWXGRV GHVHQYROYLGRV HP WRGDV
HVVDV iUHDV GD DQWURSRORJLD UHSHUFXWHP QR GLUHLWR
&RQWXGRVmRRVUHVXOWDGRVQDiUHDGDDQWURSRORJLD
FXOWXUDO RX VRFLDO TXH WrP LQIOXHQFLDGR PDLV
GLUHWDPHQWH D GLVFLSOLQD MXUtGLFD (QILP RV
FRQKHFLPHQWRV
REWLGRV
SHODV
SHVTXLVDV
DQWURSROyJLFDV UHSHUFXWHP GH PDQHLUD EDVWDQWH

RVWHQVLYD QR FDPSR GDV LQYHVWLJDo}HV MXUtGLFDV


SULQFLSDOPHQWHDVSHVTXLVDVQDiUHDGDDQWURSRORJLD
FXOWXUDO
$175232/2*,$&8/785$/
$ DQWURSRORJLD FXOWXUDO
RXVRFLDO p
KDELWXDOPHQWH GLYLGLGD HP D HWQRJUDILD p R
SULPHLUR SDVVR GD SHVTXLVD DQWURSROyJLFD
*HUDOPHQWH GHQRPLQDGD SHVTXLVD RX WUDEDOKR GH
FDPSRRFXSDVHSRUWDQWRGDGHVFULomRGHFXOWXUDV
FRQFUHWDV H E HWQRORJLD p R SURORQJDPHQWR GD
HWQRJUDILDRXVHMDpRVHJXQGRSDVVRGDSHVTXLVD
2FXSDVHGRHVWXGRGDFXOWXUDHGDLQYHVWLJDomRGRV
SUREOHPDV WHyULFRV TXH EURWDP GD DQiOLVH GRV
FRVWXPHVKXPDQRV
(PYLUWXGHGDDPSOLDomRGRFDPSRGHHVWXGRH
GDVWDUHIDVGRDQWURSyORJR/pYL6WUDXVV D
 FRPRLQWXLWRGHGHOLPLWDURREMHWRGHHVWXGRGD
DQWURSRORJLD DSRQWD DOJXPDV GLIHUHQoDV TXH
PHUHFHPVHUDQRWDGDVHQWUHD HWQRJUDILDHWQRORJLD
H DQWURSRORJLD E  DQWURSRORJLD FXOWXUDO H
DQWURSRORJLDVRFLDOF DQWURSRORJLDHVRFLRORJLDG
DQWURSRORJLDHKLVWyULD
(WQRJUDILDHHWQRORJLD
(WQRJUDILD p R WUDEDOKR GH FDPSR FRPR
GLVVHPRV R SULPHLUR HVWiJLR GD SHVTXLVD

DQWURSROyJLFD&RQVLVWHQWHQDREVHUYDomRGHVFULomR
HDQiOLVHGHJUXSRVKXPDQRVFRQVLGHUDGRVHPVXDV
SDUWLFXODULGDGHV IUHTXHQWHPHQWH HVFROKLGRV HQWUH
DTXHOHV TXH PDLV GLIHUHP GRV JUXSRV GLWRV
FLYLOL]DGRV  YLVD j UHFRQVWLWXLomR WmR ILHO TXDQWR
SRVVtYHO GD YLGD GH FDGD XP GHOHV $ HWQRJUDILD
HQJORED WDPEpP RV PpWRGRV H DV WpFQLFDV GH
FODVVLILFDomR GHVFULomR H DQiOLVH GRV IHQ{PHQRV
FXOWXUDLVSDUWLFXODUHV DUPDVLQVWUXPHQWRVFUHQoDVH
LQVWLWXLo}HV  1R FDVR GH REMHWRV PDWHULDLV HVVDV
RSHUDo}HV SURVVHJXHP JHUDOPHQWH QR PXVHX TXH
SRGH VHU FRQVLGHUDGR VRE HVVH DVSHFWR FRPR XP
SURORQJDPHQWRGRFDPSR(VVHWUDEDOKRGHFDPSRp
FRQVLGHUDGR D SUySULDIRQWH GD SHVTXLVD (P YLVWD
GLVVR QmR VH WUDWD GH FRQKHFLPHQWR VHFXQGiULR
DSHQDVSDUDLOXVWUDUXPDWHVH
(WQRORJLD p R VHJXQGR HVWiJLR GD SHVTXLVD 2
HWQyORJR XWLOL]D GH PRGR FRPSDUDWLYR RV
GRFXPHQWRVDSUHVHQWDGRVSHORHWQyJUDIRHHODERUDR
SULPHLUR SDVVR HP GLUHomR j VtQWHVH D TXDO SRGH
RSHUDUVH HP WUrV GLUHo}HV D JHRJUiILFD TXDQGR
SURFXUD LQWHJUDU FRQKHFLPHQWRV UHODWLYRV D JUXSRV
YL]LQKRV E KLVWyULFD TXDQGR YLVD UHFRQVWLWXLU R
SDVVDGR GH XPD RX YiULDV SRSXODo}HV F
VLVWHPiWLFD TXDQGR LVROD SDUD PHOKRU HQWHQGHU
GHWHUPLQDGR WLSR GH WpFQLFD GH FRVWXPH RX GH
LQVWLWXLomR $ HWQRORJLD SRUWDQWR FRPSUHHQGH D
HWQRJUDILD FRPR VHX SDVVR SUHOLPLQDU H FRQVWLWXL

VHXSURORQJDPHQWR
(WQRORJLDHDQWURSRORJLD
'XUDQWH PXLWR WHPSR FRQVLGHURXVH TXH D
GXDOLGDGH HWQRJUDILDHWQRORJLD  EDVWDYDVH D VL
PHVPD 2 SDVVR XOWHULRU GD VtQWHVH HUD GHL[DGR D
RXWUDVGLVFLSOLQDV VRFLRORJLDKLVWyULDILORVRILD $R
FRQWUiULR QRV SDtVHV TXH XWLOL]DP RV WHUPRV
DQWURSRORJLD VRFLDO RXDQWURSRORJLD FXOWXUDO RV
FRQKHFLPHQWRVHVWmROLJDGRVDXPDVHJXQGDH~OWLPD
HWDSDGDVtQWHVHWRPDQGRSRUEDVHDVFRQFOXV}HVGD
HWQRJUDILD H GD HWQRORJLD $ DQWURSRORJLD YLVD
SRUWDQWR DR FRQKHFLPHQWR JOREDO GR KRPHP
DEUDQJHQGR VHX REMHWR HP WRGD D VXD H[WHQVmR
KLVWyULFD H JHRJUiILFD DVSLUD D XP FRQKHFLPHQWR
DSOLFiYHO DR FRQMXQWR GR GHVHQYROYLPHQWR KXPDQR
GHVGH RV KRPLQtGHRV DWp RV FRQWHPSRUkQHRV H
WHQGHQGR SDUD FRQFOXV}HV YiOLGDV SDUD WRGDV DV
VRFLHGDGHV KXPDQDV GHVGH D JUDQGH FLGDGH
PRGHUQD DWp D PHQRU WULER DERUtJLQH 3RGHVH SRLV
GL]HUQHVVHVHQWLGRTXHH[LVWHHQWUHDDQWURSRORJLDH
D HWQRORJLD D PHVPD UHODomR TXH VH GHILQLX DQWHV
HQWUHHVWD~OWLPDHDHWQRJUDILD
(WQRJUDILD HWQRORJLD H DQWURSRORJLD QmR
FRQVWLWXHP GLVFLSOLQDV GLIHUHQWHV RX FRQFHSo}HV
GLIHUHQWHV GRV PHVPRV HVWXGRV 6mR HWDSDV RX
PRPHQWRV GH XPD PHVPD SHVTXLVD H D SUHIHUrQFLD
SRU HVWH RX DTXHOH GHVVHV WHUPRV H[SULPH VRPHQWH

XPD DWHQomR SUHGRPLQDQWH YROWDGD SDUD XP WLSR GH


SHVTXLVD TXH QmR SRGH VHU H[FOXVLYR GRV GRLV
RXWURV'HTXDOTXHUPRGRQRVGLDVDWXDLVKiFHUWR
DFRUGR HP XVDU R WHUPRDQWURSRORJLD HP OXJDU GH
HWQRJUDILD H GH HWQRORJLD FRPR R PDLV DSWR SDUD
FDUDFWHUL]DU R FRQMXQWR GHVVHV WUrV PRYLPHQWRV GD
SHVTXLVD
$QWURSRORJLDFXOWXUDOHDQWURSRORJLDVRFLDO
2 WHUPRDQWURSRORJLD VRFLDO p XVDGR SHORV
DQWURSyORJRV EULWkQLFRV HQTXDQWR RV QRUWH
DPHULFDQRVSUHIHUHPRWHUPRDQWURSRORJLDFXOWXUDO
$LQGDTXHHVVDGLYHUJrQFLDQDDGRomRGHFDGDWHUPR
FRUUHVSRQGDDSUHRFXSDo}HVWHyULFDVEHPGHILQLGDV
QmR Ki FRPR DVVLQDOD /pYL6WUDXVV JUDQGHV
GLIHUHQoDV HQWUH R VHQWLGR GDV SDODYUDVFXOWXUDO H
VyFLDOTXDQGRDSOLFDGDVjDQWURSRORJLD
/pYL6WUDXVVDQRWDTXHDQRomRGHFXOWXUDpGH
RULJHPLQJOHVDSRUTXHIRL7\ORURSULPHLURDGHILQLOD
FRPRRFRQMXQWRFRPSOH[RTXHLQFOXLFRQKHFLPHQWR
FUHQoD DUWH PRUDO OHL FRVWXPH H YiULDV RXWUDV
DSWLG}HV H KiELWRV DGTXLULGRV SHOR KRPHP FRPR
PHPEUR GH XPD VRFLHGDGH 'H DFRUGR FRP HVVD
GHILQLomR FXOWXUD UHODFLRQDVH FRP DV GLIHUHQoDV
H[LVWHQWHV HQWUH R KRPHP H R DQLPDO GDQGR DVVLP
RULJHP j RSRVLomR TXH ILFRX FOiVVLFD GHVGH HQWmR
H Q W UHQDWXUH]D HFXOWXUD 1HVVD SHUVSHFWLYD R
KRPHP ILJXUD HVVHQFLDOPHQWH FRPRKRPR IDEHU

&RVWXPHV FUHQoDV OHLV H LQVWLWXLo}HV DSDUHFHP


HQWmR FRPR WpFQLFDV GH QDWXUH]D LQWHOHFWXDO TXH
HVWmR D VHUYLoR GD YLGD VRFLDO H D WRUQDP SRVVtYHO
DVVLP FRPR DV WpFQLFDV DJUtFRODV WRUQDP SRVVtYHO D
VDWLVIDomR GDV QHFHVVLGDGHV GH QXWULomR RX DV
WpFQLFDV Wr[WHLV D SURWHomR FRQWUD DV LQWHPSpULHV
1HVVD WULOKD DOJXQV WHyULFRV DPHULFDQRV HQWHQGHP
TXH D DQWURSRORJLD VRFLDO VH UHGX] DR HVWXGR GD
RUJDQL]DomR VRFLDO SRUWDQWR WUDWDVH DSHQDV GH XP
FDStWXOR HVVHQFLDO HQWUH WRGRV RV TXH IRUPDP D
DQWURSRORJLDFXOWXUDO
5DGFOLIIH%URZQ WRGDYLD H[WUDL GR WHUPR
DQWURSRORJLD VRFLDO XP VLJQLILFDGR PDLV SURIXQGR
TXDQGR GHILQH R REMHWR GH VXDV SUySULDV SHVTXLVDV
FRPRVHQGRDVUHODo}HVVRFLDLVHDHVWUXWXUDVRFLDO
1HVVDSHUVSHFWLYDRLQWHUHVVHGRHVWXGRFRQFHQWUD
VHPHQRVQDVWpFQLFDVHPDLVQDVFUHQoDVFRVWXPHV
H LQVWLWXLo}HV 1mR p PDLV RKRPR IDEHU TXH VH
HQFRQWUD QR SULPHLUR SODQR PDV R JUXSR HVWH
FRQVLGHUDGR FRPR R FRQMXQWR GDV IRUPDV GH
FRPXQLFDomRTXHIXQGDPHQWDPDYLGDVRFLDO
1mR Ki REVHUYD /pYL6WUDXVV QHQKXPD
RSRVLomR HQWUH DV GXDV SHUVSHFWLYDV 3URYD GLVWR
HVWi QD HYROXomR GR SHQVDPHQWR VRFLROyJLFR
IUDQFrV1HVVHVHQWLGRePLOH'XUNKHLPPRVWUDTXHp
QHFHVViULR HVWXGDU RVIDWRV VRFLDLV FRPRFRLVDV
SHUVSHFWLYD GD DQWURSRORJLD FXOWXUDO  HQTXDQWR
0DUFHO 0DXVV FRPSOHPHQWD HVVD YLVmR DR

HVWDEHOHFHU TXH DVFRLVDV REMHWRV PDQXIDWXUDGRV


DUPDV LQVWUXPHQWRV REMHWRV ULWXDLV  VmR HODV
PHVPDVIDWRV VRFLDLV SHUVSHFWLYD GD DQWURSRORJLD
VRFLDO 3RGHVHHQWmRGL]HUTXHDPEDV DQWURSRORJLD
FXOWXUDO H DQWURSRORJLD VRFLDO  FREUHP H[DWDPHQWH R
PHVPRSURJUDPDD XPDSDUWLQGRGDVWpFQLFDVHGRV
REMHWRV SDUD WHUPLQDU QDVXSHUWpFQLFD TXH p D
DWLYLGDGH VRFLDO H SROtWLFD WRUQDQGR SRVVtYHO H
FRQGLFLRQDQGR D YLGD HP VRFLHGDGH E  RXWUD
SDUWLQGRGDYLGDVRFLDOSDUDGHVFHUDWpDVFRLVDVQDV
TXDLV HOD LPSULPH VXD PDUFD H DWp jV DWLYLGDGHV
DWUDYpVGDVTXDLVHODVHPDQLIHVWD
3RGHVHDLQGDDSRQWDUXPDGLIHUHQoDVXWLOHQWUH
DQWURSRORJLDVRFLDOHDQWURSRORJLDFXOWXUDO
$ DQWURSRORJLD VRFLDO FRQVLGHUD TXH WRGRV RV
DVSHFWRV GD YLGD VRFLDO  MXUtGLFR HFRQ{PLFR
SROtWLFRWpFQLFRHVWpWLFRUHOLJLRVRFRQVWLWXHPXP
FRQMXQWR VLJQLILFDWLYR H TXH p LPSRVVtYHO
FRPSUHHQGHU TXDOTXHU XP GHVVHV DVSHFWRV VHP
UHFRORFiOR HP FRQH[mR FRP RV GHPDLV (OD WHQGH
SRLV D RSHUDU R WRGR HP GLUHomR jV SDUWHV RX SHOR
PHQRV GDU XPD SULRULGDGH OyJLFD DR WRGR VREUH DV
SDUWHV$OpPGLVVRYHULILFDTXHXPDWpFQLFDQmRWHP
VRPHQWH XP YDORUXWLOLWiULR SUHHQFKH WDPEpP XPD
IXQomR H HVWD LPSOLFD SDUD VHU FRPSUHHQGLGD
FRQVLGHUDo}HVQmRDSHQDVKLVWyULFDVJHRJUiILFDVRX
ItVLFRTXtPLFDV PDV WDPEpP FRQVLGHUDo}HV
VRFLROyJLFDV 2 FRQMXQWR GDV IXQo}HV UHFRUUH SRU

VXDYH]DXPDQRYDFRQFHSomRDGHHVWUXWXUDHD
QRomR GHHVWUXWXUD VRFLDO DGTXLULX XPD LPHQVD
LPSRUWkQFLD
QRV
HVWXGRV
DQWURSROyJLFRV
FRQWHPSRUkQHRV
$DQWURSRORJLDFXOWXUDOGHFHUWRPRGRDEUDQJH
XPD FRQFHSomR DQiORJD HPERUD SRU FDPLQKRV
GLIHUHQWHV$VVLP HP OXJDU GD SHUVSHFWLYD HVWiWLFD
DSUHVHQWDQGRRFRQMXQWRGRJUXSRVRFLDOFRPRXPD
HVSpFLH GH VLVWHPD RX FRQVWHODomR DGRWD XPD
SUHRFXSDomR GLQkPLFD WUDQVPLVVmR GD FXOWXUD  TXH
SRGH OHYiOD D FRQFOXVmR LGrQWLFD D VDEHU TXH R
VLVWHPD GDV UHODo}HV XQLQGR HQWUH VL WRGRV RV
DVSHFWRV GD YLGD VRFLDO GHVHPSHQKD XP SDSHO PDLV
LPSRUWDQWH QD WUDQVPLVVmR GD FXOWXUD GR TXH FDGD
XPGRVDVSHFWRVWRPDGRVLVRODGDPHQWH
(QILPTXHUDDQWURSRORJLDVHSURFODPHFXOWXUDO
R XVRFLDODVSLUDVHPSUHDFRQKHFHURKRPHP WRWDO
HQFDUDGRQXPFDVRDSDUWLUGHVXDVSURGXo}HV QR
RXWURDSDUWLUGHVXDVUHSUHVHQWDo}HV&RPSUHHQGH
VHDVVLPTXHXPDRULHQWDomRFXOWXUDOLVWDDSUR[LPHD
DQWURSRORJLD GD WHFQRORJLD GD JHRJUDILD H GD SUp
KLVWyULD HQTXDQWR D RULHQWDomRVRFLROyJLFD OKH FULD
DILQLGDGHVPDLVGLUHWDVFRPDSVLFRORJLDDKLVWyULDH
D DUTXHRORJLD (P DPERV RV FDVRV Ki XPD UHODomR
FRP D OLQJXtVWLFD SRUTXH D OLQJXDJHP p DR PHVPR
WHPSRRIDWRFXOWXUDOSRUH[FHOrQFLD GLVWLQJXLQGRR
KRPHP GR DQLPDO  H DTXHOH SRU LQWHUPpGLR GR TXDO
WRGDV DV IRUPDV GH YLGD VRFLDO VH HVWDEHOHFHP H VH

SHUSHWXDP
$QWURSRORJLDHVRFLRORJLD
(QTXDQWR D DQWURSRORJLD QRV VHXV SULPHLURV
PRPHQWRV VpFXOR ;,;  LQWHUHVVDYDVH SHOR HVWXGR
GDVSRSXODo}HVPDLVDUFDLFDVGRPXQGR VRFLHGDGHV
VLPSOHV  D VRFLRORJLD VHPSUH VH LQWHUHVVRX SHOR
HVWXGRGDVSRSXODo}HVFRQWHPSRUkQHDV VRFLHGDGHV
FRPSOH[DV  $FRQWHFH TXH QRV ~OWLPRV WHPSRV D
DQWURSRORJLDWDPEpPWHPVHLQWHUHVVDGRSHORHVWXGR
GRV JUXSRV FRQWHPSRUkQHRV &RPR D DQWURSRORJLD
WHQGHFDGDYH]PDLVDVHLQWHUHVVDUSRUHVVDVIRUPDV
PDLVFRPSOH[DVWRUQDVHGLItFLOSHUFHEHUDYHUGDGHLUD
GLIHUHQoD HQWUH DQWURSRORJLD H VRFLRORJLD YLVWR TXH
DPEDVSDUHFHPFRORFDUVHGLDQWHGDPHVPDWDUHIDQD
PHGLGDHPTXHVHLQWHUHVVDPSHORPHVPRREMHWR
2FRUUH VHJXQGR /pYL6WUDXVV TXH D VRFLRORJLD
pHVWULWDPHQWHVROLGiULDFRPRREVHUYDGRUQDPHGLGD
HP TXH WRPD SRU REMHWR D VRFLHGDGH GHOH RX XPD
VRFLHGDGH GR PHVPR WLSR 9DOH GL]HU R VRFLyORJR
H[SOLFD D VXD SUySULD VRFLHGDGH SRUWDQWR DWXD
VHPSUH GR SRQWR GH YLVWD GR REVHUYDGRU -i D
DQWURSRORJLD WHQGH D IRUPXODU XP VLVWHPD DFHLWiYHO
WDQWRSDUDRKRPHPGDVRFLHGDGHVLPSOHVFRPRSDUD
R KRPHP GD VRFLHGDGH FRPSOH[D 2X VHMD R
DQWURSyORJR YLVD DWLQJLU HP VXD GHVFULomR GH
VRFLHGDGHVHVWUDQKDVHORQJtQTXDVRSRQWRGHYLVWD
GR LQGLYtGXR TXH SHUWHQFH D HVVDV VRFLHGDGHV R

LQGtJHQD R DERUtJLQH  (P VtQWHVH DDQWURSRORJLD


GLVWLQJXHVHGDVRFLRORJLDQDPHGLGDHPTXHWHQGHD
VHUXPDFLrQFLDVRFLDOGRREVHUYDGRDRSDVVRTXHD
VRFLRORJLD WHQGH D VHU DFLrQFLD VRFLDO GR
REVHUYDGRU
-iDGLIHUHQoDIXQGDPHQWDOHQWUHDQWURSRORJLDH
KLVWyULDQmRpQHPGH REMHWR QHP GH REMHWLYR QHP
GH PpWRGR WHQGR R PHVPR REMHWR TXH p D YLGD
VRFLDO R PHVPR REMHWLYR TXH p XPD FRPSUHHQVmR
PHOKRUGRKRPHPHXPPpWRGRQRTXDOYDULDDSHQDV
D GRVDJHP GRV SURFHVVRV GH SHVTXLVD HODV VH
GLVWLQJXHP SHOD HVFROKD GH SHUVSHFWLYDV
FRPSOHPHQWDUHV D KLVWyULD RUJDQL]DQGR VHXV GDGRV
HPUHODomRjVH[SUHVV}HVFRQVFLHQWHVGDYLGDVRFLDO
D DQWURSRORJLD RUJDQL]DQGR VHXV GDGRV HP UHODomR
jVFRQGLo}HVLQFRQVFLHQWHVGDYLGDVRFLDO
(VVDVGLIHUHQoDVHVWDEHOHFLGDVSRU/pYL6WUDXVV
QmR VmR FRQVHQVXDLV PDV DMXGDP D HQWHQGHU R
SURFHVVR KLVWyULFR GH FRQVWUXomR GR VDEHU
DQWURSROyJLFR FXMRV SULPHLURV PRPHQWRV UHPRQWDP
DR VpFXOR ;9, TXDQGR DOJXQV WHyULFRV HXURSHXV
LPSXOVLRQDGRV SHOD GHVFREHUWD GR 1RYR 0XQGR
LQWHUHVVDUDPVHSHORHVWXGRGDVVRFLHGDGHVDQWLJDV
*UpFLD H 5RPD  H GDV VRFLHGDGHV GLWDV SULPLWLYDV
1HVVD WULOKD FRPHoDUDP D UHIOHWLU H GHEDWHU DOJXQV
WHPDVTXHPDLVWDUGHVHWRUQDULDPREMHWRGHHVWXGR
GD DQWURSRORJLD PRWLYR SHOR TXDO R VpFXOR ;9, p
FRQVLGHUDGR R LQtFLR GR SHUtRGR GHQRPLQDGRSUp

KLVWyULD GD DQWURSRORJLD (QILP D GHVFREHUWD GR


1RYR 0XQGR FRORFRX IUHQWH D IUHQWH LQGLYtGXRV H
FXOWXUDV GLIHUHQWHV (VVH IHQ{PHQR VXVFLWRX
SUREOHPDV TXH FRQVWLWXHP REMHWR GH UHIOH[}HV H
PRYLPHQWDP RV HVWXGRV DQWURSROyJLFRV H MXUtGLFRV
DWp RV GLDV DWXDLV GDt D LPSRUWkQFLD GH FRORFDU HP
HYLGrQFLDDOJXQVGHVVHVSUREOHPDV

,, 35e+,675,$

'$$175232/2*,$
'(6&2%(57$'21292081'2

$ JrQHVH GD UHIOH[mR DQWURSROyJLFD p


FRQWHPSRUkQHD j GHVFREHUWD GR 1RYR 0XQGR $
SDUWLU GHVVH SHUtRGR R SUREOHPD GDV
GHVFRQWLQXLGDGHV H GDV GLIHUHQoDV FXOWXUDLV VH
SURMHWRX VREUH D FRQVFLrQFLD RFLGHQWDO GH PRGR
V~ELWRHGUDPiWLFR
'XUDQWHRVpFXOR;9,D(XURSDIRLLQYDGLGDSRU
HVFULWRV H FU{QLFDV D UHVSHLWR GRV SRYRV DWp HQWmR
GHVFRQKHFLGRV $ PDLRULD GHVVHV HVFULWRV HVWDYD
LPSUHJQDGDGHLQIRUPDo}HVIDQWDVLRVDV&KHJRXVHD
GXYLGDUGDFRQGLomRKXPDQDGRDERUtJLQH$WHRULD
PRQRJHQLVWD VHJXQGR D TXDO WRGDV DV UDoDV
KXPDQDVGHVFHQGHPGHXP~QLFRUDPRIRLSRVWDHP
G~YLGD 0XLWRV IRUDP RV UHODWyULRV FRPXQLFDGRV H
FDUWDVTXHVHRFXSDUDPHPGHVFUHYHUDVQRYDVWHUUDV
H VXDV JHQWHV 1HVVH VHQWLGR DV GHQRPLQDGDV
5HODo}HV-HVXtWDV FROHWkQHD GH UHODWyULRV HQYLDGRV
SHORV PLVVLRQiULRV GHVVD FRQJUHJDomR UHOLJLRVD DRV
VHXV VXSHULRUHV 6mR  YROXPHV UHSOHWRV GH
GHVFULo}HV H RSLQL}HV D UHVSHLWR GRV QRYRV SRYRV

GRVSURGXWRVGDWHUUDGRVVHXVKiELWRVHFRVWXPHV
0(//2 
6REUH HVVHV UHODWyULRV RSLQD %DUEDFKDQR LQ
0(//2    (P UHVXPR LQFDQViYHLV
YLDMDQWHV H GLOLJHQWHV REVHUYDGRUHV DPERV
SRVVXtGRV GH OXPLQDU FRQILDQoD HP VHX GHVWLQR
IRVVH HVWH VHFXODU RX UHOLJLRVR GLVFRUUHUDP VREUH R
WHPD GH VHPSUH DILQLGDGHV H GLIHUHQoDV HQWUH RV
KRPHQV H VHXV PXQGRV VRFLDLV H FXOWXUDLV ,GHLDV
SUHFRQFHELGDV FRQVLGHUDo}HV SUHFLSLWDGDV H XP
IRUWH VDERU SDVVLRQDO GH KXPLOGDGH RX GH
LQIDQWLOLVPR SHUPHLDP R FRQWH~GR GDV SiJLQDV
HVFULWDV
(675$1+$0(172
&RPR GL] /pYL6WUDXVV RV KRPHQV GD
5HQDVFHQoD DR HVWXGDUHP RXWUDV FXOWXUDV
HVSHFLDOPHQWH
D
FXOWXUD
JUHFRURPDQD
GHVHQYROYHUDP XP PpWRGR LQWHOHFWXDO TXH SRGH VHU
GHQRPLQDGRWpFQLFDGRHVWUDQKDPHQWR
(VWUDQKDPHQWR VLJQLILFD SHUSOH[LGDGH GLDQWH GH
XPD FXOWXUD GLIHUHQWH (VVD SHUSOH[LGDGH LPSOLFD
UHFRQKHFHU TXH DOJR DQWHV FRQVLGHUDGR QDWXUDO
SDVVH D VHU SUREOHPiWLFR $VVLP R HQFRQWUR GH
FXOWXUDV GLVWLQWDV H GLVWDQWHV SRGH SURYRFDU XP
QRYR ROKDU VREUH VL PHVPR H VREUH RV KiELWRV
SUiWLFDVRXFRVWXPHVDQWHVFRQVLGHUDGRVHYLGHQWHV
$FLPD GH WXGR SHUPLWH UHFRQKHFHU TXH H[LVWHP

RXWUDV FXOWXUDV TXH R KRPHP p GRWDGR GH XPD


H[WUDRUGLQiULDDSWLGmRSDUDLQYHQWDUGLIHUHQWHVPRGRV
GHYLGDHIRUPDVGHRUJDQL]DomRVRFLDO$YDULHGDGH
GH FXOWXUDV LQWURGX] GLIHUHQoDV HQWUH RV VHUHV
KXPDQRV PDV WDPEpP SHUPLWH UHFRQKHFHU DOJR
FRPXP D WRGRV  D H[WUDRUGLQiULD FDSDFLGDGH GH
HODERUDU FRVWXPHV FUHQoDV OtQJXDV LQVWLWXLo}HV
PRGRV GH FRQKHFLPHQWR  TXH DSRQWD SDUD XPD
KXPDQLGDGHSOXUDO /$3/$7,1( 
$ JrQHVH GD UHIOH[mR DQWURSROyJLFD GHSDUDVH
FRPHVVHIHQ{PHQRTXHpDGLYHUVLGDGHGHFXOWXUDV
6HJXQGR/DSODWLQH D RFRQWDWRFRPRV
SRYRVGDVWHUUDVGHVFREHUWDVSURYRFRXQD(XURSD
RDSDUHFLPHQWRGHGXDVLGHRORJLDVD RIDVFtQLRSHOR
HVWUDQKR VLJQLILFD HQDOWHFHU D FXOWXUD GDV
VRFLHGDGHVSULPLWLYDVHFHQVXUDUDFXOWXUDHXURSHLD
E DUHFXVDGRHVWUDQKRVLJQLILFDFHQVXUDUHH[FOXLU
WXGR R TXH QmR VHMD FRPSDWtYHO FRP D FXOWXUD
HXURSHLD2VGHVGREUDPHQWRVHUHSHUFXVV}HVGHVVDV
LGHRORJLDVQDVRFLHGDGHHXURSHLDPRVWUDPGHIRUPD
LQGXELWiYHODVFRQH[}HVHQWUHDQWURSRORJLDHGLUHLWR
)DVFtQLRSHORHVWUDQKR
$ IDVFLQDomR SHOR HVWUDQKR LPSOLFD FRQWUDSRU D
ILJXUD GR ERP VHOYDJHP j GR PDX FLYLOL]DGR 1HVVH
VHQWLGR DV VHJXLQWHV PDQLIHVWDo}HV H UHODWRV GH
KLVWRULDGRUHV UHOLJLRVRV H YLDMDQWHV D /DV &DVDV
HVVH GRPLQLFDQR HP O RS}HVH j FODVVLILFDomR

GRV tQGLRV FRPR EiUEDURV DILUPDQGR TXH HOHV WrP


DOGHLDV YLODV FLGDGHV UHLV VHQKRUHV H XPD RUGHP
SROtWLFD TXH HP DOJXQV UHLQRV p PHOKRU TXH D GRV
HXURSHXV E $PpULFR9HVS~FLRVREUHRVtQGLRVGD
$PpULFD DILUPD TXH VH WUDWD GH SHVVRDV ERQLWDV GH
FRUSRHOHJDQWHHTXHQHQKXPSRVVXLTXDOTXHUFRLVD
TXH VHMD VHX SRLV WXGR p FRORFDGR HP FRPXP F
&ULVWyYmR &RORPER VREUH RV KDELWDQWHV GR &DULEH
DILUPDTXHQmRKiQRPXQGRKRPHQVHPXOKHUHVQHP
WHUUD PHOKRU G /D +RWDQ HP  HVFUHYH TXH RV
KXURQV YLYHP VHP SULV}HV H VHP WRUWXUD SDVVDP D
YLGD QD GRoXUD QD WUDQTXLOLGDGH H JR]DP GH XPD
IHOLFLGDGHGHVFRQKHFLGDGRVHXURSHXV
2 IDVFtQLR SRU DOJXQV DVSHFWRV GD FXOWXUD GDV
VRFLHGDGHV SULPLWLYDV VLPSOHV  FRQVWLWXL D RULJHP
SULQFLSDO GD FUtWLFD DRV FRVWXPHV HXURSHXV (VVD
IDVFLQDomR WDPEpP HVWDEHOHFH D FUHQoD GH TXH D
IRUPDPDLVSHUIHLWDGHYLGDKXPDQDpDTXHH[LVWLXQR
SULPHLUR SHUtRGR GD KXPDQLGDGH PLWR GD LGDGH GH
RXUR  RX D TXH VH REVHUYD QRV SRYRV SULPLWLYRV
PLWR GR ERP VHOYDJHP  'LGHURW SRU H[HPSOR
FKHJRX D VXJHULU TXH DV VRFLHGDGHV SULPLWLYDV
FRQVWLWXtDP XP DSRJHX D SDUWLU GR TXDO D
KXPDQLGDGH Vy FRQKHFHX GHFDGrQFLD $ ILJXUD GR
ERP VHOYDJHP FRQWXGR HQFRQWUDUi VXD IRUPXODomR
PDLV VLVWHPiWLFD H PDLV UDGLFDO FRP 5RXVVHDX 1R
%UDVLO p SRVVtYHO HQ[HUJDU HVVH IDVFtQLR QD REUD
OLWHUiULD GH -RVp GH $OHQFDU HVSHFLDOPHQWH QRV

UR PDQ FHV2 JXDUDQL H,UDFHPD &DEH WDPEpP


PHQFLRQDURSHQVDGRUOXVREUDVLOHLUR3DGUH$QW{QLR
9LHLUD TXH HP VHXV6HUP}HV SURWHVWRX
YHHPHQWHPHQWHFRQWUDDHVFUDYLGmRGRVtQGLRV
5HFXVDGRHVWUDQKR
$UHFXVDGRHVWUDQKRLPSOLFDFRQWUDSRUDILJXUD
GRPDXVHOYDJHPjGRERPFLYLOL]DGR1HVVHVHQWLGR
DV PDQLIHVWDo}HV GH DOJXQV MXULVWDV H KLVWRULDGRUHV
D 6HOSXYHUD HVVH MXULVWD HVSDQKRO HP  DILUPD
TXHRVHXURSHXVSRUVXSHUDUHPDVQDo}HVEiUEDUDV
HP SUXGrQFLD H UD]mR PHVPR TXH QmR VHMDP
VXSHULRUHV HP IRUoD ItVLFD VmR SRU QDWXUH]D RV
VHQKRUHVSRUWDQWRVHUiVHPSUHMXVWRHFRQIRUPHR
GLUHLWR QDWXUDO TXH RV EiUEDURV SUHJXLoRVRV H
HVStULWRV OHQWRV  HVWHMDP VXEPHWLGRV DR LPSpULR GH
SUtQFLSHV H GH QDo}HV PDLV FXOWDV E *RPDUD HP
VHX OLYUR+LVWyULDJHUDOGRVtQGLRVHVFULWRHP
DILUPDTXHDJUDQGHJOyULDGRVUHLVHVSDQKyLVIRLDGH
WHUIHLWRDFHLWDUDRVtQGLRVXP~QLFR'HXVXPD~QLFD
IpHXP~QLFREDWLVPRHWHUWLUDGRGHOHVDLGRODWULDR
FDQLEDOLVPR D VRGRPLD RV VDFULItFLRV KXPDQRV H
DLQGD RXWURV JUDQGHV H PDXV SHFDGRV TXH R ERP
'HXVGHWHVWDHTXHSXQHF 2YLHGRQDVXD+LVWyULD
GDVQGLDVGHHVFUHYHTXHDVSHVVRDVGDTXHOH
SDtV VmR SRU VXD QDWXUH]D RFLRVDV YLFLRVDV GH
SRXFR WUDEDOKR FRYDUGHV VXMDV H PHQWLURVDV G
&RUQHOLXVGH3DXZQRVHXOLYUR3HVTXLVDVVREUHRV

DPHULFDQRVGHUHIHUHVHDRVtQGLRVDPHULFDQRV
FRPR UDoD LQIHULRU LQVHQVtYHLV FRYDUGHV
SUHJXLoRVRV LQ~WHLV SDUD VL PHVPRV H SDUD D
VRFLHGDGHHDFDXVDGHVVDVLWXDomRVHULDDXPLGDGH
GRFOLPD$LQGDQRVpFXOR;,;6WDQOH\FRPSDUDRV
DIULFDQRV DRV PDFDFRV GH XP MDUGLP ]RROyJLFR
(VVHV FRPHQWiULRV VHUYLUDP SDUD GRJPDWL]DU
SUHFRQFHLWRVMXVWLILFDUDFRORQL]DomRHVXDVSUiWLFDV
YLROHQWDVVXEPHWHURVQHJURVjHVFUDYLGmRHIXQGDU
GRXWULQDVUDFLVWDV
0HVPR+HJHOHPVXD,QWURGXomRjKLVWyULDGD
ILORVRILDSHUFRUUHRFDPLQKRGDUHFXVDGRHVWUDQKR
DR HQIUHQWDU R SUREOHPD GDV GLYHUVLGDGHV FXOWXUDLV
1HVVH VHQWLGR HOHJH D ILORVRILD FRPR FULWpULR GH
DQiOLVH H FRPSDUDomR GDV GLIHUHQWHV FXOWXUDV
(VWDEHOHFHTXHDILORVRILDpVLQFU{QLFDFRPDFXOWXUD
SRUWDQWR DPEDV VH GHVHQYROYHP FRQMXQWDPHQWH
$VVLP DOL RQGH D ILORVRILD p PDLV GHVHQYROYLGD D
FXOWXUD LQVWLWXLo}HVIRUPDVGHJRYHUQRPRUDOLGDGH
YLGD VRFLDO DWLWXGHV KiELWRV H SUHIHUrQFLD GH XP
SRYR WDPEpPRVHUieyEYLRTXHFRPHVVHFULWpULR
GH FRPSDUDomR D FXOWXUD HXURSHLD HP UHODomR jV
GHPDLVDSDUHFHHPXPSDWDPDUPDLVHOHYDGRPRWLYR
SHORTXDO+HJHOFODVVLILFDRVKRPHQVHXURSHXVFRPR
FLYLOL]DGRVHRVQDWLYRVDPHULFDQRVHDIULFDQRVFRPR
VHOYDJHQV
+HJHO FRP EDVH HP FULWpULRV H[WUDtGRV GD VXD
SUySULD FXOWXUD HVWDEHOHFHX YDORUDo}HV SDUD DV

FXOWXUDVGRVGHPDLVSRYRVUD]mRSRUTXHSDVVRXD
DILUPDUTXHRVQDWLYRVDIULFDQRVHDPHULFDQRVYLYHP
HP HVWDGR GH VHOYDJHULD H HP VLWXDomR GHSORUiYHO
TXH DV UHOLJL}HV GHVVHV SRYRV VmR PHUDV
VXSHUVWLo}HV PRWLYR SHOR TXDO RV OHYDP D GLYLQL]DU
YDFDV H PDFDFRV TXH QmR SRVVXHP LQVWLWXLo}HV
VRFLDLVHSRULVVRYLYHPLQFRQVFLHQWHVGHVLPHVPRV
1HVVDWULOKDDILUPDTXHDGLIHUHQoDHQWUHRVSRYRV
DIULFDQRV H DVLiWLFRV SRU XP ODGR H RV JUHJRV H
URPDQRVHHXURSHXVSRURXWURUHVLGHSUHFLVDPHQWH
QR IDWR GH TXH HVWHV VmR OLYUHV H R VmR SRU VL DR
SDVVRTXHDTXHOHVRVmRVHPVDEHUHPTXHVmRLVWR
pVHPH[LVWLUHPFRPROLYUHV  
$VVLP GLDQWH GH FXOWXUDV GLIHUHQWHV DOJXQV
WHyULFRVSDVVDUDPDHQWHQGHUTXHKDYLDGXDVIRUPDV
GH SHQVDPHQWR FLHQWLILFDPHQWH REVHUYiYHLV H FRP
OHLV GLIHUHQWHV R SHQVDPHQWR OyJLFRUDFLRQDO GRV
FLYLOL]DGRV HXURSHXV  H R SHQVDPHQWR SUpOyJLFR H
SUpUDFLRQDO GRV VHOYDJHQV RX SULPLWLYRV DIULFDQRV
tQGLRV DERUtJLQHV  2 SULPHLUR HUD FRQVLGHUDGR
VXSHULRUYHUGDGHLURHHYROXtGRRVHJXQGRLQIHULRU
IDOVR VXSHUVWLFLRVR H DWUDVDGR FDEHQGR DRV
HXURSHXV DX[LOLDU RV VHOYDJHQV SULPLWLYRV D
DEDQGRQDUVXDFXOWXUDHDGTXLULUDFXOWXUDHYROXtGD
GRVFRORQL]DGRUHV &+$8 
$ LGHRORJLD GD UHFXVD GR HVWUDQKR IRUQHFHX DR
FRORQLDOLVPRDVMXVWLILFDWLYDVSDUDRXVRGDIRUoDQR
VHQWLGR GH HVFUDYL]DU RV tQGLRV RX GH LQWHJUiORV j

FXOWXUDHXURSHLD(VVDLGHRORJLDWDPEpPVHUYLXSDUD
QHJDU KXPDQLGDGH DRV QHJURV DIULFDQRV H VXEPHWr
ORVDRUHJLPHGHHVFUDYLGmRQDVFRO{QLDVDPHULFDQDV
$VVLPQR%UDVLORFRORQL]DGRUHXURSHXLPS{VDVXD
FXOWXUD PDV XPD FXOWXUD LQVSLUDGD QD LGHRORJLD GD
UHFXVD GR HVWUDQKR UD]mR SHOD TXDO R GLUHLWR
EUDVLOHLUR GR SHUtRGR FRORQLDO p HVVHQFLDOPHQWH XP
GLUHLWR TXH YLVD JDUDQWLU H SHUSHWXDU RV LQWHUHVVHV
GRVFRORQL]DGRUHV1DSUiWLFDWUDWDVHGHXPPRGHOR
MXUtGLFR TXH YLVD SURWHJHU XPD HFRQRPLD FRORQLDO
IXQGDGD QD SURSULHGDGH IXQGLiULD H FXMD SURGXomR
GHSHQGH GR XVR GD PmR GH REUD HVFUDYD 6HJXQGR
UHODWRGH6WXDUW6FKZDU] /23(6 DFLGDGH
GH 6DOYDGRU SRU YROWD GR DQR GH  WLQKD
DSUR[LPDGDPHQWH  KDELWDQWHV GRV TXDLV 
HUDPHVFUDYRV
&RQIRUPH UHODWD )OiYLD 7DYDUHV HP H[FHOHQWH
UHSRUWDJHPSXEOLFDGDQRVMRUQDLV:DVKLQJWRQ3RVWH
2 (VWDGR GH 6 3DXOR   R %UDVLO p WLGR
FRPRRSDtVFRPRPDLRUQ~PHURGHQHJURVIRUDGD
IULFD +i H[SHFWDWLYD GH TXH DLQGD HVWH DQR D
SRSXODomRTXHVHDXWRGHFODUDQHJUDXOWUDSDVVHDTXH
VH GHQRPLQD EUDQFD $LQGD DVVLP RV QHJURV
EUDVLOHLURV WrP RV SLRUHV tQGLFHV GH HGXFDomR H
VDOiULRVDUHPXQHUDomRPpGLDGRVQHJURVpPHWDGH
GD GRV EUDQFRV H RV QHJURV RFXSDP DSHQDV 
GRV FDUJRV GH FKHILD   VRPHQWH  HP FDGD 
MRYHQV QHJURV HQWUH  H  DQRV IUHTXHQWDP

LQVWLWXLo}HVGHHQVLQRVXSHULRU$QFRUDGDHPGDGRV
HVWDWtVWLFRV D MRUQDOLVWD FRQFOXL TXH D SLUkPLGH
KLHUiUTXLFDGHFDUJRVHVDOiULRVWDQWRQDVHPSUHVDV
FRPR QDV HVFRODV SRVVXL XPD EDVH IRUPDGD
SUHSRQGHUDQWHPHQWHSRUSHVVRDVQHJUDVHFRQIRUPH
VHYDLVXELQGRQDKLHUDUTXLDHPGLUHomRDRWRSRGD
SLUkPLGHDVLWXDomRVHLQYHUWHRQ~PHURGHSHVVRDV
QHJUDV YmR GLPLQXLQGR HP UHODomR DR Q~PHUR GH
SHVVRDVEUDQFDV
(P YLUWXGH GD DWXDO VLWXDomR VRFLDO HP TXH VH
HQFRQWUDP QHJURV H PXODWRV EUDVLOHLURV QmR p
H[DJHUR DILUPDU TXH R PRGHOR FRORQLDOLVWD GH
GRPLQDomR DWUDYHVVRX R SHUtRGR LPSHULDO SHQHWURX
QRSHUtRGRUHSXEOLFDQRHGHFHUWRPRGRSHUPDQHFH
DWp KRMH SRUTXH DLQGD VHJXHP HP FXUVR RV VHXV
HIHLWRV GHYDVWDGRUHV e LPSRUWDQWH IL[DU TXH D
LGHRORJLD GD UHFXVD GR HVWUDQKR PDTXLDGD FRP
RXWURV GLVFXUVRV FRQWLQXD SUHVHQWH QR PXQGR
FRQWHPSRUkQHR H jV YH]HV DWp GH IRUPD PDLV
YLROHQWDTXHQRSHUtRGRFRORQLDO
&+248('(&8/785$6
8PD FDUDFWHUtVWLFD FRPXP GRV SRYRV FRQVLVWH
HP UHSXGLDU DV IRUPDV FXOWXUDLV MXUtGLFDV PRUDLV
UHOLJLRVDV VRFLDLV HVWpWLFDV  FRP DV TXDLV QmR VH
LGHQWLILFDP ,VVR VH WUDGX] SHOD UHSXOVD GLDQWH GH
PDQHLUDV GH YLYHU FUHU RX SHQVDU TXH OKH VmR
HVWUDQKDV 3DUD JUHJRV H URPDQRV WXGR TXH QmR

SDUWLFLSDYD GD VXD FXOWXUD HUD FDWDORJDGR FRPR


EiUEDUR $ FLYLOL]DomR HXURSHLD XWLOL]RX R WHUPR
VHOYDJHPFRPRPHVPRVHQWLGR2VWHUPRVVHOYDJHP
H EiUEDUR HYRFDP XP JrQHUR GH YLGD DQLPDO SRU
RSRVLomRjFXOWXUDKXPDQD
(VVD DWLWXGH GH UHS~GLR DR HVWUDQKR HQFRQWUD
JXDULGDHPPXLWDVVRFLHGDGHVVHMDPHODVSULPLWLYDV
RX FLYLOL]DGDV $ KXPDQLGDGH FRQIRUPH FRQVWDWD
/pYL6WUDXVV  PXLWDVYH]HVFHVVDQDV
IURQWHLUDVGDWULERGRJUXSROLQJXtVWLFRRXGDDOGHLD
D WDO SRQWR TXH XP JUDQGH Q~PHUR GH SRSXODo}HV
GLWDV SULPLWLYDV VH DXWRGHVLJQD FRP XP QRPH TXH
V LJQLILFDRV KRPHQV RV ERQV RV H[FHOHQWHV RV
FRPSOHWRV  LPSOLFDQGR DVVLP TXH DV RXWUDV WULERV
JUXSRV RX DOGHLDV QmR SDUWLFLSDP GDV YLUWXGHV RX
PHVPRGDQDWXUH]DKXPDQDPDVVmRTXDQGRPXLWR
FRPSRVWRV GHPDXV GHPDOYDGRV GHPDFDFRV GD
WHUUD
RX
GHRYRV GH SLROKR &KHJDVH
IUHTXHQWHPHQWH D SULYDU R HVWUDQJHLUR GHVWH ~OWLPR
JUDX GH UHDOLGDGH RYR GH SLROKR  ID]HQGR GHOH XP
IDQWDVPDRXXPDDSDULomR
$VVLP UHDOL]DPVH VLWXDo}HV FXULRVDV HP TXH
GRLV LQWHUORFXWRUHV VH UHSOLFDP FUXHOPHQWH 1DV
JUDQGHV $QWLOKDV FRQIRUPH UHODWD /pYL6WUDXVV
DOJXQV DQRV DSyV D GHVFREHUWD GD $PpULFD
HQTXDQWR RV HVSDQKyLV HQYLDYDP FRPLVV}HV GH
LQYHVWLJDomRSDUDSHVTXLVDUVHRVLQGtJHQDVWLQKDP
RX QmR XPD DOPD RV LQGtJHQDV GHGLFDYDPVH D

DIRJDU EUDQFRV SULVLRQHLURV D ILP GH YHULILFDU SRU


XPD REVHUYDomR GHPRUDGD VH VHXV FDGiYHUHV HUDP
RXQmRVXMHLWRVjSXWUHIDomR(VVDSDVVDJHPLOXVWUD
XP SDUDGR[R TXHP SUHWHQGH HVWDEHOHFHU XPD
GLVFULPLQDomR FXOWXUDO DFDED SRU VH LGHQWLILFDU FRP
DTXLOR TXH VH SUHWHQGH QHJDU 2 HXURSHX SRU
H[HPSORDRUHFXVDUKXPDQLGDGHDRDIULFDQRFRORFRX
VREVXVSHLWDDVXDSUySULDKXPDQLGDGH
&RQWUD HVVD FRQFHSomR RV JUDQGHV VLVWHPDV
ILORVyILFRV H UHOLJLRVRV FULVWLDQLVPR LVODPLVPR
EXGLVPRHVWRLFLVPRNDQWLVPRPDU[LVPR EHPFRPR
DVGHFODUDo}HVGRVGLUHLWRVKXPDQRVSURFODPDUDPD
LJXDOGDGH QDWXUDO HQWUH WRGRV RV KRPHQV H D
IUDWHUQLGDGHTXHGHYHXQLORVVHPGLVWLQomRGHUDoD
RXFXOWXUD2FRUUHSRUpPTXHDGHFODUDomRIRUPDOGD
LJXDOGDGHQDWXUDOHQWUHWRGRVRVKRPHQVHVEDUUDQD
H[LVWrQFLDLJXDOPHQWHQDWXUDOTXHpDGLYHUVLGDGHGH
FXOWXUDV
2FLGHQWH[2ULHQWH
(GZDUG6DLG LQ.83(5 QDVXDREUD
2ULHQWDOLVPR UHLQWHUSUHWD D RSRVLomR HQWUH
FLYLOL]DomR H EDUEiULH WHPD FHQWUDO QR GLVFXUVR
RFLGHQWDO TXH LQFRUSRUD D LGHRORJLD GD UHFXVD GR
HVWUDQKR 6DLG DILUPD TXH WRGDV DVFLrQFLDV
FRORQLDLVWrPXPDHVWUXWXUDFRPXPTXHFRQVLVWHHP
GLYLGLURVSRYRVGRPXQGRHPGRLVJUXSRVQyV RV
FLYLOL]DGRVHXURSHXVHQRUWHDPHULFDQRV HRVRXWURV

RV EiUEDURV QDWLYRV GH OXJDUHV H[yWLFRV RX SRYRV


GH SDtVHV SHULIpULFRV  2VRXWURV VmR UHSUHVHQWDGRV
FRPR XP JUXSR LQGLIHUHQFLDGR FDUDFWHUL]DGR SRU
VXDVGLIHUHQoDVHPUHODomRDRVHXURSHXV QyV XPD
GLIHUHQoDVHPSUHGHVIDYRUiYHOSDUDHOHV RVRXWURV 
TXH VmR WLGRV FRPR LUUDFLRQDLV VXSHUVWLFLRVRV
REVWLQDGDPHQWH FRQVHUYDGRUHV PRYLGRV SHOD
HPRomR VH[XDOPHQWH GHVFRQWURODGRV SURSHQVRV j
YLROrQFLD H DVVLP SRU GLDQWH 6mR HVVDV GLIHUHQoDV
TXH PRWLYDP H MXVWLILFDP R FRORQLDOLVPR H RXWUDV
IRUPDV GH GRPLQDomR 6DLG FRQFOXL TXH R
RULHQWDOLVPR p XP WLSR GH SURMHomR RFLGHQWDO
FLYLOL]DomR VREUHR2ULHQWH EDUEiULH HRGHVHMRGH
JRYHUQiOR
$OJXPDV SHVVRDV DFUHGLWDP TXH DV FXOWXUDV
SRGHPVHUFODVVLILFDGDVFRPRVXSHULRUHVHLQIHULRUHV
H WHQGHP D SUH]DU PDLV D VXD SUySULD FXOWXUD 2
QDFLRQDOLVPR DQGD QHVVH VHQWLGR TXDQGR ID]
PHQomRjVXSHULRULGDGHGDFXOWXUDQDFLRQDO$OJXQV
WHyULFRV HQWHQGHP TXH HP WHUPRV GH FXOWXUD DV
IURQWHLUDV QDFLRQDLV VH GLOXtUDP SRUWDQWR QmR ID]
VHQWLGR IDODU GD FXOWXUD GH GHWHUPLQDGR (VWDGR
QDFLRQDO YLVWR TXH R IHQ{PHQR GD JOREDOL]DomR
XQLILFRXR2FLGHQWHQXPD~QLFDFXOWXUDDFXOWXUDGH
FRQVXPR FXMD H[SUHVVmR PDLRU VmR RV (VWDGRV
8QLGRV
$QFRUDGR QHVVD LGHLD GH TXH DV FXOWXUDV
RFLGHQWDLV IRUDP XQLILFDGDV 6DPXHO +XQWLQJWRQ LQ

.83(5    DQXQFLD GH IRUPD SURIpWLFD H


FDWDVWUyILFDTXHDSyVDJXHUUDIULDDKLVWyULDJOREDO
LQLFLRXXPDQRYDIDVHHPTXHDVSULQFLSDLVIRQWHVGH
FRQIOLWRQmRVHUmRIXQGDPHQWDOPHQWHHFRQ{PLFDVRX
LGHROyJLFDVPDVFXOWXUDLV$ILUPDTXHDVSULQFLSDLV
GLIHUHQoDVQRGHVHQYROYLPHQWRSROtWLFRHHFRQ{PLFR
HQWUHDVFLYLOL]Do}HVHVWmRFODUDPHQWHHQUDL]DGDVHP
VXDV FXOWXUDV GLVWLQWDV D FXOWXUD H DV LGHQWLGDGHV
FXOWXUDLV HVWmR PROGDQGR RV SDGU}HV GH FRHVmR
GHVLQWHJUDomR H FRQIOLWR QR PXQGR 1HVVH QRYR
PXQGRDSROtWLFDORFDOpDSROtWLFDGDHWQLDDSROtWLFD
JOREDOpDSROtWLFDGHFLYLOL]Do}HV3DUD+XQWLQJWRQ
DULYDOLGDGHGDVVXSHUSRWrQFLDVVHUiVXEVWLWXtGDSHOR
FKRTXHGHFLYLOL]Do}HVSRUWDQWRRVDWXDLVFRQIOLWRV
QmR SDVVDP GH HVWiJLRV GH XP FRQIOLWR PDLRU TXH
HVWi SRU YLU R YHUGDGHLUR FRQIOLWR JOREDO TXH VHUi
WUDYDGRHQWUHFLYLOL]DomRHEDUEiULH
%HUQDUG /HZLV WDPEpP VHJXH HVVD OLQKD
FDWDVWUyILFD H SURIpWLFD 1HVVH VHQWLGR (PLU 6DGHU
HPDUWLJRSXEOLFDGRQDUHYLVWD&DURV$PLJRV Q
GH RXWXEUR GH   OHPEUD TXH D DILUPDomR GH
%HUQDUG /HZLV  $ (XURSD VHUi PXoXOPDQD GDTXL
DWp R ILQDO GR VpFXOR  WHP XPD FRQRWDomR GH
DPHDoD GH ULVFR GH FDWiVWURIH GH WULXQIR GD
EDUEiULH3DUD6DGHUDYLVmRGH/HZLVDVVHQWDVHQD
FRQFHSomR GH TXH R PXQGR PXoXOPDQR ILFRX
HVWDJQDGR HP XPD RSRVLomR IXQGDPHQWDO DR
2FLGHQWH PRWLYR SHOR TXDO WRGRV RV DYDQoRV GD

FKDPDGD PRGHUQLGDGH R 5HQDVFLPHQWR D 5HIRUPD


DVWUDQVIRUPDo}HVWHFQROyJLFDVDGHPRFUDFLDOLEHUDO
D HFRQRPLD GH PHUFDGR  WHULDP VLGR LJQRUDGRV QR
PXQGR LVOkPLFR 3DUD (GZDUG 6DLG R FRUDomR GD
LGHRORJLDGH/HZLVVREUHR,VOmpRGHTXHHVWHQmR
PXGDUi QXQFD TXH WRGD DERUGDJHP SROtWLFD
KLVWyULFD RX DFDGrPLFD GRV PXoXOPDQRV GHYH
FRPHoDUHWHUPLQDUSHORIDWRGHTXHRVPXoXOPDQRV
VmRPXoXOPDQRV
+HJHP{QLFD[PLQRULWiULD
2 PRYLPHQWR PXOWLFXOWXUDOLVWD HQWHQGH TXH
PHVPRQRkPELWRGRWHUULWyULRGHXP(VWDGRQDFLRQDO
FRQYLYHP GLYHUVDV FXOWXUDV PRWLYR SHOR TXDO QmR
DFHLWD D LGHLD GH TXH RV (VWDGRV 8QLGRV SRVVXDP
XPD~QLFDFXOWXUD1HVVHVHQWLGRHQWHQGHTXHYiULRV
JUXSRVGHLPLJUDQWHVSRVVXHPXPDFXOWXUDSUySULDH
UHMHLWD R IDWR GH TXH GHYDP DVVLPLODU D FXOWXUD
DPHULFDQDSUHGRPLQDQWH3DUDRVPXOWLFXOWXUDOLVWDVD
QDomR DPHULFDQD p FXOWXUDOPHQWH IUDJPHQWDGD 2
SUREOHPD SRUWDQWR QmR UHVLGH QD H[LVWrQFLD GH
GLIHUHQoDV PDV QR IDWR GH DV GLIHUHQoDV VHUHP
WUDWDGDV FRP GHVSUH]R FRPR GHVYLR ([LVWH XPD
FXOWXUDKHJHP{QLFDGRKRPHPDPHULFDQR EUDQFR
DQJORVD[mRFODVVHPpGLDKHWHURVVH[XDO TXHLPS}H
VXDV UHJUDV D WRGRV $V FXOWXUDV PLQRULWiULDV VmR
HVWLJPDWL]DGDV SRU VHUHP GLIHUHQWHV 2 JUXSR
GRPLQDQWHLPS}HVXDVSUySULDVFDUDFWHUtVWLFDVLGHDLV

FRPRQRUPDVGHILQLGRUDVHTXDOLILFDTXDOTXHUXPTXH
VHMD GLIHUHQWH FRPR IRUD GR SDGUmR .83(5 
  2 PRYLPHQWR PXOWLFXOWXUDOLVWD DR QHJDU D
SDGURQL]DomR GD FXOWXUD FRQILUPD RGLUHLWR GH VHU
GLIHUHQWH
3DUD DOJXQV WHyULFRV D H[DOWDomR GD GLIHUHQoD
HQIUDTXHFH RV YDORUHV FRPXQV H DPHDoD D FRHVmR
QDFLRQDO 1HVVH VHQWLGR -RQDWKDQ 6DFNV UDELQR
FKHIHGD*Um%UHWDQKDHPDUWLJRSXEOLFDGRQRMRUQDO
2 (VWDGR GH 6 3DXOR   DILUPD TXH R
PXOWLFXOWXUDOLVPRMiVHHVJRWRXPDVHPVXDpSRFD
IRL XPD LGHLD ERD H DWp PHVPR QREUH SRUTXH R
REMHWLYR HUD ID]HU FRP TXH DV PLQRULDV pWQLFDV H
UHOLJLRVDV VH VHQWLVVHP PDLV YDORUL]DGDV H
UHVSHLWDGDV H SRUWDQWR FDSD]HV GH LQWHJUDUVH j
VRFLHGDGHFRPRXPWRGR
6HJXQGR 6DFNV R PXOWLFXOWXUDOLVPR DSHVDU GH
DILUPDU D FXOWXUD GDV PLQRULDV H GDU GLJQLGDGH j
GLIHUHQoD QmR SURPRYHX D LQWHJUDomR H VLP D
VHJUHJDomR $ILUPD TXH QRV SDtVHV HP TXH R
PXOWLFXOWXUDOLVPR IRL H[SHULPHQWDGR DV VRFLHGDGHV
WRUQDUDPVHPDLVKRVWLVIUDJPHQWDGDVHLQWROHUDQWHV
3DUD HOH VHP XPD FXOWXUD QDFLRQDO QmR Ki QDomR
(QWHQGH TXH FRP DV QRYDV WHFQRORJLDV D LGHLD GH
XPD FXOWXUD QDFLRQDO VH GHVLQWHJUD SRUTXH XQLQGR
DV SHVVRDV JOREDOPHQWH DV QRYDV WHFQRORJLDV DV
GLYLGHP ORFDOPHQWH IRUWDOHFHP DV ILOLDo}HV QmR
QDFLRQDLV H SRGHP ID]HU FRP TXH DV SHVVRDV SRU

H[HPSOR QD ,QJODWHUUD VLQWDPVH PDLV KLQGXV


PXOoXPDQDV RX MXGLDV GR TXH EULWkQLFDV (QILP
VHJXQGR 6DFNV FXOWXUDV QDFLRQDLV IRUPDP QDo}HV
FXOWXUDVJOREDLVSRGHPYLUDGHVWUXtODV
1mR QRV SDUHFH FRUUHWR FXOSDU R PRYLPHQWR
PXOWLFXOWXUDOLVWD SHOR UHWRUQR GD LGHRORJLD
XOWUDQDFLRQDOLVWD UHFXVD GR HVWUDQKR  HQWUH RV
HXURSHXV 3DUHFHQRV TXH D FULVH HFRQ{PLFD FRP R
FRQVHTXHQWH GHVHPSUHJR WHP SURYRFDGR FHUWD
[HQRIRELDHPUHODomRDRVHVWUDQJHLURVHRVSDUWLGRV
GH GLUHLWD WrP H[SORUDGR HVVD VLWXDomR e SUHFLVR
OHPEUDU TXH DQFRUDGR QDV SURSRVWDV GH H[SXOVDU
HVWUDQJHLURV H SURLELU R YpX LVOkPLFR QDV HVFRODV R
XOWUDGLUHLWLVWD 3DUWLGR GR 3RYR 6XtoR YHQFHX DV
HOHLo}HVJHUDLVQDTXHOHSDtV(VVDYLWyULDFHUWDPHQWH
DEULXHVSDoRSDUDDDGRomRGHOHLVPDLVGXUDVFRQWUD
HWQLDVHLPLJUDQWHVHPWRGDD(XURSDFRPRpRFDVR
GD OHL GHQRPLQDGD 'LUHWUL] GH 5HWRUQR DSURYDGD
SRU HVPDJDGRUD PDLRULD GR 3DUODPHQWR (XURSHX HP
MXQKR GH  TXH HVWDEHOHFH HQWUH RXWUDV
YLROrQFLDVRHQFDUFHUDPHQWRGRFODQGHVWLQRSRUDWp
PHVHVeSUHFLVRWDPEpPUHFRUGDUTXHDDVFHQVmR
GR SDUWLGR QD]LVWD DOHPmR FRPHoRX FRP D LGHLD GH
XPD FXOWXUD JHQXLQDPHQWH QDFLRQDO D PDQLSXODomR
SROtWLFD GHVVD LGHLD UHVXOWRX HP LQWROHUkQFLDV
VHJUHJDo}HV GHSRLV SHUVHJXLo}HV H SRU ILP
H[WHUPtQLRV
4XDQGR SHVVRDV GH QDo}HV H JUXSRV pWQLFRV

GLVWLQWRV HQWUDP HP FRQWDWR p SRVVtYHO RFRUUHU


FRQIURQWR RX FKRTXH GH FXOWXUDV 4XDQGR LVVR
DFRQWHFH DOJXQV UHLYLQGLFDP D VXSHULRULGDGH GD
FXOWXUDORFDOHH[LJHPDDGDSWDomRGRVLQGLYtGXRVGH
FXOWXUDVGLIHUHQWHVRXWURVDFUHGLWDPQDGLYHUVLGDGH
GHFXOWXUDVHSRUFDXVDGLVVRGHIHQGHPRGLUHLWRGDV
PLQRULDVGRVGLVVLGHQWHVGRVPDUJLQDOL]DGRVHGRV
FRORQL]DGRV GH SUHVHUYDU D VXD SUySULD FXOWXUD e
FRPXP QHVVDV VLWXDo}HV HVWDEHOHFHU FRQH[}HV
HQWUH HWQLDV H FXOWXUDV TXH SRGHP UHVXOWDU QD
KLSyWHVH GH TXH FXOWXUD p WUDQVPLWLGD SHOD UDoD $
FRQH[mR UDoDFXOWXUD SRVVLELOLWRX R VXUJLPHQWR GD
GRXWULQDUDFLVWD
&RQIRUPH /pYL6WUDXVV E   R SHFDGR
RULJLQDOGDDQWURSRORJLDFRQVLVWHQDFRQIXVmRHQWUHD
QRomR PHUDPHQWH ELROyJLFD GD UDoD VXSRQGR SRU
RXWUR ODGR TXH PHVPR QHVVH FDPSR OLPLWDGR HVVD
QRomRSRVVDSUHWHQGHUDWLQJLUTXDOTXHUREMHWLYLGDGH
RTXHDJHQpWLFDPRGHUQDFRQWHVWD HDVSURGXo}HV
VRFLROyJLFDV H SVLFROyJLFDV GDV FXOWXUDV KXPDQDV
%DVWRXD*RELQHDX IXQGDGRUGDGRXWULQDUDFLVWD WHU
FRPHWLGR HVVH SHFDGR SDUD VH WHU HQFHUUDGR QR
FtUFXOR LQIHUQDO TXH FRQGX] GH XP HUUR LQWHOHFWXDO
QmRH[FOXLQGRDERDIpjOHJLWLPLGDGHLQYROXQWiULDGH
WRGDV DV WHQWDWLYDV GH GLVFULPLQDomR H GH
H[SORUDomR
2 UDFLVPR p R GHVGREUDPHQWR PRGHUQR PDLV
QHIDVWR H FUXHO GD LGHRORJLD GD UHFXVD GR HVWUDQKR

2V VHXV HIHLWRV GHYDVWDGRUHV VREUH DV UHODo}HV


KXPDQDV MXVWLILFDP R LQWHUHVVH TXH DQWURSyORJRV H
MXULVWDV GHGLFDP DR DVVXQWR PRWLYR SHOR TXDO VHUi
H[DPLQDGRQRFDStWXORVHJXLQWH

,,, 5$&,602
'2875,1$5$&,67$
-RKDQQ%OXPHQEDFKFRQVLGHUDGRRIXQGDGRUGD
DQWURSRORJLD ItVLFD GLYLGLX D HVSpFLH KXPDQD HP
FLQFR UDoDV H H[SOLFRX DV GLIHUHQoDV UDFLDLV FRPR
FRQVHTXrQFLD GDV LQIOXrQFLDV DPELHQWDLV VREUH XPD
IRUPD DQFHVWUDO ~QLFD H FRPXP D WRGRV RV KRPHQV
0(//2 (VVDWHRULDDRHVWDEHOHFHUTXH
WRGRV RV VHUHV KXPDQRV WrP XPD RULJHP FRPXP
UHDILUPD D FUHQoD GR LOXPLQLVPR QD XQLGDGH GD
KXPDQLGDGH 0DV DR DILUPDU D H[LVWrQFLD GH UDoDV
WRUQRX SRVVtYHO R HVWDEHOHFLPHQWR GH XP YtQFXOR
HQWUH UDoDV H FXOWXUDV $ SDUWLU GH HQWmR D
DQWURSRORJLD ItVLFD WHP VLGR PDQLSXODGD FRP R
LQWXLWRGHH[SOLFDUDVGLIHUHQoDVFXOWXUDLVHPWHUPRV
ELROyJLFRV RX UDFLDLV 1HVVD WULOKD DV GLVSDULGDGHV
FXOWXUDLVHVRFLDLVVmRHQWHQGLGDVFRPRDH[SUHVVmR
GH GLIHUHQoDV UDFLDLV RX VHMD D UDoD GHWHUPLQDULD D
FXOWXUDHSRUFRQVHJXLQWHH[LVWLULDPUDoDVHFXOWXUDV
VXSHULRUHV
2UDFLVPRSRGHVHUGHILQLGRFRPRXPDGRXWULQD
VHJXQGR D TXDO WRGDV DV PDQLIHVWDo}HV FXOWXUDLV
KLVWyULFDV H VRFLDLV GR KRPHP H RV VHXV YDORUHV
GHSHQGHP GD UDoD WDPEpP VHJXQGR HVVD GRXWULQD

H[LVWH XPD UDoD VXSHULRU DULDQD RX QyUGLFD  TXH VH


GHVWLQD D GLULJLU R JrQHUR KXPDQR$V FRQFHSo}HV
UDFLVWDVFRQVWLWXHPXPIHQ{PHQRDQWLJR UHFXVDGR
HVWUDQKR SRUpPDVXDDUTXLWHWXUDWHyULFDWHPLQtFLR
QR ILQDO GR VpFXOR ;,; FRP R IUDQFrV *RELQHDX
FRQVLGHUDGR R IXQGDGRU GD WHRULD UDFLVWD 3DUD HOH
DV JUDQGHV UDoDV SULPLWLYDV TXH IRUPDYDP D
KXPDQLGDGHQRVVHXVSULPyUGLRVEUDQFDDPDUHOD
QHJUD  QmR HUDP Vy GHVLJXDLV HP YDORU DEVROXWR
PDVWDPEpPGLYHUVDVHPVXDVDSWLG}HVSDUWLFXODUHV
$ WDUD GD GHJHQHUHVFrQFLD HVWDYD VHJXQGR HOH
OLJDGD PDLV DR IHQ{PHQR GH PHVWLoDJHP GR TXH j
SRVLomR GH FDGD XPD GDV UDoDV QXPD HVFDOD GH
YDORUHVFRPXPDWRGDVGHVWLQDYDVHSRLVDDWLQJLU
WRGDDKXPDQLGDGHFRQGHQDGDVHPGLVWLQomRGHUDoD
D XPD PHVWLoDJHP FDGD YH] PDLV GHVHQYROYLGD
/e9,675$866E 
'HSRLV GD 3ULPHLUD *XHUUD 0XQGLDO RV QD]LVWDV
YLUDP QR UDFLVPR XP PLWR FRQVRODGRU XPD IXJD GD
GHSUHVVmR GD GHUURWD 1HVVD WULOKD +LWOHU
WUDQVIRUPRXRUDFLVPRQRFDUURFKHIHGHVXDSROtWLFD
FXMD GRXWULQD HODERUDGD SRU $OIUHG 5RVHQEHUJ HP
 0LWR GR VpFXOR ;;  DILUPD XP ULJRURVR
GHWHUPLQLVPR UDFLDO DR HVWDEHOHFHU TXH TXDOTXHU
PDQLIHVWDomR FXOWXUDO GH XP SRYR GHSHQGH GH VXD
UDoD$VVLPDGLYHUVLGDGHGHFXOWXUDVUHIRUoDYDXPD
WHRULD UDFLDO GD GLIHUHQoD (VVH GHWHUPLQLVPR VHUi
FRPEDWLGR SRU YiULRV LQWHOHFWXDLV DOHPmHV

HVSHFLDOPHQWHSHORDQWURSyORJR)UDQ]%RDVTXDQGR
DILUPD FDWHJRULFDPHQWH D VXD SULQFLSDO KLSyWHVH D
UDoDQmRGHWHUPLQDDFXOWXUD
(PVtQWHVHDVWHRULDVUDFLVWDVSUHWHQGHPSURYDU
D TXHH[LVWHPUDoDVE TXHDVUDoDVVmRELROyJLFDVH
JHQHWLFDPHQWHGLIHUHQWHVF TXHKiUDoDVDWUDVDGDVH
DGLDQWDGDV LQIHULRUHV H VXSHULRUHV G  TXH DV UDoDV
DWUDVDGDV H LQIHULRUHV QmR VmR FDSD]HV GH
GHVHQYROYLPHQWR LQWHOHFWXDO H HVWmR QDWXUDOPHQWH
GHVWLQDGDV DR WUDEDOKR PDQXDO SRLV VXD UD]mR p
PXLWR SHTXHQD H QmR FRQVHJXHP FRPSUHHQGHU DV
LGHLDVPDLVFRPSOH[DVHDYDQoDGDVH TXHDVUDoDV
DGLDQWDGDV H VXSHULRUHV HVWmR QDWXUDOPHQWH
GHVWLQDGDV D GRPLQDU R SODQHWD H TXH VH LVVR IRU
QHFHVViULRSDUDVHXEHPWrPRGLUHLWRGHH[WHUPLQDU
DVUDoDVDWUDVDGDVHLQIHULRUHVI TXHSDUDREHPGDV
UDoDV LQIHULRUHV H GDV VXSHULRUHV GHYH KDYHU
VHJUHJDomRUDFLDO VHSDUDomRGRVORFDLVGHPRUDGLD
GH WUDEDOKR GH HGXFDomR GH OD]HU HWF  SRLV D QmR
VHJUHJDomR SRGH ID]HU DV LQIHULRUHV DUUDVWDUHP DV
VXSHULRUHV SDUD R VHX EDL[R QtYHO DVVLP FRPR ID]HU
DV VXSHULRUHV WHQWDUHP LQXWLOPHQWH PHOKRUDU R QtYHO
GDVLQIHULRUHV &+$8 
2EVHUYD &KDXt TXH DV WHRULDV UDFLVWDV HVWmR D
VHUYLoRGDYLROrQFLDGDRSUHVVmRGDLJQRUkQFLDHGD
GHVWUXLomR$ ELRORJLD H D JHQpWLFD DILUPDP TXH DV
GLIHUHQoDV QD IRUPDomR DQDW{PLFRILVLROyJLFD GRV
VHUHVKXPDQRVQmRSURGX]HPUDoDV5DoDSRUWDQWR

p XPD SDODYUD LQYHQWDGD SDUD DYDOLDU MXOJDU H


PDQLSXODU GLIHUHQoDV ELROyJLFDV H JHQpWLFDV $V
WHRULDV UDFLVWDV QmR VmR FLHQWtILFDV VmR IDOVDV H
LUUDFLRQDLV LPSOLFDP SUiWLFDV FXOWXUDLV HFRQ{PLFDV
VRFLDLV H SROtWLFDV SDUD MXVWLILFDU D YLROrQFLD FRQWUD
VHUHVKXPDQRV
$LQGD TXH D FLrQFLD PRGHUQD FRQWHVWH D
H[LVWrQFLD GH UDoDV H FRQILUPH D LPSRVVLELOLGDGH GH
DILUPDUDVXSHULRULGDGHRXLQIHULRULGDGHLQWHOHFWXDOGH
XP JUXSR pWQLFR HP UHODomR D RXWUR D GRXWULQD
UDFLVWD FRQWLQXD HP HYLGrQFLD H LQVLVWH QD UHODomR
UDoDFXOWXUD RX VHMD DSURYHLWDVH GD FRQIXVmR TXH
IRL HVWDEHOHFLGD HQWUH XPD QRomR SXUDPHQWH
ELROyJLFD UDoD  H D SURGXomR FXOWXUDO GRV SRYRV
3UHWHQGH SRLV WUDQVIRUPDU GLIHUHQoDV pWQLFDV H
FXOWXUDLVHPGLIHUHQoDVELROyJLFDVQDWXUDLVLPXWiYHLV
H VHSDUDU RV VHUHV KXPDQRV HP VXSHULRUHV H
LQIHULRUHV GDQGR DRV SULPHLURV MXVWLILFDWLYDV SDUD
H[SORUDUHGRPLQDURVVHJXQGRV
5DoDHJHQpWLFD
&RQIRUPH R MRUQDO)ROKD GH 6 3DXOR 
  R JHQHWLFLVWD QRUWHDPHULFDQR -DPHV 'HZH\
:DWVRQ WLGR FRPR FRGHVFREULGRU GD HVWUXWXUD GR
'1$ H DJUDFLDGR HP  FRP R SUrPLR 1REHO GH
0HGLFLQD HP HQWUHYLVWD DR6XQGD\ 7LPHV
RXWXEUR  GHFODURX VHU SHVVLPLVWD HP UHODomR
DR IXWXUR GD IULFD SRUTXH WRGDV DV QRVVDV

SROtWLFDV VRFLDLV VmR EDVHDGDV QR IDWR GH TXH D


LQWHOLJrQFLD GHOHV GRV QHJURV  p LJXDO j QRVVD
DSHVDU GH WRGRV RV WHVWHV GL]HUHP TXH QmR p EHP
DVVLP QmRH[SOLFRXTXHWHVWHVVmRHVVHV 3HVVRDV
TXHMiOLGDUDPFRPHPSUHJDGRVQHJURVQmRDFUHGLWDP
TXHLVVR DLJXDOGDGHGHLQWHOLJrQFLD VHMDYHUGDGH
:DWVRQ SUHVVLRQDGR SHORV PHLRV GH
FRPXQLFDomRGDVRFLHGDGHJOREDOL]DGDHVFUHYHXXP
DUWLJRSDUDRMRUQDO7KH,QGHSHQGHQWQRTXDOWHUVLGR
PDOLQWHUSUHWDGR6HJXQGRHOHjTXHOHVTXHLQIHULUDP
GDV PLQKDV SDODYUDV TXH D IULFD HQTXDQWR
FRQWLQHQWHpGHDOJXPDIRUPDJHQHWLFDPHQWHLQIHULRU
Vy SRVVR PH GHVFXOSDU VHP UHVHUYD 1mR IRL LVVR R
TXHHXTXLVGL]HU(RTXHpPDLVLPSRUWDQWHGRPHX
SRQWRGHYLVWDpTXHQmRKiEDVHFLHQWtILFDSDUDWDO
FUHQoD
0DVQRPHVPRDUWLJR:DWVRQVXJHUHTXHVmR
RVJHQHVRXVHTXrQFLDVGH'1$TXHGHWHUPLQDPD
FDSDFLGDGHLQWHOHFWXDOHRFRPSRUWDPHQWRPRUDOGDV
SHVVRDV 6HJXQGR HOH DR GHVFREULU R WDPDQKR GD
LQIOXrQFLD GRV JHQHV QR FRPSRUWDPHQWR PRUDO
WDPEpP SRGHUHPRV HQWHQGHU FRPR RV JHQHV
LQIOXHQFLDP D FDSDFLGDGH LQWHOHFWXDO ( SURVVHJXH
DILUPDQGR TXH R GHVHMR HVPDJDGRU GD VRFLHGDGH
KRMHpDVVXPLUTXHSRGHUHVLJXDLVGHUDFLRFtQLRVmR
XPD KHUDQoD XQLYHUVDO GD KXPDQLGDGH 0DV
VLPSOHVPHQWHGHVHMDUTXHVHMDHVVHRFDVRQmREDVWD
,VVRQmRpFLrQFLD

1D WULOKD GH :DWVRQ RXWUDV SHVVRDV PHQRV


FpOHEUHV H[SUHVVDP VHXV GHVHMRV LQFRQWUROiYHLV GH
HQFRQWUDU DOJXPD FRLVD TXDOTXHU FRLVD PHVPR  QR
FDPSR GD JHQpWLFD RX GD ELRORJLD TXH SRVVD VHUYLU
SDUD HVWDEHOHFHU DOJXPD GLIHUHQoD TXDOTXHU
GLIHUHQoD PHVPR  HQWUH HWQLDV EUDQFRV DPDUHORV
QHJURV PHVWLoRV  H FRP LVVR MXVWLILFDU D
VXSHULRULGDGHGHXPDVVREUHDVRXWUDV&DEHDSHQDV
SDUDUHIOH[mRDVHJXLQWHSHUJXQWDRFRPSRUWDPHQWR
PRUDO UDFLVWD  GHVVDV SHVVRDV p JHQpWLFR RX
FXOWXUDO"
2VJHQHWLFLVWDVFRQWHVWDPDH[LVWrQFLDGHUDoDVH
FRQILUPDP TXH p LPSRVVtYHO HVWDEHOHFHU D
VXSHULRULGDGH LQWHOHFWXDO GH XP JUXSR pWQLFR VREUH
RXWURV2VDQWURSyORJRVHQWHQGHPTXHDVGLIHUHQoDV
HQWUHXPDVHRXWUDVQDo}HVVHGHYHPjFXOWXUDHQmR
H[LVWH FXOWXUD VXSHULRU RX LQIHULRU$OpP GLVVR SDUD
RV DQWURSyORJRV D FXOWXUD QmR p KHUGDGD
ELRORJLFDPHQWH PDV DVVLPLODGD DGTXLULGD H DWp
PHVPR HPSUHVWDGD e yEYLR TXH H[LVWH FHUWD
RULJLQDOLGDGH QDV FXOWXUDV GRV SRYRV DIULFDQRV
HXURSHXV DVLiWLFRV RX DPHULFDQRV TXH SHUPLWH
HVWDEHOHFHU GLIHUHQoDV HQWUH HOHV 0DV HVVD
RULJLQDOLGDGH GHYHVH D FLUFXQVWkQFLDV JHRJUiILFDV
KLVWyULFDVSROtWLFDVHVRFLROyJLFDVHQmRDDSWLG}HV
GLVWLQWDV OLJDGDV jV FRQVWLWXLo}HV DQDW{PLFDV RX
ILVLROyJLFDV GH QHJURV DPDUHORV EUDQFRV RX
PHVWLoRV

2FRUUH SRUpP TXH DOJXQV LQGLYtGXRV DLQGD


SHUVLVWHPQHVVDFRQIXVmRREVWLQDGDGHHQ[HUJDUQD
FXOWXUD XPD TXDOLGDGH LQDWD PRWLYR SHOR TXDO
SDVVDP D DYDOLDU DV SHVVRDV SHOD FRU GD SHOH H
FDUDFWHUtVWLFDV IDFLDLV 1R kPELWR GR GLUHLWR SHQDO
&pVDU /RPEURVR ',1,=    HODERURX XPD
GRXWULQD XPD HVSpFLH GH GHWHUPLQLVPR ELROyJLFR
TXHVHULDFDSD]GHUHYHODURFULPLQRVRQDWR3DUDHOH
GHWHUPLQDGRV LQGLYtGXRV SRVVXLULDP FDUDFWHUHV
DQDW{PLFRV GR WLSR GHOLQTXHQWH 2 FULPLQRVR WtSLFR
VHULDSRUWDGRUGHFDUDFWHUHVGRKRPHPSULPLWLYR RX
VHOYDJHP  REWLGRV SRU DWDYLVPR 2 DWDYLVPR
VLJQLILFD R UHDSDUHFLPHQWR QR LQGLYtGXR GH FHUWRV
FDUDFWHUHVItVLFRVHPRUDLVGRVDQWHSDVVDGRV$VVLP
R GHOLQTXHQWH QDWR VHULD XPD FySLD GR KRPHP
SULPLWLYR RX VHOYDJHP TXH DSDUHFH QD VRFLHGDGH
FLYLOL]DGD SRU LQWHUPpGLR GR DWDYLVPR $ KHUDQoD
DWiYLFDSRUWDQWRH[SOLFDULDDFDXVDGRVGHOLWRV
6HJXQGR /RPEURVR RV KRPLFLGDV WHULDP ROKDU
GXUR H FUXHO FRP RV JORERV RFXODUHV LQMHWDGRV GH
VDQJXH OiELRV ILQRV PDQGtEXOD HQRUPH QDUL]
DTXLOLQR RX DGXQFR VHPSUH YROXPRVR H RV ODGU}HV
WHULDP ROKDU YLYR HUUDQWH QDUL] FRPSULGR UHWRUFLGR
RX DFKDWDGR 7DPEpP FRQVWLWXLULD FDUDFWHUHV GR
GHOLQTXHQWHQDWRPDOIRUPDomRGDVRUHOKDVPD[LODUHV
SURHPLQHQWHV FDEHORV DEXQGDQWHV EDUED HVFDVVD
URVWR SiOLGR XVR GD PmR HVTXHUGD GDOWRQLVPR
HVWUDELVPR SUHJXLoD YDLGDGH GHVPHGLGD XVR GH

WDWXDJHQVHWF
$LQGDVHSXEOLFDPOLYURVQRVTXDLVVHXVDXWRUHV
DILUPDP WHU HQFRQWUDGR SURYDV FLHQWtILFDV GH TXH
UDoD p XPD UHDOLGDGH ELROyJLFD FRP LPSOLFDo}HV QR
FRPSRUWDPHQWR PRUDO H QR GHVHQYROYLPHQWR
LQWHOHFWXDOGDVSHVVRDV1DVXDWRWDOLGDGHWDLVOLYURV
DSUHVHQWDPH[SOLFDo}HVHVWDSDI~UGLDVGHVWLWXtGDVGH
YDORUFLHQWtILFRWDOTXDODVGH/RPEURVRH*RELQHDX
2FRUUH SRUpP TXH DOJXQV LQWHOHFWXDLV FXMD
SURGXomR ILORVyILFD H FLHQWtILFD QmR SRGH VHU
LJQRUDGD DFROKHUDP R QD]LVPR SRUWDQWR
FRPSURPHWHUDPVH FRP D GRXWULQD UDFLVWD 2 TXH
PRWLYRX HVVHV LQWHOHFWXDLV SDUHFH VHU DOJR
LQFRPSUHHQVtYHO
&XOWXUD[FLYLOL]DomR
1RUEHUW (OLDV LQ .83(5   D 
FRPSDURXDVUHODo}HVHQWUHDQRomRDOHPmGHFXOWXUD
NXOWXU HDLGHLDIUDQFHVDGHFLYLOL]DomR FLYLOLVDWLRQ
SDUD H[SOLFDU SRU TXH DOJXQV LQWHOHFWXDLV DOHPmHV
DFROKHUDPRQD]LVPR(OHFRQVWDWRXTXHQDWUDGLomR
IUDQFHVD FLYLOL]DomR HUD FRQFHELGD FRPR XP WRGR
FRPSOH[R H PXOWLIDFHWDGR TXH DEUDQJLD IDWRV
SROtWLFRV HFRQ{PLFRV UHOLJLRVRV WpFQLFRV PRUDLV H
VRFLDLV (VVH FRQFHLWR DPSOR GH FLYLOL]DomR
H[SUHVVDYD R TXH D VRFLHGDGH RFLGHQWDO DFUHGLWDYD
VHU VXSHULRU jV VRFLHGDGHV DQWHULRUHV RX jV
VRFLHGDGHVFRQWHPSRUkQHDVPDLVSULPLWLYDV

3DUD RV DOHPmHV FRQWXGR FLYLOL]DomR HUD DOJR


H[WHULRU H XWLOLWiULR DOKHLR HP PXLWRV DVSHFWRV DRV
YDORUHV QDFLRQDLV (QWHQGLDP TXH D FLYLOL]DomR HUD
DSULPRUDGDFRPRWHPSRHWUDQVFHQGLDDVIURQWHLUDV
QDFLRQDLV HP FRQWUDVWH FRP D FXOWXUD OLPLWDGD QR
WHPSRHQRHVSDoRHFRQIRUPHFRPXPDLGHQWLGDGH
QDFLRQDO $VVLP TXDQGR RV DOHPmHV H[SUHVVDYDP
RUJXOKR SRU VXDV UHDOL]Do}HV HOHV QmR IDODYDP GD
VXD FLYLOL]DomR PDV VLP GD VXD FXOWXUD (VVH WHUPR
UHIHULDVH HVVHQFLDOPHQWH D IDWRV LQWHOHFWXDLV
DUWtVWLFRVHUHOLJLRVRV2VDOHPmHVJHUDOPHQWHWUDoDP
XPDFODUDOLQKDGLYLVyULDHQWUHIDWRVGHVVDQDWXUH]DH
IDWRVSROtWLFRVHFRQ{PLFRVHVRFLDLV$FXOWXUDQmR
HUD Vy QDFLRQDO PDV WDPEpP SHVVRDO SDUD RV
DOHPmHVWRGRLQGLYtGXRDGTXLULDFXOWXUDSRUPHLRGH
XP SURFHVVR GH HGXFDomR H GHVHQYROYLPHQWR
HVSLULWXDO 2 TXH RV IUDQFHVHV FRQVLGHUDYDP
FLYLOL]DomR WUDQVQDFLRQDO RV DOHPmHV FRQVLGHUDYDP
IRQWHGHSHULJRSDUDDFXOWXUDORFDO
(OLDV REVHUYRX TXH RV LQWHOHFWXDLV DOHPmHV QmR
VH LGHQWLILFDYDP FRP DV DVSLUDo}HV GD FODVVH
GRPLQDQWH SUtQFLSHV H DULVWRFUDWDV  +DYLD
GLIHUHQoDVLGHROyJLFDV3DUDHOHVDFODVVHGRPLQDQWH
QmR SRVVXtD XPD FXOWXUD DXWrQWLFD SRUTXH RV VHXV
SULQFtSLRV PRUDLV DGYLQKDP GH XP FyGLJR GH KRQUD
DUWLILFLDO2FUHVFLPHQWRHVSLULWXDOHUDPDLVYDORUL]DGR
GR TXH RVWDWXV KHUGDGR H RV VLQDLV H[WHULRUHV
DUWLILFLDLVGRHVWLORSDODFLDQR

$ DQWtWHVH HQWUH XPD FLYLOL]DomR DULVWRFUiWLFD


IDOVD H XPD FXOWXUD QDFLRQDO JHQXtQD IRL SURMHWDGD
QXPD RSRVLomR HQWUH )UDQoD H $OHPDQKD (VVD
DQWtWHVH JDQKRX QRYD IRUoD GHSRLV GD GHUURWD GD
$OHPDQKD QD 3ULPHLUD *XHUUD 0XQGLDO XPD JXHUUD
TXHWHULDVLGRGHFODUDGDFRQWUDD$OHPDQKDHPQRPH
GH XPD FLYLOL]DomR XQLYHUVDO $ LGHLD GH FXOWXUD
HQWURXHPMRJRQDOXWDVXEVHTXHQWHSDUDUHGHILQLUD
LGHQWLGDGH H R GHVWLQR GD $OHPDQKD &XOWXUD H
FLYLOL]DomRUHVXPLDPRVYDORUHVULYDLVTXH QDYLVmR
GH DOJXQV DOHPmHV  GLYLGLDP $OHPDQKD H )UDQoD
YLUWXGH HVSLULWXDO [ PDWHULDOLVPR KRQHVWLGDGH [
DUWLItFLRPRUDOLGDGHJHQXtQD[FRUWHVLDH[WHULRU
2V QDFLRQDOLVWDV GH GLUHLWD DSURIXQGDUDP D
DQWtWHVHHSDVVDUDPDHQWHQGHUTXHRFUHVFLPHQWRGD
FXOWXUDpRUJkQLFRHRGDFLYLOL]DomRpDUWLILFLDO1HVVH
VHQWLGR FXOWXUD H FLYLOL]DomR WHQGHP D HQWUDU HP
FRQIOLWR QD PHVPD PHGLGD HP TXH GLYHUJHP VXDV
IRUPDV GH FUHVFLPHQWR $V QDo}HV QmR GHYHP
SRUWDQWRSHUPLWLUTXHVHXVYDORUHVVLQJXODUHVVHMDP
HQJROLGRV SRU XPD FLYLOL]DomR FRPXP PHVPR SRU
TXH R PXQGR VHULD IRUPDGR SRU FXOWXUDV
TXDOLWDWLYDPHQWH GLVWLQWDV (VVDV FRQFHSo}HV
H[SOLFDULDP SRU TXH YiULRV LQWHOHFWXDLV DOHPmHV
DFROKHUDP RV QD]LVWDV FRPR DUDXWRV GH XPD
UHQRYDomR FXOWXUDO GD UDoD H FRPR LQLPLJRV GH XPD
FLYLOL]DomRDUWLILFLDO

'LYHUVLGDGHGHFXOWXUDV
0HVPR FRP R DSRLR GH DOJXQV LQWHOHFWXDLV R
SURMHWR QD]LVWD IUDFDVVRX QmR DSHQDV PLOLWDUPHQWH
PDV VREUHWXGR WHRULFDPHQWH e FHUWR TXH H[LVWH
SOXUDOLGDGH RX GLYHUVLGDGH GH FXOWXUDV PRWLYR SHOR
TXDO p DWp SRVVtYHO FRP EDVH QR FULWpULR GR
GHVHQYROYLPHQWR WHFQROyJLFR IDODU GH XPD FXOWXUD
GRPLQDQWHRXKHJHP{QLFD0DVDRFRQWUiULRGRTXH
DILUPDDGRXWULQDUDFLVWDQmRH[LVWHPDSWLG}HVUDFLDLV
LQDWDV WHQGR HP YLVWD TXH Ki PXLWR PDLV FXOWXUDV
KXPDQDV GR TXH UDoDV KXPDQDV $OpP GLVVR
FRQIRUPH REVHUYDo}HV GH /pYL6WUDXVV   
GXDVFXOWXUDVHODERUDGDVSRUKRPHQVSHUWHQFHQWHVj
PHVPDUDoDSRGHPGLIHULUWDQWRTXDQWRRXPDLVTXH
GXDV FXOWXUDV SURYHQLHQWHV GH JUXSRV UDGLFDOPHQWH
DIDVWDGRV
/pYL6WUDXVV   D   FRQVWDWD TXH XP
DVSHFWR LPSRUWDQWH GD YLGD GD KXPDQLGDGH p TXH
HVWDQmRVHGHVHQYROYHVREXPUHJLPHXQLIRUPHPDV
DWUDYpVGHPRGRVH[WUDRUGLQDULDPHQWHGLYHUVLILFDGRV
(VVDGLYHUVLGDGHGDVFXOWXUDVKXPDQDVQmRGHYHVHU
FRQFHELGD GH PDQHLUD HVWiWLFD RX IUDJPHQWDGD
SRUTXHQmRVHWUDWDGHXPDDPRVWUDJHPLQHUWHRXGH
XP FDWiORJR IULR 1mR VH SRGH DQDOLVDU FDGD
VRFLHGDGHRXFDGDFXOWXUDFRPRVHWLYHVVHQDVFLGRH
VH GHVHQYROYLGR LVRODGDPHQWH SRUTXH MDPDLV DV
VRFLHGDGHV KXPDQDV HVWLYHUDP VyV SHOR FRQWUiULR
HODV PDQWLYHUDP H PDQWrP HQWUH VL FRQWDWRV PXLWR

HVWUHLWRV
([LVWHP SRUWDQWR QDV VRFLHGDGHV KXPDQDV
VLPXOWDQHDPHQWH HP HODERUDomR IRUoDV WUDEDOKDQGR
HPGLUHo}HVRSRVWDVXPDVWHQGHPjPDQXWHQomRH
PHVPRjDFHQWXDomRGRSDUWLFXODULVPRRXWUDVDJHP
QRVHQWLGRGDFRQYHUJrQFLDHGDDILQLGDGH3RGHVH
GL]HU TXH H[LVWH XP LQWHUFkPELR HQWUH FXOWXUDV
GLIXVmR DFXOWXUDomR WUDQVFXOWXUDomR  IDWR TXH
H[SOLFDULDDH[LVWrQFLDGHXPDPXOWLGmRGHVRFLHGDGHV
FRP FXOWXUDV GLIHUHQWHV 3RU FRQVHJXLQWH D
GLYHUVLGDGH GH FXOWXUDV p PHQRV IXQomR GR
LVRODPHQWR GRV JUXSRV TXH GDV UHODo}HV TXH RV
XQHP
1R PXQGR FRQWHPSRUkQHR R IHQ{PHQR GD
JOREDOL]DomR FRORFD HP HYLGrQFLD HVVDV VLWXDo}HV
HVSHFLDOPHQWH R PRYLPHQWR LQWHUQR GH FDGD FXOWXUD
QR VHQWLGR GH DEVRUYHU RX DIDVWDU RV DVSHFWRV GH
RXWUDV FXOWXUDV TXH DWXDP VREUH VL 2 REVHUYDGRU
LPSDUFLDOSHUFHEHTXHDUHVLVWrQFLDGRVSDtVHViUDEHV
j RFLGHQWDOL]DomR GD VXD FXOWXUD QmR p DEVROXWD$
UHVLVWrQFLD YLVD j PDQXWHQomR GH DOJXPDV
LQVWLWXLo}HV FXMR SRGHU HVWDULD DPHDoDGR SHOD
LQWURGXomR GH GHWHUPLQDGRV HOHPHQWRV QRYRV
PRUDLV MXUtGLFRV HVWpWLFRV HFRQ{PLFRV HWF
SURYHQLHQWHVGDFXOWXUDRFLGHQWDO
(QILP RV SUREOHPDV UHFXVD GR HVWUDQKR
GHWHFWDGRVQDSUpKLVWyULDGDDQWURSRORJLDWRUQDUDP
VH PDLV FRPSOH[RV UDFLVPR GLIHUHQoDV VRFLDLV

GLIHUHQoDV FXOWXUDLV  QR PXQGR FRQWHPSRUkQHR H


SRGHP VHU XVDGRV SDUD GHWHUPLQDGRV SURSyVLWRV
RFXOWRV RX LQFRQIHVViYHLV  TXH LPSOLFDULDP
SHUWXUEDo}HV VRFLDLV LQFRQWUROiYHLV FRQIOLWRV
DUPDGRV H SRU FRQVHJXLQWH YLROrQFLD HP JUDQGH
HVFDOD
',)(5(1d$65$&,$,6(62&,$,6
1R%UDVLOH[LVWHSRUXPODGRFHUWDSUHRFXSDomR
SRU SDUWH GRV DQWURSyORJRV H VHXV DOLDGRV HP
SURWHJHU H SUHVHUYDU DV FRPXQLGDGHV LQGtJHQDV H
VXDV FXOWXUDV PDV SRU RXWUR ODGR p TXDVH
LQH[LVWHQWH D SUHRFXSDomR HP GHEDWHU RV SUREOHPDV
GDV LPLJUDo}HV H GDV GLIHUHQoDV FXOWXUDLV j
VHPHOKDQoDGRTXHRFRUUHQD(XURSDHQRV(VWDGRV
8QLGRV
$ SRSXODomR EUDVLOHLUD p QD VXD PDLRULD
FRPSRVWD GH PHVWLoRV FXMD FXOWXUD H[SUHVVD XPD
HVSpFLH GH VLQFUHWLVPR FXOWXUDO 7DOYH] SRU FDXVD
GLVVR R WHPD GDV GLIHUHQoDV FXOWXUDLV QmR WHQKD
HQFRQWUDGR UHVVRQkQFLD QRV PRYLPHQWRV VRFLDLV
9DOH GL]HU D FXOWXUD EUDVLOHLUD WDOYH] HP PDLRU
SURSRUomR GR TXH RXWUDV FXOWXUDV  SRVVXL XP
FRPSOH[R GH WUDoRV FXOWXUDLV HPSUHVWDGRV GH YiULDV
FXOWXUDV HXURSHLDVDIULFDQDVLQGtJHQDVDVLiWLFDV R
TXDOOKHLPSULPHXPDFRQILJXUDomRSUySULD2SDGUmR
EUDVLOHLUR p R PHVWLoR UHVXOWDGR GD PLVWXUD QmR
DSHQDV GH HWQLDV PDV WDPEpP GH FXOWXUDV ,VVR

FHUWDPHQWH LQIOXHQFLD R FRPSRUWDPHQWR H SURYRFD


FHUWDWROHUkQFLDHPUHODomRHRXWUDVFXOWXUDVHRXWUDV
HWQLDV
2FRUUH SRUpP TXH XPD SDUWH GD SRSXODomR
EUDVLOHLUDQDVXDPDLRULDQHJURVHPXODWRVHQFRQWUD
VHH[FOXtGDGRPHUFDGRGHHPSUHJRRXRFXSDDSHQDV
SRVLo}HV VXEDOWHUQDV (VVH IDWR WHP PRWLYDGR D
GLYXOJDomR GD LGHRORJLD GD VXSUHPDFLD GH UDoD FRP
IXQGDPHQWRQRPLWRGDLJXDOGDGHGHRSRUWXQLGDGHV
1HVVDOLQKDGHUDFLRFtQLRDVGHVLJXDOGDGHVVRFLDLV
QmR UDUDV YH]HV VmR H[SOLFDGDV FRPR D H[SUHVVmR
GDV GLIHUHQoDV UDFLDLV $VVLP D GLVFXVVmR PDLV
DPSOD QD VRFLHGDGH EUDVLOHLUD JLUD HP WRUQR GD
GHVLJXDOGDGH VRFLDO TXH SRU VXD YH] FRORFD HP
HYLGrQFLD R SUREOHPD GR UDFLVPR H VHXV
GHVGREUDPHQWRVQDVUHODo}HVVRFLDLVHVSHFLDOPHQWH
QRTXHGL]UHVSHLWRjSRVLomRVRFLDO UHQGDHULTXH]D
GHQHJURVHPXODWRV
&HUWDPHQWH SRU HVVDV UD]}HV RV OHJLVODGRUHV
FRQVWLWXLQWHVIL]HUDPFRQVWDUQRWH[WRFRQVWLWXFLRQDO
TXHD5HS~EOLFD)HGHUDWLYDGR%UDVLOD WHPFRPRXP
GRV REMHWLYRV IXQGDPHQWDLV SURPRYHU R EHP GH
WRGRV VHP SUHFRQFHLWR GH RULJHP UDoD FRU H
TXDLVTXHU RXWUDV IRUPDV GH GLVFULPLQDomR DUW R
,9  E  QDV VXDV UHODo}HV LQWHUQDFLRQDLV UHJHVH
GHQWUH RXWURV SHOR SULQFtSLR GR UHS~GLR DR UDFLVPR
DUW R 9,,,  F  WLSLILFD D SUiWLFD GR UDFLVPR FRPR
FULPH LQDILDQoiYHO H LPSUHVFULWtYHO VXMHLWR QRV

WHUPRVGDOHLjSHQDGHUHFOXVmR DUWR;/,, 
e SUHFLVR DQRWDU SRUpP TXH H[LVWH XPD JUDQGH
GLVWkQFLD HQWUH RV GLUHLWRV H JDUDQWLDV IRUPDOPHQWH
FRQVDJUDGRVQRWH[WRFRQVWLWXFLRQDOHDUHDOLGDGHGH
IDWR D TXH VH UHSRUWDP PRWLYR SHOR TXDO DOJXQV
MXULVWDV SRU H[HPSOR R 0LQLVWUR GR 67) (URV
5REHUWR*UDX HQ[HUJDPQD&RQVWLWXLomRXPPLWRTXH
IXQFLRQDFRPRLQVWUXPHQWRGHGRPLQDomRTXHWDQWR
PDLV SURVSHUD TXDQWR PDLV VHMD DFUHGLWDGR 3DUD
HVVHV MXULVWDV D &RQVWLWXLomR p XP PLWR QD PHGLGD
HPTXHLQVWDODQRVHLRGDVRFLHGDGHDFRQYLFomRGD
LJXDOGDGH GH RSRUWXQLGDGH H GR FRPEDWH j
GLVFULPLQDomR UDFLDO DSHQDV SRUTXH R GRFXPHQWR
IRUPDO H[SUHVVD TXH R REMHWLYR IXQGDPHQWDO GR
(VWDGR p HVWH$ &RQVWLWXLomR IRUPDO p DVVLP PLWR
TXH DV SHVVRDV DFDOHQWDP GRWDGR GH YDORU
UHIHUHQFLDO H[HPSODU QD PHGLGD HP TXH FRQWULEXL
HILFD]PHQWH SDUD D SUHVHUYDomR GH XPD HVWUXWXUD
VRFLDO TXH QmR VH SUHWHQGLDLQVWDXUDU PDV
VLPSOHVPHQWHPDQWHU
$ VLWXDomR VRFLDO GH QHJURV H PXODWRV QD
VRFLHGDGH EUDVLOHLUD H[SOLFDVH QmR HP WHUPRV GH
UDoD PDV SHOD DQiOLVH GD HVWUXWXUD VRFLDO TXH
KHUGDPRVGRVWHPSRVFRORQLDLV&RQIRUPHUHODWRGH
)iELR.RQGHU&RPSDUDWRHPDUWLJRQRMRUQDO)ROKD
GH63DXOR  PDLVGHPLOK}HVGHMRYHQV
DIULFDQRV IRUDP WUD]LGRV FRPR HVFUDYRV DR %UDVLO
$TXL GHVHPEDUFDGRV HUDP FRQGX]LGRV D XP

PHUFDGRS~EOLFRSDUDVHUHPDUUHPDWDGRVHPOHLOmR2
SUHoR GH XP HVFUDYR GHSHQGLD GD ODUJXUD GRV
SXQKRV H GRV WRUQR]HORV 2 HQTXDGUDPHQWR GHVVHV
MRYHQV QR WUDEDOKR UXUDO ID]LDVH SHOD YLROrQFLD
FRQWtQXD 0DO DOLPHQWDGRV HUDP REULJDGRV D
WUDEDOKDU DWp  KRUDV SRU GLD PRWLYR SHOR TXDO R
WHPSR GH YLGD GR HVFUDYR EUDVLOHLUR QR HLWR QXQFD
XOWUDSDVVRXDQRVHDPRUWDOLGDGHVHPSUHVXSHURX
D QDWDOLGDGH GDt R LQFHQWLYR FRQVWDQWH DR WUiILFR
QHJUHLUR
$ YLROrQFLD FRQWtQXD H H[WUHPDGD SURYRFDYD D
EXVFD GHVHVSHUDGD GH OLEHUWDomR SHOD IXJD RX
VXLFtGLR $V SXQLo}HV ID]LDPVH HP S~EOLFR
JHUDOPHQWH SHOR DoRLWH (UD IUHTXHQWH DSOLFDU D XP
HVFUDYR DWp  FKLEDWDGDV TXDQGR R &yGLJR
&ULPLQDOGR,PSpULRDVOLPLWDYDDRPi[LPRGHSRU
GLD 0DV HP FDVR GH IDOWD JUDYH RV SDWU}HV QmR
KHVLWDYDP HP LQIOLJLU PXWLODo}HV GHGRV GHFHSDGRV
GHQWHV TXHEUDGRV VHLRV IXUDGRV HWF (QILP
FRQIRUPH SDODYUDV GH &RPSDUDWR D HVFUDYLGmR GH
DIULFDQRV H GHVFHQGHQWHV QR %UDVLO IRL R FULPH
FROHWLYR GH PDLV ORQJD GXUDomR SUDWLFDGR QDV
$PpULFDV H XP GRV PDLV KHGLRQGRV TXH D KLVWyULD
UHJLVWUD
2EVHUYD &RPSDUDWR TXH RV VHQKRUHV GH
HVFUDYRV H VHXV GHVFHQGHQWHV QmR VH VHQWLUDP
PLQLPDPHQWH UHVSRQViYHLV SHODV FRQVHTXrQFLDV GR
FULPH QHIDQGR SUDWLFDGR GXUDQWH TXDVH TXDWUR

VpFXORV (VVDV FRQVHTXrQFLDV SHUPDQHFHP EHP


PDUFDGDV DWp KRMH HP QRVVRV FRVWXPHV QRVVD
PHQWDOLGDGH VRFLDO H QDV UHODo}HV HFRQ{PLFDV
$WXDOPHQWH QHJURV H PXODWRV UHSUHVHQWDP PDLV GH
GRVPDLVSREUHVGDQRVVDSRSXODomR1R
PHUFDGR GH WUDEDOKR FRP D PHVPD TXDOLILFDomR H
HVFRODULGDGH HOHV UHFHEHP HP PpGLD D PHWDGH GR
VDOiULR SDJR DRV EUDQFRV 1D FLGDGH GH 6mR 3DXOR
PDLV GH  GRV MRYHQV DVVDVVLQDGRV HQWUH  H 
DQRV VmR QHJURV 1D 8QLYHUVLGDGH GH 6mR 3DXOR
863 DPDLRUGD$PpULFD/DWLQDRVDOXQRVQHJURV
QmRXOWUDSDVVDPHGRVSURIHVVRUHVPHQRV
GHGH]VmRQHJURV$VVLPRSUHFRQFHLWRTXHWLVQDRV
EUDVLOHLURVGHRULJHPDIULFDQDQmRHVWiQHOHVPDUFDGR
DSHQDVILVLFDPHQWHFRPRVHID]LDRXWURUDFRPIHUUR
HP EUDVD (OH DSDUHFH UHJLVWUDGR FRPR XPD
GHJUDGDomRVRFLDOSHUPDQHQWHFRPRDWHVWDWRGRVRV
OHYDQWDPHQWRVHVWDWtVWLFRV
7XGRLVVRGHQRWDTXHRUDFLVPRFRQVFLHQWHRX
LQFRQVFLHQWHPHQWH HVWi LQVHULGR QDV UHODo}HV
VRFLDLV$OLiVDWLSLILFDomRGRUDFLVPRFRPRFULPHGH
FHUWR PRGR VLJQLILFD R UHFRQKHFLPHQWR GH TXH HVVD
SUiWLFD HIHWLYDPHQWH H[LVWH QD VRFLHGDGH EUDVLOHLUD H
SRU LVVR GHYH VHU UHSULPLGD 0DV DOpP GR DVSHFWR
UHSUHVVLYR RX PLWROyJLFR  DV QRUPDV MXUtGLFDV VmR
GRWDGDV WDPEpP GH XP DVSHFWR SURPRFLRQDO RX
SHUVXDVLYR TXH DOPHMD DV FRQGXWDV WLGDV FRPR
GHVHMiYHLV~WHLVHFRQYHQLHQWHVPRWLYRSHORTXDOVH

DFKD HP FXUVR DOJXPDV PHGLGDV OHJLVODWLYDV Do}HV


DILUPDWLYDV GHDSRLRjLQVHUomRGHQHJURVHPXODWRV
QR HQVLQR VXSHULRU H QR PHUFDGR GH WUDEDOKR &DEH
UHVVDOWDU TXH QHVVH H HP RXWURV DVSHFWRV DV
FRQWULEXLo}HV GD DQWURSRORJLD DR GLUHLWR VmR
LQFRPHQVXUiYHLV
HVSHFLILFDPHQWH
TXDQGR
HVWDEHOHFHDDOWHULGDGHFRPRSULQFtSLRRULHQWDGRUGR
HVWXGR DQWURSROyJLFR GHFLVmR TXH LPSOLFD XPD
SRVLomRFRQWUiULDDRHWQRFHQWULVPRHDRUDFLVPR
(QILP DR DERUGDU D GRXWULQD UDFLVWD H DV VXDV
UHSHUFXVV}HV GHYDVWDGRUDV R IL]HPRV SRU YiULRV
PRWLYRV GHQWUH RV TXDLV VH GHVWDFDP D  SULPHLUR
SDUDPRVWUDUTXHRVIXQGDPHQWRVGDGRXWULQDUDFLVWD
VmRIDOVRVHRVGHVGREUDPHQWRVTXHUHVXOWDPGDVXD
SUiWLFDVmRLQ~WHLVHLQGHVHMiYHLVSRUTXHFULPLQRVRV
E  VHJXQGR SDUD PRVWUDU TXH HPERUD SURLELWLYDV
SHOR WH[WR FRQVWLWXFLRQDO SUiWLFDV UDFLVWDV HVWmR
HQUDL]DGDV QD FXOWXUD EUDVLOHLUD H DWLQJHP
SUHSRQGHUDQWHPHQWH QHJURV H PXODWRV F  WHUFHLUR
SDUDDOHUWDUTXHDLQGDSHUVLVWHPHPSOHQRVpFXOR;;,
SUiWLFDV UDFLVWDV DPSDUDGDV SRU OHLV HVFULWDV H TXH
DWLQJHP EDVLFDPHQWH LPLJUDQWHV GH SDtVHV
SHULIpULFRV (VVD VLWXDomR YHPVH DPSOLDQGR HP
SDtVHV HXURSHXV PDLV GHVHQYROYLGRV IDWR TXH QmR
FRQGL] FRP D LPDJHP HXURSHLD GH SURWHWRUD PDLRU
GRVGLUHLWRVKXPDQRV

,9 $175232/2*,$

(',5(,72
&21(;(6

$OJXQV SUREOHPDV VXUJLGRV QD SUpKLVWyULD GD


DQWURSRORJLD H VHXV GHVGREUDPHQWRV QD VRFLHGDGH
FRQWHPSRUkQHDGHPRQVWUDPTXHRHVWXGRGRGLUHLWR
QmRSRGHUHVWULQJLUVHDSHQDVDRDVSHFWRGRJPiWLFR
TXHLPSOLFDPHUDVVLVWHPDWL]Do}HVHFODVVLILFDo}HVGH
QRUPDV MXUtGLFDV HPDQDGDV GR (VWDGR 2 PXQGR
MXUtGLFRpPDLVDUWLFXODGRHFRPSOH[RGRTXHDSDUHFH
QHVVHWLSRGHHVWXGR$FLrQFLDGRGLUHLWRFRPRGL]
7HUFLR6DPSDLR)HUUD]-U  HQYROYHVHPSUH
XPSUREOHPDGHGHFLVmRGHFRQIOLWRVVRFLDLVPRWLYR
SHOR TXDO WHP SRU REMHWR FHQWUDO R SUySULR VHU
KXPDQR TXH SRU VHX FRPSRUWDPHQWR HQWUD HP
FRQIOLWRHFULDQRUPDVSDUDGHFLGLOR2VHUKXPDQRp
SRLVRFHQWURDUWLFXODGRUQmRDSHQDVGRSHQVDPHQWR
DQWURSROyJLFRPDVWDPEpPGRSHQVDPHQWRMXUtGLFR
$VFRQH[}HVGRGLUHLWRFRPDDQWURSRORJLDVmR
HYLGHQWHV YLVWR TXH R VHU KXPDQR FRQVWLWXL REMHWR
FHQWUDOGHVVDVGXDViUHDVGRFRQKHFLPHQWRPRWLYR
SHORTXDOWHPDVFRPRLJXDOGDGHHGLIHUHQoDVmRDR
PHVPR WHPSR MXUtGLFRV H DQWURSROyJLFRV $OpP

GLVVRRGLUHLWRFRQVWLWXLXPGRVDVSHFWRVGDFXOWXUD
H HVWD FRQVWLWXL REMHWR HVSHFtILFR GD DQWURSRORJLD
FXOWXUDO$ DQWURSRORJLD WDO FRPR R GLUHLWR WDPEpP
VH LQWHUHVVD SHORV FRQIOLWRV VRFLDLV SULQFLSDOPHQWH
QR TXH GL] UHVSHLWR j LQWHUYHQomR QRUPDWLYD QD
GHFLVmR MXUtGLFD GHVVHV FRQIOLWRV EHP FRPR SHOR
GHVGREUDPHQWR GD RUGHP MXUtGLFD GLDQWH GDV
WUDQVIRUPDo}HV FXOWXUDLV VRFLDLV SROtWLFDV H
HFRQ{PLFDV
$SUR[LPDo}HVHDIDVWDPHQWRV
1mRKiDFRUGRHQWUHRVWHyULFRVGRGLUHLWRVREUH
RPpWRGRHRREMHWRGDFLrQFLDMXUtGLFD7DPEpPQmR
Ki DFRUGR VREUH D GHILQLomR GR FRQFHLWR GH GLUHLWR
'L]HU R TXH R GLUHLWR p WRUQDVH XPD WDUHID
H[WUHPDPHQWH GLItFLO H FRQWURYHUVD +i HQWUH RV
WHyULFRV XPD SUHRFXSDomR QR VHQWLGR GH FRQVWUXLU
XPD FRPSUHHQVmR XQLYHUVDO GR IHQ{PHQR MXUtGLFR
(VVDSUHRFXSDomRHVWiSUHVHQWHQDVGHILQLo}HVTXH
HODERUDPVREUHRFRQFHLWRGHGLUHLWR1HVVDDWLWXGH
TXH FRQVLVWH HP FRPSUHHQGHU R GLUHLWR FRPR XP
IHQ{PHQRXQLYHUVDOKiVHJXQGR)HUUD]-U  
DOJRGHKXPDQRPDVVREUHWXGRGHFXOWXUDO
3RGHPVH FROKHU HQWUH RV MXULVWDV GRLV WLSRV GH
GHILQLo}HV DV JHQpULFDV H DV UHVWULWLYDV $V
GHILQLo}HV JHQpULFDV TXDQGR LVRODGDV GR FRQWH[WR
GRQGH HPDQDP LVWR p GR FRPSOH[R WHyULFR TXH DV
IXQGDPHQWDPVmRLPSUHVWiYHLVSDUDWUDoDURVOLPLWHV

GDTXLORTXHVHGHILQH1HVVHVHQWLGRXPDGHILQLomR
LQVSLUDGDQRVMXULVFRQVXOWRVURPDQRVH[SUHVVDTXHR
GLUHLWRpDLQWHQomRILUPHHFRQVWDQWHGHGDUDFDGD
XP R TXH p VHX QmR OHVDU RV RXWURV H UHDOL]DU D
MXVWLoD -i DV GHILQLo}HV UHVWULWLYDV HVEDUUDP HP
GLILFXOGDGHV LQVXSHUiYHLV SRUTXH HP YLUWXGH GH
VHUHP PXLWR FLUFXQVWDQFLDGDV SHUGHP D VXD
SUHWHQGLGD XQLYHUVDOLGDGH 1HVVH VHQWLGR XPD
GHILQLomR LQVSLUDGD QR SRVLWLYLVPR MXUtGLFR
HVWDEHOHFH TXH RGLUHLWR p R FRQMXQWR GDV UHJUDV
GRWDGDV GH FRDWLYLGDGH H HPDQDGDV GR SRGHU
FRQVWLWXtGR
$ XQLYHUVDOLGDGH GHVVDV GXDV GHILQLo}HV SRGH
VHU TXHVWLRQDGD +i HQWUHWDQWR HQWUH HODV XPD
GLIHUHQoDDFHQWXDGDQRTXHGL]UHVSHLWRDRHQIRTXH
WHyULFR DGRWDGR 1D SULPHLUD GHILQLomR JHQpULFD
SUHGRPLQD XPHQIRTXH ]HWpWLFR HQTXDQWR QD RXWUD
GHILQLomR UHVWULWLYD  SUHGRPLQD XPHQIRTXH
GRJPiWLFR1mRKiXPDOLQKDGLYLVyULDHQWUH]HWpWLFD
H GRJPiWLFD SRUTXH WRGD LQYHVWLJDomR MXUtGLFD
VHPSUH XWLOL]D RV GRLV HQIRTXHV 0DV D GLIHUHQoD p
LPSRUWDQWH TXDQGR VH DSRQWD R SUHGRPtQLR GH XP
HQIRTXHVREUHRRXWUR
2 HQIRTXH GRJPiWLFR QmR TXHVWLRQD VXDV
SUHPLVVDV GRJPDV SUHGRPLQDRVHQWLGRGLUHWLYRGR
GLVFXUVRYLVDSRUWDQWRGLULJLURFRPSRUWDPHQWRGH
XPD SHVVRD LQGX]LQGRD D DGRWDU XPD DomR 1HVVD
WULOKDDGRJPiWLFDMXUtGLFDHQIRFDPDLVDVSUHPLVVDV

WpFQLFDV QRUPDV MXUtGLFDV  VXDV VLVWHPDWL]Do}HV


FODVVLILFDo}HV GLYLV}HV H FRQFHLWRV 2 HQIRTXH
]HWpWLFR SUHRFXSDVH FRP R SUREOHPD HVSHFXODWLYR
SUHGRPLQD R VHQWLGR LQIRUPDWLYR GR GLVFXUVR YLVD
SRUWDQWR GHVFUHYHU FHUWR HVWDGR GDV FRLVDV 1HVVD
OLQKD D ]HWpWLFD MXUtGLFD HQIDWL]D RV DVSHFWRV
DQWURSROyJLFRV
ILORVyILFRV
KLVWyULFRV
H
VRFLROyJLFRV LQVLVWLQGR VREUH D LQVHUomR GR GLUHLWR
QRXQLYHUVRGDFXOWXUDGDMXVWLoDGDKLVWyULDHGRV
IDWRVVRFLDLV
$VVLP QXPD SHUVSHFWLYD GRJPiWLFD R GLUHLWR
WHQGHDVHDIDVWDUGDDQWURSRORJLDHGHRXWUDViUHDV
GR FRQKHFLPHQWR HQTXDQWR QXPD SHUVSHFWLYD
]HWpWLFD R GLUHLWR VH DSUR[LPD GD DQWURSRORJLD H GH
RXWUDViUHDVGRFRQKHFLPHQWR
&RQIRUPH LQYHVWLJDo}HV GH %RDYHQWXUD GH
6RXVD 6DQWRV     PHVPR HQWUH RV
DQWURSyORJRV QmR Ki DFRUGR VREUH D GHILQLomR GR
FRQFHLWR GH GLUHLWR (VVD WHQVmR VHJXQGR 6DQWRV
WHP VXDV UDt]HV QDV REUDV GH 0DOLQRZVNL H GH
5DGFOLIIH%URZQ FRQVLGHUDGRV RV IXQGDGRUHV GD
DQWURSRORJLD MXUtGLFD 0DOLQRZVNL SURS}H XPD
HVWUDWpJLD FRQFHLWXDO HP TXH R REMHWLYR GD
JHQHUDOLGDGH VH VREUHS}H DR GD HVSHFLILFLGDGH
PRWLYR SHOR TXDO FRQFOXL TXH HP WRGRV RV SRYRV
TXDOTXHU TXH VHMD R JUDX GH VHX SULPLWLYLVPR
H[LVWH GLUHLWR 5DGFOLIIH%URZQ DR FRQWUiULR VHJXH
XPD HVWUDWpJLD FRQFHLWXDO HP TXH R REMHWLYR GD

HVSHFLILFLGDGH WHP SUHFHGrQFLD VREUH R GD


JHQHUDOLGDGHPRWLYRSHORTXDOFRQFOXLTXHDOJXPDV
VRFLHGDGHV SULPLWLYDV QmR WrP GLUHLWR (VVH
DVVXQWR VHUi UHWRPDGR SRU RFDVLmR GD DQiOLVH GDV
FRQWULEXLo}HVGHVVHVGRLVDQWURSyORJRV
2IHQ{PHQRMXUtGLFR
3DUD)HUUD]-U  RGLUHLWRpXPGRV
IHQ{PHQRV PDLV QRWiYHLV QD YLGD KXPDQD
&RPSUHHQGHU R GLUHLWR p FRPSUHHQGHU XPD SDUWH GH
QyVPHVPRVeVDEHUSRUTXHREHGHFHPRVSRUTXH
PDQGDPRV SRU TXH QRV LQGLJQDPRV SRU TXH
DVSLUDPRV PXGDU HP QRPH GH LGHDLV H SRU TXH HP
QRPH GH LGHDLV FRQVHUYDPRV DV FRLVDV FRPR HVWmR
6HU OLYUH p HVWDU QR GLUHLWR H QR HQWDQWR R GLUHLWR
WDPEpPQRVRSULPHHQRVWLUDDOLEHUGDGH2GLUHLWRp
XP PLVWpULR R PLVWpULR GR SULQFtSLR H GR ILP GD
VRFLDELOLGDGH KXPDQD 2 GLUHLWR QRV LQWURGX] QXP
PXQGR IDQWiVWLFR GH SLHGDGH H LPSLHGDGH GH
VXEOLPDomRHGHSHUYHUVmR
2 GLUHLWR VHUYH SDUD H[SUHVVDU H SURGX]LU D
DFHLWDomRGDVLWXDomRH[LVWHQWHPDVDSDUHFHWDPEpP
FRPRVXVWHQWDomRPRUDOGDLQGLJQDomRHGDUHEHOLmR
$VVLP GH XP ODGR R GLUHLWR QRV SURWHJH GR SRGHU
DUELWUiULRH[HUFLGRjPDUJHPGHWRGDUHJXODPHQWDomR
GiRSRUWXQLGDGHVLJXDLVHDPSDUDRVGHVIDYRUHFLGRV
3RU RXWUR ODGR p WDPEpP XP LQVWUXPHQWR
PDQLSXOiYHO TXH IUXVWUD DV DVSLUDo}HV GRV PHQRV

SULYLOHJLDGRVHSHUPLWHRXVRGHWpFQLFDVGHFRQWUROH
HGRPLQDomR
2 HVWXGR GR GLUHLWR H[LJH SUHFLVmR H ULJRU
FLHQWtILFRPDVWDPEpPDEHUWXUDSDUDRKXPDQRSDUD
DKLVWyULDSDUDRVRFLDOQXPDIRUPDFRPELQDGDTXHD
VDEHGRULD RFLGHQWDO GHVGH RV URPDQRV YHP
HVFXOSLQGR FRPR XPD REUD VHPSUH SRU DFDEDU 1D
PHGLGD HP TXH R GLUHLWR VH DEUH SDUD R KXPDQR D
KLVWyULDHRVRFLDOHOHVHGHSDUDFRPDDQWURSRORJLD
GDtDLGHLDGHXPDDQWURSRORJLDMXUtGLFD
(VWXGRGRGLUHLWR
$ SDUWLU GR VpFXOR ;,; FRPR UHVXOWDGR GD
SRVLWLYDomRGRGLUHLWRSDVVDDSUHGRPLQDUQRHVWXGR
MXUtGLFR R HQIRTXH GRJPiWLFR H D FLrQFLD MXUtGLFD
SDVVDDVHUFRQFHELGDFRPRFLrQFLDGRJPiWLFD(VVD
FLrQFLD HQ[HUJD VHX REMHWR R GLUHLWR SRVWR H GDGR
SUHYLDPHQWH SHOR (VWDGR FRPR XP FRQMXQWR
FRPSDFWR GH QRUPDV TXH OKH FRPSHWH VLVWHPDWL]DU
FODVVLILFDUHLQWHUSUHWDUWHQGRHPYLVWDDGHFLVmRGH
SRVVtYHLV
FRQIOLWRV $VVLP
QR
PXQGR
FRQWHPSRUkQHRRGLUHLWRDSDUHFHIXQGDPHQWDOPHQWH
FRPR XP IHQ{PHQR EXURFUDWL]DGR XP LQVWUXPHQWR
GHSRGHUHDFLrQFLDMXUtGLFDFRPRXPDWHFQRORJLD
6REDLQVSLUDomRGHVVHPRGHORIRUPRXVHHQWUH
RV MXULVWDV XPD WHQGrQFLD EDVWDQWH IRUWH TXH
FRQVLVWHHPLGHQWLILFDUDFLrQFLDMXUtGLFDFRPXPWLSR
GH SURGXomR WpFQLFD GHVWLQDGD DSHQDV D DWHQGHU jV

QHFHVVLGDGHV GR SURILVVLRQDO DGYRJDGR SURPRWRU


MXL]GHOHJDGRHWF QRGHVHPSHQKRLPHGLDWRGHVXDV
IXQo}HV 6RE R LPSpULR GHVVD SUHPLVVD PXLWRV
GHVVHV SURILVVLRQDLV ILFDP DOLHQDGRV HP UHODomR DR
SURFHVVR GH FRQVWUXomR GR SUySULR GLUHLWR SRVLWLYR
VLVWHPD GH QRUPDV  QmR SHUFHEHP R GLUHLWR FRPR
LQVWUXPHQWR GH JHVWmR VRFLDO QmR YLVXDOL]DP D
IXQomR VRFLDO GDV QRUPDV MXUtGLFDV QmR
FRPSUHHQGHP R GLUHLWR FRPR XP VDEHU TXH WDPEpP
VHUYH j OXWD VRFLDO H[LJLGD SHOR PXQGR HP TXH
YLYHPRV QmR HQWHQGHP R GLUHLWR FRPR LQVWUXPHQWR
GHPXGDQoDHQILPQmRHQ[HUJDPRGLUHLWRFRPRXPD
SUiWLFDYLUWXRVDDIDYRUGRVHUKXPDQR
+i HQWUHWDQWR XPD WHQGrQFLD QR VHQWLGR GH
UHGLUHFLRQDU R HVWXGR GR GLUHLWR DWp FRPR IRUPD GH
HYLWDUDDOLHQDomRQDTXDODGRJPiWLFDMXUtGLFDWHQGH
D FRORFDU R SURILVVLRQDO GR GLUHLWR (VVD WHQGrQFLD
UHFRQKHFH TXH R HVWXGR GR GLUHLWR QmR VH UHGX] D
PHUD VLVWHPDWL]DomR GH QRUPDV YLVWR TXH VH DV
QRUPDV
FRQGLFLRQDP
FRPSRUWDPHQWRV
RV
FRPSRUWDPHQWRV WDPEpP FRQGLFLRQDP DV QRUPDV
,VVR VLJQLILFD TXH QmR p SRVVtYHO LVRODU QRUPDV
MXUtGLFDV GH VXDV FRQGLFLRQDQWHV VLWXDGDV QD
DQWURSRORJLD VRFLRORJLD HFRQRPLD ELRORJLD
ILORVRILDpWLFDSROtWLFDHWF
)HUUD]-U  DOHUWDTXHDVVRFLHGDGHV
HVWmRHPWUDQVIRUPDomRHDFRPSOH[LGDGHGRPXQGR
HVWi H[LJLQGR QRYDV IRUPDV GH PDQLIHVWDomR GR

IHQ{PHQR MXUtGLFR 6HJXQGR HOH p SRVVtYHO TXH QR


IXWXUR QmR WmR GLVWDQWH  HVVH GLUHLWR
LQVWUXPHQWDOL]DGRXQLIRUPL]DGRHJHQHUDOL]DGRVRED
IRUPD HVWDWDO GH RUJDQL]DomR YHQKD D LPSORGLU
UHFXSHUDQGRVH HP PDQLIHVWDo}HV HVSRQWkQHDV H
ORFDOL]DGDV XP GLUHLWR GH PXLWDV IDFHV SHFXOLDU DRV
JUXSRV H jV SHVVRDV TXH RV FRPS}HP 3RU LVVR D
FRQVFLrQFLD GD QRVVD FLUFXQVWkQFLD DWXDO QmR GHYH
VHUHQWHQGLGDFRPRXPPRPHQWRILQDOPDVFRPRXP
SRQWR GH SDUWLGD$ILQDO GL] HOH D FLrQFLD QmR QRV
OLEHUD SRUTXH QRV WRUQD PDLV ViELRV PDV p SRUTXH
QRVWRUQDPRVPDLVViELRVTXHDFLrQFLDQRVOLEHUD
$175232/2*,$-85',&$
3DUD1RUEHUW5RXODQG  DDQWURSRORJLD
MXUtGLFD GHPRQVWUD VXD XWLOLGDGH TXDQGR SHUPLWH
GHVFREULU H HQWHQGHU  R GLUHLWR TXH VH HQFRQWUD
HQFREHUWR SHORV FyGLJRV (VVD XWLOLGDGH WDPEpP VH
HYLGHQFLD TXDQGR SUHSDUD H DOHUWD D VRFLHGDGH SDUD
DFHLWDUDVHYROXo}HVMXUtGLFDVTXHHVWmRHPFXUVRH
TXHDSRQWDPSDUDXPGLUHLWRPDLVPDOHiYHOSXQLo}HV
IOH[tYHLV WUDQVDo}HV RX PHGLDo}HV HP YH] GH
MXOJDPHQWRV UHJUDV TXH PDLV IRUPDP PRGHORV GR
TXH SUHVFUHYHP RUGHQV 7XGR LVVR VHJXQGR HOH
SRGH VHU DFHLWR PDLV QDWXUDOPHQWH TXDQGR DV
SHVVRDV WRPDP FRQKHFLPHQWR GH TXH Ki PXLWR
WHPSR RX TXH HP DOJXPDV VRFLHGDGHV KRPHQV H
PXOKHUHV DRV TXDLV FKDPDPRV SULPLWLYRV Mi

UHFRQKHFHUDPHVVHVSURFHGLPHQWRVRXRVHPSUHJDP
DLQGD
'H PRGR JHUDO D VRFLRORJLD MXUtGLFD VHPSUH VH
SUHRFXSRX FRP R HVWXGR GR GLUHLWR GDV VRFLHGDGHV
FRPSOH[DV VRFLHGDGHV PHWURSROLWDQDV H LQGXVWULDLV
HQTXDQWR D DQWURSRORJLD MXUtGLFD LQYHVWLJDYD R
GLUHLWRGDVVRFLHGDGHVVLPSOHVRXSULPLWLYDV$SDUWLU
GD GpFDGD GH  FRQWXGR KRXYH FRQIRUPH
REVHUYD %RDYHQWXUD GH 6RXVD 6DQWRV   XPD
VXEYHUVmRGHVVDGLYLVmRGHWUDEDOKRGHPRGRTXHD
DQWURSRORJLD GR GLUHLWR WDPEpP SDVVRX D VH
LQWHUHVVDUSHORHVWXGRGDVVRFLHGDGHVFRPSOH[DVRX
PHWURSROLWDQDV 'HXVH DVVLP RULJHP D XP
VLQFUHWLVPR WHyULFR H PHWRGROyJLFR DLQGD KRMH HP
SURFHVVRGHHYROXomR)RLQHVVHFRQWH[WRFLHQWtILFR
TXH R FRQKHFLPHQWR DQWURSROyJLFR VDLX GR VHX
JXHWRSULPLWLYR
(VVD QRYD RULHQWDomR GD DQWURSRORJLD MXUtGLFD
WHPDX[LOLDGRDFRUULJLURGHVYLUWXDPHQWRWHyULFRTXH
FRQVLVWLX HP VXSULPLU GRV HVWXGRV DFDGrPLFRV D
SURGXomR MXUtGLFD QmR HVWDWDO 1HVVD WULOKD D
DQWURSRORJLD MXUtGLFD WHP FRORFDGR HP HYLGrQFLD R
IHQ{PHQRFRQKHFLGRFRPRSOXUDOLVPRMXUtGLFR
3OXUDOLVPRMXUtGLFR
2 SOXUDOLVPR MXUtGLFR SUHVVXS}H D H[LVWrQFLD GH
PDLV GH XP GLUHLWR RX RUGHP QRUPDWLYD QR PHVPR
HVSDoR JHRJUiILFR 1R LQtFLR GR VpFXOR ;; FRP R

DYDQoR GDV WHVHV GR SRVLWLYLVPR MXUtGLFR R


SOXUDOLVPRMXUtGLFRSHUGHXIRUoDHILFRXSUDWLFDPHQWH
HVTXHFLGR QD VHJXQGD PHWDGH GR VpFXOR ;;
HQWUHWDQWR UHWRUQD FRP WRGR YLJRU SDUD FRQVWLWXLU
WHPDGDDQWURSRORJLDGRGLUHLWRVHQGRKRMHXPGRV
SUREOHPDV PDLV DPSODPHQWH WUDWDGRV SRU HVVD
GLVFLSOLQD
&RQIRUPH %RDYHQWXUD GH 6RXVD 6DQWRV 
  R SOXUDOLVPR MXUtGLFR WHP OXJDU VHPSUH TXH DV
FRQWUDGLo}HV VH FRQGHQVDP QD FULDomR GH HVSDoRV
VRFLDLV PDLV RX PHQRV VHJUHJDGRV QR VHLR GRV
TXDLVVHJHUDPOLWtJLRVRXGLVSXWDVSURFHVVDGRVFRP
EDVH HP UHFXUVRV QRUPDWLYRV H LQVWLWXFLRQDLV
LQWHUQRV (VVHV HVSDoRV VRFLDLV YDULDP VHJXQGR R
IDWRU GRPLQDQWH QD VXD FRQVWLWXLomR TXH SRGH VHU
VRFLRHFRQ{PLFR SROtWLFR RX FXOWXUDO  H VHJXQGR D
FRPSRVLomR GD FODVVH VRFLDO 6DQWRV FLWD R HVSDoR
MXUtGLFR FRQVXHWXGLQiULR FULDGR SHORV FRPHUFLDQWHV
DPHULFDQRV j UHYHOLD GDV QRUPDV GR GLUHLWR RILFLDO
FLYLO H FRPHUFLDO  FRP R REMHWLYR GH IDFLOLWDU DV
WUDQVDo}HVHGLPLQXLURVFXVWRV7DPEpPGHVWDFDRV
HVSDoRV RQGH VH FRQFHQWUDP DV PLQRULDV H RV
LPLJUDQWHV LOHJDLV 0DV R H[HPSOR GH SOXUDOLVPR
MXUtGLFR TXH 6DQWRV LQYHVWLJD p R GDGR SHODV
DVVRFLDo}HV GH PRUDGRUHV GH IDYHODV GR 5LR GH
-DQHLUR
1R5LRGH-DQHLURDVDVVRFLDo}HVGHPRUDGRUHV
GH IDYHODV SDVVDUDP D DVVXPLU IXQo}HV QHP VHPSUH

SUHYLVWDVGLUHWDPHQWHQRVVHXVHVWDWXWRVFRPRSRU
H[HPSOR D GH DUELWUDU FRQIOLWRV HQWUH YL]LQKRV $
DVVRFLDomR GH PRUDGRUHV WUDQVIRUPRXVH DVVLP
JUDGXDOPHQWH QXPIyUXPMXUtGLFRjYROWDGRTXDOVH
IRL GHVHQYROYHQGR XPD SUiWLFD H XP GLVFXUVR
MXUtGLFRTXHSRVVLELOLWRXRVXUJLPHQWRGHXPGLUHLWR
QRYRRGLUHLWRGDIDYHOD(VVHpXPGLUHLWRSDUDOHOR
QmR RILFLDO FREULQGR XPD LQWHUDomR MXUtGLFD PXLWR
LQWHQVDjPDUJHPGRVLVWHPDMXUtGLFRHVWDWDO
2PRGHORMXUtGLFRGDIDYHODUHSUHVHQWDRWUDoRGH
XP PRYLPHQWR TXH SDUHFH VHU PDLV DPSOR (VVH
PRYLPHQWR RX WHQGrQFLD p GHWHFWiYHO SRU P~OWLSORV
VLQDLV H RV PDLV LPSRUWDQWHV VmR RV TXH GL]HP
UHVSHLWRjFULDomRHPFHUWDViUHDVGRFRQWUROHVRFLDO
GHXPDDGPLQLVWUDomRMXUtGLFDHMXGLFLiULDSDUDOHODRX
DOWHUQDWLYDjDGPLQLVWUDomRHVWDWDO
$DGPLQLVWUDomRSDUDOHODVHJXQGR6DQWRV 
   UHFXSHUD RX UHDWLYD HP QRYRV PROGHV
HVWUXWXUDV DGPLQLVWUDWLYDV GH WLSR SRSXODU RX
SDUWLFLSDWLYR Ki PXLWR DEDQGRQDGDV RX
PDUJLQDOL]DGDV $VVLP HP iUHDV FRPR VHJXUDQoD
GHIHVD GR FRQVXPLGRU UHODo}HV HQWUH YL]LQKRV
TXHVW}HV GH IDPtOLD SHTXHQRV GHOLWRV FULDPVH
WULEXQDLV VRFLDLV FRPXQLWiULRV RX GH EDLUURV
SUHVLGLGRV SRU MXt]HV OHLJRV HOHLWRV RX GHVLJQDGRV
SHODVRUJDQL]Do}HVVRFLDLVHHPTXHDUHSUHVHQWDomR
GDV SDUWHV SRU DGYRJDGRV QmR p QHFHVViULD 2
SURFHVVDPHQWRGDVTXHVW}HVpLQIRUPDOHRUDOHSRU

