3LPHQWDO&(*QWKHU+
$57,*26
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGR
QRWtFLDVGHMRUQDOLPSUHVVR
$JJUHVVLYHEHKDYLRULQPXVLFVKRZVDQDO\]LQJQHZVSDSHUDUWLFOHV
&RPSRUWDPLHQWRDJUHVLYRHQORVHVSHFWiFXORVPXVLFDOHV$QiOLVLVGH
QRWLFLDVGHGLDULR
&DUORV(GXDUGR3LPHQWHO
'RXWRUDQGR3URJUDPDGH3yV*UDGXDomRHP3VLFRORJLD6RFLDOGR7UDEDOKRHGDV2UJDQL]Do}HV
8QLYHUVLGDGHGH%UDVtOLD8Q%%ROVLVWDGR&13T%UDVtOLD'LVWULWR)HGHUDO%UDVLO
FDUORVHSLPHQWHO#EROFRPEU
+DUWPXW*QWKHU
'RFHQWH3URJUDPDGH3yV*UDGXDomRHP3VLFRORJLD6RFLDOGR7UDEDOKRHGDV2UJDQL]Do}HV
8QLYHUVLGDGHGH%UDVtOLD8Q%%ROVLVWDGH3URGXWLYLGDGHHP3HVTXLVDGR&13T%UDVtOLD'LVWULWR
)HGHUDO%UDVLO
KDUWPXWJXQWKHU#PHFRP
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
5HVXPR
1HVWHDUWLJRUHODWDVHXPDDQiOLVHGHFRQWH~GRGDVQRWtFLDVVREUHFRPSRUWDPHQWRDJUHVVLYRHPVKRZV
PXVLFDLVYHLFXODGDVHPMRUQDO&RUUHLR%UD]LOLHQVH%UDVtOLD')(VWDDQiOLVHSHUPLWHHQWHQGHU
FRPSRUWDPHQWRVDJUHVVLYRVHPVKRZVTXDLVDVFDUDFWHUtVWLFDVGHVWDVVLWXDo}HVHFRPRDPtGLD
LPSUHVVDWUDWRXRDVVXQWR$GHVSHLWRGDLQIOXrQFLDGRVMRUQDLVQDIRUPDomRGHRSLQL}HVS~EOLFDV
WUDQVPLVVmRGHDWLWXGHVHUHSHUWyULRVFRPSRUWDPHQWDLVHYLGHQFLRXVHTXHHVWHWLSRGHDQiOLVHDLQGDp
HVFDVVRQDOLWHUDWXUDGDSVLFRORJLDVRFLDOEUDVLOHLUD&RPRREMHWLYRSRUWDQWRGHFRQWULEXLUFRPDiUHD
UHDOL]RXVHHVWDSHVTXLVDH[SORUDWyULDFRPDUWLJRVGHMRUQDO2VUHVXOWDGRVGDDQiOLVHGHFRQWH~GR
DSRQWDPTXHRVFRPSRUWDPHQWRVDJUHVVLYRVDFRQWHFHUDPHPVKRZVGRVPDLVGLYHUVRVHVWLORVPXVLFDLV
&RPEDVHQDWHRULDVRFLDOFRJQLWLYDHSHVTXLVDVSUpYLDVVREUHDDQiOLVHGHMRUQDLVGLVFXWLPRVRV
SULQFLSDLVUHVXOWDGRV
3DODYUDVFKDYH-RUQDLV&RPSRUWDPHQWRDJUHVVLYR6KRZVPXVLFDLV
$JJUHVVLYHEHKDYLRULQPXVLFVKRZVDQDO\]LQJQHZVSDSHUDUWLFOHV
$EVWUDFW
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
7KLVSDSHUUHSRUWVDFRQWHQWDQDO\VLVRIWKHQHZVSDSHUDUWLFOHVGHDOLQJZLWKDJJUHVVLYHEHKDYLRULQPXVLF
VKRZV7KLVDQDO\VLVSHUPLWVDQXQGHUVWDQGLQJRIWKHFKDUDFWHULVWLFVRIWKHVHVLWXDWLRQVWKHDJJUHVVLYH
EHKDYLRUVLQVKRZVDQGWKHZD\LQZKLFKWKHSULQWPHGLDWUHDWWKHVXEMHFW'HVSLWHRIWKHQHZVSDSHUV¶
LQIOXHQFHRQSXEOLFRSLQLRQIRUPDWLRQWKDWLVWKHWUDQVPLVVLRQRIDWWLWXGHVDQGEHKDYLRUUHSHUWRLUHVWKLV
NLQGRIDQDO\VLVLVUDUHO\UHSRUWHGLQ%UD]LOLDQVRFLDOSV\FKRORJLFDOOLWHUDWXUH6RPHQHZVSDSHUDUWLFOHV
ZHUHFRQWHQWDQDO\]HGDVWRDJJUHVVLYHEHKDYLRUGXULQJPXVLFVKRZV5HVXOWVLQGLFDWHWKDWDJJUHVVLYH
EHKDYLRUVRFFXULQVKRZVRIPRVWYDULHGPXVLFDOVW\OHV5HVXOWVDUHGLVFXVVHGRQWKHEDVLVRIVRFLDO
FRJQLWLYHWKHRU\
.H\ZRUGV1HZVSDSHUV$JJUHVVLYHEHKDYLRU0XVLFDOVKRZV
&RPSRUWDPLHQWRDJUHVLYRHQORVHVSHFWiFXORVPXVLFDOHV$QiOLVLVGHQRWLFLDVGHGLDULR
5HVXPHQ
(QHVWHDUWtFXORVHSUHVHQWDXQDQiOLVLVGHFRQWHQLGRGHODVQRWLFLDVGHGLDULRVREUHHOFRPSRUWDPLHQWR
DJUHVLYRHQORVHVSHFWiFXORVPXVLFDOHVGHGLIXVLyQHQGLDULR&RUUHLR%UD]LOLHQVH%UDVtOLD')(VWH
DQiOLVLVQRVSHUPLWHFRPSUHQGHUHOFRPSRUWDPLHQWRDJUHVLYRHQORVFRQFLHUWRV¢TXpFDUDFWHUtVWLFDVGH
HVWDVVLWXDFLRQHV\FyPRIXHUDPWUDWDGRVSHORVPHGLRVLPSUHVR"$SHVDUGHODLQIOXHQFLDGHORV
SHULyGLFRVHQODFRQIRUPDFLyQGHODRSLQLyQS~EOLFDODWUDQVPLVLyQGHDFWLWXGHV\GHORVUHSHUWRULRVGH
FRQGXFWDVHKL]RHYLGHQWHTXHHVWHWLSRGHDQiOLVLVHVWRGDYtDHVFDVDHQODOLWHUDWXUDGHODSVLFRORJtD
VRFLDOHQ%UDVLO&RQHOILQGHFRQWULEXLUFRQHVWHiPELWRGHHVWXGLRVVHOOHYyDFDERHVWDLQYHVWLJDFLyQ
H[SORUDWRULDFRQDUWtFXORVGHSUHQVD/RVUHVXOWDGRVGHODQiOLVLVGHFRQWHQLGRPXHVWUDQTXHHO
FRPSRUWDPLHQWRDJUHVLYRQRVHGLRHQODPXHVWUDGHGLIHUHQWHVHVWLORVPXVLFDOHV%DVDGRHQODWHRUtD
VRFLDOFRJQLWLYD\ODLQYHVWLJDFLyQSUHYLDVREUHHODQiOLVLVGHORVSHULyGLFRVVHDQDOL]DORVSULQFLSDOHV
UHVXOWDGRV
.H\ZRUGV3HULyGLFRV&RPSRUWDPLHQWRDJUHVLYR(VSHFWiFXORVPXVLFDOHV
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLV
$EXVFDSRUGLYHUWLPHQWRpXPDVSHFWRIXQGDPHQWDOHXQLYHUVDOQDVVRFLHGDGHVKXPDQDV3RGHVH
YHULILFDUQRVQRWLFLiULRVQD79SHODREVHUYDomRGRFRWLGLDQRFRQJORPHUDGRVGHMRYHQVHDGROHVFHQWHV
GLVSXWDQGRHVSDoRVHLQJUHVVRVSDUDDVVLVWLURVKRZGRVHXJUXSRPXVLFDOSUHGLOHWR(VVDEXVFDSRU
GLYHUWLPHQWRHQWUHWDQWRpIUXVWUDGDFRPIUHTXrQFLDSRUHYHQWRVGHVDJUDGiYHLVFRQFRPLWDQWHVFRPR
GHVHQWHQGLPHQWRVEULJDVHDWRVGHYDQGDOLVPR
$WHRULDVyFLRFRJQLWLYDGH%DQGXUDDQWLJDWHRULDGDDSUHQGL]DJHPVRFLDOFRQVLGHUDRFRPSRUWDPHQWR
DJUHVVLYRDOJRDSUHQGLGR$OJXpPpIUXVWUDGRSRUXPREMHWLYREORTXHDGRRXXPHYHQWRHVWUHVVDQWHH
VHQWHXPDHPRomRGHVDJUDGiYHO$UHVSRVWDGHVVHLQGLYtGXRFRQVHTXHQWHPHQWHSRGHVHUWDQWREXVFDU
DMXGDFRPRXVDUGURJDVHiOFRROUHWUDLUVHHQIUHQWDURREVWiFXORRXPHVPRFRPSRUWDUVH
DJUHVVLYDPHQWH$WNLQVRQ$WNLQVRQ6PLWK%HP'HDFRUGRFRPHVVHPRGHORSRUWDQWRXPD
VHTXrQFLDGHHYHQWRVSODXVtYHOVHULDH[SHULrQFLDDYHUVLYD"H[FLWDomRHPRFLRQDO"DJUHVVmRPRGHOR
H[SOLFDWLYRXVDGRQHVWHHVWXGR
3RURXWURODGRSHODEXVFDHIHWXDGD6FLHOR>6FLHQWLILF(OHFWURQLF/LEUDU\2QOLQH@%UD]LO3H36,&
>3HULyGLFRV(OHWU{QLFRVGH3VLFRORJLD@QHQKXPHVWXGRFXMRREMHWLYRWHQKDVLGRDQDOLVDUFRPSRUWDPHQWRV
DJUHVVLYRVHPVKRZVPXVLFDLVIRLHQFRQWUDGR(VWHQGHQGRVHDEXVFDSDUDDOLWHUDWXUDLQWHUQDFLRQDOQR
3V\F,1)2HQFRQWURXVHXPDUWLJRUHODFLRQDGRFXMRREMHWLYRFRQVLVWLXHPYHULILFDUWHQGrQFLDVSDGU}HVH
FRQGLo}HVVyFLRHVSDFLDLVUHODFLRQDGDVjYLROrQFLDLQWHUSHVVRDODVVDOWRVDVVDXOWLYHLQFLGHQWHVDQG
EHKDYLRUVHP$FFUD*KDQD9HULILFRXVHTXHIHVWLYDLVWUDGLFLRQDLVHQWUHRXWURVOXJDUHVFRPRUXDV
FDVDVDSDUWDPHQWRVHP$FFUDVmRXPGRVSDOFRVGHYLROrQFLDLQWHUSHVVRDOQHVWDFDSLWDO$SSLDKHQH
