$
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR±&13T
,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD±,%,&7
(VFRODGH&RPXQLFDomR±(&2
8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR±8)53URJUDPDGH3yVJUDGXDomRHP&LrQFLDGD,QIRUPDomR
0$5,$/8,=$'($/0(,'$&$0326
$25*$1,=$d­2'(81,'$'(6'2&21+(&,0(172
(0+,3(5'2&80(1726 RPRGHORFRQFHLWXDOFRPRXP
HVSDoRFRPXQLFDFLRQDOSDUDUHDOL]DomRGDDXWRULD
7HVH DSUHVHQWDGD DR &XUVR GH 3yV
*UDGXDomR HP &LrQFLD GD ,QIRUPDomR GR
&RQYrQLR &13T,%,&7 ± 8)5-(&2 FRPR
UHTXLVLWR SDUFLDO SDUD REWHQomR GR *UDX GH
'RXWRU HP &LrQFLD GD ,QIRUPDomR /LQKD GH
3HVTXLVD 3URFHVVDPHQWR H 7HFQRORJLD GD
,QIRUPDomR
2ULHQWDGRUDV 3URI'U5RVDOL)HUQDQGH]GH6RX]D
3URI'U0DULD/XL]D0DFKDGR&DPSRV
5LRGH-DQHLUR
0$5,$/8,=$'($/0(,'$&$0326
$25*$1,=$d­2'(81,'$'(6'2&21+(&,0(172
(0+,3(5'2&80(1726 RPRGHORFRQFHLWXDOFRPRXP
HVSDoRFRPXQLFDFLRQDOSDUDUHDOL]DomRGDDXWRULD
7HVHDSUHVHQWDGDj%DQFD([DPLQDGRUDGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD,QIRUPDomR
GD(VFRODGH&RPXQLFDomRGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-FRPRSDUWHGRV
UHTXLVLWRVQHFHVViULRVjREWHQomRGR*UDXGH'RXWRUVREDRULHQWDomRGD3URI'U5RVDOL
)HUQDQGH]GH6RX]DHGD3URI'U0DULD/XL]D0DFKDGR&DPSRV
$SURYDGDSRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U+DJDU(VSDQKD*RPHV
&13T
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U/HQD9kQLD5LEHLUR3LQKHLUR
8)5-(&2,%,&7
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U/LJLD$OYHV%DUURV
8)5-1~FOHRGH&RPSXWDomR(OHWU{QLFD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U0DULD1pOLGD*RQ]iOH]GH*RPH]
8)5-(&2,%,&7
5LRGH-DQHLUR
3DUDDPLQKDPmH
HPHXSDLSRUWXGR
$JUDGHFLPHQWRV
(VWHWUDEDOKRFRPRWRGRVHPPLQKDYLGDpIUXWRGHXPFDPLQKRRQGH
VHPSUH RV DPLJRV VH ID]HP SUHVHQWH $VVLP GHYR PXLWRV
DJUDGHFLPHQWRV
¬V PLQKDV RULHQWDGRUDV SHOD GHOLFDGH]D GH QRVVD FRQYLYrQFLD H
SRURULHQWDo}HVWmRSHUWLQHQWHV
¬ PLQKD TXHULGD DPLJD H PHVWUD +DJDU TXH HP WRGRV RV
PRPHQWRVHVWHYHSUHVHQWH
¬ 1D]LQKD SHOD VXD IRUPD GH GL]HU FRLVDV TXH SURSLFLDP TXH
QDYHJXHPRVSRUPDUHVWmRLQWHUHVVDQWHV
$WRGRVRVSURIHVVRUHVGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLD
GD ,QIRUPDomR H DRV FROHJDV GH GRXWRUDGR XP SURIXQGR
UHFRQKHFLPHQWR
$R5LFDUGRPHXJUDQGHFRPSDQKHLURHDRVPHXVILOKRV0DULDQD
H7LDJRSRUHVWDUPRVMXQWRVQHVWHFDPLQKR
$R DPLJR GH GRXWRUDGR -RUJH %LROFKLQQL SRU VXDV VXJHVW}HV
SURYLGHQFLDLVHSHORSUD]HUGHQRVVDVFRQYHUVDV
¬ )DELDQD GH 0HOOR $PDUDO SURILVVLRQDO FRPSHWHQWH H DWHQFLRVD
TXHPXLWRPHDX[LOLRXQDRUJDQL]DomRGRVDOIDUUiELRVGHVWDSHVTXLVD
$RV PHXV DPLJRV GD DUWH GH HQVLQDU H DSUHQGHU /tGLD )UHLWDV
0DULD 2GLOD )RQVHFD -RVp 0DULD -DUGLP &DUORV +HQULTXH 0DUFRQGHV
(VWKHU/XFNH0iUFLD+HORtVDHDWRGRVRVSURIHVVRUHVGR'HSDUWDPHQWR
GH &LrQFLD GD ,QIRUPDomR GD 8)) SHOR HVIRUoR FRQMXQWR QR VHQWLGR GH
SURSLFLDURPHXDIDVWDPHQWRSDUDDUHDOL]DomRGHVWDSHVTXLVDGHWHVH
$RVPHXVTXHULGRVDOXQRVTXHDFDGDGLDPHHQVLQDPPDLVVREUH
R TXH GHYH VHU 8P FDULQKR HVSHFLDO SDUD R /DIID\HWH H 6LPRQH TXH
WDQWRPHDMXGDUDPQRVDMXVWHVILQDLVGDHGLWRUDomR
$ *DEULHO H /XFDV -RmR 9LFWRU H 'DQGDQ &DLR 5DtVVD *DEULHO
&UHVSRWRGRVDPLJRVGR7LDJRTXHQmRVDEHPFRPRHVWDDPL]DGHIRL
LPSRUWDQWHSDUDRERPDQGDPHQWRGHVWDSHVTXLVD
$RVDPLJRVTXHULGRV9HULQKD)HUQDQGDH-RmR%HWH6RODQJHH
:DOPLU &ULVWLQD H 0DUTXLQKRV 9HUD <RNR H 3DEOR (OLDQH 0DUtOLD
-RQHVH6HUJLQKR8PIRUWHDEUDoR
³(PVXPD
RTXHFRQWDUiQRIXWXUR
QDVFLrQFLDVHQDVFXOWXUDV
QmRpPRGHOR
pDPRGHOL]DomR´
+87&+,1621$3DSXG/(02,*1(-/
680È5,2
5(6802BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,
$%675$&7 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,
$6(675$7e*,$6'2(678'2$0$1(,5$'((67$5'(1752 BBBBBBBB 2)$=(5(05('(22%-(72+,3(57(;72 BBBBBBBBBBBBBBBBBB $VSHFWRV+LVWyULFRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$VSHFWRV(VWUXWXUDLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$VSHFWRV7LSROyJLFRVRKLSHUGRFXPHQWR BBBBBBBBBBBBBBBBBBBBB
2V+LSHUGRFXPHQWRVHVXD(ODERUDomRDIDVHGHPRGHODJHP
FRQFHLWXDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHORVGH'DGRVSDUD+LSHUWH[WRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $0RGHODJHP&RQFHLWXDOQR22+'0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2(VWDWXWRGD7H[WXDOLGDGHHP+LSHUGRFXPHQWRV BBBBBBBBBBBBBBB
2VHODERUDGRUHVGHKLSHUGRFXPHQWRXPDQRYDSHUVSHFWLYDGHDXWRULD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'$02'(/,=$d­2¬5(35(6(17$d­2'2&21+(&,0(1720e72'26(
7(25,$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $0RGHOL]DomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$5HSUHVHQWDomRGR&RQKHFLPHQWR BBBBBBBBBBBBBBBBBBBBBBBBBBB
7HRULDGD&ODVVLILFDomR)DFHWDGD BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
8QLGDGHV&ODVVLILFDWyULDVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &DUDFWHUtVWLFDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HQTXHVH&DGHLDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )DFHWDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &DWHJRULDV)XQGDPHQWDLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 8QLYHUVRGR&RQKHFLPHQWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7HRULDGD7HUPLQRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RQFHLWRVH7HUPRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODo}HVHQWUH&RQFHLWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODomR/yJLFD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODomR2QWROyJLFD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6LVWHPDGH&RQFHLWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6LVWHPDVGH&RQFHLWRV*HQpULFRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6LVWHPDGH&RQFHLWRV3DUWLWLYRVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6LVWHPDVGH&RQFHLWRV+LHUiUTXLFRV0LVWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBB 7HRULDGR&RQFHLWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHORSDUDD&RQVWUXomRGR&RQFHLWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &DWHJRUL]DomRH5HODo}HV&RQFHLWXDLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $2ULHQWDomRD2EMHWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$EVWUDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2EMHWRH&ODVVHGH2EMHWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $WULEXWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $VVRFLDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2QWRORJLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2QWRORJLDGH3DUWLFXODUHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2QWRORJLDGRV8QLYHUVDLV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7HRULDVTXHFRQWULEXHPSDUDDDQiOLVHGRVREMHWRVHGHVXDVUHODo}HV BBBBBB $&203/(;,'$'('25(35(6(17$5'$&203$5$d­2(175(260e72'26
(7(25,$6$&216758d­2'2+,3(5'2&80(172 BBBBBBBBBBBBBB 2SURFHVVRGHUHSUHVHQWDURPpWRGRGHUDFLRFtQLR BBBBBBBBBBBBB
22EMHWRGD5HSUHVHQWDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$V5HODo}HVHQWUHRV2EMHWRVDHODERUDomRGHHVWUXWXUDVFRQFHLWXDLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HODomR&DWHJRULDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODomR+LHUiUTXLFD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODomR3DUWLWLYD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODo}HVHQWUH&DWHJRULDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HODomRGH(TXLYDOrQFLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $VIRUPDVGHUHSUHVHQWDomRXPDSRVVLELOLGDGHGHFRPXQLFDomRBBB
2(63$d2&2081,&$&,21$/1$5($/,=$d­2'$$8725,$5(48,6,726
3$5$$(/$%25$d­2'(0(72'2/2*,$63$5$02'(/26&21&(,78$,6'(
+,3(5'2&80(1726 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
35,0(,521Ë9(/(QWHQGLPHQWRGD)RUPDGH$ERUGDJHPGR$VVXQWR
GR+LSHUGRFXPHQWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HTXLVLWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HFRPHQGDo}HVSDUDRSULPHLURQtYHOGHPRGHOL]DomR BBBBBBBBBBBBBBBBBB 6(*81'21Ë9(/2UJDQL]DomRGDV8QLGDGHVGH&RQKHFLPHQWRQD
&RQVWUXomRGD1DUUDWLYDGR+LSHUGRFXPHQWR BBBBBBBBBBBBBBBBBBB
5HTXLVLWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HFRPHQGDo}HVSDUDRVHJXQGRQtYHOGHPRGHOL]DomR BBBBBBBBBBBBBBBBBBB 7(5&(,52 1Ë9(/(VWDEHOHFLPHQWRGHXPYHtFXORGHFRPXQLFDomRH
H[SUHVVmRVREUHDWHPiWLFDGRKLSHUGRFXPHQWRBBBBBBBBBBBBBBBBB
5HTXLVLWRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5HFRPHQGDo}HVSDUDRWHUFHLURQtYHOGHPRGHOL]DomR BBBBBBBBBBBBBBBBBBB &216,'(5$d®(6),1$,6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2%5$6&,7$'$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2%5$6&2168/7$'$6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $3Ç1',&(, BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,QVWUXPHQWR(PStULFR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$3Ç1',&(,, BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0RGHODJHP&RQFHLWXDOGR+LSHUGRFXPHQWR³0DQXDOGH7HVDXUR´ BBBBBB
/,67$'(),*85$6
)LJXUD6HSDUDomRGHXPDFHUWDSDUWHGDUHDOLGDGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD$QiOLVHGDDEVWUDomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD5HGHFRQFHLWXDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD(WDSDVSDUDRGHVHQYROYLPHQWRGHDSOLFDo}HVKLSHUPtGLDV BBBBBBBBBBBBBBBB
)LJXUD$(VSLUDOGR8QLYHUVRGR&RQKHFLPHQWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD$(VSLUDOGR'HVHQYROYLPHQWRGH$VVXQWR BBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUDÈUYRUH%DQLDQDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD5HODo}HV/yJLFDVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD5HODo}HV2QWROyJLFDV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDHP/LQKD'LUHFLRQDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDFRP,QGLFDomRGH&DUDFWHUtVWLFDBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDGH&DPSR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPD&RPELQDWyULR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDGH9HQQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD6LVWHPDGH&RQFHLWRV3ROLKLHUiUTXLFRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDHP/LQKD'LUHFLRQDO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD'LDJUDPDGH&DPSR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD6LVWHPDGH&RQFHLWRV+LHUiUTXLFRV0LVWR BBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD0RGHORSDUDD&RQVWUXomRGRV&RQFHLWRVGH'DKOEHUJ BBBBBBBBBBBBBBBBBB
)LJXUD7ULkQJXORGH'DKOEHUJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD5HODo}HVHQWUH&RQFHLWRVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD&RPSDUDomRGHFRQFHLWRVGRSRQWRGHYLVWDGDOyJLFDIRUPDO BBBBBBBBBBBBB
)LJXUD'LDJUDPDGH&ODVVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD(VSLQKDGRUVDOGDRQWRORJLDGHSDUWLFXODUHVBBBBBBBBBBBBBBBBBBBBBBBBBB
)LJXUD(VSLQKDGRUVDOEiVLFDGDRQWRORJLDGHXQLYHUVDLV BBBBBBBBBBBBBBBBBBBBB
)LJXUD&RUUHODomRGDVFDWHJRULDVGH$ULVWyWHOHVFRPDVFDWHJRULDVGH'DKOEHUJBBBB
L
5(6802
1R SURFHVVR GH SURGXomR GH KLSHUGRFXPHQWRV YHULILFDVH D IDOWD GH PHWRGRORJLDV
DSURSULDGDVSDUDDHODERUDomRGHPRGHORVFRQFHLWXDLVTXHSRVVDPUHSUHVHQWDUXQLGDGHVGH
FRQKHFLPHQWR(VWDIDOWDGHFULWpULRVDSURSULDGRVID]FRPTXHDFRPXQLFDomRHQWUHRDXWRU
TXH GHVHQYROYH R FRQWH~GR WHPiWLFR GR WH[WR H R DQDOLVWD GH VLVWHPD ILTXH SUHMXGLFDGD
DFDUUHWDQGRSUREOHPDVQDLPSOHPHQWDomRGRKLSHUGRFXPHQWR2HVWXGRSURS}HTXHDWUDYpV
GH XPD SHUVSHFWLYD LQWHUGLVFLSOLQDU TXH HQJORED iUHDV FRPR D &LrQFLD GD ,QIRUPDomR D
&LrQFLD GD &RPSXWDomR H D 7HUPLQRORJLD SRVVDP VHU GHILQLGRV FULWpULRV TXH YHQKDP D
DX[LOLDU D HODERUDomR GH PHWRGRORJLDV SDUD PRGHORV FRQFHLWXDLV YROWDGRV QmR VRPHQWH
SDUDVLVWHPDVGHEDVHVGHGDGRVPDVSDUDVLVWHPDVTXHYLVDPDRUJDQL]DomRGHXQLGDGHV
GH FRQKHFLPHQWR FRPR p R FDVR GRV KLSHUGRFXPHQWRV 1D &LrQFLD GD ,QIRUPDomR
IRFDOL]RXVH D 7HRULD GD &ODVVLILFDomR QD &LrQFLD GD &RPSXWDomR HVWXGRXVH R PpWRGR
2ULHQWDGR D 2EMHWRV H D 2QWRORJLD (VWHV H D 7HUPLQRORJLD WrP HP FRPXP EDVHV
FODVVLILFDWyULDV TXH YLVDP D VLVWHPDWL]DomR GH FRQFHLWRV SDUD D
HVWUXWXUDomR GH XP
GRPtQLRGHFRQKHFLPHQWRFRPRWDPEpPSDUDDGHILQLomRGRFRQFHLWR$SHVTXLVDSURS}H
XPD VpULH GH UHTXLVLWRV D SDUWLU GH XPD DQiOLVH FRPSDUDWLYD GDV PHWRGRORJLDV H WHRULDV
TXH SRVVDP DX[LOLDU RV HODERUDGRUHV GH PHWRGRORJLDV SDUD PRGHORV FRQFHLWXDLV HP
KLSHUGRFXPHQWRV
$%675$&7
/DFN RI DSSURSULDWH PHWKRGRORJLHV IRU FRQFHSWXDO PRGHOV WR UHSUHVHQW NQRZOHJH
XQLWV LQ WKH SURGXFWLRQ RI K\SHUGRFXPHQWV LV YHULILHG LQ WKH OLWHUDWXUH 1R DSSURSULDWH
FULWHULD LQ WKLV DFWLYLW\ OHDG WR GHWHULRUDWLRQ RI FRPPXQLFDWLRQ EHWZHHQ WKH DXWKRU RI
VXEMHFW FRQWHQW DQG WKH V\VWHP DQDO\VW $V D FRQVHTXHQFH WKH GHYHORSPHQW DQG
GHSOR\PHQWRIK\SHUGRFXPHQWVLVGDPDJHG'HILQLWLRQRIFULWHULDWRDLGLQWKHFUHDWLRQRI
PHWKRGRORJLHV IRU GHYHORSLQJ FRQFHSWXDO PRGHOV VKRXOG EH GRQH WKURXJK DQ
LQWHUGLVFLSOLQDU\DSSURDFKHQYROYLQJVXEMHFWILHOGVVXFKDV,QIRUPDWLRQ6FLHQFH&RPSXWHU
6FLHQFHDQG7HUPLQRORJ\7KRVHFULWHULDDUHHTXDOO\YDOLGWRPRGHOLQJGDWDEDVHV\VWHPV
DQGWRV\VWHPVDLPLQJDWWKHRUJDQL]DWLRQRINQRZOHGJHXQLWVVXFKDVK\SHUGRFXPHQWV,Q
,QIRUPDWLRQ 6FLHQFH WKH VWXG\ IRFXVHG RQ WKH 7KHRU\ RI &ODVVLILFDWLRQ LQ &RPSXWHU
6FLHQFH RQ 2EMHFW2ULHQWHG PHWKRGRORJLHV DQG 2QWRORJLHV 7KH ODWWHU RQHV DV ZHOO DV
7HUPLQRORJ\ KDYH LQ FRPPRQ FODVVLILFDWRU\ EDVHV DLPLQJ DW FRQFHSWV V\VWHPV ERWK WR
VWUXFWXUHDVXEMHFWILHOGDQGWRGHILQHFRQFHSWV7KLVUHVHDUFKOHDGWRDVHWRIUHTXLUHPHQWV
EDVHG RQ D FRPSDUDWLYH DQDO\VLV RI WKRVH PHWKRGV DQG WKHRULHV WKDW PD\ KHOS LQ WKH
GHYHORSPHQW RI PHWKRGRORJLHV IRU FRQFHSWXDO PRGHOV WR EH XVHG ZKHQ GHVLJQLQJ
K\SHUGRFXPHQWV
$6(675$7e*,$6'2(678'2$0$1(,5$'((67$5
'(1752
%iUEDUD &DVVLQ QD DSUHVHQWDomR GH VXD FROHWkQHD GH WH[WRV VREUH DV HVWUDWpJLDV
FRQWHPSRUkQHDVGHDSURSULDomRGDDQWLJXLGDGHVRERWtWXOR³1RV*UHFVHWOHXUVPRGHUQHV´
GHILQHHVWUDWpJLDFRPRXPDDomRTXHSHUPHLDWRGDDRUJDQL]DomRGHXPDSHVTXLVD
³2WHUPRHVWUDWpJLDWUDWDSULPHLUDPHQWHPXLWRFODVVLFDPHQWH
PXLWRKHUPHQHXWLFDPHQWHGHGHVLJQDUROXJDUGHKRUL]RQWHGH
LQWHOLJLELOLGDGH $ TXHVWmR PDLV JHQpULFD j TXDO WRGDV DV
FRQWULEXLo}HV UHVSRQGHP p DOJXPD FRLVD FRPR H[SOLFLWH VHX
KRUL]RQWH GH LQWHUSUHWDomR TXH VH FRPSUHHQGH QD PDQHLUD
FRPR FRQIHFFLRQD R VHX REMHWR ([SOLTXHPQRV H[SOLTXH VHXV
LQWHUHVVHVGHFRQKHFLPHQWR$MXGHP D SDVVDU DWUiV GH VL QRV
EDVWLGRUHV SDUD TXH YHMDPRV FRPR YRFrV SUHSDUDUDP VXDV
WRUo}HV GLVWRUo}HV TXHU GL]HU VXDV PDQHLUDV GH HVWDU GHQWUR
G¶rWUHGDQV´&$66,1S
,QLFLDPRVQRVVDWHVHGHPRQVWUDQGRD³PDQHLUDGHHVWDUGHQWUR´FRPRFRQVWUXtPRV
QRVVRVLQWHUHVVHVGHFRQKHFLPHQWRFRPRSUHSDUDPRVQRVVRROKDUSDUDREVHUYDUPRVQRVVR
REMHWR GH HVWXGR 9DPRV DSUHVHQWDU QRVVRV DOLDGRV QRVVRV DUJXPHQWRV SDUD RV DPLJRV
(LVDTXLFRPRWUDoDPRVQRVVDVHVWUDWpJLDV
1RkPELWRGRWUDWDPHQWRHGD UHFXSHUDomRGDLQIRUPDomRDIRUPDGH RUJDQL]DU H
UHFXSHUDULQIRUPDomRVHPSUHHVWHYHFRQGLFLRQDGDjWHFQRORJLDDVVRFLDGD
2ROKDUSDUDDWHFQRORJLDSDUDPXLWRVSURILVVLRQDLVVHPSUHIRLLQWHUURJDWLYR(UD
RQRYRRPRGHUQRPDVDRPHVPRWHPSRHUDVHPSUHRDGDSWiYHO$SHVDUGHSHUFHEHUHP
TXHSRUPXLWDVYH]HVUHSHWLDVHRPHVPRPDVFRPQRYDVURXSDJHQVDWHFQRORJLDVHIH]
VREHUDQD (QWUHWDQWR DSHVDU GHVWD UHODomR PXLWRV SURILVVLRQDLV SHUGHUDP XPD SRVWXUD
LQJrQXDGLDQWHGDMXUiVVLFDWHFQRORJLDHFRQVHJXLUDPSHUFHEHUDVHSDUDomRQHVWHFDVRGR
TXHHUDRUJDQL]DULQIRUPDomRHRTXHUHSUHVHQWDYDRPHLRWHFQROyJLFR
1RVDQRVTXDQGRRVLVWHPDKLSHUWH[WRVHWRUQDSRSXODUQRPHLRGRSURILVVLRQDO
GH LQIRUPDomR SHUFHEHVH TXH D WHFQRORJLD GH KLSHUWH[WR p EDVWDQWH HILFD] FRPR XPD
LQWHUIDFH JUiILFDSDUDGLVSRQLELOL]DULQIRUPDo}HVQDUHGH R XVXiULR SRGHULD VH FRQHFWDU D
TXDOTXHUSRQWRDWUDYpVGHXPDUHGHGHLQIRUPDo}HVSUHYLDPHQWHRUJDQL]DGDV
$V(VWUDWpJLDVGR(VWXGR
1R kPELWR GRV GRFXPHQWRV HOHWU{QLFRV HVWD RUJDQL]DomR FRPHoRX D WRPDU Mi HP
XPHVSDoRSHVVRDOXPDGLPHQVmRLQYHVWLJDWLYDGHQRVVDSDUWH
$ GRFrQFLD DVVRFLDGD j SHVTXLVD QD iUHD GH 2UJDQL]DomR H 5HSUHVHQWDomR GR
&RQKHFLPHQWRHVSHFLILFDPHQWHRVFRQKHFLPHQWRVTXHGmRVXSRUWHWHyULFRHPHWRGROyJLFR
QR kPELWR GRV 6LVWHPDV GH &RQFHLWRV IRUDP DV UHVSRQViYHLV SRU XP ROKDU FUtWLFR GLDQWH
GHVWHQRYRWLSRGHVXSRUWHGRFXPHQWDO±RVKLSHUWH[WRV
(P XPD FHUWD PHGLGD RV KLSHUWH[WRV SRGHP VHU FRPSDUDGRV D XP VLVWHPD GH
FRQFHLWRV SRLV VmR QyV FRQFHLWXDLV OLJDGRV D RXWURV QyV DWUDYpV GH XP GDGR QtYHO GH
UHODomR$FRSODGRDR³VHUKLSHUWH[WXDO´H[LVWHXPDDomRFODVVLILFDWyULDDVOLJDo}HVHQWUH
RVQyVVmRLPSOHPHQWDGDVDSDUWLUGHXPDUHGHGHDVVRFLDo}HV1RFDVRGRVGRFXPHQWRV
HOHWU{QLFRVHVWDDVVRFLDomRVHFRORFDDSDUWLUGDRUJDQL]DomRGRVFRQWH~GRVLQIRUPDFLRQDLV
H[LVWHQWHVQDREUD(VWHVFRQWH~GRVVmRRUJDQL]DGRVQmRPDLVGHXPDIRUPDOLQHDUPDV
HPSHTXHQRVEORFRVTXHGHYHPSDUDRWLPL]DUDOHLWXUDFDEHUHPXPDWHODHHVWmROLJDGRV
D RXWURV EORFRV 0XGD D IRUPD GH DSUHVHQWDomR GRV FRQWH~GRV LQIRUPDFLRQDLV GH XP
GRFXPHQWR1DYHUGDGHDIRUPDGHFRQFHEHUXPGRFXPHQWRHPKLSHUWH[WRQmRHVWLPXOD
PDLVTXHDLQIRUPDomRVHMDDSUHVHQWDGDGHIRUPDOLQHDU
1DHODERUDomRGHXPKLSHUWH[WRVHFRORFDPGHXPDIRUPDJHUDOTXDWURPRPHQWRV
PRGHODJHP FRQFHLWXDO PRGHODJHP GH QDYHJDomR SURMHWR DEVWUDWR GD LQWHUIDFH H
LPSOHPHQWDomR 1HVWH HVWXGR LQWHUHVVDQRV SHQVDU R GRFXPHQWR KLSHUWH[WXDO HP VHX
PRPHQWRSULPHLURQDVXDFRQFHSomRQRPRPHQWRHPTXHVHID]QHFHVViULRDSUHVHQWDUHP
XPVXSRUWHLQIRUPDWLYRXPDWHPDWL]DomRGHXPDGDGDREVHUYDomRRXTXHVWmRRPRPHQWR
GRPRGHORFRQFHLWXDOFRPRXPDHWDSDGDHVFULWDHPKLSHUGRFXPHQWRV
3RU KLSHUGRFXPHQWRV HQWHQGHPRV XP WLSR GH KLSHUWH[WR TXH VH FDUDFWHUL]D FRPR
XPOLYURHOHWU{QLFRTXHSRVVXLXPDHVWUXWXUDIRUPDGDSRUEORFRVTXHVHXQHP FRP XPD
GDGDRUJDQLFLGDGHWHPiWLFDHHVWiQRkPELWRGHXP~QLFRGRFXPHQWR
1HVWH HVWXGR QRV SURSRPRV D LQYHVWLJDU R PRGHOR FRQFHLWXDO QmR VRPHQWH FRPR
XPDHWDSDGDPRGHODJHPGHGDGRVSDUDDLPSOHPHQWDomRGHKLSHUGRFXPHQWRVPDVFRPR
XPD SUHUURJDWLYD GD SUySULD HVVrQFLD GR REMHWR KLSHUGRFXPHQWR 3HQVDU VRPHQWH FRPR
XPDHWDSD GD PRGHODJHP GH GDGRV p HQFDUDU R PRGHOR FRQFHLWXDO OLJDGR H[FOXVLYDPHQWH
$V(VWUDWpJLDVGR(VWXGR
DRPHLRWHFQROyJLFReYHUGDGHTXHRPRGHORH[LVWHSDUDUHSUHVHQWDUXPDQHFHVVLGDGHGH
H[SUHVVmR GR VXSRUWH TXH FRQWHUi DV LQIRUPDo}HV PDV DTXL TXHUHPRV HYLGHQFLDU TXH D
WHFQRORJLD GH KLSHUWH[WR YLDELOL]D D UHSUHVHQWDomR GH XPD WHPiWLFD GH IRUPD PDLV
UL]RPiWLFDRQGHDVFDGHLDVGHLQIRUPDomRSRGHPVHUYHLFXODGDVDWUDYpVGRPRGHORTXHVH
FRQILJXUDFRPRXPDHWDSDGDRUJDQL]DomRGRFRQKHFLPHQWRH[LVWHQWHQRKLSHUGRFXPHQWR
3URGX]LU XP KLSHUGRFXPHQWR LPS}H RUJDQL]DUPRV R SHQVDPHQWR HP SHGDoRV GH
LQIRUPDomRTXHVHOLJDPHPXQLGDGHVGHFRQKHFLPHQWRTXHQRVDWUHYHPRVDGL]HUWDOYH]
VHMDDIRUPDPDLVQDWXUDOGHHVFULWD(QWUHWDQWRGXUDQWHVpFXORVHVWLYHPRVFRQGLFLRQDGRV
jHVFULWDOLQHDUGHYLGRDRVVXSRUWHVTXHFRQWLYHUDPHVWDIRUPDGHH[SUHVVmR$WXDOPHQWH
FRP RV KLSHUGRFXPHQWRV H[SUHVVDU R SHQVDPHQWR HP XPD UHGH GH FRQFHLWRV UHTXHU
DSUHQGHUDFRQVWUXLUXPDQRYDIRUPDGHHVFULWDeQHVWDGLUHomRTXHLQYHVWLJDUHPRV3DUD
H[SUHVVDUXPDHVFULWDKLSHUWH[WXDODTXHVWmRGDOLJDomRHQWUHRVQyV FRQFHLWXDLVHGHVHX
FRQWH~GRVHDSUHVHQWD
1HVWDSDVVDJHPGDHVFULWDOLQHDUSDUDXPDHVFULWDIUDJPHQWDGDHVWmRHPMRJRSHOR
PHQRVGRLVFRQFHLWRVRGHKLHUDUTXLDHRGHDVVRFLDomRRXVHMDDHVFULWDOLQHDUUHSURGX]
R SHQVDPHQWR HP iUYRUH HP XPD GDGD KLHUDUTXLD GH LGpLDV H D HVFULWD IUDJPHQWDGD
FDUDFWHUtVWLFDGRVKLSHUGRFXPHQWRVUHSUHVHQWDRSHQVDPHQWRHPXPDUHGHGHDVVRFLDo}HV
GH LGpLDV RQGH LQFOXVLYH XPD iUYRUH GH LGpLDV WHP R VHX OXJDU %ROWHU GLVFXWLQGR
TXHVW}HV UHODWLYDV j KLVWRULFLGDGH GR WH[WR PRVWUD GH IRUPD EDVWDQWH LQWHUHVVDQWH D
SDVVDJHPGHXPDHVFULWDOLQHDUSDUDXPDIUDJPHQWDGD
³2 DQWLJR UROR GH SDSLUXV HUD IRUWHPHQWH OLQHDU HP VXD
DSUHVHQWDomR GR WH[WR 2 FRGH[ HVSHFLDOPHQWH QRV ~OWLPRV
DQRV GD,GDGH 0pGLD H HQWmRR OLYUR LPSUHVVR WrP TXH ID]HU
XPHVIRUoRPDLRUSDUDDFRPRGDUDVVRFLDomRHKLHUDUTXLD1R
OLYURPRGHUQRRVXPiULROLVWDGHFDStWXORVHGHVHo}HVGHILQH
DKLHUDUTXLDHQTXDQWRRtQGLFHUHJLVWUDOLQKDVDVVRFLDWLYDVGH
SHQVDPHQWRTXHSHUPHLDPRWH[WR8PtQGLFHSHUPLWHDROHLWRU
ORFDOL]DUSDVVDJHQVTXHDSUHVHQWDPDPHVPDSDODYUDIUDVHRX
DVVXQWRHHQWmRDVVRFLDPSDVVDJHQVTXHSRGHPVHUVHSDUDGDV
QD SDJLQDomRGR OLYUR (P XP GDGR VHQWLGR RtQGLFH GHILQH
RXWURV OLYURV TXH SRGHP VHU XWLOL]DGRV RXWURV WHPDV TXH R
DXWRUSRGHUiIRUPDUHPXPDQDUUDWLYDDQDOtWLFDHHQYHUHGDUR
OHLWRUSDUDD OHLWXUD GR OLYUR SRUFDPLQKRV DOWHUQDWLYRV 8P
LQGH[ WUDQVIRUPD XP OLYUR GH XPD iUYRUH HP XPD UHGH
RIHUHFHQGRP~OWLSORVOXJDUHVGHRUGHP±SDUiJUDIRVHSiJLQDV
1mRKiQHFHVVLGDGHGHQHQKXPHOHPHQWRSULYLOHJLDGRHPXPD
UHGHFRPRKiVHPSUHHPXPDiUYRUHQmRKiWySLFRV VLPSOHV
$V(VWUDWpJLDVGR(VWXGR
TXH GRPLQHP RXWURV ([LVWH LQVWDQWHV GH VXERUGLQDo}HV
HVWULWDV´%2/7(5S
1R OLYUR PRGHUQR p R VXPiULR TXH HYLGHQFLD D HVWUXWXUD GD REUD QRV
KLSHUGRFXPHQWRV VmR DV UHGHV GH DVVRFLDo}HV TXH HVWmR HVWDEHOHFLGDV D SDUWLU GD OLJDomR
HQWUHRVQyVFRQFHLWXDLV2SDUDOHORGRVXPiULRHPXPKLSHUGRFXPHQWRRXDHVWUXWXUDGD
REUD p KRMH FRP RV KLSHUWH[WRV DSUHVHQWDGD FRPR XPD GDV IRUPDV GH QDYHJDomR
SRVVtYHO$OJXPDVYH]HVQRkPELWRGDQDYHJDomRHVWDHVWUXWXUDpDSUHVHQWDGDFRPRXP
PDSDSDUDDX[LOLDUROHLWRUDHQWHQGHUHPTXHSDUWHGRWH[WRHOHVHHQFRQWUD(QWUHWDQWRQR
KLSHUGRFXPHQWR p VRPHQWH R PRGHOR FRQFHLWXDO TXH SRGH HYLGHQFLDU WRGD D GLPHQVmR
WHPiWLFDGDREUD
1RVVD TXHVWmR QRV OHYD D LQYHVWLJDU FRPR RV KLSHUGRFXPHQWRV VmR SURGX]LGRV
DWXDOPHQWHHVHRVPHFDQLVPRVGHDEVWUDomRXWLOL]DGRVSDUDUHSUHVHQWDURVFRQFHLWRVHVXDV
UHODo}HVLVWRpRVQyVFRQFHLWXDLVVmR UHSUHVHQWDWLYRVH FRPRVHFRQILJXUDP QR PRGHOR
FRQFHLWXDO
$WXDOPHQWH R TXH YHP DFRQWHFHQGR GH IRUPD PDLV IUHTHQWH p WUDQVIRUPDU XP
WH[WROLQHDUHPKLSHUGRFXPHQWR1DPDLRULDGDVYH]HVpHVWDDVROXomRPDLVYLiYHOSRLV
QHP VHPSUH DTXHOH TXH GRPLQD D WHPiWLFD TXH YDL VHU YHLFXODGD QR KLSHUGRFXPHQWR p R
TXHGRPLQDDWHFQRORJLDIUHTHQWHPHQWHpPDLVIiFLOVROLFLWDUDR DXWRU GH FRQWH~GR TXH
DSUHVHQWH D WHPiWLFD GH IRUPD OLQHDU SDUD GHSRLV VH WUDQVIRUPDU HP KLSHUWH[WR e PDLV
IiFLOGRSRQWRGHYLVWDWHFQROyJLFRPDVQmRRPDLVDGHTXDGRjRUJDQL]DomRWHPiWLFD$V
H[SHULrQFLDVWrPPRVWUDGRTXHHVWDQmRpDPHOKRURSomR
1RVVD SHVTXLVD SUHWHQGH HYLGHQFLDU D QHFHVVLGDGH GH XPD FRPXQLFDomR PDLV
HIHWLYD HQWUH R DXWRU GD WHFQRORJLD H DXWRU GD WHPiWLFD SDUD D UHDOL]DomR GH PRGHORV
FRQFHLWXDLV PDLV FRQVLVWHQWHV H FRQVHTHQWHPHQWH GH KLSHUGRFXPHQWRV PDLV EHP
FRQVWUXtGRV $ILUPDPRV TXH SDUD TXH LVWR RFRUUD p QHFHVViULR D HODERUDomR GH
PHWRGRORJLDV SDUD D FRQVWUXomR GH PRGHORV FRQFHLWXDLV PDLV DSURSULDGRV SDUD
KLSHUGRFXPHQWRV TXH SRVVDP LQFOXLU HWDSDV RQGH VHMDP SUHYLVWRV TXHVW}HV OLJDGDV j
DXWRULD TXH LUHPRV GHIHQGHU FRPR FRODERUDWLYD H j RUJDQL]DomR GH XQLGDGHV GH
FRQKHFLPHQWRTXHUHSUHVHQWDPDWHPiWLFDGRKLSHUGRFXPHQWR
$V(VWUDWpJLDVGR(VWXGR
1D YHUGDGH LUHPRV GHPRQVWUDU TXH HP WRGD PRGHODJHP FRQFHLWXDO HVWi LPSOtFLWR
XP SURFHVVR GH DEVWUDomR 6HJXQGR 2HVHU 2(6(5 DEVWUDomR SRGH VHU GHILQLGD
FRPRXPPRGHORFRQFHLWXDOGHFRQKHFLPHQWRTXHUHSUHVHQWDVHPSUHXPDSDUWHOLPLWDGDGD
UHDOLGDGH$DEVWUDomRpGHILQLGDFRPRXPSURFHGLPHQWRGHP~OWLSODVHWDSDV
$ SULPHLUD HWDSD p D GH HVWUXWXUDomR GH XP GRPtQLR GR FRQKHFLPHQWR TXH LQLFLD
FRPDVHSDUDomRGHFHUWDSDUWHGDUHDOLGDGHGR8QLYHUVRGR'LVFXUVR
)LJXUD6HSDUDomRGHXPDFHUWDSDUWHGDUHDOLGDGH
)RQWH2(6(5
$VHJXQGDHWDSDpDGHDQDOLVDUDDEVWUDomRTXHFRQVLVWHHPHQIDWL]DURVHYHQWRVH
REMHWRVLQGLYLGXDLVUHOHYDQWHVQXPDGDGDSDUWHGDUHDOLGDGH$DQiOLVHVHGDULDDSDUWLUGRV
VHJXLQWHV SURFHGLPHQWRV LVRODPHQWR GDV XQLGDGHV GH FRQKHFLPHQWR FRQFHLWRV
HVWUXWXUDomRHVSHFtILFDGHGRPtQLRVGHFRQKHFLPHQWRFRPrQIDVHQRVHYHQWRVREMHWRVRX
IDWRVLQGLYLGXDLVGDSDUWHGDUHDOLGDGHVHOHFLRQDGD
$V(VWUDWpJLDVGR(VWXGR
)LJXUD$QiOLVHGDDEVWUDomR
)RQWH2(6(5
$WHUFHLUDHWDSDpDGDVtQWHVHGDDEVWUDomR,VWRVLJQLILFDDFRQVWUXomRGHXPDUHGH
FRQFHLWXDO LQGLFDQGR RV UHODFLRQDPHQWRV HQWUH RV FRQFHLWRV TXH VH FRQILJXUD FRPR XP
PRGHORFRQFHLWXDO
)LJXUD5HGHFRQFHLWXDO
)RQWH2(6(5
$V(VWUDWpJLDVGR(VWXGR
$VVLPQRVVRWUDEDOKRVHFDUDFWHUL]DSRUTXHVWLRQDUDIDVHGHPRGHODJHPFRQFHLWXDO
HP KLSHUGRFXPHQWRV QR VHQWLGR GH QmR VH FDUDFWHUL]DU VRPHQWH FRPR XPD HWDSD GH
FRQVWUXomR GD PRGHODJHP GH GDGRV PDV SRU VH FRQILJXUDU WDPEpP FRPR XPD HWDSD GD
SUySULDRUJDQL]DomRGDVXQLGDGHVGHFRQKHFLPHQWRGHXPKLSHUGRFXPHQWR'HVWDIRUPD
SURSRPRVUHTXLVLWRVSDUDRGHVHQYROYLPHQWRGHPHWRGRORJLDVSDUDPRGHODJHPFRQFHLWXDO
PDLV DSURSULDGD SDUD KLSHUGRFXPHQWRV LVWR p SRVVLELOLWDQGR TXH R KLSHUGRFXPHQWR Mi
³QDVoD´GHIRUPDKLSHUWH[WXDO
$R WUDoDUPRV QRVVD HVWUDWpJLD GH SHVTXLVD HP XP SULPHLUR PRPHQWR SHQVDPRV
HP GLDORJDU FRP RV SHVTXLVDGRUHV HODERUDGRUHV GH KLSHUGRFXPHQWRV VREUH R PRPHQWR
SULPHLURGHFRQVWUXomRGRKLSHUGRFXPHQWRDTXHOHHPTXHRDXWRUYDLGHVORFDUVXDVLGpLDV
SDUD XP VXSRUWH GRFXPHQWDO GLDORJDU VREUH WRGRV RV SURFHVVRV TXH QHVWH FDVR HVWmR
HQYROYLGRVFRPRDRUJDQL]DomRGDVLGpLDVDSDVVDJHPGDVLGpLDVSDUDVHFRQILJXUDU
HPXPQyGHKLSHUWH[WRDUHODomRHQWUHRVQyVHQWUHDVLGpLDVDRUGHPGHRUJDQL]DomR
GHVVDVLGpLDVHVWUXWXUDGDREUDDUHODomRGDHVWUXWXUDGDREUDHROHLWRUYLUWXDOLQVFULWRQR
WH[WR DOpP GLVWR GLDORJDU VREUH D VXD FRPXQLFDomR FRP R DXWRU GD WHFQRORJLD H DV
PHWRGRORJLDV H LQVWUXPHQWRV XWLOL]DGRV SDUD IDFLOLWDU HVVD FRPXQLFDomR 1mR QRV
LQWHUHVVDYDDQDOLVDURVKLSHUGRFXPHQWRVDFDEDGRVSDUDHQWmRWHQWDUGHOLQHDUVXDIRUPDGH
FRQVWUXomR QmR QRV LQWHUHVVDYD H QmR VHULD SRVVtYHO DQDOLViORV FRPR YHUHPRV PDLV
DGLDQWHQRVFDStWXORVTXHVHVHJXHP6HWHQWiVVHPRVSRUHVWHFDPLQKRWHUtDPRVVRPHQWH
VXESURGXWRVGRTXHIRLLPDJLQDGRHFRQVWUXtGRSHORDXWRU
(VWD RSomR GH GLDORJDU FRP RV HODERUDGRUHV GH KLSHUGRFXPHQWRV VH GHYH D XPD
GHFLVmRPHWRGROyJLFDGHHVWXGDUPRVDFLrQFLDHPDomR3DUDWDQWRRSWDPRVSRUDQDOLVDU
RVIDWRVDQWHVGD³FDL[DSUHWD´VHUFRQVWUXtGDRKLSHUGRFXPHQWR'HVWDIRUPDRHQFRQWUR
FRP /DWRXU
IRL LPHQVDPHQWH FRQIRUWDQWH GHXQRV XPD VHJXUDQoD QR FDPLQKR TXH
GHYHUtDPRV WULOKDU 7UDEDOKDPRV QHVWD SHUVSHFWLYD GD FRQVWUXomR GR ID]HU FRPR GL]
/DWRXU
³(VWXGDPRVDFLrQFLDHPDomRHQmRD FLrQFLDRXDWHFQRORJLD
SURQWDSDUDLVVRRXFKHJDPRVDQWHVTXHIDWRVHPiTXLQDVVH
WHQKDP WUDQVIRUPDGR HP FDL[DVSUHWDV RX DFRPSDQKDPRV DV
FRQWURYpUVLDVTXHDVUHDEUHP³/$7285S
%UXQR/DWRXUWHyULFRIUDQFrVTXHDWXDQRkPELWRGRV(VWXGRV6RFLDLVGD&LrQFLD,QWURGX]DWHRULDDWRUUHGHFXMR
DUJXPHQWRGHEDVHpDUHFXVDGDJUDQGHGLYLVmRLQWHOHFWXDOFRORFDQGRHPTXHVWmRDFUHQoDQDH[LVWrQFLDGHGLIHUHQWHV
FDSDFLGDGHVFRJQLWLYDV
$V(VWUDWpJLDVGR(VWXGR
2SULPHLURFDPLQKRRTXDOQRVSURSXVHPRVDWULOKDUQHVWDSHUVSHFWLYDHPILQDLVGH
IRL GH WUDEDOKDU GHQWUR GRV ODERUDWyULRV RQGH KLSHUGRFXPHQWRV HVWDYDP VHQGR
SURGX]LGRV REVHUYDQGR H LQWHUDJLQGR FRP RV GHVHQYROYHGRUHV GH PRGHORV FRQFHLWXDLV
(QWUHWDQWR QDTXHOH PRPHQWR QmR IRL LGHQWLILFDGD QHQKXPD ,QVWLWXLomR TXH WLYpVVHPRV
DFHVVR GHVHQYROYHQGR KLSHUGRFXPHQWRV 1D YHUGDGH HP XPD ,QVWLWXLomR YLQKD
GHVHQYROYHQGRKLSHUGRFXPHQWRVLQVWUXFLRQDLVHQWUHWDQWRSRUTXHVW}HVTXH/DWRXUH[SOLFD
PXLWR EHP HP VHXV WUDEDOKRV DV FRQWURYpUVLDV DFDGrPLFDV QmR IRL SRVVtYHO TXH HVWD
,QVWLWXLomRIRVVHXPHVSDoRGHREVHUYDomRSDUDRGHVHQYROYLPHQWRGHQRVVDSHVTXLVD
2VHJXQGRFDPLQKRMiQRSULPHLURVHPHVWUHGHIRLRUJDQL]DUXPLQVWUXPHQWR
TXHSXGHVVHVHUYLUSDUDROHYDQWDPHQWRGDVTXHVW}HVOLJDGDVDRSURFHVVRGHHODERUDomRGD
HVFULWD HP KLSHUGRFXPHQWRV (VWH LQVWUXPHQWR VHUYLULD GH EDVH SDUD TXH SXGpVVHPRV
HQWUHYLVWDURDXWRUGHVHQYROYHGRUGDWHPiWLFDHRGDWHFQRORJLDGHKLSHUGRFXPHQWRVMiQmR
PDLV QR PRPHQWR GR ID]HU PDV VREUH R SURFHVVR UHDOL]DGR 4XHUtDPRV YHULILFDU WUrV
TXHVW}HV EiVLFDV FRPR R FRQFHLWR GH DXWRULD YLQKD VHQGR H[HUFLGR QD FRQVWUXomR GR
KLSHUGRFXPHQWR FRPR D WHPiWLFD WUDWDGD QR KLSHUGRFXPHQWR YLQKD VHQGR DERUGDGD RX
VHMDDSURGXomRGHLGpLDVDIRUPDGHDERUGDUHVVDVLGpLDVHDRUGHPGHGLVWULEXLomRGHVVDV
LGpLDVQRWH[WRHSRU~OWLPRFRPRVHGDYDDWURFDGHLQIRUPDo}HVHQWUHRDXWRUGDWHPiWLFD
HGDWHFQRORJLDTXDQGRGDH[LVWrQFLDGRVGRLVDXWRUHV,GHQWLILFDPRVGXDVLQVWLWXLo}HVD
,QVWLWXLomR$D,QVWLWXLomR%1DVGXDVLQVWLWXLo}HVRGHVHQYROYHGRUGDWHPiWLFDDTXHP
GHQRPLQDPRV DXWRU GD WHPiWLFD H R GHVHQYROYHGRU GD WHFQRORJLD GH KLSHUWH[WRV VH
FRPXQLFDYDP SRVWHULRUPHQWH j SURGXomR GH XP WH[WR OLQHDU HP SDSHO TXH HUD
WUDQVIRUPDGRSHORDXWRUGDWHFQRORJLDHPXPKLSHUGRFXPHQWR(VWHSURGXWRHUDYDOLGDGR
SHOR DXWRU GD WHPiWLFD ,VWR SURGX]LD XPD VpULH GH PRGLILFDo}HV SRUTXH QHP VHPSUH DV
UHODo}HVHVWDEHOHFLGDVHQWUHDVXQLGDGHVGHFRQKHFLPHQWRGRKLSHUGRFXPHQWRSURSLFLDYDP
OLJDo}HVFRQVLVWHQWHVVHPDQWLFDPHQWHHOHVQmRSURGX]LDPRWH[WRHPFRODERUDomRHIHWLYD
0DLVXPDYH]QmRFRQVHJXLPRVGDGRVVXILFLHQWHVTXHSXGHVVHPUHVSRQGHUDXPDSURSRVWD
1RVVRFDPSRHPStULFRGHREVHUYDomRILFRXYLQFXODGRjFLGDGHGR5LRGH-DQHLURHQR*UDQGH5LR
3RGHPRVDILUPDUHPTXHDVREVHUYDo}HVTXHSRGHUtDPRVID]HUQmRFRQVLVWLULDPHPQRYDVSHUVSHFWLYDVSDUD
DVFRQFOXV}HVDWXDOPHQWHFKHJDGDV$ILUPDPRVLVVRSRUTXHQRLQLFLRGRDQRGHSRUXPDGHVVDVFRLQFLGrQFLDVGH
FDPLQKRVRXWDOYH]SRUXPDFRQIOXrQFLDGHGHVHMRVSRUDWDOKRVGRYLYHUIRPRVFRQYLGDGRVDREVHUYDUDHODERUDomRGRV
KLSHUGRFXPHQWRV QD ,QVWLWXLomR FRQWDWDGD HP H YHULILFDPRV TXH DV FRQFOXV}HV TXH FKHJDPRV H TXH
GHPRQVWUDUHPRVQRGHFRUUHUGRWUDEDOKRQmRIRUDPDIHWDGDVQHPPXGDULDPGHUXPRVHWLYpVVHPRVDFHVVRHPILQDLVGH
,VWRIRLQRPtQLPRSDUDQyVEDVWDQWHUHFRQIRUWDQWH0DVLVWR/DWRXUWDPEpPH[SOLFDULD
$V(VWUDWpJLDVGR(VWXGR
GHYHULILFDomRHPStULFD2Q~PHURGH,QVWLWXLo}HVHUDLQVXILFLHQWHSDUDXPDFRPSDUDomR
HDOpPGLVVRQmRGLIHUHQFLDYDPHPSUDWLFDPHQWHQDGDTXDQWR DRSURFHVVRGHHIHWLYDomR
GH XPD HVFULWD KLSHUWH[WXDO (QWUHWDQWR HVWH UHVXOWDGR SRVVLELOLWRXQRV FDGD YH] PDLV
UHDILUPDU D QHFHVVLGDGH GH PHWRGRORJLDV PDLV HILFLHQWHV SDUD D HODERUDomR GH PRGHORV
FRQFHLWXDLV H TXH SURSLFLDVVHP XP HVSDoR SDUD D UHDOL]DomR GH XPD DXWRULD TXH GHYHULD
VHU FRODERUDWLYD GHVGH R LQLFLR GR SURFHVVR GH HVFULWD FRPR YLPRV QR GHFRUUHU GD
SHVTXLVD
3DUDOHODPHQWH DQDOLVDPRV DWUDYpV GH XP HVWXGR GH QDWXUH]D GRFXPHQWDO FRPR D
OLWHUDWXUDYHPDERUGDQGRDHVFULWDHPKLSHUGRFXPHQWRV
8PD FRUUHQWH TXH YHP VH ILUPDQGR p D OLJDGD j KLSHUILFomR RQGH RV DXWRUHV
XWLOL]DP RV UHFXUVRV GD OLQJXDJHP KLSHUWH[WXDO SDUD FULDU ILFo}HV QD UHGH 1HVWH WLSR GH
KLSHUWH[WRVDQDUUDWLYDQmRpVyFRQVWUXtGDDSDUWLUGRWH[WRPDVWDPEpPGHLPDJHQVTXH
IRUPDPSDUWHGDKLVWyULD2 HVSDoRHOHWU{QLFRSURSLFLDXPDILFomRQmROLQHDUTXHFRQGX]
ROHLWRUDXPGLiORJRFRPRWH[WRSRGHQGRROHLWRULQWHUDJLUHDWpFRQVWUXLUVXDSUySULD
KLVWyULD &RPR XP GRV WUDEDOKRV GH PDLRU UHSHUFXVVmR QHVWD YHUWHQWH WHPRV 0LFKDHO
-R\FHDXWRUGH³$IWHUQRRQDVWRU\´-R\FH2WUDEDOKRGH-R\FHHVXDVUHIOH[}HV
YrPDX[LOLDQGRDSHQVDUDHVFULWDQHVWHQRYRPHLRWH[WXDO
1RVVDSHVTXLVDVH GLIHUHQFLD GHVWD YHUWHQWH DSHVDU GH XWLOL]DU PXLWDV UHIOH[}HV GH
-R\FHHGHDXWRUHVTXHRVHJXHP(VWDSHVTXLVDVHFRQFHQWUDQRHVWXGRGHXPWLSRGHOLYUR
HOHWU{QLFR TXH QmR SHUPLWH TXH R OHLWRU SRVVD HVWDEHOHFHU LQWHUDo}HV TXH YHQKDP D
PRGLILFDU D HVWUXWXUD GD REUD WDPEpP FKDPDGR GH KLSHUWH[WR IHFKDGR YROWDGR SDUD XP
~QLFR GRFXPHQWR RQGH DV OLJDo}HV HQWUH RV QyV VmR HVWDEHOHFLGDV j SULRUL SHOR DXWRU GR
KLSHUWH[WRFRQWHXGLVWDHWHFQRORJLDHWDLVOLJDo}HVQmRSRGHPVHUPRGLILFDGDV
1HVWHWLSRGHKLSHUGRFXPHQWRSRGHPFRH[LVWLUYiULDVIRUPDVGHQDYHJDomRPDVR
OHLWRU QmR HVWDEHOHFH OLQNV VRPHQWH QDYHJD SRU HOHV 6mR KLSHUGRFXPHQWRV SDUD ILQV
LQVWUXFLRQDLV RQGH LQWHUHVVD DR DXWRU SDVVDU XP FHUWR FDPLQKR TXH OHYD D XPD GDGD
DSUHQGL]DJHPVmRKLSHUGRFXPHQWRVXWLOL]DGRVFRPRPDQXDLVGHHPSUHVDVHQFLFORSpGLDV
Op[LFRVWHVDXURVTXHSRVVXHPXPIRUPDWRMiSUpHVWDEHOHFLGR
(ODERUDPRV XP LQVWUXPHQWR HP TXH GHILQtDPRV QRVVR SRVLFLRQDPHQWR PHWRGROyJLFR H XPD HQWUHYLVWD TXH
DSUHVHQWDPRVQR$SrQGLFHGHVWHWUDEDOKR
$V(VWUDWpJLDVGR(VWXGR
1RFDPSRGHQRVVRTXDGURWHyULFRQRVVDVHVWUDWpJLDVIRUDPWUDoDGDVWRPDQGRSRU
SULQFtSLRDQHFHVVLGDGHGHLQYHVWLJDURVPRGHORVGHDEVWUDomRXWLOL]DGRVQDiUHDGD&LrQFLD
GD&RPSXWDomR(VWHVPRGHORVYHPVHQGRXVDGRVSDUDUHSUHVHQWDURFRQWH~GRWHPiWLFR
GRKLSHUGRFXPHQWRDVHUFRQVWUXtGR1HVWDSHUVSHFWLYDWUDEDOKDPRVFRPRVSULQFtSLRVGD
2ULHQWDomR D 2EMHWRV ,QYHVWLJDPRV WDPEpP XPD QRYD GLVFLSOLQD TXH YHP VXUJLQGR QD
iUHD GD &LrQFLD GD &RPSXWDomR TXH UHSHQVD DV SRVVLELOLGDGHV UHSUHVHQWDFLRQDLV H GH
RUJDQL]DomR GR FRQKHFLPHQWR FRPR PRGHORV GH UHSUHVHQWDomR GH GRPtQLRV GH
FRQKHFLPHQWR ± D 2QWRORJLD $OHP GLVWR WRPDPRV WHRULDV QR kPELWR GD &LrQFLD GD
,QIRUPDomR PDV HVSHFLILFDPHQWH DTXHODV OLJDGDV j UHSUHVHQWDomR GH VLVWHPDV GH
FRQFHLWRV FRPR D 7HRULD GD &ODVVLILFDomR )DFHWDGD H D 7HRULD GR &RQFHLWR TXH
SRVVLELOLWDP D UHSUHVHQWDomR GH GRPtQLRV GH FRQKHFLPHQWR H DSOLFDomR 8WLOL]DPRV
WDPEpPHPQRVVDDQiOLVHRVSULQFtSLRVHVWDEHOHFLGRVSHOD7HRULDGD7HUPLQRORJLDSDUDD
GHWHUPLQDomRGHFRQFHLWRVHVXDVUHODo}HV$SDUWLUGDDQiOLVHGRVPRGHORVHGDVWHRULDVp
SRVVtYHO UHSHQVDU RV PHFDQLVPRV TXH SRVVLELOLWDP D UHSUHVHQWDomR GH XPD WHPiWLFD QmR
PDLVGHIRUPDOLQHDUPDVGHIRUPDIUDJPHQWDGDHDVVRFLDWLYDSRUpPJDUDQWLQGRFRHUrQFLD
HQWUHRVFRQFHLWRVHFRQVHTHQWHPHQWHFRHUrQFLDHQWUHRVQyVGHXPKLSHUWH[WR
1RkPELWRDLQGDGHXPH[SHULPHQWRGHVHQYROYHPRVXPPRGHORFRQFHLWXDOGHXP
³0DQXDOGH7HVDXUR´YLVDQGRDX[LOLDUQRVVDDQiOLVH1RVVDSHVTXLVDQmRVHFDUDFWHUL]D
SRUVHUXPHVWXGRGHDXWRURXGHXPDWHRULDPDVGHLQYHVWLJDUXPDTXHVWmRTXHVySRGHUi
VHU UHVSRQGLGD D SDUWLU GH HVWUDWpJLDV GH DQiOLVH TXH LUmR UHXQLU SHQVDPHQWRV IDWRV
LQVFULo}HVHPVXPDTXHLUmRUHXQLUGLYHUVRV DOLDGRV IRUWDOHFHQGR QRVVRV DUJXPHQWRV H
FRQFOXV}HV 'HVWD IRUPD DR ORQJR GR GHVHQYROYLPHQWR GHVWD WHVH LUHPRV DSUHVHQWDU
H[HPSORVUHODFLRQDGRVDHVWHH[SHULPHQWR TXHLUmRIRUWDOHFHUQRVVRVDUJXPHQWRV
1RVVD WHVH SDUWH DVVLP GR SUHVVXSRVWR TXH RV PRGHORV FRQFHLWXDLV DWXDOPHQWH
FRQVWUXtGRV VmR GHILFLHQWHV SRLV QmR SRVVXHP IHUUDPHQWDV UHSUHVHQWDFLRQDLV DSURSULDGDV
UHODFLRQDPHQWRV HQWUH RV FRQFHLWRV GH GLYHUVD QDWXUH]D H QmR SURSLFLDP WDPEpP XP
PHLR FRPXQLFDFLRQDO HIHWLYR SDUD D DomR GH DXWRULD 6HQGR REMHWLYR GR HVWXGR D
7HVDXURSRGHVHUGHILQLGRVREGRLVDVSHFWRVDVHJXQGRDVXDHVWUXWXUDpXPYRFDEXOiULRFRQWURODGRHGLQkPLFR
GH WHUPRV UHODFLRQDGRV VHPkQWLFD H JHQHULFDPHQWH FREULQGR XP GRPtQLR HVSHFtILFR GR FRQKHFLPHQWR E VHJXQGR VXD
IXQomR p XP GLVSRVLWLYR GH FRQWUROH WHUPLQROyJLFR XVDGR QD WUDGXomR GD OLQJXDJHP QDWXUDO GRV GRFXPHQWRV GRV
LQGH[DGRUHVRXGRVXVXiULRVQXPDOLQJXDJHPGRVLVWHPDOLQJXDJHPGHGRFXPHQWDomROLQJXDJHPGHLQIRUPDomRPDLV
UHVWULWD81(6&2S
(ODERUDPRVXPDVtQWHVHGRH[SHULPHQWRFRPDUHSUHVHQWDomRJUiILFDGRPRGHORFRQFHLWXDOGR0DQXDOGR7HVDXUR
TXHVHHQFRQWUDQR$SrQGLFH
$V(VWUDWpJLDVGR(VWXGR
GHWHUPLQDomR GH UHTXLVLWRV TXH SRVVDP DX[LOLDU D HODERUDomR GH PHWRGRORJLDV SDUD D
FRQVWUXomRGHPRGHORVFRQFHLWXDLVPDLVDSURSULDGDVSDUDKLSHUGRFXPHQWRV
1mR SURSRPRV DVVLP D FRQVWUXomR GH XP PRGHOR HVSHFtILFR &RPR YHUHPRV QR
GHFRUUHU GHVWH HVWXGR QR kPELWR GD HODERUDomR GH KLSHUGRFXPHQWRV QmR H[LVWH XP ~QLFR
PRGHOR TXH SRVVD GDU FRQWD GH GRPtQLRV UHSUHVHQWDFLRQDLV GLYHUVRV 'HVWD IRUPD p
QHFHVViULR HQYHUHGDU HVIRUoRV QR VHQWLGR GH IRUWDOHFHU D DomR GH PRGHODU SDUD TXH VH
SRVVD TXDQGR IRU QHFHVViULR FRQVWUXLU PRGHORV HVSHFtILFRV SDUD FDGD FRQWH[WR
UHSUHVHQWDFLRQDO 1HVWH VHQWLGR p TXH DSUHVHQWDPRV UHTXLVLWRV SDUD DX[LOLDU R
GHVHQYROYLPHQWR GH PHWRGRORJLDV SRLV DQWHFHGHP D FRQVWUXomR GR KLSHUGRFXPHQWR
IRUQHFHQGRDVVLPFRQGLo}HVQHFHVViULDVSDUDDHODERUDomRGHTXDOTXHUTXHVHMDRPRGHOR
2 WUDEDOKR SURGXWR GHVWD SHVTXLVD HVWi GLYLGLGR HP VHWH FDStWXOR LQFOXLQGR HVWD
DSUHVHQWDomR RQGH QRV SURSRPRV D DSUHVHQWDU D TXHVWmR GR HVWXGR RV REMHWLYRV TXH
SUHWHQGHPRVDWLQJLUHD PHWRGRORJLDDGRWDGD2FDStWXORGRLV³2ID]HUHPUHGHRREMHWR
KLSHUGRFXPHQWR´ REMHWLYD GHPRQVWUDU TXH D HVWUXWXUD KLSHUWH[WXDO LQDXJXUD XPD
SRVVLELOLGDGH GH XP QRYR REMHWR WH[WXDO ± R KLSHUGRFXPHQWR RQGH p LPSUHVFLQGtYHO
LQYHVWLJDUQRYDVIRUPDVGHRUJDQL]DomRGHVXDVXQLGDGHVGHFRQKHFLPHQWRTXHSDVVDPSRU
XPPRYLPHQWRUHSUHVHQWDFLRQDORGHVORFDPHQWRGRPXQGR GDV LGpLDV SDUD R PXQGR GDV
LQVFULo}HV DWUDYpV GH XP YHtFXOR ± R PRGHOR FRQFHLWXDO H SRU XPD YLVmR GH UHGH 2
FDStWXOR WUrV ³'D 0RGHOL]DomR j 5HSUHVHQWDomR GR &RQKHFLPHQWR PpWRGRV H WHRULDV´
GLVFXWH D SUREOHPiWLFD UHSUHVHQWDFLRQDO H GR FRQKHFLPHQWR DSUHVHQWDQGR DV WHRULDV GD
&LrQFLD GD ,QIRUPDomR GD 7HUPLQRORJLD H GD &RPSXWDomR TXH YrP VHQGR XVDGDV SDUD D
RUJDQL]DomRGHVLVWHPDVGHFRQFHLWRVGHIRUPDJHUDO2FDStWXORTXDWUR³$FRPSOH[LGDGH
GRUHSUHVHQWDUGDFRPSDUDomRHQWUHRVPpWRGRVHWHRULDVjFRQVWUXomRGRKLSHUGRFXPHQWR´
WUDWD GH FRPSDUDU DV WHRULDV H PpWRGRV DSUHVHQWDGRV QR FDStWXOR WUrV QXPD SURSRVWD GH
HQFRQWUDU XP Q~FOHR FRPXP GH FRQFHLWRV LPSUHVFLQGtYHLV DR DWR GH PRGHODU
FRQKHFLPHQWR $ SUREOHPDWL]DomR DSRQWD SDUD D QHFHVVLGDGH GH VH SHQVDU HP QRYDV
PHWRGRORJLDV SDUD D HODERUDomR GH PRGHORV FRQFHLWXDLV SDUD KLSHUGRFXPHQWRV TXH VH
FRQILJXUDUi QDV GLVFXVV}HV DSUHVHQWDGDV QR FDStWXOR FLQFR ³2 HVSDoR FRPXQLFDFLRQDO QD
UHDOL]DomR GD DXWRULD UHTXLVLWRV SDUD D HODERUDomR GH PHWRGRORJLDV SDUD PRGHORV
FRQFHLWXDLVGHKLSHUGRFXPHQWRV´ 2~OWLPRFDStWXORDSUHVHQWDDV³&RQVLGHUDo}HV)LQDLV´
2)$=(5(05('(22%-(72+,3(57(;72
'HVGH R EHUoR GD FLYLOL]DomR R KRPHP GRFXPHQWD DV REVHUYDo}HV H
TXHVWLRQDPHQWRV GD UHDOLGDGH TXH R FHUFD XWLOL]DQGR YiULDV IRUPDV GH VXSRUWHV (VWH
SURFHVVRGHGHVORFDPHQWRGRPXQGRItVLFRSDUDRPXQGRGDVLQVFULo}HVTXHFKDPDUHPRV
GHLQIRUPDomRSRGHVHUHQWHQGLGRFRPRXPSURFHVVRGHWUDQVSRUWH&RPRQRVDSUHVHQWD
/DWRXU
³>@ $ LQIRUPDomR QmR p XP VLJQR PDV XPD UHODomR
HVWDEHOHFLGDHQWUHGRLVOXJDUHVRSULPHLURTXHYHPDVHUXPD
SHULIHULDHRVHJXQGRTXHYHPDVHUXPFHQWURFRPDFRQGLomR
GH TXH HQWUH RV GRLV FLUFXOH XP YHtFXOR TXH IUHTHQWHPHQWH
FKDPDPRV GH IRUPD PDV TXH SDUD LQVLVWLU HP VHX DVSHFWR
PDWHULDO HX FKDPR GH LQVFULomR >@ 2 TXH p HQWmR D
LQIRUPDomR" e R TXH RV PHPEURV GH XPD H[SHGLomR GHYHP
OHYDU FRQVLJR D ILP GH TXH XP FHQWUR SRVVD REWHU D
UHSUHVHQWDomR GH XP RXWUR OXJDU 3RU TXH SDVVDU SHOD
LQWHUSUHWDomRGHXPYHtFXORGHXPGHVHQKLVWDSRUTXHUHGX]L
ORDRHVFULWRSRUTXHVLPSOLILFiORDSRQWRGHDQWHFLSDUDSHQDV
DOJXPDV DPRVWUDV" 3RU TXH VLPSOHVPHQWH QmR WUDQVSRUWDU R
OXJDU HP VXD LQWHJULGDGH SDUD R FHQWUR" >@ 2UD D
LQIRUPDomRSHUPLWHMXVWDPHQWHTXHVHFRQVHUYHDIRUPDVHPWHU
TXHVHHPEDUDoDUQDPDWpULD>@9rVHTXHDLQIRUPDomRQmR
p XPD ³IRUPD´ QR VHQWLGR SODW{QLFR GR WHUPR PDV XPD
UHODomRPXLWRSUiWLFDHPXLWRPDWHULDOHQWUHGRLVOXJDUHVRQGH
RSULPHLURQHJRFLDRTXHRGHYHVHUQHJRFLDGRFRPRVHJXQGR
SDUDTXHVHMDSRVVtYHOREVHUYiORHDJLUjGLVWkQFLDVREUHHOH
(P IXQomR GR SURJUHVVR GDV FLrQFLDV GD IUHTrQFLD GDV
YLDJHQV GD H[DWLGmR GRV GHVHQKLVWDV GD DPSOLWXGH GDV
WD[LRQRPLDV GD HQYHUJDGXUD GDV FROHo}HV GD ULTXH]D GRV
FROHFLRQDGRUHVSRGHUVHiDQWHFLSDUPDLVRXPHQRVPDWpULDH
FDUUHJDUFRPPDLVRXPHQRVLQIRUPDomRYHtFXORVGHPDLRURX
PHQRU FRQILDELOLGDGH $VVLP D LQIRUPDomR QmR p XP VLJQR
PDV XP µFDUUHJDPHQWR¶ FRORFDGR HP LQVFULomR FDGD YH] PDLV
SRUWiWHLVHH[DWDVUHODWLYDVDXPDYDULHGDGHFDGDYH]PDLRUGH
PDWpULDV>@´/$7285S
$SDUWLUGHVWDSHUVSHFWLYD/DWRXULDQDHPTXHDLQIRUPDomRQmRVHFRQILJXUDFRPR