YH]HV QHP VHTXHU D VHQWHQoD p UHGX]LGD D HVFULWR


(VVH PRGHOR PDUJLQDO WHP LQVSLUDGR UHIRUPDV QR
kPELWR GR GLUHLWR HVWDWDO SULQFLSDOPHQWH FRP RV
WULEXQDLV GH SHTXHQDV FDXVDV H D DSOLFDomR GDV
GHQRPLQDGDVSHQDVDOWHUQDWLYDV
$SHVDUGHWRGDDVXDSUHFDULHGDGHRGLUHLWRGD
IDYHOD UHSUHVHQWD D SUiWLFD GH XPD OHJDOLGDGH
DOWHUQDWLYD H FRPR WDO XP H[HUFtFLR DOWHUQDWLYR GH
SRGHU SROtWLFR DLQGD TXH HPEULRQiULR 1mR p XP
GLUHLWR UHYROXFLRQiULR QHP WHP OXJDU QXPD IDVH
UHYROXFLRQiULD GH OXWD GH FODVVHV 9LVD GHFLGLU
FRQIOLWRV QXP HVSDoR VRFLDO PDUJLQDO 0DV GH
TXDOTXHU PRGR UHSUHVHQWD XPD WHQWDWLYD SDUD
QHXWUDOL]DU RV HIHLWRV GD DSOLFDomR GR GLUHLWR
FDSLWDOLVWD GH SURSULHGDGH QR VHLR GD IDYHOD H
SRUWDQWR QR GRPtQLR KDELWDFLRQDO GD UHSURGXomR
VRFLDO(SRUTXHVHFHQWUDjYROWDGHXPDRUJDQL]DomR
HOHLWD SHOD FRPXQLGDGH R GLUHLWR GD IDYHOD
UHSUHVHQWD WDPEpP SRU HVVD UD]mR D DOWHUQDWLYD GH
XPDDGPLQLVWUDomRGHPRFUiWLFDGDMXVWLoD 6$1726
 
-XVWLoDHVWDWDO[MXVWLoDFRPXQLWiULD
1RGRPtQLRGDDQWURSRORJLDMXUtGLFDRVDXWRUHV
FRVWXPDP XWLOL]DU R PpWRGR FRPSDUDWLYR $VVLP
TXDQGRVHFRPSDUDRGLUHLWRGDVVRFLHGDGHVVLPSOHV
FRPRGLUHLWRGDVVRFLHGDGHVFRPSOH[DVJHUDOPHQWH
DSRQWDP TXH D  DV VRFLHGDGHV VLPSOHV GLVS}HP GH

XPGLUHLWRFXMRSURFHVVRpIOH[tYHOVHPGHPDUFDomR
QtWLGD GD PDWpULD UHOHYDQWH H D UHFRQFLOLDomR GDV
SDUWHV WHP SULPD]LD VREUH WXGR R PDLV QD UHVROXomR
GRVOLWtJLRVE DVVRFLHGDGHVFRPSOH[DVGLVS}HPGH
XP GLUHLWR IRUPDOLVWD GRWDGR GH XP SURFHVVR
LQIOH[tYHO H DV GHFLV}HV VmR EDVHDGDV QD DSOLFDomR
GDV OHLV VHP TXDOTXHU SUHRFXSDomR FRP D
UHFRQFLOLDomRGDVSDUWHV
6DQWRV DR FRPSDUDU R GLUHLWR GD IDYHOD FRP R
GLUHLWR HVWDWDO YHULILFD TXH R GLUHLWR HVWDWDO SRU VHU
PDLVLQVWLWXFLRQDOL]DGRFRPPDLRUSRGHUFRHUFLWLYRH
FRP GLVFXUVR MXUtGLFR GH PHQRU HVSDoR UHWyULFR p
FRQFRPLWDQWHPHQWH PDLV SURILVVLRQDOL]DGR PDLV
IRUPDOLVWD H OHJDOLVWD PDLV HOLWLVWD H DXWRULWiULR
(QIDWL]DTXHDSUi[LVGRGLUHLWRHVWDWDOpUHYHODGDSHOD
DUWLFXODomRGHWUrVFRPSRQHQWHVHVWUXWXUDLVEiVLFRV
D UHWyULFD DEXURFUDFLD H DYLROrQFLD &DGD XP
GHVVHV FRPSRQHQWHV SHUID] XPD IRUPD GH
FRPXQLFDomRHXPDHVWUDWpJLDGHGHFLVmR$ UHWyULFD
EDVHLDVH QD SURGXomR GH SHUVXDVmR H GH DGHVmR
YROXQWiULD DWUDYpV GD PRELOL]DomR GRSRWHQFLDO
DUJXPHQWDWLYR GH VHTXrQFLDV H DUWHIDWRV YHUEDLV H
QmR YHUEDLV VRFLDOPHQWH DFHLWRV $ EXURFUDFLD
EDVHLDVH QD LPSRVLomR DXWRULWiULD SRU PHLR GD
PRELOL]DomR
GRSRWHQFLDO GHPRQVWUDWLYR GH
FRQKHFLPHQWR SURILVVLRQDO GDV UHJUDV IRUPDLV H GRV
SURFHGLPHQWRV KLHUDUTXLFDPHQWH RUJDQL]DGRV $
YLROrQFLDEDVHLDVHQRXVRRXDPHDoDGDIRUoDItVLFD

2 IXQFLRQDPHQWR H D LQWHUDomR GHVVHV WUrV


FRPSRQHQWHV HVWUXWXUDLV UHYHODP R PRGHOR MXUtGLFR
HVWDWDO GD VRFLHGDGH FDSLWDOLVWD 2FRUUH SRUpP TXH
HVVH PRGHOR GHVGH R VpFXOR ;,; WHPVH
FDUDFWHUL]DGRSHORSURJUHVVLYRDEDQGRQRGDUHWyULFD
H SHOD SURJUHVVLYD H[SDQVmR GD EXURFUDFLD H GD
YLROrQFLD
3DUDOHODPHQWH DR PRGHOR WUDGLFLRQDO GH
DGPLQLVWUDomR WHFQRFUiWLFD GD MXVWLoD 6DQWRV
UHFRQKHFH D SRVVLELOLGDGH GH PRGHORV DOWHUQDWLYRV
GH DGPLQLVWUDomR GD MXVWLoD TXH D WRUQH HP JHUDO
PDLV UiSLGD PDLV EDUDWD H PDLV DFHVVtYHO 1HVVH
VHQWLGRFLWDDMXVWLoDFRPXQLWiULD TXH SUHVVXS}H D
PHGLDomR RX FRQFLOLDomR DWUDYpV GH LQVWkQFLDV H
LQVWLWXLo}HVTXHVHMDPGHVFHQWUDOL]DGDVHLQIRUPDLVH
TXH SRVVDP VXEVWLWXLU RX FRPSOHPHQWDU R PRGHOR
WUDGLFLRQDO (VVDV UHIRUPDV SRVVLELOLWDULDP D
FRQVWUXomR GH XP GLUHLWR QRYR GH XP PRGHOR
MXUtGLFR FDSD] GH OLPLWDU H UHVWULQJLU R HVSDoR GD
GRPLQDomR GDEXURFUDFLD GRPtQLR GD KLHUDUTXLD
QRUPDWLYD HGDYLROrQFLD RUGHQDomRGDOHJLWLPLGDGH
VRE FRDomR  H GH SURPRYHU D H[SDQVmR GDUHWyULFD
FRPR SURFHVVR GLDOyJLFR GH QHJRFLDomR H GH
SDUWLFLSDomR
2 GLUHLWR GD IDYHOD FRPR YLVWR IDYRUHFH D
HPHUJrQFLD GH XP PRGHOR MXUtGLFR GRPLQDGR SHOD
UHWyULFDSRUWDQWRSHUPLWHDWLQJLUIRUPDVGHVXSHUDUD
FULVHGRSDUDGLJPDWUDGLFLRQDOGRGLUHLWR7DOGLUHLWR

ID]XVRGHXPPRGHORGHFLVyULRGHPHGLDomRTXHDR
FRQWUiULR GR PRGHOR GH DGMXGLFDomR PD[LPL]D R
SRWHQFLDOGHSHUVXDVmRSDUDDDGHVmRjGHFLVmR
6HJXQGR6DQWRV  TXDQWRPDLVHOHYDGR
p R QtYHO GH LQVWLWXFLRQDOL]DomR GD IXQomR MXUtGLFD
PHQRU WHQGH D VHU R HVSDoR UHWyULFR GR GLVFXUVR
MXUtGLFRHYLFHYHUVDTXDQWRPDLVSRGHURVRVVmRRV
LQVWUXPHQWRV GH FRHUomR DR VHUYLoR GD SURGXomR
MXUtGLFD PHQRU WHQGH D VHU R HVSDoR UHWyULFR GR
GLVFXUVR MXUtGLFR H YLFHYHUVD $VVLP QDV
VRFLHGDGHVHPTXHRGLUHLWRDSUHVHQWDXPEDL[RQtYHO
GH LQVWLWXFLRQDOL]DomR GD IXQomR MXUtGLFD H
LQVWUXPHQWRV GH FRHUomR SRXFR SRGHURVRV R
GLVFXUVR MXUtGLFR WHQGH D FDUDFWHUL]DUVH SRU XP
DPSORHVSDoRUHWyULFR
&RQIRUPH IRL GHVWDFDGR D DQWURSRORJLD QRV
VHXV SULPHLURV PRPHQWRV LQWHUHVVDVH SHOR HVWXGR
GDV VRFLHGDGHV GLWDV SULPLWLYDV HVSHFLDOPHQWH SHOR
VHX SURFHVVR HYROXFLRQiULR (VVDV VRFLHGDGHV
DSHVDU GH DSUHVHQWDU XP EDL[R QtYHO GH
LQVWLWXFLRQDOL]DomR GHVSHUWRX R LQWHUHVVH GRV
WHyULFRV GR GLUHLWR WDQWR TXH RV SULPHLURV
DQWURSyORJRV RV HYROXFLRQLVWDV TXH VHUmR
DERUGDGRV QRV FDStWXORV VHJXLQWHV HUDP QD VXD
PDLRULDMXULVWDV

9 1$6&,0(172'$

$175232/2*,$
352-(72$175232/*,&2

1RVpFXOR;9,,,VXUJHRSURMHWRGHIXQGDUXPD
FLrQFLD GR KRPHP RX VHMD DSDUHFH R SULPHLUR
HVERoR GDTXLOR TXH VH WRUQDUi XPD DQWURSRORJLD
VRFLDOHFXOWXUDO
(VVH SURMHWR DQWURSROyJLFR VXS}H D D
FRQVWUXomR GH FHUWR Q~PHUR GH FRQFHLWRV HP
HVSHFLDO R FRQFHLWR GH KRPHP QmR DSHQDV FRPR
VXMHLWR PDV WDPEpP FRPR REMHWR GR VDEHU E  D
FRQVWLWXLomR GH XP VDEHU SHOD REVHUYDomR p
HVVHQFLDOREVHUYDUPDVDOpPGLVVRpSUHFLVRTXHD
REVHUYDomRVHMDHVFODUHFLGDF RURPSLPHQWRFRPR
FRJLWR FDUWHVLDQR IDWR TXH LPSOLFD HVWDEHOHFHU R
SULQFtSLRGDLGHQWLILFDomRFRPRRXWURHRGDUHFXVD
GH LGHQWLILFDomR FRQVLJR PHVPR G D DGRomR GH XP
PpWRGRGHREVHUYDomRHDQiOLVH DGRWDVH R PpWRGR
LQGXWLYRTXHFRQVLVWHQDREVHUYDomRGRVIDWRVSDUD
H[WUDLU GHOHV SULQFtSLRV JHUDLV 9iULRV WHyULFRV
FRQFRUUHUDP QD HODERUDomR GHVVH SURMHWR PDV IRL
5RXVVHDX TXHP WUDoRX HP VHX'LVFXUVR VREUH D
RULJHPHRVIXQGDPHQWRVGDGHVLJXDOGDGHHQWUHRV

KRPHQVRSURJUDPDTXHVHWRUQDUiRGDDQWURSRORJLD
FOiVVLFD /$3/$7,1( 
-HDQ-DFTXHV5RXVVHDX 
5RXVVHDX     FRQIHVVD TXH WHP
GLILFXOGDGHGHFRQFHEHUFRPRQXPVpFXOR ;9,,, HP
TXH DV SHVVRDV VH YDQJORULDP GH FRQKHFLPHQWRV
JUDQGLRVRV QmR H[LVWHP GRLV KRPHQV XP TXH
VDFULILTXHYLQWHPLOHVFXGRVGHVHXVEHQVRXWURGH]
DQRV GH VXD YLGD SDUD XPD YLDJHP GH YROWD DR
PXQGRFRPDILQDOLGDGHGHHVWXGDUQmRVySHGUDVH
SODQWDV PDV SHOR PHQRV XPD YH] RVKRPHQV H RV
FRVWXPHV 3DUD 5RXVVHDX RV KRPHQV GH VHX WHPSR
VH DWUHYHP D MXOJDU R JrQHUR KXPDQR FRQKHFHQGR
DSHQDVRVQRPHVGDVQDo}HV6XSRQKDPRVGL]HOH
XP 0RQWHVTXLHX XP 'LGHURW RX KRPHQV GHVVD
WrPSHUD YLDMDQGR SDUD LQVWUXLU VHXV FRPSDWULRWDV
REVHUYDQGR H GHVFUHYHQGR FRPR HOHV VDEHP D
IULFDR3HUXR&KLOHR0p[LFRR3DUDJXDLR%UDVLO
H WRGDV DV UHJL}HV VHOYDJHQV VXSRQKDPRV TXH
HVVHV KRPHQV GH UHWRUQR GHVVDV YLDJHQV
HVFUHYHVVHP D KLVWyULD QDWXUDO PRUDO H SROtWLFD GR
TXH WLYHVVHP YLVWR YHUtDPRV QyV PHVPRV VDLU GD
VXD SHQD XP PXQGR QRYR H DSUHQGHUtDPRV DVVLP D
FRQKHFHURQRVVR
3DUD /pYL6WUDXVV     5RXVVHDX p R
IXQGDGRU GD DQWURSRORJLD D QR SODQR SUiWLFR
SRUTXHR'LVFXUVRVREUHDRULJHPHRVIXQGDPHQWRV

GD GHVLJXDOGDGH HQWUH RV KRPHQV FRQVWLWXL R


SULPHLURWUDWDGRGHDQWURSRORJLDFOiVVLFDQRTXDOVH
FRORFD R SUREOHPD GDV UHODo}HV HQWUH QDWXUH]D H
FXOWXUD E QRSODQRWHyULFR SRUTXH DR HVWDEHOHFHU
Q R(QVDLR VREUH D RULJHP GDV OtQJXDV DUHJUD
PHWyGLFDVHJXQGRDTXDOTXDQGRVHTXHUHVWXGDU
RVKRPHQVpSUHFLVRROKDUHPWRUQRGHVLPDVSDUD
HVWXGDU R KRPHP LPSRUWD TXH D YLVWD DOFDQFH PDLV
ORQJH LPS}HVH FRPHoDU REVHUYDQGR DV GLIHUHQoDV
SDUDGHVFREULUSURSULHGDGHVGLVWLQJXHFRPFODUH]D
H FRQFLVmR DGPLUiYHLV R REMHWR SUySULR GR
DQWURSyORJR GRV REMHWRV GR PRUDOLVWD H GR
KLVWRULDGRU
( V V DUHJUD PHWyGLFD PDUFD R DGYHQWR GD
DQWURSRORJLD SRUTXH SHUPLWH HVWDEHOHFHU GRLV
SULQFtSLRV IXQGDPHQWDLV D SULPHLUR SUHFRQL]D
VLPXOWDQHDPHQWH R HVWXGR GRV KRPHQV PDLV
GLVWDQWHVHGRPDLVSUy[LPR HOHPHVPR E VHJXQGR
HVWDEHOHFH RSULQFtSLR GD DOWHULGDGH TXH FRQVLVWH
QDLGHQWLILFDomRFRPRRXWUR PHVPRRPDLVIUDFRHR
PDLV KXPLOGH  H D UHFXVD GH LGHQWLILFDomR FRQVLJR
PHVPR
/LPLWDo}HVGRVpFXOR;9,,,
&RQIRUPH/DSODWLQH  RVpFXOR;9,,,
WHYH XP SDSHO HVVHQFLDO QD HODERUDomR GRV
IXQGDPHQWRV GH XPDFLrQFLD KXPDQD PDV QmR
SRGLDLUPDLVORQJH6HJXQGRHOHRREVWiFXORPDLRU

DR VXUJLPHQWR GH XPDDQWURSRORJLD FLHQWtILFD


QDTXHOHVpFXORGHYHVHDGRLVPRWLYRVHVVHQFLDLVD
SULPHLURQmRVHUHDOL]DXPDGLVWLQomRHQWUHRVDEHU
FLHQWtILFRHRVDEHUILORVyILFRE VHJXQGRQmRRFRUUH
DVHSDUDomRHQWUHGLVFXUVRDQWURSROyJLFRHGLVFXUVR
KLVWyULFR
(P UHODomR DR SULPHLUR PRWLYR DQRWD TXH
HPERUDDGLVWLQomRHQWUHRVDEHUFLHQWtILFRHRVDEHU
ILORVyILFRWHQKDVLGRDERUGDGDQmRpUHDOL]DGD9DOH
GL]HU R FRQFHLWR GH KRPHP WDO FRPR p XWLOL]DGR QR
VpFXOR;9,,,SHUPDQHFHDLQGDPXLWRDEVWUDWRLVWRp
ULJRURVDPHQWH ILORVyILFR 3DUD D SHVTXLVD
DQWURSROyJLFD R REMHWR GH REVHUYDomR QmR p R
KRPHP H VLP LQGLYtGXRV TXH SHUWHQFHP D XPD
pSRFDHDXPDFXOWXUDHRVXMHLWRTXHREVHUYDQmRp
R VXMHLWR GD DQWURSRORJLD ILORVyILFD H VLP XP RXWUR
LQGLYtGXRTXHSHUWHQFHHOHSUySULRDXPDpSRFDHD
XPDFXOWXUD
1RTXHGL]UHVSHLWRDRVHJXQGRPRWLYRREVHUYD
TXH R GLVFXUVR DQWURSROyJLFR GR VpFXOR ;9,,, p
LQVHSDUiYHOGRGLVFXUVRKLVWyULFRGHVVHSHUtRGRLVWR
p GH VXD FRQFHSomR GH XPDKLVWyULD QDWXUDO
OLEHUDGD GD WHRORJLD H DQLPDQGR D PDUFKD GDV
VRFLHGDGHV QR FDPLQKR GH XP SURJUHVVR XQLYHUVDO
5HVWDUiXPSDVVRFRQVLGHUiYHODVHUGDGRSDUDTXHD
DQWURSRORJLD VH HPDQFLSH GD KLVWyULD QDWXUDO H
FRQTXLVWH VXD DXWRQRPLD 3DUDGR[DOPHQWH HVVH
SDVVR VHUi GDGR QR VpFXOR ;,; D SDUWLU GH XPD

DERUGDJHPLJXDOPHQWHKLVWRULFLVWDRHYROXFLRQLVPR
(QWHQGHVH SRUHYROXFLRQLVPR R FRQMXQWR GH
GRXWULQDV TXH YHHP QD HYROXomR D FDUDFWHUtVWLFD
IXQGDPHQWDO GH WRGRV RV WLSRV RX IRUPDV GH
UHDOLGDGH $ HYROXomR p WLGD FRPR R SULQFtSLR
DGHTXDGRSDUDH[SOLFDUDUHDOLGDGHHPVHXFRQMXQWR
'XUDQWH R VpFXOR ;,; R FRQFHLWR GHHYROXomR
DSDUHFHGHIRUPDRVWHQVLYDQDVSHVTXLVDVHUHIOH[}HV
ILORVyILFDV
VRFLROyJLFDV
ELROyJLFDV
H
DQWURSROyJLFDV(VVDVSHVTXLVDVSRVVXHPFDGDXPD
GHODVVXDVFDUDFWHUtVWLFDVSUySULDVPRWLYRSHORTXDO
p QHFHVViULR GLVWLQJXLU RV GLYHUVRV WLSRV GH
HYROXFLRQLVPRV 1D VHTXrQFLD ID]VH XPD VXFLQWD
UHIHUrQFLD DRV HYROXFLRQLVPRV VRFLROyJLFR H
ELROyJLFR QR LQWXLWR GH GLVWLQJXLORV GR
HYROXFLRQLVPRDQWURSROyJLFR
(92/8&,21,60262&,2/*,&2
2 HYROXFLRQLVPR VRFLROyJLFR WHP SRU
FDUDFWHUtVWLFD IXQGDPHQWDO D LGHLD GH SURJUHVVR
(YROXomR VLJQLILFD SURJUHVVR SRUWDQWR WUDWDVH GH
XPD GRXWULQD TXH GLYXOJD XPD IRUPD RWLPLVWD GH
HQFDUDU D UHDOLGDGH KXPDQD (VVH HYROXFLRQLVPR
DOFDQoD VHX DSRJHX QR VpFXOR ;,; OLJDGR DRV
QRPHV GH D 6DLQW6LPRQ HVVH ILOyVRIR DILUPD TXH
Ki XPD VHTXrQFLD HYROXWLYD DWUDYpV GD TXDO GHYH
SDVVDUWRGDDKXPDQLGDGHGLVWLQJXLQGRVHWUrVIDVHV
GHDWLYLGDGHPHQWDODFRQMHWXUDODVHPLFRQMHWXUDOHD

SRVLWLYD E $XJXVWR &RPWH SDUD HVVH ILOyVRIR


WRGDV DV VRFLHGDGHV DWUDYHVVDP WUrV HWDSDV
SURJUHVVLYDV LQGR GD VXSHUVWLomR UHOLJLRVD HVWDGR
SULPLWLYR SDVVDQGRSHODPHWDItVLFDHDWHRORJLDSDUD
FKHJDU j FLrQFLD SRVLWLYD SRQWR ILQDO GR SURJUHVVR
KXPDQRF +HUEHUW6SHQFHUQRVHXOLYURLQWLWXODGR
3URJUHVVRHVWDEHOHFHTXHRSURJUHVVRUHYHVWHWRGRV
RV DVSHFWRV GD UHDOLGDGH 3RU FRQWD GLVVR GHIHQGH
TXH WRGR GHVHQYROYLPHQWR TXHU VH WUDWH GR
GHVHQYROYLPHQWRGD7HUUDGDYLGDGDVRFLHGDGHGR
JRYHUQR GD LQG~VWULD GR FRPpUFLR GD OtQJXD GD
OLWHUDWXUD GD FLrQFLD GD DUWH  VLJQLILFD SURJUHVVR H
QR IXQGR GH WRGR SURJUHVVR HVWi VHPSUH D PHVPD
HYROXomRTXHDWUDYpVGHGLIHUHQFLDo}HVVXFHVVLYDV
YDLGDVLPSOHVjFRPSOH[D
3DUD /pYL6WUDXVV     R
HYROXFLRQLVPR VRFLDO RX FXOWXUDO p XP IDOVR
HYROXFLRQLVPR SRUTXH FRQVLVWH QXPD WHQWDWLYD GH
VXSULPLU D GLYHUVLGDGH GDV FXOWXUDV ILQJLQGR
UHFRQKHFrODV SOHQDPHQWH 3RLV DR WUDWDU RV
GLIHUHQWHV HVWDGRV HP TXH VH HQFRQWUDP DV
VRFLHGDGHV KXPDQDV WDQWR DQWLJDV TXDQWR
ORQJtQTXDV FRPRHVWiJLRV RXHWDSDV GH XP
GHVHQYROYLPHQWR ~QLFR TXH SDUWLQGR GR PHVPR
SRQWRGHYHID]rORFRQYHUJLUSDUDDPHVPDPHWDYr
VH EHP TXH D GLYHUVLGDGH p DSHQDV DSDUHQWH $
KXPDQLGDGHVHWRUQD~QLFDHLGrQWLFDDVLPHVPDVy
TXH HVWD XQLGDGH H LGHQWLGDGH SRGHP UHDOL]DU

SURJUHVVLYDPHQWHHDYDULHGDGHGDVFXOWXUDVLOXVWUD
RV PRPHQWRV GH XP SURFHVVR TXH GLVVLPXOD XPD
UHDOLGDGHPDLVSURIXQGDRXDWUDVDVXDPDQLIHVWDomR
(92/8&,21,602%,2/*,&2
2 DSDUHFLPHQWR GR HYROXFLRQLVPR ELROyJLFR p
SRVWHULRU DR HYROXFLRQLVPR VRFLROyJLFR FRQWXGR
QmR Ki LQIOXrQFLD GH XP VREUH R RXWUR 2 WHUPR
HYROXomRIRLLQWURGX]LGRSURYDYHOPHQWHSRU6SHQFHU
QR VHX HQVDLR VREUH R3URJUHVVR GH  PDV D
SDODYUD H R FRQFHLWR QmR WHULDP JR]DGR GH WDQWR
VXFHVVRVHPRHYROXFLRQLVPRELROyJLFRHVWDEHOHFLGR
SRU&KDUOHV'DUZLQQROLYUR2ULJHPGDVHVSpFLHVGH
 $%%$*1$12 
2 HYROXFLRQLVPR ELROyJLFR SURYRFRX PXLWDV
SROrPLFDV DR VH FRQWUDSRU j WHRULD GD VXEVWkQFLD
IRUPXODGD SRU$ULVWyWHOHV H HOHYDGD j FDWHJRULD GH
GRJPD UHOLJLRVR 6HJXQGR D PHWDItVLFD DULVWRWpOLFD
WRGDV DV IRUPDV VXEVWDQFLDLV VmR LPXWiYHLV SRUTXH
QHFHVViULDV ,VVR VLJQLILFD TXH QmR SRGHP VHU
FULDGDV QHP GHVWUXtGDV &RPR IRUPDV VXEVWDQFLDLV
DV HVSpFLHV YLYDV FRPSDUWLOKDP GH WDLV
FDUDFWHUtVWLFDV (VVH SRQWR GH YLVWD DULVWRWpOLFR
GRXWULQDGDVXEVWkQFLD SUHYDOHFHXQDILORVRILDHQD
FLrQFLD DQWLJD H PHGLHYDO$ GRXWULQD WUDGLFLRQDO GD
LPXWDELOLGDGHGDVHVSpFLHVIRLSRUWDQWRRUHIOH[RGD
GRXWULQD DULVWRWpOLFD GD VXEVWkQFLD $%%$*1$12
 

2 HYROXFLRQLVPR ELROyJLFR RXWHRULD GD


HYROXomR URPSH FRP D WUDGLomR DULVWRWpOLFD H WHP
FRPR SUHFXUVRUHV -HDQ%DSWLVWH /DPDUFN H &KDUOHV
'DUZLQ
-HDQ%DSWLVWH/DPDUFN 
/DPDUFN IRL R SULPHLUR D DSUHVHQWDU D WHRULD GD
HYROXomRELROyJLFD$KLSyWHVHEiVLFDGDVXDWHRULD
FRQVLVWH HP DILUPDU TXH DIXQomR FULD R yUJmR$V
PXGDQoDV HYROXomR  SURGX]LGDV QRV RUJDQLVPRV
GHYHPVHDRPDLRURXPHQRUXVRGRVyUJmRVHTXH
GHSRLV WHULDP VLGR IL[DGDV SHOD KHUHGLWDULHGDGH
$VVLP SDUD /DPDUFN D QHFHVVLGDGH FULD R yUJmR
QHFHVViULRHRXVRRIRUWLILFDHRDXPHQWDDIDOWDGH
XVR DR FRQWUiULR FRQGX] j DWURILD DR
GHVDSDUHFLPHQWR GR yUJmR LQ~WLO 'H DFRUGR FRP
HVVDWHRULDXPDPXGDQoDGHFLUFXQVWkQFLDVSURYRFD
XPD PXGDQoD GH KiELWRV H GH DWRV H SRU
FRQVHJXLQWHXPDPXGDQoDGHIRUPD1mRVHWUDWDGH
XPDDomRGLUHWDGRPHLRDPELHQWHVREUHRVHUWUDWD
VHGHXPDDomRLQGLUHWDTXHSURYRFDXPDUHDomRGR
RUJDQLVPR QR VHQWLGR GH DGDSWDUVH jV
FLUFXQVWkQFLDVH[WHUQDV
2V H[HPSORV GDGRV SRU /DPDUFN DMXGDP D
FRPSUHHQGHU VXD WHRULD D JLUDID WHYH VHX SHVFRoR
DXPHQWDGR SHOD QHFHVVLGDGH GH DOFDQoDU RV UDPRV
DOWRVGDViUYRUHVRVPRUFHJRVWrPROKRVDWURILDGRV
SRUTXHSDVVDUDPDYLYHUQDHVFXULGmRHSRUWDQWRRV

ROKRV SHUGHUDP VXD IXQomR &RP EDVH QD WHRULD GH


/DPDUFN DOJXQV DQWURSyORJRV DILUPDP TXH DV
GLIHUHQoDVpWQLFDVVmRDSHQDVUHDo}HVDGDSWDWLYDVD
GHWHUPLQDGRPHLRDPELHQWHDVVLPDSHOHGRVQHJURV
HVFXUHFHXSDUDVXSRUWDURVROGRVWUySLFRVRXVHMD
XPDUHDomRDGDSWDWLYDFRQWUDRVUDLRVYLROHWDV
+RMH D ELRORJLD HQWHQGH TXH DV PXGDQoDV
QDVFLGDV GRV KiELWRV QmR SRGHP VHU KHUGDGDV
SRUWDQWR R PpULWR GH /DPDUFN QmR p R GH WHU
GHVFREHUWR R SULQFtSLR GD HYROXomR PDV R GH WHU
LQVLVWLGR QD GRXWULQD JHUDO H HP DOJXQV DVSHFWRV
LPSRUWDQWHVGHODFRPRRGDDGDSWDomRDRDPELHQWH
&KDUOHV'DUZLQ 
(P  'DUZLQ SXEOLFD$RULJHPGDVHVSpFLHV
QDTXDOH[S}HDWHRULDGDVHOHomRQDWXUDOLVWRpR
FRQMXQWRGHVXDVLGHLDVDUHVSHLWRGDHYROXomRGDV
HVSpFLHV$ WHRULDGDVHOHomRQDWXUDOH[SOLFDDOXWD
SHOD H[LVWrQFLD H IL[D RV FRQFHLWRV GH HYROXomR GH
VREUHYLYrQFLDHGHIXQomR(PVHQWLGRODWRVHOHomR
QDWXUDOpDSHUVLVWrQFLDGRPDLVDSWRjFRQVHUYDomR
GDVGLIHUHQoDVHGDVYDULDo}HVLQGLYLGXDLVIDYRUiYHLV
H D HOLPLQDomR GDV YDULDo}HV QRFLYDV (P VHQWLGR
HV WULWRVHOHomR QDWXUDO VLJQLILFD TXH QD OXWD SHOD
H[LVWrQFLD VREUHYLYH R PDLV DSWR 3DUD 'DUZLQ DV
YDULDo}HV LQVLJQLILFDQWHV DTXHODV TXH QmR VmR QHP
~WHLV QHP QRFLYDV DR LQGLYtGXR QmR VmR DIHWDGDV
SHODVHOHomRQDWXUDO

$WHRULDGH'DUZLQDGPLWHGXDVRUGHQVGHIDWRV
D H[LVWrQFLDGHSHTXHQDVYDULDo}HVRUJkQLFDVTXHVH
YHULILFDP QRV VHUHV YLYRV HP LQWHUYDORV LUUHJXODUHV
GHWHPSRHTXHSHODOHLGDSUREDELOLGDGHSRGHPVHU
YDQWDMRVDVSDUDRVLQGLYtGXRVTXHDVDSUHVHQWDPE
OXWDSHODYLGDHQWUHLQGLYtGXRVYLYRVTXHVHGHYHj
WHQGrQFLD GH FDGD HVSpFLH D PXOWLSOLFDUVH VHJXQGR
XPDSURJUHVVmRJHRPpWULFD'HVVDVGXDVRUGHQVGH
IDWRV UHVXOWD TXH RV LQGLYtGXRV QRV TXDLV VH
PDQLIHVWDP PXGDQoDV RUJkQLFDV YDQWDMRVDV WrP
PDLRUHV SUREDELOLGDGHV GH VREUHYLYHU QD OXWD SHOD
YLGD H HP YLUWXGH GR SULQFtSLR GD KHUHGLWDULHGDGH
KDYHUi QHOHV DFHQWXDGD WHQGrQFLD D GHL[DU RV
FDUDFWHUHV DFLGHQWDLV FRPR KHUDQoD DRV VHXV
GHVFHQGHQWHV
6DEHVHKRMHTXHDPEDVDVWHVHVDGDSWDomRDR
DPELHQWH GH/DPDUFN HVHOHomRQDWXUDO GH'DUZLQ 
H[HUFHPIXQo}HVLPSRUWDQWHVQDHYROXomRGDYLGDH
TXHXPDWHVHQmRH[FOXLDRXWUD
3DUD /pYL6WUDXVV    R HYROXFLRQLVPR
ELROyJLFR GLIHUHQWHPHQWH GR HYROXFLRQLVPR
VRFLROyJLFRpXPDWHRULDFLHQWLILFDSRUTXHHVWDEHOHFH
XPD KLSyWHVH GH WUDEDOKR IXQGDGD HP REVHUYDo}HV
HP TXH D SDUWH GHL[DGD j LQWHUSUHWDomR p PXLWR
SHTXHQD $VVLP D QRomR GH HYROXomR ELROyJLFD
FRUUHVSRQGH D XPD KLSyWHVH GRWDGD GH DOWRV
FRHILFLHQWHV GH SUREDELOLGDGH TXH VH SRGHP
HQFRQWUDUQRGRPtQLRGDVFLrQFLDVQDWXUDLVDRSDVVR

TXH D QRomR GH HYROXomR VRFLDO RX FXOWXUDO Vy WUD]


QR Pi[LPR XP SURFHGLPHQWR VHGXWRU PDV
SHULJRVDPHQWHF{PRGRGHDSUHHQVmRGRVIDWRV
(PERUD D LGHLD GH HYROXomR WHQKD GRPLQDGR R
GHEDWH FLHQWtILFR GR VpFXOR ;,; R HYROXFLRQLVPR
DQWURSROyJLFR QmR VLJQLILFD XP SURORQJDPHQWR GR
HYROXFLRQLVPR
ELROyJLFR
&HUWDPHQWH
RV
DQWURSyORJRVHYROXFLRQLVWDVWRPDUDPFRQKHFLPHQWR
GD WHRULD GD HYROXomR GH 'DUZLQ PDV LVVR QmR
VLJQLILFD TXH D RULHQWDomR HYROXFLRQLVWD TXH
LPSULPLUDPQRVVHXVWUDEDOKRVSRVVXDDPHVPDEDVH
WHyULFD GR HYROXFLRQLVPR ELROyJLFR 'H TXDOTXHU
PRGR p FHUWR TXH QD VHJXQGD PHWDGH GR VpFXOR
;,; R FRQFHLWR GH HYROXomR GHX j DQWURSRORJLD R
VHX SULPHLUR LPSXOVR H VXD XQLGDGH e LPSRUWDQWH
IULVDU TXH DOJXPDV ILJXUDV GH GHVWDTXH GD
DQWURSRORJLD HYROXFLRQLVWD FRPR 0RUJDQ
%DFKRIHQ0DLQHH0DF/HQQDQHUDPMXULVWDV
(92/8&,21,602$175232/*,&2
6HJXQGR/DSODWLQH D QRVpFXOR;,;
D DQWURSRORJLD UHDOL]D R TXH DQWHV HUD DSHQDV
HPSUHHQGLPHQWR SURJUDPiWLFR e D pSRFD GXUDQWH D
TXDO VH FRQVWLWXL D DQWURSRORJLD FRPR GLVFLSOLQD
DXW{QRPDXPDFLrQFLDGDVVRFLHGDGHVSULPLWLYDVHP
WRGDV DV VXDV GLPHQV}HV HFRQ{PLFD UHOLJLRVD
WpFQLFD ELROyJLFD OLQJXtVWLFD SVLFROyJLFD (P
UHODomR DR VpFXOR ;,; PHUHFHP GHVWDTXH GXDV

PXGDQoDV TXH FRQWULEXtUDP SDUD R QDVFLPHQWR GD


DQWURSRORJLD D PXGD R FRQWH[WR HFRQ{PLFR H
SROtWLFRDUHYROXomRLQGXVWULDOLQJOHVDHDUHYROXomR
SROtWLFD IUDQFHVD LQWURGX]HP PXGDQoDV FRQMXQWXUDLV
LQpGLWDV QDV UHODo}HV VRFLDLV SROtWLFDV MXUtGLFDV H
HFRQ{PLFDVE PXGDRFRQWH[WRJHRSROtWLFRpRDXJH
GRSHUtRGRGDFRQTXLVWDFRORQLDO
e QR PRYLPHQWR GD FRQTXLVWD FRORQLDO TXH VH
FRQVWLWXLDDQWURSRORJLDPRGHUQDRXVHMDTXDQGRR
DQWURSyORJR FRPHoD D DFRPSDQKDU GH SHUWR RV
SDVVRV GR FRORQR 1HVVD pSRFD RV LPLJUDQWHV
HXURSHXVFRPHoDPDSRYRDURVWHUULWyULRVFRORQLDLV
IULFD $XVWUiOLD 1RYD =HOkQGLD QGLD $PpULFD 
8PD UHGH GH LQIRUPDomR VH LQVWDOD PHGLDQWH
TXHVWLRQiULRV HQYLDGRV SRU SHVTXLVDGRUHV GDV
PHWUySROHVSDUDRVTXDWURFDQWRVGRPXQGRHFXMDV
UHVSRVWDV FRQVWLWXHP RV PDWHULDLV GH UHIOH[mR GDV
SULPHLUDV JUDQGHV REUDV GH DQWURSRORJLD D
%DFKRIHQ SXEOLFD HP  R'LUHLWR PDWHUQR E
)XVWHO GH &RXODQJHV SXEOLFD HP $ FLGDGH
DQWLJD F 0DF /HQQDQ HP  SXEOLFD2
FDVDPHQWR SULPLWLYR G (GZDUG 7\ORU HP 
S X E OLFD$ FXOWXUD SULPLWLYD H /HZLV 0RUJDQ
SXEOLFD HP $ VRFLHGDGH DQWLJD I -DPHV
)UD]HU HP  SXEOLFD RV SULPHLUR YROXPHV GH
5DPRVGHRXUR
7RGDV HVVDV REUDV FLWDGDV FDUDFWHUL]DPVH SRU
XPD PXGDQoD UDGLFDO GH SHUVSHFWLYD QHODV R

LQGtJHQD QmR p PDLV RVHOYDJHP WRUQRXVH R


SULPLWLYRLVWRpRDQFHVWUDOGRFLYLOL]DGR$VVLPD
DQWURSRORJLD FRQKHFLPHQWR GR SULPLWLYR ILFD
LQGLVVRFLDYHOPHQWH OLJDGD DR FRQKHFLPHQWR GD
RULJHP GD VRFLHGDGH LVWR p GDV IRUPDV VLPSOHV GH
RUJDQL]DomR VRFLDO TXHHYROXtUDP SDUD IRUPDV PDLV
FRPSOH[DV GH RUJDQL]DomR VRFLDO PRWLYR SHOR TXDO
HVVDDQWURSRORJLDpTXDOLILFDGDGHHYROXFLRQLVWD

9,

(92/8&,21,602
$17523/2*26(92/8&,21,67$6
2 HYROXFLRQLVPR DQWURSROyJLFR HP OLQKDV
JHUDLV HQWHQGH TXH H[LVWH XPD HVSpFLH KXPDQD
LGrQWLFDPDVTXHVHGHVHQYROYHHPULWPRVGHVLJXDLV
GH DFRUGR FRP DV SRSXODo}HV $V VRFLHGDGHV RX
SRSXODo}HV SDVVDP SHODV PHVPDVHWDSDV SDUD
DOFDQoDUDHWDSDPDLVDYDQoDGDTXHpDFLYLOL]DomR
$ FLYLOL]DomR HXURSHLD DSDUHFH FRPR D H[SUHVVmR
PDLV DYDQoDGD GD HYROXomR GDV VRFLHGDGHV
KXPDQDV H RV JUXSRV SULPLWLYRV FRPR
VREUHYLYrQFLDGHHWDSDVDQWHULRUHV
(PERUDDSUHRFXSDomRGRVHYROXFLRQLVWDVIRVVH
HVWDEHOHFHU DV OLQKDV JHUDLV GR SURJUHVVR PDWHULDO
HVSLULWXDO H FLHQWtILFR GDV VRFLHGDGHV DFUHGLWDYDP
TXHYROWDQGRRVROKRVDRSDVVDGRWHULDPVXEVtGLRV
SDUDGHWHUPLQDUFRPRDKLVWyULDGDFXOWXUDKXPDQDVH
FRPSRUWDULD$HYROXomRKXPDQDHUDFRQVLGHUDGDXP
GDGR UHVWDYD SRUWDQWR D WDUHID GH GHVFREULU FRPR
LVVRRFRUULD1mRSURFXUDYDPH[DWDPHQWHFRPSURYDU
D H[LVWrQFLD GR SURJUHVVR KXPDQR PDLV TXH LVVR
SURFXUDYDP GHVFREULU DV OHLV JHUDLV GD HYROXomR

FXOWXUDO GR KRPHP 0(//2    1mR


QHJDYDPDLQIOXrQFLDGHGHWHUPLQDGRVIDWRUHVFRPR
R DPELHQWH JHRJUiILFR R FOLPD H R VROR  QD
WUDQVIRUPDomRGDFXOWXUDFRQWXGRDOJXQV 0RUJDQ
SRU H[HPSOR  HOHJHUDP FRPR IDWRU GHWHUPLQDQWH DV
LQYHQo}HV H DV GHVFREHUWDV UHVXOWDQWHV GR
GHVHQYROYLPHQWR WpFQLFR H HFRQ{PLFR 3URFXUDYDP
DVVLP H[SOLFDU DV UD]}HV TXH OHYDUDP GHWHUPLQDGD
FRPXQLGDGHDSDVVDUGHXPDHWDSDSDUDRXWUD
(P VXDV LQYHVWLJDo}HV RV DQWURSyORJRV
HYROXFLRQLVWDV IL]HUDP XVR GRPpWRGR FRPSDUDWLYR
TXH FRQVLVWH HP FRPSDUDU SDGU}HV FRVWXPHV
REMHWRV FXOWXUDV GR SDVVDGR H GR SUHVHQWH
YHULILFDQGRVHPHOKDQoDVHGLIHUHQoDV1RXVRGHVVH
PpWRGR R PDWHULDO FROHWDGR p FODVVLILFDGR
RUJDQL]DGRHLQWHUSUHWDGRGHDFRUGRFRPXPDRUGHP
FURQROyJLFD 0RUJDQ SRU H[HPSOR DR UHDOL]DU XP
HVWXGR FRPSDUDWLYR GRV VLVWHPDV GH SDUHQWHVFR
GLVWLQJXLX WUrV HWDSDV VXFHVVLYDV GD HYROXomR
VHOYDJHULDEDUEiULHHFLYLOL]DomR
2 HYROXFLRQLVPR DQWURSROyJLFR HQFRQWUD VXD
IRUPXODomRHVLVWHPDWL]DomRQRVDXWRUHVHQDVREUDV
FLWDGDVQRILQDOGRFDStWXORDQWHULRUTXHVHWRUQDUDP
RV GRFXPHQWRV GH UHIHUrQFLD DGRWDGRV SHOD PDLRULD
GRV DQWURSyORJRV D SDUWLU GD VHJXQGD PHWDGH GR
VpFXOR ;,; 1D VHTXrQFLD ID]VH XPD EUHYH
UHIHUrQFLD D %DFKRIHQ 'LUHLWR PDWHUQR  H 7\ORU
&XOWXUD SULPLWLYD  $ REUD GH 0RUJDQ VHUi

DERUGDGDHPFDStWXORVHSDUDGR
%DFKRIHQ 
6HJXQGR(QJHOV D DWpDRLQtFLRGD
GpFDGDGHQmRVHSRGHULDVHTXHUSHQVDUQXPD
KLVWyULD GD IDPtOLD $V FLrQFLDV KLVWyULFDV DLQGD VH
HQFRQWUDYDP QHVVH GRPtQLR VRE D LQIOXrQFLD GRV
&LQFR /LYURV GH 0RLVpV $ IRUPD SDWULDUFDO GD
IDPtOLD PRVWUDGD FRP PXLWRV GHWDOKHV QHVVHV FLQFR
OLYURVHUDDGPLWLGDVHPUHVHUYDV
2 HVWXGR GD KLVWyULD GD IDPtOLD GL] (QJHOV
FRPHoDGHIDWRHPFRPR'LUHLWRPDWHUQRGH
%DFKRIHQ1HVVHOLYURRDXWRUIRUPXODDVVHJXLQWHV
WHVHV D  SULPLWLYDPHQWH RV VHUHV KXPDQRV YLYHUDP
HPSURPLVFXLGDGHVH[XDOE HVVDVUHODo}HVH[FOXtDP
WRGD D SRVVLELOLGDGH GH HVWDEHOHFHU FRP ULJRU D
SDWHUQLGDGH SRUWDQWR D ILOLDomR DSHQDV SRGLD VHU
FRQWDGD SRU OLQKD IHPLQLQD VHJXQGR R GLUHLWR
PDWHUQRHLVVRRFRUUHXHPWRGRVRVSRYRVDQWLJRV
F FRPRFRQVHTXrQFLDGHVVHIDWRDVPXOKHUHVFRPR
PmHV FRPR ~QLFRV SURJHQLWRUHV FRQKHFLGRV GD
MRYHPJHUDomRJR]DYDPGHJUDQGHDSUHoRHUHVSHLWR
PRWLYRSHORTXDOGHWLQKDPDSRVLomRPDLVHOHYDGDQD
KLHUDUTXLD GR JUXSR G  D PRQRJDPLD HP TXH D
PXOKHU SHUWHQFH D XP Vy KRPHP LQFLGLD QD
WUDQVJUHVVmRGHXPDOHLUHOLJLRVDPXLWRDQWLJD GLUHLWR
LPHPRULDOTXHRVRXWURVKRPHQVWLQKDPVREUHDTXHOD
PXOKHU  WUDQVJUHVVmR TXH GHYLD VHU FDVWLJDGD RX

FXMD WROHUkQFLD VH FRPSHQVDYD FRP D SRVVH GD


PXOKHUSRURXWURVGXUDQWHGHWHUPLQDGRSHUtRGR
%DFKRIHQ SURFXURX SURYDV GHVVDV WHVHV HP
QXPHURVRV WUHFKRV GD OLWHUDWXUD FOiVVLFD $
SDVVDJHP GD SROLJDPLD j PRQRJDPLD H GR GLUHLWR
PDWHUQR DR SDWHUQR VHJXQGR HOH SURFHVVDVH
HVSHFLDOPHQWHHQWUHRVJUHJRVHPFRQVHTXrQFLDGR
GHVHQYROYLPHQWR GDV FRQFHSo}HV UHOLJLRVDV GD
LQWURGXomRGHQRYDVGLYLQGDGHVUHSUHVHQWDWLYDVGH
LGHLDVQRYDVQRJUXSRGRVGHXVHVWUDGLFLRQDLVTXH
HUDPDHQFDUQDomRGDVYHOKDVLGHLDVSRXFRDSRXFR
RV YHOKRV GHXVHV YmR VHQGR UHOHJDGRV D VHJXQGR
SODQR$VVLP SDUD %DFKRIHQ R TXH GHWHUPLQRX DV
WUDQVIRUPDo}HV KLVWyULFDV QD VLWXDomR VRFLDO
UHFtSURFD GR KRPHP H GD PXOKHU QmR IRL R
GHVHQYROYLPHQWR GDV FRQGLo}HV UHDLV GH H[LVWrQFLD
GDV SHVVRDV PDV R UHIOH[R UHOLJLRVR GHVVDV
FRQGLo}HV QR FpUHEUR GHODV 'H DFRUGR FRP HVVH
SRQWRGHYLVWDLQWHUSUHWDD2UpVWLDGHeVTXLORFRPR
XP TXDGUR GUDPiWLFR GD OXWD HQWUH R YHOKR GLUHLWR
PDWHUQR HRQRYRGLUHLWR SDWHUQR 
'LUHLWRPDWHUQR[GLUHLWRSDWHUQR
1D2UpVWLD&OLWHPQHVWUDOHYDGDSHODVXDSDL[mR
SRU (JLVWR VHX DPDQWH PDWD VHX PDULGR
$JDPrPQRQ TXDQGR HVWH UHJUHVVDYD GD JXHUUD GH
7UyLD PDV 2UHVWHV ILOKR GHOD H GH $JDPrPQRQ
YLQJDRSDLPDWDQGRDPmH,VVRID]FRPTXHVHYHMD

SHUVHJXLGR SHODV (UtQLDV VHUHV GHPRQtDFRV TXH


SURWHJHPRYHOKRGLUHLWRPDWHUQRVHJXQGRRTXDOR
PDWULFtGLRpRPDLVJUDYHHLPSHUGRiYHOGHWRGRVRV
FULPHV $SROR QR HQWDQWR TXH SRU LQWHUPpGLR GR
VHXRUiFXORKDYLDLQFLWDGR2UHVWHVDPDWDUVXDPmH
H3DODV$WHQDTXHLQWHUYpPQDTXDOLGDGHGHMXL] DV
GXDV GLYLQGDGHV TXH UHSUHVHQWDP R QRYR GLUHLWR
SDWHUQR SURWHJHP2UHVWHV
7RGR R OLWtJLR HVWi UHVXPLGR QD GLVFXVVmR GH
2UHVWHVFRPDV(UtQLDV$WHQDRXYHDPEDVDVSDUWHV
2UHVWHVGL]TXH&OLWHPQHVWUDFRPHWHXXPGXSORFULPH
DRPDWDUTXHPHUDVHXPDULGRHSDLGHVHXILOKR3RU
TXH UD]mR DV (UtQLDV R SHUVHJXLDP R YLVDYDP HP
HVSHFLDO VH HOD D PRUWD WLQKD VLGR PXLWR PDLV
FXOSDGD" $ UHVSRVWD p VXUSUHHQGHQWH (OD QmR
HVWDYDXQLGDSRUYtQFXORGHVDQJXHDRKRPHPTXH
DVVDVVLQRX
2 DVVDVVLQDWR GH XPD SHVVRD FRP D TXDO QmR
KRXYHVVH YtQFXOR GH VDQJXH PHVPR TXH IRVVH R
PDULGRGDDVVDVVLQDHUDIDOWDTXHSRGLDVHUH[SLDGD
H LVVR QmR HUD DEVROXWDPHQWH WDUHID GDV (UtQLDV$
VXD PLVVmR HUD D GH SXQLU R KRPLFtGLR HQWUH RV
FRQVDQJXtQHRV H VHJXQGR R GLUHLWR PDWHUQR R
PDWULFtGLR HUD R SLRU H R PDLV LPSHUGRiYHO GRV
FULPHV 1HVVH SRQWR FRQWXGR LQWHUYpP $SROR
GHIHQVRUGH2UHVWHVHHPVHJXLGD$WHQDVXEPHWHR
FDVRDR$UHySDJR 7ULEXQDOGR-~ULDWHQLHQVH KiR
PHVPR Q~PHUR GH YRWRV SHOD FRQGHQDomR H SHOD

DEVROYLomR $WHQD FRPR SUHVLGHQWH GR 7ULEXQDO


YRWD D IDYRU GH 2UHVWHV H R DEVROYH 2 GLUHLWR
SDWHUQR YHQFH R GLUHLWR PDWHUQR 2V GHXVHV GD
MRYHPJHUDomR DVVLP GHQRPLQDGRV SHODV SUySULDV
(UtQLDV VmR PDLV SRGHURVRV TXH HODV SHOR TXH Vy
OKHV UHVWD D UHVLJQDomR H ILQDOPHQWH FRQYHQFLGDV
DFHLWDP FRORFDUVH D VHUYLoR GR QRYR HVWDGR GH
FRLVDV
(QJHOV UHFRQKHFH TXH HVVD PDQHLUD FRPR
%DFKRIHQLQWHUSUHWDD2UpVWLDpLQWHLUDPHQWHFRUUHWD
UHSUHVHQWDXPDGDVPHOKRUHVHPDLVEHODVSDVVDJHQV
GR VHX OLYUR'LUHLWR PDWHUQR 1mR FRQFRUGD
HQWUHWDQWR FRP HVVD IRUPD GH PRVWUDU D SDVVDJHP
GR GLUHLWR PDWHUQR SDUD R GLUHLWR SDWHUQR ,VWR QR
HQWDQWRGL](QJHOV  QmRGLPLQXLRVVHXV
PpULWRVGHSLRQHLURMiTXHIRLRSULPHLURDVXEVWLWXLU
DVIUDVHVVREUHXPGHVFRQKHFLGRHSULPLWLYRHVWiJLR
GHSURPLVFXLGDGHVH[XDOSHODGHPRQVWUDomRGHTXH
QD OLWHUDWXUD FOiVVLFD JUHJD Ki PXLWRV YHVWtJLRV GH
TXH HQWUH RV JUHJRV H[LVWLX UHDOPHQWH DQWHV GD
PRQRJDPLDXPHVWDGRVRFLDOHPTXHQmRVRPHQWHR
KRPHP PDQWLQKD UHODo}HV VH[XDLV FRP YiULDV
PXOKHUHV PDV WDPEpP D PXOKHU PDQWLQKD UHODo}HV
VH[XDLV FRP GLYHUVRV KRPHQV VHP TXH FRP LVVR
YLRODVVHPDPRUDOHVWDEHOHFLGD
(GZDUG7\ORU 
7\ORU SURFXURX PRVWUDU D HYROXomR SHOD TXDO

SDVVRX D KXPDQLGDGH H R IH] FRP D XWLOL]DomR GR


PpWRGR RX PRGHOR FRPSDUDWLYR &RQVLGHURX D
KXPDQLGDGH XP WRGR HP FUHVFLPHQWR DWUDYpV GRV
WHPSRV LQGR GD LQIkQFLD j PDWXULGDGH HVWDQGR DV
VRFLHGDGHV SULPLWLYDV VLWXDGDV QR HVWiJLR LQIDQWLO
7HYH R PpULWR GH SURFHGHU j VLVWHPDWL]DomR GRV
DVSHFWRVQmRPDWHULDLVGDFXOWXUD FRVWXPHVLGHLDV
HHQWHQGLDTXHHVWHVHUDPWUDQVPLWLGRVSRUIRUoDGR
KiELWR)RLRSULPHLURDGHILQLURFRQFHLWRFXOWXUDHR
IH] QRV VHJXLQWHV WHUPRV FXOWXUD p XP FRQMXQWR
FRPSOH[R TXH LQFOXL FRQKHFLPHQWR FUHQoD DUWH
PRUDOOHLFRVWXPHHYiULDVRXWUDVDSWLG}HVHKiELWRV
DGTXLULGRV SHOR KRPHP FRPR PHPEUR GH XPD
VRFLHGDGH LQ0(//2 $VVLPHVWDEHOHFHX
R FRQFHLWR GH FXOWXUD FRPR REMHWR GH HVWXGR GD
DQWURSRORJLDHPFRQWUDSRVLomRDRFRQFHLWRGHUDoD
3DUD 7\ORU XP GRV SULQFLSDLV REMHWLYRV GD
FRPSDUDomR FRQVLVWH HP GHVFREULU DDGHUrQFLD
FXOWXUDORXDVFRUUHODo}HVQHFHVViULDVHQWUHGRLVRX
PDLV IHQ{PHQRV FXOWXUDLV WDLV FRPR XPD UHJUD GH
FRPSRUWDPHQWR GH SDUHQWHVFR H XPD UHJUD GH
WHUPLQRORJLD GH SDUHQWHVFR 0HGLDQWH R XVR GH XP
PRGHOR FRPSDUDWLYR DR TXDO GHQRPLQRXDULWPpWLFD
VRFLDOSURFXURXRUJDQL]DURVFRVWXPHVHPWDEHODVH
HVWDEHOHFHU UHODFLRQDPHQWRV HQWUH HOHV 2 PpWRGR
FRPSDUDWLYR R OHYRX D DILUPDU TXH DV LQVWLWXLo}HV
KXPDQDVHUDPGLVWLQWDPHQWHHVWUDWLILFDGDVWDOFRPR
DVGLIHUHQWHVFDPDGDVGD7HUUDTXHVHVXFHGHPHP

VpULHV
XQLIRUPHV
SRU
WRGR
R
JORER
LQGHSHQGHQWHPHQWHGDVUDoDVRXGDOLQJXDJHP
7\ORU WDPEpP VH LQWHUHVVRX SHORV HVWXGRV
PiJLFRUHOLJLRVRV H HODERURX XPD GDV PDLV FXUWDV
GHILQLo}HVGHUHOLJLmRXPDFUHQoDQRVREUHQDWXUDO
6HJXQGR 0HOOR    QHVVD GHILQLomR
HQFRQWUDPVHGRLVHOHPHQWRVSUHVHQWHVHPWRGDVDV
UHOLJL}HVD DFUHQoDTXHpDQWHVGHWXGRXPDWRGH
Ip GH FRQILDQoD GH UHVSHLWR H UHFRQKHFLPHQWR SHOR
VLVWHPD GH PLWRV TXH UHSUHVHQWD D UHOLJLmR H E R
VREUHQDWXUDOTXHpRREMHWRGDIpSRUWDQWRpWXGR
DTXLORTXHHVFDSDDRHQWHQGLPHQWRKXPDQR
7\ORU HODERURX XPD WHRULD VREUH RDQLPLVPR
TXH p HQWHQGLGR FRPR XPD FUHQoD GRV SRYRV
SULPLWLYRVVHJXQGRDTXDOQmRVyDVFULDWXUDVPDV
WDPEpPRVREMHWRVPDWHULDLVHVWmRGRWDGRVGHYLGD
SHUVRQDOLGDGH H DOPD (YDQV 3ULWFKDUG LQ 0(//2
   DR DQDOLVDU D WHRULD GH 7\ORU VREUH D
FUHQoDGRVSRYRVSULPLWLYRVQDH[LVWrQFLDGHDOPDV
HQWHQGH TXH WDO WHRULD FRQWD FRP GXDV WHVHV
SULQFLSDLV D SULPHLUD FRQFHUQHQWH DR SUREOHPD GD
RULJHP H D VHJXQGD UHIHULQGRVH DR
GHVHQYROYLPHQWRGDDOPD9DOHGL]HUDVUHIOH[}HVGR
KRPHP SULPLWLYR D UHVSHLWR GH GHWHUPLQDGDV
H[SHULrQFLDVFRPRPRUWHGRHQoDWUDQVHVYLV}HVH
DFLPD GH WXGR VRQKRV OHYDUDPQR j FRQFOXVmR GH
TXH WDLV IHQ{PHQRV VH GHYHP j SUHVHQoD RX
DXVrQFLD GH DOJXPD HQWLGDGH LPDWHULDO D DOPD 3RU

HVVDV UD]}HV WDQWR D WHRULD GR IDQWDVPD TXDQWR D


WHRULD GD DOPD SRGHULDP VHU FRQVLGHUDGDV FRPR
YHUV}HVGHXPDWHRULDLGHDOGDRULJHPGDUHOLJLmR
$VVLPSDUD7\ORUDVSULPHLUDVQRo}HVUHOLJLRVDV
FRQKHFLGDV SHORV KRPHQV WHULDP VLGR DV GH DOPDV
VHUHV TXH WUDQVFHQGHP D PDWpULD (VVDV QRo}HV
WHULDP VXUJLGR GD SUySULD FRQVFLrQFLD KXPDQD SHOD
QHFHVVLGDGH GH FRPSUHHQGHU GHWHUPLQDGRV
IHQ{PHQRV VRQKR PRUWH GRHQoD YLV}HV  TXH
WHULDP GHVSHUWDGR RV VHQWLPHQWRV GR VDJUDGR H GD
RXWUDGLPHQVmRGDYLGD
7(0$6'2(92/8&,21,602
6mR
FRQVLGHUDGRV
FDUDFWHUtVWLFDV
GD
DQWURSRORJLD HYROXFLRQLVWD RV VHJXLQWHV WHPDV D
HVWXGR GDV VRFLHGDGHV VLPSOHV RX SULPLWLYDV H GDV
VRFLHGDGHV DQWLJDV E  HVWXGR GR SDUHQWHVFR F
HVWXGR GD UHOLJLmR 3DUHQWHVFR H UHOLJLmR VmR QHVVD
pSRFD DV GXDV JUDQGHV iUHDV GD DQWURSRORJLD RX
PDLV HVSHFLILFDPHQWH DV GXDV JUDQGHV YLDV GH
DFHVVR SULYLOHJLDGR DR FRQKHFLPHQWR GDV
FRPXQLGDGHVSULPLWLYDVHGDVVRFLHGDGHVDQWLJDV
6RFLHGDGHVVLPSOHVRXSULPLWLYDV
2V DQWURSyORJRV HYROXFLRQLVWDV IRUDP RV
SULPHLURVDFRQVLGHUDUDVVRFLHGDGHVSULPLWLYDVFRPR
WHPDV LQWHUHVVDQWHV SRU VL PHVPRV ([WUDtUDP

LQIRUPDo}HV DFHUFD GHVVDV VRFLHGDGHV PHGLDQWH D


DPSODVHOHomRGHHVFULWRVGDVPDLVGLYHUVDVFODVVHV
DSUHVHQWDUDPHVVDVLQIRUPDo}HVGHIRUPDVLVWHPiWLFD
H HVWDEHOHFHUDP DVVLP DV EDVHV GD DQWURSRORJLD
VRFLDO 1R HVWXGR GDV VRFLHGDGHV SULPLWLYDV
LQWHUHVVDUDPVH SHOD QDWXUH]D GH VXDV LQVWLWXLo}HV
VRFLDLV HVSHFLDOPHQWH DV IDPLOLDUHV H DV UHOLJLRVDV
2FXSDUDPVHWDPEpPGHLQVWLWXLo}HVMXUtGLFDVHGRV
DVSHFWRVGDFXOWXUDPDWHULDO(PTXDOTXHUGRVWHPDV
DSUHRFXSDomRFHQWUDOFRQVLVWHHPGHPRQVWUDUFRPR
D FXOWXUD REHGHFH D XPD HYROXomR XQLYHUVDO H
XQLOLQHDU $ KLVWyULD GR JrQHUR KXPDQR GL]LD
0RUJDQ p ~QLFD HP VXD RULJHP ~QLFD HP VXD
H[SHULrQFLDH~QLFDHPVHXSURJUHVVR
'HQWUH DV FRPXQLGDGHV SULPLWLYDV GHVWDFDVH R
HVWXGR GRV JUXSRV DXVWUDOLDQRV 6HJXQGR (ONLQ LQ
/$3/$7,1(    D$XVWUiOLD RFXSD XP OXJDU
GH SULPHLUD LPSRUWkQFLD QD FRQVWLWXLomR GD
DQWURSRORJLD SRUTXH p Oi TXH VH SRGH DSUHHQGHU R
TXH IRL D RULJHP GDV QRVVDV LQVWLWXLo}HV 'HVGH D
pSRFDGH0RUJDQGL]HOHD$XVWUiOLDFRQWLQXDVHQGR
REMHWR GH PXLWRV HVFULWRV YiULDV JHUDo}HV GH
SHVTXLVDGRUHV H[SUHVVDUDP VXD HVWXSHIDomR GLDQWH
G DVLPSOLFLGDGHGDFXOWXUDPDWHULDOGHVVHVSRYRV
RVPDLVSULPLWLYRVGRPXQGRYLYHQGRQDLGDGHGD
SHGUDVHP PHWDOXUJLDVHP FHUkPLFDVHP WHFHODJHP
VHPFULDomRGHDQLPDLVHDH[WUHPDFRPSOH[LGDGHGH
VHXV VLVWHPDV GH SDUHQWHVFR EDVHDGRV QDV UHODo}HV

PLQXFLRVDVHQWUHDTXLORTXHpORFDOL]DGRQDQDWXUH]D
DQLPDO YHJHWDO  H DTXLOR TXH DWXD QD FXOWXUD R
WRWHPLVPR 
2 HVWXGR GDV VRFLHGDGHV SULPLWLYDV QmR YLVD
DSHQDVUHYHODURSULPLWLYRSRUWUiVGRFLYLOL]DGR$V
VRFLHGDGHV SULPLWLYDV IDFLOLWDP RV HVWXGRV GRV
DQWURSyORJRV SRUTXH SHUPLWHP SHUFHEHU FRP PDLV
IDFLOLGDGH R PRGHOR SRU WUiV GD UHDOLGDGH RX
FRQVWUXLU FRP PHQRV HVIRUoRV R PRGHOR D SDUWLU GD
UHDOLGDGH $OpP GLVVR SHUPLWHP FRPSDUDo}HV PDLV
SUHFLVDV H SRVVLELOLWDP GHVFREULU HP TXH VH
GLVWLQJXHPXPDVGDVRXWUDV3HUPLWHPVREUHWXGRD
DQiOLVHFRPSDUDWLYDHDUHIOH[mRFUtWLFDHPUHODomRjV
VRFLHGDGHVFRPSOH[DV
3DUHQWHVFR
1R HVWXGR GR VLVWHPD GH SDUHQWHVFR RV
SHVTXLVDGRUHV GR VpFXOR ;,; SURFXUDP
SULQFLSDOPHQWH GHPRQVWUDU D DQWHULRULGDGH KLVWyULFD
GRVVLVWHPDVGHILOLDomRPDWULOLQHDUVREUHRVVLVWHPDV
GH ILOLDomR SDWULOLQHDU 6HJXQGR (QJHOV    D
GHVFREHUWD GD SULPLWLYDJHQV GH GLUHLWR PDWHUQR
FRPR HWDSD DQWHULRU jJHQV GH GLUHLWR SDWHUQR GRV
SRYRV FLYLOL]DGRV WHP SDUD D KLVWyULD SULPLWLYD D
PHVPD LPSRUWkQFLD TXH D WHRULD GD HYROXomR GH
'DUZLQ SDUD D ELRORJLD H D WHRULD GD PDLVYDOLD
HQXQFLDGDSRU0DU[SDUDDHFRQRPLDSROtWLFD
)UDQ] %RDV LQ /e9,675$866   

HQWUHWDQWR HQWHQGH TXH RV IDWRV QmR DXWRUL]DP


QHQKXPDUHFRQVWUXomRKLVWyULFDWHQGHQWHDDILUPDUD
DQWHULRULGDGH KLVWyULFD GDV LQVWLWXLo}HV PDWULOLQHDUHV
VREUHDVSDWULOLQHDUHV6HJXQGRHOHVHpSRVVtYHOH
PHVPR SURYiYHO TXH D HVWDELOLGDGH LQHUHQWH jV
LQVWLWXLo}HV PDWULOLQHDUHV DV WHQKD IUHTXHQWHPHQWH
FRQGX]LGR RQGH H[LVWHP D VH WUDQVIRUPDUHP HP
LQVWLWXLo}HV SDWULOLQHDUHV GLVVR QmR UHVXOWD GH
QHQKXPD PDQHLUD TXH VHPSUH H SRU WRGD SDUWH R
GLUHLWRPDWHUQRWHQKDUHSUHVHQWDGRDIRUPDSULPLWLYD
$LQGDTXHFRQWHVWDGDSHUPDQHFHHPHYLGrQFLD
D LGHLD GH XP GLUHLWR PDWHUQR RX PDWULDUFDGR
SULPLWLYR TXH DQWHFHGHX DR GLUHLWR SDWHUQR (VVD
LGHLD H[HUFHX H DLQGD H[HUFH XPD JUDQGH LQIOXrQFLD
WDQWR TXH PXLWDV SHVVRDV FRQWLQXDP LQVSLUDQGRVH
QHODFRPRpRFDVRGH(YHO\Q5HHGHP)HPLQLVPRH
DQWURSRORJLD XP GRV WH[WRV GH UHIHUrQFLD GR
PRYLPHQWR IHPLQLVWD QRV (VWDGRV 8QLGRV
/$3/$7,1( 
5HOLJLmRHPDJLD
2V DQWURSyORJRV GR VpFXOR ;,; HVSHFLDOPHQWH
)XVWHO GH &RXODQJHV (GZDUG 7\ORU H -DPHV )UD]HU
IRUDP RV SULPHLURV D UHDOL]DU HVWXGRV VREUH PDJLD H
UHOLJLmR GRV SRYRV DQWLJRV H SULPLWLYRV H VXD
LQIOXrQFLDQmRVyQDHYROXomRGDVUHOLJL}HVPXQGLDLV
PDV WDPEpP QD FRQVWUXomR GDV LQVWLWXLo}HV H GR
GLUHLWR $OLiV p FHUWR TXH DV FUHQoDV GRV DQWLJRV

JUHJRVHURPDQRVSHUVLVWLUDPGXUDQWHPXLWRWHPSRH
H[HUFHUDP JUDQGH LQIOXrQFLD QD FRQVWUXomR H
VROLGLILFDomRGDUHOLJLmRGDVLQVWLWXLo}HVHGRGLUHLWR
TXHDLQGDPROGDPDVRFLHGDGHFRQWHPSRUkQHD
5HOLJLmR p D FUHQoD QR VREUHQDWXUDO 0DJLD
LPSOLFDDFUHQoDQDH[LVWrQFLDGHFDXVDV DWRPiJLFR
VREUHQDWXUDLV5HOLJLmRHPDJLDSRUWDQWRFRQVLVWHP
HP VLVWHPDV GH FUHQoDV 7RGDV DV SRSXODo}HV
HVWXGDGDVSHORVDQWURSyORJRVGHPRQVWUDUDPSRVVXLU
XP VLVWHPD GH FUHQoDV TXH SRGH VHU FODVVLILFDGR
FRPR PDJLD UHOLJLmR RX PiJLFRUHOLJLRVR 3DUD RV
HYROXFLRQLVWDVDPDJLDpXPDHWDSDTXHDQWHFHGHj
UHOLJLmRSRUpPH[LVWHPGLIHUHQoDVHQWUHXPDHRXWUD
RXWURV DQWURSyORJRV HQWUHWDQWR QmR HVWDEHOHFHP
GLIHUHQoDV H SRU LVVR GHQRPLQDP R VLVWHPD GH
FUHQoDVPiJLFRUHOLJLRVR
7\ORU FRQVLGHURX D PDJLD XPD SVHXGRFLrQFLD
HP TXH R KRPHP SULPLWLYR LQFRUUHWDPHQWH DILUPD
XPD UHODomR GLUHWD GH FDXVD H HIHLWR HQWUH R DWR
PiJLFR H R DFRQWHFLPHQWR GHVHMDGR )UD]HU WDPEpP
FRQVLGHURXIDOVDDUHODomRGH FDXVD H HIHLWR HQWUH D
PDJLD H RV HIHLWRV QDWXUDLV H DQDOLVRX RV SULQFtSLRV
TXHJRYHUQDPHVVDUHODomR$OpPGLVVRLQYHVWLJRXR
UHODFLRQDPHQWRGDPDJLDFRPDUHOLJLmRHDFLrQFLDH
HVWDEHOHFHXXPTXDGURHYROXWLYRHQWUHHODV
3DUD /DSODWLQH    )UD]HU HP VXD REUD
5DPRVGHRXURUHDOL]DDPHOKRUVtQWHVHGHWRGDVDV
SHVTXLVDV GR VpFXOR ;,; VREUHFUHQoDV H

VXSHUWLo}HV 6HJXQGR HOH QHVVD REUD JLJDQWHVFD


SXEOLFDGDHPGR]HYROXPHVGHD RDXWRU
UHWUDoDRSURFHVVRXQLYHUVDOTXHFRQGX]SRUHWDSDV
VXFHVVLYDVGDPDJLDjUHOLJLmRHGHSRLVGDUHOLJLmR
j FLrQFLD 3DUD )UD]HU D PDJLD UHSUHVHQWD XPD IDVH
DQWHULRU PDLV JURWHVFD GD KLVWyULD GR HVStULWR
KXPDQR SHOD TXDO WRGDV DV UDoDV GD KXPDQLGDGH
SDVVDUDP RX HVWmR SDVVDQGR SDUD GLULJLUVH SDUD D
UHOLJLmR H D FLrQFLD )UD]HU WUDWRX GH YiULRV WLSRV GH
PDJLD H SHQHWURX IXQGR QR LQWULFDGR FDPSR GDV
LQVWLWXLo}HVUHOLJLRVDVLQFOXVLYHQRVHVWXGRVVREUHR
WRWHPLVPR
&57,&$6$2(92/8&,21,602
2V WHyULFRV HYROXFLRQLVWDV FRPR YLVWR
HQWHQGHP TXH D FLrQFLD H D VRFLHGDGH HYROXHP H
SURJULGHP&RQIRUPH&KDXt  SDUDHVVHV
WHyULFRV R WHPSR VHULD XPD VXFHVVmR FRQWtQXD GH
LQVWDQWHV PRPHQWRV IDVHV HWDSDV SHUtRGRV
pSRFDV TXH LULDP VRPDQGRVH XQV DRV RXWURV
DFXPXODQGRVH GH WDO PRGR TXH R TXH DFRQWHFH
GHSRLV p R UHVXOWDGR PHOKRUDGR GR TXH DFRQWHFH
DQWHV (QILP DR ORQJR GR WHPSR KDYHULD XP
SURFHVVRGHDSHUIHLoRDPHQWRGDVVRFLHGDGHVHVXDV
LQVWLWXLo}HV
(YROXomR H SURJUHVVR GL] D DXWRUD H[SULPHP
XPDFUHQoDQDVXSHULRULGDGHGRSUHVHQWHHPUHODomR
DR SDVVDGR H GR IXWXUR HP UHODomR DR SUHVHQWH

(YROXomR H SURJUHVVR WDPEpP VXS}HP XPD VpULH


OLQHDUGHPRPHQWRVOLJDGRVSRUUHODo}HVGHFDXVDH
HIHLWRHPTXHRSDVVDGRpFDXVDHRSUHVHQWHHIHLWR
YLQGR D WRUQDUVH FDXVD GR IXWXUR 1D LGHLD GH
HYROXomR H SURJUHVVR HQFRQWUDVH XPD FRQFHSomR
VHJXQGR D TXDO R IXWXUR Mi HVWi FRQWLGR QR SRQWR
LQLFLDOGHXPDVRFLHGDGHFXMDKLVWyULDRXFXMRWHPSR
QDGD PDLV p GR TXH R GHVGREUDU RX R GHVHQYROYHU
SOHQRGDTXLORTXHMiHUDSRWHQFLDOPHQWHPRWLYRSHOR
TXDOVHIDODGHVRFLHGDGHVSULPLWLYDV LQIHULRUHV TXH
SUHFLVDP HYROXLU SDUD VRFLHGDGHV FLYLOL]DGDV
VXSHULRUHV  VRFLHGDGHV VXEGHVHQYROYLGDV TXH
GHYHPWRUQDUVHGHVHQYROYLGDV
1R VpFXOR ;; DOJXQV ILOyVRIRV DQDOLVDQGR DV
PXGDQoDVFLHQWtILFDVSDVVDUDPDQHJDUDVLGHLDVGH
HYROXomR H SURJUHVVR 1HVVH VHQWLGR TXDQGR
FRPSDUDUDPDJHRPHWULDHXFOLGLDQD TXHRSHUDFRPR
HVSDoR SODQR  FRP D JHRPHWULD WRSROyJLFD TXH
RSHUDFRPRHVSDoRWULGLPHQVLRQDO SHUFHEHUDPTXH
QmR VH WUDWDYD GH GXDV HWDSDV RX GH GXDV IDVHV
VXFHVVLYDV GD PHVPD FLrQFLD JHRPpWULFD H VLP GH
GXDV JHRPHWULDV GLIHUHQWHV FRP SULQFtSLRV
FRQFHLWRV REMHWRV FRPSOHWDPHQWH GLIHUHQWHV (QILP
QmR KRXYH HYROXomR H SURJUHVVR GH XPD SDUD D
RXWUD SRLV VmR GXDV JHRPHWULDV GLYHUVDV H QmR
JHRPHWULDV VXFHVVLYDV 2 PHVPR IRL REVHUYDGR
TXDQGRVHFRPSDURXDItVLFDGH1HZWRQFRPDItVLFD
GH(LQVWHLQHHPRXWUDViUHDVGRVDEHU

'H DFRUGR FRP HVVD DQiOLVH QmR p SRVVtYHO


HVWDEHOHFHU XPD FRQWLQXLGDGH SURJUHVVLYD GDV
FXOWXUDV ,VVR LPSOLFD DILUPDU TXH QmR Ki XPD ~QLFD
FXOWXUDHPSURJUHVVRRTXHH[LVWHpXPDSOXUDOLGDGH
GH FXOWXUDV GLIHUHQWHV &DGD FXOWXUD LQYHQWD VHX
PRGR GH UHODFLRQDUVH FRP R WHPSR GH FULDU VXD
OLQJXDJHPGHHODERUDUVHXVPLWRVHVXDVFUHQoDVGH
RUJDQL]DU R WUDEDOKR H DV UHODo}HV VRFLDLV GH FULDU
REUDV GH SHQVDPHQWR H GH DUWH &DGD XPD HP
GHFRUUrQFLD GDV FRQGLo}HV KLVWyULFDV JHRJUiILFDV H
SROtWLFDVHPTXHVHIRUPDWHPVHXPRGRSUySULRGH
RUJDQL]DU R SRGHU H GH SURGX]LU VHXV YDORUHV (VVD
FRQFHSomR DEDORX DOJXQV SULQFtSLRV GR
HYROXFLRQLVPR DQWURSROyJLFR FXMR PpWRGR Mi YLQKD
VHQGRGHVGHRVpFXOR;,;DOYRGHFUtWLFDVSRUSDUWH
GHDOJXQVDQWURSyORJRV
&UtWLFDVDRHYROXFLRQLVPRDQWURSROyJLFR
1RILQDOGRVpFXOR;,;)UDQ]%RDVFRQWHVWRXRV
PpWRGRV
XWLOL]DGRV
SHORV
DQWURSyORJRV
HYROXFLRQLVWDV DR HVWDEHOHFHU FRPR GHFLVLYR QD
DQWURSRORJLDDSHVTXLVDGHFDPSR6HJXQGR%RDVD
DXVrQFLDGHSHVTXLVDGHFDPSRFRPSURPHWLDRULJRU
PHWRGROyJLFR H FLHQWtILFR TXH GHYHULD IXQGDPHQWDU
RVHVWXGRVDQWURSROyJLFRV
2V HYROXFLRQLVWDV FRPR YLVWR DGRWDUDP R
PpWRGRFRPSDUDWLYRSRUpPDVIDOKDVPHWRGROyJLFDV
QmR UHSRXVDYDP QR IDWR GD FRPSDUDomR HP VL PDV

QD IDOWD GH ULJRU QR VHX HPSUHJR $OJXQV


DQWURSyORJRV XWLOL]DUDP LQGLVWLQWDPHQWH LQIRUPDo}HV
EtEOLFDV PLWROyJLFDV H KLVWyULFDV SRUWDQWR HVWDYDP
VXMHLWRV j FUtWLFD GH TXH WHQWDYDP H[SOLFDU R
FRQKHFLGR SHOR GHVFRQKHFLGR 0RUJDQ FRPR VH
YHUiDGLDQWHWHYHRPpULWRGHLQLFLDUDDSOLFDomRGR
PpWRGR FRPSDUDWLYR GH PDQHLUD FRUUHWD TXDQGR
SDVVRX D HVWXGDU DV VRFLHGDGHV SULPLWLYDV DLQGD
H[LVWHQWHV UHDOL]DQGR DVVLP R TXH VH GHQRPLQD
SHVTXLVDGHFDPSR
3DUD /DSODWLQH     DV REMHo}HV DR
SHQVDPHQWR DQWURSROyJLFR HYROXFLRQLVWD SRGHP VHU
RUJDQL]DGDV HP WRUQR GH GXDV VpULHV GH FUtWLFDV$
SULPHLUD DILUPD TXH R HYROXFLRQLVPR VHULD XPD
MXVWLILFDomR GRV YDORUHV GD VRFLHGDGH HXURSHLD GR
VpFXOR ;,; 6HJXQGR HVVD FUtWLFD R HYROXFLRQLVPR
PHGH R DWUDVR GDV VRFLHGDGHV SULPLWLYDV WRPDQGR
FRPRFULWpULRGHDYDOLDomRDVRFLHGDGHHXURSHLD&RP
HVVHFULWpULRRSURJUHVVRWpFQLFRHHFRQ{PLFRGHVVD
VRFLHGDGHpFRQVLGHUDGRFRPRDSURYDGDHYROXomR
KLVWyULFDGDTXDOVHSURFXUDVLPXOWDQHDPHQWHDFHOHUDU
RSURFHVVRHUHFRQVWLWXLomRGHHVWiJLRV1HVVDWULOKD
R HYROXFLRQLVPR GHILQH R DFHVVR j FLYLOL]DomR HP
IXQomR GRV YDORUHV GD pSRFD SURGXomR HFRQ{PLFD
UHOLJLmR PRQRWHtVWD SURSULHGDGH SULYDGD IDPtOLD
PRQRJkPLFD PRUDO YLWRULDQD $ VHJXQGD FUtWLFD
DILUPDTXHRHYROXFLRQLVPRVHULDXPDMXVWLILFDomRGR
FRORQLDOLVPR,VVRSRUTXHRSHVTXLVDGRUHIHWXDQGR

GH XP ODGR D GHILQLomR GH VHX REMHWR GH SHVTXLVD


DWUDYpVGRFDPSRHPStULFRGDVVRFLHGDGHVDLQGDQmR
RFLGHQWDOL]DGDV H GH RXWUR ODGR LGHQWLILFDQGR DV
YDQWDJHQV GD FLYLOL]DomR j TXDO SHUWHQFH ID] GR
HYROXFLRQLVPRXPDMXVWLILFDomRWHyULFDGDSUiWLFDGR
FRORQLDOLVPR
&RQIRUPH/DSODWLQH  RVHYROXFLRQLVWDV
GR VpFXOR ;,; QmR VH LPSRUWDP HP FRPSUHHQGHU D
DQWURSRORJLD
FRPR
SUiWLFDLQWHQVLYD GH
FRQKHFLPHQWRGHGHWHUPLQDGDFXOWXUD2TXHLPSRUWD
p D WHQWDWLYD GH FRPSUHHQVmR D PDLVH[WHQVD
SRVVtYHOGHWRGDVDVFXOWXUDVHPHVSHFLDOGDVPDLV
ORQJtQTXDVHGDVPDLVGHVFRQKHFLGDVeSUHFLVR
WHU HP FRQWD TXH RV SHVTXLVDGRUHV GR VpFXOR ;,;
QmR WLQKDP QHQKXPD IRUPDomR DQWURSROyJLFD
0RUJDQ %DFKRIHQ 0DLQH 0DF /HQQDQ HUDP
MXULVWDV  PDV FRORFDUDP R SUREOHPD PDLRU GD
DQWURSRORJLD H[SOLFDU D XQLYHUVDOLGDGH H D
GLYHUVLGDGH GDV WpFQLFDV GDV LQVWLWXLo}HV GRV
FRPSRUWDPHQWRVHGDVFUHQoDVFRPSDUDUDVSUiWLFDV
VRFLDLVGDVSRSXODo}HVLQILQLWDPHQWHGLVWDQWHVXPDV
GDVRXWUDVWDQWRQRHVSDoRFRPRQRWHPSR
2 PpULWR PDLRU GRV HYROXFLRQLVWDV IRL R GH WHU
H[WUDtGRHVVDKLSyWHVHPHVWUDVHPDTXDOQmRKDYHULD
DQWURSRORJLD PDV DSHQDV HWQRORJLDV UHJLRQDLVD
XQLGDGH GD HVSpFLH KXPDQD )RUDP HOHV TXH
PRVWUDUDP SHOD SULPHLUD YH] TXH DV GLVSDULGDGHV
FXOWXUDLV HQWUH RV JUXSRV KXPDQRV QmR HUDP GH

IRUPD DOJXPD D FRQVHTXrQFLD GH SUHGLVSRVLo}HV


FRQJrQLWDV PDV DSHQDV R UHVXOWDGR GH VLWXDo}HV
WpFQLFDVHHFRQ{PLFDV

9,,

(92/8&,21,602(
',5(,72
5(/,*,2(',5(,72
$V PDLV DQWLJDV FRQFHSo}HV UHOLJLRVDV GRV
URPDQRV GL]HP UHVSHLWR DR FXOWR GRV HVStULWRV GRV
PRUWRV H jVFUHQoDV DQLPLVWDV HP IRUoDV
VREUHQDWXUDLV QXPLQD PXOWLGmRGHGLYLQGDGHVTXH
SUHVLGHP D QDWXUH]D RV UHLQRV DQLPDO YHJHWDO H
PLQHUDO(VVDVGLYLQGDGHVVmRRVJrQLRVRXHVStULWRV
SURWHWRUHV ODUHV  GH FDGD IDPtOLD TXH SHUSHWXDP D
XQLGDGHIDPLOLDUHFXMRFXOWRWUDQVPLWHVHGHJHUDomR
SDUDJHUDomR$FDVDGHXPSDWUtFLRURPDQRSRVVXL
VHPSUHXPDOWDURQGHpFRQVHUYDGRRIRJRVDJUDGR
7UDWDVH GH XPD DQWLJD FUHQoD HP QDGD
LQVLJQLILFDQWH 1mR p SHUPLWLGR DOLPHQWDU HVVH IRJR
FRP TXDOTXHU HVSpFLH GH PDGHLUD HOH GHYH HVWDU
VHPSUH SXUR 1mR SRGH VHU ODQoDGR VREUH HOH
QHQKXP REMHWR VDOJDGR H QHQKXPD DomR FXOSiYHO
GHYH VHU FRPHWLGD QD VXD SUHVHQoD &28/$1*(6
 
&RP R DXPHQWR GD FRPSOH[LGDGH VRFLDO D

UHOLJLmR GRPpVWLFD GRV URPDQRV WUDQVIRUPDVH HP


UHOLJLmR GD FLGDGH FRP XP FRUSR KLHUDUTXL]DGR GH
VDFHUGRWHV XP FDOHQGiULR UHOLJLRVR TXH HVWDEHOHFH
RVGLDVIDVWRVHRVQHIDVWRVGHPRGRTXHDVSUiWLFDV
UHOLJLRVDV DQWHV UHDOL]DGDV SHODV IDPtOLDV WRUQDPVH
S~EOLFDV H IRUPDLV 2V FXOWRV SDVVDP D VHU
FHOHEUDGRV SRU VDFHUGRWHV LQLFLDGRV DJUXSDGRV HP
FROpJLRV GRV TXDLV R PDLV LPSRUWDQWH p R &ROpJLR
GRV3RQWtILFHVSUHVLGLGRSHOR3RQWtILFH0i[LPR2V
VDFHUGRWHVVmRRUJDQL]DGRVHPWUrVFDWHJRULDVD RV
DXJXUHV LQWHUSUHWDP D YRQWDGH GRV GHXVHV SHOD
REVHUYDomRGDQDWXUH]DRXOHLWXUDGRVSUHVViJLRVE
RV IOkPLQHV HQFDUUHJDPVH GR FXOWR LQGLYLGXDO GH
FDGD GHXV H F RV IHFLDLV SHGHP jV GLYLQGDGHV R
r[LWRQDVUHODo}HVH[WHULRUHVGH5RPD
(P 5RPD DWp PHDGRV GR VpFXOR 9 DQWHV GH
&ULVWR DV DWULEXLo}HV GD -XVWLoD VmR FRQILDGDV DR
&ROpJLR GRV 3RQWtILFHV XPD RUJDQL]DomR UHOLJLRVD
DULVWRFUiWLFDIRUPDGDDSHQDVSRUFLGDGmRVSDWUtFLRV
GHVFHQGHQWHVGRVIXQGDGRUHVGDFLGDGHTXHGHWrP
R PRQRSyOLR GR FRQKHFLPHQWR LQWHUSUHWDomR H
DSOLFDomR GR GLUHLWR FRVWXPHLUR LXV TXLULWHV  2V
VDFHUGRWHV RX SRQWtILFHV HQFDUUHJDPVH GH
DGPLQLVWUDU D -XVWLoD JXDUGDP DV UHJUDV GRV
SURFHGLPHQWRV MXGLFLDLV GRV TXDLV DSHQDV HOHV
VDEHPDVIyUPXODVOHJDLVHRVGLDVHPTXHSRGHPVHU
DSOLFDGDV GLDV IDVWRV  RX QmR GLDV QHIDVWRV  2V
VDFHUGRWHV GHVHPSHQKDP SRUWDQWR XP SDSHO

UHOHYDQWH QD IRUPDomR GR GLUHLWR DUFDLFR LXV


TXLULWHV  SRUTXH HOHV FRQVWLWXHP H QHOHV VH
GHVHQYROYHRFHQWURGRVDEHUMXUtGLFR
2V VDFHUGRWHV VmR UHVSRQViYHLV SHOD
SUHVHUYDomRGDWUDGLomRUHOLJLRVD YHODPHJXDUGDPR
FXOWR GRV DQWHSDVVDGRV  H MXUtGLFD JXDUGDP DV
UHJUDVHDVIyUPXODVGRGLUHLWRDUFDLFR $OpPGLVVR
HOHVLQWHUIHUHPQDYLGDSROtWLFRVRFLDODRVXJHULUHPR
FXUVR GRV DFRQWHFLPHQWRV SHOD LQWHUSUHWDomR GRV
DXVStFLRV PDQLIHVWDo}HVGRVGHXVHV TXHFRQVLVWH
QDOHLWXUDGDQDWXUH]DDWUDYpV GR YRR RX FDQWR GRV
SiVVDURV D TXHGD GD IROKD GH XPD iUYRUH H RXWURV
HYHQWRVQDWXUDLV
1HVVD VRFLHGDGH GLUHLWR UHOLJLmR H SROtWLFD QmR
VHGLIHUHQFLDPGHPRGRTXHRVSRQWtILFHVHVSDOKDP
R VHX SUHVWtJLR SDUD DOpP GD HVIHUD UHOLJLRVD 2
SURFHVVR GH GHVVDFUDOL]DomR TXH FRQVLVWH HP
VHSDUDU GLUHLWR H UHOLJLmR p OHQWR H GHPRUDGR GH
PRGR TXH HVVHV GLIHUHQWHV DVSHFWRV GD FXOWXUD
SHUPDQHFHPXQLGRVSRUXPORQJRSHUtRGR3RUHVVH
PRWLYR R &ROpJLR GRV 3RQWtILFHV DOpP GH VHU XPD
LQVWLWXLomR UHOLJLRVD DSDUHFH WDPEpP FRPR XPD
LQVWLWXLomRMXUtGLFDHSROtWLFDTXHSDVVDDFRQYLYHUDR
ODGR GH RXWUDV FRPR DV DVVHPEOHLDV R 6HQDGR H
GHPDLVPDJLVWUDWXUDV
(QILP DOJXQV DQWURSyORJRV HQWHQGHP TXH D
RUGHP VRFLDO HVWDEHOHFLGD QDV VRFLHGDGHV DQWLJDV H
SULPLWLYDVQmRSHUPLWHGLIHUHQFLDUGLUHLWRGHUHOLJLmRH

PDJLD$OLiV 0LFKHO )RXFDXOW   DQRWD TXH QD


VRFLHGDGHJUHJDDQWLJDRMXUDPHQWRFRQVWLWXLXXPD
PDQHLUD VLQJXODU GH SURGX]LU D YHUGDGH GH
HVWDEHOHFHU D YHUGDGH MXUtGLFD REVHUYD TXH HVVDV
SURYDV PiJLFRUHOLJLRVDV GR MXUDPHQWR WDPEpP
HVWDYDP SUHVHQWHV QR DQWLJR GLUHLWR JHUPkQLFR H
SUHYDOHFHXQD(XURSDSRUXPORQJRSHUtRGR
(P DOJXPDV VRFLHGDGHV SULPLWLYDV p SRVVtYHO
REVHUYDU FHUWDV SUiWLFDV PiJLFRUHOLJLRVDV TXH
WDPEpP YLJRUDUDP QD (XURSD PHGLHYDO SRU
LQWHUPpGLR GR DQWLJR GLUHLWR JHUPkQLFR FRP D
GHQRPLQDomR GHRUGiOLDV 8PD GDV FDUDFWHUtVWLFDV
GDVRUGiOLDVpRPpWRGRULWXDOtVWLFRSDUDFRPSURYDU
XP WHVWHPXQKR 'H PRGR JHUDO R FKHIH UHOLJLRVR
SDUD VDEHU VH XPD DFXVDomR p YHUGDGHLUD RX IDOVD
VXEPHWHROLWLJDQWHDSURYDVFRUSRUDLVItVLFDV1HVVH
VHQWLGR XP H[HPSOR UHWLUDGR GR GLUHLWR JHUPkQLFR
FRQVLVWLD HP ID]HU R DFXVDGR DQGDU VREUH IHUUR HP
EUDVDHGRLVGLDVGHSRLVVHDLQGDWLYHVVHFLFDWUL]HV
HUDFRQVLGHUDGRFXOSDGR
&DVDPHQWRUHOLJLRVR
$DSUR[LPDomRHQWUHGLUHLWRHUHOLJLmRDLQGDSRGH
VHU REVHUYDGD HP DOJXQV LQVWLWXWRV MXUtGLFRV
FRQWHPSRUkQHRV 1R GLUHLWR EUDVLOHLUR SRU H[HPSOR
HVVD DSUR[LPDomR SRGH VHU QRWDGD QR FDVDPHQWR
UHOLJLRVRFRPHIHLWRVFLYLV1HVVHVHQWLGRR&yGLJR
&LYLOHVWDEHOHFHTXHRFDVDPHQWRUHOLJLRVRHTXLSDUD

VHDRFDVDPHQWRFLYLOGHVGHTXHHVFULWRQRUHJLVWUR
SUySULR SURGX]LQGR HIHLWRV D SDUWLU GD GDWD GH VXD
FHOHEUDomR DUW 
+i TXHP HQWHQGD TXH R FDVDPHQWR UHOLJLRVR
SDUDJHUDUHIHLWRFLYLOGHYHVHURILFLDGRSRUPLQLVWUR
GH FRQILVVmR UHOLJLRVD UHFRQKHFLGD FDWyOLFD
SURWHVWDQWH PXoXOPDQR LVUDHOLWD  1mR VH DGPLWH
WRGDYLD R TXH VH UHDOL]D HP WHUUHLUR GH PDFXPED
FHQWURVGHEDL[RHVSLULWLVPRVHLWDVXPEDQGLVWDVRX
RXWUDV IRUPDV GH FUHQGLFHV SRSXODUHV TXH QmR
WUDJDPDFRQILJXUDomRGHVHLWDUHOLJLRVDUHFRQKHFLGD
FRPRWDO 3(5(,5$LQ9(126$ 
(VVD WHQGrQFLD UHGXFLRQLVWD GR FRQFHLWR GH
UHOLJLmR DIURQWD DV JDUDQWLDV FRQVWLWXFLRQDLV H SRGH
SURYRFDUVpULDVSHUWXUEDo}HVVRFLDLV$&RQVWLWXLomR
)HGHUDO SUHVFUHYH TXH p LQYLROiYHO D OLEHUGDGH GH
FUHQoD DVVHJXUD R OLYUH H[HUFtFLR GRV FXOWRV
UHOLJLRVRVHJDUDQWHQDIRUPDGDOHLDSURWHomRDRV
ORFDLVGHFXOWRVHDVVXDVOLWXUJLDV DUWR9, 1HJDU
jV PDQLIHVWDo}HV UHOLJLRVDV DGYLQGDV GD FXOWXUD
DIULFDQD XP OXJDU QR FRQFHLWR GH UHOLJLmR H QRPHDU
HVVDV PDQLIHVWDo}HV GH IRUPD SHMRUDWLYD DOpP GH
YLRODU XP SULQFtSLR FRQVWLWXFLRQDO H[SUHVVD XP
GHVHMR GH UHVWDEHOHFHU GRJPDV GD LGHRORJLD
FRORQLDOLVWDTXHFRPRYLVWRIRUQHFHXMXVWLILFDWLYDV
SDUDQHJDUKXPDQLGDGHDRVQHJURVHDRVtQGLRV
&RQWUD HVVD LGHRORJLD TXH VH PDQLIHVWD FRPR
UHFXVD GR HVWUDQKR D DQWURSRORJLD FRQVWUXLX R

SULQFtSLRGDDOWHULGDGHTXHVLJQLILFDDQHFHVVLGDGH
GH FRORFDUVH QD SRVLomR GR RXWUR SDUD SRGHU
FRPSUHHQGrOR +i SRUWDQWR QD EDVH GD OLEHUGDGH
UHOLJLRVD FRQVWLWXFLRQDOPHQWH JDUDQWLGD RSULQFtSLR
GDDOWHULGDGHTXHHVWDEHOHFHTXHFDGDKRPHPGHYH
UHFRQKHFHUVXDOLEHUGDGHUHOLJLRVDFRPRDH[SUHVVmR
GLUHWD GD OLEHUGDGH UHOLJLRVD GR RXWUR 2QGH QmR
H[LVWH OLEHUGDGH UHOLJLRVD RSULQFtSLRGDDOWHULGDGH
PRVWUD GH IRUPD FDEDO TXH R SULYLOpJLR GH XP p D
H[SUHVVmRGLUHWDGDSULYDomRGRRXWUR
2DXPHQWRGDFRPSOH[LGDGHVRFLDOGHFRUUHQWHGR
LQWHUFkPELR FXOWXUDO H GDV LPLJUDo}HV UHYHOD TXH QR
%UDVLO FRH[LVWHP LQ~PHUDV UHOLJL}HV $ SURWHomR
FRQVWLWXFLRQDO DOFDQoD WRGDV HODV VHP H[FHomR $
LQWHUSUHWDomRGDVQRUPDVGR&yGLJR&LYLOQRTXHGL]
UHVSHLWRDRFDVDPHQWRUHOLJLRVRQmRSRGHUHVWULQJLU
R TXH D &RQVWLWXLomR )HGHUDO QmR UHVWULQJH$VVLP
DOpP GD UHOLJLmR FULVWm GD MXGDLFD GD PXOoXPDQD p
QHFHVViULR FRQVLGHUDU RXWUDV PDQLIHVWDo}HV
UHOLJLRVDV FRPR DV SURYHQLHQWHV GH FXOWXUDV
DIULFDQDV RULHQWDLV H GH RXWUDV SDUWHV GR PXQGR
LQFOXVLYH GH FXOWXUDV GH VRFLHGDGHV GLWDV
SULPLWLYDV SRUTXH QmR Ki HP DEVROXWR TXDOTXHU
UHVWULomRMXUtGLFDTXHLPSHoDRtQGLRRXDERUtJLQHGH
WUD]HUFRQVLJRVHXULWXDOGHFDVDPHQWR
5HOLJLmRpXPYtQFXORTXHOLJDRPXQGRSURIDQR
DRPXQGRVDJUDGR1DVYiULDVFXOWXUDVHVVDOLJDomR
p VLPEROL]DGD GH PDQHLUDV GLIHUHQWHV 5HOLJLmR p

SRUWDQWR XP FRQFHLWR DQWURSROyJLFR FXOWXUDO 


PRWLYR SHOR TXDO HVWDEHOHFHU XP FRQFHLWR MXUtGLFR
SDUD UHOLJLmR VLJQLILFD H[FOXLU GD SURWHomR
FRQVWLWXFLRQDO DV GLYHUVDV PDQLIHVWDo}HV UHOLJLRVDV
GH XPD VRFLHGDGH FRVPRSROLWD FRPR p D VRFLHGDGH
FRQWHPSRUkQHD &DVDPHQWR UHOLJLRVR p R FHOHEUDGR
FRQIRUPH RV ULWXDLV GH XPD UHOLJLmR H QmR R
FHOHEUDGR FRQIRUPH RV ULWXDLV GH GHWHUPLQDGD RX
GHWHUPLQDGDVUHOLJL}HVHOHLWDVSHOROHJLVODGRURXSHOR
LQWpUSUHWH FRPR DVPHOKRUHV 0HVPR RV UHOLJLRVRV
FRQVFLHQWHVWrPRFXLGDGRGHDILUPDUTXHQmRH[LVWH
XPD UHOLJLmR PHOKRU TXH D RXWUD 5HOLJLmR ERD p
DTXHOD HP TXH D SHVVRD VH VHQWH EHP SRUWDQWR D
PHOKRUUHOLJLmRpXPD DVXD HWRGDV DVGRVRXWURV 
(QILP D &RQVWLWXLomR )HGHUDO QmR GHILQH R
FRQFHLWR GH UHOLJLmR QHP DXWRUL]D R OHJLVODGRU
RUGLQiULR D GHILQLOR SRUTXH p XP FRQFHLWR
DQWURSROyJLFR PDV FRtEH SUiWLFDV DWHQWDWyULDV j
GLJQLGDGH GD SHVVRD KXPDQD PHVPR TXDQGR
UHYHVWLGDVGHULWXDLVUHOLJLRVRV
-85,67$6((92/8&,21,602
2V HVWXGRV UHDOL]DGRV SHORV DQWURSyORJRV
HYROXFLRQLVWDV D UHVSHLWR GDV SRSXODo}HV DQWLJDV H
SULPLWLYDV GRV VLVWHPDV GH SDUHQWHVFR GR PLWR GD
PDJLDHGDUHOLJLmRLQIOXHQFLDUDPHDLQGDLQIOXHQFLDP
RV HVWXGRV MXUtGLFRV 0DV DOpP GHVVDV
FRQWULEXLo}HVpSRVVtYHOGHVWDFDURXWUDV

,QIOXHQFLDGRVSHORVPRYLPHQWRVHYROXFLRQLVWDV
RV MXULVWDV GR VpFXOR ;,; SDVVDUDP D GLYXOJDU XPD
UHJUD WpFQLFD GH LQWHUSUHWDomR GHQRPLQDGDPpWRGR
KLVWyULFRHYROXWLYRTXHSHUPDQHFHQRVPDQXDLVGH
KHUPHQrXWLFD MXUtGLFD DWp RV GLDV DWXDLV 6HJXQGR
HVVD UHJUD DR LQWpUSUHWH FXPSUH ID]HU XPD
LQWHUSUHWDomR DWXDOL]DGRUD ,VVR GHYH VHU DVVLP
SRUTXHVHDDVUHODo}HVVRFLDLVHYROXHPHDVOHLVVH
PDQWrP HVWiWLFDV R GLUHLWR SHUGH D VXD IRUoD H HP
YH] GH SURPRYHU R EHP VRFLDO SDVVD D FULDU
SUREOHPDVFXMDVFRQVHTXrQFLDVVmRDVGHDWUDYDQFDU
RSURJUHVVR
0DLV UHFHQWHPHQWH DOJXQV WHyULFRV WrP
GHVWDFDGRTXHDLQWHUSUHWDomRKLVWyULFRHYROXWLYDRX
VRFLROyJLFDpQHFHVViULDSDUDUHVROYHURVSUREOHPDV
VHPkQWLFRV TXH VH LQWHUS}HP QR DWR LQWHUSUHWDWLYR
+HUEHUW+DUWSRUH[HPSORDSRQWDFRPRPRGDOLGDGH
GH LPSUHFLVmR VHPkQWLFD D GHQRPLQDGDWH[WXUD
DEHUWD TXH FRQVWLWXL XP YtFLR SRWHQFLDO TXH DIHWD
WRGDV DV SDODYUDV GD OLQJXDJHP QDWXUDO 9DOH GL]HU
QR GLUHLWR PRGHUQR DV QRUPDV MXUtGLFDV VmR
H[SUHVVDV HP SDODYUDV H HVWDV VmR VHPSUH YDJDV H
DPEtJXDV 3RU FDXVD GLVVR JHUDP LPSUHFLV}HV
VLJQLILFDWLYDV e GLItFLO SRUWDQWR HVWDEHOHFHU R UHDO
DOFDQFHHVHQWLGRGHXPDQRUPDMXUtGLFDH[SUHVVDQD
OLQJXDJHPQDWXUDORXVHMDSRUFDXVDGRVSUREOHPDV
VHPkQWLFRV YDJXLGDGH H DPELJXLGDGH  RV MXULVWDV
HQWHQGHP TXH QmR p SRVVtYHO XPD LQWHUSUHWDomR

XQtYRFD $66,6 
2V SUREOHPDV VHPkQWLFRV GD OLQJXDJHP
FRQVWLWXHP REMHWR GDUHJUD GH LQWHUSUHWDomR
KLVWyULFRHYROXWLYD RXVRFLROyJLFD 'H DFRUGR FRP
HVVD UHJUD R VLJQLILFDGR GDV SDODYUDV H H[SUHVV}HV
HVWDULDFRQGLFLRQDGRDRVPRPHQWRVFXOWXUDOSROtWLFR
H HFRQ{PLFR PRWLYR SHOR TXDO GHVWDFD D LQIOXrQFLD
GDDWPRVIHUDFXOWXUDOQDLQWHUSUHWDomRHDSOLFDomRGR
GLUHLWR
'H PRGR JHUDO RV MXULVWDV HQWHQGHP TXH
HPERUD QmR VHMD GHWHUPLQDQWH R LQWpUSUHWH GHYH
DYHULJXDU RV PRWLYRV FRPSRUWDPHQWRV  TXH
FRQGLFLRQDUDP D HGLomR GD QRUPD MXUtGLFD 'HYH
SRUWDQWR YHULILFDU DV FRQGLo}HV KLVWyULFDV GR
PRPHQWR GR QDVFLPHQWR GD OHL R SURMHWR VXD
MXVWLILFDWLYD RX H[SRVLomR GH PRWLYRV  H DV
FLUFXQVWkQFLDV IiWLFDV RX QHFHVVLGDGHV TXH
LQGX]LUDP R yUJmR OHJLVODWLYR D HODERUiOD 2 PDLV
LPSRUWDQWH SRUpP FRQVLVWH HP SURFHGHU D XP
OHYDQWDPHQWRGDVFLUFXQVWkQFLDVDWXDLVFRPRILWRGH
YHULILFDU DV IXQo}HV GR FRPSRUWDPHQWR H GDV
LQVWLWXLo}HV VRFLDLV QR FRQWH[WR H[LVWHQFLDO HP TXH
RFRUUHP $VVLP D SDODYUD RX H[SUHVVmR YDJD H
DPEtJXD VRE D OX] GD LQWHUSUHWDomR KLVWyULFR
HYROXWLYD RX VRFLROyJLFD GHYHUi VHU HQWHQGLGD HP
FRQIRUPLGDGH FRP DV FRQGLo}HV FXOWXUDLV VRFLDLV
SROtWLFDVHHFRQ{PLFDV DWXDLV2LQWpUSUHWHSRUWDQWR
GHYH GHVFUHYHU R VLJQLILFDGR GD QRUPD MXUtGLFD HP

FRQIRUPLGDGH FRP R FRQWH[WR H[LVWHQFLDO 2


LQWpUSUHWH QHVVD WUDMHWyULD SURGX] UHGHILQLo}HV GH
YHOKRV FRQFHLWRV (VVDV UHGHILQLo}HV SRGHP VHU
GHQRWDWLYDV RX FRQRWDWLYDV VHPSUH EDVHDGDV HP
GDGRV FXOWXUDLVVRFLROyJLFRV DWXDLVRTXHWRUQDD
LQWHUSUHWDomRHYROXWLYD
7DPEpP VRE D LQIOXrQFLD GR HYROXFLRQLVPR
YiULRV WHyULFRV GR GLUHLWR SURFXUDUDP HQWHQGHU R
IHQ{PHQR MXUtGLFR VRE R SULVPD GD HYROXomR
SULQFLSDOPHQWH QR TXH GL] UHVSHLWR DR
HVWDEHOHFLPHQWR GDV FDXVDV TXH SURYRFDP WDO
HYROXomR (VVHV WHyULFRV HP JHUDO FRQVLGHUDP TXH
RV IDWRUHV GD HYROXomR MXUtGLFD VmR RV PHVPRV GD
HYROXomR VRFLDO HP JHUDO SRUWDQWR R GLUHLWR HYROXL
HPFRQIRUPLGDGHFRPDHYROXomRGRVLVWHPDVRFLDO
'HQWUHHVVHVWHyULFRVGHVWDFDVH+HQU\/pY\%UXKO
+HQU\/pY\%UXKO
/pY\%UXKO   D   DR LQYHVWLJDU DV
FDXVDV GD HYROXomR GR GLUHLWR GHVWDFD WUrV IDWRUHV
HFRQ{PLFRVSROtWLFRVHFXOWXUDLV TXHDWXDPVREUH
R GLUHLWR H SURYRFDP PXGDQoDV (P UHODomR DRV
IDWRUHV HFRQ{PLFRV FRQVWDWD TXH D HVWUXWXUD
HFRQ{PLFD GH XPD VRFLHGDGH WUDGX]VH GH PDQHLUD
LQHOXWiYHO HP VHX GLUHLWR 2 GLUHLWR DUFDLFR URPDQR
SRU H[HPSOR HUD SHUIHLWDPHQWH DGDSWDGR D XPD
VRFLHGDGH GH SHTXHQRV DJULFXOWRUHV &RP D
H[SDQVmR URPDQD H R VXEVHTXHQWH VXUJLPHQWR GH

XPDFODVVHGHFRPHUFLDQWHVQRYDVPXGDQoDVIRUDP
LQWURGX]LGDVQRGLUHLWRSDUDDWHQGHUjVQHFHVVLGDGHV
GHVVD FODVVH 2 PHVPR IHQ{PHQR SRGH VHU
FRQVWDWDGR QD pSRFD PRGHUQD HP GHFRUUrQFLD GD
FULDomRGHJUDQGHVLQG~VWULDVHGRIRUWDOHFLPHQWRGD
FODVVH EXUJXHVD (P UHODomR DRV IDWRUHV SROtWLFRV
DQRWDTXHRIDWRPDLVFDUDFWHUtVWLFRQHVVDPDWpULDpD
FRQTXLVWD D DQH[DomR SHOD IRUoD DUPDGD 6XFHGH
TXDVH VHPSUH TXH R YHQFHGRU LPSRQKD DR YHQFLGR
VXDOHJLVODomRVHXGLUHLWRSULYDGRWDQWRTXDQWRVXD
FRQVWLWXLomR SROtWLFD (P UHODomR DRV IDWRUHV
FXOWXUDLV HQWHQGH TXH Ki XPD KDUPRQLD QHFHVViULD
HQWUH RV IDWRV MXUtGLFRV H RV IDWRV GH FXOWXUD $
FXOWXUD DWXD VREUH R GLUHLWR H VHJXQGR HOH EDVWD
DQRWDU TXH D FRQTXLVWD GD *UpFLD H[HUFHX LQIOXrQFLD
QmRVyVREUHDVDUWHVHOLWHUDWXUDGRVURPDQRVFRPR
VREUHVXDVLQVWLWXLo}HVMXUtGLFDV
3DUD /pY\%UXKO R GLUHLWR HVWi HP FRQVWDQWH
HYROXomRPDVRULWPRHYROXWLYRQmRpRPHVPRHP
WRGDV DV VRFLHGDGHV 1HVVH VHQWLGR GHVWDFD WUrV
PRGDOLGDGHV GH ULWPRV HYROXWLYRV HVWDJQDomR
HYROXomRUHJXODUHPXWDo}HVEUXVFDV$ HVWDJQDomR
GR GLUHLWR SRGH VHU REVHUYDGD QDV VRFLHGDGHV
SULPLWLYDVTXHYLYHPSDUDVLPHVPDVHQmRRIHUHFHP
DRREVHUYDGRUVHQmRYDULDo}HVTXDVHLPSHUFHSWtYHLV
QR WUDQVFXUVR GRV VpFXORV (VVD HVWDJQDomR TXH
OHYRX DV VRFLHGDGHV SULPLWLYDV D FRQVHUYDU TXDVH
LPXWiYHLV VXDV LQVWLWXLo}HV DQFHVWUDLV VHJXQGR HOH

GHFRUUHGDVFRQGLo}HVJHRJUiILFDVHGHPRJUiILFDVH
WDPEpP GR DPELHQWH PtVWLFR HP TXH YLYHP WDLV
VRFLHGDGHV$HYROXomRUHJXODUSRGHVHUREVHUYDGD
QD PDLRULD GDV VRFLHGDGHV e SUHFLVR SRUpP
GLVWLQJXLU HQWUH DV LQVWLWXLo}HV SULYDGDV H DV
LQVWLWXLo}HVS~EOLFDV(VWDV~OWLPDVVHJXQGRHOHVmR
PDLV IUiJHLV TXH DV SULPHLUDV LVWR SRUTXH DIHWDQGR
PDLV YLYDPHQWH RV VHQWLPHQWRV FROHWLYRV VXD
PXGDQoD DFRPSDQKDVH TXDVH VHPSUH GH YLROrQFLD
$R FRQWUiULR DV LQVWLWXLo}HV GH GLUHLWR SULYDGR HP
JHUDO DWUDYHVVDP VHP JUDQGHV PRGLILFDo}HV
SHUtRGRV FRQWXUEDGRV $VPXWDo}HV EUXVFDV VmR
SURYRFDGDVSRUUHYROXo}HVSRUTXHHVWDVLQWURGX]HP
QRYRV YDORUHV H SRU FRQVHJXLQWH SURGX]HP
PXGDQoDV QR VLVWHPD MXUtGLFR 1HVVH VHQWLGR FLWD
FRPRH[HPSORD5HYROXomRGHQD)UDQoDHDGH
QD5~VVLD
2XWUDVPDQLIHVWDo}HV
2V MXULVWDV HYROXFLRQLVWDV GH PRGR JHUDO
HQWHQGHP TXH D HYROXomR GR GLUHLWR HVWi
VXERUGLQDGDjUHDOLGDGHVRFLDOVXEMDFHQWHRXVHMDj
SUHVHQoDGHGHWHUPLQDGRVIDWRUHVTXHLQIOXHQFLDPD
HYROXomR GD VRFLHGDGH H GHILQH DV VXDV GLYHUVDV
HVWUXWXUDV3DXOR1DGHU D SRUH[HPSOR
HQWHQGHTXHRGLUHLWRSDUDVHULQVWUXPHQWRHILFD]GR
SURJUHVVR VRFLDO GHYH HVWDU DGHTXDGR j UHDOLGDGH
UHIOHWLQGR DV LQVWLWXLo}HV H D YRQWDGH FROHWLYD

SRUWDQWR D HYROXomR GR GLUHLWR GHYH H[SUHVVDU XP


HVIRUoRGROHJLVODGRUHPUHDOL]DUDDGDSWDomRGHVXDV
QRUPDVDRPRPHQWRKLVWyULFR$VVLPRVIDWRUHVTXH
LQIOXHQFLDPDYLGDVRFLDOSURYRFDQGROKHPXWDo}HV
YmR SURGX]LU LJXDO HIHLWR QR VHWRU MXUtGLFR
GHWHUPLQDQGR DOWHUDo}HV QR GLUHLWR SRVLWLYR (VVHV
IDWRUHV FKDPDGRVVRFLDLV H WDPEpPMXUtGLFRV
IXQFLRQDULDP FRPR PRWRUHV GD YLGD VRFLDO H GR
GLUHLWR
2 VIDWRUHV MXUtGLFRV RXVRFLDLV VmR DVVLP
HOHPHQWRVTXHFRQGLFLRQDPRVIHQ{PHQRVVRFLDLVH
HP FRQVHTXrQFLD LQGX]HP WUDQVIRUPDo}HV QR
GLUHLWR1DGHUDSRQWDGRLVJUDQGHVJUXSRVGHIDWRUHV
MXUtGLFRV UHVSRQViYHLV SHOD HYROXomR GR GLUHLWR
IDWRUHV QDWXUDLV HIDWRUHV FXOWXUDLV 2V GLYHUVRV
IDWRUHV QDWXUDLV TXH LQIOXHQFLDP R FRPSRUWDPHQWR
KXPDQR VmR DJUXSDGRV QRV VHJXLQWHV WLSRV D
JHRJUiILFR GL] UHVSHLWR DR FOLPD DRV UHFXUVRV
QDWXUDLV H jV FDUDFWHUtVWLFDV GR WHUULWyULR E
GHPRJUiILFR GL] UHVSHLWR D PDLRU RX PHQRU
FRQFHQWUDomRKXPDQDSRUTXLORPHWURTXDGUDGRVHP
XP WHUULWyULR F DQWURSROyJLFR DEUDQJH R JUDX GH
GHVHQYROYLPHQWR GDV SHVVRDV GH GHWHUPLQDGD
VRFLHGDGH GH DFRUGR FRP D VXD FRQVWLWXLomR
ILVLROyJLFDHPHQWDODEUDQJHWDPEpPRFDUiWHUpWQLFR
SHODV DSWLG}HV WHQGrQFLDV H FDUDFWHUtVWLFDV
SHFXOLDUHV D FDGD UDoD 'HQWUH RVIDWRUHV FXOWXUDLV
WDPEpP GHQRPLQDGRVKLVWyULFRV GHVWDFDPVH RV

VHJXLQWHVHFRQ{PLFRGHLQYHQomRPRUDOUHOLJLRVR
LGHROyJLFRHHGXFDFLRQDO
$R WUDWDU GRIDWRU QDWXUDO JHRJUiILFR 1DGHU
FRP EDVH QDV LQIRUPDo}HV GH 0DUFHO 0DXVV UHODWD
TXH XP H[HPSOR GD LQIOXrQFLD GR IDWRU FOLPiWLFR
VREUH D RUJDQL]DomR VRFLDO p UHSUHVHQWDGR SHOD
FXOWXUD HVTXLPy 'XUDQWH R YHUmR HVVD VRFLHGDGH p
SDWULDUFDOHVHIRUPDjEDVHGHSHTXHQDVIDPtOLDVTXH
QmR PDQWrP PDLRUHV YtQFXORV VRFLDLV 1R LQYHUQR D
IDPtOLD p JUDQGH H QmR SRVVXL FDUiWHU SDWULDUFDO D
FKHILDpHQWUHJXHDXPKRPHPYHOKRHERPFDoDGRU
RXSDLGHXPERPFDoDGRU6HXVPHPEURVFRQIRUPH
QDUUD 0DUFHO 0DXVV YLYHP HP XP FRPXQLVPR
HFRQ{PLFR H VH[XDO $VVLP H[SUHVVDQGR DV
SHFXOLDULGDGHV GH XPD HVWDomR H GH RXWUD Ki XP
GLUHLWRGHLQYHUQRHXPGHYHUmR
$R WUDWDU GRIDWRU FXOWXUDO UHODWLYR jV
LQYHQo}HV1DGHUOHPEUDTXHDVLQYHQo}HVSURYRFDP
QRYRV KiELWRV H FRVWXPHV GHWHUPLQDP D HYROXomR
QDVLQVWLWXLo}HVMXUtGLFDVYLVWRTXHHVWDVGHYHPVHU
XPUHIOH[RGDUHDOLGDGHVRFLDOVXEMDFHQWH$QRWDTXH
-HDQ &UXHW GHX JUDQGH UHDOFH j LPSRUWkQFLD GDV
LQYHQo}HV QD YLGD GR GLUHLWR DR REVHUYDU TXH R
ViELR VHP TXH R VXVSHLWH p XP WDQWR OHJLVODGRU
SRUTXH PXLWR PDLV TXH R MXULVWD SHORV VHXV
UDFLRFtQLRVSUHSDUDSHODVVXDVGHVFREHUWDVRGLUHLWR
GHDPDQKm'HXPODGRDVLQYHQo}HVHQYHOKHFHPR
GLUHLWR H GH RXWUR JHUDP D QHFHVVLGDGH VRFLDO GH

QRYRVLQVWUXPHQWRVMXUtGLFRV
3HUFHEHPVH QHVVDV PDQLIHVWDo}HV GH -HDQ
&UXHWDVLQIOXrQFLDVGH/HZLV0RUJDQXPDYH]TXH
SDUDHVVHDQWURSyORJRHMXULVWDDFDXVDSULQFLSDOGD
HYROXomR HVWi OLJDGD jV LQYHQo}HV H GHVFREHUWDV
$QWHV GH HQFHUUDU D SDUWH GHGLFDGD DR
HYROXFLRQLVPR PHUHFHP VHU GHVWDFDGDV DOJXPDV
QRo}HV HVWDEHOHFLGDV SRU /HZLV 0RUJDQ D SDUWLU GD
DQiOLVH TXH IH] GDV VRFLHGDGHV SULPLWLYDV
SULQFLSDOPHQWH SHOD LQIOXrQFLD TXH WDLV QRo}HV
H[HUFHUDPVREUHRPDU[LVPRHSHODFRQWULEXLomRTXH
GHUDP SDUD D FRPSUHHQVmR GR IHQ{PHQR MXUtGLFR
'HQWUH HVVDV QRo}HV GHVWDFDPVH D DQiOLVH GR
VLVWHPDGHSDUHQWHVFRHGRVLVWHPDGHSURGXomRRV
TXDLVVHUmRH[SRVWRVWRPDQGRFRPREDVHROLYURGH
)ULHGULFK
(QJHOV$ RULJHP GD IDPtOLD GD
SURSULHGDGHHGR(VWDGR

9,,, /(:,6

025*$1 

$175232/2*,$62&,$/(3$5(17(6&2
3DUD /pYL6WUDXVV   0RUJDQ IXQGRX
VLPXOWDQHDPHQWHDDQWURSRORJLDVRFLDOHRVHVWXGRV
GH SDUHQWHVFR H[SOLFDQGR SRU TXH D SULPHLUD GHYH
DWULEXLU WDQWD LPSRUWkQFLD DRV VHJXQGRV 'H DFRUGR
FRP0RUJDQGHWRGRVRVIDWRVVRFLDLVRVTXHGL]HP
UHVSHLWR DR SDUHQWHVFR H DR FDVDPHQWR PDQLIHVWDP
QR PDLV DOWR JUDX HVVHV FDUDFWHUHV GXUiYHLV
VLVWHPiWLFRVHFRQWtQXRVTXHGmRRFDVLmRjDQiOLVH
FLHQWtILFD
0RUJDQ HOHJH FRPR REMHWR GD DQWURSRORJLD D
DQiOLVH GRV SURFHVVRV GH HYROXomR TXH
FRPSUHHQGHP DV OLJDo}HV HQWUH DV UHODo}HV VRFLDLV
MXUtGLFDVHSROtWLFDV$OLJDomRHQWUHHVVHVGLIHUHQWHV
DVSHFWRV GR FDPSR VRFLDO HVWDEHOHFH DV
FDUDFWHUtVWLFDV GH GHWHUPLQDGR SHUtRGR GD KLVWyULD
KXPDQD 1R HVWXGR GDVRFLHGDGH DUFDLFD LQWURGX]
GXDV QRYLGDGHV D SULPHLUD WRPD DV VRFLHGDGHV
DUFDLFDV FRPR REMHWR GH HVWXGR H DV UHLQWHJUD SHOD

SULPHLUD YH] QD KXPDQLGDGH LQWHLUD H DR IRFDU R


GHVHQYROYLPHQWR PDWHULDO GHVVDV VRFLHGDGHV R
FRQKHFLPHQWR GD KLVWyULD FRPHoD D VHU SRVWR VREUH
EDVHV WRWDOPHQWH GLIHUHQWHV GDV GR LGHDOLVPR
ILORVyILFR E VHJXQGD RV HOHPHQWRV GD DQiOLVH
FRPSDUDWLYD QmR VmR PDLV FRVWXPHV FRQVLGHUDGRV
EL]DUURVHVLPUHGHVGHLQWHUDomRIRUPDQGRVLVWHPDV
WHUPR TXH XWLOL]D SDUD DV UHODo}HV GH SDUHQWHVFR
/$3/$7,1( 
&RPR REVHUYD 0HOOR     0RUJDQ
WHYH DLQGD R PpULWR GH GLVWLQJXLU QR VHX HVWXGR D
UHVSHLWR GD RUJDQL]DomR VRFLDO VLVWHPDV GH
SDUHQWHVFR  WUrV DVSHFWRV GD FXOWXUD D  R
HTXLSDPHQWRWpFQLFR DVSHFWRPDWHULDOGDFXOWXUD E
D RUJDQL]DomR VRFLDO H F  D QRPHQFODWXUD RX
HTXLSDPHQWR VLPEyOLFR 3DUD 0RUJDQ RV
HTXLSDPHQWRV WpFQLFRV FRQVWLWXHP R IDWRU GLQkPLFR
TXH TXDQGR PXGDGR SURYRFD WUDQVIRUPDo}HV QD
SUySULD RUJDQL]DomR VRFLDO H DWR FRQWtQXR QRV
HTXLSDPHQWRV VLPEyOLFRV 0RUJDQ QmR GHVSUH]RX D
LPSRUWkQFLD GDV LGHLDV FRPR R SULQFtSLR PRWRU GDV
PXGDQoDV PDV YLX QR DUFDERXoR WHFQROyJLFR
LQYHQo}HV H GHVFREHUWDV  R UHVSRQViYHO LPHGLDWR
SHODRUJDQL]DomRVRFLDOHSHORFRQMXQWRVLPEyOLFR
0RUJDQIRLXPGRVSULPHLURVDUHDOL]DUSHVTXLVD
GH FDPSR HWQRJUDILD  IDWR TXH OKH SRVVLELOLWRX
HVWDEHOHFHU R FDPLQKR VHJXLGR SHOD RUJDQL]DomR
IDPLOLDU DWUDYpV GRV YiULRV HVWiJLRV GH

GHVHQYROYLPHQWR 1HVVH VHQWLGR GLVWLQJXLX WUrV


SHUtRGRVRXHVWiJLRVGHHYROXomRGDKXPDQLGDGHD
VHOYDJHULD E  EDUEiULH H F  FLYLOL]DomR 2 SHUtRGR
G H Q R PL Q D G RVHOYDJHULD FDUDFWHUL]DVH SHOR
PDWULP{QLR SRU JUXSRV QHVVH SHUtRGR SUHGRPLQD D
DSURSULDomR GH SURGXWRV GD QDWXUH]D SURQWRV SDUD
VHUHPXWLOL]DGRVHDVSURGXo}HVDUWLILFLDLVGRKRPHP
VmR VREUHWXGR GHVWLQDGDV D IDFLOLWDU HVVD
DSURSULDomR 2 SHUtRGR GHQRPLQDGREDUEiULH
FDUDFWHUL]DVH SHOR PDWULP{QLR VLQGLiVPLFR
PRQRJDPLD DSHQDV SDUD D PXOKHU  QHVVH SHUtRGR
DSDUHFHP D FULDomR GH JDGR D DJULFXOWXUD SRU PHLR
GR WUDEDOKR KXPDQR D FHUkPLFD H D IXQGLomR GR
IHUUR2SHUtRGRGHQRPLQDGRFLYLOL]DomRFDUDFWHUL]D
VH SHOR PDWULP{QLR PRQRJkPLFR QHVVH SHUtRGR R
KRPHP FRQWLQXD D HODERUDU RV SURGXWRV QDWXUDLV
PDV WDPEpP p R SHUtRGR GD LQG~VWULD SURSULDPHQWH
GLWDHGDDUWH
025*$1(20$5;,602
0RUJDQ H[HUFHX JUDQGH LQIOXrQFLD QRV DXWRUHV
PDU[LVWDV SULQFLSDOPHQWH HP )ULHGULFK (QJHOV
TXDQGR HVWH HVFUHYH$ RULJHP GD IDPtOLD GD
SURSULHGDGH H GR (VWDGR 1R SUHIiFLR j SULPHLUD
HGLomR   GHVVH OLYUR (QJHOV    GL] TXH
.DUO0DU[TXHULDH[SRUSHVVRDOPHQWHRVUHVXOWDGRV
GDV LQYHVWLJDo}HV GH 0RUJDQ HP UHODomR jV
FRQFOXV}HV GD VXD DQiOLVH PDWHULDOLVWD GD KLVWyULD

SDUD HVFODUHFHU DVVLP H VRPHQWH DVVLP WRGR R VHX


DOFDQFH1D$PpULFDGL](QJHOV0RUJDQGHVFREULX
jVXDPDQHLUDDFRQFHSomRPDWHULDOLVWDGDKLVWyULD
IRUPXODGD SRU 0DU[ TXDUHQWD DQRV DQWHV  H
EDVHDGR QHOD FKHJRX FRQWUDSRQGR EDUEiULH H
FLYLOL]DomR DRV PHVPRV UHVXOWDGRV HVVHQFLDLV GH
0DU[1RSUHIiFLRjTXDUWDHGLomR  (QJHOVGL]
TXH R WUDEDOKR GH 0RUJDQ$ VRFLHGDGH DQWLJD
FRQVWLWXLDEDVHGHVHXOLYUR$RULJHPGDIDPtOLDGD
SURSULHGDGHHGR(VWDGR
3DUD (QJHOV 0RUJDQ RUJDQL]D D LQYHVWLJDomR
GDV VRFLHGDGHV DUFDLFDV HP FRQIRUPLGDGH FRP D
FRQFHSomR PDWHULDOLVWD VHJXQGR D TXDO R IDWRU
GHFLVLYR QD KLVWyULD p HP ~OWLPD LQVWkQFLD D
SURGXomR H D UHSURGXomR GD YLGD LPHGLDWD ,VVR
VLJQLILFD TXH D RUGHP VRFLDO GH XPD pSRFD HVWi
GHWHUPLQDGDSRUGXDVHVSpFLHVGHSURGXomRD SHOR
JUDXGHGHVHQYROYLPHQWRGRWUDEDOKRTXDQWRPHQRV
GHVHQYROYLGR p R WUDEDOKR PDLV UHVWULWD p D
TXDQWLGDGHGRVVHXVSURGXWRVHSRUFRQVHTXrQFLD
DULTXH]DGDVRFLHGDGHE SHORJUDXGHLQIOXrQFLDGD
IDPtOLD TXDQWR PHQRV GHVHQYROYLGR p R WUDEDOKR
FRPPDLRUIRUoDVHPDQLIHVWDDLQIOXrQFLDGRPLQDQWH
GRVODoRVGHSDUHQWHVFRVREUHRUHJLPHVRFLDO
&RQWXGR QR TXDGUR GHVVD HVWUXWXUD GD
VRFLHGDGH EDVHDGD QRV ODoRV GH SDUHQWHVFR D
SURGXWLYLGDGH GR WUDEDOKR DXPHQWD VHP FHVVDU H
FRPHODGHVHQYROYHPVHDSURSULHGDGHSULYDGDHDV

WURFDV DV GLIHUHQoDV GH ULTXH]D D SRVVLELOLGDGH GH


HPSUHJDUIRUoDGHWUDEDOKRDOKHLD6XUJHDVVLPDEDVH
GRV DQWDJRQLVPRV GH FODVVH 2V QRYRV HOHPHQWRV
VRFLDLV SURFXUDP QR WUDQVFXUVR GDV JHUDo}HV
DGDSWDU D YHOKD HVWUXWXUD GD VRFLHGDGH jV QRYDV
FRQGLo}HVDWpTXHSRUILPDLQFRPSDWLELOLGDGHHQWUH
RV QRYRV HOHPHQWRV VRFLDLV H D YHOKD HVWUXWXUD GD
VRFLHGDGH OHYD D XPD UHYROXomR FRPSOHWD (P
FRQVHTXrQFLDGRFKRTXHGDVFODVVHVVRFLDLVUHFpP
IRUPDGDV D VRFLHGDGH DQWLJD EDVHDGD QDV XQL}HV
JHQWtOLFDV GHVDJUHJDVH Gi OXJDU D XPD QRYD
VRFLHGDGH RUJDQL]DGD HP (VWDGR FXMDV XQLGDGHV
LQIHULRUHV Mi QmR VmR JHQWtOLFDV H VLP XQLGDGHV
WHUULWRULDLVXPDVRFLHGDGHHPTXHRUHJLPHIDPLOLDU
HVWi FRPSOHWDPHQWH VXEPHWLGR jV UHODo}HV GH
SURSULHGDGHHQDTXDOWrPOLYUHFXUVRDVFRQWUDGLo}HV
GH FODVVH H D OXWD GH FODVVHV TXH FRQVWLWXHP R
FRQWH~GRGHWRGDKLVWyULDHVFULWDDWpRVQRVVRVGLDV
(QJHOV 
3DUD (QJHOV    R JUDQGH PpULWR GH
0RUJDQ p R GH WHU GHVFREHUWR H UHVWDEHOHFLGR QRV
VHXV WUDoRV HVVHQFLDLV HVVH IXQGDPHQWR SUp
KLVWyULFR GD QRVVD KLVWyULD HVFULWD H R GH WHU
HQFRQWUDGR QDV XQL}HV JHQWtOLFDV GRV tQGLRV QRUWH
DPHULFDQRV D FKDYH SDUD GHFLIUDU LPSRUWDQWtVVLPRV
HQLJPDV GD KLVWyULD DQWLJD GD *UpFLD 5RPD H
$OHPDQKD  $IDPtOLDGL]0RUJDQpRHOHPHQWR
DWLYR QXQFD SHUPDQHFH HVWDFLRQiULD PDV SDVVD GH

XPD IRUPD LQIHULRU D XPD IRUPD VXSHULRU j PHGLGD


TXH D VRFLHGDGH HYROXL GH XP JUDX PDLV EDL[R SDUD
RXWURPDLVHOHYDGR2VVLVWHPDVGHSDUHQWHVFRSHOR
FRQWUiULR VmR SDVVLYRV Vy GHSRLV GH ORQJRV
LQWHUYDORV UHJLVWUDP RV SURJUHVVRV IHLWRV SHOD
IDPtOLDHQmRVRIUHPXPDPRGLILFDomRUDGLFDOVHQmR
TXDQGR D IDPtOLD Mi VH PRGLILFRX UDGLFDOPHQWH  
.DUO0DU[DFUHVFHQWD2PHVPRDFRQWHFHHPJHUDO
FRP RV VLVWHPDV SROtWLFRV MXUtGLFRV UHOLJLRVRV H
ILORVyILFRV
7RPDQGR FRPR SRQWR GH SDUWLGD DV QRo}HV
HVWDEHOHFLGDV SRU 0RUJDQ FRQIRUPH HVSHFLILFDGDV
QD REUD GH (QJHOV ID]VH QD VHTXrQFLD XPD EUHYH
DQiOLVH GH DOJXQV SULQFtSLRV IRUMDGRV QD DXURUD GD
KXPDQLGDGH FRPXQLGDGHV JHQWtOLFDV  H VXDV
UHSHUFXVV}HVQRkPELWRGRGLUHLWR
&2081,'$'(*(17/,&$
2SULPHLURIDWRKLVWyULFRTXHVHSRGHYLVXDOL]DU
QD DXURUD GD KXPDQLGDGH p D SURGXomR GRV PHLRV
QHFHVViULRV j VREUHYLYrQFLD TXH FRQVLVWH QR
VXSULPHQWRGDVQHFHVVLGDGHVEiVLFDVHYLWDLVFRPHU
EHEHU YHVWLUVH H WHU XP DEULJR 2 SULPHLUR IDWR
KLVWyULFR p SRUWDQWR D SURGXomR GD SUySULD YLGD
PDWHULDO
PHGLGDTXHDVFULDWXUDVVmRLQFDSD]HVSRUVL
PHVPDV GH JDUDQWLU D SURGXomR GD SUySULD YLGD
PDWHULDO LVWR FRQGX] j IRUPDomR GH XPDKRUGD XP

JUXSR IDPLOLDU $ DVVRFLDomR DVVLP FRQVWLWXtGD


GHVHQYROYH IRUPDV GH DMXGD P~WXD H PDQWpPVH
XQLGD SDUD TXH WRGRV REWHQKDP RV PHLRV GH
VXEVLVWrQFLD 2V IDWRV KXPDQRV RULJLQiULRV VmR
SRUWDQWRDVUHODo}HVGRVKRPHQVFRPDQDWXUH]DQD
OXWD SHOD VREUHYLYrQFLD H HVVDV UHODo}HV VmR DV GH
WUDEDOKRTXHGmRRULJHPjSULPHLUDLQVWLWXLomRVRFLDO
D IDPtOLD 8PD YH] VDWLVIHLWDV DV SULPHLUDV
QHFHVVLGDGHV YLWDLV D DomR H RV LQVWUXPHQWRV
XWLOL]DGRV SDUD WDO HQJHQGUDP QRYDV QHFHVVLGDGHV
TXH YmR WRUQDQGR D RUJDQL]DomR VRFLDO PDLV
FRPSOH[D'DtYHPDWHVHGH0DU[VHJXQGRDTXDORV
KRPHQVID]HPVXDSUySULDKLVWyULDPDVQmRDID]HP
HP FRQGLo}HV HVFROKLGDV SRU HOHV 6mR
KLVWRULFDPHQWH GHWHUPLQDGDV SHODV FRQGLo}HV TXH
SURGX]HPVXDVYLGDV
1R SULPHLUR HVWiJLR GDIDPtOLD SULPLWLYD
SUHGRPLQDRSHUtRGRGHDSURSULDomRGHSURGXWRVGD
QDWXUH]D SURQWRV SDUD VHUHP XWLOL]DGRV $V
SURGXo}HV DUWLILFLDLV GR KRPHP VmR VREUHWXGR
GHVWLQDGDV D IDFLOLWDU HVVD DSURSULDomR
3RVWHULRUPHQWHFRPDLQYHQomRGRDUFRHGDIOHFKD
RVDQLPDLVFDoDGRVWRUQDPVHXPDOLPHQWRUHJXODUH
D FDoD XPD GDV RFXSDo}HV FRVWXPHLUDV 2 WUDEDOKR
FROHWLYRpUHDOL]DGRQRkPELWRGDIDPtOLDWHQGRQHOH
KRPHQV H PXOKHUHV D PHVPD LPSRUWkQFLD (VVH
WUDEDOKR GHVHQYROYH D LQWHUFRPXQLFDomR H SHUPLWH
OHYDUDGLDQWHDUHDOL]DomRGHWDUHIDVPDLVFRPSOH[DV

FRPR D SURGXomR GRV SUySULRV DOLPHQWRV 6XUJH D


DJULFXOWXUDHFRPHODDFULDomRGHDQLPDLVHRDUDGR
2SULPHLURHVWiJLRGRJUXSRSULPRUGLDOpDIDPtOLD
FRQVDQJXtQHD 1HVWD WRGRV RV DY{V H DYyV QRV
OLPLWHVGDIDPtOLDVmRPDULGRVHPXOKHUHVHQWUHVL2
PHVPR RFRUUH FRP VHXV ILOKRV H DVVLP
VXFHVVLYDPHQWH1XPVHJXQGRHVWiJLRRXSURJUHVVR
QD RUJDQL]DomR IDPLOLDU VmR H[FOXtGRV GDV UHODo}HV
VH[XDLVUHFtSURFDVRVLUPmRVHVVDH[FOXVmRDFRQWHFH
JUDGDWLYDPHQWH FRPHoD SHOD H[FOXVmR GRV LUPmRV
XWHULQRVDWpDWLQJLURVLUPmRVFRODWHUDLVRXVHMDRV
SULPRVFRQIRUPHGHQRPLQDomRDWXDO
8PD YH] SURLELGDV DV UHODo}HV VH[XDLV HQWUH
WRGRVRVLUPmRVHLUPmVLQFOXVLYHRVFRODWHUDLVPDLV
GLVWDQWHVSRUOLQKDPDWHUQDRJUXSRWUDQVIRUPDVH
QXPJHQRVLVWRpFRQVWLWXLVHQXPFtUFXORIHFKDGR
GH SDUHQWHV FRQVDQJXtQHRV SRU OLQKD IHPLQLQD TXH
QmRSRGHPFDVDUVHXQVFRPRVRXWURV(DSDUWLUGH
HQWmR HVWH FtUFXOR FRQVROLGDVH FDGD YH] PDLV SRU
PHLR GH LQVWLWXLo}HV FRPXQV GH RUGHP VRFLDO H
UHOLJLRVD TXH R GLVWLQJXH GRV RXWURVJHQRV GD
PHVPDWULER (1*(/6 
$ FRPXQLGDGH JHQWtOLFD p DVVLP XP JUXSR
OLJDGR SRU ODoRV GH VROLGDULHGDGH TXH PDQWrP
RUJDQL]DGD D WRWDOLGDGH GD YLGD VRFLDO &RP D
GHVDJUHJDomR GD FRPXQLGDGH JHQWtOLFD HVVHV ODoRV
GH VROLGDULHGDGH VH GLOXHP 2 URPSLPHQWR GR
SULQFtSLRGDVROLGDULHGDGH VLJQLILFD SRUWDQWR XPD