*\DPIL1HVVHVIHVWLYDLVREVHUYDUDPVHIUHTXHQWHPHQWHFRQIOLWRVGLVSXWDVHDVVDOWRV1D
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
UHIHULGDSHVTXLVDWRGDYLDQmRVHGLIHUHQFLRXRWLSRGHP~VLFDWRFDGDQRVIHVWLYDLVID]HQGRVH
UHIHUrQFLDDREDUXOKRPDVQmRjSUHIHUrQFLDPXVLFDORXP~VLFDGRVIHVWLYDLV
1RSUHVHQWHHVWXGRSUHWHQGHVHID]HUXPDDQiOLVHDSDUWLUGDSVLFRORJLDHWHQGRFRPRIRQWHGHGDGRV
QRWtFLDVGHXPMRUQDOLPSUHVVRHQIRFDQGRVHH[FOXVLYDPHQWHHVVHWLSRGHGLYHUWLPHQWRVKRZV
PXVLFDLV$GHPDLVRSDSHOGHVWHWLSRGHPtGLDpGLVFXWLGRjOX]GDDQiOLVHGDPtGLDHSVLFRORJLDGRV
MRUQDLV
$WHRULDVyFLRFRJQLWLYDHQIDWL]RXRSDSHOGDREVHUYDomRQDDSUHQGL]DJHPGHFRPSRUWDPHQWRVDWLWXGHV
HUHVSRVWDVHPRFLRQDLV2XVHMDDSUHQGHVHREVHUYDQGRHLPLWDQGRRFRPSRUWDPHQWRGRVRXWURV
PRGHORVVRFLDLV7RGDYLDDWHRULDFRQIHULXXPOXJDUSURHPLQHQWHSDUDDSURDWLYLGDGH2LQGLYtGXRQmR
GHYHVHUHQWHQGLGRFRPRXPVHUSDVVLYRVHQGRDPHQWHKXPDQD³JHQHUDWLYDFULDWLYDSURDWLYDHDXWR
UHIOH[LYDHQmRVLPSOHVPHQWHUHDWLYD´%DQGXUDDS1HVVDSHUVSHFWLYDVyFLRFRJQLWLYDDV
SHVVRDVWrPRSRGHUGHLQIOXHQFLDUVXDVSUySULDVDo}HV%DQGXUDE(P%DQGXUDH[SOLFRX
TXHRIXQFLRQDPHQWRSVLFRVVRFLDOGRVHUKXPDQRGHYHHYLWDUH[SOLFDo}HVXQLGLUHFLRQDLVHSURS{VXP
PRGHORGH³FDXVDomRWULiGLFRUHFtSURFD´%DQGXUDD'HDFRUGRFRPDWHRULDVRFLDOFRJQLWLYDDV
SHVVRDVVmRPRWLYDGDVWDQWRSRUIRUoDVLQWHUQDVFRPRSHORDPELHQWH%DQGXUDE
(VSHFLILFDPHQWHGHVWDFRXVHDLPSRUWkQFLDGHGHWHUPLQDQWHVDSHVVRDLVEFRPSRUWDPHQWDLVHF
DPELHQWDLVFRPRVHREVHUYDQD)LJXUDDEDL[R(VVHDSRUWHWHyULFRIXQGDPHQWDUiRHQWHQGLPHQWRGR
FRPSRUWDPHQWRDJUHVVLYRQDSUHVHQWHSHVTXLVD
)LJXUD0RGHORGHFDXVDomRWULiGLFRUHFtSURFD%DQGXUDD
1RPRGHORGH%DQGXUDDPRGHODJHPWHYHXPSDSHOIXQGDPHQWDOYLVWRTXH³QDGLYXOJDomRGHQRYRV
HVWLORVGHDJUHVVmRPRGHORVVHUYHPFRPRSURIHVVRUHVHGHVLQLELGRUHV´%DQGXUDS3RUpP
FRPRWRGRFRPSRUWDPHQWRVRFLDORFRPSRUWDPHQWRDJUHVVLYRpGHWHUPLQDGRSRUXPDYDULHGDGHGH
IDWRUHVSDUDXPDUHYLVmRYHU5RGULJXHV$VVPDU-DEORQVNLTXHSRGHLQFOXLUDLQIOXrQFLDGDV
GURJDVHiOFRRO+RDNHQD6WHZDUWE0RHOOHU'RXJKHUW\GHPRGHORVDJUHVVLYRV
%DQGXUD5RVV5RVVGDKLSHUDWLYLGDGHFRQIOLWRVIDPLOLDUHVILOLDomRDJDQJV+HUUHQNRKOHWDO
H[SRVLomRjPtGLD%DQGXUDDRXRFURZGLQJ5RGULJXHVHWDO
$OpPGRXVRGDWHRULDVyFLRFRJQLWLYDSDUDDQiOLVHGDDJUHVVmRQRFRQWH[WRGHVKRZVPXVLFDLVWDPEpP
QRVSDUHFHXDGHTXDGRFRQVLGHUDUDVSHVTXLVDVSUpYLDVVREUHDLQIOXrQFLDGRDFURZGLQJYDULiYHO
DPELHQWDOEHIHLWRGHiOFRROHGURJDVHFSUHIHUrQFLDPXVLFDOYDULiYHLVSHVVRDLV2
FRPSRUWDPHQWRGRVPRGHORVVRFLDLVVmRDVYDULiYHLVFRPSRUWDPHQWDLVWUDWDGDV&RQVLGHUDPRVTXH
WRGDVHVVDVYDULiYHLVWrPXPSDSHOQDDQiOLVHGRFRPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLV
‡&URZGLQJ
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
2FURZGLQJpXPDYDULiYHOKiPXLWRSHVTXLVDGDQDSVLFRORJLDDPELHQWDOSDUWHGDFRQVLGHUDomRGHTXH
DGHQVLGDGHQ~PHURGHSHVVRDVHPXPDPELHQWHpDOJRQHJDWLYRHHVWUHVVDQWH7UDWDVHGHXPD
DYDOLDomRDFHUFDGHYDULiYHOItVLFDVLWXDFLRQDODPELHQWDOTXHGL]UHVSHLWRDRQ~PHURGHSHVVRDVHPXP
DPELHQWHGHQVLGDGHVRFLDO&KXUFKPDQRXVLPSOHVPHQWHHPDLVREMHWLYDPHQWHFRPRVHQGRR
Q~PHURGHSHVVRDVQXPGHILQLGRHVSDoRItVLFRFRPRXPTXDUWRRXVDOD*UD\eFRQVLGHUDGRXP
GRVGHVHQFDGHDGRUHVDPELHQWDLVFRPRRFDORUGDDJUHVVmRPDLVHVWXGDGRVSHORVSVLFyORJRVVRFLDLV
5RGULJXHVHWDO2LPSDFWRGDGHQVLGDGHSRSXODFLRQDOQRFRPSRUWDPHQWRHILVLRORJLDGH
LQGLYtGXRVHJUXSRVMiIRLREMHWRGHDQiOLVHFLHQWtILFD6RXWKZLFN8PDFRQVHTXrQFLDQHJDWLYDGR
FURZGLQJGL]UHVSHLWRDRDXPHQWRGDDJUHVVmRHYLROrQFLDDOpPGHXPDYDULHGDGHGHSUREOHPDV
UHODFLRQDGRVDRVWUHVVGHDFRUGRFRP6RXWKZLFN
&RQWHPSRUDQHDPHQWHSHVTXLVDGRUHVGHVWDFDUDPTXH³RSRGHUGRDPELHQWHItVLFRQDDJUHVVmRKXPDQD
pEHPHVWDEHOHFLGR´.XR6XOOLYDQSFLWDQGRFRPRH[HPSORRFURZGLQJDVDOWDV
WHPSHUDWXUDVHREDUXOKR1XPDUHYLVmRGRFRQFHLWRYiULRVHVWXGRVWrPVXJHULGRTXHRFURZGLQJ
SURYRFDVWUHVVWDQWRHPFULDQoDVFRPRHPDGXOWRVHOHYDjUHODo}HVVRFLDLVSREUHVHjDJUHVVmR*UD\
‡ÈOFRROHGURJDV
$OpPGDVFRUUHODo}HVHQWUHiOFRROHYLROrQFLDUHODWDPVHWDPEpPUHODo}HVHQWUHRFRPSRUWDPHQWR
YLROHQWRDEXVRGHFUDFNHFRFDtQD/D5RVD/DPEHUW*URRSHU$WUDYpVGHWpFQLFDVTXDOLWDWLYDV
HTXDQWLWDWLYDVRXWURVSHVTXLVDGRUHVFRQFOXtUDPTXHRXVRGHiOFRROFDXVDDJUHVVmRPDVTXH
HVSHFLILFLGDGHVPHWRGROyJLFDVSRGHPPRGHUDUHVVDUHODomR%XVKPDQ&RRSHU$FHUFDGRSDSHO
GRiOFRROQDDJUHVVLYLGDGHSRUXPHVWXGRGHPHWDDQiOLVHRXWURVHVWXGLRVRVFRPSURYDUDPTXHTXDQGR
DVSHVVRDVEHEHPiOFRROVHWRUQDPDJUHVVLYDV5LFKDUG%RQG6WRNHV=RRWD2XWUDV
LQYHVWLJDo}HVWDPEpPWrPPRVWUDGRTXHRXVRGHiOFRROFDXVDDDJUHVVmRTXDQGRDVSHVVRDVVmR
SURYRFDGDVPRVWUDQGRUHODo}HVFRPGURJDVSHVDGDVPDVWDPEpPFRPDPDFRQKDPHVPRTXHHP
PHQRUJUDX'HQVRQ(DUOH\ZLQH'HIDWRVREUHWXGRRXVRGHEHELGDVDOFRyOLFDVWHPVLGR
UHODFLRQDGRFRPFRPSRUWDPHQWRVDJUHVVLYRVHYLROHQWRVPDVWDPEpPGURJDVFRPRDFRFDtQDH
DQIHWDPLQDV+RDNHQD6WHZDUWE0RHOOHU'RXJKHUW\
‡3UHIHUrQFLDPXVLFDO
2XWUDYDULiYHOTXHWDPEpPQRVDMXGDDFRPSUHHQGHURFRPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVp
DSUHIHUrQFLDSRUHVWLORVPXVLFDLVHVSHFtILFRV1HVVHVHQWLGRGLYHUVDVSHVTXLVDVWrPGHPRQVWUDGR
UHODo}HVHQWUHXVRGHiOFRROGURJDVDJUHVVmRFRPSRUWDPHQWRVGHULVFRHSUHIHUrQFLDPXVLFDOSRUURFN
HUDSPXVLFSRUH[HPSOR&KHQ0LOOHU*UXEH:DLWHUV2VGDGRVGHVVHVDXWRUHVVXJHUHPTXH
DH[SRVLomRDOHWUDVGHP~VLFDVGHUDSFRQWHQGRUHIHUrQFLDVDRXVRGHVXEVWkQFLDViOFRROHGURJDVH