XPREMHWRPDVDQWHVGHWXGRpXPSURFHVVRGHWUDQVSRUWHGRPXQGRIHQRPHQDOSDUDXP
PHLRYHtFXOR RQGH R PXQGR SRVVD VHU GLPLQXtGR PDWHULDOL]DGR VLQWHWL]DGR VH WRUQDQGR
FRQFUHWRYDPRVSHQVDURKLSHUWH[WR
3DUD /DWRXU DOJXpP Vy SRGH FRPHoDU D FRQKHFHU DOJR XP REMHWR XPD SHVVRD
TXDQGR HVWH DOJR p HQFRQWUDGR SHOD VHJXQGD YH] 9iULRV HQFRQWURV H[SHGLo}HV
LQYHVWLJDo}HVFRPRHYHQWRFRPS}HPRTXHSDUD/DWRXUVHFKDPDFLFORGHDFXPXODomR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
'XUDQWH RV FLFORV HYHQWRV SHVVRDV HVSpFLPHV GLDJUDPDV PDSDV H FRLVDV TXH HVWmR
GLVWDQWHV SRGHP VHU WUD]LGRV SDUD XP FHQWUR GH FiOFXOR DWUDYpV GH VXDV LQVFULo}HV RX
YHVWtJLRV SDUD TXH HQWmR R FRQKHFLPHQWR VREUH R TXH HVWi GLVWDQWH XPD SHVVRD XP
REMHWRVHMDSURGX]LGR
$V LQVFULo}HV VmR DVVLP SURGXWRV GH GRLV REMHWRV R PXQGR UHDO H R HVStULWR
FLHQWtILFR UHIOHWLQGRVH XP QR RXWUR ³VmR LPDJHQV YLUWXDLV SURGX]LGDV SHODV KXPLOGHV
SUiWLFDVGDHVFULWDHGDSURGXomRGHUHJLVWURV´/$7285S
2KLSHUWH[WRQHVWHFRQWH[WR VHUi GHILQLGR FRPR XP QRYR YHtFXOR WH[WXDO TXH VH
FDUDFWHUL]D FRPR XPD LQVFULomR TXH SRVVLELOLWD XPD PDLRU DSUR[LPDomR HQWUH R DWR GH
RUJDQL]DU WHPDWLFDPHQWH XPD LGpLDTXHVWmR H R DWR GD HVFULWD SRLV D HVFULWD KLSHUWH[WXDO
FRPR WRGD SURGXomR WH[WXDO VH UHDOL]D DWUDYpV GH DVVRFLDomR GH FRQFHLWRV LQWHUOLJDGRV
IRUPDQGRXPDUHGHGHFRQFHLWRV$OpPGLVVRRKLSHUWH[WRpRSULPHLURVXSRUWHGHHVFULWD
TXHSRWHQFLDOL]DXPDHVFULWDHPUHGH
$HVFULWDKLSHUWH[WXDOFRPRUHGHQmRSRVVXLXPLQtFLRXPPHLRHXPILPSRLVXPD
UHGH QmR SRVVXL KLHUDUTXLDV HOD VH FDUDFWHUL]D SRU WHU HOHPHQWRV TXH VH DVVRFLDP H VH
FRQHFWDP D SDUWLU GH UHODo}HV GH VHPHOKDQoDV H LQWHUHVVHV $ DVVRFLDomR TXH DTXL QRV
UHIHULPRVQmRpGHWHUPLQDGDDSULRUL GDHODERUDomRGRKLSHUWH[WRSRLVR³VHQWLGRHPHUJH
H VH FRQVWUyL QR FRQWH[WR p VHPSUH ORFDO GDWDGR H WUDQVLWyULR´ /(9< S 2
TXHTXHUHPRVDILUPDUpTXHFDGDSDODYUDWUDQVIRUPDSHODDWLYDomRTXHSURSDJDDRORQJR
GH FHUWDV YLDV R HVWDGR GH H[FLWDomR GD UHGH VHPkQWLFD PDV WDPEpP FRQWULEXL SDUD
FRQVWUXLU RX UHPRGHODU D SUySULD WRSRORJLD GD UHGH RX D FRPSRVLomR GRV QyV /(9<
S
³2 FRQWH[WR GHVLJQD SRUWDQWR D FRQILJXUDomR GH DWLYDomR GH
XPDJUDQGHUHGHVHPkQWLFDHPXPGDGRPRPHQWR5HLWHUDPRV
DTXL D FRQYHUVmR GR ROKDU Mi WHQWDGD SDUD D DERUGDJHP
PDFURVFySLFD GD FRPXQLFDomR SRGHPRV FHUWDPHQWH DILUPDU
TXH R FRQWH[WR VHUYH SDUD GHWHUPLQDU R VHQWLGR GH XPD
SDODYUDpDLQGD PDLV MXGLFLRVR FRQVLGHUDU TXH FDGDSDODYUD
FRQWULEXLSDUDSURGX]LURFRQWH[WRRXVHMDXPDFRQILJXUDomR
VHPkQWLFD UHWLFXODU TXH TXDQGR QRV FRQFHQWUDPRV QHOD VH
PRVWUD FRPSRVWD GH LPDJHQV GH PRGHORV GH OHPEUDQoDV GH
6tQWHVH GR WH[WR H[WUDtGR GR 9RFDEXOiULR 6LPSOLILFDGR GD 7HRULD $WRU5HGH GHVHQYROYLGR QD GLVFLSOLQD
³&DUSLQWDULD &LHQWtILFD´ GD 3URI 0DULD GH 1D]DUp GH )UHLWDV 3HUHLUD GR &XUVR GH 3yV*UDGXDomR HP &LrQFLD GD
,QIRUPDomRGR,%,&7
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
VHQVDo}HV GH FRQFHLWRV H GH SHGDoRV GH GLVFXUVRV 7RPDQGR
RVWHUPRVOHLWRUHWH[WRQRVHQWLGRPDLVDPSORSRVVtYHOGLUHPRV
TXHRREMHWLYRGHWRGRWH[WRpRGHSURYRFDUHPVHXOHLWRUXP
FHUWR HVWDGR GH H[FLWDomR GD JUDQGH UHGH KHWHURJrQHD GH VXD
PHPyULD RX HQWmR RULHQWDU VXD DWHQomR SDUD XPD FHUWD ]RQD
GH VHX PXQGR LQWHULRU RX DLQGD GLVSDUDU D SURMHomR GH XP
HVSHWiFXOR PXOWLPtGLD QD WHOD GH VXD LPDJLQDomR´ /(9<
S
2 FRQFHLWR GH DVVRFLDomR DR TXDO QRV UHIHULPRV ± DTXHOH HP TXH R FRQWH[WR
SRVVLELOLWD D FRQVWUXomR GH DVVRFLDo}HV H WDPEpP RQGH DV DVVRFLDo}HV VmR FRQVWUXtGDV
SHORFRQWH[WRSHUPLWHSHQVDUWRGRXPPRYLPHQWRFULDWLYRQmRVRPHQWHQRDWRGDOHLWXUD
PDVIXQGDPHQWDOPHQWHQRVSURFHVVRVGHHODERUDomRGDHVFULWD
2FRQFHLWRGH UHGHTXHHVWiVXEMDFHQWH DR ³VHU KLSHUWH[WXDO´ VHJXQGR 3LHUUH /pY\
SSRGHVHUPHOKRUFDUDFWHUL]DGRDSDUWLUGHVHLVSULQFtSLRVDEVWUDWRV
x
3ULQFtSLR GH PHWDPRUIRVH D UHGH KLSHUWH[WXDO HVWi HP FRQVWDQWH FRQVWUXomR H
x
3ULQFtSLR GH KHWHURJHQHLGDGH RV QyV H DV FRQH[}HV GH XPD UHGH KLSHUWH[WXDO
x
UHQHJRFLDomRHODpGLQkPLFD
VmRKHWHURJrQHRV6HYHULILFDXPDUHGHFRJQLWLYDRQGHVHFRQHFWDPYiULRVWLSRV
GHPHQVDJHQV
3ULQFtSLRGHPXOWLSOLFLGDGHHGHHQFDL[H GDV HVFDODV R KLSHUWH[WR VH RUJDQL]D
HP XP PRGR ³IUDFWDO´ RX VHMD TXDOTXHU Qy RX FRQH[mR TXDQGR DQDOLVDGR
SRGH UHYHODUVH FRPR VHQGR FRPSRVWR SRU WRGD XPD UHGH H DVVLP SRU GLDQWH
x
x
x
LQGHILQLGDPHQWHDRORQJRGDHVFDODGRVJUDXVGHSUHFLVmR
3ULQFtSLR GH H[WHULRULGDGH D UHGH QmR SRVVXL XQLGDGH RUJkQLFD QHP PRWRU
LQWHUQR
3ULQFtSLR GD WRSRORJLD QRV KLSHUWH[WRV WXGR IXQFLRQD SRU SUR[LPLGDGH SRU
YL]LQKDQoD1HOHVRFXUVRGRVDFRQWHFLPHQWRVpXPDTXHVWmRGHWRSRORJLDGH
FDPLQKRV$UHGHQmRHVWiQRHVSDoRHODpRHVSDoR
3ULQFtSLRGDPRELOLGDGHGRVFHQWURV DUHGHQmRWHPFHQWURRXPHOKRUSRVVXL
SHUPDQHQWHPHQWH GLYHUVRV FHQWURV TXH VmR FRPR SRQWDV OXPLQRVDV
SHUSHWXDPHQWHPyYHLVVDOWDQGRGHXPQyDRXWURWUD]HQGRDRUHGRUGHVLXPD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
UDPLILFDomR LQILQLWD GH SHTXHQDV UDt]HV GH UL]RPDV ILQDV OLQKDV EUDQFDV
HVERoDQGRXPPDSDTXDOTXHU
(VWH WUDEDOKR YHUVD VREUH HVWD DOWHUDomR GD HVFULWD RX PHOKRU VREUH D WHFQRORJLD
FKDPDGD6LVWHPDGH+LSHUWH[WRTXHSRVVLELOLWDDHODERUDomRGHXPSURGXWR±RKLSHUWH[WR
TXHLPS}HQRYDVIRUPDVSDUDDHVFULWDHTXHDIHWDRVSURFHVVRVGHOLQHDULGDGHQDOHLWXUD
2 6LVWHPD +LSHUWH[WR SRVVLELOLWD D HODERUDomR GH WH[WRV QmR OLQHDUHV FRP XPD
HVWUXWXUD FRPSOH[D WDPEpP FKDPDGD GH KLSHUHVWUXWXUD TXH FRQVLVWH HP XP JUDIR
GLUHFLRQDGR RQGH RV QyV VmR WUHFKRV GH LQIRUPDomR H RV DUFRV VmR HORV TXH OLJDP HVWHV
WUHFKRVHQWUHVL&21./,13RGHVHUWDPEpPGHILQLGRFRPRXPD³DERUGDJHPGD
JHVWmRGDLQIRUPDomRQDTXDORVGDGRVVmR DUPD]HQDGRV HPXPDUHGHGHQyV FRQHFWDGRV
SRUOLJDo}HV2VQyVSRGHPFRQWHUWH[WRVJUiILFRViXGLRHYtGHREHPFRPRSURJUDPDV
GHFRPSXWDGRURXRXWUDVIRUPDVGHGDGRV´60,7+:(,66
(VVHQFLDOPHQWH R TXH FDUDFWHUL]D R KLSHUWH[WR p VXD FDSDFLGDGH GH OLJDomR GRV
FRQWH~GRV FRQFHLWXDLV QR LQWHULRU GH XP GRFXPHQWR RX GH YiULRV GRFXPHQWRV GH PRGR
QmROLQHDU
(VWD FDSDFLGDGH SRGH VHU GHVFULWD VHJXQGR &RQNOLQ &21./,1 FRPR XP
PHLREDVHDGRHP FRPSXWDGRUSDUDRSHQVDUH D FRPXQLFDomRR SURFHVVR GH SHQVDU QmR
FRQVWUyL QRYDV LGpLDV XPD GH FDGD YH] SDUWLQGR GR QDGD H FDGD LGpLD VH WUDQVIRUPDQGR
QXPD SpUROD DFDEDGD 2 SHQVDU SDUHFH DQWHV SURFHGHU GH YiULDV IUHQWHV SDUD XPD ~QLFD
GHVHQYROYHQGRHUHMHLWDQGRLGpLDVHPGLIHUHQWHVQtYHLVHHPGLIHUHQWHVSRQWRVHPSDUDOHOR
FDGDLGpLDGHSHQGHQGRGHRXWUDVHFRQWULEXLQGRSDUDRXWUDVRSURFHVVRGHFRPXQLFDomRp
QDSUiWLFDVHULDOHOLPLWDGRDRSURFHVVDPHQWROLQJtVWLFR&RPHQWiULRVUHODFLRQDGRVQRWDV
GHURGDSpUHIHUrQFLDVFUX]DGDVVmRUHFXUVRVGRDXWRUSDUDLQIRUPDUDROHLWRUTXHDOLHVWmR
LQIRUPDo}HV~WHLVFDVRHOHHVWHMDLQWHUHVVDGR
$VVLPRKLSHUWH[WRWHPXPDYRFDomRPDLRUTXHHVWiDOpPGHVXDVSRVVLELOLGDGHV
WHFQROyJLFDVTXHpRGHVHUXPLQVWUXPHQWRGHUHSUHVHQWDomRGHFRQKHFLPHQWRDWUDYpVGH
XPDQRYDIRUPDGHRUJDQL]DomRGDVLQIRUPDo}HVSDUDRDWRGDHVFULWD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$WXDOPHQWHDWUDYpVGHVWDQRYDWHFQRORJLDLQWHOHFWXDOpSRVVtYHOGLVVRFLDUWDPEpP
R SURFHVVR GH OHLWXUD GR SURFHVVR GH HVFULWD 2 KLSHUWH[WR SHUPLWH TXH VH UHDOL]H XP
SURFHVVR DVVRFLDWLYR H QmROLQHDU GH OHLWXUD 2 TXH QRV OHYD D UHSHQVDU RV SURFHVVRV
OLJDGRVjRUGHQDomRGHLGpLDVTXHVHUHIOHWHPQRVPRGRVGHRUJDQL]DomRGHHVFULWDRXVHMD
QRYRVSURFHVVRVSDUDXPDQRYDIRUPDGHHVFULWD±DHVFULWDHPUHGH
(QWUHWDQWR DQWHV GH QRV GHWHUPRV QD FDUDFWHUL]DomR GHVWD QRYD IRUPD GH
PDWHULDOL]DomRGRWH[WRYDPRVHQWHQGHURREMHWRGHQRVVDDQiOLVHRVKLSHUGRFXPHQWRVH
SDUDGHILQLORSUHFLVDPRVQDYHJDUSHORVDVSHFWRVKLVWyULFRVHVWUXWXUDLVHWLSROyJLFRVGRV
KLSHUWH[WRV
$VSHFWRV+LVWyULFRV
3RGHVH FRQVLGHUDU TXH WRGD FULDomR DFDED VH FRQILJXUDQGR QXPD QHFHVVLGDGH
H[SUHVVDHPXPGDGRFROHWLYRHTXHPDQLIHVWDVHFRPRXPDWRFULDWLYRHPFHUWDPHGLGD
SDUWLFXODUGHXPLQGLYtGXRRXGHXPJUXSRGHLQGLYtGXRV1HVWDVHomRVHUiDSUHVHQWDGD
XPD VtQWHVH KLVWyULFD YLVWR TXH D OLWHUDWXUD Ki PXLWR Mi YHP H[SORUDQGR HVWD IDFHWD GH
FRPRVXUJLXHVWDQRYDIRUPDGHH[SUHVVmRHFRPXQLFDomR±RKLSHUWH[WR
+LVWRULFDPHQWHDLGpLDGHXPGLVSRVLWLYRTXHWHULDIXQFLRQDOLGDGHVVHPHOKDQWHVDR
KLSHUWH[WRIRLGHVHQYROYLGDSHORDGYRJDGREHOJD3DXO2WOHWQRLQtFLRGRVpFXORYLQWHHP
VHX7UDLWpGH'RFXPHQWDWLRQ(VWHGLVSRVLWLYRIXQFLRQDULDFRPRXPVLVWHPDLQWHUQDFLRQDO
GH PDQLSXODo}HV GH LQIRUPDo}HV TXH SXGHVVH GDU FRQWD GD PHPyULD LQWHOHFWXDO GD
KXPDQLGDGH9,/$1),/+2&RPRGRFXPHQWDOLVWD2WOHWVDELDGDQHFHVVLGDGHH
LPSRUWkQFLD GR WUDWDPHQWR H GD GLVVHPLQDomR GDV LQIRUPDo}HV SDUD R DYDQoR GRV
FRQKHFLPHQWRVFLHQWtILFRV
(P VXD REUD LQDXJXUDO 7UDLWp GH 'RFXPHQWDWLRQ 2WOHW LGHQWLILFRX
PiTXLQDVLQWHOHFWXDLVHSURFHVVRVFRQWHQGRGLVSRVLWLYRVGHVRPHFRQHFWDGRVDRWHOHIRQH
(VWDpXPDJUDQGHGLIHUHQoDTXHHQFRQWUDPRVHQWUHDHVFULWDOLQHDUHDHPUHGHRXVHMDpSUHFLVRXPDFRQGLomRGH
SULRULGDGHQDHVFULWDOLQHDUH[LVWHVHPSUHDFRQGLomRGRTXHGHYHYLUSULPHLURHRTXHGHYHYLUGHSRLV1DHVFULWDHP
UHGHRDXWRUGHYHGHWHUPLQDUWXGRRTXHGHYHHVWDUGLWRPDVFDEHDROHLWRUVHDVVLPRGHVHMDUHVWDEHOHFHUDVXDGLUHomR
GHOHLWXUD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
WHOHJUDILD H WHOHYLVmR FRP R DUPD]HQDPHQWR EDVHDGR SULQFLSDOPHQWH HP FDUW}HV H IROKDV
GHSDSHOGHWDPDQKRSDGUmR$LQYHQomRGHVWDVPiTXLQDVDMXGDULDDUHDOL]DUXPQRYRWLSR
GH HQFLFORSpGLD H D WRUQDULD PXLWR SUy[LPD D XP DQH[R GR FpUHEUR XP VXEVWUDWR GD
PHPyULD5$<::$5'
0DV IRL D SDUWLU GD SXEOLFDomR GH XP LPSRUWDQWH DUWLJR GH 9DQQHYDU %XVK QD
GpFDGD GH LQWLWXODGR ³$V :H 0D\ 7KLQN´ %86+ TXH IRUDP ODQoDGDV DV
VHPHQWHV SDUD R TXH KRMH HQWHQGHPRV SRU KLSHUWH[WR %XVK HVWDYD SUHRFXSDGR FRP D
H[SORVmRGDOLWHUDWXUDFLHQWtILFDDSDUWLUGD6HJXQGD*XHUUD0XQGLDO1DTXHOHDUWLJRHOH
UHFRQKHFHTXHQmRVHULDSRVVtYHOGXSOLFDURSURFHVVRUHWLFXODUTXHHPEDoDRH[HUFtFLRGD
LQWHOLJrQFLD (OH SURS}H DSHQDV TXH QRV LQVSLUHPRV QHOH &RQFHEHX HQWmR XP VLVWHPD
FKDPDGR ³PHPH[´ PHPRU\ H[WHQGHU RQGH VHULD SRVVtYHO FODVVLILFDU H VHOHFLRQDU DV
LQIRUPDo}HV H[LVWHQWHV SRU XPD LQGH[DomR DVVRFLDWLYD %86+ (VWH VLVWHPD
IXQFLRQDULDGDVHJXLQWHIRUPDDJRUDMiVRERROKDUGH3LHUUH/pY\/(9<
³$QWHV GH PDLV QDGD VHULD SUHFLVR FULDU XP LPHQVR
UHVHUYDWyULRPXOWLPtGLDGHGRFXPHQWRVDEUDQJHQGRDRPHVPR
WHPSR LPDJHQV VRQV H WH[WRV &HUWRV GLVSRVLWLYRV SHULIpULFRV
IDFLOLWDULDP DLQWHJUDomRUiSLGD GHQRYDV LQIRUPDo}HVRXWURV
SHUPLWLULDP WUDQVIRUPDU DXWRPDWLFDPHQWH D SDODYUD HP WH[WR
HVFULWR $ VHJXQGD FRQGLomR D VHU SUHHQFKLGD VHULD D
PLQLDWXUL]DomR GHVWD PDVVD GH GRFXPHQWRV H SDUD LVWR %XVK
SUHYLD HP SDUWLFXODU D XWLOL]DomR GR PLFURILOPH H GD ILWD
PDJQpWLFD TXH DFDEDYDP GH VHU GHVFREHUWRV QDTXHOD pSRFD
7XGR LVWR GHYHULD FDEHU HP XP RX GRLV PHWURV F~ELFRV R
HTXLYDOHQWHDRYROXPHGHXPPyYHOGHHVFULWyULR2DFHVVRjV
LQIRUPDo}HVVHULDIHLWRDWUDYpVGHXPDWHODGHWHOHYLVmRPXQLGD
GHDOWRIDODQWHV$OpPGRVDFHVVRVFOiVVLFRVSRULQGH[DomRXP
FRPDQGRVLPSOHVSHUPLWLULDDRIHOL]SURSULHWiULRGHXP0HPH[
FULDU OLJDo}HV LQGHSHQGHQWHV GH TXDOTXHU FODVVLILFDomR
KLHUiUTXLFD HQWUH XPD LQIRUPDomR H XPD RXWUD 8PD YH]
HVWDEHOHFLGD D FRQH[mR FDGD YH] TXH GHWHUPLQDGR LWHP IRVVH
YLVXDOL]DGR WRGRV RV RXWURV TXH WLYHVVHP VLGR OLJDGRV D HOH
SRGHULDP VHU LQVWDQWDQHDPHQWH UHFXSHUDGRV DWUDYpV GH XP
VLPSOHV WRTXH HP XP ERWmR %XVK UHWUDWD R XVXiULR GH VHX
GLVSRVLWLYRLPDJLQiULRWUDoDQGRWULOKDVWUDQVYHUVDLVHSHVVRDLV
QR LPHQVR HPDUDQKDGR FRQWLQHQWH GR VDEHU (VWDV FRQH[}HV
TXH DLQGD QmR VH FKDPDYDP KLSHUWH[WXDLV PDWHULDOL]DP QR
0HPH[ HVSpFLH GH PHPyULD DX[LOLDU GR FLHQWLVWD XPD SDUWH
IXQGDPHQWDOGRSUySULRSURFHVVRGHSHVTXLVDHGHHODERUDomR
GHQRYRVFRQKHFLPHQWRV´/(9<S
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$SHVDUGHVWHVLVWHPDQmRWHUVLGRLPSOHPHQWDGRDLGpLDGHDVVRFLDURSHQVDPHQWR
QmR OLQHDU jV WpFQLFDV GH UHFXSHUDomR GD LQIRUPDomR IRL PXLWR LPSRUWDQWH SDUD R
GHVHQYROYLPHQWRGRFRQFHLWRGHKLSHUWH[WR
1D GpFDGD GH 'RXJ (QJHOEDUW FRQWUiULR DR SHQVDPHQWR GD pSRFD TXH
DFUHGLWDYD TXH RV UHFXUVRV FRPSXWDFLRQDLV GHYHULDP VHUYLU VRPHQWH SDUD R
GHVHQYROYLPHQWR GH SURFHVVDPHQWRV QXPpULFRV FRPHoRX D WUDEDOKDU QR VHX ³$XJPHQW
3URMHFW´ ± SURMHWR TXH VH GHVWDFD SRU VHU XPD SHVTXLVD LPSRUWDQWH HP iUHDV FRPR
DXWRPDomRGHHVFULWyULRHSURFHVVDPHQWRGHWH[WR(1*(/%$57
1HVWD PHVPD GpFDGD R WHUPR KLSHUWH[WR DVVRFLDGR j LGpLD GH WH[WR QmR OLQHDU IRL
XVDGRSHODSULPHLUDYH]SRU7HG1HOVRQDWUDYpVGDFRQFHSomRGRTXHUHVROYHXFKDPDUGH
XP KLSHUWH[WR XQLYHUVDO 1(/621 1HOVRQ GHILQLX R KLSHUWH[WR FRPR ³WH[WR RX
PDWHULDOSLFWyULFRLQWHUFRQHFWDGRQXPDIRUPDFRPSOH[DTXHQmRSRGHVHUUHSUHVHQWDGDQR
SDSHO3RGHFRQWHUVXPiULRVRXPDSDVGRVVHXVLWHQVHGHVXDVLQWHUUHODo}HV´1(/621
(OHLQLFLDHQWmRRGHVHQYROYLPHQWRGHXPVLVWHPDFKDPDGR;DQDGX1(/621
5$<:$5' TXH WLQKD SRU REMHWLYR VHU XP ³UHSRVLWyULR GH WRGDV DV
SXEOLFDo}HV TXH TXDOTXHU SHVVRD QR PXQGR WLYHVVH HVFULWR HVVDV SXEOLFDo}HV VHULDP
LQWHUFRQHFWDGRV DWUDYpV GH OLQNV GH IRUPD TXH WRGRV RV GRFXPHQWRV HVWDULDP GLVSRQtYHLV
SDUDWRGRPXQGR´
1RV DQRV D LGpLD GH KLSHUWH[WR DPDGXUHFHX H DSHVDU GH DOJXQV VLVWHPDV WHUHP
VLGR LPSOHPHQWDGRV VHX XVR HVWDYD UHVWULWR EDVLFDPHQWH jV LQVWLWXLo}HV TXH RV
GHVHQYROYLDP$SDUWLUGDGpFDGDGHFRPDHYROXomRWHFQROyJLFDIRLSRVVtYHOTXHRV
VLVWHPDV KLSHUWH[WRV VH WRUQDVVHP XPD UHDOLGDGH )RL QHVWD pSRFD TXH KRXYH XP
GHVHQYROYLPHQWR WHFQROyJLFR TXH SHUPLWLX TXH RV VLVWHPDV GH KLSHUWH[WRV SXGHVVHP VHU
FRQVWUXtGRVFRPWRGDDDEUDQJrQFLDFRPRDHODERUDomRGHWHODVJUiILFDVGHDOWDUHVROXomR
ID]HQGR FRP TXH RV GRFXPHQWRV IRVVHP UHSUHVHQWDGRV FRP WRGD D VXD SRWHQFLDOLGDGH
FRP ILJXUDV JUiILFRV H WRGD D ULTXH]D WRSRJUiILFD GDV SXEOLFDo}HV LPSUHVVDV 3RU RXWUR
ODGR KRXYH WDPEpP XP JUDQGH DXPHQWR QD FDSDFLGDGH GH DUPD]HQDPHQWR H
SURFHVVDPHQWRGHLQIRUPDo}HVHPFRPSXWDGRUHV9,/$1),/+2
$VSRVVLELOLGDGHVWHFQROyJLFDVWURX[HUDPWDPEpPQHVWHFDVRWRGDXPDGLVFXVVmRD
UHVSHLWR GH FRPR FRQVWUXLU KLSHUWH[WR H FRPR UHVROYHU SUREOHPDV LQHUHQWHV D HVWH QRYR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
REMHWRRXVHMDRWUDQVERUGDPHQWRFRJQLWLYRWDPEpPGHQRPLQDGRGHVREUHFDUJDFRJQLWLYD
H GHVRULHQWDomR $ VREUHFDUJD FRJQLWLYD SRGH RFRUUHU WDQWR QD HWDSD GH DXWRULD GR
KLSHUWH[WR TXDQWR QD HWDSD GH OHLWXUD 3DUD R DXWRU GR KLSHUWH[WR SRGH VHU FRQVLGHUDGD
FRPRXPDVREUHFDUJDPHQWDOSRLVHVWHWHPTXHQRPHDUQyVHGHILQLUUHODo}HVVHPkQWLFDV
HQWUH HOHV 3DUD R OHLWRU HVWD VREUHFDUJD RFRUUH SHOD FRQVWDQWH HVFROKD GH RSo}HV H
FDPLQKRV D WULOKDU $ GHVRULHQWDomR RFRUUH TXDQGR R OHLWRU VHQWHVH SHUGLGR QD WHLD GH
LQIRUPDomR SHUGHQGR D QRomR GH RQGH VH HQFRQWUD QR FDPLQKR SHUFRUULGR RX VHMD QR
FRQMXQWRLQIRUPDFLRQDOGDDSOLFDomR&21./,1
1RILQDOGRVDQRVHLQtFLRGRVDQRVFRPHoDPDVXUJLURVSULPHLURVPRGHORV
GHUHIHUrQFLDSDUD DFRQVWUXomRGH VLVWHPDV GH KLSHUWH[WRV QXPD WHQWDWLYD GH HQFRQWUDU
XPPRGHORGH GDGRV PDLV DSURSULDGR SDUD RV KLSHUWH[WRV YLVDQGR PLQLPL]DU SUREOHPDV
FRPR R GH VREUHFDUJD FRJQLWLYD H SURYHU PHFDQLVPRV GH LQWHJUDomR GRV VLVWHPDV GH
KLSHUWH[WRVFRPRXWUDVIRQWHVGHLQIRUPDomR
1DGpFDGDGHRVKLSHUWH[WRVSDVVDUDPDWHUXPDHVFDODFRPHUFLDO(QWUHWDQWR
DWXDOPHQWHDLQGDQmRHQFRQWUDPRVWRWDOPHQWHPDWHULDOL]DGDDLGpLDGH7HG1HOVRQGHXP
KLSHUWH[WR XQLYHUVDO SRLV HQWHQGHPRV TXH 1HOVRQ SHQVDYD R KLSHUWH[WR DOpP GH QyV
LQWHUOLJDGRV D RXWURV QyV HOH HQWHQGLD TXH DV OLJDo}HV WUDQVSRUWDYDP FRQMXQWRV GH
LQIRUPDo}HV TXH FRQWLQKDP VLJQLILFDGR H TXH SDUD ID]HUHP VHQWLGR GHYHULDP VHU
FRQHFWDGRV DWUDYpV GH XPD GDGD RUJDQLFLGDGH 3HQVDPRV TXH D :HE HP WRGD D VXD
H[WHQVmRDLQGDQmRSRGHVHUFRQVLGHUDGDXPKLSHUWH[WRXQLYHUVDOSRLVPXLWRHVIRUoRGH
SURILVVLRQDLVGHLQIRUPDomR DLQGD PHUHFH VHU HPSUHHQGLGR QR VHQWLGR GR WUDWDPHQWR GDV
LQIRUPDo}HV FRQWLGD QD ³UHGH GDV UHGHV´ 2 TXH HQFRQWUDPRV KRMH PDWHULDOL]DGR VmR
VLVWHPDV GH SRUWH PDLV PRGHVWR TXH XP ;DQDGX YROWDGRV D GRPtQLRV EHP SDUWLFXODUHV
FRPR D HGLomR GH REUDV GH FDUDFWHUtVWLFDV HQFLFORSpGLFDV HP &'520 FRPSDFW GLVF
GLJLWDO VLVWHPDV YROWDGRV DR DSUHQGL]DGR H[SHULrQFLDV QR kPELWR GR JrQHUR GH ILFomR H
GLYHUVRVSURJUDPDVGHDX[LOLRDRWUDEDOKRFROHWLYR
$VWHQWDWLYDVGHSURYHUXPPRGHORGHGDGRVPDLVDGHTXDGRSDUDRVKLSHUWH[WRVHUmRREMHWRGHGLVFXVVmRGRLWHP
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$VSHFWRV(VWUXWXUDLV
4XDQWRDVXDHVWUXWXUDRKLSHUWH[WRSRGHVHUDQDOLVDGRVREGXDV DERUGDJHQVXPD
ItVLFDWHFQROyJLFDHRXWUDVHPkQWLFD
4XDQWRjDERUGDJHPWHFQROyJLFDSRGHVHDILUPDUTXHRKLSHUWH[WRpIRUPDGRSRU
WUrVFRPSRQHQWHVDVDEHU1yV(ORVHÆQFRUDV2VFRQFHLWRVDEDL[RDSUHVHQWDGRVMiVmR
FRQVHQVRQDOLWHUDWXUDGDiUHD
21ypXPDXQLGDGHLQIRUPDFLRQDOTXHFRQWpPLQIRUPDo}HVHPIRUPDGHWH[WR
JUiILFRFHQDVGHYtGHRVRPHWF2V(ORVVmRDVUHODo}HVTXHFRQHFWDPXPQyFRPRXWUR
VHQGRWDPEpPGHQRPLQDGRVQDOLWHUDWXUDGHOLJDo}HV1RLQtFLRGHXPHORKiXPDkQFRUD
QRILPH[LVWHXPGHVWLQR'HVWDIRUPDÆQFRUDSRGHVHUGHILQLGDFRPRRSRQWRLQLFLDOGR
HOR$ÆQFRUDILFDYLVtYHOQRYtGHRHSRGHVHUDSUHVHQWDGDFRPRXPDOHWUDXPJUXSRGH
SDODYUDV XP VXEOLQKDGR FDUDFWHUH HVSHFLDO 2 XVXiULR DR FOLFDU R PRXVH DWLYD XP
SURFHGLPHQWRTXHSHUPLWLUiDH[SORUDomRGRVQyV
4XDQWRjDERUGDJHPVHPkQWLFDRVDXWRUHVDILUPDPTXHFDGDQypXPFRQFHLWRHRV
HORV VmR DV UHODo}HV H[LVWHQWHV HQWUH RV FRQFHLWRV RQGH R FRQWH[WR p R GRPtQLR GH VDEHU
DSUHVHQWDGR QR FRQWH~GR GR WH[WR $VVLP R KLSHUWH[WR DFDED SRU HQYROYHU XPD VpULH GH
TXHVW}HV GH QDWXUH]D ³VHPkQWLFD´ SRLV RV QyV H HORV WrP VXD SRVLomR H H[LVWrQFLD QR
VLVWHPD D SDUWLU GR FRQWH~GR TXH SRVVXHP $ HVFROKD GRV QyV H HORV GHVWD IRUPD HVWi
UHODFLRQDGD DR FRQWH~GR D VHU YLQFXODGR $VVLP UHFXSHUDPRV PDLV XPD YH] &RQNOLQ
&21./,1HLJXDOPHQWH5XPEDXJK580%$8*+HWDOSDUDTXHPRVQyV
GHKLSHUWH[WRSRGHPVHUSHQVDGRVFRPRDUHSUHVHQWDomRGHLGpLDVRXFRQFHLWRV~QLFRV
³2V HORV HQWUH RV QyV SRGHP VHU SHQVDGRV FRPR D
LQWHUGHSHQGrQFLD VHPkQWLFD HQWUH RV QyV e R SURFHVVR GH
FRQVWUXomRGHXPDUHGHGHKLSHUWH[WRFRPRXPWLSRLQIRUPDOGH
HQJHQKDULDGRFRQKHFLPHQWR´&21./,1
$HVWUXWXUDVHPkQWLFDDFDEDDVVLPUHIOHWLQGRDHVWUXWXUDRUJDQL]DFLRQDOGRDVVXQWR
UHODFLRQDGRRXDUHGHVHPkQWLFDFRQFHLWXDOGRHVSHFLDOLVWD6HDLQIRUPDomRIRUGLVSRVWD
GHPDQHLUDRUJDQL]DGDVHUiIiFLOUHFXSHUDUHDFKDUTXDQGRROHLWRUHVWLYHUQDYHJDQGR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$VSHFWRV7LSROyJLFRVRKLSHUGRFXPHQWR
6RE R SRQWR GH YLVWD GH VXD WLSRORJLD RV KLSHUWH[WRV SRGHP VHU FODVVLILFDGRV
VHJXQGR RV QyV FRQFHLWXDLV TXH HVWmR VHQGR OLJDGRV HP ³PDFURWH[WR´ H ³PLFURWH[WR´
5$'$
0DFURWH[WR p GHILQLGR FRPR XP KLSHUWH[WR GH JUDQGH DEUDQJrQFLD SRLV HOH
PDQLSXOD DWUDYpV GH VHXV HORV OLQNV PXLWRV GRFXPHQWRV EDVHV GH GRFXPHQWR HWF $
rQIDVHQHVWHWLSRGHKLSHUWH[WRpGDGDQDH[LVWrQFLDGHHORVHQWUHGRFXPHQWRVHQmRHPXP
~QLFRGRFXPHQWR
0LFURWH[WR p XP WH[WR FRP OLJDo}HV H[SOtFLWDV HQWUH VHXV FRPSRQHQWHV H HVWi
VLWXDGR QR kPELWR GH XP GRFXPHQWR 2 WUDEDOKR HP PLFURWH[WR SRGH WDPEpP VHU YLVWR
FRPR XPD UHGH VHPkQWLFD GH XP GHWHUPLQDGR FDPSR GH GRPtQLR FRPR PRGHORV GD
PHPyULD KXPDQD $WUDYpV GRV UHFXUVRV FRPSXWDFLRQDLV HYLGHQFLDVH R FDPLQKR RX RV
FDPLQKRVHPTXHRWH[WRIRLLQWHUQDPHQWHLPDJLQDGRHHVWHVSRGHPYDULDUGHDFRUGRFRP
SRQWRVGHYLVWDOyJLFRV
2XWUDFODVVLILFDomRDSUHVHQWDGDQDOLWHUDWXUDVHJXQGRRFULWpULRGHXVRGHVXSRUWHV
WHFQROyJLFRVpDGHKLSHUWH[WRDEHUWRHGHKLSHUWH[WRIHFKDGR
2KLSHUWH[WRDEHUWRpXPWLSRGHKLSHUWH[WRTXHHVWiLQVHULGR³GHQWURGHXPDUHGH
GH FRPXQLFDomR FRPR D ,QWHUQHW SHUPLWLQGR WUDQVSDVVDU DV IURQWHLUDV GH XP
KLSHUGRFXPHQWRSDUDRXWURVKLSHUGRFXPHQWRVTXHGHDOJXPDIRUPDUHODFLRQDPVHFRPR
DQWHULRU 2V YtQFXORV H[WHUQRV SRGHP VHU FRUUHLRV HOHWU{QLFRV SiJLQDV :HE GLUHWyULRV
HWF7XGRpGHOLYUHDFHVVRQD,QWHUQHWSRGHQGRYLUDUYtQFXORFRPRXVHPDXWRUL]DomRGR
VHXDXWRU´52'5,*8(=
2KLSHUWH[WRIHFKDGRpGHILQLGRSDUD5RGULJXH]FRPR
³DTXHOH TXH QmR SHUPLWH YtQFXORV H[WHUQRV OLPLWDQGR R
FRQWH[WRDRTXHpHQWUHJXHGHQWURGDVIURQWHLUDVGRKLSHUWH[WR
([HPSORGHVWHWLSRVmRRV&'520VXPVXSRUWHWUDQVSRUWiYHO
LQWHUFDPELiYHOHTXHSHUPLWHLQWHUDJLUFRPRVFRQWH~GRV PDV
QmRFRPVHXVFULDGRUHVRXFRPRXWURVDJHQWHVSDUWLFLSDQWHV$
PDLRULDGHVWHVKLSHUWH[WRVDSUHVHQWDUHFXUVRVPXOWLPtGLDPXLWR
~WHLVSDUDDVPDWpULDVTXHDSyLDPRHQVLQRIRUPDOGDHVFRODH
GHXQLYHUVLGDGHV´52'5,*8(=S
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
2V KLSHUWH[WRV SRGHP VHU FODVVLILFDGRV WDPEpP TXDQWR jV FDUDFWHUtVWLFDV GH
DSOLFDomR SDUD RV TXDLV IRUDP SURMHWDGRV VmR HODV SXEOLFDomR HOHWU{QLFD DSUHVHQWDo}HV
WUHLQDPHQWRHGXFDomRVLVWHPDVGHUHFXSHUDomRGHLQIRUPDomRHQWUHRXWURV
1RFRQWH[WRGHVWDSHVTXLVDRQGHRHVWXGRVHLQVHUHQRVSURFHVVRVGHFRQVWUXomRGH
FRQWH~GRV KLSHUWH[WXDLV QRV FRQFHQWUDUHPRV HP XP GHWHUPLQDGR WLSR GH KLSHUWH[WR
GHILQLGR FRPR PLFURWH[WR 3RU HVWDU QR kPELWR GH XP GRFXPHQWR GHQRPLQDUHPRV GH
KLSHUGRFXPHQWRUHVHUYDQGRRWHUPRKLSHUWH[WRSDUDDWHFQRORJLD
+LSHUGRFXPHQWRpGHILQLGRFRPRXPGRFXPHQWRHOHWU{QLFRTXHSRVVXLGLDJUDPDV
LPDJHQVVRPHWH[WR(OHVSRGHPVHUH[SORUDGRVSHORXVRGRWHFODGRRXGHXPPRXVH
2OHLWRUSRGHDEULUHIHFKDUSiJLQDVGRGRFXPHQWRUDSLGDPHQWHSRGHH[LELUMDQHODVSDVVDU
SRU YiULDV SiJLQDV FRP JUDQGH YHORFLGDGH UHDOL]DU EXVFDV QD YHORFLGDGH GR FRPSXWDGRU
URODU GLIHUHQWHV MDQHODV XWLOL]DU ERW}HV GH GLYHUVRV WLSRV H VHJXLU KLSHUOLQNV SDUD QDYHJDU
SHORGRFXPHQWRGHPXLWDVIRUPDVH[SORUDQGRRTXHOKHVHMD~WLO0$57,1
'HVWD IRUPD QDV VHo}HV TXH VH VHJXHP TXDQGR XWLOL]DUPRV R WHUPR
KLSHUGRFXPHQWRHVWDUHPRVQRVUHIHULQGRDXPPLFURWH[WRRQGHWRGRRSURFHVVRGHDXWRULD
p HODERUDGR QR PRPHQWR GD FRQVWUXomR GR KLSHUWH[WR SRGHQGR WDPEpP VHU GHILQLGR
FRPR XP ³VLVWHPD GH KLSHUWH[WR GR WLSR HVWiWLFR LVWR p DTXHOH TXH R XVXiULR QmR SRGH
PXGDU´0$5&+,20,1,6&+1(,'(50$1(VWHWLSRGHKLSHUWH[WRWHPYDVWD
DSOLFDomRHPGRFXPHQWRVHOHWU{QLFRVFRPILQVLQVWUXFLRQDLV
2V+LSHUGRFXPHQWRVHVXD(ODERUDomRDIDVHGH
PRGHODJHPFRQFHLWXDO
8PD GDV FDUDFWHUtVWLFDV HVVHQFLDLV GR KLSHUWH[WR p VXD FDSDFLGDGH GH OLJDomR QR
LQWHULRU GH XP GRFXPHQWR RX HQWUH YiULRV GRFXPHQWRV 2 TXH VmR HVVDV OLJDo}HV R TXH
HODV OLJDP TXH SULQFtSLRV UHJHP HVWDV OLJDo}HV VmR SRLV FRQFHLWRV LPSRUWDQWHV SDUD D
HODERUDomRGHKLSHUGRFXPHQWRVFRHUHQWHV
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
1R LQtFLR GHVWH FDStWXOR DX[LOLDGRV SHOD OHLWXUD GH /DWRXU FDUDFWHUL]DPRV R
KLSHUWH[WR FRPR XP PyYHO LPXWiYHO ± OXJDUHVSDoR RQGH R PXQGR p GLPLQXtGR H
PDWHULDOL]DGR DWUDYpV GH XPD LQVFULomR (P VHX DUWLJR ³9LV}HV GR (VStULWR´ /$7285
/DWRXUGHVFUHYHSUiWLFDVGRWUDEDOKRGRVSHVTXLVDGRUHVTXHWrPSRUIXQomRDFHOHUDU
D FRQVWUXomR GH PyYHLV LPXWiYHLV (VVDV SUiWLFDV VmR JHQpULFDV H DOJXPDV GHODV SRGHP
VHUYLUSDUDSHQVDUPRVQHVWHFRQWH[WRRSURFHVVRGHHODERUDomRGHKLSHUGRFXPHQWRV6mR
HODV
$0RELOL]DU pSUHFLVRSRGHUWUDQVSRUWDU TXDOTXHU HVWDGR GR PXQGR SDUD FHUWRV
OXJDUHV/$7285S
1R FDVR GRV KLSHUGRFXPHQWRV p SUHFLVR SRGHU WUDQVSRUWDU R XQLYHUVR GR
FRQKHFLPHQWR VREUH XPD WHPiWLFD SDUD TXH HVWD SRVVD VHU REMHWR GH GLVFXVVmR HQWUH
HODERUDGRUHVGHKLSHUGRFXPHQWRV
% )L[DU DV IRUPDV GH PDQHLUD LPXWiYHO D PDLRULD GDV PRELOL]Do}HV DFDUUHWD
DOJXP WLSR GH GHIRUPDomR FRUUXSomR RX DWp PHVPR GHVDSDUHFLPHQWR GRV UHJLVWURV
$VVLP WXGR VHUi IHLWR SDUD UHGX]LU D GHIRUPDomR FROKHU DSHQDV UHJLVWURV H FRQVHUYDU D
IRUPDDWUDYpVGRPRYLPHQWR/$7285S
3DUDWDQWRpQHFHVViULRHVFROKHUXPPHLR$TXLGHIHQGHPRVRPRGHORFRQFHLWXDO
FRPRPHLRSDUDUHJLVWUDUDVLGpLDVFRQFHUQHQWHVDWHPiWLFDGRKLSHUGRFXPHQWR
/DWRXU DUJXPHQWD TXH JUDoDV D HVVHV ³GRLV SURFHGLPHQWRV D QDWXUH]D GR HVSDoR
WHPSRpFRPSOHWDPHQWHPRGLILFDGDWRGRVRVHVWDGRVGRPXQGRVHDFXPXODPQXPSRQWR
FDPLQKRVGHSLVWDGXSODOHYDPGHVWHSRQWRDWRGRVRVRXWURVRWHPSRVHWUDQVIRUPDQXP
HVSDoRLQVSHFLRQDGRSHORROKDU´/$7285S
&7UDQVIHULUSDUDXPSODQR QmRKiQDGDTXHRKRPHPVHMDUHDOPHQWHFDSD]GH
GRPLQDU WXGR TXH H[LVWH p RX JUDQGH GHPDLV RX SHTXHQR GHPDLV PLVWXUDGR GHPDLV RX
HQWmR FRPSRVWR GH FDPDGDV VXFHVVLYDV TXH HVFRQGHP GR ROKDU R TXH HOH SUHWHQGLD YHU
6LPpLVVRPHVPR1RHQWDQWRH[LVWHXPDFRLVDHXPDVyTXHRROKDUGRPLQDXPDIROKD
GHSDSHODEHUWDVREUHDPHVDRXSUHJDGDQDSDUHGH/$7285S
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
eQHFHVViULRHYLGHQFLDURXVHMDUHJLVWUDUDVLGpLDVHVXDVOLJDo}HVHPDOJXPPHLR
FRPR XP PDSD R PRGHOR FRQFHLWXDO SDUD TXH D SDUWLU GHVVH PRYLPHQWR R
KLSHUGRFXPHQWRSRVVDVHUHVWUXWXUDGR,VWRSRVVLELOLWDUiPDLVWDUGHXPPDLRUGLQDPLVPR
QRVDFUpVFLPRVRXPRGLILFDo}HVTXHVHMDPQHFHVViULRVUHDOL]DU
'9DULDUDHVFDOD HVWDSUiWLFDpTXHUHDOPHQWHSHUPLWHGRPLQDURLQILQLWDPHQWH
SHTXHQRHRLQILQLWDPHQWHJUDQGH(pWmRVLPSOHVTXHQLQJXpPDSHUFHEH2HVStULWRVy
FRPHoDDYHUDOJXPDFRLVDDSDUWLUGRPRPHQWRHPTXHRIHQ{PHQRSDVVDDRFXSDUXPRX
GRLVPHWURVTXDGUDGRVHDVHFRPSRUGHPDLVRXPHQRVXPDFHQWHQDGHVLJQRVFDEHDRV
SVLFyORJRVGDFRJQLomRHVWDEHOHFHUROLPLWHSUHFLVR/$7285S
9DULDUDHVFDODQRKLSHUGRFXPHQWRQHVWHFRQWH[WRpPDSHDURSHQVDPHQWRGRDXWRU
VREUH D WHPiWLFD HP TXHVWmR p UHGX]LU R PXQGR D SDUWLU GHVWD WHPiWLFD H HVWD D SDUWLU GH
XPDUHGHGHLGpLDVFRORFDGDVHPXPSODQR
( 5HFRPELQDU H VXSHUSRU RV UHJLVWURV D LPHQVD YDQWDJHP GDV LQVFULo}HV
UHXQLGDV IL[DGDV WUDQVIHULGDV SDUD XP SODQR H UHGX]LGDV j PHVPD HVFDOD p SRGHUHP VHU
HPEDUDOKDGDVFRPRFDUWDVUHFRPELQDGDVjYRQWDGHHVREUHWXGRVXSHUSRVWDVXPDjRXWUD
/$7285S
1R FRQWH[WR GR KLSHUGRFXPHQWR RV UHJLVWURV VmR DV LGpLDV TXH GHYHP VHU
UHODFLRQDGDVHDVVRFLDGDVXPDDVRXWUDVSDUDIRUPDUXPDUHGHGHLGpLDVDVVRFLDGDV
$VVLP QD FRQVWUXomR GH XP KLSHUGRFXPHQWR p QHFHVViULR WRUQDU HYLGHQWHV DV
OLJDo}HV HQWUH RV FRQFHLWRV TXH IRUPDP D UHGH GH FRQFHLWRV SDUD TXH VH SRVVD
FRPSUHHQGHUFRPRDVWHPiWLFDVHVWmRRUJDQL]DGDVQRKLSHUGRFXPHQWRHPRXWUDVSDODYUDV
SDUDHQWHQGHUDHVWUXWXUDGDREUDWHQGRHPYLVWDTXHHVWDHVFULWDQmRSRVVXLLQtFLRPHLRH
ILP
1R kPELWR GD &LrQFLD GD &RPSXWDomR HVWD HVWUXWXUD YHP VHQGR GHQRPLQDGD GH
PRGHORFRQFHLWXDO
1RVVDWHVHVHFDUDFWHUL]DSRUGHIHQGHUTXHRPRGHORFRQFHLWXDOGHYHVHUHQFDUDGR
FRPR D SULPHLUD HWDSD GD HVFULWD KLSHUWH[WXDO H QmR VRPHQWH FRPR XPD HWDSD GD
PRGHODJHPGHGDGRV1DIDVHGHPRGHODJHPFRQFHLWXDORVFRQWH~GRV GH FRQKHFLPHQWR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
VmR GLVSRVWRV H RUJDQL]DGRV SDUD IRUPDUHP XP WRGR FRHVR TXH p R KLSHUGRFXPHQWR
$VVLP R PRGHOR SDVVD D WHU SRU IXQomR SDUDIUDVHDQGR /DWRXU WRUQDU FRQFUHWR H
FRPXQLFiYHO R SHQVDPHQWR GR DXWRUHV H SHUPLWLU TXH VH UHDOL]H XPD VpULH GH
DJHQFLDPHQWRVTXHSRVVLELOLWDUmRPDWHULDOL]DUXPDHVFULWDPRGHODU
$ FRQVWUXomR GR PRGHOR VH Gi YLD LQWHUDomR HQWUH RV HODERUDGRUHV GR
KLSHUGRFXPHQWR TXH VH FRQILJXUD FRPR YHUHPRV DGLDQWH HP XP QRYD SHUVSHFWLYD GH
DXWRULD(VWHIDWRGHSHQVDUQDFRQVWUXomRGRPRGHORFRPRXPSURFHVVRpDQWHVGHWXGR
HQWHQGHU TXH QmR H[LVWH XP PRGHOR SURQWR &RPR VH H[LVWLVVH XP SHQVDPHQWR D SULRUL
SDUDRUGHQDUXPDGHWHUPLQDGDWHPiWLFDXPSHQVDPHQWRDFDEDGRTXHOiHVWLYHVVHQDPHQWH
GRDXWRUSURQWRSDUDVHUUHYHODGRFRPRVHRPRGHORQmRIRVVHXPSURFHVVRGHFULDomRGH
DJHQFLDPHQWRVGDVUHODo}HVGHXPGDGRFRQWH[WR(VWDSHUVSHFWLYDHPFHUWDPHGLGDQRV
OHYDDGLVFXWLUSRVWHULRUPHQWHDVIRUPDVGHHODERUDomRGRVPRGHORVHD LQWHUDomRHQWUHRV
HODERUDGRUHVGHKLSHUWH[WRV
(OH R PRGHOR p XP YHtFXOR RQGH D WHPiWLFD GR KLSHUGRFXPHQWR HVWi LQVFULWD GH
IRUPDUL]RPiWLFD
2 PRGHOR FRPR UHGH p QHVWH FRQWH[WR HQFDUDGR WDPEpP FRPR XP UL]RPD H p R
SUySULR/DWRXUTXHQRVDXWRUL]DHVWDXWLOL]DomRTXDQGRDILUPDTXH³UL]RPDpXPDSDODYUD
SHUIHLWD SDUD UHGH´ /$7285 DSXG 025$(6 9HMDPRV DVVLP TXDLV VmR DV
FDUDFWHUtVWLFDVGHXPUL]RPDSURSRVWDVSRU'(/(8=( *8$77$5,SDUD ORJR
HPVHJXLGDFRQVLGHUDUPRVRTXHVHULDRPRGHORFRPRUHGHSHQVDGRFRPRUL]RPD
D 3ULQFtSLR GH FRQH[mR H GH KHWHURJHQHLGDGH TXDOTXHU SRQWR VH FRQHFWD D
TXDOTXHURXWURePXLWRGLIHUHQWHGDiUYRUHRXGDUDL]TXHIL[DPXPSRQWRXPDRUGHP
1RTXHGL]UHVSHLWRjFRQVWUXomRGRPRGHORFRQFHLWXDOHVWHSULQFtSLRSHUPLWHTXHQmRVH
HVWDEHOHoD QD FRQFHSomR GDV UHODo}HV HQWUH RV QyV FRQFHLWXDLV GH XP KLSHUWH[WR
UHODFLRQDPHQWRV VRPHQWH KLHUiUTXLFRV TXH QD YHUGDGH VmR R PRGHOR FOiVVLFR
UHSUHVHQWDGRSHODLPDJHPGHiUYRUH2UL]RPDUHFXSHUDXPDFHUWDOLEHUGDGHFRJQLWLYDGH
HVWDEHOHFLPHQWRGHUHODo}HV(VWDVUHODo}HVFRQFHLWXDLVVmRGHQDWXUH]DGLYHUVD
E3ULQFtSLRGHPXOWLSOLFLGDGHWUDWDURP~OWLSORFRPRVXEVWDQWLYRQmRSRVVXLQGR
QHQKXPDUHODomRFRPRXQRVHMDHVWHVXMHLWRVHMDREMHWR2P~OWLSORQmRGHULYDGRXQR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
³$VPXOWLSOLFLGDGHVVmRUL]RPiWLFDVHGHQXQFLDPDVSVHXGRPXOWLSOLFLGDGHVDUERUHVFHQWHV
,QH[LVWrQFLD SRLV GH XQLGDGH DLQGD TXH IRVVH SDUD DERUWDU QR REMHWR H SDUD µYROWDU¶ QR
VXMHLWR´
2PRGHORFRQFHLWXDOUHSUHVHQWDDPXOWLSOLFLGDGHSRLVQmRH[LVWHXPVyPRGHORH
GHQWUR GR PRGHOR YiULRV VH SRWHQFLDOL]DP D SDUWLU GDV SRVVtYHLV FRQH[}HV TXH YHQKDP D
VHULPSOHPHQWDGDVIXWXUDPHQWHQRPHLRQDYHJDFLRQDOSHORDXWRUOHLWRU
F 3ULQFtSLR GH UXSWXUD DVLJQLILFDQWH FRQWUD RV FRUWHV GHPDVLDGR VLJQLILFDQWHV
TXH VHSDUDP DV HVWUXWXUDV RX TXH DWUDYHVVDP XPD HVWUXWXUD 8P UL]RPD SRGH VHU
URPSLGRTXHEUDGRHPXPOXJDUTXDOTXHUHWDPEpPUHWRPDVHJXQGRXPDRXRXWUDGHVXDV
OLQKDV H VHJXQGR RXWUDV OLQKDV 7RGR UL]RPD FRPSUHHQGH OLQKDV GH VHJPHQWDULHGDGH
VHJXQGRDVTXDLVHOHpHVWUDWLILFDGRWHUULWRULDOL]DGRRUJDQL]DGRVLJQLILFDGRDWULEXtGRHWF
2 PRGHOR FRQFHLWXDO SRGH VHU URPSLGR HP TXDOTXHU SRQWR SRLV RV FRQFHLWRV
UHODFLRQDGRV IRUPDPXPDQRYDUHGHUHWRPDQGR DFRQVWUXomRUL]RPiWLFD3RULVVRQmRp
SRVVtYHOGHVPDUFDUFRUWHVTXHQmRHVWHMDPLQVHULGRVGHQWURGRPRGHORFRPRUHGH
G3ULQFtSLRGHFDUWRJUDILDHGHGHFDOFRPDQLD XPUL]RPDQmRSRGHVHUMXVWLILFDGR
SRU QHQKXP PRGHOR HVWUXWXUDO RX JHUDWLYR (OH p HVWUDQKR D TXDOTXHU LGpLD GH HL[R
JHQpWLFRRXGHHVWUXWXUDSURIXQGD'RHL[RJHQpWLFRRXGDHVWUXWXUDSURIXQGDGL]HPRVTXH
HOHV VmR DQWHV GH WXGR SULQFtSLRV GH GHFDOTXH UHSURGXWtYHLV DR LQILQLWR 7RGD OyJLFD GD
iUYRUHpXPDOyJLFDGRGHFDOTXHHGDUHSURGXomR2UL]RPDpPDSDHQmRGHFDOTXH
³2 PDSD p DEHUWR p FRQHFWiYHO HP WRGDV DV VXDV GLPHQV}HV
GHVPRQWiYHO UHYHUVtYHO VXVFHWtYHO GH UHFHEHU PRGLILFDo}HV
FRQVWDQWHPHQWH(OHSRGHVHUUDVJDGRUHYHUWLGRDGDSWDUVHD
PRQWDJHQV GH TXDOTXHU QDWXUH]D VHU SUHSDUDGR SRU XP
LQGLYtGXRXPJUXSRXPDIRUPDomRVRFLDO3RGHVHGHVHQKiOR
QXPDSDUHGHFRQFHErORFRPRREUDGHDUWHFRQVWUXtORFRPR
XPDREUDGHDUWHFRQVWUXtORFRPRXPDDomRSROtWLFDRXFRPR
PHGLWDomR 8P PDSD WHP P~OWLSODV HQWUDGDV
FRQWUDULDPHQWH DR GHFDOTXH TXH YROWD VHPSUH DR PHVPR´
'(/(8=(*8$77$5,S
2 PRGHOR FRQFHLWXDO FRPR XPD HVFULWXUD QmR p XPD iUYRUH RQGH WRGDV DV
UDPLILFDo}HVDGYpPGHXPDPHVPDUDL]Q~FOHR2VHOHPHQWRVHVWmRUHODFLRQDGRVXQVDRV
RXWURV D SDUWLU GH GLYHUVRV Q~FOHRV GHSHQGHQGR GD IRUPD FRPR RV FRQFHLWRV HVWmR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
UHODFLRQDGRV H RV SURSyVLWRV TXH VH GHVHMD DWLQJLU 2 PRGHOR p XP PDSD H QmR XP
GHFDOTXH
'HVWD IRUPD R DXWRU GH KLSHUGRFXPHQWRV LQLFLD VHX WUDEDOKR PDSHDQGR R VHX
XQLYHUVR FRQFHLWXDO H WUDQVIRUPDQGRR HP QyVFRQFHLWXDLV TXH LUmR VH LQWHUFRQHFWDU D
SULRUL RXDSRVWHULRUL GHSHQGHQGRGRWLSRGHWH[WRTXHVHHVWiFRQVWUXLQGR(VWHPDSDVH
PDWHULDOL]DSRVWHULRUPHQWHQDHWDSDGHPRGHODJHPFRQFHLWXDOTXHFRPRYHUHPRVDGLDQWHp
XPD GDV HWDSDV FRQVLGHUDGDV SRU DOJXPDV PHWRGRORJLDV FRPR GH HODERUDomR GH XP
KLSHUWH[WR
'H XPD IRUPD JHUDO TXDWUR VmR DV HWDSDV PRGHODJHP FRQFHLWXDO PRGHODJHP GH
QDYHJDomR SURMHWR DEVWUDWR GD LQWHUIDFH H LPSOHPHQWDomR 1HVWH HVWXGR H
HVSHFLILFDPHQWH QHVWH FDStWXOR WUDWDUHPRV GH GLVFXWLU DV TXHVW}HV TXH HQYROYHP D
HODERUDomRGHPRGHORVFRQFHLWXDLVHPKLSHUGRFXPHQWRVHYLGHQFLDQGRTXHpMiQHVWDHWDSD
TXHVHLQLFLDRSURFHVVRGDHVFULWDPRGHODU(QWUHWDQWRVHID]QHFHVViULRSDUDXPDPHOKRU
FRPSUHHQVmRGDIXQomRGRPRGHORFRQFHLWXDODSUHVHQWDUPRVTXHVW}HVOLJDGDVjHODERUDomR
GHPRGHORVGHGDGRVSDUDKLSHUWH[WRV
0RGHORVGH'DGRVSDUD+LSHUWH[WRV
$PRGHODJHPGHGDGRVVXUJHFRPRXPDDWLYLGDGHSURGXWRUDHPSULPHLUROXJDUGH
GLVSRVLWLYRV GH UHSUHVHQWDomR UHSUHVHQWDomR GH DFRQWHFLPHQWRV GR PXQGR UHDO TXH
SURGX]HPPRGHORVDWUDYpVGHSURFHVVRVGHDEVWUDomRYLVDQGRXPDPHOKRUFRPSUHHQVmRH
FRPXQLFDomRHQWUHXVXiULRVHLPSOHPHQWDGRUHVGHVLVWHPDV
0RGHORQHVWHFRQWH[WRSRGHVHUGHILQLGRFRPRD
UHSUHVHQWDomRDEVWUDWDHVLPSOLILFDGDGHXPVLVWHPDUHDOFRP
DTXDOVHSRGHH[SOLFDURXWHVWDURVHXFRPSRUWDPHQWRHPXP
WRGRRXHPSDUWHV&28*2S
$SHVDUGDPRGHODJHPGHGDGRVQDPDLRULDGDVYH]HVVHUXPDVVXQWRDVVRFLDGRj
DWLYLGDGHGHSURMHWRGHEDQFRVGHGDGRVHODVHDSOLFDDRXWUDVILQDOLGDGHVFRPRDiUHDGH
5HVVDOWDVH DTXL TXH HVWD p XPD GDV IRUPDV GH PRGHODJHP TXH FRQVLGHUDPRV FRPR D TXH PDLV VH DSOLFD QHVWD
GLVFXVVmR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
20SDUDSURFHVVRVGHUHHQJHQKDULDSDUDGHILQLomRGHQHJyFLRVHWDPEpPQRV~OWLPRV
DQRVWHPVLGRXWLOL]DGDSDUDDPRGHODJHPFRQFHLWXDOHPKLSHUWH[WRV
1HVWH VHQWLGR QXPD WHQWDWLYD GH SURYHU XP PRGHOR GH GDGRV DSURSULDGR SDUD
KLSHUWH[WRVQRLQtFLR GRV DQRV FRPHoDP D VXUJLU RV SULPHLURV PRGHORV GH UHIHUrQFLD
SDUDDHODERUDomRGHKLSHUWH[WRV
2 0RGHORV 'H[WHU +$/$6= 6&+:$57= SURS}H TXH XP VLVWHPD
KLSHUPtGLD VHMD GLYLGLGR HP WUrV FDPDGDV FDPDGD LQWHUQD DRV FRPSRQHQWHV FDPDGD GH
DUPD]HQDPHQWR H FDPDGD GH WHPSR GH H[HFXomR H R 0RGHORV 1HVWHG &RQWH[W 0RGHO ±
1&0 &$6$129$ HW DO p FRPSRVWR SRU WUrV VXEPRGHORV R VXEPRGHOR GH
GHILQLomR R VXEPRGHOR GH DSUHVHQWDomR H R VXEPRGHOR GH QDYHJDomR WUDWDP GD
PRGHODJHPGDHVWUXWXUDGRKLSHUWH[WRHPVLPHVPRVHPSUHRFXSDomRFRPRVDVSHFWRVGR
GRPtQLRGRVDVVXQWRVGRKLSHUWH[WR 'HVWD IRUPD HVVHV PRGHORV QmR IRUQHFHP R TXH VH
GHQRPLQD GH VXSRUWH SDUD D PRGHODJHP GR GRPtQLR GH DSOLFDomR H DFDEDP DWHQGHQGR D
XPDH[SHFWDWLYDPDLVWHFQROyJLFDGRTXHFRQFHLWXDO
$LQGD QD GpFDGD GH GLIHUHQWHPHQWH GRV PRGHORV GH UHIHUrQFLD VXUJHP RV
SULPHLURV PpWRGRV GH GHVHQYROYLPHQWR GH DSOLFDo}HV KLSHUPtGLD TXH HVSHFLILFDP XP
PRGHOR FRQFHLWXDO GR GRPtQLR GH DSOLFDomR H VmR FKDPDGRV GH PRGHORV GH DXWRULD
0,/(7 WDLV FRPR R +\SHUPHGLD 'HVLJQ 0RGHO ± +'0 *$5=2772 HW DO
R (QKDQFHG 2EMHFW 5HODWLRQVKLS 0RGHO (250 /$1*( H R 2EMHFW
2ULHQWHG+\SHUPHGLD'HVLJQ0HWKRG±22+'06&+:$%(5266,
'HQWUHRVPpWRGRVGHGHVHQYROYLPHQWRGHDSOLFDo}HVKLSHUPtGLDVFLWDGRVDFLPDR
TXHPDLV³UHFXSHUDHVWHHVTXHPDFRQFHLWXDO´pR22+'0
222+'0YLVDDWUDQVLomRGDPRGHODJHPGRGRPtQLRSDUDRSURMHWRGDQDYHJDomR
HGDLQWHUIDFHHHPVHJXLGDSDUDDLPSOHPHQWDomRDOpPGHIRUQHFHUWRGDDGRFXPHQWDomR
QHFHVViULD SDUD D FRPSUHHQVmR PDQXWHQomR H UHXVR GRV HOHPHQWRV GR KLSHUGRFXPHQWR
6&+:$%(5266,
$ SDUWLU GHVWH SDUiJUDIR LUHPRV QRV EDVHDU QR KLVWyULFR DSUHVHQWDGR QD GLVVHUWDomR GH PHVWUDGR GH &HUTXHLUD
&(548(,5$ TXH SRVVXL XPD GLVFXVVmR GRV PRGHORV SDUD D FRQVWUXomR GH KLSHUWH[WRV QR FDStWXOR (VWH
WUDEDOKR QRV SDUHFHX EDVWDQWH GLGiWLFR H HVFODUHFHGRU SDUD RV QRVVRV SURSyVLWRV $FUHVFHQWDUHPRV WDPEpP RXWURV
GLVFXUVRVDWUDYpVGHRXWURVDXWRUHVPDVRILRFRQGXWRUGDH[SRVLomRQRVIRLGDGRSRU&HUTXHLUD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$SHVDU GH VHU XPD HYROXomR GR +'0 R 22+'0 LQFRUSRUD XPD VpULH GH QRYRV
FRQFHLWRV YLQGRV VREUHWXGR GD 2ULHQWDomR D 2EMHWRV WpFQLFD GH GHVHQYROYLPHQWR GH
VRIWZDUHTXHWUDWDGHIRUPDLQGHSHQGHQWHDPRGHODJHPGHGDGRVGDIDVHGHLPSOHPHQWDomR
GRVLVWHPD
2 22+'0 HVWDEHOHFH TXH R GHVHQYROYLPHQWR GH DSOLFDo}HV KLSHUPtGLD VHMD XP
SURFHVVR GLYLGLGR HP TXDWUR HWDSDV PRGHODJHP FRQFHLWXDO PRGHODJHP GH QDYHJDomR
SURMHWR DEVWUDWR GD LQWHUIDFH H LPSOHPHQWDomR &RPR p SRVVtYHO REVHUYDU QR )LJXUD 5266,
3URGXWRV
0HFDQLVPRV
,QWHUHVVHVGR
3URMHWR
1yVHORVHVWUXWXUDV
GHDFHVVRFRQWH[WRV
GHQDYHJDomR
WUDQVIRUPDo}HV
QDYHJDFLRQDLV
0DSHDPHQWRHQWUH
REMHWRVFRQFHLWXDLVH
GHQDYHJDomR
3DGU}HVGHQDYHJDomR
SDUDDGHVFULomRGD
HVWUXWXUDJHUDOGD
DSOLFDomR
/HYDHPFRQWDR
SHUILOGRXVXiULRHD
WDUHIDrQIDVHHP
DVSHFWRVFRJQLWLYRV
HDUTXLWHWXUDLV
3URMHWRGD,QWHUIDFH
$EVWUDWD
2EMHWRVGHLQWHUIDFH
DEVWUDWDUHDo}HVD
HYHQWRH[WHUQRV
WUDQVIRUPDo}HVGH
LQWHUIDFH
0DSHDPHQWRHQWUH
REMHWRVGHQDYHJDomR
HREMHWRVGHLQWHUIDFH
,PSOHPHQWDomR
$SOLFDomRHP
H[HFXomR
$TXHOHVIRUQHFLGRV
SHORDPELHQWHDOYR
$WLYLGDGHV
0RGHODJHP&RQFHLWXDO
3URMHWRGH1DYHJDomR
&ODVVHVVXE
VLVWHPDV
UHODFLRQDPHQWRV
SHUVSHFWLYDVGH
DWULEXWRV
&ODVVLILFDomR
&RPSRVLomR
JHQHUDOL]DomRH
HVSHFLDOL]DomR
0RGHODJHPGD
VHPkQWLFDGR
GRPtQLRGH
DSOLFDomR
0RGHODJHPGH
REMHWRVSHUFHSWtYHLV
LPSOHPHQWD
PHWiIRUDV
HVFROKLGDV
'HVFULomRGH
LQWHUIDFHSDUD
REMHWRV
QDYHJDFLRQDLV
'HVHPSHQKR
FRPSOHWXGH
)LJXUD(WDSDVSDUDRGHVHQYROYLPHQWRGHDSOLFDo}HVKLSHUPtGLDV
'XUDQWHDPRGHODJHPFRQFHLWXDOXPPRGHORGRGRPtQLRGHDSOLFDomRpFRQVWUXtGR
XWLOL]DQGRVHSULQFtSLRVEHPFRQKHFLGRVGHPRGHODJHPRULHQWDGDDREMHWRV580%$8*+
HWDOTXHYHUHPRVDGLDQWH$TXLDSUHVHQWDUHPRVEUHYHPHQWHDVRXWUDVHWDSDVSDUD
SRGHUPRVWHUXPDYLVmRGHFRQMXQWRGDHODERUDomRGHXPKLSHUGRFXPHQWRSDUDGHSRLVQRV
FRQFHQWUDUPRVQRPRGHORFRQFHLWXDO
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$ PRGHODJHP GH QDYHJDomR p DSUHVHQWDGD QR 22+'0 FRPR XPD YLVmR
QDYHJDFLRQDOGRPRGHORFRQFHLWXDOOHYDQGRVHHPFRQWDRVWLSRVGHXVXiULRVDRVTXDLVD
DSOLFDomR VH GHVWLQD H R FRQMXQWR GH WDUHIDV TXH GHYHUmR GHVHPSHQKDU XWLOL]DQGRR
'LIHUHQWHV HVTXHPDV QDYHJDFLRQDLV SRGHP VHU FRQVWUXtGRV SDUD R PHVPR PRGHOR
FRQFHLWXDOUHSUHVHQWDQGRDVVLPGLIHUHQWHVYLV}HVQRPHVPRGRPtQLR
'XUDQWHR3URMHWRGH,QWHUIDFH$EVWUDWDXPPRGHORGHLQWHUIDFHpFRQVWUXtGR(VWH
PRGHORHVSHFLILFDTXH
REMHWRV GH LQWHUIDFH VHUmR YLVWRV SHOR XVXiULR H
SDUWLFXODUPHQWH D IRUPD TXH WRPDUmR GLIHUHQWHV REMHWRV
QDYHJDFLRQDLVTXHREMHWRVGHLQWHUIDFHDWLYDUmRDQDYHJDomR
D PDQHLUD FRPR RV REMHWRV GH LQWHUIDFH PXOWLPtGLD VHUmR
VLQFURQL]DGRV H TXH WUDQVIRUPDo}HV RFRUUHUmR QD LQWHUIDFH
5266,S
$VVLP PDSHDQGR RV PRGHORV QDYHJDFLRQDLV H GH LQWHUIDFH DR DPELHQWH GH
LPSOHPHQWDomRHVFROKLGRRDXWRUSURGX]RVLVWHPDUHDOGHKLSHUPtGLDD VHU URGDGR (P
SDUWLFXODURPRGHORGHLQWHUIDFHSRGHVHULPSOHPHQWDGRGHIRUPDGLUHWDVREUHSODWDIRUPDV
KLSHUPtGLDV GLVSRQtYHLV FRPR +\SHUFDUG 7RROERRN 0DF :HE HQWUH RXWURV 5266,
$0RGHODJHP&RQFHLWXDOQR22+'0
$ PRGHODJHP FRQFHLWXDO RX GH GRPtQLR QR 22+'0 SRVVXL FRPR SULQFLSDLV
HOHPHQWRV SDUD D PRGHODJHP GR GRPtQLR GH DSOLFDomR RV FRQFHLWRV GH FODVVH REMHWR
VXEVLVWHPDHUHODomRTXHVmRVHPHOKDQWHVDRVDSUHVHQWDGRVQDRULHQWDomRDREMHWRVSRUpP
HQULTXHFLGRVFRPRXWUDVLGpLDVFRPRSRUH[HPSORSHUVSHFWLYDGHDWULEXWRVHVXEVLVWHPDV
3DUDH[SOLFDURTXHVHMD3HUVSHFWLYDGH$WULEXWRpQHFHVViULRUHFXSHUDUR FRQFHLWR
GHDWULEXWR6HJXQGR&HUTXHLUD
³&DGD FODVVH SRVVXL XP FRQMXQWR GH SURSULHGDGHV LQWUtQVHFDV
RX FRQFHLWXDLV GH VHXV REMHWRV FKDPDGDV GH DWULEXWRV 2V
3RU H[HPSOR 1D HODERUDomR GR PRGHOR FRQFHLWXDO SDUD R KLSHUGRFXPHQWR 0DQXDO GH 7HVDXUR IRL SRVVtYHO
YHULILFDUTXHGRLVPRGHORVQDYHJDFLRQDLVSRGHPVHULPSOHPHQWDGRVXPTXHLUiDWHQGHUDXPWLSRGHOHLWRULQLFLDQWHTXH
SUHFLVDGHXPDIRUPDPDLVWXWRULDOGHQDYHJDomRHTXHLUiID]HUXPDSUHQGL]DGRPDLVDEUDQJHQWHGDWHPiWLFDRXWURTXH
LUiDWHQGHUDXPOHLWRUTXHSRVVXLXPDH[SHULrQFLDPDLRUQDHODERUDomRGHWHVDXURVHSUHWHQGHDQDOLVDURHVFRSRWHyULFR
TXHHVWiGDQGRVXSRUWHjTXHODPHWRGRORJLDDSUHVHQWDGDQR0DQXDO
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
DWULEXWRV VmR WLSDGRV H RV WLSRV GHVFUHYHP XPD UHODomR
LPSOtFLWD RX XPD IRUPD GH UHSUHVHQWDomR GD LQIRUPDomR
LQWHLUR FDUDFWHU HWF RX XPD PtGLD YtGHR VRP HWF
$WULEXWRVSRGHPSRVVXLUPDLVGHXPDDSDUrQFLDRXUHDOL]DomR
RX XWLOL]DQGR D QRPHQFODWXUD GD 22+'0 SRGHP SRVVXLU
PDLVGHXPDSHUVSHFWLYD´&(548(,5$S
2³FRQFHLWRGHVXEVLVWHPDYHPGDSURSRVWDGH:LUV%URFN:,56%52&.