HQRUPH SHUGD SDUD D RUJDQL]DomR KXPDQD GDt D


LPSRUWkQFLDGHLQYHVWLJDUDVXDIRUPDomRHSRVWHULRU
GLVVROXomR
3ULQFtSLRGDVROLGDULHGDGH
$ FRPXQLGDGH JHQWtOLFD JHQRV  FRQVLVWH HP
XPDIRUPDGHDVVRFLDomRHPTXHRVPHPEURVTXHD
FRPS}HP HVWmR XQLGRV SHOR YtQFXOR GR SDUHQWHVFR
RX GD GHVFHQGrQFLD FRPXP SDUHQWHVFR H
GHVFHQGrQFLD HIHWLYD H UHDO RX VLPSOHVPHQWH
SUHVXPLGD H ILFWtFLD LQWHULRUPHQWH FDUDFWHUL]DGR SRU
XPD HVWUHLWD VROLGDULHGDGH GRV PHPEURV HQWUH VL
9DQQL 
1 RJHQRV QmR H[LVWH SURSULHGDGH SULYDGD D
SURSULHGDGH GD WHUUD p FROHWLYD (P YLUWXGH GHVVD
HVWUXWXUD RV YtQFXORV GH VROLGDULHGDGH VmR
IRUWDOHFLGRV 1HVVH WLSR GH RUJDQL]DomR D
FRPSOH[LGDGHpEDVWDQWHUHGX]LGDSRUTXHWRGDVDV
IXQo}HV VRFLDLV HQFRQWUDP VXD EDVH QDWXUDO VXD
VXVWHQWDomRVRFLDOHVXDOHJLWLPDomRQDSUR[LPLGDGH
GR SDUHQWHVFR ,VVR p YiOLGR SDUD DV IXQo}HV
HFRQ{PLFDV GR DX[tOLR P~WXR H GD FRPSHQVDomR GH
QHFHVVLGDGHV6HDXQLGDGHGHSDUHQWHVFRH[WUDYDVD
R WDPDQKR Pi[LPR GR FRQYtYLR IDPLOLDU RFRUUH D
IUDJPHQWDomRVHJPHQWiULDSULQFLSDOPHQWHQRVHQWLGR
GHIRUPDomRGHRXWUDVIDPtOLDVFXMDFRHVmRHPXPD
WULER p PDQWLGD FRP EDVH QD DVFHQGrQFLD H QD
KLVWyULDFRPXP /8+0$11 

2 SRGHU GH HVWDEHOHFHU R HTXLOtEULR VRFLDO HVWi


GRPLQDGR SHOR HOHPHQWR RUJDQL]DGRU IXQGDGR QR
SULQFtSLRGRSDUHQWHVFRTXHVHFDUDFWHUL]DSHODVXD
DXWRVVXILFLrQFLD DV SHVVRDV VLPSOHVPHQWH VmR
SDUHQWHV  H SHOD DXVrQFLD GH DOWHUQDWLYDV Mi HVWmR
GHWHUPLQDGRV R JUDX H D SUR[LPLGDGH RX GLVWkQFLD
GHVVH SDUHQWHVFR  (VVD FDUDFWHUtVWLFD OLPLWD D
FRPSOH[LGDGH TXH QmR SRGH VHU DPSOLDGD PDV
DSHQDV UHSHWLGD 8PD RUJDQL]DomR HP TXH D
FRPSOH[LGDGHpUHGX]LGDDVVLWXDo}HVREMHWLYDPHQWH
GDGDV VmR SREUHV HP DOWHUQDWLYDV H LVVR GH FHUWD
IRUPDOLPLWDDDomRHDFULDWLYLGDGHGRSHQVDPHQWR
PRWLYR SHOR TXDO DV PXGDQoDV QDV FRPXQLGDGHV
JHQWtOLFDV RFRUUHP GH IRUPD OHQWD jV YH]HV
LPSHUFHSWtYHLV
$ VROLGDULHGDGH UHSUHVHQWD XPD HVSpFLH GH
P~WXRRXWURFDTXHHQYROYHDSD]HDGHIHVD$VVLP
HPWRGDRIHQVDRXOHVmRTXHWHQKDUHFHELGRXPGRV
PHPEURV GR JUXSR LQWHUYpP WRGR JUXSR VROLGiULR
FRPHOHSDUDREWHUUHSDUDomR 9$11, $
UHDomR FROHWLYD LQVSLUDVH QD QRomR VHJXQGR D TXDO
RVPHPEURVGRJUXSRJDUDQWHPUHFLSURFDPHQWHDSD]
HDGHIHVD4XHPSUDWLFDXPDWRSHUWXUEDGRULQIULQJH
DSD]HSRUWDQWRGHYHVHUSRVWRIRUDGHOD
(P pSRFDV GH JXHUUD RVJHQRV XQHPVH HP
JUXSRV PDLRUHV FKDPDGRVIUDWLDV
DVIUDWLDV
DSDUHQWDGDV IRUPDP DWULER $ VROLGDULHGDGH GRV
JHQRV FRQWXGR QmR HVWi DGVWULWD VRPHQWH jV

TXHVW}HV PLOLWDUHV $ IUDWLD LQFRUSRUD WDPEpP


GLUHLWRV H GHYHUHV UHFtSURFRV HVSHFLDOPHQWH RV TXH
FRQVLVWHP QD FRPXQLGDGH GH FHUWRV ULWRV UHOLJLRVRV
FHULP{QLDVVDFUDVSHULyGLFDV 
6ROLGDULHGDGHHFRVWXPH
$ FRQYLYrQFLD KXPDQD SURGX]LGD SHOR JUXSR p
JHUDGRUD GH UHJUDV SRUWDQWR DR ORQJR GH VXD
KLVWyULD R JUXSR SULPLWLYR HVWDEHOHFH UHJUDV GH
FRQGXWDHSDVVDDVHURUJDQL]DGRFRQIRUPHHODV2
IDWR GR UHSHWLU FRQVWDQWH H XQLIRUPH GH FHUWRV DWRV
FRQVWLWXLHMiLPSOLFDXPDDXWRULGDGHDDXWRULGDGHGR
SUHFHGHQWH 2 FRVWXPH WUDQVPLWHVH GH JHUDomR HP
JHUDomRDWUDGLomRFRPR FRUUHU GR WHPSR VH WRUQD
PHPRUiYHO H LQGX] DR UHVSHLWR H j REVHUYkQFLD
9$11, 
$VVLPFHUWRVFRPSRUWDPHQWRVHFHUWDVPDQHLUDV
GH DJLU SHOD UHSHWLomR FRQVWDQWH YmRVH WRUQDQGR
UHJUDV JHUDLV GH FRQGXWD (VVDV UHJUDV SDVVDP D
UHSUHVHQWDUXPDRUGHPVDJUDGDTXHREULJDRKRPHP
H D GLYLQGDGH SRU LVVR R FRPSRUWDPHQWR FRQWUiULR
DFDUUHWD XPD GHVLOXVmR PXLWR DFHQWXDGD j
H[SHFWDWLYDFRQVDJUDGDSHODVUHJUDV3HUWHQFHUDXP
JUXSRVRFLDOHQHOHFRQYLYHUpHVWDUHPFRQIRUPLGDGH
FRP R GLUHLWR GHVVH JUXSR LVWR p HP FRQIRUPLGDGH
FRP DV UHJUDV GR JUXSR TXH WDPEpP VmR DV UHJUDV
TXHULGDV SHOD GLYLQGDGH $ LGHLD GH SHUWLQrQFLD DR
JUXSR VRFLDO VH IRUWDOHFH SRU LQWHUPpGLR GHVVD

SUiWLFD2GLUHLWRGRJUXSRpVHQWLGRFRPRR~QLFR
GLUHLWR SRVVtYHO DWp SRUTXH R LQGLYtGXR QmR SRVVXL
QHQKXP DFHVVR LQGHSHQGHQWH GH VXD SDUHQWHOD DR
GHVHQFDGHDPHQWR GH RXWUDV SRVVLELOLGDGHV
/8+0$11    1R KRUL]RQWH GR GLUHLWR
DUFDLFR Vy KD OXJDU SDUD XPD ~QLFD RUGHP D
H[LVWHQWH )(55$=-5 
2 GLUHLWR DUFDLFR SHUGH FRQVLVWrQFLD FRP D
IUDJPHQWDomR GD FRPXQLGDGH JHQWtOLFD HP IDPtOLDV
PHQRUHV IDPtOLD PRQRJkPLFD  H R FRQVHTXHQWH
DSDUHFLPHQWR GH IRUPDV PDLV FRPSOH[DV GH
UHODFLRQDPHQWR VRFLDO SURSULHGDGH SULYDGD FODVVHV
VRFLDLV HVFUDYLGmR HWF &RP D IUDJPHQWDomR GR
JHQRV RSULQFtSLR GR SDUHQWHVFR PLJUD SDUD D
RUJDQL]DomR PHQRU HP SURFHVVR GH FRQVWUXomR
IDPtOLD PRQRJkPLFD  LPSULPLQGROKH DXWRQRPLD HP
UHODomR DR SUySULRJHQRV 2 SURFHVVR KLVWyULFR
PRVWUD TXH D HYROXomR GD IDPtOLD FRQVLVWH QXPD
UHGXomR FRQVWDQWH GR FtUFXOR GH SHVVRDV TXH D
FRPS}H H FRP LVVR WDPEpP VH UHGX] R FtUFXOR GH
DEUDQJrQFLDGRSULQFtSLRGDVROLGDULHGDGH
$SHVDUGDFRQVWDQWHUHGXomRGRFtUFXORIDPLOLDU
QR GHFRUUHU GR SURFHVVR KLVWyULFR DOJXQV DVSHFWRV
GD FRPXQLGDGH JHQWtOLFD SHUPDQHFHP QD VRFLHGDGH
PRGHUQD 1HVVH VHQWLGR D 218 UHFRQKHFH TXH
TXDQGR D HFRQRPLD IDPLOLDU HVWi EDVHDGD QD
DJULFXOWXUDRXQRXWUDDWLYLGDGHSUySULDDRPHLRUXUDO
H H[LVWH D WUDGLFLRQDO IDPtOLD DPSOLDGD SRGHPVH

FRQILDU WDUHIDV ~WHLV D WRGDV DV SHVVRDV 3RUpP j


PHGLGDTXHDDJULFXOWXUDVHWRUQDPHFDQL]DGDHPDLV
FRPHUFLDOL]DGD TXH DV WUDQVDo}HV PRQHWiULDV
VXEVWLWXHP R VLVWHPD GH WURFDV H D IDPtOLD DPSOLDGD
VH GHVLQWHJUD DV SHVVRDV DEDQGRQDP DV UHJL}HV
UXUDLVHVHGLULJHPDRV FHQWURV XUEDQRV H SDVVDP D
FRQYLYHUFRPDIDOWDGHWUDEDOKR1RVEDLUURVSREUHV
GDVFLGDGHVDFRQFRUUrQFLDSDUDFRQVHJXLUWUDEDOKRp
JUDQGHHSRUHVVHPRWLYRPXLWDVSHVVRDVUHVLGHQWHV
QHVVDV ]RQDV YHHPVH IRUoDGDV j LQDWLYLGDGH H VmR
REULJDGDV D UHFRUUHU j PHQGLFkQFLD 3$0218
 
e SRVVtYHO SHUFHEHU TXH QDV FRPXQLGDGHV
SULPLWLYDV DLQGD H[LVWHQWHV JUXSRV LQGtJHQDV  RV
LQGLYtGXRV FRPSDUWLOKDP R PHVPR GHVWLQR PRWLYR
SHOR TXDO WRGRV VH VHQWHP UHVSRQViYHLV XQV SHORV
RXWURV (VVD QRomR GH VROLGDULHGDGH IRUMDGD QD
DXURUD GD KXPDQLGDGH H SUHVHQWH HP WRGDV DV
FRPXQLGDGHV SDUHFH TXH ILFRX HP XP SDVVDGR
GLVWDQWHORQJtQTXRSRULVVRLUUHFXSHUiYHO
),0'$62/,'$5,('$'(
$ FLGDGH SROLV  VXUJH D SDUWLU GD FULVH TXH VH
LQVWDXUDQDRUJDQL]DomRJHQWtOLFD$ SROLVUHSUHVHQWD
XP GRPtQLR SROtWLFR ORFDOL]DGR QXP FHQWUR GH
DGPLQLVWUDomR GLIHUHQFLDGR GD RUJDQL]DomR IDPLOLDU
&RP R DGYHQWR GDSROLV RFRUUH XP DXPHQWR
FRQVLGHUiYHO GD FRPSOH[LGDGH GD YLGD VRFLDO H GD

FRQWLQJrQFLD GDV UHODo}HV KXPDQDV 2 PXQGR VH


WRUQDPDLVSUREOHPiWLFRSHODDPSOLDomRGRKRUL]RQWH
GHSRVVLELOLGDGHVSHORDSDUHFLPHQWRGHXPXQLYHUVR
PDLVDPSORHPDOWHUQDWLYDVFRQIOLWRVHFRQWUDGLo}HV
1R kPELWR GR GLUHLWR LVVR VLJQLILFD TXH XP Q~PHUR
PDLRU GH FRPSRUWDPHQWRV PDLV YDULDGRV WRUQDVH
MXULGLFDPHQWHSRVVtYHO /8+0$11 
5RXVVHDX  DRDERUGDUDRULJHPHRV
IXQGDPHQWRV GDV GHVLJXDOGDGHV HQWUH RV KRPHQV
DSRQWDGXDVHVSpFLHVGHGHVLJXDOGDGHVD XPDTXH
HOHGHQRPLQDGHVLJXDOGDGHQDWXUDORXItVLFDSRUTXH
pHVWDEHOHFLGDSHODQDWXUH]DHFRQVLVWHQDGLIHUHQoD
GDV LGDGHV GD VD~GH GDV IRUoDV FRUSRUDLV H GDV
TXDOLGDGHV GR HVStULWR RX GD DOPD E  RXWUD TXH HOH
GHQRPLQD GHVLJXDOGDGH PRUDO RX SROtWLFD SRUTXH
FRQVLVWH QRV GLIHUHQWHV SULYLOpJLRV GHVIUXWDGRV SRU
DOJXQV HP SUHMXt]R GRV GHPDLV FRPR R GH VHUHP
PDLVULFRVHPDLVSRGHURVRV
1D FRPXQLGDGH JHQWtOLFD DGHVLJXDOGDGH
QDWXUDO RXItVLFD p QHXWUDOL]DGD SHODV UHODo}HV GH
SDUHQWHVFR H SHOR SULQFtSLR GH VROLGDULHGDGH TXH
YLVDP j SUHVHUYDomR GR JUXSR 1HVVD PHVPD
FRPXQLGDGH DGHVLJXDOGDGH PRUDO RXSROtWLFD
TXDQGRQmRpGHVFRQKHFLGDpSRXFRGHVHQYROYLGD
SRUTXH D HVWUXWXUD VRFLDO GHVVDV FRPXQLGDGHV p
DSHQDV XPD H[WHQVmR GD HVWUXWXUD IDPLOLDU HP TXH
SUHGRPLQD R UHJLPH GH SURSULHGDGH FROHWLYD GRV
PHLRV GH SURGXomR $ VRFLHGDGH SRUWDQWR DR

DOFDQoDU XP HVWiJLR VXSHULRU GH FUHVFLPHQWR


HFRQ{PLFR H FRPSOH[LGDGH VRFLDO LQWURGX]LX XPD
LQHYLWiYHOPD]HODVRFLDODGHVLJXDOGDGHQDULTXH]D
'HVLJXDOGDGHHFRQ{PLFD
2GHVFREULPHQWRGHQRYDVWpFQLFDVHLQYHQo}HV
HVXDDSOLFDomRjDJULFXOWXUDjFULDomRGHJDGRHDRV
RItFLRV PDQXDLV HOHYDUDP D SURGXomR D XP QtYHO
PDLRU GR TXH R QHFHVViULR SDUD R FRQVXPR VXUJH
DVVLPRH[FHGHQWH$OJXQVKRPHQVHPYLUWXGHGDV
IXQo}HV TXH H[HUFHP QR JUXSR DGPLQLVWUDP RV
QHJyFLRV FRPXQV H FXLGDP GDV IXQo}HV UHOLJLRVDV 
DSURSULDPVH GDV WHUUDV PDLV IpUWHLV H
FRQVHTXHQWHPHQWHGRH[FHGHQWHFRPXQDOSDVVDPD
FRQWURODU R LQWHUFkPELR FRPHUFLDO H DRV SRXFRV
DFXPXODP ULTXH]DV TXH OKHV SHUPLWHP LPSRUVH DRV
GHPDLV PHPEURV GD FRPXQLGDGH FRPR GLULJHQWHV
LQVWDXUDQGR D GHVLJXDOGDGH HFRQ{PLFD QR VHLR GD
FRPXQLGDGHJHQWtOLFD
$VVLP j GHVLQWHJUDomR GRJHQRV VHJXHVH D
GHVLJXDOGDGH VRFLDO FRP R DSDUHFLPHQWR GH XPD
ROLJDUTXLDTXHFRQJUHJDJUDQGHVSURSULHWiULRV(VVHV
SURSULHWiULRV SDVVDP D H[HUFHU R GRPtQLR SROtWLFR H
QR LQWXLWR GH DFXPXODU PDLV ULTXH]DV FKHJDP DR
OLPLWH GH UHGX]LU DOJXQV PHPEURV GRJHQRV j
FRQGLomR GH HVFUDYR$ XQLGDGH SURGXWLYD SDVVD D
VHU RRLNRV SURSULHGDGH SULYDGD  XPD LQVWLWXLomR
VRFLDO EHP PHQRU TXH RJHQRV QR TXDO YLYHP RV

SDUHQWHV PDLV DILQV H RV HVFUDYRV (VVD XQLGDGH


SURGXWLYDpGLULJLGDHDGPLQLVWUDGDGLUHWDPHQWHSHOR
FKHIHGDIDPtOLD
$V
QRYDV
FRQGLo}HV
SURYRFDP
R
GHVDSDUHFLPHQWRGDVSUiWLFDVGRVYHOKRVFRVWXPHV
TXHUGL]HUDWUDQVIRUPDomRGDEDVHPDWHULDOGDYLGD
FRPXQLWiULD RULJLQDGD SHOR VXUJLPHQWR GH QRYDV
WpFQLFDV H QRYDV IRUPDV GH SURGXomR SURYRFD XP
SURIXQGRHIHLWRQRkPELWRGDVUHODo}HVVRFLDLV1DV
SDODYUDV GH )HUUD] -U    FRP R
GHVHQYROYLPHQWRGDVVRFLHGDGHVTXHUSHORDXPHQWR
TXDQWLWDWLYRTXHUSHORDXPHQWRGDFRPSOH[LGDGHGDV
LQWHUDo}HV KXPDQDV SRVVtYHLV R SULQFtSLR GR
SDUHQWHVFR SHOD VXD SREUH]D p SRXFR D SRXFR
GLIHUHQFLDGRHVXEVWLWXtGRFRPREDVHGDRUJDQL]DomR
VRFLDO
1D FRPXQLGDGH JHQWtOLFD FRPR GLWR D
SURSULHGDGH GRV PHLRV GH SURGXomR p FROHWLYD D
IDPtOLDVHFRQIXQGHFRPRSUySULRJUXSRHWRGRVQR
JHQRV FRQVLGHUDPVH OLJDGRV SRU ODoRV GH
SDUHQWHVFR &RP R VXUJLPHQWR GD SURSULHGDGH
SULYDGDDIDPtOLDTXHLQLFLDOPHQWHpD~QLFDUHODomR
VRFLDO WUDQVIRUPDVH QXPD UHODomR VXEDOWHUQD ,VVR
RFRUUH TXDQGR R DFUpVFLPR GDV QHFHVVLGDGHV
HQJHQGUDQRYDVUHODo}HVVRFLDLVHDGHVFREHUWDRX
LQYHQomR GH QRYDV WpFQLFDV DOLDGD DR FUHVFLPHQWR
GD SRSXODomR Gi RULJHP D QRYDV QHFHVVLGDGHV$
VRFLHGDGH DQWLJD EDVHDGD QDV XQL}HV JHQWtOLFDV

GHVDJUHJDVHVXUJHQRVHXOXJDUDQRYDVRFLHGDGH
SROLV RX (VWDGR  FXMDV XQLGDGHV LQIHULRUHV Mi QmR
VmR JHQWtOLFDV H VLP XQLGDGHV WHUULWRULDLV XPD
VRFLHGDGH HP TXH R UHJLPH IDPLOLDU HVWi WRWDOPHQWH
VXEPHWLGRjVUHODo}HVGHSURSULHGDGHHQDTXDOWrP
OLYUHFXUVRDVFRQWUDGLo}HVGHFODVVH
2 KRPHP QD FRPXQLGDGH JHQWtOLFD TXH HUD
JRYHUQDGR SRU XP FRPSOH[R GH UHJUDV FRVWXPHLUDV
HPDQDGDV GD YLGD FROHWLYD QmR WLQKD RXWURV PHLRV
FRHUFLWLYRVDOpPGDRSLQLmRS~EOLFD$FDEDYDGH
VXUJLUQRHQWDQWRXPDVRFLHGDGHTXHSRUIRUoDGDV
FRQGLo}HV HFRQ{PLFDV JHUDLV GH VXD H[LVWrQFLD
WLYHUD TXH VH GLYLGLU XPD VRFLHGDGH HP TXH RV
UHIHULGRV DQWDJRQLVPRV QmR Vy QmR SRGLDP VHU
FRQFLOLDGRVFRPRDLQGDWLQKDPTXHVHUOHYDGRVDRV
VHXV OLPLWHV H[WUHPRV 8PD VRFLHGDGH GHVVH JrQHUR
Vy SRGLD VXEVLVWLU QR VHLR GH XPD OXWD DEHUWD H
LQFHVVDQWHGDVFODVVHVHQWUHVLRXVRERGRPtQLRGH
XP WHUFHLUR SRGHU TXH VLWXDGR DSDUHQWHPHQWH SRU
FLPD GDV FODVVHV HP OXWD VXSULPLVVH RV FRQIOLWRV
HQWUH HVWDV H Vy SHUPLWLVVH D OXWD GH FODVVHV QR
FDPSRHFRQ{PLFRQXPDIRUPDGLWDOHJDO (1*(/6
 
0RUJDQ LQ (1*(/6    FRQVWDWD TXH
GHVGH R DGYHQWR GD FLYLOL]DomR FKHJRX D VHU WmR
JUDQGHRDXPHQWRGDULTXH]DDVVXPLQGRIRUPDVWmR
YDULDGDVGHDSOLFDomRWmRH[WHQVDHWmRKDELOPHQWH
DGPLQLVWUDGDQRLQWHUHVVHGHVHXVSRVVXLGRUHVTXH

HOD D ULTXH]D VH WUDQVIRUPRX QXPD IRUoD


LQFRQWUROiYHO RSRVWD DR SRYR $ LQWHOLJrQFLD
KXPDQDYrVHLPSRWHQWHHGHVQRUWHDGDGLDQWHGDVXD
SUySULDFULDomR
$OJXQV WHyULFRV HQWHQGHP TXH QmR Ki
FRQKHFLPHQWR FLHQWtILFR SRVVtYHO VHP TXH VH
FRQVWLWXDXPDWHRULDVHUYLQGRGHSDUDGLJPDLVWRp
GH PRGHOR RUJDQL]DGRU GR VDEHU $ WHRULD GD
HYROXomR FXPSULX HVVH SDSHO GHFLVLYR DR LPSULPLU
XP JUDQGH LPSXOVR QD FRQVWUXomR GD DQWURSRORJLD
FRPR VDEHU FLHQWtILFR 1mR REVWDQWH RV
DQWURSyORJRVGRVpFXOR;;LQWURGX]LUmRXPDUXSWXUD
HPUHODomRDRSDUDGLJPDGRHYROXFLRQLVPRFULDQGR
QRYRV PRGHORV GH FRQVWUXomR GR VDEHU
DQWURSROyJLFR 8P GRV SULPHLURV DQWURSyORJRV D VH
SRVLFLRQDU FRQWUiULR DR HYROXFLRQLVPR IRL )UDQ]
%RDVFXMDVLGHLDVH[S}HVHQDVHTXrQFLD

,; )5$1=%2$6



$175232/2*,$126e&8/2;;
1R VpFXOR ;; FRQFUHWL]DVH R VRQKR GH
5RXVVHDX 2 HVWXGR DQWURSROyJLFR S}H ILP j
UHSDUWLomR GH WDUHIDV DWp HQWmR KDELWXDOPHQWH
GLYLGLGDV HQWUH R REVHUYDGRU YLDMDQWH PLVVLRQiULR
DGPLQLVWUDGRU  HQWUHJXH DR SDSHO VXEDOWHUQR GH
SURYHGRU GH LQIRUPDo}HV H R SHVTXLVDGRU TXH
WHQGRSHUPDQHFLGRQDPHWUySROHUHFHELDDQDOLVDYDH
LQWHUSUHWDYDHVVDVLQIRUPDo}HV$SURILVVLRQDOL]DomR
GRWUDEDOKRHWQRJUiILFROHYRXRDQWURSyORJRSDUDR
FDPSR $VVLP D SDUWLU GR VpFXOR ;; D HWQRJUDILD
SDVVD D VHU SDUWH LQVHSDUiYHO GD DQWURSRORJLD QD
PHGLGDHPTXHRSUySULRDQWURSyORJRWRPDSDUDVLD
WDUHID GH FROKHU LQIRUPDo}HV UHDOL]DQGR R TXH VH
G HQ R PLQ DSHVTXLVD GH FDPSR RXWUDEDOKR GH
FDPSR
$ QRYD JHUDomR GH DQWURSyORJRV 0DOLQRZVNL
5DGFOLIIH%URZQ 0DUJDUHW 0HDG H RXWURV  UHDOL]D
PLVV}HV GH SHVTXLVDV HWQRJUiILFDV FRP HVWDGLDV
SURORQJDGDVHQWUHDVSRSXODo}HVGRPXQGRLQWHLUR
)UDQ] %RDV p FRQVLGHUDGR R UHVSRQViYHO SRU HVVD

PXGDQoDUD]mRSHODTXDOpWLGRFRPRRSLRQHLURGD
HWQRJUDILD
'HQWUH DV FRQWULEXLo}HV GH )UDQ] %RDV j
DQWURSRORJLD GHVWDFDPVH D  D FUtWLFD j QRomR GH
HVWiJLRV H E  D H[LJrQFLD GD XQLmR GR WHyULFR H GR
REVHUYDGRU%RDVDRIRUPXODUDFUtWLFDjVQRo}HVGH
RULJHPHGHUHFRQVWLWXLomRGRVHVWiJLRVPRVWUDTXH
XPFRVWXPHVyWHPVLJQLILFDGRVHIRUUHODFLRQDGRDR
FRQWH[WR SDUWLFXODU QR TXDO VH LQVHUH SRUWDQWR DV
KLVWyULDV ORFDLV QmR VH HQTXDGUDP QXP SDGUmR
XQLYHUVDOPRWLYRSHORTXDOFDGDVRFLHGDGHDGTXLUHR
HVWDWXWR GH XPD WRWDOLGDGH DXW{QRPD 3DUD %RDV R
DQWURSyORJRGHYHVHUDRPHVPRWHPSRRWHyULFRHR
REVHUYDGRUSRUWDQWRQmRSRGHFRQWHQWDUVHDSHQDV
HP FROHWDU PDWHULDLV j PDQHLUD GR YLDMDQWH
PLVVLRQiULR RX DGPLQLVWUDGRU PDV GHYH SURFXUDU
GHWHFWDU R TXH ID] D XQLGDGH GD FXOWXUD TXH VH
H[SUHVVD DWUDYpV GHVVHV GLIHUHQWHV PDWHULDLV 3RU
HVVDV UD]}HV DFUHGLWDYD TXH DSHQDV R DQWURSyORJR
SRGLD HODERUDU XPDPRQRJUDILD LVWR p R HVWXGR
FLHQWtILFR GH XPD PLFURVVRFLHGDGH DSUHHQGLGD HP
VXDWRWDOLGDGHHFRQVLGHUDGDHPVXDDXWRQRPLD
(712*5$),$
1R GHFRUUHU GR VpFXOR ;,; DSDUHFHUDP QD
(XURSD YiULDV UHYLVWDV H QXPHURVDV DVVRFLDo}HV
FLHQWtILFDVTXHHVERoDYDPDOJXPDVSUHRFXSDo}HVHP
UHODomRDRGHVWLQRGDVVRFLHGDGHVSULPLWLYDV(VVDV

UHYLVWDV H DVVRFLDo}HV FRORFDUDP HP HYLGrQFLD D


QHFHVVLGDGH GH SURWHJHU WDLV VRFLHGDGHV SRUTXH D
DomRGHJUXSRVFDSLWDOLVWDVHUHOLJLRVRVUHSUHVHQWDYD
XPD DPHDoD j FXOWXUD GDTXHOHV SRYRV H DR SUySULR
REMHWR GH HVWXGR GD DQWURSRORJLD 9DOH GL]HU
DOJXPDVSHVVRDVSHUFHEHUDPTXHDDomRFDSLWDOLVWDH
UHOLJLRVDSURYRFDULDRGHVDSDUHFLPHQWRGDVFXOWXUDV
SULPLWLYDVHFRPSURPHWHULDGHPRGRLUUHYHUVtYHORV
HVWXGRVDQWURSROyJLFRV
$ SUHRFXSDomR FRP R GHVDSDUHFLPHQWR GDV
FXOWXUDV SULPLWLYDV IH] FRP TXH DOJXQV GRV
DQWURSyORJRVVHHPSHQKDVVHPQDWDUHIDGHFROHWDUH
UHJLVWUDU R PDLRU Q~PHUR SRVVtYHO GH LQIRUPDo}HV
(VVH WUDEDOKR FRQKHFLGR FRPR HWQRJUDILD WUDEDOKR
GH FDPSR  FRQVLVWH EDVLFDPHQWH QD GHVFULomR GRV
FRVWXPHV GRV SRYRV 7UDWDVH GH XPD WDUHID
DSDUHQWHPHQWH GH PHQRU LPSRUWkQFLD SRUTXH QmR
H[LJHXPDHODERUDomRWHyULFD2WUDEDOKRHWQRJUiILFR
FRQWXGR LPSOLFD FHUWR UHYHVWLPHQWR WHyULFR SRUTXH
R UHJLVWUR GRV HOHPHQWRV GD FXOWXUD SHVTXLVDGD
UHTXHU XPD VLVWHPDWL]DomR (VWD SRU VXD YH] H[LJH
XPD FRPSUHHQVmR GR IHQ{PHQR FXOWXUDO RX VHMD
XPDWHRULDDUHVSHLWRGDFXOWXUD)UDQ]%RDVIRUQHFHX
RV SULQFtSLRV GD SHVTXLVD HWQROyJLFD TXH IRUDP
DSURYHLWDGRV SULQFLSDOPHQWH SHODV HVFRODV
DQWURSROyJLFDV QRUWHDPHULFDQDV FRQKHFLGDV FRPR
GLIXVLRQLVPRHFRQILJXUDFLRQLVPR
1RFDPSRHQVLQD%RDVWXGRGHYHVHUDQRWDGR

QRV PtQLPRV GHWDOKHV GHVGH RV PDWHULDLV


FRQVWLWXWLYRV GDV FDVDV DWp DV QRWDV GDV PHORGLDV
7XGRGHYHVHUREMHWRGHGHVFULomRPHWLFXORVD1HVVH
VHQWLGR p SUHFLVR DQRWDU GHWDOKDGDPHQWH DV
GLIHUHQWHVYHUV}HVGHXPPLWRRXRVPDLVGLYHUVRV
LQJUHGLHQWHV GD FRPSRVLomR GH XP DOLPHQWR 3DUD
%RDV QmR Ki REMHWR QREUH QHP REMHWR LQGLJQR GD
FLrQFLD $V SLDGDV VmR WmR LPSRUWDQWHV TXDQWR D
PLWRORJLD TXH H[SUHVVD R SDWULP{QLR PHWDItVLFR GR
JUXSR(PHVSHFLDOGHYHVHUOHYDGDHPFRQVLGHUDomR
D PDQHLUD SHOD TXDO DV VRFLHGDGHV WUDGLFLRQDLV QD
YR] GRV PDLV KXPLOGHV HQWUH HOHV FODVVLILFDP VXDV
DWLYLGDGHV PHQWDLV H VRFLDLV %RDV IRL XP GRV
SULPHLURV D PRVWUDU QmR DSHQDV D LPSRUWkQFLD PDV
WDPEpP D QHFHVVLGDGH SDUD R DQWURSyORJR GR
DFHVVR j OtQJXD GD FXOWXUD QD TXDO WUDEDOKD $V
WUDGLo}HV TXH HVWXGD QmR SRGHULDP VHUOKH
WUDGX]LGDV(OHSUySULRGHYHUHFROKrODVQDOtQJXDGH
VHXVLQWHUORFXWRUHV /$3/$7,1( 
5HFRQVWUXomRGDFXOWXUD
)UDQ] %RDV UHFRQKHFLD TXH PHVPR R
DQWURSyORJR GHGLFDGR j SHVTXLVD GH FDPSR
HQFRQWUDULD GLILFXOGDGHV QD FROHWD RUJDQL]DomR H
LQWHUSUHWDomR GR PDWHULDO QHFHVViULR j UHFRQVWUXomR
GHGHWHUPLQDGDFXOWXUD6HJXQGRHOHRPDWHULDOSDUD
DUHFRQVWUXomRGHFXOWXUDpVHPSUHPDLVIUDJPHQWiULR
SRUTXHRVPDLVDPSORVHPDLVLPSRUWDQWHVDVSHFWRV

GH FXOWXUD OLQJXDJHP UHOLJLmR RUJDQL]DomR VRFLDO


QmRGHL[DPWUDoRVQDWHUUDGHVDSDUHFHPFRPDYLGD
GH FDGD JHUDomR $VVLP D LQIRUPDomR KLVWyULFD p
DYDOLDGD DSHQDV DWUDYpV GDV IDVHV PDLV UHFHQWHV GD
YLGDFXOWXUDOHpUHVWULWDjTXHOHVSRYRVTXHSRVVXHP
D DUWH GH HVFUHYHU H FXMRV UHJLVWURV p SRVVtYHO OHU
0DV PHVPR HVVD LQIRUPDomR p LQVXILFLHQWH SRUTXH
PXLWRVDVSHFWRVGDFXOWXUDQmRHQFRQWUDPH[SUHVVmR
HP OLWHUDWXUD 0(//2   H   &RPR VH
QRWD )UDQ] %RDV H[LJH XP FULWpULR GH YDOLGDGH
EDVWDQWHUtJLGRQRTXHGL]UHVSHLWRjVUHFRQVWUXo}HV
KLVWyULFDV GDV FXOWXUDV 9DOH GL]HU RV HVWXGRV
HWQRJUiILFRV QmR SHUPLWHP HP PXLWRV FDVRV
HVWDEHOHFHUWDLVUHFRQVWUXo}HV
3DUD%RDV LQ/e9,675$866 RVIDWRV
QmR DXWRUL]DP QHQKXPD UHFRQVWUXomR WHQGHQWH SRU
H[HPSOR D DILUPDU D DQWHULRULGDGH KLVWyULFD GDV
LQVWLWXLo}HV PDWULOLQHDUHV VREUH DV SDWULOLQHDUHV
6HJXQGR HOH WXGR R TXH VH SRGH GL]HU p TXH
IUDJPHQWRVGHGHVHQYROYLPHQWRVKLVWyULFRVDUFDLFRV
QmRSRGHPGHL[DUGHVXEVLVWLUPDVVHpSRVVtYHOH
PHVPR SURYiYHO TXH D HVWDELOLGDGH LQHUHQWH jV
LQVWLWXLo}HV PDWULOLQHDUHV DV WHQKD IUHTXHQWHPHQWH
FRQGX]LGR RQGH H[LVWHP D VH WUDQVIRUPDUHP HP
LQVWLWXLo}HV SDWULOLQHDUHV GLVWR QmR UHVXOWD GH
QHQKXPD PDQHLUD TXH VHPSUH H SRU WRGD SDUWH R
GLUHLWRPDWHUQRWHQKDUHSUHVHQWDGRDIRUPDSULPLWLYD
HPUHODomRDRGLUHLWRSDWHUQR

'LDQWH GHVVDV GLILFXOGDGHV HP HVWDEHOHFHU XP


SDGUmR XQLYHUVDO %RDV HQWHQGH TXH R HVWXGR
DQWURSROyJLFR GHYH FRQFHQWUDUVH QD DERUGDJHP GH
FXOWXUDV SDUWLFXODUHV FDGD XPD YLVWD FRPR XPD
XQLGDGH VLQJXODU H FRPR XP SUREOHPD LQGLYLGXDO
SRLVDFXOWXUDpSRUGHPDLVFRPSOH[DSDUDSHUPLWLUXP
OHYDQWDPHQWR KLVWyULFR FRPSOHWR H GH FDUiWHU
XQLYHUVDO&RPLVVRRXVRGRWHUPRFXOWXUDQRSOXUDO
SDVVDDLGHQWLILFDUDLGHLDDQWURSROyJLFDPRGHUQDRX
VHMD HP YH] GH FXOWXUD RV DQWURSyORJRV VHJXLQGR
%RDV FRPHoDUDP D HVFUHYHU VREUH FXOWXUDV
UHFRQKHFHQGR TXH HODV QmR FRQVWLWXHP VLVWHPDV
LQWHJUDGRV
%RDV DOHUWD TXH D SHVTXLVD SDUD VHU OHJtWLPD
GHYH UHVWULQJLUVH D XPD SHTXHQD UHJLmR FRP
IURQWHLUDV QLWLGDPHQWH GHILQLGDV H DV FRPSDUDo}HV
QmR GHYHP VHU HVWHQGLGDV DOpP GD iUHD HVFROKLGD
FRPR REMHWR GH HVWXGR$ UHFRUUrQFLD GH FRVWXPHV
RX LQVWLWXLo}HV DQiORJRV QmR SRGH VHU VXVWHQWDGD
FRPRXPDSURYDGHFRQWDWRHQWUHFXOWXUDVSDUDLVVR
p QHFHVViULR HVWDEHOHFHU XPD FDGHLD FRQWtQXD GH
IDWRV GR PHVPR WLSR TXH SHUPLWHP OLJDU RV IDWRV
H[WUHPRV SRU WRGD XPD VpULH GH LQWHUPHGLiULRV 3DUD
FRPSUHHQGHU D KLVWyULD GL]LD HOH QmR EDVWD VDEHU
FRPRVmRDVFRLVDVPDVFRPRFKHJDUDPDVHURTXH
VmR LQ/e9,675$866 
3DUD%RDVRHVWXGRGHWDOKDGRGRVFRVWXPHVH
GHVHXOXJDUQDFXOWXUDJOREDOGDWULERTXHRVSUDWLFD

DFUHVFLGRGHXPLQTXpULWRTXHWHQKDSRUREMHWRVXD
UHSDUWLomRJHRJUiILFDHQWUHDVWULERVYL]LQKDVWDOYH]
SXGHVVH GHWHUPLQDU GH XPD SDUWH DV FDXVDV
KLVWyULFDV TXH FRQGX]LUDP j VXD IRUPDomR H GH
RXWUDSDUWHRVSURFHVVRVSVtTXLFRVTXHRVWRUQDUDP
SRVVtYHLV 0DV VHJXQGR 5XWK %HQHGLFW LQ /e9,
675$866 %RDVGL]LDTXHRSUREOHPDHUD
GHWHUPLQDU DV UHODo}HV HQWUH R PXQGR REMHWLYR H R
PXQGR VXEMHWLYR GR KRPHP WDO FRPR VH FRQILJXUD
QDVGLIHUHQWHVVRFLHGDGHV
'HTXDOTXHUPRGRSDUD%RDVDGLYHUVLGDGHGH
SURFHVVRV KLVWyULFRV TXH FRQVWLWXHP DV VRFLHGDGHV
LPSOLFD HVWDEHOHFHU SDUD D DQWURSRORJLD R HVWXGR H
FRQKHFLPHQWR GH JUXSRV VRFLDLV ORFDOL]DGRV QR
HVSDoR H QR WHPSR $VVLP R FRQKHFLPHQWR
DQWURSROyJLFRTXDQGRPXLWRVyFRQVHJXHDOFDQoDU
D KLVWyULD GH FDGD JUXSR SRUWDQWR XPD PLFUR
KLVWyULDEDVWDQWHGLIHUHQWHGDFRQFHSomRGHKLVWyULD
PDFURKLVWyULD GRHYROXFLRQLVPR
(QILPDVLQYHVWLJDo}HVGH%RDVHVWDEHOHFHUDPD
TXHVWmR GH VDEHU VH D DQiOLVH PDLV SHQHWUDQWH GH
XPD FXOWXUD ~QLFD TXH FRPSUHHQGD D GHVFULomR GH
VXDVLQVWLWXLo}HVHGHVXDVUHODo}HVIXQFLRQDLVHR
HVWXGR GRV SURFHVVRV GLQkPLFRV SHORV TXDLV FDGD
LQGLYtGXRDJHVREUHVXDFXOWXUDHDFXOWXUDVREUHR
LQGLYtGXR SRGH DGTXLULU WRGR VHX VHQWLGR VHP R
FRQKHFLPHQWR GR GHVHQYROYLPHQWR KLVWyULFR TXH
UHVXOWRX QDV IRUPDV DWXDLV /e9,675$866 

  (VVD TXHVWmR DLQGD FRQVWLWXL WHPD SROrPLFR QD


DQWURSRORJLD WDQWR TXH /pYL6WUDXVV OHPEUD TXH D
TXDVHWRWDOLGDGHGDHVFRODDPHULFDQDFRQWHPSRUkQHD
UHQXQFLRXVHDFRPSUHHQGHUDKLVWyULDSDUDID]HUGR
HVWXGR GDV FXOWXUDV XPD DQiOLVH VLQFU{QLFD GDV
UHODo}HV HQWUH VHXV HOHPHQWRV FRQVWLWXWLYRV QR
SUHVHQWH
&8/785$(5$d$
&RQIRUPH UHODWD .XSHU   D   (UQVW
+DHFNHO R PDLV SURHPLQHQWH GDUZLQLVWD GD
$OHPDQKD DSUHVHQWRX DUJXPHQWRV VHJXQGR RV
TXDLV D WHRULD GH 'DUZLQ SRGLD VHU XVDGD SDUD
GHPRQVWUDUDVXSHULRULGDGHGDUDoDSUXVVLDQD5XGROI
9LUFKRZ PRVWURXVH KRVWLO HP UHODomR D HVVH
GHWHUPLQLVPRUDFLDOHDRQDFLRQDOLVPRFXOWXUDOFRPR
TXDO HVWDYD DVVRFLDGR 3DUD 9LUFKRZ UDoDV HUDP
FDWHJRULDV LQVWiYHLV FRP IURQWHLUDV PyYHLV H D
PLVWXUDUDFLDOHUDDPSODPHQWHGLVVHPLQDGDSRUWDQWR
SURYDYHOPHQWH XQLYHUVDO 7UDoRV ELROyJLFRV
SDVVDYDP SRU FLPD GDV FODVVLILFDo}HV UDFLDLV
FRQYHQFLRQDLV TXH HP WRGRV RV FDVRV HUDP
LQIOXHQFLDGRV SRU IDWRUHV DPELHQWDLV ORFDLV
'LIHUHQoD FXOWXUDO SRUWDQWR QmR DSUHVHQWDYD
LQGtFLRV GH GLIHUHQoD UDFLDO 5DoD FXOWXUD OtQJXD H
QDFLRQDOLGDGH GL]LD 9LUFKRZ QmR FRLQFLGHP
QHFHVVDULDPHQWH YLVWR TXH RV UHIXJLDGRV
KXJXHQRWHV HVWmR JHUPDQL]DGRV DVVLP FRPR RV

QXPHURVRVMXGHXVTXHYLHUDPGD3RO{QLDHGD5~VVLD
FRQWULEXtUDP VREUHPDQHLUD SDUD R SURJUHVVR GD
FXOWXUDDOHPm
$GROI %DVWLDQ FROHJD GH 9LUFKRZ WHQWRX
GHPRQVWUDUTXHDVVLPFRPRDVUDoDVDVFXOWXUDVVmR
KtEULGDV 1mR H[LVWHP FXOWXUDV SXUDV GLVWLQWDV H
SHUPDQHQWHV7RGDFXOWXUDUHFRUUHDGLYHUVDVIRQWHV
GHSHQGH GH HPSUpVWLPR H HVWi HP FRQVWDQWH
PXGDQoD 3DUD %DVWLDQ DV GLIHUHQoDV FXOWXUDLV HUDP
FDXVDGDV SHOR GHVDILR DSUHVHQWDGR SHOR DPELHQWH
QDWXUDO ORFDO H SHOR FRQWDWR HQWUH SRSXODo}HV
SRUWDQWR R HPSUpVWLPR p R PHFDQLVPR SULPiULR GD
PXGDQoDFXOWXUDO(FRPRDVPXGDQoDVFXOWXUDLVVmR
UHVXOWDGRV GH SURFHVVRV ORFDLV LPSUHYLVWRV
SUHVV}HV DPELHQWDLV PLJUDo}HV FRPpUFLR 
FRQVHTXHQWHPHQWHDKLVWyULDQmRWHPXPSDGUmRIL[R
GHGHVHQYROYLPHQWR
)UDQ]%RDVDOXQRGH%DVWLDQDEVRUYHXDVWHVHV
GR VHX SURIHVVRU DR DILUPDU TXH DV PXGDQoDV
FXOWXUDLV UHVXOWDYDP GH FRQWDWRV FDVXDLV RX HUDP
JHUDGDVSHODUHDomRFULDWLYDGHLQGLYtGXRVGLDQWHGD
WUDGLomRKHUGDGDHVWLPXODGDSHORGHVDILRDPELHQWDO
$VVLP D WHVH IXQGDPHQWDO ERDVLDQD FRQVLVWH HP
DILUPDUTXHDUDoDQmRGHWHUPLQDDFXOWXUDeDFXOWXUD
TXHPROGDRVKRPHQVH QmR D ELRORJLD 2V KRPHQV
VH WRUQDP R TXH VmR DR FUHVFHU HP GHWHUPLQDGR
DPELHQWH FXOWXUDO 5DoD QmR LPSOLFD FRQGLo}HV
QDWXUDLV LPXWiYHLV ,VVR TXHU GL]HU TXH R KRPHP

SRGH WUDQVIRUPDUVH HP DOJR PHOKRU H WDOYH]


DSUHQGHQGR D VHU WROHUDQWH H HTXLOLEUDGR FRPR R
SRYR GH 6DPRD RX GH %DOL 1HVVD WULOKD 0DJDUHWK
0HDG DOXQD GH %RDV HVWXGDQGR R FRPSRUWDPHQWR
GRV DGROHVFHQWHV GDV LOKDV 6DPRD HQWHQGHX TXH
VHXVHVWXGRVGHYHULDPSHUPLWLUDLQVWDXUDomRGHXPD
VRFLHGDGH PHOKRU H PDLV HVSHFLILFDPHQWH D
DSOLFDomR GH XPD SHGDJRJLD PHQRV IUXVWUDQWH j
VRFLHGDGHDPHULFDQD
&XOWXUDHVHJUHJDomR
(P RXWUD SDVVDJHP .XSHU   H 
REVHUYD TXH DV FRQFOXV}HV GH %RDV IRUDP
PDQLSXODGDV QR VHQWLGR GH MXVWLILFDU RDSDUWKHLG
SROtWLFD FRHUFLWLYD GH VHJUHJDomR UDFLDO SUDWLFDGD QD
IULFDGR6XODWpRILQDOGRVpFXOR;;1HVVHSDtVDV
GRXWULQDV RILFLDLV VREUH UDoD H FXOWXUD DSDUWKHLG
LQYRFDYDP DXWRULGDGH FLHQWtILFD FRP IXQGDPHQWRV
QXPD WHRULD DQWURSROyJLFD FXOWXUDO$ DQWURSRORJLD
SRUWDQWR SRGHULD MXVWLILFDU XPD RUGHP QRUPDWLYD
MXUtGLFD TXHHVWDEHOHFHVVHDVHJUHJDomRUDFLDO
(VVD DUWLFXODomR QR VHQWLGR GH MXVWLILFDU D
VHJUHJDomR SRU LQWHUPpGLR GH XPD WHRULD
DQWURSROyJLFD FXOWXUDO WHP RULJHP QD GpFDGD GH
 TXDQGR DOJXQV LQWHOHFWXDLV DIULFkQGHUHV HQWUH
HOHV (LVHOHQ SDVVDUDP D UHSXGLDU RV SUHFRQFHLWRV
WRUSHVGLVVHPLQDGRVHQWUHRVEUDQFRVVXODIULFDQRV
3DUD(LVHOHQQmRKDYLDSURYDVGHTXHDLQWHOLJrQFLD

YDULDYDFRPDUDoDWDPSRXFRTXHXPDUDoDRXQDomR
SULYLOHJLDGD GHYHULD FRQGX]LU R PXQGR UXPR j
FLYLOL]DomR1mRHUDVHJXQGR(LVHOHQDUDoDPDVVLP
D FXOWXUD TXH FRQVWLWXtD D YHUGDGHLUD EDVH GD
GLIHUHQoD HQWUH QHJURV H EUDQFRV $V GLIHUHQoDV
FXOWXUDLVGHYHULDPVHUDYDOLDGDV6HDLQWHJULGDGHGDV
FXOWXUDV WUDGLFLRQDLV IRVVH PLQDGD KDYHULD XPD
GHVLQWHJUDomR VRFLDO PRWLYR SHOR TXDO (LVHOHQ
DFKDYDTXHRJRYHUQRGHYHULDHVWLPXODUXPDFXOWXUD
QHJUD EDQWR PDLVHOHYDGDHQmRSURGX]LUHXURSHXV
QHJURV 0DLV WDUGH RVORJDQ GHVHQYROYLPHQWR
VHSDUDGR SDVVRX D VHU XVDGR $ VHJUHJDomR
VHJXQGRDOJXQVHUDRFXUVRDGHTXDGRSDUDDIULFD
GR6XOSRLVVyDVVLPDVGLIHUHQoDVFXOWXUDLVVHULDP
SUHVHUYDGDV
'HVVHPRGRRVDUJXPHQWRVERDVLDQRVVHJXQGR
RV TXDLV UDoD H FXOWXUD VmR LQGHSHQGHQWHV HQWUH VL
TXHDFXOWXUDpRTXHWRUQDDVSHVVRDVRTXHHODVVmR
H TXH R UHVSHLWR SHODV GLIHUHQoDV FXOWXUDLV GHYHULD
FRQVWLWXLUDEDVHGDVRFLHGDGHMXVWDSDVVDUDPDVHU
PDQLSXODGRV SHOD DQWURSRORJLD FXOWXUDO DIULFkQGHU
FRPR XPD MXVWLILFDWLYD GHVHVSHUDGD SDUD PDQWHU D
OHJDOLGDGHGRDSDUWKHLG
&XOWXUDHVtPERORV
3DUD /pYL6WUDXVV     FDEH D %RDV R
PpULWR GH WHU FRP OXFLGH] DGPLUiYHO GHILQLGR D
QDWXUH]D LQFRQVFLHQWH GRV IHQ{PHQRV FXOWXUDLV

$SyV WHU PRVWUDGR TXH D HVWUXWXUD GD OtQJXD


SHUPDQHFH GHVFRQKHFLGD GDTXHOH TXH IDOD DWp R
VXUJLPHQWR GH XPD JUDPiWLFD FLHQWtILFD H TXH
PHVPRHQWmRHODFRQWLQXDDPRGHODURGLVFXUVRIRUD
GD FRQVFLrQFLD GR VXMHLWR LPSRQGR DR VHX
SHQVDPHQWR TXDGURV FRQFHLWXDLV TXH VmR WRPDGRV
SRU FDWHJRULDV REMHWLYDV DFUHVFHQWDYD D GLIHUHQoD
HVVHQFLDO HQWUH RV IHQ{PHQRV OLQJXtVWLFRV H RXWURV
IHQ{PHQRV FXOWXUDLV p TXH RV SULPHLURV MDPDLV
HPHUJHP j FRQVFLrQFLD FODUD DR SDVVR TXH RV
VHJXQGRV VH EHP TXH WHQGR D PHVPD RULJHP
LQFRQVFLHQWH VH HOHYDP IUHTXHQWHPHQWH DWp R QtYHO
GR SHQVDPHQWR FRQVFLHQWH SURGX]LQGR DVVLP
UDFLRFtQLRVVHFXQGiULRVHUHLQWHUSUHWDo}HV
0DVQDRSLQLmRGH%RDVHVVDGLIHUHQoDGHJUDX
QmR GLPLQXL R YDORU H[HPSODU GR PpWRGR OLQJXtVWLFR
SDUD DV SHVTXLVDV HWQROyJLFDV $R FRQWUiULR D
JUDQGHYDQWDJHPGDOLQJXtVWLFDDHVWHUHVSHLWRpTXH
QR FRQMXQWR DV FDWHJRULDV GD OLQJXDJHP
SHUPDQHFHP LQFRQVFLHQWHV SRU HVWD UD]mR SRGHVH
VHJXLU R SURFHVVR GH VXD IRUPDomR VHP TXH
LQWHUYHQKDP GH PDQHLUD IDOD] H LQF{PRGD DV
LQWHUSUHWDo}HV VHFXQGiULDV WmR IUHTXHQWHV HP
HWQRORJLD TXH SRGHP REVFXUHFHU LUUHPHGLDYHOPHQWH
D KLVWyULD GR GHVHQYROYLPHQWR GDV LGHLDV (VVDV
WHVHV VHJXQGR /pYL6WUDXVV IRUDP IRUPXODGDV SRU
)UDQ]%RDVRLWRDQRVDQWHVGDSXEOLFDomRGR&XUVR
GHOLQJXtVWLFDJHUDOGH)HUGLQDQGGH6DXVVXUH

6HJXQGR.XSHU  DSDUWLUGH%RDV


SDVVD D DSUHVHQWDU RILFLDOPHQWH XPD FRQFHSomR
DQWURSROyJLFD PRGHUQD GD FXOWXUD FRPR XP VLVWHPD
LQWHJUDGRGHVtPERORVLGHLDVHYDORUHV
&DEH DQRWDU TXH )UDQ] %RDV p FRQVLGHUDGR R
PHQWRUGDVHVFRODVDQWURSROyJLFDVQRUWHDPHULFDQDV
FRQKHFLGDVFRPRGLIXVLRQLVPRHFRQILJXUDFLRQLVPR
jV TXDLV VH OLJDP RV QRPHV GH (GZDUG 6DSLU 5XWK
%HQHGLFWH0DUJDUHW0HDG
',)86,21,602
$ WHRULD GLIXVLRQLVWD SUHRFXSDVH HP
FRPSUHHQGHU R SURFHVVR GH WUDQVPLVVmR GRV
HOHPHQWRV GH XPD FXOWXUD SDUD RXWUD PRWLYR SHOR
TXDO SRVWXOD D H[LVWrQFLD GH FHQWURV GH GLIXVmR GH
FXOWXUD D TXDO VH WUDQVPLWH SRU HPSUpVWLPR$VVLP
GLDQWH GH YiULRV DJUXSDPHQWRV FXOWXUDLV HVFROKH R
PDLV ULFR H PDLV FRPSOH[R FRPR UHSUHVHQWDQGR D
IRUPDSULPLWLYDGDVRFLHGDGHHFRQVLJQDVXDRULJHP
j UHJLmR GR PXQGR HP TXH VH HQFRQWUD DUTXLWHWDGR
GH PDQHLUD PHOKRU FRQVLGHUDQGR WRGDV DV RXWUDV
IRUPDVFRPRUHVXOWDGRGHPLJUDo}HVRXHPSUpVWLPR
DSDUWLUGDTXHOHIRFRFRPXP
2
GLIXVLRQLVPR
WDPEpP
GHQRPLQDGR
KLVWRULFLVPR HQJORED YiULDV WHQGrQFLDV GD
DQWURSRORJLDFXOWXUDOSRGHPVHHQWUHWDQWRDSRQWDU
DVVHJXLQWHVFDUDFWHUtVWLFDVJHUDLVSHUWLQHQWHVDHVVH
PRYLPHQWR 0(//2D 

D 5HDomR DR HYROXFLRQLVPR 2 GLIXVLRQLVPR p


YLVWR FRPR XP PRYLPHQWR GH UHDomR j RULHQWDomR
HYROXFLRQLVWD GRPLQDQWH QD DQWURSRORJLD GR VpFXOR
;,; (VVD UHDomR DWLQJH QmR Vy D RULHQWDomR JHUDO
WHyULFD PDV WDPEpP RV SURFHGLPHQWRV
PHWRGROyJLFRV (OH HQWUHWDQWR QmR UHMHLWD
FRPSOHWDPHQWH RV FRQFHLWRV EiVLFRV FRQVWLWXtGRV H
FRQVWUXtGRV
SHOR
HYROXFLRQLVPR
H[LVWHP
HYLGHQWHPHQWH SRQWRV GLYHUJHQWHV PDV WDPEpP
SRQWRVFRQYHUJHQWHVMiTXHDPERVGHFHUWDIRUPD
UHSRXVDP HP EDVHV WHyULFDV FRPXQV +i QHVVH
VHQWLGRXPDSUHRFXSDomRHPH[SOLFDUDFXOWXUDFRPR
IHQ{PHQR XQLYHUVDO H KXPDQR SHOD YDULiYHO WHPSR
PRWLYRSHORTXDOUHVVDOWDPVHRDVSHFWRGLDFU{QLFRH
QmRVLQFU{QLFRGDFXOWXUD
E ,QWHUHVVHSHORVWUDoRVFXOWXUDLVVHPHOKDQWHV
$ WHRULD GLIXVLRQLVWD SURFODPD TXH D HVVrQFLD GRV
IHQ{PHQRV GD VRFLHGDGH H GD FXOWXUD FRQVLVWH QR
VHX FDUiWHU GLQkPLFR H GHVHQYROYLPHQWLVWD e XPD
WHRULD GD VRFLHGDGH H GD FXOWXUD TXH GHVWDFD D
UHDOLGDGH KXPDQD H R WUDEDOKR KXPDQR %XVFD
VREUHWXGRXPDH[SOLFDomRKLVWyULFDSDUDHQWHQGHUDV
VHPHOKDQoDVH[LVWHQWHVHQWUHDVFXOWXUDVSDUWLFXODUHV
1HVVHVHQWLGRGiUHOHYRDRIHQ{PHQRGDGLIXVmRH
GRV FRQWDWRV HQWUH RV SRYRV PRWLYR SHOR TXDO
DGYRJDXPDPXGDQoDQRVPpWRGRVGDDQWURSRORJLD
F 5LJRU PHWRGROyJLFR 2 GLIXVLRQLVPR
SUHRFXSDVH HP WRUQDU RV PpWRGRV GD DQWURSRORJLD

FXOWXUDO PDLV ULJRURVRV PDLV FLHQWtILFRV (VVD


SUHRFXSDomR SRVVLELOLWRX R GHVHQYROYLPHQWR GD
SHVTXLVD GH FDPSR FRP LQWHQVLGDGH FRQVLGHUiYHO
GDQGR JUDQGH LPSXOVR j HWQRJUDILD 3DUD DOJXQV HUD
XUJHQWHFROHWDUGDGRVHLQIRUPDo}HVVREUHRVSRYRV
SULPLWLYRVDQWHVTXHRVPHVPRVGHVDSDUHFHVVHPRX
IRVVHPDEVRUYLGRVSHODFLYLOL]DomRHPYLUWXGHGLVVR
DFROHWDGHGDGRVWRUQRXVHPDLVLPSRUWDQWHGRTXH
DH[SOLFDomRGRIHQ{PHQRFXOWXUDO
G 'HVHQYROYLPHQWRGHWpFQLFDVGHSHVTXLVD$R
HOHYDUDSHVTXLVDGHFDPSRFRPRIDWRUIXQGDPHQWDO
GD SHVTXLVD DQWURSROyJLFD R GLIXVLRQLVPR
GHVHQYROYHX YiULDV WpFQLFDV GH SHVTXLVD
SULQFLSDOPHQWH D REVHUYDomR SDUWLFLSDQWH TXH
SRVVLELOLWRX DRV DQWURSyORJRV DSUHQGHU YiULRV
LGLRPDVDQWHVGHVFRQKHFLGRV(VVHIDWRIDYRUHFHXR
LQFUHPHQWR GD OLQJXtVWLFD FRPR UDPR HVSHFtILFR GD
DQWURSRORJLD
H ,QWHUHVVH SHODV FXOWXUDV SDUWLFXODUHV $
DERUGDJHP GLIXVLRQLVWD QmR Vy SRVVLELOLWRX XPD
QRYD LQWHUSUHWDomR GR IHQ{PHQR FXOWXUDO PDV
WDPEpP GHVORFRX R IRFR GH HVWXGR SDUD DV
VRFLHGDGHVSDUWLFXODUHV,VVRRFRUUHXSULQFLSDOPHQWH
FRP D HVFROD QRUWHDPHULFDQD TXH SDVVRX D GDU
LPSRUWkQFLDDRHVWXGRGDVFXOWXUDVSDUWLFXODUHVHQmR
j FXOWXUD XQLYHUVDO 3DUD HVVD HVFROD R LPSRUWDQWH
QmR p R HVWXGR GD FXOWXUD QDV VXDV RULJHQV H HP
WRGDV DV SDUWHV IRUPDQGR XPD JUDQGH XQLGDGH

FRPXP D WRGRV RV SRYRV PDV VLP R HVWXGR GDV


FXOWXUDV SDUWLFXODUHV TXH SHUPLWH PDLRU VHJXUDQoD
QDV LQIRUPDo}HV H FRQKHFLPHQWR GH IHQ{PHQRV DWp
HQWmRGHVFRQKHFLGRV
'LIXVLRQLVPRQRUWHDPHULFDQR
&RPRGLWR)UDQ]%RDVIRLRSULQFLSDOPHQWRUGD
HVFROD GLIXVLRQLVWD QRUWHDPHULFDQD (VVD HVFROD
DOpP GH LPSULPLU XPD QRYD LQWHUSUHWDomR DR
IHQ{PHQRFXOWXUDOSDVVRXDVHFRQFHQWUDUQRHVWXGR
GDV FXOWXUDV SDUWLFXODUHV GHOLPLWDQGR R FDPSR GH
HVWXGRGDDQWURSRORJLD
3DUDRVGLIXVLRQLVWDVQRUWHDPHULFDQRVDFXOWXUD
pSRUGHPDLVFRPSOH[DSDUDSHUPLWLUXPOHYDQWDPHQWR
KLVWyULFRFRPSOHWRHGHFDUiWHUXQLYHUVDOPRWLYRSRU
TXH RSWDP SHOR HVWXGR GH iUHDV GHOLPLWDGDV H GH
SUHIHUrQFLDSHTXHQDVRTXDOSHUPLWHLQWHUSUHWDUFRP
PDLRUVHJXUDQoDDVLQIRUPDo}HVFROKLGDV(QWHQGHP
TXH GHVVD IRUPD WRUQDVH PDLV IiFLO H VHJXUR R
HVWXGR KLVWyULFRFXOWXUDO )RL HVVD FRQVFLrQFLD TXH
OHYRX D XP DSHUIHLoRDPHQWR PHWRGROyJLFR GDQGR
SUHIHUrQFLDjVLQIRUPDo}HVFROKLGDVFRPDSHVTXLVD
GH FDPSR$ GHOLPLWDomR GR HVWXGR DQWURSROyJLFR
WUDQVIRUPDQGR FDGD SRYR SULPLWLYR FOm WULER  HP
XQLGDGH GH HVWXGR SRVVLELOLWRX D DPSOLDomR H R
DSURIXQGDPHQWR GRV WHPDV D VHUHP LQYHVWLJDGRV
IDWR TXH FRQWULEXL SDUD D YDORUL]DomR DPSOLDomR H
LQWHQVLILFDomRGDSURGXomRGHSHVTXLVDVGHFDPSRH

GRPDWHULDOFROHWDGR 0(//2 
&RQYpP VDOLHQWDU TXH RV UHSUHVHQWDQWHV GHVVD
HVFRODSHUFHEHUDPTXHDGLIXVmRQmRpXPSURFHVVR
PHFkQLFR SHOR FRQWUiULR VXS}H XPD HODERUDomR
FRPSOH[DSRUSDUWHGRSRYRTXHDGRWDFHUWRVWUDoRV
FXOWXUDLVGHRXWURVSRYRV$SURSyVLWR)UDQ]%RDV
LQ0HOOR HVFODUHFHTXHDLPSRUWkQFLDGD
GLIXVmR IRL WmR ILUPHPHQWH HVWDEHOHFLGD SHOD
LQYHVWLJDomR GD FXOWXUD PDWHULDO QRUWHDPHULFDQD
FHULP{QLDV DUWH PLWRORJLD DVVLP FRPR SHOR HVWXGR
GDVIRUPDVFXOWXUDLVDIULFDQDVHSHORGDSUpKLVWyULD
GD(XURSDTXHQmRSRGHPRVQHJDUVXDH[LVWrQFLDQR
GHVHQYROYLPHQWRGHTXDOTXHUWLSRFXOWXUDOORFDO1mR
Vy VH SURYRX REMHWLYDPHQWH SRU PHLR GH HVWXGRV
FRPSDUDWLYRV FRPR WDPEpP R LQYHVWLJDGRU GH
FDPSRWHPDPSODVSURYDVGDVPDQHLUDVGHDWXDUGD
GLIXVmR$LQWURGXomRGHQRYDVLGHLDVQmRVHGHYH
GH IRUPD DOJXPD FRQVLGHUDU FRPR UHVXOWDQWH
SXUDPHQWH PHFkQLFD GH DGLo}HV DR SDGUmR FXOWXUDO
PDV DR PHVPR WHPSR FRPR XP LPSRUWDQWH HVWtPXOR
GH QRYRV GHVHQYROYLPHQWRV LQWHUQRV 8P HVWXGR
SXUDPHQWH LQGXWLYR GRV IHQ{PHQRV pWQLFRV OHYD j
FRQFOXVmR GH TXH WLSRV FXOWXUDLV PHVFODGRV
JHRJUiILFD RX KLVWRULFDPHQWH VLWXDGRV FRPR
LQWHUPHGLiULRV HQWUH GRLV H[WUHPRV IRUQHFHP SURYDV
GDGLIXVmR
6HJXQGR 0DUJDUHW 0HDG LQ .83(5   
%RDV DFKDYD TXH YiULRV WUDEDOKRV KDYLDP

GHPRQVWUDGR TXH DV SHVVRDV ID]LDP HPSUpVWLPRV


HQWUH VL TXH QHQKXPD VRFLHGDGH HYROXtD HP
LVRODPHQWR PDV VLP TXH VHX GHVHQYROYLPHQWR HUD
SHUPDQHQWHPHQWH LQIOXHQFLDGR SRU RXWURV SRYRV
RXWUDV FXOWXUDV H RXWURV QtYHLV GH WHFQRORJLD (OH
GHFLGLX TXH FKHJDUD D KRUD GH HQIUHQWDU RV
SUREOHPDV TXH OLJDYDP R GHVHQYROYLPHQWR GRV
LQGLYtGXRV DRV HOHPHQWRV FDUDFWHUtVWLFRV GD FXOWXUD
HP TXH HOHV IRUDP FULDGRV ,VVR LPSOLFDULD R
GHVGREUDPHQWRGDWHVHVHJXQGRDTXDODFXOWXUDQmR
pGHWHUPLQDGDQHPSHODUDoDQHPSHORPHLRDPELHQWH
&XOWXUDVHULDDTXLORTXH7\ORUDILUPDUDDKHUDQoDQmR
ELROyJLFD GDV HVSpFLHV $ FXOWXUD SRUWDQWR
GHVHQYROYHVH SULQFLSDOPHQWH SRU HPSUpVWLPR
GHFRUUHQWH GH FRQWDWRV FDVXDLV 1HVVH VHQWLGR DV
FXOWXUDV HXURSHLDV H PDLV DLQGD D QRUWHDPHULFDQD
VHULDP HP PDLRU SURSRUomR GR TXH RXWUDV XP
FRPSOH[R GH WUDoRV HPSUHVWDGRV XPD FRQILJXUDomR
TXHLQIOXHQFLDULDRVFRPSRUWDPHQWRVGRVLQGLYtGXRV
1HVVD WUDMHWyULD DOJXQV DOXQRV GH )UDQ] %RDV
FRPR 5XWK %HQHGLFW (GZDUG 6DSLU H 0DUJDUHWK
0HDGGHVHQYROYHUDPXPDDERUGDJHPDQWURSROyJLFD
GD FXOWXUD TXH ILFRX FRQKHFLGD FRPR
FRQILJXUDFLRQLVPR XP GHVGREUDPHQWR GR
GLIXVLRQLVPR 5XWK %HQHGLFW H (GZDUG 6DSLU
SHUFHEHUDPTXHXPPHVPRWUDoRFXOWXUDOWRPDGRSRU
HPSUpVWLPR SRU GXDV FXOWXUDV GLVWLQWDV SRGH VRIUHU
WUDQVIRUPDo}HVQHVVHIHQ{PHQRGHDGRomR

5XWK%HQHGLFW 
5XWK%HQHGLFWLQWURGX]LXDLGHLDGHFRQILJXUDomR
FXOWXUDOQDDQWURSRORJLDPRGHUQD6HJXQGRHODXPD
FXOWXUD p XP PRGHOR PDLV RX PHQRV FRQVLVWHQWH GH
SHQVDPHQWRHDomR1mRp DSHQDV D VRPD GH WRGDV
DVVXDVSDUWHVPDVRUHVXOWDGRGHXP~QLFRDUUDQMRH
~QLFD LQWHUUHODomR GDV SDUWHV GR TXH UHVXOWRX XPD
QRYD HQWLGDGH LQ 0$5&21, H 35(62772 
  1HVVD WULOKD D FXOWXUD GHYH VHU YLVWD FRPR XP
WRGR FXMDV SDUWHV HVWmR GH WDO PRGR HQWUHODoDGDV
TXHDPXGDQoDHPXPDGDVSDUWHVDIHWDUiDVGHPDLV
PRWLYRSHORTXDODRHVWXGDUXPDFXOWXUDGHYHVHWHU
YLVmRFRQMXQWDGHVXDVLQVWLWXLo}HVFRVWXPHVXVRV
QRUPDVHWFHVXDVLQIOXrQFLDVUHFtSURFDV&RPHVVD
FRQFHSomR p SRVVtYHO SHUFHEHU TXH GXDV RX PDLV
VRFLHGDGHV FRP D PHVPD VRPD GH HOHPHQWRV
FXOWXUDLV SRGHP DSUHVHQWDU FRQILJXUDo}HV
WRWDOPHQWH GLIHUHQWHV GHSHQGHQGR GR PRGR FRPR
HVVHVHOHPHQWRVHVWmRRUJDQL]DGRVHUHODFLRQDGRV
8PD GDV FDUDFWHUtVWLFDV GR WUDEDOKR GH 5XWK
%HQHGLFW H D GH WHU WRPDGR GH HPSUpVWLPR RV
FRQFHLWRVGH1LHW]VFKHHFODVVLILFDGRDVFXOWXUDVHP
GRLV WLSRV SULQFLSDLV D DSROtQHR FRUUHVSRQGHULD
jTXHODV FXOWXUDV H[WURYHUWLGDV DFHQWXDQGR IRUPDV
H[WHUQDVGHFRPSRUWDPHQWRULWXDOLVWDVFRQIRUPLVWDV
GHVFRQILDGDV GR LQGLYLGXDOLVPR HYLWDQGR H[FHVVRV
PRVWUDQGR
FRPHGLPHQWR
H
E GLRQLVtDFR
FRUUHVSRQGH jV FXOWXUDV LQWURYHUWLGDV LQWHQVDPHQWH

LQGLYLGXDOLVWDV DJUHVVLYDV DSUHFLDGRUDV GH


H[SHULrQFLDV YLROHQWDV PRWLYDGDV PDLV SHOR
LQGLYtGXRGRTXHSHORJUXSR
3DUD %HQHGLFW DV FXOWXUDV WrP VXDV SUySULDV
SHUVRQDOLGDGHV H LPSULPHP QRV LQGLYtGXRV QHODV
FULDGRV RV FDUDFWHUHV GHVVDV SHUVRQDOLGDGHV $
KLVWyULD GH YLGD GR LQGLYtGXR p VREUHWXGR XPD
DFRPRGDomRDRVSDGU}HVHPRGHORVWUDGLFLRQDOPHQWH
WUDQVPLWLGRV SRU VXD FRPXQLGDGH 'HVGH VHX
QDVFLPHQWRRVFRVWXPHVPROGDPVXDVH[SHULrQFLDVH
VXD FRQGXWD 4XDQGR FRPHoD D IDODU HOH p XP
SURGXWR GD VXD FXOWXUD H TXDQGR FUHVFH H SRGH
WRPDUSDUWHQDVDWLYLGDGHVFROHWLYDVID]GRVKiELWRV
GD FRPXQLGDGH RV VHXV KiELWRV GDV FUHQoDV GD
FRPXQLGDGHDVVXDVFUHQoDVHGDVLPSRVVLELOLGDGHV
DVVXDVLPSRVVLELOLGDGHV LQ.83(5 
%HQHGLFW GHVHQYROYH XPD HVSpFLH GH
GHWHUPLQLVPRFXOWXUDOQDPHGLGDHPTXHHVWDEHOHFH
TXH DV FDUDFWHUtVWLFDV GRV LQGLYtGXRV GHYHP VHU
LGrQWLFDV jV FDUDFWHUtVWLFDV GD FXOWXUD D TXH
SHUWHQFHP$VVLP FRPR QR LQGLYtGXR QmR H[LVWHP
VHSDUDGDPHQWH SULQFtSLRV UHOLJLRVRV HFRQ{PLFRV
SROtWLFRV MXUtGLFRV HWF PDV XPD UHVXOWDQWH XPD
FRQILJXUDomR GH WRGRV RV SULQFtSLRV WDPEpP QD
FXOWXUD H[LVWH XP WRGR KDUPRQLRVR XPD
FRQILJXUDomRXPHVWLORGHVHUTXHGLULJHHFRQIRUPD
R FRPSRUWDPHQWR GH WRGRV RV PHPEURV GH
GHWHUPLQDGDFXOWXUD

(P  D SHGLGR GD 81(6&2 XPD FRPLVVmR


FRPSRVWDSRUFLQFRJHQHWLFLVWDVHVHLVDQWURSyORJRV
GHQWUHHOHV5XWK%HQHGLFWHODERURXXPDGHFODUDomR
VREUH UDoDV QD TXDO IRUDP H[SRVWRV DOJXQV
SULQFtSLRVTXHPHUHFHPGHVWDTXH6HJXQGRDFLWDGD
FRPLVVmR D  QmR H[LVWH QHQKXPD UDoD DULDQD RX
QyUGLFDE QmRKiTXDOTXHUSURYDGHTXHUDoDRX
GLIHUHQoDV UDFLDLV H[HUoDP DOJXP WLSR GH LQIOXrQFLD
QDVPDQLIHVWDo}HVFXOWXUDLVRXQDVSRVVLELOLGDGHVGH
GHVHQYROYLPHQWRGDFXOWXUDHPJHUDOF QmRH[LVWHP
SURYDVGHTXHRVJUXSRVHPTXHSRGHVHUGLYLGLGRR
JrQHURKXPDQRGLIHUHPHPVXDFDSDFLGDGHLQDWDGH
GHVHQYROYLPHQWR LQWHOHFWXDO RX HPRFLRQDO G
WDPEpP QmR H[LVWHP SURYDV GH TXH DV PLVWXUDV
UDFLDLV SURGX]DP UHVXOWDGRV ELROyJLFRV SUHMXGLFLDLV
H RVHVWXGRVFLHQWtILFRVPRVWUDPTXHDVGLIHUHQoDV
JHQpWLFDV VmR LQVLJQLILFDQWHV QD GHWHUPLQDomR GH
GLIHUHQoDVVRFLDLVHFXOWXUDLVHQWUHJUXSRVKXPDQRV
GLIHUHQWHV $%%$*1$12 
(GZDUG6DSLU 
6DSLU RFXSRXVH GR HVWXGR GD OLQJXDJHP H
GHVFREULX TXH FDGD OtQJXD SRVVXL XPD PDQHLUD GH
VHU XPD IRUPD LQWHJUDGD RX XPD KDELOLGDGH
FDUDFWHUtVWLFDTXHOKHSHUPLWHH[SUHVVDUFHUWDVFRLVDV
PHOKRUGRTXHRXWUDV6HJXQGRHOHDFXOWXUDWDPEpP
IRUPD XP WRGR FRP XPD FRQILJXUDomR LQFRQVFLHQWH
TXH JHUDOPHQWH QmR p FRPXQLFDGD j PHQWH (VVD

FRQILJXUDomR FRUUHVSRQGH D XP DUUDQMR TXH OKH p


SUySULR H OKH IRUQHFH XPD PDQHLUD WtSLFD GH VHU
0HOOR 
3DUD 6DSLU .83(5    p GLItFLO GHILQLU H
H[SOLFDUGHIRUPDVDWLVIDWyULDRUHDODOFDQFHHVHQWLGR
GR WHUPRFXOWXUD 7DOYH] SRU LVVR GL] HOH DTXHOHV
TXH R XVDP UDUDPHQWH FRQVHJXHP GDU XPD LGHLD
SHUIHLWDPHQWH FODUD GR TXH HOHV PHVPRV HQWHQGHP
SRU FXOWXUD (PERUD D FXOWXUD VHMD FRQFHELGD FRPR
KHUDQoD GH XP JUXSR UHIHUHVH HP SDUWLFXODU DRV
HOHPHQWRV WUDGLFLRQDOPHQWH HQIDWL]DGRV SHORV
KXPDQLVWDV RV EHQV HVSLULWXDLV GH XP JUXSR
DOJXQV GRV TXDLV VmR QXP VHQWLGR HVSLULWXDO PDLV
YDOLRVRVPDLVFDUDFWHUtVWLFRVHPDLVVLJQLILFDWLYRVGR
TXHRXWURV(FRPRLQVLVWLDPRVJUDQGHVKXPDQLVWDV
VmRHVVHVHOHPHQWRVHVSLULWXDLVTXHGmRVLJQLILFDGR
jYLGDGRVLQGLYtGXRV
&RQFHELGD GHVVD IRUPD p D FXOWXUD TXH Gi D
GHWHUPLQDGR SRYR R VHX OXJDU FDUDFWHUtVWLFR QR
PXQGR (OD SRGH HQWmR VHU GHILQLGD GH PRGR
VXFLQWR FRPR FLYLOL]DomR QD PHGLGD HP TXH
FRUSRULILFD D FDSDFLGDGH FULDWLYD H LQWHOHFWXDO
QDFLRQDO 3DUD 6DSLU HUD H[DWDPHQWH HVVD D YLVmR
SRSXODUGRVLJQLILFDGRGHFXOWXUDHDGPLWLDTXHHVVD
DVVRFLDomR GH FXOWXUD H QDomR SRGHULD VXVFLWDU
FKDXYLQLVPRRXUDFLVPR
6DSLU SRUpP ID]LD GLVWLQomR HQWUH FXOWXUD
DXWrQWLFD H FXOWXUD HVS~ULD 3DUD HOH XPD FXOWXUD

DXWrQWLFD p ULFDPHQWH YDULDGD SRUpP XQLILFDGD H


FRHUHQWH RQGH QDGD p GHVSURYLGR GH VHQWLGR
FXOWXUDO(ODpKDUPRQLRVDFRPRDFXOWXUDGH$WHQDV
QDpSRFDGH3pULFOHVHQmRXPKtEULGRHVSLULWXDOGH
UHWDOKRVFRQWUDGLWyULRV$FXOWXUDDXWrQWLFDQmRHVWi
OLJDGD DR SURJUHVVR WpFQLFR SRUWDQWR p XPD LOXVmR
SHQVDU TXH R SURJUHVVR FLHQWtILFR SRGH DMXGDU R
KRPHP D DOFDQoDU XPD YLGD PDLV KDUPRQLRVD XPD
FXOWXUDPDLVSURIXQGDHPDLVVDWLVIDWyULD/HPEUDTXH
RV HWQyORJRV UHFRQKHFHP D YLWDOLGDGH GDV FXOWXUDV
DWp PHVPR GDTXHODV TXH SRVVXHP WHFQRORJLD
UXGLPHQWDU $OpP GR PDLV DUWH UHOLJLmR H YLGD
HFRQ{PLFD HVWmR HQWUHODoDGDV QDV VRFLHGDGHV
SULPLWLYDV 1DV VRFLHGDGHV LQGXVWULDLV RV H[WUHPRV
GDYLGDIRUDPIUDJPHQWDGRVHDVIXQo}HVVHSDUDGDV
3DUD 6DSLU D FXOWXUD DXWrQWLFD GR LQGLYtGXR SUHFLVD
FUHVFHU RUJDQLFDPHQWH QR VROR IpUWLO GH XPD FXOWXUD
FRPXQDO
(VVHHUDVHJXQGRHOHRVHQWLGRGHFXOWXUDTXH
GHYHULD WHUVH WRUQDGR REMHWR GH HVWXGR GD
DQWURSRORJLD 6DSLU VHJXQGR .XSHU HVWDYD
SURSRQGRTXHRVHWQyORJRVDEDQGRQDVVHPRHVWXGR
GR TXH HOH GHQRPLQDYD FLYLOL]DomR WHPD
WUDGLFLRQDOPHQWH DERUGDGR SRU HOHV H DGRWDVVHP
XPDLGHLDKXPDQLVWDFOiVVLFDGHFXOWXUD
&57,&$6$2',)86,21,602
$OJXQV DXWRUHV GHVWDFDP DV VHJXLQWHV FUtWLFDV

DRGLIXVLRQLVPRD H[FHVVRQRWUDWDPHQWRXQLWiULRGD
FXOWXUD UHOHJDQGR RV VHXV DVSHFWRV XQLYHUVDLV E
PDQLSXODomRHVWDWtVWLFDGRVWUDoRVFXOWXUDLVOHYDQGR
DSHQVDUTXHDVGLVWULEXLo}HVGDFXOWXUDRFRUUHPGH
PRGR PHFkQLFR F  GHWHUPLQLVPR FXOWXUDO YLVWR TXH
FRQVLGHUDRLQGLYtGXRRHOHPHQWRSDVVLYRQRTXDOD
FXOWXUDHOHPHQWRDWLYRVHULDLPSUHVVD 0$5&21,H
35(62772    $OpP GLVVR RV FUtWLFRV
DOHUWDP TXH R HPSHQKR HP GHPDVLD QD SHVTXLVD GH
FDPSR GDQGR rQIDVH DR DVSHFWR PHUDPHQWH
GHVFULWLYR GDV LQIRUPDo}HV SRGH WUDQVIRUPDU D
DQWURSRORJLDHPHWQRJUDILD
/pYL6WUDXVV     DR DQDOLVDU D
RUJDQL]DomRGXDOLVWDQDVVRFLHGDGHVSULPLWLYDVID]
XPD FULWLFD DR GLIXVLRQLVPR 6HJXQGR HOH D
LQWHUSUHWDomR GLIXVLRQLVWD GD RUJDQL]DomR GXDOLVWD
HVFROKH XP GRV WLSRV REVHUYDGRV KDELWXDOPHQWH R
PDLV ULFR H FRPSOH[R FRPR UHSUHVHQWDQGR D IRUPD
SULPLWLYD GD LQVWLWXLomR H FRQVLJQD VXD RULJHP j
UHJLmR GR PXQGR HP TXH VH HQFRQWUD PDLV EHP
LOXVWUDGRFRQVLGHUDQGRWRGDVDVRXWUDVIRUPDVFRPR
UHVXOWDGRGHPLJUDo}HVHHPSUpVWLPRVDSDUWLUGHXP
IRFR FRPXP &RP HVVH SURFHGLPHQWR GL] /pYL
6WUDXVV R GLIXVLRQLVPR GHVLJQD DUELWUDULDPHQWH XP
WLSRHQWUHWRGRVRVIRUQHFLGRVSHODH[SHULrQFLDHID]
GHVVHWLSRRPRGHORDRTXDOVHH[SHULPHQWDSRUXP
PpWRGRHVSHFXODWLYRUHGX]LUWRGRVRVRXWURV
6REUH D FUtWLFD VHJXQGR D TXDO D HVFROD QRUWH

DPHULFDQD VH WHULD WRUQDGR XPD DQWURSRORJLD


PHUDPHQWH GHVFULWLYD 0HOOR    DOHUWD TXH p
SUHFLVR OHYDU HP FRQWD DV VHJXLQWHV FRQVLGHUDo}HV
(PSULPHLUROXJDUpSOHQDPHQWHYiOLGRRLQWHQWRGRV
DQWURSyORJRVGHFROHWDURPi[LPRGHGRFXPHQWDomR
PHVPR HP IRUPD SUHGRPLQDQWHPHQWH GHVFULWLYD
DILQDO GL] HOH R PHOKRU p FROHWDU PDWHULDO H
GRFXPHQWiOR EHP VHP WHRUL]DU GR TXH WHRUL]DU HP
SURIXVmR VHP QHQKXP GDGR RX IDWR j PmR (P
VHJXQGR OXJDU R IDWR GH PXLWRV HVWXGLRVRV VH
ODQoDUHP j FROHWD GH GDGRV FXOWXUDLV OHYRXRV D
DSUHVHQWiORVGHPDQHLUDVLVWHPiWLFDLVVRSHUPLWLXH
R WHPSR HQFDUUHJRXVH GH SURYDU TXH D HVFROD GH
)UDQ] %RDV IRVVH DQWHV GH WXGR XPD DQWURSRORJLD
HVWLPXODQWH H VXJHVWLYD $ FROHWD LQWHQVLYD GH
LQIRUPDo}HV VREUH FXOWXUDV GLIHUHQWHV IH] VXUJLU
RXWUDV DERUGDJHQV H SRVVLELOLWRX D DPSOLDomR GDV
IURQWHLUDVGRFRQKHFLPHQWR
',)86,21,602(',5(,72
&RPR YLVWR DWHRULD GLIXVLRQLVWD SUHRFXSDVH
HP FRPSUHHQGHU R SURFHVVR GH WUDQVPLVVmR GRV
HOHPHQWRV GH XPD FXOWXUD SDUD RXWUD SRUWDQWR
UHFRQKHFH TXH TXDOTXHU DJUXSDPHQWR VRFLDO FRP
UDUtVVLPDV H[FHo}HV MDPDLV HVWi DEVROXWDPHQWH
LVRODGR 2V JUXSRV VRFLDLV HQWUDP HP UHODomR FRP
JUXSRVYL]LQKRVRXPHVPRDIDVWDGRVJHUDOPHQWHHP
UD]mRGHQHFHVVLGDGHVHFRQ{PLFDVRXFXOWXUDLVDTXH

QmR SRGHP DWHQGHU FRP VHXV SUySULRV UHFXUVRV


(VVHV FRQWDWRV jV YH]HV RFRUUHP GH PRGR SDFtILFR
PHGLDQWH WURFDV FRPHUFLDLV jV YH]HV UHVXOWDP GH
JXHUUDVHFRQTXLVWDV'HTXDOTXHUPRGRTXDQGRRV
JUXSRVVRFLDLVHQWUDPHPFRQWDWRRFRUUHRSURFHVVR
GHGLIXVmRGHFXOWXUD2GLUHLWRpLQGXELWDYHOPHQWH
XP GRV DVSHFWRV GD FXOWXUD GH XP JUXSR VRFLDO
PRWLYR SHOR TXDO WDPEpP HVWi VXEPHWLGR D HVVH
SURFHVVRGHGLIXVmRFXOWXUDO
5RPD IRL VHP G~YLGD R JUDQGH FHQWUR GH
GLIXVmR GD FXOWXUD MXUtGLFD QD$QWLJXLGDGH 0HVPR
DSyVRGHVDSDUHFLPHQWRGR,PSpULRRGLUHLWRURPDQR
FRQWLQXRX D VHU REMHWR GH HVWXGR SRU SDUWH GRV
MXULVWDV PHGLHYDLV (VVH HVWXGR VH LQWHQVLILFRX D
SDUWLU GR VpFXOR ;, FRP RV JORVDGRUHV H GHSRLV VH
DODVWURX SRU WRGD D (XURSD 1HVVD WULOKD R GLUHLWR
URPDQRDFDERXLQIOXHQFLDQGRWRGDDFRQVWUXomRGR
HGLItFLR MXUtGLFR GD PRGHUQLGDGH RX VHMD D FXOWXUD
MXUtGLFDPRGHUQDSULQFLSDOPHQWHFRPRUHQDVFLPHQWR
GD DWLYLGDGH FRPHUFLDO H R DGYHQWR GRV JUDQGHV
(VWDGRVQDFLRQDLVFRQVWLWXLXVHFRPEDVHQRGLUHLWR
URPDQR (QILP D FXOWXUD MXUtGLFD GDV VRFLHGDGHV
RFLGHQWDLV PRGHUQDV UHVXOWRX HP JUDQGH SDUWH GH
GLIXVmR RX HPSUpVWLPRV GD MXULVSUXGrQFLD URPDQD
$OLiV RV DOHPmHV IL]HUDP GR GLUHLWR URPDQR R VHX
GLUHLWR DWp R ILQDO GR VpFXOR ;,; 1mR GHL[D GH VHU
VXUSUHHQGHQWH R IDWR GH XPD FXOWXUD GH XPD
VRFLHGDGH H[WLQWD UHVVXUJLU FRP WDQWD IRUoD H YLJRU

LQIOXHQFLDQGRRSHQVDPHQWRMXUtGLFRHDRUJDQL]DomR
VRFLDOGHWRGDD(XURSDFRQWLQHQWDOHVXDVFRO{QLDV
2 GLUHLWR URPDQR VHPSUH IRL SRUWDQWR XPD
UHIHUrQFLD SDUD RV MXULVWDV GHVGH RV JORVDGRUHV GD
,GDGH0pGLDFRPR$UF~VLRH%DUWRORUHVSRQViYHLV
SHOR UHQDVFLPHQWR GRV HVWXGRV GR GLUHLWR URPDQR
QRV FXUVRV MXUtGLFRV GH %RORQKD SDVVDQGR SHORV
MXULVWDV DOHPmHV GR VpFXOR ;,; FRPR 6DYLJQ\ H
,KHULQJ DWp RV WHyULFRV FRQWHPSRUkQHRV FRPR
9LHKZHJ 3HUHOPDQ H )HUUD] -U 2 HVWLOR GRV
MXULVFRQVXOWRV H RV FRQFHLWRV SRU HOHV HODERUDGRV
LQIOXHQFLDP DWp KRMH D WHFQRORJLD MXUtGLFD H DV
GHFLV}HV GRV 7ULEXQDLV 2 HVWLOR GRV MXULVFRQVXOWRV
URPDQRV QmR IRL VXSHUDGR SHOR FRQWUiULR WHP VLGR
FRQVWDQWHPHQWH UHQRYDGR H UHWRUQD FRP WRGR YLJRU
QRVWHPSRVDWXDLVFRQVWLWXLQGRXPDDOWHUQDWLYDSDUD
VXSHUDURVOLPLWHVLPSRVWRVSHORSRVLWLYLVPRMXUtGLFR
$ FXOWXUD MXUtGLFD HXURSHLD FRP VXDV EDVHV
JUHJDV H URPDQDV GLIXQGLXVH SDUD DV FRO{QLDV
PRWLYRSHORTXDODFXOWXUDMXUtGLFDEUDVLOHLUDWHPVLGR
FRQVWUXtGDFRQIRUPHRVSDUkPHWURVHVWDEHOHFLGRVQR
GLUHLWRHXURSHXeSUHFLVROHPEUDUWDPEpPDGLIXVmR
GDFXOWXUDMXUtGLFDQRUWHDPHULFDQDHVSHFLDOPHQWHQR
kPELWRGRGLUHLWRFRPHUFLDO(VVDGLIXVmRpHYLGHQWH
QD SUySULD QRPHQFODWXUD GDV QRYDV ILJXUDV
FRQWUDWXDLV TXH HPHUJHP GR GLUHLWR HPSUHVDULDO
EUDVLOHLUROHDVLQJ IDFWRULQJ IUDQFKLVLQJ VRIWZDUH
NQRZKRZHWF

'LIXVmRGDWySLFD
7KHRGRU 9LHKZHJ   QXPD H[FHOHQWH H
LQRYDGRUDWHVHDQDOLVDRIHQ{PHQRMXUtGLFRjOX]GD
H[SHULrQFLD JUHJD H URPDQD 3DUD HOH DV WHRULDV
MXUtGLFDV H[HUFHP XPD IXQomR VRFLDO H SDUD H[HUFHU
HVVD IXQomR XWLOL]DPVH QmR GH XP PpWRGR PDV GH
XP HVWLOR GH SHQVDPHQWR GHQRPLQDGRWySLFR $
WySLFD p XPD WpFQLFD GH SHQVDU SRU SUREOHPDV
GHVHQYROYLGD SHOD UHWyULFD TXH PLJUD GD ILORVRILD
JUHJD SDUD D MXULVSUXGrQFLD URPDQD H GHVWD SDUD R
GLUHLWRPRGHUQR
9LHKZHJ SURFXUD GHPRQVWUDU DV LQIOXrQFLDV GD
WySLFD JUHJD QD MXULVSUXGrQFLD URPDQD ,QLFLD SHOD
REUDGH*LDQ%DWLVWD9LFRSRUTXHVHJXQGRHOHHVVH
ILOyVRIR IRL R SULPHLUR D GHVWDFDU D HVWUXWXUD
SUHYDOHFHQWH GD FXOWXUD DQWLJD TXH FRUUHVSRQGH j
WySLFD3DUD9LFRRPpWRGRFLHQWtILFRGD$QWLJXLGDGH
p R PpWRGR UHWyULFR $ FDUDFWHUtVWLFD IXQGDPHQWDO
GHVVHPpWRGRpWHUFRPRSRQWRGHSDUWLGDRVHQVXV
FRPPXQLV TXH PDQLSXOD R YHURVVtPLO FRQWUDS}H
SRQWRVGHYLVWDHVREUHWXGRWUDEDOKDFRPXPDUHGH
GHVLORJLVPRV
1D VHTXrQFLD GH VXD WHVH 9LHKZHJ DQDOLVD D
WySLFD DULVWRWpOLFD $FHQWXD TXH HOD VH ORFDOL]D QR
WHUUHQR GR UDFLRFtQLR GLDOpWLFR H QmR GR DQDOtWLFR
2EVHUYD TXH GR SRQWR GH YLVWD IRUPDO RV
UDFLRFtQLRVGLDOpWLFRVQmRVHGLVWLQJXHPHPQDGDGRV
DQDOtWLFRV D GLVWLQomR HVWi QD tQGROH GH VXDV

SUHPLVVDV TXH VmR RSLQL}HV DFUHGLWDGDV H


YHURVVtPHLV TXH GHYHP FRQWDU FRP D DFHLWDomR GH
WRGRVRXGRVPDLVViELRVHLOXVWUHV
1RUHVWDQWHGDWHVH9LHKZHJDQDOLVDDWySLFDHP
&tFHURH[DPLQDRLXVFLYLOHHRPRVLWDOLFXVHPVHXV
FDUDFWHUHVWySLFRVHPRVWUDDLQIOXrQFLDUHQRYDGDGD
WySLFD QD FLYLOtVWLFD PRGHUQD 3DUD 9LHKZHJ D
HVWUXWXUD GD MXULVSUXGrQFLD URPDQD FRUUHVSRQGH j
WySLFD SRUTXH RV MXULVWDV URPDQRV SDUWHP GH XP
SUREOHPDHSURFXUDPHQFRQWUDURVDUJXPHQWRVTXHD
HOHSRVVDPVHUDSOLFDGRV0RYHPVHHPXPHVSDoR
FXOWXUDO TXH p FRPXP SHOR PHQRV HP VHXV
IXQGDPHQWRVDRGRVUHWyULFRV$WySLFDpHVVHHVWLOR
GH SHQVDU GLIXQGLGR SHORV JUHJRV HQWUH RV
MXULVFRQVXOWRVURPDQRV
$ WySLFD FRPR GLWR p XPD WpFQLFD GR
SHQVDPHQWRTXHVHRULHQWDSDUDRSUREOHPDPRWLYR
SHOR TXDO SRVVXL FDUDFWHUtVWLFD HVVHQFLDOPHQWH
RSHUDFLRQDO H VHP SUHVFLQGLU GR VLVWHPD FRORFD
rQIDVHQRSUREOHPD3UREOHPDpXPDTXHVWmRSDUDD
TXDO VH EXVFD GHWHUPLQDGD UHVSRVWD H VLVWHPD p XP
FRQMXQWR QRUPDWLYR SUHYLDPHQWH GDGR D SDUWLU GR
TXDO VH LQIHUH XPD UHVSRVWD$VVLP SDUD HQFRQWUDU
XPD UHVSRVWD R SUREOHPD VH DUWLFXOD GHQWUR GH XP
VLVWHPD +i SRUWDQWR XP LQWHUUHODFLRQDPHQWR
QHFHVViULR HQWUH SUREOHPD H VLVWHPD $ WySLFD WHP
FHUWH]D GR VHX VLVWHPD DLQGD TXH QmR FKHJXH D WHU
GHOHXPDFRQFHSomR

$ WySLFD FROHFLRQD SRQWRV GH YLVWD WRSRL  GH


FRQVLGHUiYHO IRUoD SHUVXDVLYD LQWHUHVVH S~EOLFR
ERDIp LJXDOGDGH GH GLUHLWRV HWF (VVHV FRQFHLWRV
JXDUGDPXPVHQWLGRYDJRTXHVRPHQWHVHGHWHUPLQD
HP IXQomR GH SUREOHPDV D VHUHP GHFLGLGRV 9DOH
GL]HUHVVHVFRQFHLWRVQmRVmRIRUPDOPHQWHULJRURVRV
QHP SRGHP VHU IRUPXODGRV QD IRUPD GH D[LRPDV
OyJLFRV VmR DSHQDV IyUPXODV YDULiYHLV QR WHPSR H
QR HVSDoR GH UHFRQKHFLGD IRUoD SHUVXDVLYD RX
SULQFtSLRV FRP FDUiWHU SUREOHPiWLFR TXH DVVXPHP
VLJQLILFDo}HVHPIXQomRGHSUREOHPDVDUHVROYHU
9LHKZHJ DVVLQDOD TXH RVWRSRLHPGHWHUPLQDGD
FXOWXUD FRQVWLWXHP UHSHUWyULRV PDLV RX PHQRV
RUJDQL]DGRV FRQIRUPH RXWURVWRSRL $VVLP SRU
H[HPSORDQRomRGHLQWHUHVVHSHUPLWHFRQVWUXLUXPD
VpULH GR WLSR LQWHUHVVH S~EOLFR LQWHUHVVH SULYDGR
LQWHUHVVH OHJtWLPR LQWHUHVVH SURWHJLGR LQWHUHVVH
FROHWLYR HWF 2VWRSRL WRPDGRV LVRODGDPHQWH
FRQVWLWXHPSDUDDDUJXPHQWDomRRTXHHOHFKDPDGH
WySLFD GH SULPHLUR JUDX 4XDQGR RUJDQL]DGRV
IRUPDPXPDWySLFDGHVHJXQGRJUDX
$ WySLFD p HVVHQFLDOPHQWH XPD WpFQLFD GH
GLVSXWDHPTXHRVSUREOHPDVVmRSRVWRVHPIXQomR
GDV RSLQL}HV FRP R ILWR GH DWDTXH H GHIHVD $
GLVFXVVmR UHYHODVH QHVVH VHQWLGR FRPR XPD
LQVWkQFLD GH FRQWUROH GDV SUySULDV SUHPLVVDV TXH
VHUmR DGPLWLGDV RX UHFKDoDGDV 0DV GH TXDOTXHU
PRGRVHUiVHPSUHXPFRQMXQWRGHSUHPLVVDVTXHLUi

SUHVLGLU D UHVSRVWD RX GHFLVmR 9LHKZHJ GHPRQVWUD


DVVLPTXHXPWUDoRGDFXOWXUDJUHJDLQIOXHQFLRXGH
PRGR GHFLVLYR D FRQVWUXomR GD MXULVSUXGrQFLD
URPDQD(VWDDSDUWLUGRVpFXOR;,,GLIXQGLXVHSDUD
D(XURSDHGHSRLVSDUDDVFRO{QLDVHPDQWpPVHHP
HYLGrQFLDDWpRVGLDVDWXDLV
&RQIRUPH REVHUYDo}HV GH 6DQWRV   D
DQWURSRORJLDGRGLUHLWRUHFRQKHFHRSDSHOGDWySLFD
UHWyULFD QR GLVFXUVR MXUtGLFR RILFLDO UHFRQKHFH
LQFOXVLYHTXHRSURFHVVDPHQWRRILFLDOGRVOLWtJLRVVy
HP SDUWH p JXLDGR SRU QRUPDV MXUtGLFDV 6DQWRV
WDPEpP REVHUYD TXH QDV VRFLHGDGHV VLPSOHV RX
SULPLWLYDV DV GHFLV}HV GRV FRQIOLWRV VmR
FRPXPHQWH RULHQWDGDV SRUWRSRL 8P GLVFXUVR
MXUtGLFR GRPLQDGR SHOR XVR GHWRSRL p
QHFHVVDULDPHQWHXPGLVFXUVRDEHUWRHSHUPHiYHOjV
LQIOXrQFLDV GH GLVFXUVRV DILQV e R WLSR GH GLVFXUVR
TXH GHYH IXQFLRQDU SRU H[HPSOR QRV MXL]DGRV
HVSHFLDLV SRUTXH QHOHV R TXH VH EXVFD p D
FRQFLOLDomR
&DVRVSUREOHPiWLFRV
$OJXQV WHyULFRV FRP EDVH HP SHVTXLVDV
DQWURSROyJLFDV UHFROKHUDP LQIRUPDo}HV VREUH DV
FXOWXUDVGHVRFLHGDGHVSULPLWLYDVTXHOKHVSHUPLWLUDP
SURSRU QRYDV DERUGDJHQV QR HVWXGR GR GLUHLWR
5RVFRH3RXQG LQ*2<$5')$%5( SRU
H[HPSOR DR UHFRQKHFHU D YRFDomR IXQFLRQDO GDV

UHJUDV MXUtGLFDV XWLOL]RX H[HPSORV H[WUDtGRV GR


GLUHLWR GRV FKH\HQQHV SDUD DILUPDU TXH R GLUHLWR
GHULYDGRVHVIRUoRVSDUDFRPEDWHUDGHVRUGHPHSDUD
DSODQDU RV GLVW~UELRV H DV GLILFXOGDGHV H LVVR FRP
XP PtQLPR GH DWULWRV H GH HVWUDJRV 7DPEpP p
FRPXPVHUGHVWDFDGRRPpWRGRGHHVWXGRGHFDVRV
SUREOHPiWLFRV RXFDVRV GLItFHLV SURSRVWR SRU 1
/OHZHOO\Q H ( $GDPVRQ +RHEHO D SDUWLU GDV
LQYHVWLJDo}HV TXH UHDOL]DUDP VREUH R GLUHLWR
FKH\HQQH 7KH FKH\HQQH ZD\ FRQIOLFW DQG FDVH
ODZ LQ SULPLWLYH MXULVSUXGHQFH  GR TXDO 3RXQG
UHWLURXVHXVH[HPSORV
2 HVWXGR GHFDVRV GHVHQYROYLGR SHOD
DQWURSRORJLD MXUtGLFD p XP PpWRGR FRQVLGHUDGR
FRPR XP GRV PHOKRUHV SULQFLSDOPHQWH SRUTXH XP
FDVRUHSUHVHQWDRUHJLVWURGHWDOKDGRGHXPDGLVSXWD
SDUWLFXODU H GH VXD UHVROXomR FRQVWLWXLQGR XPD
XQLGDGH GH DQiOLVH HP VL PHVPD ,QLFLDOPHQWH RV
FDVRVVHUYLDPDSHQDVFRPRLOXVWUDomRGHSRLVIRUDP
XWLOL]DGRVSDUDH[DPLQDUDHVWUXWXUDLQWHUQDGRGLUHLWR
WULEDO H VXDV UHODo}HV FRP FRVWXPHV H FUHQoDV
3RVWHULRUPHQWH RPpWRGR GH FDVRV GHVHQYROYHXVH
HPXVRHVSHFtILFRGHFDVRVSUREOHPiWLFRV)RLHVVH
R PpWRGR SURSRVWR SRU /OHZHOO\Q H +RHEHO HP VHX
FOiVVLFRHVWXGRVREUHRGLUHLWRFKH\HQQH
$ FRQWULEXLomR GH /OHZHOOLQ H +RHEHO j
PHWRGRORJLD H j DQWURSRORJLD MXUtGLFD UHSRXVD
SRUWDQWR QD IRUPXODomR GRVFDVRV SUREOHPiWLFRV

LQVSLUDGDQRGLUHLWRGHJUXSRVGLWRVSULPLWLYRV(VVH
HQIRTXH LQGLFD TXH SDUD YHU D OHL HP DomR SDUD
HVWXGDU VXDV LPSOLFDo}HV SUiWLFDV VXDV
FRQVHTXrQFLDV H DV SURIXQGDV LQIOXrQFLDV GRV
FRVWXPHV QRUPDWLYRV QD PHQWH GDV SHVVRDV p
SUHFLVRLQYHVWLJDURVFDVRVSUREOHPiWLFRV6HJXQGR
RV DXWRUHV RPpWRGR GH FDVRV FRQGX] D XPD
MXULVSUXGrQFLDUHDOLVWDHSHUPLWHHVWDEHOHFHUTXHXPD
QRUPD TXH QXQFD p WUDQVJUHGLGD QmR SDVVD GH XPD
UHJUDLQRSHUDQWHRXRQLSRWHQWH
2 VFDVRV SUREOHPiWLFRV UHYHODP XPD JUDQGH
TXDQWLGDGH GH LQIRUPDo}HV HPStULFDV H SRVVLELOLWDP
YHUDOHLRXRGLUHLWRRSHUDQGRHPVXDPDWUL]FXOWXUDO
RXVHMDSHUPLWHYHURGLUHLWRHPDomR$DQiOLVHGRV
FDVRVUHYHODDVOLQKDVUHFRUUHQWHVGDDomRDVTXDLV
SRGHP VHU FKDPDGDVQRUPDV UHDLV SRUTXH
HIHWLYDPHQWHDSOLFDGDV$GHPDLVRHVWXGRGHFDVRV
SUREOHPiWLFRV GHVGH D RULJHP GH XPD GLVSXWD DWp
TXH HVWD VHMD UHVROYLGD SHUPLWH D DQiOLVH GRV
HYHQWRV TXH VHJXHP D TXDOTXHU LQWHQWR GH
UHVROXomRGRVFRVWXPHVHQRUPDVTXHGHYHULDPVHU
UHVSHLWDGDV GRV FRPSRUWDPHQWRV GRV iUELWURV RX
MXt]HVHGDVSHVVRDVTXHVmRDIHWDGDVSHODVUHJUDVH
SHODVGHFLV}HV
(QILP R PpWRGR GH HVWXGR GHFDVRV
SUREOHPiWLFRVSRGHVHUDSOLFDGRDTXDOTXHUVLVWHPD
SULPLWLYR VLPSOHV  RX FRQWHPSRUkQHR FRPSOH[R 
IDWR TXH OKH FRQFHGH FDUDFWHUtVWLFDV XQLYHUVDLV

1HVVHVHQWLGRSRGHVHUDSRQWDGDDREUD/HYDQGRRV
GLUHLWRVDVpULRGH5RQDOG'ZRUNLQHPTXHRDXWRU
LQYHUWH D WUDMHWyULD KDELWXDO GR SHQVDPHQWR MXUtGLFR
DFRVWXPDGRDLUGDWHRULDjSUiWLFDDRDGRWDUDOLQKD
LQWHUSUHWDWLYD TXH YDL GD SUiWLFD MXUtGLFD jV UDt]HV
WHyULFDV TXH OKH FRQIHUHP VHQWLGR H YDORU -i VH
WRUQRXIDPRVDDGLIHUHQoDSRUHOHHVWDEHOHFLGDHQWUH
SULQFtSLRVMXUtGLFRV HUHJUDV GH GLUHLWR $VUHJUDV
GH GLUHLWR VmR GHWHUPLQDGDV SHOR OHJLVODGRU VmR
YiOLGDV VRPHQWH TXDQGR DSOLFDGDV DRV FDVRV
FRQFUHWRV -i RVSULQFtSLRV MXUtGLFRV HQXQFLDP
UD]}HV TXH DJHP HP IDYRU GH XPD RULHQWDomR JHUDO
VHUYHP GH JXLD SDUD DSOLFDU WDO RX TXDO UHJUD $
LPSRUWkQFLD GRV SULQFtSLRV UHVLGH MXVWDPHQWH QD
DQiOLVH GHFDVRV SUREOHPiWLFRV RXFDVRV GLItFHLV
SRUTXH QHVWHV RV SULQFtSLRV DSDUHFHP FRPR
PRWLYDGRUHV GDV GHFLV}HV VHQWHQoDV DFyUGmRV 
SRUWDQWRGHPDQHLUDJHUDOQDSURGXomRGDVGHFLV}HV
MXGLFLDLV RV SULQFtSLRV GHVHPSHQKDP FRQVLGHUiYHO
SDSHO
2 VFDVRV SUREOHPiWLFRV RXFDVRV GLItFHLV VmR
DVVLP H[HPSORV GH TXH D FXOWXUD MXUtGLFD HVWi HP
FRQVWDQWH PXGDQoD UHFRUUH D GLYHUVDV IRQWHV
GHSHQGHGHHPSUpVWLPRGHRXWUDVFXOWXUDVLQFOXVLYH
GDVDQWLJDVHGDVSULPLWLYDV2HPSUpVWLPRFRQIRUPH
RGLIXVLRQLVPRpRPHFDQLVPRSULPiULRGDPXGDQoD
FXOWXUDO H QRV H[HPSORV FLWDGRV WySLFD H FDVRV
SUREOHPiWLFRV  DV WHRULDV MXUtGLFDV WRPDUDP GH

HPSUpVWLPR WUDoRV GDV FXOWXUDV DQWLJDV WySLFD  H


SULPLWLYDV FDVRV  SDUD FRQVWUXLU H RSHUDFLRQDOL]DU R
GLUHLWRGDVVRFLHGDGHVPRGHUQDV
3DUDOHODPHQWH
DRGLIXVLRQLVPR
RXWUDV
RULHQWDo}HV HVWDYDP VHQGR GHVHQYROYLGDV QD
DQWURSRORJLD FRP RV QRPHV GHIXQFLRQDOLVPR H
HVWUXWXUDOLVPR TXH WDPEpP UHSHUFXWLUmR QRV
PRGHORVGDFLrQFLDMXUtGLFD$OLiVDDQiOLVHGHFDVRV
SUREOHPiWLFRV VH HQTXDGUD QmR DSHQDV QXPD
RULHQWDomR GLIXVLRQLVWD PDV WDPEpP QXPD
RULHQWDomR IXQFLRQDOLVWD 2 QRPH GH GHVWDTXH GR
IXQFLRQDOLVPR QD DQWURSRORJLD p %URQLVODZ
0DOLQRZVNLFXMDVFRQWULEXLo}HVVHUmRDQDOLVDGDVQR
FDStWXORVHJXLQWH

; %521,6/$:

0$/,12:6., 

)81&,21$/,602
0DOLQRZVNL p FRQVLGHUDGR R IXQGDGRU GD
DQWURSRORJLD VRFLDO H R SULQFLSDO H[SRHQWH GD WHRULD
DQWURSROyJLFD
GHQRPLQDGDIXQFLRQDOLVPR TXH
LPSULPLX DR HVWXGR GD DQWURSRORJLD XPD QRYD
RULHQWDomR $R FRQWUiULR GH RXWUDV WHRULDV
DQWURSROyJLFDV HYROXFLRQLVPR GLIXVLRQLVPR  TXH
GHIHQGHP D QHFHVVLGDGH GH XPD UHFRQVWUXomR
KLVWyULFD GD FXOWXUD SDUD EHP FRPSUHHQGrOD R
IXQFLRQDOLVPR
HQWHQGH
GLVSHQViYHO
HVVD
UHFRQVWUXomR H DILUPD VHU SRVVtYHO R FRQKHFLPHQWR
GH FDGD FXOWXUD DWUDYpV GH XPD DQiOLVH GH VXD
VLWXDomRSUHVHQWH$VVLPHQTXDQWRRHYROXFLRQLVPR
HRGLIXVLRQLVPRSUHRFXSDPVHFRPDVRULJHQVHRV
SUREOHPDV GDV WUDQVIRUPDo}HV VRFLRFXOWXUDLV R
IXQFLRQDOLVPR SUHRFXSDVH HP HVWXGDU H H[SOLFDU R
IXQFLRQDPHQWR GD FXOWXUD HP GDGR PRPHQWR
0(//2 
3DUDRIXQFLRQDOLVPRXPDVRFLHGDGHEHPFRPR

VXD FXOWXUD GHYH VHU HVWXGDGD HQTXDQWR XPD


WRWDOLGDGHWDOFRPRIXQFLRQDQRPRPHQWRHPTXHp
REVHUYDGD1HVVDWULOKDDVRFLHGDGHHDFXOWXUDVmR
YLVWDVFRPRXPWRGRFXMDVSDUWHVHVWmRLQWLPDPHQWH
LQWHUOLJDGDV QXPD LQWHJUDomR IXQFLRQDO WDO FRPR R
RUJDQLVPR ELROyJLFR H VHXV UHVSHFWLYRV yUJmRV 1R
RUJDQLVPR QmR H[LVWHP yUJmRV GLVSHQViYHLV WRGRV
WrP XPD IXQomR D GHVHPSHQKDU 2 IXQFLRQDOLVPR
LPSULPHSRUWDQWRXPDYLVmRVLVWrPLFDQDDQiOLVHGD
FXOWXUD
2 IXQFLRQDOLVPR SURFXUD H[SOLFDU D PDQHLUD GH
VHUGHFDGDFXOWXUDEXVFDQGRDVUD]}HVQmRPDLVQD
KLVWyULD PDV QD OyJLFD GR VLVWHPD DVVXPLGR SHOD
FXOWXUD HP H[DPH PRWLYR SHOR TXDO HQWHQGH TXH R
DQWURSyORJR GHYH DQDOLVDU GH IRUPD LQWHQVLYD H
FRQWtQXDXPDVRFLHGDGHVHPVHUHIHULUDVXDKLVWyULD
$VVLP GR SRQWR GH YLVWD GR IXQFLRQDOLVPR R
DQWURSyORJR QmR VH SUHRFXSD HP VDEHU FRPR XPD
VRFLHGDGHFKHJRXDVHURTXHp(OHVHSUHRFXSDHP
VDEHURTXHpXPDVRFLHGDGHGDGDHPVLPHVPDHR
TXH D WRUQD YLiYHO SDUD RV TXH D HOD SHUWHQFHP
REVHUYDQGRD QR SUHVHQWH DWUDYpV GD LQWHUDomR GRV
DVSHFWRV TXH D FRQVWLWXHP 2 IXQFLRQDOLVPR
SRUWDQWR FRQWUDS}HVH D j WHRULD HYROXFLRQLVWD
SRUTXH HVWD GLVWLQJXH HVWiJLRV GH GHVHQYROYLPHQWR
GDV VRFLHGDGHV GDV IRUPDV PDLV VLPSOHV SDUD DV
PDLV FRPSOH[DV H E j WHRULD GLIXVLRQLVWD TXH
SRVWXODDH[LVWrQFLDGHFHQWURGHGLIXVmRGHFXOWXUD

DTXDOVHWUDQVPLWHSRUHPSUpVWLPR
0DOLQRZVNL FRQIRUPH 'XUKDP  ;  DR
DSRQWDUDGHILFLrQFLDGDVFDWHJRULDVGHDQiOLVHHGRV
FRQFHLWRVHYROXFLRQLVWDVHGLIXVLRQLVWDVSURS}HXP
QRYR PpWRGR GH RUGHQDomR H LQWHUSUHWDomR GD
HYLGrQFLD HPStULFD 3DUD HOH D FRPSDUDomR UHDOL]DGD
SHODDQWURSRORJLDFOiVVLFDHQWUHVRFLHGDGHVGLYHUVDV
p IHLWD SRU XP GHVPHPEUDPHQWR LQLFLDO GD UHDOLGDGH
HP LWHQV FXOWXUDLV WRPDGRV FRPR HOHPHQWRV
DXW{QRPRV FRP IUDJPHQWRV DVVLP REWLGRV RV
DXWRUHV SURFHGHP D XP UHDUUDQMR DUELWUiULR
DJUXSDQGRRVGHDFRUGRFRPFDWHJRULDVWRPDGDVGH
VXD SUySULD FXOWXUD H IDEULFDQGR FRP LVVR
LQVWLWXLo}HV FRPSOH[RV FXOWXUDLV H HVWiJLRV
HYROXWLYRV TXH QmR HQFRQWUDP FRUUHVSRQGrQFLD HP
TXDOTXHUVRFLHGDGHUHDO
$ SUHRFXSDomR IXQFLRQDOLVWD FRP D DGHTXDomR
GDVFDWHJRULDVjUHDOLGDGHHVWXGDGDHVWiHVWULWDPHQWH
DVVRFLDGD DR HPSHQKR HP UHFRQKHFHU H SUHVHUYDU D
HVSHFLILFLGDGH H SDUWLFXODULGDGH GH FDGD FXOWXUD
$VVLPSDUDRVIXQFLRQDOLVWDVRVHOHPHQWRVFXOWXUDLV
QmR SRGHP VHU PDQLSXODGRV H FRPSRVWRV
DUELWUDULDPHQWH SRUTXH ID]HP SDUWH GH VLVWHPDV
GHILQLGRV SUySULRV GH FDGD FXOWXUD H TXH FDEH DR
LQYHVWLJDGRU GHVFREULU (VVD QRomR VH H[SUHVVD QR
SRVWXODGR GH LQWHJUDomR IXQFLRQDO TXH DVVXPH
LPSRUWkQFLD IXQGDPHQWDO HP WRGD D DQiOLVH
IXQFLRQDOLVWD2FRQFHLWRGHIXQomRDSDUHFHFRPRR

LQVWUXPHQWR TXH SHUPLWH UHFRQVWUXLU D SDUWLU GRV


GDGRV DSDUHQWHPHQWH FDyWLFRV TXH VH RIHUHFHP j
REVHUYDomR GH XP SHVTXLVDGRU GH RXWUD FXOWXUD RV
VLVWHPDV TXH RUGHQDP H GmR VHQWLGR DRV FRVWXPHV
QRVTXDLVVHFULVWDOL]DRFRPSRUWDPHQWRGRVKRPHQV
6HJXQGR /HVOLH :KLWH LQ 0$5&21, H
35(62772    D HVVrQFLD D QDWXUH]D
IXQGDPHQWDORXFDUDFWHUtVWLFDGRIXQFLRQDOLVPRSRGH
VHU H[SRVWD FRP UDSLGH] H VLPSOLFLGDGH DV
VRFLHGDGHV KXPDQDV H VXDV UHVSHFWLYDV FXOWXUDV
H[LVWHP FRPR WRGRV RUJkQLFRV FRQVWLWXtGRV GH
SDUWHV LQWHUGHSHQGHQWHV$V SDUWHV QmR SRGHP VHU
SOHQDPHQWH FRPSUHHQGLGDV VHSDUDGDPHQWH GR WRGR
HRWRGRGHYHVHUFRPSUHHQGLGRHPWHUPRVGHVXDV
SDUWHV VXDV UHODo}HV XPDV FRP DV RXWUDV H FRP R
VLVWHPD VRFLRFXOWXUDO HP FRQMXQWR 4XDOTXHU WUDoR
FXOWXUDO RX FRVWXPH TXDOTXHU REMHWR PDWHULDO RX
LGHLD TXH H[LVWH QR LQWHULRU GDV VRFLHGDGHV WHP
IXQo}HVHVSHFtILFDVHPDQWpPUHODo}HVFRPFDGDXP
GRV RXWURV DVSHFWRV GD FXOWXUD SDUD D PDQXWHQomR
GR VHX PRGR GH YLGD WRWDO &DGD FRVWXPH p
VRFLDOPHQWH VLJQLILFDWLYR Mi TXH LQWHJUD XPD
HVWUXWXUDSDUWLFLSDQGRGHXPVLVWHPDRUJDQL]DGRGH
DWLYLGDGHV 8PD FXOWXUD QmR p VLPSOHVPHQWH XP
RUJDQLVPRPDVXPVLVWHPD
3DUD /DSODWLQH     0DOLQRZVNL
GRPLQRX LQFRQWHVWDYHOPHQWH D FHQD DQWURSROyJLFD
GH  DQR GH SXEOLFDomR GH VXD SULPHLUD REUD

$UJRQDXWDV GR 3DFtILFR 2FLGHQWDO DWp VXD PRUWH


HP$OpPGHIXQGDGRUGDDQWURSRORJLDVRFLDOH
H[SRHQWH GR IXQFLRQDOLVPR p WLGR FRPR R PDLV
PHWyGLFRQRXVRGDSHVTXLVDGHFDPSR
3(648,6$'(&$032
0DOLQRZVNL URPSH RV FRQWDWRV FRP R PXQGR
HXURSHXSDVVDDYLYHUFRPDVSRSXODo}HVDVTXDLV
HVWXGD H D UHFROKHU VHXV PDWHULDLV GH VHXV LGLRPDV
)D] GD DOWHULGDGH R SULQFtSLR PDLRU GH VXDV
SHVTXLVDVXPDYH]TXHQLQJXpPDQWHVGHOHWLQKDVH
HVIRUoDGR WDQWR HP SHQHWUDU QD PHQWDOLGDGH GRV
KDELWDQWHV GDV VRFLHGDGHV VLPSOHV SURFXUD UHYLYHU
QHOHSUySULRRVVHQWLPHQWRVGRRXWURLQWHULRUL]DQGR
VXDVUHDo}HVHPRWLYDVRXVHMDSURFXUDSHQHWUDUQD
FXOWXUD TXH HVWXGD H HP FRPSUHHQGHU GH GHQWUR R
TXHVHQWHPRVKRPHQVHPXOKHUHVTXHSHUWHQFHPD
HVVD FXOWXUD (VFUHYH 8P GRV UHI~JLRV IRUD GHVVD
SULVmR PHFkQLFD GD FXOWXUD p R HVWXGR GDV IRUPDV
SULPLWLYDV GD YLGD KXPDQD WDLV FRPR H[LVWHP DLQGD
QDV VRFLHGDGHV ORQJtQTXDV GR JORER $
DQWURSRORJLD SDUD PLP SHOR PHQRV HUD XPD IXJD
URPkQWLFDSDUDORQJHGHQRVVDFXOWXUDXQLIRUPL]DGD
LQ/$3/$7,1( 
'HSRLVGH0DOLQRZVNLDDQWURSRORJLDDSRLRXGH
PRGRWmRGHFLVLYRQDSHVTXLVDGHFDPSRTXHILFRX
VHQGR FRPXP D TXDQWRV GHVHMDVVHP HQYHUHGDU QD
FDUUHLUD DFDGrPLFD GD DQWURSRORJLD LQLFLiOD MXQWR

DRV SRYRV SULPLWLYRV QXPD HVSpFLH GH HVWiJLR 6y


DSyV HVVHEDWLVPR p TXH R SURILVVLRQDO VH VHQWLD
DQLPDGRDSHQHWUDUQRPDJLVWpULR0DOLQRZVNLDOHUWD
SRUpP TXH R LQYHVWLJDGRU HWQRJUiILFR QmR SRGH
ID]HU REVHUYDo}HV D PHQRV TXH VDLED R TXH p
UHOHYDQWH H HVVHQFLDO H HVWHMD GHVVH PRGR
FDSDFLWDGR D GHVSUH]DU RV DFRQWHFLPHQWRV IRUWXLWRV
0(//2 
$ rQIDVH QR WUDEDOKR GH FDPSR SURYRFD XPD
UXSWXUDLGHROyJLFD&RQIRUPH/DSODWLQH  
RV DQWURSyORJRV GD HUD YLWRULDQD LGHQWLILFDYDPVH
WRWDOPHQWH FRP D VXD VRFLHGDGH LVWR p FRP D
FLYLOL]DomR LQGXVWULDO HXURSHLD (P UHODomR D HVWD
RV FRVWXPHV GRV SRYRV SULPLWLYRV HUDP YLVWRV
FRPR DEHUUDQWHV 0DOLQRZVNL LQYHUWH HVVD UHODomR
3DUDHOHDDQWURSRORJLDVXS}HXPDLGHQWLILFDomRFRP
D DOWHULGDGH SRUWDQWR D VRFLHGDGH SULPLWLYD QmR
SRGH VHU FRQVLGHUDGD FRPR IRUPD VRFLDO DQWHULRU j
FLYLOL]DomRHVLPFRPRIRUPDFRQWHPSRUkQHDFDSD]
GH PRVWUDU HP VXD SXUH]D DTXLOR TXH ID] IDOWD DR
KRPHP PRGHUQR D DXWHQWLFLGDGH $ DEHUUDomR
SRUWDQWR QmR HVWi PDLV GR ODGR GDV VRFLHGDGHV
SULPLWLYDVHVLPGRODGRGDVRFLHGDGHRFLGHQWDO
$ JUDQGH LQRYDomR GH 0DOLQRZVNL QR WUDEDOKR
GH FDPSR FRQVLVWLX QD SUiWLFD GH XPD WpFQLFD
GHQRPLQDGDREVHUYDomR SDUWLFLSDQWH (VVD WpFQLFD
H[LJH ORQJDV HVWDGLDV GR REVHUYDGRU MXQWR jV
FRPXQLGDGHVTXHVHUmRSHVTXLVDGDV2IXQGDPHQWR

GHOD UHVLGH QXP SURFHVVR GHDFXOWXUDomR GR


REVHUYDGRU TXH FRQVLVWH QD DVVLPLODomR GDV
FDWHJRULDV LQFRQVFLHQWHV TXH RUGHQDP R XQLYHUVR
FXOWXUDO LQYHVWLJDGR 2V SULQFtSLRV IXQGDPHQWDLV
GHVVD SUiWLFD HVWmR UHODWDGRV QD ,QWURGXomR GR
OLY UR$UJRQDXWDV GR 3DFtILFR 2FLGHQWDO $OLiV
%RDYHQWXUD GH 6RXVD 6DQWRV UHFRQKHFH TXH D VXD
SHVTXLVD 2 GLVFXUVR H R SRGHU  UHDOL]DGD HP XPD
IDYHOD GR 5LR GH -DQHLUR FRQVLVWH QXP WUDEDOKR GH
FDPSRTXHLQYHVWLJDRSOXUDOLVPRMXUtGLFRVHJXQGRR
PpWRGRDQWURSROyJLFRGDREVHUYDomRSDUWLFLSDQWH
)$72(727$/,'$'(
3DXO 0HUFLHU LQ 0(//2    HVFODUHFH
TXH 0DOLQRZVNL VHP HPSUHJDU D SDODYUD XWLOL]D D
QRomRGHIDWRVRFLDOWRWDOPRWLYRSHORTXDOIRLFDSD]
GH GHVHQYROYHU SHVTXLVDV PXLWR PDLV LQWHQVDV GR
TXHDVUHDOL]DGDVDWpHQWmR'HDFRUGRFRPDWHRULD
GRIDWRVRFLDOWRWDODFXOWXUDGHYHVHUHQFDUDGDFRPR
XPD WRWDOLGDGH FRHUHQWH H WRGRV RV DVSHFWRV TXH
DSUHVHQWD SDUHQWHVFR HFRQRPLD SROtWLFD UHOLJLmR
GLUHLWR HWF QmR SRGHP GH PDQHLUD DOJXPD VHU
LQWHUSUHWDGRVVHSDUDGDPHQWH7XGRpVLJQLILFDWLYRH
QDGDSRGHVHUGHVSUH]DGR
0DOLQRZVNLHVWDEHOHFHDQRomRVHJXQGRDTXDOp
SRVVtYHOPRVWUDUDWRWDOLGDGHGHXPDFXOWXUDDSDUWLU
GD DQiOLVH GH XP ~QLFR FRVWXPH RX PHVPR GH XP
~QLFR REMHWR DSDUHQWHPHQWH PXLWR VLPSOHV XPD

FDQRD SRU H[HPSOR  9DOH GL]HU SDUD DOFDQoDU D


WRWDOLGDGH FXOWXUDO RX R KRPHP HP WRGDV DV VXDV
GLPHQV}HV p SUHFLVR GHGLFDUVH j REVHUYDomR GH
IDWRV VRFLDLV DSDUHQWHPHQWH PLQ~VFXORV H
LQVLJQLILFDQWHV 1HVVD WULOKD DSUHVHQWRX H[HPSORV
TXH VH WRUQDUDP FOiVVLFRV VREUH D PDQHLUD FRPR
DQDOLVDQGR R DVSHFWR GH XPD FXOWXUD FKHJDVH D
HYRFiOD SRU LQWHLUR 8P GHVVHV H[HPSORV VmR DV
FDQRDVWUREULDQGHVDV(ODVVmRGHVFULWDVHPUHODomR
DRJUXSRTXHDVIDEULFDHXWLOL]DDRULWXDOPiJLFRTXH
DV FRQVDJUD H jV UHJXODPHQWDo}HV TXH GHILQHP VXD
SRVVH $V FDQRDV WUDQVSRUWDQGR GH LOKD HP LOKD
FRODUHVGHFRQFKDVYHUPHOKDVHSXOVHLUDVGHFRQFKDV
EUDQFDVPRVWUDPXPSURFHVVRGHWURFDJHQHUDOL]DGR
NXOD  TXH QmR SRGH VHU UHGX]LGR DSHQDV j
GLPHQVmR HFRQ{PLFD YLVWR TXH QHOH p SRVVtYHO
HQFRQWUDU VLJQLILFDGRV MXUtGLFRV SROtWLFRV PiJLFRV
UHOLJLRVRVHHVWpWLFRVGRJUXSRLQWHLUR
1D VXD REUD PDLV DSUHFLDGD$UJRQDXWDV GR
3DFtILFR2FLGHQWDO 0DOLQRZVNL PRVWUD TXH D SDUWLU
GH XPD ~QLFD LQVWLWXLomR RNXOD  p SRVVtYHO
GHVYHQGDUWRGRVRVDVSHFWRVGHXPDFXOWXUD
.XOD
0DOLQRZVNL     GL] TXH RNXOD p XP
VLVWHPD GH FRPpUFLR H R GHVFUHYH QRV VHJXLQWHV
WHUPRV 7UDWDVH GH XPD LQVWLWXLomR GRWDGD GH
HQRUPHYDULHGDGHGHDVSHFWRVDVVRFLDGRVDXPVHP

Q~PHURGHDWLYLGDGHVeXPIHQ{PHQRFRPSOH[RFRP
UDPLILFDo}HVHLQWHUUHODo}HVeXPDIRUPDGHWURFDH
WHPFDUiWHULQWHUWULEDOEDVWDQWHDPSORpSUDWLFDGRSRU
FRPXQLGDGHV ORFDOL]DGDV QXP H[WHQVR FtUFXOR GH
LOKDV TXH IRUPDP XP FLUFXLWR IHFKDGR GR H[WUHPR
RULHQWDOGD1RYD*XLQp$RORQJRGHVVDURWDDUWLJRV
GH GRLV WLSRV YLDMDP FRQVWDQWHPHQWH HP GLUHo}HV
RSRVWDV 1R VHQWLGR KRUiULR PRYLPHQWDPVH RV
FRODUHV IHLWRV GH FRQFKDV YHUPHOKDV 1R VHQWLGR
RSRVWR PRYHPVH EUDFHOHWHV IHLWRV GH FRQFKDV
EUDQFDV (VVHV DUWLJRV YLDMDQGR HP VHX SUySULR
VHQWLGR QR FLUFXLWR IHFKDGR DR VH HQFRQWUDUHP QR
FDPLQKR VmR WURFDGRV XQV SHORV RXWURV &DGD
PRYLPHQWR GHVVHV DUWLJRV FDGD GHWDOKH GDV
WUDQVDo}HV p IL[DGR H UHJXODGR SRU XPD VpULH GH
UHJUDV H FRQYHQo}HV WUDGLFLRQDLV DOJXQV GRV DWRV
G RNXOD VmR DFRPSDQKDGRV GH HODERUDGDV
FHULP{QLDVS~EOLFDVHULWXDLVPiJLFRV
(PFDGDLOKDHHPFDGDDOGHLDXPQ~PHURPDLV
RXPHQRVUHVWULWRGHKRPHQVSDUWLFLSDPGRNXODRX
VHMD UHFHEHP RV DUWLJRV FRQVHUYDPQR FRQVLJR
GXUDQWHDOJXPWHPSRHSRUILPSDVVDPQRDGLDQWH
&DGDXPGRVSDUWLFLSDQWHVUHFHEHSHULRGLFDPHQWHXP
RXYiULRVEUDFHOHWHVGHFRQFKDRXFRODUGHFRQFKDV
TXH GHYH HQWUHJDU D XP GH VHXV SDUFHLURV GR TXDO
UHFHEH HP WURFD R DUWLJR RSRVWR $VVLP QLQJXpP
MDPDLV FRQVHUYD QHQKXP DUWLJR FRQVLJR SRU PXLWR
WHPSR2IDWRGHTXHXPDWUDQVDomRVHMDFRQVXPDGD

QmR VLJQLILFD R ILP GD UHODomR HVWDEHOHFLGD HQWUH RV


SDUFHLURV D UHJUD p XPD YH] QRNXOD VHPSUH QR
NXOD
1HVVH VLVWHPD GH FRPpUFLR D WURFD FHULPRQLDO
GRVDUWLJRVXPSHORRXWURpRDVSHFWRIXQGDPHQWDOH
FHQWUDO 0DV DVVRFLDGDV D HOH H UHDOL]DGDV j VXD
VRPEUD H[LVWHP QXPHURVDV FDUDFWHUtVWLFDV H
DWLYLGDGHV VHFXQGiULDV 9DOH GL]HU SDUDOHODPHQWH j
WURFD ULWXDO GRV FRODUHV SHORV EUDFHOHWHV RV QDWLYRV
UHDOL]DP R FRPpUFLR FRPXP LQGLVSHQViYHO j VXD
HFRQRPLD $OpP GLVVR Ki RXWUDV DWLYLGDGHV TXH
SUHFHGHP DRNXOD RX D HOH VH DFKDP DVVRFLDGDV
FRPR SRU H[HPSOR D FRQVWUXomR GDV FDQRDV SDUD
QDYHJDomRHPDOWRPDUDSUiWLFDGHFHUWRVWLSRVGH
FHULP{QLDV PRUWXiULDV GH JUDQGH SRPSD H WDEXV
SUHSDUDWyULRV 2NXOD p XPDLQVWLWXLomR HQRUPH H
H[WUDRUGLQDULDPHQWH FRPSOH[D QmR Vy HP H[WHQVmR
JHRJUiILFD PDV WDPEpP QD PXOWLSOLFLGDGH GH VHXV
REMHWLYRV(OHYLQFXODXPJUDQGHQ~PHURGHWULERVH
DEDUFD XP HQRUPH FRQMXQWR GH DWLYLGDGHV LQWHU
UHODFLRQDGDV H LQWHUGHSHQGHQWHV GH PRGR D IRUPDU
XPWRGRRUJkQLFR
6HJXQGR 'XUKDP  ;9,  D HVFROKD GD
DQiOLVH LQVWLWXFLRQDO FRQVWLWXL D VROXomR HQFRQWUDGD
SRU 0DOLQRZVNL SDUD UHFRQVWLWXLU QD GHVFULomR
HWQRJUiILFD D LQWHJUDomR H D FRHUrQFLD RX VHMD D
WRWDOLGDGH LQWHJUDGD TXH D WpFQLFD GH LQYHVWLJDomR
OKH KDYLD SHUPLWLGR FDSWDU QR WUDEDOKR GH FDPSR

9DOH GL]HU VH D FXOWXUD FRQVWLWXL XPD WRWDOLGDGH


LQWHJUDGDQmRpHQWUHWDQWRXPWRGRLQGLIHUHQFLDGR
PDV DSUHVHQWD Q~FOHRV GH RUGHQDomR H FRUUHODomR
TXHVmRDVLQVWLWXLo}HV
1$785(=$+80$1$(&8/785$
3DUD 0DOLQRZVNL D DQWURSRORJLD p XPD FLrQFLD
GDDOWHULGDGHYROWDGDSDUDRVHVWXGRVGDVOyJLFDVGH
FDGD FXOWXUD 2V FRVWXPHV GRV SRYRV WrP
VLJQLILFDomR H FRHUrQFLD VmR VLVWHPDV OyJLFRV
SHUIHLWDPHQWH FRQHFWDGRV H QmR YHVWtJLRV GH XPD
FXOWXUDTXHQmRHYROXLX3DUDH[SOLFDUHVVDFRHUrQFLD
OyJLFD LQWHUQD 0DOLQRZVNL HODERUD XPD WHRULD
IXQFLRQDOLVWD  TXH WLUD VHX PRGHOR GDV FLrQFLDV GD
QDWXUH]D H TXH SRGH VHU DVVLP VLQWHWL]DGD R
LQGLYtGXR VHQWH FHUWR Q~PHUR GH QHFHVVLGDGHV H
FDGD FXOWXUD WHP SUHFLVDPHQWH FRPRIXQomR
VDWLVID]HU j VXD PDQHLUD HVVDV QHFHVVLGDGHV
IXQGDPHQWDLV &DGD FXOWXUD UHDOL]D HVVD IXQomR
FULDQGRLQVWLWXLo}HV MXUtGLFDVHFRQ{PLFDVSROtWLFDV
HGXFDWLYDV  IRUQHFHQGR UHVSRVWDV FROHWLYDV
RUJDQL]DGDVTXHFRQVWLWXHPFDGDXPDDVHXPRGR
VROXo}HV RULJLQDLV TXH SHUPLWHP DWHQGHU jV
QHFHVVLGDGHVGRVLQGLYtGXRV /$3/$7,1( 
2V VHUHV KXPDQRV VHJXQGR 0DOLQRZVNL 
 HVWmRVXMHLWRVDFRQGLo}HVHOHPHQWDUHVTXHWrP
GH VHU DWHQGLGDV SDUD TXH SRVVDP VREUHYLYHU $
VDWLVIDomRGDVQHFHVVLGDGHVRUJkQLFDVRXEiVLFDVGR