YLROrQFLDSRGHVHUHODFLRQDUFRPFRPSRUWDPHQWRVDJUHVVLYRVHXVRGHVXEVWkQFLDVHQWUHMRYHQV&RPR
H[SOLFDGRSHODWHRULDGDDSUHQGL]DJHPVRFLDOVREUHDLQIOXrQFLDGRVPHLRVGHFRPXQLFDomRGHPDVVDD
DSUHQGL]DJHPYLFiULDLQFOXLRTXHVHYrRTXHVHHVFXWDHRTXHVHOr%DQGXUDD
0DLVUHFHQWHPHQWHIRUDPYHULILFDGDVUHODo}HVHQWUHH[SRVLomRjYLROrQFLDHPILOPHV79OHWUDGH
P~VLFDYtGHRJDPHVGHVHQJDMDPHQWRPRUDOHFRPSRUWDPHQWRDJUHVVLYR$QGHUVRQHWDO
5LFKPRQG:LOVRQ2VDXWRUHVDLQGDYHULILFDUDPHIHLWRVGHPHGLDomRGRGHVHQJDMDPHQWRPRUDO
QDUHODomRHQWUHDH[SRVLomRjYLROrQFLDQHVVHVWLSRVGHPtGLDHRFRPSRUWDPHQWRDJUHVVLYR7DPEpP
IRLYHULILFDGRH[SHULPHQWDOPHQWHTXHOHWUDVGHP~VLFDVFRPFRQWH~GRYLROHQWRLQIOXHQFLDPRV
VHQWLPHQWRVHSHQVDPHQWRVDJUHVVLYRVGDTXHOHVDHODVH[SRVWRV$QGHUVRQ&DUQDJH\(XEDQNV
6HJXQGRRPRGHORWHyULFRDGRWDGRSRUHVVHVSHVTXLVDGRUHVGHLQVSLUDomRVyFLRFRJQLWLYLVWD
HVVDVYDULiYHLVVmRDQWHFHGHQWHVGRFRPSRUWDPHQWRDJUHVVLYR1RFRQWH[WRGRQRUGHVWHEUDVLOHLURMi
IRUDPYHULILFDGDVFRUUHODo}HVHQWUHFRPSRUWDPHQWRVµDQWLVRFLDLV¶DWLWXGHVSRVLWLYDVIUHQWHjPDFRQKDH
SUHIHUrQFLDSRUHVWLORVPXVLFDLVDQWLFRQYHQFLRQDLVFRPRRUDSHRKHDY\PHWDO3LPHQWHO*RXYHLD
9DVFRQFHORV3RURXWURODGRQRPHVPRHVWXGRVHYHULILFRXXPSDGUmRGHFRUUHODomRLQYHUVR
HQWUHHVWLORVPXVLFDLVFRQYHQFLRQDLVHHVVDVDWLWXGHVHFRPSRUWDPHQWRVWDPEpPMiVHYHULILFRXTXHRV
JDURWRVSUHIHUHPP~VLFDVPDLVDQWLFRQYHQFLRQDLVGRTXHDVJDURWDVRTXHSRGHVHUH[SOLFDGRWDPEpP
HPWHUPRVGRFRQIOLWRLQWHUJUXSDO3LPHQWHO*RXYHLD3HVVRD
,VWRSRVWRSRGHVHHQWHQGHUDSUHIHUrQFLDPXVLFDORXDVDWLWXGHVIUHQWHDHVWLORVPXVLFDLV%RHU
FRPRPDLVXPIDWRULPSRUWDQWHSDUDGLIHUHQFLDomRGHJUXSRVFRPREHPH[SOLFRX3DLVHTXH
SUHIHUrQFLDVRXDYHUV}HVPXVLFDLVSRGHPOHYDUjLQWROHUkQFLDHQWUHJUXSRV%U\VRQ&RPEDVHQD
WHRULDGDLGHQWLGDGHVRFLDOXPDGDVPDLVUHSUHVHQWDWLYDVGRSDUDGLJPDHXURSHX7HNPDQH+RUWDoVX
DGHPDLVHQFHWDPVHXDUWLJRVREUHP~VLFDHLGHQWLGDGHUHSRUWDQGRVHjLQIOXrQFLDGD
LGHQWLILFDomRFRPHVWLORVPXVLFDLVQDFRPSRVLomRGRVHOIHLGHQWLGDGHVRFLDO1HVVHVWHUPRV³D
LGHQWLGDGHVRFLDOVHUHIHUHDRVDVSHFWRVGDDXWRLPDJHPGRLQGLYtGXRRULXQGRVGHFDWHJRULDVVRFLDLVRX
JUXSRVTXHHVWHSHUFHEHFRPRVHQGRSDUWH´7DMIHO7XUQHUS6HJXQGRWDLVDXWRUHVD
P~VLFDpXWLOL]DGDSRUJUXSRVFRPILQVDYDOLDWLYRVHSURFHVVRVGHLGHQWLILFDomRHGLIHUHQFLDomRJUXSDO
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
YHMDWDPEpP%RHU3XUKRQHQ*URQRZ5DKNRQHQ1RUWK+DUJUHDYHV
5HQWIURZ*ROGEHUJ=LOFD9DQ(LMFN*UXSRVTXHVHXQHPFRPEDVHHPHVWLORVPXVLFDLV
FRPRJUXSRVGHSXQNVHFDUHFDVWrPVHHQYROYLGRQRFRQIOLWRLQWHUJUXSDOYHU&RVWD6DOHP
FRQVLGHUDGRVPHVPRFRPRJUXSRVFXMDULYDOLGDGHFKHJDjPRUWHSDUDXPDUHYLVmRGHHVWXGRV
TXHFRQVLGHUDPDSUHIHUrQFLDPXVLFDOQRSDOFRGDVUHODo}HVGHFRQIOLWRVHQWUHJUXSRVYHMDWDPEpP
3LPHQWHO
7HQGRHPFRQWDTXHRSUHVHQWHDUWLJRSULYLOHJLRXRVMRUQDLVFRPRIRQWHGHSHVTXLVDSDUD
FRPSRUWDPHQWRVDJUHVVLYRVH[S}HVHVHTXHQFLDOPHQWHDiUHDGHDQiOLVHGHMRUQDLVLPSUHVVR
QHZVSDSHUV
$QiOLVHGHMRUQDLV
1RkPELWRGDSVLFRORJLDVRFLDOQRFRPHoRGRVpFXOR;;SURYDYHOPHQWHRDUWLJRGH'HORV:LOFR[GH
WHQKDVLGRRSULPHLURDDERUGDURVMRUQDLV'HIDWRRDXWRUQmRXWLOL]RXH[SOLFLWDPHQWHQHQKXPD
WHRULDIRUPDOGHSVLFRORJLDVRFLDOSDUDDVXDDQiOLVHPDVWRFRXQXPDVSHFWRIXQGDPHQWDOGDGLVFLSOLQD
'HDFRUGRFRP:LOFR[H[LVWHXP³SUHFRQFHLWR´WDOYH]PHOKRUXPDDWLWXGHQHJDWLYDFRQWUDRV
MRUQDLVTXHDVVHQWDQDFUHQoDGHTXHHVVHVPHLRVGHFRPXQLFDomRGHPDVVDQmRDERUGDPFRP
ILGHOLGDGHDVQRWtFLDVUHSRUWDGDV7RGDYLDRDXWRUH[SOLFRXTXHjPHGLGDTXHDRUJDQL]DomRGD
VRFLHGDGHVHWRUQDPDLVFRPSOH[DQHFHVVLWDPRVPDLVGRVMRUQDLV
'HVWDTXHVHTXHMi³QD$OHPDQKD0D[:HEHU>@LPDJLQRXXPDVRFLRORJLDFXOWXUDOHQJDMDGD
QDDQiOLVHGHMRUQDLV´%DXHUS1DGpFDGDGHGRVpFXORSDVVDGR*RUGRQ:$OOSRUWH
-DQHW0)DGHQYHULILFDUDPTXHRIRFRGRVHVWXGRVVREUHPHLRVGHFRPXQLFDomRQDSVLFRORJLD
KDYLDUHFDtGRVREUHRUiGLRHRFLQHPD&RPRILPGHGDUDWHQomRjRXWUDLPSRUWDQWHPtGLDSXEOLFDUDP
QDUHYLVWD7KH3XEOLF2SLQLRQ4XDUWHUO\XPDUWLJRVREUHDHQWmRQHJOLJHQFLDGDSVLFRORJLDGRVMRUQDLV7KH
3V\FKRORJ\RI1HZVSDSHUV)LYH7HQWDWLYH/DZV6REUHRVMRUQDLVLPSUHVVRVHVVHVDXWRUHVFRQFOXtUDP
TXHDDVTXHVW}HVVmR³HVTXHOHWL]DGDV´VLPSOLILFDGDVERFDPSRGHLQIOXrQFLDGHTXDOTXHUMRUQDOp
EHPSDGURQL]DGRFRVOHLWRUHVVmRPDLVHPRWLYRVGRTXHRVHGLWRUHVGRLQWHUHVVHS~EOLFRUHIOHWLGR
QRVMRUQDLVpWHPSRUDOPHQWHYDULiYHOHHRLQWHUHVVHS~EOLFRVHVDWXUDUDSLGDPHQWHHSHGHSRUXP
IHFKDPHQWRSUHFRFH2XWURLPSRUWDQWHWUDEDOKRQHVVDiUHDIRLUHDOL]DGRSHORVRFLyORJRHVWXGLRVRGRV
PHLRVGHFRPXQLFDomRGHPDVVD3DXO6/D]DUVIHOG/D]DUVIHOGDQDOLVRXRMRUQDOLPSUHVVRHVXD
UHODomRFRPRUiGLRHDVUHYLVWDVUHODWDQGRGLIHUHQoDVGHFRQWH~GRLQIOXrQFLDHGLWRULDOVyFLR
GHPRJUiILFDVGHDTXLVLomRGHVVHVPHGLDHGHLPSDFWRVRFLDOFODVVLILFRXDLQGDMRUQDLVLPSUHVVRV
LPSRUWDQWHVGH1RYD<RUNFRPROLEHUDLVHFRQVHUYDGRUHV
3HVTXLVDGRUHVQDVFLrQFLDVVRFLDLVLQWHUHVVDGRVHPHQWHQGHURFULPHQRVPHLRVGHFRPXQLFDomRGH
PDVVDWDPEpPVHGHEUXoDUDPQDDQiOLVHGHMRUQDLVGXUDQWHVDVGpFDGDVGHHYHU
+HDWK$SDUWLUGHXPDSHVTXLVDPXOWLPpWRGRHXVDQGRWHRULDVGDSVLFRORJLDVRFLDOSRUH[HPSOR
+HDWKYHULILFRXRQtYHOGHPHGRGRFULPHHPOHLWRUHVGHMRUQDLV$DXWRUDYHULILFRXTXHRVOHLWRUHVGH
MRUQDLVTXHKDYLDPQRWLFLDGRXPDJUDQGHTXDQWLGDGHGHFULPHVORFDLVGHPDLRUSUR[LPLGDGHFRPRV
OHLWRUHVHLPSUHYLVtYHLVGHIRUPDVHQVDFLRQDOLVWDUHSRUWDUDPDOWRVQtYHLVGHPHGRGRGHOLWR0DLV
UHFHQWHPHQWHSRGHPRVHQFRQWUDUSHVTXLVDVTXHEXVFDUDPDQDOLVDURFRQWH~GRGHMRUQDLVHPGLVFLSOLQDV