H *LOOLDP *,//,$0 8P VXEVLVWHPD UHSUHVHQWD XP HVTXHPD FRPSOHWR GH
PRGHODJHP KLSHUPtGLD GH XP GRPtQLR TXH HVWi LQVHULGR GHQWUR GH RXWUR GRPtQLR´
&(548(,5$S
2 SULQFLSDO REMHWR GD HWDSD GH PRGHODJHP FRQFHLWXDO p D GHILQLomR GDV FODVVHV
VXEVLVWHPDVHUHODo}HVGHDFRUGRFRPRVFRQFHLWRVGRGRPtQLRGHDSOLFDomR2EVHUYDVH
DLQGDTXHDSULQFLSDOSUHRFXSDomRpFRPDHVWUXWXUDGRVREMHWRVRXVHMDFRPRFRQWH~GR
FRQFHLWXDOGRREMHWRPDLVGRTXHFRPVHXFRPSRUWDPHQWR
$OpP GD HODERUDomR GH XP PDSDHVTXHPD GR GRPtQLR QD HWDSD GH PRGHODJHP
FRQFHLWXDO R 22+'0 XWLOL]D FRPR LQVWUXPHQWR GH GRFXPHQWDomR FDUW}HV RQGH VmR
GHVFULWRV WRGRV RV DWULEXWRV GDTXHOH REMHWR H RV VHXV UHODFLRQDPHQWRV 6mR HPSUHJDGRV
WDPEpPVtPERORVSDUDUHSUHVHQWDomRGRVREMHWRVHFODVVHVGHREMHWRVHVXDVUHODo}HV
$HODERUDomRGHFDUW}HVpXPDHWDSDSRVWHULRUjFRQVWUXomRGHXPDUHSUHVHQWDomR
RXVHMDGRPRGHORFRQFHLWXDOSURSULDPHQWHGLWR3ULPHLURpQHFHVViULRHODERUDUXPPDSD
FRPRVFRQFHLWRVH DVUHODo}HVGRGRPtQLRTXHVH TXHU UHSUHVHQWDU FRPR XPD LQVFULomR
SDUDIUDVHDQGR /DWRXU TXH WUDQVSRUWH R SHQVDPHQWR GR DXWRU FRQWHXGLVWD SDUD XPD GDGD
VXSHUItFLH 3DUD WDQWR VH ID] QHFHVViULR GRPLQDU DV IRUPDV GH UHSUHVHQWDomR GH
FRQKHFLPHQWR
$OpPGLVVRDWpFQLFDGHPRGHODJHPXWLOL]DQGRRPpWRGRGH2ULHQWDomRD2EMHWRV
IRLFRQVWUXtGRQRkPELWRGDHODERUDomRGHPRGHORVIRUPDLVSDUDEDVHVGHGDGRVHQmRSDUD
KLSHUGRFXPHQWRV'HVWDPDQHLUDR22VHWRUQDSRUYH]HVXPPRGHORTXHQHFHVVLWDGH
1RkPELWRGD&LrQFLDGD,QIRUPDomRXPVXEVLVWHPDpXPFRQMXQWRGHFODVVHVGHXPVLVWHPDUHXQLGRVSRUDOJXP
DVSHFWRRXFODVVLILFDomR
e SUiWLFD DLQGD KRMH YHULILFDUPRV SURILVVLRQDLV GH LQIRUPDomR H GD FRPSXWDomR DFDWDQGR FHUWDV IRUPDV GH
UHSUHVHQWDUGRPtQLRVFRPRD~QLFDIRUPDSRVVtYHOGHUHSUHVHQWDomRGHXPDGDGDUHDOLGDGH(QWUHWDQWRTXHUHPRVDTXL
SURSRU TXH VH HYLWH D QHJDomR GH TXDOTXHU PRGHOR H VLP HQWHQGHU H DGRWDU D FRPSOH[LGDGH QR DWR GH PRGHODU
'LVFXWLUHPRVHVWDVTXHVW}HVQRSUy[LPRFDStWXOR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
RXWURV HOHPHQWRV VLPEyOLFRV SDUD D UHSUHVHQWDomR GH PRGHORV GH FRQKHFLPHQWR PRGHORV
TXHSRVVDPUHSUHVHQWDURFRQWH~GRLQIRUPDFLRQDOGHXPGRFXPHQWRHOHWU{QLFR
3RU RXWUR ODGR R 22+'0 DLQGD Yr D IDVH GH PRGHODJHP FRQFHLWXDO FRPR XP
PHFDQLVPR GH GRFXPHQWDomR GR VLVWHPD QmR HQIDWL]DQGR D VXD XWLOL]DomR FRPR XP
LQVWUXPHQWR GH FRPXQLFDomR HQWUH R DXWRU FRQWHXGLVWD H R GHVHQYROYHGRU GR VLVWHPD
SRUTXHQmRYrRPRGHORFRPRXPYHtFXORGH FRPXQLFDomRSDUDD FRQVWUXomRGRWH[WRH
VLPFRPRXPDHWDSDGDPRGHODJHPGRVLVWHPD
1R FDVR GR KLSHUGRFXPHQWR R GHVHQYROYHGRU GR VLVWHPD DWXD FRPR VH R DXWRU
FRQWHXGLVWD IRVVH XPD PLQD GH FRQKHFLPHQWR H TXH R VHX SDSHO VHULD H[SORUDU HVVD
PLQD HOH R DXWRU GD WHFQRORJLD Vy WHULD R SDSHO GH GHVHQYROYHGRU GR VLVWHPD 1yV
HQIDWL]DPRVRVHXSDSHOGHDXWRUGHYLGRjQRYDPDWHULDOLGDGHGRKLSHUGRFXPHQWR2TXH
LUHPRV SURSRU QR GHVHQYROYLPHQWR GHVWD SHVTXLVD p VH SHQVDU D FRQVWUXomR GR
KLSHUGRFXPHQWR FRPR XPD DXWRULD HP FRODERUDomR RX VHMD TXH GHYDP H[LVWLU
PHFDQLVPRVSDUDIDFLOLWDUDFRPXQLFDomRHRWLPL]DURVSURFHVVRVGHLPSOHPHQWDomRGHVWD
QRYD WHFQRORJLD LQWHOHFWXDO TXH VmR RV KLSHUGRFXPHQWRV 3DUD WDQWR DFUHGLWDPRV TXH R
PRGHOR FRQFHLWXDO p R HVSDoR RQGH HVWD DXWRULD FRODERUDWLYD GHYD VH SHUVRQLILFDU e
QHFHVViULR TXH DPERV RV DXWRUHV SRVVDP XWLOL]DU R PRGHOR FRQFHLWXDO FRPR XP
LQVWUXPHQWR GH FRPXQLFDomR RQGH H[LVWH XP IRUPDOLVPR TXH SRGH VHU XWLOL]DGR SDUD R
GHVORFDPHQWR GRV FRQFHLWRV H GH VHXV UHODFLRQDPHQWRV TXH LUmR GDU FRQWD GH XPD
GHWHUPLQDGDWHPiWLFD
1D SUy[LPD VHomR SUHWHQGHPRV DSUHVHQWDU WRGD XPD GLVFXVVmR OLJDGD D HVVD QRYD
PDWHULDOLGDGHWH[WXDODSDUWLUGHDOJXQVSUHVVXSRVWRVWHyULFRVGD$QiOLVHGR'LVFXUVR
1R FDStWXOR DSUHVHQWDUHPRV DV UHODo}HV HQWUH FRQFHLWRV TXH VH FRORFDP HP XP HVSDoR GH UHSUHVHQWDomR GH
FRQKHFLPHQWR RQGH DFUHGLWDPRV TXH HVWD TXHVWmR OLJDGD DRV HOHPHQWRV VLPEyOLFRV SRVVDP HVWDU PDLV FODUDPHQWH
GHILQLGR
(P QRVVDV REVHUYDo}HV YHULILFDPRV TXH R GHVHQYROYHGRU GR VLVWHPD GR KLSHUGRFXPHQWR VROLFLWD DR DXWRU
FRQWHXGLVWDTXHHVWHRXHVFUHYDXPWH[WROLQHDUVREUHDWHPiWLFDGRKLSHUGRFXPHQWRTXHHOHRDXWRUGDWHFQRORJLDLUi
WUDQVIRUPDU HP QyV FRQFHLWXDLV RX VROLFLWD TXH R DXWRU FRQWHXGLVWD LWHPL]H R FRQWH~GR $ SDUWLU GHVWD PLQD GH
FRQKHFLPHQWRRDXWRUGDWHFQRORJLDHPDOJXQVFDVRVLUiFRQVWUXLURPRGHORFRQFHLWXDOTXHQDPDLRULDGDVYH]HVDFDED
QHFHVVLWDQGR GH XPD VpULH GH PXGDQoDV GH LGDV H YLQGDV DWUDYpV GH XP FDPLQKR GH DFHUWRV H HUURV $V GXDV
H[SHULrQFLDVTXDVHVHPSUHQmRSURGX]HPUHVXOWDGRVVDWLVIDWyULRVSRLVD IDOWDGHLQWHUDomRHFRPXQLFDomROHYDDXPD
VpULH GH SUREOHPDV TXH YmR GD IDOWD GH H[SHULrQFLD GR DXWRU FRQWHXGLVWD QD XWLOL]DomR GH XPD HVFULWD PRGHODU DWp D
GLILFXOGDGHGRDXWRUGDWHFQRORJLDQRHQWHQGLPHQWRGRFRQWH~GRGDWHPiWLFDGRKLSHUGRFXPHQWR$DXWRULDFRODERUDWLYD
VROXFLRQDULDHVVHVSUREOHPDVDWUDYpVGHLQWHUFkPELRGHFRQKHFLPHQWRVHQWUHRVGRLVDXWRUHV
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
2(VWDWXWRGD7H[WXDOLGDGHHP+LSHUGRFXPHQWRV
2 WH[WR VHJXQGR R DSRUWH WHyULFR GD $QiOLVH GR 'LVFXUVR GH OLQKD IUDQFHVD p
FRQVLGHUDGRFRPRDPDWHULDOLGDGHGRGLVFXUVRRXVHMDRWH[WRpXPDXQLGDGHGHVHQWLGRD
SDUWLU GH XPD VLJQLILFDomR GLVFXUVLYD $VVLP GHILQHVH GLVFXUVR FRPR HIHLWR GH VHQWLGR
HQWUHORFXWRUHVHFRQVLGHUDVHQDVXDFRQWUDSDUWLGDRWH[WRFRPRVHQGRXPDXQLGDGHTXH
SRGH HPSLULFDPHQWH VHU UHSUHVHQWDGR FRPR WHQGR FRPHoR PHLR H ILP XPD VXSHUItFLH
OLQJtVWLFD IHFKDGDQHODPHVPD(QWUHWDQWR
³RWH[WRQmRpGHILQLGRSHODVXDH[WHQVmRHOHSRGHWHUGHVGH
XPDVyOHWUDDWpPXLWDVIUDVHVHQXQFLDGRVSiJLQDVHWFpXP
WH[WR SRLV p XPD XQLGDGH GH VHQWLGR QDTXHOD VLWXDomR
3RUWDQWR QmR p D H[WHQVmR TXH GHOLPLWD R TXH p XP WH[WR
&RPR GLVVHPRV p R IDWR GH DR VHU UHIHULGR j GLVFXUVLYLGDGH
FRQVWLWXLUXPDXQLGDGHHPUHODomRjVLWXDomR6HUHVFULWRRX
RUDO WDPEpP QmR PXGD D GHILQLomR GR WH[WR &RPR D
PDWHULDOLGDGH FRQWD FHUWDPHQWH XP WH[WR HVFULWR H XP RUDO
VLJQLILFDPGHPRGRHVSHFtILFRSDUWLFXODUDVVXDVSURSULHGDGHV
PDWHULDLV0DVDPERVVmRWH[WRV´25/$1',S
1HVWDVHomRDERUGDUHPRVDTXHVWmRGDPDWHULDOLGDGHGHVWHQRYRWLSRGHWH[WR±R
KLSHUGRFXPHQWR$TXLQRVLQWHUHVVDDPDWHULDOLGDGHTXHVHPDQLIHVWDQRDWRGDHVFULWDH
TXHVHFRQILJXUDQRkPELWRGRFRQWH~GRGHXPQyFRQFHLWXDO
$ LQFRUSRUDomR GH XP QRYR VXSRUWH DJRUD QmR PDLV R SDSHO PDV D WHOD GR
FRPSXWDGRUWUD] XPD VpULH GH UHIHUrQFLDV TXH DWp D WUDGLomR LPSUHVVD VH H[SUHVVDYD HP
WHUPRVGHXPDFRQWH[WXDOL]DomRHRXLQWHUWH[WXDOLGDGHDEHUWDHVXEHQWHQGLGDSHOROHLWRU2
KLSHUWH[WR DVVRFLD GH LPHGLDWR PDWpULD YLUWXDO DR HVWDWXWR YHUEDO WRUQDQGR WH[WXDO R TXH
DQWHV VH DSUHVHQWDYD FRPR XPD UHIHUHQFLDOLGDGH SDUDWH[WXDO FRPR UHIHUrQFLDV LPDJHQV
FLWDo}HVUHPLVV}HV
³'LVFLSOLQD TXH HP YH] GH SURFHGHU D XPD DQiOLVH OLQJtVWLFD GR WH[WR HP VL RX D XPD DQiOLVH VRFLROyJLFD RX
SVLFROyJLFDGHVHX³FRQWH[WR´FRPRVRERSRQWRGHYLVWDDQJORVD[{QLFRYLVDDDUWLFXODUVXDHQXQFLDomRVREUHXPFHUWR
OXJDU VRFLDO (OD HVWiSRUWDQWR HP UHODomR FRP RV JrQHURV GR GLVFXUVR WUDEDOKDGRV QRV VHWRUHV GR HVSDoR VRFLDO XP
FDIp XPD HVFROD XPD ORMD RX QRV FDPSRV GLVFXUVLYRV SROtWLFR FLHQWtILFR $ DQiOLVH GR GLVFXUVR SRGH HQWmR
LQWHUHVVDUVHSHORVPHVPRVFRUSXVTXHDVRFLROLQJtVWLFDDDQiOLVHFRQYHUVDFLRQDOHWFPDVDSRLDQGRVHQDVGLVFLSOLQDV
YL]LQKDVHODDGRWDXPSRQWRGHYLVWDGLIHUHQWH2HVWXGRGHXPDFRQVXOWDPpGLFDSRUH[HPSORFRQGX]jFRQVLGHUDomR
GDVUHJUDVGRGLiORJRREMHWRGDDQiOLVHFRQYHUVDFLRQDOjVYDULHGDGHVOLQJXDJHLUDVREMHWRGDDQiOLVHVRFLROLQJtVWLFD
DRVPRGRVGHDUJXPHQWDomRREMHWRGDUHWyULFDHWFPDVHVVDVGLIHUHQWHVFRQWULEXLo}HVVmRLQWHJUDGDVSHORDQDOLVWDGR
GLVFXUVR$VVLPQRV(VWDGRV8QLGRVDDQiOLVHGRGLVFXUVRpEHPPDUFDGDSHODDQWURSRORJLDDRSDVVRTXHQD)UDQoD
GHVHQYROYHXVHQRVDQRVGH XPD DQiOLVH GRGLVFXUVRGH RULHQWDomR PDLV OLQJtVWLFD H PDUFDGD SHOR PDU[LVPR H
SHODSVLFDQiOLVH´0$,1*8(1($8S
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
$ IRUPD GH FRPSRVLomR PDWHULDO GR KLSHUWH[WR SHUPLWH XP FDPSR YDVWR GH
SRVVLELOLGDGHVGHOHLWXUDHHVFULWDXPDOLEHUGDGHQR DWRGDHVFULWDTXHVHGHVHMRXVHPSUH
REWHUFRPRWH[WRLPSUHVVR(QWUHWDQWRUHFXSHUDQGRDSURSRVLomRGH/pY\/e9<
GH TXH D WHFQRORJLD QmR QRV p HVWUDQJHLUD H YHP DFRPSDQKDQGR D KXPDQLGDGH HP VHX
ORQJRSHUFXUVRGHFRQVWUXomRGHFRQKHFLPHQWRYDPRVGHIHQGHUTXHQRTXHFRQFHUQHDR
WH[WRHOHWU{QLFRQmRKRXYHXPLPSDFWRRXVHMDRVSURFHVVRVGH KLSHUWH[WXDOL]DomRGR
WH[WR SRGHP VHU HQWHQGLGRV FRPR D FRQFUHWL]DomR GH XP GHVHMR DQWLJR GH VH REWHU XPD
OHLWXUDGLQkPLFDJHUDGRUDGHDWRVLQYHQWLYRV
8PEHUWR(FRHPVXD³2EUD$EHUWD´(&2FLWD0DOODUPpFRPRDTXHOHTXH
DVSLURXSRUXPDHVFULWXUDGLVVRFLDGDGRSDUDGLJPDGHVXDpSRFDTXHGHVVHDRHVFULWRUHDR
OHLWRUPDLVIOXLGH]QDSURGXomRHOHLWXUD0DOODUPpFRPHWHXDIDoDQKDXWySLFDGHLGHDOL]DU
XPOLYURRUJDQL]DGRGHIRUPDDEHUWDFRPPRELOLGDGHHVSDFLDOTXHLQVWLWXLXPMRJRXPD
REUDLQDFDEDGD0DOODUPpWUDEDOKRXQHVVDREUDERDSDUWHGHVXDYLGDHQXQFDDWHUPLQRX
H 8PEHUWR (FR D FRORFD FRPR XP SHUIHLWR H[HPSOR GH REUD HP PRYLPHQWR 2 OLYUR
DSUHVHQWDULD XPD HVWUXWXUD GLQkPLFD VXDV SiJLQDV QmR WHULDP XPD RUGHP IL[D DV IROKDV
HVWDULDP VROWDV LQWHUFDPELiYHLV RUJDQL]DGDV HP IDVFtFXORV PDV TXH PHVPR FRP R
GHVORFDPHQWRGDVIROKDVPDQWLYHVVHPXPDFRHUrQFLDGLVFXUVLYDQDVFRPELQDo}HV
(VWD DVSLUDomR GH YLUWXDOL]DomR QD FRQVWUXomR WH[WXDO p EHP YHUGDGH VH WRUQD
FRQFUHWDDSDUWLUGDVSRVVLELOLGDGHVWHFQROyJLFDVGROLYURHOHWU{QLFR
2 KLSHUGRFXPHQWR RX OLYUR HOHWU{QLFR p XP WH[WR IUDJPHQWDGR H SRWHQFLDOL]DGR
XPD VpULH GH XQLGDGHV TXH VH FRQILJXUDP FRPR XP WRGR RUJkQLFR HP VHX PRPHQWR
SULPHLURQRPRPHQWRGRPRGHORFRQFHLWXDOSDUDGHSRLVSRGHUVHUYLUWXDOL]DGRDSDUWLU
GDQDYHJDomRGROHLWRU6XDHVWUXWXUDpIRUPDGDSRUEORFRVTXHVHXQHPHWrPSDVVDJHP
DWUDYpVGRVOLQNVSRVVXLQGRDVVLPGLVSRVLomRQmROLQHDUSRGHQGRVHUFRQVWUXtGRFRPVRQV
JUiILFRVYtGHRHUHDOLGDGHYLUWXDOeXPPHLRGHLQIRUPDomRTXHH[LVWHVRPHQWHRQOLQH
QRFRPSXWDGRU
$V XQLGDGHV GR KLSHUGRFXPHQWR VmR QyV FRQFHLWXDLV TXH VH XQHP D SDUWLU GD
SUHVHQoDGHXPOHLWRU,QGHSHQGHQWHGDQDWXUH]DGRWH[WRHpHVWDSRVVLELOLGDGHSHUPLWLGD
SHOR PHLR WHFQROyJLFR GH SDVVDU TXDVH LQVWDQWDQHDPHQWH GD SDUWH DR WRGR TXH R
FDUDFWHUL]DHVVHQFLDOPHQWHFRPRXPQRYRVXSRUWHGDHVFULWD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
6HQGR DVVLP R KLSHUGRFXPHQWR p XPD JUDQGH UHGH GH QyV FRQFHLWXDLV TXH VH
LQWHUFRQHFWDP IRUPDQGR R TXH GHQRPLQDPRV WH[WR RX VHMD D PDWHULDOLGDGH GH XP GDGR
XQLYHUVRGLVFXUVLYR(VWDPDWHULDOLGDGHQHVWH FRQWH[WRDJRUDQmRVHIRUPDPDLVDWUDYpV
GHFDStWXORVHVHo}HVYROXPHVPDVGHXPDIRUPDPDLVOLYUHHYLGHQFLDQGRFDGDDVSHFWRD
VHU WUDWDGR QR WH[WR GH XPD IRUPD FRQFUHWD VRE D HWLTXHWD GH XP Qy FRQFHLWXDO 1D
YHUGDGHRTXHFKDPiYDPRVGHHVWUXWXUDGDREUDQmRH[LVWHPDLVFRPRXPDSURSRVWDGR
DWR GD HVFULWD PDV FRPR XP FDPLQKR GH QDYHJDomR GR OHLWRU &DEH DR DXWRU GR
KLSHUGRFXPHQWR SRUpP WUDoDU XP FDPLQKR GH FRQH[}HV FRQVLVWHQWHV HQWUH RV QyV
FRQFHLWXDLVWUDoDUXPPDSDRQGHVH FRQILJXUDUDPDV WHPiWLFDV D VHUHP DSUHVHQWDGDV $
REUDSRUpPVHUiVHPSUHPDWHULDOPHQWHDEHUWD
(VWDIRUPDGHHVFULWXUDIUDJPHQWDGDTXHVHPDQLIHVWDHPXPDWHODGHFRPSXWDGRU
QHFHVVLWD GH XPD HVFULWD TXH FRQWHQKD H[SUHVV}HV FRQVLVWHQWHV SRLV FDGD XQLGDGH RX Qy
FRQFHLWXDOSRGHVHUDSURSULDGDGHGLIHUHQWHVPRGRVSHOROHLWRU
6H SHQVDUPRV TXH HVFUHYHU HP KLSHUWH[WRV p DQWHV GH WXGR XP DWR QDYHJDFLRQDO
RQGHDVWHPiWLFDVVHXQHPHPXPDJUDQGHWHLDFRQFHLWXDOSRGHPRVHQWHQGHUTXHHPFDGD
SDUDGD HP FDGD SRUWR YiULRV DFRQWHFLPHQWRV RFRUUHP H VmR HVVHV DFRQWHFLPHQWRV QR
LQWHULRUGHXPQyFRQFHLWXDOTXHVHFRQILJXUDPQRDWRGDHVFULWDTXHYDPRVDTXLH[SORUDU
$ HVFULWD KLSHUWH[WXDO p IUXWR GH XPD SRVVLELOLGDGH WHFQROyJLFD TXH QmR p PDLV R
OiSLVHRSDSHOHRSHQVDPHQWROLQHDU(ODVHFRORFDHQWUHDVSRVVLELOLGDGHVWHFQROyJLFDVGH
LQWHUIDFHKRPHPPiTXLQDHDVSRVVLELOLGDGHVGDSUySULDFRQVWUXomRGLVFXUVLYDHGHRUGHP
GHXPGDGRGRPtQLRGHFRQKHFLPHQWR&$0326
-D\ 'DYLG %ROWHU HP VHX OLYUR ³:ULWLQJ VSDFH WKH FRPSXWHU K\SHUWH[W DQG WKH
KLVWRU\RIZULWLQJ´%2/7(5DILUPDTXH
³WRGD IRUPD GH HVFULWD p HVSDFLDO &DGD WHFQRORJLD GiQRV
XPHVSDoRGLIHUHQWH3DUDFHUWDVHVFULWDVDQWLJDVRHVSDoRIRL
DVXSHUItFLHLQWHUQDGHXPURORFRQWtQXRTXHRHVFULWRUGLYLGLX
HPFROXQDV3DUDDHVFULWDPHGLHYDOHDPRGHUQDRHVSDoRpD
1RGHVHQYROYLPHQWRGRPRGHORFRQFHLWXDOSDUDR³0DQXDOGH7HVDXUR´QRVFHUWLILFDUPRVGDSURSULHGDGHTXH
SRVVXHP RV QyV FRQFHLWXDLV GH XP KLSHUGRFXPHQWR GH VHUHP UHXWLOL]iYHLV 1D HODERUDomR GR PRGHOR FRQFHLWXDO QRV
GHSDUDPRVFRPHVWDSRVVLELOLGDGHHDJUDQGHGLILFXOGDGHIRLGHVHQYROYHUXPDHVFULWDTXHSXGHVVHVHUYLUSDUDGLYHUVRV
PRPHQWRV GH FRQVXOWD $ VROXomR IRL SHQVDU QR FRQWH~GR GR Qy FRPR XPD XQLGDGH IHFKDGD HP VL PHVPD H TXH VXD
SURGXomRGHVHQWLGRVHGDUiQRDWRGDOHLWXUD,VWRSRGHVHUPHOKRUHQWHQGLGRTXDQGRQRVUHIHULUPRVjVTXHVW}HVOLJDGDV
DROHLWRUUHDOHDROHLWRUYLUWXDO
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
VXSHUItFLH EUDQFD GD SiJLQD SDUWLFXODUPHQWH QR OLPLWH GR
YROXPH 3DUD D HVFULWD HOHWU{QLFD R HVSDoR p R YtGHR GH XP
FRPSXWDGRURQGHRWH[WRpH[SRVWRHHVWRFDGRHPXPDPHPyULD
HOHWU{QLFD´%2/7(5S
$HVFULWDHDOHLWXUDHVWmRFRQGLFLRQDGDVDVVLPSHODFDUDFWHUtVWLFDItVLFDHYLVXDOGR
VXSRUWH XWLOL]DGR 2 HVSDoR GR OLYUR LPSUHVVR p XP HP TXH D HVFULWD p HVWiYHO
PRQXPHQWDOHFRQWURODGDH[FOXVLYDPHQWHSHORDXWRU2HVSDoRGDHVFULWDHOHWU{QLFDSRU
RXWURODGRpFDUDFWHUL]DGRSHODIOXLGH]HSRUXPDLQWHUDWLYLGDGHHQWUHHVFULWRUHOHLWRU
³2 WH[WR p XP FRQWtQXR GH SDUiJUDIRV GLVSRVWRV QD WHOD GR
FRPSXWDGRU SDUD R OHLWRU OHU DWUDYpV GH XP FDPLQKR
WUDGLFLRQDO$OJXPDVSDODYUDVHVWmRHPQHJULWRRHVWLORLQGLFD
TXH Ki XPD QRWD SDUD DTXHOD SDODYUD RX IUDVH DOJXPD FRLVD
SDUD GL]HU 3DUD UHFXSHUDU D QRWD R OHLWRU DSRQWD FRP R
FXUVRU QR WH[WR GR QHJULWR H SUHVVLRQD R ERWmR 8PD MDQHOD
HQWmR DEUH QD WHOD H VH DSUHVHQWD FRPR XP QRYR SDUiJUDIR
SDUDROHLWRUFRQVLGHUDU2OHLWRUH[DPLQDDQRWDHSRGHHQWmR
UHWRUQDU DR SDUiJUDIR RULJLQDO 1HVWH VHQWLGR LVWR p
VLPSOHVPHQWHRHTXLYDOHQWHHOHWU{QLFRGDQRWDGHSpGHSiJLQD
XVDGD QRV OLYURV LPSUHVVRV GXUDQWH DQRV $ PiTXLQD HVWi
PHUDPHQWH DXWRPDWL]DQGR D OHLWXUD GD QRWD GH Sp GH SiJLQD
0DV Ki XPD GLIHUHQoD LPSRUWDQWH D 6HJXQGD MDQHOD SRGH
WDPEpPFRQWHUIUDVHVQHJULWDGDVTXHOHYDPROHLWRUSDUDRXWURV
SDUiJUDIRV2SURFHVVRSRGHFRQWLQXDULQGHILQLGDPHQWHFRPR
OHLWRU VH PRYHQGR GH XPD MDQHOD SDUD RXWUD DWUDYpV GH XP
HVSDoR GH SDUiJUDIRV 8P SDUiJUDIR SRGH HVWi OLJDGR D
PXLWRVHVHUYHGHGHVWLQDomRSDUDOLQNVGHPXLWRVRXWURV7RGR
SDUiJUDIRLQGLYLGXDOSRGHVHUGHLJXDOLPSRUWkQFLDSDUDRWH[WR
FRPRXPWRGRQRTXDORHVFULWRULQLFLDXPWUDEDOKRGHHVFULWD
LQWHUFRQHFWDGD H R OHLWRU SRGH H[SORUDU R WH[WR GH IRUPD
SHULSDWpWLFD´%2/7(5S
3RGHPRV GHILQLU HQWUH RXWUDV SRVVLELOLGDGHV TXH HVFUHYHU p SHUPLWLU TXH R
SHQVDPHQWRSRVVDVHUGLVSRVWRHPWySLFRV±DGLFLRQDUUHPRYHUHDUUDQMDU2WHUPRJUHJR
³WRSRV´VLJQLILFDOLWHUDOPHQWHXPOXJDUDUHWyULFDDQWLJDXVRXDSDODYUDSDUDVHUHIHULUDR
OXJDUFRPXPXQLGDGHFRQYHQFLRQDO2WHUPRWySLFRSDUHFHQRVDSURSULDGRSDUDGHILQLUD
HVFULWD HOHWU{QLFD SRUTXH HOD VXJHUH HWLPROyJLFDPHQWH R VHX FDUiWHU HVSDFLDO WySLFRV
H[LVWHP HP XP HVSDoR GD HVFULWD TXH QmR p VRPHQWH XPD VXSHUItFLH YLVXDO PDV WDPEpP
XPDHVWUXWXUDGHGDGRVQRFRPSXWDGRU&DGDQyFRQFHLWXDOSRGHVHUFDUDFWHUL]DGRFRPR
XPWySLFRRQGHRSHQVDPHQWRVHPDQLIHVWD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
7RGR DWR GH HVFULWD p DVVRFLDWLYR XPD LGpLD VXJHUH RXWUD H RXWUD DSHVDU GH QmR
SRGHU UHFXSHUDU HVWD OLJDomR R HVFULWRU HVFUHYH DVVRFLDWLYDPHQWH 2 PHLR HOHWU{QLFR
DWUDYpV GD WHFQRORJLD GH KLSHUWH[WR p R SULPHLUR PHLR TXH FRP VXFHVVR SRVVLELOLWD
HYLGHQFLDUHVWDUHGHGHDVVRFLDo}HVQDDomRGDHVFULWDHQRPRPHQWRGDOHLWXUD
$WHFQRORJLDGHKLSHUWH[WRSHUPLWLXXQLURVSURFHVVRVGHHVFULWDHOHLWXUDGHIRUPD
QmROLQHDU2DXWRUDSUHVHQWDSDUDROHLWRUSRVVLELOLGDGHVGHGLUHomRGHOHLWXUD(QWUHWDQWR
QR TXH FRQFHUQH DRV KLSHUGRFXPHQWRV LVWR HYLGHQFLD D GLPHQVmR FRQFHLWXDO TXH R DXWRU
HPSUHJRXHPVHXWH[WRHWRGDQDYHJDomRSRVVtYHOGHVHUIHLWDHVWiFRQGLFLRQDGDDHVWD
GLPHQVmR FRQFHLWXDO SRLV VH FDUDFWHUL]D SRU VHU XP KLSHUWH[WR TXH HVWi GHQWUR GH XP
GRPtQLRGHDSOLFDomRFRQKHFLPHQWRFRPOLJDo}HVH[SOtFLWDVHQWUHRVQyV
$TXHVWmRTXHDSUHVHQWDPRVpTXHWRGDOHLWXUDHVWiFRQGLFLRQDGDjPDWHULDOLGDGHGR
WH[WR H LVWR QmR p GLIHUHQWH HP KLSHUGRFXPHQWRV 5HVJDWDQGR FRQFHLWRV GD $QiOLVH GR
'LVFXUVR FRPR R GH OHLWXUD SDUDIUiVWLFD TXH VH FDUDFWHUL]D SHOR UHFRQKHFLPHQWR
UHSURGXomR GH XP VHQWLGR TXH VH VXS}H VHU R GR WH[WR GDGR SHOR DXWRU H OHLWXUD
SROLVVrPLFDTXHVHGHILQHSHOD DWULEXLomRGHP~OWLSORVVHQWLGRVGDGRVDRWH[WRSRGHPRV
DILUPDUTXHDSURGXomRGRGLVFXUVRVHID]QDDUWLFXODomRGHVVHVGRLVSURFHVVRVTXHVHULDP
R IXQGDPHQWR GD OLQJXDJHP 2 SURFHVVR SDUDIUiVWLFR p R TXH SHUPLWH D SURGXomR GR
PHVPR VHQWLGR VRE YiULDV IRUPDV H R SURFHVVR SROLVVrPLFR p R UHVSRQViYHO SHOR IDWR GH
TXH VmR VHPSUH SRVVtYHLV VHQWLGRV GLIHUHQWHV P~OWLSORV (VWD WHQVmR HQWUH R PHVPR H R
GLIHUHQWHpRTXHFRQVWLWXLDVYiULDVLQVWkQFLDVGDOLQJXDJHP
3DUHFHQRVTXHpQHVWDWHQVmRHQWUHDOHLWXUDSDUDIUiVWLFDHDOHLWXUDSROLVVrPLFDTXH
R KLSHUGRFXPHQWR SRGH HVWDU LQVHULGR QD PHGLGD HP TXH HOH SRVVLELOLWD D ³QDYHJDomR´
WH[WXDO RX VHMD XP GHVQXGDPHQWR GR SUySULR WH[WR $R GHILQLU XP Qy FRQFHLWXDO QR
KLSHUGRFXPHQWRROHLWRUHVWiQDYHUGDGHGHWHUPLQDQGRXPDOHLWXUDSDUDIUiVWLFDSRUTXHHOH
UHVJDWD R VHQWLGR GDGR SHOR WH[WR RX VHMD D SHUVSHFWLYD GR DXWRU (QWUHWDQWR R DWR GH
VHOHFLRQDUHVWHRXDTXHOHQyFRQFHLWXDODGYpPGHXPSURFHVVRFULDWLYRHGHVVDPDQHLUDp
SROLVVrPLFR3RUpPRSURGXWRGHVVHDWRFULDWLYRRXVHMDRFRQWH~GRGRQyFRQFHLWXDOQR
KLSHUWH[WR VHUi VHPSUH R TXH DGYpP GD SHUVSHFWLYD GH VHX DXWRU H QHVWH PHGLGD HOH
SUHVFUHYHXPGDGRVHQWLGR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
3RURXWURODGRTXDQWRjLQWHJUDomRGRSURFHVVRGHHVFULWDHGHOHLWXUDSDUWLUHPRV
GR SULQFtSLR TXH R KLSHUGRFXPHQWR SHUGH D HVWUXWXUD WH[WXDO WUDGLFLRQDO SRLV VmR
EORFRVIUDJPHQWRVGHWH[WRVTXHVHXQHPHPXPPHVPRGRFXPHQWRDWUDYpVGDFRHUrQFLD
HVWDEHOHFLGD SHOR OHLWRUQDYHJDGRU e SUREOHPiWLFR WHFQRORJLFDPHQWH UHFXSHUDU R WH[WR
LQWHJUDO SRLV GHSHQGH GDV UHODo}HV LPSOHPHQWDGDV SHOR QDYHJDGRU ( D FDGD
HVWDEHOHFLPHQWR GH UHODo}HV SRGHVH DILUPDU TXH RFRUUH XPD OHLWXUD GLIHUHQWH R TXH
DFDUUHWDTXHGHQWURGHXPVyGRFXPHQWRH[LVWDXPDLQILQLGDGHGHGRFXPHQWRV
$VVLP VRE R SRQWR GH YLVWD GD UHODomR DXWRUOHLWRU DSHVDU GH VHU DPSODPHQWH
GLYXOJDGRTXHRKLSHUWH[WRSHUPLWHDRVHXOHLWRUFRQVWUXLUXPFDPLQKRSUySULRGHSHUFXUVR
QRWH[WRQRFDVRGRKLSHUGRFXPHQWRLVWRQmRpSOHQDPHQWHYHUGDGHLUR5HFXSHUDPRVDV
QRo}HVGHOHLWRUYLUWXDOHOHLWRUUHDOSDUDGHIHQGHUPRVHVWHDUJXPHQWR
6mR YiULRV RV VHQWLGRV TXH SRGHP VHU DWULEXtGRV DR FRQFHLWR GH OHLWXUD 1HVWH
FRQWH[WR R TXH QRV LQWHUHVVD p DTXHOH TXH VH RFXSD GD LGpLD GH LQWHUSUHWDomR H
FRPSUHHQVmR
7RPHPRVSRUSULQFtSLRTXHDOHLWXUD
³QmR p XPD TXHVWmR GH WXGR RX QDGD p XPD TXHVWmR GH
QDWXUH]D GH FRQGLo}HV GH PRGRV GH UHODomR GH WUDEDOKR GH
SURGXomRGHVHQWLGRVHPXPDSDODYUDGHKLVWRULFLGDGH+i
XPOHLWRUYLUWXDOLQVFULWRQRWH[WR8POHLWRUTXHpFRQVWLWXtGR
QR SUySULR DWR GD HVFULWD (P WHUPRV GR TXH GHQRPLQDPRV
³IRUPDo}HVLPDJLQiULDV´HPDQiOLVHGHGLVFXUVRWUDWDVHDTXL
GROHLWRULPDJLQiULRDTXHOHTXHRDXWRULPDJLQDGHVWLQDSDUD
VHX WH[WR H SDUD TXHP HOH VH GLULJH 7DQWR SRGH VHU XP VHX
³F~PSOLFH´ TXDQWR XP VHX ³DGYHUViULR´ $VVLP TXDQGR R
OHLWRU UHDO DTXHOH TXH Or R WH[WR VH DSURSULD GR PHVPR Mi
HQFRQWUD XP OHLWRU Dt FRQVWLWXtGR FRP R TXDO HOH WHP GH VH
UHODFLRQDUQHFHVVDULDPHQWH6HVHGHVHMDIDODUHPSURFHVVRGH
LQWHUDomRGDOHLWXUDHLVDtXPSULPHLURIXQGDPHQWRSDUDRMRJR
LQWHUDFLRQDO D UHODomR EiVLFD TXH LQVWDXUD R SURFHVVR GH
OHLWXUDpRMRJRH[LVWHQWHHQWUHROHLWRUYLUWXDOHROHLWRUUHDOe
XPDUHODomRGHFRQIURQWR2TXHMiHPVLpXPDFUtWLFDDRV
TXH IDODP HP LQWHUDomR GR OHLWRU FRP R WH[WR 2 OHLWRU QmR
LQWHUDJHFRPRWH[WRUHODomRVXMHLWRREMHWRPDVFRPRXWURV
VXMHLWRVOHLWRUYLUWXDODXWRUHWF´25/$1',ES
2 TXH QD YHUGDGH YHP VHQGR UHFXSHUDGR QD QDYHJDomR GH KLSHUGRFXPHQWRV VmR
SRVVLELOLGDGHV GH FDPLQKRV WUDoDGRV SHOR DXWRU TXH YLVXDOL]D XP OHLWRU YLUWXDO 1HVWD
PHGLGD R OHLWRU UHDO GH XP WH[WR WUDGLFLRQDO FRPR GL] 2UODQGL WHP TXH VH UHODFLRQDU
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
QHFHVVDULDPHQWH FRP R OHLWRU YLUWXDO QR KLSHUGRFXPHQWR HOH QmR VRPHQWH WHP TXH VH
UHODFLRQDUFRPRHVWiVXMHLWRDWDOOHLWRUSRLVVypSRVVtYHOQDYHJDUGHXPQyDRXWURVHHVWD
OLJDomRIRLHVWDEHOHFLGD
'HVVDIRUPDPDLVXPDYH]GHIHQGHPRVDHODERUDomRGRPRGHORFRQFHLWXDOFRPR
XPPHLRFDSD]GHIDFLOLWDUTXHRVQyVHVXDVUHODo}HVSRVVDPVHUHVWDEHOHFLGRVGH IRUPD
FRHUHQWH
3RURXWURODGRRPRGHORFRQFHLWXDOpXPDHWDSDLPSRUWDQWHQmRVySDUDRPRPHQWR
GH FRQVWUXomR PDV WDPEpP SDUD TXH R SURFHVVR GH DXWRULD SRVVD HVWDU HYLGHQWH H
SULQFLSDOPHQWHQRFDVRGRVKLSHUGRFXPHQWRVSDUDSRVVLELOLWDUIXWXUDVDWXDOL]Do}HVSRLVp
QHFHVViULRJDUDQWLUDLQWHJULGDGHGDVOLJDo}HV6HPRPRGHORFRQFHLWXDOTXHQDYHUGDGHp
RTXHDSUHVHQWDDFRQFHSomRGRDXWRUVHUiGLItFLODWpPHVPRSDUDRSUySULRDXWRUDWXDOL]i
ORV
&RPR p R PRGHOR FRQFHLWXDO TXH HYLGHQFLD DV UHODo}HV HQWUH RV QyV FRQFHLWXDLV
HVWDEHOHFLGDVSHORDXWRUGRWH[WRRXVHMDDRUJDQL]DomRGDVXQLGDGHVGHFRQKHFLPHQWRVH
ID]QHFHVViULRHQWHQGHUFRPRVHFRQILJXUDPRVFRQWH~GRVGRVQyVHDV UHODo}HVHQWUHHOHV
8PDGDVTXHVW}HVTXHVHFRORFDpDTXHODOLJDGDjFRJQLomRHDRSURFHVVDPHQWRGH
LQIRUPDomRSDUDDHODERUDomRGHKLSHUWH[WRV
3HOR PHQRV GRLV WLSRV GH DSOLFDomR LOXVWUDP R UHODFLRQDPHQWR HQWUH FRJQLomR H
KLSHUPtGLD 8P VH UHIHUH D TXHP YDJXHLD SRU JUDQGHV PDVVDV GH LQIRUPDomR UHXQLQGR
FRQKHFLPHQWR SHOR FDPLQKR 2XWUD VH UHIHUH j VROXomR HVSHFtILFD GH SUREOHPDV 1HVWH
~OWLPR FDVR REMHWR GHVWD SHVTXLVD R VLVWHPD GLULJH LQWHQFLRQDOPHQWH RV OHLWRUHV SRU XP
HVSDoR GH LQIRUPDomR FRQWURODQGR VXD H[SORUDomR SRU OLQKDV GH XPD HVWUXWXUD SUp
GHILQLGD
1RVGRLV WLSRV GH DSOLFDomR p LPSRUWDQWH VH JDUDQWLU DFRHUrQFLD QR QtYHO GR Qy H
HQWUHRVQyVHHYLWDUDVREUHFDUJDFRJQLWLYDDPERVDWXDPGLUHWDPHQWHQDFRPSUHHQVmRGR
WH[WR$FRPSUHHQVmRQDOHLWXUDGHXPGRFXPHQWRpXPGRVSULQFLSDLVSURSyVLWRVGHXP
1DHODERUDomRGR³0DQXDOGH7HVDXUR´YHULILFDPRVTXHHVWDGHWHUPLQDomRGHFRQH[mRHQWUHRVQyVpHVWDEHOHFLGD
QRPRPHQWRGDHODERUDomRGRPRGHORQDYHJDFLRQDO(QWUHWDQWRROHLWRUWHPDOLEHUGDGHGHHVFROKDGHFRQHFWDUHVWHRX
DTXHOHQyPDVQmRSRVVXLDXWRQRPLDSDUDUHFXSHUDUDVOLJDo}HVTXHDGYpPGHVVDHVFROKDSRLVRTXHUHFXSHUDpXPWH[WR
HVWDEHOHFLGRDSDUWLUGDOLJDomRGRDXWRUTXHVHGiQRPRPHQWRGRPRGHORFRQFHLWXDO
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
OHLWRU H LVWR QmR p H[FHomR SDUD XP KLSHUGRFXPHQWR $ OHJLELOLGDGH GH XP GRFXPHQWR
SRGHVHUGHILQLGDFRPRRHVIRUoRPHQWDOGHVSHQGLGRQRSURFHVVRGHFRQVWUXomR$VVLPVH
TXHUHPRVDXPHQWDUDOHJLELOLGDGHGHXPKLSHUGRFXPHQWRSUHFLVDPRVDMXGDURVOHLWRUHVQD
FRQVWUXomRGHVHXVPRGHORVPHQWDLVDWUDYpVGRIRUWDOHFLPHQWRGHIDWRUHVTXHDSyLDPHVWH
SURFHVVRHHQIUDTXHFHQGRDTXHOHVTXHRLPSHGHP1HVWHFDVRIRUWDOHFHQGRDFRHUrQFLDH
HQIUDTXHFHQGRDVREUHFDUJDFRJQLWLYD7+85,1*HWDO
3DUDVHJDUDQWLUDFRHUrQFLDQRQtYHOGRQypQHFHVViULRVHUHSHQVDURVSURFHVVRVGH
HVFULWD D HVWUXWXUD GR WH[WR 6HQGR R KLSHUWH[WR XP QRYR PHLR WH[WXDO GH LQIRUPDomR p
QHFHVViULRSHQVDUHPXPDQRYDUHWyULFDHHVWLORSDUDDSURGXomRGRWH[WRDVFRQH[}HVHP
SHTXHQD H JUDQGHHVFDODQRKLSHUGRFXPHQWRGHYHPVHULQYHVWLJDGDVVRE DSHUVSHFWLYD GD
QmROLQHDULGDGH$WXDOPHQWH DOJXQV DXWRUHV YHP LQYHVWLJDQGR QHVWD GLUHomR /$1'2:
028/7+523 PDV p LPSRUWDQWH DJUHJDU HVWDV TXHVW}HV GD HVFULWD QD
SHUVSHFWLYDGDFRQVWUXomRGRQy
2 TXH YHP VHQGR IHLWR HP PDLRU HVFDOD p D FRQYHUVmR GH WH[WRV SURGX]LGRV
OLQHDUPHQWH SDUD D IRUPD KLSHUWH[WXDO 2 SURGXWR JHUDGR DWUDYpV GHVWH SURFHVVR QHP
VHPSUH p D PHOKRU RSomR HP WHUPRV GH VH JDUDQWLU FRHUrQFLD GR WH[WR QR QtYHO GR Qy
1,/6(1
3DUDVHJDUDQWLUDFRHUrQFLDHQWUHRVQyVRVDXWRUHVGHYHPOLPLWDU³DIUDJPHQWDomR
FDUDFWHUtVWLFDGRKLSHUWH[WR´(VWDFDUDFWHUtVWLFDSDUHFHVHUHQGrPLFDQRVKLSHUGRFXPHQWRV
H UHVXOWD GD VHJPHQWDomR GD LQIRUPDomR HP QyV GLVMXQWRV H VXD DSUHVHQWDomR HP MDQHODV
VHSDUDGDV $ IUDJPHQWDomR SRGH UHVXOWDU QXPD IDOWD GH FRQWH[WR LQWHUSUHWDWLYR H DVVLP
GHL[DU D LPSUHVVmR TXH R KLSHUGRFXPHQWR p XP DJUHJDGR GH SHGDoRV GH LQIRUPDomR
UHXQLGRVIURX[DPHQWHHQmRXPWRGRFRHUHQWH7+85,1*HWDO
8PD PHGLGD TXH SRGH UHGX]LU HVWD LPSUHVVmR p UHSUHVHQWDU RV UHODFLRQDPHQWRV
HQWUHRVQyVH[SOLFLWDPHQWH2XWURUHFXUVRQmRH[FOXGHQWHpJDUDQWLUDFRHUrQFLDDWUDYpV
GDHODERUDomRGHXPPRGHORFRQFHLWXDOFRQVLVWHQWH
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
2VHODERUDGRUHVGHKLSHUGRFXPHQWRXPDQRYD
SHUVSHFWLYDGHDXWRULD
$DXWRULDLPSOLFDHPFHUWDPHGLGDHPGLVFLSOLQDRUJDQL]DomRHXQLGDGH2DXWRU
UHSUHVHQWDDXQLGDGHHGHOLPLWDVHHPXPDSUiWLFDVRFLDO FRPRXPDIXQomRHVSHFtILFDGR
VXMHLWR25/$1',D
6HJXQGR )RXFDXOW )28&$8/7 R DXWRU p FRQVLGHUDGR FRPR SULQFtSLR GH
DJUXSDPHQWR GR GLVFXUVR FRPR XQLGDGH H RULJHP GH VXDV VLJQLILFDo}HV FRPR IXOFUR GH
VXDFRHUrQFLD
³2 DXWRU p DTXLOR TXH SHUPLWH WDQWR D SUHVHQoD GH FHUWRV
DFRQWHFLPHQWRV QXPD REUD FRPR DV VXDV WUDQVIRUPDo}HV DV
VXDV GHIRUPDo}HV DV VXDV PRGLILFDo}HV GLYHUVDV 2 DXWRU p
LJXDOPHQWH R SULQFtSLR GH XPD FHUWD XQLGDGH GH HVFULWD SHOR
TXH WRGDV DV GLIHUHQoDV VmR UHGX]LGDV SHORV SULQFtSLRV GD
HYROXomRGDPDWXUDomRRXGD LQIOXrQFLD´)28&$8/7
S
(QWUHWDQWR DLQGD SDUD )RXFDXOW )28&$8/7 R FRQFHLWR GH DXWRULD QmR
YDOH SDUD WXGR GH IRUPD FRQVWDQWH Ki GLVFXUVRV FRPR DV FRQYHUVDV UHFHLWDV GHFUHWRV
FRQWUDWRVTXHSUHFLVDPGHTXHPRVDVVLQHPDVVHJXQGRHOHQmRGHDXWRUHV
³3RGHUtDPRV GL]HU SRU FRQVHJXLQWH TXH QXPD DYDOLDomR
FRPRDQRVVDXPDFHUWDTXDQWLGDGHGHGLVFXUVRVVmRSURYLGRV
GDIXQomR³DXWRU´DRSDVVRTXHRXWURVVmRGHODGHVSURYLGRV
8PD FDUWD SULYDGD SRGH EHP WHU XP VLJQDWiULR PDV QmR WHP
DXWRU XP FRQWUDWR SRGH EHP WHU XP ILDGRU PDV QmR WHP XP
DXWRU 8P WH[WR DQ{QLPR TXH VH Or QXPD SDUHGH GD UXD WHUi
XP UHGDWRU PDV QmR XP DXWRU $ IXQomR DXWRU p DVVLP
FDUDFWHUtVWLFD GR PRGR GH H[LVWrQFLD GH DUWLFXODomR H GH
IXQFLRQDPHQWR GH DOJXQV GLVFXUVRV QR LQWHULRU GH XPD
VRFLHGDGH´)28&$8/7S
2UODQGL 25/$1', D HQWUHWDQWR GHVORFD HVVD GLIHUHQoD DSUHVHQWDGD SRU
)RXFDXOW RX VHMD TXH D SUySULD XQLGDGH GR WH[WR p HIHLWR GLVFXUVLYR TXH GHULYD GR
SULQFtSLRGHDXWRULDSDUDDWULEXLUXPDOFDQFHPDLRUHTXHHVSHFLILFDRSULQFtSLRGHDXWRULD
FRPR QHFHVViULD SDUD TXDOTXHU GLVFXUVR FRORFDQGRD QD RULJHP GD WH[WXDOLGDGH 'HVWD
IRUPD XP WH[WR SRGH DWp QmR WHU XP DXWRU HVSHFtILFR PDV SHOD IXQomRDXWRU VHPSUH VH
LPSXWDDRWH[WRXPDDXWRULD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
6HJXQGR 2UODQGL 25/$1', D D DXWRULD p SHQVDGD FRPR XPD IXQomR
GLVFXUVLYDDVVXPLGDSRUXPVXMHLWRHQTXDQWRSURGXWRUGHOLQJXDJHPSURGXWRUGHWH[WR2
DXWRUFRORFDVHQDRULJHPGRVHXGL]HU
³ R DXWRU p R VXMHLWR TXH WHQGR R GRPtQLR GH FHUWRV
PHFDQLVPRVGLVFXUVLYRVUHSUHVHQWDSHODOLQJXDJHPHVVHSDSHO
QDRUGHPHPTXHHVWiLQVFULWRQDSRVLomRHPTXHVHFRQVWLWXL
DVVXPLQGR D UHVSRQVDELOLGDGH SHOR TXH GL] FRPR GL] HWF´
25/$1',DS
$VVLPRVXMHLWRSUHFLVDSDVVDUGDPXOWLSOLFLGDGHGRGL]HUSDUDDRUJDQL]DomRGHVVD
GLVSHUVmR QXP WRGR FRHUHQWH DSUHVHQWDQGRVH FRPR DXWRU UHVSRQViYHO SHOD XQLGDGH H
FRHUrQFLDGRTXHGL]LQGHSHQGHQWHGRWLSRGHGLVFXUVRTXHVHPDWHULDOL]DGHIRUPDWH[WXDO
(QWUHWDQWRDLQGDGL]2UODQGL25/$1',DS³QmRVHpDXWRUGRPHVPR
PRGR GD ,GDGH 0pGLD DWp KRMH´ 3RLV DOpP GH VHU GLIHUHQWH D IRUPD FRPR R VXMHLWR VH
LQGLYLGXDOL]DFRPRDXWRUHPGLIHUHQWHV pSRFDVVHFRORFDWDPEpPRXWUDTXHVWmRjTXHOD
OLJDGDDPDWHULDOLGDGHGRGLVFXUVR
&RPR YLPRV DQWHULRUPHQWH D PDWHULDOLGDGH GRV GLVFXUVRV p GH QDWXUH]D GLYHUVD H
SRGH YDULDU SRU H[HPSOR GR FRGH[ j WHOD GR FRPSXWDGRU 1RVVD TXHVWmR VH FRORFD
HQWUHWDQWRQRHVSDoRGHLQYHVWLJDUFRPRRVXMHLWRVHWRUQDDXWRUGHVVDQRYDPDWHULDOLGDGH
GRGLVFXUVRTXHpRKLSHUGRFXPHQWR
&RPR DSUHVHQWDGR R DXWRU p FRQVLGHUDGR FRPR SULQFtSLR GH DJUXSDPHQWR GR
GLVFXUVR FRPR XQLGDGH H RULJHP GH VXDV VLJQLILFDo}HV $OpP GLVVR LQFRUSRUDQGR R
FRQFHLWRGHIXQomRDXWRUSRGHVHGL]HUTXHWRGRWH[WRSRVVXLXPDXWRUTXHSRGHH[HUFHU
GLYHUVDVIXQo}HVHPVXDSHUVRQLILFDomRFRPRDXWRU
)RUWDOHFLGRVSRUHVVHVDUJXPHQWRVYDPRVGHIHQGHUTXHRKLSHUGRFXPHQWRSDUDVHU
HODERUDGRQHFHVVLWDDWXDOPHQWHGHSHORPHQRVGRLVVXMHLWRVTXHVHFRQILJXUDPFRPRDXWRU
H[HUFHQGR IXQo}HV GLIHUHQWHV RX VHMD R DXWRU FRQWHXGLVWD H R DXWRU GD WHFQRORJLD GH
KLSHUWH[WR
)RXFDXOWHPVHXWH[WR³$RUGHPGRGLVFXUVR´DSUHVHQWDHVWDTXHVWmRPXLWRDPSODPHQWHKLVWRUL]DQGRRFRQFHLWR
GHDXWRULDDWpDPRGHUQLGDGH1DQRVVDSHVTXLVDRSWDPRVSRUQmRGLVFXWLUPRVHVSHFLILFDPHQWHDIXQomRGHDXWRULDVRE
XPDSHUVSHFWLYDGRVXMHLWRKLVWyULFRPDVQXPDSURSRVWDPDLVHVSHFLILFDHFRQFHLWXDOGHGHWHUPLQDomRGDIXQomRDXWRU
FRPDPDWHULDOLGDGHGRWH[WR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
2 DXWRU FRQWHXGLVWD p DWXDOPHQWH R UHVSRQViYHO SHOR GHVHQYROYLPHQWR GRV
FRQWH~GRV GR KLSHUGRFXPHQWR HQTXDQWR R DXWRU GD WHFQRORJLD GHVORFD HVVHV FRQWH~GRV
SDUDDWHFQRORJLDKLSHUWH[WXDO
(QWUHWDQWRDTXHVWmRTXHVHFRORFDpTXHHVVHSDSHOGHDXWRULDQmRILFDFODUDPHQWH
HVWDEHOHFLGR HQWUH HVVHV GRLV VXMHLWRV 'H XPD PDQHLUD JHUDO DFUHGLWDVH TXH R DXWRU GD
WHFQRORJLDTXHpRUHVSRQViYHOSHODIRUPDFRPRHVVHVFRQWH~GRVLUmRVHUDSUHVHQWDGRVQmR
WHQKDXPDIXQomRGH DXWRUPDVVLPSOHVPHQWHGH XP DQDOLVWD TXH LUi LPSODQWDU XP GDGR
VLVWHPDFRPSXWDGRUL]DGR
'HVWDIRUPDRDXWRUGHFRQWH~GRpYLVWRSHORDQDOLVWDFRPRXPXVXiULRHSRUVXD
YH]RDQDOLVWDpYLVWRSHORDXWRUFRQWHXGLVWDFRPRXPPHURWpFQLFRTXHLUiLPSODQWDURVHX
WH[WRGHIRUPDKLSHUWH[WXDO
1D YHUGDGH R TXH TXHUHPRV DFHQWXDU p TXH HVWD PDQHLUD GH HQFDUDU D FRQVWUXomR
WH[WXDO FRPR GLVVRFLDGD GH XPD UHODomR FRP D PDWHULDOLGDGH GR WH[WR OHYD D XPD
GLVWRUomRTXDQWRjUHVSRQVDELOLGDGHVREUHDFRQVWUXomRGHXPDGDGDXQLGDGHGHFRHUrQFLD
HGHVLJQLILFDomRWH[WXDOTXHVHFRQILJXUDQRSDSHOGHDXWRULD6HPHVVDUHVSRQVDELOLGDGH
GHVHUWDPEpPDXWRURDQDOLVWDGHVLVWHPDVHFRORFDQRHVSDoRGHPHUR³LPSODQWDGRU´GH
XP KLSHUGRFXPHQWR QmR LQWHUDJLQGR GH IRUPD HIHWLYD D SRVVLELOLWDU XPD YHUGDGHLUD
FRPXQLFDomR
'HVWDIRUPDDFRPXQLFDomRHQWUHRDXWRUGHFRQWH~GRHRDXWRUGDWHFQRORJLDGH
KLSHUWH[WR WHP VLGR GLILFXOWDGD SRU XP ODGR SRUTXH R DXWRU GR FRQWH~GR QmR HQWHQGH DV
FDUDFWHUtVWLFDV GHVWH QRYR VXSRUWH GRFXPHQWDO H SRU RXWUR ODGR SRUTXH R DXWRU GD
WHFQRORJLDQmRHQWHQGHGDWHPiWLFDHSRUYH]HVQHPGRSURFHVVRGHHODERUDomRGDHVFULWD
$OpP GLVVR H FRORFDPRV FRPR SRQWR IXQGDPHQWDO DPERV QmR SHUFHEHP TXH R
KLSHUGRFXPHQWR LQDXJXUD XPD QRYD SHUVSHFWLYD GH DXWRULD H GHVVD IRUPD DPERV VmR
DXWRUHVGHVVHQRYRPHLRWH[WXDOSRLV D IRUPD FRPR RV FRQWH~GRV VmR GLVSRVWRV LQWHUIHUH
QRSUySULRGL]HURXVHMDLQWHUIHUHQRSUySULRSURGXWRILQDOTXHpRKLSHUGRFXPHQWR
(QWUHWDQWR SHUFHEHVH TXH TXDQGR R DXWRU FRQWHXGLVWD FRQKHFH DV SURSULHGDGHV
GHVVH QRYR PHLR WH[WXDO D FRPXQLFDomR ILFD PXLWR IDFLOLWDGD H QD HODERUDomR GH
KLSHUGRFXPHQWRVpSRVVtYHOGLPLQXLUDUHODomRLQWHUDomRWHPSRLPSOHPHQWDomR$FUHGLWD
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
VHTXHHVWDTXHVWmRGHFRPXQLFDomRYHQKDRFRUUHQGRSRUVHURKLSHUGRFXPHQWRXPVXSRUWH
GRFXPHQWDO EDVWDQWH QRYR FRP FDUDFWHUtVWLFDV SUySULDV H TXH JUDQGH SDUWH GRV
HVSHFLDOLVWDVHHVFULWRUHVGHGLYHUVDViUHDVWHPiWLFDVDLQGDQmRRGRPLQDPHQTXDQWRPHLR
GHHVFULWDRXVHMDHQTXDQWRXPPHLRTXHSHUPLWDPDWHULDOL]DURGLVFXUVR
$VVLP QR SURFHVVR GH SURGXomR GH KLSHUGRFXPHQWRV YHULILFDVH TXH VH HQFRQWUD
XPYD]LRXPDIDOWDGHSULQFtSLRVSDUDIDFLOLWDUDFRPXQLFDomRHQWUHRDXWRUGDWHPiWLFDHR
DXWRUGDWHFQRORJLDRXPHVPRTXDQGRXPPHVPR³DWRU´DVVXPHRVGRLVSDSpLVHSUHFLVD
GHVORFDUVHXSHQVDPHQWRSDUDXPPHLRKLSHUWH[WXDO3DUHFHQRVSRURXWURODGRTXHHVWH
YD]LR QmR VHUi VROXFLRQDGR VRPHQWH GHVHQYROYHQGR PRGHORV TXH SRVVDP GDU FRQWD GH
UHSUHVHQWDomR GH FRQWH~GRV PDV GH HVWDEHOHFHU DOJXQV SDVVRV TXH SRVVDP YLDELOL]DU D
FRPXQLFDomRHQWUHVHXVDXWRUHV
2SULPHLURSDVVRDQRVVRYHUpRHQWHQGLPHQWRGHXPQRYRHVSDoRGHDXWRULDRQGH
DPERVVHFRQVLGHUHPDXWRUHVH[HUFHQGRIXQo}HVGLIHUHQFLDGDVQHVVDDWXDomRFRPRDXWRU
1HVWD PHGLGD WRGRV RV SURFHVVRV GHYHP VHU UHDOL]DGRV GH IRUPD D SRVVLELOLWDU XPD
FRPXQLFDomRHIHWLYD
$VVLP R DXWRU FRQWHXGLVWD QmR GHYHUi VHU PDLV YLVWR FRPR XPD ³PLQD´ GH
FRQKHFLPHQWR RQGH VH SRGH H[SORUDU PDV FRPR XP SDUFHLUR 1HVWD SDUFHULD GHYH VHU
HVWDEHOHFLGR XP GLiORJR TXH SURSLFLH TXH RV FRQWH~GRV SRVVDP VHU GLVSRVWRV GH IRUPD
FRHUHQWHHRWLPL]DGDHYLWDQGRVREUHFDUJDFRJQLWLYD
'HVWHPRGRpTXHLQWURGX]LPRVRVHJXQGRSDVVRHQRVVDWHVHQHVWHHVWXGRTXHpGH
GHIHQGHU TXH R PRGHOR FRQFHLWXDO GHYD VHU HQFDUDGR FRPR R HVSDoR RQGH HVWD DXWRULD
FRODERUDWLYD GHYD VH SHUVRQLILFDU 2 PRGHOR FRQFHLWXDO FRPR Mi IRL GLWR GHYH VHU YLVWR
FRPR XP LQVWUXPHQWR GH FRPXQLFDomR HQWUH R DXWRU FRQWHXGLVWD H GD WHFQRORJLD 2
HQWHQGLPHQWRGRPRGHORFRPRXPHVSDoRFRPXQLFDFLRQDODTXHOHRQGHDVGHVFREHUWDVH
DYDQoRV GR FRQKHFLPHQWR YLUDP UHJLVWURV DWUDYpV GD LQWHUDomR HQWUH R ³JHUDGRU´ GH
FRQKHFLPHQWRHR³JHUDGRU´HVHXVSDUHV&$0326DPSOLDVXDILQDOLGDGHSRGH
DVVLPVHUFRQVLGHUDGRFRPRRSDVVRLQLFLDOGHXPDHVFULWDPRGHODURQGHDPERVRVDXWRUHV
SRVVXHP GHWHUPLQDGDV IXQo}HV H QmR VRPHQWH FRPR XPD IRUPD GH FRPSUHHQVmR GH XP
GRPtQLRHGHGRFXPHQWDomRGRVLVWHPDFRPRpDSUHVHQWDGRQR22+'01DYHUGDGHR
2)D]HUHP5HGHRREMHWRKLSHUWH[WR
PRGHOR FRQFHLWXDO p SRXFR HQIDWL]DGR H SRXFR SUDWLFDGR 0HVPR TXH D PHWRGRORJLD R
FRQWHPSOHQDSUiWLFDQmRpXWLOL]DGR
3DUD TXH R PRGHOR FRQFHLWXDO SRVVD VHU XWLOL]DGR FRPR R LQtFLR GH XPD HVFULWD
PRGHODUpQHFHVViULRTXHDVXDHODERUDomRVHFRQILJXUHQXPSURFHVVRFROHWLYRTXHGHYH
DWHQGHU D DOJXQV UHTXLVLWRV TXH SURSLFLHP D FRPXQLFDomR H DX[LOLHP HIHWLYDPHQWH D
FRQVWUXomR GH PHWRGRORJLD PDLV DSURSULDGDV DRV VLVWHPDV GH FRQFHLWRV SUHVHQWHV QRV
KLSHUGRFXPHQWRV 9DPRV HQWmR QXPD SURSRVWD OLQHDU QDYHJDU SRU FRQWH~GRV TXH
H[SOLFLWHPXPSRXFRPDLVVREUHTXHVW}HVOLJDGDVjHODERUDomRGHPRGHORVFRPRVLVWHPDV
GHFRQFHLWRV
'$02'(/,=$d­2¬5(35(6(17$d­2'2&21+(&,0(172
0e72'26(7(25,$6
$0RGHOL]DomR
&RQVWUXLU XP KLSHUGRFXPHQWR RX VHMD HODERUDU XPD HVFULWD PRGHODU p DQWHV GH
WXGR VH GHIURQWDU FRP TXHVW}HV OLJDGDV j PRGHOL]DomR 1HVWH HVWXGR HQWHQGHPRV
PRGHOL]DomRDSDUWLUGRVHVWXGRVGHVHQYROYLGRVSRU/H0RLJQHHPVXD7HRULDGR6LVWHPD
*HUDOWDPEpPGHQRPLQDGDGH7HRULDGD0RGHOL]DomR
/H 0RLJQH GHILQH D VXD WHRULD FRPR FRQVWUXWLYLVWD QR VHQWLGR SURSRVWR SRU -HDQ
3LDJHWFRQFHEHQGRRFRQKHFLPHQWRFRPRXPSURFHVVRXPDFRQVWUXomRRXGLWRGHRXWUD
IRUPD R FRQKHFLPHQWR p D SUySULD DomR GH FRQVWUXomR GR FRQKHFLPHQWR 1HVWD
SHUVSHFWLYD VHJXLQGR R SHQVDPHQWR GH +HLQ] YRQ )RHUVWHU /H 0RLJQH DILUPD TXH
FRQKHFHUpPRGHOL]DURXVHMDRSURFHVVRGHFRQKHFHU HTXLYDOH j FRQVWUXomR GH PRGHORV
GRPXQGRGRPtQLRDVHUFRQVWUXtGRTXHSHUPLWHPGHVFUHYHUHIRUQHFHUH[SOLFDo}HVVREUH
RVIHQ{PHQRVTXHREVHUYDPRV
$PRGHOL]DomRSRVWXODDSULRULQDUHSUHVHQWDomRGHXPDGDGD
UHDOLGDGHQmRVRPHQWHDSOXUDOLGDGHGRVPRGHORVFRQFHEtYHLV
GH XP PHVPR IHQ{PHQR PDV VREUHWXGR D SOXUDOLGDGH GRV
PpWRGRVGHPRGHOL]DomR-iQmRHVWDPRVQRWHPSRHPTXHVH
SRGLD WROHUDU DR ODGR GR ERP PpWRGR R ~QLFR PpWRGR
FLHQWtILFR R PpWRGR DQDOtWLFR TXH DSHQDV RV FLHQWLVWDV
DMXUDPHQWDGRV FRQKHFHP H SUDWLFDP VHULDPHQWH PpWRGRV
SREUHVGHPRGHOL]DomRQmRFLHQWtILFRVDSHQDVWROHUiYHLV $
SDUWLU GH HQWmR SDUD DUTXLWHFWXUDU R FRQKHFLPHQWR Mi QmR
HVWDUHPRV H[FOXVLYDPHQWH UHGX]LGRV jV UHFHLWDV GRV PpWRGRV
KLSRWpWLFRGHGXWLYRVGLVSRUHPRVGRFDPSRDEHUWRGRVPpWRGRV
D[LRPiWLFRLQGXWLYRV/(02,*1(S
/H 0RLJQH SURS}H TXH SHQVHPRV QmR VRPHQWH QD GLYHUVLGDGH GH PRGHORV PDV
SULQFLSDOPHQWHQRVSULQFtSLRVTXHSRVVLELOLWDPRDWRGHPRGHODU(VWDSHUVSHFWLYDUHVWDXUD
D OLEHUGDGH GR PRGHOL]DGRU SRUTXH TXDQWR PDLV HOH WHRUL]D RV VHXV PpWRGRV PDLV
SRVVLELOLGDGHHOHWHPGHQmRILFDUUHIpPGHXPGDGRPRGHORHVSHFtILFR
$7HRULDGD0RGHOL]DomRGH-HDQ/RXV/H0RLJQHSXEOLFDGDQD)UDQoDHPQDVFHGHXPDHVSHFLDOL]DomR
FLHQWtILFDQRGRPtQLRGRVVLVWHPDVGHLQIRUPDomRHDRORQJRGDPHVPDGDQHFHVVLGDGHSHUFHELGDSHORDXWRUGHSRUILPj
FRQIXVmRH[WUDRUGLQiULDGDLQIRUPDWL]DomRQDVFRPXQLFDo}HVVRFLDLV%LROFKLQL
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$REUDGH/H0RLJQHDSUHVHQWD FLQFRSHUVSHFWLYDVSDUDSHQVDU DPRGHOL]DomR$
SULPHLUD p LQVWUXPHQWDO D WHRULD GR VLVWHPD JHUDO GHYH VHUYLU FRPR XPD WHRULD GD
PRGHOL]DomR TXH VH IXQGDPHQWD D SULRUL SRVWXODQGR D SOXUDOLGDGH GRV PpWRGRV GH
PRGHOL]DomRGRVIHQ{PHQRV$VHJXQGDSHUVSHFWLYDYDLVHUDSUHVHQWDGDDSDUWLUGDREUD