KRPHPpXPFRQMXQWRPtQLPRGHFRQGLo}HVLPSRVWDV
DFDGDFXOWXUD2VSUREOHPDVDSUHVHQWDGRVSRUVXDV
QHFHVVLGDGHV QXWULWLYDV UHSURGXWLYDV H KLJLrQLFDV
GHYHP VHU UHVROYLGRV H D VROXomR GHOHV DGYpP GD
FRQVWUXomR GH XP DPELHQWH VHFXQGiULR RX DUWLILFLDO
(VVH DPELHQWH VHFXQGiULR TXH p D FXOWXUD
SURSULDPHQWH GLWD WHP GH VHU SHUPDQHQWHPHQWH
UHSURGX]LGR PDQWLGR H DGPLQLVWUDGR ,VVR FULD XP
QRYRSDGUmRGHYLGDTXHGHSHQGHGRQtYHOFXOWXUDO
GD FRPXQLGDGH GR DPELHQWH H GD HILFLrQFLD GR
JUXSR
8P SDGUmR FXOWXUDO FRQWXGR VLJQLILFD TXH
QRYDVQHFHVVLGDGHVVHLPS}HPHQRYRVLPSHUDWLYRV
RXGHWHUPLQDQWHVVmRLQFXOFDGRVDRFRPSRUWDPHQWR
KXPDQR$WUDGLomRFXOWXUDOWHPGHVHUWUDQVPLWLGDGH
JHUDomRSDUDJHUDomR2VPpWRGRVHPHFDQLVPRVGH
FDUiWHUHGXFDFLRQDOGHYHPH[LVWLUHPWRGDFXOWXUD$
RUGHP H D OHL WrP GH VHU PDQWLGDV XPD YH] TXH D
FRRSHUDomRpDHVVrQFLDGHWRGDUHDOL]DomRFXOWXUDO
2 VXEVWUDWR GD FXOWXUD WHP GH VHU UHQRYDGR H
PDQWLGR HP FRQGLo}HV GH IXQFLRQDPHQWR 3RU LVVR
DOJXPDVIRUPDVGHRUJDQL]DomRHFRQ{PLFDHMXUtGLFD
VmR LQGLVSHQViYHLV PHVPR QDV FXOWXUDV PDLV
SULPLWLYDV
$PELHQWHVSULPiULRHVHFXQGiULR
$ WHRULD IXQFLRQDOLVWD FRQIRUPH 0DOLQRZVNL D
H[S}H HP8PD WHRULD FLHQWtILFD GD FXOWXUD

HVWDEHOHFH FRPR SRQWR GH SDUWLGD R FRQFHLWR GH


QDWXUH]D KXPDQD $ H[SUHVVmR QDWXUH]D KXPDQD
VLJQLILFDTXHWRGRVRVKRPHQVWrPQHFHVVDULDPHQWH
GH UHDOL]DU IXQo}HV FRUSRUDLV FRPR FRPHU EHEHU
UHVSLUDUGRUPLUSURFULDUHHOLPLQDUDPDWpULDUHMHLWDGD
SRU VHXV RUJDQLVPRV RQGH TXHU TXH YLYDP H
TXDOTXHU TXH VHMD R WLSR GH FLYLOL]DomR TXH
SUDWLTXHP$H[SUHVVmR QDWXUH]DKXPDQDSRUWDQWR
H[SULPHRGHWHUPLQLVPRELROyJLFRTXHLPS}HDWRGRV
RVLQGLYtGXRVDUHDOL]DomRGHIXQo}HVFRUSRUDLV$V
QHFHVVLGDGHV RUJkQLFDV GR KRPHP DOLPHQWDomR
SURWHomR UHSURGXomR  IRUQHFHP RV LPSHUDWLYRV
IXQGDPHQWDLVTXHFRQGX]HPDRGHVHQYROYLPHQWRGD
YLGDVRFLDO
(VVH FRQMXQWR GH QHFHVVLGDGHV ELROyJLFDV TXH
SUHFLVDP VHU VDWLVIHLWDV FRQVWLWXL RDPELHQWH
SULPiULRDVLWXDomRFRQFUHWDGRVHUKXPDQRTXHpD
VXD QDWXUH]D KXPDQD$V FXOWXUDV SRGHUmR DVVXPLU
DV IRUPDV PDLV GLYHUVDV PDV GHYHUmR
QHFHVVDULDPHQWH VHU DSWDV D VDWLVID]HU DV
QHFHVVLGDGHV ELROyJLFDV EiVLFDV 1R HVIRUoR SDUD
DWHQGHU jV QHFHVVLGDGHV GHFRUUHQWHV GRDPELHQWH
SULPiULRRVKRPHQVFULDPXPDPELHQWHVHFXQGiULR
(VVH DPELHQWH VHFXQGiULR VH GHQRPLQD FXOWXUD
&RPR RV KRPHQV Vy SRGHP VDWLVID]HU DV
QHFHVVLGDGHV EiVLFDV DWUDYpV GD FXOWXUD VXUJHP
QHFHVVLGDGHVGHULYDGDVUHODFLRQDGDVjPDQXWHQomR
UHSURGXomR H WUDQVPLVVmR GR SUySULR HTXLSDPHQWR

FXOWXUDO (VVDV QHFHVVLGDGHV GHULYDGDV VmR


VXEGLYLGLGDV
HPLPSHUDWLYRV LQVWUXPHQWDLV
RUJDQL]DomR HFRQ{PLFD OHJDO H HGXFDFLRQDO GD
VRFLHGDGH  HLPSHUDWLYRV LQWHJUDWLYRV PDJLD
UHOLJLmR FLrQFLD DUWH  $VVLP FRP 0DOLQRZVNL D
FRQFHSomRGHFXOWXUDpVHPSUHUHIHULGDjFDSDFLGDGH
GH VDWLVID]HU RV GLYHUVRV WLSRV GH QHFHVVLGDGHV
KXPDQDV
&XOWXUDpSRUWDQWRXPDPELHQWHDUWLILFLDOHGHYH
VHU HQWHQGLGD FRPR XP WRGR YLYR H LQWHUOLJDGR GH
QDWXUH]D GLQkPLFD HP TXH FDGD HOHPHQWR RX WUDoR
WHP XPD IXQomR HVSHFtILFD D GHVHPSHQKDU QR
HVTXHPD LQWHJUDO (QILP R FRQFHLWR GHFXOWXUD
DPELHQWH VHFXQGiULR  DSRLDVH QR FRQFHLWR GH
QDWXUH]D KXPDQD DPELHQWH SULPiULR  7UDWDVH GH
GRLV DPELHQWHV FRQMXJDGRV XP EiVLFR H SULPiULR
TXH p VXFHGLGR SRU RXWUR VHFXQGiULR RX GHULYDGR
$PERVFULDPFRQGLo}HVGHVREUHYLYrQFLDKXPDQD
1D WHRULD IXQFLRQDOLVWD GH 0DOLQRZVNL HVWi
SUHVHQWHRSUREOHPDDLQGDKRMHGHEDWLGRTXHWUDWDGR
ELQ{PLR QDWXUH]D H FXOWXUD 2 KRPHP HVWi
LQGXELWDYHOPHQWH OLJDGR j QDWXUH]D DR PXQGR
QDWXUDO SHUWHQFH D XPD HVSpFLH DQLPDO SRUWDQWR p
SRUWDGRU GH QHFHVVLGDGHV ELROyJLFDV SULPiULDV TXH
QmRSRGHPVHUGHVFDUWDGDV0DVRKRPHPpWDPEpP
XPDQLPDOFXOWXUDOTXHSURGX]XPPXQGRDUWLILFLDO$
FXOWXUDpXPPXQGRDUWLILFLDOFULDGRSHORKRPHPPDV
pWDPEpPXPDH[WHQVmRGRPXQGRQDWXUDO+iDVVLP

XPDFRQH[mRRXUHODomRWmRLQH[RUiYHOHQWUHQDWXUH]D
H FXOWXUD TXH QmR p SRVVtYHO IDODU HP GHWHUPLQLVPR
ELROyJLFR VHP FRQVLGHUDU R GHWHUPLQLVPR SDGUmR
FXOWXUDO
0DOLQRZVNL SRUpP HQWHQGLD TXH HUD
SUHWHQVLRVR R SURMHWR GD DQWURSRORJLD GH HVWXGDU R
KRPHP FRPR XP WRGR 3DUD HOH D DQWURSRORJLD QmR
GHYLD RFXSDUVH GR HVWXGR GD QDWXUH]D KXPDQD H
SRU H[WHQVmR WDPEpP GD FXOWXUD (QWHQGLD TXH HUD
QHFHVViULRGHOLPLWDURREMHWRGDDQWURSRORJLDPRWLYR
SHOR TXDO FRQVLGHURX DLQVWLWXLomR FRPR XQLGDGH
EiVLFDGRHVWXGRDQWURSROyJLFR
,167,78,d(6
0DOLQRZVNL  HOHJHDLQVWLWXLomRFRPR
XQLGDGHEiVLFDGDVXDDQiOLVHIXQFLRQDOLVWD'L]HOH
$ XQLGDGH IXQFLRQDO TXH FKDPHL GH LQVWLWXLomR
GLIHUHGRFRPSOH[RGHFXOWXUDRXFRPSOH[RGHWUDoRV
TXDQGR GHILQLGR FRPR FRPSRVWR GH HOHPHQWRV TXH
QmR VH VLWXDP HP TXDOTXHU UHODomR QHFHVViULD &RP
HIHLWRDXQLGDGHIXQFLRQDOpFRQFUHWDRXVHMDSRGH
VHU REVHUYDGD FRPR XP DJUXSDPHQWR VRFLDO
GHILQLGR 6HJXQGR 0HOOR    D HVFROKD GD
LQVWLWXLomRFRPRXQLGDGHEiVLFDGHHVWXGRVHGHYH
DFLPDGHWXGRDXPSURFHGLPHQWRPHWRGROyJLFRRX
VHMD HUD QHFHVViULR FULDU XP PRGHOR FRQFUHWR GH
DQiOLVH D LQVWLWXLomR  TXH SHUPLWLVVH VHUYLU FRPR
JXLDQDSHVTXLVDGHFDPSR

1mRKiHP0DOLQRZVNLXPDDQiOLVHGHVLVWHPDV
HFRQ{PLFRVSROtWLFRVUHOLJLRVRVHWFHPVLPHVPRV
$V LQVWLWXLo}HV FRPR RNXOD UHSUHVHQWDP
WRWDOLGDGHV FRPSOH[DV TXH LQFOXHP D PXOWLSOLFLGDGH
GR UHDO $ LQVWLWXLomR DSDUHFH FRPR XPD SURMHomR
SDUFLDO GD WRWDOLGDGH GD FXOWXUD QmR FRPR XP GRV
VHXV DVSHFWRV $ GHVFULomR VHPSUH DV GHVHQYROYH
QR VHQWLGR GH PRVWUDU VLPXOWDQHDPHQWH FRPR D
LQVWLWXLomR HP DSUHoR SHUPHLD WRGD D FXOWXUD H
LQYHUVDPHQWH FRPR WRGD D FXOWXUD HVWi SUHVHQWH QD
LQVWLWXLomR
&RQIRUPHLQWHUSUHWDomRGH'XUKDP ;9,, 
DLQVWLWXLomRpVHPSUHXPDXQLGDGHPXOWLGLPHQVLRQDO
(OD FRPSUHHQGH XPD FRQVWLWXLomR RX FyGLJR TXH
FRQVLVWHQRVLVWHPDGHYDORUHVHPYLVWDGRVTXDLVRV
VHUHV KXPDQRV VH DVVRFLDP XP JUXSR KXPDQR
RUJDQL]DGR H FXMDV DWLYLGDGHV UHDOL]DP D LQVWLWXLomR
(VVDV DWLYLGDGHV VH SURFHVVDP GH DFRUGR FRP
QRUPDV H UHJUDV TXH FRQVWLWXHP PDLV XP HOHPHQWR
GHVVD WRWDOLGDGH )LQDOPHQWH HOD FRPSUHHQGH XP
HTXLSDPHQWR PDWHULDO TXH R JUXSR PDQLSXOD QR
GHVHPSHQKR GH VXD DWLYLGDGH (VVHV GLIHUHQWHV
HOHPHQWRVGHILQHPDHVWUXWXUDGDLQVWLWXLomR
(QILP PHGLDQWH DQiOLVH GDV DWLYLGDGHV
HIHWLYDPHQWH GHVHPSHQKDGDV SHORV PHPEURV GRV
JUXSRV H GH VHXV UHVXOWDGRV R LQYHVWLJDGRU SRGH
HQFRQWUDU LQVWUXPHQWRV SDUD VXSHUDU D FRQVFLrQFLD
UHVWULWD H GHIRUPDGD TXH RV PHPEURV GH XPD

VRFLHGDGH SRVVXHP GH VXD SUySULD FXOWXUD (VVD


DQiOLVH SHUPLWH YHULILFDU TXH RV GLIHUHQWHV DVSHFWRV
GD LQVWLWXLomR QmR SRVVXHP WRGRV D PHVPD
UHOHYkQFLD H[SOLFDWLYD RX VHMD p QR FRPSRUWDPHQWR
KXPDQR UHDO TXH VH HQFRQWUD R HOHPHQWR
YHUGDGHLUDPHQWHVLQWpWLFRTXHIRUQHFHDFKDYHSDUDD
DSUHHQVmR GD LQVWLWXLomR QD WRWDOLGDGH GH VHXV
DVSHFWRV
,QVWLWXLomRHIXQomR
+i QD WHRULD IXQFLRQDOLVWD XPD UHODomR
QHFHVViULD HQWUH LQVWLWXLomR H IXQomR RX VHMD D
LQVWLWXLomR GHVSURYLGD GH IXQomR WHQGH D
GHVDSDUHFHU 3RU HVVD UD]mR 0DOLQRZVNL DSUHVHQWD
XPD OLVWD GHWLSRV LQVWLWXFLRQDLV FXMR FULWpULR GH
FODVVLILFDomR VH IXQGDPHQWD QRSULQFtSLR GH
LQWHJUDomR3RUH[HPSORD RSULQFtSLRGHLQWHJUDomR
IXQGDGR QDUHSURGXomR LPSOLFD GHWHUPLQDGRV WLSRV
GHLQVWLWXLomRIDPtOLDJUXSRGRPpVWLFRH[WHQVRFOm
HWF E  R SULQFtSLR GH LQWHJUDomR IXQGDGR QD
XQLGDGH WHUULWRULDO LPSOLFD RXWURV WLSRV GH
LQVWLWXLomRWULERDOGHLDSURYtQFLDFLGDGHHWF
$ LQVWLWXLomR p FRPSRVWD DQDOLWLFDPHQWH GRV
VHJXLQWHV HOHPHQWRVHVWDWXWR QRUPDV SHVVRDV
DSDUHOKDJHPPDWHULDODWLYLGDGHV HIXQomR$VVLP
SDUDGHVFREULURVYiULRVWLSRVGHLQVWLWXLomRRXSDUD
VDEHUVHGDGDUHDOLGDGHVRFLDOVHHQTXDGUDRXQmRQD
FDWHJRULDGHLQVWLWXLomREDVWDYHULILFDUVHHODSRVVXL

WRGRV DTXHOHV HOHPHQWRV 2HVWDWXWR FRUUHVSRQGH D


XP FRQMXQWR GH PRWLYRV D XP REMHWLYR FRPXP
FRQVXEVWDQFLDGR QD WUDGLomR RX FRQFHGLGR SHOD
DXWRULGDGH WUDGLFLRQDO 2 HVWDWXWR QHVVH VHQWLGR
SRGHVHUFRQVLGHUDGRXPFRQMXQWRGHUHJUDVJHUDLV
H[WHQVLYDVDWRGRVRVJUXSRV$OpPGLVVRRHVWDWXWR
HVWDEHOHFH OLJDo}HV HQWUH DV GLIHUHQWHV LQVWLWXLo}HV
GH GHWHUPLQDGD VRFLHGDGH $VQRUPDV GHYHP VHU
HQWHQGLGDV FRPRUHJUDVSDUWLFXODUHVGDLQVWLWXLomR
XPD HVSpFLH GH RSHUDFLRQDOL]DomR GDV UHJUDV JHUDLV
GR HVWDWXWR $VSHVVRDV DR PHVPR WHPSR TXH VH
VHQWHP SUHPLGDV D S{U HP SUiWLFD R HVWDWXWR
HQFRQWUDP QHFHVVLGDGHV HVSHFtILFDV H FRQFUHWDV D
VDWLVID]HU H SRU LVVR FRPR SDUWH GLQkPLFD GD
LQVWLWXLomR WHQGHP D HODERUDU VXDV QRUPDV
SDUWLFXODUHV 0(//2 
$ IDPtOLD SRU H[HPSOR p FRQVLGHUDGD XPD
LQVWLWXLomR TXH WHP SRU SULQFtSLR GH LQWHJUDomR D
UHSURGXomR $ IDPtOLD SRUWDQWR GHYH UHVSHLWDU R
HVWDWXWRIDPLOLDU FDVDPHQWR LQVWLWXFLRQDOL]DGR FRP
WRGDVDVUHJUDVJHUDLV 2PDULGRDPXOKHURVILOKRV
H RXWURV SDUHQWHV YLYHP VREQRUPDVFRQFUHWDV TXH
SRVVLELOLWDPRFXPSULPHQWRGRHVWDWXWRHSHUPLWHPR
GHVHPSHQKR GDIXQomR GH IRUQHFHU FLGDGmRV j
FRPXQLGDGH 3DUD WDQWR SRVVXHPDSDUHOKDJHP
PDWHULDO IHUUDPHQWDV XWHQVtOLRV REMHWRV EHQV GH
FRQVXPR HWF  1D SUiWLFD HVVDV SHVVRDV YLYHP HP
DWLYLGDGH UHSURGX]LQGR R VHX DPELHQWH HQWUDQGR

HP FRQWDWR FRP RXWUDV IDPtOLDV OXWDQGR SDUD


FRQVHJXLUVHXREMHWLYRUHSURGXomRHVREUHYLYrQFLD
GHQRYRVFLGDGmRV
2FRQFHLWRGHIXQomRHQYROYHSULPRUGLDOPHQWHD
VDWLVIDomRGHQHFHVVLGDGHVEiVLFDVHGHULYDGDV3RU
LVVR D DERUGDJHP IXQFLRQDOLVWD FRQVLVWH QXPD
H[SOLFDomR WHOHROyJLFD GD DomR FRPR PHLR j
REMHWLYDomR GH ILQV H PHWDV 2 HVTXHPD WHyULFR GR
IXQFLRQDOLVPRpEDVHDGRQHVVHSUHVVXSRVWRGHTXH
D DomR VRFLRFXOWXUDO p WHROyJLFD WHP SRU ILQDOLGDGH
DOFDQoDU GHWHUPLQDGRV REMHWLYRV 1mR LPSRUWD VH D
DomR p RX QmR LQWHQFLRQDO FRQVFLHQWH RX
LQFRQVFLHQWH R IDWR p TXH HOD HVWi VHPSUH
GLUHFLRQDGD SDUD VDWLVIDomR GH QHFHVVLGDGHV (VVH
WLSRGHDQiOLVHIXQFLRQDOFRPRGL]0DOLQRZVNL 
  HVWi VXMHLWR j DFXVDomR GH WDXWRORJLD H
YXOJDULGDGH DVVLP FRPR j FUtWLFD GH TXH UHSUHVHQWD
XP FtUFXOR OyJLFR SRLV REYLDPHQWH VH GHILQLPRV
IXQomRFRPRVDWLVIDomRGHXPDQHFHVVLGDGHpIiFLO
VXVSHLWDU TXH D QHFHVVLGDGH D VHU VDWLVIHLWD IRL
DSUHVHQWDGD D ILP GH DWHQGHU j QHFHVVLGDGH GH
VDWLVID]HUXPDIXQomR
&RP EDVH QR HVWXGR GH 0DOLQRZVNL SRGHVH
GL]HU TXH DV IXQo}HV EiVLFDV RX IXQGDPHQWDLV GD
IDPtOLD HQFRQWUDGDV HP WRGRV RV DJUXSDPHQWRV
KXPDQRVVmRDVVHJXLQWHVD GHUHSURGXomRYLVDj
SHUSHWXDomR SRU PHLR GD SUROH D SURFULDomR p
UHJXODPHQWDGDFRPQRUPDVHVDQo}HVTXHOHJLWLPDP

D UHSURGXomR PHVPR HP VRFLHGDGHV HP TXH Ki


OLEHUGDGH VH[XDO D SURFULDomR UDUDPHQWH p DSURYDGD
IRUD GD IDPtOLD E VH[XDO DWHQGH jV QHFHVVLGDGHV
VH[XDLVSHUPLWLGDVSRUPHLRGDLQVWLWXFLRQDOL]DomRGD
XQLmRRXFDVDPHQWRTXHHVWDEHOHFHSDLOHJDOSDUDRV
ILOKRV F HFRQ{PLFD DVVHJXUD R VXVWHQWR H D
SURWHomR GD SUROH HVVD REULJDomR SRGH VHU
HVWHQGLGD DRV SDUHQWHV G HGXFDFLRQDO YLVD
WUDQVPLWLUjSUROHDKHUDQoDFXOWXUDOHVRFLDO OtQJXD
XVRV FRVWXPHV YDORUHV FUHQoDV  SULQFLSDOPHQWH
GXUDQWHRVSULPHLURVDQRVGHYLGD
'LVIXQomRGDVLQVWLWXLo}HV
)XQomR SRGH VHU HQWHQGLGD FRPR D
FRUUHVSRQGrQFLD HQWUH XPD LQVWLWXLomR H DV
QHFHVVLGDGHV GH GHWHUPLQDGD RUJDQL]DomR VRFLDO
YDOHGL]HUSRGHVHUHQWHQGLGDFRPRDDWLYLGDGHSHOD
TXDOXPDLQVWLWXLomRFRQWULEXLSDUDDPDQXWHQomRGR
RUJDQLVPR VRFLDO &RP HVVH FRQFHLWR GH IXQomR D
WHRULD IXQFLRQDOLVWD FRORFD HP HYLGrQFLD R DVSHFWR
FRQVHUYDGRU D KDUPRQLD RX R HTXLOtEULR GR VLVWHPD
VRFLDO 0DV HP TXDOTXHU VLVWHPD VRFLDO RSHUDPVH
PXGDQoDV TXH LPSOLFDP R GHVDSDUHFLPHQWR RX R
VXUJLPHQWR GH LQVWLWXLo}HV $ WHRULD IXQFLRQDOLVWD
UHFRQKHFH TXH D LQVWLWXLomR GHVSURYLGD GH IXQomR
WHQGH D GHVDSDUHFHU 1HVVH VHQWLGR SRGHVH GL]HU
TXH DV WULERV LQGtJHQDV WHQGHP D GHVDSDUHFHU
TXDQGR SHUGHP R VHX WHUULWyULR XPD YH] TXH R

SULQFtSLRGHLQWHJUDomRGHXPDWULERHVWiIXQGDGRQD
LQWHJULGDGHWHUULWRULDO
(PYLUWXGHGDVPXGDQoDVDTXHHVWmRVXMHLWDVDV
RUJDQL]Do}HV VRFLDLV RX VLVWHPDV VRFLDLV D WHRULD
IXQFLRQDOLVWD SHUPLWLX R GHVHQYROYLPHQWR GH RXWUDV
QRo}HV $VVLP DR ODGR GDV IXQo}HV FODUDV H
SDWHQWHV FRQKHFLGDV SHORV PHPEURV GR JUXSR
DOJXQV WHyULFRV OHYDQWDUDP D KLSyWHVH GH H[LVWrQFLD
GHIXQo}HVRXWUDVPHQRVHYLGHQWHVHDWpHQFREHUWDV
TXHSRGHULDPFRPSURPHWHUDKDUPRQLDGRVLVWHPDRX
FRQWLQXLGDGHGDRUJDQL]DomRVRFLDOGDtDLQWURGXomR
GR FRQFHLWR GH GLVIXQomR RX VHMD GH SHUWXUEDo}HV
GHFRUUHQWHV GH LQRYDo}HV FXOWXUDLV QR VLVWHPD
1HVVHVHQWLGRDGLVIXQomRGDVLQVWLWXLo}HVFRORFDULD
HPULVFRGHWHUPLQDGDRUJDQL]DomRVRFLDO
',5(,72(&26780(
0DOLQRZVNLHP'LUHLWRHFRVWXPHQDVRFLHGDGH
SULPLWLYD DILUPD TXH RV WHyULFRV HXURSHXV
FRQVLGHUDP R GLUHLWR H R FRVWXPH GRV SRYRV GLWRV
SULPLWLYRV FRPR VHQGR D PHVPD FRLVD DOJR
LQGLIHUHQFLDGR QD PHQWH GRV QDWLYRV 3DUD HVVHV
WHyULFRVQmRH[LVWHPUHJUDVMXUtGLFDVQDVVRFLHGDGHV
VLPSOHV H SRU LVVR HQIDWL]DP R DSHJR UtJLGR H
DXWRPiWLFR GRV QDWLYRV DRV FRVWXPHV 1HVVD WULOKD
HQWHQGHP TXH RV GLUHLWRV H GHYHUHV QD VRFLHGDGH
SULPLWLYD HVWmR GHWHUPLQDGRV SRU DTXLOR TXH RV
FRVWXPHV SUHVFUHYHP ,VVR VHJXQGR 0DOLQRZVNL

UHSUHVHQWD XPD LPDJHP HWQRFrQWULFD GD FXOWXUD


HXURSHLD TXH Yr D VL PHVPD FRPR MXULGLFDPHQWH
HYROXtGDHQTXDQWRDFXOWXUDMXUtGLFDGDVVRFLHGDGHV
SULPLWLYDV p WLGD FRPR LPSUHJQDGD GH UHOLJLmR H
PDJLD
3DUD0DOLQRZVNLHVVDSRVWXUDHWQRFrQWULFDGRV
WHyULFRV HXURSHXV LQIOXHQFLRX D DQWURSRORJLD
MXUtGLFD GH WDO PRGR TXH HVWD SDVVRX D FRQVLGHUDU
FRPRYHUGDGHLUDVDVDILUPDo}HVVHJXQGRDVTXDLVQD
VRFLHGDGH SULPLWLYD Ki XPD VXEPLVVmR DXWRPiWLFD
DRV FRVWXPHV H QmR H[LVWH XP FRUSR GH UHJUDV GH
REULJDo}HV P~WXDV TXH SRVVDP VHU WLGDV FRPR
QRUPDV MXUtGLFDV (OH HQWHQGH TXH HVVDV DILUPDo}HV
VmR GHVWLWXtGDV GH YDORU FLHQWtILFR YLVWR TXH QmR
HVWmRIXQGDPHQWDGDVQDSHVTXLVDGHFDPSR&RQWUD
WDLV DILUPDo}HV OHPEUD TXH HQWUH RV WURELDQGHVHV
H[LVWHPFHUWRVGHYHUHVRXFRPSURPLVVRVTXHJHUDP
REULJDo}HVP~WXDVVmRFRQVFLHQWHPHQWHSHUFHELGDV
H HVWmR EDVHDGDV QD VDWLVIDomR GH QHFHVVLGDGHV
UHFtSURFDV FRPR p R FDVR GR LQWHUFkPELR GH
DOLPHQWRV
0DOLQRZVNL REVHUYD TXH RV WURELDQGHVHV
FRQFHGHP FHUWDV TXDQWLGDGHV GH FRLVDV D SHVVRDV
HVSHFtILFDV QmR DSHQDV SRU JHQHURVLGDGH EDVHDGD
QR FRVWXPH PDV WDPEpP QD H[SHFWDWLYD GH
GHYROXomR GRV PHVPRV IDYRUHV RX FRLVDV ,VVR
VHJXQGR HOH VLJQLILFD TXH WDLV VLWXDo}HV JHUDP
REULJDo}HV P~WXDV (VVDV REULJDo}HV UHFtSURFDV

SRGHP VHU GLIHUHQFLDGDV GH RXWURV FRVWXPHV H


GHILQLGDV FRPR XP FRUSR GH UHJUDV GH
FRPSRUWDPHQWRVRFLDOPHQWHLPSRVWDVHVDQFLRQDGDV
DWUDYpV GD DomR GD FRPXQLGDGH VREUH DV SHVVRDV
TXH DV LQIULQJHP &RPR HVVDV UHJUDV FRQWURODP D
YLGD VRFLDO H IDFLOLWDP D FRRSHUDomR P~WXD
0DOLQRZVNL UHVVDOWD TXH HODV VmR VHPHOKDQWHV DR
FRQMXQWRGHUHJUDVGHXP&yGLJR&LYLOPRGHUQR
(OH UHVVDOWD DLQGD TXH SHOR IDWR GH DV
VRFLHGDGHVSULPLWLYDVQmRSRVVXLUHPXPFRQMXQWRGH
OHLV TXH HVSHFLILTXHP VDQo}HV DRV LQIUDWRUHV R
HVFkQGDOR H R HVFiUQLR S~EOLFR R WHPRU H D LUD GR
FKHIH H D EUX[DULD WRUQDUDPVH RV SULQFLSDLV PHLRV
TXHHVVDVVRFLHGDGHVHQFRQWUDUDPSDUDVDQFLRQDUH
IRUoDU R UHVSHLWR SHODV UHJUDV GH FRPSRUWDPHQWR
VRFLDO DV TXDLV FRPXPHQWH VmR GHQRPLQDGDVOHLV
QDV VRFLHGDGHV RFLGHQWDLV +i SRUWDQWR QD
VRFLHGDGH SULPLWLYD FHUWR FRQMXQWR GH UHJUDV
FRVWXPHLUDV OHJDLV  TXH VH GLVWLQJXH GH RXWURV
FRQMXQWRV GH UHJUDV FRVWXPHLUDV RV FRVWXPHV
UHOLJLRVRVDVIRUPDVGHLQWHUDomRVRFLDOHWF $VVLP
DV UHJUDV OHJDLV GHVWDFDPVH H GLIHUHQFLDPVH GDV
GHPDLV UHJUDV FRVWXPHLUDV SHOR IDWR GH HVWDEHOHFHU
REULJDo}HVSDUDXPDSHVVRDHGLUHLWRVSDUDRXWUD
(P$UJRQDXWDVGR3DFtILFR2FLGHQWDO 
  0DOLQRZVNL DILUPD TXH DV VRFLHGDGHV QDWLYDV
SULPLWLYDV WrPXPDRUJDQL]DomREHPGHILQLGDHVmR
JRYHUQDGDV SRU OHLV DXWRULGDGHV H RUGHP HP VXDV

UHODo}HV S~EOLFDV H SDUWLFXODUHV 'H IDWR GL] HOH


SRGHPRV FRQVWDWDU QDV VRFLHGDGHV QDWLYDV D
H[LVWrQFLD GH XP HQWUHODoDGR GH GHYHUHV IXQo}HV H
SULYLOpJLRV LQWLPDPHQWH DVVRFLDGRV D XPD
RUJDQL]DomR WULEDO FRPXQLWiULD H IDPLOLDU EDVWDQWH
FRPSOH[D $V VXDV FUHQoDV H FRVWXPHV VmR
FRHUHQWHVHRFRQKHFLPHQWRTXHRVQDWLYRVWrPGR
PXQGR H[WHULRU p VXILFLHQWH SDUD JXLiORV HP VXDV
GLYHUVDV DWLYLGDGHV H HPSUHHQGLPHQWRV 3RU HVVHV
PRWLYRVLQVLVWHTXHDSHVDUGHQmRH[LVWLUFyGLJRVGH
OHLV HVFULWRV RX H[SUHVVRV H[SOLFLWDPHQWH WRGD D
WUDGLomR WULEDO H VXD HVWUXWXUD VRFLDO LQWHLUD HVWmR
LQFRUSRUDGDVDRPDLVDOXVLYRGRVPDWHULDLVRSUySULR
VHU KXPDQR 6HJXQGR HOH RV QDWLYRV REHGHFHP jV
QRUPDV H RUGHQV GR FyGLJR WULEDO PDV QmR DV
HQWHQGHP WDO TXDO DFRQWHFH FRP RV PHPEURV PDLV
KXPLOGHVGHTXDOTXHULQVWLWXLomRPRGHUQD
3DUD 0DOLQRZVNL GHYH H[LVWLU HP WRGDV DV
VRFLHGDGHV XP FRQMXQWR GH UHJUDV GHPDVLDGR
SUiWLFDVSDUDVHUHPDSRLDGDVSRUVDQo}HVUHOLJLRVDV
GHPDVLDGR SHVDGDV SDUD R VHX FXPSULPHQWR VHU
GHL[DGR j ERD YRQWDGH GRV LQGLYtGXRV GHPDVLDGR
YLWDLVSDUDDVSHVVRDVSDUDVHUHPDSOLFDGDVSRUXPD
DJrQFLD DEVWUDWD e HVVH R GRPtQLR GDV UHJUDV
MXUtGLFDV H DYHQWXURPH D DQWHFLSDU TXH D
UHFLSURFLGDGHDLQFLGrQFLDVLVWHPiWLFDDSXEOLFLGDGH
H D DPELomR YLUmR D VHU FRQVLGHUDGDV RV SULQFLSDLV
IDWRUHV GD PDTXLQDULD FRPSXOVyULD GR GLUHLWR

SULPLWLYR LQ6$1726 
0DOLQRZVNL WDPEpP REVHUYRX TXH QR GLUHLWR
SULPLWLYRRXWULEDOH[LVWHXPDVHSDUDomRHQWUHOHLFLYLO
HOHLSHQDO1RGLUHLWRFLYLODOHL REHGHFLGD FRQVLVWH
HP XP FRQMXQWR GH REULJDo}HV IRUoDGDV H
FRQVLGHUDGDV FRPR MXVWDV SRU XQV H UHFRQKHFLGDV
FRPR XP GHYHU SRU RXWURV FXMR FXPSULPHQWR VH
DVVHJXUD SRU XP PHFDQLVPR HVSHFtILFR GH
UHFLSURFLGDGHHSXEOLFLGDGHLQHUHQWHVjHVWUXWXUDGD
VRFLHGDGH 1R GLUHLWR SHQDO D OHL GHVUHVSHLWDGD  p
GHILQLGD FRPR DV UHJUDV IXQGDPHQWDLV TXH
VDOYDJXDUGDP D YLGD D SURSULHGDGH H D
SHUVRQDOLGDGH
(QILPFRP0DOLQRZVNLDDQWURSRORJLDSDVVRXD
UHFRQKHFHU R GLUHLWR FRPR XPD LQVWLWXLomR SRU VL
PHVPD GLIHUHQFLDGD GRV FRVWXPHV H TXH UHTXHU
WDQWD DWHQomR FRPR D TXH VH GHGLFD jV UHODo}HV GH
SDUHQWHVFRHDRVVLVWHPDVSROtWLFRV$OJXQVDXWRUHV
GHVWDFDPTXHDFRQWULEXLomRPDLRUGH0DOLQRZVNLj
WHRULDMXUtGLFDDQWURSROyJLFDIRLDGHHVWDEHOHFHUFRP
YLJRURVD LQVLVWrQFLD R GLUHLWR FRPR XP DVSHFWR GD
VRFLHGDGH H GD FXOWXUD WRWDO FRP LVVR URPSHX FRP
RV IRUPDOLVPRV OHJDLV HP DQWURSRORJLD H GHX XP
QRYRtPSHWRDRVHVWXGRVGDDQWURSRORJLDMXUtGLFD
0LWRHGLUHLWR
0DOLQRZVNL Yr QR PLWR D MXVWLILFDomR
UHWURVSHFWLYD GRV HOHPHQWRV IXQGDPHQWDLV TXH

FRQVWLWXHPDFXOWXUDGHXP JUXSR 2 PLWR SDUD HOH


QmR p XPD VLPSOHV QDUUDWLYD QHP XPD IRUPD GH
FLrQFLD QHP XP DVSHFWR GD DUWH QHP XPD QDUUDomR
H[SOLFDWLYD2PLWRVHJXQGRHOHFXPSUHXPDIXQomR
VXLJHQHULVLQWLPDPHQWHOLJDGDjQDWXUH]DGDWUDGLomR
j FRQWLQXLGDGH GD FXOWXUD H j DWLWXGH KXPDQD HP
UHODomRDRSDVVDGR$IXQomRGRPLWRpHPUHVXPR
UHIRUoDU D WUDGLomR H GDUOKH PDLRU YDORU H SUHVWtJLR
YLQFXODQGRD j PDLV HOHYDGD PHOKRU H PDLV
VREUHQDWXUDO UHDOLGDGH GRV DFRQWHFLPHQWRV LQLFLDLV
1HVVH VHQWLGR R PLWR QmR VH OLPLWD DR PXQGR RX j
PHQWDOLGDGH GRV SULPLWLYRV H p LQGLVSHQViYHO D
TXDOTXHU FXOWXUD &DGD PXGDQoD KLVWyULFD FULD VXD
PLWRORJLDTXHQRHQWDQWRWHPUHODomRLQGLUHWDFRPR
IDWRKLVWyULFR
(PERUDQmRVLJDPHVSHFLILFDPHQWHDRULHQWDomR
IXQFLRQDOLVWDDOJXQVMXULVWDVHQ[HUJDPDSHQHWUDomR
GR PLWR QR GLUHLWR PRGHUQR 1HVVH VHQWLGR (URV
5REHUWR *UDX   D   HQWHQGH TXH D
&RQVWLWXLomR R GRFXPHQWR MXUtGLFR TXH IXQGD R
(VWDGR p XP PLWR 6HJXQGR HOH D &RQVWLWXLomR
IRUPDO HP HVSHFLDO HQTXDQWR FRQFHELGD FRPR
PHUDPHQWHSURJUDPiWLFDFRQWLQHQWHGHQRUPDVTXH
QmR VmRQRUPDVMXUtGLFDVQDPHGLGDHPTXHGHILQH
GLUHLWRV TXH QmR JDUDQWH QD PHGLGD HP TXH HVVHV
GLUHLWRV Vy DVVXPHP HILFiFLD SOHQD TXDQGR
LPSOHPHQWDGRV SHOR OHJLVODGRU RUGLQiULR RX SRU DWR
GR ([HFXWLYR  FRQVXEVWDQFLD XP LQVWUXPHQWR

UHWyULFRGHGRPLQDomR3RUTXHHVVHVHXSHUILOHODVH
WUDQVIRUPDHPPLWR
(URV *UDX DFHLWD D LGHLD GH :DUDW 0LWRV H
WHRULDV QD LQWHUSUHWDomR GD OHL  VHJXQGR D TXDO R
PLWR p D IRUPD HVSHFtILFD GH PDQLIHVWDomR GR
LGHROyJLFR QR SODQR GR GLVFXUVR 3DUD *UDX R
GLVFXUVRLGHROyJLFRHRGLVFXUVRPtWLFRVHDSUR[LPDP
SRUTXHDPERVLQVWDXUDPXPKRUL]RQWHREMHWLYRSDUD
RV FRPSRUWDPHQWRV H DWLWXGHV GR KRPHP 2 PLWR
IXQFLRQD FRPR UHFXUVR OLQJXtVWLFR QR GLVFXUVR GH
TXHP WHP FRQGLo}HV GH H[HUFHU DWUDYpV GHOH
GRPLQDomR VRFLDO 2V PLWRV VmR GHVFULWRV FRPR
IRUPDV GH Ip SRSXODU TXH QmR QDVFHUDP GD UHIOH[mR
UDFLRQDOGRSRYRPDVGHVHQWLPHQWRVSUpUDFLRQDLV
HPRWLYRV 'HVYHQGDGRV SRUpP GHVQXGDVH D
UDFLRQDOLGDGH GHOHV HP TXHP RVLQYHQWD R TXH
HYLGHQFLD QmR VHUHP VHQmR XPD PDQLIHVWDomR
FXOWXUDO
3DUD *UDX R PLWR QmR SDVVD GH XPDLQYHQomR
FRQVFLHQWH RX LQFRQVFLHQWH  FXMD ILQDOLGDGH p D
LQVWDXUDomR GH XPD RUGHP 1HVVH VHQWLGR R
PRPHQWR GDGHVPLWL]DomRGDFXOWXUD TXH SRGH VHU
YLVXDOL]DGR QR SURMHWR GR LOXPLQLVPR UDFLRQDOLVWD
WUDWDVH DSHQDV GH XP PRPHQWR GHVXEVWLWXLomR GH
PLWRV $VVLP RV DQWLJRV PLWRV LUUDFLRQDLV RX
LQFRQVFLHQWHV VmR VXEVWLWXtGRV SRU QRYRV PLWRV
HVWHV SRUpP FRQVFLHQWHV H UDFLRQDLV QRV TXH RV
LQYHQWDP  FRPR UDFLRQDLV H FRQVFLHQWHV HPERUD

KHUPHWLFDPHQWH IRUDP DTXHOHV QRV TXH RV


LQYHQWDUDP
2 PLWR GL] *UDX p XPD QtWLGD LQYHQomR GR
KRPHP H RV PLWRV PRGHUQRV VmR LPSRVWRV j
VRFLHGDGH IXQFLRQDQGR FRPR LQVWUXPHQWRV
OLQJXtVWLFRVGHGRPLQDomRTXHWDQWRPDLVSURVSHUDP
TXDQWR PDLV VHMDP DFUHGLWDGRV $V &RQVWLWXLo}HV
PRGHUQDV VmR QHVVH VHQWLGR H[HPSORV GH PLWRV
PRGHUQRVSRUTXHLQVWDODPQRVHLRGDFROHWLYLGDGHD
FRQYLFomRGHTXHVHYLYHVREDpJLGHGR(VWDGRGH
'LUHLWRDSHQDVSRUTXHRGRFXPHQWRIRUPDOH[SUHVVD
DH[LVWrQFLDGHXP(VWDGRGH'LUHLWR$&RQVWLWXLomR
IRUPDO DVVLP GHVQXGDVH FRPR LQVWUXPHQWR GH
GRPLQDomR LGHROyJLFD e PLWR TXH DFDOHQWDPRV
GRWDGR GH YDORU UHIHUHQFLDO H[HPSODU QD PHGLGD HP
TXH FRQWULEXL HILFD]PHQWH SDUD D SUHVHUYDomR GD
RUGHP TXH QmR VH SUHWHQGLDLQVWDXUDU PDV
VLPSOHVPHQWHPDQWHU
,167,78,d2(',5(,72
&RPR YLVWR DV QRo}HV GH IXQomR H LQVWLWXLomR
SHQHWUDUDP QD DQWURSRORJLD H FRQWULEXtUDP FRP D
DUTXLWHWXUD GD WHRULD IXQFLRQDOLVWD (VVDV QRo}HV
WDPEpPSHQHWUDUDPQDFLrQFLDGRGLUHLWRHDSDUHFHP
GH IRUPD DFHQWXDGD HP DOJXPDV WHRULDV MXUtGLFDV$
UHFHSomR GHVVDV QRo}HV WDQWR SHOD DQWURSRORJLD
TXDQWR SHOR GLUHLWR SHUPLWH HVWDEHOHFHU DOJXPDV
FRQH[}HV HQWUH HVVDV GXDV iUHDV GR FRQKHFLPHQWR

3DUDFRPSUHHQGHUPHOKRUDUHFHSomRGHVVDVQRo}HV
QR kPELWR GR GLUHLWR p QHFHVViULR HVWDEHOHFHU R
FRQFHLWRVRFLROyJLFRGHLQVWLWXLomR
,QVWLWXLo}HV VmR RV PRGRV WUDGLFLRQDLV
KDELWXDLV OHJtWLPRV  HVWDEHOHFLGRV TXH SHUPLWHP D
GHWHUPLQDGDVRFLHGDGHFXLGDUGHVHXVDVVXQWRV$V
LQVWLWXLo}HV PDQWrP D RUJDQL]DomR VRFLDO FRPR
LQWHUDomRVRFLDOSDGURQL]DGD1DVRFLHGDGHEUDVLOHLUD
VmRLQVWLWXLo}HVDIDPtOLDPRQRJkPLFDDFRPSDQKLD
DXQLYHUVLGDGHR-XGLFLiULRHWF$VLQVWLWXLo}HVVmR
QHVVHVHQWLGRSDGU}HVGHVHQYROYLGRVHGHVWLQDGRV
DOLGDUFRPRVSUREOHPDVVRFLDLV'HPRGRJHUDODV
VRFLHGDGHV GHVHQYROYHP D LQVWLWXLo}HVMXGLFLDLVH
SROtWLFDVSDUDDMXGDUDPDQWHUDSD]HQWUHRVDWRUHV
SURWHJHU D SURSULHGDGH H GHFLGLU FRQIOLWRV E
LQVWLWXLo}HVGHSDUHQWHVFRSDUDVRFLDOL]DURVMRYHQVH
UHJXODU DV UHODo}HV VH[XDLV F LQVWLWXLo}HV
HFRQ{PLFDV SDUD FRRUGHQDU DV DWLYLGDGHV
HFRQ{PLFDV LQFHQWLYDU R WUDEDOKR SURGX]LU H
GLVWULEXLU EHQV H DWp PHVPR PDQWHU D GHVLJXDOGDGH
HQWUHDVFODVVHV &+$521 
$V LQVWLWXLo}HV H[HUFHP R FRQWUROH VRFLDO VREUH
RV LQGLYtGXRV H JDUDQWHP DV FRQGLo}HV GH OLGDU
HILFD]PHQWH FRP RV SUREOHPDV VRFLDLV 1HVVH
VHQWLGR DV LQVWLWXLo}HV VmR SDGU}HV QRUPDWLYRV
LQVWLWXFLRQDOL]DGRV H SURIXQGDPHQWH DUUDLJDGRV QD
RUJDQL]DomR VRFLDO PRWLYR SHOR TXDO VmR HP JHUDO
FRQVLGHUDGDVFRPRXPSDGUmRQDWXUDO&RQWXGRHODV

PXGDPFRPRSDVVDUGRVWHPSRVHSUHFLVDPPXGDU
TXDQGR Mi QmR OLGDP DGHTXDGDPHQWH FRP RV
SUREOHPDVVRFLDLV
3DUDDOJXQVWHyULFRVRGLUHLWRpXPDLQVWLWXLomR
SDUD RXWURV p XP FRQMXQWR GH QRUPDV 1RUEHUWR
%REELR ID] XPD WHQWDWLYD GH FRQFLOLDU HVVDV GXDV
SRVLo}HV
,QVWLWXLomRHWHRULDQRUPDWLYD
$ WHRULD IXQFLRQDOLVWD FRPR YLVWR HVWDEHOHFH
XPDH[SOLFDomRWHOHROyJLFDGDDomRYLVWRTXHHVWDp
HQWHQGLGDFRPRPHLRjREMHWLYDomRGHILQVHPHWDV
2 HVTXHPD WHyULFR GR IXQFLRQDOLVPR p EDVHDGR QR
SUHVVXSRVWRGHTXHDDomRVRFLRFXOWXUDOpWHROyJLFD
HWHPSRUILQDOLGDGHDOFDQoDUGHWHUPLQDGRVREMHWLYRV
(VVH HVTXHPD WHyULFR DSDUHFH QDV WHRULDV MXUtGLFDV
PDLVHVSHFLILFDPHQWHQDVWHRULDVGDQRUPDMXUtGLFD
6HJXQGR 1RUEHUWR %REELR   D   D
WHRULD QRUPDWLYD FRQVLGHUD R GLUHLWR FRPR XP
FRQMXQWRGHQRUPDVRXUHJUDVGHFRQGXWD3DUDHOH
D H[SHULrQFLD MXUtGLFD p XPD H[SHULrQFLD QRUPDWLYD
SRUWDQWR HVWXGDU XPD FXOWXUD GR SRQWR GH YLVWD GD
WHRULDQRUPDWLYDVLJQLILFDSHVTXLVDUHPGHWHUPLQDGD
VRFLHGDGHTXDLVDo}HVIRUDPSURLELGDVTXDLVIRUDP
RUGHQDGDV H TXDLV IRUDP SHUPLWLGDV $VVLP
SHUJXQWDV GR JrQHUR -XQWR D GHWHUPLQDGR SRYR
HUDP SHUPLWLGRV RX SURLELGRV RV VDFULItFLRV
KXPDQRV" (UD SURLELGD RX SHUPLWLGD D SROLJDPLD D

SURSULHGDGH GRV EHQV LPyYHLV D HVFUDYLGmR" &RPR


HUDP UHJXODGDV DV UHODo}HV GH IDPtOLD H R TXH HUD
SHUPLWLGR H R TXH HUD SURLELGR DR SDL RUGHQDU DR
ILOKR" &RPR HUD UHJXODGR R H[HUFtFLR GR SRGHU H
TXDLV HUDP RV GHYHUHV H RV GLUHLWRV GRV V~GLWRV
GLDQWHGRFKHIHHTXDLVRVGHYHUHVHRVGLUHLWRVGR
FKHIH GLDQWH GR V~GLWR" VmR SHUJXQWDV TXH
SUHVVXS}HP R FRQKHFLPHQWR GD IXQomR TXH WHP R
VLVWHPDQRUPDWLYRGHFDUDFWHUL]DUGDGDVRFLHGDGHH
QmR SRGHP VHU UHVSRQGLGDV VHQmR SRU PHLR GR
HVWXGR GDV UHJUDV GH FRQGXWD TXH PROGDUDP D YLGD
GDTXHOHVKRPHQVHPXOKHUHVGLVWLQJXLQGRDGDYLGD
GH RXWURV KRPHQV H PXOKHUHV SHUWHQFHQWHV D RXWUD
VRFLHGDGHLQVHULGDHPRXWURVLVWHPDQRUPDWLYR
%REELR FRQWXGR HQWHQGH TXH DV QRUPDV
MXUtGLFDV VmR DSHQDV XPD SDUWH GD H[SHULrQFLD
QRUPDWLYD 6HJXQGR HOH DOpP GH QRUPDV MXUtGLFDV
H[LVWHP SUHFHLWRV UHOLJLRVRV UHJUDV PRUDLV VRFLDLV
FRVWXPHLUDVGHHWLTXHWDHERDHGXFDomRHWF([LVWHP
SRUWDQWR QRUPDV VRFLDLV TXH UHJXODP D YLGD GR
LQGLYtGXR TXDQGR HOH FRQYLYH FRP RXWURV
LQGLYtGXRV H QRUPDV TXH UHJXODP DV UHODo}HV GR
KRPHP FRP D GLYLQGDGH RX DLQGD GR KRPHP
FRQVLJRPHVPR7RGRLQGLYtGXRSHUWHQFHDGLYHUVRV
JUXSRV VRFLDLV LQVWLWXLo}HV  j ,JUHMD DR (VWDGR j
IDPtOLD jV DVVRFLDo}HV TXH WrP ILQV HFRQ{PLFRV
SROtWLFRV FXOWXUDLV RX VLPSOHVPHQWH UHFUHDWLYRV
&DGD XPD GHVVDV DVVRFLDo}HV VH FRQVWLWXL H VH

GHVHQYROYH DWUDYpV GH XP FRQMXQWR RUGHQDGR GH


UHJUDV GH FRQGXWD &DGD LQGLYtGXR DGHPDLV
VHSDUDGRGDVRFLHGDGHDTXHSHUWHQFHIRUPXODSDUD
D GLUHomR GD SUySULD YLGD SURJUDPDV LQGLYLGXDLV GH
DomRTXHWDPEpPVmRFRQMXQWRVGHUHJUDV
$VVLP VHJXQGR %REELR FDGD JUXSR KXPDQR
FDGD LQGLYtGXR VLQJXODU HQTXDQWR HVWLSXOD PHWDV D
DWLQJLU HVWLSXOD WDPEpP RV PHLRV PDLV DGHTXDGRV
SDUD DWLQJLODV $ UHODomR PHLRILP Gi JHUDOPHQWH
RULJHP D UHJUDV GH FRQGXWD GR WLSR 6H YRFr TXHU
DWLQJLU R REMHWLYR $ GHYH SUDWLFDU D DomR % 6mR
UHJUDV GH FRQGXWD QmR DSHQDV RV DUWLJRV GD
&RQVWLWXLomR H GDV OHLV PDV WDPEpP DV UHJUDV
UHOLJLRVDV RX PRUDLV DV SUHVFULo}HV GR PpGLFR DV
UHJUDVGR[DGUH]DVQRUPDVGHGLUHLWRLQWHUQDFLRQDO
DV UHJUDV GD JUDPiWLFD R UHJXODPHQWR GH XP
FRQGRPtQLR HWF 7RGDV HVVDV UHJUDV VmR PXLWR
GLYHUVDV SHOD ILQDOLGDGH TXH SHUVHJXHP SHOR
FRQWH~GR SHOR WLSR GH REULJDomR TXH ID]HP VXUJLU
SHORkPELWRGHVXDVYDOLGDGHVSHORVVXMHLWRVDTXHP
VH GLULJHP 0DV WRGDV WrP HP FRPXP XP HOHPHQWR
FDUDFWHUtVWLFR TXH FRQVLVWH HP VHU SURSRVLo}HV TXH
WrPDILQDOLGDGHGHLQIOXHQFLDURFRPSRUWDPHQWRGRV
LQGLYtGXRV H GRV JUXSRV GH GLULJLU DV Do}HV GRV
LQGLYtGXRVHGRVJUXSRVUXPRDFHUWRVREMHWLYRVHP
YH]GHUXPRDRXWURV
+iFRQWXGRWHRULDVGLYHUVDVGDQRUPDWLYDTXH
FRQVLGHUDP IDWRV GLYHUVRV GDV UHJUDV GH FRQGXWD

FRPR HOHPHQWRV FDUDFWHUtVWLFRV GD H[SHULrQFLD


MXUtGLFD'HQWUHHVVDVWHRULDVHQFRQWUDVHDWHRULDGR
GLUHLWR FRPR LQVWLWXLomR GHIHQGLGD QD ,WiOLD SRU
6DQWL5RPDQR
7HRULDLQVWLWXFLRQDOLVWD
6DQWL 5RPDQR HP VHX OLYUR2 RUGHQDPHQWR
MXUtGLFR HODERUD XPD WHRULD GR GLUHLWR RQGH
FRQWUDS}H j FRQFHSomR GR GLUHLWR FRPR QRUPD D
FRQFHSomRGRGLUHLWRFRPRLQVWLWXLomR %REELR
D 
'H DFRUGR FRP 5RPDQR RV HOHPHQWRV
FRQVWLWXWLYRV GR FRQFHLWR GH GLUHLWR VmR WUrV D D
VRFLHGDGHFRPREDVHGHIDWRVREUHDTXDORGLUHLWR
JDQKDH[LVWrQFLDE DRUGHPFRPRILPDTXHWHQGHR
GLUHLWRHF DRUJDQL]DomRFRPRPHLRSDUDUHDOL]DUD
RUGHP 6y H[LVWH GLUHLWR RQGH H[LVWH XPD VRFLHGDGH
RUJDQL]DGDHRUGHQDGD(VVDVRFLHGDGHpDTXLORTXH
5RPDQRFKDPDGHLQVWLWXLomR
6HJXQGR 5RPDQR GRV WUrV HOHPHQWRV
FRQVWLWXWLYRV R PDLV LPSRUWDQWH p D RUJDQL]DomR
,VVR VLJQLILFD TXH R GLUHLWR QDVFH QR PRPHQWR HP
TXH XP JUXSR VRFLDO SDVVD GH XPD IDVH QmR
RUJDQL]DGD LQRUJkQLFD  SDUD XPD IDVH RUJDQL]DGD
RUJkQLFD 3RUH[HPSORDFODVVHVRFLDOpXPDIRUPD
GHJUXSRKXPDQRPDVQmRWHQGRXPDRUJDQL]DomR
SUySULD QmR H[SULPH XP GLUHLWR SUySULR QmR p XPD
LQVWLWXLomR-iXPDDVVRFLDomRGHGHOLQTXHQWHVTXH

VHH[SULPHHPXPDRUJDQL]DomRHFULDRVHXSUySULR
GLUHLWR R GLUHLWR GD VRFLHGDGH GH GHOLQTXHQWHV  p
XPD LQVWLWXLomR 2 IHQ{PHQR GD SDVVDJHP GD IDVH
LQRUJkQLFD SDUD D IDVH RUJkQLFD p GHQRPLQDGR
LQVWLWXFLRQDOL]DomR
3RGHVH GL]HU TXH XP JUXSR VRFLDO VH
LQVWLWXFLRQDOL]D TXDQGR FULD D SUySULD RUJDQL]DomR
$VVLPDQWHVGHVHUQRUPDRGLUHLWRpRUJDQL]DomR
SRUWDQWR R GLUHLWR H[LVWH H SRGH VHU REVHUYDGR HP
TXDOTXHUJUXSRRUJDQL]DGRLQFOXVLYHQDVVRFLHGDGHV
GLWDVSULPLWLYDV
0pULWRGDWHRULDLQVWLWXFLRQDOLVWD
2 JUDQGH PpULWR GD WHRULD LQVWLWXFLRQDOLVWD IRL
VHJXQGR %REELR WHU DODUJDGR RV KRUL]RQWHV GD
H[SHULrQFLD MXUtGLFD SDUD DOpP GDV IURQWHLUDV GD
RUJDQL]DomR HVWDWDO $R FRQVLGHUDU R IHQ{PHQR GD
RUJDQL]DomR FRPR FULWpULR IXQGDPHQWDO SDUD
GLVWLQJXLU XPD VRFLHGDGH MXUtGLFD GH XPD QmR
MXUtGLFDDWHRULDLQVWLWXFLRQDOLVWDURPSHXFRPDWHRULD
SRVLWLYLVWD TXH FRQVLGHUD R GLUHLWR DSHQDV R GLUHLWR
HVWDWDO H LGHQWLILFD R kPELWR GR GLUHLWR FRP R GR
(VWDGR
3DUD %REELR VH KRMH SHUVLVWH DLQGD XPD
WHQGrQFLD HP LGHQWLILFDU R GLUHLWR FRP R GLUHLWR
HVWDWDOHVVDpDFRQVHTXrQFLDKLVWyULFDGRSURFHVVR
GH FHQWUDOL]DomR GR SRGHU QRUPDWLYR H FRDWLYR TXH
FDUDFWHUL]RX R VXUJLPHQWR GR (VWDGR QDFLRQDO

PRGHUQR $ Pi[LPD FRQVDJUDomR WHyULFD GHVVH


SURFHVVRpDILORVRILDGRGLUHLWRGH+HJHOQDTXDOR
(VWDGR p FRQVLGHUDGR R VXMHLWR ~OWLPR GD KLVWyULD
TXH QmR UHFRQKHFH QHP DEDL[R QHP DFLPD GH VL
TXDOTXHURXWURVXMHLWRHDTXHPRVLQGLYtGXRVHRV
JUXSRV GHYHP REHGLrQFLD LQFRQGLFLRQDO $ WHRULD
LQVWLWXFLRQDOLVWDUHSUHVHQWDXPDUHDomRDHVVDIRUPD
GHSURFHGHU
%REELR p DGHSWR GD WHRULD QRUPDWLYD PRWLYR
SHOR TXDO HQWHQGH TXH DV QRUPDV DQWHFHGHP D
RUJDQL]DomR&RPEDVHQLVVRWHFHDOJXPDVFUtWLFDVj
WHRULD LQVWLWXFLRQDOLVWD SHOR IDWR GH HVVD WHRULD
FRORFDU D RUJDQL]DomR DQWHV GDV QRUPDV 6HJXQGR
%REELR SDUD TXH VH SRVVD GHVHQYROYHU R SURFHVVR
GH LQVWLWXFLRQDOL]DomR TXH WUDQVIRUPD XP JUXSR
LQRUJkQLFR HP XP JUXSR RUJDQL]DGR GHYH RFRUUHU
WUrV FRQGLo}HV D  TXH VHMDP IL[DGRV RVILQV TXH D
LQVWLWXLomR GHYHUi SHUVHJXLU E  TXH VHMDP
HVWDEHOHFLGRVRVPHLRVSULQFLSDLVTXHVHFRQVLGHUDP
DSURSULDGRVSDUDDOFDQoDUDTXHOHVILQVF TXHVHMDP
D W ULE X tG D VIXQo}HV HVSHFtILFDV GRV LQGLYtGXRV
FRPSRQHQWHV GR JUXSR SDUD TXH FDGD XP FRODERUH
DWUDYpVGRVPHLRVSUHYLVWRVQDREWHQomRGRILP
$ GHWHUPLQDomR GRVILQV GRVPHLRV H GDV
IXQo}HVVySRGHRFRUUHUDWUDYpVGHUHJUDVVHMDPHODV
HVFULWDV RX QmR SURFODPDGDV VROHQHPHQWH HP XP
HVWDWXWR RX DSURYDGDV WDFLWDPHQWH SHORV PHPEURV
GR JUXSR ,VVR VLJQLILFD TXH R SURFHVVR GH

LQVWLWXFLRQDOL]DomR H D SURGXomR GH UHJUDV GH


FRQGXWD QmR SRGHP DQGDU VHSDUDGRV H SRUWDQWR
RQGHTXHUTXHKDMDXPJUXSRRUJDQL]DGRpFHUWRTXH
KDYHUiXPFRPSOH[RGHUHJUDVGHFRQGXWDTXHGHUDP
YLGD jTXHOD RUJDQL]DomR 1HVVD WULOKD %REELR
HQWHQGH TXH D WHRULD GD LQVWLWXLomR QmR H[FOXL DR
FRQWUiULRLQFOXLDWHRULDQRUPDWLYDGRGLUHLWR
$R IRFDU HVVD LQFOXVmR %REELR GHVWDFD TXH R
RXWURJUDQGHPpULWRGDWHRULDGDLQVWLWXLomRIRLRGH
S{UHPUHOHYRRIDWRGHTXHVRPHQWHVHSRGHIDODUHP
GLUHLWRRQGHKiXPFRPSOH[RGHQRUPDV HVFULWDVRX
QmR IRUPDQGRXPRUGHQDPHQWRHSRUWDQWRRGLUHLWR
QmR p QRUPD PDV FRQMXQWR FRRUGHQDGR GH QRUPDV
XPD QRUPD MXUtGLFD QmR VH HQFRQWUD QXQFD VR]LQKD
PDVpOLJDGDDRXWUDVQRUPDVFRPDVTXDLVIRUPDXP
VLVWHPD QRUPDWLYR 6HJXQGR HOH JUDoDV j WHRULD GD
LQVWLWXLomR D WHRULD JHUDO GR GLUHLWR S{GH HYROXLU GD
WHRULDGDVQRUPDVMXUtGLFDVjWHRULDGRRUGHQDPHQWR
MXUtGLFR H RV SUREOHPDV TXH VH YrP DSUHVHQWDQGR
DRVWHyULFRVGRGLUHLWRVmRFDGDYH]PDLVFRQH[RVj
IRUPDomR j FRRUGHQDomR H j LQWHJUDomR GH XP
VLVWHPDQRUPDWLYR
$ WHRULD IXQFLRQDOLVWD WDPEpP XWLOL]RX D QRomR
GH VLVWHPD 5DGFOLIIH%URZQ FRPR VH YHUi QR
FDStWXOR VHJXLQWH GHVHQYROYH XPD WHRULD
IXQFLRQDOLVWD QD TXDO R FRQFHLWR GH VLVWHPD p
IXQGDPHQWDO SDUD D FRPSUHHQVmR GD RUJDQL]DomR
VRFLDO

;, 5$'&/,))(

%52:1 

7(25,$)81&,21$/,67$

5DGFOLIIH%URZQ HP(VWUXWXUD H IXQomR QD


VRFLHGDGHSULPLWLYD H[S}H XPD WHRULD IXQFLRQDOLVWD
TXH VH DSUR[LPD GD RULHQWDomR WHyULFD GH (PLOH
'XUNKHLP HVSHFLDOPHQWH HP UHODomR DR PpWRGR
XWLOL]DGR R GDV FLrQFLDV QDWXUDLV  H DR XVR GR
FRQFHLWR GHIXQomR H GH LQWHJUDomR IXQFLRQDO
7DPEpP XWLOL]D FRPR IXQGDPHQWR EiVLFR GH VXD
WHRULD R FRQFHLWR GHHVWUXWXUD UD]mR SHOD TXDO R
FRQFHLWR GHIXQomR DSDUHFH FRPR XPD FRQWULEXLomR
SDUD D PDQXWHQomR GD FRQWLQXLGDGH HVWUXWXUDO
6HJXQGR HOH RV FRQFHLWRV GH IXQomR H HVWUXWXUD
SHUPLWHP FDSWDU R DVSHFWR VLVWHPiWLFR H HVWUXWXUDO
LVWRpRDVSHFWRWRWDOL]DGRUGDYLGDVRFLRFXOWXUDO
5DGFOLIIH%URZQSRVLFLRQDVHFRQWUDDVWHVHVGR
HYROXFLRQLVPR DR HVWDEHOHFHU TXH QmR p SRVVtYHO
RSRU VRFLHGDGHV VLPSOHV H VRFLHGDGHV FRPSOH[DV
VRFLHGDGHV LQIHULRUHV HYROXLQGR SDUD VRFLHGDGHV
VXSHULRUHV VRFLHGDGHV SULPLWLYDV D FDPLQKR GD

FLYLOL]DomR 3DUD HOH DV SULPHLUDV QmR VmR DV IRUPDV


GH RUJDQL]DomR RULJLQiULD GDV TXDLV DV VHJXQGDV
VHULDPGHULYDGDV3RUHVVDVUD]}HVHQWHQGHTXHXPD
VRFLHGDGH GHYH VHU HVWXGDGD WDO FRPR VH DSUHVHQWD
QR PRPHQWR HP TXH p REVHUYDGD SRUWDQWR
LQGHSHQGHQWHPHQWHGHVHXSDVVDGRGHVXDKLVWyULD
$RFRQWUiULRGHRXWURVDQWURSyORJRV5DGFOLIIH
%URZQ QmR HQWHQGH D DQWURSRORJLD FRPR D FLrQFLD
TXHHVWXGDDFXOWXUDPDVFRPRDFLrQFLDTXHHVWXGD
DV HVWUXWXUDV VRFLDLV HP IXQFLRQDPHQWR 3DUD HOH D
DQWURSRORJLD VRFLDO WUDWD GH IDWRV REVHUYiYHLV H
FRQFUHWRVHODQmRVHRFXSDGDFXOWXUDSRUTXHHVVD
SDODYUD GHQRWD XPD DEVWUDomR QmR XPD UHDOLGDGH
FRQFUHWD (OH GHILQH FRPR REMHWRV GH HVWXGR GD
DQWURSRORJLDVRFLDODHVWUXWXUDHRIXQFLRQDPHQWRGD
VRFLHGDGH9DOHGL]HUQDVRFLHGDGHDHVWUXWXUD UHGH
GH UHODo}HV  QmR SRGH VHU REVHUYDGD GLUHWDPHQWH
PDVDSHQDVHPVHXIXQFLRQDPHQWR
(VWUXWXUDHIXQomR
5DGFOLIIH%URZQ  GL]TXHSDUDHOXFLGDU
RV FRQFHLWRV GHHVWUXWXUD HIXQomR p FRQYHQLHQWH
HPSUHJDU XPD DQDORJLD HQWUH YLGD VRFLDO H YLGD
RUJkQLFD
1HVVDWULOKDDQDOyJLFDFRQVWDWDLQLFLDOPHQWHTXH
R RUJDQLVPR DQLPDO p XPD DJORPHUDomR GH FpOXODV
GLVSRVWDVXPDVHPUHODomRFRPRXWUDVQmRFRPRXP
DJUHJDGR PDV FRPR XP WRGR YLYR LQWHJUDGR 2

VLVWHPD GH UHODo}HV SHOR TXDO HVVDV XQLGDGHV VH


UHODFLRQDP p D HVWUXWXUD RUJkQLFD 2 RUJDQLVPR WHP
XPD HVWUXWXUD PDV QmR p HP VL D HVWUXWXUD p XP
DF~PXOR GH XQLGDGHV FpOXODV  GLVSRVWDV QXPD
HVWUXWXUDLVWRpQXPDVpULHGHUHODo}HV$HVWUXWXUD
GH XPD FpOXOD p QR PHVPR VHQWLGR XPD VpULH GH
UHODo}HVHQWUHPROpFXODVFRPSOH[DVHDHVWUXWXUDGH
XP iWRPR p XPD VpULH GH UHODo}HV HQWUH HOpWURQV H
SUyWRQV$ HVWUXWXUD SRUWDQWR GHYH VHU HQWHQGLGD
FRPR XPD VpULH GH UHODo}HV HQWUH XQLGDGHV e FHUWR
TXH DV PROpFXODV FRQVWLWXLQWHV QmR SHUPDQHFHP DV
PHVPDV SDVVDP SRU XP SURFHVVR GH VXEVWLWXLomR
PDVDGLVSRVLomRHVWUXWXUDOGDVXQLGDGHVLQWHJUDQWHV
FRQWLQXDDPHVPD2SURFHVVRSHORTXDOVHPDQWpP
HVVDFRQWLQXLGDGHHVWUXWXUDOGRRUJDQLVPRFKDPDVH
YLGD 2 SURFHVVR YLWDO FRQVLVWH QDV DWLYLGDGHV H
LQWHUDo}HVGDVXQLGDGHVFRQVWLWXLQWHVGRRUJDQLVPR
DV FpOXODV H RV yUJmRV QRV TXDLV DV FpOXODV HVWmR
XQLGDV
7DOFRPRDHVWUXWXUDRUJkQLFDDHVWUXWXUDVRFLDO
pXPDVpULHGHUHODo}HVVRFLDLVHPTXHRVLQGLYtGXRV
HVWmR UHODFLRQDGRV XQV FRP RV RXWURV HP XP WRGR
LQWHJUDGR 2 VLVWHPD GH UHODo}HV VRFLDLV IRUPD D
HVWUXWXUDVRFLDO$YLGDVRFLDOpR IXQFLRQDPHQWRGD
HVWUXWXUDHDFRQWLQXLGDGHGRIXQFLRQDPHQWRpIDWRU
QHFHVViULR SDUD D PDQXWHQomR H FRQWLQXLGDGH GD
HVWUXWXUDVRFLDO2IXQFLRQDPHQWRVHUHDOL]DSRUPHLR
GH DWLYLGDGHV SURFHVVRV  H[HFXWDGDV SRU XP RX

PDLVLQGLYtGXRV$VVLPDIXQomRGHXPLQGLYtGXRp
R SDSHO TXH HOH H[HFXWD QD YLGD VRFLDO IDWR TXH
SHUPLWH D PDQXWHQomR H D FRQWLQXLGDGH HVWUXWXUDO
7HPVHDXQLGDGHIXQFLRQDOTXDQGRWRGDVDVSDUWHV
GR VLVWHPD VRFLDO DWXDP MXQWDV FRP VXILFLHQWH JUDX
GHKDUPRQLDRXFRQVLVWrQFLDLQWHUQD
$DERUGDJHPIXQFLRQDOLVWDGH0DOLQRZVNLFRPR
YLVWR LPSOLFD XPD H[SOLFDomR WHOHROyJLFD QD PHGLGD
HP TXH HQIRFD D DomR FRPR PHLR j REMHWLYDomR GH
ILQVHPHWDV1HVVHVHQWLGRQmRLPSRUWDVHDDomRp
RX QmR LQWHQFLRQDO FRQVFLHQWH RX LQFRQVFLHQWH R
TXH LPSRUWD p TXH HOD HVWi VHPSUH YROWDGD SDUD D
REWHQomR GH PHWDV RX VDWLVIDomR GH QHFHVVLGDGHV
5DGFOLIIH%URZQ UHOXWD HP DFHLWDU HVVH WLSR GH
H[SOLFDomR HPERUD R VHX FRQFHLWR GH IXQomR WHQKD
WDPEpP XPD ILQDOLGDGH TXH p D PDQXWHQomR GD
FRQWLQXLGDGHHVWUXWXUDO
$VVLP SDUD 5DGFOLIIH%URZQ     D
IXQomR GH TXDOTXHU DWLYLGDGH SHULyGLFD WDO FRPR D
SXQLomR GH XP FULPH RX XPD FHULP{QLD I~QHEUH p
SDUWH TXH HOD GHVHPSHQKD QD YLGD VRFLDO FRPR XP
WRGR H SRUWDQWR D FRQWULEXLomR TXH ID] SDUD D
PDQXWHQomR GD FRQWLQXLGDGH HVWUXWXUDO 2 FRQFHLWR
GH IXQomR LPSOLFD SRLV D QRomR GHHVWUXWXUD
FRQVWLWXtGDGHXPDVpULHGHUHODo}HVHQWUHXQLGDGHV
VHQGR PDQWLGD D FRQWLQXLGDGH GD HVWUXWXUD SRU XP
SURFHVVR YLWDO FRQVWLWXtGR GDV DWLYLGDGHV
LQWHJUDQWHV 3HOD GHILQLomR GDGD IXQomR p D

FRQWULEXLomRTXHGHWHUPLQDGDDWLYLGDGHSURSRUFLRQD
jDWLYLGDGHWRWDOGDTXDOpSDUWH
2XVRGDQRomRGHHVWUXWXUDSHUPLWHD5DGFOLIIH
%URZQ FRQFHQWUDU VHX HVWXGR QD HVWUXWXUD VRFLDO H
QmRQDVDWLVIDomRGHQHFHVVLGDGHVSRUHVVHPRWLYR
DOJXQV DXWRUHV HQWHQGHP TXH HOH GHVHQYROYHX XP
IXQFLRQDOLVPR GLIHUHQWH GR IXQFLRQDOLVPR GH
0DOLQRZVNLHXPDIRUPDGHHVWUXWXUDOLVPRTXHQmR
VHFRQIXQGHFRPRHVWUXWXUDOLVPRGH/pYL6WUDXVV
)DPtOLDHOHPHQWDU
3DUD 5DGFOLIIH%URZQIDPtOLD HOHPHQWDU p XP
JUXSR TXH FRQVWLWXL D XQLGDGH GH HVWUXWXUD GD TXDO
VH FRQVWUyL XP SDUHQWHVFR $ IDPtOLD HOHPHQWDU
FRQVLVWHHPXPKRPHPHVXDPXOKHUHVHXILOKR D RX
ILOKRV DV  6HJXQGR HOH D H[LVWrQFLD GD IDPtOLD
HOHPHQWDU FULD WUrV WLSRV HVSHFLDLV GH UHODo}HV
VRFLDLVHQWUHSDL PmH HILOKR D HQWUHILOKRV DV GRV
PHVPRV SDLV JHUPDQRV  H HQWUH PDULGR H PXOKHU
FRPR SDLV GR PHVPR ILOKR D  RX ILOKRV DV $V WUrV
UHODo}HV TXH H[LVWHP GHQWUR GD IDPtOLD HOHPHQWDU
FRQVWLWXHP UHODo}HV GH SULPHLUD RUGHP 5HODo}HV GH
VHJXQGD RUGHP VmR DTXHODV TXH GHSHQGHP GD
FRQH[mRGHGXDVIDPtOLDVHOHPHQWDUHVDWUDYpVGHXP
PHPEUR FRPXP WDO FRPR R SDL GR SDL R LUPmR GD
PmHDLUPmGDHVSRVDHDVVLPSRUGLDQWH1DWHUFHLUD
RUGHPHVWmRSHVVRDVFRPRRILOKRGRLUPmRGRSDLD
HVSRVD GR LUPmR GD PmH 'HVVH PRGR p SRVVtYHO

WUDoDU GHVGH TXH VH WHQKD LQIRUPDomR JHQHDOyJLFD


UHODo}HV GH TXDUWD TXLQWD RX HQpVLPD RUGHP LQ
/e9,675$866 
(VVDSDVVDJHPH[SUHVVDDLGHLDVHJXQGRDTXDO
D IDPtOLD HOHPHQWDU FRQVWLWXL D EDVH GD HVWUXWXUD
VRFLDO HP TXH VH RULJLQDP DV UHODo}HV SULPiULDV GH
SDUHQWHVFR 1mR UHVWD G~YLGD GH TXH HVVH WLSR GH
IDPtOLD HQFRQWUDVH HP TXDVH WRGD SDUWH FRPR WLSR
GRPLQDQWH RX FRPR FRPSRQHQWH GH IDPtOLD H[WHQVD
XQLGDGH FRPSRVWD GH GXDV RX PDLV IDPtOLDV
HOHPHQWDUHV  H FRPSRVWD XQLGDGH IRUPDGD SRU WUrV
RX PDLV F{QMXJHV H VHXV ILOKRV  e SUHFLVR DOHUWDU
SRUpPTXHDLGHLDVHJXQGRDTXDODIDPtOLDELROyJLFD
FRQVWLWXL R SRQWR D SDUWLU GR TXDO WRGD VRFLHGDGH
HODERUD VHX VLVWHPD GH SDUHQWHVFR QmR p XQkQLPH
HQWUH RV DQWURSyORJRV $OJXQV REVHUYDP TXH QR
JHUDOQmRKiDILQLGDGHELROyJLFDHQWUHDVSHVVRDV R
SDL H D PmH  TXH VH XQHP SDUD IRUPDU D IDPtOLD
HOHPHQWDUSRUWDQWRDEDVHVREUH D TXDO VH HUJXH R
VLVWHPDGHSDUHQWHVFRVHULDRVLVWHPDGHDOLDQoDV
$V FRQFOXV}HV GH 5DGFOLIIH%URZQ VREUH D
IDPtOLD HOHPHQWDU FRORFDP HP HYLGrQFLD R WHPD GR
SDWULP{QLR FRPR KHUDQoD TXH WDPEpP UHSHUFXWH QD
HVIHUD MXUtGLFD $ LGHLD GH SDWULP{QLR YLQFXODGR j
LGHLD GH KHUDQoD LPSOLFD TXH DOJR GHYH VHU GHL[DGR
RXWUDQVPLWLGRGHXPLQGLYtGXRSDUDRXWURRXGHXPD
JHUDomR SDUD RXWUD 3DUD 5DGFOLIIH%URZQ KHUDQoD
VLJQLILFDDWUDQVIHUrQFLDGHVWDWXVEDVHDGDQDUHODomR

H[LVWHQWH HQWUH GRLV PHPEURV GH XP JUXSR VRFLDO


HQWUH DTXHOH TXH WUDQVPLWH H R TXH UHFHEH 7DO
UHODFLRQDPHQWR p GH FDUiWHU SHVVRDO H JHUDOPHQWH
RFRUUH HQWUH SDUHQWHV &RPR YLVWR SDUD HOH GXDV
SHVVRDV VmR SDUHQWHV TXDQGR XPD GHVFHQGH GD
RXWUDFRPRSRUH[HPSORXPQHWRGHVFHQGHGHXP
DY{ RX TXDQGR DPEDV VmR GHVFHQGHQWHV GH XP
DQWHSDVVDGR FRPXP $VVLP VHJXQGR VHXV
HVTXHPDV QR FDVR GH KHUDQoD D WUDQVPLVVmR GHYH
RFRUUHU HQWUH SDUHQWHV VHQGR D WUDQVIHUrQFLD GH SDL
SDUDILOKRDPDLVWUDGLFLRQDO
(6758785$62&,$/(&8/785$
5DGFOLIIH%URZQIRLRSULPHLURDRFXSDUDFDGHLUD
GH DQWURSRORJLD VRFLDO QD IULFD GR 6XO IDWR TXH
RFRUUHXHP(PERUDQmRQHJDVVHDH[LVWrQFLDGH
GLIHUHQoDV FXOWXUDLV UHMHLWDYD D SROtWLFD GH
VHJUHJDomR IXQGDGR QR DUJXPHQWR GH TXH D IULFD
GR 6XO WUDQVIRUPDUDVH QXPD VRFLHGDGH ~QLFD 3DUD
HOH DV LQVWLWXLo}HV QDFLRQDLV FUX]DYDP DV IURQWHLUDV
FXOWXUDLV H PROGDYDP RSo}HV GH YLGD HP WRGDV DV
DOGHLDV H FLGDGHV QR SDtV 7RGRV RV LQGLYtGXRV
HVWDYDP QR PHVPR EDUFR $V SROtWLFDV GH EDVH
DFHUFD GDV GLIHUHQoDV FXOWXUDLV UHSUHVHQWDYDP XPD
UHFHLWD SDUD R GHVDVWUH (QWHQGLD TXH D VHJUHJDomR
HUDDOJRLQVXSRUWiYHOPRWLYRSHORTXDODILUPDYDTXH
R QDFLRQDOLVPR VXODIULFDQR WLQKD GH VHU XP
QDFLRQDOLVPR TXH DEUDQJHVVH QHJURV H EUDQFRV

.83(5 
3DUD 5DGFOLIIH%URZQ QmR HUD SRVVtYHO REVHUYDU
XPD FXOWXUD SRUTXH HVVD SDODYUD GHQRWD QmR XPD
UHDOLGDGH FRQFUHWD PDV XPD DEVWUDomR H GD IRUPD
FRPR p XVDGD FRPXPHQWH XPD DEVWUDomR YDJD
5HSXGLDYDDRSLQLmRGHTXHXPDVRFLHGDGHFRPRD
IULFDGR6XOGHYHULDVHUHVWXGDGDFRPRXPDDUHQD
HPTXHGXDVRXPDLVFXOWXUDVLQWHUDJLDP3DUDHOHR
TXH HVWDYD RFRUUHQGR QD IULFD GR 6XO QmR HUD D
LQWHUDomR GDV FXOWXUDV EULWkQLFD DIULFkQGHU
KRWHQWRWH EDQWR H LQGLDQD  PDV VLP D LQWHUDomR GH
LQGLYtGXRV H JUXSRV GHQWUR GH XPD HVWUXWXUD VRFLDO
HVWDEHOHFLGDTXHHVWDYDHPSURFHVVRGHPXGDQoD2
TXHHVWDYDDFRQWHFHQGRQXPDWULERHP7UDQVNHUSRU
H[HPSORVySRGLDVHUGHVFULWRUHFRQKHFHQGRVHTXH
DWULERKDYLDVLGRLQFRUSRUDGDHPXPDPSORVLVWHPD
SROtWLFRHFRQ{PLFR .83(5 
&57,&$$2)81&,21$/,602
3DUD /pYL6WUDXVV    RV IXQFLRQDOLVWDV
SURFODPDP TXH WRGD SHVTXLVD HWQROyJLFD GHYH
SURFHGHU GR HVWXGR PLQXFLRVR GDV VRFLHGDGHV
FRQFUHWDV GH VXDV LQVWLWXLo}HV H GDV UHODo}HV TXH
HVWDVPDQWrPHQWUHVLHFRPRVFRVWXPHVFUHQoDVH
WpFQLFDVUHODo}HVHQWUHRLQGLYtGXRHRJUXSRHGRV
LQGLYtGXRV HQWUH VL QR LQWHULRU GR JUXSR &RP HVVH
PRGR GH SURFHGHU RV IXQFLRQDOLVWDV DEDQGRQDP D
KLVWyULDHRVPHFDQLVPRVGHGLIXVmRFXOWXUDORXVHMD

IHFKDPRVROKRVDWRGDLQIRUPDomRKLVWyULFDUHODWLYD
jVRFLHGDGHFRQVLGHUDGDHDWRGRGDGRFRPSDUDWLYR
HPSUHVWDGRGHVRFLHGDGHVYL]LQKDVRXDIDVWDGDV
(VVD IRUPD GH SURFHGHU RX GH ID]HU SHVTXLVD
GHVHQYROYLGDSHORVIXQFLRQDOLVWDVUHFHEHRQRPHGH
PpWRGR PRQRJUiILFR RX PRQRJUDILD  $ UHVSHLWR
GHVVHPpWRGR/pYL6WUDXV  UHFRQKHFHTXH
TXDQGR VH HVWXGD XPD ~QLFD VRFLHGDGH SRGHVH
ID]HU XPD REUD SUHFLRVD D H[SHULrQFLD SURYD TXH
JHUDOPHQWH GHYHPVH DV PHOKRUHV PRQRJUDILDV D
LQYHVWLJDGRUHVTXHYLYHUDPHWUDEDOKDUDPXPD~QLFD
UHJLmR0DVDVFRQFOXV}HVGHVVDVPRQRJUDILDVVmR
SDUDRVIXQFLRQDOLVWDVSUySULDVGDTXHODVRFLHGDGHH
SRUWDQWR QmR SRGHP VHU HVWHQGLGDV SDUD RXWUDV
VRFLHGDGHVPRWLYRSHORTXDOWDLVFRQFOXV}HVMDPDLV
SRGHPDOPHMDURFDUiWHUGHOHLVXQLYHUVDLV
$OpP GLVVR SURVVHJXH /pYL6WUDXVV TXDQGR
QRV OLPLWDPRV DR LQVWDQWH SUHVHQWH GD YLGD GH XPD
VRFLHGDGH VRPRV DQWHV GH WXGR YtWLPDV GH XPD
LOXVmR SRLV WXGR p KLVWyULD R TXH IRL GLWR RQWHP p
KLVWyULDRTXHIRLGLWRKiXPPLQXWRpKLVWyULD0DV
VREUHWXGR FRQGHQDPRQRV D QmR FRQKHFHU HVVH
SUHVHQWHSRLVVRPHQWHRGHVHQYROYLPHQWRKLVWyULFR
SHUPLWH VRSHVDU H DYDOLDU HP VXDV UHODo}HV
UHVSHFWLYDV RV HOHPHQWRV GR SUHVHQWH 1mR p
SRVVtYHOSRUH[HPSORDQDOLVDURYHVWXiULRPRGHUQR
VHPUHFRQKHFHUQHOHYHVWtJLRVGHIRUPDVDQWHULRUHV
5DFLRFLQDU GH RXWUR PRGR p SURLELU WRGR PHLR GH

RSHUDU XPD GLVWLQomR HVVHQFLDO D TXH H[LVWH HQWUH


IXQomRSULPiULD FRUUHVSRQGHQWHDXPDQHFHVVLGDGH
DWXDOGRRUJDQLVPRVRFLDO HIXQomRVHFXQGiULD TXH
VHPDQWpPDSHQDVSRUFDXVDGDUHVLVWrQFLDGRJUXSR
HPUHQXQFLDUDXPKiELWR $OpPGLVVRGL]HUTXHXPD
VRFLHGDGH IXQFLRQD p XP WUXtVPR PDV GL]HU TXH
WXGRQXPDVRFLHGDGHIXQFLRQDpXPDEVXUGR
3UREOHPDGRPpWRGR
5DGFOLIIH%URZQ DR WUDWDU GR PpWRGR GD
DQWURSRORJLD DVVLP VH PDQLIHVWD   
&RQFHER D DQWURSRORJLD VRFLDO FRPR D FLrQFLD
WHyULFRQDWXUDO GD VRFLHGDGH KXPDQD LVWR p D
LQYHVWLJDomR GRV IHQ{PHQRV VRFLDLV SRU PpWRGRV
HVVHQFLDOPHQWH VHPHOKDQWHV DRV HPSUHJDGRV QDV
FLrQFLDVItVLFDVHELROyJLFDV
$OJXQV WHyULFRV WrPVH PDQLIHVWDGR D IDYRU GH
XPDSRVLomRPDLVFUtWLFDQRVHVWXGRVGDFXOWXUDHGD
VRFLHGDGHPRWLYRSHORTXDOVmRFRQWUiULRVjWHVHGH
TXH RV PpWRGRV XWLOL]DGRV SHODV FLrQFLDV QDWXUDLV
GHYHP VHU XWLOL]DGRV SHODV FLrQFLDV KXPDQDV 2
GHVSUHVWtJLRGRIXQFLRQDOLVPRDQWURSROyJLFRWDPEpP
SRGH VHU PHGLGR SRU VXD YLQFXODomR H[SOtFLWD RX
LPSOtFLWD D HVVD WUDGLomR GR SRVLWLYLVPR VRFLDO
&RPWH'XUNKHLP TXHDGYRJDDDGHTXDomRSHUIHLWD
GRV PpWRGRV GDV FLrQFLDV QDWXUDLV jV FLrQFLDV
KXPDQDV
$R VH YLQFXODU D HVVD YHUWHQWH WHyULFD TXH

FRQVLVWH HP DSOLFDU DR HVWXGR GD VRFLHGDGH H GD


FXOWXUD RV SULQFtSLRV HSLVWHPROyJLFRV H
PHWRGROyJLFRVTXHSUHVLGHPDRHVWXGRGDVFLrQFLDV
QDWXUDLV R IXQFLRQDOLVPR DFHLWD R SUHVVXSRVWR TXH
DV FLrQFLDV QDWXUDLV VmR XPD DSOLFDomR RX
FRQFUHWL]DomR GH XP PRGHOR GH FRQKHFLPHQWR
XQLYHUVDOPHQWHYiOLGRPRWLYRSHORTXDOSRUPDLRUHV
TXHVHMDPDVGLIHUHQoDVHQWUHRVIHQ{PHQRVQDWXUDLV
HRVIHQ{PHQRVVRFLDLVHFXOWXUDLVpVHPSUHSRVVtYHO
HVWXGDURV~OWLPRVFRPRVHIRVVHPRVSULPHLURV
$OJXQV WHyULFRV (UQHVW 1DJHO SRU H[HPSOR
DSRQWDP DV VHJXLQWHV REMHo}HV j WHQGrQFLD GH
DSOLFDU jV FLrQFLDV VRFLDLV R PRGHOR GDV FLrQFLDV
QDWXUDLV D  DV FLrQFLDV VRFLDLV QmR SRGHP
HVWDEHOHFHU OHLV XQLYHUVDLV SRUTXH RV IHQ{PHQRV
VRFLDLV VmR KLVWRULFDPHQWH FRQGLFLRQDGRV H
FXOWXUDOPHQWH GHWHUPLQDGRV E  DV FLrQFLDV VRFLDLV
QmRSRGHPSURGX]LUSUHYLV}HVFRQILiYHLVSRUTXHRV
VHUHV KXPDQRV PRGLILFDP R VHX FRPSRUWDPHQWR HP
IXQomRGRFRQKHFLPHQWRTXHVREUHHOHDGTXLUHF RV
IHQ{PHQRVVRFLDLVVmRGHQDWXUH]DVXEMHWLYDHFRPR
WDO QmR VH GHL[DP FDSWDU SHOD REMHWLYLGDGH GR
FRPSRUWDPHQWR 6$1726 
62&,('$'((',5(,72
5DGFOLIIH%URZQ REVHUYD TXH JHUDOPHQWH QD
DQiOLVHGDVVRFLHGDGHVSULPLWLYDVRVWHyULFRVLQFOXHP
QR FRQFHLWR GH GLUHLWR WRGRV RX TXDVH WRGRV RV

SURFHVVRVGHFRQWUROHVRFLDO3DUDHOHRFRQFHLWRGH
GLUHLWR p PDLV UHVWULWR SRU LVVR HVWDEHOHFH TXH R
FULWpULR IXQGDPHQWDO QD GHILQLomR GR FRQFHLWR GH
GLUHLWR VmR DV VDQo}HV VRFLDLV DGPLQLVWUDGDV SRU
XPD VRFLHGDGH SROLWLFDPHQWH RUJDQL]DGD 'HILQH
VDQomR VRFLDO FRPR XPD UHDomR SRU SDUWH GH XPD
VRFLHGDGH RX GH XP FRQVLGHUiYHO Q~PHUR GH VHXV
PHPEURV D XP PRGR GH FRPSRUWDPHQWR TXH p
DSURYDGRRXGHVDSURYDGR
2 FRPSRUWDPHQWR DSURYDGR LPSOLFD VDQomR
SRVLWLYD H HQIDWL]D R TXH VH GHYH ID]HU $ VDQomR
SRVLWLYD SRGH FRQVLVWLU QD FRQFHVVmR GH WtWXORV
QRELOLiUTXLFRV KRQRUtILFRV IDPD SUrPLRV HWF 2
FRPSRUWDPHQWR QmR DSURYDGR LPSOLFD VDQomR
QHJDWLYD H HQIDWL]D R TXH QmR VH GHYH ID]HU $V
VDQo}HVQHJDWLYDVSRGHPVHUFODVVLILFDGDVHPGXDV
HVSpFLHV D RUJDQL]DGDV VmR DTXHODV TXH UHVXOWDP
GH SURFHGLPHQWRV GHILQLGRV UHJXODGRV H
UHFRQKHFLGRV GLULJLGRV FRQWUD SHVVRDV FXMR
FRPSRUWDPHQWR p VRFLDOPHQWH GHVDSURYDGR H E
GLIXVDV VmR HVSRQWkQHDV H GHVRUJDQL]DGDV
FRQVLVWHPQDGHVDSURYDomRJHUDOGDFRPXQLGDGHRX
GH XPD SDUWH VLJQLILFDWLYD GH VHXV PHPEURV H
JHUDOPHQWH DSDUHFHP QD IRUPD GH DFXVDomR GH
EUX[DULDHVFiUQLRS~EOLFRHWF
2 GLUHLWR VHJXQGR 5DGFOLIIH%URZQ GHYH VHU
HQWHQGLGR FRPR R FRQMXQWR GH VDQo}HV QHJDWLYDV
RUJDQL]DGDV$VVDQo}HVSUHVFULWDVHPXPDOHLSHQDO

VHULDP R H[HPSOR WtSLFR GHVVDV VDQo}HV 1HVVD


HVWUXWXUDRGLUHLWRDSDUHFHFRPRFRQWUROHVRFLDOTXH
VH H[HUFH PHGLDQWH D DSOLFDomR VLVWHPiWLFD GH
VDQo}HVQHJDWLYDVFRPRXVRGDIRUoDGDVRFLHGDGH
RUJDQL]DGD SROLWLFDPHQWH 2 GLUHLWR WHP QHVVH
VHQWLGR FRPR IXQomR SULPRUGLDO R HVWDEHOHFLPHQWR
GDRUGHPPHGLDQWHFRDomR
5DGFOLIIH%URZQUHFRQKHFHTXHQmRH[LVWHGLUHLWR
HP DOJXPDV VRFLHGDGHV PDLV SULPLWLYDV SRUTXH
HVVDV VRFLHGDGHV QmR HVWmR SROLWLFDPHQWH
RUJDQL]DGDV 2 FRQFHLWR GH GLUHLWR SRUWDQWR HVWi
UHVWULWR jTXHODV FXOWXUDV TXH SRVVXHP XPD
RUJDQL]DomR SROtWLFD PDLV IRUPDOL]DGD 1DTXHODV
VRFLHGDGHV SULPLWLYDV QDV TXDLV QmR VH DSOLFD R
FRQFHLWRGHGLUHLWRRVFRVWXPHVVmRUHIRUoDGRVSRU
VDQo}HV VRFLDLV GLIXVDV $VVLP HP DOJXPDV
FRPXQLGDGHV SULPLWLYDV R FRQWUROH VRFLDO GHYH VHU
WRPDGR FRPR XP FRQMXQWR GH VDQo}HV QHJDWLYDV
GLIXVDVYLVWRTXHHVVDVFRPXQLGDGHVQmRSRVVXHP
XP FRUSR SROLWLFDPHQWH RUJDQL]DGR FDSD] GH ID]HU
UHVSHLWDUVXDVUHJUDV
(QILP 5DGFOLIIH%URZQ GHILQH GLUHLWR FRPR R
FRQWUROH VRFLDO DWUDYpV GD DSOLFDomR VLVWHPiWLFD GD
IRUoD GD VRFLHGDGH SROLWLFDPHQWH RUJDQL]DGD 'H
DFRUGR FRP HVVD GHILQLomR FRQFOXL TXH DOJXPDV
VRFLHGDGHVVLPSOHVQmRWrPGLUHLWR
)XQFLRQDOLVPRHGLUHLWR

5DGFOLIIH%URZQ FRPR YLVWR GHILQH VDQomR


FRPR XPD UHDomR SRU SDUWH GD VRFLHGDGH
SROLWLFDPHQWH RUJDQL]DGD D XP PRGR GH
FRPSRUWDPHQWRTXHpDSURYDGRRXGHVDSURYDGR2
FRPSRUWDPHQWR DSURYDGR LPSOLFD VDQomR SRVLWLYD H
HQIDWL]D R TXH VH GHYH ID]HU 2 FRPSRUWDPHQWR QmR
DSURYDGR LPSOLFD VDQomR QHJDWLYD H HQIDWL]D R TXH
QmR VH GHYH ID]HU (VVD DQiOLVH FRPELQDGD FRP D
QRomRGH0DOLQRZVNLVHJXQGRDTXDODDERUGDJHP
IXQFLRQDOLVWD FRQVLVWH QXPD H[SOLFDomR WHOHROyJLFD
GDDomRFRPRPHLRjREMHWLYDomRGHILQVHPHWDVp
VHPHOKDQWH j DQiOLVH IXQFLRQDOLVWD TXH DOJXQV
MXULVWDV ID]HP GD RUGHP MXUtGLFD HVSHFLDOPHQWH
1RUEHUWR%REELRHPXPWUDEDOKRLQWLWXODGR$IXQomR
SURPRFLRQDOGRGLUHLWR
$WHRULDJHUDOGRGLUHLWRTXH%REELRSURS}HQDV
VXDV REUDV7HRULD GD QRUPD MXUtGLFD  H7HRULD GR
RUGHQDPHQWR MXUtGLFR VHJXH XPD OLQKD
HVWUXWXUDOLVWD(VVDSRVLomRFRQWXGRSDVVDSRUXPD
UHYLVmR $VVLP HP$ IXQomR SURPRFLRQDO GR
GLUHLWR LQYHVWLJD QRYDV WpFQLFDV GH FRQWUROH VRFLDO
FRPR H[LJrQFLD GR (VWDGR VRFLDO FRQWHPSRUkQHR
(VVDV WpFQLFDV QmR VmR FHQWUDGDV DSHQDV HP
FRPSRUWDPHQWRV UHSXGLDGRV SHOD VRFLHGDGH
PHGLDQWH D DSOLFDomR GH VDQo}HV QHJDWLYDV GH
FDUiWHU SXQLWLYR RX UHSUHVVLYR PDV WDPEpP QDV
IRUPDV GH HVWtPXORV jV FRQGXWDV GHVHMDGDV
PHGLDQWHDDSOLFDomRGHVDQo}HVSRVLWLYDVGHFDUiWHU

SURPRFLRQDO
6RE R HQIRTXH IXQFLRQDOLVWD D RUGHP MXUtGLFD
SRGH VHU YLVWD QmR DSHQDV FRPR R UHIOH[R GD
UHDOLGDGHVRFLDOVXEMDFHQWHPDVWDPEpPFRPRIDWRU
FRQGLFLRQDQWH GHVVD UHDOLGDGH 1D SHUVSHFWLYD
IXQFLRQDOLVWD R GLUHLWR p WLGR FRPR LQVWUXPHQWR GH
JHVWmR GD VRFLHGDGH H DEUDQJH D FRQFHSomR
VHJXQGRDTXDODVVDQo}HVSRVWDVSHORRUGHQDPHQWR
MXUtGLFR WrP SRU ILQDOLGDGH REWHU GDGR
FRPSRUWDPHQWR KXPDQR TXH R OHJLVODGRU FRQVLGHUD
FRQYHQLHQWH RX GHVHMiYHO 1HVVD WULOKD DSDUHFH D
IXQomRSURPRFLRQDOGRGLUHLWRTXHLPSOLFDRDXPHQWR
GHQRUPDVGHRUJDQL]DomRHGHVDQo}HVSRVLWLYDVRX
SUHPLDLV
1R RUGHQDPHQWR MXUtGLFR DOpP GDV PHGLGDV
GLUHWDV TXH DOPHMDP DV FRQGXWDV HP FRQIRUPLGDGH
FRP DV SUHVFULo}HV QRUPDWLYDV WDPEpP VH
HQFRQWUDP PHGLGDV LQGLUHWDV TXH YLVDP GLILFXOWDU
FRPSRUWDPHQWRV QmR GHVHMiYHLV H IDFLOLWDU RV
GHVHMiYHLV 'HVVH PRGR DR ODGR GDV WpFQLFDV
IXQGDGDV QD IXQomR UHSUHVVLYD H QDV VDQo}HV
QHJDWLYDV Ki OXJDU WDPEpP SDUD WpFQLFDV GH
HQFRUDMDPHQWR RX SURPRFLRQDLV IXQGDGDV HP
VDQo}HVSRVLWLYDVTXHYLVDPSURPRYHUDVFRQGXWDV
WLGDV FRPR GHVHMiYHLV 2 FRQMXQWR QRUPDWLYR p
DVVLP XWLOL]DGR FRPR PHLR SDUD DOFDQoDU
GHWHUPLQDGRVILQV
1DSHUVSHFWLYDGRGLUHLWRSURPRFLRQDODDGHVmR

GRV GHVWLQDWiULRV GDV QRUPDV QmR VHULD VLPSOHV


VXEPLVVmR PDV GHFLVmR FRPSURPHWLPHQWR H
SDUWLFLSDomR 8P GLUHLWR GHVVH WLSR QmR SRGH
HYLGHQWHPHQWH UHVWULQJLUVH DR WHPD GD WHRULD
HVWUXWXUDO GR GLUHLWR TXH VH FRQFHQWUD QD
VLVWHPDWL]DomR IRUPDO GR RUGHQDPHQWR MXUtGLFR
FRQIRUPH D PHOKRU WUDGLomR GRJPiWLFD PDV UHTXHU
SDUD DSURSULDGD FRQVLGHUDomR GR SULQFtSLR GD
HIHWLYLGDGH D DQiOLVH GD FRQGXWD GRV GHVWLQDWiULRV
GDV QRUPDV 4XHU GL]HU p QHFHVViULR YHULILFDU VH
GHWHUPLQDGRFRQMXQWRQRUPDWLYRSURGX]LXRVHIHLWRV
HVSHUDGRVVHHOHVHILUPRXVHREWHYHVXFHVVRSRU
LVVR PHVPR QD DQiOLVH GR HIHWLYR FXPSULPHQWR GDV
QRUPDV WHP SDSHO SUHSRQGHUDQWH D DQiOLVH GR VHX
LPSDFWR SHUVXDVLYR (VVH WLSR GH DQiOLVH SHUPLWH
HQ[HUJDURGLUHLWRFRPRXPVLVWHPDDEHUWRDRVIDWRV
VRFLDLVHFXOWXUDLVTXHRDEUDQJHPHFLUFXQVFUHYHP
$OJXQV MXULVWDV HQWHQGHP TXH R XVR GDV
VDQo}HV SRVLWLYDV RX SUHPLDLV LQFLGH VREUH
FRPSRUWDPHQWRV SHUPLWLGRV H QmR VREUH
FRPSRUWDPHQWRV REULJDWyULRV 2 GHVWLQDWiULR p
SRUWDQWR OLYUH SDUD VH FRQGX]LU RX QmR HP
FRQIRUPLGDGHFRPDQRUPD1HVVHDVSHFWRFUHVFHHP
LPSRUWkQFLD D DXWRQRPLD GD YRQWDGH QD PHGLGD HP
TXH R (VWDGR VDQFLRQDGRU UHVWULQJH VXD SUySULD
IRUoD XPD YH] TXH QmR DPHDoD PDV VLPSOHVPHQWH
HQFRUDMD 1D YHUGDGH QmR Ki DPSOLDomR GD
DXWRQRPLD GD YRQWDGH 2 TXH H[LVWH HIHWLYDPHQWH p

XPD FRQGXomR VXWLO GD YRQWDGH PHGLDQWH WpFQLFDV


GH HQFRUDMDPHQWR 9DOH GL]HU FRP DV VDQo}HV
SUHPLDLVR(VWDGRGHVHQYROYHIRUPDVGHSRGHUPDLV
DPSODV VXEVWLWXLQGR R PHUFDGR H D VRFLHGDGH QR
PRGR GH FRQWURODU R FRPSRUWDPHQWR DR SURPRYHU
FRPSRUWDPHQWRV DWUDYpV GH VXEVtGLRV LQFHQWLYRV
LVHQo}HVHWF
'LUHLWRIXQFLRQDOLVPRHHVWUXWXUDOLVPR
1D WHRULD JHUDO GR GLUHLWR GH LQVSLUDomR
IXQFLRQDOLVWDHVWUXWXUDOLVWD R FRQMXQWR QRUPDWLYR
DSDUHFH FRPR XP LQVWUXPHQWR GH JHVWmR H FRQWUROH
VRFLDO 4XDQGR SUHGRPLQD R HQIRTXH HVWUXWXUDOLVWD
TXHHQ[HUJDRGLUHLWRHPWHUPRVGHFRQWUROHFRDWLYR
DrQIDVHLQFLGHQDUHSUHVVmRGHFRQGXWDVFRQWUiULDV
jV QRUPDV 4XDQGR SUHGRPLQD R HQIRTXH
IXQFLRQDOLVWD TXH HQ[HUJD R GLUHLWR HP WHUPRV GH
FRQWUROHSHUVXDVLYRDrQIDVHLQFLGHQRLQFHQWLYRGH
FRQGXWDVWLGDVFRPRGHVHMDGDV
6HJXQGR$OD{U &DIIp$OYHV LQ %2%%,2 
 %REELRHQWHQGHTXHDVWHRULDVTXHHQIRFDPR
GLUHLWR VRE R SRQWR GH YLVWD HVWUXWXUDO SRUWDQWR
SDXWDGDVQDSHUVSHFWLYDSURWHWRUDRXUHSUHVVLYDGR
GLUHLWRVmRSUySULDVGRV(VWDGRVOLEHUDLVHDVWHRULDV
TXH HQIRFDP R GLUHLWR VRE R kQJXOR IXQFLRQDO
REMHWLYDQGR SURSLFLDU DV FRQGLo}HV MXUtGLFDV GD
SURPRomR VRFLDO H HFRQ{PLFD VmR SUySULDV GRV
(VWDGRVVRFLDLV$VVLPDDQiOLVHIXQFLRQDOGRGLUHLWR

GHPDQGD FRQVLGHUDo}HV GH FRQWH~GR TXH FRPR


YLVWRWUDVSDVVDDPHUDDQiOLVHIRUPDOGDHVWUXWXUDGR
RUGHQDPHQWR,VVRQmRTXHUGL]HUHQWUHWDQWRTXHR
MXULVWD LWDOLDQR WHQKD VXEVWLWXtGR R HQIRTXH GD
DQiOLVH HVWUXWXUDO GR GLUHLWR GRPLQDQWH QD SULPHLUD
IDVHGHVXDVLQYHVWLJDo}HVSHODDQiOLVHIXQFLRQDORX
WHOHROyJLFD +i QD REUD GH %REELR XPD
FRQYHUJrQFLDHQWUHDDQiOLVHHVWUXWXUDOHDIXQFLRQDO
$ DQiOLVH HVWUXWXUDO FRQVLGHUDGD D SULPHLUD YLD GD
LQYHVWLJDomRSURFXUDUHVSRQGHUjSHUJXQWDGHTXH
VHFRPS}HRGLUHLWR"(VVDDQiOLVHpFRPSOHPHQWDGD
H DSURIXQGDGD SHOD VHJXQGD YLD GD SHVTXLVD D GD
DQiOLVH IXQFLRQDO TXH UHVSRQGH j SHUJXQWD SDUD
TXHVHUYHRGLUHLWR"$DQiOLVHIXQFLRQDOLQYHVWLJD
SRUWDQWR D UHODomR HQWUH PHLR H ILP QXPD
SHUVSHFWLYDVRFLROyJLFD
$OLiV FRQIRUPH SDODYUDV GH %REELR   
2V HOHPHQWRV GHVWH XQLYHUVR GR GLUHLWR  TXH VmR
SRVWRV HP HYLGrQFLD SHOD DQiOLVH HVWUXWXUDO VmR
GLIHUHQWHV GDTXHOHV TXH SRGHP VHU SRVWRV HP
HYLGrQFLDSHODDQiOLVHIXQFLRQDO2VGRLVSRQWRVGH
YLVWD QmR Vy VmR SHUIHLWDPHQWH FRPSDWtYHLV VHQmR
TXH VH LQWHJUDP PXWXDPHQWH H GH PDQHLUD VHPSUH
~WLO6HRSRQWRGHYLVWDHVWUXWXUDOpSUHGRPLQDQWHHP
PHXV FXUVRV GH WHRULD GR GLUHLWR LVWR VH GHYH
H[FOXVLYDPHQWHDRIDWRGHTXHTXDQGRRVGHVHQYROYL
HVWD HUD D RULHQWDomR PHWRGROyJLFD GRPLQDQWH HP
QRVVRV HVWXGRV 6H KRMH RV GHYHVVH UHWRPDU

GHFLGLGDPHQWH QmR SHQVDULD HP VXEVWLWXLU D WHRULD


HVWUXWXUDOLVWD SHOD IXQFLRQDOLVWD $JUHJDULD XPD
VHJXQGDSDUWHVHPVDFULILFDUQDGDGDSULPHLUD
2V DQWURSyORJRV H MXULVWDV FRVWXPDP GHVWDFDU
DV FRQWULEXLo}HV GD HVFROD VRFLROyJLFD IUDQFHVD DR
GHVHQYROYLPHQWR H FRQVWUXomR GRV HVWXGRV
DQWURSROyJLFRV H MXUtGLFRV 1HVVH VHQWLGR
PHQFLRQDP RV QRPHV GH ePLOH 'XUNKHLP H 0DUFHO
0DXVV FXMDV FRQWULEXLo}HV VHUmR DQDOLVDGDV QRV
FDStWXORVVHJXLQWHV

;,, e0,/(

'85.+(,0 

$872120,$'$6&,1&,$662&,$,6
/DSODWLQH     FRQVWDWD TXH SDUD RV
SHVTXLVDGRUHV GD HVFROD IUDQFHVD GH VRFLRORJLD HUD
QHFHVViULR jV FLrQFLDV VRFLDLV SDUD JDUDQWLU VXD
DXWRQRPLDHSDUDDOFDQoDUVXDHODERUDomRFLHQWtILFD
DFRQVWLWXLomRGHXPTXDGURWHyULFRGHFRQFHLWRVH
GHPRGHORVTXHIRVVHPSUySULRVGDLQYHVWLJDomRGR
VRFLDO LVWR p LQGHSHQGHQWHV WDQWR GD H[SOLFDomR
KLVWyULFD
HYROXFLRQLVPR 
RX
JHRJUiILFD
GLIXVLRQLVPR  TXDQWR GD H[SOLFDomR ELROyJLFD
IXQFLRQDOLVPR RXSVLFROyJLFD SVLFRORJLDFOiVVLFD 
$R VH HPSHQKDUHP QHVVD WDUHID RV VRFLyORJRV
IUDQFHVHV ePLOH 'XUNKHLP H 0DUFHO 0DXVV
IRUQHFHUDP j DQWURSRORJLD R TXDGUR WHyULFR H RV
LQVWUXPHQWRVRSHUDFLRQDLVTXHOKHIDOWDYDP
'XUNKHLP DR HVFUHYHU DV5HJUDV GR PpWRGR
VRFLROyJLFR GHVFRQILD GD HWQRORJLD DR RSRU DV
REVHUYDo}HV FRQIXVDV H UiSLGDV GRV YLDMDQWHV DRV
WH[WRV SUHFLVRV GD KLVWyULD &RQWXGR HP$V IRUPDV

HOHPHQWDUHV GD YLGD UHOLJLRVD SURFODPD TXH DV


FLYLOL]Do}HV
SULPLWLYDV
FRQVWLWXHP
FDVRV
SULYLOHJLDGRV SRUTXH VmR FDVRV VLPSOHV (LV Dt SRU
TXH HP WRGDV DV RUGHQV GH IDWRV DV REVHUYDo}HV
GRV HWQyJUDIRV IUHTXHQWHPHQWH IRUDP YHUGDGHLUDV
UHYHODo}HV TXH UHQRYDUDP RV HVWXGRV GDV
LQVWLWXLo}HV KXPDQDV 1DGD PDLV LQMXVWR TXH R
GHVGHQKRTXHPXLWRVKLVWRULDGRUHVWrPDLQGDSHORV
WUDEDOKRVGRVHWQyJUDIRV$RFRQWUiULRpFHUWRTXHD
HWQRJUDILD IUHTXHQWHPHQWH GHWHUPLQRX QRV
GLIHUHQWHV VHWRUHV GD VRFLRORJLD DV PDLV IHFXQGDV
UHYROXo}HV E 
'XUNKHLP p FRQVLGHUDGR R UHVSRQViYHO SHOD
FRQTXLVWDGDDXWRQRPLDGDVRFLRORJLDHPUHODomRjV
GHPDLV FLrQFLDV SRUTXH HVWDEHOHFHX RIDWR VRFLDO
FRPR REMHWR HVSHFtILFR GRV HVWXGRV VRFLROyJLFRV
0DV HP UHODomR j DQWURSRORJLD HQWHQGHX TXH HVWD
QmR HUD WRWDOPHQWH DXW{QRPD QD PHGLGD HP TXH D
FRQVLGHURXDSHQDVXPUDPRGDVRFLRORJLD
)DWRVRFLDO
6HJXQGR 'XUNKHLP   D   Ki HP WRGD
VRFLHGDGHXPJUXSRGHWHUPLQDGRGHIHQ{PHQRVFRP
FDUDFWHUHV QtWLGRV TXH VH GLVWLQJXH GDTXHOHV
HVWXGDGRV SHODV FLrQFLDV GD QDWXUH]D $VVLP
TXDQGR XPD SHVVRD GHVHPSHQKD VHXV GHYHUHV GH
FLGDGmR GH HVSRVR RX GH LUPmR RX TXDQGR VH
GHVLQFXPEH GH HQFDUJRV TXH FRQWUDLX HVVD SHVVRD

SUDWLFDGHYHUHVTXHHVWmRGHILQLGRVQRGLUHLWR(VVH
GLUHLWR HQWUHWDQWR QmR IRL D SHVVRD TXH R FULRX
SRUWDQWR H[LVWH IRUD GHOD$VVLP WDPEpP R GHYRWR
DRQDVFHUHQFRQWUDSURQWDVDVFUHQoDVHDVSUiWLFDV
GDYLGDUHOLJLRVDSRUWDQWRHVVDVFRLVDVH[LVWHPIRUD
GHOH2PHVPRRFRUUHFRPRVLVWHPDGHVLQDLVTXHD
SHVVRD XWLOL]D SDUD H[SULPLU VHXV SHQVDPHQWRV R
VLVWHPD GH PRHGD TXH HPSUHJD SDUD SDJDU DV
GtYLGDV RV LQVWUXPHQWRV GH FUpGLWR TXH XWLOL]D QDV
UHODo}HVFRPHUFLDLVDVSUiWLFDVDVHJXLUQDSURILVVmR
HQILP
WRGDV
HVVDV
FRLVDV
IXQFLRQDP
LQGHSHQGHQWHPHQWHGRXVRTXHDSHVVRDGHODVIDoD
3DUD 'XUNKHLP HVVHV WLSRV GH FRQGXWD RX GH
SHQVDPHQWRV QmR VmR DSHQDV H[WHULRUHV DR
LQGLYtGXR VmR WDPEpP GRWDGRV GH XP SRGHU
LPSHUDWLYR H FRHUFLWLYR HP YLUWXGH GR TXDO VH OKH
LPS}HPTXHUTXHLUDTXHUQmR2LQGLYtGXRHQFRQWUD
VHSRLVGLDQWHGHXPDRUGHPGHIDWRVTXHDSUHVHQWD
FDUDFWHUHVPXLWRVHVSHFLDLV6mRRVIDWRVVRFLDLVRV
TXDLV FRQVLVWHP QD PDQHLUD GH DJLU GH SHQVDU H GH
VHQWLUH[WHULRUDRLQGLYtGXRGRWDGRVGHXPSRGHUGH
FRHUomR HP YLUWXGH GR TXDO VH OKH LPS}H 3RU
FRQVHJXLQWH QmR SRGHP VHU FRQIXQGLGRV FRP RV
IHQ{PHQRV RUJkQLFRV SRLV FRQVLVWHP HP
UHSUHVHQWDo}HVHHPDo}HVQHPFRPRVIHQ{PHQRV
SVtTXLFRV TXH QmR H[LVWHP VHQmR QD FRQVFLrQFLD
LQGLYLGXDOHSRUPHLRGHOD2IDWRVRFLDOSRUWDQWRD
p H[WHULRU jV FRQVFLrQFLDV LQGLYLGXDLV E  H[HUFH

FRHUomR VREUH RV LQGLYtGXRV F  DSUHVHQWD


JHQHUDOLGDGHQRPHLRGRJUXSRG FRQVWLWXLRREMHWR
GHHVWXGRGDVRFLRORJLD
&RQIRUPH 'XUNKHLP     HVVD GHILQLomR
GHIDWRVRFLDOSRGHVHUFRQILUPDGDSRUPHLRGHXPD
H[SHULrQFLD VLQJHOD EDVWD TXH VH REVHUYH D PDQHLUD
SHODTXDOVmRHGXFDGDVDVFULDQoDV7RGDHGXFDomR
FRQVLVWH QXP HVIRUoR FRQWtQXR SDUD LPSRU jV
FULDQoDVPDQHLUDVGHYHUGHVHQWLUHGHDJLUjVTXDLV
HODVQmRFKHJDULDPHVSRQWDQHDPHQWH$SUHVVmRGH
WRGRV RV LQVWDQWHV TXH VRIUH D FULDQoD p D SUySULD
SUHVVmR GR PHLR VRFLDO WHQGHQGR D PROGiOD j VXD
LPDJHP SUHVVmR GH TXH WDQWR RV SDLV TXDQWR RV
PHVWUHV QmR VmR VHQmR UHSUHVHQWDQWHV H
LQWHUPHGLiULRV 7DPEpP VmR WUDQVPLWLGRV SHOD
HGXFDomR RXWURV IDWRV VRFLDLV FRPR DV UHJUDV
MXUtGLFDVPRUDLVUHOLJLRVDVHWF
2 HVWXGR VRFLROyJLFR GR IDWR VRFLDO LPSOLFD D
REVHUYDomRGHWUrVUHJUDVEiVLFDVD RVIDWRVVRFLDLV
V m RFRLVDV TXH Vy SRGHP VHU H[SOLFDGDV VHQGR
UHODFLRQDGDVDRXWURVIDWRVVRFLDLVE QDH[SOLFDomR
GRV IDWRV VRFLDLV GHYHP VHU DIDVWDGRV WRGRV RV
SUHFRQFHLWRV H SUpQRo}HV F  p SUHFLVR GHILQLU FRP
SUHFLVmR R REMHWR GD LQYHVWLJDomR SURFXUDQGR
DJUXSDU DTXHOHV TXH PDQLIHVWDP FDUDFWHUtVWLFDV
FRPXQV
)25d$'26)$72662&,$,6

3DUD 'XUNKHLP     H[LVWHP FHUWDV


FRUUHQWHV GH RSLQLmR TXH QRV LPSHOHP FRP
LQWHQVLGDGH GHVLJXDO VHJXQGR DV pSRFDV H RV
SDtVHV DR FDVDPHQWR DR VXLFtGLR RX HQWmR D XPD
QDWDOLGDGHPDLRURXPHQRU7DLVFRUUHQWHVVmRIDWRV
VRFLDLV  SULPHLUD YLVWD SDUHFHP LQVHSDUiYHLV GDV
IRUPDV TXH WRPDP QRV FDVRV SDUWLFXODUHV 0DV D
HVWDWtVWLFDRIHUHFHQRVRPHLRGHLVROiODV6mRFRP
HIHLWRH[SUHVVDVHQmRVHPH[DWLGmRSHODVWD[DV
GH QDVFLPHQWR FDVDPHQWR VXLFtGLRV LVWR p SHOR
DOJDULVPR TXH VH REWpP GLYLGLQGRVH R WRWDO PpGLR
DQXDOGRVFDVDPHQWRVGRVQDVFLPHQWRVGDVPRUWHV
YROXQWiULDVSHORWRWDOPpGLRGRVKRPHQVHPLGDGHGH
FDVDU GH SURFULDU GH VH VXLFLGDU &RPR FDGD XP
GHVVHV Q~PHURV FRPSUHHQGH WRGRV RV FDVRV
SDUWLFXODUHV LQGLVWLQWDPHQWH DV FLUFXQVWkQFLDV
LQGLYLGXDLVTXHSRGHPGHVHPSHQKDUTXDOTXHUSDSHO
QD SURGXomR GR IHQ{PHQR VH QHXWUDOL]DP
PXWXDPHQWHHSRUFRQVHJXLQWHQmRFRQWULEXHPSDUD
GHWHUPLQiOR 2 TXH FDGD Q~PHUR H[SULPH p FHUWR
HVWDGRGHDOPDFROHWLYD
'XUNKHLPLQWHUHVVRXVHSHORHVWXGRGDVWD[DVGH
VXLFtGLR SRU MXOJDU TXH XP HVWXGR GHVVD QDWXUH]D
VHULD VXILFLHQWH SDUD WHVWDU D VXD WHRULD H HOHYDU D
VRFLRORJLDjFDWHJRULDGHGLVFLSOLQDFLHQWtILFD$VVLP
HP XPD REUD LQWLWXODGD2 VXLFtGLR XP HVWXGR
VRFLROyJLFR FXMD VtQWHVH HODERUDGD SRU -RHO &KDURQ
  D   H[SRPRV QD VHTXrQFLD 'XUNKHLP

DQDOLVDDIRUoDTXHRVIDWRVVRFLDLVH[HUFHPVREUHR
VXLFLGD &RP HVVD DQiOLVH SUHWHQGH GHPRQVWUDU D
LPSRUWkQFLD GRV IDWRV VRFLDLV QD GHWHUPLQDomR GD
SUREDELOLGDGHGHVXLFtGLRV
(VWXGRGRVXLFtGLR
2VXLFtGLRVHJXQGR'XUNKHLPVHPSUHVHUiXPD
HVFROKD SHVVRDO H Ki WRGR WLSR GH UD]}HV
SVLFROyJLFDV TXH OHYDUmR XPD SHVVRD H QmR RXWUD D
GHFLGLU VXLFLGDUVH &RQWXGR DWp PHVPR QHVVD
HVFROKDH[WUHPDPHQWHLQGLYLGXDODWXDPIDWRVVRFLDLV
RX VHMD DWD[D DOWD RX EDL[D  GH VXLFtGLR QXPD
VRFLHGDGH LQIOXHQFLD D SUREDELOLGDGH GH VXLFtGLR GH
XP LQGLYtGXR 3DUD 'XUNKHLP D FDXVD GHWHUPLQDQWH
GDWD[D DOWDRXEDL[D GHVXLFtGLRpRXWURIDWRVRFLDO
TXH HOH GHQRPLQDVROLGDULHGDGH VRFLDO$VVLP HP
FRPXQLGDGHVFRPDOWDVROLGDULHGDGHVRFLDODWD[DGH
VXLFtGLR GHYH VHU PHQRU GR TXH QDV FRPXQLGDGHV
FRPEDL[DVROLGDULHGDGHVRFLDO3DUDWHVWDUVXDWHRULD
'XUNKHLP DQDOLVRX RV UHJLVWURV VREUH VXLFtGLR GH
YiULDVSURYtQFLDVHXURSHLDV
'XUNKHLP GLYLGLX DV SURYtQFLDV HP FDWyOLFDV H
SURWHVWDQWHV &RPR R SURWHVWDQWLVPR UHVVDOWD D
UHODomRLQGLYLGXDOFRP'HXV EDL[DVROLGDULHGDGH HR
FDWROLFLVPR VDOLHQWD D ,JUHMD FRPR XPD FRPXQLGDGH
LQWHJUDGD TXH UHYHUHQFLD 'HXV HP FRQMXQWR DOWD
VROLGDULHGDGH  DV SURYtQFLDV SURWHVWDQWHV GHYHULD
DSUHVHQWDU WD[D GH VXLFtGLR PDLRU GR TXH DV

SURYtQFLDVFDWyOLFDV'HIDWRRVUHJLVWURVDSRQWDUDP
TXH D WD[D GH VXLFtGLR HUD PDLRU HQWUH RV
SURWHVWDQWHV $VVLP SRGHVH DILUPDU TXH D
SUREDELOLGDGHGHVXLFtGLRpPDLRUHQWUHSURWHVWDQWHV
GRTXHHQWUHFDWyOLFRV'HDFRUGRFRPDWHRULDQDV
SHTXHQDV FLGDGHV DOWD VROLGDULHGDGH  D WD[D GH
VXLFtGLR VHULD PHQRU GR TXH QDV JUDQGHV FLGDGHV
EDL[D VROLGDULHGDGH  SRUTXH QHVWDV LPSHUD D
LPSHVVRDOLGDGH RX LQGLYLGXDOLVPR ([DPLQDQGR RV
UHJLVWURV FRQVWDWRXVH TXH HIHWLYDPHQWH HUD R TXH
RFRUULD
'HDFRUGRFRPDWHRULDGH'XUNKHLPDVSHVVRDV
FDVDGDV GHYHP VHU PDLV LQWHJUDGDV QD FRPXQLGDGH
GR TXH DV VROWHLUDV DV PXOKHUHV PDLV GR TXH RV
KRPHQVDVSHVVRDVFRPILOKRVPDLVGRTXHDVVHP
ILOKRV DV SHVVRDV VHP LQVWUXomR XQLYHUVLWiULD PDLV
GR TXH DV FRP IRUPDomR VXSHULRU$VVLP VHJXQGR
HOH FDVDPHQWR IDPtOLD H DXVrQFLD GH HGXFDomR
VXSHULRU LQWHJUDP PDLV D SHVVRD QD FRPXQLGDGH
SRUWDQWR LPSOLFD DOWD VROLGDULHGDGH $R SDVVR TXH
VHU VROWHLUR GR VH[R PDVFXOLQR VHP ILOKRV H WHU
HGXFDomR VXSHULRU LPSOLFD EDL[D VROLGDULHGDGH 2V
UHJLVWURV DSRQWDUDP TXH D WD[D GH VXLFtGLR GH IDWR
HUD PDLRU HQWUH DV SHVVRDV VROWHLUDV GR VH[R
PDVFXOLQRDVVHPILOKRVHDVFRPLQVWUXomRVXSHULRU
'XUNKHLPWDPEpPYHULILFRXTXHHPFRPXQLGDGHV
FRP DOWtVVLPD VROLGDULHGDGH D WD[D GH VXLFtGLR
DXPHQWDYDSRUWDQWRGHPRQVWURXTXHDUHODomRHQWUH

VROLGDULHGDGH VRFLDO H WD[DV GH VXLFtGLRV p


FXUYLOLQHDU LVWR p DV WD[DV VmR PDLV HOHYDGDV QRV
GRLV H[WUHPRV 7DPEpP YHULILFRX TXH DV WD[DV GH
VXLFtGLRVDXPHQWDPHPpSRFDVGHPXGDQoDVVRFLDLV
H WDPEpP HP pSRFDV GH GHSUHVVmR HFRQ{PLFD RX
SHUtRGRVGHUiSLGDSURVSHULGDGH
&RP EDVH QRV UHVXOWDGRV GR VHX HVWXGR
'XUNKHLPFODVVLILFRXRVVHJXLQWHVWLSRVGHVXLFtGLR
D HJRtVWDV RFRUUHP HP YLUWXGH GD EDL[D
VROLGDULHGDGH VRFLDO E DOWUXtVWDV RFRUUHP HP
YLUWXGH GD DOWtVVLPD VROLGDULHGDGH VRFLDO F
DQ{PLFRVRFRUUHPHPYLUWXGHGHPXGDQoDVVRFLDLV
TXH OHYDP R LQGLYtGXR D XP HVWDGR GH DQRPLD
DXVrQFLD GH UHJUDV  G IDWDOLVWDV RFRUUHP HP
YLUWXGH GH PXGDQoD V~ELWD QD YLGD GD SHVVRD
DXPHQWRRXGLPLQXLomRUHSHQWLQDGRVWDWXV$WHRULD
GH 'XUNKHLP LQIOXHQFLRX WRGR WLSR GH DQiOLVH GH
HVWDWtVWLFDVWD[DVGHQDWDOLGDGHPRUWDOLGDGHDERUWR
GLYyUFLRFDVDPHQWRHWF
2 SURFHGLPHQWR FRP DV SHVTXLVDV HVWDWtVWLFDV
PRVWURX TXH DV UHSUHVHQWDo}HV FROHWLYDV VmR IDWRV
GH QDWXUH]D HVSHFtILFD SRUWDQWR GLIHUHQWHV GRV
IHQ{PHQRV SVLFROyJLFRV LQGLYLGXDLV PRVWURX
WDPEpP TXH p SRVVtYHO GHWHUPLQiODV GH PDQHLUD
GLUHWD H QmR DSHQDV DWUDYpV GRV SHQVDPHQWRV H
HPRo}HV LQGLYLGXDLV 2XWUR PpWRGR SDUD
FRQKHFLPHQWR GLUHWR GDV UHSUHVHQWDo}HV FROHWLYDV
VHULD R H[DPH GDV H[SUHVV}HV SHUPDQHQWHV GHVVDV

UHSUHVHQWDo}HV1HVVHVHQWLGRDDQiOLVHGDUHOLJLmRH
GRVVLVWHPDVMXUtGLFRVSRUH[HPSORSHUPLWLULDFDSWDU
DV UHSUHVHQWDo}HV FROHWLYDV WHQGR HP YLVWD TXH D
UHOLJLmR H RV VLVWHPDV MXUtGLFRV FRQVLVWHP HP
H[SUHVV}HVSHUPDQHQWHVGHVVDVUHSUHVHQWDo}HV
$QWURSRORJLDHUHOLJLmR
'XUNKHLP HP$V IRUPDV HOHPHQWDUHV GD YLGD
UHOLJLRVD LQYHVWLJD DV SUiWLFDV UHOLJLRVDV GDV
FRPXQLGDGHV GLWDV SULPLWLYDV HVSHFLDOPHQWH R
VLVWHPDWRWrPLFRGRVSRYRVDXVWUDOLDQRV(PYLUWXGH
GDV VXDV LQYHVWLJDo}HV VREUH R WRWHPLVPR R
VDJUDGRHRSURIDQR/pYL6WUDXVRFRQVLGHUDXPGRV
IXQGDGRUHVGDDQWURSRORJLDUHOLJLRVD
3DUD 'XUNKHLP E  D   DV UHOLJL}HV
SULPLWLYDV QmR SHUPLWHP DSHQDV GLVWLQJXLU RV
HOHPHQWRVFRQVWLWXWLYRVGDUHOLJLmRJR]DPWDPEpPD
YDQWDJHP PXLWR JUDQGH GH IDFLOLWDU VXD H[SOLFDomR
SRUTXHQDVVRFLHGDGHVSULPLWLYDVRVIDWRVVmRPDLV
VLPSOHVHDVUHODo}HVHQWUHRVIDWRVWDPEpPVmRPDLV
DSDUHQWHV 'H RXWUD SDUWH VHJXQGR 'XUNKHLP WRGD
UHOLJLmRWHPXPODGRSHORTXDOHODXOWUDSDVVDRFtUFXOR
GDVLGHLDVSURSULDPHQWHUHOLJLRVDVHDWUDYpVGLVVRR
HVWXGRGRVIHQ{PHQRVUHOLJLRVRVIRUQHFHXPPHLRGH
UHQRYDUSUREOHPDVTXHDWpHQWmRWrPVLGRGHEDWLGRV
DSHQDVHQWUHILOyVRIRV$UHOLJLmRGL]HOHpXPDFRLVD
HPLQHQWHPHQWHVRFLDOGDtRLQWHUHVVHGDVRFLRORJLD
$V UHSUHVHQWDo}HV UHOLJLRVDV VmR UHSUHVHQWDo}HV

FROHWLYDVTXHH[SULPHPUHDOLGDGHVFROHWLYDVRVULWRV
VmRPDQHLUDVGHDJLUTXHQDVFHPQRVHLRGRVJUXSRV
UHXQLGRVHVmRGHVWLQDGRVDVXVFLWDUDPDQWHURXD
UHID]HUFHUWRVHVWDGRVPHQWDLVGHVVHVJUXSRV
6DEHVH Ki PXLWR WHPSR TXH DWp XP PRPHQWR
UHODWLYDPHQWH DYDQoDGR GD HYROXomR DV UHJUDV GD
PRUDO H GR GLUHLWR QmR VH GLIHUHQFLDYDP GDV
SUHVFULo}HV ULWXDLV 3RUWDQWR SRGHVH GL]HU
UHVXPLQGRTXHTXDVHWRGDVDVJUDQGHVLQVWLWXLo}HV
VRFLDLV QDVFHUDP GD UHOLJLmR 2UD SDUD TXH RV
SULQFLSDLV DVSHFWRV GD YLGD FROHWLYD WHQKDP
FRPHoDGRSRUDVSHFWRVYDULDGRVGDYLGDUHOLJLRVDp
SUHFLVR HYLGHQWHPHQWH TXH D YLGD UHOLJLRVD VHMD D
IRUPDHPLQHQWHHFRPRTXHXPDH[SUHVVmRDEUHYLDGD
GDYLGDFROHWLYDLQWHLUD6HDUHOLJLmRHQJHQGURXWXGR
RTXHKiGHHVVHQFLDOQDVRFLHGDGHpSRUTXHDLGHLD
GD VRFLHGDGH p D DOPD GD UHOLJLmR '85.+(,0
E 
6HJXQGR'XUNKHLP E WRGDVRFLHGDGH
VHQWH QHFHVVLGDGH GH FRQVHUYDU H GH UHIRUoDU HP
LQWHUYDORV UHJXODUHV RV VHQWLPHQWRV FROHWLYRV H DV
LGHLDV FROHWLYDV TXH JDUDQWHP D VXD XQLGDGH H
SHUVRQDOLGDGH,VVRVHJXQGRHOHVySRGHVHUREWLGR
SRU PHLR GH UHXQL}HV DVVHPEOHLDV FRQJUHJDo}HV
RQGH RV LQGLYtGXRV HVWUHLWDPHQWH OLJDGRV XQV DRV
RXWURV UHDILUPDP RV VHXV VHQWLPHQWRV FRPXQV
(VVDV FHULP{QLDV SRU VHX REMHWR SHORV UHVXOWDGRV
TXH SURGX]HP SHORV SURFHGLPHQWRV TXH QHODV VmR

HPSUHJDGRVQmRGLIHUHPHPQDWXUH]DGDVFHULP{QLDV
SURSULDPHQWHUHOLJLRVDV
1D FRQFHSomR GH 'XUNKHLP DV UHOLJL}HV VHULDP
DSHQDVXPDWUDQVSRVLomRGDVRFLHGDGHSDUDRSODQR
VLPEyOLFR $VVLP DWUDYpV GRWRWHPLVPR SRU
H[HPSOR RV KRPHQV FXOWXDP DSHQDV D UHDOLGDGH
FROHWLYDWUDQVILJXUDGD
7RWHPLVPRpDFUHQoDQRWRWHPRXRUJDQL]DomR
VRFLDO IXQGDGD QHVVD FUHQoD 2 WHUPRWRWHP IRL
H[WUDtGR GR LGLRPD GRV tQGLRV QRUWHDPHULFDQRV H
GHSRLV SDVVRX D LQGLFDU R IHQ{PHQR SUHVHQWH HP
WRGRVRVSRYRVSULPLWLYRV GHWUDQVIRUPDUXPDFRLVD
QDWXUDO RX DUWLILFLDO  HP HPEOHPD GR JUXSR VRFLDO H
HP JDUDQWLD GH VXD VROLGDULHGDGH 2WRWHP p DVVLP
DSHQDVRVtPERORGHXPDIRUoDVDJUDGDHLPSHVVRDO
HPDQDGDGRJUXSR'XUNKHLPHQIDWL]RXHVVHFDUiWHU
G RWRWHP YHQGR QHOH D H[SUHVVmR GD XQLGDGH GR
JUXSR VRFLDO HP VXD LQWHLUH]D H SRUWDQWR QDV LQWHU
UHODo}HVGRVFOmVHPTXHRJUXSRVHGLYLGH
2WRWHPLVPRGRV$UXQWDV WULERDXVWUDOLDQD IRL
WRPDGRFRPRDIRUPDPDLVVLPSOHVGHPDQLIHVWDomR
UHOLJLRVD $ SDUWLU GHVVD PDQLIHVWDomR 'XUNKHLP
HODERURXWUrVKLSyWHVHVD DYLGDGRJUXSRpDIRQWH
JHUDGRUDHDFDXVDGDUHOLJLmRE DVLGHLDVHSUiWLFDV
UHOLJLRVDV UHIHUHPVH DR JUXSR VRFLDO RX R
VLPEROL]DP F  D GLVWLQomR HQWUH R VDJUDGR H R
SURIDQR p XQLYHUVDOPHQWH HQFRQWUDGD H WHP
FRQVHTXrQFLDVLPSRUWDQWHVSDUDDYLGDVRFLDO

6DJUDGRHSURIDQR
3DUD 'XUNKHLP D GLVWLQomR GDV FRLVDV HP
VDJUDGDV H SURIDQDV FRQVWLWXL XP HOHPHQWR
LPSRUWDQWH SDUD D FRPSUHHQVmR GRV IHQ{PHQRV
UHOLJLRVRV (VWHV VHJXQGR HOH FRORFDPVH
QDWXUDOPHQWHHPGXDVFDWHJRULDVIXQGDPHQWDLVD DV
FUHQoDV VmR HVWDGRV GH RSLQLmR H FRQVLVWHP HP
UHSUHVHQWDo}HV H E RV ULWRV FRQVWLWXHP WLSRV
GHWHUPLQDGRVGHDomR
6HJXQGR'XUNKHLPWRGDVDVFUHQoDVUHOLJLRVDV
VLPSOHVRXFRPSOH[DVWrPXPPHVPRFDUiWHUFRPXP
SUHVVXS}HP XPD FODVVLILFDomR GDV FRLVDV UHDLV RX
LGHDLV HPGXDVFODVVHVRXHPGRLVJrQHURVRSRVWRV
(VVDV FRLVDV VmR WUDGX]LGDV SHODV GHVLJQDo}HV GH
SURIDQR H VDJUDGR $VVLP R FDUiWHU GLVWLQWLYR GR
SHQVDPHQWRUHOLJLRVRFRQVLVWHQDGLYLVmRGRPXQGR
HPGRLVGRPtQLRVD XPTXHFRPSUHHQGHWXGRRTXH
pVDJUDGRHE RXWURTXHFRPSUHHQGHWXGRRTXHp
SURIDQR $V FUHQoDV RV PLWRV DV OHQGDV VmR
UHSUHVHQWDo}HV RX VLVWHPDV GH UHSUHVHQWDo}HV TXH
H[SULPHPDQDWXUH]DGDVFRLVDVVDFUDVDVYLUWXGHVH
RV SRGHUHV D HODV DWULEXtGRV VXD KLVWyULD VXDV
UHODo}HV UHFtSURFDV H VXDV UHODo}HV FRP DV FRLVDV
SURIDQDV 0DV SRU FRLVDV VDJUDGDV QmR p SUHFLVR
HQWHQGHU DSHQDV DTXHOHV VHUHV SHVVRDLV TXH YrP
GHQRPLQDGRV GHXVHV RX HVStULWRV XPD URFKD XPD
iUYRUH XPD IRQWH XPD SHGUD XP SHGDoR GH OHQKD
XPDFDVDHPVXPDTXDOTXHUFRLVDSRGHVHUVDJUDGD