GLYHUVDVTXHYmRDOpPGDSVLFRORJLDFRPRDVRFLRORJLDFRPXQLFDomRVRFLDOHOLQJXtVWLFD(PXPHVWXGR
QD(XURSDH$PpULFDGR1RUWHIRLDQDOLVDGRFRPR³MRUQDLVGHSULPHLUDOLQKD´WUDWDYDPRWHPD
ELRWHFQRORJLDHQWUHH%DXHU*DVNHOOFLWDGRSRU%DXHU7DPEpPIRLYHULILFDGR
RLPSDFWRGHXPDUWLJRGHMRUQDOQDVDWLWXGHVIUHQWHDRGRHQWHPHQWDO7KRUQWRQ:DKO(VVHV
DXWRUHVSHUFHEHUDPTXHDLQIOXrQFLDGRMRUQDOQDVDWLWXGHVpVHPHOKDQWHjGHRXWUDVPtGLDVFRPRD
WHOHYLVmRHRVFLQHPDV2&RUUHLR3RSXODUHD)ROKDGH6mR3DXORIRUDPDQDOLVDGRVQRTXHGL]UHVSHLWRjV
WHQGrQFLDVQDVPDWpULDVHVSRUWLYDVGD&RSDGR0XQGRUHDOL]DGDQD)UDQoDHP&DPDUJR
1XPDSHVTXLVDGHGLVVHUWDomRGHPHVWUDGRHPFRPXQLFDomRHPHUFDGRIRUDPDQDOLVDGDVWHQGrQFLDVH
LGHRORJLDVQRVHGLWRULDLVGRVMRUQDLV)ROKDGH6mR3DXORH2*ORERQRRLWDYRDQRGRJRYHUQRGH)HUQDQGR
+HQULTXH&DUGRVR)+&&DUYDOKR(VSHFLILFDPHQWHRDXWRUEXVFRXHQWUHRXWUDVTXHVW}HV
VDEHUVHHVVDLPSUHQVDDSRLRXRJRYHUQRGH)+&(PXPDWHVHGHGRXWRUDGRHPOLQJXtVWLFDIRL
UHDOL]DGDXPDDQiOLVHGDSULVmRGH6DGGDP+XVVHLQQD)ROKDGH6mR3DXORFRPEDVHQDWHRULDGD
VHPLyWLFDGH*UHLPDV+HUQDQGHV$GLFLRQDOPHQWHIRLDQDOLVDGDDFREHUWXUDGR0RYLPHQWRGRV
6HP7HUUDHPXPMRUQDOGHFLUFXODomRUHJLRQDOHRXWURGHFLUFXODomRQDFLRQDOUHVSHFWLYDPHQWH2
,PSDUFLDOHD)ROKDGH6mR3DXOR/LPD
2XWURVSHVTXLVDGRUHV&HUYL$QWRQHOOLUHDOL]DUDPXPHVWXGRFRPSDUDWLYRGDVSULPHLUDVSiJLQDV
GHGRLVMRUQDLVORFDLVGR3DUDQiFRPRILPGHGHVFUHYHURSRVLFLRQDPHQWRGHVVHVSHULyGLFRVVREUHD
YLVLELOLGDGHFRQIHULGDDWHPDVVRFLDLVHDFREHUWXUDGDVHOHLo}HVSDUD3UHVLGHQWHGD5HS~EOLFDH
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
*RYHUQDGRUGR3DUDQiHP2XWUDSHVTXLVDYHUVRXVREUHFRPRRVLPLJUDQWHVVmRQRWLFLDGRVHP
TXDWURMRUQDLVGLiULRVORFDLVGRLVHP%UDJD3RUWXJDOHGRLVHP7UHQWR,WiOLD5LHLUR8WLOL]DQGR
DWHRULDGDVUHSUHVHQWDo}HVVRFLDLVIRLDERUGDGDDUHSUHVHQWDomRGHJrQHURHPMRUQDLVGHFLUFXODomR
LQWHUQDGHGXDVLQG~VWULDVHP0LQDV*HUDLV&RUUrD*RQWLMR$VVLV&DUULHUL0HOR1RTXH
FRQFHUQHDRSDSHOGDPtGLDQDGLYXOJDomRGHQRWtFLDVVREUHRFULPHHDYLROrQFLDIRLH[DPLQDGDD
RFXSDomRDUPDGDGHIDYHODVQR5LRGH-DQHLUR2SHUDomR5LRQRWLFLDGDSHOR-RUQDOGR%UDVLO3HQJODVH
8PMRUQDOUHDOL]DGRSRUPRUDGRUHVGHUXDGH3RUWR$OHJUH-RUQDO%RFDGH5XDWDPEpPIRL
HVWXGDGRFRPRXPPHLRGHUHVLVWrQFLDHLQVHUomRVRFLDO0L]RJXFKL&RVWD0DGHLUD
0DLVUHFHQWHPHQWHIRLUHDOL]DGDXPDDQiOLVHGHMRUQDLVLWDOLDQRVVREUHRIHQ{PHQREXOO\LQJ)UDLUH
3ULQR6FODYR9iULRVRXWURVWHUPRVDVVRFLDGRVDREXOO\LQJFRPRHVFRODYtWLPDHMRYHPIRUDP
YHULILFDGRVHFRQVWDWRXVHTXHRWHPDWRUQRXVHDOWDPHQWHUHOHYDQWHVRFLDOHSROLWLFDPHQWHQRV~OWLPRV
GRLVDQRV$GHPDLVDUHIHULGDDQiOLVHFRQFOXLTXHHVVDLPSRUWkQFLDQRPHLRMRUQDOtVWLFRGHYHXVHDR
LPSDFWRHPRFLRQDOSURYRFDGRSRUHYHQWRVGHEXOO\LQJ3RURXWURODGRIRLUHDOL]DGDXPDDQiOLVHGH
FRQWH~GRVREUHRWHPD³QDQRWHFQRORJLD´QRMRUQDO)ROKDGH6mR3DXOREXVFDQGRFRQKHFHUFRPRHVVD
WHFQRORJLDYHPVHQGRWUDWDGDQRMRUQDOGHPDLRUFLUFXODomRGR%UDVLO$PRULQ1RkPELWRGD
SVLFRORJLDVRFLDOEUDVLOHLUD0HQHJRQDQDOLVRXQRWtFLDVGHFLQFRMRUQDLVGH&DPSR*UDQGH06
VREUHSHUtRGRVGHFULVHVGHVHUYLoRVGHVD~GH
(PVXPDRMRUQDOSRGHVHUHQWHQGLGRFRPR³XPyUJmRGHHGXFDomRGLQkPLFD´:LOFR[S
PHLRGHH[SUHVVmR%DXHUHLQIOXrQFLDVRFLDO$OOSRUW)DGHQ'HDFRUGRFRPWDLV
DXWRUHVHVVHWLSRGHDQiOLVHSURSLFLDRHQWHQGLPHQWRGHYDORUHVDWLWXGHVRSLQL}HVSUHFRQFHLWRVH
HVWHUHyWLSRV3DUD$OOSRUWH)DGHQRVFOLFKrVHVWHUHyWLSRVHLGHLDVIL[DVGLIXQGLGDVDWUDYpVGDV
QRWtFLDVVLPSOLILFDGDVGRVMRUQDLVVmRQHFHVViULRVSRLVDMXGDPROHLWRUTXHQHFHVVLWDGHXPDHFRQRPLD
GHSHQVDPHQWRDGDUVDOWRVGHFRQFOXV}HVVREUHDFRPSOH[DUHDOLGDGHVRFLDO
2EMHWLYR
&RQVLGHUDQGRRDFLPDH[SRVWRRREMHWLYRGHVWHDUWLJRpUHDOL]DUXPDDQiOLVHGHFRQWH~GR$&GDV
QRWtFLDVVREUHFRPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVYHLFXODGDQRMRUQDO&RUUHLR%UD]LOLHQVHRQ
OLQH3RUWDQWRRIRFRHVFROKLGRIRLQDIRQWHQDPHQVDJHPQRWH[WR%DXHU$QDOLVDUHVVDIRQWH
GHLQIRUPDo}HVSRSXODUHVSRGHVHUGHJUDQGHLPSRUWkQFLDSDUDDHQWHQGHUFRPSRUWDPHQWRVDJUHVVLYRV
HPGHWHUPLQDGRVVKRZVPXVLFDLVHDVFDUDFWHUtVWLFDVGHVVDVVLWXDo}HVSDUDEVHHQWHQGHURV
FRPSRUWDPHQWRVFROHWLYRVHDYLROrQFLDHPJHUDO(DUO0DUWLQ0F&DUWK\6RXOHFDVVLPFRPR
VDEHUFRPRDPtGLDLPSUHVVDWUDWRXRDVVXQWR,VWRpUHOHYDQWHSRLV³DPtGLDMRJDXPSDSHO
LPSRUWDQWHQDFRQVWUXomRVRFLDOGRFULPHEHPFRPRQDFRQVWUXomRVRFLDOGDRSLQLmRS~EOLFDVREUHR
FULPHHRVLVWHPDGHMXVWLoD´)HLO]HUS
'HVVDIRUPDRVPHLRVGHFRPXQLFDomRLPSUHVVRVSULQWPHGLDFRPRRVMRUQDLVWDPEpPHQWUDPQHVVH
SURFHVVRGHFRQVWUXomRGDUHDOLGDGHVRFLDO1RHQWDQWRHVWHWLSRGHDQiOLVHFRQVLGHUDQGRRFRQWH~GRGH
MRUQDLVSDUHFHVHUSRXFRFRPXPQDSVLFRORJLDVRFLDOEUDVLOHLUD(QFRQWUDPVHSRXFRVHVWXGRV/LPD
0L]RJXFKLHWDO0HQHJRQSXEOLFDGRVHPUHYLVWDGHSVLFRORJLD(PEUHYHEXVFDQR
VLWH3H36,&FRPDSDODYUD³MRUQDLV´³MRUQDO´H³DQiOLVHGHMRUQDLV´QmRVHS{GHYHULILFDUQHQKXP
UHVXOWDGR1R6FLHOR%UD]LOILQDOPHQWHEXVFDQGRVHSRU-251$/>7RGRVRVtQGLFHV@DQG36,&2/2*,$
>7RGRVRVtQGLFHV@DQG$1$/,6(>7RGRVRVtQGLFHV@HQFRQWURXVHDSHQDVXPDUWLJR0L]RJXFKLHWDO
0pWRGR
'HOLQHDPHQWR
7UDWDVHGHXPDSHVTXLVDGHtQGROHH[SORUDWyULDYLVWRTXHQmRIRLRULHQWDGDSRUQHQKXPDKLSyWHVH
HVSHFtILFDHQHQKXPHVWXGRSUpYLRJXDUGDQGRFRPRSULQFLSDOFDUDFWHUtVWLFDFRQKHFHUIHQ{PHQRV
UHODWLYDPHQWHGHVFRQKHFLGRV6DPSLHUL&ROODGR/XFLR
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
3URFHGLPHQWR
2SURFHGLPHQWRFRQVLVWLXHPSURFXUDUQRWtFLDVUHODFLRQDGDVDEULJDVHPVKRZVPXVLFDLVSDUWLQGRGR
EXVFDGRUGHXPMRUQDOLPSUHVVRQDVXDYHUVmRRQOLQHGDFLGDGHGH%UDVtOLD'),QLFLDOPHQWHHQWURXVH