GH (GJDU 0RULQ 025,1 TXH QRV LQWURGX] DR SDUDGLJPD GR SHQVDPHQWR
FRPSOH[R (P VXD H[SRVLomR DUTXLWHWXUD XP KLSHUSDUDGLJPD GD FRPSOH[LGDGH TXH
FRQVLVWHQRHQWHQGLPHQWRGDPRGHOL]DomRGHWRGRRIHQ{PHQRSHUFHELGRHFRQFHELGRFRPR
FRPSOH[R SHOD UHFXVD GD VXD VLPSOLILFDomR GD VXD PXWLODomR $ WHUFHLUD SHUVSHFWLYD
LJXDOPHQWHVXJHULGDSRU(GJDU0RULQGL]UHVSHLWRjUHSUHVHQWDomRHD QRVVDFRPSUHHQVmR
GHXPDUHQRYDomRGDFRPSUHHQVmRGHRUJDQL]DomRTXHVHULDDFDSDFLGDGHGHXPVLVWHPD
SDUD DR PHVPR WHPSR SURGX]LU H SURGX]LUVH OLJDU H OLJDUVH PDQWHU H PDQWHUVH
WUDQVIRUPDU H WUDQVIRUPDUVH FRQFHELGD GH XP PRGR D QmR VH UHGX]LU DR FRQFHLWR GH
HVWUXWXUD $ TXDUWD SHUVSHFWLYD GL] UHVSHLWR j GLVWLQomR HQWUH VLVWHPD H FRQMXQWR 8P
VLVWHPD QmR p XP FRQMXQWR R FRQFHLWR GH VLVWHPD HVWi IXQGDGR HP XPD GLDOpWLFD GR
RUJDQL]DGRHGRRUJDQL]DQWHHQmRHPXPDHQXPHUDomRGHHOHPHQWRVHGHVXDVUHODo}HV
PDV DQWHV GH WXGR HP XPD SHUVSHFWLYD HP TXH HVVHV HOHPHQWRV HVWmR GLVSRVWRV XQV HP
UHODomRDRVRXWURVIRUPDQGRRTXHGHILQLPRVSRUVLVWHPD$TXLQWDSHUVSHFWLYDFRQVLGHUD
R SURJUHVVLYR UHFRQKHFLPHQWR GD OLEHUGDGH FULDGRUD GR PRGHOL]DGRU DILUPDQGR TXH
QHQKXPDFLrQFLDQRVIRUoDHPQRPHGDERDXWLOL]DomRGDUD]mRKXPDQDDXWLOL]DUXPH
DSHQDV XP DOJRULWPR GH PRGHOL]DomR 5HIRUoD FRP HVWD ~OWLPD SHUVSHFWLYD TXH D
FRQGLomR IXQGDPHQWDO SDUD JDUDQWLU D OLEHUGDGH GR DUWHVmR p D H[SOLFLWDomR GRV D[LRPDV
VREUHRVTXDLVYDLDSRLDUSURJUHVVLYDPHQWHDVVXDVLQIHUrQFLDVHLPSULPLURVHXSURMHWR
(GJDU0RULQ025,1SSURS}HTXHDWHQWHPRVSDUDGXDVLOXV}HVTXHGHVYLDPRHVStULWRGRSUREOHPD
GRSHQVDPHQWRFRPSOH[R$SULPHLUDpFUHUTXHDFRPSOH[LGDGHFRQGX]jHOLPLQDomRGDVLPSOLFLGDGH$FRPSOH[LGDGH
DSDUHFHFHUWDPHQWHRQGHRSHQVDPHQWRVLPSOLILFDGRUIDOKD PDV LQWHJUD QHOD WXGRRTXHS}HRUGHP FODUH]D GLVWLQomR
SUHFLVmR QR FRQKHFLPHQWR D VHJXQGD LOXVmR p FRQIXQGLU FRPSOH[LGDGH H FRPSOHWXGH D DPELomR GR SHQVDPHQWR
FRPSOH[RpGDUFRQWDGDVDUWLFXODo}HVHQWUHGRPtQLRVGLVFLSOLQDUHVTXHVmRTXHEUDGRVSHORSHQVDPHQWRGLVMXQWLYRTXHp
XP GRV DVSHFWRV SULQFLSDLV GHVWH SHQVDPHQWR VLPSOLILFDGRU HVWH LVROD R TXH HOH VHSDUD H RFXOWD WXGR R TXH R OLJD
LQWHUDJHLQWHUIHUH1HVWHVHQWLGRRSHQVDPHQWRFRPSOH[RDVSLUDDRFRQKHFLPHQWRPXOWLGLPHQVLRQDO1DYHUGDGHRTXH
(GJDU0RULQTXHUQRVDOHUWDUpTXHDSDWRORJLDPRGHUQDGRHVStULWRHVWiQDKLSHUVLPSOLILFDomRTXHDWRUQDFHJDSHUDQWHD
FRPSOH[LGDGH GR UHDO (QTXDQWR R SHQVDPHQWR VLPSOLILFDGRU GHVLQWHJUD D FRPSOH[LGDGH GR UHDO R SHQVDPHQWR
FRPSOH[R LQWHJUD R PDLV SRVVtYHO RV PRGRV VLPSOLILFDGRUHV GH SHQVDU PDV UHFXVD DV FRQVHTrQFLDV PXWLODGRUDV
UHGXWRUDVXQLGLPHQVLRQDLV ILQDOPHQWH LOXVyULDVGH XPD VLPSOLILFDomR TXH VH WRPD SHOR UHIOH[R GRTXH Ki GH UHDO QD
UHDOLGDGH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
1HVWDPHGLGD/H0RLJQHQRVGL]TXHPRGHOL]DUpLQVWUXPHQWDUQRVDSUHVHQWDQGRR
TXHHOHLUiGHILQLUFRPRRVTXDWURSUHFHLWRVGRQRYRGLVFXUVRGRPpWRGR
2 SUHFHLWR GD SHUWLQrQFLD UHFRQKHFHU TXH WRGR R REMHWR TXH
FRQVLGHUDUPRVVHGHILQHSRUUHODomRjVLQWHQo}HVLPSOtFLWDVRX
H[SOtFLWDVGRPRGHOL]DGRU1XQFDVHFRLELUS{UHPG~YLGDHVWD
GHILQLomR VH PRGLILFDQGRVH DV QRVVDV LQWHQo}HV D SHUFHSomR
TXH WtQKDPRV GHVWH REMHWR VH DOWHUDU 2 SUHFHLWR GR
JOREDOLVPRFRQVLGHUDUVHPSUHRREMHWRDFRQKHFHUSHODQRVVD
LQWHOLJrQFLDFRPRXPDSDUWHLPHUVDQRVHLRGHXPWRGRPDLRU
3HUFHErOR j SDUWLGD JOREDOPHQWH QD VXD UHODomR IXQFLRQDO
FRP R DPELHQWH VHP VH SUHRFXSDU H[FHVVLYDPHQWH HP
HVWDEHOHFHU XPD LPDJHP ILHO GD VXD HVWUXWXUD LQWHUQD FXMD
H[LVWrQFLD H XQLFLGDGH QXQFD VHUmR FRQVLGHUDGDV FRPR
DGTXLULGDV2SUHFHLWRWHOHROyJLFRLQWHUSUHWDURREMHWRQmRHP
VLPHVPRPDVSHORVHXFRPSRUWDPHQWRVHPSURFXUDUH[SOLFDU
D SULRUL HVVH FRPSRUWDPHQWR SRU DOJXPD OHL LPSOLFDGD QXPD
HYHQWXDO HVWUXWXUD &RPSUHHQGHU HP FRQWUDSDUWLGD HVVH
FRPSRUWDPHQWRHRVUHFXUVRVTXHHOHPRELOL]DHPUHODomRDRV
SURMHWRV TXH OLYUHPHQWH R PRGHOL]DGRU DWULEXL DR REMHWR
&RQVLGHUDUDLGHQWLILFDomRGHVVHVSURMHWRVKLSRWpWLFRVFRPRXP
DWRUDFLRQDOGDLQWHOLJrQFLDHDFHLWDUTXHDVXDGHPRQVWUDomR
VHUiPXLWRUDUDPHQWHSRVVtYHO2SUHFHLWRGH DJUHJDWLYLGDGH
UHFRQKHFHU TXH WRGD D UHSUHVHQWDomR p SDUWLGiULD QmR SRU
HVTXHFLPHQWRGRPRGHOL]DGRUPDVGHOLEHUDGDPHQWH3URFXUDU
HP FRQVHTrQFLD DOJXPDV UHFHLWDV VXVFHSWtYHLV GH RULHQWDU D
VHOHomR GH DJUHJDGRV WLGRV SRU SHUWLQHQWHV H H[FOXLU D
REMHWLYLGDGH LOXVyULD GH XP UHFHQVHDPHQWR H[DXVWLYR GRV
HOHPHQWRVDFRQVLGHUDU/(02,*1(S
1HVWH HVWXGR SURSRPRV DJUHJDU DV SRVVLELOLGDGHV GH SHQVDU VREUH XPD GDGD
UHDOLGDGH TXH R PRGHOL]DGRU SRVVD XOWUDSDVVDU RV PRGHORV H SHQVDU QRV SULQFtSLRV TXH
HVWmRVXEMDFHQWHVjVSRVVLELOLGDGHVUHSUHVHQWDFLRQDLVHTXHGHVWDIRUPDSRVVDROKDUXP
GRPtQLR GH FRQKHFLPHQWR FRP XPD JDPD GH IHUUDPHQWDV UHSUHVHQWDFLRQDLV H TXH XWLOL]H
DTXHODVTXHPDLVVHDGHTXDUHPDRFRQWH[WR(VWDSHUVSHFWLYDQRVOHYDDVDLUGRPRGHOR
XOWUDSDVVDU R PpWRGR H GRPLQDU RV PHWDFRQFHLWRV TXH GHYHP VHU XWLOL]DGRV FRPR
PHFDQLVPRV GH DEVWUDomR PDV SDUD LVVR DFUHGLWDPRV VHU QHFHVViULR PHUJXOKDU R PDLV
SURIXQGR SRVVtYHO QD GLYHUVLGDGH GH PpWRGRV UHSUHVHQWDFLRQDLV H SHUFHEHU R TXH HVWi
VXEMDFHQWHDRSUySULRPRGHORRXVHMDRVSULQFtSLRVGHVXDPRGHOL]DomR
$ SDUWLU GH XPD DQiOLVH GD IDOrQFLD GR GLVFXUVR FDUWHVLDQR QD TXDO GHL[D FODUR TXH R 'LVFXUVR GR 0pWRGR GH
'HVFDUWHV QmR QRV GL] DRQGH FRQGX]LU D UD]mR PDV WUDWD GH EXVFDU GL]HUQRV FRPR FRQGX]LOD /H 0RLJH DILUPD D
QHFHVVLGDGHGHH[SORUDUPRVDH[LVWrQFLDGHQRYDVIRUPDVGHH[HUFtFLRGDQRVVDUD]mRFRQVWLWXtGDVSRURXWURVPpWRGRV
SHORPHQRVWmRHIHWLYRVHHILFD]HVWDOYH]PDLVJHUDLV%LROFKLQL
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
1HVWH FDStWXOR SUHWHQGHPRV DVVLP DSUHVHQWDU FRQFHLWRV LPSRUWDQWHV OLJDGRV j
PRGHOL]DomR FRPR R FRQFHLWR GH UHSUHVHQWDomR GR FRQKHFLPHQWR H RV QtYHLV GH
UHSUHVHQWDomR GR REMHWR /RJR HP VHJXLGD YDPRV GLVFRUUHU VREUH DV WHRULDV H PpWRGRV
UHSUHVHQWDFLRQDLV XWLOL]DGRV QD &LrQFLD GD ,QIRUPDomR QD &LrQFLD GD &RPSXWDomR H QD
7HUPLQRORJLD
$5HSUHVHQWDomRGR&RQKHFLPHQWR
2 PRGHOR FRQFHLWXDO SUHWHQGH GDU FRQWD GD UHSUHVHQWDomR GR FRQWH~GR GH
LQIRUPDo}HVTXHVHGHVHMDDSUHVHQWDUHPXPKLSHUGRFXPHQWR(OHpTXHSRVVLELOLWDTXHDV
LGpLDV GR DXWRU GH FRQWH~GR SRVVDP VHU GHVORFDGDV H HQWHQGLGDV SRU DTXHOH TXH
GHVHQYROYHUi FRPSXWDFLRQDOPHQWH R KLSHUGRFXPHQWR IDFLOLWDQGR IXWXUDPHQWH VH IRU R
FDVR DWXDOL]Do}HV TXH VH IL]HUHP QHFHVViULDV 1HVWD PHGLGD R PRGHOR FRQFHLWXDO HVWi
LQWULQVHFDPHQWHOLJDGRDRFRQFHLWRGHUHSUHVHQWDomRGHFRQKHFLPHQWR
6HJXQGR'$9,6HWDO RFRQFHLWRGHUHSUHVHQWDomRGHFRQKHFLPHQWRSRGH
VHU PHOKRU HQWHQGLGR D SDUWLU GDV VHJXLQWHV GHILQLo}HV OLJDGDV DRV SDSpLV TXH SRGHUi
GHVHPSHQKDU
8PDUHSUHVHQWDomRGHFRQKHFLPHQWRpXPPHFDQLVPRXVDGR
SDUDVHUDFLRFLQDUVREUHRPXQGRDRLQYpVGHDJLUGLUHWDPHQWH
VREUH HOH 1HVWH VHQWLGR HOD p IXQGDPHQWDOPHQWH XP
VXEVWLWXWR SDUD DTXLOR TXH UHSUHVHQWD (VWH SDSHO FRQGX]
QDWXUDOPHQWH D GRLV LPSRUWDQWHV DVSHFWRV 2 SULPHLUR GL]
UHVSHLWRDVXDLGHQWLGDGHSURMHWDGD'HYHKDYHUDOJXPDIRUPD
GH FRUUHVSRQGrQFLD HVSHFLILFDGD HQWUH R VXEVWLWXWR H VHX
UHIHUHQWH SODQHMDGR QR PXQGR (VWD FRUUHVSRQGrQFLD p D
VHPkQWLFD GD UHSUHVHQWDomR 2 VHJXQGR p D ILGHOLGDGH
)LGHOLGDGH SHUIHLWD p HP JHUDO LPSRVVtYHO WDQWR QD SUiWLFD
TXDQWR HP SULQFtSLR $ ~QLFD UHSUHVHQWDomR FRPSOHWDPHQWH
SUHFLVD GH XP REMHWR p R REMHWR HP VL 4XDOTXHU RXWUD
UHSUHVHQWDomR p LPSUHFLVD H LQHYLWDYHOPHQWH FRQWpP
VLPSOLILFDo}HV
8PD UHSUHVHQWDomR GH FRQKHFLPHQWR p XPD UHVSRVWD j
SHUJXQWD(PTXHWHUPRVGHYRSHQVDUVREUHRPXQGR",VWR p
XPFRQMXQWRGHFRPSURPLVVRVRQWROyJLFRV8PDYH]TXHWRGD
$HVFROKDGHXPDXWRUTXHDWXDQRFDPSRGD(QJHQKDULDGR&RQKHFLPHQWRHQmRGD&LrQFLDGD,QIRUPDomRSDUD
GHILQLUUHSUHVHQWDomRGRFRQKHFLPHQWRVHGHYHSHORREMHWLYRGDSHVTXLVDRXVHMDGHGLVFXWLUDUHSUHVHQWDomRGHPRGHORV
QRkPELWRGHVLVWHPDDXWRPDWL]DGRFRPRpRKLSHUGRFXPHQWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
UHSUHVHQWDomRpXPDDSUR[LPDomRLPSHUIHLWDGDUHDOLGDGHDR
VHOHFLRQDU XPD UHSUHVHQWDomR HVWDPRV WRPDQGR XP FRQMXQWR
GH GHFLV}HV VREUH FRPR H R TXH YHU QR PXQGR 2X VHMD
VHOHFLRQDU XPD UHSUHVHQWDomR VLJQLILFD ID]HU XP FRQMXQWR GH
FRPSURPLVVRVRQWROyJLFRV(VVHVFRPSURPLVVRVGHWHUPLQDPR
TXH SRGH VHU YLVWR HQIRFDQGR DOJXPD SDUWH GR PXQGR HP
GHWULPHQWRGHRXWUDV(VWDIRUPDGHYHURPXQGRQmRpDSHQDV
XP HIHLWR FRODWHUDO GD HVFROKD GH XPD UHSUHVHQWDomR DR
FRQWUiULR R HIHLWR IRFDOL]DGRU p D SDUWH HVVHQFLDO GR TXH D
UHSUHVHQWDomRRIHUHFHMiTXHDFRPSOH[LGDGHGRPXQGRUHDOp
HVPDJDGRUD $VVLP R FRPSURPHWLPHQWR RQWROyJLFR IHLWR SRU
XPD UHSUHVHQWDomR SRGH VHU XPD GH VXDV PDLV LPSRUWDQWHV
FRQWULEXLo}HV
8PD UHSUHVHQWDomR GH FRQKHFLPHQWR p XPD WHRULD
IUDJPHQWDGD GH UDFLRFtQLR TXH HVSHFLILFD TXH LQIHUrQFLDV VmR
YiOLGDV H TXDLV VmR UHFRPHQGDGDV 8PD UHSUHVHQWDomR p
PRWLYDGD SRU DOJXPD SHUFHSomR GH FRPR DV SHVVRDV
DUJXPHQWDP RX SRU DOJXPD FUHQoD VREUH R TXH VLJQLILFD
UDFLRFLQDU GH IRUPD LQWHOLJHQWH $ WHRULD GH UDFLRFtQLR
LQWHOLJHQWH HPEXWLGD HP XPD UHSUHVHQWDomR p JHUDOPHQWH
LPSOtFLWDPDVSRGHVHWRUQDUPDLVHYLGHQWHSHORH[DPHGHWUrV
FRPSRQHQWHVDFRQFHSomRGHLQIHUrQFLDLQWHOLJHQWHRFRQMXQWR
GH LQIHUrQFLDV TXH D UHSUHVHQWDomR VDQFLRQD H R FRQMXQWR GH
LQIHUrQFLDV TXH HOD UHFRPHQGD (QTXDQWR DV LQIHUrQFLDV
VDQFLRQDGDV LQGLFDP R TXH SRGH VHU LQIHULGR DV LQIHUrQFLDV
UHFRPHQGDGDV GL]HP UHVSHLWR DR TXH GHYH VHU LQIHULGR (VWD
RULHQWDomR p QHFHVViULD SRLV R FRQMXQWR GH LQIHUrQFLDV
VDQFLRQDGDV p WLSLFDPHQWH PXLWR JUDQGH SDUD VHU XVDGR
LQGLVFULPLQDGDPHQWH (VWHV FRPSRQHQWHV SRGHP VHU YLVWRV
WDPEpP FRPR DV UHVSRVWDV GD UHSUHVHQWDomR D WUrV TXHVW}HV
IXQGDPHQWDLV L 2 TXH VLJQLILFD UDFLRFLQDU GH IRUPD
LQWHOLJHQWH" LL 2 TXH SRGHPRV LQIHULU D SDUWLU GR TXH
FRQKHFHPRV" H LLL 2 TXH GHYHPRV LQIHULU D SDUWLU GR TXH
FRQKHFHPRV"
8PD UHSUHVHQWDomR GH FRQKHFLPHQWR p XP PHLR GH
FRPSXWDomR SUDJPDWLFDPHQWH HILFLHQWH 1D UHDOLGDGH HVWD
TXHVWmR DERUGD D XWLOLGDGH SUiWLFD GD UHSUHVHQWDomR 6H HOD
WRUQDFRLVDVSRVVtYHLV PDV QmRIDFLOPHQWH FRPSXWiYHLVHQWmR
DUHSUHVHQWDomRSRGHQmRVHUGHPXLWDYDOLDSDUDRSUREOHPD
HPPmRV
8PD UHSUHVHQWDomR GH FRQKHFLPHQWR p XP PHLR GH
H[SUHVVmR LH XPD OLQJXDJHP QD TXDO SRGHVH GL]HU FRLVDV
VREUH R PXQGR (VWD p WDPEpP XPD TXHVWmR GH XWLOLGDGH
SUiWLFD GD UHSUHVHQWDomR 6H HOD SHUPLWH H[SUHVVDU FHUWDV
VLWXDo}HVPDVLVWRQmRpIHLWRIDFLOPHQWHHQWmRFRPRXVXiULRV
PXLWDV YH]HV QmR SRGHPRV VDEHU VH D UHSUHVHQWDomR QmR p
FDSD]GHH[SUHVVDUDOJXPDFRLVDTXHJRVWDUtDPRVGH GL]HU RX
VLPSOHVPHQWHQmRVDEHPRVFRPRXViOD8PDUHSUHVHQWDomRp
D OLQJXDJHP QD TXDO QRV FRPXQLFDPRV H DVVLP GHYHPRV VHU
FDSD]HVGHIDODUVHPHVIRUoRKHUyLFR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2VPHFDQLVPRVGHUHSUHVHQWDomRGHFRQKHFLPHQWRIDFLOLWDPDVVLPTXHSURFHVVRV
GH IRUPDOL]DomR VREUH RV REMHWRV H VXDV UHODo}HV HP FRQWH[WRV SUpGHILQLGRV SRVVDP VHU
IDFLOPHQWHUHSUHVHQWDGRV1RkPELWRGD&LrQFLDGD&RPSXWDomRHOHVVHUYHPSDUDDX[LOLDU
DLPSOHPHQWDomRGHHVWUXWXUDVFRPSXWiYHLV1R kPELWRGD&LrQFLDGD ,QIRUPDomRHVVHV
PHVPRV PHFDQLVPRV SRVVLELOLWDP D HODERUDomR GH OLQJXDJHQV GRFXPHQWiULDV YHUEDLV H
QRWDFLRQDLVYLVDQGRDUHFXSHUDomRGHLQIRUPDomRHDRUJDQL]DomRGHGRFXPHQWRV
$UHSUHVHQWDomRGRFRQKHFLPHQWRSRGHVHUFODVVLILFDGDGHDFRUGRFRPRVWLSRVGH
SULPLWLYDV RIHUHFLGDV DR XVXiULR VHJXQGR %UDFKPDQ HP TXDWUR QtYHLV OyJLFR
HSLVWHPROyJLFRRQWROyJLFRHFRQFHLWXDO
2QtYHOOyJLFRpRQtYHOGDIRUPDOL]DomRHQWUHWDQWRQmRH[LVWHSUHRFXSDomRFRPD
VHPkQWLFD HP WHUPRV GRV FRQFHLWRV H GH VXDV UHODo}HV QD YHUGDGH WRGR R IRFR HVWi
FHQWUDGRHPXPDGDGDVLQWD[HTXHSRVVLELOLWHXPDYHUGDGHLUDDomRGRSHQVDU1RQtYHO
HSLVWHPROyJLFR D QRomR JHQpULFD GH XP FRQFHLWR p LQWURGX]LGD FRPR XPD SULPLWLYD GH
HVWUXWXUDomRGHFRQKHFLPHQWR HOH p R QtYHO GD HVWUXWXUDomR 2 QtYHO RQWROyJLFR REMHWLYD
UHVWULQJLU R Q~PHUR GH SRVVLELOLGDGHV GH LQWHUSUHWDomR GR FRQFHLWR GHQWUR GH XP GDGR
FRQWH[WRDSDUWLUGHXPIRUPDOLVPRTXHREMHWLYDUHSUHVHQWDURFRQWH~GRGRFRQFHLWR1R
QtYHO FRQFHLWXDO LQGHSHQGHQWH GH XP IRUPDOLVPR RV FRQFHLWRV SRVVXHP D SULRUL XPD
LQWHUSUHWDomR GHILQLGD 2 HVTXHOHWR GD HVWUXWXUD GRV FRQFHLWRV HP XP GHWHUPLQDGR
GRPtQLR HVWi GDGR H R FRQKHFLPHQWR p H[SUHVVR QD IRUPD GH XPD HVSHFLILFDomR GHVWH
HVTXHOHWR
1R HVSDoR GD UHSUHVHQWDomR GH PRGHORV FRQFHLWXDLV SDUD KLSHUGRFXPHQWRV QRV
LQWHUHVVDP DTXHOHV QtYHLV RQGH XPD HVWUXWXUD GH FRQKHFLPHQWR SRVVD VHU VLVWHPDWL]DGD H
UHSUHVHQWDGD D SDUWLU GH FRQWH[WRV HVSHFtILFRV 6HJXQGR 1HZHO RV QtYHLV
HSLVWHPROyJLFR H RQWROyJLFR VmR DTXHOHV TXH SHUPLWHP D UHSUHVHQWDomR GH FRQKHFLPHQWR
HVWUXWXUDGRHIRUPDOL]DGR
1R QtYHO HSLVWHPROyJLFR FRPR YLPRV HVSHFLILFDVH D HVWUXWXUD GRV FRQFHLWRV H
VHXVLQWHUUHODFLRQDPHQWRV1RQtYHORQWROyJLFRDYDQoDVHXPSRXFRPDLVQRSURFHVVRGH
RUJDQL]DomR H FODVVLILFDomR GH XP GHWHUPLQDGR GRPtQLR DFUHVFHQWDVH D GHILQLomR GRV
FRQFHLWRV TXH QHOH HVWmR LQVHULGRV (QTXDQWR R QtYHO HSLVWHPROyJLFR p R QtYHO GH
HVWUXWXUDomRRQtYHORQWROyJLFRpRQtYHOGHVLJQLILFDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
1D &LrQFLD GD &RPSXWDomR PRGHORV GH REMHWRV H GH GDGRV VmR H[HPSORV GH
UHSUHVHQWDomR QR QtYHO HSLVWHPROyJLFR &RQWXGR SDUD UHSUHVHQWDU FRQKHFLPHQWR WDLV
UHSUHVHQWDo}HV VmR DLQGD SREUHV (VVHV IRUPDOLVPRV HVWDEHOHFHP DSHQDV VLJQLILFDGRV
SDUWLFXODUHVGHHVWUXWXUDomReQHFHVViULRSRUWDQWRLQWURGX]LUDQRomRGHQtYHORQWROyJLFR
*8$5,12$2QWRORJLD)RUPDOFRPRRSUySULRQRPHLQGLFDpXPIRUPDOLVPR
TXH p FODVVLILFDGR QR QtYHO RQWROyJLFR SRLV VLVWHPDWL]D FRQKHFLPHQWR SUHWHQGHQGR D
IRUPDOL]DomRGHGHILQLo}HVD[LRPiWLFDV
1D&LrQFLDGD ,QIRUPDomRD7HRULDGD&ODVVLILFDomRSRGHVHUFRQVLGHUDGDHPXP
QtYHO GH WUDQVLomR HQWUH R QtYHO HSLVWHPROyJLFR H RQWROyJLFR SRUTXH DSHVDU GHOD QmR
SUHWHQGHUFKHJDUjGHILQLomRGRVFRQFHLWRVGHXPGDGRGRPtQLRHODSRVVXLXPIRUPDOLVPR
TXH SRVVLELOLWD D UHSUHVHQWDomR GR FRQKHFLPHQWR -i DV 7HRULDV GR &RQFHLWR H GD
7HUPLQRORJLD SRGHP VHU FODVVLILFDGDV FRPR GH XP QtYHO RQWROyJLFR SURSULDPHQWH SRLV
SHUPLWHP D VLVWHPDWL]DomR GH FRQKHFLPHQWRV H SRVVXHP GLUHWUL]HV SDUD D HODERUDomR GH
GHILQLo}HV
1DYHUGDGHXPDDQWLJDTXHVWmRHVWiHPMRJRFODVVLILFDVHSDUDGHILQLURXGHILQHVH
SDUD FODVVLILFDU" 3DUHFHQRV TXH HP WRGD VLVWHPDWL]DomR GH FRQKHFLPHQWR HVWi LPSOtFLWD
XPD GHILQLomR $V GXDV IRUPDV GH ROKDU R REMHWR RX VHMD VLVWHPDWL]DU RX GHILQLU XP
FRQFHLWR VmR LQGLVVRFLiYHLV RX DLQGD GDQGR D PmR D /H 0RLJQH H j 7HRULD GD
0RGHOL]DomRRFRQVWUXtGRGHYHVHUSHQVDGRHPVHXSURFHVVRGHFRQVWUXomR$TXHVWmR
SURSULDPHQWH p TXH DOJXQV PRGHORV QmR GmR FRQWD GH UHSUHVHQWDU HVWUXWXUDV GH
FRQKHFLPHQWR H VLP GH UHSUHVHQWDU D HVWUXWXUD HVWiWLFD GH GDGRV FRPR p R FDVR GD
RULHQWDomRDREMHWRVTXHYHPVHQGRXVDGDSHOD22+'0
1DSUy[LPDVHomRLUHPRVDSUHVHQWDURVPpWRGRVHWHRULDVFLWDGRVFRPRH[HPSORV
GH QtYHO HSLVWHPROyJLFR H RQWROyJLFR RX VHMD QD &LrQFLD GD ,QIRUPDomR D 7HRULD GD
&ODVVLILFDomR)DFHWDGDD7HRULDGD7HUPLQRORJLDHD7HRULDGR&RQFHLWRHQD&LrQFLDGD
&RPSXWDomRD2ULHQWDomRD2EMHWRVHD 2QWRORJLD
&RQVLGHUDQGR TXH R PRGHOR FRQFHLWXDO SDUD KLSHUGRFXPHQWRV p XP PRGHOR GH
UHSUHVHQWDomRGHFRQKHFLPHQWRRQGHRVFRQFHLWRVHVXDVUHODo}HVHVWmRRUJDQL]DGRVGHQWUR
GHXPGRPtQLRHQmRGHQWURGHXPDVLWXDomRUHDORXLPDJLQiULDTXHVHGHVHMDUHSUHVHQWDU
HTXHRVFRQFHLWRVVHUHODFLRQDPXQVHPUHODomRDRVRXWURVDQRVVDDQiOLVHGDVWHRULDV H
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
PpWRGRV WHUi FRPR IRFR R OHYDQWDPHQWR GDTXHOHV HOHPHQWRV TXH IRUPDP XP 6LVWHPD GH
&RQFHLWRV
1R kPELWR GD &LrQFLD GD ,QIRUPDomR R VLVWHPD GH FRQFHLWRV YLVD D RUJDQL]DomR
HIHWLYDGRFRQKHFLPHQWRGHQWURGHXPDGDGDiUHDHDUHSUHVHQWDomRFODUDGDVUHODo}HVHQWUH
FRQFHLWRV ,62',6 3RGHPRV DVVLP FRQVLGHUDU R 0RGHOR &RQFHLWXDO FRPR XP
6LVWHPD GH &RQFHLWRV SRUTXH HOH SHUPLWH D UHSUHVHQWDomR GH FRQFHLWRV H VXDV UHODo}HV
GHQWURGHFRQWH[WRVGHFRQKHFLPHQWRIRUPDQGRXPWRGRFRHVRRFRQWH[WR
7HRULDGD&ODVVLILFDomR)DFHWDGD
$ 7HRULD GD &ODVVLILFDomR )DFHWDGD IRL GHVHQYROYLGD SRU 6KL\DOL 5DPDPULWD
5DQJDQDWKDQQDGpFDGDGHYLVDQGRHYLGHQFLDURVSULQFtSLRVXWLOL]DGRVQDHODERUDomRGD
&RORQ &ODVVLILFDWLRQ WDPEpP GHQRPLQDGD GH &ODVVLILFDomR GH 'RLV 3RQWRV WDEHOD GH
FODVVLILFDomR HODERUDGD SDUD D RUJDQL]DomR GR DFHUYR GD %LEOLRWHFD GD 8QLYHUVLGDGH GH
0DGUDVQDËQGLD
$Wp DTXHOH PRPHQWR QR kPELWR GD 'RFXPHQWDomR DV WDEHODV H[LVWHQWHV QmR
DSUHVHQWDYDP DV EDVHV WHyULFDV SDUD VXD HODERUDomR 5DQJDQDWKDQ IRL R SULPHLUR D
HYLGHQFLDU RV SULQFtSLRV XWLOL]DGRV QD HODERUDomR GH VXD WDEHOD SURSRUFLRQDQGR XPD
YHUGDGHLUDUHYROXomRQDiUHDGD&ODVVLILFDomR%LEOLRJUiILFD1DYHUGDGHHOHQmRHODERUD
VRPHQWH XP WUDEDOKR WHyULFR SDUD H[SOLFDU D FRQVWUXomR GD 7DEHOD PDV DSUHVHQWD XPD
WHRULDVyOLGDHIXQGDPHQWDGDSDUDGDUj&ODVVLILFDomR%LEOLRJUiILFDXPVWDWXVTXHDHOHYDD
GLVFLSOLQDLQGHSHQGHQWH&$0326
$ 7HRULD GH 5DQJDQDWKDQ HVWi DSUHVHQWDGD SUDWLFDPHQWH HP TXDWUR REUDV EiVLFDV
)LYH /DZV RI /LEUDU\ 6FLHQFH 5$1*$17+$1D 3UROHJRPHQD WR /LEUDU\
&ODVVLILFDWLRQ
5$1*$17+$1
3KLORVRSK\
RI
%RRN
&ODVVLILFDWLRQ
5$1*$17+$1DOpPGDSUySULD&RORQ&ODVVLILFDWLRQ5$1*$17+$1
.XPDU S HVWXGLRVR H SURIHVVRU GH FODVVLILFDomR LQGLDQR D UHVSHLWR GR WUDEDOKR LQRYDGRU GH
5DQJDQDWKDQDFUHVFHQWDTXHHOHVH³EHQHILFLRXGRVWUDEDOKRVGH5LFKDUGVRQ&XWWHU+XOPH%URZQ6D\HUV%OLVVHDVVLP
SRUGLDQWH(OHWHYHDRSRUWXQLGDGHGHPHOKRUDUVXDWHRULDDRH[SHULPHQWiODSRUXPSHUtRGRGHDQRV(IRUPXORXD
&ODVVLILFDomR GRV 'RLV 3RQWRV QD TXDO DSOLFRX VXD WHRULD 7HVWRX VXD WHRULD FRP D DMXGD GH SULQFtSLRV QRUPDWLYRV
3URGX]LX XPD WHUPLQRORJLD WpFQLFD SUySULD H QmR KHVLWRX HP DGRWiOD GH RXWURV $OpP GLVVR VXD EDVH %UDPkQLFD H
PDWHPiWLFD GHXOKH XPD PHQWH FODUD H OyJLFD &RPR UHVXOWDGR IRL FDSD] GH VLVWHPDWL]DU R HVWXGR H D SUiWLFD GD
&ODVVLILFDomR´
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
6XDV REUDV HYLGHQFLDP GH IRUPD EDVWDQWH VLJQLILFDWLYD D LQIOXrQFLD TXH D )LORVRILD
RULHQWDOH[HUFHXHPVXDDWLYLGDGHSURILVVLRQDO$OpPGLVVRVXDIRUPDomRPDWHPiWLFDGHYH
WHU LQIOXHQFLDGR LJXDOPHQWH QR GHVHQYROYLPHQWR GH VXD 7HRULD e HVWD LQWHJUDomR
H[WUHPDPHQWHSHFXOLDUGRSHQVDPHQWRUDFLRQDOHGRSHQVDPHQWRRULHQWDOTXHGij7HRULD
GD&ODVVLILFDomR)DFHWDGDXPHVSDoRWRGRSUySULR
5DQJDQDWKDQ p XP GRV SULPHLURV WHyULFRV GD FODVVLILFDomR ELEOLRJUiILFD TXH DR
H[SOLFDUDQDWXUH]DGHVWDDWLYLGDGHGHL[DHYLGHQWHDQHFHVVLGDGHGHHODERUDUHVTXHPDVGH
FODVVLILFDomR TXH SRVVDP DFRPSDQKDU DV PXGDQoDV H D HYROXomR GR FRQKHFLPHQWR
6HJXQGR HOH R FRQKHFLPHQWR p ³D WRWDOLGDGH GDV LGpLDV FRQVHUYDGDV SHOR VHU KXPDQR´
5$1*$1$7+$1 S DWUDYpV GD REVHUYDomR GDV FRLVDV IDWRV H SURFHVVRV GR
PXQGRTXHRFHUFD
2V HVTXHPDV GH FODVVLILFDomR ELEOLRJUiILFD WHULDP DVVLP GXSOD IXQomR D GH
SHUPLWLU D RUJDQL]DomR GRV GRFXPHQWRV QDV HVWDQWHV H D GH UHSUHVHQWDU R FRQKHFLPHQWR
UHJLVWUDGRQXPDGDGDiUHDGHDVVXQWR
5DQJDQDWKDQIRLDTXHOHTXHFRQVHJXLXHVWDEHOHFHUSULQFtSLRVSDUDXPDQRYDWHRULD
GDFODVVLILFDomRELEOLRJUiILFDHRIH]WHQGRFRPREDVHRSUySULR&RQKHFLPHQWR
$7HRULDGD&ODVVLILFDomR)DFHWDGDFRPRWRGDWHRULDpXPFRUSXVFRPSOH[R3DUD
TXHSRVVDVHUFRPSUHHQGLGDHPWRGDDVXDH[WHQVmRSURFXUDVHRUJDQL]DUVXDH[SRVLomRGH
PRGRDVHJXLUXPSUHWHQVRFDPLQKRGRGHVHQYROYLPHQWRGDVLGpLDVGH5DQJDQDWKDQXPD
YH]TXHVXDVREUDVEiVLFDVFLWDGDVQRLQtFLRGHVWDVHomRQmRRLQGLFDPQHPDSUHVHQWDP
XPD GLVSRVLomR GLGiWLFD 3RGHVH REVHUYDU TXH RV IXQGDPHQWRV TXH SHUPLWHP R
HQWHQGLPHQWR GH VXD 7HRULD FRPR XP WRGR HVWmR GLVWULEXtGRV QDTXHODV REUDV $VVLP
DFUHGLWDVH TXH SDUD FKHJDU DR Q~FOHR GHVWH FDStWXOR RX VHMD HYLGHQFLDU SULQFtSLRV
FODVVLILFDWyULRV TXH SRVVDP DX[LOLDU QD HODERUDomR GD PRGHODJHP FRQFHLWXDO SDUD
KLSHUGRFXPHQWRVDSUHVHQWHGLVSRVLomRpDPDLVDGHTXDGD
8QLGDGHV&ODVVLILFDWyULDV
8P GRV SULPHLURV SDVVRV QD HODERUDomR GH XPD HVWUXWXUD FODVVLILFDWyULD p D
GHILQLomRGDVXQLGDGHVTXHFRQVWLWXHPRVLVWHPD(VVDVXQLGDGHVQDYHUGDGHUHSUHVHQWDP
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
RV FRQFHLWRV H VXDV UHODo}HV 1D 7HRULD GD &ODVVLILFDomR )DFHWDGD DV XQLGDGHV
FODVVLILFDWyULDV VmR R DVVXQWR EiVLFR H D LGpLD LVRODGD &RPR VH REVHUYRX DQWHULRUPHQWH
HPWRGDDWHRULDGH5DQJDQDWKDQRVHOHPHQWRVHVWmRLQWHUOLJDGRV'HILQLUDVVXQWREiVLFRH
LGpLD LVRODGD WRUQDVH GLItFLO SRUTXH XP FRQFHLWR p GHSHQGHQWH GR RXWUR RX VHMD QmR p
SRVVtYHOGHILQLUXPVHPGHILQLURRXWURHYLFHYHUVD
2 DVVXQWR EiVLFR p XP ³DVVXQWR VHP QHQKXPD LGpLD LVRODGD FRPR FRPSRQHQWH´
5$1*$1$7+$1S $VVXQWRpGHILQLGRFRPR XP FRUSR VLVWHPDWL]DGR GH
LGpLDVLQVHULGDVHPXPFDPSR HVSHFLDOL]DGR5$1*$1$7+$1S3RGHVH
GL]HU HQWmR TXH DVVXQWR EiVLFR UHSUHVHQWD DV iUHDV PDLV DEUDQJHQWHV GR FRQKHFLPHQWR
FRPR0DWHPiWLFD$JULFXOWXUD3RUpPQmRVHSRGHGL]HUTXH&XOWLYRGH0LOKRUHSUHVHQWH
XPDVVXQWREiVLFRSRLVHOHSRVVXLDLGpLDLVRODGD0LOKR
$ LGpLD LVRODGD p ³DOJXPD LGpLD RX FRPSOH[R GH LGpLDV DMXVWDGDV SDUD IRUPDU XP
FRPSRQHQWH GH XP DVVXQWR PDV HP VL PHVPD HOD QmR p FRQVLGHUDGD XP DVVXQWR´
5$1*$1$7+$1S3RUH[HPSOR0LOKRGHQRWDXPDLGpLDLVRODGDPDVVH
IRU FRPELQDGD FRP R DVVXQWR EiVLFR $JULFXOWXUD HP VHX DVSHFWR HVSHFtILFR IRUPDVH R
DVVXQWR &XOWLYR GH 0LOKR 2 LVRODGR LGpLD LVRODGD SRGH VHU FRQVLGHUDGR XP FRQFHLWR
DOJXPDV YH]HV SRUpP IXQFLRQD FRPR XPD XQLGDGH FRPELQDWyULD TXH WHP SRU IXQomR
IDFLOLWDUD IRUPDomRGDQRWDomR4XDQGR LVWR DFRQWHFH HOH p FKDPDGR SRU DOJXQV DXWRUHV
.80$5 S GH HVSHFLILFDGRU 3RU H[HPSOR QD &RORQ &ODVVLILFDWLRQ
5$1*$1$7+$1DIRUPDomRGDQRWDomR3VLFRORJLD,QIDQWLO6FRUUHVSRQGHDR
DVVXQWREiVLFR3VLFRORJLDFyGLJR6HDRLVRODGR&ULDQoDFyGLJR3RGHVHGL]HUTXHR
UHSUHVHQWDQWHGRFRQFHLWRQHVWHWLSRGH7DEHOD pDQRWDomR1HVWHFDVRR LVRODGR p XP
HVSHFLILFDGRU LVWR p XP GHWHUPLQDQWH GR WHUPR 3VLFRORJLD &RP LVWR 5DQJDQDWKDQ
FRQVHJXH UHSUHVHQWDU FRQFHLWRV TXH QmR HVWmR QRPHDGRV QD OtQJXD FRPR SRU H[HPSOR
3VLFRORJLD3UpDGROHVFHQWH3VLFRORJLD0HQLQR
&DUDFWHUtVWLFDV
$&DUDFWHUtVWLFDpGHILQLGDSRU5DQJDQDWKDQ S FRPR ³XP DWULEXWR RX
DOJXP FRPSOH[R´ 8P DWULEXWR SRU VXD YH] ³p XPD SURSULHGDGH RX XPD TXDOLGDGH RX
XPDPHGLGDTXDQWLWDWLYDGHXPDHQWLGDGH´.80$5S$VFDUDFWHUtVWLFDVVmR
XVDGDV SDUD FRPSDUDU RV HOHPHQWRV FODVVLILFDWyULRV REMHWLYDQGR IRUPDU FODVVHV H GHQWUR
GHVWDVRVUHQTXHVHFDGHLDV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
5HQTXHVH&DGHLDV
5HQTXHV H FDGHLDV VmR GHQRPLQDo}HV GDGDV SRU 5DQJDQDWKDQ SDUD GLIHUHQFLDU QD
IRUPDomRGHFODVVHVVpULHVYHUWLFDLVHKRUL]RQWDLVGHFRQFHLWRV
5HQTXHV VmR FODVVHV IRUPDGDV D SDUWLU GH XPD ~QLFD FDUDFWHUtVWLFD GH GLYLVmR
IRUPDQGR VpULHV KRUL]RQWDLV 3RU H[HPSOR 0DFLHLUD H 3DUUHLUD VmR HOHPHQWRV GD &ODVVH
ÈUYRUH)UXWtIHUDIRUPDGDSHODFDUDFWHUtVWLFDGHGLYLVmR±WLSRGHiUYRUHVIUXWtIHUDV
5HQTXH
ƒ ÈUYRUH)UXWtIHUD
ƒƒ 0DFLHLUD
ƒƒ 3DUUHLUD
&DGHLDV VmR VpULHV YHUWLFDLV GH FRQFHLWRV HP TXH FDGD FRQFHLWR WHP XPD
FDUDFWHUtVWLFDD PDLVRXDPHQRVFRQIRUPHDFDGHLDVHMDGHVFHQGHQWHRX DVFHQGHQWH3RU
H[HPSOR 0DFLHLUD p XP WLSR GH ÈUYRUH )UXWtIHUD TXH SRU VXD YH] p XP WLSR GH ÈUYRUH
1HVWHH[HPSORREVHUYDVHXPDFDGHLDDVFHQGHQWH
&DGHLD
ƒÈUYRUH
ƒƒ ÈUYRUH)UXWtIHUD
ƒƒƒ 0DFLHLUD
2V UHQTXHV H FDGHLDV UHYHODP D RUJDQL]DomR GD HVWUXWXUD FODVVLILFDWyULD TXH p
WRWDOPHQWHKLHUiUTXLFDHYLGHQFLDQGRDVUHODo}HVKLHUiUTXLFDVGHJrQHURHVSpFLHHGHWRGR
SDUWH 5DQJDQDWKDQ GHVHQYROYH XPD VpULH GH UHJUDV FkQRQHV SDUD HVWDEHOHFHU XPD
FRQGXWD XQLIRUPH QD IRUPDomR GRV UHQTXHV H FDGHLDV 1HVWH HVWXGR LQWHUHVVDPQRV RV
FkQRQHVGD ([DXVWLYLGDGHH GD ([FOXVLYLGDGH SRLV HVWDEHOHFHP SULQFtSLRV SDUD SHQVDU D
IRUPDomRGHFODVVHVGHFRQFHLWRV
2 FkQRQH GD ([DXVWLYLGDGH HVWDEHOHFH TXH DV FODVVHV IRUPDGDV SRU XP UHQTXH
GHYHPVHUH[DXVWLYDVGHPRGRTXHVHDOJXPWySLFRQRYRVXUJLUHOHGHYHVHUDFUHVFHQWDGR
jHVWUXWXUDHHVWDWHPTXHWHUKRVSLWDOLGDGHSDUDDJUXSiORQXPDFODVVHH[LVWHQWHRXQXPD
FODVVHUHFpPIRUPDGD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2 FkQRQH GD ([FOXVLYLGDGH HVWDEHOHFH TXH RV HOHPHQWRV IRUPDGRUHV GRV UHQTXHV
GHYHPVHUPXWXDPHQWHH[FOXVLYRVRXVHMD QHQKXP FRPSRQHQWH GD HVWUXWXUD LVRODGR RX
DVVXQWREiVLFRSRGHSHUWHQFHUDPDLVGHXPDFODVVHQRUHQTXH5DQJDQDWKDQGHVWHPRGR
QmRDFHLWDDSROLKLHUDUTXLD
)DFHWDV
)DFHWDp³XPWHUPRJHQpULFRXVDGRSDUDGHQRWDUDOJXPFRPSRQHQWHSRGHVHUXP
DVVXQWREiVLFRRXXPLVRODGRGHXPDVVXQWRFRPSRVWRWHQGRDLQGDDIXQomRGHIRUPDU
UHQTXHV WHUPRV H Q~PHURV´ 5$1*$1$7+$1 S 1R FRQWH[WR GDV
FODVVLILFDo}HV HVSHFLDOL]DGDV p GHILQLGD FRPR XPD PDQLIHVWDomR GDV FLQFR FDWHJRULDV
IXQGDPHQWDLV9,&.(5<S
&DWHJRULDV)XQGDPHQWDLV
2 3RVWXODGR GDV &DWHJRULDV p R SULQFtSLR QRUPDWLYR DGRWDGR SDUD RUJDQL]DU XP
8QLYHUVR'RPtQLR RX VHMD XP ³FRUSR´ GH FRQKHFLPHQWR VLVWHPDWL]DGR 0DSHDU R
8QLYHUVRGH$VVXQWRVpRSULPHLURSDVVRGRFODVVLILFDFLRQLVWDSDUDHODERUDUXP(VTXHPD
GH&ODVVLILFDomR(VWDDWLYLGDGHWHPSRUIXQomRGHILQLUHPTXHQtYHOGHH[WHQVmRVHGDUiR
FRUWHFODVVLILFDWyULRGR8QLYHUVRGH$VVXQWRV
5DQJDQDWKDQ FRQVLGHUD R PDSHDPHQWR GH XP 8QLYHUVR GH $VVXQWRV XPD WDUHID
EDVWDQWHFRPSOH[DFRPRpRSUySULRDWRGHFODVVLILFDU
³D WDUHID GD FODVVLILFDomR p PDSHDU R XQLYHUVR
PXOWLGLPHQVLRQDO GRV DVVXQWRV DR ORQJR GH VXD DWLYLGDGH
9LPRV TXmR WRUWXRVD p D WDUHID GH WHUPLQDU H SULRUL]DU XPD
HVFDOD GH UHODo}HV SUHIHULGDV HQWUH WRGDV DV LGpLDV LVRODGDV H
HQWUH WRGRV RV DVVXQWRV +i PXLWDV UHODo}HV YL]LQKDV
LPHGLDWDVHQWUHRVDVVXQWRV7HQGRIL[DGRXPGHVWHVDVVXQWRV
QD SULPHLUD SRVLomR GD OLQKD GHYHPRV GHFLGLU TXDO VHUi VHX
YL]LQKRLPHGLDWRTXDOVHUiVHXYL]LQKRGHWUDQVIHUrQFLDGRLVH
DVVLPVXFHVVLYDPHQWH3RGHPRVSHUGHUQRLWHVGHVRQRHDLQGD
QmR HVWDUPRV SHUWR GH XPD VROXomR ILUPH 6H QmR IRUPRV
HVWXGDQWHVVpULRVGHFODVVLILFDomRSRGHPRVGHVLVWLUGL]HQGR³D
FODVVLILFDomRpLPSRVVtYHO´3DUDXQVSRXFRVDFODVVLILFDomRp
PHVPR PDUFDGD SRU XP DEVXUGR OyJLFR (VWD p D PHGLGD GD
PDJQLWXGH GR PDSHDPHQWR GR 8QLYHUVR GH $VVXQWRV
PXOWLGLPHQVLRQDODRORQJRGDDWLYLGDGHTXHpDFODVVLILFDomR´
5$1*$1$7+$1S
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2 PDSHDPHQWR FRQVLVWH QXP SULPHLUR PRPHQWR HP VH GHFLGLU D iUHD GH DVVXQWR
TXH VHUi WRPDGD FRPR EDVH SDUD D RUJDQL]DomR GDV XQLGDGHV FODVVLILFDWyULDV DVVXQWR
EiVLFRLVRODGRVQD7DEHODHFRPRHVWDiUHDVHUiFODVVLILFDGD
5DQJDQDWKDQ FRQGX] VHX WUDEDOKR WHQWDQGR GHILQLU XPD IRUPD TXH SRVVLELOLWH D
DQiOLVHGR8QLYHUVRGH$VVXQWRVSRLVDVFODVVLILFDo}HVELEOLRJUiILFDVDWpDTXHOHPRPHQWR
DSHVDU GH VHUHP RUJDQL]DGDV WDPEpP SRU iUHDV GR FRQKHFLPHQWRGLVFLSOLQD QmR
GHL[DYDP HYLGHQWHV RV SULQFtSLRV TXH HPSUHJDYDP SDUD R HVWDEHOHFLPHQWR GDV FODVVHV H
VXEFODVVHVGHQWURGHFDGDiUHD,VWRSURYRFDYDXPDFHUWDLPRELOLGDGHQmRSHUPLWLQGRTXH
HODVDFRPSDQKDVVHPDGLQkPLFDGRFRQKHFLPHQWR5DQJDQDWKDQUHVROYHEXVFDUSULQFtSLRV
OyJLFRVDWUDYpVGRXVRGHSRVWXODGRV
³(XFOLGHV SRVWXORX TXH GXDV OLQKDV SDUDOHODV QmR VH
HQFRQWUDP 'XUDQWH TXDVH YLQWH VpFXORV QLQJXpP TXHVWLRQRX
HVWH SRVWXODGR (QWmR YHP *DXVV TXH GL] µ&RPR YRFr VDEH
TXHHODVQmRVHHQFRQWUDP"9RFrMiFDPLQKRXDRORQJRGHODV
SDUD YHULILFDU VHX ILP" (X GLJR TXH HODV VH HQFRQWUDP QXP
OXJDU PXLWR GLVWDQWH YRFr SRGH QHJDU"¶ (QWmR HOH IH] VHX
SUySULR SRVWXODGR TXH DV OLQKDV SDUDOHODV VH HQFRQWUDP HP
DPEDV DV SRQWDV 4XDO GHVVHV SRVWXODGRV SUHIHULPRV"
4XDOTXHUXPTXHVLUYDSDUDQRVVRSURSyVLWRTXDOTXHUXPTXH
DX[LOLHQRVVRWUDEDOKR´5$1*$1$7+$1S
3RVWXODHQWmRTXHH[LVWHHPWRGR8QLYHUVRGH$VVXQWRVFLQFRLGpLDVIXQGDPHQWDLV
TXH VmR XWLOL]DGDV SDUD D GLYLVmR GR 8QLYHUVR $ UHVSHLWR GR WRWDO FLQFR HOH DSUHVHQWD R
VHJXLQWHDUJXPHQWR
³$OJXpP SRGH SHUJXQWDU 3RU TXH DV LGpLDV IXQGDPHQWDLV
SRVWXODGDVVmRHPQ~PHURGHFLQFR"3RUTXHQmRWUrV"3RUTXH
QmR VHLV" ,VWR p SRVVtYHO +i OLEHUGDGH DEVROXWD SDUD WRGRV
WHQWDUHP 8PD SHVVRD SRGH WDOYH] JRVWDU GH VHLV (OD GHYH
FODVVLILFDUQHVVDEDVHDOJXQVPLOKDUHVGHDUWLJRVYDULDGRV6H
HODVSURGX]LUHPUHVXOWDGRVVDWLVIDWyULRVDUUDQMDQGRRVDVVXQWRV
GRVDUWLJRVDRORQJRGHXPDOLQKDDTXHOH SRVWXODGR SRGHVHU
DFHLWR,VWRQmRpXPDPDWpULDDVHUGLVFXWLGDH[FDWKHGUD VHP
XPWHVWHFRPSOHWRHSURORQJDGR7UDEDOKDUFRPEDVHHPFLQFR
LGpLDVIXQGDPHQWDLVSURGX]LXUHVXOWDGRVVDWLVIDWyULRVQRVYLQWH
~OWLPRVDQRV´5$1*$1$7+$1S
(VWDV LGpLDV VmR GHQRPLQDGDV &DWHJRULDV )XQGDPHQWDLV 2 WHUPR &DWHJRULD
)XQGDPHQWDOpXVDGRSRU5DQJDQDWKDQSDUDUHSUHVHQWDULGpLDVIXQGDPHQWDLVTXHSHUPLWHP
UHFRUWDU XP 8QLYHUVR GH $VVXQWR HP FODVVHV EDVWDQWH DEUDQJHQWHV $V &DWHJRULDV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
)XQGDPHQWDLVIXQFLRQDPFRPRRSULPHLURFRUWHFODVVLILFDWyULRHVWDEHOHFLGRGHQWURGHXP
8QLYHUVR GH $VVXQWRV 3RU RXWUR ODGR VmR HODV TXH IRUQHFHP D YLVmR GH FRQMXQWR GRV
DJUXSDPHQWRV TXH RFRUUHP QD HVWUXWXUD SRVVLELOLWDQGR DVVLP R HQWHQGLPHQWR JOREDO GD
iUHD2SRVWXODGRGDV&DWHJRULDV)XQGDPHQWDLVpDSUHVHQWDGRSRU5DQJDQDWKDQ
³+iFLQFRHVRPHQWHFLQFR&DWHJRULDV)XQGDPHQWDLVVmRHODV
7HPSR (VSDoR (QHUJLD 0DWpULD H 3HUVRQDOLGDGH (VWHV
WHUPRV H DV LGpLDV GHQRWDGDV VmR XVDGDV HVWULWDPHQWH QR
FRQWH[WR GD GLVFLSOLQD GH FODVVLILFDomR 1mR WrP QDGD D YHU
FRPVHXHPSUHJRHP0HWDItVLFDRX)tVLFD(PQRVVRFRQWH[WR
VHXVLJQLILFDGRSRGHVHUYLVWRVRPHQWHQDVGHFODUDo}HVVREUHDV
IDFHWDV GH XP DVVXQWR VXD VHSDUDomR H VHTrQFLD (VWH
FRQMXQWR GH FDWHJRULDV IXQGDPHQWDLV p HP VtQWHVH GHQRWDGR
SHODVLQLFLDLV30(67´5$1*$1$7+$1S
5DQJDQDWKDQ GHILQH DV FDWHJRULDV 30(67 GH PRGR D H[SOLFiODV LVWR p SHOD
HQXPHUDomR GH DOJXPDV GH VXDV IDFHWDV TXH VmR PDQLIHVWDo}HV GDV SUySULDV FDWHJRULDV
GHQWURGHXPDiUHDGRFRQKHFLPHQWR
$ FDWHJRULD 7HPSR p GHILQLGD FRP VHX VLJQLILFDGR XVXDO H[HPSOLILFDQGRD FRP
DOJXPDVLGpLDVLVRODGDVGHWHPSRFRPXPDVDEHUPLOrQLRVVpFXORVGpFDGDVDQRVHDVVLP
SRUGLDQWH(OHSUHYrPDQLIHVWDo}HVGHLVRODGRVGHWHPSRGHRXWURWLSRWDLVFRPRGLDH
QRLWHHVWDo}HVGRDQRWHPSRFRPTXDOLGDGHPHWHRUROyJLFD
$ FDWHJRULD (VSDoR p WDPEpP GHILQLGD FRP VHX VLJQLILFDGR XVXDO DSUHVHQWDQGR
FRPR VXDV PDQLIHVWDo}HV D VXSHUItFLH GD 7HUUD VHX HVSDoR LQWHULRU H H[WHULRU FRPR SRU
H[HPSORFRQWLQHQWHVSDtVHVHVWDGRVLGpLDVLVRODGDVILVLRJUiILFDVHWF
$ FDWHJRULD (QHUJLD p GH HQWHQGLPHQWR XP SRXFR PDLV GLItFLO (OD SRGH VHU
HQWHQGLGD FRPR XPD DomR GH XPD HVSpFLH RX RXWUD RFRUUHQGR HQWUH WRGD HVSpFLH GH
HQWLGDGHV LQDQLPDGDV DQLPDGDV FRQFHLWXDLV H DWp LQWXLWLYDV FRPR SRU H[HPSOR DWUDYpV
GDVVHJXLQWHVIDFHWDVSUREOHPDPpWRGRSURFHVVRRSHUDomRWpFQLFD
$FDWHJRULD0DWpULDDSUHVHQWDXPHQWHQGLPHQWRGHFRPSOH[LGDGHDLQGDPDLRUTXH
DGDFDWHJRULD(QHUJLDHpDVVLPGHILQLGDSRU5DQJDQDWKDQ
³$ LGHQWLILFDomR GD FDWHJRULD IXQGDPHQWDO 0DWpULD p PDLV
GLItFLO GR TXH (QHUJLD 9rVH TXH VXDV PDQLIHVWDo}HV VmR GH
GXDVHVSpFLHV0DWHULDOH3URSULHGDGH3RGHSDUHFHUHVWUDQKR
TXH SURSULHGDGH ILTXH MXQWR FRP R PDWHULDO 0DV SHJXHPRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
XPDPHVDFRPRH[HPSORDPHVDpIHLWDGHPDWHULDOGHPDGHLUD
RXDoRFRQIRUPHRFDVR2PDWHULDOpLQWUtQVHFRjPHVDPDV
QmR p D SUySULD PHVD 3ULQFLSDOPHQWH R PHVPR PDWHULDO
WDPEpP SRGH DSDUHFHU HP PXLWDV RXWUDV HQWLGDGHV $VVLP D
PHVD WHP D SURSULHGDGH GH WHU GRLV SpV H PHLR GH DOWXUD H D
SURSULHGDGH GH WHU XP WDPSR PHLR GXUR (VWD SURSULHGDGH p
LQWUtQVHFD j PHVD PDV QmR p D SUySULD PHVD $OpP GLVVR D
PHVPDSURSULHGDGHSRGHDSDUHFHUHPPXLWRVRXWURVOXJDUHV´
5$1*$1$7+$1S
$VVLPDFDWHJRULD0DWpULDSRGHVHUHQFDUDGDFRPRDPDQLIHVWDomRGHPDWHULDLVHP
JHUDOFRPRVXDSURSULHGDGHHWDPEpPFRPRRFRQVWLWXLQWHPDWHULDOGHWRGDVDVHVSpFLHV
$ FDWHJRULD 3HUVRQDOLGDGH p FRQVLGHUDGD SRU 5DQJDQDWKDQ FRPR LQGHILQtYHO
([SOLFD TXH VH XPD FHUWD PDQLIHVWDomR IRU IDFLOPHQWH GHWHUPLQDGD FRPR QmR VHQGR
HVSDoRHQHUJLDRXPDWpULD HODpYLVWD FRPR XPD PDQLIHVWDomR GD FDWHJRULD IXQGDPHQWDO
3HUVRQDOLGDGH&RQVLGHUDTXHHVWHWLSRGHLGHQWLILFDomRGDFDWHJRULD3HUVRQDOLGDGHpRTXH
GHQRPLQDGHPpWRGRGHUHVtGXRV$FUHVFHQWDTXHHVWHPpWRGRSRGHQmRVHUIiFLOHPFHUWRV
FDVRVPDVVXDH[SHULrQFLD PRVWURX TXH DV LGpLDV LVRODGDV YmR PDQLIHVWDUVH HP DOJXPDV
GDVFDWHJRULDVDFLPDPHQFLRQDGDV$VGLILFXOGDGHVHQFRQWUDGDVVmR UDUDVQDPDLRULDGDV
YH]HV5$1*$1$7+$1S$VVHJXLQWHVIDFHWDVSRGHPVHUFRQVLGHUDGDV
FRPR PDQLIHVWDomR GD FDWHJRULD 3HUVRQDOLGDGH ELEOLRWHFDV Q~PHURV HTXDo}HV
FRPSULPHQWRV GH RQGDV GH LUUDGLDomR REUDV GH HQJHQKDULD VXEVWkQFLDV TXtPLFDV
RUJDQLVPRV H yUJmRV DGXERV UHOLJL}HV HVWLORV GH DUWH OtQJXDV JUXSRV VRFLDLV
FRPXQLGDGHV´9,&.(5<S
8QLYHUVRGR&RQKHFLPHQWR
$ LPSRUWkQFLD GD SURGXomR GR FRQKHFLPHQWR H D LQIOXrQFLD TXH HVVD SURGXomR
H[HUFH VREUH R SODQHMDPHQWR GH HVTXHPD GH &ODVVLILFDomR %LEOLRJUiILFD p WHPD
UHOHYDQWHQRVWUDEDOKRVGH5DQJDQDWKDQ2SURFHVVRGHUHODFLRQDUREMHWRVHIDWRVpXP
SURFHVVRFODVVLILFDWyULRRTXHID]FRPTXH5DQJDQDWKDQWUDJDHVVDVTXHVW}HVSDUDGHQWUR
GD7HRULDGD&ODVVLILFDomR1RV3UROHJRPHQD5$1*$1$7+$1SDVVLPHOH
GLVFXWHRSURFHVVRGHIRUPDomRGHFRQFHLWRVHVXDUHODomRFRPRTXHGHQRPLQD8QLYHUVR
GDV,GpLDVRXGR&RQKHFLPHQWRHVXDLQIOXrQFLDQRWUDEDOKRGDFODVVLILFDomR
6HJXQGR 5DQJDQDWKDQ R KRPHP GHSRVLWD QD PHPyULD SHUFHSWRV SXURV LVWR p
LPSUHVV}HVSURGX]LGDVSRUTXDOTXHUHQWLGDGHDWUDYpVGHXPVHQWLGRSULPiULRVLPSOHV3RU
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
H[HPSORDOX]TXHYHPGDVHVWUHODVpRSHUFHSWRSURGX]LGRSRUXPDHQWLGDGHGRPXQGR
ItVLFRDVHVWUHODV$VHQWLGDGHVFRUUHODWDVGHXPSHUFHSWRTXHHVWmRIRUDGDPHQWHVmR
GHQRPLQDGDV SRU 5DQJDQDWKDQ GH SHUFHSomR 4XDQGR D LPSUHVVmR p GHSRVLWDGD QD
PHPyULD FRPR UHVXOWDGR GD DVVRFLDomR GH GRLV RX PDLV SHUFHSWRV SXURV IRUPDGRV
VLPXOWDQHDPHQWHRXQXPD VXFHVVmR UiSLGD QmR WHPRV PDLV VRPHQWH XP SHUFHSWR SXUR
PDVXPSHUFHSWRFRPSRVWRFRPRILFDFODURQRH[HPSORDEDL[R
³9DPRVDVVXPLUTXHRSHUFHSWRSXURGRVRPµFRUYR¶HPLWLGR
VLPXOWDQHDPHQWH SHOD PmH WDPEpP VH WRUQD LPSUHVVR QD
PHPyULD GD FULDQoD R SHUFHSWR FRPSRVWR GH ³FRUYR
FURFLWDQWH´9DPRVDOpPGLVVRDVVXPLUTXHRSHUFHSWRSXUR
GDFRUGRFRUYRHRSHUFHSWRSXURGRVRPHPLWLGRSHODPmH
VHMD DVVRFLDGR QD PHPyULD GD FULDQoD (QWmR R SHUFHSWR
FRPSRVWR ³FRUYR p SUHWR H HOH FURFLWD´ RX ³FRUYR SUHWR
FURFLWD´pIRUPDGRQDPHPyULDGDFULDQoD/RJRXPSHUFHSWR
FRPSRVWRSRGHVHUIRUPDGRSHODDVVRFLDomRGHGRLVRXPDLV
SHUFHSWRVSXURV´5$1*$1$7+$1S
1R PRPHQWR HP TXH VmR GHSRVLWDGRV QD PHPyULD RV SHUFHSWRV SXURV H
FRPSRVWRVGiVHXPDDVVRFLDomRHRVFRQFHLWRVVHIRUPDP5DQJDQDWKDQS
DOHUWDSDUDRIDWRGHTXHDOLQKDGLYLVyULDHQWUHXPSHUFHSWRFRPSRVWRDTXHOHIRUPDGR
SHOD DJOXWLQDomR GH YiULRV SHUFHSWRV SXURV H R FRQFHLWR p WrQXH 2 SULPHLUR LVWR p R
SHUFHSWR FRPSRVWR WUDQVLWD SDUD R ~OWLPR VHQGR Vy QHFHVViULR VRPDU DR SURFHVVR GH
DJOXWLQDomRRSURFHVVRGHDVVRFLDomRRTXHDFDUUHWDRHVWDEHOHFLPHQWRGHUHODo}HV'HVWD
IRUPDpD SDUWLUGDIRUPDomRGRVFRQFHLWRVTXHVHYDLSURGX]LUQDPHQWHGRVHUKXPDQR
XP TXDGUR GH LGHQWLGDGH FRP R PXQGR TXH R FHUFD (P XP PRPHQWR SRVWHULRU j
IRUPDomR GRV FRQFHLWRV LVWR p D SDUWLU GD H[LVWrQFLD GH XP SDGUmR FRQFHLWXDO Mi
HVWDEHOHFLGRSRGHRFRUUHUDDVVLPLODomRGHQRYDVH[SHULrQFLDVRTXHOHYDDRSURFHVVRTXH
5DQJDQDWKDQ GHQRPLQD GH DSHUFHSomR 2 FRQMXQWR GHVWDV DSHUFHSo}HV GHSRVLWDGDV QD
PHPyULDVHGiHQWmRDSDUWLUGRVFRQFHLWRVMiSUHVHQWHVQDPHPyULDFRPRDFUpVFLPR
GDDVVLPLODomRGHSHUFHSWRVUHFHQWHPHQWHUHFHELGRVHFRQFHLWRVUHFHQWHPHQWHIRUPDGRV
3DUD FKHJDUPRV HQWUHWDQWR j GHILQLomR GH 8QLYHUVR GH &RQKHFLPHQWR HP
5DQJDQDWKDQ VHUi SUHFLVR SULPHLUDPHQWH DQDOLVDU DLQGD RV FRQFHLWRV GH LGpLD
LQIRUPDomRFRQKHFLPHQWRHDVVXQWR,GpLDSDUD5DQJDQDWKDQSpXPSURGXWR
GR SHQVDPHQWR GD UHIOH[mR GD LPDJLQDomR TXH SDVVRX SHOR LQWHOHFWR LQWHJUDQGR FRP D
DMXGDGD/yJLFDXPDVHOHomRGHFRQMXQWRVGHDSHUFHSomRHRXGLUHWDPHQWHDSUHHQGLGDSHOD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
LQWXLomRHGHSRVLWDGDQDPHPyULD$LQIRUPDomRVHGDULDQRPRPHQWRHPTXHXPDLGpLDp
FRPXQLFDGD SRU RXWURV RX REWLGD D SDUWLU GR HVWXGR SHVVRDO H GD LQYHVWLJDomR
&RQKHFLPHQWR p GHILQLGR FRPR D WRWDOLGDGH GH LGpLDV FRQVHUYDGDV SHOD +XPDQLGDGH
DVVLP QHVWH VHQWLGR FRQKHFLPHQWR SRGH VHU VLQ{QLPR GH 8QLYHUVR GH ,GpLDV $VVXQWR p
XP FRUSR GH LGpLDV RUJDQL]DGDV H VLVWHPDWL]DGDV SRU H[WHQVmR H LQWHQomR TXH LQFLGH GH
IRUPD FRHUHQWH QR FDPSR GH LQWHUHVVH GH FRPSHWrQFLD LQWHOHFWXDO H GH HVSHFLDOL]DomR
LQHYLWiYHOGHXPDSHVVRDQRUPDO5$1*$1$7+$1S
2 8QLYHUVR 2ULJLQDO GH ,GpLDV WDPEpP FKDPDGR GH 8QLYHUVR GR &RQKHFLPHQWR
QmRVypRORFDORQGHDVLGpLDVFRQVHUYDGDVHVWmRDJUXSDGDVPDVWDPEpPRORFDORQGH
H[LVWH XP PRYLPHQWR TXH SURSLFLD XP UHSHQVDU FRQVWDQWH VREUH D DSUHHQVmR GDV