'XUNKHLPHODERUDXPDGLVWLQomRHQWUHUHOLJLmRH
PDJLD HPERUD UHFRQKHoD TXH DPEDV SRVVXHP
PXLWRVSRQWRVFRPXQV3DUDHOHDPDJLDHVWiFKHLD
GHUHOLJLmRHDUHOLJLmRHVWiFKHLDGHPDJLDSRUWDQWR
pLPSRVVtYHOVHSDUiODVWRWDOPHQWHHGHILQLUXPDVHP
DRXWUD$PDJLDWDOFRPRDUHOLJLmRWDPEpPWHPRV
VHXV ULWRV H RV VHXV GRJPDV TXH VmR DSHQDV PDLV
UXGLPHQWDUHV SRUTXH SHUVHJXLQGR ILQV WpFQLFRV H
XWLOLWiULRVQmRVHGHWrPHPSXUDVHVSHFXODo}HV0DV
D UHOLJLmR WHP XPD SURIXQGD DYHUVmR j PDJLD TXH
QXWUH XPD SURIXQGD KRVWLOLGDGH j UHOLJLmR$ PDJLD
GHSRVLWD XPD HVSpFLH GH SUD]HU SURILVVLRQDO DR
SURIDQDU DV FRLVDV VDQWDV 'H VXD SDUWH D UHOLJLmR
HPERUDQmRWHQGRVHPSUHFRQGHQDGRHSURLELGRRV
ULWRVPiJLFRVRVYrHPJHUDOGHVIDYRUDYHOPHQWH
6HJXQGR 'XUNKHLP R DVSHFWR FROHWLYR LJUHMD
UHSUHVHQWDDGLIHUHQoDPDLVDFHQWXDGDHQWUHUHOLJLmRH
PDJLD$V FUHQoDV UHOLJLRVDV VmR VHPSUH FRPXQV D
GHWHUPLQDGD FROHWLYLGDGH TXH DR DGHULU jV FUHQoDV
SUDWLFD RV ULWRV GHODV HPDQDGRV $V FUHQoDV
SRUWDQWR QmR VmR DGPLWLGDV DSHQDV D WtWXOR
LQGLYLGXDO SRU WRGRV RV PHPEURV GD FROHWLYLGDGH
PDVVmRFRLVDVGRJUXSRHFRQVWLWXHPDVXDXQLGDGH
2V LQGLYtGXRV TXH FRPS}HP D PHVPD UHOLJLmR
VHQWHPVH OLJDGRV XQV DRV RXWURV SHOR VLPSOHV IDWR
GHWHUHPXPDIpFRPXP,JUHMDSDUD'XUNKHLPpXPD
VRFLHGDGHQDTXDORVPHPEURVVmRXQLGRVSHORIDWR
GHUHSUHVHQWDUHPGRPHVPRPRGRRPXQGRVDJUDGR

H DV VXDV UHODo}HV FRP R PXQGR SURIDQR H GH


WUDGX]LUHP HVVDV UHSUHVHQWDo}HV FRPXQV FRP
SUiWLFDV LGrQWLFDV 1D KLVWyULD GL] HOH QmR VH
HQFRQWUDQHQKXPDUHOLJLmRVHPLJUHMD
1mR H[LVWH XPD LJUHMD PiJLFD RX VHMD D PDJLD
QmRSRVVXLLJUHMD(QWUHRPDJRHRVLQGLYtGXRVTXH
R FRQVXOWDP FRPR HQWUH HVWHV ~OWLPRV QmR
VXEVLVWHPYtQFXORVGXUiYHLVTXHIDoDPGRVPHPEURV
XP PHVPR FRUSR PRUDO FRPSDUiYHO jTXHOH TXH
IRUPDPRVILpLVGHXPPHVPR'HXVRXRVVHTXD]HV
GHXPPHVPRFXOWR2 PDJR WHP XPD FOLHQWHOD QmR
XPD LJUHMD H RV VHXV FOLHQWHV SRGHP SHUIHLWDPHQWH
QmRWHUHQWUHVLTXDOTXHUUHODFLRQDPHQWRDROLPLWHGH
LJQRUDUVH XP DR RXWUR 7DPEpP DV UHODo}HV HQWUH
HOHVVmRJHUDOPHQWHDFLGHQWDLVHWUDQVLWyULDVGHWRGR
VHPHOKDQWHjTXHODVGHXPGRHQWHFRPVHXPpGLFR
',5(,72(62/,'$5,('$'(
3DUD 'XUNKHLP D  D VRFLHGDGH QmR p XPD
VLPSOHV VRPD GH LQGLYtGXRV HOD UHSUHVHQWD XPD
UHDOLGDGH HVSHFtILFD TXH WHP VXDV FDUDFWHUtVWLFDV
SUySULDV 6HJXQGR HOH QDGD VH SRGHULD SURGX]LU GH
FROHWLYR VH DV FRQVFLrQFLDV LQGLYLGXDLV QmR
H[LVWLVVHPPDVHVVDFRQGLomRDSHVDUGHQHFHVViULD
QmR p VXILFLHQWH e SUHFLVR SRUWDQWR TXH HVVDV
FRQVFLrQFLDV LQGLYLGXDLV HVWHMDP DVVRFLDGDV H
FRPELQDGDVpGHVVDFRPELQDomRTXHUHVXOWDDYLGD
VRFLDO(PVXPDDVRFLHGDGHXOWUDSDVVDRLQGLYtGXR

PRWLYR SHOR TXDO HVWi HP FRQGLo}HV GH LPSRU


PDQHLUDV GH DJLU H GH SHQVDU 0DV D YLGD JHUDO GD
VRFLHGDGH QmR SRGH VHU DPSOLDGD VHP YLGD MXUtGLFD
TXH VLPXOWDQHDPHQWH DEUDQMD RV PHVPRV OLPLWHV H
UHODo}HV UHIOHWLQGRVH QHFHVVDULDPHQWH QR GLUHLWR
WRGDV DV PRGDOLGDGHV HVVHQFLDLV GD VROLGDULHGDGH
VRFLDO
4XDQWRPDLVRVPHPEURVGHXPDVRFLHGDGHVmR
VROLGiULRVWDQWRPDLVPDQWrPUHODo}HVGLYHUVDVVHMD
XQV FRP RV RXWURV VHMD FRP R JUXSR WRPDGR
FROHWLYDPHQWHSRLVVHVHXVHQFRQWURVIRVVHPUDURV
GHSHQGHULDPXQVGRVRXWURVDSHQDVGHXPDPDQHLUD
LQWHUPLWHQWHHIUDFD3RURXWURODGRRQ~PHURGHVWDV
UHODo}HV p QHFHVVDULDPHQWH SURSRUFLRQDO jTXHOH GDV
UHJUDV MXUtGLFDV TXH DV GHWHUPLQDP &RP HIHLWR D
YLGDVRFLDOHPWRGDVDVSDUWHVHPTXHHODH[LVWHGH
XPDPDQHLUDGXUiYHOWHQGHLQHYLWDYHOPHQWHDWRPDU
XPDIRUPDGHILQLGDHDRUJDQL]DUVHRGLUHLWRQmRp
RXWUD FRLVD VHQmR HVWD RUJDQL]DomR PHVPD QR TXH
HOD WHP GH PDLV HVWiYHO H GH PDLV SUHFLVR $ YLGD
JHUDO GD VRFLHGDGH QmR SRGH VH GHVHQYROYHU QXP
SRQWRVHPTXHDYLGDMXUtGLFDVHHVWHQGDDRPHVPR
WHPSR H QD PHVPD SURSRUomR 3RUWDQWR SRGHPRV
HVWDU FHUWRV GH HQFRQWUDU UHIOHWLGDV QR GLUHLWR WRGDV
DV YDULHGDGHV HVVHQFLDLV GD VROLGDULHGDGH VRFLDO
D 
6ROLGDULHGDGHVRFLDOpSRUWDQWRXPDHVWUXWXUD
GHUHODo}HVHGHYtQFXORVUHFtSURFRVHODFULDHQWUHRV

KRPHQV XP VLVWHPD GH GLUHLWRV H GHYHUHV TXH RV


OLJDP XQV DRV RXWURV GH PDQHLUD GXUiYHO
6ROLGDULHGDGH p IRUPD GH LQWHJUDomR VRFLDO QHVVH
VHQWLGR R GLUHLWR p XPVtPEROR YLVtYHO GD
VROLGDULHGDGH VRFLDO 'XUNKHLP GLVWLQJXH GRLV WLSRV
GH VROLGDULHGDGH VRFLDO D VROLGDULHGDGH PHFkQLFD
RFRUUH QDV VRFLHGDGHV VLPSOHV SULPLWLYDV RX
DUFDLFDV  FXMD HVWUXWXUD VRFLDO p IRUPDGD GH
VHJPHQWRV VLPLODUHV H HOHPHQWRV KRPRJrQHRV
IXQGDGRV QD VHPHOKDQoD RX VHMD QD XQLIRUPLGDGH
GHFRPSRUWDPHQWRQHVVDVVRFLHGDGHVRVLQGLYtGXRV
SDUWLOKDP GRV PHVPRV YDORUHV H VHQWLPHQWRV H R
GLUHLWR SUHSRQGHUDQWH p R SHQDO TXH VH ID]
DFRPSDQKDU GH VDQo}HV UHSUHVVLYDV E
VROLGDULHGDGH RUJkQLFD RFRUUH QDV VRFLHGDGHV
FRPSOH[DV FLYLOL]DGDV RX PRGHUQDV  FRQVWLWXtGDV
SRUXPVLVWHPDGHyUJmRVGLIHUHQWHVGRVTXDLVFDGD
XP WHP XP SDSHO HVSHFLDO VHQGR HOHV SUySULRV
IRUPDGRVGHSDUWHVGLIHUHQFLDGDVIXQGDPHQWDVHQD
GLYLVmRGRWUDEDOKRQRTXDORGLUHLWRSUHSRQGHUDQWH
pRGRVFRQWUDWRVTXHVHID]DFRPSDQKDUGHVDQo}HV
UHVWLWXWLYDV
'LUHLWRHVRFLHGDGHFRPSOH[D
6HJXQGR 'XUNKHLP D  DV VRFLHGDGHV PDLV
FRPSOH[DV QmR SRGHP IRUPDUVH VHP TXH D GLYLVmR
GRWUDEDOKRVHGHVHQYROYDPRWLYRSHORTXDOVHSRGH
IRUPXODU D VHJXLQWH SURSRVLomR R LGHDO GH

IUDWHUQLGDGH KXPDQD QmR SRGH UHDOL]DUVH VHQmR QD


PHGLGD HP TXH D GLYLVmR GR WUDEDOKR SURJULGH $
GLYLVmR GR WUDEDOKR SURGX]VROLGDULHGDGH SRUTXH
FULD HQWUH RV KRPHQV XP VLVWHPD GH GLUHLWRV H
GHYHUHV TXH RV OLJD XQV DRV RXWURV GH PDQHLUD
GXUiYHO $ GLYLVmR GR WUDEDOKR Gi RULJHP D UHJUDV
TXH DVVHJXUDP R FRQFXUVR SDFtILFR H UHJXODU GDV
IXQo}HV GLYLGLGDV$VVLP IRUPDPVH DV UHJUDV FXMR
Q~PHUR FUHVFH j PHGLGD TXH R WUDEDOKR VH GLYLGH H
FXMD DXVrQFLD WRUQD D VROLGDULHGDGH RUJkQLFD
LPSRVVtYHO RX LPSHUIHLWD 1D VROLGDULHGDGH RUJkQLFD
RV LQGLYtGXRV VmR DJUXSDGRV VHJXQGR D QDWXUH]D
SDUWLFXODUGDDWLYLGDGHVRFLDODTXHVHGHGLFDP6HX
PHLR QDWXUDO H QHFHVViULR p R PHLR SURILVVLRQDO 2
TXH PDUFD R OXJDU GH FDGD XP QD VRFLHGDGH p D
IXQomRTXHSUHHQFKH
2 GLUHLWR UHSUHVVLYR p WtSLFR GH VRFLHGDGHV
SULPLWLYDV RX DUFDLFDV QDV TXDLV R LQGLYtGXR
GLILFLOPHQWH p GLVWLQJXLGR GR JUXSR D TXH SHUWHQFH
DR SDVVR TXH R GLUHLWR UHVWLWXWLYR p WtSLFR GDV
VRFLHGDGHV FRPSOH[DV RX PRGHUQDV QDV TXDLV R
LQGLYtGXRVHWRUQRXXPDSHVVRDFDSD]GHHVWDEHOHFHU
OLYUHPHQWH UHODo}HV FRQWUDWXDLV FRP RXWURV
LQGLYtGXRV'HVVHPRGRRGHVHQYROYLPHQWRSDUDOHOR
GR &RQWUDWR H GR (VWDGR DPERV DFRPSDQKDGRV GH
VDQo}HVUHVWLWXLWyULDVpDPDQLIHVWDomRPDLVH[DWDGR
IRUWDOHFLPHQWRGDVROLGDULHGDGHRUJkQLFDHGRGLUHLWR
TXH OKH FRUUHVSRQGH $VVLP j PHGLGD TXH D

VROLGDULHGDGH PHFkQLFD SHOR LQIOX[R GD GLYLVmR GR


WUDEDOKR YDL VHQGR WUDQVIRUPDGD HP VROLGDULHGDGH
RUJkQLFD R GLUHLWR YDL DEDQGRQDQGR R VHX FDUiWHU
UHSUHVVLYR GLUHLWR SHQDO  SDUD DVVXPLU
SUHGRPLQDQWHPHQWH
D
VDQomR
UHVWLWXWLYD
FDUDFWHUtVWLFD GR GLUHLWR FLYLO FRPHUFLDO
DGPLQLVWUDWLYRHWULEXWiULR
-867,d$(5(75,%8,d2
7HUFLR 6DPSDLR )HUUD] -U HP (VWXGRV GH
ILORVRILD GR GLUHLWR   D   DQDOLVD RV
PRGHORV GH MXVWLoD HP HVSHFLDO D FRQH[mR HQWUH
MXVWLoDHUHWULEXLomRHREVHUYDTXHDDFHLWDomRDWXDO
GD DJUHVVmR UHSUHVVmR H YLROrQFLD FRPR EDVH GD
UHWULEXLomR SDUHFH DOJR GR SDVVDGR GH VRFLHGDGHV
SULPLWLYDV 0DV VHJXQGR HOH p QD VRFLHGDGH
GHVHQYROYLGDTXHDSHQDQRVHQWLGRFULPLQDOUHFHEH
ERDDFHLWDomR
$OLiV 0LFKHO )RXFDXOW   D   FRQILUPD
HVVDV REVHUYDo}HV DR LQIRUPDU TXH QD (XURSD GR
VpFXOR ;9,,, D SHQD GH PRUWH HUD D UHJUD H D
H[HFXomRHUDXPFHULPRQLDOVHPHOKDQWHDHVSHWiFXOR
S~EOLFR 1D ,QJODWHUUD SRU H[HPSOR D OHL SHQDO
HVWDEHOHFLDFRQGXWDVSXQLGDVFRPDPRUWH,VVR
WRUQDYD R VLVWHPD SHQDO LQJOrV XP GRV PDLV
VHOYDJHQV H VDQJUHQWRV TXH D KLVWyULD GDV
FLYLOL]Do}HVFRQKHFHX0HVPRRVWHyULFRVGRGLUHLWR
SHQDO PRGHUQR %HFFDULD %HQWKDP %ULVVRW  DR

HVWDEHOHFHUHP RV WLSRV SRVVtYHLV GH SXQLomR


GHSRUWDomRWUDEDOKRIRUoDGRKXPLOKDomR LQFOXtUDP
DSHQDGHWDOLmR PDWDVHTXHPPDWRXWRPDPVHRV
EHQV GH TXHP URXERX  FRPR IRUPD GH UHWULEXLomR
LGHDO H HILFD] 3DUD HVVHV WHyULFRV R FULPLQRVR p
GHILQLGRFRPRXPLQLPLJRVRFLDOXPLQLPLJRLQWHUQR
DVVLP DLQGD TXH D OHL SHQDO QmR SRVVD SUHVFUHYHU
XPD YLQJDQoD D UHWULEXLomR QmR GHL[D GH WHU XPD
FRQRWDomR FRP YLQJDQoD IDWR TXH SRGH VHU
REVHUYDGRHQWUHRVDGHSWRVGDSHQDGHPRUWH
$ DQiOLVH GH )HUUD] -U FRORFD VRE VXVSHLWD RV
FRQFHLWRVGHVROLGDULHGDGHPHFkQLFDHVROLGDULHGDGH
RUJkQLFD HODERUDGRV SRU 'XUNKHLP SULQFLSDOPHQWH
QR TXH GL] UHVSHLWR jV FRQFOXV}HV UHWLUDGDV GHVVHV
FRQFHLWRVVHJXQGRDVTXDLVRGLUHLWRSUHSRQGHUDQWH
QDVVRFLHGDGHVDUFDLFDVRXSULPLWLYDVVHULDRSHQDO
TXH VH ID] DFRPSDQKDU GH VDQo}HV UHSUHVVLYDV H R
GLUHLWRSUHSRQGHUDQWHQDVVRFLHGDGHVPRGHUQDVVHULD
RGRVFRQWUDWRVTXHVHID]DFRPSDQKDUGHVDQo}HV
UHVWLWXWLYDV
1DVXDDQiOLVH)HUUD]-UVHVHUYHGHXPHVWXGR
GH :DOWHU %XUNHUW VREUH UHWULEXLomR TXH SHUPLWH D
HODERUDomR GH PRGHORV GH MXVWLoD %XUNHUW DVVLQDOD
VLJQLILFDWLYRV FDVRV GH UHWULEXLomR DQLPDO TXH QD
DSUR[LPDomR FRP R FRPSRUWDPHQWR KXPDQR
PHUHFHP XPD UHIOH[mR PDLV GHWLGD 3ULQFLSLD SRU
OHPEUDUREVHUYDo}HVVREUHFKLPSDQ]pVGD7DQ]kQLD
GHQWUHRVTXDLVRFRUUHTXHDOJXPDVIrPHDVDUUDQFDP

RILOKRWHGDPmHHRGHYRUDP$PmHGHPRQVWUDPHGR
H SURFXUD HYLWDU R DWR 0DV R JUXSR QDGD ID] SDUD
HYLWiOR 1mR Ki SHQD FRQWUD DV IrPHDV$ TXHVWmR
SDUHFH UHVROYHUVH TXDQGR DV IrPHDV FDQLEDLV
WRUQDPVHPmHV
%XUNHUWFRQWUDVWDHVVHFDVRFRPXPDSDVVDJHP
GR OLYUR GH 7kQLD %OL[HQ 2XW RI IULFD  HP TXH D
DXWRUD UHWUDWD R FRPSRUWDPHQWR GRVNLNX\XV GR
4XrQLD 3DUD %OL[HQ SDUHFH TXH HVWHV QmR WHULDP
QHQKXPVHQWLGRSDUDDVQRo}HVGHMXVWLoDHSHQDDR
PHQRVQRVHQWLGRRFLGHQWDOTXHHODVDVVXPHP3DUD
RV DIULFDQRV GL] HOD Vy Ki XP PHLR GH VDQHDU XPD
LQVDQLGDGH FRPHWLGD R GDQR GHYH VHU LQGHQL]DGR
TXDOTXHU TXH HOH VHMD 2 DVVDVVtQLR RX D OHVmR
FRUSRUDO p VHJXLGR GH ORQJDV GHOLEHUDo}HV GRV
DQFLmRV TXH SRU PHLR GH QHJRFLDo}HV EXVFDP
GHWHUPLQDU D LQGHQL]DomR FRUUHVSRQGHQWH %OL[HQ
SDUD VHX HVSDQWR QmR HQFRQWUD HQWUH HVVHV
SULQFtSLRVQHQKXPROKRSRUROKRGHQWHSRUGHQWH
$DXWRUDFRQVWDWDTXHHQWUHRVNLNX\XVQmRKiSHQD
QRVHQWLGRFULPLQDOPDVDSHQDVQXPVHQWLGRFLYLO
)HUUD]-UOHPEUDTXHDDXWRUDWDOYH]WLYHVVHVHX
HVSDQWRGLPLQXtGRVHVRXEHVVHTXHDWpDDOWD,GDGH
0pGLDRGLUHLWRGRVSRYRVJHUPkQLFRVUHWULEXtDFRP
SHQDVSHFXQLiULDVDWpPHVPRRVDWRVFULPLQDLVPDLV
SHVDGRV $ SHQD FULPLQDO Vy DSDUHFH HQWUH RV
VpFXORV;,H;,,QmRREVWDQWHR9HOKR7HVWDPHQWR
SURLELU H[SUHVVDPHQWH D LQGHQL]DomR SHFXQLiULD HP

FDVRGHDVVDVVLQDWR
&KLPSDQ]pVHNLNX\XV
2FRQWUDVWHHQWUHDSUHVFULomREtEOLFDHRGLUHLWR
JHUPkQLFR ID] %XUNHUW UHWRUQDU DRV FKLPSDQ]pV
1HVWHV R REVHUYDGRU QmR GHL[D GH FRQVWDWDU
FRQWUDUUHDo}HV DFRPSDQKDGDV GH LUULWDomR QmR Vy
FRPR FRQWUDSDUWLGD GLUHWD H LPHGLDWD PDV PHVPR
TXDQGR DOJXP WHPSR GHFRUUH $VVLP XP
FRPSRUWDPHQWRYLQJDWLYRSRGHRFRUUHUHPIDFHGH
XP FRPSRUWDPHQWR LQDPLVWRVR FRPHWLGR QD
SUHVHQoD GR FKLPSDQ]p GRPLQDQWH $OSKD  KRUDV
GHSRLVTXDQGR$OSKDQmRHVWiPDLVSUHVHQWH7UDWD
VH GH UHDo}HVKRPHRVWiWLFDV TXH DVVHJXUDP D
SHUPDQrQFLD GH VLWXDo}HV DPELHQWDLV IDYRUiYHLV D
LQGLYtGXRV H JUXSRV SRU PHLR GH FRPSHQVDo}HV H
SHUWXUEDo}HV2DQLPDOQXPSULPHLURPRPHQWRIRJH
PDVDIXJDQmRpDHVWUDWpJLDPDLVHILFD]'DtYHPD
DJUHVVmR D FRQWUDDJUHVVmR 1D DJUHVVmR HVWi
FRQWLGD D H[SORVmR GH I~ULD XPD HVSpFLH GH
SURJUDPDomRELROyJLFDTXHRIHUHFHDLQGDTXHFXUWDH
QmRREMHWLYDXPDUHVLVWrQFLDDIRUoDVFRQWUiULDV
2FRUUH TXH D DJUHVVmR PHVPR HQWUH RV
FKLPSDQ]pV SDUHFH HVWDU FRQWURODGD SHOD SUHVHQoD
GRFKLPSDQ]p$OSKD$DJUHVVmRpOLPLWDGDSRUXPD
HVSpFLH GH KLHUDUTXLD JUXSDO $ TXHEUD GD
KLHUDUTXLDSRUVXDYH]pSXQLGD2$OSKDUHDJH
j LQVXERUGLQDomR H D HVVD UHDomR VH OLJDP IRUWHV

HPRo}HV V HPRo}HV VXEPHWLGDV D FRQWUROH GRV


VXERUGLQDGRVFRQWUDS}HVHDHPRomRVHPOLPLWHGR
FKHIHRTXHH[SOLFDDVOXWDVDJUHVVLYDVHPGLVSXWD
GDSRVLomRVXSHULRU
(P FRQWUDVWH FRP R FRPSRUWDPHQWR DQLPDO RV
NLNX\XVHRVSRYRVJHUPkQLFRVGHVHQYROYHUDPXPD
HVSpFLH GH SURFHGLPHQWR GDV UHDo}HV TXH GH XP
ODGR SHUPLWH D VRFLDOL]DomR GRV SURFHVVRV TXH
FRUUHVSRQGH DR VHQWLGR GHVDQomR FRPR
HVWDEHOHFLPHQWR FHULPRQLDO GD UHWULEXLomR  H GH
RXWUR R FRQWDWR FRP PHLRV GH SDJDPHQWR TXH
SRVVLELOLWD D LQGHQL]DomR FRPR WURFD $PEDV D
VRFLDOL]DomR H D LQGHQL]DomR SUHVVXS}HP D OtQJXD
FyGLJR VLJQLILFDWLYR  H FRP LVVR XPD KRPHRVWDVH
SRU PHLR GH XP PXQGR REMHWLYDPHQWH HVWDELOL]DGR
FULDGR SHOD OLQJXDJHP  QR TXDO RFRUUHP
QHJRFLDo}HV$VVLP RV SURFHGLPHQWRV UHWULEXWLYRV
GRVDIULFDQRVQmRVmRSULPLWLYRVQHPGHVHQYROYLGRV
3ULPLWLYLVPR H GHVHQYROYLPHQWR VmR FRQFHLWRV
LPSUySULRV DR FDVR (QILP TXDQGR VH WUDWD GH VHU
KXPDQR PHVPR D YLQJDQoD SRU PHLR GH
SURFHGLPHQWRV FRP EDVH OLQJXtVWLFD WRUQDVH
RULHQWDGD H GLULJLGD QmR REVWDQWH VHX IXQGDPHQWR
HPRFLRQDO
$ SDUWLU GH REVHUYDo}HV ILOROyJLFDV %XUNHUW
GLVWLQJXH GRLV PRGHORV GH UHWULEXLomR D R
KRUL]RQWDO p R PRGHOR TXH YLVD D HTXLSDUDomR GH
XPD SUHWHQVmR H GH XPD FRQWUDSUHVWDomR H E R

YHUWLFDOpRPRGHORTXHVHIL[DQXPDKLHUDUTXLDDVHU
SURWHJLGD H PDQWLGD 2 PRGHOR YHUWLFDO SDUHFH
SURORQJDU XP PRGHOR SUpKXPDQR QR TXDO
SUHVVXS}H KLHUDUTXLD H UHWULEXL DJUHVVLYDPHQWH XPD
DPHDoD DJUHVVLYD 0DV RV GRLV PRGHORV SRGHP
DSDUHFHUQXPDPHVPDUHJUDFRQIRUPHDHVWDEHOHFLGD
SRU &KLORQ XP GRV VHWH ViELRV  &RQFLOLDWH FRP
TXHP WH LQIOLJLX XP GDQR KRUL]RQWDO  YLQJDWH GH
TXHPWHRIHQGHX YHUWLFDO 
2 PRGHOR KRUL]RQWDO SDUHFH SHUWHQFHU
H[FOXVLYDPHQWHDRJrQHURKXPDQRjPHGLGDTXHVH
OLJDjOtQJXDHDXPPXQGRREMHWLYDPHQWHFRQVWUXtGR
2HVWDEHOHFLPHQWRGDLQGHQL]DomRRFRUUHSRUPHLRGH
QHJRFLDomRTXHSHUPLWHDFRPSHQVDomRGHXPGDQR
$ YLQFXODomR GD HPRomR j QHJRFLDomR DWp SDUHFH
UHEDL[DU R KRPHP VLJQLILFDQGR VXD UHJUHVVmR DR
DQLPDOHVFR EHEHURVDQJXHGRDGYHUViULR 3RULVVR
%XUNHUW HQWHQGH TXH GR SRQWR GH YLVWD KXPDQR R
PRGHORKRUL]RQWDOpREYLDPHQWHXPGRVXQLYHUVDOLD
DQWURSROyJLFRV EDVH GH XP GLVFXWLGR IHQ{PHQR R
SULQFtSLRGDUHFLSURFLGDGHTXHVHDSUHVHQWDFRPR
XP GDU H UHFHEHU /HPEUD D SURSyVLWR R(QVDLR
VREUH R GRP GH 0DUFHO 0DXVV QR TXDO DTXHOH
SULQFtSLR FRQVWLWXL XPD IRUPD EiVLFD GD LQWHUDomR
VRFLDO

;,,, 0$5&(/

0$866 


7(25,$'2)$7262&,$/727$/
0DUFHO 0DXVV WDO FRPR 'XUNKHLP WDPEpP
HQWHQGH TXH p QHFHVViULR HVWXGDU RV IDWRV VRFLDLV
FRPRFRLVDV0DXVVSRUpPDPSOLDDQRomRGHIDWR
VRFLDO SRLV SDUD HOH DVFRLVDV REMHWRV
PDQXIDWXUDGRVDUPDVLQVWUXPHQWRVREMHWRVULWXDLV
VmR HODV PHVPDVIDWRV VRFLDLV 'XUNKHLP
FRQVLGHUDYD RV GDGRV UHFROKLGRV SHORV HWQyJUDIRV
QDV VRFLHGDGHV SULPLWLYDV VRE R kQJXOR GD
VRFLRORJLDGDTXDODDQWURSRORJLDHUDGHVWLQDGDDVH
WRUQDUXPUDPR0DXVVDRFRQWUiULRFRPDWHRULDGR
IDWR VRFLDO WRWDO SURFODPD TXH R OXJDU GD
VRFLRORJLD p GHQWUR GD DQWURSRORJLD /DSODWLQH
 
0DXVV QR(QVDLR VREUH R GRP RXGiGLYD
DQDOLVD DV IRUPDV GH FLUFXODomR GH EHQV WURFDV H
GRDo}HV  HP GLIHUHQWHV VRFLHGDGHV GDQGR rQIDVH
DRV SULQFtSLRV GH VROLGDULHGDGH GH UHFLSURFLGDGH H
GHULYDOLGDGHHVXDVFRQH[}HVFRPDVREULJDo}HVGH

GDUGHUHFHEHUHGHUHVWLWXLU(VVDDQiOLVHPRVWUDTXH
DHFRQRPLDHDPRUDOGRGRPSHQHWUDQDVVRFLHGDGHV
FDSLWDOLVWDV PRGHUQDV HVSHFLDOPHQWH QRV JUDQGHV
VLVWHPDVGHGRDo}HVHHPSUpVWLPRVTXHHVWmRVHQGR
FULDGRV SDUD RUJDQL]DU H DWHQGHU jV GHPDQGDV
VRFLDLV 2V SULQFtSLRV GR GRP SRUWDQWR QmR IRUDP
VXSULPLGRV SHOD GLQkPLFD GR PHUFDGR PRWLYR SHOR
TXDO GHYHP VHU FRQVLGHUDGRV SHOD WHFQRORJLD
MXUtGLFD HVSHFLDOPHQWH QD SDUWH TXH VH UHIHUH DRV
FRQWUDWRV
0DXVVH[DPLQDDVIRUPDVGHFLUFXODomRGHEHQV
VRE R HQIRTXH GDWHRULD GR IDWR VRFLDO WRWDO 'H
DFRUGRFRPHVVDWHRULDRVRFLDOVypUHDOLQWHJUDGR
HPVLVWHPDPRWLYRSHORTXDOSDUDFRPSUHHQGHUXP
IHQ{PHQR VRFLDO p SUHFLVR DSUHHQGrOR WRWDOPHQWH
RXVHMDRVIDWRVVRFLDLVQmRSRGHPVHUUHGXWtYHLVD
IUDJPHQWRVHVSDUVRV
$WHRULDGRIDWRVRFLDOWRWDOSRVWXODSRUWDQWRD
LQWHJUDomR GRV GLIHUHQWHV DVSHFWRV MXUtGLFR
HFRQ{PLFR
KLVWyULFR
UHOLJLRVR
HVWpWLFR
FRQVWLWXWLYRV GH GDGD UHDOLGDGH VRFLDO TXH FRQYpP
DSUHHQGHUHPVXDLQWHJUDOLGDGH(VVDWRWDOLGDGHQmR
VXSULPH R FDUiWHU HVSHFtILFR GRV IHQ{PHQRV TXH
SHUPDQHFHP DR PHVPR WHPSR MXUtGLFRV
HFRQ{PLFRV UHOLJLRVRV H DWp PHVPR HVWpWLFRV H
PRUIROyJLFRV $ WRWDOLGDGH FRQVLVWH DVVLP QXP
VLVWHPD RX UHGH GH LQWHUUHODo}HV IXQFLRQDLV HQWUH
WRGRV HVVHV SODQRV TXH SRVVLELOLWD DSUHHQGHU DV

FRQGXWDV KXPDQDV HP WRGDV DV VXDV GLPHQV}HV


,VVRVLJQLILFDTXHDRHQ[HUJDURIHQ{PHQRVRFLDOQD
VXD WRWDOLGDGH R LQYHVWLJDGRU MXULVWD DQWURSyORJR
VRFLyORJR  HVWDEHOHFH XPD H[LJrQFLD HSLVWHPROyJLFD
GHFDUiWHULQWHUGLVFLSOLQDU
0DXVV DFUHGLWD TXH DV WURFDV GRQV H
FRQWUDGRQV  FRQVWLWXHP R Q~FOHR FRPXP GH XP
JUDQGH Q~PHUR GH DWLYLGDGHV VRFLDLV DSDUHQWHPHQWH
KHWHURJrQHDV SHUFHEH GHVVH PRGR D LPSRUWkQFLD
GR UHJLPH GRV FRQWUDWRV QR IXQFLRQDPHQWR H
HYROXomR GDV VRFLHGDGHV PRWLYR SHOR TXDO SURFXUD
DSUHHQGrORFRPRXPIHQ{PHQRVRFLDOWRWDO&RPHoD
SRU LQYHVWLJDU R FDUiWHU OLYUH H JUDWXLWR PDV DR
PHVPR WHPSR REULJDWyULR H LQWHUHVVDGR GDV
REULJDo}HVGHGDUGHUHFHEHUHGHUHVWLWXLUTXHYLJHP
QDV VRFLHGDGHV GLWDV SULPLWLYDV 1D VHTXrQFLD
SURFXUD GHPRQVWUDU TXH R HQFDGHDPHQWR GHVVDV
SUHVWDo}HV HQYROYH XPD PXOWLSOLFLGDGH GH
IHQ{PHQRV MXUtGLFRVPRUDLVSROtWLFRVHFRQ{PLFRV
UHOLJLRVRVHWF OLJDGRVDRVVLVWHPDVGHWURFDV GRQV
H FRQWUDGRQV $ FLUFXODomR GH GRQV H FRQWUDGRQV
DVVLP FRUUHVSRQGH D XP IDWR VRFLDO WRWDO SRUTXH
HQJORED H HQWUHODoD RV GLYHUVRV GRPtQLRV GD YLGD
FROHWLYD
6LQWHWLFDPHQWH SRGHVH HVWDEHOHFHU TXH QR
UHJLPHGRGRP D  WHPVH XPVLVWHPDGHSUHVWDo}HV
WRWDLV SRUTXH DEUDQJH GRQV DQWDJRQLVWDV H QmR
DQWDJRQLVWDV HQYROWRV HP FLFORV GH VROLGDULHGDGH

UHFLSURFLGDGHHULYDOLGDGHFXMRIXQFLRQDPHQWRSRGH
VHU SHUIHLWDPHQWH FRQKHFLGR E  DV SUHVWDo}HV VmR
WRWDLV SRUTXH HQJOREDP DR PHVPR WHPSR GLYHUVRV
WLSRV GH IHQ{PHQRV MXUtGLFRV UHOLJLRVRV
HFRQ{PLFRVPRUDLVHWF TXHVXS}HPDLQWHUYHQomR
GRVGLYHUVRVJUXSRVTXHGmRIRUPDDXPDVRFLHGDGH
IDPtOLDV FOmV WULERV HWF  F  R IHQ{PHQR VRFLDO GD
WURFD GH GRQV p WRWDO SRUTXH QHOH FRPELQDPVH
PXLWRV DVSHFWRV GDV SUiWLFDV VRFLDLV H QXPHURVDV
LQVWLWXLo}HV TXH FDUDFWHUL]DP XPD VRFLHGDGH G
HVVHV IHQ{PHQRV VRFLDLV WDPEpP VmR WRWDLV SRUTXH
SHUPLWHP TXH D VRFLHGDGH VH UHSUHVHQWH H VH
UHSURGX]DFRPRXPWRGR
$ WHRULD GR IDWR VRFLDO WRWDO WHP DVVLP D
SUHWHQVmR GH DSUHHQGHU FHUWDV IRUPDV XQLYHUVDLV GH
SHQVDPHQWRHGHPRUDOLGDGHDSDUWLUGRSURFHVVRGH
WURFDVPRPHQWRHPTXHDWRWDOLGDGHGDVRFLHGDGHH
GH VXDV LQVWLWXLo}HV VH PDQLIHVWD QD H[SHULrQFLD 2
VLVWHPDGHWURFDVTXHLPSOLFDRGRPWUDVSDVVDWRGDV
DV VRFLHGDGHV SRUTXH R GRP H[LVWH HP WRGR OXJDU
HPERUD QmR VHMD R PHVPR HP WRGD SDUWH 0DXVV
HQWUHWDQWR FRQFHQWUDVH QR HVWXGR GR VLVWHPD GH
WURFDV GDV VRFLHGDGHV SULPLWLYDV (VVD HVFROKD
MXVWLILFDVH SHOR IDWR GH HVVDV VRFLHGDGHV HVWDUHP
EDVWDQWHDIDVWDGDVGDVRFLHGDGHPRGHUQDHSRULVVR
p SRVVtYHO REVHUYDU QHODV HVVHVIDWRV GH
IXQFLRQDPHQWR JHUDO TXH WrP D YDQWDJHP GH VHU
PDLVXQLYHUVDLVHGHSRVVXLUPDLVUHDOLGDGH

e SUHFLVR WHU HP FRQWD SRUpP TXH VH DV


VRFLHGDGHV SULPLWLYDV VmR SURIXQGDPHQWH PDUFDGDV
SRU XPD HFRQRPLD H XPD PRUDO GR GRP DV
VRFLHGDGHV FDSLWDOLVWDV VmR PDUFDGDV SRU XPD
HFRQRPLDHXPDPRUDOGHPHUFDGRHGHOXFUR,VVR
QmR TXHU GL]HU HQWUHWDQWR TXH DV VRFLHGDGHV
FDUDFWHUL]DGDVSHORGRPLJQRUDPDVWURFDVPHUFDQWLV
QHP TXH DV VRFLHGDGHV FDSLWDOLVWDV GHL[DUDP GH
SUDWLFDURGRP$VUHODo}HVFRPHUFLDLVFRH[LVWHPKi
VpFXORV FRP DV WURFDV GH GRQV QDV VRFLHGDGHV
SULPLWLYDV H LQYHUVDPHQWH R GRP FRQWLQXD D VHU
ODUJDPHQWH SUDWLFDGR QDV HFRQRPLDV GH PHUFDGR
6HJXQGR*RGHOLHU  RSUREOHPDFRQVLVWHHP
SHUFHEHU TXDLV RV SULQFtSLRV TXH SUHYDOHFHP QDV
VRFLHGDGHV GRPLQDGDV SHOR GRP H TXDLV RV TXH
SUHYDOHFHP QDV VRFLHGDGHV GRPLQDGDV SHODV WURFDV
FRPHUFLDLV
2 VLVWHPD GR GRP QmR VH FRQIXQGH SRUWDQWR
FRP R GDV WURFDV FRPHUFLDLV VmR FRLVDV GLVWLQWDV
1DVVRFLHGDGHVGRPLQDGDVSHORGRPDVFRLVDVVmR
WUDWDGDVHVHFRPSRUWDPFRPRVXMHLWRVHRVREMHWRV
SDUHFHPRFXSDUROXJDUGDVSHVVRDV$SHVVRDQmR
VH VHSDUD GD FRLVD RX VHMD D FRLVD GDGD QmR p
DOLHQDGD SRLV DTXHOH TXH D FHGH FRQWLQXD D
FRQVHUYDU GLUHLWRV VREUH R TXH GHX FRQWLQXD
SRUWDQWR D UHWLUDU DOJXPDV YDQWDJHQV GR VHX DWR
1DV VRFLHGDGHV GRPLQDGDV SHODV WURFDV FRPHUFLDLV
RVEHQVVmRGHVWDFDGRVGDVSHVVRDVTXHRVFRORFDP

j YHQGD QDV VRFLHGDGHV QDV TXDLV LPSHUD D


FRQFRUUrQFLD QD YHQGD GH EHQV H VHUYLoRV H FXMR
REMHWLYRpDUHDOL]DomRGHOXFURDVSHVVRDVDWpFHUWR
SRQWRVmRWUDWDGDVFRPRFRLVDV
6,67(0$'2'20
%URQLVODZ 0DOLQRZVNL HP$UJRQDXWDV GR
3DFtILFR 2FLGHQWDO SXEOLFDGR HP  ID] XPD
GHVFULomRPHWLFXORVDGRVJUDQGHVFLUFXLWRVPDUtWLPRV
NXOD  TXH FRQVLVWHP HP WUDQVSRUWDU QRV
DUTXLSpODJRV PHODQpVLRV FRODUHV H SXOVHLUDV GH
FRQFKDV0DXVVHP(QVDLRVREUHRGRPSXEOLFDGR
HPID]XPDDQiOLVHGRNXODHGRSRWODWFK SRU
PHLR GR TXDO QmR DSHQDV YLVXDOL]D XP SURFHVVR
JHQHUDOL]DGRGHWURFDVLPEyOLFDPDVWDPEpPFRPHoD
DH[WUDLUDH[LVWrQFLDGHOHLVGHUHFLSURFLGDGH GRPH
FRQWUDGRP  H GH FRPXQLFDomR TXH VmR SUySULDV GD
FXOWXUDHPVLHQmRDSHQDVGDFXOWXUDPHODQpVLD
0DXVV SURFXUD HVFODUHFHU RV IXQGDPHQWRV GH
XPDPRUDOHGHXPDHFRQRPLDFXMRVYtQFXORVHQWUH
VXMHLWRVVmRFRQVWLWXtGRVHUHDILUPDGRVSRUPHLRGD
WURFD GH REMHWRV &RORFD HP GHVWDTXH D WHQVmR QR
FDUiWHU YROXQWiULR H DR PHVPR WHPSR REULJDWyULR
GDVSUHVWDo}HVTXHFRPS}HPHVVHVLVWHPDGHWURFDV
6HJXQGRHOHGHWRGRVHVVHVWHPDVPXLWRFRPSOH[R
H GHVWD PXOWLSOLFLGDGH GH FRLVDV VRFLDLV HP
PRYLPHQWR TXHUHPRV FRQVLGHUDU XP ~QLFR WUDoR
SURIXQGR PDV LVRODGR R FDUiWHU YROXQWiULR SRU

DVVLP GL]HU DSDUHQWHPHQWH OLYUH H JUDWXLWR H QR


HQWDQWR LPSRVWR H LQWHUHVVDGR GHVVDV SUHVWDo}HV
(ODVUHYHVWLUDPTXDVHVHPSUHDIRUPDGRSUHVHQWHGD
SUHQGD RIHUHFLGD JHQHURVDPHQWH PHVPR TXDQGR
QHVVH JHVWR TXH DFRPSDQKD D WUDQVDomR QmR Ki
VHQmR ILFomR IRUPDOLVPR H PHQWLUD VRFLDO H TXDQGR
Ki QR IXQGR REULJDomR H LQWHUHVVH HFRQ{PLFR
0$866 
$R DERUGDU RUHJLPH GR GRP QDV VRFLHGDGHV
PHODQpVLDV H SROLQpVLDV 0DXVV    FRQILUPD
TXHDYLGDPDWHULDOHPRUDODWURFDIXQFLRQDQHVWDV
VRFLHGDGHV VRE XPD IRUPD GHVLQWHUHVVDGD H DR
PHVPR WHPSR REULJDWyULD $OpP GR PDLV HVWD
REULJDomRVHH[SULPHGHPRGRPtWLFRLPDJLQiULRRX
VH DVVLP SUHIHULUPRV VLPEyOLFR H FROHWLYR HOD
DVVXPH R DVSHFWR GR LQWHUHVVH OLJDGR jV FRLVDV
WURFDGDV HVWDV QXQFD ILFDP FRPSOHWDPHQWH
GHVOLJDGDVGDTXHOHVTXHDVWURFDUDPDFRPXQKmRH
D DOLDQoD TXH HVWDEHOHFHP VmR UHODWLYDPHQWH
LQGLVVRO~YHLV 1D UHDOLGDGH HVWH VtPEROR GD YLGD
VRFLDO  DSHUPDQrQFLD GD LQIOXrQFLD GDV FRLVDV
WURFDGDV  QmR ID] VHQmR WUDGX]LUEDVWDQWH
GLUHWDPHQWH D PDQHLUD FRPR RV VXEJUXSRV GHVWDV
VRFLHGDGHV VHJPHQWDGDV GH WLSR DUFDLFR HVWmR
SHUPDQHQWHPHQWH LPEULFDGRV XQV QRV RXWURV H
VHQWHPWXGRGHYHUXQVDRVRXWURV
0DXVV  WHQWDGHFLIUDURUHJLPHGRGRP
DRHVWDEHOHFHUDVHJXLQWHSHUJXQWD4XDODUHJUDGH

GLUHLWR H GH LQWHUHVVH TXH QDV VRFLHGDGHV GLWDV


SULPLWLYDV RX DUFDLFDV ID] FRP TXH R SUHVHQWH
UHFHELGRVHMDREULJDWRULDPHQWHUHVWLWXtGR"4XHIRUoD
Ki QD FRLVD GDGD TXH ID] FRP TXH R GRQDWiULR D
UHWULEXD"0DXULFH*RGHOLHU  HQWHQGHTXHD
DERUGDJHPGH0DXVVSRGHVHUUHVXPLGDGDVHJXLQWH
IyUPXOD 2 TXH ID] FRP TXH HP WDQWDV VRFLHGDGHV
HP WDQWDV pSRFDV H HP FRQWH[WRV WmR GLIHUHQWHV RV
LQGLYtGXRV VH VLQWDP REULJDGRV QmR VRPHQWH D GDU
RXTXDQGRDOJROKHVpGDGRDUHFHEHUPDVWDPEpP
REULJDGRVTXDQGRUHFHEHPDUHVWLWXLURTXHOKHVIRL
GDGRVHMDDPHVPDFRLVD RXFRLVDHTXLYDOHQWH VHMD
DOJRGHPDLVRXGHPHOKRU"
3DUD UHVSRQGHU D HVVDV TXHVW}HV 0DXVV
SURFXUD GHPRQVWUDU TXH D DQiOLVH GH XPGRP
TXDOTXHUTXHVHMDHOHH[LJHVHPSUHTXHVHFRQVLGHUH
DUHODomRHQWUHDTXHOHTXHGi GRDGRU HDTXHOHTXH
UHFHEH GRQDWiULR  $R FRQVLGHUDU HVVD UHODomR
YHULILFD TXH RUHJLPHGRGRPHQYROYHWUrVWLSRVGH
REULJDo}HV GH GDU GH UHFHEHU H GH UHVWLWXLU$OHUWD
SRUpPTXHQHVVDVGLYHUVDVIRUPDVGHSUHVWDo}HVH
WURFDVKiDOJRPDLVGRTXHFRLVDVWURFDGDV$SRQWD
SDUD D H[LVWrQFLD QR VHLR GDV PDLV GLYHUVDV IRUPDV
GH WURFDV H SUHVWDo}HV GH XPD PHVPDIRUoD
HQFDUQDQGRVH QDTXHODV WUrV REULJDo}HV TXH
SUHFLSLWD DV SHVVRDV H DV FRLVDV HP XP PRYLPHQWR
TXH FHGR RX WDUGH WUD] DV FRLVDV GH YROWD jV
SHVVRDVHID]FRLQFLGLURSRQWRGHFKHJDGD GHWRGRV

RVGRQVHFRQWUDGRQV FRPVHXSRQWRGHSDUWLGD
9DOH GL]HU QR UHJLPH GR GRP DV FRLVDV
SURORQJDP DV SHVVRDV H DV SHVVRDV VH LGHQWLILFDP
FRPDVFRLVDVTXHSRVVXHPHTXHWURFDP2UHJLPH
GRGRP GHVFUHYH PXQGRV HP TXH WXGR YDL H YHP
FRPRVHKRXYHVVHWURFDSHUPDQHQWHGHXPDPDWpULD
HVSLULWXDO FRPSUHHQGHQGR FRLVDV H KRPHQV 3DUD
0DXVVRYtQFXORSRUPHLRGDVFRLVDVpXPYtQFXOR
GD DOPD SRLV D SUySULD FRLVD SRVVXL XPD DOPD
$VVLPXPDYH]GDGDDFRLVDOHYDFRPHODDOJRGDV
SHVVRDV HVH HVIRUoD SDUD UHWRUQDU FHGR RX WDUGH
SDUDDTXHODTXHSHODSULPHLUDYH]WLQKDFHGLGR$R
SDUWLOKDUGDFUHQoDGHTXHDFRLVDSRVVXLXPHVStULWR
pSRVVtYHODFUHGLWDUQDH[SOLFDomRGRSRUTXHDFRLVD
YROWD RX VHMD QD REULJDomR GH UHWULEXLU D FRLVD
UHFHELGD0DVVHJXQGR*RGHOLHU  HVVD
FUHQoDQmRH[SOLFDDREULJDomRGHGDU
2EULJDomRGHGDU
0DXVV  SDUDH[SOLFDURSRUTXHVHGi
HVWDEHOHFHDKLSyWHVHVHJXQGRDTXDORTXHREULJDD
GDU p SUHFLVDPHQWH R IDWR GH TXH GDU REULJD 3DUD
HOHUHFXVDUVHDGDUGHL[DUGHFRQYLGDURXUHFXVDU
VH D UHFHEHU HTXLYDOH D GHFODUDU JXHUUD p UHFXVDU D
DOLDQoDHDFRPXQKmR
&RQIRUPH HVSHFLILFD *RGHOLHU    QDV
VRFLHGDGHV FRP XPD HFRQRPLD H XPD PRUDO GR
GRP D WURFD QmR p DSHQDV XP PHFDQLVPR TXH ID]

FLUFXODU EHQV H SHVVRDV e WDPEpP PDLV


SURIXQGDPHQWH D FRQGLomR GD SURGXomR H
UHSURGXomR GDV UHODo}HV VRFLDLV TXH FRQVWLWXHP R
DUFDERXoR HVSHFtILFR GH XPD VRFLHGDGH H
FDUDFWHUL]DP RV ODoRV TXH VH WHFHP HQWUH RV
LQGLYtGXRVHRVJUXSRV$REULJDomRGHGDUVLJQLILFD
SRUWDQWR SURGX]LU XPD UHODomR GH DOLDQoD HQWUH
LQGLYtGXRV H HQWUH JUXSRV VLJQLILFD FULDU
SRVVLELOLGDGHVSDUDFRQWLQXDUDH[LVWLU2GRPtQLRGR
GRP p FRQVWLWXtGR SRU WXGR DTXLOR FXMD SDUWLOKD p
SRVVtYHO H SRGH JHUDU REULJDo}HV H GtYLGDV SDUD R
RXWUR $ FRLVD GDGD XOWUDSDVVD R XQLYHUVR GRV
REMHWRV PDWHULDLV SRUTXH SRGH VHU XPD GDQoD XPD
PiJLFDXPQRPHXPVHUKXPDQRXPDSRLRHPXP
FRQIOLWRRXXPDJXHUUD
2 GRP H R FRQWUDGRP GR PHVPR REMHWR
FRQVWLWXHP D PDQHLUD PDLV VLPSOHV PDLV GLUHWD GH
SURGX]LU VROLGDULHGDGH H GHSHQGrQFLD SUHVHUYDQGR
DRPHVPRWHPSRRVWDWXVGDVSHVVRDVHPXPPXQGR
HPTXHDPDLRUSDUWHGDVUHODo}HVVRFLDLVpSURGX]LGD
H UHSURGX]LGD SHOD LQVWLWXLomR GH ODoRV GH SHVVRD D
SHVVRD 2 GRP VHJXLGR GR FRQWUDGRP GR PHVPR
REMHWR FRQVWLWXL DVVLP D PROpFXOD HOHPHQWDU GH
TXDOTXHUSUiWLFDGRGRPRGHVORFDPHQWRPtQLPRTXH
pSUHFLVRHIHWXDUSDUDTXHHVWDSUiWLFDDGTXLUDDOJXP
VHQWLGR
'DU VLJQLILFD TXH XPD SHVVRD WUDQVIHUH
YROXQWDULDPHQWH DOJR TXH OKH SHUWHQFH D XPD RXWUD

SHVVRD VXSRQGR TXH HVWD QmR SRGH GHL[DU GH


DFHLWDU 2 GRP p HVVH DWR YROXQWiULR SHVVRDO RX
FROHWLYR TXH SRGH RX QmR WHU VLGR VROLFLWDGR SRU
DTXHOHTXHRUHFHEH2GRPWRUQDVROLGiULRVRVGRLV
SDUFHLURVHDRPHVPRWHPSRID]FRPTXHXPGHOHV
GRQDWiULR ILTXHREULJDGRDRRXWUR GRDGRU 2GRP
LQVWDOD R GRQDWiULR HP XPD SRVLomR VRFLDOPHQWH
LQIHULRU H GHSHQGHQWH HQTXDQWR HOH QmR SXGHU GDU
SRU VXD YH] PDLV GR TXH UHFHEHX RX DOJR
HTXLYDOHQWH
'DU LQVWLWXL VLPXOWDQHDPHQWH XPD UHODomR GXSOD
HQWUH DTXHOH TXH Gi H DTXHOH TXH UHFHEH D XPD
UHODomRGHVROLGDULHGDGHTXHPGiSDUWLOKDRTXHWHP
H E XPD UHODomR GH VXSHULRULGDGH DTXHOH TXH
UHFHEH R GRP H R DFHLWD ILFD HP GtYLGD SDUD FRP
DTXHOHTXHGHX'DULQVWDXUDDVVLPXPDGLIHUHQoDH
XPD GHVLJXDOGDGH GHVWDWXV HQWUH GRDGRU H
GRQDWiULR
GHVLJXDOGDGH
TXH
HP
FHUWDV
FLUFXQVWkQFLDVSRGHWUDQVIRUPDUVHHPKLHUDUTXLD1R
PHVPR DWR GDU  SRUWDQWR HVWmR FRQWLGRV GRLV
PRYLPHQWRV RSRVWRV D R GRP DSUR[LPD RV
SURWDJRQLVWDV SRUTXH p SDUWLOKD H E R GRP DIDVWD
VRFLDOPHQWHRVSURWDJRQLVWDVSRUTXHWUDQVIRUPDXP
GHOHVHPGHYHGRUGRRXWUR2GRPpHPVXDSUySULD
HVVrQFLD XPD SUiWLFD DPELYDOHQWH TXH XQH IRUoDV
FRQWUiULDV (OH SRGH VHU DR PHVPR WHPSR DWR GH
JHQHURVLGDGH RX DWR GH YLROrQFLD PDV QHVVH FDVR
XPD YLROrQFLD GLVIDUoDGD GH JHVWR GHVLQWHUHVVDGR

*2'(/,(5 
0DXVV SURFXURX VDEHU SRU TXH DV VRFLHGDGHV
SULPLWLYDV VmR FDUDFWHUL]DGDV SRU XPD HFRQRPLD H
XPD PRUDO GR GRP H VXD UHVSRVWD p TXH HVVDV
VRFLHGDGHV Vy SXGHUDP HPHUJLU TXDQGR GLYHUVDV
FRQGLo}HV VH FRPELQDUDP D D SULPHLUD HUD
QHFHVViULR
TXH
DV
UHODo}HV
SHVVRDLV
GHVHPSHQKDVVHP XP SDSHO SUHSRQGHUDQWH QD
SURGXomR GDV UHODo}HV VRFLDLV TXH FRQVWLWXtDP R
DUFDERXoR GD VRFLHGDGH E D VHJXQGD HUD SUHFLVR
WDPEpP TXH HVVDV UHODo}HV IRVVHP WDLV TXH RV
LQGLYtGXRV H RV JUXSRV HQJDMDGRV WLYHVVHP WRGR R
LQWHUHVVHSDUDVHUHSURGX]LUHSDUDUHSURGX]LODVHP
VHPRVWUDUGHVLQWHUHVVDGRVF DWHUFHLUDILQDOPHQWH
HUD SUHFLVR HVWDEHOHFHU TXH R LQWHUHVVH HP GDU HP
PRVWUDUVH GHVLQWHUHVVDGR UHVLGLD HP XP FDUiWHU
IXQGDPHQWDO GR GRP R IDWR GH TXH QHVVDV
VRFLHGDGHVRTXHREULJDDGDUpRIDWRGHTXHGDU
REULJD
2EULJDomRGHUHVWLWXLU
&RQIRUPH *RGHOLHU     DV WUrV
FRQGLo}HVGRGRPDQWHVLQGLFDGDVHUDPVXILFLHQWHV
SDUD H[SOLFDU SRU TXH VH Gi PDV HUDP LQVXILFLHQWHV
SDUD H[SOLFDU SRU TXH VH UHWULEXL ,VVR WHULD OHYDGR
0DXVV D HVWDEHOHFHU XPD TXDUWD FRQGLomR
VXSOHPHQWDUTXHHVWDULDQDFUHQoDGHTXHDVFRLVDV
GDGDV WrP XPD DOPD TXH DV OHYD D YROWDU SDUD D

SHVVRDTXHSULPHLUDPHQWHDVSRVVXLXHGHX$VVLP
SDUDH[SOLFDUDREULJDomRGHUHVWLWXLU0DXVVLQYRFDD
H[LVWrQFLD GH XPHVStULWR QD FRLVD TXH OHYD DTXHOH
TXH UHFHEH D UHWULEXLU WXGR VH SDVVD FRPR VH D
H[SOLFDomR SHOD H[LVWrQFLD GH XPD UHJUD GH GLUHLWR H
GH LQWHUHVVH VHMD D VHXV ROKRV LQVXILFLHQWH H SRU
LVVRQHFHVVLWDDFUHVFHQWDUXPDGLPHQVmRUHOLJLRVD
&RPR VH QRWD D VROXomR SURSRVWD SDUD D
REULJDomR GH UHVWLWXLU HVWi QD iUHD GRVPHFDQLVPRV
HVSLULWXDLV GDV UD]}HV PRUDLV H UHOLJLRVDV 1HVVH
VHQWLGR GL] 0DXVV    2 PDLV LPSRUWDQWH
HQWUH RV PHFDQLVPRV HVSLULWXDLV p HYLGHQWHPHQWH
DTXHOHTXHREULJDDUHVWLWXLURSUHVHQWHGDGR2UDHP
QHQKXP OXJDU D UD]mR PRUDO H UHOLJLRVD GHVVD
REULJDomRpPDLVDSDUHQWHGRTXHQD3ROLQpVLD%DVWD
HVWXGiOD PDLV SDUWLFXODUPHQWH H YHUHPRV PDLV
GHWDOKDGDPHQWH TXH p D IRUoD TXH OHYD D UHVWLWXLU D
FRLVD UHFHELGD $ VROXomR SRUWDQWR UHSRXVD QDV
FUHQoDV TXH HPSUHVWDP jV FRLVDV XPD DOPD XP
HVStULWR TXH DV OHYD D YROWDU D VHX OXJDU GH
QDVFLPHQWR
1HVVDWULOKDDRDQDOLVDURFRQFHLWRSROLQpVLRGH
KDX 0DXVV     ID] UHIHUrQFLD DR
GHSRLPHQWRGH7DPDWL5DQDLSLUL ViELRPDRUL 9RX
IDODUOKHGRKDX6XSRQKDTXHRVHQKRUSRVVXLXP
GHWHUPLQDGRDUWLJR WDRQJD HTXHPHGrHVVHDUWLJR
RVHQKRUPHGiVHPSUHoRIL[R1yVQmRQHJRFLDPRV
DWDOSURSyVLWR2UDHXGRXHVVHDUWLJRDXPDWHUFHLUD

SHVVRD TXH GHSRLV GH DOJXP WHPSR GHFLGH GDU


DOJXPDFRLVDHPSDJDPHQWR XWX  SUHVHQWHDQGRPH
FRPDOJXPDFRLVD WDRQJD 2UDHVVHWDRQJDTXHHOH
PH Gi p R HVStULWR KDX  GH WDRQJD TXH UHFHEL GR
VHQKRU H TXH GHL D HOH 2VWDRQJD TXH UHFHEL SRU
HV V HVWDRQJD YLQGRV GR VHQKRU  WHQKR TXH OKH
GHYROYHU 1mR VHULD MXVWR WLND  GH PLQKD SDUWH
JXDUGDU HVVHVWDRQJD SDUD PLP TXHU VHMDP
GHVHMiYHLV UDZH RXGHVDJUDGiYHLV NLQR 'HYRGi
ORV DR VHQKRU SRLV VmR XPKDX GHWDRQJD TXH R
VHQKRU PH KDYLD GDGR 6H HX FRQVHUYDVVH HVVH
VHJXQGRWDRQJDSDUDPLPLVVRSRGHULDWUD]HUPHXP
PDOVpULRDWpPHVPRDPRUWH$VVLPpRKDX RKDX
GDSURSULHGDGHSHVVRDORKDXGRVWDRQJDRKDXGD
IORUHVWD
6HJXQGR 0DXVV R GHSRLPHQWR GH 7DPDWL
5DQDLSLUL UHYHOD D FKDYH TXH SHUPLWH GHVYHQGDU R
SUREOHPD GRKDX HVStULWR GDV FRLVDV  SRUTXH
HVFODUHFH TXH D REULJDomR GH UHVWLWXLU UHSRXVD QR
IDWR GH TXH D FRLVD UHFHELGD QmR p LQHUWH 0HVPR
DEDQGRQDGD SHOR GRDGRU HOD DLQGD p DOJR GHOH 3RU
PHLRGHODHOHWHPDVFHQGrQFLDVREUHREHQHILFLiULR
1R IXQGRp R KDX TXH TXHU YROWDU D VHX OXJDU GH
QDVFLPHQWR DR VDQWXiULR GD IORUHVWD H GR FOm H DR
SURSULHWiULR 1R GLUHLWR PDRUL R YtQFXOR GH GLUHLWR
YtQFXOR SRU PHLR GDV FRLVDV p XP YtQFXOR GD DOPD
SRLV D SUySULD FRLVD WHP XPD DOPD DQLPDGD H SRU
FDXVDGLVVRHODWHQGHDYROWDUDVHXODUGHRULJHPRX

DUHSURGX]LUSDUDVHXFOmHSDUDRVRORGRTXDOVDLX
XPHTXLYDOHQWHTXHDVXEVWLWXL0DXVVIRLFHQVXUDGR
PXLWDV YH]HV SRU VH GHL[DU IDVFLQDU SRU HVVD
H[SOLFDomRPtWLFRUHOLJLRVDGRIHQ{PHQRSRUQmRWHU
WHQWDGR UHFRQVWUXLU R IXQGDPHQWR VRFLROyJLFR SDUD
H[SOLFDUDREULJDomRGHUHVWLWXLU
*RGHOLHU  REVHUYDTXHDVFRLVDVGDGDV
QmRVHGHVORFDPVR]LQKDVQmRVHGHVORFDPSRUHODV
PHVPDVVmRFRORFDGDVHPPRYLPHQWRSHODYRQWDGH
GRVKRPHQVPDVHVVDYRQWDGHpHODPHVPDDQLPDGD
SRU IRUoDV VXEMDFHQWHV 6HJXQGR HOH DOyJLFD GR
KDXILFDPDLVHYLGHQWHTXDQGRRGRPGHXPDFRLVDp
VHJXLGR SRU XP FRQWUDGRP TXH GHYROYH DR GRDGRU
LQLFLDODPHVPDFRLVDTXHWLQKDGDGR(VVDLGDHYROWD
GD PHVPD FRLVD SDUHFH GHVSURYLGD GH VHQWLGR
SULQFLSDOPHQWH TXDQGR D FRLVD p GHYROYLGD
LPHGLDWDPHQWH SRUTXH SDUHFH TXH IRL WURFDGD SRU
QDGD 2FRUUH TXH R REMHWR TXH UHWRUQD D VHX
SURSULHWiULR LQLFLDO QmR pGHYROYLGR HOH pGDGR GH
YROWD(QRFXUVRGHVXDLGDHYROWDRREMHWRQmRVH
GHVORFRX SRU QDGD 0XLWDV FRLVDV VH SDVVDUDP
JUDoDV DR VHX GHVORFDPHQWR 'XDV UHODo}HV VRFLDLV
LGrQWLFDVPDVHPVHQWLGRLQYHUVRIRUDPSURGX]LGDV
OLJDQGR DVVLP GRLV LQGLYtGXRV RX GRLV JUXSRV HP
XPDGXSODUHODomRGHGHSHQGrQFLDUHFtSURFD
(QILP DOyJLFD GR KDX SHUPLWLULD SHUFHEHU TXH
H[LVWHQDFRLVDGDGDXPDIRUoDTXHVHH[HUFHVREUH
DTXHOH TXH D UHFHEH REULJDQGRR DUHVWLWXLU (VVD

QRomR DSDUHFH GH IRUPD EDVWDQWH DFHQWXDGD QD


REULJDomRGHID]HUGRQVDRVGHXVHV
4XDUWDREULJDomR
0DXVV    PHQFLRQD XPDTXDUWD
REULJDomR TXH GHVHPSHQKD XP LPSRUWDQWH SDSHO
QHVVHVLVWHPDGHWURFDVGHGRQVHFRQWUDGRQV7UDWD
VH GD REULJDomR GH ID]HU GRQV DRV GHXVHV H DRV
HVStULWRV GRV PRUWRV$V RIHUHQGDV H RV VDFULItFLRV
FRQVWLWXHP REULJDo}HV GHVVH WLSR PDV R VDFULItFLR
SRVVXLDIRUoDGHH[HUFHUXPDFRDomRPDLRUVREUHRV
GHXVHV GH ID]HU FRP TXH GHYROYDP PDLV GR TXH
UHFHEHUDP2VGHXVHVHRVHVStULWRVGRVPRUWRVVmR
RV YHUGDGHLURV SURSULHWiULRV GDV FRLVDV H GRV EHQV
GR PXQGR PRWLYR SHOR TXDO FRP HOHV p PDLV
QHFHVViULR WURFDU H PDLV SHULJRVR QmR WURFDU 0DV
FRPRVGHXVHVHRVHVStULWRVGRVPRUWRVpPDLVIiFLO
HPDLVVHJXURWURFDU
0DXVV    HQWHQGH TXH D GHVWUXLomR
VDFULILFDO WHP FRPR REMHWLYR SUHFLVDPHQWH VHU XP
GRQDWLYR QHFHVVDULDPHQWH UHWULEXtGR R VDFULItFLR
SRUWDQWR VHULD XP FRQWUDWR RX DOLDQoD HQWUH RV
KRPHQVHRVGHXVHV2VGHXVHVDGHPDLVVmRPDLV
JHQHURVRVGRTXHRVKRPHQVSRUTXHGmRXPDFRLVD
JUDQGH DYLGDDIHUWLOLGDGHDDEXQGkQFLD HPWURFD
GH XPD SHTXHQD $VVLP DTXHOHV KRPHQV TXH GmR
PXLWR PDLV GR TXH OKHV IRL GDGR WDQWR TXH MDPDLV
VHUi SRVVtYHO UHVWLWXLUOKHV HOHYDPVH DFLPD GRV

RXWURVKRPHQVHVmRXPSRXFRFRPRRVGHXVHVRX
SHORPHQRVGHOHVVHDSUR[LPDP
$SUiWLFDGRGRPHVWHQGHVHSRUWDQWRDOpPGR
PXQGRKXPDQRHWRUQDVHHOHPHQWRHVVHQFLDOGHXPD
SUiWLFD UHOLJLRVD RX VHMD GDV UHODo}HV HQWUH RV
KXPDQRV RV HVStULWRV H RV GHXVHV SRUTXH WRGRV
SRYRDP R PHVPR XQLYHUVR 2 LPDJLQiULR DVVLP
DGTXLUH IRUoD SRUTXH VH WRUQD FUHQoD QRUPD GH
FRPSRUWDPHQWR H IRQWH GH PRUDO$ FUHQoD QD DOPD
GDV FRLVDV DPSOLILFD PDV WDPEpP HQJUDQGHFH DV
SHVVRDVHDVUHODo}HVVRFLDLVSRUTXHDVVDFUDOL]DP
6H DV FRLVDV WrP XPD DOPD p SRUTXH DV SRWrQFLDV
VREUHQDWXUDLV GHXVHV RX HVStULWRV YLYHP QHODV H
FLUFXODPFRPHODVHQWUHRVKRPHQVOLJDQGRVHRUDD
XQVRUDDRXWURV+iVHPSUHOLJDo}HVSRUPHLRGDV
FRLVDVTXHFLUFXODPHQWUHDVSHVVRDVHHQWUHHVWDVH
RVGHXVHV
&RPRVHYHUiDGLDQWHDREULJDomRGHID]HUGRQV
DRV GHXVHV PHGLDQWH D GHVWUXLomR VDFULILFDO
DVVHPHOKDVHHPFHUWRVDVSHFWRVDRSRWODWFK XPD
IRUPDHYROXtGDGHSUHVWDomRWRWDO
6,67(0$'(35(67$d(6727$,6
&RQIRUPH 0DXVV     RVLVWHPD GH
SUHVWDo}HVWRWDLVSRVVXLDVVHJXLQWHVFDUDFWHUtVWLFDV
D SULPHLUD R FRQWUDWR p HVWDEHOHFLGR QmR HQWUH
LQGLYtGXRV PDV HQWUH FROHWLYLGDGHV RX SHVVRDV
PRUDLV FOmV WULERV IDPtOLDV  TXH VH REULJDP

PXWXDPHQWHHHYHQWXDOPHQWHGHIURQWDPVHRS}HP
VH H HQIUHQWDPVH HP JUXSRV RX SRU LQWHUPpGLR GH
VHXVFKHIHVRXGRVGRLVPRGRVDRPHVPRWHPSRE
VHJXQGD RV REMHWRV GDV WURFDV QmR VmR
H[FOXVLYDPHQWH EHQV H ULTXH]DV FRLVDV
HFRQRPLFDPHQWH ~WHLV VmR VREUHWXGR FRUWHVLDV
IHVWLQV ULWRV VHUYLoRV PLOLWDUHV PXOKHUHV FULDQoDV
GDQoDVQRVTXDLVRPHUFDGRpDSHQDVXPPRPHQWR
HDFLUFXODomRGHULTXH]DVVRPHQWHXPGRVWHUPRVGH
XP FRQWUDWR PDLV JHUDO H PDLV SHUPDQHQWH F
WHUFHLUD HVVDV SUHVWDo}HV H FRQWUDSUHVWDo}HV HUDP
FRQWUDWDGDV GH XPD IRUPD DQWHV YROXQWiULD DWUDYpV
GH GiGLYDV SUHVHQWHV HPERUD IRVVHP QR IXQGR
ULJRURVDPHQWH REULJDWyULDV VRE SHQD GH JXHUUD
SULYDGDRXS~EOLFD
2 VLVWHPD GH SUHVWDo}HV WRWDLV p FRPSRVWR GH
GXDV FDWHJRULDV GH SUHVWDo}HV WRWDLV D QmR
DQWDJRQLVWDQHVVDFDWHJRULDRVGRQVHFRQWUDGRQV
QmR DVVXPHP D IRUPD GH ULYDOLGDGH HVVD p D IRUPD
PDLV DQWLJD H HYROXL SDUD IRUPDV FDGD YH] PDLV
FRPSHWLWLYDVE DQWDJRQLVWDpXPPRGRHYROXtGRGH
SUHVWDomR WRWDO TXH FXOPLQD QRSRWODWFK HP TXH
SUHGRPLQDP D ULYDOLGDGH D FRPSHWLomR H R
DQWDJRQLVPR 0DXVV WRPD FRPR PRGHOR GDV
SUHVWDo}HV WRWDLV QmR DQWDJRQLVWDV DV WURFDV
SUDWLFDGDV QDV VRFLHGDGHV GLYLGLGDV HP PHWDGHV
FRPSOHPHQWDUHV FRPR DV WULERV DXVWUDOLDQDV H DV
QRUWHDPHULFDQDVQDVTXDLVRVULWRVRVFDVDPHQWRV

DV VXFHVV}HV QRV EHQV RV ODoRV GH GLUHLWR H GH


LQWHUHVVHDVFDWHJRULDVPLOLWDUHVHVDFHUGRWDLVWXGR
p FRPSOHPHQWDU H VXS}H D FRODERUDomR GDV GXDV
PHWDGHV GD WULER 1HVVDV VRFLHGDGHV FDGD PHWDGH
GHSHQGH GD RXWUD SDUD VXD SUySULD UHSURGXomR RX
VHMD D UHSURGXomR GH XPD GDV PHWDGHV p FRQGLomR
LPHGLDWDGDUHSURGXomRGDRXWUD
$V IRUPDV QmR DQWDJRQLVWDV SRVVXHP DV
VHJXLQWHVFDUDFWHUtVWLFDVD GRQVHFRQWUDGRQVFULDP
XP HVWDGR GH HQGLYLGDPHQWR H GH GHSHQGrQFLD
P~WXR TXH RIHUHFH YDQWDJHQV SDUD FDGD XPD GDV
SDUWHVE DFRLVDRXDSHVVRDGDGDQmRpDOLHQDGDF
GDUpWUDQVIHULUXPDFRLVDRXXPDSHVVRDGDTXDOVH
FHGHRXVRPDVQmRDSURSULHGDGHG XPGRPSRU
LVVRFULDXPDGtYLGDTXHXPFRQWUDGRPHTXLYDOHQWH
QmR SRGH DQXODU H  D GtYLGD REULJD D GDU GH YROWD
PDVGDUGHYROWDQmRpUHVWLWXLUpGDUSRUVXDYH]
3DUD*RGHOLHU  0DXVVIRLRSULPHLURD
UHVVDOWDU D LPSRUWkQFLD GR GRP GDV WURFDV GH GRQV
QRIXQFLRQDPHQWRGDVVRFLHGDGHVKXPDQDVDQWLJDV
RX PRGHUQDV RFLGHQWDLV RX QmR )RL R SULPHLUR D
GLVWLQJXLUFODUDPHQWHGRLVWLSRVGHGRQVRVGRQVH
FRQWUDGRQV QmR DQWDJRQLVWDV H RV GRQV
DQWDJRQLVWDVTXHEDWL]RXFRPRWHUPRSRWODWFK(OH
VXJHULX TXH RV GRQV DQWDJRQLVWDV HUDP XPD IRUPD
WUDQVIRUPDGDGRVGRQVQmRDQWDJRQLVWDVXPDIRUPD
HPTXHDULYDOLGDGHDOXWDSRUULTXH]DVSUHGRPLQDP
VREUHRDWRGHSDUWLOKD$VHXVROKRVR SRWODWFKQmR

SRGHULD WHU FDUDFWHUL]DGR DV SULPHLUDV IRUPDV GH


RUJDQL]DomR GD VRFLHGDGH KXPDQD IRL XPD
LQVWLWXLomR TXH VH GHVHQYROYHX PDLV WDUGH D SRQWR
GHjVYH]HVPDUFDUWRGDDHFRQRPLDHDPRUDOGH
XPDVRFLHGDGH
3RWODWFK
3RWODWFKpXPDSDODYUDRULJLQiULDGHXPDOtQJXD
GRVtQGLRVDPHULFDQRVTXHVLJQLILFDGRPGHFDUiWHU
VDJUDGR TXH FRQVWLWXL SDUD TXHP R UHFHEH XP
GHVDILRDGDUXPFRQWUDGRPPDLRURXHTXLYDOHQWH1R
SRWODWFK SUHGRPLQD D ULYDOLGDGH D FRPSHWLomR H R
DQWDJRQLVPRTXHHPGHWHUPLQDGRQ~PHURGHFDVRV
QmR VH WUDWD VHTXHU GH GDU RX GH UHVWLWXLU PDV GH
GHVWUXLU 1HVVH VHQWLGR RSRWODWFKDVVHPHOKDVHDR
VDFULItFLR GRP DRV GHXVHV  SRUTXH VDFULILFDU p
RIHUHFHU GHVWUXLQGR R TXH VH RIHUHFH (P  R
SRWODWFKGRVtQGLRVDPHULFDQRVIRLSURLELGRSRUXPD
OHLDSUHVHQWDGDFRPRHPHQGDDR,QGLDQ$FWGH
TXH R FRQVLGHURX XPD H[FHVVLYD RX GHVFRQWURODGD
GLODSLGDomRGHEHQV+RXYHSURWHVWRVSRUSDUWHGRV
DQWURSyORJRV TXH YLUDP QD SURLELomR XPD FODUD
PDQLIHVWDomR GH HWQRFHQWULVPR RX VHMD XPD
VXSHUYDORUL]DomR GD FXOWXUD HXURSHLD H XPD WRWDO
LJQRUkQFLDDUHVSHLWRGDFXOWXUDLQGtJHQD
2 (QVDLR VREUH R GRP p GHGLFDGR
HVVHQFLDOPHQWH j DQiOLVH GRSRWODWFK FRQVLGHUDGR
XPDIRUPDHYROXtGDGDSUHVWDomRWRWDOIRUPDGRWLSR

DQWDJRQLVWD SRUTXH QHOD SUHGRPLQD R SULQFtSLR GD


ULYDOLGDGH$ HVVrQFLD GR SRWODWFKpDREULJDomRGH
GDU'DU GLVWULEXLUJDVWDU DSDUHFHQHVVDOyJLFDQmR
DSHQDVFRPRIRUPDGHDGTXLULURXDXPHQWDUDKRQUD
H R SUHVWtJLR PDV WDPEpP FRPR XPD IRUPD GH
KXPLOKDUDTXHOHTXHUHFHEHHQmRSRGHUHVWLWXLU9DOH
GL]HU R REMHWLYR GRSRWODWFK p FRORFDU DTXHOH TXH
UHFHEH HP VLWXDomR GH LQIHULRULGDGH SHUPDQHQWH
VXEVWLWXLU UHODo}HV UHFtSURFDV LQVWiYHLV SRU UHODo}HV
KLHUiUTXLFDVHVWiYHLV
8P FKHIH GHYH GDU SRLV HOH Vy FRQVHUYD VXD
DXWRULGDGH VREUH D WULER Vy PDQWpP VXD SRVLomR
HQWUH RV GHPDLV FKHIHV VH SURYDU TXH p YLVLWDGR H
IDYRUHFLGRSHORVHVStULWRVHSHODIRUWXQD0DVHOHVy
SRGHSURYDUHVVDIRUWXQDJDVWDQGRDGLVWULEXLQGRD
H FRP LVVR KXPLOKDQGR RV RXWURV FRORFDQGRRV j
VRPEUDGHVHXQRPHeSUHFLVDPHQWHRDWRGHGDUH
GHGDUPDLVGRTXHRVRXWURVTXHFRQWDVHQmRpR
IUDFDVVR &RPR YiULRV FKHIHV DVSLUDP DR PHVPR
WHPSRDRPHVPRWtWXORRXjPHVPDSRVLomRHFRPR
QHQKXP GHOHV TXHU QHP SRGH FRQIHVVDUVH
LPHGLDWDPHQWH YHQFLGR FDGD XP WHP GH VH HVIRUoDU
SDUDGDUPDLVGRTXHRVRXWURVVHQmRTXLVHUSHUGHU
VHXSUHVWtJLRVXDKRQUDHVXDIDPD
1RSRWODWFKSUHYDOHFHRSULQFtSLRGDULYDOLGDGH
PRWLYRSHORTXDOQHOHVHGiDOJXPDFRLVD GRP SDUD
HVPDJDURRXWUR3RULVVRQRSRWODWFKVHGiPXLWR
SDUD WRUQDU PDLV GLItFLO RX LPSRVVtYHO SDUD DTXHOH

TXH UHFHEH UHVWLWXLU R TXH UHFHEHX 7UDWDVH GH


FRORFDU R RXWUR HP GtYLGD GH PRGR TXDVH
SHUPDQHQWH GH ID]HU FRP TXH SHUFD VHX SUHVWtJLR
SXEOLFDPHQWH$JLQGRDVVLPRGRDGRUSRGHDILUPDU
SHOR Pi[LPR GH WHPSR SRVVtYHO D SUySULD
VXSHULRULGDGH 3RU HVVDV UD]}HV 0DXVV  
VXEOLQKDTXHRSRWODWFKpDQWHVGHWXGRXPDJXHUUD
XPD OXWD GRV QREUHV SDUD JDUDQWLU XPD KLHUDUTXLD
HQWUHHOHVGDTXDOVHXFOmWLUDUiSURYHLWRPDLVWDUGH
2 SRWODWFK p DVVLP XPD HVWUDWpJLD SDUD
FRQTXLVWDU XPD SRVLomR YDOLGDU XP WtWXOR PDQWHU D
IDPD RX R SUHVWtJLR SURYDU D IRUWXQD H D QREUH]D
FXMRFULWpULRSDUDLVVRpMXVWDPHQWHRDWRGHGDUHGH
GDUPDLVGRTXHRV RXWURV 'DU p DVVLP PDQLIHVWDU
VXSHULRULGDGHHDFHLWDUVHPUHWULEXLURXVHPUHWULEXLU
PDLVpVXERUGLQDUVHWRUQDUVHVHUYLGRUDSHTXHQDU
VH 1RSRWODWFK SDUDGR[DOPHQWH R DWR GH GDU
PDQLIHVWD D LQWHQomR GH URPSHU D UHFLSURFLGDGH GRV
GRQVGHTXHEUiODHPSURYHLWRSUySULR'HVVDIRUPD
YDLVXUJLQGRXPDQRYDKLHUDUTXLDEDVHDGDQDULTXH]D
 R LQGLYtGXR SURJULGH H ID] SURJUHGLU D IDPtOLD QD
HVFDODVRFLDO
&RQIRUPHREVHUYD*RGHOLHU  QDV
VRFLHGDGHV GH WURFDV FRPSHWLWLYDV GH GRQV H
FRQWUDGRQV GH ULTXH]DV R REMHWLYR GHFODUDGR p
SHUPLWLU TXH DSHQDVDOJXQV LQGLYtGXRV HDOJXQV
JUXSRVWHQKDPDFHVVRDSRVLo}HVWtWXORVFDWHJRULDV
SRVWDV HP FRPSHWLomR ,VVR VLJQLILFD TXH R Q~PHUR

GH WtWXORV FDWHJRULDV RX SRVLo}HV GHYH VHU


DPSODPHQWH LQIHULRU DR Q~PHUR GH JUXSRV H
LQGLYtGXRV TXH VH HQIUHQWDP (VVH IDWR D UDULGDGH
UHODWLYDGRVEHQVSROtWLFRVHPUHODomRDRQ~PHURGH
SDUWLFLSDQWHVWHPSRUFRQVHTXrQFLDTXHDTXHOHVTXH
HQWUDP QR MRJR FRP R REMHWLYR GH LU DWp R ILP H
JDQKDUVmRVRFLDOPHQWHREULJDGRVDGDUVHPSUHPDLV
TXHRVRXWURVRXDGDUREMHWRVPXLWRPDLVUDURVPDLV
SUHFLRVRVTXHRVGRVRXWURV
1HVVH WLSR GH VRFLHGDGH p GLItFLO WDOYH] DWp
LPSRVVtYHO SDUD D PDLRULD GRV LQGLYtGXRV H GRV
JUXSRV QmR HQWUDU QR MRJR GRV GRQV H FRQWUDGRQV
RXVDLUGHOH6yFRQVHJXHPHVFDSDUDTXHOHVTXHSRU
VXDSRVLomRHOHYDGDHVWmRVLWXDGRVDFLPDGDDUHQD
RXDTXHOHVTXHSRUVXDFRQGLomRLQIHULRURXVHUYLO
VmR H[FOXtGRV SRU EDL[R 3DUD RV RXWURV TXHUHU
HVFDSDU p SHUGHU D KRQUD D VXD H D GR JUXSR TXH
UHSUHVHQWDP2GRPHQFHUUDDVVLPXPDYLROrQFLDTXH
QmRpDSHQDVDTXHODGRVLQGLYtGXRVSRLVWHPRULJHP
DOpPGHOHVQDVUHODo}HVVRFLDLVTXHLPSOLFDPDOXWD
GH ULTXH]D SHOR SRGHU H SHOD UHSXWDomR 2 GRP
FRQWpPHVVDYLROrQFLDQRVHQWLGRGXSORGRWHUPR(OH
D UHWpP HP VL H D PDQWpP GHQWUR GH FHUWRV OLPLWHV
SHUPLWLQGR SRUpP TXH VH PDQLIHVWH SXEOLFDPHQWH
SROLWLFDPHQWH
.XOD
0DOLQRZVNL     FRPR YLVWR HQWHQGH

TXHRNXODpXPVLVWHPDGHFRPpUFLRGRWDGRGHXPD
HQRUPH YDULHGDGH GH DVSHFWRV DVVRFLDGRV D
LQ~PHUDV DWLYLGDGHV e XP IHQ{PHQR FRPSOH[R
SRUTXH FRPSUHHQGH GLYHUVDV UDPLILFDo}HV H LQWHU
UHODo}HV e XPD IRUPD GH WURFD EDVWDQWH DPSOD
SRUTXH SUDWLFDGD SRU FRPXQLGDGHV ORFDOL]DGDV QXP
H[WHQVR FtUFXOR GH LOKDV TXH IRUPDP XP FLUFXLWR
IHFKDGR GR H[WUHPR RULHQWDO GD 1RYD *XLQp $R
ORQJR GHVVD URWD DUWLJRV GH GRLV WLSRV YLDMDP
FRQVWDQWHPHQWH HP GLUHo}HV RSRVWDV 1R VHQWLGR
KRUiULRPRYLPHQWDPVHRVFRODUHVIHLWRVGHFRQFKDV
YHUPHOKDV1RVHQWLGRRSRVWRPRYHPVHEUDFHOHWHV
IHLWRV GH FRQFKDV EUDQFDV (VVHV DUWLJRV YLDMDQGR
HP VHX SUySULR VHQWLGR QR FLUFXLWR IHFKDGR DR VH
HQFRQWUDUHP QR FDPLQKR VmR WURFDGRV XQV SHORV
RXWURV
(P FDGD LOKD H HP FDGD DOGHLD DOJXQV KRPHQV
SDUWLFLSDP GRNXOD RX VHMD UHFHEHP RV DUWLJRV
FRQVHUYDPQRVFRQVLJRGXUDQWHDOJXPWHPSRHSRU
ILPSDVVDPQRVDGLDQWH&DGDXPGRVSDUWLFLSDQWHV
UHFHEH SHULRGLFDPHQWH XP RX YiULRV EUDFHOHWHV GH
FRQFKD RX FRODU GH FRQFKDV TXH GHYHP HQWUHJDU D
XP GH VHXV SDUFHLURV GR TXDO UHFHEH HP WURFD R
DUWLJR RSRVWR $VVLP QLQJXpP MDPDLV FRQVHUYD
QHQKXP DUWLJR FRQVLJR SRU PXLWR WHPSR 2 IDWR GH
TXH XPD WUDQVDomR VHMD FRQVXPDGD QmR VLJQLILFD R
ILP GD UHODomR HVWDEHOHFLGD HQWUH RV SDUFHLURV
SRUTXH RNXOD LPSOLFD XP VLVWHPD GH WURFDV

LQLQWHUUXSWDV
1RNXODFRLVDVHSHVVRDVWRPDPROXJDUXPDV
GDVRXWUDVHHVVDVWUDQVIHUrQFLDVSURGX]HPHQWUHRV
LQGLYtGXRV H JUXSRV TXH VmR VHXV SURWDJRQLVWDV
UHODo}HVVRFLDLVSDUWLFXODUHVIRQWHVGHXPFRQMXQWR
GHGLUHLWRVHREULJDo}HVUHFtSURFRV2LQWHUHVVHGDV
SHVVRDV TXH SUDWLFDP RNXOD QmR p VH HQFRQWUDUHP
IUHQWH D IUHQWH SDUD WURFDU EHQV HTXLYDOHQWHV R TXH
HODV TXHUHP p DOJR PDLRU p FULDU GtYLGDV H GtYLGDV
TXHGXUHPRPDLRUWHPSRSRVVtYHODILPGHDFXPXODU
SUHVWtJLRHHQJUDQGHFHURQRPH
3DUD0DXVV  RNXODpXPDHVSpFLHGH
JUDQGHSRWODWFKXPVLVWHPDGHFRPpUFLRLQWHUWULEDOH
LQWUDWULEDO TXH DVVRFLD XP JUDQGH Q~PHUR GH
VRFLHGDGHV (VVH FRPpUFLR FRQVLVWH HP WURFDV
DSDUHQWHPHQWH GHVLQWHUHVVDGDV PDV D VHUYLoR GR
UHQRPH KRQUDHSUHVWtJLR GRVGRDGRUHVWURFDVHP
TXHUHLQDDULYDOLGDGHHQWUHLQGLYtGXRVVHTXLRVRVGH
UHFHEHU FRPR GRP R PHVPR REMHWR SUHFLRVR 1HVVH
VLVWHPD GH FRPpUFLR D WURFD FHULPRQLDO GRV DUWLJRV
XQVSHORVRXWURVpRDVSHFWRIXQGDPHQWDOHFHQWUDO
$VVRFLDGDVDHOHHUHDOL]DGDVjVXDVRPEUDSRUpP
H[LVWHP QXPHURVDV FDUDFWHUtVWLFDV H DWLYLGDGHV
VHFXQGiULDV FRPR H R FDVR GR FRPpUFLR FRPXP
QHFHVViULRjHFRQRPLDWULEDO
0DXVV HQIRFD SDUWLFXODUPHQWH RV EUDFHOHWHV H
FRODUHVGHFRQFKDVSRUTXHDVHXVROKRVFRQVWLWXHP
R REMHWR HVVHQFLDO GHVVDV WURFDV RX GRDo}HV (OH

UHVXPH R SULQFtSLR TXH RV UHJH RV EUDFHOHWHV


FLUFXODPGHRHVWHSDUDOHVWHHRVFRODUHVGHOHVWHSDUD
RHVWH$ RULJLQDOLGDGH GR MRJR p TXH XP EUDFHOHWH
QXQFDSRGHVHUWURFDGRSRUXPEUDFHOHWHHXPFRODU
SRU XP FRODU 8P EUDFHOHWH p WURFDGR SRU XP FRODU
XPFRODUSRUXPEUDFHOHWHFRPDFRQGLomRGHTXHRV
GRLV VHMDP GD PHVPD FDWHJRULD H GH YDORU
HTXLYDOHQWH 2V FRODUHV VtPEROR IHPLQLQR  H RV
EUDFHOHWHV VtPEROR PDVFXOLQR  WHQGHP XP SDUD R
RXWURFRPRRPDFKRSDUDDIrPHD
*RGHOLHU    DQRWD TXH R VLVWHPD JOREDO
GRNXODpXPMRJRHSDUDTXHXPLQGLYtGXRJDQKH
QHVVH MRJR p SUHFLVR TXH HOH SRVVXD XPNLWRXP
REMHWR  GH JUDQGH YDORU H TXH UHFHED XP RXWUR
HTXLYDOHQWH0DVVHXJDQKRQmRHVWiDt(VWiDQWHV
GHWXGRQDUHSXWDomRTXHHOHJDQKDHWDPEpPQRV
SUHVHQWHV RV GRQV VXSOHPHQWDUHV TXH VXD
KDELOLGDGH DR QHJRFLDU DQJDULD 2V REMHWRV GRNXOD
QmRVmRSRUWDQWRFRLVDVLQGLIHUHQWHV&RPRREVHUYD
0DXVV    FDGD XP SHOR PHQRV RV PDLV
YDOLRVRV H RV PDLV FRELoDGRV WHP XP QRPH XPD
SHUVRQDOLGDGH XPD KLVWyULD RX DWp PHVPR XP
URPDQFH2REMHWLYRSULQFLSDOGHVVDVWURoDVGHGRQV
QmR p D DFXPXODomR GH ULTXH]D PDV R DXPHQWR GD
UHSXWDomRGRSUHVWtJLRRHQJUDQGHFLPHQWRGRQRPH
GRGRDGRU$SHoDpGDGDFRPDFRQGLomRGHTXHR
LQWHUPHGLiULR D WUDQVPLWD SDUD XP RXWUR H DVVLP
VXFHVVLYDPHQWHDWpTXHFKHJXHDRSDUFHLURGLVWDQWH

DRH[WUHPRGDURWDGRNXOD
6HJXQGR *RGHOLHU    D FRLVD GDGD QR
NXOD QmR p QHP YHQGLGD QHP FRPSUDGD QHP
SHQKRUDGD QHP DOXJDGD (OD p DR PHVPR WHPSR
SURSULHGDGH H SRVVH PDV DSHQDV SDUD RV GRLV
SDUFHLURV GLVWDQWHV VLWXDGRV QRV GRLV H[WUHPRV GD
URWD H TXH WrP WRGDV DV FKDQFHV GH QXQFD VH
FRQKHFHUHP SHVVRDOPHQWH (OHV FRQKHFHP XP GR
RXWUR DSHQDV R QRPH 4XDQWR DRV SDUFHLURV
LQWHUPHGLiULRVDFRLVDVypUHFHELGDFRPDFRQGLomR
GH TXH VHMD WUDQVPLWLGD D XP WHUFHLUR H WRGRV QR
NXOD VDEHP TXH D TXDOTXHU PRPHQWR R GRDGRU GR
REMHWRSRGHUiUHFODPiORTXHEUDQGRDVVLPXPDGDV
URWDVGRNXOD
2 TXH LQWHUHVVD jV SHVVRDV SRUpP QmR p
UHFXSHUDU UDSLGDPHQWH R VHX REMHWR H[FHWR HP
FLUFXQVWkQFLDV H[FHSFLRQDLV 7DPEpP QmR p
VXEVWLWXtOR UDSLGDPHQWH SRU RXWUR GD PHVPD
FDWHJRULD2REMHWLYRpODQoiORRPDLVORQJHSRVVtYHO
H GHL[iOR FLUFXODU R PDLRU WHPSR SRVVtYHO SDUD TXH
OHYHFRPHOHRQRPHGHVHXGRDGRURULJLQDOSDUDTXH
RHQJUDQGHoDHSDUDTXH R REMHWR VH FDUUHJXH FDGD
YH]PDLVGHYLGDGHYDORUHQULTXHFHQGRVHGHWRGRV
RV GRQV H GH WRGDV DV GtYLGDV TXH VXD FLUFXODomR
HQJHQGUD RX DQXOD$VVLP TXDQWR PDLV R REMHWR p
RIHUHFLGR H UHRIHUHFLGR PDLV HOH VH DIDVWD GH VHX
SURSULHWiULR GH RULJHP H PDLV R QRPH GHVWH ~OWLPR
FUHVFH1mRH[LVWHRUHWRUQRGRREMHWRjRULJHPSRLV

R REMHWLYR p TXH XP REMHWR GH LJXDO FDWHJRULD PDV


GLIHUHQWHYHQKDDRFXSDURVHXOXJDU
+RMH GL] *RGHOLHU    p R HXURSHX TXH
GRPLQD H DR PHVPR WHPSR VXEYHUWH RNXOD (OH
FRPSUD FRQFKDV WUDQVSRUWDDV GH EDUFR DWp R VHX
DWHOLrSDUDSROLODVXVDQGRPmRGHREUDDVVDODULDGD
H DV WUDQVIRUPD HP REMHWRV GH YDORU NLWRXP  8PD
SDUWH GHVVHVNLWRXP p YHQGLGD DRV WXULVWDV H DRV
KDELWDQWHV GD LOKD PDV DOJXQV HOH ODQoD QRNXOD
EHQHILFLDQGRVH GH WRGRV RV GRQV VXSOHPHQWDUHV
TXH WUDGLFLRQDOPHQWH DFRPSDQKDP D FLUFXODomR GRV
EUDFHOHWHV H FRODUHV 6HX REMHWLYR QmR p GH PRGR
DOJXPDTXHOHGRNXODWUDGLFLRQDO EXVFDGHSUHVWtJLR
HUHQRPH PDVVLPSOHVPHQWHDDFXPXODomRGHOXFUR
DREWHQomRGHULTXH]D
$OJXQV SULQFtSLRV GRNXOD FRPR VH YHUi
DGLDQWH SRGHP VHU UHHQFRQWUDGRV QRV JUDQGHV
FLUFXLWRV QDFLRQDLV H LQWHUQDFLRQDLV TXH HQYROYHP
WUDQVIHUrQFLDV GH REMHWRV YDOLRVRV (VVHV JUDQGHV
FLUFXLWRV DSDUHFHP QD IRUPD GH H[SRVLo}HV GH
REMHWRVGHGHWHUPLQDGDFXOWXUDGHXPSRYRGHXPD
pSRFDRXOXJDU7DOFRPRR NXODHVVHVFLUFXLWRVWrP
XPD IXQomR VRFLDO H[WUDRUGLQiULD TXH FRQVLVWH HP
DSUR[LPDURVSRYRVSURPRYHUDSD]HHYLWDUDJXHUUD
'RPHJXHUUD
0DXVV     REVHUYD TXH HP WRGDV
DVVRFLHGDGHVTXHQRVSUHFHGHUDPHTXHDLQGDQRV

URGHLDPHPHVPRHPQXPHURVRVFRVWXPHVGHQRVVD
PRUDOLGDGHSRSXODUQmRH[LVWHPHLRWHUPRFRQILDVH
RX GHVFRQILDVH LQWHLUDPHQWH GHSRU DV DUPDV H
UHQXQFLDU j VXD PDJLD RX GDU WXGR GHVGH D
KRVSLWDOLGDGH IXJD] DWp jV ILOKDV H EHQV )RL HP
HVWDGR GHVVH JrQHUR TXH RV KRPHQV UHQXQFLDUDP D
VHXHQVLQDPHQWRHDSUHQGHUDPDHPSHQKDUVHHPGDU
H UHWULEXLU e TXH HOHV QmR WLQKDP HVFROKD 4XDQGR
GRLV JUXSRV GH KRPHQV VH HQFRQWUDP SRGHP ID]HU
DSHQDVGXDVFRLVDVRXDIDVWDUVHHFDVRVXVSHLWHP
XPGRRXWURGHVDILDUHOXWDURXWUDWDUVHEHP$Wp
GLUHLWRV EHP SUy[LPRV GH QyV DWp HFRQRPLDV QmR
PXLWRGLVWDQFLDGDVGDQRVVDVmRVHPSUHHVWUDQJHLURV
FRP RV TXDLV VH FRQWUDWDP PHVPR TXDQGR VmR
DOLDGRV   e RSRQGR D YRQWDGH GH SD] FRQWUD
EUXVFDV ORXFXUDV TXH RV SRYRV FRQVHJXHP
VXEVWLWXLUSHODDOLDQoDSHODGiGLYDHSHORFRPpUFLRD
JXHUUDRLVRODPHQWRHDHVWDJQDomR
3DUD0DXVV  RTXHIXQGDDVRFLHGDGH
pRHVWDEHOHFLPHQWRGHXPVLVWHPDGHWURFDVQRTXDO
RVKRPHQVSRGHPRSRUVHVHPPDVVDFUDUVHHGDU
VHVHPVDFULILFDUHPVHXQVDRVRXWURV2VLVWHPDGH
WURFDV SRUWDQWR QmR LPSOLFDULD XPD HVWUXWXUD GH
VXEPLVVmR PDV GH UHFLSURFLGDGH 1HVVD WULOKD D
DQWtWHVHGRGRPQmRVHULDRPHUFDGRPDVDDXVrQFLD
GH UHODo}HV PRWLYR SHOR TXDO DOJXQV DXWRUHV
HQWHQGHPTXH0DXVVQmRFRQIHUHjJXHUUDTXDOTXHU
FRHILFLHQWH GH VRFLDELOLGDGH SRU VH WUDWDU GH XP

IHQ{PHQR TXH LPSOLFD R LVRODPHQWR H D HVWDJQDomR


2 VLVWHPD GH WURFD LPSOLFD D FRQVWUXomR GD YLGD
VRFLDO PDV D WURFD QmR LPSOLFD DSHQDV XPD UHODomR
FRQWUDWXDOPDLVTXHLVVRDWURFDLPSOLFDXPDDOLDQoD
TXHJDUDQWHDSD]
6HJXQGR /pYL6WUDXVV   H[LVWLULD XPD
WUDQVLomR FRQWtQXD GD JXHUUD jV WURFDV $V WURFDV
UHSUHVHQWDULDP XP SURFHVVR LQLQWHUUXSWR GH GRQV
UHFtSURFRV TXH UHDOL]D D SDVVDJHP GD KRVWLOLGDGH j
DOLDQoDGDDQJ~VWLDjFRQILDQoDGRPHGRjDPL]DGH
1HVVD SHUVSHFWLYD D JXHUUD H R FRPpUFLR QmR
SRGHULDP VHU HVWXGDGRV VHSDUDGDPHQWH SRU
FRQVWLWXtUHP GRLV DVSHFWRV GH XP PHVPR SURFHVVR
VRFLDO$V WURFDV FRPHUFLDLV UHSUHVHQWDULDP JXHUUDV
SRWHQFLDLV SDFLILFDPHQWH UHVROYLGDV HQTXDQWR DV
JXHUUDV VHULDP DV FRQVHTXrQFLDV GH WUDQVDo}HV
FRPHUFLDLVIUDFDVVDGDV
3DUD*RGHOLHU  RGRPSRGHVHRSRUj
YLROrQFLD GLUHWD j VXERUGLQDomR ItVLFD PDWHULDO H
VRFLDOPDVWDPEpPVHUXPVHXVXEVWLWXWR(VmRPDLV
TXHDEXQGDQWHVRVH[HPSORVGHVRFLHGDGHVHPTXH
RVLQGLYtGXRVLQFDSD]HVGHKRQUDUVXDVGtYLGDVVH
YHHP REULJDGRV D VH FRORFDU RX D FRORFDU VHXV
ILOKRVFRPRHVFUDYRVDFDEDQGRSRUVHWUDQVIRUPDU
QD SURSULHGDGH QDFRLVD GDTXHOHV TXH OKHV WLQKDP
FRQFHGLGRVHXVGRQV
'H
TXDOTXHU
PRGR
QD
VRFLHGDGH
FRQWHPSRUkQHD p SRVVtYHO HQ[HUJDU LQ~PHUDV

SUiWLFDV TXH VH DVVHPHOKDP DRSRWODWFK DRNXOD


DRV GRQV DQWDJRQLVWDV H QmR DQWDJRQLVWDV 0DXVV
   DOLiV UHFRQKHFH TXH RV SULQFtSLRV GD
HFRQRPLD GR GRP IXQFLRQDP DLQGD QDV QRVVDV
VRFLHGDGHV GH PDQHLUD FRQVWDQWH H SRU DVVLP GL]HU
VXEMDFHQWH,VVRVLJQLILFDTXHRVSULQFtSLRVGRGRP
QmR IRUDP WRWDOPHQWH HUUDGLFDGRV SHOD GLQkPLFD GR
PHUFDGR FDSLWDOLVWD D SUHVHQoD GD OyJLFD GR GRP
SRGH VHU UHFRQKHFLGD QmR DSHQDV QR kPELWR GD
ILODQWURSLD RX GR WUDEDOKR YROXQWiULR FRPR VH YHUi
DGLDQWH PDV WDPEpP QR XQLYHUVR GDV UHODo}HV
PHUFDQWLV TXH VH HVWDEHOHFHP FRWLGLDQDPHQWH HQWUH
DV SHVVRDV ItVLFDV RX MXUtGLFDV (VVDV UHODo}HV
LQLFLDOPHQWH FRUGLDLV SRGHP SRUpP UHVXOWDU QR
URPSLPHQWRGRSULQFtSLRGDUHFLSURFLGDGHHFRPLVVR
SURYRFDUGLVSXWDVFRPRDVTXHRFRUUHPSHUDQWHRV
7ULEXQDLVRXDWpPHVPRRHVWDGRGHJXHUUDHQWUHRV
FRQWUDWDQWHV (QILP D WURFD SDFtILFD SRGH
WUDQVIRUPDUVHHPWURFDGHKRVWLOLGDGHV

;,9 '201$

62&,('$'(
&217(03251($
'20)$7262&,$/727$/
3DUD *RGHOLHU     R GRP FRPR
SUiWLFD UHDO p XP HOHPHQWR HVVHQFLDO GD SURGXomR
UHSURGXomR WDQWR GDV UHODo}HV VRFLDLV REMHWLYDV
FRPR GDV UHODo}HV SHVVRDLV VXEMHWLYDV H
LQWHUVXEMHWLYDV TXH VmR VHX PRGR FRQFUHWR GH
H[LVWrQFLD 2 GRP FRPR SUiWLFD ID] SDUWH
VLPXOWDQHDPHQWH GD IRUPD H GR FRQWH~GR GHVVDV
UHODo}HV e QHVVH FRQWH[WR TXH R GRP FRPRDWR H
WDPEpP FRPRREMHWR SRGHUHSUHVHQWDUVLJQLILFDU H
WRWDOL]DURFRQMXQWRGDVUHODo}HVVRFLDLVGRTXDOp
DRPHVPRWHPSRLQVWUXPHQWRHVtPEROR(FRPRRV
GRQV YrP GDV SHVVRDV H RV REMHWRV GDGRV VmR
LQLFLDOPHQWH OLJDGRV GHSRLV GHVOLJDGRV SDUD VHUHP
RXWUDYH]OLJDGRVDSHVVRDVRVGRQVHQFDUQDPWDQWR
DVSHVVRDVTXDQWRVXDVUHODo}HVeQHVVHVHQWLGRH
SRU HVVDV UD]}HV TXH R GRP p XP IDWR VRFLDO WRWDO
MXVWDPHQWH SRUTXH FRQWpP H XQH DR PHVPR WHPSR
DOJRTXHYHPGDVSHVVRDVHDOJRTXHHVWiSUHVHQWH

HPVXDVUHODo}HV
7DQWR QDV VRFLHGDGHV SULPLWLYDV FRPR QDV
VRFLHGDGHVRFLGHQWDLVRQ~PHURGDVWURFDVGRWLSR
SRWODWFK p EDVWDQWH OLPLWDGR GLDQWH GRV Q~PHURV
EDVWDQWH H[SUHVVLYRV GH GRQV H FRQWUDGRQV
UHFtSURFRV SUDWLFDGRV SDUD IRPHQWDU H FRQVROLGDU
VROLGDULHGDGHV H QmR SDUD GHVHQYROYHU ULYDOLGDGHV
HQWUHLQGLYtGXRVHJUXSRV0DVHPTXDOTXHUWLSRGH
WURFD DQWDJRQLVWD RX QmR DQWDJRQLVWD DSDUHFHP
PDQLIHVWDo}HV PDLV RX PHQRV RVWHQVLYDV GRV
SULQFtSLRV GD VROLGDULHGDGH GD UHFLSURFLGDGH H GD
ULYDOLGDGHHGHSHQGHQGRGDVLWXDomRXPVHGHVWDFD
PDLV GR TXH RV RXWURV 1D VRFLHGDGH RFLGHQWDO p
SRVVtYHO SHUFHEHU IUDJPHQWRV GD HFRQRPLD H GD
PRUDOGRGRPSUHVHQWHVHPRXWUDVHVIHUDVTXHQmRD
HFRQ{PLFDFRPRpRFDVRGRGRPHQWUHDPLJRV0DV
WDPEpP p SRVVtYHO YHULILFDU TXH R GRP QDV
VRFLHGDGHV RFLGHQWDLV XOWUDSDVVD D HVIHUD GD YLGD
SULYDGD H GDV UHODo}HV SHVVRDLV SULQFLSDOPHQWH
TXDQGRVHLQVWLWXFLRQDOL]DDGHPDQGDVRFLDOGRGRP
SRU LQWHUPpGLR GR (VWDGR H GH RUJDQL]Do}HV QmR
JRYHUQDPHQWDLV
'RQVHQWUHDPLJRV
0DXVV LQLFLD R(QVDLR VREUH R GRP FRP XP
SRHPD GD(GD HVFDQGLQDYD HP TXH GHVWDFD DOJXQV
YHUVRV TXH ID]HP UHIHUrQFLD DR GRP HQWUH DPLJRV
&RPDUPDVHFRPURXSDVGHYHPRVDPLJRVDJUDFLDU

VH FDGD XP VDEH SRU VL SUySULR 2V TXH WURFDP
SUHVHQWHVPXWXDPHQWHVmRDPLJRVWRGRRWHPSRVH
DV FRLVDV IRUHP EHP HQFDPLQKDGDV 'HYHVH VHU
DPLJRGRDPLJRHGDUSUHVHQWHSRUSUHVHQWH
$V UHODo}HV HQWUH DPLJRV LVWR p R GRP HQWUH
DPLJRV VmR EDVWDQWH YDORUL]DGDV QDV VRFLHGDGHV
RFLGHQWDLV(QWUHDPLJRVDMXGDVHVHPREULJDomRGH
UHWULEXLU PDV VDEHQGR TXH KDYHUi UHFLSURFLGDGH
SRUTXHRVDPLJRVSDUWLOKDPGmRVHXQVDRVRXWURV
(P VXPD D DPL]DGH p XPD UHODomR HQWUH LQGLYtGXRV
TXH PDUFDP VHXV VHQWLPHQWRV SRU JHVWRV GH DMXGD
P~WXD H DWUDYpV GH WURFDV GH GRQV GH SUHVHQWHV
(QWUH DPLJRV GiVH GHVLQWHUHVVDGDPHQWH VHP
HVSHUDUUHWRUQRLPHGLDWRHVHPVHSUHRFXSDUVHTXHU
FRPXPUHWRUQR
&RQIRUPH *RGHOLHU     RV GRQV
HQWUH DPLJRV DSHQDV HQJDMDP RV LQGLYtGXRV
SRUWDQWR QmR FRQWULEXHP SDUD D UHSURGXomR GDV
HVWUXWXUDV GH EDVH GD VRFLHGDGH FRPR RFRUUH QDV
UHODo}HVGHSDUHQWHVFR(PRXWUDVSDODYUDVRVGRQV
DDMXGDHQWUHDPLJRVUHODFLRQDPVHFRPDHVIHUDGRV
ODoRV VXEMHWLYRV HQWUH LQGLYtGXRV TXH VH HVFROKHP
VHP TXH VXD HVFROKD UHFtSURFD WHQKD RXWUR PRWLYR
RXWUDREULJDomRDOpPGDIRUoDGHVHXVVHQWLPHQWRVD
DWUDomRTXHVXVFLWDPHVHQWHPXPSHORRXWUR
(VVHV GRQV SHUPLWHP HQWUHYHU XPD GDV UD]}HV
SHODV TXDLV QD FXOWXUD RFLGHQWDO RV GRQV HQWUH
DPLJRV FRQWLQXDP D H[LVWLU H D VHU YDORUL]DGRV

HQTXDQWRRXWURVWLSRVGHGRQVREULJDWyULRVSRUTXH
QHFHVViULRVSDUDUHSURGX]LUHOHPHQWRVIXQGDPHQWDLV
GD VRFLHGDGH WDLV FRPR DV UHODo}HV GH SDUHQWHVFR
WHQGHP D GHVDSDUHFHU 2 GRP HQWUH DPLJRV
SHUPDQHFH XP SDUDGLJPD IRUWH QD FXOWXUD RFLGHQWDO
LQGLYLGXDOLVWD SRLV VH DSUHVHQWD FRPR XP DWR
LQGLYLGXDO HVSRQWkQHR VXEMHWLYR DOWUXtVWD QmR
REHGHFHQGR D QHQKXPD REULJDomR FROHWLYD D
QHQKXPD FRDomR VRFLDO REMHWLYD TXH QmR VHUYH
SRUWDQWR SDUD UHSURGX]LU HP SURIXQGLGDGH D
VRFLHGDGH
1D FXOWXUD RFLGHQWDO R GRP HQWUH DPLJRV QmR p
LQVWLWXFLRQDOL]DGRPRWLYRSHORTXDORGLUHLWRWHPVH
PDQWLGR GLVWDQWH GDV UHODo}HV TXH HQYROYHP HVVHV
WLSRVGHGRQVHPERUDVHMDSRVVtYHOHQ[HUJDURGRP
YROXQWiULR QmR REULJDWyULR  QR UHJLPH MXUtGLFR GDV
GRDo}HV GRV HPSUpVWLPRV H GRV WHVWDPHQWRV
5HFHQWHPHQWH R PXQGR MXUtGLFR IRL VHQVLELOL]DGR
SHODVUHODo}HVKRPRDIHWLYDVHVSHFLDOPHQWHQDTXHOHV
FDVRVHPTXHXPGRVSDUFHLURVIDOHFLDHPYLUWXGHGH
WHU FRQWUDtGR R YtUXV +,9 2 GRP TXH R SDUFHLUR
VDGLR SUHVWRX DR GRHQWH FRQWULEXLX H PXLWR SDUD
TXH R 3RGHU -XGLFLiULR HP DOJXQV FDVRV
UHFRQKHFHVVH D H[LVWrQFLD GH XPDDOLDQoD RX XPD
VRFLHGDGHGHIDWRHQWUHHOHVHDVVLPYLDELOL]DVVHDR
SULPHLURRGLUHLWRjVXFHVVmRRXSDUWLOKD
$V UHODo}HV TXH HQYROYHP SDUFHLURV GR PHVPR
VH[R DLQGD HVWmR SRU VHU GHILQLGDV MXULGLFDPHQWH

PDV LQGXELWDYHOPHQWH WUDWDVH GH UHODo}HV TXH VH


DSUR[LPDP GDV UHODo}HV GH DPL]DGH RX
FRPSDQKHLULVPR FRPR RFRUUH FRP DV UHODo}HV
PDWULPRQLDLV UHJLGDV QmR DSHQDV SHOR SULQFtSLR GR
DIHWR PDV VREUHWXGR SHORV SULQFtSLRV GD
VROLGDULHGDGH H GD UHFLSURFLGDGH TXH jV YH]HV
WUDQVPXGDPVH HP SULQFtSLR GH ULYDOLGDGH H GH
KRVWLOLGDGH
2GLUHLWRUHFRQKHFHQDUHODomRGHSDUHQWHVFRXP
YDORU TXH SRGH VHU WUDGX]LGR HP SHF~QLD PDV QmR
HVWHQGH HVVH UHFRQKHFLPHQWR j UHODomR GH DPL]DGH
+i WDPEpP UHVLVWrQFLD QR VHQWLGR GH HVWHQGHU HVVH
UHFRQKHFLPHQWRjUHODomRHQWUHSDUFHLURVGRPHVPR
VH[R'HVVHPRGRVHXPDSHVVRDIDOHFHHPDFLGHQWH
FDXVDGR SRU WHUFHLUR VHXV SDUHQWHV H F{QMXJH WrP
GLUHLWRjLQGHQL]DomRSHFXQLiULDPDVHVVHGLUHLWRQmR
p H[WHQVLYR DRV DPLJRV RX DR SDUFHLUR ,VVR SDUHFH
LOyJLFRSRUTXHPXLWDVYH]HVDUHODomRGHDPL]DGHRX
DUHODomRKRPRDIHWLYDpPDLVHVWUHLWDPDLVUHFtSURFD
PDLVVROLGiULDPDLVDIHWLYDHPDLVIUDWHUQDGRTXHD
UHODomR GH SDUHQWHVFR 9DOH GL]HU PXLWDV YH]HV R
VRIULPHQWR SHOD SHUGD p PDLV IRUWH QR DPLJR RX QR
SDUFHLURGRTXHQRVSDUHQWHV
'HTXDOTXHUPRGRQDVRFLHGDGHFDSLWDOLVWDFRP
VXDVDOWDVWD[DVGHGHVHPSUHJRHH[FOXVmRRVGRQV
YROXQWiULRV JUDWXLWRV H GHVLQWHUHVVDGRV YmRVH
WRUQDQGR QHFHVViULRV QD HTXDomR GH SUREOHPDV
VRFLDLV $OLiV PHVPR RV GRQV JUDWXLWRV H

GHVLQWHUHVVDGRVHQWUHSHVVRDVTXHQmRVHFRQKHFHP
MiFRPHoDPDDSDUHFHUFRPRXPDFRQGLomRREMHWLYD
VRFLDOPHQWHQHFHVViULDGDUHSURGXomRGDVRFLHGDGH
1HVVH VHQWLGR JDQKD IRUoD R GRP TXH QD WUDGLomR
FULVWm DSDUHFH QD IRUPD GH XPD YLUWXGH FDULWDV 
FRQVLGHUDGD D PDLV LPSRUWDQWH HQWUH WRGDV DV
YLUWXGHV QD TXDO HVWi LQFOXtGR R GRP QmR
DQWDJRQLVWDWRWDOPHQWHJUDWXLWRHGHVLQWHUHVVDGR
1D FXOWXUD RFLGHQWDO SRUWDQWR R GRP HQWUH
DPLJRV WRPD DVVHQWR DR ODGR GH XP RXWUR GRP
IRUWHPHQWH SULYLOHJLDGR SHOD FXOWXUD RFLGHQWDO FULVWm
R GRP SRU &ULVWR ILOKR GH 'HXV TXH Gi D SUySULD
YLGDSDUDUHPLURVSHFDGRVGRVKXPDQRVHVDOYiORV
GD GDQDomR HWHUQD H[HPSOR VXSUHPR GR GRP
JUDWXLWR DEVROXWR&DULWDV p XP GHVGREUDPHQWR
GHVVHGRP
'RPHFDULWDV
0DXVV  REVHUYDTXHDHVPRODpRIUXWR
GHXPDQRomRPRUDOGDGiGLYDHGDIRUWXQDSRUXP
ODGR H GH XPD QRomR GR VDFULItFLR SRU RXWUR +i
QHVVH VHQWLGR XPD QRomR JHQHUDOL]DGD HQWUH RV
SRYRV VHJXQGR D TXDO RV GHXVHV TXH GmR H
UHWULEXHPHVWmROiSDUDGDUXPDFRLVDJUDQGHHPYH]
GHXPDFRLVDSHTXHQD$VVLPHQWUHGLYHUVRVSRYRV
H[LVWHRKiELWRGHFRQFHGHUSUHVHQWHVjVFULDQoDVH
DRV SREUHV FRPR IRUPD GH DJUDGDU RV GHXVHV H RV
HVStULWRV 7UDWDVH GD YHOKD PRUDO GD GiGLYD

WUDQVIRUPDGD HP SULQFtSLR GH MXVWLoD RX VHMD RV


GHXVHV H RV HVStULWRV FRQVHQWHP TXH DV SDUWHV TXH
VH OKHV GDYDP H TXH HUDP GHVWUXtGDV HP VDFULItFLRV
LQ~WHLV VLUYDP SDUD RV SREUHV H DV FULDQoDV (VVD
GRXWULQD GD FDULGDGH H GD HVPROD HVSDOKRXVH SHOR
PXQGRFRPRFULVWLDQLVPRHRLVODPLVPRHSHQHWURX
QRGLUHLWRGDVVRFLHGDGHVRFLGHQWDLV
$ OHJLVODomR EUDVLOHLUD SRU H[HPSOR HVWDEHOHFH
TXH R GHYHU MXUtGLFR GH SUHVWDU DOLPHQWRV DRV
QHFHVVLWDGRV FDEH QmR DSHQDV j IDPtOLD GR
QHFHVVLWDGR PDV WDPEpP DR (VWDGR H j VRFLHGDGH
$OpPGLVVRDH[SUHVVmRDOLPHQWRVSRVVXLDOFDQFHH
VHQWLGR PDLV DPSORV TXH RV XWLOL]DGRV QR XVR
FRWLGLDQR DEUDQJH QmR Vy R IRUQHFLPHQWR GH
DOLPHQWDomR PDV WDPEpP YHVWXiULR KDELWDomR
HGXFDomROD]HUHWUDWDPHQWRPpGLFR
2GHYHUMXUtGLFRGDVRFLHGDGHGHGDUDOLPHQWRVD
TXHP QHFHVVLWD UHDOL]DVH PHGLDQWH SDJDPHQWR GH
WULEXWRVHFRQWULEXLo}HVHVSHFLDOPHQWHRVLQVHULGRV
QDV IRQWHV GH FXVWHLR GD 6HJXULGDGH 6RFLDO +i
HQWUHWDQWR KRPHQV H PXOKHUHV TXH GLUHWDPHQWH RX
SRUPHLRGHHQWLGDGHVQmRJRYHUQDPHQWDLVSUHVWDP
DX[tOLR RX FRQFHGHP DOLPHQWRV DRV QHFHVVLWDGRV
PRYLGRVQmRSRULPSRVLo}HVOHJDLVPDVSRUIDWRUHV
UHOLJLRVRVPRUDLVRXpWLFRV
4XDQGR DOJXpP PRYLGR SRU XP GHYHU UHOLJLRVR
RX PRUDO SUHVWD DX[tOLR RX Gi DOLPHQWR D XP
QHFHVVLWDGRHVVHDWRSRVVXLXPFRQWH~GRpWLFRTXH

VHOLJDjQRomRGHMXVWLoDFRPRFDULWDVDYLUWXGHTXH
FRQVLVWH QD UHDOL]DomR GR SUHFHLWR FULVWmR
IXQGDPHQWDODPD R SUy[LPR FRPR D WL PHVPR
&DULWDV p SRUWDQWR DPRU 2 DSyVWROR 3DXOR
HVWDEHOHFHDVXSHULRULGDGHGHFDULWDVVREUHDVRXWUDV
YLUWXGHV$JRUDKiIpHVSHUDQoDHFDULWDV DPRU 
HVVDVWUrVFRLVDVPDVDFDULWDVpDPDLRUGHWRGDV
&RU, &DULWDVDOpPGHVHURYtQFXORTXH
PDQWpP OLJDGRV RV PHPEURV GD FRPXQLGDGH p D
H[SUHVVmRGDDPL]DGHGRVKRPHQVFRP'HXV
$ LGHLD GH MXVWLoD FRPRFDULWDV HQFRQWUD DSRLR
QD REUD GH ILOyVRIRV FRPR 6DQWR$JRVWLQKR H 6mR
7RPiV GH $TXLQR 3DUD HVVHV ILOyVRIRV D MXVWLoD
FRUUHVSRQGHDXPDWRGHDPRUGHVLQWHUHVVDGRDOJR
VHPHOKDQWHjFULDomRGLYLQDYLVWRTXH'HXV MXVWRH
PLVHULFRUGLRVR FULRXRPXQGRQmRSDUDDVXDJOyULD
PDVFRPRXPDWRGHDPRUSHODKXPDQLGDGH3UDWLFDU
D MXVWLoD FRPRFDULWDV FRPR XP DWR GH DPRU
GHVLQWHUHVVDGR FRPR D PDQLIHVWDomR PDLV SXUD GD
DXWRQRPLDGDYRQWDGHRXOLYUHDUEtWULRFRQVWLWXLXP
HVSOHQGRUpWLFRSRUTXHSUHVFUHYHXPDDomRERDSRU
VLPHVPDDPDLFRPR'HXVYRVDPD
3DUD )HUUD] -U     D FRQFOXVmR GH
6DQWR $JRVWLQKR  GRLV $PRUHV IL]HUDP GXDV
FLGDGHVDWHUUHQDIrODRDPRUGHVLDWpRGHVSUH]R
GH 'HXV D FHOHVWH IrOD R DPRU GH 'HXV DWp R
GHVSUH]RGHVLHVFODUHFHTXHRDPRUFDULWDVWHPR
VHQWLGR GH UHQ~QFLD XPD UHQ~QFLD TXH QmR p

SULYDomR PDV SOHQLWXGH 2 DPRU FULVWmR QmR WHP


DVVLPXPDFRPSHQVDomRQRDPRUGRRXWURPDVQD
SOHQLWXGH GR DPRU GLYLQR ( D SOHQLWXGH GR DPRU
GLYLQR H[SOLFD TXH XP 'HXV RQLSRWHQWH RIHUHoD R
VDFULItFLR GH VHX )LOKR SHOD VDOYDomR GRV KRPHQV
(VVDGtYLGDGRVKRPHQVSDUDFRPXP'HXVPRUWRQD
FUX]SDUDVDOYiORVGDVFRQVHTXrQFLDVGHVHXVDWRV
GD GDQDomR HWHUQD p LPSDJiYHO &RPR GL] 6DQWR
7RPDVGH$TXLQRRKRPHPQDGDSRGHGDUD'HXV
TXHMiQmROKHGHYD$LQGDDVVLPHOHMDPDLVTXLWDUiD
VXDGtYLGD
&DULWDV GHSHQGH GROLYUHDUEtWULR PRWLYR SHOR
TXDODSHVVRDSRGHSRUVXDYRQWDGHOLYUHUHFXVDUVH
D GDU DOLPHQWR j SHVVRD TXH QmR SRVVXL PHLRV GH
SURYHU D SUySULD PDQXWHQomR RX VHMD R DWR GH
SUHVWDURXQmRDX[tOLRDRVQHFHVVLWDGRVYLQFXODVHj
DXWRQRPLDGDYRQWDGHDGYpPSRUWDQWRGHQRUPDV
TXHRVXMHLWRGiDVLPHVPR3DUDTXHDMXVWLoDFRPR
FDULWDVUHYHOHXPDWRGHDPRUpQHFHVViULRTXHRDWR
VHMDGHVLQWHUHVVDGRHTXHHVWDEHOHoDDVRFLDELOLGDGH
GRV KRPHQV 6mR 7RPiV GH $TXLQR HQWHQGLD SRU
HVVDUD]mRTXHDMXVWLoDFRPRDPRUVyVHULDSRVVtYHO
HUHDOL]iYHOjPHGLGDTXHDVSHVVRDVIRVVHPFDSD]HV
GHFRPSDUWLOKDUVXDVYLGDVFRPRXWUDVSHVVRDV
$MXVWLoDFRPRFDULWDVpRGRPFULVWmRWUDWDVH
GH XP GRP VXEMHWLYR YROXQWiULR H GHVLQWHUHVVDGR
(VVH GRP PRELOL]D KRPHQV H PXOKHUHV GHERD
YRQWDGH TXH GH PDQHLUD DQ{QLPD H GHVLQWHUHVVDGD

SUDWLFDP R DPRUFDULWDV SRU PHLR GD GRDomR RX GR


WUDEDOKR YROXQWiULR H FRP LVVR SURPRYHP DV
FRQGXWDV WLGDV FRPR FRQYHQLHQWHV H GHVHMiYHLV$
MXVWLoDFRPRDPRUHPERUDLPSOLTXHXPDUHWULEXLomR
GHVFRPSHQVDGD HQFRQWUD QD MXVWLoD GLYLQD D VXD
UHWULEXLomR H[HPSODU DILQDO TXHP Gi DRV SREUHV
HPSUHVWD D 'HXV DOJR VHPHOKDQWH j TXDUWD
REULJDomRGHVFULWDSRU0DUFHO0DXVV
&DULWDVPRVWUDTXHQDFXOWXUDRFLGHQWDORGRP
WRUQRXVH REMHWLYDPHQWH XPD RSHUDomR VXEMHWLYD
SHVVRDO tQWLPD H LQGLYLGXDO (OH p D H[SUHVVmR H R
LQVWUXPHQWR GH UHODo}HV SHVVRDLV VLWXDGDV DOpP GR
PHUFDGR H GR (VWDGR RX VHMD R GRP FRQWLQXD D
GHULYDUGHXPDpWLFDHGHXPDOyJLFDTXHQmRVmRDV
GR PHUFDGR H GR OXFUR SHOR FRQWUiULR RS}HPVH H
UHVLVWHPDHODV2GRPVXEMHWLYRVHRS}HpFHUWRjV
UHODo}HV FRPHUFLDLV PDV FDUUHJD VHPSUH RV VHXV
HVWLJPDV $R LGHDOL]DUVH R GRP GHVLQWHUHVVDGR
IXQFLRQDQRLPDJLQiULRFRPRR~OWLPRUHI~JLRGHXPD
VROLGDULHGDGH GH XPD JHQHURVLGDGH QD SDUWLOKD TXH
WHULD FDUDFWHUL]DGR RXWUDV pSRFDV GD HYROXomR GD
KXPDQLGDGH2GRPWRUQDVHXPSRUWDGRUGHXWRSLD
8PD IRUPD GH XWRSLD TXH DV SHVVRDV SDUHFHP QmR
TXHUHUYHUGHVWUXtGDSRLVDFDOHQWDHVSHUDQoDVHPXP
IXWXURPHOKRUQHVWHRXHPRXWURPXQGR
'20(8723,$
0DXULFH *RGHOLHU   HPSUHHQGH FRPR HOH

SUySULRGL]XPDQRYDDQiOLVHGRGRPGHVHXSDSHO
QD SURGXomR H UHSURGXomR GR ODoR VRFLDO GH VHX
OXJDU H GH VXD LPSRUWkQFLD PXWiYHLV QDV GLYHUVDV
IRUPDV GH VRFLHGDGH TXH FRH[LVWHP KRMH QD
VXSHUItFLHGDWHUUDRXTXHVHVXFHGHUDPQRGHFRUUHU
GR WHPSR ( HPSUHHQGH WDO DQiOLVH SRU XP PRWLYR
HVSHFtILFR SRUTXH R GRP H[LVWH HP WRGR OXJDU
HPERUD QmR VHMD R PHVPR HP WRGD SDUWH (OH ID]
DOJXPDV LQFXUV}HV VREUH D SUiWLFD GR GRP QD
VRFLHGDGH FRQWHPSRUkQHD HVSHFLDOPHQWH VREUH R
UHJLPH GDV GRDo}HV PRWLYR SHOR TXDO WRPDPRV GH
HPSUpVWLPR VHXV FRPHQWiULRV SDUD DV DUWLFXODo}HV
VHJXLQWHV
*RGHOLHU   D   VH SHUJXQWD 4XDO p
QHVVDIRUPDGHVRFLHGDGHFDSLWDOLVWDTXHVHLPDJLQD
TXH GHYH GXUDU HWHUQDPHQWH R OXJDU GDV WURFDV"
$LQGD H[LVWH QHVVD VRFLHGDGH DOJR DOpP GD WURFD"
$SDUHQWHPHQWHWXGRRXTXDVHWXGRHVWijYHQGDp
SDVVtYHOGHWURFD(FRPRWXGRRTXHVHFRPSUDHVH
YHQGH VH FRPSUD H VH YHQGH SRU GLQKHLUR WHU
GLQKHLURWRUQRXVHDFRQGLomRQHFHVViULDSDUDH[LVWLU
ItVLFD H VRFLDOPHQWH 4XDO R OXJDU GR GRP QHVVD
VRFLHGDGHPRYLGDSHODWURFDHPGLQKHLUR"
$ VRFLHGDGH FDSLWDOLVWD p XPD VRFLHGDGH FXMR
IXQFLRQDPHQWRVHSDUDRVLQGLYtGXRVXQVGRVRXWURV
LVRODRV H DSHQDV RV SURPRYH RSRQGRRV XQV DRV
RXWURV e XPD VRFLHGDGH TXH OLEHUD FRPR QHQKXPD
RXWUDRIH]WRGDVDVIRUoDVWRGDVDVSRWHQFLDOLGDGHV

DGRUPHFLGDV QR LQGLYtGXR PDV TXH WDPEpP OHYD


FDGD LQGLYtGXR D GHVVROLGDUL]DUVH GRV RXWURV
VHUYLQGRDRPHVPRWHPSRGHOHV(VVDVRFLHGDGHVy
YLYHHSURVSHUDDRSUHoRGHXPGLVIDUFHSHUPDQHQWH
GH VROLGDULHGDGH ( HOD Vy LPDJLQD QRYDV
VROLGDULHGDGHV VH QHJRFLDGDV VRE D IRUPD GH
FRQWUDWR
0DV QHP WXGR p QHJRFLiYHO 8PD FULDQoD QmR
DVVLQD XP FRQWUDWR SDUD QDVFHU 6HULD XPD LGHLD
DEVXUGD LPDJLQDU TXH LVVR IRVVH SRVVtYHO ( VHX
DEVXUGR PRVWUD TXH R SULPHLUR ODoR HQWUH RV
KXPDQRV DTXHOH GR QDVFLPHQWR QmR p QHJRFLDGR
HQWUH DV SHVVRDV TXH HOH HQYROYH ( p VREUH HVVHV
IDWRV LQFRQWRUQiYHLV QR HQWDQWR TXH D VRFLHGDGH
FDSLWDOLVWDWHQGHDVLOHQFLDU
$ VRFLHGDGH FDSLWDOLVWD p GRWDGD GH XPD OyJLFD
TXH LPSOLFD DF~PXOR GH H[FOXtGRV H DXPHQWR GH
GHVLJXDOGDGHV VRFLDLV 3RU FDXVD GHVVH FRQWH[WR R
GRPJHQHURVRRGRPVHPUHWRUQRpVROLFLWDGRGH
QRYR GHVVD YH] FRP D PLVVmR GH DMXGDU D UHVROYHU
SUREOHPDV GD VRFLHGDGH FDSLWDOLVWD 2 GRP GH KRMH
SDVVDQmRDSHQDVSHODVLQVWLWXLo}HVJRYHUQDPHQWDLV
PDV SULQFLSDOPHQWH SHODV RUJDQL]Do}HV QmR
JRYHUQDPHQWDLVXWLOL]DDPtGLDEXURFUDWL]DVHQXWUH
VH DWUDYpV GDV LPDJHQV GD WHOHYLVmR GH WRGDV DV
GHVJUDoDV GH WRGRV RV PDOHV FRQMXQWXUDLV RX
GXUiYHLVTXHVXUJHPQRVTXDWURFDQWRVGRSODQHWD
'LDQWH GD DPSOLGmR GRV SUREOHPDV VRFLDLV H GD

LQFDSDFLGDGH PDQLIHVWD GR PHUFDGR H GR (VWDGR GH


UHVROYrORV R GRP HVWi UHWRUQDQGR YROWDQGR D VHU
XPD FRQGLomR REMHWLYD VRFLDOPHQWH QHFHVViULD GD
UHSURGXomRGDVRFLHGDGH1mRVHUiRGRPUHFtSURFR
GH FRLVDV HTXLYDOHQWHV WDPEpP QmR VHUi R GRP
SRWODWFK SRLV DTXHOHV D TXHP RV GRQV VHUmR
GHVWLQDGRV QmR WrP VHTXHU FRQGLo}HV GH UHWULEXLU R
TXH UHFHEH 2 GRP FDULWDWLYR HVWi VH
LQVWLWXFLRQDOL]DQGR FRPR IRUPD GH FRQWHU R
HVIDFHODPHQWRGDYLGDVRFLDO
(VVD LQVWLWXFLRQDOL]DomR DSDUHFH QRV SURJUDPDV
GRV JRYHUQRV FRPR p R FDVR GR SURJUDPD%ROVD
)DPtOLD $SDUHFH WDPEpP SRU PHLR GR7HUFHLUR
6HWRU LVWR p GDV RUJDQL]Do}HV QmR JRYHUQDPHQWDLV
TXHVHGHGLFDPDRFRPEDWHjSREUH]DHjSUHVWDomR
GHVHUYLoRVQDiUHDGHVD~GHHGXFDomRHDVVLVWrQFLD
VRFLDO (VVDV RUJDQL]Do}HV PXOWLSOLFDPVH SHOR
PXQGRLQWHLURHPXLWDVGHODVVHGHGLFDPjSUiWLFDGR
GRPFDULWDWLYR1R%UDVLOHVWLPDVHTXHH[LVWHPFHUFD
GHPLORUJDQL]Do}HVQmRJRYHUQDPHQWDLVHTXH
PLOK}HV GH SHVVRDV VmR HPSUHJDGDV SRU HODV 3DUWH
GRVUHFXUVRVGHVVDVRUJDQL]Do}HVSURYpPGHUHFHLWD
S~EOLFD PDV D PDLRULD GRV UHFXUVRV VH GHYH jV
FRQWULEXLo}HVGHSDUWLFXODUHV1RV(VWDGRV8QLGRVR
WHUFHLUR VHWRU PRYLPHQWD PDLV GH  ELOK}HV GH
GyODUHVDQXDOPHQWHHDEVRUYHXPFRQWLQJHQWHGH
PLOK}HV GH WUDEDOKDGRUHV UHPXQHUDGRV PDLV XPD
LQILQLGDGH GH SHVVRDV TXH DWXDP FRPR YROXQWiULDV

(P SDtVHV GD (XURSD FRPR ,WiOLD )UDQoD H


$OHPDQKDRWHUFHLURVHWRUMiPRYLPHQWDDQXDOPHQWH
PDLVGHGR3URGXWR,QWHUQR%UXWR 3,% GHFDGD
SDtV $VVLV 
1mRREVWDQWHRDF~PXORGHULTXH]DDVRFLHGDGH
FDSLWDOLVWD QmR FRQVHJXH GLPLQXLU DV LPHQVDV
GHVLJXDOGDGHV VRFLDLV 3DUD HYLWDU FDWiVWURIHV
PDLRUHVRGRPUHWRUQDHGHVVDYH]SDUDJDUDQWLUD
VREUHYLYrQFLD GD VRFLHGDGH FDSLWDOLVWD $ FDULGDGH
HVWi GH YROWD DJRUD GH PRGR PDLV ODLFR 1mR VH
DSUHVHQWD DSHQDV FRPR XPD YLUWXGH FULVWm FRPR R
JHVWRGHXPFUHQWHTXHDFUHGLWDQDYLUWXGHFiULWDV$
FDULGDGHpYLYLGDSRUFUHQWHVHQmRFUHQWHVFRPRXP
JHVWRGHVROLGDULHGDGHHQWUHVHUHVKXPDQRV1mRVH
WUDWD DSHQDV GR VRIULPHQWR GR SUy[LPR p WRGR R
VRIULPHQWR GR PXQGR TXH VROLFLWD D GiGLYD D
JHQHURVLGDGHGDTXHOHVTXHSRGHPSUDWLFDURGRP
'RPHH[FOXtGRV
$ VRFLHGDGH RFLGHQWDO GHVGH R VpFXOR ;,;
WULOKD XP FDPLQKR SHOR TXDO VH PXOWLSOLFDP RV
H[FOXtGRV GH XP VLVWHPD HFRQ{PLFR TXH SDUD
SHUPDQHFHU GLQkPLFR H FRPSHWLWLYR GHYH UHGX]LU
FXVWRV DXPHQWDU D SURGXWLYLGDGH H GLPLQXLU R
Q~PHUR GH HPSUHJDGRV (VVD IRUPD GH DJLU
WUDQVIRUPRX D VRFLHGDGH FDSLWDOLVWD HP XPD
VRFLHGDGH GR GHVHPSUHJR 8P GHVHPSUHJR TXH VH
LPDJLQD SURYLVyULR PDV TXH SDUD PXLWRV WRUQDVH