FRPDH[SUHVVmR³%ULJDHPVKRZ´QREXVFDGRUGRVLWHGRMRUQDO&RUUHLR%UD]LOLHQVHHVSHFLILFDQGRVHR
LQWHUYDORGHWHPSRGHGHMDQHLURGHDGHVHWHPEURGH(VVHMRUQDOIRLHVFROKLGRHP
UD]mRGDVXDSRSXODULGDGHQDFLGDGHHVWDQGRHQWUHRVPDLVOLGRV
$QiOLVHGRVGDGRV
2VGDGRVFROHWDGRVIRUDPDQDOLVDGRVGHDFRUGRFRPDWpFQLFDGH$&GHYLGRjVXDDSOLFDELOLGDGHQD
DQiOLVHGHFRQWH~GRVGDPtGLDHVSHFLILFDPHQWHGHWH[WRVGHMRUQDLVLPSUHVVRVRXRQOLQHZHERX
F\EHUMRUQDLV%DXHU
5HVXOWDGRV
1DEXVFDQR&RUUHLR%UD]LOLHQVHRQOLQHVXUJLUDPGRFXPHQWRVSDUDDFRQVXOWD³%ULJDHPVKRZ´
WUDWDQGRGHDVVXQWRVFRPR³EULJDSHODPHGDOKD´³EULJDQRFDPSHRQDWREUDVLOHLUR´³EULJDSHORWtWXOR
EUDVLOHLUR´³EULJDQDMXVWLoD´³EULJDSHORDFHVVRDGLYLVmRGHHOLWH´³EULJDQR36'%´³EULJDSHOD
DXGLrQFLD´³EULJDSHODOLGHUDQoDGRFDPSHRQDWR´&RQVLGHUDQGRRLQWHUHVVHSRUGHVFULo}HVGHEULJDV
GXUDQWHRXORJRDSyVVKRZVPXVLFDLVGRFXPHQWRVSXGHUDPVHUVHOHFLRQDGRVSDUD$&1HVVHV
DUWLJRVGHLQWHUHVVHS{GHVHYHULILFDUTXHDVEULJDVPDVWDPEpPRXWURVFRPSRUWDPHQWRVDJUHVVLYRVH
DWpPHVPRYLROHQWRVDFRQWHFHUDPHPVKRZVGRVPDLVGLYHUVRVHVWLORVPXVLFDLVHQFRQWUDQGRVH6KRZ
IXQN)HVWD)XQN&KLF6KRZGH3DJRGH3DJRGHQD$$%%6KRZGR-HLWR0ROHTXH3DJRGH6KRZDRYLYR
GHP~VLFDEDLDQDGXSODVHUWDQHMD%UXQRH0DUURQH6KRZGRJUXSR&KDUOLH%URZQ-U6KRZGR$VDGH
ÈJXLD0XVLF+DOO+DUPRQLDGR6DPEDH6KRZGR&KLFOHWHFRP%DQDQD
&RPRVHSRGHFRQWHPSODUQD7DEHODDSDODYUDTXHDSDUHFHXPDLVIUHTXHQWHPHQWHQDDQiOLVHGH
FRQWH~GRGRVDUWLJRVGRMRUQDOIRL³EULJD´¦ 8PDYH]TXHHVVHWHUPRHVWDYDLQFOXVRQDEXVFDQmR
pQHFHVViULRPDLRUHVH[SOLFDo}HV7RGDYLDpLPSRUWDQWHGHVWDFDUDVSDODYUDVTXHDSDUHFHUDP
DVVRFLDGDV$GHPDLVUHVVDOWHVHTXHIRLSURSRVLWDODXWLOL]DomRGHYiULDVSDODYUDVQHVWDDQiOLVHSRLV
SHUPLWHPXPDPDLRUHPDLVDFXUDGDFRPSUHHQVmRGDVLWXDomRFRPRXPWRGR'HVVDIRUPDH[SOLTXHVH
TXHVHRSWRXSRUDSUHVHQWDUWRGRVRVWHUPRVFRQVLGHUDGRVUHOHYDQWHVHTXHVHDVVRFLDUDPjEXVFDFRP
DH[SUHVVmR³%ULJDHPVKRZV´1RFDVRWDLVWHUPRVPRVWUDUDPMXVWDPHQWHVXDLPSRUWkQFLDSDUDPHOKRU
HQWHQGHUDDJUHVVmRQDVVXDVYDULDGDVPDWL]HVFRPRDItVLFDYHUEDOHLQWHUJUXSDOQmRDSHQDVSHOD
IUHTXrQFLDHPTXHDSDUHFHUDPQRWH[WRPDVWDPEpPSHORVLJQLILFDGRTXHDGX]HP
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
1RGRPtQLRGD$JUHVVmR)tVLFDDOpPGH³EULJD´GHVWDFDVHLQLFLDOPHQWHDSDODYUD³%ULJDV´$GHPDLV
H[LVWHPRXWUDVFODUDPHQWHDVVRFLDGDVFRPR³%ULJDDWRGRLQVWDQWH´³$JUHVVmR´H³$WDTXH´3RGHPVH
YHULILFDUWDPEpPQHVVHGRPtQLRDOJXQVJROSHVSHORVTXDLVVHUHDOL]DDEULJDRXDVEULJDVFRPR³&KXWH´
³6RFR´³7DSDV´H³3DXODGDV´1RGRPtQLRGD$JUHVVmR9HUEDOGHVWDFDUDPVHRVWHUPRV;LQJDPHQWRV¦
3URYRFDomR¦ H$PHDoD¦ HQRGRPtQLRGD$JUHVVmR,QWHUJUXSDOUHVVDOWDPVH%ULJDGH
JDQJXHV¦ PDVWDPEpPDSDUHFHUDP³%ULJDJHQHUDOL]DGD´³%ULJDHQWUHSXQNVHSOD\ER\V´H
³$JUHVVmRGHVHJXUDQoDV´
2XWURFRQMXQWRGHWHUPRVFRUUHODWRVjDJUHVVmRFKDPRXDDWHQomRQDDQiOLVHRVTXHSXGHUDPVHU
FDWHJRUL]DGRVFRPR9LROrQFLDH0DUFDVGD$JUHVVmR9LROrQFLDYLGH7DEHOD1HVWDSULPHLUDFDWHJRULD
DSDUHFHPPDLVIUHTXHQWHPHQWHQRGLVFXUVRGDPtGLDDQDOLVDGDRWHUPR³PRUWH´¦ HHPVHJXQGR
OXJDUYHULILFRXVHDrQIDVHQDSDODYUD³WLUR´¦ 1RTXHWDQJHjV0DUFDVGD$JUHVVmR9LROrQFLD
REVHUYDVHTXHRSULQFLSDOUHVXOWDGRUHSRUWDGRSHORMRUQDOIRL³TXHEUDGRRQDUL]´¦ H³EDOHDGR´¦
2XWUDVSDODYUDVWDPEpPFKDPDPDDWHQomRQDGHVFULomRGDVEULJDVHPVKRZVPXVLFDLVFRPR
³IHULPHQWRV´³WUDXPDWLVPRFUDQLDQR´³OHVmRFRUSRUDO´³TXHEURXRVVRVGRODGRHVTXHUGRGDIDFH´
³LQWHUQDGRHPHVWDGRJUDYH´H³IHULGRFRPJUDYLGDGH´FRQVLGHUDQGRVHDGHPDLVDVHULHGDGHHQmR
DSHQDVDIUHTXrQFLDFRPTXHWDLVSDODYUDVVXUJHPQRVWH[WRVDQDOLVDGRV
3DUDXPPHOKRUHQWHQGLPHQWRGRREMHWRHPDQiOLVHIRLUHDOL]DGDDFODVVLILFDomRGH$UPDV
$WHQGLPHQWRV6LWXDo}HV(PRo}HVH6XEVWkQFLDVUHODFLRQDGDVDQRWtFLDVMRUQDOtVWLFDVVREUHVKRZV
PXVLFDLV7DEHOD6REUH$UPDVREVHUYRXVHTXHDSDUHFHUDPQRGLVFXUVRGDVPDWpULDVMRUQDOtVWLFDV
PHQomRDDUPDGHIRJR³SLVWROD´HDUPDEUDQFD³IDFD´QRkPELWRGR$WHQGLPHQWRVXUJH³KRVSLWDO´
³87,´³DWHQGLPHQWRPpGLFR´HQDFRQILJXUDomRGD6LWXDomRDrQIDVHPLGLiWLFDMRUQDOtVWLFDUHFDLXQD
³FRQIXVmR´¦ PDVWDPEpPVHUHODWRXIUHTXHQWHPHQWH³FULPH´¦ ³GHVHQWHQGLPHQWR´
³WLURWHLR´³IDOWDGHVHJXUDQoD´³FDVRGHSROtFLD´HQWUHRXWUDV$V(PRo}HVUHSRUWDGDVYDULDUDPGH³FULVH
GHQHUYRVLVPR´D³UHYROWD´HTXDQWRjV6XEVWkQFLDVS{GHVHFRQWHPSODUDSUHVHQoDGH³EHELGDV´H
³PXQGRGDVGURJDV´SDUDGHVFUHYHUDVVLWXDo}HVQRWLFLDGDV
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
&RPSOHPHQWDQGRDDQiOLVHEXVFDQGRQHVWHSRQWRMRJDUOX]QDVSHVVRDVHQYROYLGDVQDVVLWXDo}HV
DYHULJXDGDVHQFRQWURXVHQRFRQWH~GRGRMRUQDOHPDSUHoRQDGLPHQVmR$WRUHVPDLRUrQIDVHQRV
³DGROHVFHQWHV´¦ (PVHJXLGDIRUDPREVHUYDGDVDVSDODYUDV³VHJXUDQoDV´¦ ³YtWLPD´
³DVVDVVLQR´H³DJUHVVRU´1DFODVVLILFDomR$JHQWHV-XUtGLFRVRGLVFXUVRMRUQDOtVWLFRGHXPDLRUrQIDVHDRV
³SROLFLDLV´¦ PDVWDPEpPVXUJHPRVWHUPRV³GHOHJDFLD´¦ ³MXL]´³GHOHJDGR´³FDGHLD´HWF
7DEHOD
'LVFXVVmR
1DSUHVHQWHSHVTXLVDVHSRGHYHULILFDUGLYHUVDVFDUDFWHUtVWLFDVGDVDJUHVV}HVHPVKRZVPXVLFDLV
&RUURERUDVHDLPSRUWkQFLDGHIDWRUHVDSHVVRDLVEFRPSRUWDPHQWDLVHFDPELHQWDLVQRV
FRPSRUWDPHQWRVDJUHVVLYRVYHU%DQGXUDD2VUHVXOWDGRVGDSUHVHQWHSHVTXLVDGHPRQVWUDPTXH
RVFRPSRUWDPHQWRVDJUHVVLYRVHPVKRZVPXVLFDLVQRWLFLDGRVSHORVDUWLJRVGRMRUQDODQDOLVDGRVHGHUDP
HPVKRZVGHGLYHUVRVHVWLORVPXVLFDLVWDLVFRPRIXQNSDJRGHP~VLFDEDLDQDVHUWDQHMDURFNQDFLRQDO
HD[pPXVLF'HVVDIRUPDFRQVLGHUDQGRTXHDJUDQGHPDLRULDGHSHVVRDVTXHYmRDVKRZVPXVLFDLV