REVHUYDo}HV IHLWDV SHOR VHU KXPDQR D SDUWLU GR PXQGR TXH R FHUFD 2 8QLYHUVR GR
&RQKHFLPHQWR³pDVRPDWRWDOQXPGDGRPRPHQWRGRFRQKHFLPHQWRDFXPXODGR(OHHVWi
VHPSUHHPGHVHQYROYLPHQWRFRQWtQXR'LIHUHQWHVGRPtQLRVGR8QLYHUVRGR&RQKHFLPHQWR
VmR GHVHQYROYLGRV SRU GLIHUHQWHV PpWRGRV 2 0pWRGR &LHQWtILFR p XP GRV PpWRGRV
UHFRQKHFLGRVGHGHVHQYROYLPHQWR20pWRGR&LHQWtILFR p FDUDFWHUL]DGR SHOR PRYLPHQWR
VHPILPHPHVSLUDO´5$1*$1$7+$1DS
$VVLP SDUD H[SOLFDU R PRYLPHQWR GR SUySULR DWR GH FRQKHFHU SHUFHEHU H VXD
LQIOXrQFLD VREUH RV HVTXHPDV GH FODVVLILFDomR 5DQJDQDWKDQ DSUHVHQWD D (VSLUDO GR
8QLYHUVR GR &RQKHFLPHQWR TXH SRVVXL YiULDV IDVHV QR VHX GHVHQYROYLPHQWR 3RU
FRQYHQLrQFLDGHUHIHUrQFLD5DQJDQDWKDQDSXWLOL]DDGHQRPLQDomRGRVSRQWRV
FDUGHDLV SDUD GHPRQVWUiODV 1$',5 DSUHVHQWD D DFXPXODomR GRV IDWRV REWLGRV SHOD
REVHUYDomRH[SHULPHQWDomRHRXWUDVIRUPDVGHH[SHULrQFLD$6&(1'(17( DSUHVHQWDD
DFXPXODomRGHOHLVLQGXWLYDVRXHPStULFDVHPUHIHUrQFLDDRVIDWRVDFXPXODGRVHP1DGLU
=Ç1,7( DSUHVHQWD DV OHLV IXQGDPHQWDLV IRUPXODGDV LVWR p D FRPSUHHQVmR GH WRGDV DV
OHLV LQGXWLYDV RX HPStULFDV DFXPXODGDV QR $VFHQGHQWH FRP LPSOLFDo}HV REULJDWyULDV
'(6&(1'(17( PDUFD D DFXPXODomR GDV OHLV GH GHGXomR QD GLUHomR GDV OHLV
IXQGDPHQWDLVGH=rQLWH
(VVHV SRQWRV FDUGHDLV SURGX]HP TXDWUR TXDGUDQWHV QR FLFOR GD HVSLUDO D VDEHU
48$'5$17( 6LWXDVH HQWUH 'HVFHQGHQWH H 1DGLU &RUUHVSRQGH DR HVWiJLR GR
GHVHQYROYLPHQWRGRGRPtQLRGR8QLYHUVRGR&RQKHFLPHQWRRQGHRVIDWRVVmRHQFRQWUDGRV
H UHJLVWUDGRV 1HOH HVWmR LQVHULGRV RV VHJXLQWHV FRQFHLWRV H[SHULPHQWDomR REVHUYDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
FRQFUHWXGH H SDUWLFXODUL]DomR 48$'5$17( 6LWXDVH HQWUH 1DGLU H $VFHQGHQWH
&RUUHVSRQGH DR PRPHQWR HP TXH DV OHLV HPStULFDV RX LQGXWLYDV VmR IRUPXODGDV H
UHJLVWUDGDV 6mR RV VHJXLQWHV RV FRQFHLWRV QHOH LQVHULGRV LQWHOHFWR LQGXomR DEVWUDomR
JHQHUDOL]DomR48$'5$17(6LWXDVHHQWUHR$VFHQGHQWHH=rQLWH&RUUHVSRQGHDR
HVWiJLR HP TXH DV OHLV IXQGDPHQWDLV VmR HQWHQGLGDV H UHJLVWUDGDV ,QWXLomR DEVWUDomR H
JHQHUDOL]DomR VmR FRQFHLWRV LQVHULGRV 48$'5$17( 6LWXDVH HQWUH =rQLWH H
'HVFHQGHQWH &RUUHVSRQGH DR PRPHQWR HP TXH DV OHLV GHGXWLYDV VmR GHULYDGDV H
UHJLVWUDGDV2VFRQFHLWRVLQVHULGRVVmRLQWHOHFWRSDUWLFXODUL]DomRGHGXomRHFRQFUHWXGH
7HQGRD(VSLUDOXPPRYLPHQWRFRQWtQXRHLQILQLWRDFDGDQRYRFLFORpQHFHVViULR
UHLQWURGX]LU R TXDGUDQWH TXH VH WRUQD XP SRXFR GLIHUHQWH D VDEHU REVHUYDo}HV H
H[SHULPHQWRVVmRIHLWRVSDUDYHULILFDUHPSLULFDPHQWHDYDOLGDGHGHQRYDVOHLVDOpPGLVVR
REVHUYDo}HVHH[SHULPHQWRVVmRIHLWRVFRQWLQXDPHQWHFRQGX]LQGRjDFXPXODomRGHQRYRV
IDWRVHPStULFRV1HVWHPRYLPHQWRFRQWtQXRYHULILFDVHTXHHPGDGRPRPHQWRH[LVWHP
FRQWUDGLo}HVHQWUHRVIDWRVHPStULFRVHDVOHLVIXQGDPHQWDLVDWpHQWmRH[LVWHQWHV7HPRV
TXHUHFRQKHFHUQHVWHLQVWDQWHDH[LVWrQFLDGHQRYDVFODVVHVGHIDWRVHGHFODUDUDLQFLGrQFLD
GDFULVHQDDSOLFDomRGRPpWRGRFLHQWtILFR$VVLPQRYDVFODVVHVGHIDWRV HPStULFRVVmR
DFXPXODGRV HP 1DGLU H XP QRYR FLFOR QD (VSLUDO VH LQLFLD YHU )LJXUD 5$1*$1$7+$1DS
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
)LJXUD$(VSLUDOGR8QLYHUVRGR&RQKHFLPHQWR
$OpP GD (VSLUDO GR &RQKHFLPHQWR H SDUD HYLGHQFLDU DLQGD PDLV D OLJDomR HQWUH D
SURGXomRGHFRQKHFLPHQWRHRVHVTXHPDVGHFODVVLILFDomR5DQJDQDWKDQDSUHVHQWDWDPEpP
D (VSLUDOGR'HVHQYROYLPHQWRGH$VVXQWRVVHRPRYLPHQWRGD(VSLUDOGR&RQKHFLPHQWR
SURSLFLDRDWRGHSHUFHEHURVIDWRVTXHRFRUUHPQRPXQGRIHQRPHQDOFRPD(VSLUDOGR
'HVHQYROYLPHQWR GH $VVXQWRV p SRVVtYHO YHULILFDU D UHODomR HQWUH HVWH SHUFHEHU H D
SURGXomRGHFRQKHFLPHQWRTXHQRQRVVRFDVRpFRQKHFLPHQWRUHJLVWUDGR
$SHVDUGHVWDVTXHVW}HVWHUHPXPFXQKRILORVyILFR5DQJDQDWKDQGHL[DHYLGHQWH D
WRGR PRPHQWR VXD SUHRFXSDomR HP UHODFLRQiODV FRP R XQLYHUVR GH WUDEDOKR GD
GRFXPHQWDomR DSUHVHQWDQGR FRPR XPD PHWDHVSLUDO GR FRQKHFLPHQWR D HVSLUDO GR
XQLYHUVR GH DVVXQWR (VWHV DVVXQWRV VH DSUHVHQWDP H VmR DQDOLVDGRV QD iUHD GD
GRFXPHQWDomR D SDUWLU GRV GRFXPHQWRV SURGX]LGRV SRU XP JUXSR GH IDODQWHV GH
GHWHUPLQDGR XQLYHUVR GH GLVFXUVR 'HVWD IRUPD D JDUDQWLD OLWHUiULD H D GLQkPLFD GR
FRQKHFLPHQWR DQGDP MXQWDV H VmR HVWHV IDWRUHV TXH GHWHUPLQDP D UHODomR GR GRFXPHQWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
FRPRFRQKHFLPHQWR HLQIOXHQFLDP DHODERUDomR GH HVTXHPDV FODVVLILFDWyULRV SDUD D iUHD
GDGRFXPHQWDomR
$ (VSLUDO GR 'HVHQYROYLPHQWR GH $VVXQWRV 5$1*$1$7+$1 S p
XPD PHWDHVSLUDO GD (VSLUDO GR 8QLYHUVR GR &RQKHFLPHQWR SRLV p UHJLGD SHODV PHVPDV
OHLV GR PRYLPHQWR FRQWtQXR H GR GLQDPLVPR TXH UHJHP D (VSLUDO GR &RQKHFLPHQWR 2
PRYLPHQWRHPHVSLUDOYHU)LJXUDSRGHVHUFDUDFWHUL]DGRDSDUWLUGHIDWRVTXHSRGHPRV
REVHUYDU QR GHVHQYROYLPHQWR GH QRYRV DVVXQWRV D VDEHU QRYRV SUREOHPDV SHVTXLVD
IXQGDPHQWDO SHVTXLVD DSOLFDGD SURMHWR SLORWR QRYDV PiTXLQDV QRYRV PDWHULDLV QRYRV
SURGXWRVXWLOL]DomRGHVWHVSURGXWRVQRYRVSUREOHPDV
)LJXUD$(VSLUDOGR'HVHQYROYLPHQWRGH$VVXQWR
20pWRGR&LHQWtILFRHP(VSLUDOSURSLFLDDLQWHJUDomRFRQVWDQWHGRFRQKHFLPHQWR
GRGHVHQYROYLPHQWRGHDVVXQWRVH DUHODomRFRPDDWLYLGDGHGHWUDEDOKRGDFODVVLILFDomR
5DQJDQDWKDQ DVVLP p VLQJXODU QD PHGLGD HP TXH HYLGHQFLD HVVD GLQkPLFD HVVH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
PRYLPHQWRFRQVWDQWHHDSRVVLELOLGDGHWDPEpPGHFRQVWDQWHVPRGLILFDo}HVQR8QLYHUVR
GR&RQKHFLPHQWRHGH$VVXQWRVTXHLQIOXHQFLDPR8QLYHUVRGH7UDEDOKRGD&ODVVLILFDomR
3DUDILQDOL]DUFDEHHYLGHQFLDUGRLVSRQWRVIXQGDPHQWDLVQDFRQVWUXomRGHVLVWHPDV
GHFRQFHLWRVQRkPELWRGD7HRULDGD&ODVVLILFDomR)DFHWDGD
2SULPHLURSRQWRDVDOLHQWDUpTXH5DQJDQDWKDQDRHQIRFDURGRFXPHQWRFRPRXP
UHJLVWUR GH FRQKHFLPHQWR WUD] SDUD R DPELHQWH GD GRFXPHQWDomR D SUHRFXSDomR FRP R
8QLYHUVRGH&RQKHFLPHQWR'HVWDIRUPDQDHVWUXWXUDHODERUDGDDSDUWLUGHVXD7HRULDDV
XQLGDGHV TXH D FRQVWLWXHP QmR VmR PDLV RV DVVXQWRV GRV GRFXPHQWRV PDV RV FRQFHLWRV
TXHHOHGHQRPLQDGHLVRODGRV(VWHVUHXQLGRVSRUXPSURFHVVRGHDUUDQMRRXFRPELQDomR
SHUPLWHPIRUPDUTXDOTXHUDVVXQWRGRGRFXPHQWR(PVXD7HRULD5DQJDQDWKDQDSUHVHQWD
FLQFRPRGRVSUHOLPLQDUHVGHIRUPDomRGHDVVXQWRVHGHLVRODGRVGHVWDIRUPDHYLGHQFLDR
FDPSR GH DWXDomR GR SURILVVLRQDO GD LQIRUPDomR (VWH DWXD QR HVSDoR WHPiWLFR GRV
DVVXQWRVWUDWDGRVQRVGRFXPHQWRV2HQWHQGLPHQWRGRVPRGRVFRPRRDVVXQWRpIRUPDGR
HP GRFXPHQWRV p IXQGDPHQWDO SRLV GHVWD FRPSUHHQVmR UHVXOWDUi D VXD DWXDomR QRV
SURFHVVRVGHRUJDQL]DomRHUHFXSHUDomRGHLQIRUPDomRGLWRGHRXWURPRGRQDVXDSUySULD
DWXDomR FRPR FODVVLILFDFLRQLVWD 6mR RV VHJXLQWHV RV PRGRV GH IRUPDomR GH DVVXQWRV
5$1*$1$7+$1S
5HXQLmR$JUHJDomR6XSHUSRVLomR
'LVVHFDomR
/DPLQDomR
'HVQXGDomR
'LVVHFDomR p FRUWDU XP XQLYHUVR GH HQWLGDGHV HP SDUWHV TXH WHQKDP SRVLomR
FRRUGHQDGDGHPHVPRQtYHOGHPHVPRVWDWXVFRPRTXDQGRFRUWDPRVXPDIDWLDGHSmR
HP WLUDV 4XDQGR DV SDUWHV VmR HQILOHLUDGDV HODV IRUPDP XP UHQTXH &DGD SDUWH p
GHQRPLQDGD SRU 5DQJDQDWKDQ GH ODPLQD H SRGHP UHSUHVHQWDU XP XQLYHUVR GH DVVXQWRV
EiVLFRVRXXPXQLYHUVRGHLGpLDVLVRODGDV3RUH[HPSOR
8QLYHUVRGH$VVXQWR%iVLFR
%RWkQLFD
$JULFXOWXUD
=RRORJLD
8QLYHUVRGH,VRODGR3ODQWDV$JUtFRODV
3ODQWDV)RUUDJHLUD
3ODQWDV$OLPHQWtFLDV
3ODQWDV(VWLPXODQWHV
/DPLQDomR p XPD FRQVWUXomR SRU VXSHUSRVLomR GH IDFHWD VREUH IDFHWD FRPR VH
IL]pVVHPRV VDQGXtFKHV FRORFDQGR XPD FDPDGD GH YHJHWDO VREUH XPD FDPDGD GH SmR
4XDQGR D FDPDGD EiVLFD p XP DVVXQWR EiVLFR H DV RXWUDV FDPDGDV VmR LGpLDV LVRODGDV
IRUPRXVH XP DVVXQWR FRPSRVWR 2V DVVXQWRV FRPSRVWRV SRGHP VHU IRUPDGRV SHOD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
ODPLQDomR GH XPD GXDV WUrV RX PDLV LGpLDV LVRODGDV HP TXDOTXHU DVVXQWR EiVLFR FRPR
OkPLQDEiVLFD3RUH[HPSOR$JULFXOWXUDGR PLOKR p IRUPDGR SHOD ODPLQDomR GR DVVXQWR
EiVLFR$JULFXOWXUDHGDLGpLDLVRODGD0LOKR$JULFXOWXUDGR0LOKRHP-DYDpIRUPDGR
SHORDVVXQWREiVLFR$JULFXOWXUDHSHODVLGpLDVLVRODGDV0LOKRH-DYD
'HVQXGDomR pD GLPLQXLomRSURJUHVVLYDGDH[WHQVmRHRDXPHQWRGDLQWHQVmRGHXP
DVVXQWREiVLFRRXGHXPDLGpLDLVRODGDFRPRVHQyVWLUiVVHPRVDSROSDGHXPDIUXWDPDFLD
GHVXDVFDPDGDVPDLVLQWHUQDVRXFRPRVHHVFDYiVVHPRVXPSRoR$GHVQXGDomRSHUPLWH
DIRUPDomRGHFDGHLDV3RUH[HPSOR
ƒ )LORVRILD
ƒƒ /yJLFD
ƒƒƒ /yJLFD'HGXWLYD
5HXQLmR WDPEpP GHQRPLQDGD GH $JUHJDomR /LYUH p D UHXQLmR GH GRLV RX PDLV
DVVXQWRVEiVLFRVRXFRPSRVWRVHGHLGpLDVLVRODGDV2UHVXOWDGRGHVWDUHXQLmRIRUPDXP
DVVXQWRFRPSOH[RRXXPDLGpLDLVRODGDFRPSOH[DFRPRSRGHPRVREVHUYDUQRVH[HPSORV
$VVXQWRV FRPSOH[RV 5HODomR *HUDO HQWUH D &LrQFLD 3ROtWLFD H D (FRQRPLD $QiOLVH
(VWDWtVWLFD SDUD *HUHQWHV GH )HUURYLDV ,QIOXrQFLD GD *HRJUDILD QD +LVWyULD ,GpLD ,VRODGD
&RPSOH[D ,QIOXrQFLD GR %XGLVPR QD &ULVWDQGDGH 'LIHUHQoD HQWUH 9HUWHEUDGRV H
,QYHUWHEUDGRV
6XSHUSRVLomROLJDGXDVRXPDLVLGpLDVLVRODGDVTXHSHUWHQFHPDRPHVPRXQLYHUVR
GH LGpLDV LVRODGDV GLIHUHQFLDQGR GD /DPLQDomR RQGH D UHXQLmR VH DSUHVHQWD HP GRLV RX
PDLV XQLYHUVRV GLIHUHQWHV GH LGpLDV LVRODGDV 3RU H[HPSOR 1R XQLYHUVR GH LVRODGR
3URIHVVRU SRGH VHU FODVVLILFDGR WDQWR SHOD FDUDFWHUtVWLFD $VVXQWR FRPR SHOD FDUDFWHUtVWLFD
+DELOLGDGH 5HWyULFD 2V DVVXQWRV IRUPDGRV SHOD UHXQLmR GHVWDV GXDV FDUDFWHUtVWLFD VmR
LGpLDV LVRODGDV VXSHUSRVWDV FRPR SRGHPRV REVHUYDU 3URIHVVRU GH 4XtPLFD %ULOKDQWH
3URIHVVRU GH 4XtPLFD 0HGtRFUH 3URIHVVRU GH =RRORJLD %ULOKDQWH 3URIHVVRU GH =RRORJLD
0HGtRFUH
2VHJXQGRSRQWRDVDOLHQWDUpTXH5DQJDQWKDQHODERUDXPDVpULHGHSULQFtSLRVTXH
YLVDPDSHUPLWLUTXHHVWHVFRQFHLWRVSRVVDPVHUHVWUXWXUDGRVGHIRUPDVLVWrPLFDLVWRpRV
FRQFHLWRV VH RUJDQL]DP HP UHQTXHV H FDGHLDV HVWDV HVWUXWXUDGDV HP FODVVHV DEUDQJHQWHV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
TXHVmRDVIDFHWDVHHVWDV~OWLPDVGHQWURGHXPDGDGDFDWHJRULDIXQGDPHQWDO$UHXQLmR
GHWRGDVDVFDWHJRULDVIRUPDXPVLVWHPDGHFRQFHLWRVGHXPDGDGDiUHDGHDVVXQWRHFDGD
FRQFHLWRQRLQWHULRUGDFDWHJRULDpWDPEpPDPDQLIHVWDomRGHVVDFDWHJRULD
5DQJDQDWKDQ FRP VXD WHRULD SURS}H XPD QRYD IRUPD GH RUJDQL]DU R 8QLYHUVR GH
$VVXQWRV QmR PDLV XPD FODVVLILFDomR GLFRW{PLFD ELQiULD RX GHFDW{PLFD H VLP XPD
SROLFRWRPLD LOLPLWDGD 1D YHUGDGH Mi QD GpFDGD GH SHUFHELDVH TXH QR kPELWR GD
FODVVLILFDomRGHGRFXPHQWRVRVDVVXQWRVGHYLDPVHUUHSUHVHQWDGRVPXLWRPDLVFRPRXPD
ÈUYRUH %DQLDQD YHU)LJXUD GR TXH FRPR XPD ÈUYRUH GH 3RUItULR 2V PpWRGRV GH
GLYLVmR RX VHMD DTXHOHV TXH DX[LOLDP D RUJDQL]DomR GR FRQKHFLPHQWR HP XP GDGR
GRPtQLR IRUDP GXUDQWH PXLWRV VpFXORV GLFRW{PLFRV 1D GLFRWRPLD HQFRQWUDPVH GXDV
GLYLV}HVQRSULPHLURHVWiJLRGXDVGLYLV}HVGHFDGDXPDGHVWDVGLYLV}HVVmR IRUPDGDV QR
VHJXQGR HVWiJLR H DVVLP SRU GLDQWH D UHSUHVHQWDomR HVTXHPiWLFD GD GLFRWRPLD FKDPDVH
ÈUYRUHGH3RUItULR1RkPELWRGDUHSUHVHQWDomRGHDVVXQWRVTXHRFRUUHQRVGRFXPHQWRV
HVWD IRUPD GH FODVVLILFDomR IDOKD ORJR QD FRQFHSomR GH HVTXHPDV GH FODVVLILFDomR SDUD R
8QLYHUVRGH$VVXQWRVSRLVFRPRYLPRVRVDVVXQWRVGRVGRFXPHQWRVQmRID]HPSDUWHGH
XP GRPtQLR GH FRQKHFLPHQWR VRPHQWH PXLWR SHOR FRQWUiULR HOHV VmR FRPSOH[RV $
DQDORJLDFRPDÈUYRUH%DQLDQDpPXLWRPDLVDSURSULDGD$iUYRUH%DQLDQDVHDSUR[LPD
PXLWR PDLV GH XPD iUYRUH GH FODVVLILFDomR GR WURQFR RULJLQDO IRUPDPVH PXLWRV RXWURV
WURQFRVVHFXQGiULRVGHWHPSRVHPWHPSRV
1RVGL]5DQJDQDWKDQ
1D YHUGDGHLUD iUYRUH GH DVVXQWRV XP UDPR p HQ[HUWDGR QR
RXWURHPPXLWRVSRQWRV5DPLQKRVWDPEpPVHHQ[HUWDPHQWUH
VLGHPRGRVHPHOKDQWH2VUDPRVGHXPWURQFRVHHQ[HUWDPHP
RXWURVGHRXWURWURQFRÉGLItFLOGL]HUDTXHWURQFRSHUWHQFHP
WDLVUDPRV2VWURQFRVVHHQ[HUWDPHQWUHVL0HVPRHQWmRR
TXDGURGD iUYRUH QmR HVWi FRPSOHWR e PXLWR PDLV FRPSOH[D
GRTXHWRGRVHVWHV´5$1*$1$7+$13/
ÈUYRUH%DQLDQD7LSRGHILJXHLUDLQGLDQDTXHVHHVSDOKDSRUXPDJUDQGHiUHDHQYLDQGRJDOKRVSDUDRVRORRV
TXDLVFULDPUDt]HVIRUPDQGRYiULRVWURQFRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
)LJXUDÈUYRUH%DQLDQD
$UHSUHVHQWDomRGDÈUYRUH%DQLDQDDSUHVHQWDGDSRU5DQJDQDWKDQYHPDRHQFRQWUR
GRFRQFHLWRGHUL]RPDGH'HOHX]HH*XDWWDULDSUHVHQWDGRQRFDStWXORFRQILUPDQGRPDLV
XPD YH] TXH p QHFHVViULR SHQVDU DV WHPiWLFDV WUDWDGDV HP XP KLSHUGRFXPHQWR FRP XPD
DEUDQJrQFLD FRQFHLWXDO TXH QmR HVWi UHODFLRQDGD D VRPHQWH XPD UDL]Q~FOHR PDV D
GLYHUVRVQ~FOHRVGHSHQGHQGRGDIRUPDFRPRDVXQLGDGHVGHFRQKHFLPHQWRVHUHODFLRQDP
$VVLP UHFXSHUDQGR PDLV XPD YH] 'HOHX]H H *XDWWDUL D UHSUHVHQWDomR GR FRQWH~GR
WHPiWLFRGHXPKLSHUGRFXPHQWRpFRQVLGHUDGRFRPRXPPDSDHQmRVLPSOHVPHQWHFRPR
XPGHFDOTXHRXVHMDFLWDQGR5DQJDQDWKDQFRPRXPDÈUYRUH%DQLDQD
7HRULDGD7HUPLQRORJLD
$SDODYUDWHUPLQRORJLDYHPVHDSUHVHQWDQGRQDOLWHUDWXUDGHXPDIRUPDJHUDOFRP
TXDWUR VLJQLILFDGRV GLVWLQWRV XPD OLVWD GH WHUPRV H VHXV VLJQLILFDGRV D QRPHQFODWXUD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
WpFQLFDGHXPDiUHDRVWHUPRVGHXPDiUHDGHHVSHFLDOLGDGHHXPFRQMXQWRGHSULQFtSLRV
WHyULFRV:8(67(5S
2 SULPHLUR VLJQLILFDGR GR WHUPR QRV OHYD DR FDPSR GRV GLFLRQiULRV WpFQLFRV GRV
YRFDEXOiULRV H Op[LFRV $VVLP WHUPLQRORJLD p DTXL HQWHQGLGD FRPR D DSUHVHQWDomR
RUGHQDGDGHXPFHUWRJUXSRGHFRQFHLWRVHWHUPRVGHXPDiUHDGHDVVXQWRTXDOTXHU
2 VHJXQGR VLJQLILFDGR XPD OLVWD GH QRPHQFODWXUD WpFQLFD GH WHUPLQRORJLD D
1RPHQFODWXUDGD%RWkQLFDGD=RRORJLDGD4XtPLFD'52='S
2WHUFHLURVLJQLILFDGRFRQVLGHUDRWHUPRWHUPLQRORJLDFRPRRFDPSRTXHDEUDQJHR
HVWXGRFLHQWtILFRGRVWHUPRVGHXPDiUHDSDUWLFXODUGHFRQKHFLPHQWRHPXPDFHUWDOtQJXD
H QHVWH FDVR DSUHVHQWD EDVWDQWH VHPHOKDQoD FRP D OH[LFRORJLD HVSHFLDOL]DGD LVWR p R
HVWXGRFLHQWtILFRGRFRQMXQWRGHWHUPRVGHXPDGDGDOtQJXDHPXPDiUHDHVSHFLDOL]DGD
2TXDUWRVLJQLILFDGRFRQVLGHUDDWHUPLQRORJLDFRPRDiUHDGHHVWXGRGRVSULQFtSLRV
WHyULFRV EiVLFRV SDUD R WUDEDOKR WHUPLQROyJLFR GHQRPLQDGR FRPR R HVWXGR FLHQWtILFR
IXQGDPHQWDOGDWHUPLQRORJLDLVWRpDTXHOHTXHSURSLFLDDRWHUPRRVWDWXVGHiUHDGHVDEHU
DWUDYpVGRHVWDEHOHFLPHQWRGHVWHVSULQFtSLRV1HVWHVHQWLGRHWLPRORJLFDPHQWH³FLrQFLDGD
WHUPLQRORJLD VLJQLILFD UDPR GR VDEHU GLVFLSOLQD FLHQWtILFD XPD FLrQFLD HP VL FLrQFLD
FRPRWDO´'52='S
1HVWHHVWXGRRWHUPR³WHUPLQRORJLD´pHPSUHJDGRFRPRVHXWHUFHLURVLJQLILFDGR
RXVHMDFRPRGLVFLSOLQDFLHQWtILFDTXHSURSLFLDSULQFtSLRVPHWRGROyJLFRVSDUDDHODERUDomR
GHWHUPLQRORJLDV VLVWHPDVGHFRQFHLWRVPDLVEHPHVWUXWXUDGDVSDUD DVGLYHUVDV iUHDVGR
FRQKHFLPHQWR
2 SUHFXUVRU GRV HVWXGRV TXH SURSLFLD j WHUPLQRORJLD R VWDWXV GH iUHD GR
FRQKHFLPHQWR IRL R HQJHQKHLUR DXVWUtDFR ( :XHVWHU TXH QRV DQRV DR RUJDQL]DU D
7HUPLQRORJLD GH (OHWURWpFQLFD FRP R REMHWLYR GH JDUDQWLU FRPXQLFDomR SUHFLVD QHVVH
FDPSRGDWpFQLFDWHUPLQRXSRUGHVHQYROYHUD7HRULD*HUDOGD7HUPLQRORJLDHPVXDWHVH
LQWLWXODGD ,QWHUQDWLRQDOH 6SUDFKQRUPXQJ LQ GHU 7HFKQLN 1RUPDOL]DomR /LQJtVWLFD
,QWHUQDFLRQDO QR &DPSR GD 7pFQLFD )(/%(5 S 6HJXQGR HVWD WHRULD D
7HUPLQRORJLDVHRFXSDGRVFRQFHLWRVGHXPDOtQJXDWpFQLFDRXOtQJXDHVSHFLDORVTXDLVVH
UHODFLRQDPHQWUHVLFRPRXPVLVWHPDGHFRQFHLWRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$7HRULD*HUDOGD7HUPLQRORJLDGHVHQYROYLGDSRU(XJHQ:XHVWHUpXPDGLVFLSOLQD
FLHQWtILFDTXHSRVVLELOLWDXPDEDVHSDUDRWUDEDOKRWHUPLQROyJLFReDEDVHGDV(VFRODVGH
7HUPLQRORJLDGH9LHQD6RYLpWLFDHDGH3UDJD2REMHWLYRGRWUDEDOKRWHUPLQROyJLFRpD
IL[DomR GH FRQFHLWRV YLVDQGR D HODERUDomR GH GHILQLo}HV RUJkQLFDV DOpP GH HVWDEHOHFHU
SULQFtSLRVSDUDDFULDomRGHQRYRVWHUPRVHSRVVLELOLWDUDVVLPFRPXQLFDomRPDLVSUHFLVD
HQWUH HVSHFLDOLVWDV GH GLYHUVDV iUHDV GR FRQKHFLPHQWR QR kPELWR GD &LrQFLD H GD
7HFQRORJLDHPQtYHOQDFLRQDOHLQWHUQDFLRQDO
2 JUDQGH DYDQoR GDGR SHOD 7*7 IRL VLVWHPDWL]DU SULQFtSLRV WHUPLQROyJLFRV TXH
GHUDP D HVWD DWLYLGDGH XP FDUiWHU FLHQWtILFR SUySULR GLIHUHQFLDQGRD GD DWLYLGDGH
OH[LFRJUiILFD3DUDPXLWRVSURILVVLRQDLVHQYROYLGRVFRPDVTXHVW}HVGHGHQRPLQDomRDWp
DTXHOH PRPHQWR QmR HVWDYD EHP GHWHUPLQDGR R FDPSR GH DWXDomR GH FDGD XPD GDV
DWLYLGDGHV3DUDD7*7RWUDEDOKRWHUPLQROyJLFRLQLFLDFRPRFRQFHLWRTXHSRVVXLXPD
XQLGDGHGHGHQRPLQDomRTXHpRWHUPR8PWHUPRGHVLJQDXPFRQFHLWR'HVWDIRUPDp
QHFHVViULR JDUDQWLU D XQLILFDomR GH FRQFHLWRV H WHUPRV R TXH FDUDFWHUL]D D 7HUPLQRORJLD
FRPR VHQGR GH QDWXUH]D SUHVFULWLYD 3RUpP D HVIHUD GR WHUPR p GLIHUHQWH GDTXHOD GR
FRQFHLWR 2 FRQFHLWR p R FRQWH~GR GR WHUPR *20(6 &$0326 3DUD D
/H[LFRORJLDDXQLGDGHGHWUDEDOKRpDSDODYUDTXHSRGHSRVVXLUFRQRWDo}HV1D7*7 R
FRQFHLWRSHUWHQFHVHPSUHDXPDOtQJXDHVSHFLDOL]DGD
8PDGDVGLIHUHQoDVIXQGDPHQWDLVHQWUHD/H[LFRORJLDHDSHVTXLVDWHUPLQROyJLFDp
TXH D SULPHLUD WUDEDOKD QR kPELWR GD OtQJXD QDWXUDO TXH p IUXWR GH XPD ORQJD HYROXomR
KLVWyULFDHGHYLGRDLVWRDVSDODYUDVQmRVmRXQtYRFDVHVHFDUDFWHUL]DPSRUDSUHVHQWDUHP
SROLVVHPLD KRPRQtPLD VLQRQtPLD HWF 3RU RXWUR ODGR D VHJXQGD WUDEDOKD QR kPELWR GD
OtQJXDDUWLILFLDODTXLHQWHQGLGD FRPR DTXHOD TXH VH FRQILJXUD GHQWUR GH XP GHWHUPLQDGR
JUXSR GH HVSHFLDOLVWDV FRQVWUXtGD GH PDQHLUD D SHUPLWLU XPD UHODomR XQtYRFD HQWUH R
FRQFHLWR H D GHQRPLQDomR $ SHVTXLVD WHUPLQROyJLFD DVVLP VH OLPLWD D VLWXDo}HV EHP
GHILQLGDVHQmRSRGHVHUJHQHUDOL]DGDFRPRSRUH[HPSORRVLVWHPDIRUPDOGD4XtPLFDH
DVOLQJXDJHQVGHSURJUDPDomR:(56,*S
2XWUDTXHVWmRTXHGLIHUHQFLDRWUDEDOKR WHUPLQROyJLFR GR OH[LFRJUiILFR p TXH HVWH
~OWLPR WHP SRU XP GH VHXV REMHWLYRV LQFOXLU RV YiULRV VLJQLILFDGRV TXH XPD SDODYUD
DSUHVHQWDQRWHPSR-iSDUDDDWLYLGDGHWHUPLQROyJLFDRTXHLPSRUWDpRXVRHPYLJRUTXH
R WHUPR GHQRWD HQGRVVDGR SRU XPD GHWHUPLQDGD FRPXQLGDGH GH HVSHFLDOLVWDV 'HVWD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
IRUPDDWHUPLQRORJLDYrRWHUPRVREXPSRQWRGHYLVWDVLQFU{QLFR:8(67(5S
0DVHVWHVOLPLWHVQHPVHPSUHVmRFODURV
5LJJV S SURS}H WUrV SDUDGLJPDV WHUPLQROyJLFRV GHPRQVWUDQGR D
tQWLPDDVVRFLDomRGDWHUPLQRORJLDDQDOtWLFDFRPD/H[LFRORJLDGDWHUPLQRORJLDQRUPDWLYD
FRPD&RQFHSWRORJLDHGDWHUPLQRORJLDVLQWpWLFDFRPD 7HUPLQRORJLDDWXDQGR HVWDFRPR
SRQWHHQWUHD&RQFHSWRORJLDHD/H[LFRORJLD&DGDSDUDGLJPDWHPXPFRQFHLWRGHWHUPR
R TXH H[SOLFDULD D IRUPD GH DERUGDJHP GR SUREOHPD HP FDGD FDVR 3RU H[HPSOR RV
OH[LFyORJRVVHUHIHUHPDVLJQLILFDGRVGHWHUPRHQTXDQWRRVFRQFHSWyORJRVDFKDPTXH ³D
YLGDILFDPXLWRPDLVIiFLOVHSDUD FDGDFRQFHLWRKRXYHUXP~QLFR QRPH QmR XVDGR SDUD
RXWUR FRQFHLWR´ 3RU ~OWLPR RV HVWXGLRVRV QR kPELWR GD WHUPLQRORJLD VLQWpWLFD QXPD
SRVLomRLQWHUPHGLiULDSURFXUDP
³XPSRQWRGHYLVWDTXHFXULRVDPHQWHDLQGDHVWiVHPQRPH2
FRQFHLWR TXH HX WHQKR HP PHQWH p D SRVVLELOLGDGH GH TXH
HPERUD XPD SDODYUD WHQKD XPD YDULHGDGH GH VHQWLGRV R
VHQWLGR SUHWHQGLGR GHYD VHU LQHTXLYRFDPHQWH DSDUHQWH QR
FRQWH[WRHPXVR'HIDWRHVWHpRLGHDOLPSOtFLWRGHWRGRWH[WR
FLHQWtILFR8PµHOHPHQWR¶TXtPLFRpFRQKHFLGRGHIRUPD QmR
DPEtJXD SRU TXtPLFRV H EDVWDQWH GLIHUHQWH GH XP µHOHPHQWR¶
PDWHPiWLFR PXVLFDO RX PLOLWDU 4XDQGR XPD SDODYUD HYRFD
DSHQDVVHXVHQWLGRSUHWHQGLGRHODQmRHYRFDDRPHVPRWHPSR
WRGRV RV RXWURV VHQWLGRV SRVVtYHLV H FRQWXGR QmR SUHFLVD VHU
XQtYRFD´5,**6S
$ DERUGDJHP GD 7*7 VH FDUDFWHUL]DULD VHJXQGR RV SDUDGLJPDV SURSRVWRV SRU
5LJJVFRPRWHUPLQRORJLDQRUPDWLYD(UDLVVRFHUWDPHQWHRTXH:XHVWHUGHVHMDYDWDQWR
TXHVXD7HRULDVHDMXVWRXDRVREMHWLYRVGDQRUPDOL]DomRWpFQLFDHHVWiQDEDVHGR&RPLWr
GD,62)XQGDPHQWRVGH7HUPLQRORJLD
$ 7*7 EXVFD HQWmR HVWDEHOHFHU SULQFtSLRV TXH YLVDP D SURSLFLDU XPD
FRUUHVSRQGrQFLD H[DWD HQWUH FRQFHLWRV H WHUPRV SDUD IDFLOLWDU D FRPXQLFDomR QRV YiULRV
GRPtQLRV GD &LrQFLD H GD 7HFQRORJLD 8P GHOHV p R SULQFtSLR GD XQLYRFLGDGH (VWD
TXHVWmR p FRPSOH[D H SDUD RV WHUPLQyORJRV GH IRUPDomR OLQJtVWLFD D FRUUHVSRQGrQFLD
~QLFD HQWUH VLJQLILFDQWHVLJQLILFDGR RX HQWUH GHQRPLQDomR H FRQFHLWR VH UHDOL]D QRV
WHUPRVWpFQLFRVQRYRVDQHRQtPLD3DUDRVWHUPLQyORJRVTXHVHJXHPD7*7QRHQWDQWR
HVWD FRUUHVSRQGrQFLD VH Gi YLD QRUPDOL]DomR R TXH FDUDFWHUL]D D QDWXUH]D SUHVFULWLYD GD
7HUPLQRORJLD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2XWURSULQFtSLRJHUDOGD7*7pRGDPRQRUUHIHUHQFLDOLGDGHTXHVHUHODFLRQDDRIDWR
GH TXH ³XP VLJQLILFDQWH WHUPLQROyJLFR PHVPR FRPSOH[R UHSUHVHQWD QR HVStULWR GH XP
HVSHFLDOLVWDGDiUHDXPFRQMXQWRFRQFHLWXDO~QLFR´521'($8S
8P DYDQoR SDUD D pSRFD IRL FRQVLGHUDU D OtQJXD FRPR VLVWHPD 2V WHUPRV VH
GHILQHP XQV HP UHODomR DRV RXWURV IRUPDQGR XP VLVWHPD 1D SHVTXLVD WHUPLQROyJLFD
HVWXGDPVH RV FRQFHLWRV HQTXDQWR SDUWH GH XP VLVWHPD GH FRQFHLWRV :8(67(5 4XDOTXHU DOWHUDomR QR FRQWH~GR GH XP FRQFHLWR UHIOHWLGR QD GHILQLomR DOWHUD RV GHPDLV
FRQWH~GRVHSRUWDQWRDVUHVSHFWLYDVGHILQLo}HV
.DQGHODNLUHSUHVHQWDQWHGD(VFROD6RYLpWLFDTXHWHPRULJHPQD7HRULDGH
:XHVWHU DSRQWD SDUD RXWUD IRUPD GH DERUGDJHP GR FRQFHLWR (OH SDUWH GRV WHUPRV H
DILUPD TXH R FRQMXQWR GRV VLJQLILFDGRV GRV WHUPRV TXH FRPS}HP D WHUPLQRORJLD WpFQLFD
FRQVWLWXLUiSRUFRQVHTrQFLDRVLVWHPDGHVLJQLILFDGRVGDWHUPLQRORJLDWpFQLFD&RORFDD
VHJXLQWHTXHVWmRDRUJDQL]DomRGRVLVWHPDGHVLJQLILFDGRVGDWHUPLQRORJLDpGLIHUHQWHGR
VLVWHPDGHVLJQLILFDGRVGDiUHDGHDVVXQWRFRUUHVSRQGHQWH"3DUDUHVSRQGHUDHVWDSHUJXQWD
YDLSULPHLUDPHQWHDRDPELHQWHGHIRUPDomRGRVFRQFHLWRV
³1D OLWHUDWXUD FLHQWtILFD QXPD DQiOLVH WHyULFD GLVWLQJXHVH
KDELWXDOPHQWHRREMHWRRFRQKHFLPHQWRGRREMHWRHR
REMHWR GR FRQKHFLPHQWR $WXDOPHQWH FDGD XP GHVWHV
FRQFHLWRVHVWiOLJDGRjLGpLDGHXPVLVWHPD
2REMHWRH[LVWHLQGHSHQGHQWHPHQWHGRFRQKHFLPHQWRpDQWHULRU
DVHXDSDUHFLPHQWReVLVWHPDWL]DGRSRUQDWXUH]D
2 FRQKHFLPHQWR p LJXDOPHQWH VLVWHPDWL]DGR SRU QDWXUH]D 2
FDUiWHU VLVWrPLFR GR FRQKHFLPHQWR p FRQVLGHUDGR FRPR D
FRQVHTrQFLDLPHGLDWDGDQDWXUH]DVLVWrPLFDGRREMHWRGRTXDO
HOHFRQVWLWXLRUHIOH[R&RQWXGRRUHFRQKHFLPHQWRGDQDWXUH]D
VLVWrPLFD GR REMHWR QmR SRGH VHU DXWRPDWLFDPHQWH HVWHQGLGR
DRVIHQ{PHQRVGRFRQKHFLPHQWRHDSOLFDGRjFRPSUHHQVmRHj
H[SOLFDomR GD HVWUXWXUD GR FRQKHFLPHQWR GR REMHWR GDGR 2
VLVWHPDHQTXDQWRIRUPDGHRUJDQL]DomRGRFRQKHFLPHQWRSRU
FRPSDUDomR FRP R REMHWR HQTXDQWR VLVWHPD SRVVXL
SDUWLFXODULGDGHVHVSHFtILFDV
2 REMHWR GR FRQKHFLPHQWR p IRUPDGR SHOR SUySULR
FRQKHFLPHQWR>PDV@QmRpLGrQWLFRDRREMHWReXPSURGXWRGD
DWLYLGDGH FRJQLWLYD GR KRPHP H FRPR FULDomR SDUWLFXODU GR
KRPHP HOH p VXEPHWLGR D UHJUDV SDUWLFXODUHV TXH QmR
FRLQFLGHPFRPDVTXHUHJHPRSUySULRREMHWR´.$1'(/$.,
S
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2V REMHWRV GR FRQKHFLPHQWR REMHWRV DEVWUDWRV VH H[SULPHP QR VLVWHPD GH
FRQFHLWRV TXH FRQVWLWXL D WHRULD SRUTXH RV REMHWRV TXH VH WRUQDUDP REMHWRV GD WHRULD QmR
VmR LGrQWLFRV DRV REMHWRV LQLFLDLV DRV TXH H[LVWHP QD UHDOLGDGH 6mR DSHQDV PDTXHWHV
DSUR[LPDGDV TXH FRORFDP HP UHOHYR XP ~QLFR DVSHFWR GD FRLVD UHDO (P FRQVHTrQFLD
GHVWHFDUiWHUOLPLWDGRWRGDVDVWHRULDVWrPSRUREMHWRVDVFRLVDVDEVWUDWDVFRPRRQ~PHUR
SDUD D PDWHPiWLFD D HVSpFLH SDUD D ELRORJLD (VWHV REMHWRV VH H[SULPHP QR VLVWHPD GH
FRQFHLWRVTXHFRQVWLWXLDWHRULDHHVVHVLVWHPDUHIOHWHDRUJDQL]DomRGRVREMHWRVHPVLVWHPD
GHJUXSRVVHJXQGRFULWpULRVGDVXERUGLQDomR³GRVSDUWLFXODUHVDRVJHUDLV´.$1'(/$.,
&DGD FRQFHLWR RFXSD HQWmR XP OXJDU QR VLVWHPD H HVWH OXJDU p GHWHUPLQDGR QR
PRPHQWR GD IRUPDomR GR FRQFHLWR SRQGRVH HP HYLGrQFLD DV FDUDFWHUtVWLFDV JHQpULFDV H
HVSHFtILFDV GRV REMHWRV H[SUHVVRV R TXH GHVYHOD DR PHVPR WHPSR VXD QDWXUH]D (VWH
DLQGD QmR p R HVSDoR GD 7HUPLQRORJLD TXH VH RFXSD GRV VLVWHPDV GH VLJQLILFDGRV
6HJXQGR.DQGHODNLVmRGRLVRVVLVWHPDVRVLVWHPDGHVLJQLILFDGRVGDWHUPLQRORJLD
GH IRUPDomR QDWXUDO H R VLVWHPD GH VLJQLILFDGRV GD WHUPLQRORJLD RUGHQDGD 2 SULPHLUR
UHFROKH GHILQLo}HV PHOKRU GL]HQGR GHILQLo}HV SUHOLPLQDUHV DV TXDLV WrP XPD
FDUDFWHUtVWLFD SDUWLFXODU &DGD XPD GHODV IRL HODERUDGD SDUD XP FRQFHLWR WRPDGR HP
VHSDUDGRLQGHSHQGHQWHPHQWHGRFRQWH~GRGRVRXWURVFRQFHLWRVTXHOKHVmROLJDGRV
³eSRULVVRTXHDWHUPLQRORJLDGHIRUPDomRQDWXUDOIL[DGDSRU
HODV >DV GHILQLo}HV@ WrP OLPLWHV PXWXDPHQWH LPSUHFLVRV (ODV
UHIOHWHP GH XP ODGR DV RSLQL}HV GDV GLIHUHQWHV HVFRODV H
RULHQWDo}HVHGHRXWURDVGLYHUVDVHWDSDVGRGHVHQYROYLPHQWR
GD FLrQFLD UHODFLRQDGD R GHVHQYROYLPHQWR FURQROyJLFR GD
IRUPDomRGHVWHVFRQFHLWRV´.$1'(/$.,S
QDWXUDO
2VVLVWHPDVGHVLJQLILFDGRVLPSUHFLVRVTXHFRPS}HPDVWHUPLQRORJLDVGHIRUPDomR
³QmR SRGHP VHUYLU GH EDVH SDUD DV WHUPLQRORJLDV RUGHQDGDV
FRQFHELGDV SDUD D FRPXQLFDomR FLHQWtILFD 3DUD HVWD
ILQDOLGDGH p SUHFLVR HVWDEHOHFHU XPD UHGH GH VLJQLILFDGRV
SUHFLVRVH ~QLFRV TXHUHVSRQGHDR QtYHO GH GHVHQYROYLPHQWRR
PDLVDWXDOGDFLrQFLD´.$1'(/$.,S
3DUDDRUGHQDomRRFRQKHFLPHQWRFLHQWtILFRpFRQVLGHUDGRFRPRXPVLVWHPDFXMRV
HOHPHQWRV VmR FRQVWLWXtGRV SHODV FLrQFLDV SDUWLFXODUHV 3RU VHX WXUQR RV FRQFHLWRV TXH
FRPS}HP HVWDV FLrQFLDV SHUWHQFHP D XP VLVWHPD H D RUGHQDomR VHUYH SDUD VHSDUDU DV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
SDUWHVGRVLVWHPDLVWRpRVVXEVLVWHPDVHRVVXEVXEVLVWHPDV0DVHVWHVFRQFHLWRVID]HP
SDUWHGDFLrQFLD
3DUD.DQGHODNLDDWLYLGDGHWHUPLQROyJLFDWHPLQtFLRQRJORVViULRSUHOLPLQDUFXMRV
WHUPRV FRPS}HP DV WHUPLQRORJLDV GH IRUPDomR QDWXUDO 1HP WRGRV RV FRQFHLWRV DOL
SUHVHQWHVSHUWHQFHPDRVLVWHPDGHFRQFHLWRVGDFLrQFLDRXVHMDQHPWRGRVVHUHIHUHPDRV
IXQGDPHQWRV GD FLrQFLD VRPHQWH RV FRQFHLWRV DEVWUDWRV JHUDLV (VWHV ³UHSUHVHQWDP DV
UHJUDV JHUDLV TXH UHJHP VHX REMHWR GH HVWXGR H VmR OLJDGRV D WRGDV DV VXDV WHRULDV´
.$1'(/$., S 'HOHV GHULYDP RV GHPDLV $ RUGHQDomR GRV FRQFHLWRV
VHUYH HQWmR QmR DSHQDV SDUD WLUDU HVWHV FRQFHLWRV H VXDV UHODo}HV PDLV SUy[LPDV PDV
WDPEpP SDUD FRPSUHHQGHU DV UHJUDV VHJXQGR DV TXDLV HOHV SURGX]HP RXWURV FRQFHLWRV
'HILQLQGRRV ORJLFDPHQWH SRGHPVH LVRODU VXDV FDUDFWHUtVWLFDV HVVHQFLDLV H FRP LVVR
IRUQHFHUDVEDVHVSDUDDXQLILFDomRDGLYLVmRHRRUGHQDPHQWR*25.29$S
HVWD p D DERUGDJHP HSLVWHPROyJLFD 3DUD RV WHUPRV HVSHFtILFRV XVDGRV QD FRPXQLFDomR
SUiWLFD LQWHUSUHWDVH R VLJQLILFDGR GR WHUPR VHQGR VXILFLHQWH PXLWDV YH]HV XPD
³LQWHUSUHWDomR DGHTXDGD´ HVWD p D DERUGDJHP SUDJPiWLFD 8PD HVWDWtVWLFD GDV
FDUDFWHUtVWLFDVGDVWHUPLQRORJLDVLQGLFDTXHRVFRQFHLWRVEiVLFRVGHXPDiUHDQmRDOFDQoDP
PDLVGRTXH*25.29$LG
$ VHJXLU VmR DSUHVHQWDGRV SULQFtSLRV HVSHFtILFRV TXH IXQGDPHQWDP R WUDEDOKR
WHUPLQROyJLFR
&RQFHLWRVH7HUPRV
3DUDD7*7FRQFHLWRpXPDXQLGDGHGHSHQVDPHQWRFRQVWLWXtGRGHFDUDFWHUtVWLFDV
TXH UHIOHWHP DV SURSULHGDGHV VLJQLILFDWLYDV DWULEXtGDV D XP REMHWR RX D XPD FODVVH GH
REMHWRV6XDILQDOLGDGHpSHUPLWLUDRUGHQDomRPHQWDOHD FRPXQLFDomRDWUDYpVGRVtPEROR
OLQJtVWLFR TXH p R WHUPR $ 7*7 WUD] HQWmR SDUD VHX kPELWR D WUtDGH OLQJXDJHP
SHQVDPHQWRUHDOLGDGH GHIHQGLGD SRU 6DXVVXUH 6$86685( 2 FRQFHLWR p XP
HOHPHQWRGHVLJQLILFDomRGRWHUPRTXHUHSUHVHQWDXPREMHWRQDUHDOLGDGHHPStULFD&RPR
XQLGDGH GH SHQVDPHQWR HOH p XPD FRQVWUXomR PHQWDO SUySULD GH XP LQGLYtGXR TXH DR
REVHUYDU D UHDOLGDGH TXH R FHUFD SHUFHEH ³REMHWRV LQGLYLGXDLV´ TXH QHOD HVWmR LQVHULGRV
2VREMHWRVSRGHPVHUVHUHVRXFRLVDVTXDOLGDGHVDo}HVORFDLV$REVHUYDomR DFDEDSRU
SULYLOHJLDU DOJXQV DVSHFWRV GR REMHWR TXH QR QtYHO GR SHQVDPHQWR LVWR p QD HVIHUD GR
FRQFHLWRFRQVWLWXHPDFDUDFWHUtVWLFDGRFRQFHLWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$ FDUDFWHUtVWLFD TXH FRQVWLWXL XP FRQFHLWR p WDPEpP XP FRQFHLWR $WUDYpV GHOD
SRGHPVH FRPSDUDU FRQFHLWRV FODVVLILFiORV HP XP VLVWHPD GH FRQFHLWRV VLQWHWL]iORV
DWUDYpV GD GHILQLomR H GHQRPLQiORV DWUDYpV GRV WHUPRV 2 DJUHJDGR GDV FDUDFWHUtVWLFDV
TXHFRQVWLWXHPRFRQFHLWRGHWHUPLQDVXD LQWHQVmR $ SDUWLU GD GHWHUPLQDomR GD LQWHQVmR
GRFRQFHLWRRXVHMDGDGHOLPLWDomRGHVXDVFDUDFWHUtVWLFDVpSRVVtYHOGHWHUPLQDUWDPEpP
FRQFHLWRV TXH SRVVDP VHU UHODFLRQDGRV DR FRQFHLWR HP DQiOLVH SRU SRVVXtUHP
FDUDFWHUtVWLFDV VHPHOKDQWHV HP RXWUDV SDODYUDV p SRVVtYHO GHWHUPLQDU D WRWDOLGDGH RX R
Q~PHUR GH FRQFHLWRV TXH HVWH FRQFHLWR DEDUFD R TXH FRQVWLWXL VXD H[WHQVmR )(/%(5
S
&RPR D 7HUPLQRORJLD VH RFXSD VHPSUH GH XPD iUHD GH FRQKHFLPHQWR Ki XPD
VHOHomR GDV FDUDFWHUtVWLFDV UHOHYDQWHV SDUD DTXHOD iUHD H WDPEpP SDUD RV SURSyVLWRV GR
WUDEDOKR $VVLP FRQIRUPH D iUHD H FRQIRUPH R SRQWR GH YLVWD DERUGDGR PXGDP DV
FDUDFWHUtVWLFDV H FRPR FRQVHTrQFLD DV UHODo}HV HQWUH RV FRQFHLWRV $R VHOHFLRQDU DV
FDUDFWHUtVWLFDVDVHUHPXVDGDVSDUDGHILQLUXPFRQFHLWRpLPSRUWDQWHFRQVLGHUDUDQDWXUH]D
GRVLVWHPDGHFRQFHLWRVDVHUFRQVWUXtGREHPFRPRDVH[SHFWDWLYDVGRVXVXiULRV
2XWUR SRQWR LPSRUWDQWH D VHU REVHUYDGR p R WLSR GH FDUDFWHUtVWLFD TXH IXQFLRQD
FRPRXPDXQLGDGHGHGLYLVmRHSRVVLELOLWDDIRUPDomRGHFODVVHVGHFRQFHLWRVUHQTXHVH
FDGHLDV SRLV SULYLOHJLD XP DVSHFWR JHUDO H FRPXP D WRGRV RV FRQFHLWRV TXH HVWmR
LQVHULGRVQDFODVVH$VFDUDFWHUtVWLFDVVmRFODVVLILFDGDVGDVHJXLQWHIRUPDFDUDFWHUtVWLFDV
LQWUtQVHFDVHFDUDFWHUtVWLFDVH[WUtQVHFDVHODVQmRVmRH[FOXGHQWHVLVWRpRREMHWRLQGLYLGXDO
REVHUYDGRSRGHSRVVXLUDRPHVPRWHPSRFDUDFWHUtVWLFDVLQWUtQVHFDVHH[WUtQVHFDV
$VFDUDFWHUtVWLFDV LQWUtQVHFDV VmR SDUWHV FRQVWLWXLQWHV GR SUySULR REMHWR HP RXWUDV
SDODYUDV VmR LQHUHQWHV DR REMHWR SRU H[HPSOR PDWHULDO FRU HWF $V FDUDFWHUtVWLFDV
H[WUtQVHFDV HVWDEHOHFHP DV UHODo}HV GR REMHWR REVHUYDGR FRP RXWURV REMHWRV 3RGHP VHU
FRQVLGHUDGDV VRE GRLV DVSHFWRV D VDEHU FDUDFWHUtVWLFDV GH SURSyVLWR DSOLFDomR IXQomR
SRVLomR H FDUDFWHUtVWLFDV GH RULJHP SDtV GH RULJHP SURGXWRU )(/%(5 S 'HQWUHHODVDOJXPDVVHPRVWUDP~WHLVjRUGHQDomRDTXHODVTXHQXPDRSHUDomRHVSHFtILFD
GHDQiOLVHGHXPJUXSRGHFRQFHLWRVVmRXVDGDVSDUDDGHILQLomRRXDIL[DomRGDVUHODo}HV
HQWUHHOHVHSRUWDQWRSDUDVXDRUGHQDomR$VGHPDLVVmRFRQVLGHUDGDVQmRHVVHQFLDLVSDUD
RUGHQDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
1R SURFHVVR GH IL[DomR H RUGHQDomR GRV FRQFHLWRV DOJXPDV FDUDFWHUtVWLFDV WrP
SUHFHGrQFLD VREUH RXWUDV ,VWR RFRUUH HQWUH FDUDFWHUtVWLFDV GHSHQGHQWHV H FDUDFWHUtVWLFDV
LQGHSHQGHQWHV$VFDUDFWHUtVWLFDVVHUmRGHSHQGHQWHVGHRXWUDVVHHVWDVRXWUDVWLYHUHPTXH
VHU SUHYLDPHQWH GHILQLGDV SDUD TXH DV SULPHLUDV SRVVDP VHU FRPSUHHQGLGDV DV
FDUDFWHUtVWLFDVVHUmRLQGHSHQGHQWHVTXDQGRSURGX]LUHPFRQFHLWRVTXHSRGHUmRVHULQFOXtGRV
HPPDLVGHXPDFODVVHSURGX]LQGRSROLKLHUDUTXLDV
$RGHILQLUFRQFHLWRVHSRVLFLRQiORVHPXPVLVWHPDGHFRQFHLWRVDVFDUDFWHUtVWLFDV
LQWUtQVHFDV VmR DV SULPHLUDV TXH GHYHP VHU HYLGHQFLDGDV SRLV GHWHUPLQDP VXD HVVrQFLD
/RJRDSyVREHGHFHQGRDXPDRUGHPGHSUHIHUrQFLDDVGHSURSyVLWRHSRU~OWLPRDVGH
RULJHP
2XWURDVSHFWR DVHUREVHUYDGRTXDQWRjTXHVWmRGR FRQFHLWRpTXHHOH FRPR XPD
XQLGDGH GH SHQVDPHQWR QHFHVVLWD GH XP VtPEROR OLQJtVWLFR SDUD VHU FRPXQLFDGR (VWD
TXHVWmR GD GHQRPLQDomR GRV FRQFHLWRV p GH YLWDO LPSRUWkQFLD SDUD D DWLYLGDGH
WHUPLQROyJLFD SRLV VHX REMHWLYR p HVWDEHOHFHU D SDUWLU GD IL[DomR GR FRQFHLWR XP
DGHTXDGRVtPEROROLQJtVWLFRSDUDGHVLJQiOR
1D7*7RWHUPRpDXQLGDGHGHFRPXQLFDomRTXHUHSUHVHQWDRFRQFHLWRHSRGHVHU
FRQVWLWXtGRGHXPDRXPDLVSDODYUDVXPDOHWUDXPVtPERORJUiILFRXPDDEUHYLDomRXPD
QRWDomR(OHpQRUPDOPHQWHGHVLJQDGRSRUXPHVSHFLDOLVWDRXJUXSRGHHVSHFLDOLVWDVTXH
VHDSURSULDGHSDODYUDVRXFULDSDODYUDVSDUDGHWHUPLQiOR$VVLPRWHUPRpGHWHUPLQDGR
GH XPD IRUPD SUHVFULWLYD $OpP GLVVR ³R WHUPR FRPR UHSUHVHQWDQWH GR FRQFHLWR p
GHSHQGHQWH GR VLVWHPD GH FRQFHLWRV QR TXDO HVWi LQVHULGR´ )(/%(5 S
3RUWDQWRDXQLYRFLGDGHpUHODWLYD
5HODo}HVHQWUH&RQFHLWRV
2V FRQFHLWRV VH UHODFLRQDP FRP RXWURV FRQFHLWRV HP XP VLVWHPD GH FRQFHLWR
WHUPLQROyJLFRSRLVVmRUHSUHVHQWDo}HVPHQWDLVGDVUHODo}HVTXHRFRUUHPHQWUHRVREMHWRV
QDUHDOLGDGHHPStULFD4XDQGRHVWDVUHODo}HVVmRWUDWDGDVHPXPQtYHOFRQFHLWXDOSDVVDP
DVHUFRQVLGHUDGDVUHODo}HVOyJLFDVHRQWROyJLFDV:XHVWHUH[SOLFDSRUTXHHVWDVUHODo}HV
VmRDVVLPFRQVLGHUDGDVDVDEHU
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
³$H[SHULrQFLDPRVWUD FRPR p GLItFLO SDUD XP JUDQGHQ~PHUR
GH SHVVRDV GLVWLQJXLU DV GXDV HVSpFLHV GH UHODomR OyJLFD H
RQWROyJLFD&RQWXGRXPDELVPRLQWUDQVSRQtYHOVHSDUDPXLWR
EHP HVWDV GXDV FDWHJRULDV GH UHODo}HV FRQFHLWXDLV &DGD
LQGLYtGXR SRU H[HPSOR PHX FmR %UXQR SRGH VHU VXEPHWLGR
SHOR SHQVDPHQWR KXPDQR D GLIHUHQWHV JUDXV GH DEVWUDomR
6HJXHVH TXH XP ~QLFR H PHVPR LQGLYtGXR SRGH UHSUHVHQWDU
FDGD XP GRV FRQFHLWRV VXFHVVLYRV GH XPD PHVPD FDGHLD GH
DEVWUDomR 0HX FmR %UXQR p SRU H[HPSOR DR PHVPR WHPSR
XP 6mR %HUQDUGRXP PDPtIHUR H XP VHU YLYR $R FRQWUiULR
QmRH[LVWHXPLQGLYtGXRTXHSRVVDUHSUHVHQWDUDRPHVPRWHPSR
YiULRV JUDXV GH XPD FDGHLD RQWROyJLFD GH FRQFHLWRV 1mR VH
HQFRQWUDUi HP TXDOTXHU FDUWD JHRJUiILFD XP SHGDoR GH WHUUD
TXH VHMD DR PHVPR WHPSR XPD SURYtQFLD RX XP FDQWmR GHVWD
SURYtQFLD(PRXWURVWHUPRVHQWUHFRQFHLWRVH[LVWHPVRPHQWH
UHODo}HV OyJLFDV RX UHODo}HV GH DEVWUDomR $V UHODo}HV
RQWROyJLFDV QDVFHP GR IDWR GH HOHYDUHPVH D XP QtYHO GH
DEVWUDomR DV UHODo}HV TXH H[LVWHP QD UHDOLGDGH HQWUH RV
LQGLYtGXRV UHODo}HV {QWLFDV ID]HQGRVH GHVWDV UHODo}HV
LQGLYLGXDLV SRU DVVLP GL]HU GHVWHV LQGLYtGXRV GH UHODo}HV
FRQFHLWRV GH UHODomR SRU H[HPSOR DFLPD DEDL[R´
:8(67(5S
(PRXWUDVSDODYUDVDVUHODo}HVRQWROyJLFDVVHGmRHQWUHRFRQFHLWRHD UHDOLGDGH$
LGHQWLILFDomR GDV UHODo}HV HQWUH FRQFHLWRV SHUPLWH HP SULPHLUR OXJDU R HQWHQGLPHQWR GR
SUySULR FRQFHLWR WHQGR HP YLVWD TXH RV FRQFHLWRV VH GHILQHP XQV HP UHODomR DRV RXWURV
$OpPGLVVRHODVDX[LOLDPQDIRUPDomRGDVHVWUXWXUDVFRQFHLWXDLVHPHVSHFLDODTXHODVTXH
IRUPDPUHQTXHVHFDGHLDV
$ VHJXLU DSUHVHQWDUHPRV SRQWRV TXH FRQVLGHUDPRV IXQGDPHQWDLV GDV UHODo}HV
OyJLFDHRQWROyJLFDSDUDDHVWUXWXUDomRGHVLVWHPDVGHFRQFHLWRV
5HODomR/yJLFD
$ UHODomR OyJLFD UHVXOWD IRUoRVDPHQWH GD SUySULD FRPSUHHQVmR GRV FRQFHLWRV
&KDPDVH WDPEpP UHODomR GH VHPHOKDQoD :8(67(5 GH VLPLODULGDGH GH
DEVWUDomR RX JHQpULFD (P JHUDO VH GLYLGHP HP GRLV JUDQGHV JUXSRV UHODomR OyJLFD GH
FRPSDUDomRTXHVHGiHQWUHGRLVFRQFHLWRVHUHODomROyJLFDGHFRPELQDomRTXHVHGiHQWUH
WUrVRXPDLVFRQFHLWRVYHU)LJXUD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
5HODomR OyJLFD
&RPELQDomR
&RPSDUDomR
6XERUGLQDomR
OyJLFD
&RRUGHQDomR
OyJLFD
,QWHUVHomR
OyJLFD
'HWHUPLQDomR
'LDJRQDO
&RQMXQomR
'LVMXQomR
)LJXUD5HODo}HV/yJLFDV
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
$V UHODo}HV OyJLFDV GH FRPSDUDomR SRGHP VHU FODVVLILFDGDV HP TXDWUR WLSRV D
VDEHU VXERUGLQDomR OyJLFD FRRUGHQDomR OyJLFD LQWHUVHomR OyJLFD H UHODomR OyJLFD
GLDJRQDO
8PD UHODomR GH VXERUGLQDomR OyJLFD RFRUUH TXDQGR XP FRQFHLWR WHP WRGDV DV
FDUDFWHUtVWLFDVGRRXWURFRQFHLWRHHVWH~OWLPRSRVVXLXPDFDUDFWHUtVWLFDDGLFLRQDOSRGHVH
GL]HUTXHHVWHFRQFHLWRpXPDHVSpFLHGRRXWURRJrQHUR$VVLPRFRQWH~GRGRFRQFHLWR
PDLV UHVWULWR FRQFHLWR VXERUGLQDGR LQFOXL R FRQWH~GR GR FRQFHLWR VXSHURUGHQDGR 1D
VXSHURUGHQDomRGHFRQFHLWRVWHPRVSRUWDQWRRJrQHURHQDVXERUGLQDomRDHVSpFLHFRPR
SRUH[HPSOR9HtFXORpRJrQHURGH$HURQDYH$FRRUGHQDomROyJLFDVHHVWDEHOHFHTXDQGR
RV GRLV FRQFHLWRV DQDOLVDGRV VmR HVSHFtILFRV GR PHVPR WHUPR JHQpULFR GLVWLQJXLQGRVH
HQWUHVLSRUXPD~QLFDFDUDFWHUtVWLFD:8(67(5S'LWRGHRXWUDIRUPDHOD
VH Gi HQWUH FRQFHLWRV GH XP PHVPR UHQTXH OyJLFR $ UHODomR GH LQWHUVHomR OyJLFD VH
DSUHVHQWDTXDQGRVmRFRPSDUDGRVGRLVFRQFHLWRVFXMDLQWHQomRVypLGrQWLFDSDUFLDOPHQWH
LVWRpQHPWRGDVDVFDUDFWHUtVWLFDVVmRDVPHVPDVFRPRSRUH[HPSOR(QVLQR,QVWUXomR
$UHODomRGLDJRQDOOyJLFDRFRUUHTXDQGRGXDVHVSpFLHVGHFRQFHLWRVGRPHVPRJrQHURQmR
HVWmR OLJDGRV SRU UHODomR GH VXERUGLQDomR QHP GH FRRUGHQDomR FRPR SRU H[HPSOR
%DOmR)RJXHWH1DYLR$YLmR
$V UHODo}HV OyJLFDV GH FRPELQDomR VmR GHILQLGDV SRU :XHVWHU S GD
VHJXLQWHIRUPD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
³&RQVLGHUHPRV WUrV FRQFHLWRV TXH QmR VmR OLJDGRVHQWUH VL
QHPSRUXPDUHODomRGHKLSRQtPLDOyJLFDQHPSRUUHODomRGH
FRRUGHQDomR OyJLFD 'RLV GHQWUH HOHV SRGHP HQWmR VHU
FRQFHLWRVGHSDUWLGDTXHSRUVXDOLJDomRFKDPDGDWDPEpPGH
FRPELQDomRFRQVWLWXHPXPWHUFHLURFRQFHLWR´
6mRWUrVDVHVSpFLHVGHFRPELQDomROyJLFDGHFRQFHLWRVGHWHUPLQDomRFRQMXQomRH
GLVMXQomR$GHWHUPLQDomRRFRUUHTXDQGRXPVHJXQGRFRQFHLWRDSDUHFHQDFRPSUHHQVmR
GHXPSULPHLURFRQFHLWRFRPRFDUDFWHUtVWLFDVXSOHPHQWDUHRUHVXOWDGRRXVHMDRWHUFHLUR
FRQFHLWR p XP HVSHFtILFR GR SULPHLUR FRQFHLWR GH SDUWLGD :XHVWHU DSUHVHQWD R
VHJXLQWHH[HPSORSDUDHVWHWLSRGHUHODomRDFRPELQDomRGRVFRQFHLWRV,PSRUW LPSRUWDU
H.DXIPDQQ KRPHPGHQHJyFLRVUHVXOWDQRFRQFHLWR,PSRUW.DXIPDQQ LPSRUWDGRU
4XDQGRDVFDUDFWHUtVWLFDVGHGRLVFRQFHLWRVVmRUHXQLGDVUHVXOWDQGRHPXPWHUFHLUR
FRQFHLWR TXH p HVSHFtILFR FRPXP DRV GRLV FRQFHLWRV GH SDUWLGD GL]VH TXH H[LVWH XPD
FRQMXQomR GH FRQFHLWRV :XHVWHU S DSUHVHQWD R VHJXLQWH H[HPSOR D
FRPELQDomRGRVFRQFHLWRV,QJHQLHXU HQJHQKHLURH.DXIPDQQ KRPHPGHQHJyFLRSRGH
UHVXOWDU>HPDOHPmR@QRFRQFHLWR,QJHQLHXU.DXIPDQQ HQJHQKHLURKRPHPGHQHJyFLR
$VVLP XP HQJHQKHLURKRPHP GH QHJyFLR p WDQWR XP HQJHQKHLUR FRPR XP KRPHP GH