SHUPDQHQWH+iDLQGDDTXHOHVTXHQHPFRQVHJXHP
HPSUHJDUVH2HVWXGRGDXUEDQL]DomRPRVWUDTXHRV
SREUHV VH GLULJHP SDUD DV JUDQGHV FLGDGHV QD
HVSHUDQoDGHFRQVHJXLUXPHPSUHJRDVFKDQFHVGH
FRQVHJXLORSRUpPVmREDVWDQWHUHPRWDV0HVPRR
WUDEDOKRLQIRUPDOTXHGHPDQHLUDSUHFiULDFXLGDGH
LQFOXLU RV H[FOXtGRV YDLVH WRUQDQGR FDGD YH] PDLV
HVFDVVR
$VRFLHGDGHFDSLWDOLVWDpSDUDGR[DOYLVWRTXHR
HPSUHJRGHSHQGHGRERPGHVHPSHQKRGDHFRQRPLD
PDV D HFRQRPLD SDUD IXQFLRQDU PHOKRU SUHFLVD
GHVHPSUHJDU $ VXEVWLWXLomR GR KRPHP SHOD
PiTXLQDpYLVtYHOHPWRGRVRVVHWRUHVGDSURGXomR
PRWLYR SHOR TXDO R GHVHPSUHJR p XP IHQ{PHQR
SUHVHQWHHPWRGDVDVVRFLHGDGHVLQFOXVLYHDVWLGDV
FRPR PDLV GHVHQYROYLGDV $ HFRQRPLD SRUWDQWR
DFDED VHQGR D SULQFLSDO IRQWH GH H[FOXVmR GR
LQGLYtGXR (VVD H[FOXVmR QmR p DSHQDV GR PHUFDGR
GHWUDEDOKRSRUTXHRLQGLYtGXRSHUGHQmRDSHQDVR
HPSUHJR PDV WDPEpP D GLJQLGDGH H D FLGDGDQLD
SRUTXHpH[FOXtGRGDSUySULDVRFLHGDGHHDVFKDQFHV
GHVHULQFOXtGRQRYDPHQWHVmRFDGDYH]PHQRUHV
2VLVWHPDJHUDXPDPDVVDGHH[FOXtGRVHFRQILD
DR (VWDGR D WDUHID GH LQFOXtORV QRYDPHQWH PDV R
(VWDGR p LQFDSD] GH WDO WDUHID FXLGD SRUWDQWR
DSHQDV GH UHGX]LU DV IUDWXUDV PHGLDQWH SURJUDPDV
VRFLDLVWHQGRHPYLVWDRFRQWUROHGDVSHUWXUEDo}HV
VRFLDLV 3DUD LVVR R (VWDGR TXHU PDLV WULEXWRV RV

HPSUHViULRVSRUpPHQWHQGHPTXHDFDUJDWULEXWiULD
Mi p H[FHVVLYD H SUHWHQGH UHGX]LOD DLQGD PDLV 2V
SDUDGR[RV H DV FRQWUDGLo}HV YmRVH DFXPXODQGR e
HVVH Qy GH SDUDGR[RV FRQWUDGLo}HV H LPSRWrQFLDV
TXHPDUFDRFRQWH[WRVRFLDOHH[LJHTXHVHIDoDDSHOR
DRGRPFDGDYH]PDLVHSRUWRGDSDUWH2(VWDGRQmR
UDUDV YH]HV HVWDEHOHFH R GRP IRUoDGR TXDQGR FULD
QRYRVLPSRVWRVGLWRVGHVROLGDULHGDGHREULJDQGRD
PDLRULDDSDUWLOKDUXPSRXFRGHVXDVVREUDVFRPRV
PDLV QHFHVVLWDGRV RV GHVHPSUHJDGRV TXH D
HFRQRPLD FDSLWDOLVWD GHVFDUWRX RX QHP VHTXHU
DSURYHLWRX
e QHVVH FRQWH[WR QR PHLR GH PLOK}HV GH
GHVHPSUHJDGRV TXH VH PXOWLSOLFDP RV PRYLPHQWRV
GRV VHP WHUUD GRV VHP WHWR GRV VHP FLGDGDQLD
HQILP GRV VHP QDGD 1HVVH FRQWH[WR WDPEpP VH
PXOWLSOLFDPDVRUJDQL]Do}HVTXHH[SORUDPDWLYLGDGHV
LOtFLWDV$ OXWD SHOD VREUHYLYrQFLD LQGX] R KRPHP j
XWLOL]DomR GH PHLRV YLROHQWRV $ LQHILFLrQFLD GD
SROtWLFDVRFLDOGR(VWDGRJHUDJUDQGHGHVLOXVmRHQWUH
RV H[FOXtGRV SHOD DXVrQFLD GH DOWHUQDWLYDV RX
SRVVLELOLGDGHV GH UHFRORFDomR SHODV YLDV
FRQVLGHUDGDVOtFLWDV2GLUHLWRHVWDWDOYDLSHUGHQGRR
VHX VHQWLGR H D VXD XWLOLGDGH QDTXHOHV WHUULWyULRV
IDYHODV SHULIHULDV ]RQDV GH SURVWLWXLomR H GH
FRPpUFLR GH QDUFyWLFRV  TXH FRQFHQWUDP RV
H[FOXtGRV
2 SURFHVVR GH H[FOXVmR GH XPD SDUFHOD GH

FLGDGmRV JHUD XP SURFHVVR GH LQFOXVmR jV


DYHVVDV TXH p UHSULPLGR SHOD SROtFLD HVWDWDO QD
PHGLGD HP TXH RV H[FOXtGRV EXVFDP D TXDOTXHU
FXVWR D VXD LQFOXVmR HFRQ{PLFD QR H[HUFtFLR GH
DWLYLGDGHV FRQVLGHUDGDV LOtFLWDV 1HVVH VHQWLGR RV
MRYHQV H[FOXtGRV EXVFDP D VXD LQFOXVmR HFRQ{PLFD
QD SURVWLWXLomR QR QDUFRWUiILFR QR IXUWR QR URXER
HWF 9DOH GL]HU R SURFHVVR GH H[FOXVmR QmR FULD
DSHQDVXPDSRSXODomRGHSREUHVPDVWDPEpPXPD
VRFLHGDGH SDUDOHOD FRP SRGHU H MXVWLoD SDUDOHORV
FRQWURODGRV SRU JUXSRV TXH QmR SRVVXHP YtQFXORV
FRPRSRGHUHVWDWDO
e WDPEpP QHVVH FRQWH[WR GH PLOK}HV GH
GHVHPSUHJDGRVTXHVHFULVWDOL]DDGHPDQGDGRGRP
DGHPDQGDGDXWRSLDQDPHGLGDHPTXHVHJHQHUDOL]D
R DSHOR D GDU D SDUWLOKDU $SDUHFHP PLOKDUHV GH
RUJDQL]Do}HV QmR JRYHUQDPHQWDLV SDUD RUJDQL]DU D
GHPDQGD H D RIHUWD GR GRP 3HGHVH D GRDGRU HP
SRWHQFLDO JHQHURVR VROLGiULR TXH SDUWLOKH QmR
GLUHWDPHQWH FRP R QHFHVVLWDGR PDV SRU PHLR GH
GRDo}HVDHVVDVRUJDQL]Do}HV3DUDLVVRRUJDQL]DP
VH ED]DUHV OHLO}HV IHVWDV FDPSDQKDV DOJXPDV QD
IRUPD GHVKRZV WHOHYLVLRQDGRV FRPR&ULDQoD
(VSHUDQoD7HOHWRPH2'LDGH)D]HUD'LIHUHQoD2
GRPQDVRFLHGDGHFRQWHPSRUkQHDH[WUDSRODDHVIHUD
GRV VXMHLWRV FRQFUHWRV WRUQDVH XP DWR HQWUH
VXMHLWRVDEVWUDWRVXPGRDGRUTXHDPDDKXPDQLGDGH
H XP GRQDWiULR TXH HQFDUQD SRU DOJXQV GLDV R

WHPSRGHXPDFDPSDQKDGHGRQDWLYRVDPLVpULDGR
PXQGR(VVHVJUDQGHVFLUFXLWRVGRGRPFRORFDPHP
RXWUR SDWDPDU R UHJLPH MXUtGLFR GDV GRDo}HV H D
SUySULDFDSDFLWDomRGRSURILVVLRQDOGRGLUHLWR
$GHPDQGDGRGRP
$FDULGDGHHVWiGHYROWD H HOD DLQGD p RIHQVLYD
SDUD TXHP D DFHLWD 3DUD PXLWRV GRV TXH HVWmR
SDVVDQGRQHFHVVLGDGHpKXPLOKDQWHHVWHQGHUDPmR
3RU HVVH PRWLYR p SUHFLVR DSHODU SDUD DV
RUJDQL]Do}HV H ILJXUDV S~EOLFDV SDUD TXH SHoDP
SHORV QHFHVVLWDGRV TXH RUJDQL]HP FDPSDQKDV H
DSDUHoDP QD PtGLD 0XLWRV VH DSURYHLWDP GHVVDV
VLWXDo}HVSDUDPHOKRUDUVXDVSUySULDVFRQWDV1HVVH
VHQWLGR Mi VH FKHJRX DR OLPLWH GH SHGLU XPD
&RPLVVmR 3DUODPHQWDU GH ,QTXpULWR &3,  SDUD
LQYHVWLJDU
FRQWDV
GH
RUJDQL]Do}HV
QmR
JRYHUQDPHQWDLV H R 0LQLVWpULR 3~EOLFR WHP PRWLYRV
SDUDGHVFRQILDUGHDOJXQVGLULJHQWHVGHRUJDQL]Do}HV
UHOLJLRVDV ([LVWHP WDPEpP DTXHOHV TXH HQWHQGHP
TXH PXLWDV ILJXUDV S~EOLFDV VH DSURYHLWDP GDV
FDPSDQKDV SDUD ID]HUPDUNHWLQJ SHVVRDO SDUD
DXPHQWDURSUHVWtJLRDKRQUDHDIDPDQHVVHFLUFXLWR
PRGHUQRGRGRP
2 XVR GD PtGLD WUDQVIRUPRX D FDULGDGH HP XP
MRJR WHOHYLVLRQDGR IHQ{PHQR TXH LPSULPH j FROHWD
GHGRQVDOJXPDVGDVFDUDFWHUtVWLFDVGRSRWODWFKQD
PHGLGDHPTXHDSDUHFHRDSHORDGDUFDGDYH]PDLV

XPD FLGDGH PDLV TXH D RXWUD XPD HPSUHVD


VRFLHGDGHHPSUHViULD PDLVTXHDRXWUDHRGHVHMR
GHTXHRWRWDOGHGRQDWLYRVVXSHUHDFDGDDQRDTXHOH
TXH IRL DWLQJLGR QR DQR SUHFHGHQWH &RPR QR
SRWODWFK SURFODPDVH LJXDOPHQWH R QRPH GDV
SHVVRDV GDV FLGDGHV GDV HPSUHVDV TXH VH
PRVWUDUDP PDLV JHQHURVDV 'LYHUVRV SURJUDPDV GD
WHOHYLVmR EUDVLOHLUD YLYHP GLVVR SRUTXH HVVD IRUPD
GH JHQHURVLGDGH PHOKRUD RV tQGLFHV GH DXGLrQFLD H
FRQFHGH SUHVWtJLR j UHGH GH WHOHYLVmR H VHXV
DSUHVHQWDGRUHVHSDUWLFLSDQWHV+iDWpXPSURJUDPD
VHPDQDOGHXPDUHGHGHWHOHYLVmRQRUWHDPHULFDQDHP
TXHFHOHEULGDGHV FDQWRUHVKXPRULVWDVDWRUHVHWF 
UHSUHVHQWDQGRDVVRFLDo}HVGHFDULGDGHMRJDPSRNHU
SDUDUHFROKHUGRQDWLYRV
1DV VRFLHGDGHV FRQWHPSRUkQHDV HP TXH DV
UHODo}HV HQWUH RV LQGLYtGXRV VmR FDGD YH] PHQRV
SHVVRDLV RV GRQV FRQVHUYDP DLQGD IUHTXHQWHPHQWH
XP FDUiWHU SHVVRDO PDV TXH jV YH]HV QmR HVWi
OLJDGR GLUHWDPHQWH jTXHOHV TXH VmR GRDGRUHV H
jTXHOHVDTXHPRVGRQVVmRGHVWLQDGRV1RSDOFRGD
WHOHYLVmR DSDUHFHP LQGLYtGXRV TXH UHSUHVHQWDP
YLUWXDOPHQWH WRGRV DTXHOHV TXH YmR EHQHILFLDUVH
GRV GRQV JHUDOPHQWH FULDQoDV DIHWDGDV SRU XPD
GRHQoD JHQpWLFD VmR HQWUHYLVWDGDV H VXVFLWDP D
FRPSDL[mR H R GHVHMR GH DMXGDU ( DR ODGR GHODV
HVWmR RV UHSUHVHQWDQWHV GDV LQVWLWXLo}HV ILJXUDV
S~EOLFDV RX FHOHEULGDGHV TXH ID]HP DSHOR j

JHQHURVLGDGHGDSRSXODomR
2 GRP QD VRFLHGDGH FRQWHPSRUkQHD SRUWDQWR
DLQGD PDQWpP DOJXPDV FDUDFWHUtVWLFDV DQWLJDV
DVVLQDODGDV SRU 0DXVV D GRQV QmR DQWDJRQLVWDV
TXDQGR VH ID] R DSHOR SDUD GRDU
GHVLQWHUHVVDGDPHQWH GH IRUPD DQ{QLPD FRPR
FDULWDV
E GRQV DQWDJRQLVWDV HP TXH Ki
FRQFRUUrQFLD FRPSHWLomR SDUD DUUHFDGDU PDLV
TXDQGR VH KRQUD R QRPH GDTXHOHV TXH GHUDP RV
PDLRUHV GRQDWLYRV e yEYLR TXH HVVHV GRQV
DQWDJRQLVWDVVmRSURWDJRQL]DGRVSRUSHVVRDVULFDV
0HVPR TXDQGR XPD WUDJpGLD WHUUHPRWR HQFKHQWH
VH DEDWH VREUH XP SDtV FODVVLILFDGR FRPR
VXEGHVHQYROYLGR HVSHUDVH TXH RV GHPDLV SDtVHV
GRHPHDTXHOHVPDLVULFRVGHYHPGRDUPDLVHVHQmR
RIL]HUHPSHUGHPRSUHVWtJLR
2GRPDQWDJRQLVWDRXQmRDQWDJRQLVWDDSDUHFH
VHPSUH FRPR XP DWR YROXQWiULR H SHVVRDO $
LQH[LVWrQFLDGHVVDVFDUDFWHUtVWLFDVWUDQVIRUPDRGRP
HPRXWUDFRLVDHPLPSRVWRSRUH[HPSOR7DOYH]LVVR
SRVVD H[SOLFDU SRU TXH PXLWDV SHVVRDV PHVPR
FRQVFLHQWHV GD XWLOLGDGH GRV WULEXWRV SDUD RV
SURJUDPDV GH DVVLVWrQFLD VRFLDO GRV JRYHUQRV
FODPDP SHOD GLPLQXLomR GD FDUJD WULEXWiULD 2 GRP
IRUoDGR GHVFDUDFWHUL]D R GRP WUDQVIRUPDR HP
H[DomR
(QILPDOLRQGHR(VWDGRpLQFDSD]GHSURPRYHU
MXVWLoDVRFLDOHGLPLQXLURQ~PHURGHH[FOXtGRVUHVWD

DSHQDV H WmR VRPHQWH D H[SHFWDWLYD GR GRP


FDULWDWLYReGLItFLOH[SOLFDUSRUTXHDTXHOHVTXHWrP
WmR SRXFR DLQGD VH PRYHP SHOR GRP VmR OHYDGRV
SRUXPLPSXOVRGHTXHpSUHFLVRGRDUDLQGDTXHVHX
VWDWXV QmR OKH SHUPLWD WDQWR 7DOYH] SRUTXH D FRLVD
GDGD GH DOJXP PRGR VHUi UHVWLWXtGD SHOD IRUoD GR
HVStULWRTXHKiQHODRXWDOYH]SRUTXHDFRLVDGDGDR
IRL DRV GHXVHV H RV GHXVHV UHFRPSHQVDP R SRXFR
FRP R PXLWR 0DV WDPEpP p GLItFLO H[SOLFDU SRU TXH
WDQWRV ULFRV QmR FRQVHJXHP HQFRQWUDU RX
UHHQFRQWUDUHVVDJHQHURVLGDGHWmRDQWLJDHSUHVHQWH
HPWRGDVDVVRFLHGDGHVpGLItFLOH[SOLFDUFRPRWDQWRV
ULFRVVHDSULVLRQDUDPQDIULDUD]mRGRFRPHUFLDQWHGR
EDQTXHLURGRFDSLWDOLVWDeFRPXPDHVVDVSHVVRDV
HQWHQGHUHP TXH R IDWR GD H[FOXVmR GHFRUUH GD
YRQWDGH GR H[FOXtGR GDt D UHVSRVWD IiFLO GLUHWD
DUURJDQWH H HVW~SLGD TXHP QHFHVVLWD GR GRP p
YDJDEXQGR2SDUDGR[RGRVSDUDGR[RVpTXHRGRP
UHSUHVHQWD XPD GHIHVD GR VLVWHPD FDSLWDOLVWD FRQWUD
RVSUySULRVFDSLWDOLVWDV
(VWDPRV DVVLP LQVHULGRV HP XP PXQGR
SDUDGR[DOGRH[FHVVRHGDHVFDVVH]TXHpDRPHVPR
WHPSREDUEiULHHFLYLOL]DomR$LPHQVDFRQFHQWUDomR
GHULTXH]DDOpPGHVXVWHQWDUROX[RGHGHWHUPLQDGD
FODVVH VRFLDO ILQDQFLD IRUPDV FDWDVWUyILFDV GH
GHVSHUGtFLRDVDYHQWXUDVLPSHULDOLVWDVDVJXHUUDVD
FRQWDPLQDomR HFROyJLFD D GHVWUXLomR GD QDWXUH]D
0DVQmRSRGHPRVVXFXPELUSRUpPDHVVDUHDOLGDGH

1mR FKHJDPRV DR HVWiJLR ILQDO GD HYROXomR GD


KXPDQLGDGH (VVD VLWXDomR SRGH QmR VHU DSHQDV
HVWUXWXUDO PDV SRGH VHU R SUHO~GLR R VLQDO GH XPD
JUDQGHPXGDQoDGHTXHFHUWRPRGRGHRUJDQL]DomR
VRFLDOMiHVJRWRXWRGDVDVVXDVSRVVLELOLGDGHV
'RPHREMHWRVDJUDGR
0DXVV DR DQDOLVDU RV GRQV GRV KRPHQV DRV
GHXVHVDSRQWDTXHQHPWRGDVDVULTXH]DVVHWURFDP
1HVVHVHQWLGRGLVWLQJXHGXDVFDWHJRULDVGHREMHWRV
D DOLHQiYHLVDTXHOHVTXHVHGHYHPHVHSRGHPGDU
RX WURFDU H E LQDOLHQiYHLV DTXHOHV TXH QmR VH
GHYHP GDU QHP WURFDU $VVLP R MRJR GH GRQV H
FRQWUDGRQV PHVPR HP XPD VRFLHGDGH FRP
HFRQRPLDHPRUDOGRGRPQmRLQYDGHWRGDDHVIHUD
GRVRFLDO1HVWDFRPRHPRXWUDVHVIHUDVKiFRLVDV
TXH QmR VH SRGH GDU QHP WURFDU TXH p SUHFLVR
JXDUGDU 1R JHUDO HVVDV FRLVDV TXH SUHFLVDP VHU
JXDUGDGDVVmRREMHWRVVDJUDGRVREMHWRVSUHFLRVRV
(VVHV REMHWRV QmR HQWUDP QR FLUFXLWR GD WURFD 6mR
EHQV LQDOLHQiYHLV SRUTXH FRQVWLWXHP XPD SDUWH
HVVHQFLDOGDLGHQWLGDGHGDQDomRWULERRXFOm
2V REMHWRV VDJUDGRV VmR RV PDLV SUHFLRVRV
FRQVWLWXHP JHUDOPHQWH SHoDV GH FUHQoDV
LPSRUWDQWHV RX PHVPR GH DOJXP FXOWR$V SHVVRDV
DFUHGLWDP TXH HVVHV REMHWRV QmR DSHQDV SURGX]HP
ULTXH]DVHPDEXQGkQFLDPDVDWUDHPRXWUDV(OHVVmR
H[FOXtGRVGDVWURFDVPDVVHXVEHQHItFLRVVmRGDGRV

WURFDGRV
7DLVREMHWRVVmRLQWRFiYHLVGHRQGHRFDUiWHUGH
SURIDQDomR TXH UHYHVWH D YHQGD D HVWUDQJHLURV
FROHFLRQDGRUHV RX WXULVWDV GH PiVFDUDV H RXWURV
REMHWRV VDJUDGRV SUHFLRVDPHQWH FRQVHUYDGRV QRV
FOmV 0DV VHPSUH VH DFKD XP LQGLYtGXR FDSD] GH
URXEiORVGRSUySULRFOmHYHQGrORVHPVHJUHGRSRU
XP SXQKDGR GH GyODUHV 'H RQGH WDPEpP D
REVWLQDomR GH PLVVLRQiULRV HP GHVWUXLU HVVHV
REMHWRV PXLWDV YH]HV DWp R ~OWLPR GHOHV SDUD
H[WLUSDU D LGRODWULD GRV LQGtJHQDV 'HVWUXLomR
S~EOLFDTXHpXPRXWURWLSRGHSURIDQDomRGHVWLQDGD
DGHPRQVWUDUTXHRGHXVGRVPLVVLRQiULRVpRPDLV
IRUWH *2'(/,(5 
1D VRFLHGDGH FRQWHPSRUkQHD p SRVVtYHO
SHUFHEHU JUDQGHV FLUFXLWRV GR GRP GH REMHWRV
LQDOLHQiYHLV (VVHV FLUFXLWRV DSDUHFHP QD IRUPD GH
H[SRVLo}HV GH REMHWRV UDURV UHPDQHVFHQWHV GH
GHWHUPLQDGR SHUtRGR RX GH GHWHUPLQDGD FXOWXUD Mi
GHVDSDUHFLGDRXHPYLDVGHGHVDSDUHFHU2VREMHWRV
VmR ODQoDGRV QHVVHV JUDQGHV FLUFXLWRV SDUD
SURPRYHU H DXPHQWDU R SUHVWtJLR GH VHXV
SURSULHWiULRVFLUFXODPRPXQGRHSRURQGHSDVVDP
SURYRFDP
DGPLUDomR
H
UHFRQKHFLPHQWR
5HFHQWHPHQWHFLUFXODUDPQR%UDVLOREMHWRVGDDQWLJD
FXOWXUD FKLQHVD FXMD H[SRVLomR UHFHEHX D YLVLWDomR
GH PLOKDUHV GH SHVVRDV (VVHV JUDQGHV FLUFXLWRV
WDPEpPFRORFDPHPRXWURSDWDPDURUHJLPHMXUtGLFR

GRFRQWUDWRGHHPSUpVWLPRHH[LJHPGRSURILVVLRQDO
GR GLUHLWR XPD WHFQRORJLD PDLV DSXUDGD SRLV
GHSHQGHP GD HODERUDomR GH YiULRV FRQWUDWRV GH
FDUiWHULQWHUQDFLRQDO HPSUpVWLPRVHJXURWUDQVSRUWH
HWF  7UDWDVH GH XPNXOD PRGHUQR SRUTXH WDLV
REMHWRV FLUFXODP SHOR PXQGR PDV UHWRUQDP DR VHX
SRQWRGHSDUWLGDHSRURQGHSDVVDPHQJUDQGHFHPD
KRQUD R SUHVWtJLR H D UHSXWDomR GRV VHXV
SURSULHWiULRVQRH[HPSORRSRYRFKLQrV
2FRUUHSRUpPTXHDOJXPDVSHVVRDVHDWpSDtVHV
FRVWXPDP DSRVVDUVH GHVVHV REMHWRV LQDOLHQiYHLV
TXH FRQVWLWXHP SDWULP{QLR GH XP SRYR WULER RX
QDomR (VVHV REMHWRV VmR UHWLUDGRV GRV VHXV
SURSULHWiULRV SRU PHLR GD UDSLQD GR IXUWR H GR
FRQWUDEDQGR PXLWRV VmR DWp QHJRFLDGRV QRV
PHUFDGRVHOHLO}HVGRVJUDQGHVFHQWURVFDSLWDOLVWDV
(VVD DSURSULDomR QmR ILFRX DGVWULWD DRV WHPSRV GR
FRORQLDOLVPRUHFHQWHPHQWHDFXUDGRUDGHXPPXVHX
HXURSHX IRL VXUSUHHQGLGD DR UHFHSFLRQDU REMHWRV
LQDOLHQiYHLV FRQWUDEDQGHDGRV 'Dt R UHWRUQR GD
SHUJXQWD ([LVWHP OLPLWHV DR XVR GR GLQKHLUR QD
VRFLHGDGHFDSLWDOLVWD"
(PXPDVRFLHGDGHQDTXDOTXDVHWXGRSRGHVHU
YHQGLGR RX FRPSUDGR RV SUySULRV LQGLYtGXRV QmR
SRGHPYHQGHUVHQHPVHUHPYHQGLGRVRXFRPSUDGRV
SRUWHUFHLURV3RGHPVHFRQWXGRYHQGHUSDUWHVGHVL
PHVPR$OpPGDIRUoDGHWUDEDOKRpSRVVtYHOYHQGHU
SRUH[HPSORRSUySULRVDQJXH(VVHWLSRGHFRPpUFLR

pSUDWLFDGROHJDOPHQWHHPGLYHUVDVSDUWHVGRPXQGR
LQFOXVLYH QRV SDtVHV GLWRV GHVHQYROYLGRV 8PD
PXOKHUSRGHMXULGLFDPHQWHDOXJDUVHX~WHURHWRUQDU
VH PmH GH DOXJXHO HVVD SUiWLFD WDPEpP p SHUPLWLGD
HP GLYHUVDV SDUWHV GR PXQGR FLYLOL]DGR (VVH
SURFHVVRGHGLVVRFLDomRHFRPHUFLDOL]DomRGHSDUWHV
GR VHU KXPDQR SRGH LU PDLV ORQJH KDMD YLVWD TXH
YiULDV SHVVRDV Mi YHQGHUDP XP GRV VHXV ULQV
LQFOXVLYHPHGLDQWHDQ~QFLRHPMRUQDO
2FRUSRGHXPLQGLYtGXRSHUPDQHFHSURSULHGDGH
VXDXPDSURSULHGDGHJDUDQWLGDSHODOHLHTXHHOHQmR
SRGHWUDQVIRUPDUHPPHUFDGRULDPDVSRGHFRPHOH
SUDWLFDU R GRP &RP RXWUDV SDODYUDV XP LQGLYtGXR
SHODV OHLV EUDVLOHLUDV QmR SRGH FRPHUFLDOL]DU VHX
FRUSR RX SDUWH GHOH PDV QmR Ki LPSHGLPHQWR SDUD
HOHGRDUXPULPXPDFyUQHDRXXPSXOPmR$PtGLD
DWpHQDOWHFHHPXLWRHVVHWLSRGHGRP1mRGHL[DGH
VHUSDUDGR[DOTXHQXPDVRFLHGDGHGHPHUFDGRXPD
FRLVD XPULPXPSXOPmR TXHQmRSRGHVHUYHQGLGD
QHPFRPSUDGDSRVVDVHUGRDGD
*RGHOLHU HQWHQGH TXH VH R LQGLYtGXR FRPR
SHVVRDQmRSRGHVHUWUDQVIRUPDGRHPPHUFDGRULDp
SRUTXH D SUySULD &RQVWLWXLomR TXH IXQGDPHQWD R
GLUHLWR QmR SHUWHQFH jV UHODo}HV FRPHUFLDLV (OD DV
IXQGDPHQWD OLPLWDDV QmR OKHV SHUWHQFH $
&RQVWLWXLomRQmRpSURSULHGDGHGHQHQKXPLQGLYtGXR
HQTXDQWR WDO HOD p SURSULHGDGH FRPXP LQDOLHQiYHO
GHWRGRVDTXHOHVTXHDVHJXHPSRUTXHDHVFROKHUDP

'D PHVPD IRUPD TXH RV LQGLYtGXRV FRPR


SHVVRDV VmR LQDOLHQiYHLV SUHVHQWHV DR PHVPR
WHPSRGHQWURHIRUDGDHVIHUDGDVWURFDVFRPHUFLDLV
DVVLPWDPEpPD&RQVWLWXLomRpXPDUHDOLGDGHVRFLDO
XPEHPFRPXPUHVXOWDGRGRFRUSRFROHWLYRRFRUSR
FRQVWLWXLQWHPRWLYRSHORTXDOQmRSRGHVHUSURGXWR
GH UHODo}HV FRPHUFLDLV 2 GLUHLWR TXH IXQGD RV
GLUHLWRV GRV LQGLYtGXRV p SRUWDQWR SRU HVVrQFLD
FROHWLYR(OHpSURSULHGDGHFRPXPGHWRGRVDTXHOHV
TXHYLYHPVREDPHVPD&RQVWLWXLomRHDUHFRQKHFHP
FRPR VXD SURSULHGDGH LQDOLHQiYHO VLWXDGD DOpP GD
HVIHUD GDV UHODo}HV FRPHUFLDLV e XP GRP TXH RV
KRPHQVHDVPXOKHUHVOLYUHVID]HPDVLPHVPRVHTXH
IXQGDPHQWD QmR DV VXDV UHODo}HV tQWLPDV PDV VXDV
UHODo}HVVRFLDLVS~EOLFDV
$V&RQVWLWXLo}HVTXHRVSRYRVGmRDVLPHVPRV
HTXLYDOHPGHFHUWRPRGRDRVREMHWRVVDJUDGRVTXH
RVKRPHQVDFUHGLWDYDPWHUUHFHELGRGRVGHXVHVSDUD
DMXGiORV D YLYHU MXQWRV H YLYHU EHP 'Dt SRU TXH D
LQGLJQDomRpPDLRUTXDQGRRPDJLVWUDGRYHQGHXPD
VHQWHQoDRXRSROtWLFRYHQGHXPDOHLGRTXHTXDQGR
XP FLGDGmR YHQGH XPD SDUWH GR VHX SUySULR FRUSR
'LIHUHQWHPHQWH GR FRUSR GH XP LQGLYtGXR TXH
PHVPR LQDOLHQiYHO SHUPDQHFH SURSULHGDGH VXD D
&RQVWLWXLomRQmRpSURSULHGDGHGHQHQKXPLQGLYtGXR
HQTXDQWRWDOHODpSURSULHGDGHFRPXPLQDOLHQiYHO

;9

1(2(92/8&,21,602
(92/8&,21,602'26e&8/2;;
2HYROXFLRQLVPRTXHGRPLQRXDDQWURSRORJLDQD
VHJXQGD PHWDGH GR VpFXOR ;,; UHQDVFH QR VpFXOR
;;DWUDYpVGHXPDWHQGrQFLDGHRULHQWDomRPDU[LVWD
GHQRPLQDGDFtUFXORQHRHYROXFLRQLVWDjTXDOVHOLJDP
RV QRPHV GH /HVOLH :KLWH -XOLDQ 6WHZDUW *RUGRQ
&KLOGHH0DUVKDO6DKOLQV
6HJXQGR RV QHRHYROXFLRQLVWDV )UDQ] %RDV
KDYLDGHVYLDGRDDQWURSRORJLDGRVHXFXUVRFRPVXD
DWLWXGHFpWLFDHPUHODomRjWHRULDGDHYROXomRHVXD
LQVLVWrQFLD QD SDUWLFXODULGDGH GH LGHQWLGDGHV
FXOWXUDLV3DUDHOHVD RHVWXGRGDHYROXomRFXOWXUDO
p VLQ{QLPR GR HVWXGR GR SURFHVVR WpFQLFR RX
WHFQROyJLFR E  R KRPHP FRPR WRGRV RV DQLPDLV
H[SORUD R PHLR DPELHQWH SDUD REWHU XPD IRUPD GH
SUHVHUYDUDYLGDHJDUDQWLUDSHUSHWXDomRGDHVSpFLH
F  D WDUHID GD DQWURSRORJLD QmR VHULD DSHQDV
FRQVWDWDU D VHTXrQFLD GR GHVHQYROYLPHQWR PDV
HVSHFLILFDU RV VHXV IDWRUHV GHWHUPLQDQWHV G  DV
DGDSWDo}HVHYROXFLRQiULDVORFDLVHVSHFtILFDVSRGHP
VHU VLQWHWL]DGDV HP QDUUDWLYDV PDLV DEUDQJHQWHV GH

HYROXomR
/HVOLH$OYLQ:KLWH 
6HJXLQGR D RULHQWDomR LQWURGX]LGD SRU 0RUJDQ
:KLWH WDPEpP HQWHQGH TXH D FLYLOL]DomR KXPDQD
HYROXL 3DUD HOH TXDQGR PDLV DYDQoDGD XPD
VRFLHGDGHPDLVFRPSOH[DVHUiDVXDRUJDQL]DomR
:KLWH HQWHQGH TXH R QtYHO GH FRQVXPR GH
HQHUJLD IRUQHFH XPD PHGLGD REMHWLYD GR DYDQoR
FXOWXUDO &RP EDVH QLVVR IRUPXOD D OHL EiVLFD GD
HYROXomRFXOWXUDOYLQFXODGDjTXDQWLGDGHGHHQHUJLD
FRQVXPLGD HRX XWLOL]DGD SHOR KRPHP H D HQXQFLD
QRV VHJXLQWHV WHUPRV $ FXOWXUD VH GHVHQYROYH
TXDQGR D TXDQWLGDGH GH HQHUJLD GH TXH GLVS}H R
K R PHPSHU FDSLWD RX SRU DQR DXPHQWD RX QD
PHGLGD HP TXH DXPHQWD D HILFiFLD GRV PHLRV
WHFQROyJLFRV SDUD DSOLFDU HVWD HQHUJLD DR WUDEDOKR
RX DR LQFUHPHQWDUVH DPERV RV IDWRUHV
VLPXOWDQHDPHQWH LQ 0(//2    &DEH
DQRWDUTXHRFRQVXPRSHUFDSLWDGHHQHUJLDDLQGDp
XVDGRSRUDOJXQVHFRQRPLVWDVFRPRUHIHUHQFLDOSDUD
PHGLURFUHVFLPHQWRHFRQ{PLFRGRVSDtVHVHREHP
HVWDUGHVXDVSRSXODo}HV
2VFULWpULRVDGRWDGRVSRU:KLWHSDUDGHWHUPLQDU
RV HVWiJLRV GD HYROXomR VmR VHPHOKDQWHV jTXHOHV
DGRWDGRV SRU 0RUJDQ SULQFLSDOPHQWH QR TXH VH
UHIHUH DR GHVHQYROYLPHQWR GRV HTXLSDPHQWRV
WHFQROyJLFRV $OLiV :KLWH DGRWD D GLYLVmR GH

HVWiJLRV RX HWDSDV GR GHVHQYROYLPHQWR FXOWXUDO


SURSRVWD SRU 0RUJDQ VHOYDJHULD EDUEiULH H
FLYLOL]DomR $VVLP SDUD :KLWH D R HVWiJLR GH
VHOYDJHULDFDUDFWHUL]DVHSHORXVRHDFHVVRjHQHUJLD
GRSUySULRFRUSRHjVYH]HVjHQHUJLDGRIRJRGR
YHQWR H GD iJXD E R HVWiJLR GH EDUEiULH p
UHFRQKHFLGRSHORXVRGHHQHUJLDQDGRPHVWLFDomRGH
DQLPDLVSHORFXOWLYRGHSODQWDVHQDIDEULFDomRHXVR
GH LQVWUXPHQWRV H IHUUDPHQWDV F R HVWiJLR GH
FLYLOL]DomR SUHGRPLQD D HQHUJLD GD GHVFREHUWD H R
XVRGDPiTXLQDDYDSRU
:KLWH HP VHX OLYUR2 FRQFHLWR GH FXOWXUD
HVWDEHOHFH XPD GLIHUHQoD HQWUH FRPSRUWDPHQWR H
FXOWXUD3DUDHOHD FRPSRUWDPHQWRHVWiUHODFLRQDGR
FRPRRUJDQLVPRKXPDQRRFRUUHTXDQGRFRLVDVH
DFRQWHFLPHQWRV GHSHQGHQWHV GH VLPEROL]DomR VmR
FRQVLGHUDGRVHLQWHUSUHWDGRVIDFHjVXDUHODomRFRP
RUJDQLVPRV KXPDQRV LVWR p HP XP FRQWH[WR
VRPiWLFRE FXOWXUDpLQGHSHQGHQWHGRRUJDQLVPR
KXPDQR RFRUUH TXDQGR FRLVDV H DFRQWHFLPHQWRV
GHSHQGHQWHV GH VLPEROL]DomR VmR FRQVLGHUDGRV H
LQWHUSUHWDGRV QXP FRQWH[WR H[WUDVVRPiWLFR LVWR p
IDFHjUHODomRTXHWrPHQWUHVLDRLQYpVGHFRPRV
RUJDQLVPRVKXPDQRV'HVVDIRUPDHVWDEHOHFHTXH
FRPSRUWDPHQWR SHUWHQFH DR FDPSR GD SVLFRORJLD H
FXOWXUD DR GD DQWURSRORJLD 3DUD :KLWH HVVH
FRQFHLWR OLYUD D DQWURSRORJLD FXOWXUDO GDV
DEVWUDo}HV
LQWDQJtYHLV
LPSHUFHSWtYHLV
H

RQWRORJLFDPHQWH LUUHDLV H SURSRUFLRQDOKH XPD


GLVFLSOLQD YHUGDGHLUD VyOLGD H REVHUYiYHO LQ
0$5&21,H35(62772 
6HJXQGR:KLWHDVFRLVDVHDFRQWHFLPHQWRVTXH
FRQVWLWXHP D FXOWXUD HQFRQWUDPVH QR HVSDoR H QR
WHPSR H SRGHP VHU FODVVLILFDGRV HP D
LQWUDRUJkQLFRV GHQWUR GH RUJDQLVPRV KXPDQRV
FRQFHLWRV FUHQoDV HPRo}HV DWLWXGHV  E
LQWHURUJkQLFRV GHQWUR GRV SURFHVVRV GH LQWHUDomR
VRFLDO HQWUH RV VHUHV KXPDQRV F H[WUDRUJkQLFRV
GHQWUR GH REMHWRV PDWHULDLV PDFKDGRV IiEULFDV
IHUURYLDV YDVRV GH FHUkPLFD  VLWXDGRV IRUD GH
RUJDQLVPRV KXPDQRV PDV GHQWUR GRV SDGU}HV GH
LQWHUDomR VRFLDO HQWUH HOHV 3DUD :KLWH XP LWHP
TXDOTXHU  FRQFHLWR FUHQoD DWR REMHWR  GHYH VHU
FRQVLGHUDGR XP HOHPHQWR GD FXOWXUD GHVGH TXH D
KDMD VLPEROL]DomR UHSUHVHQWDomR SRU PHLR GH
VtPERORV  E  VHMD DQDOLVDGR HP XP FRQWH[WR
H[WUDVVRPiWLFR LQ 0$5&21, H 35(62772 
 
9HUH*RUGRQ&KLOGH 
3DUD &KLOGH    DV YDULDo}HV KLVWyULFDV
SRGHP VHU MXOJDGDV SHODV SURSRUo}HV HP TXH
DMXGDUDP D HVSpFLH KXPDQD D VREUHYLYHU H
PXOWLSOLFDUVH 7UDWDVH GH FULWpULR TXH SRGH VHU
H[SUHVVR HP Q~PHURV SRSXODFLRQDLV (QFRQWUDPVH
QDKLVWyULDIDWRVDRVTXDLVHVVHFULWpULRQXPpULFRp

DSOLFiYHO GLUHWDPHQWH 2 H[HPSOR PDLV yEYLR p D


5HYROXomR ,QGXVWULDO LQJOHVD $ *Um%UHWDQKD HP
 SRVVXtD XPD SRSXODomR GH  SHVVRDV
SRUpP FRP D 5HYROXomR ,QGXVWULDO HP  SDVVD
SDUDHHPSDUD
$VVLPVHJXQGR&KLOGHD5HYROXomR,QGXVWULDO
RX VHMD DV SURIXQGDV PRGLILFDo}HV QD FXOWXUD
PDWHULDO H QR HTXLSDPHQWR DV QRYDV IRUoDV VRFLDLV
GD SURGXomR H D UHRUJDQL]DomR HFRQ{PLFD UHDJLUDP
FRQWUDDWRWDOLGDGHGRSRYREULWkQLFRFRPRQHQKXP
RXWUR IDWR UHOLJLRVR RX SROtWLFR 8P GRV HIHLWRV IRL
VHJXQGRHOHWRUQDUSRVVtYHORDXPHQWRJLJDQWHVFR
HP VHXV Q~PHURV GD SRSXODomR $ MXOJDU SHORV
SDGU}HV DFLPD DQRWDGRV D 5HYROXomR ,QGXVWULDO IRL
XPr[LWR)DFLOLWRXDVREUHYLYrQFLDHDPXOWLSOLFDomR
GD HVSpFLH HP TXHVWmR $VVLP R DPHQWR
SRSXODFLRQDO p WLGR FRPR LQGLFDGRU GH
GHVHQYROYLPHQWR RX VHMD GH PDLRU FDSDFLWDomR
WpFQLFRFXOWXUDO
$OJXQV DQWURSyORJRV HQWHQGHP TXH :KLWH H
&KLOGH IRFDUDP R DVSHFWR PDWHULDO GD FXOWXUD SRU VH
WUDWDU GH XP HOHPHQWR PHQVXUiYHO H GH IiFLO
FRQVWDWDomR
0$56+$//6$+/,16 
6DKOLQV ID] XPD VtQWHVH GLDOpWLFD HQWUH D LGHLD
JHQHUDOL]DGDGHHYROXomRSURJUHVVLYDXQLYHUVDOHRV
PRGHORVTXHHQIDWL]DPRVSURFHVVRVORFDLV3DUDHOH

HVVDV GXDV DERUGDJHQV QmR VH H[FOXHP$VVLP RV


HVWXGRV VREUH VLWXDo}HV HYROXFLRQiULDV ORFDLV H
HVSHFtILFDV SRGHP VHU VLQWHWL]DGRV HP QDUUDWLYDV
PDLVDEUDQJHQWHVGHHYROXomRJHUDO
1HVVD H[SRVLomR GR SHQVDPHQWR GH 6DKOLQV
WRPDPRV FRPR UHIHUrQFLD R OLYUR GH $GDP .XSHU
  HP HVSHFLDO R &DStWXOR 0DUVKDOO 6DKOLQV
KLVWyULDFRPRFXOWXUD.XSHUHQWHQGHTXHDREUDGH
6DKOLQV SRGH VHU GLYLGLGD HP GRLV SHUtRGRV D R
SULPHLUR OLJDGR DR QHRHYROXFLRQLVPR H jV
WHQGrQFLDVPDU[LVWDVE RVHJXQGRTXHVHLQLFLDQD
GpFDGD GH  UHIOHWH FHUWR DEDQGRQR GDV WHVHV
PDU[LVWDV SHODV WHVHV FXOWXUDOLVWDV H DOJXPDV
LQFXUV}HVQRHVWUXWXUDOLVPR
3ULPHLURSHUtRGR
3DUD6DKOLQVWRGDVRFLHGDGHGHYHVHUFRORFDGD
DR ORQJR GH XPFRQWLQXXP GH GHVHQYROYLPHQWR GH
FRPXQLGDGHV IDPLOLDUHV LJXDOLWiULDV SRQWR GH
SDUWLGD  EDVHDGDV HP SDUHQWHVFR SDVVDQGR SHORV
VLVWHPDV GH FKHILDV DWp DOFDQoDU R HVWiJLR PDLV
HOHYDGRTXHVmRRV(VWDGRVKLHUiUTXLFRV(PWRGRR
PXQGRHPERUDQmRQDPHVPDpSRFDDVVRFLHGDGHV
SDVVDUDP
SRU
HVWiJLRV
VHPHOKDQWHV
GH
GHVHQYROYLPHQWR SROtWLFR HP FRQVHTXrQFLD GR
SURJUHVVRWHFQROyJLFRHGRDF~PXORGHUHFXUVRVQDV
PmRVGHSRXFRV
(VVDDQiOLVHGDHYROXomRSROtWLFDpEDVHDGDQXP

FRQWUDVWHHQWUHGRLVWLSRVGHHFRQRPLD3DUD6DKOLQV
p SRVVtYHO HVWDEHOHFHU D H[LVWrQFLD GH GRLV WLSRV GH
VRFLHGDGHV FDGD TXDO FRP VXDV IRUPDV
FDUDFWHUtVWLFDV GH RUJDQL]DomR HFRQ{PLFD D XPD
EDVHDGD QDV GH WURFDV UHFtSURFDV HQWUH SDUHQWHV
FDUDFWHUtVWLFD GDV HFRQRPLDV GH EDQGRV H WULERV
JUXSRV SULPLWLYRV  HP TXH D SURGXomR p UHDOL]DGD
SHOR JUXSR GRPpVWLFR TXH WDPEpP p D XQLGDGH GH
FRQVXPR SRUWDQWR QmR H[LVWH GLYLVmR GH FODVVHV
VRFLDLV QHP H[FHGHQWHV TXH SRVVDP HVWDEHOHFHU
JUDQGHV WURFDV E RXWUD EDVHDGD QD H[SORUDomR
WUDWDVH GDV HFRQRPLDV DYDQoDGDV FDGD YH] PDLV
GLIHUHQFLDGDV H SURGXWLYDV HP TXH XP SHTXHQR
JUXSR GH ULFRV DSURSULDVH GR H[FHGHQWH H RSULPH D
JUDQGHSRSXODomRGHSREUHV
2V SULQFtSLRV GD HFRQRPLD DYDQoDGD IXQGDGD
QD H[SORUDomR GD IRUoD GH WUDEDOKR QmR H[SOLFDP R
IXQFLRQDPHQWR GD HFRQRPLD GRV JUXSRV SULPLWLYRV
DLQGD H[LVWHQWHV 3DUD FRPSUHHQGHU D HFRQRPLD
GHVVHV JUXSRV p QHFHVViULD XPD WHRULD HODERUDGD
HVSHFLDOPHQWH SDUD HVVH ILP &RQIRUPH .XSHU .DUO
3RODQ\L Mi KDYLD HVWDEHOHFLGR RV HOHPHQWRV GHVVD
QRYDWHRULDDRDQRWDUTXHDOXWDSHODVREUHYLYrQFLD
QDV VRFLHGDGHV SUpFDSLWDOLVWDV QmR HUD RUJDQL]DGD
SRUSULQFtSLRVGHPHUFDGRSRUTXHD RVDWRUHVQmR
HUDP KRPHQV GH QHJyFLRV E  DV LQVWLWXLo}HV
HVVHQFLDLV QmR HUDP GH PRGR DOJXP SDUHFLGDV FRP
DVVRFLHGDGHVHPSUHViULDVF QmRKDYLDPHUFDGRHP

TXH WRGRV RV YDORUHV SXGHVVHP VHU PHGLGRV H


FRPSDUDGRVHG QLQJXpPWLQKDTXDOTXHUFRQFHSomR
GHFUHVFLPHQWRDJUHJDGR
3RODQ\L HQWHQGLD TXH QD VRFLHGDGH SUp
FDSLWDOLVWD DV DWLYLGDGHV HFRQ{PLFDV HVWDYDP
HPEXWLGDVQDYLGDGRPpVWLFDHIDPLOLDUHHUDPUHJLGDV
SRU XPD pWLFD GH VROLGDULHGDGH GH SDUHQWHVFR $
PDLRU SDUWH GDV PHUFDGRULDV HUD SURGX]LGD H
FRQVXPLGD SHOD IDPtOLD HPERUD DV WURFDV FRP RV
YL]LQKRVHSDUHQWHVFRQVWLWXtVVHPXPDJDUDQWLDSDUD
RV WHPSRV GLItFHLV$SHQDV XPD SHTXHQD SDUWH HUD
SURGX]LGDHVSHFLILFDPHQWHSDUDWURFDV1RVORFDLVHP
TXH KDYLD SHTXHQRV FKHIHV HOHV UHFHELDP
GHWHUPLQDGDV PHUFDGRULDV FRPR WULEXWR PDV DV
UHGLVWULEXtDP HP IRUPD GH EDQTXHWHV &DGD
PRGDOLGDGH GH WURFD HUD DMXVWDGD SDUD H[SUHVVDU
UHODo}HVGHUHFLSURFLGDGHGHQWURGRVJUXSRVHHQWUH
HOHV
'H DFRUGR FRP 6DKOLQV HVVH SURFHVVR
HFRQ{PLFR DLQGD SRGLD VHU REVHUYDGR QDV
VRFLHGDGHV SULPLWLYDV UHPDQHVFHQWHV +DYLD SRUpP
XPD FRQWUDGLomR RFXOWD QHVVH VLVWHPD GH HFRQRPLD
GRPpVWLFD 9DOH GL]HU HVVH PRGR GH SURGXomR
GRPpVWLFR HUD VRODSDGR SHOR GHVHQYROYLPHQWR
LQH[RUiYHOGHXPDOLGHUDQoDFHQWUDO$VVLPjPHGLGD
TXHXPJUDQGHKRPHPWUDQVIRUPDYDDVLPHVPRQXP
FKHIH SDVVDYD D H[LJLU WULEXWRV HFRQ{PLFRV jV
IDPtOLDV IRUoDQGRDV D SURGX]LU PDLV GR TXH HODV

QHFHVVLWDYDPSDUDDVXDVXEVLVWrQFLD(VVHVFKHIHV
DFDEDYDP UHSXGLDQGR DV DOHJDo}HV GH SDUHQWHVFR
(VVH VHULD VXEVWLWXtGR SHOD FODVVH FRPR R SULQFtSLR
GRPLQDQWH GD RUJDQL]DomR VRFLDO H R PRGR
GRPpVWLFR GH SURGXomR GDULD OXJDU D XPD HFRQRPLD
GHFRPDQGR
6DKOLQV QR ILQDO GD GpFDGD GH  DEDQGRQD
DEUXSWDPHQWH D SRVLomR HYROXFLRQLVWD j TXDO VH
PDQWHYHILHOSRUTXDVHYLQWHDQRV
6HJXQGRSHUtRGR
6DKOLQVHPVHXOLYUR&XOWXUDHUD]mRSUiWLFDGH
H[SOLFDTXHRVPDWHULDOLVWDVFRQVLGHUDPFXOWXUD
FRPRXPFRQMXQWRGHLQVWUXPHQWRVXPDWHFQRORJLD
SDUD D H[SORUDomR UDFLRQDO GD QDWXUH]D
&RQVHTXHQWHPHQWH D KLVWyULD GD KXPDQLGDGH SRGH
VHJXQGR HOHV VHU GLYLGLGD QXPD VXFHVVmR GH
HVWiJLRV PDUFDGRV SHORV DYDQoRV WHFQROyJLFRV H
SHODVPXGDQoDVUHVXOWDQWHVGRVPRGRVGHSURGXomR
(VVDHUDVHJXQGR6DKOLQVDFRQFHSomRGR0DU[GD
SULPHLUD IDVH KXPDQLVWD H LGHDOLVWD  TXH WHULD
LQIOXHQFLDGR R HYROXFLRQLVPR GR VpFXOR ;,;
'LIHUHQWH GR 0DU[ GD VHJXQGD IDVH SRVLWLYLVWD
PDWHULDOLVWD H GHWHUPLQLVWD  TXH WHULD LQIOXHQFLDGR R
QHRHYROXFLRQLVPR RX GHWHUPLQLVPR WHFQROyJLFR GH
/HVOLH:KLWH
1DRSLQLmRGH6DKOLQVQmRKDYLDOXJDUQDDQiOLVH
GH VRFLHGDGHV WULEDLV SDUD D FOiVVLFD RSRVLomR

PDU[LVWD HQWUH XPD EDVH PDWHULDO TXH VXVWHQWDYD D


YLGD GH XPD VRFLHGDGH H XPD VXSHUHVWUXWXUD GH
LQVWLWXLo}HV TXH GHSHQGHVVH GH LGHRORJLDV
PLVWLILFDGRUDV HUJXLGDV VREUH HOD 1DV FXOWXUDV
WULEDLVHFRQRPLDSROtWLFDLGHRORJLDUHOLJLmRHULWXDO
QmRDSDUHFHPFRPRVLVWHPDVGLVWLQWRV
3DUD 6DKOLQV H[LVWHP GLIHUHQoDV HQWUH
VRFLHGDGHVWULEDLVHPRGHUQDVPDVHVVDVGLIHUHQoDV
QmR UHVLGHP HP VXDV WHFQRORJLDV RX HP VXD
RUJDQL]DomRVRFLDO$GLIHUHQoDHVVHQFLDOpTXHHVVDV
VRFLHGDGHV
FRPSUHHQGHPVH
HP
WHUPRV
FRQWUDVWDQWHV &DGD WLSR GHODV p GHILQLGR SRU XPD
IRQWH SULYLOHJLDGD GH VLPEROLVPR D D VRFLHGDGH
WULEDO EDVHLDVH QD PHWiIRUD GR SDUHQWHVFR H WHP
FRPRIRFRVLPEyOLFRGDVFKHILDVDVUHOLJL}HVRILFLDLV
E QD VRFLHGDGH RFLGHQWDO D HFRQRPLD FRQVWLWXL D
SULPHLUD iUHD GH SURGXomR VLPEyOLFD $
VLQJXODULGDGH GD VRFLHGDGH EXUJXHVD QmR UHVLGH QR
IDWR GH R VLVWHPD HFRQ{PLFR IXJLU j GHWHUPLQDomR
VLPEyOLFDPDVVLPGHTXHRVLPEROLVPRHFRQ{PLFRp
HVWUXWXUDOPHQWHGHWHUPLQDQWH
3DUD FRQILUPDU HVVD KLSyWHVH 6DKOLQV GLVFRUUH
VREUHRTXHRVDPHULFDQRVUHDOPHQWHSURGX]HPSDUD
VDWLVID]HUVXDVQHFHVVLGDGHVEiVLFDVGHDOLPHQWDomR
H YHVWXiULR 1HFHVVLGDGHV VmR FXOWXUDOPHQWH
FRQVWLWXtGDV H R TXH RV DPHULFDQRV SURGX]HP SDUD
VDWLVID]HU HVVDV QHFHVVLGDGHV FXOWXUDOPHQWH
HVSHFtILFDV QmR VmR FRLVDV ~WHLV 0DV VtPERORV 2V

(VWDGRV 8QLGRV VmR XPD FXOWXUD GH FRQVXPR HP


TXH DV UHODo}HV DSDUHFHP YHVWLGDV GH REMHWRV
PDQXIDWXUDGRV (VVHV VmRWRWHQV DPHULFDQRV PDV
HOHV QmR UHSUHVHQWDP VLPSOHVPHQWH SRVLo}HV QD
VRFLHGDGH
1RYDV
PHUFDGRULDV
HVWmR
SHUPDQHQWHPHQWHVHQGRODQoDGDVQRPHUFDGRHHODV
HYRFDP QRYDV LGHQWLGDGHV $OLPHQWRV EHELGDV
URXSDV DXWRPyYHLV GHILQHPVWDWXV D SHVVRD p
MXOJDGDSHORTXHFRPHYHVWHGLULJH&RQFOXL6DKOLQV
TXH DV UHODo}HV VRFLDLV VmR SURGX]LGDV SHODV
PHUFDGRULDV TXH RSHUDP FRPR VtPERORV RV
FDSLWDOLVWDV IDEULFDP LPDJHQV GH LGHQWLGDGH TXH
DLQGDVHUmRFULDGDV
$ VRFLHGDGH WULEDO YLYH HP FDVD VHJXLQGR RV
YDORUHVIDPLOLDUHV$VRFLHGDGHEXUJXHVDpGRPLQDGD
SRU XP FRQVXPR GHFODUDGR RX VHMD D HVVrQFLD GD
FLYLOL]DomR QRUWHDPHULFDQD p D FXOWXUD GH FRQVXPR
$VVLP R JUDQGH GLYLVRU HQWUH VRFLHGDGH SULPLWLYD H
DVVRFLHGDGHVFLYLOL]DGDVQmRVmRFRPRSHQVDPRV
PDU[LVWDV RV PRGRV GLVWLQWRV GH SURGXomR 2
FRQWUDVWH IXQGDPHQWDO HQWUH RV GRLV WLSRV GH
VRFLHGDGH UHSRXVD QD RULHQWDomR FDUDFWHUtVWLFD GH
VHXVVLVWHPDVVLPEyOLFRV1DVRFLHGDGHEXUJXHVDR
ORFXVGRPLQDQWHGDSURGXomRVLPEyOLFDpDSURGXomR
PDWHULDO HQTXDQWR QD VRFLHGDGH SULPLWLYD p R
FRQMXQWRGHUHODo}HVVRFLDLV SDUHQWHOD 
(QILP FRQIRUPH .XSHU R 6DKOLQV GD SULPHLUD
IDVH DVSLUDYD FRORFDU HP RUGHP D DQWURSRORJLD

DPHULFDQDDRLQWURGX]LUXPDQRYDFRQFHSomRWHyULFD
EDVHDGDHP0DU[26DKOLQVGDVHJXQGDIDVHWHQWRX
UHSDUDU D GHILFLrQFLD GR PRGHOR PDU[LVWD UHFRUUHQGR
DRHVWUXWXUDOLVPRGH/pYL6WUDXVV
0LWRSUi[LV
2 6DKOLQV GR VHJXQGR SHUtRGR QmR DEDQGRQRX
WRWDOPHQWH DV WHVHV HYROXFLRQLVWDV SRUTXH
FRQWLQXDYD FRQYHQFLGR GH TXH WLQKD KDYLGR XP
PRYLPHQWRHPkPELWRPXQGLDOGHWULERVSDUDFKHILDV
HGHVWDVSDUD(VWDGRV3UHFLVDYDFRQWXGRHQFRQWUDU
XPD H[SOLFDomR QRYD SDUD HVVH SURFHVVR XPD
H[SOLFDomR TXH LGHQWLILFDVVH DV PXGDQoDV PDLV
LPSRUWDQWHV QR GRPtQLR GDV LGHLDV 3DUD 6DKOLQV DV
VRFLHGDGHV SULPLWLYDV IULDV  LQWHUSUHWDYDP RV
HYHQWRV IRUWXLWRV FRPR LQFLGHQWHV SUHYLVtYHLV
UHFRUUHQWHV QXPSDGUmRFtFOLFRHPTXHQDGDSRGLD
DFRQWHFHU SHOD SULPHLUD YH] (P FRQWUDSDUWLGD DV
VRFLHGDGHV RFLGHQWDLV TXHQWHV  DFROKHP GH ERP
JUDGR D PXGDQoD H FRQFHEHP D KLVWyULD FRPR XP
SDGUmR GH PRGHORV HP UiSLGD WUDQVIRUPDomR
RSHUDQGR XP FyGLJR DEHUWR HP H[SDQVmR TXH
UHVSRQGH j SHUPXWD FRQVWDQWH GH HYHQWRV TXH HOD
PHVPDHQFHQRX(VVDVLGHLDVHVERoDGDVHP&XOWXUD
HUD]mRSUiWLFDUHSUHVHQWDPRSRQWRGHSDUWLGDSDUD
XP UHODWR FXOWXUDO GD WUDQVIRUPDomR GH FKHILDV HP
(VWDGR
2V DQWURSyORJRV QmR HVWmR GH DFRUGR HP

FRQVLGHUDURVPLWRVFRPRIRQWHVKLVWyULFDV$OJXQV
DFUHGLWDP TXH p LPSRVVtYHO HVFODUHFHU D KLVWyULD D
SDUWLU GH PLWRV 2XWURV RV WUDWDP MXQWDPHQWH FRP
RXWURV WLSRV GH QDUUDWLYDV FRPR IRQWH GH
FRQKHFLPHQWR KLVWyULFR FRQFHUQHQWH DR SDVVDGR GH
FRPXQLGDGHV FRQWHPSRUkQHDV RX j GLIXVmR GH
FRQKHFLPHQWRV H SUiWLFDV $OpP GLVVR DOJXQV
KLVWRULDGRUHVDFUHGLWDPTXHDVWUDGLo}HVSUHVHUYDGDV
SHODV IDPtOLDV RX SHODV FRUWHV VmR SURGXWRV GD
PHPyULD FROHWLYD H HVWmR UHODFLRQDGDV FRP HYHQWRV
TXHXPGLDIRUDPWHVWHPXQKDGRV'HTXDOTXHUPRGR
R UHFRQKHFLPHQWR GR YDORU KLVWyULFR GRV PLWRV
VLJQLILFDDSRVVLELOLGDGHGHHVWDEHOHFHUXPDKLVWyULD
SDUD DV FXOWXUDV IULDV VRFLHGDGHV SULPLWLYDV 
HVSHFLDOPHQWH SDUD DTXHODV TXH QmR FRQKHFHUDP D
HVFULWD
6DKOLQVLQWURGX]RPLWRHPVXDWHRULD3DUDHOHDV
SHVVRDV HVWDEHOHFHP QRYRV HYHQWRV HP WUDPDV Mi
HVWDEHOHFLGDV HP VXD PLWRORJLD 2V PLWRV WDPEpP
SRGHPRIHUHFHUGLUHWUL]HVSDUDDDomRVHUYLQGRFRPR
SURWyWLSRVVREUHRVTXDLVDVSHVVRDVPRGHODPVXDV
SUySULDV Do}HV 3DUD 6DKOLQV XPD PLWRORJLD p D
HVVrQFLDFRQGHQVDGDGHXPDFRVPRORJLDUHOLJLRVDH
TXHHODUHDOL]DDVPHVPDVIXQo}HVFRPRUHOLJLmRRX
FXOWXUD GH IRUPD PDLV JHUDO 2V PLWRV H[SOLFDP D
PXGDQoDHWDPEpPDMXGDPDHIHWXiODRIHUHFHQGRDR
PHVPRWHPSRXPUHODWRGRSDVVDGRHXPJXLDSDUDD
DomRQRIXWXUR

6DKOLQV GHQRPLQRXPLWRSUi[LV D UHFULDomR GH


PLWRV
HP
FLUFXQVWkQFLDV
FRQWHPSRUkQHDV
SULQFLSDOPHQWH QDTXHODV VRFLHGDGHV HP TXH RV
SHUVRQDJHQV GD PLWRORJLD HVWDYDP OLJDGRV
JHQHDORJLFDPHQWH DRV YLYRV (P WDLV VRFLHGDGHV DV
SHVVRDVDFUHGLWDPTXHRVFKHIHVVmRGHVFHQGHQWHV
GH GHXVHV H WDPEpP HVWmR UHODFLRQDGRV FRP VHX
SUySULR SRYR RV FKHIHV VH LGHQWLILFDP FRP VHXV
DQFHVWUDLV PLWROyJLFRV H LPLWDP VHXV IHLWRV $
PLWRSUi[LV SRUWDQWR p XPD UHSURGXomR
HVWHUHRWLSDGD RX VHMD HOD QmR UHSURGX]
SHUIHLWDPHQWH D HVWUXWXUD PtWLFD SURWRWtSLFD $
HVWUXWXUD GH DOJXPD IRUPD GHL[D HVSDoR SDUD RV
PRYLPHQWRV WiFLWRV GRV LQGLYtGXRV H SDUD DV
LQFXUV}HV LPSUHYLVtYHLV GH HVWUDQKRV RX SDUD D
HUXSomRGHIRUoDVQDWXUDLV
$ WHVH FHQWUDO GH 6DKOLQV HVWDEHOHFH TXH RV
PLWRVRIHUHFHPXPPRGHORSDUDDFRPSUHHQVmRGRV
HYHQWRV$OpP GLVVR Gi jV SHVVRDV GLUHWUL]HV SDUD
OLGDUFRPQRYDVVLWXDo}HV0DVDOJXQVHYHQWRVWrP
RSRGHUGHVXEYHUWHUDHVWUXWXUDGRVLJQLILFDGRTXH
KRPHQVHPXOKHUHVWHQWDPLPSRU$ PLWRSUi[LV QmR
SRGHDEVRUYHUWRGRVRVFKRTXHVDSUHVHQWDGRVDHOD
QmR SRGH FRQJHODU D KLVWyULD 1RV FDVRV PDLV
H[WUHPRV KDYHUi PXGDQoDV QD SUySULD RUGHP
VLPEyOLFD 2 JUDQGH GHVDILR GH XPD DQWURSRORJLD
KLVWyULFD FRQFOXL HOH QmR FRQVLVWH PHUDPHQWH HP
VDEHUFRPRRVHYHQWRVVmRRUGHQDGRVSHODFXOWXUD

PDV D IRUPD FRPR QHVVH SURFHVVR D FXOWXUD p


UHRUGHQDGD
3DUD UHVSRQGHU D HVVD TXHVWmR 6DKOLQV UHDOL]D
YiULRVHVWXGRVGHQWUHRVTXDLVVHGHVWDFDRHVWXGR
VREUHDVPXGDQoDVUHYROXFLRQiULDVTXHRFRUUHUDPQR
+DYDtQRLQtFLRGRVpFXOR;,;
5HYROXomRFXOWXUDOKDYDLDQD
 UHYROXomR FXOWXUDO KDYDLDQD DQWHFHGH DOJXQV
DFRQWHFLPHQWRV TXH SUHFLVDP VHU UHODWDGRV D  R
SULPHLUR GL] UHVSHLWR j YLVLWD GR &DSLWmR &RRN DR
+DYDtHPE RVHJXQGRGL]UHVSHLWRjDEROLomR
GRVLVWHPDGHWDEXDSyVDPRUWHGRUHL.DPHKDPHKD
,HP
9LVLWDGR&DSLWmR&RRN
$YLVLWDGR&DSLWmR&RRNpXPUHODWRGRSULPHLUR
FRQWDWRGHHXURSHXVFRPKDYDLDQRV&RRNFKHJDjV
LOKDV KDYDLDQDV GXUDQWH R IHVWLYDO DQXDO HP 
6HJXQGR RV KLVWRULDGRUHV R FDSLWmR LQJOrV IRL
LGHQWLILFDGR H WUDWDGR SHORV QDWLYRV FRPR XPD
HQFDUQDomR GH /RQR GHXV GD SD] H GD IHUWLOLGDGH 
WLGR FRPR GHXV GR 0DNDKLNL IHVWLYDO GH DQRQRYR
KDYDLDQRTXHpFHOHEUDGRTXDQGRDWHPSHUDWXUDHDV
PDUpV PXGDP H RV SULPHLURV IUXWRV VmR FROKLGRV 2
UHVWRGRDQRpJRYHUQDGRSHORGHXV.XDVVRFLDGR
DRV FKHIHV VXSUHPRV jV JXHUUDV H DRV VDFULItFLRV
KXPDQRV

+DYLDXPDFUHQoDHQWUHRVKDYDLDQRVVHJXQGRD
TXDO TXDQGR /RQR FKHJRX GH .DKLNL 7DLWL  RX
PHOKRUTXDQGRRVVDFHUGRWHVGH/RQRDSUHVHQWDUDP
VXD LPDJHP RV ULWXDLV GR WHPSOR GH .X IRUDP
VXVSHQVRV H R FXOWR D /RQR WRPRX VHX OXJDU
DFRPSDQKDGRSRUQRYRVWDEXVLQFOXLQGRRWDEXGD
JXHUUD /RQR QDYHJRX DR UHGRU GDV LOKDV
DVVHVVRUDGR SHORV VDFHUGRWHV DFROKLGR SHODV
SHVVRDV FRP VDFULItFLRV H WHQGR VXD SDVVDJHP
VDXGDGD FRP VDWXUQDLV 1R ILQDO GR IHVWLYDO HOH IRL
UHFHELGR SHOR UHL H RV GRLV WUDYDUDP XP FRPEDWH
VLPXODGR $OJXQV GLDV GHSRLV /RQR VRIUHX XPD
PRUWH ULWXDO H SDUWLX PDLV XPD YH] QXPD FDQRD
HVSHFLDOJXDUQHFLGDFRPVXSULPHQWRVHVyUHWRUQDULD
QRDQRVHJXLQWH
4XDQGRRVQDYLRVGR&DSLWmR&RRNDSDUHFHUDP
H[DWDPHQWH QR SHUtRGR GR IHVWLYDO 0DNDKLNL RV
KDYDLDQRVDVVRFLDUDPWDOIDWRFRPRUHWRUQRGRGHXV
/RQR $V YHODV GRV QDYLRV LQJOHVHV SDUHFLDP D
EDQGHLUDGHNDSDOLJDGDjLPDJHPGH/RQRHDIRUPD
FRPTXHDHVTXDGUDGH&RRNYHOHMDYDOHQWDPHQWHDR
ORQJRGDFRVWDGDVYiULDVLOKDVVXJHULDRWUDMHWRGR
GHXVDRUHGRUGDLOKDGXUDQWHRIHVWLYDO$VVLPTXH
GHVHPEDUFD DFRPSDQKDGR GH DOJXQV RILFLDLV &RRN
IRL FRQGX]LGR SHOD PmR SHORV VDFHUGRWHV H
WUDQVIRUPDGR QD ILJXUD FHQWUDO GH XPD FHULP{QLD
VRILVWLFDGDSRUPHLRGDTXDORVVDFHUGRWHVTXHULDP
UHFRQKHFrOR FRPR D HQFDUQDomR GH /RQR DWp R

~OWLPR GLD GH VXD YLGD HOH IRL WUDWDGR SHORV QDWLYRV
FRP XP UHVSHLWR TXH FKHJDYD j DGRUDomR 1mR VH
VDEH VH &RRN SHUFHEHX R VLJQLILFDGR UHOLJLRVR GH
WXGRLVVR 5$3/+.8<.(1'$//LQ.83(5
 
'HSRLV GH XP SHUtRGR HP WHUUD GXUDQWH R TXDO
HPEDUFRX VXSULPHQWRV H UHDOL]RX UHSDURV QR QDYLR
&RRN SDUWLX 7RGDYLD VHX PDVWUR TXHEURX H HOH IRL
REULJDGR D UHWRUQDU 1HVVH SHUtRGR FRPHoDUDP D
DSDUHFHU RV FRQIOLWRV HP YLUWXGH GH DOJXQV URXERV
TXH HVWDYDP WRUQDQGRVH FRPXQV$VVLP R URXER
GH DOJXPDV IHUUDPHQWDV SURYRFRX XPD OXWD HP TXH
XP FKHIH IRL JROSHDGR FRP XP UHPR (P VHJXLGD
KRXYHRIXUWRGHXPSHTXHQRYHOHLURJXDUGDFRVWDV
&RRN WHQWRX ID]HU R UHL FRPR UHIpP DWp TXH D
SURSULHGDGH IXUWDGD IRVVH GHYROYLGD 0DV RV
KDYDLDQRV ILFDUDP GHVFRQILDGRV /RQR QXQFD WHULD
YLVLWDGRRFKHIHGDTXHODPDQHLUDDUPDGRHVFROWDGR
SRU VROGDGRV H DSDUHQWHPHQWH KRVWLO 8PD PXOWLGmR
VH UHXQLX H DOJXQV GRV PDULQKHLURV HQWUDUDP HP
SkQLFRHFRPHoDUDPDGLVSDUDUVXDVDUPDV2SUySULR
&RRN GLVSDURX VXD DUPD GXDV YH]HV 1D FRQIXVmR
HOHIRLGHUUXEDGRHPRUWR2FRUSRIRLOHYDGRSHORV
KDYDLDQRVHWUDWDGRFRPRVHIRVVHXPJUDQGHFKHIH
2V LQJOHVHV VH UHDJUXSDUDP H LQIOLJLUDP IRUWHV
UHSUHViOLDV1RILQDOGHSRLVGHXPDVHPDQDYROWRXD
SD]$OJXQV RVVRV GH &RRN IRUDP OHYDGRV GH YROWD
SDUDRVQDYLRVHODQoDGRVDRPDU'HSRLVGLVVRRV

LQJOHVHVSDUWLUDP
6DKOLQV HQWHQGH TXH HVVHV DFRQWHFLPHQWRV
GHVFUHYHP XP URWHLUR PLWROyJLFR /RQR H .X HUDP
ULYDLVHDYROWDGH/RQRUHSUHVHQWRXXPGHVDILRDR
UHL 7RGDV DV GLQDVWLDV KDYDLDQDV KDYLDP VLGR
IXQGDGDV SRU FKHIHV LQYDVRUHV 2 GHVDILR GH /RQR
DRUHLHUDYHQFLGRQRULWXDOTXHUHSUHVHQWDYDRSRQWR
FXOPLQDQWH GR IHVWLYDO TXDQGR RV GRLV WUDYDYDP R
FRPEDWH VLPXODGR H /RQR GHUURWDGR SDUWLD 1HVVH
FDVR FRQWXGR D VHTXrQFLD IRL TXHEUDGD /RQR
UHWRUQD SDUD FRQTXLVWDU 2 UHWRUQR GH /RQR
SUHFLSLWRX XPD VpULH GH FRQIOLWRV VRFLDLV TXH
FRORFRXHPDQGDPHQWRPXGDQoDVUHYROXFLRQiULDV
6HJXQGR 6DKOLQV DV UHODo}HV FRPHUFLDLV HUDP
UHJXODGDV SRU WDEXV H RV PDULQKHLURV EULWkQLFRV
SHUVXDGLDPPXLWRVKDYDLDQRVDTXHEUDUHVVHVWDEXV
SDUDID]HUFRPpUFLRFRPHOHV$VYLRODo}HVGRVWDEXV
HUDP SRUWDQWR PRWLYDGDV SHOD SUDJPiWLFD GR
FRPpUFLR PDV VHX HIHLWR DEDODULD DV UHODo}HV HQWUH
FDWHJRULDVGHKRPHQVHPXOKHUHVFKHIHVHFLGDGmRV
FRPXQV KDYDLDQRV H HVWUDQJHLURV 2 UHVXOWDGR IRL
XPD WUDQVIRUPDomR HVWUXWXUDO H XPD UHRUJDQL]DomR
GDV YHOKDV FDWHJRULDV (QILP QD VHTXrQFLD GRV
DFRQWHFLPHQWRVDHOLWHKDYDLDQDSDVVDDVHLGHQWLILFDU
FRPDLQJOHVD5HLHPLQLVWURVKDYDLDQRVSDVVDPDVH
HVSHOKDU QR UHL H PLQLVWURV LQJOHVHV DGRWDP QRPHV
LQJOHVHV SDVVDP D VH YHVWLU QXPD YHUVmR
DULVWRFUiWLFRHXURSHLD 7XGR LVVR FRQWULEXLX SDUD

PXGDQoDV QDV UHODo}HV HQWUH FKHIHV H FLGDGmRV


FRPXQV
$EROLomRGRVLVWHPDGHWDEXV
&RQIRUPH UHODWD .XSHU R SRQWR FXOPLQDQWH GD
UHYROXomRFXOWXUDOKDYDLDQDRFRUUHHPTXDQGR
RV QREUHV KDYDLDQRV DEROLUDP SRU FRPSOHWR R
VLVWHPD GH WDEXV (P PDLR GDTXHOH DQR PRUUH R UHL
.DPHKDPHKD,TXHKDYLDXQLGRSHODSULPHLUDYH]DV
LOKDV KDYDLDQDV VRE R GRPtQLR GH XP ~QLFR
JRYHUQDQWH $SHVDU GH FHUWD UHVLVWrQFLD HOH IRL
VXFHGLGRSRUVHXILOKR/LKROLKRTXHVHWRUQRXRUHL
.DPHKDPHKD,,
2 MRYHP UHL HUD FHUFDGR SRU TXDWUR ILJXUDV
SRGHURVDV D HVSRVD IDYRULWD GH VHX SDL D UDLQKD
PmHRSULPHLURPLQLVWURHRVXPRVDFHUGRWH-XQWRV
HOHV GHFLGLUDP DEROLU R VLVWHPD GH WDEX 2V DOYRV
SULQFLSDLVHUDPRVWDEXVTXHSURLELDPDVPXOKHUHVGH
ID]HUHPDVUHIHLo}HVMXQWRFRPRVKRPHQVHGHFRPHU
GHWHUPLQDGRVDOLPHQWRVTXHHUDPUHVHUYDGRVDHOHV
(VVHV WDEXV HUDP LPSRUWDQWHV SDUD RV KDYDLDQRV H
VLPEROL]DYDP WRGR R VLVWHPD GH UHVWULo}HV $V
LQIUDo}HV HUDP VLVWHPDWLFDPHQWH SXQLGDV FRP D
PRUWH (P QRYHPEUR D FRUWH RIHUHFHX XP JUDQGH
EDQTXHWH HP TXH RV WDEXV IRUDP IRUPDOPHQWH
TXHEUDGRV(PVHJXLGDIRUDPH[SHGLGDVRUGHQVSDUD
TXH tGRORV IRVVHP GHVWUXtGRV WHPSORV IRVVHP
SURIDQDGRVHWDEXVIRVVHPTXHEUDGRV(VVDIRLXPD

UHYROXomRTXHVHGHXGRWRSRSDUDDEDVHHPTXHR
VXPR VDFHUGRWH HUD XPD ILJXUD GH GHVWDTXH
(QWUHWDQWR KRXYH RSRVLomR OLGHUDGD SRU XP SULPR
GRUHLTXHHUDRSUy[LPRQDOLQKDGHVXFHVVmRSDUDR
VXPR VDFHUGyFLR 2V FRQVHUYDGRUHV IRUDP
GHUURWDGRVHPJUDQGHSDUWHSRUTXHRSDUWLGRGRUHL
WLQKD VXSHULRULGDGH HP DUPDV 4XDQGR RV
PLVVLRQiULRV FKHJDUDP HP  DV PXGDQoDV
KDYLDPVLGRDPSODPHQWHDFHLWDV
0XLWDV H[SOLFDo}HV FRQIOLWDQWHV IRUDP GDGDV
SDUDHVVHHYHQWR.URHEHUDILUPDTXHDUHPRomRGRV
WDEXV UHSUHVHQWRX XP H[HPSOR GHIDGLJD FXOWXUDO
XP VHQWLPHQWR VHPHOKDQWH DR VHQWLGR SHORV
IUDQFHVHV DSyV D GHUURWD HP  RX SHORV
DPHULFDQRV DSyV D TXHEUD GD EROVD GH YDORUHV HP
3DUD.URHEHUXPDYH]TXHXPDDWLYLGDGHGHVVH
JrQHURGHVHQYROYHIRUoDVXILFLHQWHDLQRYDomRFRPR
WDOSRGHSDUHFHUXPDYLUWXGHHXPDEHQomR
6DKOLQV H[SOLFD TXH H[LVWLDP GRLV SDUWLGRV QR
FtUFXORUHDORSDUWLGRGRVSDUHQWHVDILQVGRUHLFXMRV
PHPEURV WLQKDP VLGR LQFXPELGRV GH OLGDU FRP RV
HXURSHXVHVHWRUQRXRSDUWLGRGDUHYROXomRFXOWXUDO
H R SDUWLGR GRV SDUHQWHV FRODWHUDLV GR UHL
FRQVHUYDGRUHVTXHWLQKDPFRQWUROHVREUHRVGHXVHV
GRPLQDQWHV H VREUH R VLVWHPD GH WDEX 2 UHL
HTXLOLEUDYDHVVDVGXDVIRUoDV4XDQGRRUHLPRUUHX
R SDUWLGR SUyHXURSHX GH VHXV SDUHQWHV DILQV VXELX
DR SRGHU 2V FRQVHUYDGRUHV WHQWDUDP DUUHJLPHQWDU

DSRLR HP QRPH GRV GHXVHV 2V QRYRV JRYHUQDQWHV


DJRUD WLQKDP GH VH RSRU jV UHLYLQGLFDo}HV
LGHROyJLFDV GH VHXV DGYHUViULRV H WHQWDUDP ID]HU
LVVRUHPRYHQGRWDEXVPHGLDQWHXPDWRULWXDO&RPD
UHPRomR GRV WDEXV RV JRYHUQDQWHV LPSXVHUDP HP
 XP QRYR FyGLJR ULWXDO j LOKD R FDOYLQLVPR
ULJRURVR
&57,&$$21(2(92/8&,21,602
/pYL6WUDXVV    QmR SRXSD FUtWLFDV DR
QHRHYROXFLRQLVPR(QWHQGHTXHDLGHLDGHSURJUHVVR
pXPDQRomRRFLGHQWDOFXOWXUDOPHQWHHVSHFtILFDTXH
QmR SRGH VHU JHQHUDOL]DGD 3RU HVVD UD]mR UHMHLWD R
FULWpULR GH /HVOLH :KLWH GH TXH D TXDQWLGDGH GH
HQHUJLDXWLOL]DGDSRUXPDFXOWXUDIRUQHFHXPDPHGLGD
XQLYHUVDO GH SURJUHVVR (VVH SDGUmR HWQRFrQWULFR
VHJXQGRHOHFRUUHVSRQGHDXPLGHDOHQFRQWUDGRHP
GHWHUPLQDGRV SHUtRGRV KLVWyULFRV H p YiOLGR SDUD
FHUWRVDVSHFWRVGDFLYLOL]DomRRFLGHQWDOPDVQmRVH
DSOLFD j JUDQGH PDLRULD GDV VRFLHGDGHV KXPDQDV
SDUD DV TXDLV R SDGUmR SURSRVWR SDUHFHULD VHU
FRPSOHWDPHQWHGHVWLWXtGRGHVLJQLILFDGR
$OpP GLVVR /pYL6WUDXVV VDOLHQWD TXH DOJXPDV
VRFLHGDGHVFRQVLGHUDGDVSULPLWLYDVVREUHSXMDUDPHP
UHDOL]Do}HV PRUDLV H PHVPR HP DOJXPDV iUHDV
WHFQROyJLFDV DV VRFLHGDGHV FRPSOH[DV GR RFLGHQWH
1HVVH VHQWLGR H[HPSOLILFD TXH R FXOWLYR GH SODQWDV
VHP VROR HUD SUDWLFDGR KDYLD VpFXORV SRU DOJXQV

SRYRVGD3ROLQpVLDTXHSURYDYHOPHQWHHQVLQDUDPDR
PXQGR D DUWH GD QDYHJDomR PXQGR HVWH TXH
VXEYHUWHUDP SURIXQGDPHQWH QR VpFXOR ;9,,,
UHYHODQGROKHV XP WLSR GH YLGD VRFLDO H pWLFD PDLV
OLYUH H JHQHURVD TXH RV HXURSHXV QHP VHTXHU
SRGHULDPVXVSHLWDUGDSRVVLELOLGDGHGHH[LVWrQFLD
/pYL6WUDXVV  HVFODUHFHTXHVRE
R FULWpULR GD TXDQWLGDGH GH HQHUJLD GLVSRQtYHOSHU
FDSLWD D VRFLHGDGH QRUWHDPHULFDQD HVWDULD HP
SULPHLUR OXJDU GRUDQNLQJ GD HYROXomR VHJXLGD GD
HXURSHLDHGDMDSRQHVD0DVVHRFULWpULRIRURXWUR
SRU H[HPSOR R JUDX GH DSWLGmR SDUD WULXQIDU VREUH
DPELHQWHV KRVWLV R SULPHLUR OXJDU VHULD RFXSDGR
SHORV HVTXLPyV H EHGXtQRV 6H R FULWpULR IRVVH XP
HVWLOR GH YLGD PDLV OLYUH H JHQHURVR DV WULERV
SROLQpVLDVFHUWDPHQWHJDQKDULDP3DUDWXGRRTXHGL]
UHVSHLWR j RUJDQL]DomR GD IDPtOLD H j KDUPRQL]DomR
GDV UHODo}HV HQWUH JUXSR IDPLOLDU H VRFLDO RV
DERUtJLQHV DXVWUDOLDQRV DWUDVDGRV QR SODQR
HFRQ{PLFR RFXSDP XP OXJDU WmR DYDQoDGR HP
UHODomR DR UHVWR GD KXPDQLGDGH TXH p QHFHVViULR
SDUD FRPSUHHQGHU RV VLVWHPDV GH UHJUDV SRU HOHV
HODERUDGRV DSHODU SDUD FHUWDV IRUPDV GDV
PDWHPiWLFDV PRGHUQDV &RQWULEXLo}HV GH LJXDO
LPSRUWkQFLD SRGHP VHU HQFRQWUDGDV QDV FXOWXUDV
DIULFDQDVPHODQpVLDVDPHULFDQDVHJtSFLDVLVOkPLFDV
HWF
1RWDVHSRUWDQWRTXHXPSRYRSULPLWLYRQmRp

XP SRYR XOWUDSDVVDGR RX DWUDVDGR QXP RX QRXWUR


GRPtQLRSRGHGHPRQVWUDUXPHVStULWRGHLQYHQomRH
UHDOL]DomR TXH GHL[D PXLWR DTXpP RV r[LWRV GRV
FLYLOL]DGRV 1mR VH SRGH HQWUHWDQWR HVFRQGHU D
H[SDQVmR GD FXOWXUD HXURSHLD$OJXQV IDODP DWp GD
XQLYHUVDOL]DomR GD FXOWXUD RFLGHQWDO 0DV p SUHFLVR
WHU HP FRQWD TXH D DGHVmR DR JrQHUR GH YLGD
RFLGHQWDORXDOJXQVGHVHXVDVSHFWRVHVWiORQJHGH
VHU HVSRQWkQHD TXDQWR RV HXURSHXV JRVWDULDP GH
DFUHGLWDU$ DFHLWDomR GD FXOWXUD HXURSHLD QmR IRL R
UHVXOWDGR GH XPD GHFLVmR OLYUH GRV SRYRV HVVD
FXOWXUD VH LPS{V SHOD YLROrQFLD $ (XURSD
HVWDEHOHFHX VHXV VROGDGRV VXDV IHLWRULDV H VHXV
PLVVLRQiULRV SHODV UHJL}HV GR PXQGR LQWHLUR
LQWHUYHLR GLUHWD RX LQGLUHWDPHQWH QD YLGD GD
SRSXODomR ORFDO H VXEYHUWHX SURIXQGDPHQWH R VHX
PRGR WUDGLFLRQDO GH H[LVWrQFLD $ SRSXODomR
VXEMXJDGDQmRWHYHRXWUDVDtGDDQmRVHUDFHLWDUDV
VROXo}HVTXHOKHIRUDPLPSRVWDV
2SURFHVVRGHFRORQL]DomRSRURXWURODGRFULRX
GLIHUHQFLDo}HV HQWUH VRFLHGDGHV GHVHQYROYLGDV H
VXEGHVHQYROYLGDV &RQIRUPH REVHUYD 0DU[ HP
$FXPXODomR SULPLWLYD DV VRFLHGDGHV TXH
GHQRPLQDPRV DWXDOPHQWH VXEGHVHQYROYLGDV QmR R
VmRSRUVXDSUySULDFDXVDHHUUDUtDPRVHPFRQFHEr
ODVFRPRH[WHULRUHVDRGHVHQYROYLPHQWRRFLGHQWDORX
FRPR WHQGR ILFDGR LQGLIHUHQWHV GLDQWH GHOH 1D
YHUGDGH VmR HVVDV VRFLHGDGHV TXH SRU VXD

GHVWUXLomRGLUHWDRXLQGLUHWDHQWUHRVVpFXORV;9,H
;,; WRUQDUDP SRVVtYHO R GHVHQYROYLPHQWR GR
PXQGRRFLGHQWDO(QWUHHODVHHOHH[LVWHXPDUHODomR
GH FRPSOHPHQWDULGDGH 3RU FRQVHJXLQWH MDPDLV R
GHVHQYROYLPHQWR SRGH VHU FRQVLGHUDGR FRPR
UHVXOWDGRGRLPSDFWRGHXPDFXOWXUDPDLVHOHYDGDH
PDLV DWLYD VREUH XPD FXOWXUD PDLV VLPSOHV H PDLV
SDVVLYD /e9,675$866 
1(2(92/8&,21,602(',5(,72
2 QHRHYROXFLRQLVPR p XPD WHQGrQFLD
DQWURSROyJLFD GH LQVSLUDomR PDU[LVWD PRWLYR SHOR
TXDODVVRFLDRHVWiJLRGHHYROXomRGDVRFLHGDGHDR
HVWiJLR GH GHVHQYROYLPHQWR GDV IRUoDV SURGXWLYDV
$VVLP XPD VRFLHGDGH HYROXL GH DFRUGR FRP R
DXPHQWR GR FRQVXPR GH HQHUJLD R FUHVFLPHQWR
LQGXVWULDO R DXPHQWR GD SRSXODomR 3RGHVH GL]HU
HQWmRTXHDLQIUDHVWUXWXUDHFRQ{PLFDDVUHODo}HVGH
SURGXomR FRQGLFLRQD RV GLYHUVRV DVSHFWRV GH
GHWHUPLQDGD FXOWXUD HVSHFLDOPHQWH DV UHODo}HV
MXUtGLFDV
0DU[  QmRHODERUDXPDWHRULDMXUtGLFD
PDV PHQFLRQD D UHODomR HQWUHLQIUDHVWUXWXUD
HFRQ{PLFD HVXSHUHVWUXWXUD MXUtGLFD FRPR R ILR
FRQGXWRUGHVHXVHVWXGRVHTXHSRGHVHUIRUPXODGD
GD VHJXLQWH PDQHLUD QD SURGXomR VRFLDO GH VXD
H[LVWrQFLD RV KRPHQV HQWUDP HP GHWHUPLQDGDV
UHODo}HV QHFHVViULDV LQGHSHQGHQWHV GH VXDV

YRQWDGHVUHODo}HVGHSURGXomRTXHFRUUHVSRQGHP
D GHWHUPLQDGR JUDX GH GHVHQYROYLPHQWR GDV VXDV
IRUoDV PDWHULDLV GH SURGXomR 2 FRQMXQWR GHVVDV
UHODo}HV GH SURGXomR FRQVWLWXL DLQIUDHVWUXWXUD
HFRQ{PLFD GD VRFLHGDGH D EDVH FRQFUHWD VREUH D
TXDO VH HUJXHP DVXSHUHVWUXWXUD MXUtGLFD H D
VXSHUHVWUXWXUD SROtWLFD H jV TXDLV FRUUHVSRQGHP
GHWHUPLQDGDVIRUPDVGHFRQVFLrQFLDVRFLDO
3DUD0DU[RPRGRGHSURGXomRGDYLGDPDWHULDO
FRQGLFLRQD R SURFHVVR GH YLGD VRFLDO SROtWLFD H
LQWHOHFWXDO HP JHUDO 1mR p SRUWDQWR D FRQVFLrQFLD
GRVKRPHQVTXHGHWHUPLQDRVHXVHUpLQYHUVDPHQWH
VHX VHU VRFLDO TXH GHWHUPLQD VXD FRQVFLrQFLD $
FHUWR HVWiJLR GH VHX GHVHQYROYLPHQWR DV IRUoDV
SURGXWLYDV PDWHULDLV GD VRFLHGDGH HQWUDP HP
FRQWUDGLomRFRPDVUHODo}HVGHSURGXomRH[LVWHQWHV
RX  R TXH QmR p VHQmR D H[SUHVVmR MXUtGLFD GR
PHVPR  FRP DVUHODo}HV GH SURSULHGDGH QR VHLR
GDV TXDLV PRYLDP DWp HQWmR 'H IRUPDV GH
GHVHQYROYLPHQWR GH IRUoDV SURGXWLYDV TXH HUDP
HVVDVUHODo}HVWRUQDPVHREVWiFXORV$EUHVHHQWmR
XPD pSRFD GH UHYROXomR VRFLDO TXDQGR D
V X E V H T X H Q W HPXGDQoD QD EDVH HFRQ{PLFD
WUDQVIRUPDDVXSHUHVWUXWXUDMXUtGLFD
$OpP GD UHODomR LQIUDHVWUXWXUD HFRQ{PLFD H
VXSHUHVWUXWXUD MXUtGLFD 0DU[ YLVXDOL]D QR SURFHVVR
KLVWyULFR D OXWD GH FODVVHV H GHVWDFD GXDV JUDQGHV
FODVVHVVRFLDLVQRUHJLPHFDSLWDOLVWDGHSURGXomRD

RVWUDEDOKDGRUHVSURSULHWiULRVGDIRUoDGHWUDEDOKR
TXHWrPFRPRIRQWHGHUHQGLPHQWRRVDOiULRHE RV
FDSLWDOLVWDV SURSULHWiULRV GH FDSLWDO PHLRV GH
SURGXomR  TXH WrP FRPR IRQWH GH UHQGLPHQWR R
OXFUR DSURSULDomR GD PDLVYDOLD  $ VRFLHGDGH p
IRUPDGDSRUXPFRPSOH[RGHUHODo}HV GHSURGXomR
GH SURSULHGDGH GH H[SORUDomR GH GRPLQDomR 
JHUDOPHQWH WHQVDV RX FRQIOLWXRVDV TXH VH
HVWDEHOHFHPHQWUHDVFODVVHVVRFLDLV$VUHODo}HVGH
SURSULHGDGHVLWXDPVHQDLQIUDHVWUXWXUDFRPRIRUPDV
GHUHODo}HVGHSURGXomRHQDVVXSHUHVWUXWXUDVFRPR
H[SUHVVmRMXUtGLFDGHVVDVUHODo}HV
$OpP GHVVDV FRQFOXV}HV FDEH PHQFLRQDU
DOJXPDV DILUPDo}HV GH 0DU[ VHJXQGR DV TXDLV R
GLUHLWR UDGLFD QDV FRQGLo}HV PDWHULDLV GD YLGD R
GLUHLWR QmR WHP KLVWyULD LQGHSHQGHQWH R GLUHLWR
SRVLWLYR SRGH H GHYH PXGDU DV VXDV GHFLV}HV GH
DFRUGR FRP DV QHFHVVLGDGHV GR GHVHQYROYLPHQWR
VRFLDO LVWR p HFRQ{PLFR$QFRUDGRV QHVVDV H HP
RXWUDVFRQFOXV}HVDOJXQVWHyULFRVPDU[LVWDVDILUPDP
TXH R SULPHLUR SULQFtSLR GH XPD WHRULD PDU[LVWD GR
GLUHLWR FRQVLVWH HP HVWDEHOHFHU TXH R GLUHLWR p XP
SURGXWR GD VRFLHGDGH H HVWi FRQVHTXHQWHPHQWH
VXMHLWR D XP SURFHVVR GH DGDSWDomR j YLGD VRFLDO H
SDUWLFXODUPHQWH j HFRQRPLD 3$&+8.$1,6 
 
9iULRV DXWRUHV DERUGDUDP R IHQ{PHQR MXUtGLFR
QXPD SHUVSHFWLYD PDU[LVWD 1HVVH VHQWLGR 3HWU

,YDQRYLFK 6WXFND HP VHX OLYUR'LUHLWR H OXWD GH


FODVVHV FRQFHEH R GLUHLWR QmR FRPR XPDHVWUXWXUD
QRUPDWLYDPDVFRPRXPVLVWHPDGHUHODo}HVVRFLDLV
TXH VHUYH DRV LQWHUHVVHV GD FODVVH GRPLQDQWH
FDSLWDOLVWD HpWXWHODGRSHODIRUoDRUJDQL]DGDGHVVD
FODVVH $V UHODo}HV VRFLDLV FRUUHVSRQGHP DR
FRQMXQWRGDVUHODo}HVGHSURGXomRGHDSURSULDomRH
GHGLVWULEXLomRRXWURFD3DUD6WXFNDDVUHODo}HVGH
SURGXomRHWURFDVmRDVUHODo}HVSULPiULDVHQTXDQWR
DV UHODo}HV GH DSURSULDomR LVWR p DV UHODo}HV
MXUtGLFDV VmR XQLFDPHQWH UHODo}HV GHULYDGDV 2
GLUHLWR SRUWDQWR UHIOHWH DV FRQGLo}HV HFRQ{PLFDV H
VRFLDLVKLVWRULFDPHQWHGHWHUPLQDGDV
7DPEpPQXPDSHUVSHFWLYDPDU[LVWD.DUO5HQQHU
%2772025(     H[DPLQD FRPR DV
IXQo}HV GDV QRUPDV OHJDLV TXH UHJXODP D
SURSULHGDGH FRQWUDWR VXFHVVmR H KHUDQoD VH
PRGLILFDPFRPDHYROXomRGDHVWUXWXUDHFRQ{PLFDGD
VRFLHGDGH FDSLWDOLVWD VHP DOWHUDU SRUpP
QHFHVVDULDPHQWH D IRUPXODomR GDV SUySULDV QRUPDV
OHJDLV TXH DVVLP SDVVDP D REVFXUHFHU DV UHODo}HV
VRFLDLVVLJQLILFDWLYDVGRFDSLWDOLVPRGHVHQYROYLGR
'HQWUH RXWURV WHyULFRV WDPEpP VHJXHP D
RULHQWDomR PDU[LVWD -XDQ5DPRQ &DSHOOD 8PEHUWR
&HUURQL5DOSK0LOLEDQG1LFRV3RXODQW]DV/MXERPLU
7DGLF DOpP GH )ULHGULFK (QJHOV .DUO .DXWVN\ H
3DFKXNDQLV GRV TXDLV HVWHV GRLV ~OWLPRV
GHVWDFDPRVQDVHTXrQFLD

 )ULHGULFK (QJHOV     H .DUO


.DXWVN\ 
(QJHOV H .DXWVN\    REVHUYDP TXH R
GHVHQYROYLPHQWR SOHQR GR LQWHUFkPELR GH
PHUFDGRULDVHPHVFDODVRFLDOSRUPHLRGDFRQFHVVmR
GH LQFHQWLYRV H FUpGLWRV HQJHQGUD FRPSOLFDGDV
UHODo}HV FRQWUDWXDLV UHFtSURFDV H H[LJH UHJUDV
XQLYHUVDOPHQWH YiOLGDV QRUPDV MXUtGLFDV  TXH Vy
SRGHULDP VHU HVWDEHOHFLGDV SHOR (VWDGR (P YLUWXGH
GHVVDFRPSOH[LGDGHDOJXQVWHyULFRVLPDJLQDUDPTXH
WDLV QRUPDV QmR SURYLHVVHP GRV IDWRV HFRQ{PLFRV
PDVGRVGHFUHWRVIRUPDLVGR(VWDGR
3DUD (QJHOV H .DXWVN\ XPD YH] TXH D IRUPD
IXQGDPHQWDOGDVUHODo}HVHQWUHOLYUHVSURGXWRUHVGH
PHUFDGRULDV D FRQFRUUrQFLD  p QLYHODGRUD DR
H[WUHPRDLJXDOGDGHHDOLEHUGDGHMXUtGLFDVWRUQDUDP
VH R SULQFLSDO EUDGR GH JXHUUD GD FODVVH EXUJXHVD
$VVLPDRUHODFLRQDUDIRUPDGRGLUHLWRFRPDIRUPD
GD PHUFDGRULD YHULILFDUDP TXH R SURFHVVR
JHQHUDOL]DGR GH WURFDV PHUFDQWLV H[LJH SDUD D VXD
HIHWLYDomR R VXUJLPHQWR GD VXEMHWLYLGDGH MXUtGLFD H
GRV SULQFtSLRV GD OLEHUGDGH H GD LJXDOGDGH 9DOH
GL]HURRSHUiULRDRFRQWUiULRGRVHUYRHGRHVFUDYR
p UHFRQKHFLGR SHOR VLVWHPD FDSLWDOLVWD FRPR
SURSULHWiULRGHVXDIRUoDGHWUDEDOKRSRUWDQWRSRGH
GLVSRU YHQGHU  OLYUHPHQWH GHVVD PHUFDGRULD 1HVVH
VHQWLGR D UHODomR GH SURGXomR FDSLWDOLVWD H[SUHVVD
QR SODQR MXUtGLFR D QRomR GH TXH WRGRV VmR

SURSULHWiULRV LJXDOGDGH  PDV FRP XPD VLQJXODU


GLIHUHQoDRVWUDEDOKDGRUHVVmRSURSULHWiULRVGDIRUoD
GH WUDEDOKR H RV FDSLWDOLVWDV VmR SURSULHWiULRV GRV
PHLRVGHSURGXomR
1DYHV     DR UHIOHWLU VREUH DV
FRQFHSo}HV GH (QJHOV H .DXWVN\ D UHVSHLWR GD
OLEHUGDGH H GD LJXDOGDGH MXUtGLFDV FRQVWDWD TXH D
HPHUJrQFLD GD FDWHJRULDVXMHLWR GH GLUHLWR
SRVVLELOLWRX TXH R KRPHP FLUFXODVVH QR PHUFDGR
FRPR PHUFDGRULD RX PHOKRU FRPR SURSULHWiULR TXH
RIHUHFHQRPHUFDGRDVLPHVPR2KRPHPDSDUHFHDR
PHVPRWHPSRQDFRQGLomRGHVXMHLWRHREMHWRGHVL
PHVPRQDFRQGLomRGHXPSURSULHWiULRTXHDOLHQDD
VL SUySULR 2 GLUHLWR ID] IXQFLRQDU DVVLP DV
FDWHJRULDV GD OLEHUGDGH H GD LJXDOGDGH Mi TXH R
KRPHPQmRSRGHULDGLVSRUGHVLVHQmRIRVVHOLYUH
DOLEHUGDGHpHVVDGLVSRVLomRGHVLFRPRPHUFDGRULD
QHPSRGHULDFHOHEUDUXPFRQWUDWRHVVHDFRUGRGH
YRQWDGH  FRP RXWUR KRPHP VH DPERV QmR
HVWLYHVVHPHPXPDFRQGLomRGHHTXLYDOrQFLDIRUPDO
(QJHOV H .DXWVN\    OHPEUDP TXH DV
SULPHLUDV IRUPDo}HV SDUWLGiULDV SUROHWiULDV DVVLP
FRPR VHXV UHSUHVHQWDQWHV WHyULFRV PDQWLYHUDPVH
HVWULWDPHQWHQRFDPSRMXUtGLFRHPERUDFRQVWUXtVVHP
SDUD VL XP WHUUHQR GR GLUHLWR GLIHUHQWH GDTXHOH GD
EXUJXHVLD'HXPODGRDUHLYLQGLFDomRGHLJXDOGDGH
IRL DPSOLDGD EXVFDQGR FRPSOHWDU D LJXDOGDGH
MXUtGLFD FRP D LJXDOGDGH VRFLDO GH RXWUR ODGR

FRQFOXLXVH TXH R WUDEDOKR p D IRQWH GH WRGD D


ULTXH]D SRU LVVR R SURGXWR GR WUDEDOKR GHYHULD VHU
GLYLGLGRGHIRUPDPDLVHTXLWDWLYDHQWUHFDSLWDOLVWDVH
WUDEDOKDGRUHV
2FRUUHSRUpPTXHDUHLYLQGLFDomRGDLJXDOGDGH
DVVLPFRPRGRSURGXWRLQWHJUDOGRWUDEDOKRSHUGLD
VHHPFRQWUDGLo}HVLQVRO~YHLVWmRORJRVHEXVFDYD
IRUPXODU VHXV SRUPHQRUHV MXUtGLFRV H GHL[DYD PDLV
RX PHQRV LQWDFWR R FHUQH GD TXHVWmR D
WUDQVIRUPDomR GR PRGR GH SURGXomR 3RU HVVDV
UD]}HV(QJHOVH.DXWVN\  HQWHQGHPTXH
DV GXDV SRVLo}HV HUDP LJXDOPHQWH LQVXILFLHQWHV
WDQWRSDUDH[SUHVVDUDVLWXDomRHFRQ{PLFDGDFODVVH
WUDEDOKDGRUD TXDQWR SDUD HVWUXWXUDU D OXWD
HPDQFLSDWyULD GHOD GHFRUUHQWH $ FRQFHSomR
PDWHULDOLVWD GD KLVWyULD GH 0DU[ VHJXQGR D TXDO
WRGDV DV UHSUHVHQWDo}HV GRV KRPHQV  MXUtGLFDV
SROtWLFDV ILORVyILFDV UHOLJLRVDV HWF  GHULYDP HP
~OWLPD LQVWkQFLD GDV FRQGLo}HV GH YLGD GR SUySULR
KRPHPHGRPRGRGHSURGX]LUHWURFDURVSURGXWRV
DMXGRXRVSDUWLGRVGRVWUDEDOKDGRUHVDFRPSUHHQGHU
TXH D ~QLFD IRUPD GH DomR SRVVtYHO SDUD D FODVVH
FXMRVLQWHUHVVHVGHIHQGLDPHVWDYDQRFDPSRGDOXWD
SROtWLFDRXPHOKRUGDOXWDGHFODVVHV
$ SDUWLU GHVVD FRPSUHHQVmR HP YH] GH
UHLYLQGLFDU R GLUHLWR GRV WUDEDOKDGRUHV DR SURGXWR
LQWHJUDOGRWUDEDOKRRVSDUWLGRVGRVWUDEDOKDGRUHV
SDVVDULDPDUHLYLQGLFDUTXHRVPHLRVGHSURGXomRH

RV SURGXWRV GHYDP SHUWHQFHU j FROHWLYLGDGH


WUDEDOKDGRUD ,VVR QmR VLJQLILFD TXH D FODVVH
WUDEDOKDGRUD QmR GHYD IRUPXODU UHLYLQGLFDo}HV GH
QDWXUH]D MXUtGLFD SRLV FRPR DILUPDP (QJHOV H
.DXWVN\    WRGD FODVVH HP OXWD SUHFLVD
SRLVIRUPXODUVXDVUHLYLQGLFDo}HVHPXPSURJUDPD
VREDIRUPDGHUHLYLQGLFDo}HVMXUtGLFDV
(QILP FRQIRUPH (QJHOV H .DXWVN\   
0DU[ HQWHQGHX TXH D FRQWLQXLGDGH GD H[SORUDomR
VRE TXDOTXHU IRUPD HP YH] GH SURPRYHU R
GHVHQYROYLPHQWRVRFLDORREVWDFXOL]DFDGDYH]PDLV
HLPSOLFDFKRTXHVFUHVFHQWHPHQWHYLROHQWRV
 (YJHQL %URQLVODYRYLFK 3DFKXNDQLV 

3DFKXNDQLVpXPWHyULFRGRGLUHLWRTXHVHLQVSLUD
QRPDU[LVPR1RVHXOLYUR$WHRULDJHUDOGRGLUHLWRH
R PDU[LVPR GL] TXH TXDQGR DV UHODo}HV KXPDQDV
VmR FRQVWUXtGDV FRPR UHODo}HV HQWUH VXMHLWRV
VXUJHP DV FRQGLo}HV SDUD R GHVHQYROYLPHQWR GH
XPD VXSHUHVWUXWXUD MXUtGLFD FRP VXDV OHLV IRUPDLV
$VVLP R SURFHVVR GH HYROXomR KLVWyULFD GD
HFRQRPLD FDSLWDOLVWD YDL GH SDU FRP D IRUPD GD
VXSHUHVWUXWXUD MXUtGLFD FRQFUHWD RX VHMD RV WUDoRV
HVVHQFLDLV GR GLUHLWR SULYDGR GH XPD HFRQRPLD
FDSLWDOLVWD VmR VLPXOWDQHDPHQWH RV DWULEXWRV
FDUDFWHUtVWLFRVGDVXSHUHVWUXWXUDMXUtGLFD
6HJXQGR 6LPRQH *R\DUG)DEUH    

3DFKXNDQLV GHQHJD DR GLUHLWR TXDOTXHU FDUiWHU GH


GHYHUVHU TXDOTXHU GLPHQVmR QRUPDWLYD 3DUD HOH D
UHJXODPHQWDomRMXUtGLFDH[LVWHGHIDWRHpQHFHVViULD
PDV Vy VH SRGH H[SOLFiOD SHORV PHFDQLVPRV
PDWHULDOLVWDV GH QDWXUH]D VRFLDO GHVHQFDGHDGRV H
FRPDQGDGRV SHOR YROXQWDULVPR SROtWLFR GD FODVVH
GRPLQDQWH $V QRo}HV GH FRQWUDWR GH REULJDomR
MXUtGLFDGHGLUHLWRVXEMHWLYRHGHVDQomRID]HPSDUWH
IRUPDOPHQWH GHVVD XQLGDGH HVWUXWXUDO HYROXtGD TXH
R GLUHLWR SRVLWLYR FRQVWLWXL PDV HVVD HVWUXWXUD
IRUPDOPHQWH DFDEDGD ORQJH GH VHU D HVWUXWXUD LGHDO
RX JHUDO GR GLUHLWR p XPD HVWUXWXUD KLVWRULFDPHQWH
FDXVDGD GH XPD IRUPDomR VRFLDO HVSHFtILFD 3DUD
3DFKXNDQLVDFDXVDOLGDGHKLVWyULFDGRMXUtGLFRpDGD
HFRQRPLDSUySULDGDVRFLHGDGHFDSLWDOLVWD
3DFKXNDQLVHQWHQGHTXHDUHODomRHFRQ{PLFDp
HP VHX PRYLPHQWR UHDO D IRQWH GD UHODomR MXUtGLFD
PRWLYR SHOR TXDO R GLUHLWR QmR WHP D HVSHFLILFLGDGH
GHXPDUHJXODomRQRUPDWLYDHLGHDOWUDWDVHDSHQDV
GH XP FRQMXQWR GH UHODo}HV VRFLRHFRQ{PLFDV TXH
WUD]HP D PDUFD GD LGHRORJLD GD FODVVH GRPLQDQWH
$VVLP j PHGLGD TXH D VRFLHGDGH UHSUHVHQWD XP
PHUFDGRDPiTXLQDGH(VWDGRVHUHDOL]DHIHWLYDPHQWH
FRPRDYRQWDGHJHUDOLPSHVVRDOFRPRDDXWRULGDGH
GR GLUHLWR1R PHLR VRFLDO HP TXH VH PDQLIHVWD VHP
FHVVDURPRYLPHQWRGRWUDEDOKRGDPHUFDGRULDHGR
GLQKHLUR R TXH FDUDFWHUL]D R GLUHLWR VmR DV
GHVDYHQoDVHRVOLWtJLRV2SRGHUGH(VWDGRFRQIHUH

FODUH]DHHVWDELOLGDGHjHVWUXWXUDMXUtGLFDPDVQmROKH
FULD SUHPLVVDV SRLV HODV VH HQUDt]DP QDV UHODo}HV
PDWHULDLVLVWRpQDVUHODo}HVGHSURGXomR

;9,

(6758785$/,602
,1752'8d2
(QWHQGHVH SRUHVWUXWXUDOLVPR R PpWRGR RX R
SURFHVVR GH SHVTXLVD HP FXMD EDVH HQFRQWUDVH R
FRQFHLWR GHHVWUXWXUD FRP R VLJQLILFDGR GHVLVWHPD
)RLDOLQJXtVWLFDGRVpFXOR;;TXHDRHODERUDUXPD
QRYDFRQFHSomRGHOLQJXDJHPHVWDEHOHFHXDVEDVHV
FRQFHLWXDLV GR HVWUXWXUDOLVPR (VVDV EDVHV IRUDP
DVVXPLGDV SHORHVWUXWXUDOLVPR DQWURSROyJLFR H
SRVWHULRUPHQWH GLIXQGLUDPVH SDUD WRGDV DV iUHDV
GDVFLrQFLDVKXPDQDVHVRFLDLVLQFOXLQGRRGLUHLWR
4XDQGRVHIDODHPHVWUXWXUDSHQVDVHHPUHJUDV
GHGLVSRVLomRVLVWHPiWLFDGHHOHPHQWRV0DVRWHUPR
HVWUXWXUD p YDJR H DPEtJXR SRUWDGRU GH YiULRV
VLJQLILFDGRV SRVVXL SRUWDQWR DOFDQFH H VHQWLGRV
GLIHUHQWHV TXH SUHFLVDP VHU HVSHFLILFDGRV
$EEDJQDQR  PRVWUDTXHRFRQFHLWRp
XWLOL]DGRjVYH]HVGHIRUPDUHVWULWDHRXWUDVYH]HVGH
IRUPDJHQpULFD
(VWUXWXUDVLJQLILFDGRUHVWULWR
(VWUXWXUDHPVHQWLGRUHVWULWRHHVSHFtILFRWHPR

VLJQLILFDGR GH XP SODQR RX VLVWHPD GH UHODo}HV


KLHUDUTXLFDPHQWH RUGHQDGR RX VHMD XPD RUGHP
ILQDOLVWD LQWUtQVHFD GHVWLQDGD D FRQVHUYDU R Pi[LPR
SRVVtYHOVHXSODQRRXVLVWHPD$HVWUXWXUDSRUWDQWR
QmRpFRQVWLWXtGDVLPSOHVPHQWHSRUXPFRQMXQWRGH
HOHPHQWRV UHODFLRQDGRV PDV SRU XPD RUGHP
KLHUiUTXLFDTXHWHPRREMHWLYRGHJDUDQWLURr[LWRGH
VXDIXQomRHVXDSUySULDFRQVHUYDomR
$ IRUPD UHVWULWD p QR JHUDO D TXH PDLV
FRUUHVSRQGHDRXVRGRWHUPRQDOLQJXDJHPFRPXP
1HVVH VHQWLGR IDODVH GD HVWUXWXUD GH XP HGLItFLR H
GD FRUUHODomR HQWUH VXDV SDUWHV TXH DVVHJXUD D
HVWDELOLGDGHGHOHHOKHSHUPLWHFRUUHVSRQGHUDRXVRD
TXH p GHVWLQDGR (P XPD RUJDQL]DomR TXDOTXHU
HVWUXWXUDpRSODQRGHDWLYLGDGHVRXGHyUJmRVTXH
PDQWpP D RUJDQL]DomR H OKH SHUPLWH UHDOL]DU VHXV
REMHWLYRV1HVVHVHQWLGRIDODVHGHHVWUXWXUDGHXPD
VRFLHGDGHHPSUHViULDFRPRVVHXVyUJmRVGHSRGHU
DVVHPEOHLD JHUDO FRQVHOKR GH DGPLQLVWUDomR
FRQVHOKR ILVFDO SUHVLGrQFLD  KLHUDUTXLFDPHQWH
RUGHQDGRV
(VWUXWXUDVLJQLILFDGRJHQpULFR
(PVHQWLGROyJLFRRWHUPRHVWUXWXUDVLJQLILFDR
SODQRGHXPDUHODomR1HVVHVHQWLGRGL]VHTXHGXDV
UHODo}HV WrP D PHVPD HVWUXWXUD TXDQGR R PHVPR
SODQRYDOHSDUDDPEDVRXVHMDTXDQGRDVUHODo}HV
VmRDQiORJDVWDQWRTXDQWRXPPDSDJHRJUiILFRWHP

DQDORJLD FRP D UHJLmR TXH UHSUHVHQWD $VVLP


HVWUXWXUDpXPFRQFHLWRJHQHUDOtVVLPRTXHHTXLYDOHD
SODQR FRQVWUXomR FRQVWLWXLomR HWF 7DPEpP QD
WHUPLQRORJLD PDU[LVWD HVWUXWXUD RX LQIUDHVWUXWXUD p
XP FRQFHLWR JHQpULFR YLVWR TXH VLJQLILFD D
FRQVWLWXLomR HFRQ{PLFD GD VRFLHGDGH HP TXH VH
LQFOXHP DV UHODo}HV GH SURGXomR DR SDVVR TXH D
VXSHUHVWUXWXUD p D FRQVWLWXLomR MXUtGLFD SROtWLFD
LGHROyJLFDGDSUySULDVRFLHGDGH
0DULOHQD&KDXt 9, OHPEUDTXHDDPSOLDomR
GRWHUPRHVWUXWXUDWDPEpPVHYHULILFRXQDELRORJLD
H QD PDWHPiWLFD 1R VHQWLGR ELROyJLFRHVWUXWXUD
VLJQLILFD XP FRQMXQWR FXMRV HOHPHQWRV PDQLIHVWDP
VROLGDULHGDGH HQWUH VL H GHSHQGrQFLD P~WXD $
WRWDOLGDGH GH WDO FRQMXQWR QmR FRQVLVWLULD
VLPSOHVPHQWHQDVRPDGHVXDVSDUWHVUHVXOWDULDGDV
UHODo}HVLQWHUQDVH[LVWHQWHVHQWUHDVSDUWHVUHODo}HV
HVVDVTXHVmRQHFHVViULDVHIXQFLRQDLV1RVHQWLGR
PDWHPiWLFR HVWUXWXUD VLJQLILFD XP VLVWHPD GH
UHODo}HV TXH GHVFUHYHP R IXQFLRQDPHQWR GH XP
IHQ{PHQR UHSUHVHQWDGR SRU XP PRGHOR 1HVVH
V H Q W LG R HVWUXWXUD UHGX]VH D XP VLVWHPD GH
RSHUDo}HV DEVWUDWDV H VHX VLJQLILFDGR p R GH XPD
FRPELQDWyULD JHUDO TXH DVVXPH DVSHFWR SDUWLFXODU
TXDQGR SUHHQFKLGD SRU XP PRGHOR LVWR p SHOD
UHSUHVHQWDomR GH XP IHQ{PHQR GHWHUPLQDGR
(VWUXWXUD QHVVH VHQWLGR DSDUHFH FRPR XPD IRUPD
YD]LD FXMD PDWpULD p YDULiYHO SRUTXH GHSHQGH GR

PRGHORSDUWLFXODUTXHYHQKDDVHHQFDL[DUQHOD
$OHUWD D DXWRUD TXH HVVHV GRLV VHQWLGRV
ELROyJLFR H PDWHPiWLFR  QmR VmR FRQWXGR
VXILFLHQWHV SDUD VH FRPSUHHQGHU R HPSUHJR GD
SDODYUDSHODVFRUUHQWHVHVWUXWXUDOLVWDVGRVpFXOR;;
3DUD LVVR IRL GHFLVLYR R SDSHO GHVHPSHQKDGR SRU
)HUGLQDQG GH 6DXVVXUH TXH HPERUD QmR WHQKD
XVDGR D SDODYUDHVWUXWXUD H[SOLFLWDPHQWH HODERURX
WRGDDHVVrQFLDGDFRQFHSomRHVWUXWXUDOPHGLDQWHD
QRomR GHVLVWHPD 2 WHUPRHVWUXWXUD WHP R
VLJQLILFDGR JHQpULFR GHVLVWHPD TXDQGR VH IDOD GH
HVWUXWXUD FRPR XP FRQMXQWR GH HOHPHQWRV
VXEPHWLGRVDGHWHUPLQDGDVUHODo}HV
,1)/81&,$'(6$86685(
$SDODYUDHVWUXWXUDpSRUXPODGRVLQ{QLPRGH
IRUPD SRU RXWUR ODGR p VLQ{QLPR GHVLVWHPD FRPR
FRQMXQWRRXWRWDOLGDGHGHUHODo}HV)RLQHVWH~OWLPR
VHQWLGR TXH D SDODYUD SDVVRX SDUD D OLQJXtVWLFD RX
HVWXGR GD OLQJXDJHP 1HVVH VHQWLGR 6DXVVXUH GL]
TXHDOtQJXDpXPVLVWHPDFXMDVSDUWHVWRGDVGHYHP
VHUFRQVLGHUDGDVHPVXDVROLGDULHGDGHVLQFU{QLFD
&RQIRUPH DQiOLVH GH &KDXt   6DXVVXUH
HVWDEHOHFHX SDUD D OLQJXtVWLFD DV VHJXLQWHV EDVHV
FRQFHLWXDLV TXH LQVSLUDUDP R HVWUXWXUDOLVPR
DQWURSROyJLFR D  D OLQJXDJHP p FRQVWLWXtGD SHOD
GLVWLQomRHQWUHOtQJXDHIDODOtQJXDpXPDLQVWLWXLomR
VRFLDO H XPVLVWHPD RX XPDHVWUXWXUD REMHWLYD TXH

H[LVWH FRP VXDV UHJUDV H SULQFtSLRV SUySULRV


HQTXDQWRIDOD SDODYUD pRDWRLQGLYLGXDOGRXVRGD
OtQJXD WHQGR H[LVWrQFLD VXEMHWLYD SRU VHU R PRGR
FRPR RV VXMHLWRV VH DSURSULDP GD OtQJXD H D
HPSUHJDP E  D OtQJXD p XPD WRWDOLGDGH GRWDGD GH
VHQWLGRQDTXDORWRGRFRQIHUHVHQWLGRjVSDUWHVLVWR
pDVSDUWHVQmRH[LVWHPLVRODGDVQHPVRPDGDVPDV
DSHQDVSHODSRVLomRHIXQomRTXHRWRGRGDOtQJXD
OKHV Gi H VHX VHQWLGR YHP GHVVD SRVLomR H GHVVD
IXQomRF DOtQJXDpXPVLVWHPDFRQYHQFLRQDOFXMDV
SDUWHV SRGHP H GHYHP VHU FRQVLGHUDGDV HP VXD
VROLGDULHGDGHVLQFU{QLFDG DOtQJXDpLQFRQVFLHQWH
RXVHMDDVSHVVRDVIDODPVHPWHUFRQVFLrQFLDGDVXD
HVWUXWXUD UHJUDVSULQFtSLRVIXQo}HV 
(VVDV EDVHV FRQFHLWXDLV IRUDP FDSD]HV GH
SRVVLELOLWDU XPD QRYD FRQFHSomR GH OLQJXDJHP H
DILUPDUDSURSULHGDGHGRVLVWHPDVREUHRVHOHPHQWRV
TXHRFRPS}HPeXPDJUDQGHLOXVmRGL]6DXVVXUH
FRQVLGHUDUXPWHUPRVLPSOHVPHQWHFRPRDXQLmRGH
FHUWR VRP FRP FHUWR FRQFHLWR 'HILQLOR DVVLP VHULD
LVROiORGRVLVWHPDGHTXHID]SDUWHVHULDFUHUTXHVH
SRGH FRPHoDU SHORV WHUPRV H FRQVWUXLU R VLVWHPD
VRPDQGRRV SHOR FRQWUiULR GHYHVH SDUWLU GR WRGR
VROLGiULR SDUD REWHU SRU DQiOLVH RV HOHPHQWRV TXH
HOH HQJORED (QILP SDUD 6DXVVXUH D OtQJXD p XP
VLVWHPDFXMRVWHUPRVVmRWRGRVVROLGiULRVHQRTXDO
RYDORUGHXPWHUPRUHVXOWDGDSUHVHQoDVLPXOWkQHD
GHRXWURV

&RP VXDV EDVHV FRQFHLWXDLV DVVLP


HVWDEHOHFLGDVRHVWUXWXUDOLVPRS{GHGHVHQYROYHUVH
H HVWHQGHXVH D WRGRV RV GRPtQLRV GDV FLrQFLDV
KXPDQDV (P VXD H[LJrQFLD PDLV JHUDO R
HVWUXWXUDOLVPR QmR Vy WHQGH D LQWHUSUHWDU XP FDPSR
HVSHFtILFRGHLQGDJDomRHPWHUPRVGHVLVWHPDFRPR
WDPEpP D PRVWUDU TXH RV GLYHUVRV VLVWHPDV
HVSHFtILFRV YHULILFDGRV HP GLIHUHQWHV FDPSRV SRU
H[HPSORDQWURSRORJLDHFRQRPLDGLUHLWROLQJXtVWLFD
FRUUHVSRQGHPVH RX WrP FDUDFWHUtVWLFDV DQiORJDV
/pYL6WUDXVV    SRU H[HPSOR MXOJD SRVVtYHO
TXH XPD PHVPD HVWUXWXUD SRVVD VHU HQFRQWUDGD HP
WUrV QtYHLV GH VRFLHGDGH D  QR VHQWLGR GH TXH DV
QRUPDV GH SDUHQWHVFR H GH FDVDPHQWR VHUYHP SDUD
DVVHJXUDU D FRPXQLFDomR GDV PXOKHUHV HQWUH RV
JUXSRV E  DVVLP FRPR DV QRUPDV HFRQ{PLFDV
VHUYHPSDUDDVVHJXUDUDFRPXQLFDomRGHEHQVHGRV
VHUYLoRV F  H DV QRUPDV OLQJXtVWLFDV VHUYHP SDUD
DVVHJXUDUDFRPXQLFDomRGDVPHQVDJHQV
/e9,675$866(2(6758785$/,602
/pYL6WUDXVV    FRQVLGHUDGR R PDLV
FpOHEUH
UHSUHVHQWDQWH
GR
HVWUXWXUDOLVPR
DQWURSROyJLFR GHILQHHVWUXWXUDFRPRXPVLVWHPDGH
HOHPHQWRV WDO TXH XPD PRGLILFDomR TXDOTXHU GH XP
HOHPHQWR LPSOLFD XPD PRGLILFDomR GH WRGRV RV
RXWURV FRQVLGHUDQGRD FRPR XP PRGHOR FRQFHLWXDO
TXHGHYHGDUFRQWDGRVIDWRVREVHUYDGRVHSHUPLWLU

TXH VH SUHYHMD GH TXH PRGR UHDJLUi R FRQMXQWR QR


FDVRGDPRGLILFDomRGHXPGRVHOHPHQWRV
6HJXQGR/pYL6WUDXVV D SDUDPHUHFHUR
QRPH GHHVWUXWXUD RV PRGHORV FLHQWtILFRV GHYHP
H[FOXVLYDPHQWH VDWLVID]HU D TXDWUR FRQGLo}HV D  HP
SULPHLUROXJDURPRGHORGHYHRIHUHFHUXPFDUiWHUGH
VLVWHPD LVWR p FRQVLVWLU GH HOHPHQWRV WDLV TXH XPD
PRGLILFDomR TXDOTXHU GH XP GHOHV DFDUUHWH
PRGLILFDomR HP WRGRV RV RXWURV E  HP VHJXQGR
OXJDU WRGR PRGHOR GHYH SHUWHQFHU D XP JUXSR GH
WUDQVIRUPDomR FDGD XPD GDV TXDLV FRUUHVSRQGD D
XP PRGHOR GD PHVPD IDPtOLD GH PRGR TXH R
FRQMXQWRGHVVDVWUDQVIRUPDo}HVFRQVWLWXDXPJUXSR
GH PRGHORV F  HP WHUFHLUR OXJDU DV SURSULHGDGHV
H[LJLGDV SRU HVVDV GXDV FRQGLo}HV GHYHP SHUPLWLU
SUHYHU GH TXH PRGR UHDJLUi R PRGHOR HP FDVR GH
PRGLILFDomRGHXPGHVHXVHOHPHQWRVG ILQDOPHQWH
p QHFHVViULR TXH R PRGHOR VHMD FRQVWUXtGR GH WDO
PRGR TXH VHX IXQFLRQDPHQWR SRVVD H[SOLFDU WRGRV
RVIDWRVREVHUYDGRV
3DUD /pYL6WUDXVV    RV DGHSWRV GD
DQiOLVH
HVWUXWXUDO
HP
DQWURSRORJLD
VmR
IUHTXHQWHPHQWH DFXVDGRV GH IRUPDOLVPR 2
HVWUXWXUDOLVPR SRUpP VHJXQGR HOH VHSDUDVH GR
IRUPDOLVPRHPYLUWXGHGDVDWLWXGHVPXLWRGLIHUHQWHV
TXHDVGXDVHVFRODVDGRWDPHPUHODomRDRFRQFUHWR
$R LQYHUVR GR IRUPDOLVPR R HVWUXWXUDOLVPR UHFXVD
RSRU R FRQFUHWR DR DEVWUDWR H QmR UHFRQKHFH QR

VHJXQGR XP YDORU SULYLOHJLDGR $ IRUPD VH GHILQH


SRURSRVLomRDXPDPDWpULDTXHOKHpHVWUDQKDPDVD
HVWUXWXUDQmRWHPFRQWH~GRGLVWLQWRHODpRSUySULR
FRQWH~GR DSUHHQGLGR QXPD RUJDQL]DomR OyJLFD
FRQFHELGDFRPRSURSULHGDGHGRUHDO
&KDXt ; DQRWDTXHSDUDRHVWUXWXUDOLVPR
XP IDWR LVRODGR HQTXDQWR WDO MDPDLV SRVVXL
VLJQLILFDGR /pYL6WUDXVV H[HPSOLILFD HVVH SULQFtSLR
FRP RV YRFiEXORVIURPDJH FKHHVH HTXHLMR (VVHV
WHUPRV TXDQGR LVRODGRV GD HVWUXWXUD DOLPHQWDU TXH
RV GHWHUPLQD DSDUHQWHPHQWH UHIHUHPVH j PHVPD
UHDOLGDGHRPHVPRFRQWXGRQmRRFRUUHTXDQGRVmR
FRQVLGHUDGRV QR LQWHULRU GDV GLVWLQWDV HVWUXWXUDV
DOLPHQWDUHV D TXH SHUWHQFHP QR FDVR D FR]LQKD
IUDQFHVDLQJOHVDRXEUDVLOHLUDQDVTXDLVVHUHYHODP
FRPSOHWDPHQWH GLIHUHQWHV 3DUD R IUDQFrVIURPDJH
FRQRWD XP JRVWR SLFDQWH HQTXDQWR SDUD R LQJOrV
FKHHVH TXDVH QmR SRVVXL JRVWR H SDUD R EUDVLOHLUR
TXHLMRGHQRWDXPJRVWRVDOJDGR6DOLHQWDVHDVVLPR
FDUiWHUUHODWLYRGRVHOHPHQWRVGDHVWUXWXUDRVHQWLGR
H R YDORU GH FDGD HOHPHQWR DGYrP H[FOXVLYDPHQWH
GDSRVLomRTXHRFXSHPHPUHODomRDRVGHPDLV
/pYL6WUDXVV GHVWDFD TXH DV HVWUXWXUDV DSHQDV
VH PRVWUDP D XPD REVHUYDomR IHLWD GH IRUD (OH
SURS}HXPDQRomRGHHVWUXWXUDTXHQmRVHFRQIXQGH
FRP D UHDOLGDGH HVWXGDGD PDV GHYH EDVHDUVH QHOD
3DUD HOH D HVWUXWXUD VHULD DSHQDV XP PRGHOR GH
DQiOLVH FRQVWUXtGR D SDUWLU GD REVHUYDomR GD

UHDOLGDGH VRFLDO 2 SULQFtSLR IXQGDPHQWDO GL] HOH p


TXH D QRomR GH HVWUXWXUD VRFLDO QmR VH UHIHUH j
UHDOLGDGHHPStULFDPDVDRVPRGHORVFRQVWUXtGRVHP
FRQIRUPLGDGH FRP HVWD$VVLP DSDUHFH D GLIHUHQoD
HQWUH GXDV QRo}HV WmR YL]LQKDV TXH IRUDP
FRQIXQGLGDV PXLWDV YH]HV D GH HVWUXWXUD VRFLDO H D
GH UHODo}HV VRFLDLV $V UHODo}HV VRFLDLV VmR D
PDWpULDSULPD HPSUHJDGD SDUD D FRQVWUXomR GRV
PRGHORV TXH WRUQDP PDQLIHVWD D SUySULD HVWUXWXUD
VRFLDO
(VWUXWXUDHFRQVFLrQFLD
3DUD /pYL6WUDXVV   D HVWUXWXUD p XP
VLVWHPD GH UHODo}HV H p GH VLVWHPDV GHVVH JrQHUR
TXHDVRFLHGDGHpFRQVWUXtGDVLVWHPDGHSDUHQWHVFR
VLVWHPDGHFRPXQLFDomRVLVWHPDGHWURFDHWF$OpP
GLVVR D QRomR GH HVWUXWXUD VRFLDO QmR VH UHIHUH
SURSULDPHQWHjUHDOLGDGHHPStULFDPDVDRVPRGHORV
FRQVWUXtGRV VHJXQGR HVVD UHDOLGDGH 2V PRGHORV
SRGHP VHU FRQVFLHQWHV RX LQFRQVFLHQWHV 1D
FRQFHSomR GH /pYL 6WUDXVV DV HVWUXWXUDV PHQWDLV
LQFRQVFLHQWHV VHULDP UHVSRQViYHLV HP ~OWLPD
DQDOLVHSHODVIRUPDVSDUWLFXODUHVDVVXPLGDVHPFDGD
FXOWXUD3DUDHOHFRPDVDERUGDJHQVWUDGLFLRQDLVGD
DQWURSRORJLD R Pi[LPR TXH VH SRGH FRQVHJXLU p
GHWHFWDURVPRGHORVFRQVFLHQWHVLVWRpDVQRUPDVH
SDGU}HV GH FRPSRUWDPHQWR GD VRFLHGDGH 3URS}H
HQWmR XP PpWRGR FDSD] GH FDSWDU RV PRGHORV

LQFRQVFLHQWHV UHVSRQViYHLV SHORV PRGHORV


FRQVFLHQWHVTXHQmRSDVVDPGHHIHLWRVGHIRUPDGRV
GRVSULPHLURV
1HVVD WULOKD HVWDEHOHFH TXH RV PRGHORV
FRQVFLHQWHVTXHVHFKDPDPFRPXPHQWHQRUPDV
LQFOXHPVH HQWUH RV PDLV SREUHV TXH H[LVWHP HP
UD]mRGHVXDIXQomRTXHpGHSHUSHWXDUDVFUHQoDVH
XVRV PDLV GR TXH OKHV H[SRU DV FDXVDV $VVLP D
DQiOLVH HVWUXWXUDO VH FKRFD FRP XPD VLWXDomR
SDUDGR[DOEHPFRQKHFLGDSHOROLQJXLVWDTXDQWRPDLV
QtWLGD D HVWUXWXUD DSDUHQWH PDLV GLItFLO WRUQDVH
DSUHHQGHU D HVWUXWXUD SURIXQGD SRU FDXVD GRV
PRGHORVFRQVFLHQWHVHGHIRUPDGRVTXHVHLQWHUS}HP
FRPR REVWiFXOR HQWUH R REVHUYDGRU H VHX REMHWR
/e9,675$866 
3RU ILP LQWURGX] D QRomR GH TXH DOJXPDV
VRFLHGDGHV VmR HP FHUWR VHQWLGR HVWiWLFDV UD]mR
SHOD TXDO VmR HVSHFLDOPHQWH WDOKDGDV SDUD XPD
DQiOLVH HVWUXWXUDO +i DVVLP XPD GLIHUHQoD HP
HVSpFLHHQWUHVRFLHGDGHVWULEDLV IULDV FXMDKLVWyULDp
UHSHWLWLYD H VRFLHGDGHV FRPSOH[DV TXHQWHV  TXH
HVWmR QXP HVWDGR GH PXGDQoD FRQWtQXD $V
VRFLHGDGHV SULPLWLYDV WHQWDP DQXODU D KLVWyULD
UHODQoDU HYHQWRV FRPR PHUDV UHSHWLo}HV GH XP
SDGUmR FtFOLFR HVWDEHOHFLGR 6HX LGHDO VHULD
SHUPDQHFHU QR HVWDGR HP TXH RV GHXVHV RX RV
DQWHSDVVDGRVDVFULDUDPQRVSULPyUGLRVGRVWHPSRV
3RUHVVHVPRWLYRVpPDLVIiFLOGHWHFWDUDVHVWUXWXUDV

PHQWDLVLQFRQVFLHQWHVEiVLFDVDSDUWLUGHVRFLHGDGH
VLPSOHV FXOWXUDVIULDV GRTXHQRVHLRGHVRFLHGDGHV
FRPSOH[DV FXOWXUDVTXHQWHV 
$R REVHUYDU DV VRFLHGDGHV VLPSOHV IRUPXOD D
VHJXLQWH KLSyWHVH VHP UHGX]LU D VRFLHGDGH RX D
FXOWXUDjOtQJXDpSRVVtYHOHVWDEHOHFHUWUrVIRUPDVGH
FRPXQLFDomR TXH VmR DR PHVPR WHPSR IRUPDV GH
WURFDVPDWULPRQLDLVHFRQ{PLFDVHOLQJXtVWLFDVHQWUH
DV TXDLV H[LVWHP UHODo}HV PDQLIHVWDV $VVLP D  DV
UHJUDV GH SDUHQWHVFR H PDWULP{QLR VHUYHP SDUD
DVVHJXUDU D FRPXQLFDomR GH PXOKHUHV HQWUH RV
JUXSRV E  DV UHJUDV HFRQ{PLFDV JDUDQWHP D
FRPXQLFDomR GH EHQV H VHUYLoRV H F  DV UHJUDV
OLQJXtVWLFDV D FRPXQLFDomR GH PHQVDJHQV $V
UHODo}HV PDWULPRQLDLV ID]HPVH DFRPSDQKDU GH
SUHVWDo}HV HFRQ{PLFDV H D OLQJXDJHP LQWHUYpP HP
WRGRVRVQtYHLV /pYL6WUDXVV 
6LVWHPDVGHFXOWXUDV
3DUD /pYL6WUDXVV   D   XP DVSHFWR
LPSRUWDQWHGDYLGDGDKXPDQLGDGHpTXHHVWDQmRVH
GHVHQYROYHVREXPUHJLPHXQLIRUPHPDVDWUDYpVGH
PRGRV GLYHUVLILFDGRV GH VRFLHGDGHV H FLYLOL]Do}HV
HVVD GLYHUVLGDGH LQWHOHFWXDO HVWpWLFD H VRFLROyJLFD
QmR HVWi XQLGD SRU QHQKXPD UHODomR GH FDXVD H
HIHLWR$UDoDVHJXQGRHOHQmRGHWHUPLQDDFXOWXUD
SRUTXHQmRH[LVWHPDSWLG}HVUDFLDLVLQDWDVWHQGRHP
YLVWD TXH Ki PXLWR PDLV FXOWXUDV KXPDQDV GR TXH

UDoDV KXPDQDV $OpP GLVVR GXDV FXOWXUDV


HODERUDGDV SRU KRPHQV SHUWHQFHQWHV j PHVPD UDoD
SRGHP GLIHULU WDQWR RX PDLV TXH GXDV FXOWXUDV
SURYHQLHQWHVGHJUXSRVUDGLFDOPHQWHDIDVWDGRV
$RFRPHQWDURDOFDQFHHDYDOLGDGHGDQRomRGH
FXOWXUDUHFRQKHFHTXHH[LVWHPFXOWXUDVGLIHUHQWHVQR
VHLR GD FLYLOL]DomR RFLGHQWDO 6HJXQGR HOH
GHQRPLQDPRV FXOWXUD WRGR R FRQMXQWR HWQRJUiILFR
TXH GR SRQWR GH YLVWD GD LQYHVWLJDomR DSUHVHQWD
FRPUHODomRDRXWURVDIDVWDPHQWRVVLJQLILFDWLYRV6H
VH SURFXUD GHWHUPLQDU DIDVWDPHQWRV VLJQLILFDWLYRV
HQWUHD$PpULFDGR1RUWHHD(XURSDWUDWDUVHmRDV
GXDVFRPRFXOWXUDVGLIHUHQWHVPDVVXSRQGRTXHR
LQWHUHVVH WHQKD SRU REMHWR DIDVWDPHQWRV
VLJQLILFDWLYRV HQWUH  GLJDPRV  3DULV H 0DUVHOKD
HVWHV GRLV FRQMXQWRV XUEDQRV SRGHUmR VHU
SURYLVRULDPHQWH FRQVWLWXtGRV FRPR GXDV XQLGDGHV
FXOWXUDLV 2 REMHWR ~OWLPR GDV SHVTXLVDV HVWUXWXUDLV
VHQGRDVFRQVWDQWHVOLJDGDVDWDLVDIDVWDPHQWRVYr
VH TXH j QRomR GH FXOWXUD SRGH FRUUHVSRQGHU XPD
UHDOLGDGH REMHWLYD DSHVDU GH SHUPDQHFHU IXQomR GR
WLSR GH SHVTXLVD FRQVLGHUDGR 8PD PHVPD FROHomR
GHLQGLYtGXRVFRQWDQWRTXHVHMDREMHWLYDPHQWHGDGD
QRWHPSRHQRHVSDoRGHSHQGHVLPXOWDQHDPHQWHGH
YiULRV VLVWHPDV GH FXOWXUD XQLYHUVDO FRQWLQHQWDO
QDFLRQDOSURYLQFLDOORFDOHWFHIDPLOLDUSURILVVLRQDO
FRQIHVVLRQDOSROtWLFRHWF  