GHPRQVWUDPSUHIHUrQFLDSHORHVWLORPXVLFDOGRVKRZQmRSRGHPRVFRPEDVHQRVGDGRVDQDOLVDGRV
FRQFOXLUTXHSUHIHUrQFLDVPXVLFDLVSRVVDPGLVWLQJXLUSHVVRDVTXHVHFRPSRUWDPDJUHVVLYDPHQWHHQmR
DJUHVVLYDPHQWHQRDPELHQWHGRVKRZ6HQGRDVVLPSRGHPRVEXVFDUH[SOLFDo}HVHPRXWUDVYDULiYHLV
&RPEDVHQDEXVFDUHDOL]DGDQmRHQFRQWUDPRVQHQKXPDUWLJRSXEOLFDGRFXMRREMHWLYRWHQKDVLGR
DQDOLVDUDJUHVV}HVHPVKRZVPXVLFDLVRTXHFRQVHTXHQWHPHQWHLPSRVVLELOLWDDDWLYLGDGHGH
FRPSDUDomRGRVGDGRV3RUpPSRGHVHYHULILFDUTXHHPDOJXQVGHVWHVVKRZVPXVLFDLVDDJUHVVmRp
H[WUHPDFKHJDQGRDIHULPHQWRVGHDFHQWXDGDJUDYLGDGH2XWUDFRQVWDWDomRpTXHDDJUHVVmRDVVXPLX
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
GLYHUVDVIRUPDVVHQGRPDLVFRPXPHQWHQRWLFLDGDDDJUHVVmRItVLFDFRPREULJDVPDVWDPEpPVH
YHULILFDFRQWH~GRVGHDJUHVVmRYHUEDOFRPR[LQJDPHQWRVHLQWHUJUXSDOFRPRDVEULJDVGHJDQJV
HYLGHQFLDQGRRFRQIOLWRLQWHUJUXSDOHVXDIRUPDPDLVH[WUHPDGDDYLROrQFLDFRPRRKRPLFtGLRRX
WHQWDWLYDVGHKRPLFtGLR$UHVSHLWRGRFRQIOLWRLQWHUJUXSDO7DMIHO7XUQHUHFRPEDVHHP
DWLWXGHVIUHQWHDHVWLORVPXVLFDLV%RHU%U\VRQ1RUWK+DUJUHDYHV3LPHQWHO
HWDO7HNPDQ+RUWDoVXREVHUYDVHTXHPHVPRTXHRVMRYHQVEXVTXHPDVVLVWLUDRV
VKRZVGHVXDVEDQGDVHDUWLVWDVSUHIHULGRVQmRVHGHYHHVTXHFHUTXHPXLWRVSRGHPYLVLWDURXWURV
VKRZVFRPRILPGHSURYRFDUJUXSRVULYDLV
$FHUFDGDYLROrQFLDDSDODYUDPDLVXWLOL]DGDQRVDUWLJRVp³PRUWH´H³WLUR´'HIDWRRVUHVXOWDGRVGHVVHV
FRPSRUWDPHQWRVDJUHVVLYRVDSDUHFHPQDVSiJLQDVGRMRUQDOFRPSDODYUDVHH[SUHVV}HVIRUWHVTXH
FHUWDPHQWHSURYRFDPLQWHQVDUHDomRHPRFLRQDOFRQVLGHUDQGRWHUPRVFRPR³WUDXPDWLVPRFUDQLDQR´H
³LQWHUQDGRHPHVWDGRJUDYH´SRUH[HPSOR9iULRVHVWXGRVGHPRQVWUDPTXH³SDODYUDVDJUHVVLYDV´
SRGHPGHVSHUWDUSRUDVVRFLDomRPXLWDVYH]HVDXWRPiWLFDSULPLQJSHQVDPHQWRVSHUFHSo}HVH
FRPSRUWDPHQWRVDJUHVVLYRV$QGHUVRQHWDO%HUNRZLW]$LQGDGHDFRUGRFRPRPRGHOR
VyFLRFRJQLWLYRpSRVVtYHOTXHDH[SRVLomRUHSHWLGDDHVVHVHVWtPXORVYLROHQWRVQRWtFLDVFRPWHRU
YLROHQWRSRVVDPSURGX]LUGHVHQVVLELOL]DomRjYLROrQFLDQR³PXQGRUHDO´GHVHQVLWL]DWLRQ(VVHSURFHVVR
SRGHRFRUUHUWDQWRDFXUWRFRPRDORQJRSUD]RSRGHGLPLQXLUDSUREDELOLGDGHGHDMXGDUXPDYtWLPDHIRL
UHFHQWHPHQWHYHULILFDGRFRPRXWURWLSRGHPtGLDYLROHQWD&DUQDJH\$QGHUVRQ%XVKPDQ
$VUHIHUrQFLDVjDUPDVGHIRJRHEUDQFDPRVWUDTXHRMRUQDODOHUWRXTXHDVVLWXDo}HVUHSRUWDGDV
UHDOPHQWHHQYROYLDPULVFRGHPRUWH&RPSRUWDPHQWRVEHQpILFRVWDPEpPVmRQRWLFLDGRVQRkPELWRGR
DWHQGLPHQWRPpGLFRDOpPGD³FRQIXVmR´³FULPH´H³IDOWDGHVHJXUDQoD´(VVDVLWXDomRGHFRQIXVmR
FHUWDPHQWHpIDFLOLWDGDSHODDJORPHUDomRGHYiULDVSHVVRDVQRPHVPRDPELHQWHOHYDQGRDR
GHVHQFDGHDPHQWRGDDJUHVVmRHYLROrQFLDKXPDQDSHORFURZGLQJYHU5RGULJXHVHWDO
6RXWKZLFN.XR6XOOLYDQ3RGHVHHVSHFXODUTXHRXWUDYDULiYHOTXHLQWHUDJLXQHVVDV
VLWXDo}HVIRLREDUXOKRGDGRVXDUHODomRFRPRVWUHVVHUHVSRVWDDJUHVVLYD.XR6XOOLYDQ
2MRUQDOWDPEpPGHWDOKRXHPRo}HVTXHDIOLJLUDPRVSDUWLFLSDQWHVGHVVDVVLWXDo}HVFRPRD³FULVHGH
QHUYRVLVPR´HD³UHYROWD´TXHFHUWDPHQWHDGYpPGHXPDIUXVWUDomR$OpPGLVVRRXWURLQJUHGLHQWH
UHSRUWDGRSHORMRUQDOHTXHQRVDMXGDDHQWHQGHURVFRPSRUWDPHQWRVGL]UHVSHLWRVDRXVRGH
VXEVWkQFLDVFRPRRiOFRRO$HVVHUHVSHLWRSULQFLSDOPHQWHRXVRGHEHELGDVDOFRyOLFDVWHPVLGR
UHODFLRQDGRFRPFRPSRUWDPHQWRVDJUHVVLYRVPDVWDPEpPGURJDVFRPRDFRFDtQDHDQIHWDPLQDV
FRQIRUPHUHODWDGRQDOLWHUDWXUDHVSHFLDOL]DGD+RDNHQD6WHZDUWE0RHOOHU'RXJKHUW\
&RPEDVHQRPRGHORH[SHULrQFLDDYHUVLYD"H[FLWDomRHPRFLRQDO"DJUHVVmRH?RXXVRGHiOFRROHGURJDV
SRGHVHHQWHQGHUPDLVIDFLOPHQWHHVVHTXDGUR
2MRUQDOWDPEpPQRWLFLRXPDLVIUHTXHQWHPHQWHQHVVHVDUWLJRVRV³DGROHVFHQWHV´3RURXWURODGRRV
³VHJXUDQoDV´WDPEpPJDQKDUDPGHVWDTXHDVVLPFRPD³YtWLPD´R³DJUHVVRU´HRV³SROLFLDLV´(VVHV
SHUVRQDJHQVWDPEpPSRGHPVHUHQWHQGLGRVFRPRPRGHORVVRFLDLVHSRUWDQWRRVFRPSRUWDPHQWRV
DJUHVVLYRVQHVVHVHQWLGRSRGHPVHUH[SOLFDGRVFRPEDVHQDLPLWDomRGHFRPSRUWDPHQWRVDLQIOXrQFLD
GDREVHUYDomRGHXPLQGLYtGXRTXHFRPHoDXPDEULJDQXPVKRZTXHORJRVHGLVSHUVDFXOPLQDQGRHP
TXHRXWURVVHHQYROYDPQRFRQIOLWR
&RQVLGHUDo}HVILQDLV
'HDFRUGRFRPDDQiOLVHHIHWXDGDSRGHPRVYHULILFDUDLPSRUWkQFLDGDWHRULDVyFLRFRJQLWLYDSDUDD
H[SOLFDomRGDDJUHVVmRHPVKRZVPXVLFDLV$GHPDLVDH[SOLFDomRGHVVHVHYHQWRVEDVHDGDQRFURZGLQJ
FRQIOLWRLQWHUJUXSDOEDUXOKRDPELHQWDOHXVRHDEXVRGHVXEVWkQFLDVSDUHFHVHUUD]RiYHOPDVSHVTXLVDV
GHREVHUYDomRHPDPELHQWHQDWXUDOGHYHPVHUUHDOL]DGDVFRPRILPGHGLULPLUSRVVtYHLVG~YLGDV
&RPEDVHQRVGDGRVRUDDGX]LGRVSRGHPRVWDPEpPGHGX]LUTXHDVQRWtFLDVGRMRUQDOVREUHDJUHVV}HV
HPVKRZVPXVLFDLVVHUHWUDWDPFRPULTXH]DGHGHWDOKHVHFRQGX]HPjFRPRomRVRFLDO(VVDIRUPDGH
QRWLFLDUMiIRLDQWHULRUPHQWHYHULILFDGDHPRXWUDUHDOLGDGHOHYDQGRDXPDUHFRPHQGDomRGHFDXWHODSHOR
PHGRTXHVHSURYRFDQRVOHLWRUHV+HDWK3RURXWURODGRQmRIRLRREMHWLYRQRVVRDQDOLVDUD
ILGHGLJQLGDGHGDVQRWtFLDVUHSRUWDGDV$GHVSHLWRGDFRPRomRTXHS{GHWHUVLGRSURYRFDGDFRPWDLV
QRWtFLDVGHYHVHUHVVDOWDUTXHRMRUQDOFXPSUHFRPDVXDIXQomRSULPRUGLDOGHLQIRUPDomR$OOSRUW
)DGHQ%DXHU:LOFR[2VMRUQDLVSRGHPDMXGDUQRHQWHQGLPHQWRGHDo}HVFROHWLYDV
HGDYLROrQFLD(DUOHWDOPDVWDPEpPSRGHPSURGX]LUHVWHUHyWLSRVHLGHLDVIL[DV$OOSRUW
)DGHQHDVVLPDWLWXGHVQHJDWLYDVIUHQWHDRVSHUVRQDJHQVUHWUDWDGRV7KRUQWRQ:DKO
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
&RQVLGHUDQGRWDOpLPSRUWDQWHTXHHVVDIRQWHGHLQIRUPDo}HVVHMDVLVWHPDWLFDPHQWHHVWXGDGDQR
kPELWRGDSVLFRORJLDVRFLDOEUDVLOHLUDXPDYH]TXHDLQIOXrQFLDGRVPHLRVGHFRPXQLFDomRGHPDVVDMi