QHJyFLR 2V FRQFHLWRV IRUPDGRV SRU FRQMXQomR GH FRQFHLWRV DFDEDP IRUPDQGR QR
PRPHQWR GH VXD HVWUXWXUDomR HP XP VLVWHPD GH FRQFHLWRV VLVWHPDV SROLLHUiUTXLFRV YHU
VLVWHPDGHFRQFHLWRV
$ GLVMXQomR GH FRQFHLWRV p GHILQLGD FRPR XPD VRPD OyJLFD (VWD UHODomR RFRUUH
TXDQGR ³DV H[WHQV}HV GRV GRLV FRQFHLWRV RX VHMD VHXV HVSHFtILFRV VmR UHXQLGDV 8P
H[HPSOR LQGRHXURSHX 'Dt UHVXOWD R JHQpULFR FRPXP GRV FRQFHLWRV GH SDUWLGD´
:8(67(5S2XWURH[HPSORKRPHPPXOKHU VHUKXPDQRDGXOWR
5HODomR2QWROyJLFD
$VUHODo}HVRQWROyJLFDVVmRUHODo}HVLQGLUHWDVHQWUHFRQFHLWRVSRUTXHUHVXOWDPGDV
SURSULHGDGHV TXH SRVVXHP RV UHSUHVHQWDQWHV GRV FRQFHLWRV RV REMHWRV GR PXQGR
HPStULFR &DUDFWHUL]DPVH SHOD FRQWLJLGDGH QR WHPSR H QR HVSDoR RX SHOD FRQH[mR GH
FDXVDHHIHLWR
:XHVWHU FRQVLGHUDQGR R XVR GR FRQFHLWR 2QWRORJLD SDUD UHSUHVHQWDU HVWH
WLSRGHUHODomRFRQFHLWXDODGYHUWHTXH³RFRQFHLWRGH2QWRORJLDRXµFLrQFLDGRVHU¶FRUUHR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
ULVFRGHVHUXPSRXFRGHOLFDGRSDUDXPERPQ~PHURGHOHLWRUHV0DVDSUHRFXSDomRFRP
D 2QWRORJLD Vy DSDUHFH j PHGLGD TXH p QHFHVViULR HOXFLGDU UHODo}HV TXH SRVVDP H[LVWLU
HQWUH FRQFHLWRV´:8(67(5 S $UJXPHQWD TXH D WHUPLQRORJLD WHYH GH FULDU
QmRDSHQDVRVWHUPRVXWLOL]DGRVQHVWHWLSRGHUHODomRPDVWDPEpPVHXVVtPERORV0DV
DFUHVFHQWDTXHDSHVDUGHXPDGDVIXQo}HVGRVWHUPLQyORJRVVHUDGHHODERUDUWHUPRV³HOHV
DLQGD VH YrHP FRQVWUDQJLGRV HP LQWURGX]LU WHUPRV DSURSULDGRV HP SDUWLFXODU UHODo}HV
SDUWHWRGRFDGHLDSDUWHWRGRHVLVWHPDSDUWHWRGR´:8(67(5S
$V UHODo}HV RQWROyJLFDV VmR FODVVLILFDGDV HP GRLV JUDQGHV JUXSRV DV UHODo}HV GH
FRQWDFWRHDVUHODo}HVGHFDXVDOLGDGHYHU)LJXUD
5HODomRGH&RQWDFWR
$ UHODomR GH FRQWDFWR p D PDLV LPSRUWDQWH GDV UHODo}HV RQWROyJLFDV TXH VH DXWR
H[SOLFD D SDUWLU GDV GXDV HVSpFLHV TXH LQFOXL D UHODomR GH FRRUGHQDomR RQWROyJLFD H D
UHODomRGHHQFDGHDPHQWR
)LJXUD5HODo}HV2QWROyJLFDV
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
$SULQFLSDOUHODomRGHFRRUGHQDomRpD UHODomRSDUWHWRGRRXVHMDDUHODomRHQWUHR
WRGRHVXDVSDUWHVRXHQWUHDVSUySULDVSDUWHVVHQGRFRQVLGHUDGD³UHODomRHVSDFLDOHSRU
FRQVHJXLQWHUHODomRGHVLPXOWDQHLGDGH´:8(67(5S(ODSRGHRFRUUHUHQWUH
GRLV FRQFHLWRV RX HQWUH GRLV RX PDLV FRQFHLWRV $R FRPSDUDU GRLV FRQFHLWRV HP XPD
UHODomR GH FRRUGHQDomR RQWROyJLFD VXUJHP TXDWUR WLSRV GH SRVVLELOLGDGHV VXERUGLQDomR
SDUWLWLYDFRRUGHQDomRSDUWLWLYDLQWHUVHomRSDUWLWLYDHUHODomRGLDJRQDOSDUWLWLYD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$ VXERUGLQDomR SDUWLWLYD RFRUUH TXDQGR XP REMHWR LQGLYLGXDO p XPD SDUWH
VXERUGLQDomR SDUWLWLYD GH RXWUR REMHWR TXH p R WRGR VXSHURUGHQDomR SDUWLWLYD (VWD
UHODomRpWDPEpPFKDPDGDGHUHODomRYHUWLFDOSDUWLWLYDSRUTXHIRUPDFDGHLDVSDUWLWLYDVRX
VHMDXPDVpULHYHUWLFDOGHFRQFHLWRV1HVWDVpULHFRQVLGHUDQGRVHGRLVFRQFHLWRVYL]LQKRV
R FRQFHLWR VXSHULRU FRUUHVSRQGH DR WRGR H R FRQFHLWR LQIHULRU p XPD GH VXDV SDUWHV
FRQVWLWXWLYDVFRPRSRUH[HPSOR$YLmR0RWRU$UHODomRGHFRRUGHQDomRSDUWLWLYDH[LVWH
HQWUH GRLV REMHWRV TXH UHSUHVHQWDP SDUWH GH XP WRGR FRPXP (VWD UHODomR IRUPD VpULHV
KRUL]RQWDLV GH FRQFHLWR VHQGR WDPEpP FKDPDGDV GH UHODomR KRUL]RQWDO GH FRQFHLWRV
SDUWLWLYRV RQGH VH HQFRQWUDP RV UHQTXHV SDUWLWLYRV 8P UHQTXH SDUWLWLYR p XPD VpULH
KRUL]RQWDO GH FRQFHLWRV TXH FRUUHVSRQGHP jV SDUWHV GH XP WRGR QXP FHUWR QtYHO GH
GHVDJUHJDomR3RUH[HPSOR³IXVHODJHPpFRRUGHQDGRGHDVDTXHHVWmRVXERUGLQDGRVD
DYLmR )(/%(5 S $ UHODomR LQWHUVHomR SDUWLWLYD RFRUUH HQWUH GRLV
FRQFHLWRV TXH FRPSDUDGRV SRVVXHP DOJXPD SDUWH FRPXP 3RU H[HPSOR %LRORJLD H
4XtPLFDSURGX]HPRFRQFHLWR%LRTXtPLFD$UHODomRGLDJRQDOSDUWLWLYDpDTXHODTXHVH
DSUHVHQWDTXDQGRGXDVSDUWHVGHXPWRGRFRPXPHVWmRHPUHODomRHHVWDUHODomRQmRpGH
VXERUGLQDomRQHPGHFRRUGHQDomR3RUH[HPSOR0HFkQLFDH4XtPLFDVmRSDUWHVGRWRGR
&LrQFLD
$ UHODomR GH HQFDGHDPHQWR p XPD UHODomR WHPSRUDO $ SULQFLSDO UHODomR GH
HQFDGHDPHQWR p D UHODomR GH VXFHVVmR RX VHMD UHODomR GH FRQWLJLGDGH QR WHPSR FRPR
SRUH[HPSORSUHGHFHVVRUVXFHVVRU
5HODomRGH&DXVDOLGDGH
5HODomR GH FDXVDOLGDGH p DTXHOD TXH VH EDVHLD HP XP HOR VXFHVVLYR GH FDXVDV
:8(67(5 S $V SULQFLSDLV UHODo}HV GH FDXVDOLGDGH VmR DV UHODo}HV GH
SDUHQWHVFR WDPEpP FKDPDGDV SRU )HOEHU S GH UHODo}HV GH GHVFHQGrQFLD D
VDEHU UHODomR JHQHDOyJLFD SDL ! ILOKR UHODomR RQWRJHQpWLFD RYR ! ODUYD UHODomR GH
VXEVWkQFLD XUkQLR ,, ! UiGLR $SUHVHQWD DLQGD RXWUDV UHODo}HV WDLV FRPR PDWHULDO
SURGXWRPDGHLUD!PHVDLQVWUXPHQWDOLQVWUXPHQWR!HVHXXVR
$OpP GH HVWDEHOHFHU DV UHODo}HV HQWUH RV FRQFHLWRV HP VHX WUDEDOKR :XHVWHU
UHFRQKHFH D QHFHVVLGDGH GH XPD FODVVLILFDomR GRV FRQFHLWRV FRPR EDVH SDUD D DWLYLGDGH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
WHUPLQROyJLFD6HQGRDVVLPSRVLFLRQDRVFRQFHLWRVHPFRQMXQWRVKDUP{QLFRVDRVTXDLVGi
RQRPHGHVLVWHPDGHFRQFHLWRV
6LVWHPDGH&RQFHLWRV
8PVLVWHPDGHFRQFHLWRVSDUDD7*7pXPVLVWHPDIRUPDGRSRUFRQFHLWRVHVXDV
UHODo}HV TXH SRGHP VHU OyJLFDV H RQWROyJLFDV $ UHSUHVHQWDomR GR VLVWHPD GH FRQFHLWRV
VHUYHDGLYHUVRVREMHWLYRVWDLVFRPRRUJDQL]DomRHIHWLYDGRFRQKHFLPHQWRGHQWURGHXPD
GDGD iUHD UHSUHVHQWDomR FODUD GDV UHODo}HV HQWUH FRQFHLWRV UHYHODomR GH FRQFHLWRV
DLQGD LQH[LVWHQWHV RX FRQFHLWRV UHGXQGDQWHV VLQRQtPLD DMXGDQGR D DVVHJXUDU XP QtYHO
yWLPR GH QRUPDOL]DomR GD WHUPLQRORJLD HVWDEHOHFLPHQWR GH HTXLYDOrQFLDV FODUDV HQWUH
WHUPRVHPGLIHUHQWHVOtQJXDV,62',6
3DUDDGHWHUPLQDomRGHXPFRQFHLWRGHQWURGHXPVLVWHPDGHFRQFHLWRVWUDEDOKDP
VHDVVXDVFDUDFWHUtVWLFDVTXHWrPXPSDSHOIXQGDPHQWDOQHVWHSURFHVVR2DJUXSDPHQWR
GH FRQFHLWRV VH Gi TXDQGR VH LGHQWLILFD XPD FDUDFWHUtVWLFD HVSHFLILFDGRUD FRPXP DRV
FRQFHLWRV TXDQGR VH HPSUHJD HVWD FDUDFWHUtVWLFD FRPR FULWpULR SDUD GLYLVmR GR VLVWHPD
GL]VHTXHHODpXP³FDUDFWHUtVWLFDWLSR´
7RGRPHPEURGRVLVWHPDIRUPDXPDHVWUXWXUDFRPQtYHLVFKDPDGDGHKLHUiUTXLFD
$HVWHUHVSHLWR:XHVWHUSH[SOLFD
³1DSUiWLFDYHULILFDVHVHUWDPEpPQHFHVViULRGDUXPQRPHj
UHODomRTXHOLJDGRLVFRQFHLWRVTXDQGRHVWHVGRLVFRQFHLWRVQmR
HVWmR VLWXDGRV QD PHVPD FDGHLD +i WUrV SRVVLELOLGDGHV RX
HVWHV FRQFHLWRV HVWmR FRRUGHQDGRV RX VH VXSHUS}HP RX VmR
OLJDGRVSRUXPDUHODomRGLDJRQDOQRLQWHULRUGHXPVLVWHPDGH
FRQFHLWRV 1D WHUPLQRORJLD FKDPDVH UHODomR DVVRFLDWLYD WDO
UHODomR FRQFHLWXDO RX PDLV H[DWDPHQWH UHODomR KLHUiUTXLFD
3RU RSRVLomR UH~QHPVH VRE R QRPH GH UHODo}HV GH
FRPSDUDomR QmRKLHUiUTXLFD WRGDV DV RXWUDV UHODo}HV
RQWROyJLFDVRXVHMDWRGDVDTXHODVTXHQmRVmRUHODo}HVSDUWH
WRGR´:8(67(5S
'HVWDIRUPDDVUHODo}HVKLHUiUTXLFDVIRUPDPVLVWHPDVKLHUiUTXLFRVTXHHQYROYHP
VXSHURUGHQDomR VXERUGLQDomR RX FRRUGHQDomR &RPR QRV GLIHUHQWHV WLSRV GH UHODo}HV
KLHUiUTXLFDV GLVWLQJXHPVH WUrV WLSRV GH VLVWHPDV GH FRQFHLWRV KLHUiUTXLFRV VLVWHPD GH
FRQFHLWRV JHQpULFRV VLVWHPD GH FRQFHLWR SDUWLWLYR H VLVWHPD GH FRQFHLWRV KLHUiUTXLFRV
PLVWRV (VWHV WLSRV GH VLVWHPDV VmR UHSUHVHQWDGRV JUDILFDPHQWH DWUDYpV GH GLDJUDPDV H
OLVWDV 1HVWH HVWXGR XWLOL]DUHPRV H[HPSORV DSUHVHQWDGRV QD 1RUPD ,62 7& ±
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
³3ULQFtSLRVHPpWRGRVGDDWLYLGDGHWHUPLQROyJLFD´,62',6SDUDWRUQDUPDLVFODUD
QRVVDH[SRVLomR
6LVWHPDVGH&RQFHLWRV*HQpULFRV
1RV VLVWHPDV GH FRQFHLWRV JHQpULFRV DSHQDV XP WLSR GH FDUDFWHUtVWLFD SRGH VHU
XVDGRSDUDFULDUFRQFHLWRVVXERUGLQDGRV(VWHVVLVWHPDVSRGHPVHUPRQRKLHUiUTXLFRVLVWR
p XP ~QLFR VLVWHPD VHUYH FRPR FRQFHLWR VXSHURUGHQDGR PDLV HOHYDGR H WRGRV RV RXWURV
VmRVXERUGLQDGRVDHOHRXSROLKLHUiUTXLFRVLVWRpDVFDUDFWHUtVWLFDVVmR FRPELQDGDVHR
FRQFHLWRSRGHVHUHVWUXWXUDGRHPYiULDVKLHUDUTXLDV
6LVWHPDVGH&RQFHLWRV0RQRKLHUiUTXLFRV
2V VLVWHPDV GH FRQFHLWRV PRQRKLHUiUTXLFRV VmR UHSUHVHQWDGRV SRU GRLV WLSRV GH
GLDJUDPDV 'LDJUDPD HP OLQKD GLUHFLRQDO H 'LDJUDPD GH FDPSR 3RGH WDPEpP VHU
WDPEpPDSUHVHQWDGRSRUOLVWDHVWUXWXUDGD
'LDJUDPDHPOLQKDGLUHFLRQDO
2V GLDJUDPDV HP OLQKD GLUHFLRQDO UHSUHVHQWDP RV FRQFHLWRV FRPR PyGXORV H DV
UHODo}HV HQWUH HOHV FRPR OLQKDV XQLGLUHFLRQDLV UHIOHWLQGR DVVLP DV UHODo}HV KLHUiUTXLFDV
2V SULQFLSDLV WLSRV GH GLDJUDPDV HP OLQKD GLUHFLRQDLV VmR RV GLDJUDPDV HP iUYRUH RV
GLDJUDPDVFRPLQGLFDomRGHFDUDFWHUtVWLFDV
'LDJUDPD HP iUYRUH VmR GHVHQKDGRV YHUWLFDOPHQWH R TXH p SUHIHUtYHO RX
KRUL]RQWDOPHQWHVHRVLVWHPDIRUPXLWRJUDQGH3RU([HPSOR
2UJDQLVPR
9HJHWDO
&ULSWyJDPR
)DQHUyJDPR
$QLPDO
3URWR]RiULR
0HWD]RiULR
)LJXUD'LDJUDPDHP/LQKD'LUHFLRQDO
,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
'LDJUDPDV FRP LQGLFDomR GH FDUDFWHUtVWLFDV VmR HPSUHJDGRV TXDQGR VH GHVHMD
HYLGHQFLDU RV YiULRV WLSRV GH FDUDFWHUtVWLFDV XVDGDV FRPR FULWpULRV GHOLPLWDGRUHV 3RU
H[HPSOR
)LJXUD'LDJUDPDFRP,QGLFDomRGH&DUDFWHUtVWLFD
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
'LDJUDPDVGH&DPSR
([LVWH WUrV WLSRV GH GLDJUDPDV GH FDPSR GLDJUDPD VLPSOHV GLDJUDPD
FRPELQDWyULRGLDJUDPDGH9HQQ
2V GLDJUDPDV VLPSOHV SRGHP VHU DUUXPDGRV YHUWLFDO RX KRUL]RQWDOPHQWH $
KLHUDUTXLDFRQFHLWXDOpUHSUHVHQWDGDSHODSRVLomRGRVFDPSRVHPUHODomRXQVDRVRXWURVH
SHOR WDPDQKR GHFUHVFHQWH GRV FDPSRV SDUWLQGR GR WHUPR JHQpULFR PDLV DPSOR DWp RV
WHUPRVHVSHFtILFRV3RUH[HPSOR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
6HUUDPDQXDOVHP
SUHWHQVLRQDPHQWR
&ULWpULRGH
FODVVLILFDomR
2SHUDomRSRUXPD
SHVVRDRXGXDV
SHVVRDV
6HUUDPDQXDO
6HUUDUtJLGD
&DWHJRULDGH
&DUDFWHUtVWLFD
GH
FODVVLILFDomR
FRUWH
WUDQVYHUVDO
6HUUDGHFRUWH
WUDQVYHUVDOSDUD
GXDVSHVVRDV
&DWHJRULDGH
FDUDFWHUtVWLFD
GH
FODVVLILFDomR
OkPLQDHP
IRUPDGHILWDRX
QmR
6HUUDGHDUFR
SHTXHQD
&ULWpULRGH
6HUUDPDQXDO
FODVVLILFDomR
SUHWHQVLRQDGD
FRUWH
WUDQVYHUVDO
&ULWpULRGH
6HUUDGHDUFR
FODVVLILFDomR
JUDQGH
OkPLQDPDLRURX
&ULWpULRGH
PHQRUTXHPP
FODVVLILFDomR
FRUWH
WUDQVYHUVDO
6HUURWHGHFRUWH
WUDQVYHUVDOSDUD
XPDSHVVRD
([HPSORVGH
VHUUD
6HUURWHGH
PDUFHQHLUR
6HUUDGH
VHUUDOKHLURSDUD
GXDVSHVVRDV
6HUUDFRUUHQWH
6HUUDGHSRGD
6HUUDGHDUFRGH
OkPLQDGHOJDGD
6HUUDGHDEDWH
GHiUYRUH
6HUUDGH
FDUSLQWHLUR
6HUUDGH
PDUFHQHLUR
)LJXUD'LDJUDPDGH&DPSR
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
2V GLDJUDPDV FRPELQDWyULRV VmR HVSHFLDOPHQWH DGHTXDGRV SDUD LOXVWUDU D
FRPELQDomR GH GXDV FDUDFWHUtVWLFDV &DGD WLSR GH FDUDFWHUtVWLFD SRGH WHU YiULDV
FDUDFWHUtVWLFDVTXHSRGHPVHUFRPELQDGDVHQWUHVL3RUH[HPSOR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
Q
*UDXGHVDWXUDomR
&Q+Q
&Q+Q
XPDFDGHLD
GXSOD
&Q+Q
XPDFDGHLDWULSOD
&Q+Q
'XDVFDGHLDV
GXSODV
$FHWLOHQR
HWHQR
3URSLQR
%XWLQR
3HQWLQR
+H[LQR
0HWDQR (WDQR
(WLOHQR
HWHQR
3URSDQR
3URSHQR
3URSDGLHQR
%XWDQR
%XWHQR
%XWDGLHQR
3HQWDQR
3HQWHQR
3HQWDGLHQR
+H[DQR
+H[HQR
KH[DGLHQR
)LJXUD'LDJUDPD&RPELQDWyULR
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
2V GLDJUDPDV GH 9HQQ VmR RV TXH XVDP FDPSRV FLUFXODUHV 2V FRQFHLWRV
VXERUGLQDGRV VmR UHSUHVHQWDGRV SRU SHTXHQRV FtUFXORV TXH SRU VXD YH] ID]HP SDUWH GH
FtUFXORV PDLRUHV TXH UHSUHVHQWDP RV FRQFHLWRV VXSHURUGHQDGRV FRUUHVSRQGHQWHV 3RU
H[HPSOR
)LJXUD'LDJUDPDGH9HQQ
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
/LVWD(VWUXWXUDGD
$V OLVWDV HVWUXWXUDGDV SRGHP VHU XVDGDV SDUD WRGRV RV WLSRV GH VLVWHPDV GH
FRQFHLWRV $V UHODo}HV KLHUiUTXLFDV VmR UHSUHVHQWDGDV SRU FyGLJRV QXPpULFRV HRX
HQGHQWDomR3RUH[HPSOR
VHUYLYR
SODQWD
SODQWDFULSWyJDPD
SODQWDIDQHUyJDPD
JLPQRVSHUPD
DQJLRVSHUPD
DQLPDO
SURWR]RiULR
PHWD]RiULR
6LVWHPDVGH&RQFHLWR3ROLKLHUiUTXLFRV
1HVWHV WLSRV GH VLVWHPDV QmR p SRVVtYHO D VLPSOLILFDomR R PRGR GH UHSUHVHQWDomR
UHIOHWHRIDWRGHTXHDUHDOLGDGHSRGHVHUSHUFHELGDHFRQFHELGDHPFRQWH[WRVFRQFHLWXDLV
PXLWR GLIHUHQFLDGRV (QWUHWDQWR TXDQGR DV SROLKLHUiUTXLDV VmR FRPSOH[DV H JUDQGHV p
DFRQVHOKiYHOGLYLGLODVHPLQ~PHUDVPRQRKLHUiUTXLDVFRPUHIHUrQFLDFUX]DGDVHQWUHHODV
$VSROLKLHUiUTXLDVSRGHPVHUUHSUHVHQWDGDVQRVGLDJUDPDVHPOLQKDYHUH[HPSORV
DFLPD H GLDJUDPDV HP OLQKD ELGLUHFLRQDO PDV HVSHFLILFDPHQWH R TXH VH GHQRPLQD GH
ÈUYRUHVGH%XVFD
ÈUYRUHVGH%XVFDVmRPXLWR~WHLV SDUD UHSUHVHQWDU SROLKLHUiUTXLDV HVSHFLDOPHQWH
SDUDSRVVLELOLWDUXPPHOKRUHQWHQGLPHQWRGRFRQFHLWRTXHSRUYH]HVVRPHQWHDWUDYpVGH
XP SODQR JUiILFR p TXH R HVSHFLDOLVWD SRGHUi GHL[DU HYLGHQWH DV UHODo}HV TXH HVWmR
QHEXORVDV3RUH[HPSOR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
5HDomR
5HDomRGHSDUWtFXOD
)LVVmRDWLYD
$WUDomR
)LVVmR
)LVVmREHWD
$WUDomRDOID
$WUDomR
)LJXUD6LVWHPDGH&RQFHLWRV3ROLKLHUiUTXLFRV
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
6LVWHPDGH&RQFHLWRV3DUWLWLYRV
1XPVLVWHPDSDUWLWLYRRWRGRpUHSUHVHQWDGRSHORFRQFHLWRVXSHURUGHQDGRHQTXDQWR
DVSDUWHVVmR UHSUHVHQWDGDVSHORVFRQFHLWRVVXERUGLQDGRV$UHSUHVHQWDomR JUiILFDGHVWHV
VLVWHPDV VmR GH WUrV WLSRV GLDJUDPD HP OLQKD GLUHFLRQDO GLDJUDPD GH FDPSR H OLVWD
HVWUXWXUDGD
'LDJUDPDHPOLQKDGLUHFLRQDOGLDJUDPDHPFKDYH
2 GLDJUDPD HP OLQKD GLUHFLRQDO QDV UHODo}HV SDUWLWLYDV p DSUHVHQWDGR FRPR
GLDJUDPDV HP FKDYH 1HVWH WLSR GH UHSUHVHQWDomR DV OLQKDV TXH OLJDP RV FRQFHLWRV VmR
WUDoDGDV FRP kQJXORV UHWRV TXH FODUDPHQWH RV GLIHUHQFLDP GRV VLVWHPDV GH FRQFHLWRV
JHQpULFRVTXHGHYHPVHUUHSUHVHQWDGRVSRUGLDJUDPDVHPiUYRUHV3RUH[HPSOR
$XWRPyYHO
&KDVVLV 0RWRU&DL[DGHPXGDQoD5RGDV'LIHUHQFLDO &DUURFHULD HWF
)LJXUD'LDJUDPDHP/LQKD'LUHFLRQDO
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
'LDJUDPDGHFDPSR
2V VLVWHPDV SDUWLWLYRV SRGHP VHU UHSUHVHQWDGRV WDPEpP SRU GLDJUDPDV GH FDPSR
VLPSOHV7DLVGLDJUDPDVSRGHPVHUGLVSRVWRVYHUWLFDORXKRUL]RQWDOPHQWH
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
&DUUR
&KDVVLV
0RWRU
&DL[DGHHQJUHQDJHP
5RGDV
&DUFDoD
)LJXUD'LDJUDPDGH&DPSR
/LVWD(VWUXWXUDGD
$V UHODo}HV SDUWLWLYDV VmR UHSUHVHQWDGDV SRU FyGLJRV QXPpULFRV HRX HQGHQWDomR
3RUH[HPSOR
ƒ&DUUR
ƒƒ&KDVVLV
ƒƒ0RWRU
ƒƒ&DL[DGH(QJUHQDJHP
6LVWHPDVGH&RQFHLWRV+LHUiUTXLFRV0LVWRV
1HVWHV VLVWHPDV RFRUUHP WDQWR UHODo}HV OyJLFDV FRPR SDUWLWLYDV 8WLOL]DVH SDUD
UHSUHVHQWDomRDFRPELQDomRGHXPGLDJUDPDHPiUYRUHFRPXPGLDJUDPDHPFKDYHHVWD
IRUPD GH H[SUHVVmR JUiILFD SHUPLWH GLVWLQJXLU FXLGDGRVDPHQWH RV GLIHUHQWHV WLSRV GH
UHODo}HVFRQFHLWXDLVTXDQGRHODVVmRUHSUHVHQWDGDVQRIRUPDWRPLVWR$VVLPDVUHODo}HV
OyJLFDVGHYHPVHUUHSUHVHQWDGDVSRUGLDJUDPDVHPiUYRUHHDVSDUWLWLYDVSRUGLDJUDPDVHP
FKDYH3RUH[HPSOR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$UR
)LWDSURWHWRUD
GRDUR
&DYLGDGHGRDUR
SDUDUHFHEHUD
SRUFDGHIL[DomRGR
5DLRGDURGD
3RUFDGRSDUDIXVR
GRQLSOHGRUDLR
$UR(QGULFN
$URGH
YHORFLGDGH
$UR:HVWZRRG
&XERGDURGD
&XERGHURGDGLDQWHLUD
&XERGDIUHQWHFRP
FXERGRIUHLR
7XERFRP
&XERGHIUHLR
HQJUHQDJHPIL[D FRQWUDSHGDO
&XERGHURGDWUDVHLUD
&XERVHPPHFDQLVPR
GHURGDOLYUH
&XERGHHQJUHQDJHQV
LQWHUQDV
&XERFRPPHFDQLVPR
GHURGDOLYUH
&XERGHURGD
OLYUH
&XERGHHQJUHQDJHQV
LQWHUQDVFRPIUHLR
FRQWUDSHGDO
&XERWUDVHLUR
VHPFXERGH
IUHLR
)LJXUD6LVWHPDGH&RQFHLWRV+LHUiUTXLFRV0LVWR
)RQWH,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
2XVRGRSODQRJUiILFRpXPSURFHVVRTXHIDFLOLWDDRUJDQL]DomRGRVFRQFHLWRVQD
IDVHGHDQiOLVHGHVHXHQWHQGLPHQWR$RUJDQL]DomRGRVFRQFHLWRVQRSODQRSRGHYDULDUDWp
TXH VH FKHJXH D XPD FRQFOXVmR VREUH D SRVLomR DGHTXDGD GR FRQFHLWR QR 6LVWHPD GH
&RQFHLWRV(VWDRUJDQL]DomRILQDOpTXHGHYHVHUDSUHVHQWDGDQDVWHUPLQRORJLDVHpHOD
TXH IRUQHFH RV HOHPHQWRV GD GHILQLomR 1HVWH HVWXGR SRUpP QmR FDEH HVSHFLILFDUPRV
TXHVW}HV UHODWLYDV j HODERUDomR GH GHILQLo}HV (VWDPRV FRQGX]LQGR QRVVR ROKDU SDUD RV
DVSHFWRV OLJDGRV SURSULDPHQWH j RUJDQL]DomR H IRUPDOL]DomR GH FRQFHLWRV 3RUpP FDEH
UHVVDOWDU TXH R FRUSXV WHyULFR GD WHUPLQRORJLD H SULQFLSDOPHQWH DTXHOH OLJDGR j
HODERUDomRGHGHILQLo}HVSRGHVHUGHJUDQGHFRQWULEXLomRSDUDRVHVWXGLRVRVTXHHVWHMDP
LQWHUHVVDGRV HP SHVTXLVDV FRP PHWDGDGRV H LQWHURSHUDELOLGDGH HQWUH VLVWHPDV RX VHMD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
QDVTXHVW}HVUHODWLYDVjFRPXQLFDomRHUHFXSHUDomRGHLQIRUPDo}HVHPVLVWHPDVFRPRSRU
H[HPSORD,QWHUQHW
7HRULDGR&RQFHLWR
$ 7HRULD GR &RQFHLWR SRVVLELOLWRX XPD EDVH PDLV VyOLGD SDUD D GHWHUPLQDomR H R
HQWHQGLPHQWR GR TXH FRQVLGHUDPRV FRQFHLWR SDUD ILQV GH UHSUHVHQWDomRUHFXSHUDomR GD
LQIRUPDomR'DKOEHUJGHVHQYROYHHVWD7HRULDQRVDQRVYLVDQGRDGRWDUSULQFtSLRVSDUD
DHODERUDomRGHWHUPLQRORJLDVQRkPELWRGDV&LrQFLDV6RFLDLV'$+/%(5*1HVWD
PHVPDpSRFDHYLGHQFLDDOLJDomRHQWUHD7HRULDGR&RQFHLWRHD 7HRULDGD&ODVVLILFDomR
'$+/%(5* D 3RVWHULRUPHQWH XWLOL]D D 7HRULD GR &RQFHLWR QR FDPSR GDV
OLQJXDJHQVGRFXPHQWiULDVGHDERUGDJHPDOIDEpWLFDHVSHFLILFDPHQWHSDUDDHODERUDomRGH
7HVDXURV'$+/%(5*
2V SULQFtSLRV GD 7HRULD GR &RQFHLWR WrPVH PRVWUDGR ~WHLV SDUD D HODERUDomR GH
WHVDXURV SRUTXH IRUQHFHP EDVHV VHJXUDV WDQWR SDUD R HVWDEHOHFLPHQWR GH UHODo}HV FRPR
SDUD VXD UHDOL]DomR QR SODQR YHUEDO RX VHMD D GHWHUPLQDomR GR TXH VH GHQRPLQD WHUPR
6HJXQGRHVWD7HRULDDVVROXo}HVSDUDRWHUPRHVXDIRUPDQmRVmRPDLVRSRQWRGHSDUWLGD
PDVRSRQWRGHFKHJDGDFRPRVHYHUiPDLVDGLDQWH1HVWHHVWXGRLQWHUHVVDQRVUHVVDOWDU
RV SULQFtSLRV TXH UHJHP D 7HRULD GR &RQFHLWR SDUD YHULILFDU SRVWHULRUPHQWH VXD
FRQWULEXLomRSDUDDPRGHODJHPFRQFHLWXDOHPKLSHUGRFXPHQWRV
0RGHORSDUDD&RQVWUXomRGR&RQFHLWR
$ 7HRULD GR &RQFHLWR SRVVLELOLWRX XP PpWRGR SDUD D IL[DomR GR FRQWH~GR GR
FRQFHLWRHSDUDVHXSRVLFLRQDPHQWRHPXP6LVWHPDGH&RQFHLWRV2FRQFHLWRQmRpPDLV
DSHQDV XP HOHPHQWR GH VLJQLILFDomR GR WHUPR R WHUPR DFDED VHQGR XP HOHPHQWR GR
SUySULR FRQFHLWR R ³WHUPLQXP´ TXH VLQWHWL]D R FRQFHLWR FRPR XP WRGR H SHUPLWH D
FRPXQLFDomRQHVWHFDVRYHUEDO'HVWHPRGRRWUDWDPHQWROLQJtVWLFRGDGRDRWHUPRQRV
WHVDXURV SHUGH VHX VHQWLGR 1mR LPSRUWD DJRUD VH R WHUPR p IRUPDGR SRU XPD RX PDLV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
SDODYUDVVHpFRQVWLWXtGRSRUXPVXEVWDQWLYRRXSRUXPVXEVWDQWLYRPDLVXPDGMHWLYRHWF
RTXHLPSRUWDpTXHHOHGHQRWDXPUHIHUHQWH$VVLPWUDWDURWHUPRFRPRUHSUHVHQWDQWHGH
XPUHIHUHQWHFRPVXDVFDUDFWHUtVWLFDVpGDUDHOHXPWUDWDPHQWRWHUPLQROyJLFR
6HJXQGR 'DKOEHUJ ³R HVWDEHOHFLPHQWR GH XPD HTXLYDOrQFLD HQWUH R WHUPR R
GHILQLHQGXPHDVFDUDFWHUtVWLFDVQHFHVViULDVGHXPUHIHUHQWHGHXPFRQFHLWRRGHILQLHQV
FRPRSURSyVLWRGHGHOLPLWDURXVRGRWHUPRHPXPGLVFXUVR´'$/+%(5*S
UHVXOWDQDGHILQLomRGHVWHFRQFHLWRGHQWURGHXPVLVWHPD$VVLPDGHILQLomRQmR pPDLV
FRORFDGD HP VHJXQGR SODQR FRPR XP UHFXUVR DX[LOLDU SDUD PLQLPL]DU G~YLGDV TXH SRU
DFDVR SRVVDP YLU D RFRUUHU QR XVR GR WHUPR FRPR XP UHFXUVR SDUD HVWDEHOHFHU DV
IURQWHLUDV GD LQWHQVmR GR FRQFHLWR $ GHILQLomR SRVVLELOLWD DOpP GD IL[DomR GR FRQFHLWR
VHXSRVLFLRQDPHQWRQRSUySULR6LVWHPDGH&RQFHLWRV
'DKOEHUJHPVHXVWUDEDOKRVSURS}HXPDQRYDGHILQLomRSDUD³&RQFHLWR´TXHYDL
GH HQFRQWUR j GHILQLomR DSUHVHQWDGD SHOD 7HRULD *HUDO GD 7HUPLQRORJLD H DGRWDGD SHOD
,62',6 $TXL GHILQHVH ³&RQFHLWR´ HP JHUDO FRPR XPD ³XQLGDGH GH
SHQVDPHQWR´ (P SULQFtSLR SRGH SDUHFHU DGHTXDGD PDV DSyV XPD DQiOLVH PDLV
HVSHFtILFDGRVWHUPRVTXHDFRPS}HPQRFDVR³XQLGDGH´H³SHQVDPHQWR´±YHULILFDVH
TXH Dt VH LQVWDXUD XP SUREOHPD GH DSUHHQVmR GHVVHV SUySULRV FRQFHLWRV TXH SUHFLVD VHU
LGHQWLILFDGR $SHVDU GH VHU HYLGHQWH TXH FRQFHLWRV VmR XQLGDGHV VH IRUHP FRQVLGHUDGRV
FRPR ³XQLGDGHV GH SHQVDPHQWR´ SDUHFH TXH WDO XQLGDGH QmR VHUi HQWHQGLGD GH IRUPD
SUHFLVDSHUPDQHFHQGRDOJRVXEMHWLYR³DOJRTXHHVWiQDFDEHoDGHDOJXpP´'$+/%(5*
S'DKOEHUJSURS}H HQWmRTXH ³&RQFHLWR´VHMDGHILQLGRFRPR ³XQLGDGH GH
FRQKHFLPHQWR´ SRLV FRQKHFLPHQWR SUHVVXS}H XP HQWHQGLPHQWR PDLV REMHWLYR GH DOJR
REVHUYiYHO ( DSUHVHQWD R TXH FKDPD GH ³0RGHOR SDUD D &RQVWUXomR GH &RQFHLWRV´ YHU
)LJXUD
6DEHQGRVH TXH R KRPHP WHP FDSDFLGDGH GH ID]HU DILUPDo}HV FRUUHWDV VREUH DV
FRLVDVUHDLVLWHQVHPStULFRVHVREUHLGpLDVTXHVyH[LVWHPHPVXDPHQWHHOHSRGHID]HU
DILUPDo}HV YHUGDGHLUDV VREUH HVVHV LWHQV 6H R FRQKHFLPHQWR SRGH VHU FRQVLGHUDGR D
WRWDOLGDGHGHSURSRVLo}HVYHUGDGHLUDVVREUHRPXQGRH[LVWLQGRHPJHUDOQRVGRFXPHQWRV
RX QDV FDEHoDV GDV SHVVRDV SRGH SDUHFHU TXH H[LVWH WDPEpP HP WRGDV DV DILUPDo}HV
/LQJXDJHPGRFXPHQWiULDXWLOL]DGDQRVVLVWHPDVGHUHFXSHUDomRGDLQIRUPDomRSDUDRWUDWDPHQWRHDUHFXSHUDomR
GHGRFXPHQWRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
YHUGDGHLUDVHPWRGRVRVMXOJDPHQWRVHHPWRGDVDVSURSRVLo}HVFLHQWtILFDVTXHREHGHFHP
D XP SRVWXODGR GH YHUGDGH ,VWR SUHVVXS}H D DFHLWDELOLGDGH H R UHFRQKHFLPHQWR SRU
LQGLYtGXRV GH XPD PHVPD iUHD GH LQWHUHVVHSURILVVmR HVSHFLDOLGDGH GHVVDV SURSRVLo}HV
FRPR YHUGDGHLUDV H SDVVtYHLV GH VHUHP FRPXQLFDGDV DWUDYpV GH XPD IRUPD YHUEDO
'$+/%(5* S $VVLP DR GHILQLU R FRQFHLWR FRPR XPD XQLGDGH GH
FRQKHFLPHQWRTXHFRPSUHHQGHDILUPDo}HVYHUGDGHLUDVVREUHXPGDGRLWHPGH UHIHUrQFLD
UHSUHVHQWDGRVREIRUPDYHUEDO'DKOEHUJFRQVLGHUDWUrVSDVVRVHQYROYLGRVQDIRUPDomRGR
FRQFHLWR D R SDVVR UHIHUHQFLDO E R SDVVR SUHGLFDFLRQDO H F R SDVVR UHSUHVHQWDFLRQDO
(VWHV SRGHP VHU ³UHSUHVHQWDGRV JUDILFDPHQWH QD IRUPD GH XP WULkQJXOR´ '$+/%(5*
S
81,9(562'(,7(16,'e,$62%-(726)$726
/(,635235,('$'(6$d®(6(7&
$
%
&
,7(0'(5()(5Ç1&,$
$66(5d®(6&255(7$6$&(5&$'2,7(0
6Ë17(6('($66(5d®(6(0)250$9(5%$/7(50228
'(120,1$d­2
862'$)250$9(5%$/1281,9(562
'26',6&85626$3/,&$d®(6
)LJXUD0RGHORSDUDD&RQVWUXomRGRV&RQFHLWRVGH'DKOEHUJ
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2 &RQFHLWR HP 'DKOEHUJ p IRUPDGR SRU WUrV HOHPHQWRV D VDEHU R UHIHUHQWH DV
FDUDFWHUtVWLFDVHDIRUPDYHUEDOTXHSRGHPDVVLPVHUUHSUHVHQWDGRV
$ 5()(5(17(
3UHGLFDomR
&$5$&7(5Ë67,&$6 %
'HQRWDomR
&
)250$9(5%$/
'HVLJQDomR
)LJXUD7ULkQJXORGH'DKOEHUJ
3DUD'DKOEHUJRSURFHVVRGHGHWHUPLQDomRGRFRQFHLWRVHGiQRPRPHQWRHPTXHp
VHOHFLRQDGRXPLWHPGHUHIHUrQFLDXPUHIHUHQWHHDQDOLVDGRGHQWURGHXPGHWHUPLQDGR
8QLYHUVR $ SDUWLU GDt DWULEXHPVH SUHGLFDGRV DR UHIHUHQWH VHOHFLRQDQGR FDUDFWHUtVWLFDV
UHOHYDQWHV(VWDVGHYHPDX[LOLDUQRSURFHVVRGHGHVLJQDomRGHXPDIRUPDDSURSULDGDTXH
GHQRWDRFRQFHLWR$VVLPRFRQFHLWRVySRGHVHUGHWHUPLQDGRDSDUWLUGDUHXQLmRGHWRGRV
HVVHVHOHPHQWRVTXHRFRPS}HP
&DWHJRUL]DomRH5HODo}HV&RQFHLWXDLV
'DKOEHUJFRPR5DQJDQDWKDQXWLOL]DDQRomRGHFDWHJRULDVREGRLVDVSHFWRVFRPR
XPUHFXUVRSDUDR HQWHQGLPHQWRGDQDWXUH]DGRFRQFHLWRH SDUD D IRUPDomR GH HVWUXWXUDV
FRQFHLWXDLV2VGRLVDVSHFWRVHP'DKOEHUJQmRVHDSUHVHQWDPGHIRUPDH[FOXGHQWHPXLWR
SHORFRQWUiULRVmRFRPSOHPHQWDUHV
'DKOEHUJHQIDWL]DDLPSRUWkQFLDIXQGDPHQWDOGD&DWHJRULDQDHVWUXWXUDomRGRFRQFHLWRHGR
VLVWHPDGHFRQFHLWRV
³3RGHPRV YHU TXH DV FDWHJRULDV WrP XPD FDSDFLGDGH GH
HVWUXWXUD QmR DSHQDV HVWUXWXUDP GH IDWR WRGRV RV QRVVRV
HOHPHQWRV GH FRQKHFLPHQWR H XQLGDGHV GR FRQKHFLPHQWR HODV
IRUQHFHPDRPHVPRWHPSRSRUHVWHPHLRRHVTXHOHWRRVRVVRV
H WHQG}HV SDUD HVWUXWXUDU WRGR R QRVVR FRQKHFLPHQWR &RP
VHX XVR FRQVFLHQFLRVR HQWmR R FRUSR GR QRVVR FRQKHFLPHQWR
SRGHVHPDQWHUXQLGRSRGHVHPRYHUSRGHVHPDQWHUIOH[tYHO
HSRGHFUHVFHURUJDQLFDPHQWH´'$+/%(5*DS 'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$V FDWHJRULDV SRVVXHP D SURSULHGDGH GH SHUPLWLU D VLVWHPDWL]DomR GH WRGR R
FRQKHFLPHQWR GD UHDOLGDGH H SRGHP VHU LGHQWLILFDGDV QR PRPHQWR GD GHWHUPLQDomR GR
FRQFHLWR DR VHUHP LQIHULGDV SUHGLFDo}HV YHUGDGHLUDV H ILQDLV D UHVSHLWR GH XP LWHP GH
UHIHUrQFLDGHVWDUHDOLGDGHREVHUYDGD$VDILUPDWLYDVILQDLVGHYHPVHUIHLWDVSDVVRDSDVVR
'$+/%(5*DSSRUH[HPSOR
³&RPRFDWHJRUL]DUXPSHULyGLFRVHPDQDO"
8PSHULyGLFRVHPDQDOpXPSHULyGLFR
8PSHULyGLFRpXPGRFXPHQWRSXEOLFDGRHPLQWHUYDORVUHJXODUHV
8PGRFXPHQWRSXEOLF DGRHPLQWHUYDORVUHJXODUHVpXPGRFXPHQWR
8PGRFXPHQWRpXPYHtFXORGHLQIRUPDomR
8PYHtFXORGHLQIRUPDomRpXPREMHWRPDW HULDO´
2UDHVVDVSUHGLFDo}HVVmRXPGRVHOHPHQWRVGRFRQFHLWRDVFDUDFWHUtVWLFDVTXH
HVWmR SUHVHQWHV QD GHILQLomR &DUDFWHUtVWLFDV SDUD 'DKOEHUJ D S VmR
SURSULHGDGHVGRVREMHWRVTXHQRQtYHOGRFRQFHLWRSDVVDPDVHUWDPEpPFDUDFWHUtVWLFDVGR
FRQFHLWR (ODV VH GLYLGHP HP FDUDFWHUtVWLFDV QHFHVViULDVHVVHQFLDLV H FDUDFWHUtVWLFDV
DFLGHQWDLV$VFDUDFWHUtVWLFDVHVVHQFLDLVVHUYHPSDUDGHILQLUFRQFHLWRVJHUDLV2VFRQFHLWRV
HVSHFtILFRV H LQGLYLGXDLV VmR GHVFULWRV DGLFLRQDQGRVH jV FDUDFWHUtVWLFDV HVVHQFLDLV DV
DFLGHQWDLV3RVVXHPWDPEpPXPDIXQomRGHHVVrQFLDFRQVWLWXWLYDWHUXPDVXEVWkQFLDWHU
XPD HVWUXWXUD H GH HVVrQFLD FRQVHFXWLYD WHU XPD SURSULHGDGH ItVLFD TXtPLFD HOpWULFD
$VFDUDFWHUtVWLFDVDFLGHQWDLVSRGHPVHUDFLGHQWDLVJHUDLVWHUXPDFHUWDIRUPDWHUXPFHUWR
GHIHLWRWHUXPDFHUWDFRUHDFLGHQWDLVLQGLYLGXDOL]DQWHVWHUXPDFHUWDORFDOL]DomRWHUXP
FHUWRWHPSR'$+/%(5*DS
$VFDUDFWHUtVWLFDVVmROLPLWDGDVSRUUHODo}HVGHGLIHUHQWHVHVSpFLHVFODVVLILFDGDVHP
TXDQWLWDWLYDVHTXDOLWDWLYDV&RPRUHSUHVHQWDGRQD)LJXUD
5HODo}HVHQWUHFRQFHLWRV
5HODo}HV4XDQWLWDWLYDV
5HODomRGH
,GHQWLGDGH
5HODomRGH
,QFOXVmR
5HODo}HV4XDOLWDWLYDV
5HODomRGH
5HODomR
5HODomR
GLVMXQomR 5HODomR
6LQWDJPiWLFD
0DWHULDO
5HODomRGH
)RUPDO
)XQFLRQDO
3DUDGLJPiWLFD
,QWHUVHomR
&DWHJRULDO
)LJXUD5HODo}HVHQWUH&RQFHLWRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$UHODomRTXDQWLWDWLYDPHGHDTXDQWLGDGHHDVLPLODULGDGHGDVFDUDFWHUtVWLFDVGHXP
FRQFHLWRGDVTXDLVSHORPHQRVTXDWURWLSRVGHYHPVHUPHQFLRQDGRVLGHQWLGDGHFRQFHLWXDO
LQFOXVmRFRQFHLWXDOLQWHUVHomRFRQFHLWXDOHGLVMXQomRFRQFHLWXDO1DUHODomRGHLGHQWLGDGH
FRQFHLWXDODV FDUDFWHUtVWLFDVHQFRQWUDGDV HPGRLVFRQFHLWRV VmR DV PHVPDV QD UHODomR GH
LQFOXVmR FRQFHLWXDO WRGDV DV FDUDFWHUtVWLFDV GH XP FRQFHLWR HVWmR FRQWLGDV HP XP JUDQGH
Q~PHUR GH FDUDFWHUtVWLFDV GH RXWUR FRQFHLWR QD UHODomR GH LQWHUVHomR FRQFHLWXDO DV
FDUDFWHUtVWLFDVGHGRLVFRQFHLWRVVHVREUHS}HPHQDGLVMXQomRFRQFHLWXDODVFDUDFWHUtVWLFDV
GHGRLVFRQFHLWRVQmRWrPQDGDHPFRPXPYHU)LJXUD
)LJXUD&RPSDUDomRGHFRQFHLWRVGRSRQWRGHYLVWDGDOyJLFDIRUPDO
)RQWH'DOKEHUJD
$ HVSpFLH TXDOLWDWLYD FRQVLGHUD RV DVSHFWRV IRUPDO H PDWHULDO SRGHQGR VHU
FODVVLILFDGDV FRPR UHODomR IRUPDOFDWHJRULDO UHODomR PDWHULDOSDUDGLJPiWLFD UHODomR
VLQWDJPiWLFD IXQFLRQDO '$+/%(5* D S (VWD UHGH GH UHODo}HV FRQVWLWXL R
VLVWHPDGHFRQFHLWRV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$ UHODomR IRUPDOFDWHJRULDO GHSHQGH FRPSOHWDPHQWH GD HVSpFLH GH LWHP GH
UHIHUrQFLDTXHVHHVWiDQDOLVDQGR'DKOEHUJDSFLWDDOJXPDVHVSpFLHVGHLWHQVH
VXDVFRPELQDo}HV
)HQ{PHQR
2EMHWRVJHUDLV
2EMHWRVPDWHULDLV
4XDQWLGDGH
4XDOLGDGH
&RPSDUDomR
2SHUDomR
(VWDGR
3URFHVVR
3HUtRGR
3RVLomR
/XJDUQRHVSDoR
(VWDUHODomRUH~QHRVFRQFHLWRVGHQWURGHXPDPHVPDFDWHJRULD,VWRRFRUUHSRUTXH
WDLV FRQFHLWRV VmR WRGRV GH PHVPD QDWXUH]D RX VHMD D SDUWLU GD DQiOLVH GR FRQFHLWR DV
FDUDFWHUtVWLFDVHVVHQFLDLVOHYDPjPHVPDFDWHJRULD
$UHODomRPDWHULDOSDUDGLJPiWLFD SHUPLWH RUJDQL]DU FRQFHLWRV GH PHVPD QDWXUH]D
RXVHMDDTXHOHVTXHHVWmRQRLQWHULRUGHXPDFDWHJRULD3RGHVHUKLHUiUTXLFDSDUWLWLYDH
GHRSRVLomR
$ UHODomR KLHUiUTXLFD EDVHLDVH QD UHODomR OyJLFD GH LPSOLFDomR H p GH GRLV WLSRV
UHODomR GH DEVWUDomR UHODomR JrQHURHVSpFLH H UHODomR ODWHUDO UHODomR GRV FRQFHLWRV QR
UHQTXH3RUH[HPSOR
5HODomRGH$EVWUDomR
$QLPDO
9HUWHEUDGR
0DPtIHUR
5HODomR/DWHUDO
$QLPDO
9HUWHEUDGR
,QYHUWHEUDGR
$UHODomRSDUWLWLYDH[LVWHHQWUHRWRGRHVXDVSDUWHVHDVSDUWHVWDPEpPSRGHPHVWDU
UHODFLRQDGDVHQWUHVL3RUH[HPSOR
ƒ$YLmR
ƒƒ$VD
ƒƒ0RWRU
$UHODomRGHRSRVLomRSRGHVHUGHWUrVHVSpFLHVUHODomRGHRSRVLomRFRQWUDGLWyULD
QXPpULFR QmR QXPpULFR UHODomR GH RSRVLomR FRQWUiULD SUHWREUDQFR UHODomR 31, SRVLWLYRQHXWURLQGLIHUHQWHIDYRUiYHOQHXWURGHVIDYRUiYHO
$UHODomRIXQFLRQDOVLQWDJPiWLFDVHGiHQWUHFRQFHLWRVGHGLIHUHQWHVFDWHJRULDV$
SDUWLU GH XP FRQFHLWR TXH GHQRWH XP SURFHVVR RX RSHUDomR OHYD D FRQFHLWRV TXH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
VXSOHPHQWDP HVVDV Do}HV FRPR QD VHJXLQWH VHTrQFLD SURGXomR SURGXWR SURGXWRU FRPSUDGRU HWF RX FRPR SRGHVH REVHUYDU QR H[HPSOR D UHODomR HQWUH 3DVWHXUL]DomR H
/HLWH
2FRQKHFLPHQWRVREUHRVUHODFLRQDPHQWRVFRQFHLWXDLVWHPXPSDSHOLPSRUWDQWHQD
FRPSDUDomR H QD FRQVWUXomR GH VLVWHPDV GH FRQFHLWRV H SRUWDQWR QD VLVWHPiWLFD H QD
GLVSRVLomR GDV XQLGDGHV GH FRQKHFLPHQWR SHUWHQFHQWHV D XP FDPSR GH HVWXGR XPD
GLVFLSOLQD RX XPD SOXUDOLGDGH GHOHV '$+/%(5* 'HYHVH WHU HP PHQWH
WDPEpPTXHXPDYH]TXHXPDRUGHQDomRVLVWHPiWLFDGHFRQFHLWRVVHMDUHDOL]DGDWRUQDVH
SRVVtYHOFRQVWUXLUPHOKRUHVGHILQLo}HVFRQFHLWXDLVRXVHMDRHQWHQGLPHQWRGRFRQFHLWR
$2ULHQWDomRD2EMHWR
$ 2ULHQWDomR D 2EMHWR YLVWD VRE D SHUVSHFWLYD GH XPD DERUGDJHP GH
GHVHQYROYLPHQWRGHVLVWHPDVpXPDPHWRGRORJLDGHFRQVWUXomRGHPRGHORVRXVHMDpXP
³SURFHVVRFRQFHLWXDOLQGHSHQGHQWHGHXPDOLQJXDJHPGHSURJUDPDomRDWpDVHWDSDVILQDLV
2GHVHQYROYLPHQWREDVHDGRHPREMHWRVpIXQGDPHQWDOPHQWHXPDQRYDPDQHLUDGHSHQVDU
H QmR XPD WpFQLFD GH SURJUDPDomR´ 580%$8*+ HW DO (VWD PHWRGRORJLD GH
FRQVWUXomR GH PRGHORV GHVFUHYH DVVLP D HVWUXWXUD GRV REMHWRV GH XP VLVWHPD VXD
LGHQWLGDGH VHXV UHODFLRQDPHQWRV FRP RXWURV REMHWRV VHXV DWULEXWRV H VXDV RSHUDo}HV 2
REMHWLYR GHVWH WLSR GH UHSUHVHQWDomR p IDFLOLWDU D FRPXQLFDomR FRP RV XVXiULRV H D
GRFXPHQWDomRGDHVWUXWXUDGRVLVWHPD
$RULHQWDomRDREMHWRVIXQGDPHQWDVHHPSULQFtSLRVTXHQmRVmRQRYRVHOHVHVWmR
OLJDGRV DRV FKDPDGRV PRGHORV GH GDGRV SDUD D FRQVWUXomR GH VLVWHPDV GH LQIRUPDomR
4XDQGRRSURFHVVDPHQWRGHGDGRVDXWRPDWL]DGRVWHYHLQtFLRHPILQDLVGRVDQRVFLQTHQWD
YHULILFRXVHDQHFHVVLGDGHGHIRUPDOLVPRVTXHH[SUHVVDVVHPDHVWUXWXUDOyJLFDGRVGDGRV
GRVLVWHPDDHVVHIRUPDOLVPRGHXVHRQRPHGHPRGHORGHGDGRV3277(5:S
2REMHWLYRGHXPPRGHORGHGDGRpUHSUHVHQWDURVFRQFHLWRVGRPXQGRUHDOGHIRUPD
DDX[LOLDUDHVWUXWXUDomRGDLQIRUPDomR'HPDQHLUDJHUDORVPRGHORVGHGDGRVSRGHPVHU
(QWHQGHVHDTXLXVXiULRFRPRWRGRLQGLYtGXRTXHQmRVHMDRGHVHQYROYHGRUGRVLVWHPDLQIRUPDWL]DGRDVDEHUR
DQDOLVWDGHVLVWHPDRXSURJUDPDGRU(PXPKLSHUGRFXPHQWRSRUH[HPSORVREHVWDSHUVSHFWLYDYHPVHQGRFRQVLGHUDGR
XVXiULRRDXWRUGRFRQWH~GRLQWHOHFWXDOGDREUD
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
FDUDFWHUL]DGRVFRPRPRGHORVTXHUHSUHVHQWDPREMHWRVHQWLGDGHVHUHODo}HVHPXPGDGR
GRPtQLR
$RULHQWDomRDREMHWRVpXPWLSRGHPRGHORTXHSRGHVHUFODVVLILFDGRFRPRXPGRV
GH~OWLPDJHUDomRGHGHVHQYROYLPHQWRGHPRGHORVGHGDGRV'HIRUPDJHUDODOLWHUDWXUD
YHP FODVVLILFDQGR RV PRGHORV GH GDGRV HP WUrV JHUDo}HV GH GHVHQYROYLPHQWR D VDEHU R
PRGHOR WUDGLFLRQDO WDPEpP GHQRPLQDGR GH FOiVVLFR R PRGHOR VHPkQWLFR H R PRGHOR
RULHQWDGR D DSOLFDomR WDPEpP FKDPDGR GH PRGHOR K\SHUVHPkQWLFR 3277(5 %52',(
2 PRGHOR WUDGLFLRQDO LQFOXL RV PRGHORV KLHUiUTXLFR UHODFLRQDO H HP UHGH (VVHV
PRGHORV WrP HP FRPXP D GHILQLomR GH FRQFHLWRV TXH SRVVDP FDUDFWHUL]DU HVWUXWXUDV GH
GDGRVPDQLSXODGRVSRUIHUUDPHQWDVGH JHUrQFLDGHGDGRVRVVLVWHPDVGH JHUHQFLDPHQWR
GHEDQFRVGHGDGRV(VWDIRUPDGHYLVXDOL]DUDSUREOHPiWLFDGHXPDPELHQWHGHEDQFRGH
GDGRV SHUPLWLX TXH DOJXQV REMHWLYRV EiVLFRV GHVWH DPELHQWH IRVVHP DOFDQoDGRV PDV
TXDQGRQRVGHSDUDPRVFRPH[LJrQFLDVGDUHDOLGDGHSULQFLSDOPHQWHQRTXHGL]UHVSHLWRD
PHOKRUUHSUHVHQWDUXPGDGRFRQWH[WRHVWHVPRGHORVQmRVHPRVWUDUDPFDSD]HVGHDEVRUYr
ODV5(,9$6$/9(6,VWRVHGHYHDRIDWRTXHHVVHVPRGHORVVmREDVLFDPHQWH
RULHQWDGRVDUHJLVWURV2VHXGHVHQYROYLPHQWRpPRWLYDGRHLQIOXHQFLDGR SRU SULQFtSLRV
FRQFHUQHQWHVjLPSOHPHQWDomRGHVLVWHPDVFRPRXPFRQMXQWRGHSURJUDPDVTXHSRUVXD
YH]H[HFXWDPSURFHVVRVVREUHGDGRV
2PRGHORVHPkQWLFRVHFRORFDVREXPDQRYDSHUVSHFWLYDpXPPRGHORTXHSURYr
XPDPDLRUIOH[LELOLGDGHDPRGHODJHPRULHQWDGDDXVXiULRSRUTXHQmRHVWiFRQGLFLRQDGRD
HVWUXWXUDGHLPSOHPHQWDomRFRPRHVWmRRVPRGHORVWUDGLFLRQDLV(VWHPRGHORSURYrXP
PHFDQLVPRQDWXUDOSDUDHVSHFLILFDURSURMHWRGHEDQFRGHGDGRVFRPRUHSUHVHQWDGRSRU
PRGHORV FRQFHLWXDLV H XPD UHSUHVHQWDomR PDLV FXLGDGRVD GRV GDGRV H UHODo}HV HQWUH RV
GDGRV GR TXH RV PRGHORV WUDGLFLRQDLV 3277(5 S 0RGHORV VHPkQWLFRV GH
GDGRVSHUPLWHPQRSURMHWRGHEDQFRVGHGDGRVUHSUHVHQWDURVREMHWRVGHLQWHUHVVHHPXPD
DSOLFDomRHVHXVUHODFLRQDPHQWRVHPXPFDPLQKRTXHVHDVVHPHOKDPDLVFRPDYLVmRTXH
R XVXiULR GR VLVWHPD WHP GHVVHV REMHWRV H UHODo}HV 2 PRGHOR (5 PRGHOR HQWLGDGH
UHODFLRQDPHQWRID]XPDFODUDGLVWLQomRHQWUHREMHWRVHUHODFLRQDPHQWRV$SRSXODULGDGH
GD PRGHODJHP HQWLGDGHUHODFLRQDPHQWR SDUD SURMHWDU EDVH GH GDGRV PDLV FRPSOH[DV p
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
GDGD SRU VXD VLPSOLFLGDGH GH FRQFHLWRV H D FUHQoD PXLWR GLIXQGLGD HP HQWLGDGHV H
UHODFLRQDPHQWRVFRPRFRQFHLWRVQDWXUDLVGHPRGHODJHP
2 TXH 3277(5 H %52',( 3277(5 %52',( QD GpFDGD GH FKDPDYDPGHPRGHORRULHQWDGRjDSOLFDomRFRUUHVSRQGLDDXPDQRYDJHUDomRGHPRGHORV
VHPkQWLFRV TXH WLQKD SRU REMHWLYR DWHQGHU D XPD DSOLFDomR HVSHFtILFD H HVWHQGHU DV
FDSDFLGDGHV GRV PRGHORV VHPkQWLFRV SDUD WHQWDU LQFRUSRUDU FDUDFWHUtVWLFDV GD iUHD GH
VLVWHPDEDVHDGRHPFRQKHFLPHQWR$VVLPDPRWLYDomRTXHVHWLQKDDWUDYpVGHVWHPRGHOR
pVLPSOHVPHQWHDQHFHVVLGDGHGHFDSWXUDUPDLVVLJQLILFDGRSDUDXPDDSOLFDomR
3RGHVHDILUPDUTXHRPRGHORGHGDGRVRULHQWDGRDREMHWRVpXPPRGHORTXHWHP
VHXVSULQFtSLRVILQFDGRVQDVEDVHVGRVPRGHORVVHPkQWLFRV2HQIRTXHGHPRGHODJHPSRU
REMHWRV Yr R PXQGR FRPR XPD FROHWkQHD GH REMHWRV TXH LQWHUDJHP HQWUH VL DSUHVHQWDP
FDUDFWHUtVWLFDV SUySULDV TXH VmR UHSUHVHQWDGDV SHORV VHXV DWULEXWRV GDGRV H RSHUDo}HV
SURFHVVRV
$VVLP RV PRGHORV GH GDGRV RULHQWDGRV D REMHWRV FRPR RV PRGHORV GH GDGRV
VHPkQWLFRVH[SORUDPDQRomRGHREMHWRFRPRXPREMHWR~QLFRTXHSRVVXLWLSRVHFODVVHVH
KLHUDUTXLDGHWLSRV(QWUHWDQWRRPRGHORGHGDGRVRULHQWDGR DREMHWRVSRVVXLRFRQFHLWR
GH HQFDSVXODPHQWR TXH QmR ID] SDUWH GRV PRGHORV VHPkQWLFRV %$1&,/+21 DSXG
*5$< HW DO (QFDSVXODPHQWR p XP SULQFtSLR SDUD D DGPLQLVWUDomR GD FRPSOH[LGDGH GH
XP GRPtQLR WDPEpP FKDPDGR GH 2FXOWDPHQWR GH ,QIRUPDo}HV TXH FDSWXUD R
FRPSRUWDPHQWR H D HVWUXWXUD GRV REMHWRV DR PHVPR WHPSR e XP SULQFtSLR XVDGR QR
GHVHQYROYLPHQWR GH XPD HVWUXWXUD JOREDO GH SURJUDPD GH TXH FDGD FRPSRQHQWH GR
SURJUDPD GHYH FRQWHU XPD ~QLFD GHFLVmR GH SURMHWR $ LQWHUIDFH SDUD FDGD PyGXOR p
GHILQLGDGHIRUPDDUHYHODURPHQRVSRVVtYHOVREUHVHXIXQFLRQDPHQWRLQWHUQR&2$'
<25'21S
2VFRQFHLWRVDSUHVHQWDGRVQD22WUD]HPFRPRLQRYDomRRPDSHDPHQWRGRHVSDoR
GRSUREOHPDGHIRUPDGLUHWDSDUDRHVSDoRGDVROXomRLGHQWLILFDQGRRVREMHWRVGRPXQGR
UHDOVXDVRSHUDo}HVEXVFDQGRLPSOHPHQWDUHVVDVDEVWUDo}HVHPVRIWZDUH´0('(,526
$OpPGLVVRIRUQHFHXPPHFDQLVPRQDWXUDOLVWRpVHPHOKDQWHjPDQHLUDFRPRXP
XVXiULRRXSODQHMDGRUGHVLVWHPDYrXPDDSOLFDomRSDUDHVSHFLILFDURSURMHWRGHXPDEDVH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
GH GDGRV FRQIRUPH DSUHVHQWDGR SHOR HVTXHPD FRQFHLWXDO 3277(5 : ' 758(%/22'53
2V PpWRGRV GH PRGHODJHP GH GDGRV RULHQWDGRV D REMHWR FRPHoDUDP D DSDUHFHU
HQWUHPHDGRVGHHLQtFLRGRVDQRV$SHVDUGDGLYHUVLGDGHELEOLRJUiILFDGLVSRQtYHO
WRGRVRVPpWRGRVWrPXWLOL]DGRQRHQWDQWRRVPHVPRVFRQFHLWRVEiVLFRV0XLWRHPERUD
SRVVDKDYHULQWHUSUHWDo}HVSDUWLFXODUHVGHVVHVHOHPHQWRVHPFDGDPpWRGRDFRPSUHHQVmR
GRV FRQFHLWRV p IXQGDPHQWDO SDUD R XVR GD WHRULD GH REMHWRV QD LPSOHPHQWDomR GH XPD
VROXomR GH VLVWHPDV )85/$1 S 1HVWH HVWXGR DSUHVHQWDUHPRV XPD VtQWHVH
GHVVHVFRQFHLWRVEiVLFRV
$PRGHODJHPRULHQWDGDDREMHWRpFRPSRVWDSRUWUrVWLSRVGHPRGHORVEDVHDGRVHP
REMHWRV R PRGHOR GH REMHWRV TXH GHVFUHYH D HVWUXWXUD HVWiWLFD R PRGHOR GLQkPLFR TXH
UHSUHVHQWD RV DVSHFWRV WHPSRUDLV H FRPSRUWDPHQWDLV GH FRQWUROH GH XP VLVWHPD H R
PRGHORIXQFLRQDOTXHGHVFUHYHRVUHODFLRQDPHQWRVIXQFLRQDLVGHXPVLVWHPDGHILQLQGRR
TXHXPVLVWHPDID]LQGHSHQGHQWHPHQWHGHFRPRRXTXDQGRpIHLWR,QWHUHVVDQRVDQDOLVDU
PDLV GH SHUWR R PRPHQWR GD WpFQLFD GH PRGHODJHP D REMHWRV OLJDGR j SULPHLUD IDVH RX
VHMDRPRGHORGHREMHWRVSRLVHVWHLUiSRVVLELOLWDUDGHVFULomRGD HVWUXWXUDGHREMHWRVGH
XP VLVWHPD VXD LGHQWLGDGH VHXV UHODFLRQDPHQWRV FRP RXWURV REMHWRV VHXV DWULEXWRV H
VXDVRSHUDo}HV ,QWHUHVVDQRVSRUTXH p QHVWD HWDSD TXH p SRVVtYHO YHULILFDU RV HOHPHQWRV
XWLOL]DGRV QD PRGHOL]DomR GH XPD GDGD UHDOLGDGH H GH GRPtQLR GH FRQKHFLPHQWR 2V
SULQFtSLRV TXH FRPSRUWDP HVWD HWDSD HVWmR LQFRUSRUDGRV GH IRUPD PDLV RX PHQRV
DEUDQJHQWH HP YiULRV PpWRGRV RULHQWDGRV D REMHWRV $TXL DSUHVHQWDPRV XPD VtQWHVH
GDTXHOHV FRQVLGHUDGRV PDLV LPSRUWDQWHV SDUD D DGPLQLVWUDomR GD FRPSOH[LGDGH GH XP
GRPtQLR GH SUREOHPDV &2$' <285'21 &RPR p GH QRVVR LQWHUHVVH
VRPHQWH LQYHVWLJDU DTXHOHV SULQFtSLRV OLJDGRV j PRGHODJHP FRQFHLWXDO H QmR RV TXH
DIHWDPDFRQVWUXomRGHVLVWHPDVHSURJUDPDVDXWRPDWL]DGRVQmRWUDWDUHPRVGRVFRQFHLWRV
GHHQFDSVXODPHQWRHVFDOD
([LVWH XP Q~PHUR EDVWDQWH VLJQLILFDWLYR GH PpWRGRV RULHQWDGRV D REMHWRV FRPR SRU H[HPSOR 207 2EMHFW
0RGHOLQJ7HFKQLTXH226(2ULHQWHG6RIWZDUH(QJLQHHULQJ22'2EMHFW2ULHQWHG'HVLJQZLWK$SSOLFDWLRQV80/
8QLILHG0RGHOLQJ/DQJXDJH
(VFDOD p XP SULQFtSLR TXH DSOLFD R SULQFtSLR WRGRSDUWH SDUD DX[LOLDU XP REVHUYDGRU UHODFLRQDUVH FRP DOJXPD