2UJDQL]DomRGXDOLVWD
'HVLJQDVHFRPRQRPHGHRUJDQL]DomRGXDOLVWD
XP WLSR GH HVWUXWXUD VRFLDO HQFRQWUDGR QD$PpULFD
VLDH2FHDQLDFDUDFWHUL]DGDSHODGLYLVmRGRJUXSR
VRFLDOWULERFOmRXDOGHLDHPGXDVPHWDGHVFXMRV
PHPEURV PDQWrP XQV FRP RV RXWURV UHODo}HV TXH
SRGHP LU GD FRODERUDomR PDLV tQWLPD j KRVWLOLGDGH
ODWHQWHHDVVRFLDQGRJHUDOPHQWHDPERVRVWLSRVGH
FRPSRUWDPHQWR$ TXHVWmR p VDEHU RQGH FRPHoD H
RQGHDFDEDDRUJDQL]DomRGXDOLVWD
/pYL6WUDXVV     GL] TXH p SUHFLVR
FRQVWDWDU GH XP ODGR TXH DV IXQo}HV DWULEXtGDV j
RUJDQL]DomR GXDOLVWD QmR FRLQFLGHP H SRU RXWUR
ODGRTXHDKLVWyULDGHFDGDJUXSRVRFLDOPRVWUDTXH
D GLYLVmR HP PHWDGHV SURFHGH GDV RULJHQV PDLV
GLYHUVDV $VVLP D RUJDQL]DomR GXDOLVWD SRGH
UHVXOWDU VHJXQGR R FDVR D  GD LQYDVmR GH XPD
SRSXODomRSRUXPJUXSRGHLPLJUDQWHVE GDIXVmR
GH GRLV JUXSRV WHUULWRULDOPHQWH YL]LQKRV F  GD
FULVWDOL]DomR VRE IRUPD GH LQVWLWXLomR GH UHJUDV
HPStULFDV GHVWLQDGDV D DVVHJXUDU DV WURFDV
PDWULPRQLDLVQRVHLRGHGHWHUPLQDGRJUXSRG DOpP
GH RXWUDV KLSyWHVHV TXH SRGHP VHU FRQVLGHUDGDV
6HJXQGR HOH FRP HVVD DERUGDJHP D DQWURSRORJLD p
FRQGX]LGD D GHVSHGDoDU D QRomR GH RUJDQL]DomR
VRFLDOGXDOLVWD
1D PDLRULD GRV SRYRV SULPLWLYRV GL] /pYL
6WUDXVV    p PXLWR GLItFLO REWHU XPD

MXVWLILFDomRPRUDORXXPDH[SOLFDomRUDFLRQDOGHXP
FRVWXPH RX GH XPD LQVWLWXLomR R LQGtJHQD
LQWHUURJDGRVHFRQWHQWDHPUHVSRQGHUTXHDVFRLVDV
IRUDPVHPSUHDVVLPTXHWDOIRLDRUGHPGRVGHXVHV
RXRVHQVLQDPHQWRVGRVDQFHVWUDLV0HVPRTXDQGR
VH HQFRQWUDP LQWHUSUHWDo}HV HVWDV WrP VHPSUH R
FDUiWHU GH UDFLRQDOL]Do}HV RX HODERUDo}HV
VHFXQGiULDV$VUD]}HVLQFRQVFLHQWHVSHODVTXDLVVH
SUDWLFD XP FRVWXPH RX XPD FUHQoD HVWmR EDVWDQWH
DIDVWDGDV GDV UD]}HV TXH VH LQYRFDP SDUD MXVWLILFi
OR0HVPRHPQRVVDVRFLHGDGHDVPDQHLUDVjPHVD
RV XVRV VRFLDLV DV UHJUDV GR YHVWXiULR H PXLWDV
DWLWXGHVPRUDLVSROtWLFDVHUHOLJLRVDVVmRREVHUYDGDV
HVFUXSXORVDPHQWHSRUFDGDXPVHPTXHVXDRULJHPH
IXQomR UHDLV WHQKDP VLGR REMHWR GH XP H[DPH
UHIOHWLGR$VSHVVRDVDJHPHSHQVDPSRUKiELWRHD
UHVLVWrQFLDHVSDQWRVDRSRVWDjVGHUURJDo}HVSURYpP
PDLVGDLQpUFLDGRTXHGHXPDYRQWDGHFRQVFLHQWHGH
PDQWHU FRVWXPHV GRV TXDLV VH FRPSUHHQGHULD D
UD]mR
$VVLP SDUD /pYL6WUDXVV D DWLYLGDGH
LQFRQVFLHQWHGRHVStULWRFRQVLVWHHPLPSRUIRUPDVD
XPFRQWH~GRHVHDVIRUPDVVmRIXQGDPHQWDOPHQWH
DV PHVPDV SDUD WRGRV RV HVStULWRV DQWLJRV H
PRGHUQRV SULPLWLYRV H FLYLOL]DGRV  FRPR R HVWXGR
GD IXQomR VLPEyOLFD WDO FRPR VH H[SULPH QD
OLQJXDJHP R PRVWUD GH PDQHLUD WmR QRWiYHO  p
SUHFLVRDWLQJLUDHVWUXWXUDLQFRQVFLHQWHVXEMDFHQWH

D FDGD LQVWLWXLomR RX D FDGD FRVWXPH  SDUD REWHU


XP SULQFtSLR GH LQWHUSUHWDomR YiOLGR SDUD RXWUDV
LQVWLWXLo}HVHRXWURVFRVWXPHV
&RPRFKHJDUDHVVDHVWUXWXUDGRLQFRQVFLHQWH"
e DTXL VHJXQGR /pYL6WUDXVV    TXH R
PpWRGR HWQROyJLFR H R PpWRGR OLQJXtVWLFR VH
HQFRQWUDP 3DUD FRPSUHHQGHU HVVD VLWXDomR p
QHFHVViULR UHWRPDU R SUREOHPD GD RUJDQL]DomR
GXDOLVWD 6H R DQWURSyORJR QmR TXHU YHU QD
RUJDQL]DomR GXDOLVWD QHP XP HVWiJLR XQLYHUVDO GR
GHVHQYROYLPHQWR GD VRFLHGDGH QHP XP VLVWHPD
LQYHQWDGRQXP~QLFROXJDUHQXP~QLFRPRPHQWRH
VHDRPHVPRWHPSRVHQWHIRUWHPHQWHRTXHWRGDVDV
LQVWLWXLo}HV GXDOLVWDV WrP HP FRPXP UHVWD DQDOLVDU
FDGD VRFLHGDGH GXDOLVWD SDUD HQFRQWUDU SRU GHWUiV
GR FDRV GDV UHJUDV H FRVWXPHV XP HVTXHPD ~QLFR
DJLQGR QRV FRQWH[WRV ORFDLV H WHPSRUDLV GLIHUHQWHV
(VVH HVTXHPD VH UHGX] D DOJXPDV UHODo}HV GH
FRUUHODomR H RSRVLomR VHP G~YLGD LQFRQVFLHQWHV
PHVPR SDUD RV SRYRV GH RUJDQL]DomR GXDOLVWD PDV
TXH SRUTXH LQFRQVFLHQWHV GHYHP HVWDU LJXDOPHQWH
SUHVHQWHVHQWUHDTXHOHVTXHMDPDLVFRQKHFHUHPHVVD
LQVWLWXLomR
3URVVHJXH DILUPDQGR TXH QD DQiOLVH GDV
LQVWLWXLo}HV H FRVWXPHV GRV SRYRV SULPLWLYRV D
REVHUYDomRKLVWyULFDSHUPLWHGLVWLQJXLUDOJXPDFRLVD
TXH VH FRQVHUYD TXH VmR RV HOHPHQWRV HVWUXWXUDLV
1R FDVR GD RUJDQL]DomR GXDOLVWD HVVHV HOHPHQWRV

VHJXQGR HOH SDUHFHP VHU HP Q~PHUR GH WUrV D


H[LJrQFLD GD UHJUD E  QRomR GH UHFLSURFLGDGH
FRQVLGHUDGD FRPR XPD IRUPD TXH SHUPLWH LQWHJUDU
LPHGLDWDPHQWH D RSRVLomR GR HX H GR RXWUR H F
FDUiWHU VLQWpWLFR GR GRP &RQFOXL TXH HVVHV IDWRUHV
VHHQFRQWUDPHPWRGDVDVVRFLHGDGHVFRQVLGHUDGDV
HH[SOLFDPSUiWLFDVHFRVWXPHVPHQRVGLIHUHQFLDGRV
PDV GRV TXDLV VH Yr DVVLP TXH PHVPR QRV SRYRV
VHP RUJDQL]DomR GXDOLVWD FRUUHVSRQGHP j PHVPD
IXQomRTXHHVWD
$VVLP D HWQRORJLD QmR SRGH SHUPDQHFHU
LQGLIHUHQWHDRVSURFHVVRVKLVWyULFRVHjVH[SUHVV}HV
PDLV DOWDPHQWH FRQVFLHQWHV GRV IHQ{PHQRV VRFLDLV
6XDILQDOLGDGHpDWLQJLUDOpPGDLPDJHPFRQVFLHQWHH
VHPSUH GLIHUHQWH TXH RV KRPHQV IRUPDP GH VHX
GHYLUXPLQYHQWiULRGHSRVVLELOLGDGHVLQFRQVFLHQWHV
TXH QmR H[LVWHP HP Q~PHUR LOLPLWDGR H FXMR
UHSHUWyULR H DV UHODo}HV GH FRPSDWLELOLGDGH RX
LQFRPSDWLELOLGDGH TXH FDGD XPD PDQWpP FRP WRGDV
DV RXWUDV IRUQHFHP XPD DUTXLWHWXUD OyJLFD H
GHVHQYROYLPHQWRV KLVWyULFRV TXH SRGHP VHU
LPSUHYLVtYHLV VHP QXQFD VHU DUELWUiULRV 1HVVH
VHQWLGR D FpOHEUH IyUPXOD GH 0DU[  2V KRPHQV
ID]HP VXD SUySULD KLVWyULD PDV QmR VDEHP TXH D
ID]HPMXVWLILFDHPVHXSULPHLURWHUPRDKLVWyULDH
HP VHX VHJXQGR WHUPR D HWQRORJLD $R PHVPR
WHPSR HOD PRVWUD TXH RV GRLV SURFHGLPHQWRV VmR
LQGLVVRFLiYHLV /e9,675$866 

(6758785$/,602(',5(,72
9iULDV WHRULDV MXUtGLFDV XVDP DV QRo}HV GH
VLVWHPD H HVWUXWXUD H SRU HVVD UD]mR VmR
FODVVLILFDGDV FRPR HVWUXWXUDOLVPR MXUtGLFR 2
HQIRTXH HVWUXWXUDOLVWD SRUpP DSDUHFH PDLV
DVVRFLDGR DRSRVLWLYLVPR MXUtGLFR FXMRV SULQFLSDLV
H[SRHQWHVVmR+DQV.HOVHQ 7HRULDSXUDGRGLUHLWR
H 1RUEHUWR %REELR 7HRULD GR RUGHQDPHQWR
MXUtGLFR 1DREUDGHVVHVGRLVDXWRUHVDVQRo}HVGH
VLVWHPDHHVWUXWXUDDVVXPHPSRVLomRGHGHVWDTXH
3DUD R HVWUXWXUDOLVPR MXUtGLFR R GLUHLWR p XP
VLVWHPD 2 VLVWHPD MXUtGLFR p XP WRGR RX VHMD XP
RUGHQDPHQWRFRPSRVWRGHHVWUXWXUDHGHUHSHUWyULR
2 UHSHUWyULR p R FRQMXQWR GRV HOHPHQWRV QRUPDV
MXUtGLFDV  GR VLVWHPD $ HVWUXWXUD p R FRQMXQWR GH
UHJUDVTXHGHPRQVWUDDVUHODo}HVH[LVWHQWHVHQWUHRV
HOHPHQWRV GR VLVWHPD 'L]VH SRU LVVR TXH RV
HOHPHQWRV GR VLVWHPD MXUtGLFR DV QRUPDV MXUtGLFDV
QmR GHVIUXWDP GH DXWRQRPLD SRUTXH FDGD QRUPD
MXUtGLFD GHSHQGH GH VXD LQWHJUDomR H LQVHUomR DR
WRGRVLVWHPiWLFR
'H DFRUGR FRP HVVD RULHQWDomR WHyULFD R
VLVWHPD MXUtGLFR p IXQGDPHQWDOPHQWH XP FRQMXQWR
GH QRUPDV MXUtGLFDV YiOLGDV GLVSRVWDV QXPD
HVWUXWXUD KLHUDUTXL]DGD 1RUPD MXUtGLFD YiOLGD p
DTXHOD HPDQDGD GH XPD DXWRULGDGH TXH SRVVXL
FRPSHWrQFLD SDUD HGLWDU QRUPDV$ FRPSHWrQFLD GD
DXWRULGDGH p GHWHUPLQDGD SHODV SUySULDV QRUPDV

MXUtGLFDV +LHUDUTXLD p XP FRQMXQWR GH UHODo}HV


HVWDEHOHFLGDV FRQIRUPH UHJUDV GH VXERUGLQDomR H
FRRUGHQDomR(VVDVUHJUDVQmRVmRQRUPDVMXUtGLFDV
LVWR p QmR ID]HP SDUWH GR UHSHUWyULR PDV GD
HVWUXWXUD GR VLVWHPD 6mR UHJUDV HVWUXWXUDLV D R
SULQFtSLR GD OHL VXSHULRU UHJUD VHJXQGR D TXDO D
QRUPD TXH GLVS}H IRUPDO H PDWHULDOPHQWH VREUH D
HGLomRGHRXWUDVQRUPDVSUHYDOHFHVREUHHVWDVE R
SULQFtSLR GD OHL SRVWHULRU UHJUD VHJXQGR D TXDO
KDYHQGR QRUPDV FRQWUDGLWyULDV GHVGH TXH GR
PHVPR QtYHO KLHUiUTXLFR SUHYDOHFH D TXH QR WHPSR
DSDUHFHX SRU ~OWLPR F R SULQFtSLR GD OHL HVSHFLDO
UHJUDVHJXQGRDTXDODQRUPDHVSHFLDOUHYRJDDJHUDO
QRTXHGLVS}HHVSHFLILFDPHQWH
3DUDRSRVLWLYLVPRMXUtGLFRpSUHFLVRVXSRUTXH
DVQRUPDVGRRUGHQDPHQWRMXUtGLFRHVWmRGLVSRVWDV
QXPD RUGHP VLVWHPiWLFD 2 VHQWLGR GH XPD QRUPD
QmR HVWi SRUWDQWR VRPHQWH QRV WHUPRV TXH
H[SUHVVDPVXDDUWLFXODomRVLQWiWLFDPDVWDPEpPHP
VXDUHODomRFRPRXWUDVQRUPDVGRRUGHQDPHQWR(P
RXWUDVSDODYUDVHQWHQGHVHTXHRGLUHLWRpFRPSRVWR
SHOR FRQMXQWR RUJDQL]DGR GH UHJUDV GLUHWRUDV
GHQRPLQDGDV SULQFtSLRV  TXH SUHVLGHP R VLVWHPD H
UHJUDV VLPSOHV TXH SHUID]HP R WRGR VLVWHPiWLFR 2
GLUHLWR SRUWDQWR FDUDFWHUL]DVH SHOD GLVSRVLomR
RUJDQL]DGDHKLHUiUTXLFDGHSULQFtSLRVHQRUPDV
(VWUXWXUDHKLHUDUTXLD

2 SRVLWLYLVPR MXUtGLFR FRQFHEH R RUGHQDPHQWR


MXUtGLFR FRPR XPD HVWUXWXUD HVFDORQDGD GH QRUPDV
$ LPDJHP GD SLUkPLGH DMXGD D FRPSUHHQGHU HVVD
FRQFHSomRQRiSLFHGDSLUkPLGHQRUPDWLYDHVWDULDP
VLWXDGDV DV QRUPDV VXSHULRUHV WLGDV FRPR
IXQGDPHQWR GH YDOLGDGH GDV QRUPDV LPHGLDWDPHQWH
LQIHULRUHVHDVVLPVXFHVVLYDPHQWHDWpDEDVHQDTXDO
HVWDULDPDVQRUPDVPDLVLQIHULRUHV&RPHVVHHVFRSR
SRGHVH GL]HU TXH QR WH[WR FRQVWLWXFLRQDO EUDVLOHLUR
HVWmR DV QRUPDV MXUtGLFDV GR PDLV DOWR JUDX ,VVR
SRUTXH D &RQVWLWXLomR )HGHUDO p R PDUFR LQLFLDO GH
WRGRRGLUHLWRGR(VWDGR(ODpDSULPHLUDOHLSRVWDD
SULPHLUD OHL GR (VWDGR PRWLYR SHOR TXDO DGTXLUH
SRVLomRIXQGDPHQWDOSRUTXHIXQGDDRUGHPMXUtGLFDH
DGTXLUH SRVLomR VXSUHPD SRUTXH DV QRUPDV
FRQVWLWXFLRQDLVVREUHS}HPVHDWRGDVDVGHPDLVTXH
LQWHJUDPRRUGHQDPHQWRMXUtGLFR
$V QRUPDV FRQVWLWXFLRQDLV DOpP GH RULHQWDU D
DWLYLGDGH LQWHUSUHWDWLYD GR SURILVVLRQDO GR GLUHLWR
RULHQWDP D SURGXomR H DSOLFDomR GDV QRUPDV SHORV
yUJmRVMXULVGLFLRQDLV /HJLVODWLYRH-XGLFLiULR 'HVVH
PRGRDYDOLGDGHGDQRUPDVySRGHVHUMXOJDGDSRU
VXD UHODomR FRP RXWUDV QRUPDV LVWR p DV QRUPDV
MXUtGLFDV HQFRQWUDP VHPSUH VHX IXQGDPHQWR GH
YDOLGDGH HP RXWUDV QRUPDV TXH OKH VmR VXSHULRUHV
$VQRUPDVTXHIXQGDPHQWDPRXWUDVQRUPDVJDQKDP
XPD SRVLomR GH VXSHULRULGDGH GH SUHHPLQrQFLD
YLVWR TXH DV QRUPDV VXERUGLQDGDV QmR SRGHP

FRQWUDULDUDVQRUPDVGHKLHUDUTXLDVXSHULRU
$OJXQV WHyULFRV HQWHQGHP TXH p SRVVtYHO
HVWDEHOHFHU XPD KLHUDUTXLD HQWUH DV QRUPDV
FRQVWLWXFLRQDLV LVWR p DV QRUPDV TXH FRPS}HP R
WH[WR FRQVWLWXFLRQDO QmR SRVVXHP WRGDV D PHVPD
UHOHYkQFLD$OJXPDVYHLFXODPVLPSOHVUHJUDVRXWUDV
VmRYHUGDGHLURVSULQFtSLRV(QWHQGHTXHRVLVWHPDp
XP FRQMXQWR GH QRUPDV LQWHUUHODFLRQDGDV HP WRUQR
GH SULQFtSLRV IXQGDPHQWDLV TXH IHFKDP R VLVWHPD
FRPR XP WRGR XQLWiULR $VVLP RV SULQFtSLRV
DVVXPHP R VHQWLGR GH HOHPHQWRV SULQFLSDLV H
IXQGDPHQWDLV GR VLVWHPD UD]mR SHOD TXDO VmR
FRQVLGHUDGRV QRUPDV FRP kPELWR GH DEUDQJrQFLD
PDLV DPSOR TXH YLQFXODP DV GHPDLV QRUPDV GR
XQLYHUVRVLVWHPiWLFR
1HVVD WUDMHWyULD R LQWpUSUHWH DR H[DPLQDU R
VLVWHPD QRUPDWLYR GHYH HP SULPHLUR OXJDU
LGHQWLILFDURVSULQFtSLRVHDSDUWLUGHOHVFDPLQKDUHP
GLUHomR jV QRUPDV MXUtGLFDV LQIHULRUHV$ QRUPD TXH
VHDSUHVHQWDYDJDHDPEtJXDGHYHVHULQWHUSUHWDGDH
DSOLFDGD HP VLQWRQLD FRP RV SULQFtSLRV TXH D
&RQVWLWXLomR DFROKH 2V SULQFtSLRV FRQVWLWXFLRQDLV
SRU VHUHP QRUPDV TXDOLILFDGDV VmR FRQVLGHUDGRV
YHWRUHVSDUDVROXo}HVLQWHUSUHWDWLYDV
(VVH PRGHOR VHJXQGR RV VHXV WHyULFRV SRGH
VHUDSOLFDGRQRHVWXGRHFRPSUHHQVmRGRGLUHLWRGH
TXDOTXHUVRFLHGDGHSROLWLFDPHQWHRUJDQL]DGD

;9,, &/$8'(

/e9,675$866 

60%2/2(62&,('$'(
/pYL6WUDXVVHQWHQGHTXHDYLGDVRFLDOpWURFDH
TXH D VRFLHGDGH p PDLV EHP FRPSUHHQGLGD VH
FRQVLGHUDGD FRPR OLQJXDJHP GR TXH D SDUWLU GH
TXDOTXHU RXWUR SDUDGLJPD 1HVVD WULOKD GHVHQYROYH
GXDVWHVHVTXHLQRYDPRSHQVDPHQWRDQWURSROyJLFR
D SULPHLUDRSDUHQWHVFRpIXQGDPHQWDOPHQWHWURFD
GHPXOKHUHVHQWUHRVKRPHQVE VHJXQGDGRVGRLV
FRPSRQHQWHV GR SDUHQWHVFR D DOLDQoD H D
GHVFHQGrQFLDpDDOLDQoDTXHIRUQHFHDVFKDYHVSDUD
FRORFDU RUGHP QD GLYHUVLGDGH GRV VLVWHPDV GH
SDUHQWHVFR GRV PDLV HOHPHQWDUHV DRV PDLV
FRPSOH[RV *2'(/,(5 
3DUD /pYL6WUDXVV D YLGD VRFLDO FRQVWLWXL XP
IHQ{PHQR TXH LPSOLFD XP PRYLPHQWR GH WURFDV
SHUSpWXDV DWUDYpV GR TXDO DV SDODYUDV RV EHQV DV
PXOKHUHV FLUFXODP HQWUH RV LQGLYtGXRV H HQWUH RV

JUXSRV $ VRFLHGDGH SRUWDQWR IXQGDVH VREUH D


WURFDHVyH[LVWHDWUDYpVGDFRPELQDomRGHWRGRVRV
WLSRV GH WURFD D GH PXOKHUHV SDUHQWHVFR E GH
EHQVHFRQRPLDF GHSDODYUDVHGHUHSUHVHQWDo}HV
FXOWXUD$VVLP SURS}H XPD H[SOLFDomR GR FRQMXQWR
GRVIDWRVVRFLDLVTXHID]GRVRFLDOXPDFRPELQDomR
GH IRUPDV GH WURFD FXMD RULJHP SURIXQGD GHYH VHU
EXVFDGDQDVHVWUXWXUDVLQFRQVFLHQWHVGRHVStULWRHP
VXDFDSDFLGDGHGHVLPEROL]DU
/LQJXtVWLFDHDQWURSRORJLD
/pYL6WUDXVV   D   HQWHQGH TXH QR
FRQMXQWRGDVFLrQFLDVVRFLDLVDOLQJXtVWLFDRFXSDXP
OXJDU H[FHSFLRQDO HP YLUWXGH GRV SURJUHVVRV TXH
UHDOL]RX 3DUD HOH D OLQJXtVWLFD QmR p XPD FLrQFLD
VRFLDO FRPR DV RXWUDV PDV D ~QLFD TXH SRGH
UHLYLQGLFDU R QRPH GH FLrQFLD H TXH FKHJRX DR
PHVPR WHPSR D IRUPXODU XP PpWRGR SRVLWLYR H D
FRQKHFHU D QDWXUH]D GRV IDWRV VXEPHWLGRV j VXD
DQiOLVH$OLQJXtVWLFDHPHVSHFLDODIRQRORJLDGHYH
GHVHPSHQKDU SHUDQWH DV FLrQFLDV VRFLDLV R PHVPR
SDSHO UHQRYDGRU TXH D ItVLFD QXFOHDU GHVHPSHQKRX
QRFRQMXQWRGDVFLrQFLDVH[DWDV
e SRVVtYHO VHJXQGR /pYL6WUDXVV DQWHYHU HVVD
UHQRYDomR QD SHVTXLVD GH 1 7UXEHW]NR\ TXDQGR
HVWH UHGX] R PpWRGR IRQROyJLFR D TXDWUR
SURFHGLPHQWRV IXQGDPHQWDLV D  D IRQRORJLD SDVVD
GR HVWXGR GRV IHQ{PHQRV OLQJXtVWLFRVFRQVFLHQWHV

DR HVWXGR GH VXD LQIUDHVWUXWXUDLQFRQVFLHQWH E  D


IRQRORJLD VH UHFXVD D WUDWDU RVWHUPRV FRPR
HQWLGDGHV LQGHSHQGHQWHV WRPDQGR DR FRQWUiULR
FRPR EDVH GH VXD DQiOLVH DVUHODo}HV HQWUH RV
WHUPRV F  D IRQRORJLD LQWURGX] D QRomR GH VLVWHPD
PDV QmR VH OLPLWD D GHFODUDU TXH RV IRQHPDV VmR
VHPSUHPHPEURVGHXPVLVWHPDHODPRVWUDVLVWHPDV
IRQROyJLFRVFRQFUHWRVHWRUQDSDWHQWHVXDHVWUXWXUD
G  D IRQRORJLD YLVD j GHVFREHUWD GHOHLV JHUDLV
HQFRQWUDGDVSRULQGXomRRXGHGX]LGDVORJLFDPHQWH
RTXHOKHVGiXPFDUiWHUDEVROXWR
(VVHV SURFHGLPHQWRV VHJXQGR /pYL6WUDXVV
UHYHODP XPD GHVFREHUWD GH WDO LPSRUWkQFLD TXH p
SUHFLVRYHULILFDUVXDVFRQVHTXrQFLDVHVXDDSOLFDomR
SRVVtYHO D IDWRV GH RXWUD RUGHP 1R HVWXGR GRV
SUREOHPDV GH SDUHQWHVFR SRU H[HPSOR R
DQWURSyORJR VH Yr QXPD VLWXDomR VHPHOKDQWH j GR
IRQyORJR D  FRPR RV IRQHPDV RV WHUPRV GH
SDUHQWHVFR VmR HOHPHQWRV GH VLJQLILFDomR H Vy
DGTXLUHP HVVD VLJQLILFDomR VRE D FRQGLomR GH VH
LQWHJUDUHP HP VLVWHPDV E  RV VLVWHPDV GH
SDUHQWHVFR WDO FRPR RV VLVWHPDV IRQROyJLFRV
VmR HODERUDGRV SHOR HVStULWR QR HVWiJLR GR
SHQVDPHQWR LQFRQVFLHQWH F  D UHFRUUrQFLD HP
UHJL}HV DIDVWDGDV GR PXQGR H HP VRFLHGDGHV
SURIXQGDPHQWHGLIHUHQWHVGHIRUPDVGHSDUHQWHVFR
UHJUDV GH FDVDPHQWR DWLWXGHV LGHQWLFDPHQWH
SUHVFULWDVHQWUHFHUWRVWLSRVGHSDUHQWHVID]FUHUTXH

HP DPERV RV FDVRV RV IHQ{PHQRV REVHUYiYHLV


UHVXOWDP GR MRJR GH OHLV JHUDLV RFXOWDV 2 SUREOHPD
SRGH HQWmR VH IRUPXODU GD VHJXLQWH PDQHLUD QXPD
RXWUD RUGHP GH UHDOLGDGH RV IHQ{PHQRV GH
SDUHQWHVFR VmR IHQ{PHQRV GRPHVPR WLSR TXH RV
IHQ{PHQRVOLQJXtVWLFRV
+i HQWUHWDQWR FRPR DQRWD /pYL6WUDXVV XPD
GLIHUHQoD SURIXQGD HQWUH R TXDGUR GRV IRQHPDV GH
XPDOtQJXDHRTXDGURGRVWHUPRVGHSDUHQWHVFRGH
XPD VRFLHGDGH 1R SULPHLUR FDVR QmR Ki G~YLGD
TXDQWR j IXQomR WRGRV VDEHP TXH XPD OLQJXDJHP
VHUYHSDUDDFRPXQLFDomR2TXHROLQJXLVWDLJQRURX
GXUDQWHPXLWRWHPSRHTXHVRPHQWHDIRQRORJLDOKH
SHUPLWLX GHVFREULU p R PHLR SHOR TXDO D OLQJXDJHP
FKHJDDHVVHUHVXOWDGR$IXQomRHUDHYLGHQWHPDVR
VLVWHPDSHUPDQHFLDGHVFRQKHFLGR$HVVHUHVSHLWRR
DQWURSyORJRVHHQFRQWUDHPVLWXDomRLQYHUVDWRGRV
VDEHP GHVGH /HZLV 0RUJDQ TXH RV WHUPRV GH
SDUHQWHVFR FRQVWLWXHP VLVWHPDV PDV LJQRUDP SDUD
TXH XVR VH GHVWLQD 2 GHVFRQKHFLPHQWR GHVVD
VLWXDomR LQLFLDO UHGX] D PDLRU SDUWH GDV DQiOLVHV
HVWUXWXUDLV GH VLVWHPDV GH SDUHQWHVFR D PHUDV
WDXWRORJLDV (ODV GHPRQVWUDP R TXH p HYLGHQWH H
QHJOLJHQFLDP R TXH SHUPDQHFH GHVFRQKHFLGR RX
RFXOWR
3DUD /pYL6WUDXVV R TXH VH GHQRPLQD VLVWHPD
GH SDUHQWHVFR UHFREUH GXDV RUGHQV GLIHUHQWHV GH
UHDOLGDGH D VLVWHPD WHUPLQROyJLFR p R VLVWHPD GH

YRFDEXOiULRQRPHQFODWXUDRXWHUPRVSHORVTXDLVVH
H[SULPHP RV GLIHUHQWHV WLSRV GH UHODo}HV IDPLOLDUHV
E VLVWHPD GH DWLWXGHV VLJQLILFD TXH R SDUHQWHVFR
QmR VH H[SULPH XQLFDPHQWH QXPD QRPHQFODWXUD RV
LQGLYtGXRVRXDVFODVVHVGHLQGLYtGXRVTXHXWLOL]DP
RVWHUPRVVHQWHPVH RXQmRVHVHQWHPFRQIRUPHR
FDVR  REULJDGRV XQV HP UHODomR DRV RXWURV D XPD
FRQGXWD GHWHUPLQDGD UHVSHLWR RX IDPLOLDULGDGH
GLUHLWR RX GHYHU DIHLomR RX KRVWLOLGDGH 3RGHVH
GL]HU TXH R SDSHO UHSUHVHQWDGR SHORV VLVWHPDV GH
DWLWXGHVpRGHDVVHJXUDUDFRHVmRHRHTXLOtEULRGR
JUXSRPDVDDQWURSRORJLDDLQGDQmRFRPSUHHQGHXD
QDWXUH]D GDV FRQH[}HV H[LVWHQWHV HQWUH DV GLYHUVDV
DWLWXGHVHQmRSHUFHEHXVXDQHFHVVLGDGH
(Q W UHVLVWHPDV WHUPLQROyJLFRV HVLVWHPDV GH
DWLWXGHV Ki FRQIRUPH /pYL6WUDXVV XPD GLIHUHQoD
SURIXQGD YLVWR TXH R VLVWHPD GH DWLWXGHV QmR p
DSHQDV D H[SUHVVmR RX D WUDGXomR QR SODQR DIHWLYR
GR VLVWHPD WHUPLQROyJLFR$GHPDLV VHJXQGR HOH p
QHFHVViULR VHPSUH GLVWLQJXLU HQWUH GRLV WLSRV GH
DWLWXGHV D DV DWLWXGHV GLIXVDV VmR DWLWXGHV QmR
FULVWDOL]DGDV H GHVSURYLGDV GH FDUiWHU LQVWLWXFLRQDO
SRGHVHDGPLWLUTXHQRSODQRSVLFROyJLFRVmRPHURV
UHIOH[RVGDWHUPLQRORJLDHE DVDWLWXGHVHVWLOL]DGDV
VmRDWLWXGHVREULJDWyULDVVDQFLRQDGDVSRUWDEXVRX
SULYLOpJLRVHTXHVHH[SULPHPDWUDYpVGHFHULPRQLDO
IL[R /RQJH GH UHIOHWLU DXWRPDWLFDPHQWH D
QRPHQFODWXUD
HVVDV
DWLWXGHV
DSDUHFHP

IUHTXHQWHPHQWH FRPR HODERUDo}HV VHFXQGiULDV


GHVWLQDGDV D UHVROYHU FRQWUDGLo}HV H VXSHUDU
LQVXILFLrQFLDVLQHUHQWHVDRVLVWHPDWHUPLQROyJLFR
,VVR HQWUHWDQWR QmR TXHU GL]HU TXH QmR H[LVWD
XPDLQWHUGHSHQGrQFLDHQWUHRVLVWHPDWHUPLQROyJLFR
H RVLVWHPD GH DWLWXGHV PDV HVVD UHODomR GH
LQWHUGHSHQGrQFLDQmRpXPDFRUUHVSRQGrQFLDWHUPRD
WHUPR 3DUD /pYL6WUDXVV R VLVWHPD GH DWLWXGHV
FRQVWLWXL DQWHV XPD LQWHJUDomR GLQkPLFD GR VLVWHPD
WHUPLQROyJLFR+iDVVLPXPDUHODomRIXQFLRQDOHQWUH
RV GRLV VLVWHPDV SRUpP SRU UD]}HV GH PpWRGR p
SRVVtYHO WUDWDU RV SUREOHPDV DIHUHQWHV D FDGD XP
FRPRSUREOHPDVVHSDUDGRV
/LQJXDJHPHFXOWXUD
$R LQYHVWLJDU DV UHODo}HV HQWUH OLQJXDJHP H
FXOWXUD /pYL6WUDXVV   D   REVHUYD TXH D
FLYLOL]DomRHXURSHLDWUDWDDOLQJXDJHPGHPDQHLUDTXH
SRGH VHU TXDOLILFDGD GH LPRGHUDGD IDODVH GHPDLV
(VVD PDQHLUD GH DEXVDU GD OLQJXDJHP QmR p
XQLYHUVDO QHP PHVPR IUHTXHQWH$ PDLRU SDUWH GDV
FXOWXUDVSULPLWLYDVXVDDOLQJXDJHPFRPSDUFLP{QLD
QmR VH IDOD TXDQGR VH TXHU H VHP PRWLYR $V
PDQLIHVWDo}HV YHUEDLV VmR Dt IUHTXHQWHPHQWH
OLPLWDGDV D FLUFXQVWkQFLDV SUHVFULWDV IRUD GDV TXDLV
VHSRXSDPDVSDODYUDV
/pYL6WUDXVV UHFRQKHFH TXH R SUREOHPD GDV
UHODo}HV HQWUH OLQJXDJHP H FXOWXUD p XP GRV PDLV

FRPSOLFDGRV TXH H[LVWHP 3RGHVH LQLFLDOPHQWH


WUDWDUDOLQJXDJHPFRPRXPSURGXWRGDFXOWXUDXPD
OtQJXDUHIOHWHDFXOWXUDJHUDOGDSRSXODomR0DVQXP
RXWUR VHQWLGR D OLQJXDJHP p XPDSDUWH GD FXOWXUD
FRQVWLWXLXPGHVHXVHOHPHQWRVGHQWUHRXWURV3RGH
VH WDPEpP WUDWDU D OLQJXDJHP FRPRFRQGLomR GD
FXOWXUD H SRU GXSOR PRWLYR D SULPHLUR SRUTXH p
VREUHWXGR DWUDYpV GD OLQJXDJHP TXH R LQGLYtGXR
DGTXLUH D FXOWXUD GH VHX JUXSR LQVWUXLVH HGXFD D
FULDQoD SHOD SDODYUD UDOKD FRP HOD OLVRQMHLDD FRP
SDODYUDV E VHJXQGR SRUTXH D FXOWXUD SRVVXL XPD
DUTXLWHWXUDVLPLODUjGDOLQJXDJHP
1DV UHODo}HV HQWUH OLQJXDJHP H FXOWXUD VHPSUH
DSDUHFHHVVDTXHVWmRpDOtQJXDTXHH[HUFHXPDDomR
VREUH D FXOWXUD RX DR LQYpV p D FXOWXUD TXH H[HUFH
DomRVREUHDOtQJXD"1mRVHSRGHHVTXHFHUGL]/pYL
6WUDXVV TXH OtQJXD H FXOWXUD VmR GXDV PRGDOLGDGHV
SDUDOHODV GH XPD DWLYLGDGH PDLV IXQGDPHQWDOR
HVStULWRKXPDQReSRVVtYHODILUPDUTXHGHYHH[LVWLU
TXDOTXHU UHODomR HQWUH OLQJXDJHP H FXOWXUD$PEDV
OHYDUDPYiULRVPLOrQLRVSDUDVHGHVHQYROYHUHHVVD
HYROXomR VH GHVHQURORX SDUDOHODPHQWH QRV HVStULWRV
GRVKRPHQV
3DUDGHILQLUFRQYHQLHQWHPHQWHDVUHODo}HVHQWUH
OLQJXDJHP H FXOWXUD /pYL6WUDXVV HQWHQGH TXH p
QHFHVViULR H[FOXLU GH LQtFLR GXDV KLSyWHVHV D
SULPHLUD QmR SRGH KDYHU QHQKXPD UHODomR HQWUH
OLQJXDJHP H FXOWXUD E VHJXQGD H[LVWH XPD

FRUUHODomRWRWDOHPWRGRVRVQtYHLVHQWUHOLQJXDJHPH
FXOWXUDeSUHFLVRSRLVFRQVLGHUDUXPDKLSyWHVHTXH
LPSOLTXH XPD SRVLomR PpGLD FHUWDV FRUUHODo}HV VmR
SURYDYHOPHQWH UHYHOiYHLV HQWUH FHUWRV DVSHFWRV H
FHUWRV QtYHLV p SUHFLVR HQFRQWUDU HVVHV DVSHFWRV
0DVDSULQFLSDOEHQHILFLiULDGHVVDVGHVFREHUWDVQmR
VHULDQHPDOLQJXtVWLFDQHPDDQWURSRORJLDWDOFRPRp
FRQFHELGD DWXDOPHQWH HVVDV GHVFREHUWDV VHULDP
DSURYHLWiYHLV SDUD XPD FLrQFLD DR PHVPR WHPSR
PXLWR DQWLJD H PXLWR QRYD XPDDQWURSRORJLD
HQWHQGLGD HP VHQWLGR PDLV ODWR RX VHMD XP
FRQKHFLPHQWR GR KRPHP TXH DVVRFLH GLYHUVRV
PpWRGRVHGLYHUVDVGLVFLSOLQDVHTXHSRGHUiUHYHODU
XPGLDDVPRODVVHFUHWDVTXHPRYHPHVVHKyVSHGH
SUHVHQWH VHP VHU FRQYLGDGR DRV QRVVRV GHEDWHV R
HVStULWRKXPDQR
62&,('$'(635,0,7,9$6
3DUD TXH VHUYH R HVWXGR GDV VRFLHGDGHV
SULPLWLYDV"6HJXQGR/pYL6WUDXVV  HVVH
HVWXGR QmR YLVD UHYHODU R SULPLWLYR SRU WUiV GR
FLYLOL]DGR0DVQDPHGLGDHPTXHHVVDVVRFLHGDGHV
RIHUHFHPDRKRPHPXPDLPDJHPGHVXDYLGDVRFLDO
HP UHGXomR SHTXHQR HIHWLYR GHPRJUiILFR  H HP
HTXLOtEULR DXVrQFLD GH FODVVHV VRFLDLV H UHS~GLR GD
KLVWyULD  HODV FRQVWLWXHP FDVRV SULYLOHJLDGRV QR
GRPtQLR GRV IDWRV VRFLDLV SHUPLWHP SHUFHEHU R
PRGHORSRUWUiVGDUHDOLGDGHRXPDLVSUHFLVDPHQWH

FRQVWUXLU FRP PHQRV HVIRUoRV R PRGHOR D SDUWLU GD


UHDOLGDGH7DPEpPpSUHFLVRDGPLWLUTXHDUD]mRILQDO
GHVVHHVWXGRQmRpVDEHURTXHVmRHPVLPHVPDV
DVVRFLHGDGHVHVWXGDGDVPDVVLPGHVFREULUHPTXH
VHGLVWLQJXHPXPDVGDVRXWUDV
3DUD /pYL6WUDXVV DV VRFLHGDGHV SULPLWLYDV
HVWmRQDKLVWyULDRVHXSDVVDGRpWmRDQWLJRTXDQWR
R GDV VRFLHGDGHV FRPSOH[DV XPD YH] TXH HOH
UHPRQWD jV RULJHQV GD HVSpFLH 1R GHFRUUHU GH
PLOrQLRV HODV SDVVDUDP SRU WRGR WLSR GH
WUDQVIRUPDo}HVDWUDYHVVDUDPSHUtRGRVGHFULVHHGH
SURVSHULGDGH FRQKHFHUDP JXHUUDV PLJUDo}HV
DYHQWXUDV 0DV HVVDV VRFLHGDGHV HVSHFLDOL]DUDPVH
HP VHWRUHV GLIHUHQWHV GDTXHOHV TXH DV VRFLHGDGHV
FRPSOH[DVHVFROKHUDP
,QGXELWDYHOPHQWH DV VRFLHGDGHV SULPLWLYDV
HVWmR LQVHULGDV QD KLVWyULD PDV SDUHFH FRQIRUPH
FRQVWDWD /pYL6WUDXVV TXH HODV HODERUDUDP H UHWrP
XPD VDEHGRULD SDUWLFXODU TXH DV LQFLWD
GHVHVSHUDGDPHQWH D UHVLVWLU D TXDOTXHU PRGLILFDomR
HPVXDHVWUXWXUDTXHSHUPLWLULDjKLVWyULDLUURPSHUHP
VHX VHLR (VVD VDEHGRULD VHJXQGR /pYL6WUDXVV
WULOKDWUrVFDPLQKRVD SULPHLURDPDQHLUDFRPRHODV
H[SORUDPRPHLRJDUDQWHDRPHVPRWHPSRXPQtYHO
GHYLGDPRGHVWRHDSURWHomRGRVUHFXUVRVQDWXUDLV
E VHJXQGRDSHVDUGHVXDGLYHUVLGDGHDVUHJUDVGH
FDVDPHQWR TXH DSOLFDP DSUHVHQWDP XP FDUiWHU
FRPXPTXDOVHMDRGHOLPLWDUDRH[WUHPRHGHPDQWHU

DWD[DGHQDWDOLGDGHHPQtYHOFRQVWDQWHF WHUFHLUR
XPD YLGD SROtWLFD EDVHDGD QR FRQVHQWLPHQWR H QmR
DGPLWLQGR RXWUDV GHFLV}HV VHQmR DV WRPDGDV SRU
XQDQLPLGDGHSDUHFHWHUVLGRFRQFHELGDSDUDH[FOXLUR
XVR GHVVH PRWRU GD YLGD FROHWLYD TXH XWLOL]D RV
GHVYLRVGLIHUHQFLDLVHQWUHSRGHUHRSRVLomRPDLRULD
HPLQRULDH[SORUDGRUHVHH[SORUDGRV
(VVDV VRFLHGDGHV FRQIRUPH WHUPLQRORJLD
DGRWDGD SRU /pYL6WUDXVV SRGHP VHU FKDPDGDV GH
IULDV SRUTXH R VHX PHLR LQWHUQR HVWi SUy[LPR GR
]HURGHWHPSHUDWXUDKLVWyULFDGLVWLQJXHPVHSRUVHX
HIHWLYR UHVWULWR H SRU VHX PRGR PHFkQLFR GH
IXQFLRQDPHQWR GDV VRFLHGDGHV TXHQWHV
DSDUHFLGDV HP GLYHUVRV SRQWRV GR PXQGR DSyV D
UHYROXomR QHROtWLFD H HP TXH GLIHUHQFLDo}HV HQWUH
FDVWDV H FODVVHV VmR VROLFLWDGDV VHP WUpJXDV FRPR
IRQWHGHSRUYLUHHQHUJLD2DOFDQFHGHVVDGLVWLQomR
p VREUHWXGR WHyULFR SRLV QmR Ki SURYDYHOPHQWH
QHQKXPDVRFLHGDGHFRQFUHWDTXHHPVXDWRWDOLGDGH
H HP FDGD XPD GH VXDV SDUWHV FRUUHVSRQGD
H[DWDPHQWHDXPRXRXWURWLSR
$DQWURSRORJLDVRFLDOREHGHFHSRUWDQWRDXPD
GXSOD PRYLPHQWDomR D UHWURVSHFWLYD SRLV RV
JrQHURV GH YLGD SULPLWLYRV HVWmR HP YLDV GH
GHVDSDUHFLPHQWR PRWLYR SHOR TXDO p QHFHVViULR
UHFROKHU R PDLV UiSLGR SRVVtYHO WRGDV DV OLo}HV TXH
HVVDV VRFLHGDGHV SRGHP RIHUHFHU H E SURVSHFWLYD
QD PHGLGD HP TXH WRPDQGR FRQVFLrQFLD GH XPD

HYROXomRFXMRULWPRVHSUHFLSLWDVHQWLPRQRVGHVGH
MiRVSULPLWLYRVGDVJHUDo}HVIXWXUDVHQDPHGLGD
HP TXH SURFXUDPRV SURYDU QRVVD YDOLGDGH
DSUR[LPDQGRQRVGDTXHOHVTXHIRUDPHDLQGDVmR
SRU SRXFR WHPSR  WDLV FRPR XPD SDUWH GH QyV
SHUVLVWHHPSHUPDQHFHU
4XDQGRDSyVDVJUDQGHVUHYROXo}HVQHROtWLFDV
DV JUDQGHV FLGDGHVHVWDGRV QmR DSHQDV GR
0HGLWHUUkQHR PDV WDPEpP GR ([WUHPR 2ULHQWH
LPSXVHUDP D HVFUDYLGmR FRQVWUXtUDP XP WLSR GH
VRFLHGDGH VRFLHGDGH TXHQWH  HP TXH RV GHVYLRV
GLIHUHQFLDLVHQWUHRVKRPHQVDOJXQVGRPLQDGRUHV
RXWURV GRPLQDGRV  SRGLDP VHU XWLOL]DGRV SDUD
SURGX]LU FXOWXUD QXP ULWPR DWp HQWmR LQFRQFHEtYHO
'HVGH HQWmR DOJXQV KRPHQV SURFXUDP OLEHUWDU D
KXPDQLGDGH GHVVD PDOGLomR PLOHQDU TXH D REULJD D
HVFUDYL]DUSDUDTXHKDMDSURJUHVVR

;9,,, 129$

$175232/2*,$
$0(5,&$1$

&/,))25'*((57= 
$GDP.XSHUUHODWDTXHHP7DOFRWW3DUVRQV
HOHJHX &OLIIRUG *HHUW] H 'DYLG 6FKQHLGHU FRPR RV
DQWURSyORJRV PDLV SURPLVVRUHV GD QRYD
DQWURSRORJLDDPHULFDQDPDVHQTXDQWR*HHUW]YLULDD
VHWRUQDURDQWURSyORJRGRHVWDEOLVKPHQW6FKQHLGHU
SHUPDQHFHULD
VHPSUH
XP
HQFUHQTXHLUR
LQGLVFLSOLQDGR $ H[SRVLomR TXH VH DSUHVHQWD QD
VHTXrQFLD VREUH D QRomR GH FXOWXUD SURSRVWD SRU
HVVHV GRLV DQWURSyORJRV WHP FRPR UHIHUrQFLD D
DQiOLVHGH$GDP.XSHUHPVHXOLYUR&XOWXUDDYLVmR
GRVDQWURSyORJRV
*HHUW] HQWHQGH TXH p QHFHVViULR GDU XPD
GLPHQVmR PHQRU DR FRQFHLWR GH FXOWXUD SDUD
DVVHJXUDU GHVVD IRUPD D VXD LPSRUWkQFLD
SHUPDQHQWHHPYH]GHHQIUDTXHFrOD1HVVHVHQWLGR
HODERUD XP FRQFHLWR HVWULWR SDUD VXEVWLWXLU R
FRQFHLWR DPSOR HODERUDGR SRU 7\ORU H DPSODPHQWH
DFHLWR SHORV DQWURSyORJRV 2 QRYR FRQFHLWR GH

FXOWXUD WHP XPD ILQDOLGDGH p HODERUDGR SDUD VHU


DSOLFDGRjDQiOLVHGHFDVRVHVSHFtILFRV
&RPHVVHLQWHQWR*HHUW]DSUHVHQWDDVVHJXLQWHV
GHILQLo}HVSDUDRFRQFHLWRGHFXOWXUDD WUDWDVHGH
XPVLVWHPDRUGHQDGRGHVLJQLILFDGRVHVtPERORVHP
FXMRV WHUPRV RV LQGLYtGXRV GHILQHP VHX PXQGR
UHYHODPVHXVDFKDGRVHID]HPVHXVMXOJDPHQWRVE p
X PSDGUmR GH VLJQLILFDGRV WUDQVPLWLGRV
KLVWRULFDPHQWH LQFRUSRUDGRV HP IRUPDV VLPEyOLFDV
SRU PHLR GDV TXDLV RV LQGLYtGXRV FRPXQLFDPVH
SHUSHWXDPVHGHVHQYROYHPVHXFRQKHFLPHQWRVREUH
DYLGDHGHILQHPVXDDWLWXGHHPUHODomRDHODF pXP
FRQMXQWRGHGLVSRVLWLYRVVLPEyOLFRVSDUDRFRQWUROH
GR FRPSRUWDPHQWR (QILP FXOWXUD p XPGRPtQLR GH
FRPXQLFDomR VLPEyOLFD H FRPSUHHQGHU FXOWXUD
VLJQLILFDLQWHUSUHWDURVVtPERORV
&XOWXUD p XP VLVWHPD VLPEyOLFR SRUWDQWR RV
SURFHVVRV FXOWXUDLV GHYHP VHU OLGRV WUDGX]LGRV H
LQWHUSUHWDGRV *HHUW] DFUHGLWD TXH R KRPHP p XP
DQLPDO VXVSHQVR SRU WHLDV GH VLJQLILFDGR TXH HOH
PHVPR WHFHX &XOWXUD FRQVLVWH QHVVDV WHLDV GH
VLJQLILFDGRV H VXD DQiOLVH QmR p XPD FLrQFLD
H[SHULPHQWDO HP EXVFD GH OHLV PDV VLP XPD FLrQFLD
LQWHUSUHWDWLYDHPEXVFDGHVLJQLILFDGRV
6HJXQGR *HHUW] DV SURSRVLo}HV FXOWXUDLV
VLPEyOLFDV ID]HP PDLV GR TXH DUWLFXODU FRPR p R
PXQGRHODVWDPEpPRIHUHFHPGLUHWUL]HVVREUHFRPR
DJLUQHOH$VSURSRVLo}HVFXOWXUDLVIRUQHFHPWDQWRR

PRGHOR GR TXH HODV DVVHJXUDP UHSUHVHQWDU D


UHDOLGDGH FRPR RV SDGU}HV GH FRPSRUWDPHQWR H p
FRPRXPJXLDGHFRPSRUWDPHQWRTXHHODVHQWUDPQD
DomRVRFLDOeHVVHQFLDOSRUWDQWRGLVWLQJXLUHQWUHRV
DVSHFWRVFXOWXUDLVHVRFLDLVGDYLGDKXPDQDHWUDWi
ORV FRPR YDULiYHLV LQGHSHQGHQWHV SRUpP IDWRUHV
PXWXDPHQWHLQWHUGHSHQGHQWHV
&XOWXUD p R WHFLGR GR VLJQLILFDGR HP FXMRV
WHUPRVRVVHUHVKXPDQRVLQWHUSUHWDPVXDH[SHULrQFLD
HRULHQWDPVXDDomRHVWUXWXUDVRFLDOpDIRUPDTXHD
DomR DVVXPH D UHGH GH UHODo}HV VRFLDLV TXH
UHDOPHQWH H[LVWH &XOWXUD H HVWUXWXUD VRFLDO VmR
SRUWDQWR DEVWUDo}HV GLVWLQWDV GR PHVPR IHQ{PHQR
*HHUW]HOHJHDUHOLJLmRFRPRDFDUDFWHUtVWLFDSULQFLSDO
GDFXOWXUDHWHQWDGHVFUHYHURHIHLWRGDVFRQFHSo}HV
H SUiWLFDV UHOLJLRVDV VREUH GHWHUPLQDGRV SURFHVVRV
SROtWLFRVVRFLDLVHHFRQ{PLFRV
&XOWXUDHUHOLJLmR
*HHUW] FRPR YLVWR GHILQH FXOWXUD FRPR XP
VLVWHPD VLPEyOLFR TXH IRUQHFH WDQWR XP UHODWR GR
PXQGRFRPRXPFRQMXQWRGHUHJUDVSDUDDWXDUQHOH
$ UHOLJLmR ID] R PHVPR PDV GH IRUPD DLQGD PDLV
HILFLHQWH GHVFUHYHQGR XP FRVPR H SUHVFUHYHQGR
UHJUDV PRUDLV $ UHOLJLmR p DVVLP XPD H[SUHVVmR
HOHYDGD GD FXOWXUD $ UHOLJLmR SRUWDQWR GHYH VHU
WUDWDGD FRPR XP VLVWHPD FXOWXUDO PDV GHYH VHU
WDPEpP UHFRQKHFLGD FRPR XP DVSHFWR SULYLOHJLDGR

GD FXOWXUD D FXOWXUD HOHYDGD D VHX SRQWR PDLV DOWR


HPVHXFHUQHXPDJUXSDPHQWRGHVtPERORVVDJUDGRV
XUGLGRVHPDOJXPWLSRGHWRGRRUGHQDGR
$VVLP FRPR DV FXOWXUDV DV UHOLJL}HV SRVVXHP
XPFDUiWHUGXDOSRUTXHQRVLQIRUPDRTXHRPXQGRp
H FRPR GHYHPRV DJLU QHOH 2V VtPERORV UHOLJLRVRV
DVVHJXUDP TXH R PXQGR p RUGHQDGR H SRU
FRQVHJXLQWH
VDWLVID]HP
XPD
QHFHVVLGDGH
IXQGDPHQWDOTXHFRQVLVWHHPHVFDSDUGRVDFDVRVGH
XP XQLYHUVR DEVXUGR H LUUDFLRQDO +i DLQGD TXH
RFXOWR XP VLJQLILFDGR QD SHUGD QR VRIULPHQWR QD
LQMXVWLoDHQDPRUWH(PVXPDVtPERORVUHOLJLRVRVVy
SRGHPIXQFLRQDUGHVVDIRUPDQDPHGLGDHPTXHVmR
DFHLWRV H DEVRUYLGRV$ HVVrQFLD GD DomR UHOLJLRVD
FRQVLVWHHPLPSRUDXWRULGDGHVREUHXPFRPSOH[RGH
VtPERORVDPHWDItVLFDTXHHOHVIRUPXODPHRHVWLORGH
YLGDTXHHOHVUHFRPHQGDP(VVDpDWDUHIDGRULWXDO
TXHDRPHVPRWHPSRDSUHVHQWDVLPEROLFDPHQWHXPD
LPDJHPGHRUGHPFyVPLFDXPDYLVmRGHPXQGRH
LQGX] SUHGLVSRVLo}HV H PRWLYDo}HV 2 ULWXDO
SRUWDQWR IXQGH XPD LPDJHP GR PXQGR XP HWRV H
XPPRGHORGHFRPSRUWDPHQWR
&XOWXUDHLGHRORJLD
3DUD*HHUW]HPVLVWHPDVHPHTXLOtEULRDUHOLJLmR
D HVWUXWXUD VRFLDO DV HPRo}HV H DV IRUPDV
FRQYHQFLRQDLV GH DomR PHVFODPVH H UHIRUoDPVH
HQWUH VL 0DV HP SHUtRGRV GH PXGDQoD VRFLDO RV

VtPERORV VDJUDGRV QmR SRGHP PDLV H[SUHVVDU FRP


WDQWD FODUH]D DV UHDOLGDGHV VRFLDLV $V GLYLV}HV
VRFLDLV H SROtWLFDV SRGHP VXEYHUWHU D LQWHQomR GR
ULWXDOTXHpDGHDVVHJXUDUTXHRPXQGRpRUGHQDGR
H TXH D FRPXQLGDGH HVWi XQLGD ,QWHUHVVHV
SDUWLFXODUHVLQVXUJHPFRQWUDLQWHUHVVHQDFLRQDOHVH
WUDQVIRUPDPQDEDVHGHFRQIOLWRVSROtWLFRV
*HHUW] DR UHIOHWLU VREUH RV QRYRV (VWDGRV TXH
FRPHoDP D VH IRUPDU DSyV R SURFHVVR GH
GHVFRORQL]DomRQDVGpFDGDVGHHHQWHQGH
TXH HVVHV (VWDGRV H[LJHP XP OtGHU FDULVPiWLFR
ZHEHULDQR TXHSRVVDFRQFHEHUXPQRYRPRGHORGH
OHJLWLPLGDGH XPD LGHRORJLD SRUTXH HVWD SRVVXL D
PDLRULD GDV FDUDFWHUtVWLFDV GD UHOLJLmR$VVLP FRPR
XPDUHOLJLmRXPDLGHRORJLDWHPGHVHUFRPSUHHQGLGD
FXOWXUDOPHQWH FRPR XP VLVWHPD VLPEyOLFR H
SRUWDQWR FRPR XPD IRUPD GH DUWH $ LGHRORJLD
VHJXQGR *HHUW] FULD QRYDV IRUPDV VLPEyOLFDV H
RIHUHFH PDSDV GD UHDOLGDGH VRFLDO SUREOHPiWLFD
WDPEpP RIHUHFH PDWUL]HV SDUD D FULDomR GH XPD
FRQVFLrQFLDFROHWLYD
$ LGHRORJLD p DVVLP XPD IRUPD GH UHOLJLmR
DGHTXDGD D pSRFDV FRQWXUEDGDV H D XPD
PRGHUQLGDGH GHVHQFDQWDGD 2 IHQ{PHQR LGHROyJLFR
FDUDFWHUL]D DV VRFLHGDGHV TXH HVWmR SDVVDQGR SRU
PXGDQoDV GRORURVDV /XWDQGR SDUD LQVWLWXFLRQDOL]DU
QRYDV IRUPDV GH ID]HU DV FRLVDV RV OtGHUHV GHVVHV
QRYRV (VWDGRV FULDP VtPERORV XQLILFDGRUHV H

LQYHQWDP ULWXDLV QDFLRQDLV$ LGHRORJLD VR]LQKD GL]


*HHUW] QmR UHVROYH RV SUREOHPDV PDV FRQVWLWXL XP
LQJUHGLHQWHQHFHVViULRHPTXDOTXHUVROXomR
2 PXQGR PRGHUQR VHJXQGR *HHUW] HVWi
GHVHQFDQWDGR $ VHFXODUL]DomR FRUUyL DV FUHQoDV
HVWDEHOHFLGDVHDUHOLJLmRSHUGHVHXPRQRSyOLRFRPR
HVWUXWXUD SDUD D FRVPRORJLD H D PRUDOLGDGH 8PD
IRQWH DOWHUQDWLYD GH VLJQLILFDGR p R ERPVHQVR
HQWHQGLGRFRPRXPDVDEHGRULDSUiWLFD,VVRpDVVLP
SRUTXHQDPDLRUSDUWHGRWHPSRRVKRPHQVYLYHP
QRPXQGRFRWLGLDQRHYHHPDH[SHULrQFLDHPWHUPRV
SUiWLFRV UHDOLVWDV 7RGDYLD HPERUD R ERPVHQVR
SRVVD VHU XP LQVWUXPHQWR QHFHVViULR SDUD DWXDU QR
PHUFDGROLGDUFRPDSROtFLDRXFRPXPYL]LQKRHOH
QmR SRGH WHU D SUHWHQVmR GH UHVSRQGHU jV JUDQGHV
TXHVW}HVILORVyILFDVRXGHLQWHUIHULUHPDVVXQWRVGH
SULQFtSLRV PRUDLV (VVH p XP GRPtQLR GD UHOLJLmR
0DV FRP D PRGHUQL]DomR YHP D VHFXODUL]DomR
WUD]HQGR HP VHX ERMR XP GHVDILR GLUHWR j YLVmR
UHOLJLRVDGRPXQGR2ERPVHQVRMXQWDPHQWHFRPD
FLrQFLD FULD D QHFHVVLGDGH GH DOJR PDLV H WDPEpP
RIHUHFH RV PDWHULDLV SDUD D FRQVWUXomR GH XPD
DOWHUQDWLYD VHFXODU j UHOLJLmR XPD LGHRORJLD $V
LGHRORJLDV SRUWDQWR UHSUHVHQWDP PRGHUQRV
VXEVWLWXWRVGDUHOLJLmR
3DUD *HHUW] DV FUHQoDV RUWRGR[DV QmR VmR PDLV
WLGDVFRPRFHUWDVHRVFOiVVLFRVVtPERORVGDUHOLJLmR
Mi QmR VmR EDVWDQWH SDUD VXVWHQWDU XPD Ip UHOLJLRVD

DGHTXDGD (VVH p XP IHQ{PHQR GLVVHPLQDGR $


VHFXODUL]DomRGRSHQVDPHQWRLPSOLFDDLGHRORJL]DomR
GD UHOLJLmR 7DOYH] LVVR H[SOLTXH D H[SDQVmR TXH RV
GLYHUVRV IXQGDPHQWDOLVPRV UHOLJLRVRV YrP
DOFDQoDQGRQDV~OWLPDVGpFDGDV
2PpWRGR
*HHUW] HVWDEHOHFH R PpWRGR FRPR WHPD GR VHX
HQVDLRPDLVLQIOXHQWHLQWLWXODGR'HVFULomRGHQVDSRU
XPD WHRULD LQWHUSUHWDWLYD GD FXOWXUD 2 SUHVVXSRVWR
PDLV LPSRUWDQWH DILUPD TXH RV GDGRV UHOHYDQWHV GD
HWQRJUDILD QmR VmR VLQWHWL]DGRV D SDUWLU GH GDGRV
EUXWRV $V Do}HV GDV SHVVRDV VmR OHYDGDV HP
FRQVLGHUDomR H SURFHVVDGDV DWUDYpV GR ILOWUR GD
LQWHUSUHWDomR $o}HV VmR DUWHIDWRV VLQDLV FXMR
SURSyVLWR p WUDQVPLWLU VLJQLILFDGRV 2 HWQyJUDIR VH
SUHRFXSDSRUWDQWRQmRWDQWRFRPRTXHDVSHVVRDV
ID]HP PDV FRP R VLJQLILFDGR GR TXH HODV ID]HP H
FRPDVLQWHUSUHWDo}HVTXHID]HPGDVDo}HVXPDVGDV
RXWUDV$WDUHIDGRHWQyORJRp H[SOLFDUH[SOLFDo}HV
VHXV
LQVWUXPHQWRVLQWHUSUHWDo}HV
GH
LQWHUSUHWDo}HV
1R OXJDU GR SDUWLFLSDQWHREVHUYDGRU TXH
DSUHQGH D YLYHU HP RXWUD VRFLHGDGH H GHVHMD
GHVFREULU FRPR DV FRLVDV UHDOPHQWH IXQFLRQDP
*HHUW] SURS}H TXH R HWQyJUDIR GHYH SURFHGHU GD
PHVPD IRUPD TXH XP HVWXGLRVR GH WH[WRV )D]HU
HWQRJUDILD GL] HOH p FRPR WHQWDU OHU RX PHOKRU

LQWHUSUHWDU XP PDQXVFULWR FKHLR GH HOLSVHV


LQFRHUrQFLDV FRUUHo}HV VXVSHLWDV H FRPHQWiULRV
WHQGHQFLRVRV SRUpP HVFULWR QmR FRP RV VLQDLV
FRQYHQFLRQDLV GH VRP PDV FRP H[HPSORV
WUDQVLWyULRVGHFRPSRUWDPHQWRFRPXP6HXH[HUFtFLR
PDLV IDPRVR QHVVH JrQHUR p D UHSUHVHQWDomR GDV
EULJDV GH JDOR EDOLQHVDV FRPR XPWH[WR
LQWHUSUHWDGR
%ULJDVGHJDOR
$R DQDOLVDU DV EULJDV GH JDOR *HHUW] FRPHoD
SHODQRomRGHMRJRSURIXQGR(VVDQRomRDGYpPGDV
UHIOH[}HV GR ILOyVRIR -HUHP\ %HQWKDP VREUH D
LUUDFLRQDOLGDGHGRMRJR%HQWKDPQDOLQKDXWLOLWDULVWD
DFKDYD TXH R MRJR FRP DSRVWDV HUD LUUDFLRQDO H
FRQFOXLXTXHDVSHVVRDVGHPHQWHIUDFDGHYHULDPVHU
SURWHJLGDVFRQWUDHOH*HHUW]VXVWHQWDTXHTXDQGRRV
EDOLQHVHV VH HQWUHJDP DR TXH %HQWKDP FKDPD GH
MRJR SURIXQGR ID]HQGR DSRVWDV DOWDV HOHV HVWmR
H[SUHVVDQGR YDORUHV FRPXQV TXH WUDQVFHQGHP RV
FiOFXORVPDLVHOHYDGRVGHJDQKRVHSHUGDVPDWHULDLV
2 TXH HVWDYD HP MRJR QDV EULJDV GH JDOR QmR HUD
DSHQDVGLQKHLURPDVVWDWXV9DOHGL]HURTXHDEULJD
GH JDOR H[S}H GH IRUPD PDLV FRQWXQGHQWH VmR DV
UHODo}HV GHVWDWXV H R TXH HOD UHYHOD p TXH HVVDV
UHODo}HVVmRXPDTXHVWmRGHYLGDRXPRUWH
2V GRQRV GRV JDORV GH EULJD VHXV SDUHQWHV H
YL]LQKRV ID]HP DSRVWDV DOWDV PDV R GLQKHLUR p

VHFXQGiULR 3DUWLFLSDU GHVVDV GLVSXWDV UHSUHVHQWD


H[SRU R SUySULRVHOI HP S~EOLFR 2 JDOR UHSUHVHQWD
VHX GRQR H DV SHVVRDV OLJDGDV D HOH
&RQVHTXHQWHPHQWH p RVWDWXV TXH HVWi HP MRJR$
DQiOLVH GH %HQWKDP GHMRJR SURIXQGR IUDFDVVD
SRUTXH HOH FRQVLGHUD DSHQDV DV DSRVWDV XWLOLWiULDV
PXQGDQDV 2 TXH Gi VLJQLILFDGR PDLV SURIXQGR jV
EULJDVGHJDOREDOLQHVDVQmRpRGLQKHLURHPVLPDV
RTXHHODVJHUDPDPLJUDomRGDKLHUDUTXLDGHVWDWXV
EDOLQHVD SDUD R FHQiULR GD EULJD GH JDOR H TXDQWR
PDLVGLQKHLURHVWLYHUHQYROYLGRPDLRUHVVDPLJUDomR
1HVVD FRQMXQWXUD R TXH LQWHUHVVD VHJXQGR
*HHUW] p D LQWHUSUHWDomR TXH D SODWHLD Gi D WRGD D
FHQD 6XD IXQomR p LQWHUSUHWDWLYD WUDWDVH GH XPD
OHLWXUDEDOLQHVDGDH[SHULrQFLDEDOLQHVDXPDKLVWyULD
TXH HOHV FRQWDP VREUH VL PHVPRV 7RGR SRYR DPD
VXD SUySULD YLROrQFLD$ EULJD GH JDOR p D UHIOH[mR
EDOLQHVDVREUHDVXDYLROrQFLD
*HHUW] UHWUDWD XPD VRFLHGDGH FXMD YLGD UHDO p
JRYHUQDGD SRU LGHLDV H[SUHVVDGD SRU PHLRV GH
VtPERORV H UHSUHVHQWDGD HP ULWXDLV 2 HWQyORJR Vy
SUHFLVD OHU RV ULWXDLV H LQWHUSUHWiORV 1mR Ki QDGD
IRUDGRWH[WRHVHRVWH[WRVQmRIDODUHPGHSROtWLFDH
HFRQRPLD HQWmR HVVHV DVVXQWRV SRGHP VHU
LJQRUDGRV 1RV VHXV ~OWLPRV WUDEDOKRV D QRomR GH
FXOWXUD DVVXPLX XP VLJQLILFDGR GH YDORUHV TXH
SUHGRPLQDPQXPDVRFLHGDGHLQFRUSRUDGRVGHIRUPD
PDLV SHUIHLWD QRV ULWXDLV UHOLJLRVRV H QD DOWD DUWH GD

HOLWH (VVD PXGDQoD PHUHFHX DOJXPDV FUtWLFDV


$OJXQV DILUPDP TXH HOH DEDQGRQRX R YHUGDGHLUR
FDPLQKRTXDQGRGHL[RXGHVHSUHRFXSDUFRPKLVWyULD
VRFLDO PXGDQoD HFRQ{PLFD H UHYROXomR SROtWLFD H
FRPHoRX D WUDWDU D FXOWXUD FRPR IRUoD PRWUL] GRV
DVVXQWRV KXPDQRV H QR ILQDO FRPR XP FDPSR GH
HVWXGRDXWRVVXILFLHQWH
'HTXDOTXHUPRGRRVDQWURSyORJRVUHFRQKHFHP
TXH *HHUW] LQWURGX]LX QD DQWURSRORJLD XPD
DERUGDJHP KHUPHQrXWLFD VRILVWLFDGD EDVHDGD QD
LQWHUSUHWDomR GH WH[WRV (VVD LQWHUSUHWDomR SRVVXL D
IRUoD GH UHYHODU RV SURFHVVRV FULDWLYRV H SRpWLFRV
SHORV TXDLV REMHWRV FXOWXUDLV VmR LQYHQWDGRV H
WUDWDGRV FRPR VLJQLILFDWLYRV 1HVVH VHQWLGR D
HWQRJUDILDpWLGDFRPRXPSURFHVVRGHLQWHUSUHWDomR
HQmRGHH[SOLFDomR
'$9,'6&+1(,'(5 
6FKQHLGHU DSUHVHQWD FRPR WHPD SULQFLSDO GH
VHXV HVWXGRV D DQiOLVH GRV VLVWHPDV GH SDUHQWHVFR
HP WHUPRV HVWULWDPHQWH FXOWXUDLV 6HX WUDEDOKR PDLV
FRPHQWDGR $PHULFDQ.LQVKLSD&XOWXUDO$FFRXQW
YHUVDVREUHRSDUHQWHVFRDPHULFDQRHPTXHSURFXUD
HVWDEHOHFHUDOJXPDVWHVHVSROrPLFDVWDLVFRPRD R
DWRVH[XDOpXPVtPERORE RDPRUpXPDFRQYHQomR
F  SDUHQWHVFR QmR p QDWXUDO p FXOWXUDO G  H[LVWH
DSHQDV XP ~QLFR VLVWHPD GH SDUHQWHVFR DPHULFDQR
SRUWDQWRXPD~QLFDFXOWXUDDPHULFDQD

2SDUHQWHVFRVHPSUHIRLWLGRFRPRRFDPSRHP
TXHDDQWURSRORJLD FXOWXUDORXVRFLDO SRGLDDILUPDU
WHU UHJLVWUDGR DYDQoRV FRQFUHWRV $ DQWURSRORJLD
VHPSUH VH IXQGDPHQWRX QD FHUWH]D GH TXH R
SDUHQWHVFR FRQVWLWXtD D EDVH GRV VLVWHPDV VRFLDLV
SULPLWLYRV SRUWDQWR UHLYLQGLFDYD FRPR VXD D WHRULD
VRFLROyJLFD GR SDUHQWHVFR 6FKQHLGHU UHDOL]D XP
HVIRUoR GH GHVFRQVWUXomR GHVVD WHVH DR SUHWHQGHU
SURYDUTXHDWHRULDGRSDUHQWHVFRHVWiIXQGDPHQWDGD
QXPD LOXVmR HWQRFrQWULFD TXH VHXV FRQFHLWRV
EiVLFRV  IDPtOLD GHVFHQGrQFLD JHQHDORJLDV  VmR
FULDo}HV FXOWXUDOPHQWH HVSHFtILFDV GRV HXURSHXV H
GRV QRUWHDPHULFDQRV$VVLP VHJXQGR HOH TXDQGR
RVDQWURSyORJRVHVFUHYHPVREUHRSDUHQWHVFRHVWmR
VLPSOHVPHQWH SURMHWDQGR VXDV SUySULDV REVHVV}HV
FXOWXUDLVHPRXWUDVSHVVRDV
3DUHQWHVFRHFXOWXUD
6FKQHLGHU WHP SRU REMHWLYR RIHUHFHU XPD YLVmR
FXOWXUDO GR SDUHQWHVFR VHJXQGR XP VLVWHPD GH
VtPERORV TXH UHSUHVHQWD R SDUHQWHVFR DPHULFDQR
3DUD LVVR FRQVLGHUD R VLVWHPD GH VtPERORV FRPR
DXW{QRPR H LQGHSHQGHQWH 3RU VtPEROR GL] HOH
UHILURPH D DOJXPD FRLVD TXH UHSUHVHQWD DOJR PDLV
HP TXH QmR H[LVWH XPD UHODomR QHFHVViULD RX
LQWUtQVHFDHQWUHRVtPERORHDTXLORTXHHOHVLPEROL]D
6HJXQGR6FKQHLGHUQmRDSHQDVRVVtPERORVVmR
DUELWUiULRVPDVRVSUySULRVUHIHUHQWHV$VFRLVDVRX

LGHLDV TXH HOHV UHSUHVHQWDP VmRFRQVWUXFWRV


FXOWXUDLVSRUWDQWRSRGHVHUTXHQmRWHQKDQHQKXPD
UHDOLGDGH REMHWLYD &RPR H[HPSOR FLWD D LGHLD GH
IDQWDVPD 2V LQIRUPDQWHV SRGHP WHU WRGRV RV WLSRV
GH QRo}HV IDQWiVWLFDV VREUH IDQWDVPDV PDV R
HWQyJUDIRQmRWHPPHLRVGHVDEHUVHHOHVH[LVWHPRX
QmR8PDYH]TXHpSHUIHLWDPHQWHSRVVtYHOIRUPXODU
R FRQVWUXFWR FXOWXUDO GH IDQWDVPD VHP QD YHUGDGH
MDPDLV WHU YLVWR VHTXHU XP ~QLFR H[HPSODU HVVD
GHYHULDVHUXPDYHUGDGHXQLYHUVDOHVHPUHIHUrQFLDj
REVHUYDELOLGDGH RX QmR GH REMHWRV TXH SRGHP
VXSRVWDPHQWHUHIHULUVHDRVFRQVWUXFWRVFXOWXUDLV
1HVVD OLQKD GH UDFLRFtQLR RV VtPERORV GH
SDUHQWHVFR GHYHULDP VHU WUDWDGRV FRPR VH IRVVHP
DUELWUiULRV$VVLP FRPR XP VtPEROR UHOLJLRVR SRGH
UHIHULUVH D IDQWDVPD RV VtPERORV GH SDUHQWHVFR
GHQRWDPLGHLDVFRQVWUXtGDVFXOWXUDOPHQWH(QRFDVR
GRSDUHQWHVFRDPHULFDQRSDUD6FKQHLGHURVtPEROR
GRPLQDQWHpRDWRVH[XDO2IDWRGDQDWXUH]DVREUH
RTXDORFRQVWUXFWRFXOWXUDOGDIDPtOLDVHIXQGDPHQWD
pRDWRVH[XDO(VVDILJXUDIRUQHFHWRGRVRVVtPERORV
FHQWUDLVGRSDUHQWHVFRDPHULFDQR
3DUD 6FKQHLGHU D UHODomR VH[XDO HQWUH PDULGR H
PXOKHU QmR p DSHQDV XP DWR TXH GHILQH
HVSHFLILFDPHQWH D UHODomR FRQMXJDO PDV FRQVWLWXL
WDPEpPXPVLQDOGHDPRU2VSDLVFRPSDUWLOKDPXPD
VXEVWkQFLD FRPXP FRP RV ILOKRV D TXDO JHUD RXWUR
WLSR GH DPRU R DPRU GH SDUHQWHV FRQVDQJXtQHRV

([LVWHP SRUWDQWR GRLV WLSRV GLIHUHQWHV GH DPRU R


FRQMXJDO H R FRJQiWLFR 2 DPRU HUyWLFR HVWi
UHODFLRQDGR FRP R FDVDPHQWR R DPRU FRJQiWLFR
FRP ODoRV GH VDQJXH 2 DPRU FRQMXJDO p HUyWLFR
VHQGR TXH R DWR VH[XDO UHSUHVHQWD VXD HQFDUQDomR
FRQFUHWD 2 DPRU FRJQiWLFR QmR WHP QDGD GH
HUyWLFRPDVWDPEpPpVLPEROL]DGRSHORDWRVH[XDOe
RVtPERORGRDPRUTXHOLJDRDPRUFRQMXJDODRDPRU
FRJQiWLFR H UHODFLRQD DPERV DWUDYpV GR VtPEROR GR
DWRVH[XDO
2 DWR VH[XDO p DPRU H FRQVWLWXL XP VLQDO GH
DPRU H DPRU UHSUHVHQWD R DWR VH[XDO H p XP VLQDO
GHOH 2V GRLV WLSRV GLIHUHQWHV GH DPRU FRQMXJDO H
FRJQiWLFR R SULPHLUR HUyWLFR H R RXWUR QmR QR
HQWDQWR VmR VtPERORV GH XQLmR VHU XP Vy HVWDU
MXQWR SHUWHQFHU XP DR RXWUR $PRU SRGH VHU
WUDGX]LGR OLYUHPHQWH FRPRVROLGDULHGDGH GLIXVD H
GXUDGRXUD
1DWXUH]DHFXOWXUD
3DUD 6FKQHLGHU RV DPHULFDQRV FRQVWURHP XPD
RSRVLomRHQWUHQDWXUH]DHFXOWXUDPDVYDORUL]DPPDLV
DFXOWXUDGRTXHDQDWXUH]D$QDWXUH]DWHPDOJXPDV
FDUDFWHUtVWLFDV ERDV H RXWUDV SHULJRVDV DWp PHVPR
QRFLYDV PRWLYR SHOR TXDO GHYH VHU PDQWLGD VRE
FRQWUROHPRUDOHFXOWXUDO2VVHUHVKXPDQRVVmRXPD
PLVWXUD GH QDWXUH]D H FXOWXUD PDV p VXD LGHQWLGDGH
FXOWXUDOTXHRVWRUQDKXPDQRV$PRUDOLGDGHGRPDR

DQLPDO VRE D SHOH $ QDWXUH]D p DSULPRUDGD H


PRUDOL]DGD SHOD DSOLFDomR GD OHL 3DUD 6FKQHLGHU
HVVDV QRo}HV DPHULFDQDV VREUH D RUGHP GD OHL
FRQVWLWXtDP DOJR EDVWDQWH VHPHOKDQWH j GHILQLomR
DQWURSROyJLFD FOiVVLFD GH FXOWXUD 1RV (VWDGRV
8QLGRV p D RUGHP GD OHL RX VHMD D FXOWXUD TXH
GHFLGHDVFRQWUDGLo}HVHQWUHKRPHPHQDWXUH]DTXH
UHSUHVHQWDPFRQWUDGLo}HVGHQWURGDSUySULDFXOWXUD
6HJXQGR HOH HVVD RSRVLomR HQWUH QDWXUH]D H
FXOWXUD p TXH HVWUXWXUD R SHQVDPHQWR QRUWH
DPHULFDQRVREUHSDUHQWHVFR8PLQGLYtGXRSRGHVHU
SDUHQWH SRU QDWXUH]D RX SRU FXOWXUD ([LVWHP
SRUWDQWR SDUHQWHV SRU FRQVDQJXLQLGDGH H SRU
DILQLGDGH8PDSHVVRDpSDUHQWHTXDQGRHVWiOLJDGD
SRU ODoRV GH VDQJXH RX SRU DOLDQoDV PDWULPRQLDLV
2V SDUHQWHV SRU QDWXUH]D QDVFHP SDUHQWHV RV
SDUHQWHV SRU DILQLGDGH VmR DGTXLULGRV SRU PHLR GR
FDVDPHQWRRXDGRomRUHVXOWDGHXPDRSomRTXHDWp
SRGHVHUDQXODGD$UHODomRSRUDILQLGDGHSRUWDQWR
p HVWDEHOHFLGD SRU FRVWXPH H RULHQWDGD SRU XP
FyGLJR GH FRQGXWD FRQYHQFLRQDO XPD UHJUD PRUDO
TXHH[SUHVVDDPRU$VUHODo}HVQDWXUDLVWDPEpPVmR
PRWLYDGDV SRU XPFyGLJR GH FRQGXWD PRUDO
DSURSULDGRTXHVHEDVHLDQRDPRURTXHLPSOLFDXPD
pWLFDGHVROLGDULHGDGHGLIXVDHGXUDGRXUD
&yGLJRGHFRQGXWDHODoRVGHVDQJXH
'H DFRUGR FRP 6FKQHLGHU TXDQGR RV

DPHULFDQRV IDODP GH IRUPD DEUHYLDGD GH ODoRV GH


VDQJXHHOHVVHUHIHUHPWDQWRDXPDUHODomRELROyJLFD
FRPRDXPFyGLJRGHFRQGXWD6DQJXHVLJQLILFDHVVD
FRPELQDomRGHVXEVWkQFLDHFyGLJRGHFRQGXWDTXH
DTXHOHV TXH WrP R PHVPR VDQJXH RV SDUHQWHV
FRQVDQJXtQHRV GHYHP WHU 8P SDUHQWH
FRQVDQJXtQHR p WUDWDGR FRPR SDUHQWH RX QmR HP
IXQomRGDGLVWkQFLDJHQHDOyJLFD PHGHDTXDQWLGDGH
GHVDQJXH HGDGLVWkQFLDVRFLDOTXHpGHWHUPLQDGD
SULQFLSDOPHQWH SRU IDWRUHV FRPR GLVSHUVmR
JHRJUiILFD H GLIHUHQoD GH FODVVH VRFLDO /LJDo}HV
JHQHDOyJLFDV QmR JDUDQWHP XP SDUHQWHVFR
YHUGDGHLUR $SHQDV DOJXQV SDUHQWHV TXH QmR
SHUWHQFHPDRFtUFXORIDPLOLDUPDLVtQWLPRVmRWUDWDGRV
FRPR WDO 3RU RXWUR ODGR R SDUHQWH IDPRVR TXH
DSDUHFHHPPXLWDVJHQHDORJLDVLOXVWUDRIDWRGHTXH
D GLVWkQFLD WDPEpP SRGH VHU REOLWHUDGD TXDQGR
FRQYpP
1RTXHGL]UHVSHLWRDRSDUHQWHVFRSRUDILQLGDGH
QmR HVWDU OLJDGR SRU ODoRV GH VDQJXH  VHJXQGR
6FKQHLGHU HVVH SDUHQWHVFR IOXL GH XP DFRUGR OHJDO
FDVDPHQWRDGRomR PDVREVHUYDTXHSHVVRDVTXH
QmR VmR DSDUHQWDGDV SRGHP VHU LQWURGX]LGDV QR
SDSHO GH SDUHQWHV SHOD DSOLFDomR GH XPFyGLJR GH
FRQGXWDDSURSULDGRFRPRQRFDVRGHXPDPLJRGD
IDPtOLDTXHpFKDPDGRGHWLR RXWLD6HRFyGLJRGH
FRQGXWD IRU VHJXLGR SRU VL Vy SRGH VHU VXILFLHQWH
SDUDWUDQVIRUPDUXPDSHVVRDQXPSDUHQWH6FKQHLGHU

FRQFOXL TXH ILOKRV DGRWLYRV VRJUR VRJUD H WLRV


LQGLUHWRV VmR WRGRV R PHVPR WLSR GH SDUHQWH
SDUHQWHV SRU DILQLGDGH SHVVRDV TXH QmR HVWmR
OLJDGDVSRUODoRVGHVDQJXHPDVTXHPHVPRDVVLP
VHJXHPRFyGLJRGHFRQGXWDSUySULRGRVSDUHQWHV
3DUD 6FKQHLGHU D FRQH[mR JHQHDOyJLFD QmR
FRQVWLWXL UD]mR VXILFLHQWH SDUD FRQVLGHUDU DOJXpP
FRPR SDUHQWH 2V DPHULFDQRV jV YH]HV SUHIHUHP
LJQRUDU RV SDUHQWHV GLVWDQWHV PHVPR TXH HVWHMDP
FRQVFLHQWHVGHTXHH[LVWHXPDFRQH[mRJHQHDOyJLFD
7DPSRXFR D FRQH[mR JHQHDOyJLFD UHSUHVHQWD XPD
UD]mRQHFHVViULDSDUDDLGHQWLILFDomRGHXPSDUHQWH
XPDYH]TXHRDPLJRGHPLQKDPmHSRGHVHUPHXWLR
2IDWRUGHFLVLYRpRFyGLJRGHFRQGXWD$VSHVVRDV
VmR FRQVLGHUDGDV SDUHQWHV SRUTXH VHJXHP XP
FyGLJRGHFRQGXWDDSURSULDGR
&RP EDVH QD QRomR GH FyGLJR GH FRQGXWD
6FKQHLGHU VXVWHQWRX D KLSyWHVH GH TXH KDYLD XP
~QLFR VLVWHPD VLPEyOLFR XPD ~QLFD FXOWXUD
DPHULFDQD$V FRQFHSo}HV IXQGDPHQWDLV GH FXOWXUD
VREUH ODoRV GH VDQJXH FDVDPHQWR IDPtOLD
UHODFLRQDPHQWRV HUDP FRQVWDQWHV HP WRGDV DV
FODVVHV VRFLDLV DPHULFDQDV 6HJXQGR 6FKQHLGHU RV
WHyULFRV DPHULFDQRV DLQGD QmR WLQKDP FRQVHJXLGR
OLEHUWDUVH GR PHVPR HUUR DQWLTXtVVLPR D FUHQoD GH
TXH D EDVH ELROyJLFD  RV IDWRV GD QDWXUH]D  HVWi
SRU WUiV GH WRGRV RV VLVWHPDV GH SDUHQWHVFR
'HVSRMDGRGHVXDVEDVHVELROyJLFDVRSDUHQWHVFR

QmR p QDGD 2 SDUHQWHVFR QmR p XPD TXHVWmR GH


ELRORJLDRXGHLQVWLWXLo}HVVRFLDLVHVSHFtILFDVHOHVy
SRGHVHUFRPSUHHQGLGRDSHQDVHPWHUPRVFXOWXUDLV
$V FUtWLFDV jV WHVHV GH 6FKQHLGHU QmR IRUDP
SRXFDV3DUD.XSHUQmRHVWiFODURTXHRVYDORUHVGR
SDUHQWHVFR DPHULFDQR VH UHVXPDP DR DWR VH[XDO
WDPSRXFR TXH D UHODomR VH[XDO p PHOKRU HQWHQGLGD
FRPRXPVtPERORPXLWRPHQRVXPVtPERORDUELWUiULR
TXH QmR WHP FRQH[mR LQWUtQVHFD FRP RV IDWRV GD
SURFULDomR H GD SDWHUQLGDGH H PDWHUQLGDGH 1mR
IRUDP IRUQHFLGDV HYLGrQFLDV TXH FRUURERUDVVHP
HVVDVDOHJDo}HVVXUSUHHQGHQWHV2XWURVHVWXGLRVRV
HQWHQGHPTXHDVHYLGrQFLDVLQGLFDPTXHDIDPtOLDH
RV VLVWHPDV GH SDUHQWHVFR DPHULFDQRV YDULDP GH
IRUPD VLJQLILFDWLYD HQWUH JUXSRV pWQLFRV FODVVHV
VRFLDLVHUHJL}HV
60%2/2(',5(,72
*HHUW]GHILQHFXOWXUDFRPRXPVLVWHPDVLPEyOLFR
TXH IRUQHFH WDQWR XP UHODWR GR PXQGR FRPR XP
FRQMXQWRGHUHJUDVSDUDDWXDUQHOH&XOWXUDpDVVLP
XP GRPtQLR GH FRPXQLFDomR VLPEyOLFD H
FRPSUHHQGHU FXOWXUD VLJQLILFD LQWHUSUHWDU RV
VtPERORV 6FKQHLGHU SRU VXD YH] WDPEpP SURFXUD
HQWHQGHU R IHQ{PHQR FXOWXUDO VHJXQGR XP VLVWHPD
GHVtPERORVDXW{QRPRHLQGHSHQGHQWHPRWLYRSHOR
TXDO HQWHQGH R VtPEROR FRPR DOJXPD FRLVD TXH
UHSUHVHQWDDOJRPDLVHPTXHQmRH[LVWHXPDUHODomR

QHFHVViULDRXLQWUtQVHFDHQWUHRVtPERORHDTXLORTXH
HOHVLPEROL]D
2GLUHLWRVHPSUHWHYHXPJUDQGHVtPERORTXHVH
PDWHULDOL]D HP XPDEDODQoD FRP GRLV SUDWRV
FRORFDGRV QR PHVPR QtYHO HP SRVLomR SHUIHLWD
WDQWR QD KRUL]RQWDO TXDQWR QD YHUWLFDO$ EDODQoD p
VHJXUDGD SRU XPD GHXVD 'LNp JUHJRV  RX ,XVWLWLD
URPDQRV  V YH]HV R VtPEROR GDEDODQoD DSDUHFH
DFRPSDQKDGR GH RXWUR VtPEROR XPDHVSDGD 'H
DFRUGRFRP6FKQHLGHUVHULDSUHFLVRSHUJXQWDURTXH
HVVHV VtPERORV VLPEROL]DP" 'H DFRUGR FRP *HHUW]
SRGHUVHLD SHUJXQWDU FRPR LQWHUSUHWDU HVVHV
VtPERORV" (VVHV VtPERORV IRUQHFHP XP UHODWR GR
PXQGRHXPFRQMXQWRGHUHJUDVSDUDDWXDUQHOH"1DV
OLQKDVVHJXLQWHVDSRQWDPRVDOJXPDVUHVSRVWDVSDUD
HVVDVSHUJXQWDV
1RSRHPD2WUDEDOKRHRVGLDV+HVtRGR VpFXOR
9,,D& HOHJHRWUDEDOKRHDMXVWLoDFRPRSLODUHVGD
YLUWXGHGRKRPHPVLPSOHVHWUDEDOKDGRUDTXHOHTXH
QmRpDULVWRFUDWDHWHPDVXDH[SUHVVmRQXPDSRVVH
PRGHUDGDGHEHQV'LNpQRSRHPDpDGHXVDTXHVH
HQFDUUHJD GH WUD]HU R GLUHLWR GR FpX SDUD D WHUUD$
WDUHID GH 'LNp HQWUHWDQWR p SHUWXUEDGD SHOD GHXVD
+\EULV 9HUQDQW    HQWHQGH TXH R SRHPD
DSRQWD GRLV WLSRV GH H[LVWrQFLD KXPDQD TXH VmR
ULJRURVDPHQWH RSRVWRV VLPEROL]DGRV SRU 'LNp
MXVWLoD MXVWD PHGLGD  H +\EULV LQMXVWLoD
GHVPHGLGD $RSRVLomR GLNpK\EULVVHULDSRUWDQWR

RWHPDFHQWUDOGRSRHPDGH+HVtRGR
$ HWLPRORJLD GD SDODYUDGLNpQmRpPXLWRFODUD
2 FRQFHLWR p RULJLQiULR GD OLQJXDJHP SURFHVVXDO H
FRQWpP XPD PDWUL] GH LJXDOGDGH TXH SHUPDQHFH QR
SHQVDPHQWRJUHJRDWUDYpVGRVWHPSRV1RSURFHVVR
DQWLJR GL]VH TXH DV SDUWHV FRQWHQFLRVDV GmR H
UHFHEHP GLNp 2 FXOSDGR Gi GLNp LVWR VLJQLILFD
XPD UHSDUDomR LQGHQL]DomR RX FRPSHQVDomR 2
OHVDGR FXMR GLUHLWR p UHFRQKHFLGR SHOR MXOJDPHQWR
UHFHEH GLNp H R MXL] UHSDUWH GLNp $VVLP R
FRQFHLWR GH MXVWLoD GLNp  SDVVD D VHU IL[DGR QD
H[SUHVVmRGDUDFDGDXPRTXHpVHX6LJQLILFDDR
PHVPR WHPSR R SURFHVVR D GHFLVmR H D UHSDUDomR
RX SHQD 2 VLJQLILFDGR HYROXL QR VHQWLGR GH
H[SUHVVDURSULQFtSLRTXHJDUDQWHHVVDH[LJrQFLDHQR
TXDO VH SRGH DSRLDU TXHP IRU SUHMXGLFDGR SHOD
K\EULV TXH FRUUHVSRQGH j DomR FRQWUiULD DR GLUHLWR
-DHJHU 
+\EULV SRU VXD YH] p WXGR TXH XOWUDSDVVD D
PHGLGD p R H[FHVVR RX GHVPHGLGD 1DV SHVVRDV
K\EULV SURYRFD LQVROrQFLD VREHUED H SUHVXQomR
'LNpUHSUHVHQWDRHTXLOtEULRDPHGLGDMXVWDFDSD]GH
FRQWHU R GHVHTXLOtEULR SURYRFDGR SHOD GHVPHGLGD H
SHORH[FHVVR$H[LVWrQFLDGH'LNpHVWiFRQGLFLRQDGD
SHODH[LVWrQFLDGH+\EULVRXVHMD'LNpDSDUHFHSDUD
FRQWHU R H[FHVVR H D GHVPHGLGD GRV KRPHQV TXH
HVWmRVRERGRPtQLRGH+\EULV
)HUUD] -U    DR LQWHUSUHWDU R VtPEROR

JUHJR 'LNp  H R URPDQR ,XVWLWLD  DSRQWD DOJXPDV


GLIHUHQoDVTXHPHUHFHPVHUDQRWDGDV
6tPERORJUHJR1DPmRHVTXHUGDGH'LNpHVWiD
EDODQoD FRP RV GRLV SUDWRV VHP R ILHO QR PHLR QD
PmR GLUHLWD D GHXVD VHJXUD XPD HVSDGD H FRP RV
ROKRV DEHUWRV GHFODUD H[LVWLU R MXVWR TXDQGR RV
SUDWRVHVWLYHUHPHPHTXLOtEULR tVRQGRQGHDSDODYUD
LVRQRPLD 2MXVWRVLJQLILFDRTXHpYLVWRFRPRLJXDO
$ LGHLD GH MXVWLoD QD FXOWXUD JUHJD DGTXLUH HVVD
FRQFHSomRIRUWHGHLJXDOGDGH2VROKRVDEHUWRVGD
GHXVDWrPXPVLJQLILFDGRVLPEyOLFR3DUDRVDQWLJRV
RV GRLV VHQWLGRV PDLV LQWHOHFWXDLV VmR D YLVmR H D
DXGLomR $ YLVmR VLPEROL]D D FRQWHPSODomR H
HVSHFXODomR R VDEHU SXUR D DXGLomR LPSOLFD R
YDORUDWLYR DV FRLVDV SUiWLFDV R VDEHU DJLU D
SUXGrQFLD $VVLP RV ROKRV DEHUWRV DSRQWDP SDUD
XPDFRQFHSomRDEVWUDWDTXHSUHFHGHHPLPSRUWkQFLD
R VDEHU SUiWLFR $OpP GLVVR R IDWR GH D GHXVD
FDUUHJDUXPDHVSDGDPRVWUDTXHRVJUHJRVFRQHFWDP
R FRQKHFLPHQWR GR GLUHLWR FRP D IRUoD ELD
QHFHVViULDSDUDH[HFXWiOR2HTXLOtEULRHDKDUPRQLD
QHFHVViULRV HQWUH GLUHLWR GLNp  H IRUoD ELD  GHYH
SUHYDOHFHUQDFLGDGH
6tPERORURPDQR,XVWLWLDWHPRVROKRVYHQGDGRV
HQmRFDUUHJDDHVSDGDVHJXUDDEDODQoDFRPRVGRLV
SUDWRVHRILHOQRPHLRFRPDVGXDVPmRV(ODGHFODUD
R GLUHLWR MXV  TXDQGR R ILHO HVWi FRPSOHWDPHQWH
YHUWLFDO SHUIHLWDPHQWH UHWR GHUHFWXP  2V ROKRV

YHQGDGRV PRVWUDP TXH D FRQFHSomR GRV URPDQRV


VREUHRGLUHLWROLJDVHDXPVDEHUSUiWLFRVDEHUDJLU
XP HTXLOtEULR HQWUH D DEVWUDomR H R FRQFUHWR 2V
MXULVWDV URPDQRV GH PRGR SUHSRQGHUDQWH QmR
HODERUDP WHRULDV DEVWUDWDV VREUH R MXVWR HP JHUDO
FRPR RV JUHJRV  PDV FRQVWUXo}HV RSHUDFLRQDLV
GDQGRH[WUHPDLPSRUWkQFLDjSDODYUDIDODGDGRQGHD
SURYHQLrQFLDGHOH[GRYHUEROHJHUH OHUHPYR]DOWD 
$DWLYLGDGHSUHFtSXDGRMXULVFRQVXOWRpRMXVGLFHUH
TXH SDUD H[HUFrOD SUHFLVD GH XPD DWLWXGH ILUPH
VHJXUDU D EDODQoD FRP DV GXDV PmRV VHP D
QHFHVVLGDGH GD HVSDGD$LGHLDGHMXVWLoDDSDUHFH
QD FXOWXUD URPDQD FRP HVVD FRQFHSomR IRUWH GH
RUGHP SDFLILFDGRUD HP FRQH[mR FRP D DXWRULGDGH
TXH GHYH VHU REHGHFLGD VHP D QHFHVVLGDGH GH
YLROrQFLD
2VVtPERORV EDODQoDRXHVSDGD VLJQLILFDPDOJR
PDLVTXHRVSUySULRVVtPERORVWDPEpPIRUQHFHPXP
UHODWRGRPXQGRHUHJUDVSDUDDWXDUQHOHSRUTXHD
VLPEROL]DDMXVWLoDFRPRLJXDOGDGHHUHWLGmRE UHODWD
DH[LVWrQFLDGHXPSRGHU 'LNpRX,XVWLWLD TXHGL]R
GLUHLWR H HVWi DFLPD GDV SDUWHV SDUD H[HFXWiOR F
HVWDEHOHFH TXH MXVWLoD p LJXDOGDGH UHFLSURFLGDGH H
WDPEpP RUGHP SDFLILFDGRUD SUDWRV HP HTXLOtEULR  H
DLQGD YLQJDQoD H FDVWLJR HVSDGD QD PmR  $
EDODQoD H D HVSDGD VLPEROL]DP GRLV PRGHORV GH
UHWULEXLomRRXGHUHSDUDomRGRVWDWXVTXRYLRODGRD
D EDODQoD VLPEROL]D XP PRGHOR KRUL]RQWDO YLVD j

HTXLSDUDomR GH XPD SUHWHQVmR H GH XPD


FRQWUDSUHVWDomRHE DHVSDGDVLPEROL]DXPPRGHOR
YHUWLFDO XPD KLHUDUTXLD D VHU SURWHJLGD H PDQWLGD
UHWULEXLDJUHVVLYDPHQWHXPDDPHDoDDJUHVVLYD
(QILPRVSUDWRVQDKRUL]RQWDOVLPEROL]DPDMXVWD
PHGLGD D YLUWXGH GR KRPHP PRGHUDGR TXH VDEH H
SUHFLVD FRQWURODU VHXV LPSXOVRV H SDL[}HV (VVH p R
LGHDO pWLFR GR KRPHP TXH SUDWLFD DSKUyQHVLV
JUHJRV  RXSUXGHQWLD URPDQRV  TXH FRQVWLWXL D
PDLVDOWDTXDOLGDGHPRUDODVHRSRUDRVH[FHVVRVj
GHVPHGLGD

;,; &8/785$

&8/785$
$175232/2*,$

&202

2%-(72

'$

3DUD 7DOFRWW 3DUVRQV DV FLrQFLDV VRFLDLV


GHYHULDP VHU RUJDQL]DGDV HP iUHDV IXQFLRQDLV H D
DQWURSRORJLD ILFDULD HQFDUUHJDGD GH XPD WDUHID
HVSHFtILFD R HVWXGR GD FXOWXUD 3DUVRQV UHFRQKHFH
TXHQmRH[LVWHXPFRQVHQVRDUHVSHLWRGDGHILQLomR
GRFRQFHLWRGHFXOWXUDPRWLYRSHORTXDOHQWHQGHTXH
RV DQWURSyORJRV GHYHP DFHLWDU XPD FRQFHSomR GH
FXOWXUDSUHFLVDHULJRURVDPHQWHOLPLWDGDGHILQLGDSRU
VXDSRVLomRQXPDWULQGDGHGHIRUoDVTXHPROGDPD
DomR SHUVRQDOLGDGH UHODo}HV VRFLDLV H LGHLDV H
YDORUHV 6HJXQGR HOH DSHQDV SRU PHLR GH XPD
GHILQLomR FRP HVVH DOFDQFH D DQWURSRORJLD SRGH
DOFDQoDU RVWDWXV GH XPD FLrQFLD HPStULFD DQDOtWLFD
LQGHSHQGHQWHGDVRFLRORJLDHGDSVLFRORJLD .83(5
 
3DUHFH HVWDU ORQJH R FRQVHQVR HQWUH RV
DQWURSyORJRVVREUHRFRQFHLWRGHFXOWXUDKDMDYLVWD
TXH Mi IRUDP FODVVLILFDGDV  GHILQLo}HV 'HQWUH
HVWDV  IRUDP HODERUDGDV SHORV FLHQWLVWDV VRFLDLV
QRUWHDPHULFDQRV QD PDLRULD DQWURSyORJRV 'LDQWH
GHVVDTXDQWLGDGHGHGHILQLo}HVSRGHVHGL]HUTXHR

WHUPRFXOWXUDpGRWDGRGHXPDLPHQVDDPELJXLGDGH
&XOWXUDWHUPRDPEtJXR
2 WHUPRFXOWXUD FRQIRUPH REVHUYDo}HV GH
$EEDJQDQR    SRVVXL LQLFLDOPHQWH GRLV
VLJQLILFDGRV EiVLFRV 1R SULPHLUR H PDLV DQWLJR
VLJQLILFDIRUPDomRLQGLYLGXDOGDSHVVRDKXPDQDRX
VHMD DTXLOR TXH RV JUHJRV GHQRPLQDYDPSDLGHLD
IRUPDomR GR KRPHP  H RV URPDQRVKXPDQLWDV
HGXFDomR GR KRPHP  1R VHJXQGR VLJQLILFDGR R
WHUPRLQGLFDRFRQMXQWRGHREUDVKXPDQDVRXVHMD
RFRQMXQWRGRVPRGRVGHYLGDFULDGRVDGTXLULGRVH
WUDQVPLWLGRV GH XPD JHUDomR SDUD D RXWUD HQWUH RV
PHPEURVGHGHWHUPLQDGDFRPXQLGDGHRXVRFLHGDGH
1HVVH VLJQLILFDGR FXOWXUD QmR p D IRUPDomR GR
LQGLYtGXR HP VXD KXPDQLGDGH PDV p D IRUPDomR
FROHWLYD H DQ{QLPD GH XP JUXSR VRFLDO QDV
LQVWLWXLo}HVTXHRGHILQHP(VVHVHJXQGRVLJQLILFDGR
FRPHoD D DSDUHFHU QR VpFXOR ;9,,, FRP D ILORVRILD
LOXPLQLVWD
1RVpFXOR;,;RWHUPRFXOWXUDSDVVDDLQGLFDUR
FRQMXQWR GRV PRGRV GH YLGD GH XP JUXSR KXPDQR
GHWHUPLQDGR VHP UHIHUrQFLD DR VLVWHPD GH YDORUHV
SDUDRVTXDLVHVWmRDTXHOHV$VVLPFXOWXUDSDVVDD
GHVLJQDUWDQWRDVRFLHGDGHPDLVSURJUHVVLVWDTXDQWR
DV IRUPDV GH YLGD VRFLDO PDLV U~VWLFDV H SULPLWLYDV
(VVH VLJQLILFDGR QHXWUR WHP D YDQWDJHP GH QmR
SULYLOHJLDU XP PRGR GH YLGD HP UHODomR D RXWUR QD

GHVFULomR GH XP WRGR FXOWXUDO 'H IDWR SDUD XP


DQWURSyORJRXPPRGRU~VWLFRGHFR]HUXPDOLPHQWR
p XP SURGXWR FXOWXUDO WDQWR TXDQWR XPD VRQDWD GH
%HHWKRYHQ
(GZDUG7\ORUHPVHXOLYUR&XOWXUDSULPLWLYDGH
IRLRSULPHLURDDSUHVHQWDUXPDGHILQLomRSDUDR
FRQFHLWR GH FXOWXUD 6HJXQGR HOH FXOWXUD p WRGR R
FRQMXQWRGHREUDVKXPDQDVSRUWDQWRWUDWDVHGHXP
WRGR FRPSOH[R TXH DEUDQJH FRQKHFLPHQWR FUHQoD
DUWHSULQFtSLRVPRUDLVOHLVFRVWXPHVHYiULDVRXWUDV
DSWLG}HV H KiELWRV DGTXLULGRV SHOR KRPHP FRPR
PHPEUR GH XPD FRPXQLGDGH RX VRFLHGDGH 3DUD
DOJXQV DQWURSyORJRV R SUREOHPD GHVVD GHILQLomR p
TXH HOD UH~QH XPD JUDQGH TXDQWLGDGH GH HOHPHQWRV
RXWUDoRVFXOWXUDLVTXHSHUPLWHTXHXPDFXOWXUDVHMD
GHVFULWD PDV GLILFXOWD RX LPSHGH D VXD DQiOLVH
0(//2 
$SyV7\ORUDSDUHFHUDPRXWUDVWDQWDVGHILQLo}HV
&DEH PHQFLRQDU DOJXPDV D 5DOSK /LQWRQ HQWHQGH
TXH D FXOWXUD GH TXDOTXHU VRFLHGDGH FRQVLVWH QD
VRPD WRWDO GH LGHLDV UHDo}HV HPRFLRQDLV
FRQGLFLRQDGDVDSDGU}HVGHFRPSRUWDPHQWRKDELWXDO
TXHVHXVPHPEURVDGTXLULUDPSRUPHLRGDLQVWUXomR
RX LPLWDomR E )UDQ] %RDV GHILQH FXOWXUD FRPR D
WRWDOLGDGHGDVUHDo}HVHDWLYLGDGHVPHQWDLVHItVLFDV
TXH FDUDFWHUL]DP R FRPSRUWDPHQWR GRV LQGLYtGXRV
TXH FRPS}HP XP JUXSR VRFLDO F 0DOLQRZVNL GL]
TXH FXOWXUD p XP FRPSRVWR LQWHJUDO GH LQVWLWXLo}HV

SDUFLDOPHQWHDXW{QRPDVHFRRUGHQDGDVTXHHPVHX
FRQMXQWR WHQGH D VDWLVID]HU WRGD D DPSOLWXGH GH
QHFHVVLGDGHV IXQGDPHQWDLV LQVWUXPHQWDLV H
LQWHJUDWLYDV GR JUXSR VRFLDO G 3DUVRQV GHILQH
FXOWXUD FRPR XP GLVFXUVR VLPEyOLFR FROHWLYR VREUH
FRQKHFLPHQWRVFUHQoDVHYDORUHVWRGDFRPXQLGDGH
WHP VXD SUySULD FXOWXUD FRP VHXV YDORUHV
HVSHFtILFRV TXH D GLVWLQJXH GH WRGDV DV RXWUDV H
&OLIIRUG *HHUW] HQWHQGH TXH FXOWXUD p XP VLVWHPD
RUGHQDGR GH VLJQLILFDGRV H VtPERORV HP FXMRV
WHUPRV RV LQGLYtGXRV GHILQHP VHX PXQGR UHYHODP
VHXV DFKDGRV ID]HP VHXV MXOJDPHQWRV FRPXQLFDP
VHHH[HUFHPRFRQWUROHGRFRPSRUWDPHQWR
9DORUHV OHLV SUiWLFDV FUHQoDV H LQVWLWXLo}HV
YDULDP GH IRUPDomR VRFLDO SDUD IRUPDomR VRFLDO
PRWLYRSHORTXDORVDQWURSyORJRVHPJHUDOIDODPHP
FXOWXUDVQRSOXUDOHQmRHPFXOWXUDQRVLQJXODU(P
VtQWHVHSRGHVHGL]HUTXHFXOWXUDpRPRGRSUySULRH
HVSHFtILFR GD H[LVWrQFLD GRV VHUHV KXPDQRV e D
FXOWXUDTXHGLVWLQJXHRVKRPHQVGRVRXWURVDQLPDLV
SRULVVRVHGL]TXHRVDQLPDLVVmRVHUHVQDWXUDLVRV
KXPDQRVVHUHVFXOWXUDLV
6XUJLPHQWRGDFXOWXUD
8PD SUHRFXSDomR GD DQWURSRORJLD FRQVLVWH HP
GHWHUPLQDU HP TXH PRPHQWR H GH TXH PDQHLUD RV
VHUHV KXPDQRV VH DILUPDP FRPR GLIHUHQWHV GD
QDWXUH]D ID]HQGR VXUJLU R PXQGR FXOWXUDO $

DQWURSRORJLD SURFXUD XPD UHJUD RX QRUPD FDSD] GH


HVWDEHOHFHU R PRPHQWR GD VHSDUDomR KRPHP
QDWXUH]D FRPR LQVWDQWH GH VXUJLPHQWR GDV FXOWXUDV
1LVVR WDPEpP QmR Ki FRQVHQVR $OJXQV
DQWURSyORJRVHQWHQGHPTXHHVVDGLIHUHQoDVXUJHQR
PRPHQWRHPTXHRVKXPDQRVLQYHQWDPXPDOHLTXH
TXDQGR WUDQVJUHGLGD LPSOLFDUi D SHQD GH PRUWH GR
WUDQVJUHVVRU H[LJLGD SHOD FRPXQLGDGHD OHL GD
SURLELomR GR LQFHVWR GHVFRQKHFLGD SHORV DQLPDLV
3DUD RXWURV D GLIHUHQoD p HVWDEHOHFLGD TXDQGR RV
KXPDQRVGHILQHPXPDOHLTXHVHWUDQVJUHGLGDFDXVD
D UXtQD GD FRPXQLGDGH H GR LQGLYtGXRD OHL TXH
VHSDUD R FUX GR FR]LGR GHVFRQKHFLGD GRV DQLPDLV
+i DLQGD DTXHOHV SDUD RV TXDLV R TXH GLVWLQJXH D
VRFLHGDGHKXPDQDGDVRFLHGDGHDQLPDOpDIRUPDGH
FRPXQLFDomRDWUDYpVGDWURFDGHVtPERORV &+$8
 
&XOWXUDHYDORUHV
.URHEHU H .OXFNKRKQ LQ .83(5  
HQWHQGHPTXHRVYDORUHVFRQVWLWXHPDVSURSULHGDGHV
PDLV FDUDFWHUtVWLFDV H PDLV LPSRUWDQWHV GD FXOWXUD
6HJXQGRHVVHVWHyULFRVRVYDORUHVIRUQHFHPD~QLFD
EDVH SDUD D FRPSUHHQVmR WRWDO GD FXOWXUD SRLV D
YHUGDGHLUD RUJDQL]DomR GH WRGDV DV FXOWXUDV RFRUUH
IXQGDPHQWDOPHQWH HP WHUPRV GRV VHXV YDORUHV H
HVVHV YDORUHV VmR YDULiYHLV H UHODWLYRV H QmR
SUHGHWHUPLQDGRV H HWHUQRV 3DUD DYDOLDU RV YDORUHV

GRV RXWURV p SUHFLVR DGRWDU XPD SHUVSHFWLYD


UHODWLYLVWD H UHFRQKHFHU TXH WRGD VRFLHGDGH SRU
LQWHUPpGLRGDVXDFXOWXUDEXVFDHDWpFHUWRSRQWR
HQFRQWUD YDORUHV e HVVH UHODWLYLVPR TXH GLVWLQJXH
DFLPDGHWXGRDDERUGDJHPDQWURSROyJLFDGDFXOWXUD
GDVDERUGDJHQVPDLVDQWLJDV
3DUD.URHEHUH.OXFNKRKQDFXOWXUDFRQVLVWHHP
SDGU}HV H[SOtFLWRV H LPSOtFLWRV HP FRPSRUWDPHQWR
DGTXLULGR H WUDQVPLWLGR SRU VtPERORV ( R Q~FOHR
HVVHQFLDOGDFXOWXUDFRQVLVWHHPLGHLDVWUDGLFLRQDLVH
HVSHFLILFDPHQWH HP YDORUHV D HODV YLQFXODGRV 1D
WUDGLomR DOHPm VHJXQGR .XSHU   D FXOWXUD
HUD WUDWDGD FRPR XP VLVWHPD GH LGHLDV H YDORUHV
H[SUHVVDGRVSRUPHLRGHVtPERORVHLQFRUSRUDGRVj
UHOLJLmRHjVDUWHV$R DEVRUYHU H DGRWDU RV YDORUHV
FXOWXUDLV R LQGLYtGXR HQFRQWUDYD XP SURSyVLWR QD
YLGDHXPVHQWLGRGHLGHQWLGDGH3DUVRQVFRQIRUPH
REVHUYD.XSHUVLWXRXHVVDLGHLDGHQWURGDVXDWHRULD
JHUDO GD DomR VRFLDO (P VHJXLGD FRQYLGRX RV
DQWURSyORJRV D HVWXGiOD FRPR XPD FRQWULEXLomR
SDUD R H[HUFtFLR LQWHUGLVFLSOLQDU $VVLP RV
DQWURSyORJRVIRUDPHVWLPXODGRVDLJQRUDUDELRORJLD
DVLQVWLWXLo}HVVRFLDLVHDVTXHVW}HVKLVWyULFDVXPD
YH]TXHHODVVHWRUQDUDPWHPDVGHRXWUDVGLVFLSOLQDV
(P  3DUVRQV H .URHEHU SXEOLFDUDP XP
PDQLIHVWR LQWLWXODGR&RQFHLWR GH FXOWXUD H GH
VLVWHPD VRFLDO QR TXDO HVWDEHOHFHUDP $FKDPRV
FRQYHQLHQWH GHILQLU R FRQFHLWR GHFXOWXUD GH IRUPD

PDLV UHVWULWD GR TXH D WUDGLomR DQWURSROyJLFD QRUWH


DPHULFDQDWHPIHLWRUHVWULQJLQGRVXDUHIHUrQFLDDXP
FRQWH~GR WUDQVPLWLGR H FULDGR H D SDGU}HV GH
YDORUHV LGHLDV H RXWURV VLVWHPDV VLPEyOLFRV
VLJQLILFDWLYRV FRPR IDWRUHV QD IRUPDomR GR
FRPSRUWDPHQWR KXPDQR H GRV SURGXWRV GHVVH
FRPSRUWDPHQWR 3RU RXWUR ODGR VXJHULPRV TXH R
WHUPRVRFLHGDGH  RX GH IRUPD PDLV JHUDOVLVWHPD
VRFLDOVHMDXVDGRSDUDGHVLJQDURVLVWHPDUHODWLYR
HVSHFtILFR GH LQWHUDomR HQWUH LQGLYtGXRV H
FROHWLYLGDGH LQ.83(5 
3DUD3DUVRQVRPpWRGRDSURSULDGRDRHVWXGRGD
FXOWXUD GHYHULD FRQVLVWLU QRV SURFHGLPHQWRV GD
LQWHUSUHWDomR LQWXLWLYD GH :HEHU FDVR D FXOWXUD
IRVVHFRQFHELGDFRPRXPPXQGRVLPEyOLFRGHLGHLDV
HYDORUHV
3OXUDOLGDGHGHFXOWXUDV
$Wp R VpFXOR ;,; PRYLGRV SHOD LGHLD GH XPD
KLVWyULD XQLYHUVDO GDV FLYLOL]Do}HV DOJXQV WHyULFRV
HQWHQGHUDP TXH KDYHULD XPD ~QLFDJUDQGH FXOWXUD
HP GHVHQYROYLPHQWR GD TXDO DV GLIHUHQWHV FXOWXUDV
VHULDP DSHQDV IDVHV RX HWDSDV 1R VpFXOR ;;
SRUpP PRYLGRV SHOD LGHLD GH TXH D KLVWyULD p
GHVFRQWtQXD SDVVRXVH D HQWHQGHU TXH QmR H[LVWH
DSHQDV XPD FXOWXUD PDV FXOWXUDV GLIHUHQWHV ([LVWH
XPD SOXUDOLGDGH GH FXOWXUDV SRUTXH RV YDORUHV DV
OHLV DV FUHQoDV DV SUiWLFDV H DV LQVWLWXLo}HV YDULDP

GHIRUPDomRVRFLDOSDUDIRUPDomRVRFLDO
7 6 (OLRW LQ .83(5    DR DQDOLVDU R
FRQFHLWR GH FXOWXUD DVVLP VH H[SUHVVD SRU FXOWXUD
UHILURPH SULPHLUDPHQWH DR TXH RV DQWURSyORJRV
TXHUHP GL]HU R PRGR GH YLGD GH XP GHWHUPLQDGR
SRYRTXHYLYHMXQWRQXPPHVPROXJDU(VVDFXOWXUD
SRGHVHUYLVWDHPVXDVDUWHVVHXVLVWHPDVRFLDOVHXV
KiELWRV H FRVWXPHV H VXD UHOLJLmR 0DV WXGR LVVR
MXQWRQmRFRQVWLWXLDFXOWXUDXPDFXOWXUDpPDLVGR
TXH D UHXQLmR GH DUWHV FRVWXPHV H FUHQoDV
UHOLJLRVDV7RGDVHVVDVFRLVDVDJHPHQWUHVLHSDUD
FRPSUHHQGHU YHUGDGHLUDPHQWH XPD p SUHFLVR
FRPSUHHQGHUWRGDV(PVXPDDFXOWXUDLQFOXLWRGDV
DV DWLYLGDGHV H LQWHUHVVHV FDUDFWHUtVWLFRV GH XP
SRYR (OD QmR HVWi FRQILQDGD D XPD PLQRULD
SULYLOHJLDGD PDV DEDUFD R PDMHVWRVR H R KXPLOGH D
HOLWHHRSRSXODURVDJUDGRHRSURIDQR
3DUD(OLRWpDGLYHUVLGDGHGHFXOWXUDTXHGHYHVHU
YDORUL]DGD2LGHDOGHXPDFXOWXUDPXQGLDOFRPXPp
VHJXQGR HOH XPD QRomR PRQVWUXRVD (OLRW HQWHQGH
TXH XPD FXOWXUD PXQGLDO TXH IRVVH VLPSOHVPHQWH
XQLIRUPH QmR VHULD FXOWXUD 8PD FXOWXUD PXQGLDO
LPSOLFD XPD KXPDQLGDGH GHVXPDQL]DGD 'HYHPRV
DVSLUDUVHJXQGRHOHDXPDFXOWXUDPXQGLDOFRPXP
GHVGH TXH QmR GLPLQXD D SDUWLFXODULGDGH GDV SDUWHV
TXH D FRPS}HP (OH WDPEpP DOHUWRX SDUD R IDWR GH
TXHYDULHGDGHFXOWXUDOSURYRFDULDFRQIOLWR(P~OWLPD
DQiOLVH GL] HOH UHOLJL}HV DQWDJ{QLFDV VLJQLILFDP

FXOWXUDV DQWDJ{QLFDV H UHOLJL}HV QmR SRGHP VHU


FRQFLOLDGDV .83(5 
&8/785$(',5(,72
$OJXQV DQWURSyORJRV FRPR YLVWR HQWHQGHP
TXH DV FDUDFWHUtVWLFDV PDLV VLJQLILFDWLYDV GD FXOWXUD
VmR RV VHXV YDORUHV $OJXQV WHyULFRV GR GLUHLWR
WDPEpPHQWHQGHPTXHRVYDORUHVVmRIXQGDPHQWDLV
SDUDFRPSUHHQGHURIHQ{PHQRMXUtGLFR0LJXHO5HDOH
 SRUH[HPSORHQWHQGHTXHRGLUHLWRpIUXWRGD
H[SHULrQFLD H ORFDOL]DVH QR PXQGR GD FXOWXUD
SRUWDQWR R GLUHLWR SRVVXL XPD GLPHQVmR YDORUDWLYD
TXH QmR SRGH VHU GHVSUH]DGD )DWR YDORU H QRUPD
VmR VHJXQGR HOH RV HOHPHQWRV FRQVWLWXWLYRV GD
H[SHULrQFLD MXUtGLFD (VVHV HOHPHQWRV VHPSUH VH
LPSOLFDPHVHHVWUXWXUDPQXPDFRQH[mRQHFHVViULDH
FRQVWLWXHPDVVLPXPDWULGLPHQVLRQDOLGDGHTXHSRGH
VHUHVWiWLFDGLQkPLFDRXGHLQWHJUDomR
5HDOHHODERUDXPDWHRULD WHRULDWULGLPHQVLRQDO
QD TXDO HVWDEHOHFH TXH D HVWUXWXUD GR GLUHLWR p
WULGLPHQVLRQDO SRUTXH DQRUPD TXH GLVFLSOLQD RV
FRPSRUWDPHQWRV LQGLYLGXDLV H FROHWLYRV SUHVVXS}H
GDGD VLWXDomR GHIDWR UHIHULGD D GHWHUPLQDGRV
YDORUHV1DPHGLGDHPTXHLVVRVHFRORFDFRPRXP
SUREOHPD SDUD R MXULVWD VXUJH D QHFHVVLGDGH GH
HVFODUHFHU DV UHODo}HV HQWUHIDWR YDORU HQRUPD
(VVHVHOHPHQWRVLQWHJUDQWHVGRGLUHLWRIDWRYDORUH
QRUPD  HVWmR HP SHUPDQHQWH DWUDomR SRVWR TXH R

IDWR WHQGH D UHDOL]DU RYDORU PHGLDQWH DQRUPD 3RU


HVVD UD]mR D FRQH[mR HQWUH HVVHV HOHPHQWRV p
GHQRPLQDGDGLDOpWLFDGDLPSOLFDomRHGDSRODULGDGH
RXVLPSOHVPHQWHGLDOpWLFDGDFRPSOHPHQWDULGDGH
$ FRUUHODomR HQWUH IDWR YDORU H QRUPD SHUPLWH
HQWHQGHU R GLUHLWR FRPR XP VLVWHPD DEHUWR
GHSHQGHQWHGHRXWURVTXHRDEUDQJHHFLUFXQVFUHYH
0LJXHO5HDOHSRUpPDGYHUWHTXHDDWLWXGHGRMXULVWD
QmRSRGHVHUUHGX]LGDRXFRQIXQGLGDFRPDDWLWXGH
GRVRFLyORJR$FDWHJRULDGRMXULVWDVHJXQGRHOHpD
FDWHJRULDGRGHYHUVHUSRLVRGLUHLWRVyFRPSUHHQGH
RVHUUHIHULGRDRGHYHUVHU(QILP5HDOHSURS}HSDUD
D FLrQFLD MXUtGLFD QRV WHUPRV GR FXOWXUDOLVPR XPD
PHWRGRORJLD GH FDUiWHU GLDOpWLFR FDSD] GH GDU DR
WHyULFR GR GLUHLWR RV LQVWUXPHQWRV GH DQiOLVH GR
IHQ{PHQR MXUtGLFR YLVWR FRPR XQLGDGH VLQWpWLFD GH
WUrV GLPHQV}HV QRUPDWLYD IiWLFD H YDORUDWLYD 1D
HVIHUDGRYDORU5HDOHDILUPDTXHDSHVVRDKXPDQDp
RYDORUIRQWHGHWRGRVRVYDORUHV
2 WHUPRFXOWXUD FRPR YLVWR DEULJD PXLWRV
VLJQLILFDGRVPDVHPTXDOTXHUGHOHVFXOWXUDHGLUHLWR
DSDUHFHP YLQFXODGRV SRUTXH R IHQ{PHQR MXUtGLFR
FRQVWLWXL XP GRV DVSHFWRV GD FXOWXUD &XOWXUD p XP
FRQFHLWR TXH SRGH GHPRQVWUDU QmR DSHQDV DV
FRQH[}HVGRGLUHLWRFRPDDQWURSRORJLDPDVWDPEpP
TXH RV SUREOHPDV TXH DV VRFLHGDGHV DWXDOPHQWH
HQIUHQWDP HQYROYHP LQH[RUDYHOPHQWH TXHVW}HV
FXOWXUDLV $OLiV FRQIRUPH REVHUYD $GDP .XSHU

    FXOWXUD p R WHUPR GD PRGD YLVWR TXH


QHOH VH LQVLQXDP WRGRV RV SUREOHPDV GD YLGD
FRQWHPSRUkQHD H DSHVDU GH VXD DPELJXLGDGH H
GLYHUVLGDGH GH XVR SDUHFH TXH WRGDV DV SHVVRDV
HQWHQGHPRVHXH[DWRDOFDQFHHVHQWLGRHSRUWDQWR
GLVSHQVDULDH[SOLFDo}HV
7HUPRFXOWXUDXVRFRPXP
$WXDOPHQWH WRGRV HVWmR HQYROYLGRV FRP
FXOWXUD3ROtWLFRVMRUQDOLVWDVHRXWURVDWRUHVVRFLDLV
FRQFODPDP XPDPXGDQoD FXOWXUDO FRPR IRUPD GH
UHVROYHUSUREOHPDVGHSREUH]DYLROrQFLDVHJXUDQoD
DPELHQWH RX FRPSHWLomR HPSUHVDULDO )DODVH GH
GLIHUHQoDVFXOWXUDLVHQWUHJHUDo}HVVH[RVUHOLJL}HV
H DWp HQWUH HTXLSHV GH IXWHERO DJrQFLDV GH
SURSDJDQGDHJUXSRVGHMRYHQVeFRPXPGL]HUTXHD
FXOWXUD GR tQGLR HVWi DPHDoDGD SHODFXOWXUD GR
FLYLOL]DGR 2V IXQGDPHQWDOLVWDV LVOkPLFRV HQWHQGHP
TXHDPDLRUDPHDoDjVRFLHGDGHGHOHVpDFXOWXUDGR
2FLGHQWH$WpRHPSUHViULRDSURYHLWDSDUDGHIHQGHU
VHXV LQWHUHVVHV HFRQ{PLFRV FRP R DUJXPHQWR GH
GHIHQGHU DFXOWXUD 1HVVH VHQWLGR XP HPSUHViULR
MDSRQrVUHEDWHDVDOHJDo}HVGHTXHR-DSmRGHYHULD
OLEHUDOL]DU VHXV DFRUGRV GH FRPpUFLR SDUD SHUPLWLU
XPD PDLRU FRPSHWLomR GH HPSUHVDV HVWUDQJHLUDV
DILUPDQGR TXH UHFLSURFLGDGH VLJQLILFDULD DOWHUDU DV
OHLV SDUD DFHLWDU VLVWHPDV HVWUDQJHLURV TXH SRGHP
QmR VHU DGHTXDGRV jFXOWXUD MDSRQHVD .83(5

 
7DOYH] SRU HVVHV PRWLYRV DOJXQV WHyULFRV
HQWHQGHP TXH DV SULQFLSDLV IRQWHV RX FDXVDV GRV
FRQIOLWRV QR VpFXOR ;;, VHUmRFXOWXUDLV$VVLPXP
HPSUHViULR QRUWHDPHULFDQR H[SOLFRX TXH D LQYDVmR
GR ,UDTXH QmR WHYH FRPR FDXVD SULQFLSDO D
QHFHVVLGDGH HFRQ{PLFD GH HPSUHVDV QRUWH
DPHULFDQDV HP H[SORUDU H PDQWHU R IOX[R SHWUROtIHUR
LUDTXLDQR PDV R GHVHMR GH OHYDU jTXHOH SRYR XPD
FXOWXUDPDLVHOHYDGDIXQGDGDQRVKiELWRVHYDORUHV
RFLGHQWDLV
1D WHQWDWLYD GH RFXOWDU LQWHUHVVHV HJRtVWLFRV
DOJXQV SROtWLFRV H HPSUHViULRV DSHODP SDUD R
FRQFHLWR GHFXOWXUD H PXLWDV YH]HV PDQLSXODP RV
GLVFXUVRV GRV DQWURSyORJRV ,VVR RFRUUH SRUTXH
PHVPRQRkPELWRGDDQWURSRORJLDRGHEDWHHPWRUQR
GRFRQFHLWRGHFXOWXUDHVWiORQJHGHVHUSDFtILFR+i
QHVVH VHQWLGR SRU XP ODGR RVPXOWLFXOWXUDOLVWDV
TXH HQWHQGHP TXH p SUHFLVR SUHVHUYDU DV FXOWXUDV
GRV GLIHUHQWHV SRYRV GLVVR VH DSURYHLWD R
HPSUHViULR MDSRQrV  H SRU RXWUR ODGR RV
XQLFXOWXUDOLVWDV TXH HQWHQGHP TXH p SUHFLVR
XQLILFDUQDFXOWXUDRFLGHQWDODVFXOWXUDVGHWRGRVRV
SRYRV GLVVR VH DSURYHLWD R HPSUHViULR QRUWH
DPHULFDQR  7DOYH] QR PXQGR HPSUHVDULDO D SDODYUD
FXOWXUD VHMD LVVR PHVPR DOJR SDUD VHU PDQLSXODGR
WHQGRHPYLVWDDILQDOLGDGHGDHPSUHVDTXHpROXFUR
PRWLYR SHOR TXDO p XVDGD VHP ULJRU RX FULWpULR

$VVLPVHUYHDWpSDUDMXVWLILFDURIUDFDVVRHPIXVmR
GH HPSUHVDV FXOWXUDV LQFRPSDWtYHLV  RX D
GHSRUWDomR GH LPLJUDQWHV FODQGHVWLQRV QmR VH
DGDSWDUDPjFXOWXUDORFDO 
3HUFHEHVHTXHpEDVWDQWHHOHYDGRRQ~PHURGH
WHPDVTXHHYRFDPRFRQFHLWRGHFXOWXUD,PSRUWDQWH
SRUpP p SHUFHEHU TXH HP WRGRV HOHV HVWi ODWHQWH R
DVSHFWRMXUtGLFR
)OX[RGHFXOWXUDV
2V DQWURSyORJRV HP JHUDO HQWHQGHP TXH WRGD
FXOWXUD p R UHVXOWDGR GD PLVWXUD GH WUDoRV FXOWXUDLV
GH GLYHUVDV FXOWXUDV 1mR H[LVWH SRUWDQWR XPD
FXOWXUDJHQXtQD
$ FRORQL]DomR H GHSRLV D JOREDOL]DomR GR
FRPpUFLR H GDV FRPXQLFDo}HV SURYRFDUDP D
RFLGHQWDOL]DomRGRPXQGRQRVDVSHFWRVHFRQ{PLFRV
SROtWLFRV MXUtGLFRV H LQWHOHFWXDLV (VVH IHQ{PHQR
IDFLOLWRX D SUHVHQoD GH HXURSHXV H D GLIXVmR GD
FXOWXUDHXURSHLDHPWRGRVRVOXJDUHVGRPXQGRPDV
IH] FRP TXH D (XURSD ILFDVVH H[SRVWD DR IOX[R GH
LPLJUDQWHV TXH FDUUHJDP FRQVLJR XPD FXOWXUD TXH
HPERUDFRQWHQKDWUDoRVGDFXOWXUDHXURSHLDSDUHFH
SRVVXLU XPD FRQILJXUDomR GLIHUHQWH (VVH IOX[R
LPLJUDWyULRWRUQRXVHXPSUREOHPDSDUDRVJRYHUQRV
GRV SDtVHV FHQWUDLV HVSHFLDOPHQWH D (XURSD H RV
(VWDGRV 8QLGRV 2 %UDVLO WDPEpP HVWi H[SRVWR DR
IOX[R LPLJUDWyULR FRQWXGR DWp R PRPHQWR LVVR QmR

WHPFRQVWLWXtGRXPSUREOHPDUHOHYDQWH
2 %UDVLO H RV GHPDLV SDtVHV GD$PpULFD /DWLQD
VHPSUH HVWLYHUDP VXEPHWLGRV j FXOWXUD HXURSHLD H
QR GHFRUUHU GR VpFXOR ;; WDPEpP j FXOWXUD QRUWH
DPHULFDQD $V LQVWLWXLo}HV MXUtGLFDV H SROtWLFDV
EUDVLOHLUDV VmR UHSURGXo}HV GRV PRGHORV DGRWDGRV
QDTXHOHV SDtVHV $OpP GLVVR R FRPpUFLR H DV
FRPXQLFDo}HV IDYRUHFHP RV SDtVHV FHQWUDLV QR
VHQWLGR GH LPSRU VHXV KiELWRV jV SRSXODo}HV GRV
SDtVHV SHULIpULFRV 'LDQWH GHVVD DFXOWXUDomR GH
VpFXORVpSRVVtYHOGL]HUTXHQmRKiPXLWDFRLVDQD
FXOWXUD HXURSHLD RX QD QRUWHDPHULFDQD TXH SRVVD
FDXVDUHVWUDQKDPHQWRDRVEUDVLOHLURV3HORVPHVPRV
PRWLYRV WDPEpP p SRVVtYHO GL]HU TXH QmR Ki PXLWR
QD FXOWXUD EUDVLOHLUD FDSD] GH SURYRFDU XP UDGLFDO
HVWUDQKDPHQWR QRV HXURSHXV RX QRV QRUWH
DPHULFDQRV
2FRUUH SRUpP TXH D PXGDQoD GR FXUVR
LPLJUDWyULR GDV SRSXODo}HV FRORFRX HP HYLGrQFLD R
SUREOHPD GD GLYHUVLGDGH GH FXOWXUD RX GLIHUHQoDV
FXOWXUDLV1mRUDUDVYH]HVHVVDVGLIHUHQoDVWrPVLGR
XWLOL]DGDV SDUD MXVWLILFDU R FRQWUROH GD LPLJUDomR
(PERUD RV LPLJUDQWHV ODWLQRDPHULFDQRV DVLiWLFRV
DIULFDQRV  JHUDOPHQWH RFXSHP QD (XURSD H QRV
(VWDGRV8QLGRVSRVLo}HVVRFLDOPHQWHVXEDOWHUQDVH
VH GLVSRQKDP D YLYHU FODQGHVWLQRV H D DFHLWDU
TXDOTXHU WUDEDOKR SRU TXDOTXHU VDOiULR R IDWR
UHOHYDQWH p TXH HVVH IOX[R LPLJUDWyULR SDUHFH

FRQVWLWXLU XPD DPHDoD SDUD DTXHOHV SDtVHV e GLItFLO


HVWDEHOHFHU VH WDO DPHDoD p FXOWXUDO SROtWLFD RX
HFRQ{PLFDRXDVWUrVFRLVDVDRPHVPRWHPSR
$LPLJUDomR
2 PRYLPHQWR QDWXUDO GDV SRSXODo}HV p R
GHVORFDPHQWR SDUD UHJL}HV TXH IDFLOLWHP VXD
VREUHYLYrQFLD GH IRUPD PHQRV SHQRVD$V JXHUUDV
RV FRQIOLWRV LQWHUQRV DV SHUVHJXLo}HV UHOLJLRVDV RX
pWQLFDV DV HVSHUDQoDV GH HQULTXHFLPHQWR D
QHFHVVLGDGH GH PDQWHU D DGPLQLVWUDomR FRORQLDO
LQGX]LUDP R PRYLPHQWR LPLJUDWyULR GDV PHWUySROHV
SDUD DV FRO{QLDV H SDtVHV SHULIpULFRV (VVH
PRYLPHQWR VLJQLILFDYD R GHVORFDPHQWR GH
SRSXODo}HV GH UHJL}HV PDLV GHVHQYROYLGDV SDUD
UHJL}HV PHQRV GHVHQYROYLGDV FRO{QLDV RX SDtVHV
SHULIpULFRV 1RPXQGRFRQWHPSRUkQHRRPRYLPHQWR
SDUHFH LQYHUWLGR Mi TXH R IOX[R LPLJUDWyULR PDLV
LQWHQVRSDUHFHVHUGHSDtVHVPDLVSREUHVSDUDSDtVHV
PDLV ULFRV $VVLP RV PHVPRV PRWLYRV
VREUHYLYrQFLDGHIRUPDPHQRVSHQRVD TXHDWUDtUDP
RV HXURSHXV SDUD DV FRO{QLDV H SDtVHV SHULIpULFRV
SURYRFDPDJRUDRVPRYLPHQWRVLPLJUDWyULRVSDUDD
(XURSD H RV (VWDGRV 8QLGRV ,QGXELWDYHOPHQWH DV
LPLJUDo}HV WrP LQFRPRGDGR RV SDtVHV FHQWUDLV
SURYD GLVVR VmR DV GHFLV}HV GHVVHV JRYHUQRV QR
VHQWLGRGHUHVWULQJLODVDRPi[LPRPHGLDQWHRXVRGH
EDUUHLUDV EXURFUiWLFDV MXUtGLFDV RX PHVPR GH

FRQFUHWRFRPRpRFDVRGRVPXURVTXHRV(VWDGRV
8QLGRVHUJXHUDPQDIURQWHLUDFRPR0p[LFR
$ SUHVHQoD GH DIULFDQRV DVLiWLFRV H ODWLQRV QD
(XURSDHQRV(VWDGRV8QLGRVpXPIDWRLUUHYHUVtYHO
H FDVR VH PDQWHQKDP DV FRQGLo}HV VRFLDLV
SROtWLFDV H HFRQ{PLFDV  DWXDLV VRPHQWH PHGLGDV
GUiVWLFDV SRGHUmR FRQWHU HVVH IOX[R LPLJUDWyULR 2V
LPLJUDQWHV WrP SURYRFDGR DOJXQV VHQWLPHQWRV QD
SRSXODomR ORFDO PRWLYR SHOR TXDO R WHPD GD
LPLJUDomR p WUDWDGR FRP GHVWDTXH QRV GHEDWHV
SROtWLFRV GD (XURSD H GRV (VWDGRV 8QLGRV 2V
SROtWLFRV GH GLUHLWD TXH DFDOHQWDP WHQGrQFLDV
QD]LVWDV RX IDVFLVWDV WrP XWLOL]DGR R WHPD SDUD
H[SUHVVDU XP QDFLRQDOLVPR H[DFHUEDGR TXH HP
DOJXPDV RFDVL}HV DSDUHFH FRPR D PDLV SXUD
H[SUHVVmRGHXPDGRXWULQDUDFLVWD$VVLPRWHPDGD
LPLJUDomR TXDQGR WUDWDGR SRU SROtWLFRV
LQHVFUXSXORVRV H RSRUWXQLVWDV SRGH WUDQVIRUPDUVH
HPUDFLVPR
2VDQWURSyORJRVDILUPDPTXHQmRH[LVWHPUDoDV
H WDPEpP QmR H[LVWH FXOWXUD JHQXtQD H[LVWH
SRUWDQWRDPLVWXUDGHFXOWXUDVHHWQLDV(VVDPLVWXUD
VH WHP LQWHQVLILFDGR FRP R IHQ{PHQR GD
JOREDOL]DomR XP SURFHVVR TXH VH LQLFLD QR VpFXOR
;9 FRP DV JUDQGHV QDYHJDo}HV H D VXEVHTXHQWH
H[SDQVmR GR FDSLWDOLVPR 1R VpFXOR ;;, R
FDSLWDOLVPRHOHWU{QLFRLQIRUPiWLFRpDIRUoDPRWUL]GD
JOREDOL]DomR (VVH WLSR GH JOREDOL]DomR SURYRFD