pEHPGRFXPHQWDGDQDOLWHUDWXUDSVLFROyJLFD:HLVV'HDFRUGRFRPDWHRULDVyFLRFRJQLWLYD
%DQGXUDFRPSRUWDPHQWRVDJUHVVLYRVGLYXOJDGRVQDPtGLDSRUPRGHORVVLPEyOLFRVSRGHP
LQIOXHQFLDURFRPSRUWDPHQWRDWLWXGHVHUHVSRVWDVHPRFLRQDLVDWUDYpVGRSURFHVVRGHDSUHQGL]DJHP
YLFiULDeLPSRUWDQWHQmRREVWDQWHGHVWDFDUTXHRHVWXGRRUDUHODWDGRQmRWHVWRXHVVDUHODomRPDV
REMHWLYRXYHULILFDURFRQWH~GRGRVDUWLJRVGHMRUQDO3RVWHULRUPHQWHHVVDVUHODo}HVH[SRVLomRD
QRWtFLDVVREUHDJUHVVmRHYLROrQFLDHPMRUQDLVHVHXVHIHLWRVFRPSRUWDPHQWDLVDWLWXGLQDLVHHPRFLRQDLV
SRGHPVHUH[SHULPHQWDOPHQWHWHVWDGDV
eHYLGHQWHTXHSDUDXPFRQKHFLPHQWRPDLVDEUDQJHQWHVREUHRDVVXQWRDERUGDGRQRYDVSHVTXLVDV
GHYHPVHUUHDOL]DGDVHPMRUQDLVGHRXWUDVUHJL}HV8POHYDQWDPHQWRVREUHDVFDUDFWHUtVWLFDVGRV
OHLWRUHVVHJXUDPHQWHFRQWULEXLULDSDUDPHOKRUVHHQWHQGHURJUDXGHLQIOXrQFLDGRVMRUQDLVQDVVXDV
YLGDV3HVTXLVDVXOWHULRUHVSRGHPWHVWDUHVVHVHIHLWRVFRQVLGHUDQGRRFRQWUROHGHLPSRUWDQWHVYDULiYHLV
FRPRRVWUDoRVGHSHUVRQDOLGDGHLGDGHVH[RHQtYHOGHHVFRODULGDGH$OpPGRLPSDFWRGDTXDQWLGDGHGH
FULPHQRWLFLDGDHPMRUQDLVHRPHGRGRGHOLWR(VVHVHPSUHHQGLPHQWRVSRGHPFRQWULEXLUSDUDPHOKRU
FRQKHFHUDVRSLQL}HVHFRPSRUWDPHQWRVGDVSHVVRDVQRFRWLGLDQRSDUDTXHVHDPSOLHPRV
FRQKHFLPHQWRVVREUHDDQiOLVHGDPtGLDHGHPDQHLUDSDUWLFXODUSDUDRIRUWDOHFLPHQWRGDSVLFRORJLDGRV
MRUQDLVHPQRVVRSDtV
5HIHUrQFLDV
$OOSRUW*:)DGHQ-07KHSV\FKRORJ\RIQHZVSDSHUV)LYHWHQWDWLYHODZV7KH3XEOLF
2SLQLRQ4XDUWHUO\
$PRULQ7$1DQRWHFQRORJLDQDLPSUHQVDDQiOLVHGHFRQWH~GRGRMRUQDO)ROKDGH6mR3DXOR
5HYLVWD(OHWU{QLFDGRV3yV*UDGXDQGRVHP6RFLRORJLD3ROtWLFDGD8)6&$PRULQ7$
1DQRWHFQRORJLDQDLPSUHQVDDQiOLVHGHFRQWH~GRGRMRUQDO)ROKDGH6mR3DXOR5HYLVWD(OHWU{QLFDGRV
3yV*UDGXDQGRVHP6RFLRORJLD3ROtWLFDGD8)6&
$QGHUVRQ&$&DUQDJH\1/(XEDQNV-([SRVXUHWRYLROHQWPHGLDWKHHIIHFWVVRQJV
ZLWKYLROHQWO\ULFVRQDJJUHVVLYHWKRXJKWVDQGIHHOLQJV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
$QGHUVRQ&$6KLEX\D$,KRUL16ZLQJ(/%XVKPDQ%-6DNDPRWR$5RWKVWHLQ+5
6DOHHP09LROHQWYLGHRJDPHHIIHFWVRQDJJUHVVLRQHPSDWK\DQGSURVRFLDOEHKDYLRULQ
(DVWHUQDQG:HVWHUQFRXQWULHV3V\FKRORJLFDO%XOOHWLQ
$SSLDKHQH*\DPIL-,QWHUSHUVRQDOYLROHQWFULPHLQ*KDQD7KHFDVHRIDVVDXOWLQ$FFUD-RXUQDO
RI&ULPLQDO-XVWLFH
$WNLQVRQ5/$WNLQVRQ5&6PLWK((%HP'/,QWURGXomRj3VLFRORJLD3RUWR$OHJUH
$UWHV0pGLFDV
%DQGXUD$D6RFLDOFRJQLWLYHWKHRU\RIPDVVFRPPXQLFDWLRQ(P-*URHEHO3:LQWHUKRII
6SXUN(GV(PSLULVFKH0HGLHQSV\FKRORJLHSS0XQLFK*HUPDQ\3V\FKRORJLH9HUODJV8QLRQ
%DQGXUD$E6RFLDOFRJQLWLYHWKHRU\,Q59DVWD(G$QQDOVRIFKLOGGHYHORSPHQW9RO6L[
WKHRULHVRIFKLOGGHYHORSPHQWSS*UHHQZLFK&7-$,3UHVV
%DQGXUD$D$VRFLDOFRJQLWLYHWKHRU\RISHUVRQDOLW\(P/3HUYLQ2-RKQ(GV+DQGERRN
RISHUVRQDOLW\SS1HZ<RUN*XLOIRUG3XEOLFDWLRQV
%DQGXUD$E6RFLDOFRJQLWLYHWKHRU\$QDJHQWLFSHUVSHFWLYH$VLDQ-RXUQDORI6RFLDO
3V\FKRORJ\
%DQGXUD$5RVV'5RVV6$7UDQVPLVVLRQRIDJJUHVVLRQWKURXJKLPLWDWLRQRIDJJUHVVLYH
PRGHOV-RXUQDORI$EQRUPDODQG6RFLDO3V\FKRORJ\
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
%DXHU0:$QiOLVHGHFRQWH~GRFOiVVLFD8PDUHYLVmR(P%DXHU0:*DVNHOO*(GV
3HVTXLVDTXDOLWDWLYDFRPWH[WRLPDJHPHVRPXPPDQXDOSUiWLFRSS3HWUySROLV5-9R]HV
%HUNRZLW]/6RPHHIIHFWVRIWKRXJKWVRQDQWLDQGSURVRFLDOLQIOXHQFHVRIPHGLDHYHQWVD
FRJQLWLYHQHRDVVRFLDWLRQLVWDQDO\VLV3V\FKRORJLFDO%XOOHWLQ
%RHU'0XVLFPDNHVWKHSHRSOHFRPHWRJHWKHUVRFLDOIXQFWLRQVRIPXVLFOLVWHQLQJIRU\RXQJ
SHRSOHDFURVVFXOWXUHV8QSXEOLVKHGGRFWRUDOGLVVHUWDWLRQ9LFWRULD8QLYHUVLW\RI:HOOLQJWRQ1HZ
=HDODQG
%U\VRQ%$Q\WKLQJEXWKHDY\PHWDOV\PEROLFH[FOXVLRQDQGPXVLFDOGLVOLNHV$PHULFDQ
6RFLRORJLFDO5HYLHZ
%XVKPDQ%-&RRSHU+0(IIHFWVRIDOFRKRORQKXPDQDJJUHVVLRQ$QLQWHJUDWLYHUHVHDUFK
UHYLHZ3V\FKRORJLFDO%XOOHWLQ
&DPDUJR957&RSDGRPXQGRGHIXWHERO$QiOLVHGDFRQVWUXomRMRUQDOtVWLFDGDPHQVDJHP
HVSRUWLYD5HYLVWD'LJLWDO%XHQRV$LUHV±$EULO
&DUQDJH\1/$QGHUVRQ&$%XVKPDQ%-7KHHIIHFWRIYLGHRJDPHYLROHQFHRQ
SK\VLRORJLFDOGHVHQVLWL]DWLRQWRUHDOOLIHYLROHQFH-RXUQDORI([SHULPHQWDO6RFLDO3V\FKRORJ\
&DUYDOKR5GH$LPSUHQVDHVFULWDQDHUD)+&$QiOLVHGRVHGLWRULDLVGRVMRUQDLV)ROKDGH6mR
3DXORH2*ORERQRSHUtRGR'LVVHUWDomRGH0HVWUDGR1mRSXEOLFDGD0HVWUDGRHP
&RPXQLFDomRH0HUFDGR)DFXOGDGH&iVSHU/tEHUR636mR3DXOR
&HUYL(8$QWRQHOOL'3ULPHLUDSiJLQDHYLVLELOLGDGHGHWHPDVVRFLDLV8PDDQiOLVH
FRPSDUDWLYDHQWUHMRUQDLVGLiULRVGHDEUDQJrQFLDORFDOHPGRLVSyORVUHJLRQDLVGR3DUDQi3ROtWLFD
6RFLHGDGH
&KHQ0-0LOOHU%$*UXEH-::DLWHUV('0XVLFVXEVWDQFHXVHDQGDJJUHVVLRQ
-RXUQDORI6WXGLHVRQ$OFRKRO
&KXUFKPDQ$(QYLURQPHQWDOSV\FKRORJ\DQGXUEDQSODQQLQJ:KHUHFDQWKHWZDLQPHHW"(P
5%%HFKWHO$&KXUFKPDQ(GV+DQGERRNRI(QYLURQPHQWDO3V\FKRORJ\SS1HZ<RUN
86$-RKQ:LOH\6RQV,QF
&RUUrD$0+/HPRV0&*$VVLV/%&DUULHUL$30HOR0&236ROGDGLQKRVGH
FKXPERHERQHFDV5HSUHVHQWDo}HVVRFLDLVGRPDVFXOLQRHIHPLQLQRHPMRUQDLVGHHPSUHVD5$&
5HYLVWDGH$GPLQLVWUDomR&RQWHPSRUkQHD
&RVWD052V³FDUHFDVGRVXE~UELR´&DPLQKRVGHXPQRPDGLVPRPRGHUQR5LRGH-DQHLUR
5-(GLWRUD9R]HV
'HQVRQ7)(DUOH\ZLQH06HOIUHSRUWHGXVHRIDOFRKROPDULMXDQDDQGKDUGGUXJVDQG
DJJUHVVLRQ$VWUXFWXUDOHTXDWLRQPRGHOLQJDQDO\VLVRIDQLQWHUQHWVXUYH\RIORQJWHUPPDULMXDQDXVHUV
-RXUQDORI$JJUHVVLRQ0DOWUHDWPHQW7UDXPD
(DUO-0DUWLQ$0FFDUWK\-'6RXOH6$7KHXVHRIQHZVSDSHUGDWDLQWKHVWXG\RI
FROOHFWLYHDFWLRQ$QQXDO5HYLHZRI6RFLRORJ\
)UDLUH03ULQR/(6FODYR($QDQDO\VLVRI,WDOLDQQHZVSDSHUDUWLFOHVRQWKHEXOO\LQJ