FRLVDPXLWRJUDQGHVHPVHSHUGHU3RUPHLRGHXPDHVFDODDQRWDomRHDHVWUDWpJLDGHDQiOLVHSRGHPLQGLFDUIRUPDVGH
RULHQWDUXPOHLWRUDWUDYpVGHXPPRGHORH[WHQVR&2$'<285'
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
1HVWD HWDSD GH PRGHODJHP FRQFHLWXDO R LPSRUWDQWH p LQFRUSRUDU RV FRQFHLWRV GR
PXQGR UHDO TXH VHMDP IXQGDPHQWDLV SDUD D DSOLFDomR VHQGR UHSUHVHQWDGRV JUDILFDPHQWH
SRUGLDJUDPDVGHREMHWRVFRQWHQGRFODVVHVGHREMHWRV2PRGHORGHREMHWRVpIRUPDGRSRU
REMHWRV FODVVHV DWULEXWRV DVVRFLDo}HV JHQHUDOL]DomR H KHUDQoD HVWDQGR LQHUHQWH XP
SURFHVVRGHDEVWUDomR8PDVtQWHVHGHVVHVFRQFHLWRVpDSUHVHQWDGDDVHJXLU
$EVWUDomR
2SULPHLURSULQFtSLRpD DEVWUDomR$DEVWUDomRFRQVLVWHQDVHOHomRTXHXPDQDOLVWD
ID]GHDOJXQVDVSHFWRVGHXPDVVXQWRHPUHVWULomRDRXWURVFRQVLGHUDGRVLUUHOHYDQWHVSDUDR
FRQWH[WRHPTXHVWmReXPSULQFtSLRJHUDOTXHSRGHPRVDILUPDUTXHpDSUySULDHVVrQFLD
GRDWRGHFODVVLILFDU3RGHPRVDILUPDUTXHpDSULPHLUDDomRTXHXPDQDOLVWDH[HUFHQDVXD
WDUHIDGHDQDOLVDUXPGDGRFRQWH[WR
4XDVH WXGR FRP TXH OLGDPRV QR PXQGR UHDO SHVVRDV
OXJDUHVFRLVDVHFRQFHLWRVpLQWULQVHFDPHQWHFRPSOH[RPXLWR
PDLV FRPSOH[R GR TXH SRGHPRV LPDJLQDU HP XP SULPHLUR
PRPHQWR 4XDQGR XVDPRV D DEVWUDomR DGPLWLPRV TXH R TXH
HVWDPRV FRQVLGHUDQGR p FRPSOH[R HP YH] GH WHQWDU
FRPSUHHQGHU R WRGR VHOHFLRQDPRV SDUWH GHOH 6DEHPRV TXH
H[LVWHP GHWDOKHV DGLFLRQDLV VLPSOHVPHQWH RSWDPRV SRU QmR
FRQVLGHUiORV QHVWH PRPHQWR (VWD WpFQLFD p XPD IRUPD
LPSRUWDQWH GH DGPLQLVWUDU D FRPSOH[LGDGH &2$' <285'S $ DEVWUDomR FRQVLVWH HQWmR QD FRQFHQWUDomR QRV DVSHFWRV HVVHQFLDLV SUySULRV GH
XPREMHWRHQWLGDGHHHPLJQRUDUVXDVSURSULHGDGHVDFLGHQWDLV3DUDLGHQWLILFDUTXDLVVmRRV
DVSHFWRV HVVHQFLDLV H DV SURSULHGDGHV DFLGHQWDLV p IXQGDPHQWDO TXH VH FRQVLGHUH RV
UHTXLVLWRV GR VLVWHPD 1HVWH VHQWLGR D PRGHODJHP RULHQWDGD D REMHWRV p WRWDOPHQWH
GHSHQGHQWHGRFRQWH[WRHPTXHRVLVWHPDVHLQVHUH
2EMHWRH&ODVVHGH2EMHWRV
2EMHWRpVLPSOHVPHQWHDOJXPDFRLVDTXHID]VHQWLGRQRFRQWH[WRGHXPDDSOLFDomR
FRPRXPFRQFHLWR XPD DEVWUDomR DOJR FRP OLPLWHV QtWLGRV H VLJQLILFDGRV HP UHODomR DR
SUREOHPDHPFDXVD2VREMHWRVIDFLOLWDPDFRPSUHHQVmRGRPXQGRUHDOHRIHUHFHPXPD
EDVHUHDOSDUDDLPSOHPHQWDomRHPFRPSXWDGRU580%$8*+HWDO(PWHUPRV
IRUPDLV XP REMHWR p XPD XQLGDGH UHDO RX DEVWUDWD LQGLYLGXDOL]DGD H LGHQWLILFiYHO TXH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
PRGHODXPFRQFHLWRSUHVHQWHQDUHDOLGDGHKXPDQDRFXSDQGRHVSDoRItVLFRPXQGRItVLFR
RXOyJLFRQDPHPyULD)85/$1S,VWRTXHUGL]HUTXHSRGHVHFRQVLGHUDU
REMHWRV HQWLGDGHV WDQJtYHLV WXGR DTXLOR TXH SRGH VHU WRFDGR H LQWDQJtYHLV IXQo}HV
HYHQWRVRFRUUrQFLDV&28*2
7RGRVRVREMHWRVWrPLGHQWLGDGHHVmRGLVWLQJXtYHLV2WHUPRLGHQWLGDGHVLJQLILFD
TXH RV REMHWRV VH GLVWLQJXHP SRU VXD SUySULD H[LVWrQFLD H QmR SHODV SURSULHGDGHV
GHVFULWLYDVTXHSRVVDPWHU3RUH[HPSORGXDVPDomVGDPHVPDFRUIRUPDWRHWH[WXUD
FRQWLQXDP VHQGR PDomV GLVWLQWDV XPD SHVVRD SRGH FRPHU XPD GHODV H GHSRLV D RXWUD
580%$8*+S
2EMHWRVVHFRPXQLFDPDWUDYpVGHPHQVDJHPLVWRpXPVLQDOHQYLDGRGHXPREMHWR
D RXWUR UHTXLVLWDQGR XP VHUYLoR DWUDYpV GD H[HFXomR GH XPD RSHUDomR 7UDWDVH GH XP
FLFORFRPSOHWRRQGHXPDPHQVDJHPpHQYLDGDDXPREMHWRRSHUDo}HVVmRH[HFXWDGDVFRP
EDVH QRV GDGRV GH VHX DOFDQFH QD KLHUDUTXLD GH FODVVHV H XPD PHQVDJHP FRQWHQGR R
UHVXOWDGRGDRSHUDomRpHQYLDGDDRREMHWRVROLFLWDQWH
$SDODYUDREMHWRHQWUHWDQWRYHPVHQGRXWLOL]DGDGHPRGRYDJRQDOLWHUDWXUD3RU
YH]HV p XWLOL]DGR SDUD VLJQLILFDU XPD FRLVD LVRODGD VHQGR GHQRPLQDGR SHOR WHUPR
LQVWkQFLD HP RXWUDV YH]HV p XWLOL]DGR SDUD UHSUHVHQWDU XP JUXSR GH FRLVDV VHPHOKDQWHV
4XDQGRLVVRRFRUUHDH[SUHVVmRFODVVH GHREMHWRVpDGRWDGDRXVHMDFODVVHpXPFRQMXQWR
GHREMHWRVFRPSURSULHGDGHVVHPHOKDQWHVDWULEXWRVRPHVPRFRPSRUWDPHQWRRSHUDomR
RVPHVPRVUHODFLRQDPHQWRVFRPRXWURVREMHWRVHDPHVPDVHPkQWLFD
$ UHODomR HQWUH XPD FODVVH H VXD LQVWkQFLD p FKDPDGD GH LQVWDQFLDomR H SRGH VHU
UHFXUVLYDQRVHQWLGRTXHXPDFODVVHSRGHVHUXPDLQVWkQFLDGHRXWUDFODVVH3RUH[HPSOR
XPREMHWRUHSUHVHQWDGRSRU-RKDQSRGHVHUXPDLQVWkQFLDGHRXWURREMHWR3HVVRDPDVHOH
SRGH VHUYLU FRPR FODVVH SDUD GLIHUHQWHV PDQLIHVWDo}HV GH -RKDQ -RKDQ FRP LGDGH GH
FLQFR DQRV -RKDQ FRP LGDGH GH YLQWH DQRV TXH VmR VXDV LQVWkQFLDV 0276&+1,*
3,75,.0</2328/26S
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$WULEXWR
$WULEXWRpXPYDORUGHGDGRJXDUGDGRSHORVREMHWRVGHXPDFODVVH1RPHLGDGHH
SHVR VmR DWULEXWRV GRV REMHWRV 3HVVRD 2V DWULEXWRV UHSUHVHQWDP DV SURSULHGDGHV GH XP
REMHWRHPXPGRPtQLRGHDSOLFDomRHVHXUHODFLRQDPHQWRFRPRXWURVREMHWRV
$WULEXWRVDVVRFLDGRVDFODVVHVSRGHPVHUFODVVLILFDGRVHPDWULEXWRVGHLQVWkQFLDVH
HOHVGHVFUHYHPLQVWkQFLDVGHFODVVHVRXHPDWULEXWRVGHFODVVHVHHOHVGHVFUHYHPDSUySULD
FODVVH3RGHPVHUFODVVLILFDGRVWDPEpPFRPRDWULEXWRVHVWUXWXUDLVRXFRPSRUWDPHQWDLV
GHSHQGHQGR VH HOHV GHVFUHYHP D HVWUXWXUD GH XP REMHWR RX VH HOHV GHVFUHYHP R
FRPSRUWDPHQWR GHVWH REMHWR QR WHPSR 0276&+1,*3,75,. 0</2328/26
8PDWULEXWRGHYHVHUXPSXURYDORUGHGDGRHQmRXPREMHWR'LIHUHQWHPHQWHGRV
REMHWRVRVYDORUHVSXURVGHGDGRVQmRWrPLGHQWLGDGH3RUH[HPSORWRGDVDVRFRUUrQFLDV
GR VWULQJ &DQDGi VmR LQGLVWLQJXtYHLV 2 SDtV &DQDGi p XP REMHWR FXMR DWULEXWR WHP R
YDORU &DQDGiR VWULQJ $ FDSLWDO GR &DQDGi p XP REMHWR FLGDGH H QmR GHYH VHU
PRGHODGRFRPRXPDWULEXWRHVLPFRPRXPDDVVRFLDomRHQWUHXPREMHWRSDtVHXPREMHWR
FLGDGH2QRPHGHVVHREMHWRFLGDGHp2WWDZDRVWULQJ580%$8*+HWDO
S
$VVRFLDomR
$VVRFLDomRpXPPHLRSDUDVHHVWDEHOHFHUUHODomRHQWUHREMHWRVHFODVVHVRXVHMD
GHVFUHYHXPFRQMXQWRGHYtQFXORVHQWUHHOHPHQWRVGRPRGHOR$VDVVRFLDo}HVDSUHVHQWDP
DV VHJXLQWHV QRPHQFODWXUDV GHFRUUHQWHV GR Q~PHUR GH FODVVHV HQYROYLGDV DVVRFLDomR
XQiULDTXDQGRKiXPUHODFLRQDPHQWRGHXPDFODVVHSDUD FRQVLJR SUySULD DVVRFLDomR
ELQiULDTXDQGRKiGXDVFODVVHVHQYROYLGDVQD DVVRFLDomRGH IRUPDGLUHWDGHXPDSDUDD
RXWUDDVVRFLDomRQiULDTXDQGRKiXPDDVVRFLDomRHQWUHWUrVRXPDLVFODVVHVPDVXPD
~QLFDFODVVHSRGHDSDUHFHUPDLVGHXPDYH])85/$1
$VDVVRFLDo}HVVmRHIHWXDGDVDSDUWLUGHPHFDQLVPRVGHDEVWUDomRVHQGRRVPDLV
LPSRUWDQWHVKHUDQoDJHQHUDOL]DomRHHVSHFLDOL]DomRDJUHJDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
+HUDQoD pXPPHFDQLVPRSDUDH[SUHVVDUDVLPLODULGDGHHQWUHFODVVHVTXHSHUPLWH
TXHXPDQRYDFODVVHVXEFODVVHGHULYDGDGHXPDMiH[LVWHQWHVXSHUFODVVHSRVVDKHUGDU
VHXVPpWRGRVHHVWUXWXUDGHGDGRV$VVLPXPDVXSHUFODVVHUHSUHVHQWDDJHQHUDOL]DomR GH
VXDV VXEFODVVHV HQTXDQWR TXH XPD VXEFODVVH GH XPD GDGD FODVVH UHSUHVHQWD XPD
HVSHFLDOL]DomR GHVWDFODVVH3RUH[HPSORDVXEFODVVH+RPHPpXPFRQFHLWRHVSHFtILFRGD
VXSHUFODVVH$QLPDO5DFLRQDOTXHpVHXJrQHUR
*HQHUDOL]DomR pXPPHFDQLVPREDVHDGRQDOLJDomRVHPkQWLFDKLHUiUTXLFDRQGH
DVGLIHUHQoDVHQWUHHOHPHQWRVVLPLODUHVVmRLJQRUDGDVSDUDIRUPDUXPWLSRGHDOWRQtYHOGH
DEVWUDomR QR TXDO DV VHPHOKDQoDV VmR HQIDWL]DGDV 2 SURFHVVR LQYHUVR p FKDPDGR GH
(VSHFLDOL]DomR $ JHQHUDOL]DomR WHP FRPR SULQFLSDLV REMHWLYRV UHSUHVHQWDU
UHODFLRQDPHQWRVVHPkQWLFRVGRWLSR³pXP´HQWUHREMHWRVFRPXPDOWRQtYHOGHDEVWUDomR
HYLWDU D UHSHWLomR GH SURSULHGDGHV FRPXQV HP FDGD FODVVH GH REMHWRV H SRVVLELOLWDU D
GHILQLomRGHFODVVHVSRUUHILQDPHQWRGDVFODVVHVPDLVJHUDLV
2VWHUPRVKHUDQoDJHQHUDOL]DomRHHVSHFLDOL]DomRUHIHUHPVH
D DVSHFWRV GD PHVPD LGpLD H VmR IUHTHQWHPHQWH XVDGRV GH
IRUPD LQWHUFDPELiYHO 8WLOL]DPRV JHQHUDOL]DomR SDUD QRV
UHIHULUPRVDRUHODFLRQDPHQWR HQWUH FODVVHVHQTXDQWR KHUDQoD
UHIHUHVH DR PHFDQLVPR GH FRPSDUWLOKDPHQWR GH DWULEXWRV H
RSHUDo}HV XWLOL]DQGR R UHODFLRQDPHQWR GH JHQHUDOL]DomR
*HQHUDOL]DomR H HVSHFLDOL]DomR VmR GRLV GLIHUHQWHV SRQWRV GH
YLVWDGRPHVPRUHODFLRQDPHQWRYLVWRVDSDUWLUGD VXSHUFODVVH
RXGDVVXEFODVVHV$SDODYUDJHQHUDOL]DomRGHULYDGRIDWRGH
TXH D VXSHUFODVVVH JHQHUDOL]D DV VXEFODVVHV (VSHFLDOL]DomR
UHIHUHVHDRIDWRGHTXHDVVXEFODVVHVUHILQDPRXHVSHFLDOL]DP
DVXSHUFODVVH580%$8*+HWDOS
$KHUDQoDSRGHVHUGHGRLVWLSRVDKHUDQoDVLPSOHVTXHUHVWULQJHDKLHUDUTXLDGH
FODVVHVDXPDiUYRUHHDKHUDQoDP~OWLSODTXHSHUPLWHTXHXPDFODVVHSRVVXDPDLVGHXPD
VXSHUFODVVH H KHUGH FDUDFWHUtVWLFDV GH WRGRV RV VHXV DQFHVWUDLV $ YDQWDJHP GD KHUDQoD
P~OWLSOD p D PDLRU FDSDFLGDGH GH HVSHFLILFDomR GH FODVVHV H D PDLRU RSRUWXQLGDGH GH
UHXWLOL]DomR (OD WUD] D PRGHODJHP GH REMHWRV SDUD PDLV SUy[LPD GD PDQHLUD FRPR VH
FRVWXPD SHQVDU $ GHVYDQWDJHP p D SHUGD HP VLPSOLFLGDGH FRQFHLWXDO H GH
LPSOHPHQWDomR580%$8*+HWDOS
$JUHJDomR pFDUDFWHUL]DGDSHORUHODFLRQDPHQWR³SDUWHWRGR´RX³XPDSDUWHGH´QD
TXDOREMHWRVTXHUHSUHVHQWDPRVFRPSRQHQWHVGHDOJXPDFRLVDVmRDVVRFLDGRVDXPREMHWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
TXHUHSUHVHQWDDHVWUXWXUDLQWHLUD(PWHUPRVJHUDLVXPDDJUHJDomRpXPDIRUPDHVSHFLDO
GH DVVRFLDomR XWLOL]DGD SDUD PRVWUDU TXH XP WLSR GH REMHWR p FRPSRVWR SHOR PHQRV HP
SDUWH GH RXWUR HP XPD UHODomR GH WRGRSDUWH SRU H[HPSOR D URGD pSDUWHGH FDUUR RX
XVDQGR D DVVRFLDomR LQYHUVD FDUUR WHP URGD (QWUHWDQWR QD YHUGDGH HP PRGHODJHP D
REMHWRV HVWH WLSR GH UHODFLRQDPHQWR WDPEpP SRGH VHU XWLOL]DGR HP DVVRFLDo}HV QHP
VHPSUH YHUGDGHLUDPHQWH SDUWLWLYDV $VVLP p FRPXP HQFRQWUDUVH XPD DJUHJDomR
UHSUHVHQWDQGR D DVVRFLDomR HQWUH HVFROD H DOXQR RX HQWUH HVFROD H GHSDUWDPHQWR
SURFXUDQGR H[SUHVVDU TXH D HVFROD FRQVWLWXL XP WRGR H TXH DOXQR H GHSDUWDPHQWR VmR
DOJXPDVGHVXDVSDUWHV580%$8*+HWDOS1RFDVRRVDXWRUHVVDOLHQWDP
TXH D XWLOL]DomR GD DJUHJDomR DR LQYpV GD DVVRFLDomR YLVD GHL[DU FODUR TXDO GHOHV p
RUJDQL]DFLRQDOPHQWHVXSHULRUDRRXWURQRVHQWLGRGHTXHRVDOXQRV HGHSDUWDPHQWRV QmR
H[LVWHPIRUDGDHVFROD DTXHSHUWHQFHP(QILPDGHSHQGrQFLDGHH[LVWrQFLDpTXHSDUHFH
QHVWHV FDVRV MXVWLILFDU R XVR GD DJUHJDomR H QmR GH IDWR D VHPkQWLFD GH VHU XP
FRPSRQHQWH$VVLPGDPHVPDIRUPDVHULDUD]RiYHODVVXPLUTXHDRPRGHODUPRVQXP
DPELHQWH GH XPD HPSUHVD XP IXQFLRQiULR DVVRFLDGR D VHXV GHSHQGHQWHV RQGH RV
GHSHQGHQWHV Vy WrP VHQWLGR GH H[LVWLU HQTXDQWR R IXQFLRQiULR GR TXDO GHSHQGHP H[LVWLU
GHYHUtDPRVXWLOL]DUXPDDJUHJDomR"0DV VHUi TXH D VHPkQWLFDXP GHSHQGHQWH pSDUWHGH
XPIXQFLRQiULR HVWDULDDGHTXDGD"2XWURVPRGHORVXWLOL]DGRVSDUDPRGHODJHP FRQFHLWXDO
GH %DQFRV GH 'DGRV D H[HPSOR GR PRGHOR (QWLGDGH5HODFLRQDPHQWR SURFXUDP WHU RV
FRQFHLWRVGHGHSHQGrQFLDVHSDUDGRGRFRQFHLWRGHWRGRSDUWHQRVHQWLGRGHTXHpSRVVtYHO
GLVSRUGHXPIRUPDOLVPRSDUDDGHSHQGrQFLDGHH[LVWrQFLDSDUDTXDOLILFDUTXDOTXHUWLSRGH
DVVRFLDomR QmR VREUHFDUUHJDQGR R IRUPDOLVPR GH DJUHJDomR WRUQDQGRR H[FHVVLYDPHQWH
DPSOR$PXOWLSOLFLGDGHWDPEpPSRGHVHUUHSUHVHQWDGDQDDVVRFLDomRGHDJUHJDomR8PD
HVFROD WHP GHSDUWDPHQWRV LVWR p XPD HVFROD SRGH WHU QHQKXP RX YiULRV
GHSDUWDPHQWRV 8P GHSDUWDPHQWR pSDUWHGH HVFROD VLJQLILFD TXH R GHSDUWDPHQWR
SHUWHQFHDXPD~QLFDHVFROD
8PD DJUHJDomR SRGH VHU IL[D YDULiYHO RX UHFXUVLYD 8P DJUHJDGR IL[R p DTXHOH
RQGH R Q~PHUR GH VXESDUWHV p SUHGHILQLGR 8P DJUHJDGR YDULiYHO SRVVXL XP QtYHO GH
DJUHJDomR ILQLWR PDV QmR SUHGHILQLGR 8P DJUHJDGR UHFXUVLYR SRVVXL XPD TXDQWLGDGH
LOLPLWDGDGHQtYHLVGHDJUHJDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$OpP GHVWHV PHFDQLVPRV GH DEVWUDomR H[LVWHP RXWUDV UHODo}HV TXH VmR
GHQRPLQDGDVFRPRGHLQWHUHVVHSDUDRVXVXiULRVPDVTXHQmRVmRGHRUGHPJHQpULFDQHP
GH DJUHJDomR H TXH VmR XWLOL]DGDV GH DFRUGR FRP R GRPtQLR GH DSOLFDomR SRU H[HPSOR
HVWXGDQWH FXUVD GLVFLSOLQD 'LVFLSOLQD QmR p XP WLSR QHP XPD SDUWH GH HVWXGDQWH PDV
JXDUGDFRPHVWXGDQWHXPDGDGDUHODomRHTXHSRGHVHUFRQVLGHUDGRGHIRUPDDEUDQJHQWH
FRPR XPD DVVRFLDomR TXH QmR SRVVXL XPD GHQRPLQDomR HVSHFtILFD *UDQGH SDUWH GRV
UHODFLRQDPHQWRVVmRGHVWHWLSR
$PHWRGRORJLDRULHQWDGDDREMHWRVVHFDUDFWHUL]DDVVLPSRUDSUHVHQWDUXPFRQFHLWR
SULQFLSDOTXHpDQRomRGHREMHWRpDSDUWLUGHVWHFRQFHLWRTXHVHLQLFLDPRVPHFDQLVPRV
GHPRGHODJHP2VREMHWRVVmRLGHQWLILFDGRVHPXPGDGRGRPtQLRSRVVXHPDWULEXWRVRX
SURSULHGDGHVTXHGHVFUHYHPRHVWDGRGHXPREMHWRGRPXQGRUHDODo}HVRXPpWRGRVTXH
UHSUHVHQWDP RV SURFHVVRV DVVRFLDGRV DR REMHWR QR PXQGR UHDO H XP LGHQWLILFDGRU RX
QRPH TXH GHVLJQD XQLYRFDPHQWH R REMHWR QD UHSUHVHQWDomR (VWD PHWRGRORJLD SRVVXtD
XPD VpULH GH PpWRGRV HVSHFtILFRV TXH UHSUHVHQWDYDP JUDILFDPHQWH RV UHODFLRQDPHQWRV
HQWUH RV FRQFHLWRV GH IRUPD GLYHUVD (QWUHWDQWR QD GpFDGD GH QRYHQWD XP JUXSR GH
HVWXGLRVRV QD iUHD GH 22 MXQWDUDPVH FRP R REMHWLYR GH FULDU XPD OLQJXDJHP GH
PRGHODJHPXQLILFDGDTXHVHWRUQDVVHSRGHURVDRVXILFLHQWHSDUDPRGHODUTXDOTXHUWLSRGH
DSOLFDomRGHWHPSRUHDOFOLHQWHVHUYLGRURXRXWURWLSRGHVRIWZDUHSDGUmR6XUJHHQWmRD
80/ 8QLILHG 0RGHOLQJ /DQJXDJH TXH JDQKRX XPD VpULH GH SDUFHLURV IXQGDPHQWDLV
SDUDGDUFUHGLELOLGDGHDOLQJXDJHPHDVVLPHPQRYHPEURGHFRPDDSURYDomRGD
20*2EMHFW0DQDJHPHQW*URXSDJXHUUDGRVPpWRGRV22KDYLDFKHJDGRDRVHXILQDO
)85/$1S
$ 80/ UHFHEHX LQIOXrQFLD GDV WpFQLFDV GH PRGHODJHP GH GDGRV :RUN IORZ
PRGHODJHP GH REMHWRV H FRPSRQHQWHV H LQFRUSRURX LGpLDV GH YiULRV DXWRUHV 2V
IRPHQWDGRUHVGD80/QmRLQYHQWDUDPDPDLRULDGDVLGpLDVHPYH]GLVVRVHXSDSHOIRLGH
VHOHFLRQDU H LQWHJUDU DV PHOKRUHV SUiWLFDV GR PHUFDGR 1D YHUGDGH D 80/ p XPD
OLQJXDJHPGHPRGHODJHPQmRXPDPHWRGRORJLD(PVHXHVWDGRDWXDOD80/GHILQHXPD
QRWDomRTXHSRVVXLYiULRVWLSRVGHGLDJUDPDV8PGLDJUDPDpXPDDSUHVHQWDomRJUiILFDGH
(VWXGLRVRVFRPR%RRFK5XPEDXJKH-DFREVRQ)85/$1
3DUFHLURVFRPRD0LFURVRIW2UDFOHD,%0+HUZOHWW3DFNDUGHQWUHRXWURV)85/$1
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
XPD FROHomR GH HOHPHQWRV GH PRGHOR IUHTHQWHPHQWH PRVWUDGR FRPR XP JUiILFR
FRQHFWDGRGHDUFRVUHODFLRQDPHQWRVHYpUWLFHVRXWURVHOHPHQWRVGRPRGHOR
1R FDVR GHVWH HVWXGR LQWHUHVVDQRV DSUHVHQWDU R GLDJUDPD GH FODVVHV TXH p XP
JUiILFR ELGLPHQVLRQDO GH HOHPHQWRV GH PRGHODJHP TXH SRGH FRQWHU WLSRV SDFRWHV
UHODFLRQDPHQWRV LQVWkQFLDV REMHWRV H YtQFXORV 8P GLDJUDPD GH FODVVH GHQRWD D
HVWUXWXUDHVWiWLFDGHXPVLVWHPDHDVFODVVHV UHSUHVHQWDPFRLVDVTXHVmRPDQLSXODGDVSRU
HVVHVLVWHPD
2 GLDJUDPD p FRQVLGHUDGR HVWiWLFR SRLV D HVWUXWXUD GHVFULWD p VHPSUH YiOLGD HP
TXDOTXHUSRQWRQRFLFORGHYLGDGRVLVWHPD)85/$1S
)LJXUD'LDJUDPDGH&ODVVH
)RQWH)85/$1
$VVLP XP GLDJUDPD GH FODVVH UHSUHVHQWD WRGRV RV UHODFLRQDPHQWRV HVWiWLFRV
SRVVtYHLV H[LVWHQWHV HQWUH RV REMHWRV HP XP GDGR GRPtQLR 7UDWDVH GH XPD HVWUXWXUD
2V RXWURV GLDJUDPDV TXH FRPS}HP R PRGHOR 80/ QmR HVWmR OLJDGRV HVSHFLILFDPHQWH FRP D UHSUHVHQWDomR GR
GRPtQLR PDV FRP D IXQFLRQDOLGDGH LQWHUDomR GH WHPSR H HVWDGR H LPSODQWDomR GR VLVWHPD 1HVWD PHGLGD VmR
FRQVLGHUDGRVFRPRUHSUHVHQWDQWHVGHHVWUXWXUDVGLQkPLFDVRQGHRTXHHVWiHPMRJRMipRPRGRGHLPSOHPHQWDomRQmR
HVWDQGRGLUHWDPHQWHUHODFLRQDGRFRPRQRVVRREMHWRGHHVWXGR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
OyJLFDHVWiWLFDHPXPDVXSHUItFLHGHGXDVGLPHQV}HVPRVWUDQGRXPDFROHomRGHHOHPHQWRV
GHFODUDWLYRV GH PRGHOR FRPR FODVVHV WLSRV H VHXV UHVSHFWLYRV FRQWH~GRV H UHODo}HV
([HPSORGHGLDJUDPDGHFODVVH
2QWRORJLD
2 WHUPR RQWRORJLD SRVVXL XPD FRQFHLWXDomR SUySULD QD &LrQFLD GD &RPSXWDomR
HVSHFLILFDPHQWHQD ,QWHOLJrQFLD$UWLILFLDOGLIHUHQWHPHQWHGD )LORVRILD (P ,QWHOLJrQFLD
$UWLILFLDO XPD RQWRORJLD p XPD UHGH GH GHILQLo}HV GH XP YRFDEXOiULR TXH H[SUHVVD XP
FRQVHQVR GD FRPXQLGDGH VREUH R GRPtQLR GH FRQKHFLPHQWR :(,167(,1 S
8PD RQWRORJLD p DVVLP XP FRQMXQWR GH FRQFHLWRV SDGURQL]DGRV WHUPRV H
GHILQLo}HV DFHLWRV SRU XPD FRPXQLGDGH SDUWLFXODU $ PDLV IUHTHQWH GHILQLomR GH
RQWRORJLD p D GH *UXEHU *58%(5 XPD RQWRORJLD p XPD HVSHFLILFDomR GH XPD
FRQFHLWXDomR
8PDFRQFHSWXDOL]DomRp XPD DEVWUDomR XPD YLVmR VLPSOLILFDGD GR PXQGR TXH VH
UHSUHVHQWDSDUDVDWLVID]HUDXPRXPDLVGRVVHJXLQWHVSURSyVLWRVSHUPLWLUTXHP~OWLSORV
DJHQWHV FRPSDUWLOKHP VHX FRQKHFLPHQWR DMXGDU DV SHVVRDV D FRPSUHHQGHU PHOKRU XPD
FHUWD iUHD GH FRQKHFLPHQWR DMXGDU SHVVRDV D DWLQJLU XP FRQVHQVR QR VHX HQWHQGLPHQWR
VREUH XPD iUHD GH FRQKHFLPHQWR 60,7+ DSXG )$/%2 (P /yJLFD XPD
FRQFHLWXDomRLGHQWLILFDRREMHWRHUHODo}HVTXHH[LVWHPQRXQLYHUVROyJLFR:(,167(,1
$ OLWHUDWXUD PXLWDV YH]HV YHP GHQRPLQDQGR RQWRORJLDV SHTXHQDV HVWUXWXUDV GH
FRQFHLWRV (VVDV HVWUXWXUDV DSHVDU GH SRVVXtUHP FRQFHLWRV H UHODo}HV QmR SRVVXHP
GHILQLomRQDIRUPDGHD[LRPDVGRVVHXVFRQFHLWRVHQDPDLRULDGDVYH]HVQmRVmRiUYRUHV
PDV JUDIRV (VWHV WLSRV GH RQWRORJLDV VmR FKDPDGDV WDPEpP GH RQWRORJLDV LQIRUPDLV
:(,167(,1RXRQWRORJLDVOLQJtVWLFDV*8$5,121DYHUGDGHRWHUPR
RQWRORJLD YHP VHQGR XVDGR SDUD FDUDFWHUL]DU TXDOTXHU FODVVLILFDomR GH XP GRPtQLR RX
XPDOLVWDGHWHUPRVGHILQLGRV
2WHUPRRQWRORJLDVXUJLXQDWUDQVLomRGD,GDGH0pGLDSDUDD0RGHUQDQDHVFROiVWLFDHVLJQLILFDDFLrQFLDGRVHU
TXHU GL]HU GR HQWH HQTXDQWR WDO HP JHUDO+HLGHJJHU S $QDORJDPHQWH DV RQWRORJLDV QD &LrQFLD GD
&RPSXWDomRVmRXVDGDVFRPRLQWXLWRGHGHVYHQGDURVLJQLILFDGRGDVFRLVDVQRPXQGRSURFXUDQGRGHVFUHYHUDQDWXUH]D
GDVFRLVDV
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
(P,QWHOLJrQFLD$UWLILFLDORTXHVHGHQRPLQDSRURQWRORJLDpFRQVLGHUDGDRQWRORJLD
IRUPDO RX VHMD DTXHOD TXH GHILQH YRFDEXOiULR FRP OyJLFD $ VLQWD[H H[DWD H VHPkQWLFD
GHSHQGH GD UHSUHVHQWDomR GD OLQJXDJHP TXH p H[SUHVVD VLQWDWLFDPHQWH FRP XPD
OLQJXDJHP HTXLYDOHQWHjOyJLFDGHSULPHLUDRUGHP 'HVWD IRUPD XPD RQWRORJLD FRQVLVWH
HPWHUPRVGHILQLo}HVHD[LRPDVUHODWLYRVDHOHV*58%(5
$ GLIHUHQoD HQWUH XPD RQWRORJLD OLQJtVWLFD H XPD IRUPDO p TXH DV RQWRORJLDV
OLQJtVWLFDV FRQVWURHP UHGHV VHPkQWLFDV HQWUH SDODYUDV RQGH HVWmR HP MRJR FDGHLDV GH
DVVRFLDo}HV TXH QD PDLRULD GRV FDVRV QmR HVWmR EDVHDGDV HP UHODo}HV OyJLFDV 8PD
RQWRORJLDIRUPDOSRUVXDYH]HODERUDUHGHVFRQFHLWXDLVFRPUHODo}HVTXHIRUPDPFDGHLDV
OyJLFDVFRPRSRUH[HPSORDVUHODo}HVGHJHQHUDOL]DomRHDJUHJDomR
$OHP GLVVR DSHVDU GRV FRQFHLWRV H UHODo}HV IRUPDUHP D EDVH GH XPD RQWRORJLD
XPDFDUDFWHUtVWLFDHVVHQFLDOGDVRQWRORJLDVpDGHILQLomRGHD[LRPDV
6LPSOHVPHQWH SURSRU XPD WD[LRQRPLD RX XP FRQMXQWR GH
WHUPRV EiVLFR QmR FRQVWLWXL XPD RQWRORJLD $[LRPDV GHYHP
VHUSURYLGRVSDUDGHILQLUDVHPkQWLFDGRVWHUPRV2VD[LRPDV
HVSHFLILFDP GHILQLo}HV GH WHUPRV QD RQWRORJLD H UHVWULo}HV
VREUHVXDLQWHUSUHWDomR2/,9(,5$
$VRQWRORJLDVIRUPDLVOLJDGDVDRFRQFHLWRGHPRGHODJHPGHFRQKHFLPHQWRSRGHP
VHUFRQVLGHUDGDVXPPHFDQLVPRGHUHSUHVHQWDomRFRPRXPPHLRSUySULRGHREVHUYDomR
GR FRQKHFLPHQWR GH XP GDGR GRPtQLR 2 REMHWLYR GD PRGHODJHP GH FRQKHFLPHQWR p
HODERUDUXPDFRQFHLWXDomRGDSRUomRGRPXQGRHPHVWXGR
$VRQWRORJLDVSRGHPVHUFODVVLILFDGDVVHJXQGRDDEUDQJrQFLDGRGRPtQLRTXHVHU
TXHU UHSUHVHQWDU HP 2QWRORJLD GH $OWR 1tYHO 2QWRORJLD GH 'RPtQLR7DUHID H 2QWRORJLD
GH $SOLFDomR $V 2QWRORJLDV GH $OWR 1tYHO GHVFUHYHP FRQFHLWRV PXLWR JHUDLV FRPR
HVSDoRWHPSRPDWpULDREMHWRHYHQWRDomRHWFTXHVmRLQGHSHQGHQWHVGHXPSUREOHPD
SDUWLFXODU RX GRPtQLR $V 2QWRORJLDV GH 'RPtQLR H 2QWRORJLDV GH 7DUHIDV GHVFUHYHP
UHVSHFWLYDPHQWHRYRFDEXOiULRUHODFLRQDGRFRPXPGRPtQLRJHQpULFRFRPRPHGLFLQDRX
DXWRPyYHO RX FRP XPD WDUHID RX DWLYLGDGH JHQpULFD FRPR GLDJQyVWLFR RX YHQGD SHOD
HVSHFLDOL]DomR GRV WHUPRV LQWURGX]LGRV QD RQWRORJLD GH DOWR QtYHO $V 2QWRORJLDV GH
$SOLFDomR GHVFUHYHP FRQFHLWRV TXH GHSHQGHP WDQWR GH XP GRPtQLR SDUWLFXODU FRPR GH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
XPD WDUHID TXH VmR PXLWDV YH]HV HVSHFLDOL]Do}HV GH DPEDV DV RQWRORJLDV UHODFLRQDGDV
*8$5,12
7RGD RQWRORJLD IRUPDO HVWi SDXWDGD HP XPD WD[LRQRPLD $TXL HQIRFDUHPRV DV
TXHVW}HV OLJDGDV j IRUPDomR GHVWD WD[LRQRPLD FRPR XPD HVSLQKD GRUVDO GH TXDOTXHU
GRPtQLRGHFRQKHFLPHQWR*8$5,12
1DSUiWLFDD2QWRORJLD )RUPDOSRGHVHUHQWHQGLGDFRPRDWHRULDGDV GLVWLQo}HVD
SULRUL VREUH DV HQWLGDGHV GR PXQGR REMHWRV ItVLFRV HYHQWRV UHJL}HV TXDQWLGDGHV GH
PDWpULD DV FDWHJRULDV GH PHWDQtYHO SDUD PRGHODU R PXQGR FRQFHLWRV SURSULHGDGHV
TXDOLGDGHVHVWDGRVSDSpLVHSDUWHV*8$5,12D
*XDULQR SURS}H R HVWDEHOHFLPHQWR GRV SULQFtSLRV TXH VH VHJXHP QD
SHUVSHFWLYDGHGHIHQGHUDFRQVWUXomRGHRQWRORJLDVHPTXDOTXHUTXHVHMDDDEUDQJrQFLDGR
GRPtQLRTXHVHTXHUUHSUHVHQWDUGRXVRGHXPDFULDWLYLGDGHDGKRFHLQJrQXD$VVLP
LQGHSHQGHQWHGDRQWRORJLDVHUGHDOWRQtYHOGHGRPtQLRWDUHIDRXGHDSOLFDomRpQHFHVViULR
SULQFtSLRVTXHSRVVDPDX[LOLDUQDGHWHUPLQDomRGRVREMHWRVHQDIRUPDFRPRHVVHVREMHWRV
VH UHODFLRQDP HP XP GDGR GRPtQLR (VVHV SULQFtSLRV IRUPDP R TXH *XDULQR LUi
GHQRPLQDUGHIHUUDPHQWDVWHyULFDVGDRQWRORJLDIRUPDO
(QWUHWDQWR p QHFHVViULR UHVVDOWDU TXH D IRUPD FRPR RV FRQWH~GRV VREUH RV
SULQFtSLRV GD RQWRORJLD IRUPDO HVWmR DSUHVHQWDGRV QHVWH HVWXGR VmR XPD FRQVWUXomR GH
QRVVRHQWHQGLPHQWRVREUHDHODERUDomRGHVLVWHPDVGHFRQFHLWRVRXVHMDGHWD[LRQRPLDV
3RU VHU DLQGD XPD iUHD QRYD QR HVFRSR GD &LrQFLD GD &RPSXWDomR RV FRQWH~GRV VREUH
RQWRORJLD HVWmR GLVSHUVRV QD OLWHUDWXUD GD iUHD D PDLRULD DLQGD VRE IRUPD GH DUWLJRV
FLHQWtILFRVRQGHDVLQIRUPDo}HVQDPDLRULDGDVYH]HVVmRSRQWXDLVHQmRSHUPLWHPXPD
YLVmRPDLVJOREDOVREUHTXHVW}HVEiVLFDV$VVLPRVFRQWH~GRVDTXLDSUHVHQWDGRVUHIOHWHP
WDPEpP VRE FHUWD PHGLGD XPD IRUPD GH QRVVR HQWHQGLPHQWR VREUH DV TXHVW}HV
UHODFLRQDGDVjFRQVWUXomRGHRQWRORJLDV
2QWRORJLDGH3DUWLFXODUHV
$VIHUUDPHQWDVWHyULFDVGD FKDPDGDRQWRORJLD IRUPDO SRVVXHP XPD EDVH TXH HVWi
OLJDGDjSHVTXLVDHPOyJLFDILORVyILFD60,7+DSXG*8$5,12$VHQWLGDGHVGR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
PXQGR VmR DQDOLVDGDV WHRULFDPHQWH H FRPS}HP R TXH VH GHILQH SRU XPD RQWRORJLD GH
SDUWLFXODUHVFRPDTXDOSUHWHQGHVHGHWHUPLQDURVREMHWRVGHXPGDGRGRPtQLR
2QWRORJLDGH3DUWLFXODUHV
/RFDO
(VSDoR XPDUHJLmRHVSDFLDO
7HPSRXPDUHJLmRWHPSRUDO
2EMHWR
2EMHWR&RQFUHWR
&RQWLQXRFRQWLQXDQWXPDPDom
2FRUUHQWHRFFXUUHQWDTXHGDGHXPDPDom
2EMHWR$EVWUDWR7HRUHPDGH3LWiJRUDV
)LJXUD(VSLQKDGRUVDOGDRQWRORJLDGHSDUWLFXODUHV
)RQWH*8$5,12HWDO
2EVHUYDVH TXH D SURSRVWD GLYLGH RV HQWHV GR PXQGR HP REMHWR H ORFDO /RFDO p
GHILQLGRFRPRXPDUHJLmRGRHVSDoRRXXPLQWHUYDORGHWHPSR2EMHWRVypGHILQLGRHP
*XDULQR GH IRUPD H[WHQVLRQDO RX VHMD HYLGHQFLDQGR RV WLSRV GH REMHWRV $VVLP
REMHWRVVmRGHILQLGRVFRPRVHQGRFRQFUHWRVHDEVWUDWRV2VREMHWRVFRQFUHWRVSRGHPVHU
GHGXDVHVSpFLHVFRQWLQXRHRFRUUHQWHHFRUUHVSRQGHPDRTXHXVXDOPHQWHVHGHQRPLQDGH
REMHWRVHHYHQWRVUHVSHFWLYDPHQWH2VREMHWRVFRQFUHWRVFRQWtQXRVSRVVXHPXPORFDOQR
HVSDoRPDV HVWHORFDOYDULD FRP R WHPSR (OHV VHPSUH SRVVXHP RXWURV FRQWtQXRV FRPR
SDUWH 2V REMHWRV FRQFUHWRV RFRUUHQWHV FRQGX]HPVH QR HVSDoR ([HPSORV GH REMHWRV
RFRUUHQWHV p D PXGDQoD GH ORFDOL]DomR GH XP FRUSR PDV WDPEpP D SHUPDQrQFLD GH XP
FRUSR HP XPD GDGD ORFDOL]DomR SRU XP GDGR WHPSR XP HVWDGR GH RFRUUrQFLD
2FRUUrQFLDVVHPSUHSRVVXHPRXWUDVRFRUUrQFLDV FRPR SDUWH 6RZD 62:$ S
DSUHVHQWD XPD H[SOLFDomR SDUD R TXH YHP VHQGR GHQRPLQDGR GH FRQWtQXR H RFRUUHQWH QD
OLWHUDWXUD TXH SDUHFHQRV EDVWDQWH HVFODUHFHGRUD REMHWR p QD DWXDOLGDGH FRQVLGHUDGR
FRPR FRQWtQXR SURFHVVR p QD DWXDOLGDGH FRQVLGHUDGR FRPR RFRUUHQWH 2EMHWRV
DEVWUDWRVQmRSRVVXHPXPORFDOQRHVSDoRHQRWHPSR)UHTHQWHPHQWHDVHQWLGDGHVTXH
VmR FODVVLILFDGDV FRPR REMHWRV DEVWUDWRV VmR FRQVLGHUDGDV XQLYHUVDLV FRPR YHUHPRV
DGLDQWH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
2QWRORJLDGRV8QLYHUVDLV
4XDQWR j HVWUXWXUDomR GH XP GRPtQLR *XDULQR *8$5,12 &$55$5$ *,$5(77$ DSUHVHQWD FDWHJRULDV GH PHWDQtYHO TXH GHQRPLQD GH XPD RQWRORJLD
PtQLPDGHXQLYHUVDLVYLVDQGRPXQLURSURILVVLRQDOGHPHFDQLVPRGHSHQVDUDRUJDQL]DomR
GHFRQFHLWRVSDUWLFXODUHVHVXDVUHODo}HVHPXPGDGRGRPtQLRGHFRQKHFLPHQWR
8PD RQWRORJLD PtQLPD GH XQLYHUVDLV p DSUHVHQWDGD QD )LJXUD $ SULPHLUD
GLVWLQomR TXH QRV p DSUHVHQWDGD p D GLVWLQomR HQWUH SURSULHGDGH H UHODomR 0DV SDUD
GLVFXWLUFDGDXPGHVWHVSULPLWLYRVpQHFHVViULRSULPHLURHQWHQGHUGLVWLQo}HVTXH*XDULQR
LUi FKDPDU GH PHWDSURSULHGDGHV FRPR D QRomR GH LGHQWLGDGH ULJLGH] H GHSHQGrQFLD
,GHQWLGDGHpDSURSULHGDGHTXHGHWHUPLQDRREMHWRRXGLWRGHRXWUDIRUPDGHILQHRTXHD
FRLVD p 3DUD HQWHQGHU R TXH VLJQLILFD ULJLGH] H GHSHQGrQFLD WRPHPRV XPD GDGD
SURSULHGDGH33RGHVHGL]HUTXHHODpUtJLGDVHHVRPHQWHVH3IRUYHUGDGHLUDHPTXDOTXHU
PXQGR SRVVtYHO 3RU H[HPSOR 3HVVRDV H /RFDOL]DomR VmR UtJLGRV HQTXDQWR (VWXGDQWH H
$OWRQmRp$QRomRGHGHSHQGrQFLDVHFRORFDTXDQGRXPDSURSULHGDGH3pGHSHQGHQWHGH
RXWUDSURSULHGDGH3RUH[HPSOR3DLpGHSHQGHQWH3HVVRDQmRp
, ,GHQWLGDGH5 5LJLGH]' 'HSHQGrQFLD
2QWRORJLDVGH8QLYHUVDLV
3URSULHGDGH
7LSRSHVVRD,5
&DWHJRULDORFDOL]DomRREMHWR,5
3DSHO
3DSHO0DWHULDOHVWXGDQWH,
3DSHOIRUPDOFOLHQWHSDUWH,
$WULEXWR YHUPHOKRGHFRPSRVLomR,5'
5HODomRSDUWHGH
)LJXUD(VSLQKDGRUVDOEiVLFDGDRQWRORJLDGHXQLYHUVDLV
)RQWH*8$5,12HWDO
8P7LSRpXPDSURSULHGDGHTXHpUtJLGDHSRVVXLXPDLGHQWLGDGH7LSRVID]HPR
PDLV LPSRUWDQWH SDSHO RUJDQL]DFLRQDO HP XPD WD[LRQRPLD IRUPDP iUYRUHV 8PD
FDWHJRULD p XPD SURSULHGDGH TXH p WDPEpP UtJLGD PDV QmR FDUUHJD XPD LGHQWLGDGH
HVSHFtILFD &DWHJRULDV DSDUHFHP QR QtYHO PDLV DOWR GD WD[LRQRPLD 6XD IXQomR p
SRVVLELOLWDUXPDFODVVLILFDomRJHUDOGRGRPtQLRHPTXHVWmR8P3DSHOpXPDSURSULHGDGH
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
TXHQmRpUtJLGDHpVHPSUHGHSHQGHQWH$WULEXWRpXPDSURSULHGDGHTXHQmRpUtJLGDQmR
pGHSHQGHQWHHQmRFDUUHJDQHQKXPFULWpULRGHLGHQWLGDGH2$WULEXWRp SURSULHGDGHGH
XPREMHWRFRQWLQXRHOHLQFOXLHQWLGDGHVFRPRFRUIRUPDWDPDQKRHPHGLGD62:$S
'HILQLGDVDVHQWLGDGHVHDVFDWHJRULDVGHPHWDQtYHOGHXPGRPtQLRDSUHVHQWDPVH
DVWHRULDVTXHSRGHPFRQWULEXLUSDUDDQiOLVHRQWROyJLFDGRVREMHWRV
7HRULDVTXHFRQWULEXHPSDUDDDQiOLVHGRVREMHWRVHGHVXDVUHODo}HV
4XDWUR WHRULDV EiVLFDV IRUPDP D HVSLQKD GRUVDO GD EDVH WHyULFD GD 2QWRORJLD
)RUPDO 7HRULD GDV 3DUWHV 7HRULD GR 7RGR 7HRULD GD ,GHQWLGDGH H 7HRULD GD
'HSHQGrQFLD
$7HRULDGDV3DUWHVHVWiQDEDVHGHDOJXPDIRUPDGHDQiOLVH
RQWROyJLFD$VTXHVW}HVUHOHYDQWHVTXHSRGHPVHUDSUHVHQWDGDV
VmRRTXHFRQWDFRPRXPDSDUWHGHXPDGDGDHQWLGDGH"R
TXHVmRDVSURSULHGDGHVGDUHODomRSDUWHWRGR"KiGLIHUHQWHV
HVSpFLHVGHSDUWHV"*8$5,12S
$ 7HRULD GR 7RGR RX WHRULD GD LQWHJULGDGH HVWXGD R FDPLQKR GH FRQH[mR HQWUH
GLIHUHQWHV SDUWHV SDUD IRUPDU XP WRGR 4XHVW}HV UHOHYDQWHV SRGHP VHU OLVWDGDV R TXH
FRQVWDFRPRXPWRGR"2TXHID]HOHXPWRGR"HPTXHVHQWLGRVmRDVSDUWHVGHXPWRGR
FRQHFWDGDV" R TXH VmR DV SURSULHGDGHV GH PRGR TXH XPD UHODomR VH FRQHFWH" TXDO R
SDSHOGDVSDUWHVFRPRUHVSHFWLYRWRGR"
$7HRULDGD,GHQWLGDGHpXPDFRQVWUXomRDFLPDGDWHRULDGDVSDUWHVHGDWHRULDGR
WRGR HVWXGDQGR DV FRQGLo}HV DQWHULRUHV DQWHV TXH DV GXDV HQWLGDGHV H[LEDP GLIHUHQWHV
SURSULHGDGHVHSRGHPVHUFRQVLGHUDGDVFRPRDVPHVPDV
$7HRULDGD'HSHQGrQFLDHVWXGDDVYiULDVIRUPDVGDGHSHQGrQFLDH[LVWHQFLDOTXH
HQYROYH LQGLYtGXRV HVSHFtILFRV TXH SHUWHQFHP D GLIHUHQWHV FODVVHV 4XHVW}HV UHOHYDQWHV
SRGHP VHU DSUHVHQWDGDV D H[LVWrQFLD DWXDO GH XP LQGLYtGXR QHFHVVDULDPHQWH LPSOLFD QD
H[LVWrQFLDDWXDOGHRXWURLQGLYtGXRHVSHFtILFR"GHSHQGrQFLDUtJLGD DH[LVWrQFLDDWXDOGH
XP LQGLYtGXR QHFHVVDULDPHQWH LPSOLFD QD H[LVWrQFLD DWXDO GH DOJXQV LQGLYtGXRV
SHUWHQFHQGR D XPD FODVVH HVSHFtILFD" GHSHQGrQFLD JHQpULFD R IDWR GH XP LQGLYtGXR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
SHUWHQFHU D XPD FODVVH SDUWLFXODU LPSOLFD QHFHVVDULDPHQWH TXH H[LVWD XP LQGLYtGXR
GLIHUHQWHSHUWHQFHQGRDRXWUDFODVVH"FODVVHGHSHQGHQWH*8$5,12
$VWHRULDVWrPDIXQomRGHDX[LOLDURPRYLPHQWRGRSHQVDU VREUH DV HQWLGDGHV GR
PXQGRHGHVXDVUHODo}HV
$ 7HRULD GD ,GHQWLGDGH SRVVLELOLWD PHFDQLVPRV SDUD TXH VH SRVVD LGHQWLILFDU R
REMHWR FRPR XPD HQWLGDGH QR PXQGR RX VHMD R TXH HOH p 3RU H[HPSOR 1yV SRGHPRV
FRQVLGHUDU R YDVR H R EDUUR GH TXH HOH p IHLWR FRPR GRLV LQGLYtGXRV VHSDUDGRV RX FRPR
GRLVGLIHUHQWHVSRQWRVGHYLVWDVREUHRPHVPRLQGLYtGXR"$UHVSRVWDSRGHVHUGLItFLOPDV
XPD DQiOLVH FXLGDGRVD PRVWUD TXH DV GXDV YHUV}HV LPSOLFDP HP GLIHUHQWHV FULWpULRV GH
LGHQWLGDGHTXDQGRRYDVRHVSDWLIDQRFKmRGHL[DGHH[LVWLUHSHUGHVXDLGHQWLGDGHREDUUR
DLQGD HVWi Oi 2 YDVR QHFHVVLWD GH XP DUUDQMR SDUWLFXODU GH VXDV SDUWHV GHQWUR GH XPD
RUGHPSDUDVHUYDVRREDUURpXPHOHPHQWRH[WHUQRDVVLPFKDPDGRGHFULWpULRH[WHQVLRQDO
GHLGHQWLGDGH$VVLPQyVHVWDPRVQDSUHVHQoDGHGRLVLQGLYtGXRVGLIHUHQWHV
$7HRULDGD,GHQWLGDGHLQWURGX]PHFDQLVPRVTXHSRVVLELOLWDPHVWXGDUDVGLIHUHQWHV
SURSULHGDGHVGRVREMHWRV2VREMHWRVGRPXQGRIHQRPHQDOSRGHPVHUGHILQLGRVDSDUWLUGH
VXDH[WHQVmRRXLQWHQVmRFRQFHLWXDO$H[WHQVmRGHXPFRQFHLWRGL]UHVSHLWRDRQ~PHURGH
HOHPHQWRVTXHSRGHPIRUPDUXPDFODVVHGRFRQFHLWRHPTXHVWmRSRUH[HPSORDH[WHQVmR
GRFRQFHLWRiUYRUHIUXWtIHUDSRGHVHUGHILQLGD DSDUWLUGRV HOHPHQWRV TXH FRPS}HP D VXD
FODVVHRXVHMD0DFLHLUD/DUDQMHLUD3RUVXDYH]DLQWHQVmRGRFRQFHLWRGL]UHVSHLWRDR
Q~PHURGHSURSULHGDGHVTXHSRGHVHUGHWHUPLQDGDSDUDRFRQFHLWRSRUH[HPSORDLQWHQVmR
GRFRQFHLWRiUYRUHIUXWtIHUDpGHWHUPLQDGDDSDUWLUGDVVHJXLQWHVSURSULHGDGHVVHUYHJHWDO
iUYRUH TXH HP GHWHUPLQDGD pSRFD GR DQR SURGX] IUXWRV $ SDUWLU GR FRQFHLWR GH
H[WHQVmRHLQWHQVmRpSRVVtYHOFDUDFWHUL]DUDLGHQWLGDGHGRREMHWR
1RH[HPSORDSUHVHQWDGRGHYDVRGHEDUURREDUUR FRPRIRLGLWRQmRUHSUHVHQWD
XPDSURSULHGDGHLQWHQVLRQDOGRREMHWRYDVRSRLVDRGHILQLUYDVRRTXHRFDUDFWHUL]DFRPR
WDOpDVXDIRUPDHVWDVLPVHULDXPDSURSULHGDGHLQWHQVLRQDOHQmRRPDWHULDOGHTXHHOH
pIHLWRTXHQHVWHFDVRSRGHVHUFRQVLGHUDGRFRPRXPFULWpULRH[WHQVLRQDOGHLGHQWLGDGH
SRLVQmRID]SDUWHGDQDWXUH]DGRREMHWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
$ 7HRULD GDV 3DUWHV H D 7HRULD GR 7RGR TXDQGR UHXQLGDV VmR FKDPDGDV GH
PHUHRWRSRORJLD´PHUHRWRSRORJ\9$5=,*8$5,1262:$,VWR
LPSOLFD FRQVLGHUDU TXH XP REMHWR p IRUPDGR SRU HOHPHQWRV FRQVWLWXWLYRV SDUWHV TXH
SRGHPWDPEpPVHUDSUHVHQWDGDVLQGHSHQGHQWHPHQWHHTXHHVVDVSDUWHVUHXQLGDVIRUPDPR
WRGR REMHWR 1R FDVR R EDUUR p XPD SDUWH FRQVWLWXWLYD GR REMHWR YDVR e XP WLSR GH
UHODomRSDUWLWLYDGHQRPLQDGDGH2EMHWR0DWpULD
$V UHODo}HV SDUWLWLYDV VmR GH GLYHUVRV WLSRV (ODV VmR GH JUDQGH LQWHUHVVH QD EDVH
GRV HVWXGRV OLQJtVWLFRV H FRJQLWLYRV FRPR DSUHVHQWDP :LQVWRQ &KDIILQ H +HUUPDQQ
:,16721HWDO
2EMHWR ,QWHJUDO&RPSRQHQWH VH FDUDFWHUL]D SRU WHU XPD HVWUXWXUD RQGH RV
FRPSRQHQWHVVmRVHSDUiYHLVHSRVVXHPXPDIXQFLRQDOLGDGHHVSHFtILFD3RUH[HPSORURGD
pXPDSDUWHGRFDUUR
0HPEUR&ROHomR UHFXSHUD D QRomR GH PHPEUR GH XPD FROHomR 1HVWH FDVR RV
PHPEURVGHXPDFROHomRQmRSRVVXHPQHQKXPSDSHOIXQFLRQDOHPUHODomRDR WRGR HOHV
VmR SDUWH GR WRGR PDV SRGHP VHU LQGLYLGXDOL]DGRV 3RU H[HPSOR XPD iUYRUH p SDUWH GH
XPDIORUHVWDPDVPDQWpPXPDLGHQWLGDGHSUySULD
0DVVD 3RUomR R WRGR p FRQVLGHUDGR FRPR XP DJUHJDGR KRPRJrQLR H VXD
SDUWHSRUomRpVLPLODUKRPHRPHURXVHVHSDUiYHO3RUH[HPSORRSHGDoRGHXPDWRUWD
2EMHWR0DWpULD UHSUHVHQWD R HOHPHQWR FRQVWLWXWLYR RX p IHLWR GH (VWD UHODomR
H[SUHVVDDSDUWHPDWpULDQDTXDODFRLVDpIHLWDVHQGRTXHHVWDSDUWHQmRSRGHVHUVHSDUDGD
GRREMHWRSRLVQmRWHPQHQKXPDIXQomRHPVHSDUDGRGRREMHWR3RUH[HPSORDELFLFOHWD
WHPFRPRSDUWHRPDWHULDOTXHHODpIHLWDQRFDVRRDoR
&DUiWHU$WLYLGDGH GHVLJQD XPD IDVH GH XPD DWLYLGDGH 8PD IDVH FRPR XP
FRPSRQHQWHWHPXPSDSHOIXQFLRQDOPDVQmRpVHSDUiYHO3RUH[HPSOR&DWDORJDomRID]
SDUWHGDIDVHGHWUDWDPHQWRGHGRFXPHQWRV
ÈUHD/XJDU p XPD UHODomR HVSDFLDO HQWUH XPD UHJLmR RFXSDGD SRU GLIHUHQWHV
REMHWRV &RPR D UHODomR PDVVDSRUomR D UHODomR iUHDOXJDU p KRPH{PHUD SRU H[HPSOR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
QyV SRGHPRV GL]HU TXH XP RiVLV ID] SDUWH GH XP GHVHUWR PDV HOH QmR p VHSDUiYHO GR
GHVHUWR
2XWURV DXWRUHV *(567/ 35,%%(12: ,5,6 HW DO YHP
DSUHVHQWDQGRRXWUDVFODVVLILFDo}HVSDUDDUHODomR7RGR3DUWH(QWUHWDQWRFRQVLGHUDPRVD
WD[LRQRPLDGH:LQVWRQ:,16721HWDOPDLVDEUDQJHQWHHPHOKRUGHILQLGDSRLV
HOD HVWi HVWUXWXUDGD D SDUWLU GH WUrV FULWpULRV GH DQiOLVH GDV SDUWHV GH XP REMHWR
IXQFLRQDOLGDGHKRPHRPHULFLGDGH KRPHRPHULFLW\VHSDUDELOLGDGH
DVSDUWHVGHIXQFLRQDOLGDGHVmRUHVWULWLYDVSRUVXDIXQomR
jVXDORFDOL]DomRHVSDFLDORXWHPSRUDO3RUH[HPSORDDVDGH
XPD [tFDUD Vy SRGH VHU FRORFDGD QXP Q~PHUR OLPLWDGR GH
SRVLo}HVSDUDIXQFLRQDUFRPRDVD$VSDUWHVKRPH{PHUDVVmR
GDPHVPDHVSpFLHGDFRLVDFRPRVHXWRGRSRUH[HPSOR
IDWLD
WRUWD
HQTXDQWR DV SDUWHV QmRKRPH{PHUDV VmR GLIHUHQWHV GH
VHX WRGR SRU H[HPSOR DUYRUHIORUHVWD
$V SDUWHV VHSDUiYHLV
SRGHPHPSULQFtSLRVHUVHSDUDGDVGHVHXWRGR SRU H[HPSOR
DVD[tFDUD
HQTXDQWRDVSDUWHVLQVHSDUiYHLVQmRSRGHPSRU
H[HPSOR
DoRELFLFOHWD
$7HRULDGD'HSHQGrQFLD GHWHUPLQDQmRDVSDUWHVHRVHOHPHQWRVFRQVWLWXWLYRVGH
XP REMHWR PDV D UHODomR H[LVWHQFLDO GHVWH REMHWR FRP RXWURV REMHWRV 'HVWD IRUPD HOD
HVWXGD DV YiULDV IRUPDV GH GHSHQGrQFLD H[LVWHQFLDO HQYROYHQGR LQGLYtGXRV HVSHFtILFRV
SHUWHQFHQWHV D FODVVHV GLIHUHQWHV $ WHRULD GD GHSHQGrQFLD LGHQWLILFD WUrV IRUPDV GH
GHSHQGrQFLDHQWUHRVREMHWRV'HSHQGrQFLD5tJLGD'HSHQGrQFLD*HQpULFDH'HSHQGrQFLD
GH &ODVVH 8P H[HPSOR GH GHSHQGrQFLD UtJLGD SRGH VHU R UHODFLRQDPHQWR HQWUH XPD
SHVVRD H VHX FpUHEUR HQTXDQWR R UHODFLRQDPHQWR HQWUH XPD SHVVRD H VHX FRUDomR p XP
H[HPSOR GH GHSHQGrQFLD JHQpULFD SRUTXH R FRUDomR SRGH VHU VXEVWLWXtGR SRU RXWUR
FRUDomRHD LGHQWLGDGHGDSHVVRDQmRPXGD)LQDOPHQWHXPH[HPSORGHGHSHQGrQFLDGH
FODVVH p R UHODFLRQDPHQWR H[LVWHQWH HQWUH D FODVVH 3DL H D FODVVH )LOKR *8$5,12
9HULILFDVH TXH D EDVH WHyULFD GD RQWRORJLD IRUPDO HVWi SDXWDGD HP WUrV TXHVW}HV
TXDLV HQWLGDGHV H[LVWHP HP XP GDGR XQLYHUVR FRPR HVVDV HQWLGDGHV SRGHP VHU
FODVVLILFDGDVHPXPGDGRXQLYHUVRHFRPRHODVSRGHPVHUVLVWHPDWL]DGDVHQWUHVLRXVHMD
FRPRHODVVHUHODFLRQDP
+RPHRPHULFLGDGHSURSULHGDGHTXHWHPXPDSDUWHGDPHVPDFRLVD
+RPRUDGLFDOFRPELQDWyULRJUHJR
PHVPR
0HURUDGLFDOFRPELQDWyULRJUHJR
SDUWH
IUDomR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
3DUD SHQVDU RV WLSRV GH HQWLGDGHV LQWURGX]HPVH DV RQWRORJLDV GRV SDUWLFXODUHV
SDUD SHQVDU D FODVVLILFDomR GHVVDV HQWLGDGHV HP XP GDGR XQLYHUVR D RQWRORJLD GRV
XQLYHUVDLV p LQVHULGD H SDUD SHQVDU R UHODFLRQDPHQWR HQWUH HVVDV HQWLGDGHV HP XP GDGR
XQLYHUVRDVTXDWURWHRULDVDFLPDVmRDSUHVHQWDGDV
2EVHUYDVHTXHDSHUVSHFWLYDGHRUJDQL]DomRGDVHQWLGDGHVHPXPXQLYHUVRSDUWH
VHPSUHGRSDUWLFXODU$RQWRORJLDGRVXQLYHUVDLVQRV OHYD D HQTXDGUDU D HQWLGDGH QXPD
SRVLomRHPTXHHODWHPQRXQLYHUVDOHQmRHPFODVVLILFiODGHQWURGHXPFRUWHDSUHVHQWDGR
D SULRUL GR SUySULR XQLYHUVR 3RU H[HPSOR D HQWLGDGH SDUUHLUD
SRVVXL SURSULHGDGHV H
UHODo}HVHPXPXQLYHUVRHODWHPXPWLSRRXVHMD
pXPDiUYRUHIUXWtIHUD
TXHVHHQFRQWUD
FODVVLILFDGD QD FDWHJRULD GH YHJHWDO
TXH SRVVXL XP SDSHO PDWHULDO VHU XPD iUYRUH FRP
IUXWRV FRPHVWtYHLV H XP SDSHO IRUPDO WHU FRPR SDUWH R IUXWR XYD
TXH SRGH WHU XPD
UHODomRFRPD
LQG~VWULDGHEHELGDVQmRDOFRyOLFDV
$UHODomRpVHPSUHGRSDUWLFXODUSDUD
SHQVDUHPVXDVFDWHJRULDVXQLYHUVDLVHQmRSHQVDURXQLYHUVDOHRUJDQL]DURVSDUWLFXODUHV
2REMHWRHVWiQRFHQWURGDDQiOLVH
8PD RXWUD UHODomR TXH QmR WHP PDLV OLJDomR FRP XP SODQR IRUPDO HQWUH RV
FRQFHLWRVPDVFRPRSODQRGDOtQJXDpDUHODomRHQWUHVLQ{QLPRVGHQRPLQDGDHPRXWUDV
WHRULDVFRPRUHODomRGHHTXLYDOrQFLD
$SHVDUGH*XDULQRHPVHXVSULQFtSLRVWHyULFRVGDRQWRORJLD IRUPDOQmR FLWDUHVWH
WLSRGHUHODomRYHULILFDVHHPPXLWDVRQWRORJLDVHVWXGDGDVDH[LVWrQFLDGHVWDUHODomRTXHp
IXQGDPHQWDO SDUD XPD DWLYLGDGH EDVWDQWH GHVHQYROYLGD QR HVFRSR GD RQWRORJLD TXH p R
SURFHVVR GH UHXVR H FRPSDWLELOL]DomR HQWUH GLIHUHQWHV RQWRORJLDV TXH SHUWHQFHP D YiULRV
VLVWHPDV
2XWUDTXHVWmRTXHGHYHVHUREVHUYDGDGL]UHVSHLWRjIRUPDGHUHSUHVHQWDomRJUiILFD
GRV FRQFHLWRV H UHODo}HV HP RQWRORJLDV 1D YHUGDGH D UHSUHVHQWDomR p DSUHVHQWDGD HP
GXDVSHUVSHFWLYDVDSULPHLUDGL]UHVSHLWRjOLQJXDJHPXWLOL]DGDSDUDH[SUHVVDUDGHILQLomR
GHXPFRQFHLWRGHQWURGHXPDRQWRORJLD3DUDLVVRXWLOL]DQDPDLRULDGDVYH]HVDOyJLFDGH
2DUWLJR7KH6WDWHRI$UWLQ2QWRORJ\'HVLJQGH1DWDO\D)ULGPDQ1R\H&DUROH'+DIQHU)5,'0$11
+$)1(5&DSUHVHQWDXPDUHYLVmRGHXPJUDQGHQ~PHURGHRQWRORJLDVFRQVWUXtGDVHVHXVUHTXLVLWRVEiVLFRVÉ
SRVVtYHO REVHUYDU TXH QD SUiWLFD R XVR GH UHODo}HV GH HTXLYDOrQFLD p IXQGDPHQWDO SDUD D FRQVWUXomR WHyULFD GDV
RQWRORJLDV SRLV FRPR HOD OLGD FRP D OtQJXD FRPR XP LQVWUXPHQWR FRPXQLFDFLRQDO p QHFHVViULR SDGURQL]DU DV YiULDV
IRUPDVGHGHQRPLQDomRGHXPFRQFHLWRHPXPXQLYHUVRGHGLVFXUVRSDUDSHUPLWLUFRPXQLFDo}HVPDLVSUHFLVDVHQWUHXP
JUXSRGHIDODQWHVHFRPRpRFDVRHQWUHXPVLVWHPDHXPVXMHLWR
'D0RGHOL]DomRj5HSUHVHQWDomRGR&RQKHFLPHQWRPpWRGRVHWHRULDV
SULPHLUD RUGHP RV FRQFHLWRV VmR GHILQLGRV DWUDYpV GH XPD OLQJXDJHP OyJLFD R TXH
SRVVLELOLWDHVWDEHOHFHUXPDQRWDomRTXHSHUPLWHDFRPXQLFDomRFRPVLVWHPDVLQWHOLJHQWHV
$ VHJXQGD SHUVSHFWLYD GL] UHVSHLWR SURSULDPHQWH j YLVXDOL]DomR JUiILFD GRV FRQFHLWRV H
UHODo}HV3DUDWDQWRXWLOL]DDQRWDomRGR22H FRPRHVWDILFDVXMHLWDSRUYH]HVD XPD
VpULHGHPRGHORVGHUHSUHVHQWDomR(QWUHWDQWRDWXDOPHQWHYHPVHQGRSDGURQL]DGDDWUDYpV
GRPRGHOR80/