FDGDYH]PDLVDFRPSUHVVmRGRHVSDoRHGRWHPSR
$ LQWHUQHW H DWHOHYLVmR D FDER SHUPLWHP D
VLPXOWDQHLGDGHGHLQIRUPDomRHFRPLVVRSURYRFDP
R DQLTXLODPHQWR GR WHPSR &RP DLQWHUQHW H D
WHOHYLVmR D FDER R PXQGR VH WRUQD SHTXHQR
VXEPHWHVHDXPSURFHVVRGHHQFROKLPHQWR8PGRV
HIHLWRVGHVVHHQFROKLPHQWRpDSUR[LPDUFXOWXUDVWLGDV
FRPRGLIHUHQWHV
2V LQGLYtGXRV GH FXOWXUDV GLIHUHQWHV HVWmR
FRPSDUWLOKDQGRFDGDYH]HPPDLRUQ~PHURRPHVPR
HVSDoR JHRJUiILFR RX YLUWXDO$V VRFLHGDGHV HVWmR
SDVVDQGR SRU XP FUHVFLPHQWR LPLJUDWyULR H XP
GHVHQYROYLPHQWR
WHFQROyJLFR
DEVROXWDPHQWH
LQpGLWRV TXH SURYRFDP PXGDQoDV QDV UHODo}HV
VRFLDLV 1RV (VWDGRV 8QLGRV H[LVWH GHWHUPLQDGD
UHJLmRHPTXHDVSHVVRDVXVDPPDLVGHFHPOtQJXDV
3RUHVVHHRXWURVPRWLYRVRWHUPRPXOWLFXOWXUDOLVPR
WHP VLGR VXEVWLWXtGR SRULQWHUFXOWXUDOLVPR XPD
IRUPD GH FRPSUHHQGHU DV GHPDQGDV GH LQGLYtGXRV
FRP FXOWXUDV GLIHUHQWHV TXH YLYHP HP XP PHVPR
HVSDoRJHRJUiILFR$FRQVWUXomRGRGLUHLWRGHSHQGH
GH DQiOLVHV GDV PXWDo}HV FXOWXUDLV H VRFLDLV HP
FXUVR TXH DWLQJHP QmR DSHQDV D VRFLHGDGH QRUWH
DPHULFDQDHHXURSHLDPDVWRGDVDVVRFLHGDGHVYLVWR
TXH R FUHVFLPHQWR LPLJUDWyULR H R GHVHQYROYLPHQWR
WHFQROyJLFRVmRIHQ{PHQRVJOREDOL]DGRV
$VVLP R DXPHQWR GD FRPSOH[LGDGH GDV
VRFLHGDGHVWHPFRORFDGRHPHYLGrQFLDGHWHUPLQDGRV

WHPDV TXH H[LJHP UHIOH[}HV DQWURSROyJLFDV H


MXUtGLFDV $ PDLRULD GHVVHV WHPDV DLQGD TXH QmR
IRVVHP FRQVLGHUDGRV UHOHYDQWHV Mi HVWDYD SUHVHQWH
QDV DQiOLVHV GRV WHyULFRV GHVGH R VpFXOR ;9,
TXDQGR D GHVFREHUWD GR 1RYR 0XQGR FRORFRX
IUHQWH D IUHQWH LQGLYtGXRV H FXOWXUDV GLIHUHQWHV 'H
TXDOTXHU PRGR QD DWXDOLGDGH DQWURSyORJRV H
MXULVWDVWrPGHOLGDUFRPHVVHVDQWLJRVSUREOHPDVH
VHXV QRYRV GHVGREUDPHQWRV H TXDQGR R IL]HUHP
WDOYH]SRVVDPUHLYLQGLFDUQmRDSHQDVRGLUHLWRGHVHU
LJXDOPDVWDPEpPRGLUHLWRGHVHUGLIHUHQWH
',5(,72'(6(5,*8$/(',)(5(17(
$&RQVWLWXLomR)HGHUDOJDUDQWHRGLUHLWRGHVHU
LJXDO H RGLUHLWR GH VHU GLIHUHQWH 2 SULQFtSLR GD
LJXDOGDGHHVWiHVWDEHOHFLGRQRFDSXWGRDUWRQRV
VHJXLQWHV WHUPRV WRGRV VmR LJXDLV SHUDQWH D OHL
VHPGLVWLQomRGHTXDOTXHUQDWXUH]D2GLUHLWRGHVHU
GLIHUHQWHHVWiH[SUHVVRHPGLYHUVRVLWHQVGRDUWR
GHVWDFDQGRVH GRLV p LQYLROiYHO D OLEHUGDGH GH
FRQVFLrQFLD H FUHQoD VHQGR DVVHJXUDGR R OLYUH
H[HUFtFLRGRVFXOWRVUHOLJLRVRVHJDUDQWLGDQDIRUPD
GD OHL D SURWHomR DRV ORFDLV GH FXOWR H D VXDV
OLWXUJLDV LQFLVR9, VmRLQYLROiYHLVDLQWLPLGDGHD
YLGD SULYDGD D KRQUD H D LPDJHP GDV SHVVRDV
DVVHJXUDQGR R GLUHLWR j LQGHQL]DomR SHOR GDQR
PDWHULDORXPRUDOGHFRUUHQWHGHVXDYLRODomR LQFLVR
; 

1mRUDUDVYH]HVRMXULVWDGRJPiWLFRVHDWUDSDOKD
FRPHVVDVJDUDQWLDVFRQVWLWXFLRQDLVTXHLPSOLFDPR
GLUHLWRGHVHULJXDOHGHVHUGLIHUHQWH(VVHVGLUHLWRV
HQYROYHP GLUHLWRV GDV PLQRULDV H HVWmR GLUHWDPHQWH
OLJDGRV DR WHPD DQWURSROyJLFR GD GLYHUVLGDGH GH
FXOWXUDVHHWQLDV
'LUHLWRHFLGDGDQLD
&HOVR /DIHU HP$ UHFRQVWUXomR GRV GLUHLWRV
KXPDQRV DQDOLVD GHQWUH RXWUDV DV QRo}HV GH
FLGDGDQLD LJXDOGDGH HLQWLPLGDGH GLIHUHQoD VRER
HQIRTXH GR SHQVDPHQWR GH +DQQDK $UHQGW 3DUD
$UHQGWDSOXUDOLGDGHKXPDQDWHPXPDFDUDFWHUtVWLFD
RQWROyJLFD GXSOD D LJXDOGDGH H D GLIHUHQoD 6H RV
KRPHQV QmR IRVVHP LJXDLV QmR SRGHULDP HQWHQGHU
VH 3RU RXWUR ODGR VH QmR IRVVHP GLIHUHQWHV QmR
SUHFLVDULDPGHSDODYUDVQHPGHDomRSDUDVHID]HUHP
HQWHQGHUeFRPEDVHQHVVDGXSODFDUDFWHUtVWLFDTXH
HOD LQVHUH D GLIHUHQoD QD HVIHUD GR SULYDGR H D
LJXDOGDGHQDHVIHUDGRS~EOLFR
2 HVSDoR S~EOLFR p R ORFDO GH HQFRQWUR FRP R
RXWUR ORFDO HP TXH VH HQFRQWUDP KRPHQV OLYUHV H
LJXDLV SRUWDQWR QR TXDO GHYH SUHYDOHFHU SDUD
DOFDQoDUDGHPRFUDFLDRSULQFtSLRGDLJXDOGDGH(VVH
QmRpGDGRSRLVDVSHVVRDVQmRQDVFHPLJXDLVHQmR
VmR LJXDLV QDV VXDV YLGDV $ LJXDOGDGH UHVXOWD GD
RUJDQL]DomRKXPDQDpXPFRQVWUXtGRSRUWDQWRXP
SURGXWR FXOWXUDO (OD p XP PHLR GH LJXDODU DV

GLIHUHQoDVDWUDYpVGDVLQVWLWXLo}HV3HUGHURDFHVVR
DR HVSDoR S~EOLFR VLJQLILFD SHUGHU R DFHVVR j
LJXDOGDGH$TXHOHTXHVHYrGHVWLWXtGRGDFLGDGDQLD
DRYHUVHOLPLWDGRjHVIHUDGRSULYDGRILFDSULYDGRGH
GLUHLWRV SRLV HVWHV Vy H[LVWHP HP IXQomR GD
SOXUDOLGDGHGHKRPHQVRXVHMDGDJDUDQWLDWiFLWDGH
TXHRVPHPEURVGHXPDFRPXQLGDGHGmRVHXQVDRV
RXWURV
&LGDGDQLD p R GLUHLWR GH WHU GLUHLWRV 1HVVH
VHQWLGR R KRPHP SULYDGR GH FLGDGDQLD QmR WHP
VHTXHU GLUHLWR GH WHU GLUHLWRV &RP EDVH QHVVD
GHILQLomR &HOVR /DIHU DQDOLVD R SUREOHPD GR
DSiWULGD PDV DOJXPDV GH VXDV FRQFOXV}HV SRGHP
VHU HVWHQGLGDV DRVLPLJUDQWHV LOHJDLV H DRV
UHIXJLDGRV WDPEpP HVSDOKDGRV SRU TXDVH WRGRV RV
SDtVHVGRPXQGR
2 GUDPD GRV LPLJUDQWHV LOHJDLV QmR p DSHQDV R
GHWHUHPSHUGLGRRWHFLGRVRFLDOHPTXHQDVFHUDPH
QRTXDOHVWDEHOHFHUDPXPOXJDUQRPXQGR&RQVLVWH
SULQFLSDOPHQWHQDSHUGDGHXPHOHPHQWRGHFRQH[mR
FRP D RUGHP MXUtGLFD LQWHUQD GR SDtV QR TXDO VH
HQFRQWUDP 2 LPLJUDQWH LOHJDO YLYH j PDUJHP GD OHL
VHP GLUHLWR j UHVLGrQFLD RX DR WUDEDOKR
WUDQVJUHGLQGR D RUGHP MXUtGLFD GR SDtV QR TXDO VH
HQFRQWUD6HPFRPHWHUFULPHHVWiVHPSUHVXMHLWRDLU
SDUDDFDGHLDSRLVDVXDPHUDSUHVHQoDRXH[LVWrQFLD
QDTXHOH WHUULWyULR FRQVWLWXL XPD DQRPDOLD 2 ~QLFR
PRGRTXHRLPLJUDQWHLOHJDOWHPSDUDHVWDEHOHFHUXP

YtQFXORFRPDRUGHPMXUtGLFDQDFLRQDOpFRPHWHUXP
FULPH8PFULPHSRUH[HPSORXPSHTXHQRIXUWR
SDVVD D VHU XPD IRUPD SDUDGR[DO GH UHFXSHUDU FHUWD
LJXDOGDGH KXPDQD SRLV R FULPLQRVR PHVPR R
LPLJUDQWH LOHJDO YrVH WUDWDGR FRPR TXDOTXHU RXWUD
SHVVRDQDVPHVPDVFRQGLo}HV
6y FRPR WUDQVJUHVVRU GD OHL SRGH R LPLJUDQWH
LOHJDO VHU SURWHJLGR SHOD OHL (QTXDQWR GXUDU R
MXOJDPHQWR H R SURQXQFLDPHQWR GH VXD VHQWHQoD
HVWDUi D VDOYR GDTXHOH GRPtQLR DUELWUiULR GD SROLFLD
FRQWUDDTXDOQmRH[LVWHPDGYRJDGRVQHPDSHODo}HV
2V LPLJUDQWHV LOHJDLV QmR SHUGHP GLUHLWRV HOHV
VLPSOHVPHQWH QmR RV WrP 6mR HOHPHQWRV
LQGHVHMiYHLVTXHYLYHPQROLPERGDVRFLHGDGHHSRU
LVVR VXSpUIOXRV H GHVFDUWiYHLV +i QHVVH VHQWLGR
XPD LPHQVD GLVWkQFLD HQWUH RV GLUHLWRV IRUPDOPHQWH
FRQVDJUDGRV QDV GHFODUDo}HV GH GLUHLWRV KXPDQRV
ILUPDGDVSHODVQDo}HVHQDVOHLVLQWHUQDVGRVSDtVHV
HDUHDOLGDGHGHIDWRDTXHHOHVVHUHSRUWDP
$ H[LVWrQFLD GH DSiWULGDV LPLJUDQWHV LOHJDLV H
UHIXJLDGRV UHSUHVHQWD XPD UXSWXUD FRP RSULQFtSLR
GD LVRQRPLD QD PHGLGD HP TXH SDUHFH QmR ID]HU
PDLVVHQWLGRIDODUTXHWRGRVVmRLJXDLVSHUDQWHDOHL
6HDVOHLVQmRVmRLJXDLVSDUDWRGRVRSULQFtSLRGH
LVRQRPLD SHUGH D VXD FRQGLomR GH FULWpULR GH
RUJDQL]DomRGDRUGHPMXUtGLFDHVWDWDO
'LUHLWRHPLQRULDV

&RQIRUPH REVHUYDo}HV GH &HOVR /DIHU R


SUREOHPD GRV DSiWULGDV H SRU FRQVHJXLQWH GRV
LPLJUDQWHVLOHJDLVHUHIXJLDGRVFRORFDHPHYLGrQFLDD
TXHVWmR GDV PLQRULDV TXH KRMH WRUQRXVH XP
SUREOHPDXQLYHUVDO$JOREDOL]DomRGDHFRQRPLDGR
FRPpUFLR H GRV PHLRV GH FRPXQLFDomR RV FRQIOLWRV
LQWHUQRV TXH FXOPLQDP FRP D LQVWDXUDomR GH
JRYHUQRV GLWDWRULDLV H WDPEpP R SURFHVVR GH
GHVFRORQL]DomRSDUWLFXODUPHQWHQDIULFDHQDVLD
WRGRVHVVHVIDWRVDOpPGHRXWURVID]HPDSDUHFHUGH
IRUPDPDLVYLVtYHORSUREOHPDGDVPLQRULDV0LQRULDV
VmR JUXSRV QXPHULFDPHQWH LQIHULRUHV DR UHVWR GD
SRSXODomR GH XP (VWDGR H QXPD SRVLomR QmR
GRPLQDQWH QXP SDtV PDV TXH SRVVXHP
REMHWLYDPHQWH FDUDFWHUtVWLFDV pWQLFDV UHOLJLRVDV RX
OLQJXtVWLFDV GLVWLQWDV GR UHVWR GD SRSXODomR H TXH
VXEMHWLYDPHQWH GHVHMDP SUHVHUYDU D VXD FXOWXUD DV
VXDVWUDGLo}HVDVXDUHOLJLmRHDVXDOtQJXD
$SHQDV SDUD VLWXDU D XQLYHUVDOLGDGH GR
SUREOHPD HLV DOJXQV H[HPSORV GH PLQRULDV TXH VH
IRUPDUDP D SDUWLU GH FRQIOLWRV RX JXHUUDV D  QD
IULFD RV FRQIOLWRV SROtWLFRV H DV JXHUUDV LQWHUQDV
HVSHFLDOPHQWHHQWUH(WLySLDH6RPiOLDSURYRFDUDPR
DSDUHFLPHQWRGHPDLVGHVHLVPLOK}HVGHUHIXJLDGRV
E  RV UHIXJLDGRV SDOHVWLQRV UHSUHVHQWDP XPD
SRSXODomRVXSHULRUDGRLVPLOK}HVGHSHVVRDVF $
5HYROXomR FXEDQD GHX RULJHP D PDLV GH XP PLOKmR
GH UHIXJLDGRV G  R PHVPR YDOH SDUD D JXHUUD GR

9LHWQmGR/DRVGR&DPERMDGR$IHJDQLVWmRH DV
GLWDGXUDVQD$PpULFD/DWLQDSURYRFDUDPHr[RGRGH
PDLV GH XP PLOKmR GH SHVVRDV I  R SURFHVVR GH
GHVFRORQL]DomR SURYRFRX R r[RGR QDV DQWLJDV
FRO{QLDV 8PD SDUWH GHVVH FRQWLQJHQWH IRL SDUD
(XURSDH(VWDGRV8QLGRV
7DPEpP PHUHFH GHVWDTXH R SUREOHPD GH
PLQRULDVHPVHXVSUySULRVSDtVHVD DIULFDGR6XO
DLQGD VH HQFRQWUD jV YROWDV FRP R SUREOHPD GR
DSDUWKHLG TXH SDUHFH PDLV SURIXQGR GR TXH VH
LPDJLQDYD QD PHGLGD HP TXH HQYROYH GLYHUVDV
HWQLDV E  RV GHPDLV (VWDGRV DIULFDQRV VmR
FRPSRVWRV SRU FRPXQLGDGHV pWQLFDV OLQJXtVWLFDV H
UHOLJLRVDV GLIHUHQFLDGDV F  QD 1LJpULD SRU H[HPSOR
GLIHUHQoDV pWQLFDV H OLQJXtVWLFDV OHYDUDP j JXHUUD
FLYLOQRERMRGDTXDOGUDPDWLFDPHQWHGHVDSDUHFHXD
SURSRVWD GH XP QRYR (VWDGR %LDIUD G  QD VLD
LQVHULUDPVH LJXDOPHQWH QD YLGD GD SRSXODomR GRV
QRYRV (VWDGRV UHOHYDQWHV GLIHUHQoDV pWQLFDV
OLQJXtVWLFDV H UHOLJLRVDV H  GLIHUHQoDV UHOLJLRVDV
OHYDUDPDQGLDFRORQLDOLQJOHVDDGLYLGLUVHHPGRLV
(VWDGRV3DTXLVWmRHQGLDFXMDWHQVmRSHORFRQWUROH
GDUHJLmRGHIURQWHLUD &D[LPLUD SHUPDQHFHDWpKRMH
I  GLIHUHQoDV HQWUH FDWyOLFRV H PXoXOPDQRV PDQWrP
YLYDDHFORVmRGHRXWUDJXHUUDFLYLOQR/tEDQRJ QR
,UDTXH D RFXSDomR QRUWHDPHULFDQD FRORFRX HP
HYLGrQFLDDSUHWHQVmRGRVFXUGRV PLQRULDpWQLFD GH
IXQGDUXPSDtVLQGHSHQGHQWHK R&KLSUHHQIUHQWDR

SUREOHPD GDV UHODo}HV HQWUH D PDLRULD JUHJD H D


PLQRULDWXUFDL D6pUYLDQmRDFHLWDDLQGHSHQGrQFLD
GR .RVRYR M  R 7LEHW QmR DFHLWD D GRPLQDomR
FKLQHVDHWF
7RGRV RV HYHQWRV DQWHV GHVWDFDGRV SURYRFDP
LPLJUDo}HV SRUTXH p SHQRVR YLYHU HP ]RQDV GH
FRQIOLWR3DUHFHTXHDFDXVDSULQFLSDOGRPRYLPHQWR
LPLJUDWyULR QmR p VLPSOHVPHQWH D EXVFD GH XP ERP
HPSUHJR PDV D IXJD GD JXHUUD GRV FRQIOLWRV
DUPDGRV GDV SHUVHJXLo}HV 4XDQGR VH UHWLUD R YpX
GD LJQRUkQFLD p SRVVtYHO HQ[HUJDU QHVVHV HYHQWRV
JXHUUDV FRQIOLWRV SHUVHJXLo}HV  D SUHVHQoD
RVWHQVLYD MXVWDPHQWH GDTXHOHV JRYHUQRV TXH VH
SRVLFLRQDP FRQWUD DV LPLJUDo}HV 2 PRYLPHQWR
LPLJUDWyULR WHP SRUWDQWR HVWUHLWDV OLJDo}HV FRP D
GHVRUGHP PXQGLDO FXMRV SULQFLSDLV SURWDJRQLVWDV
VmRRVSDtVHVOtGHUHV
&HOVR /DIHU REVHUYD TXH HP YLUWXGH GHVVHV
SUREOHPDV RV GLUHLWRV GDV PLQRULDV QmR IRUDP
FRQWHPSODGRVQHPQD&DUWDGDV1Do}HV8QLGDVQHP
QD'HFODUDomR8QLYHUVDOGRV'LUHLWRVGR+RPHPTXH
FXLGDDSHQDVGRGLUHLWRjLJXDOGDGHHGRGLUHLWRjQmR
GLVFULPLQDomR 2V GLUHLWRV GDV PLQRULDV IRUDP
FRQVDJUDGRV SRVWHULRUPHQWH QR DUW  GR 3DFWR
,QWHUQDFLRQDOVREUH'LUHLWRV&LYLVH3ROtWLFRVFRPR
LQWXLWR GH SURPRYHU PHGLGDV HVSHFLDLV HP SURO GH
PLQRULDV pWQLFDV UHOLJLRVDV H OLQJXtVWLFDV SDUD TXH
HVWDV SRVVDP WHU D VXD SUySULD YLGD FXOWXUDO

SURIHVVDUHSUDWLFDUDVXDSUySULDUHOLJLmRHHPSUHJDU
R VHX LGLRPD (VVDV PHGLGDV QmR SRGHP VHU YLVWDV
FRPRXPDDPHDoDjXQLGDGHQDFLRQDO
&HOVR /DIHU WDPEpP OHPEUD DV PHGLGDV GH
SURWHomR FRQWLGDV QR (VWDWXWR GRV 5HIXJLDGRV GH
 H QR VHX 3URWRFROR $GLFLRQDO GH  TXH
HVWDEHOHFH D TXDOLILFDomR GH TXDOTXHU SHVVRD FRPR
UHIXJLDGR HP YLUWXGH GD H[LVWrQFLD GH XP IXQGDGR
UHFHLR GH SHUVHJXLomR SRU PRWLYRV GH UDoD UHOLJLmR
QDFLRQDOLGDGH SDUWLFLSDomR HP GHWHUPLQDGR JUXSR
VRFLDO RX FRQYLFo}HV SROtWLFDV 3RU HVVHV PRWLYRV
HPFHUWDVUHJL}HVRVUHIXJLDGRVFKHJDPDDOFDQoDUR
tQGLFHGHGRWRWDOGDSRSXODomR
'LDQWH GHVVD FRPSOH[LGDGH PXQGLDO FDEH
PHQFLRQDURSHQVDPHQWRGH6WHSKHQ-3ROODNVREUH
R ([SDWULDWLRQ $FW GH  H VXDV UHSHUFXVV}HV
VREUH D 6XSUHPD &RUWH QRUWHDPHULFDQD &RQIRUPH
UHODWD&HOVR/DIHU3ROODNHPDUWLJRGHDQDOLVDR
VLJQLILFDGRPDLVDPSORGR([SDWULDWLRQ$FWTXHQR
FRQWH[WR GR DQWLFRPXQLVPR SUHYDOHFHQWH QRV
(VWDGRV 8QLGRV FRQWHPSODYD D GHVQDFLRQDOL]DomR
GHLQGLYtGXRVFRPRSHQDSDUDDVXEYHUVmRRXVHMD
DXWRUL]DYD R -XGLFLiULR D FRQGHQDU FLGDGmR QRUWH
DPHULFDQRjSHQDGDSHUGDGHVXDQDFLRQDOLGDGH(P
VtQWHVH 3ROODN DUJXPHQWD TXH D SHUGD GD
QDFLRQDOLGDGHUHSUHVHQWDXPDSULYDomRGRGLUHLWRGH
WHU GLUHLWRV H FRQFOXL SHOD LQFRQVWLWXFLRQDOLGDGH GD
FLWDGDOHL

,QLFLDOPHQWHDUHIOH[mRGH3ROODNPDUFRXRYRWR
PLQRULWiULR GLVFRUGDQWH GR&KLHI-XVWLFH:DUUHQGD
6XSUHPD &RUWH YRWR HVWH DFRPSDQKDGR SHORV
PLQLVWURV %ODFN H 'RXJODV QR FDVR3HUH] Y
%URZQHOO1RVHXYRWR:DUUHQDILUPDDFLGDGDQLDp
R GLUHLWR EiVLFR GR KRPHP XPD YH] TXH p QDGD
PHQRV GR TXH R GLUHLWR D WHU GLUHLWRV 2 SRQWR GH
YLVWDGH:DUUHQDFDERXVHQGRYLWRULRVRHP7URS Y
'XOOHV WDPEpP GHFLGLGR HP  1R VHX YRWR
VXEVFULWR SHORV PLQLVWURV %ODFN 'RXJODV H
:KLWWDNHU :DUUHQ DILUPD D FLGDGDQLD QmR p XPD
OLFHQoD TXH H[SLUD FRP D Pi FRQGXWD$ FLGDGDQLD
QmRVHSHUGHDFDGDYH]TXHXPGHYHUGHFLGDGDQLDp
HVTXLYDGR(DSULYDomRGDFLGDGDQLDQmRpXPDDUPD
TXH R JRYHUQR SRGH XVDU SDUD H[SUHVVDU VHX
GHVFRQWHQWDPHQWR FRP D FRQGXWD GH XP FLGDGmR
SRU PDLV UHSUHHQVtYHO TXH HVWD FRQGXWD SRVVD VHU
(PYLUWXGHGHVVDHGHRXWUDVGHFLV}HVSDUHFHTXHR
GLUHLWRDWHUGLUHLWRVIRLFRQVDJUDGRQDMXULVSUXGrQFLD
QRUWHDPHULFDQD IDWR TXH SRGH UHSUHVHQWDU XPD
HVSHUDQoD SDUD RV LPLJUDQWHV FODQGHVWLQRV QDTXHOH
SDtV

;; 352&(662

&8/785$/

08'$1d$&8/785$/
0XGDQoD FXOWXUDO p TXDOTXHU DOWHUDomR QD
FXOWXUD3RGHRFRUUHUFRPPDLRURXPHQRUIDFLOLGDGH
GHSHQGHQGRGRJUDXGHUHVLVWrQFLDRXDFHLWDomR$
PXGDQoD SRGH VXUJLU HP FRQVHTXrQFLD GH IDWRUHV
LQWHUQRV GHVFREHUWDLQYHQomRFRQIOLWR RXH[WHUQRV
GLIXVmR FXOWXUDO LPLJUDomR  $V FXOWXUDV WDPEpP
UHVLVWHP jV WHQWDWLYDV GH PXGDQoDV WHQGHP D VH
HVWDELOL]DU D HGXFDomR H DV VDQo}HV VRFLDLV VmR
IRUPDV GH HVWDELOL]DU XPD FXOWXUD 7DQWR DV
VRFLHGDGHV FRPSOH[DV FRPR DV VRFLHGDGHV VLPSOHV
HVWmR VXEPHWLGDV D SURFHVVRV FXOWXUDLV LVWR p jV
PDQHLUDV FRQVFLHQWHV RX LQFRQVFLHQWHV SHODV TXDLV
DVFXOWXUDVVHIRUPDPVHPDQWrPRXVHWUDQVIRUPDP
$V VRFLHGDGHV VLPSOHV WDPEpP GHQRPLQDGDV
VRFLHGDGHV SULPLWLYDV RX VRFLHGDGHV IULDV VmR
JUXSRV SHTXHQRV LQGtJHQDV DERUtJLQHV  QRV TXDLV
DV SHVVRDV VH FRQKHFHP FRPSDUWLOKDP RV PHVPRV
VHQWLPHQWRV H LGHLDV H WrP XP GHVWLQR FRPXP 2
WHPSR QHVVDV VRFLHGDGHV SRVVXL XP ULWPR OHQWR DV
WUDQVIRUPDo}HV VmR UDUDV H HP JHUDO FDXVDGDV SRU

XP DFRQWHFLPHQWR H[WHUQR TXH DV DIHWD $V


VRFLHGDGHVVLPSOHVEDVHLDPVHHPPLWRVIXQGDGRUHV
RXHPQDUUDWLYDVTXHH[SOLFDPVXDVRULJHQV2VPLWRV
FDSWXUDP R WHPSR H RIHUHFHP H[SOLFDo}HV
VDWLVIDWyULDVSDUDWRGRVVREUHRSUHVHQWHSDVVDGRH
IXWXUR 1HVVDV VRFLHGDGHV WRGRV RV VHXV PHPEURV
SDUWLFLSDPGDPHVPDFXOWXUD
$VVRFLHGDGHVFRPSOH[DVWDPEpPGHQRPLQDGDV
VRFLHGDGHV FLYLOL]DGDV RX VRFLHGDGHV TXHQWHV VmR
LQWHUQDPHQWHGLYLGLGDVHPJUXSRVHFODVVHVVRFLDLVH
QDV TXDLV Ki LQGLYtGXRV LVRODGRV XQV GRV RXWURV
&DGDFODVVHVRFLDOpDQWDJ{QLFDjRXWUDRXjVRXWUDV
FRP YDORUHV H VHQWLPHQWRV GLIHUHQWHV H PHVPR
RSRVWRV 1HVVDV VRFLHGDGHV DV UHODo}HV QmR VmR
SHVVRDLVPDVVRFLDLVLVWRpRVLQGLYtGXRVJUXSRVH
FODVVHV VH UHODFLRQDP SHOD PHGLDomR GH LQVWLWXLo}HV
VRFLDLV FRPR D HVFROD D HPSUHVD R FRPpUFLR D
SROtFLD R -XGLFLiULR $V VRFLHGDGHV FRPSOH[DV VmR
KLVWyULFDV RX VHMD SDUD HODV DV WUDQVIRUPDo}HV VmR
FRQVWDQWHVHYHOR]HV
(PULWPROHQWRRXUiSLGRRIDWRpTXHDVFXOWXUDV
PXGDP FRQWLQXDPHQWH DVVLPLODP QRYRV WUDoRV RX
DEDQGRQDP RV DQWLJRV SRU PHLR GH WUDQVPLVVmR
GLIXVmR LQYHQomR DFXOWXUDomR HWF 7RGDV DV
FXOWXUDV VLPSOHV RX FRPSOH[DV SRVVXHP RV VHXV
DVSHFWRV VLQFU{QLFRV HVWDELOL]DomR GD FXOWXUD  H
GLDFU{QLFRV PXGDQoDVQDFXOWXUD 

$VSHFWRVVLQFU{QLFRV
2SURFHVVRFXOWXUDOQRVHXDVSHFWRVLQFU{QLFR
WHQGH D HVWDELOL]DU RX FULVWDOL]DU R SDGUmR YDORUHV
LGHLDVKiELWRVFRVWXPHV GHGHWHUPLQDGDFXOWXUD
9LOIUHGR3DUHWR LQ0(//2 DRDQDOLVDU
DV FDXVDV GR HTXLOtEULR VRFLDO DWULEXL XP SDSHO
VLJQLILFDWLYR DR GRPtQLR GR LQFRQVFLHQWH PRWLYR
SHOR TXDO HQWHQGH TXH D HVWDELOLGDGH VRFLDO GHFRUUH
GH XPD OyJLFD GH VHQWLPHQWRV TXH WHULD XP SDSHO
UHOHYDQWHQDPDQXWHQomRGDRUGHPVRFLRFXOWXUDO1D
VXDWHRULDGRHTXLOtEULRVRFLDOHVWDEHOHFHDKLSyWHVH
GH XPD HVSpFLH GH LQpUFLD VRFLDO TXH OHYDULD R
VLVWHPD VRFLDO D PDQWHU FHUWR HVWDGR GH FRLVDV 1D
KLSyWHVH GH XPD PXGDQoD QHVVH VLVWHPD VXUJLULDP
IRUoDV FRQWUiULDV TXH SHUPLWLULDP YROWDU DR HVWDGR
DQWHULRU $ UD]mR GHVVH FRPSRUWDPHQWR VHULD GH
FXQKRSVLFROyJLFRDWHQGHQGRDRVVHQWLPHQWRV
2XWURV WHyULFRV HQWHQGHP TXH D HVWDELOLGDGH
VRFLRFXOWXUDO GDV SRSXODo}HV GHFRUUH GH XP
FRPSOH[R QRUPDWLYR JDUDQWLGR SRU VDQo}HV VRFLDLV
$V QRUPDV VRFLDLV VmR LPSRVWDV DRV PHPEURV GD
VRFLHGDGH H VDQFLRQD RV VHXV LQIUDWRUHV 1HVVH
VHQWLGRSRGHVHFRQFOXLUTXHDIXQomRSULPRUGLDOGD
FXOWXUDpRFRQWUROHVRFLDO$VVLPDFXOWXUDSRGHVHU
YLVWD FRPR UHVSRQViYHO SHOD PDQXWHQomR GD
VRFLHGDGH RX GR FRQYtYLR VRFLDO VXSRUWiYHO e
SRVVtYHO FRQVWDWDU SHOD REVHUYDomR GRV XVRV
FRVWXPHV OHLV OLQJXDJHP VLPERORJLD R FDUiWHU

LQVWLWXFLRQDOSDGURQL]DGRUHSHWLWLYRHUHODWLYDPHQWH
IL[R GDV FXOWXUDV $V SRSXODo}HV SRVVXHP PRGRV
FRQVDJUDGRV GH DJLU H GH GL]HU DV FRLVDV TXH
FRQWULEXHP SDUD D PDQXWHQomR GR SDGUmR GH
FRPSRUWDPHQWR 0(//2    (VVH SDGUmR p
JDUDQWLGRHUHIRUoDGRSHODVLQVWLWXLo}HVVRFLDLV
$ VLQVWLWXLo}HV VRFLDLV VmR RV PRGRV
WUDGLFLRQDLV KDELWXDLV H OHJtWLPRV TXH SHUPLWHP D
GHWHUPLQDGDVRFLHGDGHFXLGDUGHVHXVSUREOHPDV$V
LQVWLWXLo}HV IDPtOLD HVFROD HPSUHVD SROtFLD
-XGLFLiULR  WrP D IXQomR SUHFtSXD GH HVWDELOL]DU D
FXOWXUD SRU LQWHUPpGLR GR FRQWUROH VRFLDO HODV
H[LVWHPSDUDWUDQVPLWLUHJDUDQWLURVYDORUHVLGHLDVH
FRVWXPHVGHGHWHUPLQDGDFXOWXUD1HVVHVHQWLGRDV
LQVWLWXLo}HV DOpP GH JDUDQWLU D HVWDELOLGDGH GD
LQWHUDomR VRFLDO SDGURQL]DGD VmR SDGU}HV
QRUPDWLYRV LQVWLWXFLRQDOL]DGRV H SURIXQGDPHQWH
DUUDLJDGRV QD RUJDQL]DomR VRFLDO PRWLYR SHOR TXDO
VmR HP JHUDO FRQVLGHUDGDV FRPR SDGU}HV QDWXUDLV
&RQWXGR DV LQVWLWXLo}HV PXGDP FRP R SDVVDU GRV
WHPSRV H SUHFLVDP ID]rOR TXDQGR Mi QmR OLGDP
DGHTXDGDPHQWHFRPRVSUREOHPDVVRFLDLV
(QGRFXOWXUDomR
2VDQWURSyORJRVXVDPRWHUPRHQGRFXOWXUDomR
SDUD GHVLJQDU R SURFHVVR GH DSUHQGL]DJHP H
HGXFDomR HP XPD FXOWXUD WDPEpP VLJQLILFD R
SURFHVVR TXH HVWUXWXUD R FRQGLFLRQDPHQWR GD

FRQGXWD GDQGR HVWDELOLGDGH j FXOWXUD $


HQGRFXOWXUDomR p QHVVH VHQWLGR XP DVSHFWR
VLQFU{QLFRLPSRUWDQWHQDPHGLGDHPTXHSRVVLELOLWD
DPDQXWHQomRGRSDGUmRFXOWXUDOGHXPDVRFLHGDGH
+HUVNRYLWV    XVD R WHUPR
HQGRFXOWXUDomR SDUD GHVLJQDU R SURFHVVR GH
DMXVWDPHQWRGHUHVSRVWDVLQGLYLGXDLVDRVSDGU}HVGD
FXOWXUDGHXPDVRFLHGDGH6HJXQGRHOHRVDVSHFWRV
GD H[SHULrQFLD GH DSUHQGL]DJHP TXH GLVWLQJXHP R
KRPHP GDV RXWUDV FULDWXUDV H SRU PHLR GRV TXDLV
LQLFLDOPHQWH H PDLV WDUGH QD YLGD FRQVHJXH VHU
FRPSHWHQWH HP VXD FXOWXUD SRGH FKDPDUVH
HQGRFXOWXUDomR &RQVWLWXL HVVHQFLDOPHQWH XP
SURFHVVR GH FRQVFLHQWH RX LQFRQVFLHQWH
FRQGLFLRQDPHQWR TXH VH HIHWXD GHQWUR GRV OLPLWHV
VDQFLRQDGRV SRU GHWHUPLQDGR DVSHFWR GH FRVWXPH
3RU HVVH SURFHVVR QmR Vy VH FRQVHJXH WRGD
DGDSWDomRjYLGDVRFLDOFRPRWDPEpPWRGDVDTXHODV
VDWLVIDo}HVTXHHPERUDID]HQGRQDWXUDOPHQWHSDUWH
GD H[SHULrQFLD VRFLDO GHULYDP PDLV GD H[SUHVVmR
LQGLYLGXDOTXHGDDVVRFLDomRFRPRXWURVQRJUXSR
$ HQGRFXOWXUDomR p DVVLP R SURFHVVR FXOWXUDO
UHVSRQViYHO SULQFLSDOPHQWH SHOD SDGURQL]DomR GR
FRPSRUWDPHQWR KXPDQR DWUDYpV GD WUDQVPLVVmR GH
YDORUHV $ HQGRFXOWXUDomR VH HVWHQGH SRU WRGD D
YLGD GR LQGLYtGXR H GHVVD IRUPD PRGHOD VXD
SHUVRQDOLGDGH H JDUDQWH D FRQWLQXLGDGH GD FXOWXUD
$VVLPQRVSULPHLURVDQRVGHYLGDTXDQGRRFRUUHP

DVSULPHLUDVH[SHULrQFLDVHFRQWDWRVFRPDFXOWXUDD
FULDQoD DEVRUYH SRUTXH OKH VmR LPSRVWRV RV
FRQGLFLRQDPHQWRV IXQGDPHQWDLV GD FXOWXUD FRPR
KiELWRVGHFRPHUIDODUDJLUSHQVDU3RUpPjPHGLGD
TXH SDVVDP RV DQRV R LQGLYtGXR SRGH GH IRUPD
FRQVFLHQWH DFHLWDU RX UHSXGLDU RV YDORUHV FXOWXUDLV
TXH OKH IRUDP LPSRVWRV SHOR SURFHVVR GH
HQGRFXOWXUDomR &RQIRUPH +HUVNRYLWV    D
HQGRFXOWXUDomRGRLQGLYtGXRQRVSULPHLURVDQRVGH
YLGD p R PHFDQLVPR GRPLQDQWH SDUD D IRUPDomR GH
VXD HVWDELOLGDGH FXOWXUDO DR SDVVR TXH R SURFHVVR
WDO FRPR VH RSHUD HP JHQWH PDLV PDGXUD p PXLWR
LPSRUWDQWHQDSURGXomRGDPXGDQoD
2 SURFHVVR GH HQGRFXOWXUDomR SRGH GHVDJXDU
QR HWQRFHQWULVPR RX VHMD D DWLWXGH GRV JUXSRV
KXPDQRV GH VXSHUYDORUL]DU VHXV SUySULRV YDORUHV
VXD SUySULD FXOWXUD 2 HWQRFHQWULVPR GHQRWD FHUWR
RUJXOKRSHODVXSHULRULGDGHHFUHGLELOLGDGHGDSUySULD
FXOWXUD $ FUHQoD H[DFHUEDGD QD VXSHULRULGDGH GD
SUySULD FXOWXUD LPSOLFD PXLWDV YH]HV MXOJDPHQWRV
SUHFRQFHLWXRVRV H DWp PHVPR UDFLVWDV TXH
FRQVLVWHP HP ULGLFXODUL]DU YDORUHV FRVWXPHV H
KiELWRVGHRXWURVSRYRV
$VSHFWRVGLDFU{QLFRV
2SURFHVVRFXOWXUDOQRVHXDVSHFWRGLDFU{QLFR
VLJQLILFD TXH DV FXOWXUDV HVWmR VHPSUH HP
PRYLPHQWR LVWR p HP FRQVWDQWH PXGDQoD 2V

DQWURSyORJRVHQWHQGHPTXHDPXGDQoDFXOWXUDOQmR
SDVVD GH XP DFHOHUDPHQWR QR ULWPR GH PXGDQoD
FRQWtQXDSHODTXDOWRGDVDVFXOWXUDVHVWmRSDVVDQGR
2V VRFLyORJRV FRVWXPDP GHVWDFDU TXH RV FRQIOLWRV
VRFLDLVHVSHFLDOPHQWHDOXWDGHFODVVHVFRQVWLWXHPD
SULQFLSDO FDXVD RX PRWRU GDV PXGDQoDV VRFLDLV H
FXOWXUDLV 5DOI 'DKUHQGRUI SRU H[HPSOR GHIHQGH D
SRVLomRVRFLROyJLFDWtSLFDDRHVWDEHOHFHUTXHWXGR
RTXHpFULDWLYLGDGHLQRYDomRHGHVHQYROYLPHQWRQD
YLGDGRLQGLYtGXRGHVHXJUXSRHGHVXDVRFLHGDGH
GHYHVHHPJUDQGHPHGLGDjDomRGHFRQIOLWRV LQ
&+$521 
2V DQWURSyORJRV GH PRGR JHUDO SUHIHUHP
GHVWDFDU DGHVFREHUWD DLQYHQomRHDGLIXVmRFRPR
IHQ{PHQRV TXH SURPRYHP PXGDQoDV H
WUDQVIRUPDo}HV FXOWXUDLV 1HVVH VHQWLGR GL]HP TXH
KiPXGDQoDFXOWXUDOTXDQGRD QRYRVHOHPHQWRVVmR
DJUHJDGRV RX RV YHOKRV DSHUIHLoRDGRV SRU PHLR GH
GHVFREHUWDV H LQYHQo}HV E  QRYRV HOHPHQWRV VmR
WRPDGRV GH HPSUpVWLPR GH RXWUDV VRFLHGDGHV F
HOHPHQWRVFXOWXUDLVLQDGHTXDGRVDRPHLRDPELHQWH
VmR DEDQGRQDGRV RX VXEVWLWXtGRV G  DOJXQV
HOHPHQWRV SRU IDOWD GH WUDQVPLVVmR GH JHUDomR HP
JHUDomRVHSHUGHP
$ GHVFREHUWD DTXLVLomR GH HOHPHQWR QRYR
HOHWULFLGDGH YDSRU  H D LQYHQomR DSOLFDomR GD
GHVFREHUWD OkPSDGD PiTXLQD  LPSOLFDP QRYRV
FRQKHFLPHQWRV
H
QRYDV
DSOLFDo}HV
GH

FRQKHFLPHQWRVLQWURGX]LGRVHPGHWHUPLQDGDFXOWXUD
H TXH PLJUD GLIXVmR  SDUD RXWUDV FXOWXUDV
SURPRYHQGR PXGDQoDV HP WRGDV HODV 3DUD /HVOLH
6SLHU LQ 0(//2    DV LQYHQo}HV QmR
FRQVLVWHPDSHQDVHPHQJHQKRVPHFkQLFRVDVLGHLDV
WDPEpPSRGHPVHUFRQVLGHUDGDVLQYHQo}HV$OLiVD
LGHLD QRYD p D HVVrQFLD PHVPD GD LQYHQomR
HQTXDQWR D PiTXLQD HP VL R HQJHQKR H VHXV
FRPSRQHQWHV VmR DSHQDV SDUWHV GR PXQGR ItVLFR
DUUDQMDGRVFRQIRUPHDLGHLDQRYD3RUHVVDVUD]}HVD
LQYHQomR p WLGD SHOR GLUHLWR FRPR SURSULHGDGH
LPDWHULDO EHP LQFRUSyUHR GH FRQVLGHUiYHO YDORU
HFRQ{PLFR
,QYHQomR
$ LQYHQomR p XP SURFHVVR FXOWXUDO GH FDUiWHU
XQLYHUVDO SRUTXH SRGH VHU REVHUYDGD HP WRGRV RV
SRYRVHHPWRGDVDVVRFLHGDGHV
&RQIRUPH5XWK%HQHGLFW LQ0(//2 R
KRPHP GD LGDGH GD SHGUD Mi KDYLD LQLFLDGR R
SURFHVVR HVVHQFLDOPHQWH KXPDQR GH LQYHQWDU H
WUDQVPLWLU VXDV LQYHQo}HV D VHXV VHPHOKDQWHV (P
PHDGRV GD LGDGH GD SHGUD SRU H[HPSOR WLQKD
GRPLQDGR R IRJR 6HJXQGR HOD MDPDLV VH VDEHUi R
TXH OHYRX DOJXQV KRPHQV H PXOKHUHV D ID]HU XVR
GRPpVWLFR SHOD SULPHLUD YH] GHVVD IRUoD WHUUtYHO H
GHVWUXLGRUD 7DPEpP MDPDLV VH VDEHUmR TXDLV DV
FLUFXQVWkQFLDVTXHRVOHYDUDPDIHUYHUDiJXDVREUH

R IRJR H FRPR GHVFREULUDP TXH SRGLDP SURGX]LU


IRJR IULFFLRQDQGR GRLV SHGDoRV GH PDGHLUD 6HMD
FRPRIRUHPPHDGRVGDLGDGHGDSHGUDQD(XURSDR
KRPHP Mi WLQKD DSUHQGLGR HVVDV FRLVDV
WUDQVIRUPDUDDVHPSDUWHGDVXDFXOWXUDWUDQVPLWLGD
$SUHQGHUDPDDFHQGHUHFRQVHUYDURIRJRHSRGLDP
XViOR SDUD DTXHFHUVH TXDQGR IL]HVVH IULR H SDUD
FR]LQKDU H SUHVHUYDU VHXV DOLPHQWRV (UD XPD
LQYHQomR FRPSOH[D D SUHQXQFLDU D LQWHUPLQiYHO
FDUUHLUDGRKRPHPFRPRJUDQGHLQYHQWRU
$ LQYHQomR DLQGD TXH QmR VHMD DFHLWD GH
LPHGLDWR SHOD VRFLHGDGH QmR GHL[D GH HVWDU
DVVRFLDGDjFXOWXUDGDVRFLHGDGHGRLQYHQWRU/LQWRQ
    UHFRQKHFH TXH R FRQKHFLPHQWR
LQFRUSRUDGR QXPD LQYHQomR QRYD SURYpP HP SDUWH
GHXPDGHVFREHUWDUHFHQWHPDVSURYpPVHPSUHHHP
VXDPDLRUSDUWHGDFXOWXUDGDVRFLHGDGHGRLQYHQWRU
2 LQYHQWRU FRQVWUyL D VXD LQYHQomR VREUH R
SDWULP{QLR GH FRQKHFLPHQWRV SUHYLDPHQWH
DGTXLULGRV WXGR R TXH p QRYR SURYpP GLUHWDPHQWH
GH RXWUDV FRLVDV SUHH[LVWHQWHV $ FXOWXUD QmR Vy
SURSRUFLRQDDRLQYHQWRURVLQVWUXPHQWRVTXHHOHWHP
GH XVDU SDUD LQYHQWDU PDV WDPEpP FRQWUROD HP
JUDQGHH[WHQVmRDGLUHomRGHVHXLQWHUHVVH
1DVRFLHGDGHFDSLWDOLVWDDVLQYHQo}HVWRUQDUDP
VHSURSULHGDGHYDOLRVDPRWLYRSHORTXDODVJUDQGHV
VRFLHGDGHVHPSUHViULDVDSRGHUDPVHGHODVPHGLDQWH
DUHPXQHUDomRGDIRUoDGHWUDEDOKRHGDFULDWLYLGDGH

GR LQYHQWRU 8PD YH] SDWHQWHDGD D LQYHQomR D


VRFLHGDGH HPSUHViULD DGTXLUH R GLUHLWR GH H[SORUDU
HFRQRPLFDPHQWHHFRPLQWHLUDH[FOXVLYLGDGHRREMHWR
GD SDWHQWH 1R %UDVLO HVVH GLUHLWR WDPEpP
GHQRPLQDGR GLUHLWR LQGXVWULDO p FRQFHGLGR SHOR
(VWDGRDWUDYpVGHXPDDXWDUTXLDIHGHUDOR,QVWLWXWR
1DFLRQDO GD 3URSULHGDGH ,QGXVWULDO ,13,  $VVLP
QLQJXpP SRGH UHLYLQGLFDU R GLUHLWR GH H[SORUDomR
HFRQ{PLFD FRP H[FOXVLYLGDGH GH TXDOTXHU LQYHQomR
VHQmRREWHYHGR,13,DFRUUHVSRQGHQWHFRQFHVVmR
'LIXVmRHDFXOWXUDomR
'LIXVmR HDFXOWXUDomR VmR SDODYUDV XWLOL]DGDV
SHORVDQWURSyORJRVSDUDVLJQLILFDURHVWXGRVREUHD
WUDQVPLVVmRGDFXOWXUD$OJXQVDQWURSyORJRVXVDPR
WHUPRGLIXVmRSDUDRHVWXGRGDWUDQVPLVVmRFXOWXUDO
Mi FRQVXPDGD H R WHUPRDFXOWXUDomR SDUD R HVWXGR
GD WUDQVPLVVmR FXOWXUDO HP PDUFKD 2 WHUPR
DFXOWXUDomR WDPEpP p XWLOL]DGR SDUD R HVWXGR GD
IXVmRGHFXOWXUDVGLIHUHQWHV
'LIXVmR FXOWXUDO p XP SURFHVVR HP TXH RV
HOHPHQWRV RX FRPSOH[RV FXOWXUDLV VH GLIXQGHP GH
XPD VRFLHGDGH D RXWUD $V FXOWXUDV TXDQGR
YLJRURVDV WHQGHP D VH HVWHQGHU D RXWUDV UHJL}HV
VRE D IRUPD GH HPSUpVWLPR PDLV RX PHQRV
FRQVLVWHQWH $ GLIXVmR GH XP HOHPHQWR GD FXOWXUD
SRGH UHDOL]DUVH SRU LPLWDomR RX SRU HVWtPXOR
GHSHQGHQGR GDV FRQGLo}HV VRFLDLV IDYRUiYHLV RX

QmRjGLIXVmR2WLSRPDLVVLJQLILFDWLYRGHGLIXVmRp
RGDVUHODo}HVSDFtILFDVHQWUHRVSRYRVQXPDWURFD
FRQWtQXD GH SHQVDPHQWRV H LQYHQo}HV 1HP WXGR
SRUpP p DFHLWR HP VXD WRWDOLGDGH 4XDVH VHPSUH
RFRUUH XPD PRGLILFDomR QR WUDoR GH XPD FXOWXUD
WRPDGD GH HPSUpVWLPR SHOD RXWUD KDYHQGR
UHLQWHUSUHWDomR SRVWHULRU SHOD VRFLHGDGH TXH R
DGRWRX8PWUDoRYLQGRGHRXWUDFXOWXUDDWUDYpVGR
HPSUpVWLPR SRGH VRIUHU UHIRUPXODo}HV TXDQWR j
IRUPDjDSOLFDomRDRVLJQLILFDGRHjIXQomR
$FXOWXUDomR SDUD DOJXQV DQWURSyORJRV p D
IXVmR GH GXDV FXOWXUDV GLIHUHQWHV TXH HQWUDQGR HP
FRQWDWR FRQWtQXR RULJLQDP PXGDQoDV QRV SDGU}HV
GD FXOWXUD GH DPERV RV JUXSRV 3RGH DEUDQJHU
QXPHURVRV WUDoRV FXOWXUDLV DSHVDU GH QD WURFD
UHFtSURFDHQWUHDVGXDVFXOWXUDVXPJUXSRGDUPDLVH
UHFHEHU PHQRV 'RV FRQWDWRV tQWLPRV H FRQWtQXRV
HQWUH FXOWXUDV H VRFLHGDGHV GLIHUHQWHV UHVXOWD XP
LQWHUFkPELRGHHOHPHQWRVFXOWXUDLV&RPRSDVVDUGR
WHPSR HVVDV FXOWXUDV IXQGHPVH SDUD IRUPDU XPD
VRFLHGDGH H XPD FXOWXUD QRYD 2V DQWURSyORJRV
WDPEpP IDODP HPWUDQVFXOWXUDomR SDUD VLJQLILFDU D
WURFD GH HOHPHQWRV FXOWXUDLV HQWUH VRFLHGDGHV
GLIHUHQWHV
$ LQYHQomR FRPR YLVWR p XP LQVWUXPHQWR TXH
SHUPLWHDGLIXVmRRXWUDQVPLVVmRGDFXOWXUD+RMHD
LQYHQomR FRPR SURSULHGDGH p SURWHJLGD
PXQGLDOPHQWH SRUTXH FRQVLGHUDGD XP REMHWR GH

FRPpUFLR XPD PHUFDGRULD SRUWDQWR SUHVVXS}H D


LPHGLDWD H[SORUDomR H GLIXVmR HP TXDVH WRGDV DV
FXOWXUDV $ LQYHQomR p QHVVH VHQWLGR XP
LQVWUXPHQWR LQFRQWHVWH GH GLIXVmR FXOWXUDO $
JOREDOL]DomR GRV PHUFDGRV LQWHQVLILFRX GH WDO
PDQHLUDDGLIXVmRGDVLQYHQo}HVTXHSURGX]LXFHUWD
XQLIRUPL]DomRGDVFXOWXUDV(VVHIHQ{PHQRDGTXLULX
SURSRUo}HV PXQGLDLV PRWLYR SHOR TXDO RV
DQWURSyORJRV DILUPDP TXH QmR H[LVWH KRMH FXOWXUD
DOJXPD TXH GHYD PDLV GH GH] SRU FHQWR GH VHXV
HOHPHQWRV WRWDLV D LQYHQo}HV IHLWDV SHORV PHPEURV
GHVXDSUySULDVRFLHGDGH
&RP DV FRQTXLVWDV FRORQLDLV H PDLV
UHFHQWHPHQWHFRPDJOREDOL]DomRGDVFRPXQLFDo}HV
RFRUUH XPD GLIXVmR FXOWXUDO EDVWDQWH LQWHQVD GRV
SDtVHV FHQWUDLV SDUD RV SDtVHV SHULIpULFRV$OLiV RV
HOHPHQWRV GD FXOWXUD EUDVLOHLUD IRUDP WRPDGRV GH
HPSUpVWLPRGHRXWUDVFXOWXUDVHVSHFLDOPHQWHDVGRV
SRYRVHXURSHXVDIULFDQRVHLQGtJHQDV
(P VtQWHVH D LQYHQomR SRU LQWHUPpGLR GD
GLIXVmRD PRGLILFDDVFXOWXUDVE ID]VXUJLUQRYDV
FXOWXUDV SHOD IXVmR GH HOHPHQWRV GH GXDV RX PDLV
FXOWXUDVF ID]GHVDSDUHFHUGHWHUPLQDGDVFXOWXUDV
&8/785$($0%,(17(
2DPELHQWHLQIOXHQFLDRFRPSRUWDPHQWRKXPDQR
HFRQWULEXLSDUDDIRUPDomRGHGHWHUPLQDGDFXOWXUD2
HVWXGR GH FRPXQLGDGHV SULPLWLYDV PRVWUD TXH WRGD

FXOWXUDpLQIOXHQFLDGDSHORDPELHQWHJHRJUiILFRTXH
SRUWDQWRFRQVWLWXLIDWRUGHFRQVWUXomRPDQXWHQomR
H PXGDQoD FXOWXUDO 1mR VH SRGH FRQWXGR
HVWDEHOHFHUXPGHWHUPLQLVPRJHRJUiILFRRXVHMDTXH
D FRQILJXUDomR WRWDO GH GHWHUPLQDGD FXOWXUD GHULYD
H[FOXVLYDPHQWH GR DPELHQWH JHRJUiILFR HP TXH
YLYHP RV KRPHQV YLVWR TXH H[LVWHP GLIHUHQoDV
IXQGDPHQWDLV GH FXOWXUDV TXH VH GHVHQYROYHP XPD
DSyVRXWUDQRPHVPRDPELHQWHJHRJUiILFR
2V DQWURSyORJRV UHFRQKHFHP TXH Ki XP
LQWHUFkPELR HQWUH DPELHQWH H FXOWXUD PRWLYR SHOR
TXDO H[LVWH KRMH XPD JUDQGH SUHRFXSDomR FRP DV
PXGDQoDV FOLPiWLFDV SURYRFDGDV SHOR FUHVFLPHQWR
GDV IRUoDV SURGXWLYDV H RV HIHLWRV TXH HVVDV
PXGDQoDV SRGHP SURYRFDU QDV FXOWXUDV 2
DTXHFLPHQWR JOREDO FHUWDPHQWH SURYRFDUi R
GHVDSDUHFLPHQWRGHIRUPDPDLVUiSLGDGHPXLWRVGRV
DVSHFWRV GD FXOWXUD HVTXLPy PDV WDPEpP SRGH
SURYRFDUPXGDQoDVWDOYH]DWpUDGLFDLVHPWRGDVDV
FXOWXUDVH[LVWHQWHV
$PELHQWHHGLUHLWR
&RP D LQWHQVLILFDomR GR GHVHQYROYLPHQWR GDV
IRUoDVSURGXWLYDVDSDUWLUGDLQVWDXUDomRGRPRGRGH
SURGXomR FDSLWDOLVWD D FRPSOH[LGDGH GD YLGD VRFLDO
DXPHQWRX GH IRUPD FRQVLGHUiYHO H FRP HOD D
FRQWLQJrQFLD GDV UHODo}HV KXPDQDV (P RXWUDV
SDODYUDV FRP R PRGR GH SURGXomR FDSLWDOLVWD R

PXQGR VH WRUQRX PDLV SUREOHPiWLFR SHOD DPSOLDomR


GR KRUL]RQWH GH SRVVLELOLGDGHV H SHOR DSDUHFLPHQWR
GH XP XQLYHUVR PDLV DPSOR HP DOWHUQDWLYDV 1R
kPELWRGRGLUHLWRLVVRVLJQLILFDTXHXPQ~PHURPDLRU
GHUHODo}HVRXFRPSRUWDPHQWRVPDLVYDULDGRVWRUQD
VH MXULGLFDPHQWH SRVVtYHO 2 GHVHQYROYLPHQWR GDV
IRUoDV SURGXWLYDV FRORFD HP HYLGrQFLD H HP XP
SDWDPDU PDLV FRPSOH[R D UHODomR KRPHPQDWXUH]D
VREUHWXGR QR TXH GL] UHVSHLWR j H[SORUDomR GD
DWLYLGDGH HFRQ{PLFD H VHX LPSDFWR QR DPELHQWH H
QDV FXOWXUDV 9DOH GL]HU D H[SORUDomR GD DWLYLGDGH
HFRQ{PLFD FRORFD HP ULVFR D VD~GH GD QDWXUH]D H
SRGHSURYRFDUSURIXQGDVPXGDQoDVFXOWXUDLV
'HRXWUDSDUWHDH[SDQVmRGRVLVWHPDFDSLWDOLVWD
LPS{VDR(VWDGRQDFLRQDODIXQomRGHSURGX]LUXPD
OHJLVODomR FRPSDWtYHO FRP DV H[SHFWDWLYDV QmR
DSHQDV GR HPSUHViULR H GR FRQVXPLGRU QDFLRQDLV
PDV VREUHWXGR GR HPSUHViULR PXOWLQDFLRQDO H GRV
FRQVXPLGRUHVHVSDOKDGRVSHORPXQGRLQWHLUR
&RPHVVDYLVmRSRGHVHDILUPDUTXHDOHJLVODomR
GR (VWDGR QDFLRQDO VH VXEPHWH D XP GXSOR
LPSHUDWLYRVRFLRHFRQ{PLFR2SULPHLURYLVDJDUDQWLU
D VHJXUDQoD H D H[SHFWDWLYD GR HPSUHViULR
QHXWUDOL]DomR GRV ULVFRV  H DWHQGHU GHVVD PDQHLUD
DV QHFHVVLGDGHV GR FiOFXOR HFRQ{PLFR IXQGDGR
QXPDHFRQRPLDFDSLWDOLVWDHPH[SDQVmR PD[LPL]DomR
GRVUHVXOWDGRV 2VHJXQGRYLVDIRUQHFHUDR(VWDGR
DWUDYpVGDOHJLVODomRXPLQVWUXPHQWRGHLQWHUYHQomR

QD YLGD HPSUHViULD LPSRQGR GHWHUPLQDGDV


DOWHUQDWLYDV H H[FOXLQGR RXWUDV 6LWXDo}HV TXH
SHUPLWHPDILUPDURSDSHOGRGLUHLWRFRPRLQVWUXPHQWR
GH JHVWmR GD VRFLHGDGH YLQFXODGR DRV LQWHUHVVHV
HPSUHVDULDLVPDVVXEPHWLGRjSUHVVmRVRFLDOGLIXVD
TXH H[LJH UHVSHLWR D GHWHUPLQDGRV YDORUHV
VRFLDOPHQWH SUHYDOHFHQWHV FRPR p R FDVR GD
H[LJrQFLDGHXPDPELHQWHVDGLR
&RQIRUPH DXPHQWD D FRPSOH[LGDGH R (VWDGR
DPSOLDDLQGDPDLVVXDVDWULEXLo}HVWHQGRHPYLVWDR
VHX SDSHO SULPRUGLDO SODQHMDU UHJXODPHQWDU
FRQWURODUHILVFDOL]DUDDWLYLGDGHHFRQ{PLFDSDUDGDU
JDUDQWLDV H VHJXUDQoD DRV LQYHVWLPHQWRV H DRV
QHJyFLRV GR HPSUHViULR 3DUD D FRQVHFXomR GHVVHV
REMHWLYRVR(VWDGRGLVS}HGHPHFDQLVPRVMXUtGLFRV
TXH OKH SRVVLELOLWDP LQWHUYLU GLUHWDPHQWH QD
SURGXomR QR FRQVXPR QR PHUFDGR QRV FDPSRV
PRQHWiULR WULEXWiULR H ILVFDO 2 (VWDGR SRUWDQWR
DVVXPHFDGDYH]PDLVRSDSHOSULPRUGLDOGHSODQHMDU
ILVFDOL]DU H HVWLPXODU D H[SORUDomR GD DWLYLGDGH
HFRQ{PLFDHSDUDLVVRXWLOL]DXPVLVWHPDGHHVWtPXORV
HXPDLPHQVDPiTXLQDDGPLQLVWUDWLYDTXHFRQFHQWUD
PLOKDUHVGHIXQFLRQiULRV
$ DWLYLGDGH HPSUHViULD VH VXEPHWH
SULPRUGLDOPHQWHjUHODomRFXVWREHQHItFLRSRUWDQWR
GHSHQGHGHXPFiOFXORHFRQ{PLFR0DVHVVHFiOFXOR
GHSHQGH HP ODUJD PHGLGD GR RUGHQDPHQWR MXUtGLFR
HVWDWDOPRWLYRSHORTXDOpQHFHVViULRWHUHPFRQWDDV

FRQH[}HV TXH HQYROYHP D UHODomRH[SORUDomR GD


DWLYLGDGH HFRQ{PLFDSUHVHUYDomR GR DPELHQWH GR
SRQWR GH YLVWD FRQVWLWXFLRQDO FRPR IRUPD GH
SHUFHEHU DV SUHPLVVDV TXH SHUPLWHP DR (VWDGR
LQWHUYLU QD H[SORUDomR GD DWLYLGDGH HFRQ{PLFD FRP
IXQGDPHQWRQRH[HUFtFLRGRVSRGHUHVGHJHVWmR
$WLYLGDGHHFRQ{PLFD[GHIHVDGRDPELHQWH
$&RQVWLWXLomR)HGHUDO DUW HVWDEHOHFHTXH
D RUGHP HFRQ{PLFD IXQGDGD QD YDORUL]DomR GR
WUDEDOKR KXPDQR H QD OLYUHLQLFLDWLYD WHP SRU ILP
DVVHJXUDU D WRGRV H[LVWrQFLD GLJQD FRQIRUPH RV
GLWDPHV GD MXVWLoD VRFLDO REVHUYDGR DOJXQV
SULQFtSLRV GHQWUH RV TXDLV VH GHVWDFDP D R
SULQFtSLR GD VREHUDQLD QDFLRQDO VLJQLILFD TXH
QHQKXPD YRQWDGH SRGH LPSRUVH GH IRUD GR SDFWR
FRQVWLWXFLRQDO SULQFtSLRTXHWHPVLGRGHVSUHVWLJLDGR
HP YLUWXGH GD JOREDOL]DomR GRV PHUFDGRV  E R
SULQFtSLR GD SURSULHGDGH SULYDGD WLGR FRPR
FRQGLomR LQHUHQWH j OLYUHLQLFLDWLYD H OXJDU GH VXD
H[SDQVmR R SULQFtSLR GD IXQomR VRFLDO GD
SURSULHGDGH DSDUHFH FRPR XP OLPLWH D HVVH
SULQFtSLR  F R SULQFtSLR GD OLYUH FRQFRUUrQFLD
VLJQLILFD TXH D OLYUHLQLFLDWLYD p SDUD WRGRV VHP
H[FOXV}HV RX GLVFULPLQDo}HV HVVH SULQFtSLR p
OLPLWDGR SHOD UHSUHVVmR DR DEXVR GR SRGHU
HFRQ{PLFR  G R SULQFtSLR GD GHIHVD GR PHLR
DPELHQWH HVWDEHOHFH TXH XPD QDWXUH]D VDGLD p XP

OLPLWH j DWLYLGDGH HFRQ{PLFD H WDPEpP FRQGLomR GH


VHXH[HUFtFLRH RSULQFtSLRGDGHIHVDGRFRQVXPLGRU
VLJQLILFD TXH D SURGXomR GHYH HVWDU D VHUYLoR GR
FRQVXPRHQmRHVWHDVHUYLoRGDTXHODI RSULQFtSLR
GD EXVFD GR SOHQR HPSUHJR XPD XWRSLD QR VLVWHPD
FDSLWDOLVWDGDtDQHFHVVLGDGHGDH[SDQVmRGRGRP
3HUFHEHVH TXH QDV ~OWLPDV GpFDGDV DOJXQV
SULQFtSLRV IRUDP IRUWDOHFLGRV GHIHVD GR DPELHQWH
GHIHVD GR FRQVXPLGRU EXVFD GR SOHQR HPSUHJR  H
RXWURV HQIUDTXHFLGRV VREHUDQLD QDFLRQDO
SURSULHGDGH SULYDGD OLYUH FRQFRUUrQFLD  (VWi HP
FXUVRSRUWDQWRXPPRYLPHQWRGHUHLQWHUSUHWDomRGR
GLUHLWR
$ &RQVWLWXLomR )HGHUDO DWULEXL j LQLFLDWLYD
SULYDGD HPSUHViULRV  R SDSHO SULPRUGLDO QD
H[SORUDomR GD DWLYLGDGH HFRQ{PLFD DR SURFODPDU R
SULQFtSLR GD OLYUHLQLFLDWLYD FRPR IXQGDPHQWR GD
RUGHPHFRQ{PLFD$VVLPDOLYUHLQLFLDWLYDFRQVWLWXLD
EDVHVREUHDTXDOVHFRQVWUyLDRUGHPHFRQ{PLFDH
DR (VWDGR FDEH DSHQDV XPD IXQomR VXSOHWLYD &RP
HIHLWR D &RQVWLWXLomR )HGHUDO HVWDEHOHFH TXH D
H[SORUDomR GLUHWD GD DWLYLGDGH HFRQ{PLFD SHOR
(VWDGR Vy VHUi SHUPLWLGD TXDQGR QHFHVViULD DRV
LPSHUDWLYRV GD VHJXUDQoD QDFLRQDO RX D UHOHYDQWHV
LQWHUHVVHVFROHWLYRV1RFDVRGDVHJXUDQoDQDFLRQDO
VmR PRQRSyOLRV GD 8QLmR D SHVTXLVD D ODYUD R
HQULTXHFLPHQWR
R
UHSURFHVVDPHQWR
D
LQGXVWULDOL]DomRHRFRPpUFLRGHPLQpULRVHPLQHUDLV

QXFOHDUHV H VHXV GHULYDGRV$IRUD HVVDV KLSyWHVHV


WRGR R UHVWR SRGH VHU H[SORUDGR SHOD LQLFLDWLYD
SULYDGDGLUHWDPHQWHRXSRUFRQFHVVmRHVWDWDO
$ &RQVWLWXLomR QmR UHSXGLD R LQWHUYHQFLRQLVPR
HVWDWDOQDHFRQRPLDSHORFRQWUiULRGHWHUPLQDTXHR
(VWDGRpRDJHQWHQRUPDWLYRHUHJXODGRUGDDWLYLGDGH
HFRQ{PLFDGHYHQGRH[HUFHUDVIXQo}HVGHLQFHQWLYR
ILVFDOL]DomR H SODQHMDPHQWR 7DLV IXQo}HV DVVLQDODP
DVIRUPDVGHLQWHUYHQomRGR(VWDGRQDH[SORUDomRGD
DWLYLGDGHHFRQ{PLFD0DVFRPRDJHQWHQRUPDWLYRH
UHJXODGRU R (VWDGR QmR VXEVWLWXL R PHUFDGR QD
FRQILJXUDomR HVWUXWXUDO GD HFRQRPLD 2
LQWHUYHQFLRQLVPR HVWDWDO FRPR Mi H[SRVWR p XP
IHQ{PHQR WtSLFR GD HFRQRPLD FDSLWDOLVWD TXH QmR
SRGH SUHVFLQGLU GR GLUHLWR FRPR LQVWUXPHQWR GH
JHVWmR
2 LQWHUYHQFLRQLVPR UHIHUHVH DR H[HUFtFLR SRU
SDUWH GR (VWDGR GH XPD DomR VLVWHPiWLFD VREUH D
HFRQRPLD H[LJLQGRVH GHVWD XPD RWLPL]DomR GH
UHVXOWDGRV TXH VH WUDGX] SRU PDLV SURGXomR PDLV
FRQVXPR PDLV H[SRUWDomR H PDLV HPSUHJR GDGRV
TXH FRPS}HP XP TXDGUR GH HVWDWtVWLFDV
FRQVLGHUDGDVSDUDPHGLURGHVHPSHQKRGDHFRQRPLD
2 LQWHUYHQFLRQLVPR H[SUHVVR QRV SULQFtSLRV
FRQVWLWXFLRQDLV QmR FRQVLVWH HP XP IHQ{PHQR TXH
QHJD RX FHUFHLD R DFHVVR j OLYUHLQLFLDWLYD SHOR
FRQWUiULR R (VWDGR GHYH DVVHJXUiOD H HVWLPXOiOD
DWUDYpV GH Do}HV VLVWHPiWLFDV IXQGDGDV QD OHL 2

LQWHUYHQFLRQLVPRQmRVHID]FRQWUDRPHUFDGRPDVD
VHX IDYRU 2 PHUFDGR FRPR PHFDQLVPR GH
FRRUGHQDomR H RUJDQL]DomR GR SURFHVVR HFRQ{PLFR
H TXH SUHVVXS}H R UHFRQKHFLPHQWR GR GLUHLWR GH
SURSULHGDGHGRVEHQVGHSURGXomRHDOLEHUGDGHGH
LQLFLDWLYD p PDQWLGR QR LQWHUYHQFLRQLVPR FRPR R
SULQFtSLRUHJXODGRUGDHFRQRPLD
$ OLYUHLQLFLDWLYD FRQWXGR HQFRQWUD OLPLWHV HP
RXWURV SULQFtSLRV FRQVWLWXFLRQDLV TXH DXWRUL]D R
(VWDGR D UHSULPLU R DEXVR GR SRGHU HFRQ{PLFR D
FRQFRUUrQFLD GHVOHDO D SROXLomR GD QDWXUH]D R
GHVPDWDPHQWR QmR DXWRUL]DGR HWF 'DGR TXH D
H[SORUDomR GD DWLYLGDGH HFRQ{PLFD QR DVSHFWR GD
OLYUHLQLFLDWLYD p UHJLGD SRU XP FiOFXOR HFRQ{PLFR
IXQGDGR QD UHODomR FXVWREHQHItFLR HVWD UHODomR
SDUHFH VHU R FDPLQKR TXH SHUPLWH HVFODUHFHU D
FRQWUDSRVLomRH[SORUDomR GD DWLYLGDGH HFRQ{PLFD
[GHIHVDGRDPELHQWH
5HODomRFXVWREHQHItFLR
$ H[SORUDomR GD DWLYLGDGH HFRQ{PLFD JHUD
FXVWRVQmRDSHQDVSDUDRHPSUHViULRTXHDH[SORUD
PDV WDPEpP SDUD D VRFLHGDGH SROXL R DPELHQWH
HVJRWD IRQWHV GH PDWpULDSULPD FRQWULEXL SDUD R
DTXHFLPHQWR GR SODQHWD UHFODPD LQYHVWLPHQWRV
S~EOLFRV H LQIUDHVWUXWXUD (VVHV FXVWRV VRFLDLV
SRGHP RX QmR VHU FRPSHQVDGRV FRP RV EHQHItFLRV
VRFLDLV TXH D PHVPD DWLYLGDGH HFRQ{PLFD SURSLFLD

SDUDDVRFLHGDGHDXPHQWRGDSURGXomRHFRQVXPR
FULDomR GH QRYRV QHJyFLRV H JHUDomR GH HPSUHJRV
$HTXDomRHQWUHFXVWRVVRFLDLVHEHQHItFLRVVRFLDLV
QHP VHPSUH p HTXLOLEUDGD HQVHMDQGR R TXH VH
GHQRPLQDH[WHUQDOLGDGH
([WHUQDOLGDGH p WRGR HIHLWR QHJDWLYR RX
SRVLWLYR  TXH XP DJHQWH HFRQ{PLFR SURGX] VREUH D
DWLYLGDGH HFRQ{PLFD D UHQGD RX R EHPHVWDU GH
RXWURVVHPFRPSHQVDURVSUHMXt]RVTXHFDXVDHVHP
VHUFRPSHQVDGRSHOREHQHItFLRTXHWUD]
$ UHOHYkQFLD GD H[WHUQDOLGDGH JXDUGD UHODomR
FRPRFUHVFLPHQWRGDDWLYLGDGHHFRQ{PLFD$VVLPD
DFHQWXDGD DJUHVVmR GH GHWHUPLQDGD DWLYLGDGH
HFRQ{PLFD DR DPELHQWH WUDQVIRUPDVH QXPD
H[WHUQDOLGDGH UHOHYDQWH QHJDWLYD TXH H[LJH UHVSRVWD
PHGLDQWH D HVFROKD GH DOWHUQDWLYDV LQWHUGLWDU D
DWLYLGDGHSROXLGRUDRXFRQWURODUDSROXLomR2GLUHLWR
DPELHQWDOQmRWHPUHVSRQGLGRDHVVDWUDQVIRUPDomR
FRP D LQWHUGLomR GDV DWLYLGDGHV SROXLGRUDV H VLP
PHGLDQWH PHFDQLVPRV PDLV RX PHQRV HILFLHQWHV GR
FRQWUROHGHSURGXomRGHSROXHQWHV
1mR Ki FRPR HOLPLQDU QD H[SORUDomR GH
DWLYLGDGHV HFRQ{PLFDV GHWHUPLQDGD PDUJHP GH
SURGXomR GH HIHLWRV QHJDWLYRV RX SRVLWLYRV QmR
FRPSHQViYHLV8PDYH]FRQIHULGDUHOHYkQFLDDFHUWRV
HIHLWRV SURGX]LGRV SHOD DWLYLGDGH HFRQ{PLFD FDEH
GHILQLU RV PHFDQLVPRV GH FRPSHQVDomR
LQWHUQDOL]DomR GDV H[WHUQDOLGDGHV  DWUDYpV GD

LPSXWDomR GH REULJDo}HV DRV HPSUHViULRV SHORV


HIHLWRV
FRQVLGHUDGRV
QHJDWLYRV
H
GR
UHFRQKHFLPHQWRGHGLUHLWRVHPUHODomRDRVUHSXWDGRV
SRVLWLYRV
$OJXQVWHyULFRVHQWHQGHPTXHDVH[WHUQDOLGDGHV
GHYHP VHU UHDOL]DGDV SRU PHLR GH PHFDQLVPRV GH
GLUHLWRWULEXWiULR(PVtQWHVHGLDQWHGDH[SORUDomRGH
GHWHUPLQDGD DWLYLGDGH HFRQ{PLFD GHYHPVH
FRQWUDSRU RV HIHLWRV QHJDWLYRV H SRVLWLYRV SDUD D
VRFLHGDGH $ SUHSRQGHUkQFLD GH HIHLWRV QHJDWLYRV
LPSOLFDULD XPD FDUJD WULEXWiULD PDLRU H R
UHFRQKHFLPHQWR GH SUHSRQGHUkQFLD GH HIHLWRV
SRVLWLYRV LPSOLFDULD LVHQo}HV WULEXWiULDV 2XWURV
WHyULFRV HQWHQGHP TXH DV H[WHUQDOLGDGHV UHIOHWHP
VLWXDo}HV FRQIOLWDQWHV TXH GHYHP VHU VROXFLRQDGDV
SHORV SUySULRV LQWHUHVVDGRV 1R VLVWHPD FDSLWDOLVWD
HVVDVGXDVFRQFHSo}HVQmRVHH[FOXHP
0DV FRP R DYDQoR GDV WHVHV DPELHQWDOLVWDV R
SULQFtSLRGDSUHVHUYDomRGRDPELHQWHSDVVDDVHUXP
OLPLWHjDWLYLGDGHHFRQ{PLFDHWDPEpPVXDFRQGLomR
GHH[HUFtFLR
8UJrQFLDGRSUREOHPD
3UHRFXSDGRVFRPDGHVWUXLomRTXHDH[SORUDomR
GD DWLYLGDGH HFRQ{PLFD WHP SURYRFDGR DOJXQV
JRYHUQRV SURS}H D KLSyWHVH GR GHVHQYROYLPHQWR
HFRQ{PLFRVXVWHQWiYHOFRPXPPtQLPRGHDJUHVVmR
DRDPELHQWH$OJXQVDPELHQWDOLVWDVHVWDEHOHFHPXP

UHIHUHQFLDO WHyULFR IXQGDGR QD FRQFHSomR GH XPD


7HUUD YLYD RUJDQL]DGD DXWRVVXILFLHQWH H SOHQD GH
VDEHGRULD WHQGR HP YLVWD HVSHFLDOPHQWH D
UHFRQFLOLDomR GR VHU KXPDQR FRP D QDWXUH]D FXMD
FLVmRIRLSURYRFDGDSHORUDFLRQDOLVPRPRGHUQR(VVD
UHFRQFLOLDomR SHUPLWLULD DSRQWDU UHVSRVWDV SDUD R
SUREOHPD GD H[SORUDomR GD DWLYLGDGH HFRQ{PLFD H D
SURWHomRGRDPELHQWH
+iGHRXWUDSDUWHXPDSUHRFXSDomRPXQGLDOQR
VHQWLGR GH HQFRQWUDU UHVSRVWDV TXH SRVVLELOLWHP
FRPSDWLELOL]DU D H[SORUDomR GD DWLYLGDGH HFRQ{PLFD
FRP D SUHVHUYDomR GR DPELHQWH TXH VLJQLILFDULD
HVWDEHOHFHU XPD FRQH[mR LQH[RUiYHO HQWUH GLUHLWR
DPELHQWDOHGLUHLWRHPSUHVDULDO&RPRXWUDVSDODYUDV
p SUHFLVR HVWDEHOHFHU UHJUDV TXH IDoDP SUHYDOHFHU R
SULQFtSLR VHJXQGR R TXDO XPD QDWXUH]D VDGLD p XP
OLPLWH j DWLYLGDGH HFRQ{PLFD H WDPEpP D VXD
FRQGLomRGHH[HUFtFLR
3DUD DOJXQV DPELHQWDOLVWDV D UHODomR TXH
HQYROYH H[SORUDomR GD DWLYLGDGH HFRQ{PLFD H
SURWHomR GR DPELHQWH QmR SRGH VHU WUDWDGD FRPR
XPD TXHVWmR ORFDO FLUFXQVFULWD DSHQDV DR WHUULWyULR
GR (VWDGR QDFLRQDO GHYH VHU WUDWDGD FRPR XPD
TXHVWmR PXQGLDO (P YLUWXGH GLVVR R WHPD SURYRFD
TXHVWLRQDPHQWRV VREUH D QRomR GH VREHUDQLD TXH
OHJLWLPDHFRQYDOLGDRGLUHLWRSRVLWLYRHPDQDGRGRV
yUJmRVHVWDWDLVFRPFRPSHWrQFLDSDUDOHJLVODU+iXP
PRYLPHQWRLQWHUQDFLRQDODSRLDGRSRUDOJXQVSDtVHVH

YiULDV RUJDQL]Do}HV LQWHUQDFLRQDLV QR VHQWLGR GH


HVWDEHOHFHU XPD OHJLVODomR GH FXQKR LQWHUQDFLRQDO
FRP UHJUDV FODUDV VREUH D H[SORUDomR GD DWLYLGDGH
HFRQ{PLFDHDSUHVHUYDomRGRDPELHQWH
2 WHPD SRUWDQWR WUDQVFHQGH DV IURQWHLUDV GRV
(VWDGRV QDFLRQDLV H VH LQVHUH QR FRQWH[WR PXQGLDO
PRWLYRSHORTXDOVHWHPLQVLVWLGRQDQHFHVVLGDGHGH
XPDSROtWLFDDPELHQWDOJOREDOL]DGD'HRXWUDSDUWHKi
WDPEpP SUHVV}HV VREUH D 2UJDQL]DomR 0XQGLDO GR
&RPpUFLR 20&  QR VHQWLGR GH IL[DU DOJXP WLSR GH
YLQFXODomR HQWUH DFRUGRV FRPHUFLDLV H SURWHomR DR
DPELHQWH (QILP R WHPD p PRWLYR GH SUHRFXSDomR
PXQGLDOHMiSURYRFDSHUWXUEDo}HVVRFLDLVYLVWRTXH
DV PDQLIHVWDo}HV GH JUXSRV RUJDQL]DGRV HVWmR
VHQGRUHSULPLGDVFRPRXVRGDIRUoD
'HRXWUDSDUWHpSUHFLVRFRQVLGHUDUTXHRWHPD
H[SORUDomRGDDWLYLGDGHHFRQ{PLFDHDSURWHomRGR
DPELHQWH UHSHUFXWH HP GLYHUVDV iUHDV GR
FRQKHFLPHQWR 7UDWDVH LQGXELWDYHOPHQWH GH XP
SUREOHPD LQWHUGLVFLSOLQDU TXH HYRFD D FRQWULEXLomR
GH GLYHUVDV iUHDV GR VDEHU$V GLIHUHQWHV iUHDV GR
VDEHUDRWUDWDUGRDPELHQWHSURJULGHPDRHQFRQWUR
XPDV GDV RXWUDV $ UHIOH[mR VREUH R UHIHULGR WHPD
PRVWUD GH IRUPD FDEDO D FRQYHUJrQFLD H D
LQWHUOLJDomRHQWUHGLUHLWRHDQWURSRORJLD
eSUHFLVRFRQWXGRFRQVLGHUDUTXHRHPSUHViULR
p D ILJXUD GH GHVWDTXH QR GLUHLWR FRQWHPSRUkQHR e
IDWR TXH DTXHOHV TXH SUHWHQGHP H[SORUDU XPD

DWLYLGDGH HFRQ{PLFD QXWUHP H[SHFWDWLYDV GH OXFURV


9DOHGL]HURVLQYHVWLPHQWRVGRHPSUHViULROLJDVHj
QHXWUDOL]DomR GRV ULVFRV H j PD[LPL]DomR GRV
UHVXOWDGRV$OyJLFDGRVLVWHPDFDSLWDOLVWDLPSOLFDD
FRQFHQWUDomR H DXPHQWR GH ULTXH]DV SRUWDQWR DV
SHVVRDVLQYHVWHPGLQKHLURHPGHWHUPLQDGDDWLYLGDGH
HFRQ{PLFD SDUD DXIHULU OXFURV H QmR PRYLGRV SHOR
DPRU j KXPDQLGDGH RX SHOD SUiWLFD GR GRP 2
PRYLPHQWR GR HPSUHViULR VH VXEPHWH j LQIOXrQFLD
GHFLVLYDGDUD]mRLQVWUXPHQWDOTXHRULHQWDRFiOFXOR
HFRQ{PLFR
QD
HODERUDomR
GD
HTXDomR
FXVWREHQHItFLR 6RE D WXWHOD GD UD]mR LQVWUXPHQWDO
FRUUHPVROWDVDDJUHVVmRHDGHVWUXLomRGRDPELHQWH
DR SULYLOHJLDU R ILP GD H[SORUDomR GD DWLYLGDGH
HFRQ{PLFDTXHpROXFUR
&RQFLOLDUHVVHSUREOHPDQmRpWDUHIDVLPSOHV+i
SRUXPODGRDVH[WHUQDOLGDGHVSRVLWLYDVGHFRUUHQWHV
GDH[SORUDomRGDDWLYLGDGHHFRQ{PLFD RWLPL]DomRGD
HFRQRPLD  H SRU RXWUR ODGR DV H[WHUQDOLGDGHV
QHJDWLYDV R GDQR DPELHQWDO $OJR SRUpP p FHUWR
DVFRLVDVQmRSRGHPILFDUFRPRHVWmRDVPXGDQoDV
VmR QHFHVViULDV H LQDGLiYHLV$OJR WDPEpP p FHUWR
LQGHSHQGHQWHPHQWH GR WHRU GHVVDV PXGDQoDV HODV
GHYHUmRVHURUJDQL]DGDVMXULGLFDPHQWH
$DOWDFRPSOH[LGDGHTXHHQYROYHDVUHODo}HVQR
PXQGR FRQWHPSRUkQHR GHPRQVWUD GH IRUPD FDEDO
TXH R GLUHLWR p DOJR LQDFDEDGR HP SURFHVVR GH
FRQVWUXomR$DGDSWDomRGRVSURILVVLRQDLVGRGLUHLWR

D HVVD QRYD UHDOLGDGH LPSOLFD URPSHU FRP R


SDUDGLJPDGRPLQDQWHRSRVLWLYLVPRMXUtGLFR([S}H
VH QR FDStWXOR VHJXLQWH R SHUILO GHVVH PRGHOR
WHyULFRGRPLQDQWHID]HQGROKHDVGHYLGDVFUtWLFDVH
DSRQWDQGRRSHUILOGHXPPRGHORHPHUJHQWH

;;, &,1&,$

-85',&$

02'(/27(5,&2'20,1$17(
$R ORQJR GR VpFXOR ;; SUHGRPLQRX QDV
)DFXOGDGHVGH'LUHLWRRPRGHORWHyULFRGHQRPLQDGR
SRVLWLYLVPR MXUtGLFR PRWLYR SHOR TXDO R HQVLQR
MXUtGLFR WHP QHJOLJHQFLDGR DV FRQWULEXLo}HV GD
DQWURSRORJLD H GH RXWUDV iUHDV GR FRQKHFLPHQWR
3DUD FRPSUHHQGHU RV PRWLYRV GHVVH DIDVWDPHQWR p
QHFHVViULR H[SRU DLQGD TXH GH IRUPD DEUHYLDGD RV
FRQWRUQRVGRSRVLWLYLVPRMXUtGLFRQDVXDIRUPDPDLV
HODERUDGD
+DQV.HOVHQpRWHyULFRTXHHOHYDRSRVLWLYLVPR
MXUtGLFRDRVHXSDWDPDUPDLVDOWR(PSXEOLFDD
7HRULDSXUDGRGLUHLWR  QD TXDO UHWRPD DV WHVHV GR
SRVLWLYLVPRMXUtGLFRGRVpFXOR;,;1HVVDREUDHOHJH
D DXWRQRPLD GD FLrQFLD MXUtGLFD FRPR R SUREOHPD
IXQGDPHQWDO GD VXD WHVH H FRQIHUHOKH PpWRGR H
REMHWR SUySULRV FDSD]HV GH DVVHJXUDU DR MXULVWD R
FRQKHFLPHQWR FLHQWtILFR GR GLUHLWR 3DUD LVVR
HVWDEHOHFH XP SULQFtSLR PHWRGROyJLFR RSULQFtSLR
GD SXUH]D FRP R TXDO SUHWHQGH UHGX]LU D
FRPSOH[LGDGH GR REMHWR GR GLUHLWR DR DIDVWDU GD

FLrQFLD MXUtGLFD DV LQJHUrQFLDV LQWUXVDV


SRWHQFLDOPHQWH
SHUWXUEDGRUDV
GH
RUGHP
HSLVWHPROyJLFDHD[LROyJLFD3DUD.HOVHQRREMHWRGD
FLrQFLD MXUtGLFD FRQVLVWH HP QRUPDV MXUtGLFDV H D
WDUHID GR MXULVWD FLHQWLVWD GR GLUHLWR  FRQVLVWH HP
GHVFUHYHU H VLVWHPDWL]DU HVVH REMHWR PHGLDQWH
SURSRVLo}HV
'HDFRUGRFRP.HOVHQRFRQKHFLPHQWRMXUtGLFR
SDUD VHU FLHQWtILFR GHYH VHU QHXWUR 1mR FDEH DR
MXULVWD ID]HU MXOJDPHQWRV QHP DYDOLDo}HV VREUH DV
QRUPDV1RH[HUFtFLRGDVXDDWLYLGDGHRMXULVWDGHYH
DIDVWDU WDQWR DV GLPHQV}HV D[LROyJLFDV TXH LPSOLFD
SURIHULUMXt]RVGHYDORUDUHVSHLWRGDVQRUPDVFRPR
DV GLPHQV}HV HSLVWHPROyJLFDV TXH LPSOLFDP
PRWLYDo}HV HVSHFtILFDV GH RXWUDV FLrQFLDV FRPR D
DQWURSRORJLD D VRFLRORJLD D HFRQRPLD D SROtWLFD D
SVLFRORJLD HWF (VVDV GLPHQV}HV FRPSURPHWHULDP D
YHUGDGH GDV SURSRVLo}HV TXH R FLHQWLVWD HQXQFLD
VREUHDVQRUPDV9DOHGL]HURUDFLRFtQLRMXUtGLFRQmR
GHYHYHUVDUVREUHRTXHpFHUWRRXHUUDGRDGHTXDGR
RXLQDGHTXDGRMXVWRRXLQMXVWRYLUWXRVRRXYLFLRVR
FRQYHQLHQWHRXLQFRQYHQLHQWHPDVVLPVREUHROtFLWR
H R LOtFLWR R OHJDO FRQVWLWXFLRQDO  H R LOHJDO
LQFRQVWLWXFLRQDO RYiOLGRHRLQYiOLGRDHILFiFLDHD
LQHILFiFLD 'HVVH PRGR p VHPSUH SRVVtYHO TXH XPD
QRUPD LQGXELWDYHOPHQWH LQMXVWD LQDGHTXDGD H
LQFRQYHQLHQWHTXDQGRVXEPHWLGDDRPRGHORWHyULFR
SRVLWLYLVWDSRVVDVHUFRQVLGHUDGDOHJDOYiOLGDOtFLWD

HHILFD]
6LVWHPDGHQRUPDV
3DUD JDUDQWLU D UDFLRQDOLGDGH GD RUGHP MXUtGLFD
WHPVHQD7HRULDSXUDDQRomRGHQRUPDKLSRWpWLFD
IXQGDPHQWDO QR VHQWLGR GH SULPHLUD QRUPD
WUDQVFHQGHQWDOeXPDQRUPDVXSRVWDYDOHGL]HUQmR
p HGLWDGD SRU XP DWR GH DXWRULGDGH QmR SRVVXL XP
FRQWH~GRpXPDH[LJrQFLDOyJLFDDSHQDVXPDILFomR
TXH VXVWHQWD R IXQGDPHQWR GH YDOLGDGH GD RUGHP
MXUtGLFD HYLWDQGR XPD UHJUHVVmR DR LQILQLWR RX D
GLVFXVVmR SROtWLFD VREUH D OHJLWLPLGDGH GR SRGHU
RULJLQiULR  QRUPD KLSRWpWLFD IXQGDPHQWDO TXH p
VXSRVWD VHJXHVH D SULPHLUD QRUPD SRVWD TXH QR
FDVR GR %UDVLO FRUUHVSRQGH DR FRQMXQWR QRUPDWLYR
GD&RQVWLWXLomR)HGHUDO
$ SULPHLUD QRUPD SRVWD H DV GHPDLV TXH OKH
VXFHGHP GHULYDP GH DWRV GH YRQWDGH GR SRGHU
VREHUDQRHHVVHSRGHUGHYHJDUDQWLUDHIHWLYLGDGHGD
RUGHPQRUPDWLYD9DOHGL]HUDQRUPDpYiOLGDVHIRU
HGLWDGD SHOD DXWRULGDGH FRPSHWHQWH H SRVVXLU XP
PtQLPRGHHILFiFLD$YDOLGDGHGDQRUPDUHSRXVDQD
FRPSHWrQFLDQRUPDWLYDGHVHXHGLWRUTXHpFRQIHULGD
SRURXWUDQRUPDHDVVLPVXFHVVLYDPHQWHQXPDVpULH
ILQLWD TXH FXOPLQD QD QRUPD IXQGDPHQWDO (VVD
HVWUXWXUD SRVVLELOLWD DR MXULVWD RUJDQL]DU RVLVWHPD
GLQkPLFR GH QRUPDV UHODFLRQDQGRDV D SDUWLU GH
UHJUDV GH FRPSHWrQFLD UHJXODGRUDV GD SURGXomR

QRUPDWLYD$PHVPDHVWUXWXUDSRVVLELOLWDRUJDQL]DUR
VLVWHPDHVWiWLFRUHODFLRQDQGRDVQRUPDVDSDUWLUGH
VHXVFRQWH~GRV$QRUPDHPDQDGDGHTXHPSRVVXL
FRPSHWrQFLD SDUD HGLWiOD GHYH PDQWHU FRQWH~GR
FRPSDWtYHO FRP D QRUPD TXH OKH p LPHGLDWDPHQWH
VXSHULRU
$VVLP XPD QRUPD VHPSUH VH IXQGDPHQWD HP
XPD RXWUD TXH OKH p VXSHULRU QR TXH GL] UHVSHLWR
WDQWR j FRPSHWrQFLD TXDQWR DR FRQWH~GR 8PD GDV
WDUHIDV GR MXULVWD FRQVLVWH HP HODERUDU R
HQFDGHDPHQWR KLHUiUTXLFR GH QRUPDV PHGLDQWH
SURSRVLo}HV WDQWR QD SHUVSHFWLYD GR VLVWHPD
GLQkPLFR TXDQWR QD GR VLVWHPD HVWiWLFR 1HVVD
HVWUXWXUD XPD QRUPD YDOH QmR SRUTXH p MXVWD PDV
SRUTXH HVWi HP FRQIRUPLGDGH FRP XPD QRUPD
VXSHULRU QD TXDO VH IXQGDPHQWD 7RGR R XQLYHUVR
QRUPDWLYR YDOH H p OHJtWLPR HP IXQomR GHVVD
KLHUDUTXLD RX VHMD HP IXQomR GHVVH HQFDGHDPHQWR
OyJLFR'DQRUPDIXQGDPHQWDOQmRVHSRGHH[LJLUTXH
VHMD MXVWD 0HVPR XPD QRUPD IXQGDPHQWDO
FRQVLGHUDGD LQMXVWD YDOLGD H OHJLWLPD R GLUHLWR TXH
GHODGHFRUUH
2GLUHLWRpGHVVHPRGRXPDRUGHPFRDWLYDXP
FRQMXQWR GH QRUPDV TXH SUHVFUHYHP VDQo}HV $
FRQGXWD FRQWUiULD j QRUPD p FRQVLGHUDGD LOtFLWD H D
FRQGXWD HP FRQIRUPLGDGH FRP D QRUPD p
FRQVLGHUDGD XP GHYHU MXUtGLFR 2 (VWDGR VH
FRQIXQGH FRP R GLUHLWR SRUTXH QHVVD HVWUXWXUD HOH

QDGD PDLV p GR TXH R FRQMXQWR GDV QRUPDV TXH


HVWDEHOHFH FRPSHWrQFLD H SUHVFUHYH VDQo}HV GH
IRUPDRUJDQL]DGD&RPRVHQRWDHVVHPRGHORWHyULFR
QmR SHUPLWH HVWDEHOHFHU FRQH[}HV HQWUH GLUHLWR H
DQWURSRORJLDLVVRILFDPDLVHYLGHQWHSHODDQiOLVHGR
REMHWR TXH WDO PRGHOR FRQVLGHUD FRPR R GD FLrQFLD
MXUtGLFD QRUPDVMXUtGLFDV HRUHVXOWDGRGDSURGXomR
GRMXULVWD SURSRVLo}HVMXUtGLFDV 
1RUPDHSURSRVLomR
3DUDRSRVLWLYLVPRMXUtGLFRDQRUPDpXPGHYHU
VHU TXH FRQIHUH DR FRPSRUWDPHQWR KXPDQR XP
VHQWLGR SUHVFULWLYR $VVLP R IDWR RX D FRQGXWD
KXPDQDSRVVXLRVLJQLILFDGRMXUtGLFRTXHDQRUPDOKH
DWULEXL 3RU HVVH PRWLYR D FLrQFLD MXUtGLFD p
IXQGDPHQWDOPHQWH GLIHUHQWH GDV RXWUDV FLrQFLDV
(VWDV RSHUDP FRP R SULQFtSLR GD FDXVDOLGDGH GDGR
$p% UHODFLRQDPIDWRVVHQGRXPFDXVDHRRXWUR
HIHLWR DWXDP QR PXQGR GR VHU PXQGR QDWXUDO $
FLrQFLDMXUtGLFDDWXDQRPXQGRGRGHYHUVHU PXQGR
FXOWXUDO RSHUDFRPRSULQFtSLRGDLPSXWDomR GDGR
$ GHYH VHU %  (VVH SULQFtSLR SUHYr GHWHUPLQDGD
VDQomR %  TXH GHYH VHU LPSXWDGD D XPD FRQGXWD
FRQVLGHUDGD SHOR GLUHLWR FRPR LOtFLWD $  2 MXULVWD
FLHQWLVWD GR GLUHLWR  HVWDEHOHFH QD SURSRVLomR
MXUtGLFDTXHGHVFUHYHDQRUPDMXUtGLFDOLJDo}HVHQWUH
XP DQWHFHGHQWH FRQGXWD LOtFLWD  H XP FRQVHTXHQWH
VDQomR 

1RUPDHSURSRVLomRHQXQFLDPXPGHYHUVHU+i
HQWUHWDQWR GLIHUHQoDV HVVHQFLDLV HQWUH XPD H RXWUD
2 HQXQFLDGR GD QRUPD p SUHVFULWLYR SRUTXH UHVXOWD
GH XP DWR GH YRQWDGH QHVVH VHQWLGR D QRUPD p
YiOLGDTXDQGRHPDQDGHXPDDXWRULGDGHFRPSHWHQWH
RX LQYiOLGD HP FDVR FRQWUiULR 2 HQXQFLDGR GD
SURSRVLomRpGHVFULWLYRSRUTXHUHVXOWDGHXPDWRGH
FRQKHFLPHQWRGRFLHQWLVWDGRGLUHLWRQHVVHVHQWLGR
D SURSRVLomR p YHUGDGHLUD TXDQGR R VHX HQXQFLDGR
HVWLYHU HP FRQIRUPLGDGH FRP D QRUPD RX IDOVD QR
FDVR FRQWUiULR $ YHUDFLGDGH H D IDOVLGDGH VmR
DWULEXWRV GD SURSRVLomR HQTXDQWR D QRUPD DSHQDV
SRGHVHUYiOLGDRXLQYiOLGD
$VQRUPDVTXHSHUID]HPRRUGHQDPHQWRMXUtGLFR
QmR DSDUHFHP VLVWHPDWL]DGDV QRV LQVWUXPHQWRV
MXUtGLFRV 9DOH GL]HU R VLVWHPD MXUtGLFR QmR SRVVXL
OyJLFD LQWHUQD$ DOWD FRPSOH[LGDGH VRFLDO H[LJH GDV
DXWRULGDGHV FRPSHWHQWHV XPD SURGXomR FRQWtQXD H
LQLQWHUUXSWDGHQRUPDVGHPRGRTXHDVQRUPDVPDLV
SDUHFHP SHoDV GH XP JLJDQWHVFR TXHEUDFDEHoD
GHVPRQWDGR FXMDV SHoDV HVSDOKDGDV QD
&RQVWLWXLomR QDV OHLV QRV GHFUHWRV QDV SRUWDULDV
QDVLQVWUXo}HVQRUPDWLYDV GHYHPVHUUHRUJDQL]DGDV
FRQIRUPH DV UHJUDV HVWDEHOHFLGDV QRV VLVWHPDV
GLQkPLFR H HVWiWLFR GH QRUPDV 2 VLVWHPD GH
QRUPDV DGTXLUH FRQWRUQRV OyJLFRV GH XPD IRUPD
GHULYDWLYDSRULQWHUPpGLRGRVLVWHPDGHSURSRVLo}HV
HODERUDGRSHORMXULVWD

$ UDFLRQDOLGDGH GD RUGHP MXUtGLFD LPSOLFD


HQ[HUJDURGLUHLWRFRPRVLVWHPDXQLWiULRHKLHUiUTXLFR
GH QRUPDV (VVD UDFLRQDOL]DomR HQWUHWDQWR SURYRFD
DOJXPDV VHSDUDo}HV HQWUH GLUHLWR H DomR SROtWLFD
GLUHLWR H DQWURSRORJLD GLUHLWR H VRFLRORJLD GLUHLWR H
pWLFD H FXOPLQD QDSXULILFDomR GR GLUHLWR RX QD
UHLILFDomR GD QRUPD MXUtGLFD ([LJHVH TXH R MXULVWD
SDUWD GR SUHVVXSRVWR VHJXQGR R TXDO DV QRUPDV
DGYrP GH XP OHJLVODGRU UDFLRQDO SRVVXHP YLGD
SUySULD H VmR FDSD]HV GH FRQGLFLRQDU
FRPSRUWDPHQWRVVHPVHUHPFRQGLFLRQDGDVSRUHOHV
$VVLPRGLUHLWRDSDUHFHVHSDUDGRGDFXOWXUDGDYLGD
VRFLDO GD KLVWyULD H GRV KRPHQV UHVSRQViYHLV SHOD
VXDFULDomRHDSOLFDomR
1RUPDHLQWHUSUHWDomR
1R TXH GL] UHVSHLWR j LQWHUSUHWDomR GD QRUPD
MXUtGLFDLVWRpjGHWHUPLQDomRGRVHXUHDODOFDQFHH
VHQWLGR D WHRULD SXUD HQWHQGH TXH GH XPD PHVPD
QRUPD SRGHPVH H[WUDLU GLYHUVRV VLJQLILFDGRV $
SULPHLUD QRUPD SRVWD QmR GHWHUPLQD GH PRGR
H[DXVWLYR WRGDV DV VLWXDo}HV GH PRGR TXH VHPSUH
UHVWDXPDPDUJHPGHLQGHWHUPLQDomR$OpPGLVVRDV
QRUPDV VmR JHQpULFDV WH[WXUD DEHUWD  QmR
FLUFXQVFUHYHP H[DWDPHQWH RV REMHWRV D TXH VH
UHIHUHP H SRU LVVR SHUPLWHP LQWHUSUHWDo}HV
GLYHUJHQWHV-XQWHVHDLVVRRIDWRGHTXHDVQRUPDV
HVWmRH[SUHVVDVQDOLQJXDJHPQDWXUDOFXMDVSDODYUDV

VmRVHPSUHYDJDVHDPEtJXDVHSRULVVRGHQRWDPH
FRQRWDP GLYHUVRV VLJQLILFDGRV 3RU HVVDV UD]}HV D
WHRULDSXUDQHJDDSRVVLELOLGDGHGHXPDLQWHUSUHWDomR
YHUGDGHLUD PDV GLVWLQJXH D LQWHUSUHWDomR DXWrQWLFD
GDQmRDXWrQWLFD
,QWHUSUHWDomR QmR DXWrQWLFD GRXWULQD  p D
UHDOL]DGDSHORFLHQWLVWDGRGLUHLWRTXHPHGLDQWHDWR
FRJQLWLYR GHYH IL[DU RV GLYHUVRV VLJQLILFDGRV
SRVVtYHLV GD QRUPD MXUtGLFD $ DXWrQWLFD
MXULVSUXGrQFLD pDUHDOL]DGDSHORyUJmRMXULVGLFLRQDO
TXH QR H[HUFtFLR GD FRPSHWrQFLD MXUtGLFD GHFLGH
FRQIOLWRFRPEDVHHPXPDWRGHYRQWDGHTXHSRGH
HVWDU RX QmR HP FRQIRUPLGDGH FRP XP GRV
VLJQLILFDGRV RIHUHFLGRV SHOD GRXWULQD 9DOH GL]HU R
MXL]TXDQGRGHFLGHQmRUHDOL]DDWRGHFRQKHFLPHQWR
PDQLIHVWDVXDYRQWDGH,VVRpDVVLPSRUTXHDWHRULD
SXUD FRQVLGHUD D VHQWHQoD XPD QRUPD MXUtGLFD
LQGLYLGXDO HPDQDGD GH XPD DXWRULGDGH FRPSHWHQWH
TXHHVWDEHOHFHXPDVDQomR
1HVVH VHQWLGR D VHQWHQoD SDVVD D FRPSRU R
FRQMXQWR GH QRUPDV MXUtGLFDV TXH FRQVWLWXHP R
REMHWRGDFLrQFLDMXUtGLFD6REUHHODLQFLGHSRUWDQWR
RSULQFtSLRGDSXUH]DTXHLPSOLFDDQHXWUDOLGDGHGR
FLHQWLVWD 0HVPR TXH R FRQWH~GR GD VHQWHQoD VHMD
YLVLYHOPHQWHLQMXVWRRXLOHJDOQmRFDEHDRFLHQWLVWD
GR GLUHLWR TXDOTXHU PDQLIHVWDomR YDORUDWLYD VREUH D
GHFLVmR$VHQWHQoDpXPDQRUPDMXUtGLFDHFRPRWDO
QmRpMXVWDQHPLQMXVWDDSHQDVYDOH

'HVVH PRGR D WHRULD SXUD SURWHJH D YRQWDGH


QRUPDWLYD GR &RQJUHVVR RX GR 7ULEXQDO  GH
TXDOTXHU FUtWLFD GR FLHQWLVWD GR GLUHLWR &RP LVVR
GHVTXDOLILFD WDQWR DV TXDOLGDGHV GR VXMHLWR GR
FRQKHFLPHQWRFRPRDVGRREMHWRDVHUFRQKHFLGR2
FLHQWLVWD GR GLUHLWR VXMHLWR GR FRQKHFLPHQWR  GHYH
VHUQHXWURSRUTXHDQRUPD REMHWRDVHUFRQKHFLGR 
HPERUD VHMD WLGD FRPR XP SURGXWR GD YRQWDGH
KXPDQD QmR SRGH VHU YDORUDGD RX TXDOLILFDGD
3DUDGR[DOPHQWH R SRVLWLYLVPR MXUtGLFR HVWDEHOHFH D
LGHLD VHJXQGR D TXDO D VROXomR SDUD TXDOTXHU
SUREOHPD MXUtGLFR Mi HVWi GDGDD SULRUL QR VLVWHPD
GHQRUPDV
(QILP QD SHUVSHFWLYD GDWHRULD SXUD R MXULVWD
FXLGDGHSURSRVLo}HVQRUPDWLYDVHQmRGHIDWRV1mR
VH SRGH ROYLGDU SRUpP TXH D H[SHULrQFLD MXUtGLFD
SUHVVXS}H XPD UHIHUrQFLD GDV SURSRVLo}HV
QRUPDWLYDV D FRPSRUWDPHQWRV UHDLV 1D PHGLGD HP
TXH LVVR VH FRORFD FRPR SUREOHPD SDUD R MXULVWD
VXUJH D QHFHVVLGDGH GH HVFODUHFHU DV UHODo}HV HQWUH
IDWRHQRUPD$FRUUHODomRHQWUHIDWRHQRUPDSHUPLWH
HQWHQGHURGLUHLWRFRPRVLVWHPDDEHUWRGHSHQGHQWH
GH RXWURV TXH R DEUDQJHP H FLUFXQVFUHYHP (VVH
DQWLIRUPDOLVPR UHVXOWD GR FRQWUDVWH HQWUH GLUHLWR
SRVWR H GLUHLWR DSOLFDGR GD LPHQVD GLVWkQFLD TXH
H[LVWHHQWUHRGLUHLWRIRUPDOPHQWHYiOLGRHDUHDOLGDGH
VRFLDO D TXH VH UHSRUWD 'Dt D QHFHVVLGDGH GR
GHVORFDPHQWR GD DQiOLVH SDUD R PRPHQWR HP TXH D

QRUPDSURGX]LPSDFWRHDWXDQDUHDOLGDGHVRFLDO
02'(/27(5,&2(0(5*(17(
,QIOXHQFLDGR SHOR SRVLWLYLVPR R VDEHU MXUtGLFR
VH WRUQRX XP VDEHU GRJPiWLFR YLVWR TXH R VLVWHPD
GH QRUPDV DSDUHFH FRPR XP GDGR R SRQWR GH
SDUWLGD GH TXDOTXHU LQYHVWLJDomR TXH RV MXULVWDV
DFHLWDPHQmRQHJDP$VQRUPDVVmRPDQWLGDVFRPR
GRJPDV LQDWDFiYHLV VmR DVVXPLGDV FRPR
LQVXEVWLWXtYHLV H LQTXHVWLRQiYHLV 2 VLVWHPD GH
QRUPDV FRQVWLWXL XPD HVSpFLH GH OLPLWDomR XPD
SULVmRTXHWROKHDOLEHUGDGHGRMXULVWDQRWUDWRFRPD
H[SHULrQFLDQRUPDWLYD(VVDOLPLWDomRWHyULFDFRQGX]
DH[DJHURVPRWLYRSHORTXDOKiTXHPIDoDGRHVWXGR
GRGLUHLWRXPHVWXGRYROWDGRSDUDXPFRQKHFLPHQWR
PXLWRUHVWULWROHJDOLVWDHFHJRSDUDDUHDOLGDGHFRPR
XPIHQ{PHQRVRFLDO
(VVH WLSR GH HVWXGR IHFKDGR H IRUPDOLVWD p
LPSOHPHQWDGRQDPDLRULDGDV)DFXOGDGHVGH'LUHLWR
(VVDV LQVWLWXLo}HV GH HQVLQR SDVVDP D IRUPDU
SURILVVLRQDLV TXH QmR TXHVWLRQDP RV SRQWRV GH
SDUWLGD GRJPDV  H FRP LVVR DV QRUPDV VmR
FRQVLGHUDGDV FRQYHQLHQWHV DGHTXDGDV MXVWDV H
LUUHSUHHQVtYHLV $V GLVFLSOLQDV TXH SRGHULDP
SURYRFDU R TXHVWLRQDPHQWR FUtWLFR DQWURSRORJLD
ILORVRILD VRFLRORJLD  QmR UDUDV YH]HV VmR
GHVLJQDGDV SHORVHVSHFLDOLVWDV SRU SHUIXPDULDV
MXUtGLFDV

=HWpWLFDMXUtGLFD
+i VHJXQGR )HUUD] -U   H V  GXDV
SRVVLELOLGDGHV GH SURFHGHU j LQYHVWLJDomR GH XP
SUREOHPDMXUtGLFRDFHQWXDQGRRHQIRTXHGRJPiWLFR
RX RHQIRTXH ]HWpWLFR 2V GRLV HQIRTXHV QmR VH
H[FOXHPHVWmRFRUUHODFLRQDGRVPDVRSUHGRPtQLRGH
XPGHOHVUHYHODFRQVHTXrQFLDVGLIHUHQWHV2HQIRTXH
GRJPiWLFR FRPR YLVWR QmR TXHVWLRQD RV GRJPDV
QRUPDV SRUWDQWRGLDQWHGHXPSUREOHPDFRQVLGHUD
TXH D VROXomR Mi HVWi SUHYLDPHQWH GDGD RX
SUHVVXSRVWDQRVLVWHPDGHQRUPDV GRJPDV 
$R FRQWUiULR GR HQIRTXH GRJPiWLFR R ]HWpWLFR
SUREOHPDWL]D DV SUySULDV QRUPDV GRJPDV  (VWDV
SRUWDQWR ILFDP DEHUWDV j G~YLGD FRQVHUYDP R VHX
FDUiWHU KLSRWpWLFR H SUREOHPiWLFR SHUPDQHFHP
DEHUWDVjFUtWLFDHjFULDWLYLGDGH$VQRUPDVVHUYHP
GHXPODGRSDUDGHOLPLWDURKRUL]RQWHGRVSUREOHPDV
D VHUHP WHPDWL]DGRV H GHFLGLGRV PDV DR PHVPR
WHPSRDPSOLDPHVVHVKRUL]RQWHV$VVLPRHQIRTXH
]HWpWLFR UHYHODVH FRPR XP VDEHU HVSHFXODWLYR VHP
FRPSURPLVVRV LPHGLDWRV FRP D DomR TXH HQYROYH
TXHVWLRQDPHQWRV H[WUDtGRV GH GLYHUVDV iUHDV GR
FRQKHFLPHQWR
6RE R HQIRTXH ]HWpWLFR DV QRUPDV FRPSRUWDP
SHVTXLVDV GH RUGHP DQWURSROyJLFD ILORVyILFD
VRFLROyJLFDKLVWyULFDSROtWLFDHWF1HVVDSHUVSHFWLYD
RLQYHVWLJDGRUSUHRFXSDVHHPDPSOLDUDVGLPHQV}HV
GRIHQ{PHQRVHPVHOLPLWDUDRVSUREOHPDVUHODWLYRV

jV GHFLV}HV GRV FRQIOLWRV 3RGH HQFDPLQKDU VXD


LQYHVWLJDomR SDUD RV IDWRUHV UHDLV GR SRGHU TXH
UHJHPXPDFRPXQLGDGHSDUDDVEDVHVHFRQ{PLFDVH
RVUHIOH[RVQDYLGDFXOWXUDORXVRFLDOHSROtWLFDSDUDR
OHYDQWDPHQWR GRV YDORUHV TXH RULHQWDP D RUGHP
FRQVWLWXFLRQDO SDUD XPD FUtWLFD LGHROyJLFD GR DWXDO
HVWiJLR GRV GLYHUVRV UDPRV GR GLUHLWR DPELHQWDO
HPSUHVDULDOSHQDOFLYLOWULEXWiULRHWF
$ LQYHVWLJDomR ]HWpWLFD QmR H[HUFH H[DWDPHQWH
XPSDSHODSD]LJXDGRUQRVHQWLGRGHFRQFHGHUWRWDO
VHJXUDQoD j FRQVWUXomR H j LQWHUSUHWDomR MXUtGLFD
0DLVGRTXHIRUQHFHUXPDUHVSRVWDSDUDGHWHUPLQDGR
WHPDFXLGDPDLVGDWDUHIDGHSUREOHPDWL]iOR$VVLP
RFRUUH FRP RV WHPDV RX SUREOHPDV HQXQFLDGRV GH
IRUPD PDLV JHQpULFD SRU H[HPSOR D TXHVWmR GD
MXVWLoD GD OLEHUGDGH GD LJXDOGDGH GR DPELHQWH GD
IXQomRVRFLDOGDSURSULHGDGHGRVGLUHLWRVKXPDQRV
H VRFLDLV $VVLP RFRUUH WDPEpP FRP RV WHPDV RX
SUREOHPDV HQXQFLDGRV GH IRUPD PDLV HVSHFtILFD
SRUTXH UHIHUHQWHV D XP FRQMXQWR GH VLWXDo}HV
DSDUHQWHPHQWH PHQRV DEUDQJHQWHV H FRPSOH[DV
FRPRSRUH[HPSORLQVWLWXFLRQDOL]DomRRXOHJDOL]DomR
GD WRUWXUD LQVHPLQDomR KRPyORJD UHSURGXomRLQ
YLWUR FORQDJHP DOLPHQWRV WUDQVJrQLFRV SHVTXLVD
FRP FpOXOD WURQFR FRQWUDWR GH JHVWDomR HXWDQiVLD
XQLmR HVWiYHO GH SHVVRDV GR PHVPR VH[R DGRomR
SRUFDVDOGRPHVPRVH[RDERUWRSHQDVDOWHUQDWLYDV
DEDQGRQR FOtQLFR GH FULDQoDV SRUWDGRUDV GH

GHILFLrQFLDVSHQDGHPRUWHFULPHVKHGLRQGRVHWF
=HWpWLFDHGRJPiWLFD
1XPD LQYHVWLJDomR GRJPiWLFD DV QRUPDV
FRQVWLWXHP SRQWRV GH SDUWLGD TXH QmR SRGHP VHU
QHJDGRV $V QRUPDV VmR FRQWXGR H[SUHVVDV HP
SDODYUDVHHVWDVVmRVHPSUHYDJDVHDPEtJXDVIDWR
TXHH[LJHLQWHUSUHWDomR$VQRUPDVVmRXPSURGXWR
DEVWUDWR H DV UHJUDV GH LQWHUSUHWDomR GRJPDV TXH
GL]HP FRPR GHYHP VHU HQWHQGLGDV DV QRUPDV  VmR
WDPEpP SURGXWRV DEVWUDWRV 7HPVH GHVVH PRGR
XPDGXSODDEVWUDomRTXHFRQVLVWHHPLVRODUQRUPDV
H UHJUDV GH VHXV FRQGLFLRQDPHQWRV ]HWpWLFRV
DQWURSROyJLFRV HFRQ{PLFRV SROtWLFRV VRFLDLV
KLVWyULFRV ILORVyILFRV  (VVD GXSOD DEVWUDomR
SURYRFD R GLVWDQFLDPHQWR SURJUHVVLYR GD
FRPSUHHQVmRGRGLUHLWRGDSUySULDUHDOLGDGHVRFLDO
e FHUWR TXH D GRJPiWLFD GHSHQGH GRSULQFtSLR
GDLQHJDELOLGDGHGRVSRQWRVGHSDUWLGDPDVQmRVH
UHGX] D HOH $R LQWHUSUHWDU D QRUPD R MXULVWD FULD
FRQGLo}HV SDUD VH OLEHUWDU GRV SRQWRV GH SDUWLGD
YLVWR TXH p SRVVtYHO H[WUDLU GH XPD PHVPD QRUPD
YiULRV VLJQLILFDGRV 2 DWR LQWHUSUHWDWLYR TXH
DFRPSDQKD D UHVSRVWD RX GHFLVmR GLILFLOPHQWH
UHSURGX] R VHQWLGR LPHGLDWR GD QRUPD JHUDOPHQWH
OKHFRQIHUHXPVHQWLGRPDLVDEUDQJHQWHRXDGYHUVR
$GHFLVmRRXUHVSRVWDHPERUDSRVVDSDUHFHUQmRVH
HQFODXVXUDWRWDOPHQWHQDVQRUPDV1HVVHVHQWLGRD

GRJPiWLFD MXUtGLFD HP YH] GH VHU FRQVLGHUDGD XPD


SULVmR SDUD R HVStULWR SHUPLWH R DXPHQWR GD
OLEHUGDGHQRWUDWRFRPDH[SHULrQFLDQRUPDWLYD9DOH
GL]HUDGRJPiWLFDMXUtGLFDQmRVHH[DXUHQDDILUPDomR
GR GRJPD HVWDEHOHFLGR PDV LQWHUSUHWD VXD SUySULD
YLQFXODomR IDWR TXH SHUPLWH DR MXULVWD FHUWD
PDQLSXODomRQRDWRLQWHUSUHWDWLYR
9LVWR GHVVH kQJXOR SHUFHEHVH TXH R
FRQKHFLPHQWR GRJPiWLFR GRV MXULVWDV HPERUD
GHSHQGDGRVSRQWRVGHSDUWLGD RVGRJPDV JLUDHP
WRUQRGHLQFHUWH]DV(VVDVLQFHUWH]DVVmRMXVWDPHQWH
DTXHODV TXH QD VRFLHGDGH IRUDP DSDUHQWHPHQWH
HOLPLQDGDV RX LQLFLDOPHQWH GHOLPLWDGDV  SHORV
GRJPDV 3RU H[HPSOR GLDQWH GD LQFHUWH]D D UHVSHLWR
GH VH p SRVVtYHO D XQLmR HVWiYHO HQWUH SHVVRDV GR
PHVPRVH[RHR3RGHU-XGLFLiULRHGLWDXPDGHFLVmR
UHFRQKHFHQGRRGLUHLWRGRSDUFHLURVREUHYLYHQWHGH
SDUWLFLSDU GR HVSyOLR GR SDUFHLUR IDOHFLGR FDEH DR
VDEHU GRJPiWLFR UHWRPDU D LQFHUWH]D SULPLWLYD
LQGDJDQGR SRU H[HPSOR D  4XH p IDPtOLD" E  4XH p
XQLmR HVWiYHO" F  e SRVVtYHO XQLmR HVWiYHO HQWUH
SHVVRDVGRPHVPRVH[R"G 4XDORSHUtRGRPtQLPR
SDUDHVWDEHOHFHUDH[LVWrQFLDGHXQLmRHVWiYHO"H $
VRFLHGDGH DFHLWD D XQLmR HVWiYHO RX FDVDPHQWR GH
SHVVRDV GR PHVPR VH[R" H  1R DWXDO HVWiJLR GD
VRFLHGDGH p FRPXP XQLmR HVWiYHO GH SHVVRDV GR
PHVPRVH[R"I 4XDORPHLRMXULGLFDPHQWHDFHLWRSDUD
HVWDEHOHFHU D H[LVWrQFLD GH XQLmR HVWiYHO" 2 PHVPR

PRYLPHQWR YDOH SDUD RXWUDV LQFHUWH]DV FRPR R


DERUWRDHXWDQiVLDDWRUWXUDRDEDQGRQRFOtQLFRR
SUHFRQFHLWRHWF&RPLVVRRMXULVWDUHWRPDDLQFHUWH]D
SULPLWLYDDPSOLDQGRDPDVGHPDQHLUDFRQWURODGD
LVWR p DXPHQWDQGRD D XP JUDX GH VXSRUWDELOLGDGH
VRFLDO GH PRGR D WRUQDU GHFLGtYHLV RV HYHQWXDLV
SUREOHPDVHFRQIOLWRV
3DUD D GRJPiWLFD R WHPD RX R IDWR GD XQLmR
KRPRDIHWLYD HRXWURVWHPDVFRPRPXGDQoDGHVH[R
HXWDQiVLD LQVWLWXFLRQDOL]DomR GD WRUWXUD FORQDJHP
DEDQGRQR FOtQLFR JXDUGD FRQMXQWD UHSURGXomR
DVVLVWLGD FRQFHSomRLQ YLWUR DEDQGRQR FOtQLFR GH
FULDQoDV SRUWDGRUDV GH GHILFLrQFLD SHVTXLVD FRP
FpOXOD WURQFR  UHSUHVHQWD XP SRQWR GH SDUWLGD TXH
H[LJHUHVSRVWDVRXGHFLV}HVMXUtGLFDV1HVVHVHQWLGR
SRGHPVH DSRQWDU DV UHODo}HV GR WHPD GD XQLmR
KRPRDIHWLYD GR SUHFRQFHLWR GD PXGDQoD GH VH[R
GDLQVWLWXFLRQDOL]DomRGDWRUWXUDGRDERUWRGDSHQD
GHPRUWHHWF FRPRGLUHLWRjYLGDjSURSULHGDGHj
OLEHUGDGHGHHVFROKDjLJXDOGDGHGHRSRUWXQLGDGHV
jV FRQGLo}HV GH LQVHUomR QR FDPSR SURILVVLRQDO j
GLJQLGDGH GR VHU KXPDQR HWF 3DUD D ]HWpWLFD RV
WHPDVDQWHVDQRWDGRVLPSOLFDPDTXHVWmRDQWHULRUGH
FRPR HP QRVVD VRFLHGDGH HVVHV WHPDV DQWHV VH
FRQVWLWXtUDP FRPR IDWRV RX SUREOHPDV RX VHMD
VXUJHP SHUJXQWDV VREUH DV H[SHULrQFLDV FXOWXUDLV H
KLVWyULFDVTXHSHUPLWLUDPRVXUJLPHQWRGRVSUySULRV
WHPDV 6H SDUD D GRJPiWLFD D QRomR GH XQLmR

KRPRDIHWLYD FRQVWLWXL SRQWR GH SDUWLGD GH XPD


FRQVWUXomRWHyULFDFRPYLVWDVjGHFLVmRGHFRQIOLWRV
SDUD D ]HWpWLFD R SRQWR GH SDUWLGD p D FRQVWUXomR
GHVVD QRomR TXH VH DSUHVHQWD FRPR GDGR H FRPR
SRUWDGRUDGHXPDUHDOLGDGHREMHWLYD
3RU LQIOXrQFLD GR SRVLWLYLVPR MXUtGLFR D FLrQFLD
MXUtGLFD FRQILJXURXVH FRPR VDEHU GRJPiWLFR e
yEYLR TXH R HVWXGR GR GLUHLWR QmR VH UHGX] D HVVH
VDEHU$VVLP HPERUD R MXULVWD VHMD XP HVSHFLDOLVWD
HPTXHVW}HVGRJPiWLFDVpWDPEpPHPFHUWDPHGLGD
XP HVSHFLDOLVWD HP TXHVW}HV ]HWpWLFDV YLVWR TXH
GLDQWH GD DOWD FRPSOH[LGDGH TXH R PXQGR
FRQWHPSRUkQHR LPSULPLX DRV SUREOHPDV MXUtGLFRV
PXLWDVYH]HVSUHFLVDDERUGDUHHQTXDGUDURWHPDQmR
DSHQDVQRVVHXVDVSHFWRVMXUtGLFRVPDVWDPEpPQRV
VHXV DVSHFWRV DQWURSROyJLFRV HFRQ{PLFRV
VRFLROyJLFRVSROtWLFRVILORVyILFRVpWLFRVKLVWyULFRV
HWF
+RMH R GHEDWH VREUH WHPDV MXUtGLFRV PDLV
SROrPLFRVFRPRRLPLJUDQWHLOHJDORDERUWRDXQLmR
KRPRVVH[XDO D GHILFLrQFLD D HXWDQiVLD D
GHPDUFDomRGDVWHUUDVGRVtQGLRVRUHFRQKHFLPHQWR
GRV TXLORPERV DV Do}HV DILUPDWLYDV HWF UHTXHU
DOJXPDVLQFXUV}HVQDDQWURSRORJLD8PGHEDWHVpULR
VREUHHVVHVWHPDVH[LJHDFRQVLGHUDomRGRSULQFtSLR
GDDOWHULGDGHTXHLPSOLFDFRORFDUVHQDSRVLomRGR
RXWUR GR LPLJUDQWH GD PXOKHU GR KRPRVVH[XDO GR
GHILFLHQWHGRGRHQWHWHUPLQDOGRtQGLRGRQHJURHWF

$OpP GD DOWHULGDGH D GLVFXVVmR MXUtGLFD GHVVHV


WHPDV H[LJH GRV DWRUHV R GRPtQLR GH DOJXQV
FRQFHLWRV DQWURSROyJLFRV HVSHFLDOPHQWH R GH
FXOWXUD TXH FRPR YLVWR p EDVWDQWH FRPSOH[R H GH
GLItFLOGHILQLomR

 %,%/,2*5$),$
$%%$*1$12 1LFROD  'LFLRQiULR GH
ILORVRILD6mR3DXOR0DUWLQV)RQWHV
$/9(6 (OL]HWH /DQ]RQL H 6$1726 6LGQH\
)UDQFLVFR 5HLV GRV  ,QLFLDomR DR
FRQKHFLPHQWR GD DQWURSRORJLD MXUtGLFD
)ORULDQySROLV&RQFHLWR(GLWRULDO
$48,126DQWR7RPiV  6HOHomRGHWH[WRVGD
6XPD7HROyJLFD6mR3DXOR$EULO
$5(1'7 +DQQDK  &ULVHVGD5HS~EOLFD 6mR
3DXOR3HUVSHFWLYD
BBBBBBBBB  (QWUH R SDVVDGR H R IXWXUR 6mR
3DXOR3HUVSHFWLYD
$66,62OQH\4XHLUR]  'LUHLWRVRFLHWiULR6mR
3DXOR'DPiVLRGH-HVXV
BBBBBBBBB  ,QWHUSUHWDomR GR GLUHLWR 6mR
3DXOR/XPHQ-XULV
$66,6 2OQH\ 4XHLUR] H 32==2/, /DID\HWWH 
3HVVRD SRUWDGRUD GH GHILFLrQFLD GLUHLWRV H
JDUDQWLDV6mR3DXOR'DPiVLRGH-HVXV
$66,6 2OQH\ 4XHLUR] H )5(,7$6 0iUFLD 
7UDWDGR GR GLUHLWR GH IDPtOLD  6mR 3DXOR
3ULPHLUD,PSUHVVmR
%8(125REHUWR  $ILORVRILDMXUtGLFRSROtWLFD

GH1RUEHUWR%REELR6mR3DXOR0DFNHQ]LH
%2%%,21RUEHUWR  7HRULDGDQRUPDMXUtGLFD 
6mR3DXOR(GLSUR
BBBBBBBB  7HRULD GR RUGHQDPHQWR MXUtGLFR 
%UDVtOLD81%
%2772025(7%  ,QWURGXomRjVRFLRORJLD
5LRGH-DQHLUR=DKDU
&$6752 &HOVR $QWRQLR 3LQKHLUR GH 
6RFLRORJLDGRGLUHLWR6mR3DXOR$WODV
&+$521 -RHO 0  6RFLRORJLD 6mR 3DXOR
6DUDLYD
&+$8 0DULOHQD  &RQYLWHjILORVRILD  HG
6mR3DXORWLFD
&+$80DULOHQDGH6RX]D  /pYL6WUDXVVYLGD
HREUDLQ2VSHQVDGRUHV6mR3DXOR$EULO
&+,/'(9HUH*RUGRQ  $HYROXomRFXOWXUDOGR
KRPHP5LRGH-DQHLUR=DKDU(GLWRUHV
&2(/+2)DELR8OKRD  3DUDHQWHQGHU.HOVHQ
6mR3DXOR0D[/LPRQDG
&28/$1*(6 1 )XVWHO GH  $ FLGDGH DQWLJD
/LVERD&OiVVLFD
',1,= 0DULD +HOHQD  &RPSrQGLR GH
LQWURGXomR j FLrQFLD GR GLUHLWR 6mR 3DXOR
6DUDLYD
'85+$0(XQLFH5LEHLUR  0DOLQRZVNLYLGDH
REUDLQ2VSHQVDGRUHV6mR3DXOR$EULO

'85.+(,0 ePLOH  $V UHJUDV GR PpWRGR


VRFLROyJLFR 6mR 3DXOR &RPSDQKLD (GLWRUD
1DFLRQDO
BBBBBBBBBBB D 'D GLYLVmR GR WUDEDOKR
VRFLDO6mR3DXOR$EULO
BBBBBBBBBBB E $VIRUPDVHOHPHQWDUHVGDYLGD
UHOLJLRVD6mR3DXOR$EULO
':25.,1 5RQDOG  /HYDQGR RV GLUHLWRV D
VpULR6mR3DXOR0DUWLQV)RQWHV
(1*(/6 )ULHGULFK  $ RULJHP GD IDPtOLD GD
SURSULHGDGHHGR(VWDGR/LVERD3UHVHQoD
(1*(/6 )ULHGULFK H .$876.< .DUO   2
VRFLDOLVPRMXUtGLFR6mR3DXOR(QVDLR
)(55$= -5 7HUFLR 6DPSDLR  ,QWURGXomR DR
HVWXGRGRGLUHLWR WpFQLFD GHFLVmR GRPLQDomR
6mR3DXOR$WODV
BBBBBBBBBBB  (VWXGRVGHILORVRILDGRGLUHLWR
6mR3DXOR$WODV
)28&$8/7 0LFKHO   0LFURItVLFD GR 3RGHU
5LRGH-DQHLUR*UDDO
BBBBBBBBBBB  $ YHUGDGH H DV IRUPDV
MXUtGLFDV5LRGH-DQHLUR1DX
*2'(/,(50DXULFH  2HQLJPDGRGRP5LRGH
-DQHLUR&LYLOL]DomR%UDVLOHLUD
*2/'0$11 /XFLHQ  &LrQFLDV KXPDQDV H
ILORVRILD6mR3DXOR'LIHO
*2<$5')$%5(6LPRQH  2VIXQGDPHQWRVGD

RUGHPMXUtGLFD6mR3DXOR0DUWLQV)RQWHV
*5$8 (URV 5REHUWR  $ RUGHP HFRQ{PLFD QD
&RQVWLWXLomR GH   HG 6mR 3DXOR
0DOKHLURV
+$%(50$6-XUJHQ  2GLVFXUVRILORVyILFRGD
PRGHUQLGDGH6mR3DXOR0DUWLQV)RQWHV
+(*(/*HRUJ:LOKHOP)ULHGULFK  ,QWURGXomRj
KLVWyULDGDILORVRILD6mR3DXOR$EULO
+(56.29,76 0HOYLOOH -  $QWURSRORJLD
FXOWXUDO6mR3DXOR0HVWUH-RX
.(/6(1 +DQV  7HRULD SXUD GR GLUHLWR 
&RLPEUD$UPpQLR$PDGR
.803(/ 9LWRU )UHGHULFR  7HRULD GD
DSDUrQFLD6mR3DXOR0pWRGR
.83(5 $GDP  &XOWXUD D YLVmR GRV
DQWURSyORJRV6mR3DXOR('86&
/$)(5 &HOVR  $ UHFRQVWUXomR GRV GLUHLWRV
KXPDQRV6mR3DXOR&RPSDQKLDGDV/HWUDV
/$3/$7,1(
)UDQoRLV
 $SUHQGHU
DQWURSRORJLD6mR3DXOR%UDVLOLHQVH
/e9<%58+/ +HQUL  6RFLRORJLD GR GLUHLWR
6mR3DXOR0DUWLQV)RQWHV
/e9,675$866
&ODXGH
 $QWURSRORJLD
HVWUXWXUDO5LRGH-DQHLUR7HPSR%UDVLOHLUR
BBBBBBBBBBBBBB  $QWURSRORJLD HVWUXWXUDO 
5LRGH-DQHLUR7HPSR%UDVLOHLUR

BBBBBBBBBBBBB D $ QRomR GH HVWUXWXUD HP


HWQRORJLD6mR3DXOR$EULO
BBBBBBBBBBBBB E 5DoDHKLVWyULD6mR3DXOR
$EULO
/,1721 5DOSK  2 KRPHP XPD LQWURGXomR j
DQWURSRORJLD6mR3DXOR0DUWLQV)RQWHV
/23(6 -RVp 5HLQDOGR GH /LPD  2 GLUHLWR QD
KLVWyULD6mR3DXOR0D[/LPRQDG
/29(/2&.-DPHV  $VHUDVGH*DLDELRJUDILD
GDQRVVDWHUUDYLYD5LRGH-DQHLUR&DPSXV
/8+0$11 1LNODV  6RFLRORJLD GR GLUHLWR ,
5LRGH-DQHLUR7HPSR%UDVLOHLUR
BBBBBBBBBBB  6RFLRORJLDGRGLUHLWR,,5LRGH
-DQHLUR7HPSR%UDVLOHLUR
0$/,12:6., %URQLVODZ  8PD WHRULD GD
FXOWXUD5LRGH-DQHLUR=DKDU
BBBBBBBBBBB  $UJRQDXWDV GR 3DFtILFR
2FLGHQWDO6mR3DXOR$EULO
BBBBBBBBBBB  'LULWWRHFRVWXPHQHOODVRFLHWj
SULPLWLYD5RPD1HZWRQ&RPSWRQ,WDOLDQD
0$5&21,0DULQDGH$QGUDGHH35(62772=pOLD
0DULD 1HYHV  $QWURSRORJLD XPD
LQWURGXomRHG6mR3DXOR$WODV
0(//2 /XL] *RQ]DJD GH  $QWURSRORJLD
FXOWXUDO3HWUySROLV9R]HV
0$5; .DUO  2 FDSLWDO 5LR GH -DQHLUR
&LYLOL]DomR%UDVLOHLUD

BBBBBBBB  &RQWULEXWLRQ j OD FULWLTXH GH


OHFRQRPLHSROLWLTXH3DULV6RFLDOHV
0$5;H(1*(/6 VG $LGHRORJLDDOHPm,/LVERD
3UHVHQoD
0$866 0DUFHO   (QVDLR VREUH D GiGLYD ,Q
6RFLRORJLDHDQWURSRORJLD6mR3DXOR(38
BBBBBBBB  (QVDLR VREUH D GiGLYD /LVERD
(GLo}HV
3$&+8.$1,6  $WHRULDJHUDOGRGLUHLWRHR
PDU[LVPR&RLPEUD&HQWHOKD
32==2/, /DID\HWWH  'LUHLWR FRPXQLWiULR
HXURSHX6mR3DXOR0pWRGR
5$'&/,))(%52:1 $ 5  (VWUXWXUD H
IXQomR QD VRFLHGDGH SULPLWLYD 3HWUySROLV
9R]HV
5($/( 0LJXHO  )LORVRILD GR GLUHLWR 6mR
3DXOR6DUDLYD
528/$1' 1RUEHUW  1RV FRQILQV GR GLUHLWR
6mR3DXOR0DUWLQV)RQWHV
52866($8 -HDQ-DFTXHV  'LVFXUVR VREUH D
RULJHPHRVIXQGDPHQWRVGDGHVLJXDOGDGHHQWUH
RVKRPHQV6mR3DXOR$EULO
BBBBBBBBBBB  (QVDLR VREUH D RULJHP GDV
OtQJXDV6mR3DXOR$EULO
6$1726%RDYHQWXUDGH6RXVD  8P GLVFXUVR
VREUH DV FLrQFLDV  HG 3RUWR (GLo}HV
$IURQWDPHQWR

BBBBBBBBBBBB  2 GLVFXUVR H R SRGHU 3RUWR


$OHJUH6pUJLR$)DEULV(GLWRU
6+,5/(< 5REHUW :HDYHU   $QWURSRORJLD
MXUtGLFD6mR3DXOR6DUDLYD
6)2&/(6  $QWtJRQD eGLSR UHL 6mR 3DXOR
0DUWLQ&ODUHW
678&.$ 3HWU ,YDQRYLFK  'LUHLWR H OXWD GH
FODVVHV WHRULD JHUDO GR GLUHLWR 6mR 3DXOR
$FDGrPLFD
7+203621 :LOOLDP ,UZLQ  *DLD XPD WHRULD
GRFRQKHFLPHQWR6mR3DXOR*DLD
9$11, ,FLOLR   /Lo}HV GH SKLORVRSKLD GR
GLUHLWR6mR3DXOR3RFDL:HLVV &
9(126$6tOYLRGH6iOYLR  'LUHLWRFLYLOGLUHLWR
GHIDPtOLD6mR3DXOR$WODV
9,(+:(*7KHRGRU  7ySLFDpMXULVSUXGrQFLD
%UDVtOLD81%
:2/.0(5 $QWRQLR &DUORV  ,QWURGXomR DR
SHQVDPHQWR MXUtGLFR FUtWLFR 6mR 3DXOR
$FDGrPLFD

You might also like