SKHQRPHQRQ,QWHUQDWLRQDO-RXUQDORI3V\FKRORJ\DQG3V\FKRORJLFDO7KHUDS\
*UD\$'HILQLWLRQVRIFURZGLQJDQGWKHHIIHFWVRIFURZGLQJRQKHDOWK$OLWHUDWXUHUHYLHZ
$OLVRQ*UD\0DWWHU5HVHDUFK/WG0LQLVWU\RI6RFLDO3ROLF\7H0DQDWXPRQJD.DXSDSD2UDQJD7DQJDWD
+HDOWK/,PSDFWRIQHZVSDSHUFULPHUHSRUWVRQIHDURIFULPH0XOWLPHWKRGRORJLFDO
LQYHVWLJDWLRQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
3LPHQWDO&(*QWKHU+
+HUQDQGHV16HPLyWLFDGRVMRUQDLV$QiOLVHGR-RUQDO1DFLRQDO)ROKDGH6mR3DXOR-RUQDOGD
&%13RUWDO82/UHYLVWD9HMD7HVHGH'RXWRUDGR1mRSXEOLFDGD3URJUDPDGH3yV*UDGXDomRHP
/LQJtVWLFDGR'HSDUWDPHQWRGH/LQJtVWLFDGD)DFXOGDGHGH)LORVRILD/HWUDVH&LrQFLDV+XPDQDVGD
8QLYHUVLGDGHGH6mR3DXOR
+HUUHQNRKO7,0DJXLQ(+LOO.*+DZNLQV-'$EERWW5'&DWDODQR5)
'HYHORSPHQWDOULVNIDFWRUVIRU\RXWKYLROHQFH-RXUQDORI$GROHVFHQW+HDOWK
+RDNHQD3166WHZDUWE6+'UXJVRIDEXVHDQGWKHHOLFLWDWLRQRIKXPDQDJJUHVVLYH
EHKDYLRU$GGLFWLYH%HKDYLRUV±
.XR)(6XOOLYDQ:&$JJUHVVLRQDQGYLROHQFHLQWKHLQQHUFLW\(IIHFWVRIHQYLURQPHQWYLD
PHQWDOIDWLJXH(QYLURQPHQWDO%HKDYLRU
/D5RVD'5/DPEHUW(<*URSSHU%,QWURGXFWLRQ([SORULQJWKHVXEVWDQFHDEXVHYLROHQFH
FRQQHFWLRQ(P0'/D5RVD(</DPEHUW%*URSSHU2UJV'UXJVDQGYLROHQFH&DXVHV
FRUUHODWHVDQGFRQVHTXHQFHVSS5RFNYLOOH1,'$5HVHDUFK0RQRJUDSK
/D]DUVIHOG3)7KHGDLO\QHZVSDSHUDQGLWVFRPSHWLWRUV$QQDOVRIWKH$PHULFDQ$FDGHP\RI
3ROLWLFDODQG6RFLDO6FLHQFH
/LPD$%2VVHQWLGRVQDPtGLD2067HPGRLVMRUQDLVGLiULRV3VLFRORJLD6RFLHGDGH
0HQHJRQ960&ULVHGRVVHUYLoRVGHVD~GHQRFRWLGLDQRGDPtGLDLPSUHVVD3VLFRORJLD
6RFLHGDGH(GLomRHVSHFLDO
0L]RJXFKL'+&RVWD/$0DGHLUD0/6XMHLWRVQRVXPLGRXUR$H[SHULrQFLDGHFULDomRH
UHVLVWrQFLDGR-RUQDO%RFDGH5XD3VLFRORJLD6RFLHGDGH
0RHOOHU)*'RXJKHUW\'0$QWLVRFLDOSHUVRQDOLW\GLVRUGHUDOFRKRODQGDJJUHVVLRQ$OFRKRO
5HVHDUFK+HDOWK
1RUWK$&+DUJUHDYHV'-/LIHVW\OHFRUUHODWHVRIPXVLFDOSUHIHUHQFH5HODWLRQVKLSV
OLYLQJDUUDQJHPHQWVEHOLHIVDQGFULPH3V\FKRORJ\RI0XVLF
1RUWK$&+DUJUHDYHV'-0XVLFDQG$GROHVFHQW,GHQWLW\0XVLF(GXFDWLRQ5HVHDUFK±
1RYR0LFKDHOLV'LFLRQiULRLOXVWUDGRLQJOrVSRUWXJXrV9ROXPH,6mR3DXOR630HOKRUDPHQWRV
3DLV-0&XOWXUDV-XYHQLV/LVERD32,PSUHQVD1DFLRQDO&DVDGD0RHGD
3HQJODVH%%DUEDULDQVRQWKHEHDFK0HGLDQDUUDWLYHVRIYLROHQFHLQ5LRGH-DQHLUR%UD]LO
&ULPH0HGLD&XOWXUH
3LPHQWHO&(9DORUHVKXPDQRVSUHIHUrQFLDPXVLFDOLGHQWLILFDomRJUXSDOHFRPSRUWDPHQWR
DQWLVRFLDO'LVVHUWDomRGH0HVWUDGRHP3VLFRORJLD6RFLDO8QLYHUVLGDGH)HGHUDOGD3DUDtED-RmR3HVVRD
3LPHQWHO&(*RXYHLD993HVVRD96(VFDODGHSUHIHUrQFLDPXVLFDOFRQVWUXomRH
FRPSURYDomRGDVXDHVWUXWXUDIDWRULDO3VLFR86)
3LPHQWHO&(*RXYHLD999DVFRQFHORV7&3UHIHUrQFLDPXVLFDODWLWXGHVH
FRPSRUWDPHQWRVDQWLVRFLDLVHQWUHHVWXGDQWHVDGROHVFHQWHVXPHVWXGRFRUUHODFLRQDO(VWXGRVGH
3VLFRORJLD
3XUKRQHQ6*URQRZ-5DKNRQHQ.6RFLDOGLIIHUHQWDWLRQRIPXVLFDODQGOLWHUDU\WDVWH
SDWWHUQVLQ)LQODQG5HVHDUFKRQ)LQQLVKVRFLHW\
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
&RPSRUWDPHQWRDJUHVVLYRHPVKRZVPXVLFDLVDQDOLVDQGRQRWtFLDVGHMRUQDOLPSUHVVR
5HQWIURZ3-*ROGEHUJ/5=LOFD5/LVWHQLQJZDWFKLQJDQGUHDGLQJ7KHVWUXFWXUHDQG
FRUUHODWHVRIHQWHUWDLQPHQWSUHIHUHQFHV-RXUQDORI3HUVRQDOLW\
5LEHLUR0-RUQDOLVPRLPSUHVVRORFDOHDUHSUHVHQWDomRVRFLDOGRVLPLJUDQWHVSURSRVWDSDUDD
DQiOLVHGRVMRUQDLVGH%UDJD3RUWXJDOH7UHQWR,WiOLD$FWDVGRž&RQJUHVVRGD$VVRFLDomR
3RUWXJXHVDGH&LrQFLDVGD&RPXQLFDomR%UDJD&HQWURGH(VWXGRVGH&RPXQLFDomRH6RFLHGDGH
8QLYHUVLGDGHGR0LQKR
5LFKDUG)'%RQG&)6WRNHV=RRWD--2QHKXQGUHG\HDUVRIVRFLDOSV\FKRORJ\
TXDQWLWDWLYHO\GHVFULEHG5HYLHZRI*HQHUDO3V\FKRORJ\
5LFKPRQG-:LOVRQ-&$UHJUDSKLFPHGLDYLROHQFHDJJUHVVLRQDQGPRUDOGLVHQJDJHPHQW
UHODWHG"3V\FKLDWU\3V\FKRORJ\DQG/DZ
5RGULJXHV$$VVPDU(0/-DEORQVNL%3VLFRORJLD6RFLDO5-5LRGH-DQHLUR(GLWRUD
9R]HV
6DOHP+$VWULERVGRPDO2QHRQD]LVPRQR%UDVLOHQRPXQGR6mR3DXOR63$WXDO(GLWRUD
/7'$
6DPSLHUL5+&ROODGR&)/XFLR3%0HWRGRORJtDGHODLQYHVWLJDFLyQ0p[LFR0F*UDZ
+LOO
6RXWKZLFN&+7KHELRORJ\DQGSV\FKRORJ\RIFURZGLQJLQPDQDQGDQLPDOV7KH2KLR-RXUQDO
RI6FLHQFH
7DMIHO+7XUQHU-&$QLQWHJUDWLYHWKHRU\RILQWHUJURXSFRQIOLFW,Q:*$XVWLQ6
:RUFKHO(GV7KHVRFLDOSV\FKRORJ\RILQWHUJURXSUHODWLRQVSS0RQWHUH\&$%URRNV&ROH
7HNPDQ+*+RUWDoVX10XVLFDQGVRFLDOLGHQWLW\6W\OLVWLFLGHQWLILFDWLRQDVDUHVSRQVHWR
PXVLFDOVW\OH,QWHUQDWLRQDO-RXUQDORI3V\FKRORJ\
7KRUWRQ-$:DKO2),PSDFWRIDQHZVSDSHUDUWLFOHRQDWWLWXGHVWRZDUGPHQWDOLOOQHVV
-RXUQDORI&RPPXQLW\3V\FKRORJ\
:HLVV:(IIHFWVRIWKHPDVVPHGLDRIFRPPXQLFDWLRQ(P*/LQG]H\H($URQVRQ(GV7KH
KDQGERRNRIVRFLDOSV\FKRORJ\9RO9SS86$&DOLIRUQLD$GGLVRQ:HVOH\3XEOLVKLQJ
&RPSDQ\
:LOFR[')7KH$PHULFDQQHZVSDSHU$VWXG\LQVRFLDOSV\FKRORJ\$QQDOVRIWKH$PHULFDQ
$FDGHP\RI3ROLWLFDODQG6RFLDO6FLHQFH
6XEPHWLGRHP
5HYLVWRHP
$FHLWRHP
2VDXWRUHVJRVWDULDPGHDJUDGHFHUDR&13TSHOD%ROVDGH'RXWRUDGRH3URGXWLYLGDGHHP3HVTXLVDDR
SULPHLURHVHJXQGRDXWRUHVUHVSHFWLYDPHQWH
2SWRXVHSRUPDQWHURWHUPRRULJLQDOJHU~QGLRGHFURZGTXHpWUDGX]LGRFRPRVPXOWLGmRID
JUDQGHQ~PHURRXDMXQWDPHQWRGHSHVVRDVRXFRLVDVESRYRPDVVDSRSXODFKR(8$FRORTXLDO
JUXSRPWXUPDFOLTXHIRXDMXQWDPHQWRPYDJORPHUDUVHDEDUURWDUVHHWF1RYR0LFKDHOLV
S3RUpPQHQKXPDGHVVDVWUDGXo}HVFDSWXUDDGHILQLomRGDGDSHODSVLFRORJLDDPELHQWDOGH
PRGRVDWLVIDWyULRHWDPEpPHPUD]mRGDHFRQRPLDGRWHUPRSDUDDGHILQLomRGHFLGLXVHHPPDQWHUR
RULJLQDOFURZGLQJ
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR
Download

Comportamento agressivo em shows musicais: analisando notícias