$&203/(;,'$'('25(35(6(17$5'$&203$5$d­2
(175(260e72'26(7(25,$6$&216758d­2'2
+,3(5'2&80(172
2KLSHUGRFXPHQWRQHFHVVLWDGHXPDPRGHOL]DomRTXHSRVVLELOLWHDUHSUHVHQWDomRGH
XQLGDGHV GH FRQKHFLPHQWR $ PRGHODJHP GH FRQKHFLPHQWR GLIHUHQWHPHQWH GD
PRGHODJHPGHGDGRV QHFHVVLWDGHXPIRUPDOLVPRPDLVHVWUXWXUDGRTXHWHQKDSULQFtSLRV
SDUD DX[LOLDU QD GHWHUPLQDomR GR GRPtQLR GH FRQKHFLPHQWR TXH VH GHVHMD PRGHODU RV
HOHPHQWRV H UHODo}HV H[LVWHQWHV HQWUH RV FRQFHLWRV H XP PpWRGR SDUD D RUJDQL]DomR GR
GRPtQLRFRPRXPWRGR
1HVWHFDStWXORFRPSDUDPVHRVPRGHORVHWHRULDV DSUHVHQWDGRVQDVHomRDQWHULRU
HYLGHQFLDQGRSRQWRVTXHSRVVDPDX[LOLDUQDLGHQWLILFDomRGHUHTXLVLWRVSDUDPHWRGRORJLDV
GHFRQVWUXomRGHPRGHORVFRQFHLWXDLVSDUDKLSHUGRFXPHQWRV
$V WHRULDV H PHWRGRORJLDV GHVHQYROYLGDV WDQWR QR HVFRSR WHPiWLFR GD &LrQFLD GD
,QIRUPDomR GD 7HUPLQRORJLD H GD &LrQFLD GD &RPSXWDomR TXH HVWmR YROWDGDV SDUD D
UHSUHVHQWDomR GH FRQKHFLPHQWR DSUHVHQWDP GH IRUPD PDLV H RXWUDV PHQRV DEUDQJHQWH
GLVFXVV}HV VREUH SULQFtSLRV FRPR FRQWH[WR GH FRQKHFLPHQWR QDWXUH]D GRV FRQFHLWRV
UHODo}HVHQWUHFRQFHLWRVHVLVWHPDGHFRQFHLWRV
1D&LrQFLDGD&RPSXWDomRSHUFHEHVHTXHDPDLRULDGHVWDVGLVFXVV}HVHVWiUHIpP
GH DSOLFDo}HV HVSHFtILFDV HODV VH GmR QR kPELWR GD FRQFHSomR GH PRGHORV GH
UHSUHVHQWDomRRXVHMDGHSODQRVJUiILFRVSDUDDUHSUHVHQWDomRGRVREMHWRVFRQFHLWRVHVHXV
UHODFLRQDPHQWRV TXH IDFLOLWHP D LPSOHPHQWDomR GH XP VLVWHPD ,VWR FDUDFWHUL]D D VXD
SUySULDQDWXUH]DRX VHMD D HODERUDomR GH HVWUXWXUDV FRPSXWiYHLV (QWUHWDQWR R QtYHO GH
DSURIXQGDPHQWR GRV FRQFHLWRV VREUH UHSUHVHQWDomR GH FRQKHFLPHQWR QHVWHV PRGHORV GH
UHSUHVHQWDomRpVXSHUILFLDO2SHVTXLVDGRUQmR FRQWDFRPWH[WRVPDLVFRQFHLWXDLVSDUDR
HQWHQGLPHQWRGRVSULQFtSLRVTXHHVWmRVXEMDFHQWHVDWDLVPRGHORV1DPDLRULDGDVYH]HV
WH[WRV PDLV WHyULFRV VmR HQFRQWUDGRV QRV DXWRUHV VHPLQDLV TXH GHUDP RULJHP j XPD
GHWHUPLQDGDLGpLDFRPRSRUH[HPSORRFRUWHTXHKRXYHHQWUHRVPRGHORVWUDGLFLRQDLVHRV
$ PRGHODJHP GH GDGRV REMHWLYD D UHSUHVHQWDomR GH HOHPHQWRV GH XP GDGR FRQWH[WR RQGH HVWi HP MRJR QmR D
WHPiWLFDGHVWHFRQWH[WRPDVDVDo}HVTXHDOLRFRUUHP(ODHVWiYROWDGDSDUDDWHQGHURVUHTXLVLWRVGHXPDDSOLFDomR
7HRULDGD&ODVVLILFDomR)DFHWDGD7HRULDGD7HUPLQRORJLD7HRULDGR&RQFHLWR2ULHQWDomRD2EMHWRVH2QWRORJLD
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
PRGHORVVHPkQWLFRVDSUHVHQWDGRVQR&DStWXOR$SyVHVWHSHUtRGRGHGLVFXVVmRVREUHDV
LGpLDV JHUDGRUDV GH XPD QRYD FRQFHSomR IRL UDUR HQFRQWUDU QHVWD SHVTXLVD WH[WRV
FRQFHLWXDLVQRVHQWLGRGHDSURIXQGDPHQWRGHLGpLDV3RURXWURODGRRQ~PHURGHPRGHORV
JHUDGRV D SDUWLU GHVWDV LGpLDV p JUDQGH R TXH FDUDFWHUL]D HP PXLWRV FDVRV D IRUPD GH
GHQRPLQDomRGHVVHVPRGHORVRXVHMDHPPXLWRVGHOHVRQRPHGDGRjPHWRGRORJLDpRGH
VHXSUySULRDXWRU,VWRpWmRFRPXPQDiUHDTXHDOJXQVDXWRUHVFKDPDPDWHQomRSDUDHVWH
IDWRFRPRSRGHPRVREVHUYDUHP3HWHU&RDGH(GZDUG<RXUGRQQDLQWURGXomRGHVHXOLYUR
³$QiOLVH%DVHDGDHP2EMHWRV´
$ 22$ $QiOLVH 2ULHQWDGD D 2EMHWRV p XP PpWRGR
UHODWLYDPHQWHQRYRD WHQGrQFLDp TXHVH GHVHQYROYD FDGD YH]
PDLVQDSUiWLFD3RULVVRLPSORUDPRVDYRFrOHLWRUSDUDQmR
YLU DWp QyV QRV FRQJUHVVRV WpFQLFRV GL]HQGR TXH HVWi
GHVHQYROYHQGR VLVWHPDV µFRQIRUPH R SDGUmR 22$ GH &RDG
<RXUGRQ¶´&2$'<285'21S
1D&LrQFLDGD,QIRUPDomRHPFHUWDPHGLGDRFRUUHRFRQWUiULRDiUHDpSREUHHP
PRGHORVSDUDUHSUHVHQWDomRJUiILFDGHFRQKHFLPHQWRSRLVRVHXREMHWLYRpDXWLOL]DomRGH
SULQFtSLRVWHyULFRVGHUHSUHVHQWDomRSDUDDHODERUDomRGHOLQJXDJHQVGRFXPHQWiULDVTXH
QDPDLRULDGDVYH]HVQmRDSUHVHQWDPXPDSDUWHRQGHRVFRQFHLWRVHVWmRVLVWHPDWL]DGRVH
DSUHVHQWDGRV VRE D IRUPD GH SODQRV JUiILFRV $SHVDU GDV DWLYLGDGHV GHVHQYROYLGDV QD
&LrQFLDGD,QIRUPDomRHQD&LrQFLDGD&RPSXWDomRVHFRORFDUHPHPXPSODQRXWLOLWiULR
RX VHMD REMHWLYDP D HODERUDomR GH VLVWHPDV RX GH LQVWUXPHQWRV GH UHFXSHUDomR GH
LQIRUPDomR D &LrQFLD GD ,QIRUPDomR DJUHJD WUDEDOKRV FRP XP QtYHO GH DSURIXQGDPHQWR
PXLWR PDLRU QR TXH GL] UHVSHLWR DRV SULQFtSLRV EiVLFRV SDUD HQWHQGHU RV FRQWH[WRV GH
FRQKHFLPHQWRRVFRQFHLWRVHVXDVUHODo}HV$FUHGLWDPRVTXHLVWRVHGHYHDRIDWRGHTXH
QD &LrQFLD GD ,QIRUPDomR D HODERUDomR GH VLVWHPDV GH FRQFHLWRV Mi QDVFH YLVDQGR D
UHSUHVHQWDomRGHXQLGDGHVGHFRQKHFLPHQWRHQmRGHGDGRRTXHGHWHUPLQDDQHFHVVLGDGH
GHHQWHQGLPHQWRGDQDWXUH]DGRFRQKHFLPHQWRRXVHMDFRPRHVWmRRUJDQL]DGDVDViUHDVH
VXEiUHDV GH DVVXQWR GHQWUR GH XP GDGR GRPtQLR FRPR RV FRQFHLWRV H VXDV UHODo}HV VH
HQFRQWUDP GLVSRVWRV GHQWUR GH FDGD iUHD TXDO p D GLQkPLFD GR FRQKHFLPHQWR SDUD
DFRPSDQKDU DV QRYDV GHVFREHUWDV GR KRPHP GLDQWH GR PXQGR IHQRPHQDO TXH R FHUFD
FRPR HVVDV WHPiWLFDV HVWmR DSUHVHQWDGDV QRV UHJLVWURV GH FRQKHFLPHQWR 2 HVWXGR GD
UHSUHVHQWDomR VH FRORFD PXLWR PDLV HP XPD SHUVSHFWLYD GH HQWHQGLPHQWR GD QDWXUH]D GR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
FRQKHFLPHQWRSDUDSRVVLELOLWDUDFODVVLILFDomRGHGRFXPHQWRVHVXDRUJDQL]DomRYLVDQGRD
EXVFD GH LQIRUPDo}HV GR TXH QXPD SURSRVWD GH HODERUDomR GH XP PHLR TXH SHUPLWD D
FRPXQLFDomRHQWUHFRQKHFLPHQWRVLVWHPDGHVHQYROYHGRU
$ 7HUPLQRORJLD DVVLP FRPR D &LrQFLD GD ,QIRUPDomR HVWi SUHRFXSDGD FRP R
HQWHQGLPHQWR GR XQLYHUVR GH FRQKHFLPHQWR HPERUD D SULPHLUD WHQKD D ILQDOLGDGH GH
SRVVLELOLWDUDFRPXQLFDomRPDLVSUHFLVDHQWUHXPJUXSRGHHVSHFLDOLVWDV(VWDSHUVSHFWLYD
GHFRPXQLFDomRpTXHID]FRPTXHQRHVFRSRWHyULFRGD7HUPLQRORJLDDOpPGHGLVFXWLUGH
IRUPD PDLV HVSHFtILFD TXHVW}HV OLJDGDV j QDWXUH]D GR FRQKHFLPHQWR VH GHVHQYROYD
WDPEpP PRGHORV GH UHSUHVHQWDomR JUiILFD SDUD GHVFUHYHU D HVWUXWXUD GR FRQKHFLPHQWR H
SRVVLELOLWDU XP PDLRU HQWHQGLPHQWR GR FRQFHLWR H GH VXDV UHODo}HV SDUD D HODERUDomR GH
GHILQLo}HVFRQFHLWXDLV
1R&DStWXORSRGHPRVREVHUYDUQDH[SRVLomRGDVWHRULDVHPHWRGRORJLDVGHFDGD
iUHD DTXHODVTXHSRVVXHP PRGHORV GH UHSUHVHQWDomR JUiILFD PDLV GHVHQYROYLGRV DWUDYpV
GD H[SRVLomR HP PDLRU RX PHQRU Q~PHUR GH GLDJUDPDV H HVTXHPDV 1D YHUGDGH D
SRVVLELOLGDGH GH UHSUHVHQWDomR p IXQGDPHQWDO HP KLSHUGRFXPHQWRV SRLV p DWUDYpV
WDPEpP GH XP PDSD FRQFHLWXDO TXH R PRGHOR FRQFHLWXDO JDUDQWLUi PDLRU RX PHQRU
H[SUHVVLYLGDGH QD UHSUHVHQWDomR GRV FRQFHLWRV H GH VXDV UHODo}HV GHQWUR GD WHPiWLFD GR
KLSHUGRFXPHQWR 3RU RXWUR ODGR SDUD VH FKHJDU D UHSUHVHQWDo}HV PDLV FRQVLVWHQWHV p
LPSUHVFLQGtYHOXPDEDVHWHyULFDEHPHVWDEHOHFLGD
(VWDVGLIHUHQoDVLUmRUHSHUFXWLUGLUHWDPHQWHQDIRUPDFRPRRVFRQWH~GRVWHyULFRV
VREUHUHSUHVHQWDomRGHFRQKHFLPHQWRHVWmRGLVSRVWRVQDViUHDVGD&LrQFLDGD&RPSXWDomR
GD&LrQFLDGD,QIRUPDomRHGD7HUPLQRORJLDFRPRYHUHPRVDGLDQWH
2XWUR DVSHFWR TXH GHYH VHU REVHUYDGR VREUH D QDWXUH]D GR FRQKHFLPHQWR GL]
UHVSHLWR DR PRGR FRPR R FRQKHFLPHQWR HVWi UHXQLGR HP XP GDGR FRQWH[WR (P DOJXQV
FRQWH[WRV R Q~FOHR WHPiWLFR H[LVWHQWH p IRUPDGR D SDUWLU GH XP FRUWH SDUDGLJPiWLFR RX
VHMDRFRQKHFLPHQWRVHDSUHVHQWDFRPRXPDiUHDGHVDEHUMiHVWDEHOHFLGDFRPRXPDiUHD
GHQRPLQDGDGHiUHDFDQ{QLFDFRPRD&LrQFLDGD,QIRUPDomRRXD&LrQFLDGD&RPSXWDomR
SRUH[HPSOR(PRXWURVFRQWH[WRVRQ~FOHRWHPiWLFRH[LVWHQWHpIRUPDGRDSDUWLUGHXP
/LQJXDJHP'RFXPHQWiULDSRGHVHUGHILQLGDFRPRXPYRFDEXOiULRFRPUHJUDVSUHVFULWLYDVSDUDVHUXWLOL]DGDHP
6LVWHPDVGH5HFXSHUDomRGH,QIRUPDomRSDUDRWUDWDPHQWRHUHFXSHUDomRGHXQLGDGHVLQIRUPDFLRQDLV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
FRUWHVLQWDJPiWLFRGR8QLYHUVRGH&RQKHFLPHQWRRXVHMDUH~QHVDEHUHVGHGLYHUVDViUHDV
FDQ{QLFDV RQGH R TXH HVWi HP MRJR p XP GDGR REMHWLYR XPD PLVVmR RX SUREOHPD XPD
TXHVWmR RX XP FRQWH[WR GH DWLYLGDGHV TXH VH TXHU UHSUHVHQWDU FRPR SRU H[HPSOR D
(FRORJLDD/XWDSHOD7HUUDD7HFQRORJLDGD,QWHOLJrQFLDSDUDFLWDUDOJXQVH[HPSORV
2 PRGR FRPR R Q~FOHR WHPiWLFR GH XP KLSHUGRFXPHQWR p FRQVWLWXtGR p GH
LPSRUWkQFLD FDSLWDO SDUD R PRGHOL]DGRU SRLV HVWD RUJDQL]DomR LQIOXHQFLDUi GLUHWDPHQWH
QDVUHODo}HVTXHVHHVWDEHOHFHPHQWUHRVFRQFHLWRVRXVHMD HODGHWHUPLQDUiFRPRRVQyV
FRQFHLWXDLV H VXDV OLJDo}HV VHUmR RUJDQL]DGDV H DLQGD FRPR VH GDUi D RUJDQL]DomR GDV
LGpLDVHPXPKLSHUGRFXPHQWR
$GLVFXVVmRVREUHRVFRQWH[WRVGHFRQKHFLPHQWRVyIRLSRVVtYHOREVHUYDUHPFHUWD
PHGLGD QD 7HRULD GD &ODVVLILFDomR )DFHWDGD QDV TXHVW}HV DSUHVHQWDGDV SRU 5DQJDQDWKDQ
VREUHR8QLYHUVR GH &RQKHFLPHQWR H R 8QLYHUVR GH $VVXQWR 1RV SULQFtSLRV TXH UHJHP
HVWD GLVFXVVmR 5DQJDQDWKDQ QRV FRORFD IUHQWH D TXHVW}HV OLJDGDV DR DWR GH DTXLVLomR GH
FRQKHFLPHQWR H GH VXD SUySULD GLQkPLFD 'HVWD IRUPD DSUHVHQWD D (VSLUDO GR
&RQKHFLPHQWRYHU)LJXUD TXHSHUPLWHRHQWHQGLPHQWRGHFRPRVHGiRDWRGHSHUFHEHU
RV IDWRV TXH RFRUUHP QR PXQGR IHQRPHQDO H D (VSLUDO GR 'HVHQYROYLPHQWR GH $VVXQWRV
YHU)LJXUD TXHHVFODUHFHDUHODomRHQWUHHVWHSHUFHEHUHDSURGXomRGHFRQKHFLPHQWR
TXH VH FRQILJXUD HP UHJLVWURV RX VHMD HP GRFXPHQWRV $VVLP PHVPR QmR WUDWDQGR
GLUHWDPHQWHGDV IRUPDVFRPRXPDSDUWHGDUHDOLGDGHVH FRQVWLWXLHP XP GRPtQLR FRUWH
SDUDGLJPiWLFRFRUWHVLQWDJPiWLFRHYLGHQFLDTXHVW}HVOLJDGDVDGLQkPLFDGRFRQKHFLPHQWR
HVXDUHSHUFXVVmRQDSURGXomRGHUHJLVWURVGHFRQKHFLPHQWR
$VHJXLUVmRGLVFXWLGRVWUrVSRQWRVSDUDDDQiOLVHGDVWHRULDVHPpWRGRV2SULPHLUR
GL]UHVSHLWRDRPpWRGRXWLOL]DGRSDUDDRUJDQL]DomRGRFRQKHFLPHQWRHPXPDWHPiWLFDHD
QDWXUH]D GR TXH VH SUHWHQGH UHSUHVHQWDU VH GRPtQLR GH FRQKHFLPHQWR RX GRPtQLR GH
DWLYLGDGHV2VHJXQGRDQDOLVDFRPRHVWiGHILQLGRRREMHWRGHUHSUHVHQWDomRRXVHMDTXDO
pDXQLGDGHGHFRQKHFLPHQWRTXHVHYDLUHSUHVHQWDU(RWHUFHLURFRPSDUDDUHODomRHQWUH
RVREMHWRVREMHWLYDQGRYHULILFDUFRPRVHIRUPDHPFDGDPpWRGRHWHRULDXPDHVWUXWXUDGH
FRQFHLWRV
$GLVFXVVmRVREUHRQ~FOHRWHPiWLFRGHXPGRFXPHQWRMiID]SDUWHGDOLWHUDWXUDGHXPDiUHDTXHpFRQVLGHUDGD
FRPRGHkPELWRGD&LrQFLDGD,QIRUPDomR±D%LEOLRWHFRQRPLDH'RFXPHQWDomR1HVWDQRHVSDoRWHyULFRGRWUDWDPHQWR
HUHFXSHUDomRGHLQIRUPDomRRQGHD7HRULDGD&ODVVLILFDomR)DFHWDGDHVWiLQVHULGDDSUHVHQWDPVHGLVFXVV}HVTXHLUmR
WUDWDUGHFRPRRVDVVXQWRVVHDSUHVHQWDPHPXPGRFXPHQWRFRPRMiIRLYLVWRQR&DStWXOR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
2SURFHVVRGHUHSUHVHQWDURPpWRGRGHUDFLRFtQLR
6HJXQGR(GJDU0RULQ025,1SWRGDRUJDQL]DomRGHFRQKHFLPHQWRp
UHDOL]DGDHPIXQomRGHSULQFtSLRVHUHJUDVRQGHHVWDRUJDQL]DomRFRPSRUWDRSHUDo}HVGH
OLJDomRFRQMXQomRLQFOXVmRLPSOLFDomRHGHVHSDUDomRGLIHUHQFLDomRRSRVLomRVHOHomR
H[FOXVmR2SURFHVVRpFLUFXODUSDVVDQGRGDVHSDUDomRjOLJDomRHDOpPGLVVRGDDQiOLVH
j VtQWHVH 2X VHMD R FRQKHFLPHQWR FRPSRUWD DR PHVPR WHPSR VHSDUDomR H OLJDomR
DQiOLVHHVtQWHVH
(QWHQGHPRVDRUJDQL]DomRGH FRQKHFLPHQWRGHQWURGHGRPtQLRV QHVWD SHUVSHFWLYD
VLVWrPLFD3RGHPRVYHULILFDUTXHWUDGLFLRQDOPHQWHPRGHORVYrPVHQGRHODERUDGRVWHQGR
FRPRSULQFtSLRXPGRVGRLVPpWRGRVGHDQiOLVHRPpWRGRGHGXWLYRWDPEpPGHQRPLQDGR
QD &LrQFLD GD &RPSXWDomR ³WRSGRZQ´ RX R PpWRGR LQGXWLYR WDPEpP GHQRPLQDGR QD
&LrQFLDGD&RPSXWDomR³ERWWRPXS´
2PpWRGRLQGXWLYRSRVVLELOLWDDHODERUDomRGHPRGHORVSDUWLQGRGHVGHRLQtFLRGD
UHSUHVHQWDomR GRV HOHPHQWRVREMHWRV H UHODo}HV GH XP FRQWH[WR Mi R PpWRGR GHGXWLYR
SURS}H TXH VH HODERUHP PHFDQLVPRV GH DEVWUDomR SDUD SHQVDU SULPHLUDPHQWH R
GRPtQLRFRQWH[WR LQGHSHQGHQWH GH SHQVDU RV HOHPHQWRV H VXDV UHODo}HV HVWD VHULD XPD
HWDSDSRVWHULRU
$7HRULDGD&ODVVLILFDomR)DFHWDGDpUHSUHVHQWDQWHGHXPPRGHORTXHVHXWLOL]DGR
PpWRGR GHGXWLYR SDUD FODVVLILFDU R FRQKHFLPHQWR GHQWUR GH XP FRQWH[WR 'HVWD IRUPD
SRVVXLPHFDQLVPRVGHUHSUHVHQWDomRSDUDWUDEDOKDUFRPPHWDQtYHLVFRQFHLWXDLVFRPRSRU
H[HPSOR DV FDWHJRULDV e D SDUWLU GHODV TXH RV FRQFHLWRV VmR RUGHQDGRV SDUD IRUPDUHP
FODVVHV GH FRQFHLWRV 1D YHUGDGH HVWD WHRULD p DGHTXDGD SDUD D IRUPDomR GH HVWUXWXUDV
KLHUiUTXLFDVHVHUHVWULQJHVRPHQWHDHVVDVUHODo}HVTXHIRUPDPFDGHLDVHUHQTXHV
$ 2QWRORJLD )RUPDO SRU VXD YH] DSHVDU GH SRVVXLU SULQFtSLRV SDUD GHVFULomR GH
PHWDQtYHLV GH REMHWRV HP XP GRPtQLR 8QLYHUVDLV QmR XWLOL]D HVWD FODVVLILFDomR FRPR
XP PHFDQLVPR LQLFLDO SDUD D RUJDQL]DomR GRV REMHWRV HP XP FRQWH[WR 2 SURFHVVR p
LQLFLDGR FRP D GHVFULomR EDVWDQWH HVSHFtILFD GRV REMHWRV GH XP FRQWH[WR GHVGH VXD
LGHQWLGDGH DWp D VXD GHSHQGrQFLD FRP RXWURV REMHWRV PDV HVWD GHSHQGrQFLD QmR p
HVWDEHOHFLGDGRFRQWH[WRSDUDRREMHWRHVLPHQWUHRVREMHWRV'HVWDIRUPDFODVVLILFDPRV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
DVRQWRORJLDVHPVXDPDLRULDFRPRDTXHODVTXHVHXWLOL]DPGHXPPpWRGRLQGXWLYRSDUDD
FODVVLILFDomR GH XP GRPtQLR $V RQWRORJLDV SUHWHQGHP D HODERUDomR GH GHILQLo}HV 1D
YHUGDGHRREMHWLYRTXHVXSRUWDHVWDWHRULDpDHODERUDomRGHLQVWUXPHQWRVTXHSRVVLELOLWHP
GHVFUHYHU FRQFHLWXDOPHQWH RV HOHPHQWRV GH XP FRQWH[WR GHVWD IRUPD HOD HVWi PDLV
SUHRFXSDGD FRP RV VLJQLILFDGRV GRV FRQFHLWRV GR TXH FRP VXD HVWUXWXUD (QWUHWDQWR
DFUHGLWDPRVTXHHPWRGDGHILQLomRHVWiLPSOtFLWD XPD FODVVLILFDomR GHILQLU p HYLGHQFLDU
QmR VRPHQWH TXDLV VmR RV HOHPHQWRV FRQVWLWXWLYRV GR REMHWR H VXD IXQFLRQDOLGDGH HP XP
GDGRFRQWH[WRPDVWDPEpPRTXHpRREMHWRHGHVWDIRUPDHVWiLPSOtFLWDXPDHVWUXWXUD
FODVVLILFDWyULD
$ 7HRULD GD 7HUPLQRORJLD SRGH WDPEpP VHU YLVWD FRPR DTXHOD TXH VXSRUWD R
PpWRGR LQGXWLYR SDUD SHQVDU XP GDGR FRQWH[WR 3DUD :XHVWHU RV FRQFHLWRV
2EMHWR(QWLGDGH,QVWkQFLD VH DVVRFLDP XP HP UHODomR DRV RXWURV IRUPDQGR XP VLVWHPD
GHFRQFHLWRV(QWUHWDQWRRVLVWHPDpIRUPDGRDSDUWLUGDDQiOLVHGRSUySULRFRQFHLWRHQmR
GR FRQWH[WR HP TXH HOH HVWi LQVHULGR 2 FRQWH[WR p YLVWR FRPR XP D SULRUL TXH Vy p
SRVVtYHOLGHQWLILFDUDSDUWLUGRSUySULRFRQWH~GRFRQFHLWXDO1D7HUPLQRORJLDQmRVHIDOD
VHTXHUHPFDWHJRULDVRXXQLYHUVDLV
$2ULHQWDomRD2EMHWRVDWHQGHQGR DRVUHTXLVLWRVGDV DSOLFDo}HV D TXH VH GHVWLQD
GDPHVPDIRUPDSRGHVHUFODVVLILFDGDFRPRGHFDUiWHULQGXWLYR1HODDPHWRGRORJLDSDUWH
Mi HVWDEHOHFHQGR SULQFtSLRV SDUD LGHQWLILFDU RV REMHWRV GH XP GRPtQLR H VHXV
UHODFLRQDPHQWRVWUDWDQGRDVVLPHVSHFLILFDPHQWHGHVWDUHSUHVHQWDomR(VWDFRQFHSomRGH
FODVVLILFDomR GH XP GRPtQLR QmR FDEH QD 22 SRLV VHXV SULQFtSLRV IRUDP HVWDEHOHFLGRV
SDUDGDUFRQWDGDPRGHODJHPGHGDGRVHQmRGHXQLGDGHVGHFRQKHFLPHQWR
3RURXWURODGRpLQWHUHVVDQWHREVHUYDUTXHQDSHUVSHFWLYDGHPRGHODJHPFRQFHLWXDO
GHXPGDGRGRPtQLRD2QWRORJLD)RUPDODYDQoDQXPDSHUVSHFWLYDWHyULFDGRPRGHOR22
SRLVHODGLVWLQJXHDUHSUHVHQWDomRGRGRPtQLRGRVHOHPHQWRVTXHFRQVWLWXHPHVVHGRPtQLR
HGHVXDVUHODo}HV3RUH[HPSORHODDSUHVHQWDSULPLWLYDVSDUDSHQVDUVREUHRGRPtQLRD
TXHVWmR GD 2QWRORJLD GRV 8QLYHUVDLV (P 22 YHULILFDPRV TXH Vy p SRVVtYHO UHSUHVHQWDU
REMHWRV H UHODo}HV R TXH QmR FRQILJXUD XPD WD[LRQRPLD SRLV QmR H[LVWHP HOHPHQWRV TXH
SRVVLELOLWHP SHQVDU D HVWUXWXUD GR GRPtQLR ,QLFLDVH R SURFHVVR GH PRGHOL]DomR FRP RV
HOHPHQWRVHVXDVOLJDo}HV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
1R FDVR GH KLSHUGRFXPHQWRV p QHFHVViULR SHQVDU HP FRPR R GRPtQLR GH
FRQKHFLPHQWRGDWHPiWLFDWUDWDGDSRGHVHURUJDQL]DGDFRPRSHQVDUQDHVWUXWXUDGDREUD
RX VHMD TXDLV VmR DV FDWHJRULDV WHPiWLFDV JHUDLV TXH VHUmR WUDWDGDV SDUD TXH GHSRLV VHMD
SRVVtYHOUHODFLRQDURVHOHPHQWRV
3RU VXD YH] D 7HRULD GR &RQFHLWR LQWURGX] XPD PHWRGRORJLD TXH SRGHUtDPRV
GHQRPLQDU GH KtEULGD QmR Vy R PpWRGR GHGXWLYR H QmR Vy R PpWRGR LQGXWLYR PDV
DJUHJDQGR RV GRLV HP XP H[HUFtFLR GH SHQVDU R SDUWLFXODU FRPR XP WRGR H R WRGR
SRVVXLQGR SDUWLFXODUHV 'DKOEHUJ QR HVWDEHOHFLPHQWR GH VXD WHRULD DSUHVHQWD FDWHJRULDV
SDUD UHSUHVHQWDU FRQWH[WRV H ORJR GHSRLV DQDOLVD RV FRQFHLWRV GH XP FRQWH[WR QD
SHUVSHFWLYDGHRUGHQiORVQRLQWHULRUGHVVDVFDWHJRULDV$SULQFtSLRVDEHVHGDH[LVWrQFLD
GDVFDWHJRULDVXQLYHUVDLVHQWUHWDQWRFKHJDVHD HODVDSDUWLUGHXPSURFHVVRLQGXWLYRGH
DQiOLVH GR FRQFHLWR FRPR SRGH VHU YLVWR QR H[HPSOR GR SHULyGLFR DSUHVHQWDGR
DQWHULRUPHQWHQR&DStWXORVHomR7HRULDGR&RQFHLWR
3RU RXWUR ODGR FDEH DTXL UHIRUoDU TXH VH DQDOLVDUPRV D TXHVWmR GRV QtYHLV GH
UHSUHVHQWDomR GR FRQKHFLPHQWR DSUHVHQWDGRV DQWHULRUPHQWH FRPR IRL GLWR D ~QLFD WHRULD
HVWXGDGD TXH DJUHJD RV QtYHLV HSLVWHPROyJLFR H RQWROyJLFR p D 7HRULD GR &RQFHLWR
3HQVDPRV TXH SDUD D HODERUDomR GH PRGHORV FRQFHLWXDLV SDUD KLSHUGRFXPHQWRV HP TXH
HVWDPRV SUHRFXSDGRV FRP RV QyV FRQFHLWXDLV SDUD SHQVDU HP VHXV FRQWH~GRV H FRP DV
OLJDo}HVHQWUHHVVHVQyVSDUDUHSUHVHQWDUXPVLVWHPDWHRULDVHPpWRGRVTXHDWXHPQRVGRLV
QtYHLV SDUHFHPQRV PDLV DSURSULDGRV SDUD R HQFRQWUR GRV SULQFtSLRV TXH SRVVDP DX[LOLDU
XPDHVFULWDPRGHODU
1D YHUGDGH R TXH TXHUHPRV HYLGHQFLDU p TXH DQWHV GD XWLOL]DomR GR PRGHOR p
QHFHVViULR WHU EDVWDQWH FODUR R PpWRGR XWLOL]DGR SDUD D VXD FRQVWUXomR 1XPD SURSRVWD
VLVWrPLFDTXHOHYD HPFRQWDWDQWRRVSULQFtSLRVGHPRGHOL]DomRGH /H0RLJQHTXDQWRD
TXHVWmRGDFRPSOH[LGDGHGH(GJDU0RULQHDLQGDXPDQRYDSHUVSHFWLYDPHWRGROyJLFDGH
/DWRXU DFUHGLWDPRV TXH WDLV PpWRGRV QmR VmR SRVVtYHLV GH VHUHP SHQVDGRV GH IRUPD
VHSDUDGDHVLPGHIRUPDVLVWrPLFDRQGHRLQGXWLYRHRGHGXWLYRDDQiOLVHHDVtQWHVHVmR
YLVWRV FRPR SURFHVVRV QmR GLVMXQWRV PDV VLP SURFHVVRV TXH VH FRPSOHPHQWDP HP XP
WRGRRXVHMDDQiOLVHVtQWHVHDQiOLVHVtQWHVH
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
22EMHWRGD5HSUHVHQWDomR
2 SURFHVVR GH PRGHOL]DomR UHTXHU R GHVORFDPHQWR GR PXQGR IHQRPHQDO SDUD XP
HVSDoR GH UHSUHVHQWDomR 7RGRV RV PpWRGRV H WHRULDV DTXL DSUHVHQWDGRV SDUWHP SDUD D
GHWHUPLQDomR GR TXH VHMD XP REMHWR SDUD D SDUWLU GH VXD LGHQWLILFDomR VHU SRVVtYHO
UHSUHVHQWiORHPXPGDGRFRQWH[WR
1R kPELWR GRV KLSHUGRFXPHQWRV RV REMHWRV GH UHSUHVHQWDomR IRUPDP QyV
FRQFHLWXDLV&DGDQyFRQFHLWXDOQRHVSDoRGHXPFRQWH[WRHVSHFtILFRpDPHQRUXQLGDGH
GH XP GRPtQLR GH FRQKHFLPHQWR $VVLP HQWHQGHU D QDWXUH]D GR REMHWR QHVWH FDVR p
FRPSUHHQGHU FRPR p SRVVtYHO LGHQWLILFDU XP Qy FRQFHLWXDO H SHQVDU HP FRPR HOH VH
FRQVWLWXL
1D OLWHUDWXUD UHODWLYD D 2UJDQL]DomR GR &RQKHFLPHQWR '$+/%(5* QR
kPELWRGD&LrQFLDGD,QIRUPDomRRWHUPRREMHWRUHSUHVHQWDXPDHQWLGDGHQRPXQGRUHDOH
VHFDUDFWHUL]DSRUVHUXPHOHPHQWRGRFRQFHLWRTXHpGHQRPLQDGRUHIHUHQWH
1RFRQWH[WRGD2ULHQWDomRD2EMHWRVRVREMHWRVTXHFRQVWLWXHPRPXQGRUHDOVmR
FRQIXQGLGRVFRPDVXDSUySULDUHSUHVHQWDomRD22 DILUPDTXHXPREMHWRpXPFRQFHLWR
QmRGHILQLQGRRTXHHQWHQGHSRUFRQFHLWR
1RHQWDQWRVHJXQGRD7HRULDGR&RQFHLWRXPFRQFHLWRpFRQVLGHUDGRXPDWUtDGH
UHIHUHQWHFDUDFWHUtVWLFDVHQRPHRQGHRREMHWRpRUHIHUHQWHTXHSRGHVHUFODVVLILFDGR
FRPRREMHWRLQGLYLGXDORXJHUDOTXHFLUFXQVFULWRDXPGDGRFRQWH[WRUHTXHUDSURSULDomR
GHFDUDFWHUtVWLFDVVHQGROKHGHVLJQDGRXPVLJQROLQJtVWLFRXPQRPH
1R HVSDoR WHyULFR GD 2QWRORJLD )RUPDO *XDULQR SURS}H TXH RV REMHWRV RX
SDUWLFXODUHV VHMDP FODVVLILFDGRV FRPR FRQFUHWRV H DEVWUDWRV &RPSDUDWLYDPHQWH QD
7HRULDGR&RQFHLWRHVWHVREMHWRVVmRFRQVLGHUDGRVREMHWRVJHUDLVSRLVDPERVUHSUHVHQWDP
XPDFODVVHGHREMHWRVHQmRXPDGHWHUPLQDGDHQWLGDGHQRPXQGRFRPRRFDYDOREUDQFR
GH 1DSROHmR (VWH HVSHFLILFDPHQWH p FRQVLGHUDGR SRU 'DOKEHUJ FRPR XP REMHWR
LQGLYLGXDO2VREMHWRVFRQFUHWRVQRkPELWRGD2QWRORJLD)RUPDOVmRFODVVLILFDGRVFRPR
FRQWtQXRVHRFRUUHQWHV3DUDD7HRULDGR&RQFHLWRFRPRSDUDD7HRULDGD7HUPLQRORJLD
RVREMHWRVRFRUUHQWHVQmRVmRREMHWRVHVLPDomR8PDDomRQmRpXPDHQWLGDGHREMHWR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
PDV XP SURFHVVR TXH RFRUUH FRP XP GDGR REMHWR QmR FRQVLGHUDQGR HQWmR R TXH D
2QWRORJLD )RUPDO GHQRPLQD GH REMHWR RFRUUHQWH FRPR XP REMHWR (QWUHWDQWR DLQGD QR
kPELWRGD2QWRORJLD6RZD62:$GHILQHREMHWRRFRUUHQWHFRPRXPSURFHVVR
$OLWHUDWXUDDSUHVHQWDRFRQFHLWRGHREMHWRGHIRUPDFRQIOLWDQWH
(PJHUDORTXHVHYHULILFDpTXHDVWHRULDVOLJDGDVj&LrQFLDGD&RPSXWDomRDLQGD
QmRGLIHUHQFLDPGHIRUPDH[SOtFLWDRPXQGRUHDOREMHWRVGDUHSUHVHQWDomRGHVWHPXQGR
DFUHGLWDPRVTXHLVVRVHGHYDDRIDWRGHWUDEDOKDUHPFRPDUHSUHVHQWDomRGHIDWRVHQmRGH
XQLGDGHV GH FRQKHFLPHQWR RQGH R REMHWLYR p D GHVFULomR GH IDWRV H QmR H[DWDPHQWH R
HQWHQGLPHQWRGRVFRQWH~GRVFRQFHLWXDLVGRREMHWRUHSUHVHQWDGR
'HVWDIRUPDRVVLVWHPDVEDVHDGRVHPFRQKHFLPHQWRDRFRQWUiULRGRFRQYHQFLRQDO
SURFHVVDPHQWR GH GDGRV WHP HOHPHQWRV TXH VmR PDLV GR TXH GDGRV LVRODGRV PDV
FRQFHLWRVTXHGHVFUHYHPREMHWRVHVXDVSURSULHGDGHV
$V5HODo}HVHQWUHRV2EMHWRVDHODERUDomRGH
HVWUXWXUDVFRQFHLWXDLV
7RGR PRGHOR UHIOHWH D FRPSOH[LGDGH GR UHDO GL]QRV (GJDU 0RULQ &RP
HVWDSHUVSHFWLYDYDPRVDSUHVHQWDUQHVWDVHomRXPDFRPSDUDomRHQWUHDVGLYHUVDVUHODo}HV
H[LVWHQWHV HQWUH RV PpWRGRV H WHRULDV FLWDGRV DFLPD $V UHODo}HV HQWUH RV REMHWRV GH XP
GDGRFRQWH[WRIRUPDPVXDHVWUXWXUDFRQFHLWXDO'XUDQWHPXLWRWHPSRHWDOYH]DWpKRMHDV
UHODo}HVTXHHUDPFRQVLGHUDGDVFRPRWDLVHUDPGHQRPLQDGDVGHKLHUiUTXLFDVFRPRDVTXH
IRUPDYDPDHVSLQKDGRUVDOGHXPPRGHOR
(QWUHWDQWRPXQLGRVGHXPDYLVmRPDLVVLVWrPLFD(GJDU0RULQHQWUHRXWURVYHP
QRVPRVWUDUTXHR LPSRUWDQWH QmR p DSUHVHQWDU GH IRUPD VLPSOLILFDGD XPD UHSUHVHQWDomR
PDV DR FRQWUiULR TXH R TXH D PRGHOL]DomR UHTXHU p LQWHJUDU R PDLV SRVVtYHO RV PRGRV
VLPSOLILFDGRUHVDXPDIRUPDFRPSOH[DHQmR FRPSOLFDGDGHUHSUHVHQWDUDV UHODo}HVHQWUH
RVREMHWRVHPGLYHUVRVGRPtQLRV
³REMHWR p QD DWXDOLGDGH FRQVLGHUDGR FRPR FRQWtQXR SURFHVVR p QD DWXDOLGDGH FRQVLGHUDGR FRPR
RFRUUHQWH´62:$
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
$VUHODo}HVHQWUHRVREMHWRVGHXPGDGRFRQWH[WRGHFRQKHFLPHQWRVmRGHQDWXUH]D
GLYHUVD $TXL QRV SURSRPRV D HVWDEHOHFHU XP HVSDoR RQGH VHMD SRVVtYHO FRPSDUDU DV
UHODo}HV VHJXQGR DV WHRULDV H PHWRGRORJLDV DSUHVHQWDGDV UHVVDOWDQGR TXH WDLV WHRULDV H
PpWRGRV IRUDP HODERUDGRV HP FRQWH[WRV GLYHUVRV YLVDQGR DWLQJLU SURSyVLWRV GLIHUHQWHV
$VVLPJXDUGDQGRDVGLIHUHQoDVYDPRVFDPLQKDUFRPRSURSyVLWRGHDX[LOLDURVSURFHVVRV
GHPRGHOL]DomRHPKLSHUGRFXPHQWRV
3DUDLQLFLDUHVWDDQiOLVHSURSRPRVPDLVXPDYH]GLVFLSOLQDUPRVDQRVVDIRUPDGH
ROKDU D TXHVWmR $VVLP D DQiOLVH GDV WHRULDV H PpWRGRV p DSUHVHQWDGD D SDUWLU GR TXH
GHQRPLQDPRV GH PRYLPHQWRV GR DWR GH PRGHODU (VWHV PRYLPHQWRV UHIOHWHP JUXSRV GH
UHODo}HVHQWUHFRQFHLWRVFRPRYHULILFDUHPRVDVHJXLU
5HODomR&DWHJRULDO
2 SULPHLUR PRYLPHQWR p D YHULILFDomR QDV WHRULDV H PpWRGRV DSUHVHQWDGRV GD
H[LVWrQFLD GH UHODo}HV FDWHJRULDLV (VWH WLSR GH UHODomR UH~QH HP XP SULPHLUR JUDQGH
DJUXSDPHQWRRVREMHWRVSRUVXDQDWXUH]DRXVHMDHQWLGDGHVSURFHVVRVHQWUHRXWURV(VWD
UHODomR SRVVLELOLWD PXLWDV YH]HV GLPLQXLU HUURV OyJLFRV QR HVWDEHOHFLPHQWR GDV OLJDo}HV
HQWUH RV FRQFHLWRV SRLV GHWHUPLQD D QDWXUH]D GR REMHWR 3RU H[HPSOR DR VH VHSDUDU XP
REMHWR GH RXWUR GH QDWXUH]D GLIHUHQWH D SULRUL Mi ILFD GHWHUPLQDGR TXH HQWUH REMHWRV GH
QDWXUH]D GLIHUHQWH QmR SRGH H[LVWLU UHODomR KLHUiUTXLFD H QHP SDUWLWLYD RX VHMD HQWUH R
FRQFHLWR OHLWH H R FRQFHLWR SDVWHXUL]DomR Vy SRGH H[LVWLU XPD UHODomR IXQFLRQDO
VLQWDJPiWLFD QR FRQWH[WR GD 7HRULD GR &RQFHLWR XPD UHODomR RQWROyJLFD QR FRQWH[WR GD
7HRULDGD7HUPLQRORJLDSDUDFLWDUDOJXQVH[HPSORV
$ UHODomR FDWHJRULDO DSDUHFH QD 7HRULD GR &RQFHLWR FRPR 5HODomR )RUPDO
&DWHJRULDO QD 7HRULD GD &ODVVLILFDomR )DFHWDGD FRPR &DWHJRULD H QD 2QWRORJLD )RUPDO
FRPR7HRULDGRV8QLYHUVDLV1HVWDVWUrVWHRULDVDQRomRGH&DWHJRULDVHFRORFDFRPRXP
HOHPHQWR DJUHJDGRU TXH UH~QH RV FRQFHLWRV HP XP QtYHO PDLV DOWR GH XPD GDGD
WD[LRQRPLD
1D7HRULDGD&ODVVLILFDomR)DFHWDGDHQWUHWDQWRDVFDWHJRULDVVmRSUpGHILQLGDVRX
VHMD 5DQJDQDWKDQ SURS}H TXH WRGR FRQWH[WR GH FRQKHFLPHQWR SRGH VHU GLYLGLGR HP DWp
FLQFR FDWHJRULDV IXQGDPHQWDLV TXH VmR HQWLGDGH PDWpULD HQHUJLD HVSDoR H WHPSR 2
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
PpWRGR SDUWH HQWmR GD REVHUYDomR GR XQLYHUVR GH FRQKHFLPHQWRGLVFXUVR HP TXH VH HVWi
LQVHULGRGHVXDDQiOLVHGHWHUPLQDQGRGHQWUHDVFLQFRFDWHJRULDVDTXHODVTXHUHSUHVHQWDP
DTXHOHFRQWH[WRSDUDVyGHSRLVLQVHULURVFRQFHLWRVTXHID]HPSDUWHGHFDGDFDWHJRULD
$ 7HRULD GR &RQFHLWR HVWHQGH SDUD XP Q~PHUR PXLWR PDLRU DV FDWHJRULDV FRPR
REVHUYDGR QR &DStWXOR 1D YHUGDGH 'DOKEHUJ H[SOLFLWD HP VHX WUDEDOKR 2QWLFDO
6WUXWXUHV '$+/%(5* D TXH WHP SRU SULQFtSLR D FODVVLILFDomR SURSRVWD SRU
$ULVWyWHOHVQDDQWLJLGDGHFOiVVLFDFDWHJRULDVSDUDRHQWHQGLPHQWRGRFRQFHLWRHQmRSDUD
FODVVLILFDU XP GRPtQLR GH FRQKHFLPHQWRDWLYLGDGH YHU )LJXUD (QWUHWDQWR FRPR p
SRVVtYHO SHUFHEHU R HQWHQGLPHQWR GR FRQFHLWR HVWi UHIpP GH XP FRQWH[WR TXH p
FODVVLILFDGR SRU FRQWD GRV FRQFHLWRV TXH QHOH HVWmR LQVHULGRV 'HVWD IRUPD R FRQWH[WR H
VHXV HOHPHQWRV HVWmR HP XPD UHODomR XQtYRFD $OpP GHVWH SRQWR GLIHUHQWH PDV QmR
GLYHUJHQWH GH ILQDOLGDGH 'DOKEHUJ DSUHVHQWD R FRQFHLWR GH SURSULHGDGH FRPR XPD
FDWHJRULD GLIHUHQWH GH 5DQJDQWKDQ TXH R FRORFD FRPR XPD PDQLIHVWDomR GH XPD GDV
FDWHJRULDV 3RU H[HPSOR SDUD 5DQJDQDWKDQ WRGD SURSULHGDGH HVWi UHIpP GH XPD GDV
FDWHJRULDV $VVLP QR FRQWH[WR GD (QJHQKDULD &LYLO R &RQFUHWR p XP PDWHULDO GH
FRQVWUXomRTXHHVWiQDFDWHJRULD0DWHULDOTXHSRVVXLDSURSULHGDGHGH&LVDOKDURXVHMDR
&LVDOKDPHQWRQmRRFRUUHFRPRXPDPDQLIHVWDomRLVRODGDVHQGRUHIpPGHXPDHQWLGDGHRX
SURFHVVRQRPXQGRIHQRPHQDO
$ULVWyWHOHV
6XEVWkQFLD
4XDQWLGDGH
4XDOLGDGH
5HODomR
7HPSR
3RVLomR
(VSDoR
(17,'$'(6
35235,('$'(6
',0(16®(6
&DWHJRULDVFRQFHLWXDLVGH'DKOEHUJ
)HQ{PHQRV
2EMHWRJHUDO
2EMHWRPDWHULDO
&RQWDJHPHPHQVXUDomR
4XDOLGDGH
&RPSDUDomR
7HPSR
3RVLomR
(VSDoR
)LJXUD&RUUHODomRGDVFDWHJRULDVGH$ULVWyWHOHVFRPDVFDWHJRULDVGH'DKOEHUJ
2&ODVVLILFDWLRQ5HVHDUFK*URXS&5*FULDGRQD,QJODWHUUDSDUDGHVHQYROYHUHVWXGRVFRPEDVHQRVSULQFtSLRV
GH5DQJDQDWKDQLGHQWLILFRXJUDQGHGLYHUVLGDGHGHPDQLIHVWDomRGDVFLQFRFDWHJRULDV:,/621
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
1D 2QWRORJLD )RUPDO R FRQFHLWR &DWHJRULD DSDUHFH FRPR R QtYHO GH DQiOLVH GD
HVWUXWXUDomRGRVREMHWRVGHXPGRPtQLR1DYHUGDGH*XDULQRSDUWHGRVREMHWRVRQWRORJLD
GRV SDUWLFXODUHV H QRV DSUHVHQWD D VHJXLQWH IRUPD GH DQiOLVH HP WRGR FRQWH[WR QRV
GHSDUDPRV FRP REMHWRV FRQWtQXRV RX RFRUUHQWHV TXH HVWmR HP GDGD UHJLmR WHPSRUDO RX
HVSDFLDO
4XDQGR HVVHV REMHWRV ID]HP SDUWH GH XP GDGR GRPtQLR HOHV SRVVXHP
SURSULHGDGHVHHVWmRUHODFLRQDGRVHQWUHVL2V7LSRVGHREMHWRVDV&DWHJRULDVGH2EMHWRH
RV 3DSpLV TXH HVVHV REMHWRV H[HUFHP HP XP GDGR GRPtQLR VmR SURSULHGDGHV TXH VmR
XWLOL]DGDV SDUD DQiOLVH GRV REMHWRV HP XP GHWHUPLQDGR FRQWH[WR $ &DWHJRULD
HVSHFLILFDPHQWH p FRQVLGHUDGD XPD FODVVH GH QtYHO PDLV DPSOR WHQGR FRPR IXQomR
SRVVLELOLWDU XPD FODVVLILFDomR JHUDO GR GRPtQLR HP TXHVWmR 1HVWH SRQWR HQFRQWUDPRV
VHPHOKDQoDHQWUH5DQJDQWKDQ'DOKEHUJH*XDULQR(QWUHWDQWR*XDULQRQmRQRVDSUHVHQWD
TXH FDWHJRULDV VHULDP HVWDV VRPHQWH DSRQWD SDUD D QHFHVVLGDGH GH VH FODVVLILFDU XP
GRPtQLRHPFDWHJRULDV
$7HRULDGD7HUPLQRORJLDHD2ULHQWDomRD2EMHWRVQmRSRVVXHPHVWDUHODomR1R
TXHGL]UHVSHLWRj7HRULDGD7HUPLQRORJLDRPDLRUQtYHOGHDJUXSDPHQWRGHFRQFHLWRVpR
TXH HOD GHQRPLQD GH VLVWHPD GH FRQFHLWRV TXH SRVVXL XP VLJQLILFDGR SUySULR SRLV DTXL
VLVWHPDGHFRQFHLWRVUHSUHVHQWDXPDFODVVHGHFRQFHLWRVHQmRDUHXQLmRGHWRGDVDVFODVVHV
TXH Vy VHULD SRVVtYHO VH H[LVWLVVH XP HOHPHQWR DJUHJDGRU TXH QR FDVR SRGHP VHU DV
FDWHJRULDV ,VWRDFDEDQmRDFRQWHFHQGRSRUTXHD7HRULDGD7HUPLQRORJLDXVDXPPpWRGR
LQGXWLYR SDUWLQGR GH FDGHLDV DVFHQGHQWHV SDUD D GHILQLomR GR FRQFHLWR H R FRQWH[WR p
UHOHYDQWHVRPHQWHSDUDDGHILQLomRGR FRQFHLWRHQmRSDUDSRVVLELOLWDUXPD UHSUHVHQWDomR
GR GRPtQLR $ 2ULHQWDomR D 2EMHWRV SDUWH GR REMHWR H GH VXD UHODomR PDV QmR HVWi
SUHRFXSDGDH[DWDPHQWHHPFODVVLILFDURREMHWRQRFRQWH[WRGHFDWHJRULDVSUpHVWDEHOHFLGDV
H VLP QR FRQWH[WR HP TXH D DSOLFDomR VH LQVHUH RX VHMD GHVFUHYrOR H DSUHVHQWiOR QD
UHODomRFRPRXWURVREMHWRV
(P XP KLSHUGRFXPHQWR DV UHODo}HV FDWHJRULDV VmR PXLWR LPSRUWDQWHV H WrP
LPSOLFDomR QD HODERUDomR GR FRQWH~GR GR Qy FRQFHLWXDO &RPR D HVFULWD PRGHODU UH~QH
SHGDoRVGHLQIRUPDomRVHID]QHFHVViULRVHOHFLRQDURV JUXSRVGHLQIRUPDomR$VVLPVH
HPGHWHUPLQDGRQyDTXHVWmRWUDWDGDGL]UHVSHLWRjVSURSULHGDGHVGROHLWHRVHXSURFHVVR
GHLQGXVWULDOL]DomRGHYHVHUWUDWDGRHPXPRXWURQySDUDTXHVHSRVVDWHUXPD FRHUrQFLD
OyJLFDQDGLVWULEXLomRGRVFRQWH~GRV(VWDFRHUrQFLDMiGHYHHVWDUSUHYLVWDQD HODERUDomR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
GR PRGHOR FRQFHLWXDO DWUDYpV GD DQiOLVH GH VHOHomR GH FRQWH~GRV TXH SDVVDP SRU XPD
SHUVSHFWLYDOyJLFDGHFODVVLILFDomRGDVUHODo}HVGHXPDPHVPDRXGHGLIHUHQWHVFDWHJRULDV
5HODomR+LHUiUTXLFD
7HQGRVH YHULILFDGR VH RV REMHWRV HVWmR UHXQLGRV RX QmR SRU VXD QDWXUH]D XP
VHJXQGRPRYLPHQWRQmR HPRUGHPGHSUHFHGrQFLDPDVGHQHFHVVLGDGHp R GH YHULILFDU
FRPR RV REMHWRV GH PHVPD QDWXUH]D VH UHODFLRQDP 1HVWD PHGLGD DV WHRULDV H PpWRGRV
DSUHVHQWDP UHODo}HV TXH GHWHUPLQDP R TXH p R REMHWR RX VHMD D FRPSUHHQVmR GR
FRQFHLWR
1HVWH VHQWLGR D 7HRULD GR &RQFHLWR H D 7HRULD GD &ODVVLILFDomR GHQRPLQDP HVWD
UHODomR GH +LHUiUTXLFD D 7HRULD GD 7HUPLQRORJLD GHQRPLQD GH 5HODomR /yJLFD Mi D
2ULHQWDomR D 2EMHWRV GHILQH FRPR 5HODomR GH *HQHUDOL]DomR H (VSHFLDOL]DomR H D
2QWRORJLD)RUPDOGHILQHHVWDUHODomRGHpXP,6$Hp FRQVLGHUDGDXPDSURSULHGDGHHP
XPDRQWRORJLDPtQLPDGHXQLYHUVDLVSDUDDHVWUXWXUDomRGHXPGRPtQLR
1D7HRULDGR&RQFHLWRDUHODomRKLHUiUTXLFDpGHGRLVWLSRVDUHODomRGHDEVWUDomR
GH JrQHUR H HVSpFLH TXH IRUPDP FDGHLDV GH FRQFHLWRV H D UHODomR ODWHUDO RX VHMD TXH
IRUPDP UHQTXHV GH FRQFHLWRV &RPR D 7HRULD GD &ODVVLILFDomR D 7HRULD GR &RQFHLWR
XWLOL]D D WHUPLQRORJLD 5HODomR +LHUiUTXLFD (QWUHWDQWR SDUD 5DQJDQDWKDQ XPD UHODomR
KLHUiUTXLFD SRVVXL FRQFHLWRV TXH QmR HVWmR VRPHQWH HP XPD UHODomR GH JHQHUDOL]DomR H
HVSHFLDOL]DomR PDV WDPEpP HP XPD UHODomR SDUWHWRGR 3DUD 'DOKEHUJ D UHODomR
KLHUiUTXLFD EDVHLDVH HP XPD UHODomR OyJLFD GH LPSOLFDomR RX VHMD QHOD RV FRQFHLWRV
GHYHPVHUGHPHVPDQDWXUH]DRTXHQmRRFRUUHFRPRWRGRHVXDVSDUWHVTXHHPPXLWRV
FDVRVVmRGHQDWXUH]DGLIHUHQWHVSRUH[HPSORDLQVWDODomRKLGUiXOLFDGHXPHGLItFLRID]
SDUWHGHOHPDVQmRpGHPHVPDQDWXUH]DGRHGLItFLRRXVHMDQmRpXPWLSRGHHGLItFLR
1D 7HRULD GD 7HUPLQRORJLD R TXH 'DOKEHUJ GHQRPLQD GH KLHUiUTXLFD :XHVWHU
FODVVLILFDGHUHODomROyJLFDHHVSHFLILFDPXLWRPDLVRVVHXVWLSRV5HODomRGH&RPSDUDomR
VXERUGLQDomR OyJLFD FRRUGHQDomR OyJLFD LQWHUVHomR OyJLFD H GLDJRQDO H 5HODomR GH
&RPELQDomR GHWHUPLQDomR FRQMXQomR GLVMXQomR 3DUD D 7HUPLQRORJLD HVWD UHODomR p
IXQGDPHQWDOSDUDDHODERUDomRGHGHILQLo}HVSRLVSHUPLWHDFRPSUHHQVmRGRFRQFHLWRLVWR
p HVSHFLILFD R TXH D FRLVD p (QWUHWDQWR FRPR SDUD D 7HUPLQRORJLD R REMHWLYR GH
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
HYLGHQFLDUDVUHODo}HVHQWUHRVFRQFHLWRVQmRpSDUDHVSHFLILFDUXPDHVWUXWXUDVLVWHPiWLFD
PDV SDUD R HQWHQGLPHQWR GR SUySULR FRQFHLWR DFUHGLWDPRV TXH D QRomR GH KLHUDUTXLD
FRPRVHDSUHVHQWDQmRVDWLVID]1DYHUGDGHHVWDQRomRGHKLHUDUTXLDDSDUHFHQDVWHRULDV
GH UHSUHVHQWDomR GH XQLGDGHV GH FRQKHFLPHQWR GD &LrQFLD GD ,QIRUPDomR DWUDYpV GH
DXWRUHVFRPR5DQJDQDWKDQTXHHVWDYDPSUHRFXSDGRVHPHODERUDUVLVWHPDGHFODVVLILFDomR
SDUD D JXDUGD GH GRFXPHQWRV RQGH VHULD QHFHVViULD XPD FHUWD QRomR GH SUHFHGrQFLD GH
RQGH DFUHGLWDPRV TXH YHQKD D DSOLFDomR GR WHUPR 'DOKEHUJ DR VH GHEUXoDU QD iUHD GH
GRFXPHQWDomRSDUDDHODERUDomRGHWHVDXURVXWLOL]RXDQRomRGHKLHUDUTXLDQRVHQWLGRGH
SUHFHGrQFLDSDUDUHSUHVHQWDUDJHQHUDOL]DomRHHVSHFLDOL]DomR
1D 2ULHQWDomR D 2EMHWRV D UHODomR HTXLYDOHQWH p GHQRPLQDGD GH JHQHUDOL]DomR H
HVSHFLDOL]DomR PDV DTXL Vy VH FRQVLGHUD D UHODomR TXH QD 7HRULD GR &RQFHLWR p
GHQRPLQDGRGHDEVWUDomRLVWRpDTXHIRUPDFDGHLDVSRUH[HPSORPDFLHLUDpXPDiUYRUH
IUXWtIHUD TXH SRU VXD YH] p XPD iUYRUH H QmR TXH IRUPDP UHQTXHV RX VHMD PDFLHLUD
SDUUHLUDHODUDQMHLUD VmR WLSRV GH iUYRUH IUXWtIHUD (VWH WLSR GH UHODomR p IXQGDPHQWDO HP
22 SRLV Gi VXSRUWH DR PHFDQLVPR GH UHXVR RQGH QRYDV FODVVHV VmR FULDGDV D SDUWLU GH
FODVVHVSUpH[LVWHQWHVHVSHFLDOL]DQGRXPFRQFHLWR&RPRYHULILFDPRVQR&DStWXORHVWD
SRVVLELOLGDGH GH XP PHFDQLVPR GH UHXWLOL]DomR GH DWULEXWRV H RSHUDo}HV GHILQLGRV HP
FODVVHV JHUDLV SRU FODVVHV PDLV HVSHFtILFDV p LQWURGX]LGD DWUDYpV GR FRQFHLWR GH KHUDQoD
TXHVHUHIHUHDRPHFDQLVPRGHFRPSDUWLOKDPHQWRGHVVHVDWULEXWRVHRSHUDo}HVXWLOL]DQGRR
UHODFLRQDPHQWRGHJHQHUDOL]DomR
1D2QWRORJLD)RUPDODUHODomRHTXLYDOHQWHpFRQVLGHUDGDVRPHQWHFRPRGHJrQHUR
HHVSpFLHHHVWiQRHVFRSRGDHVWUXWXUDomRGHXPGRPtQLRGHFRQKHFLPHQWR(VWDUHODomRp
FRQVLGHUDGDQDRQWRORJLDIRUPDOFRPRDSULQFLSDOSDUDDRUJDQL]DomRGHXPDWD[LRQRPLD
8P DVSHFWR LPSRUWDQWH GH UHVVDOWDU QD 2QWRORJLD )RUPDO p R FRQFHLWR GH 7HRULD GD
,GHQWLGDGH RQGH VmR LQWURGX]LGDV TXHVW}HV TXH QRV OHYDP D SHUFHEHU FRPR XP FRQFHLWR
SRGH VHU FRQVLGHUDGR XP HQWH QR PXQGR 2 TXH SHUPLWH GHILQLU DWUDYpV GH XP SHQVDU
FODVVLILFDWyULRDTXLORTXHSRGHVHUFRQVLGHUDGRJrQHURHHVSpFLHGHFRQFHLWRIDWRTXHQmR
VHYHULILFDQDVRXWUDVWHRULDVHPpWRGRV
$ UHODomR KLHUiUTXLFD p XPD GDV UHODo}HV SULQFLSDLV HP TXDOTXHU HVWUXWXUD
FODVVLILFDWyULD&RPRIRLGLWRQRLQtFLRGHVWHFDStWXORHODpDTXHIRUPDDHVSLQKDGRUVDOGH
XPD HVWUXWXUD 3DUD DV WHRULDV TXH WUDWDP GRV SURFHVVRV GHILQLWyULRV GH XP FRQFHLWR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
FRPRD7HRULDGD7HUPLQRORJLDHD2QWRORJLD)RUPDOHODpLPSUHVFLQGtYHOVHQGRDSDUWLU
GHODTXHVHHVWDEHOHFHRSULPHLURHOHPHQWRGHXPDGHILQLomR3RUH[HPSORQDGHILQLomR
GRFRQFHLWRKRPHPLQLFLDPRVFRPRXWURFRQFHLWRVXSHURUGHQDGRDQLPDOUDFLRQDO
1RKLSHUGRFXPHQWRDUHODomRKLHUiUTXLFDSRVVLELOLWDDRUGHQDomRGHXPDOLQKDGH
LGpLDVLQWHUOLJDGDVSRUXPDVXFHVVmROyJLFD
5HODomR3DUWLWLYD
2XWURPRYLPHQWRGRDWRGHPRGHODUpDDQiOLVHGHFRPRRREMHWRVHFRQVWLWXLRX
VHMDTXDLVVmRVXDVSDUWHVHHOHPHQWRV1HVWDIRUPDGHUHODFLRQDPHQWRGHWHUPLQDPVHDV
UHODo}HVSDUWLWLYDV
&RPRDVRXWUDVUHODo}HVHVWD pGHQRPLQDGDGLIHUHQWHPHQWHQDVWHRULDVHPpWRGRV
DQDOLVDGRV $ 7HRULD GR &RQFHLWR GHQRPLQD GH 5HODomR 3DUWLWLYD D 7HRULD GD
&ODVVLILFDomR FRORFD HP XP PHVPR JUXSR DV UHODo}HV KLHUiUTXLFDV H SDUWLWLYDV FRPR
5HODomR+LHUiUTXLFDQD7HRULDGD7HUPLQRORJLDHODpFKDPDGDGH5HODomR2QWROyJLFDGH
&RRUGHQDomR 3DUWLWLYD D 2ULHQWDomR D 2EMHWRV D GHILQH FRPR UHODomR GH $JUHJDomR H D
2QWRORJLD )RUPDO GH 7HRULD 7RGR3DUWH WDPEpP GHQRPLQDGD GH ³PHUHRWRSRORJLD´
PHUHRWRSRORJ\
&RPH[FHomRGD2QWRORJLD)RUPDOHGD7HUPLQRORJLDDVRXWUDVWHRULDVHPpWRGRV
WUDWDP HVWD UHODomR GH IRUPD PXLWR VLPSOHV FRPR D SDUWH GH XP WRGR (QWUHWDQWR QmR
HVSHFLILFDPRTXHpRWRGRRXRTXHpDSDUWH1DYHUGDGHpVRPHQWHD2QWRORJLD)RUPDO
TXH DSUHVHQWD FULWpULRV TXH HVFODUHFHP HVWD TXHVWmR SRLV D 7HUPLQRORJLD DSUHVHQWD D
WLSRORJLD GDV UHODo}HV SDUWLWLYDV D SDUWLU GDV SRVVLELOLGDGHV GH FRRUGHQDomR H LQWHUVHomR
HQWUHRVREMHWRV(VVHVFULWpULRVDX[LOLDPRDQDOLVWDDGLVWLQJXLUVREUH DQDWXUH]D GDTXLOR
TXHLUiVHUFRQVLGHUDGRFRPRSDUWHHFRPRWRGRFRPRSRUH[HPSOR
Î QRWLSRREMHWRLQWHJUDOFRPSRQHQWHRTXHFDUDFWHUL]DHVWHWLSRGHSDUWLomR
pDSRVVLELOLGDGHGDHVWUXWXUDGRFRPSRQHQWHVHUVHSDUiYHOHSRVVXLUXPD
IXQFLRQDOLGDGHHVSHFtILFDQRFDVRGDURGDGRFDUUR
3RGHPRV REVHUYDU HVWD TXHVWmR GR UHODFLRQDPQHWR GH VXFHVVmR OyJLFD QD HODERUDomR GR PRGHOR FRQFHLWXDO GR
0DQXDOGH7HVDXURV$SrQGLFH3DUDGHILQLUPRVRTXHVHULDWHVDXURWtQKDPRVQHFHVVDULDPHQWHGHIDODUXPSRXFR
GRKLVWyULFRGDVOLQJXDJHQVGRFXPHQWiULDVSRUTXHXPWHVDXURpXPDOLQJXDJHPGRFXPHQWiULD
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
Î QRFDVRGRWLSRPHPEURFROHomR RFRPSRQHQWHQmRSRVVXLQHQKXPSDSHO
IXQFLRQDO HP UHODomR DR WRGR VmR SDUWHV GR WRGR PDV SRGHP VHU
LQGLYLGXDOL]DGRVQRFDVRGDiUYRUHFRPRSDUWHGDIORUHVWD
Î QRWLSRPDVVDSRUomR RWRGRpFRQVLGHUDGRFRPRXPDJUHJDGRKRPRJrQHR
HVXDSDUWHSRUomRpVLPLODUHVHSDUiYHOQRFDVRGRSHGDoRGHXPDWRUWD
Î RWLSRREMHWRPDWpULD H[SUHVVDDSDUWHPDWpULDQDTXDODFRLVDpIHLWDHTXH
QmRpVHSDUiYHOGRREMHWRSRLVQmRWHPQHQKXPDIXQomRVHSDUDGDGRREMHWR
QRFDVRGDELFLFOHWDHGRPDWHULDOTXHHODpIHLWDRDoR
Î R WLSR FDUiWHUDWLYLGDGH GHVLJQD XPD SDUWH GH XPD DWLYLGDGH QR FDVR D
LQGH[DomRID]SDUWHGDIDVHGHWUDWDPHQWRGRFXPHQWiULR
Î H SRU ILP iUHDOXJDU p XP WLSR SDUWLWLYR GH UHODomR HVSDFLDO HQWUH XPD
UHJLmRRFXSDGDSRUGLIHUHQWHVREMHWRVQRFDVRRRiVLVHRGHVHUWR
$ LPSRUWkQFLD GH VH FRQKHFHU WHRULFDPHQWH D H[LVWrQFLD GHVWH WLSR GH UHODomR
FRQFHLWXDO SDUD D HODERUDomR GR PRGHOR FRQFHLWXDO HP KLSHUGRFXPHQWRV p GH JUDQGH
DX[LOLR SRUTXH WDPEpP FRPR D UHODomR GH JrQHUR H HVSpFLH HVWDEHOHFH XPD FHUWD
SUHUURJDWLYD GH QHFHVVLGDGH HQWUH RV FRQFHLWRV TXH GHYHP VHU UHODFLRQDGRV SRU LVWR HP
DOJXPDVWHRULDVVmRFRQVLGHUDGDVFRPRUHODo}HVKLHUiUTXLFDV
5HODo}HVHQWUH&DWHJRULDV
8PRXWURPRYLPHQWRpYHULILFDUFRPRREMHWRVGHQDWXUH]DGLIHUHQWHVHUHODFLRQDP
H UHSUHVHQWDU HVVH UHODFLRQDPHQWR GH IRUPD PDLV FRQVLVWHQWH RX VHMD D SDUWLU GD
GHWHUPLQDomRGHDOJXQVFULWpULRVSUHVFULWLYRVTXHSRVVLELOLWDPOLJDo}HVPDLVFULWHULRVDV
(VWH WLSR GH UHODomR SRGH VHU REVHUYDGD QD 7HRULD GR &RQFHLWR FRPR 5HODomR
)XQFLRQDO6LQWDJPiWLFDRXVHMDUHODo}HVTXHVHHVWDEHOHFHPHQWUHFDWHJRULDV$VUHODo}HV
IXQFLRQDOVLQWDJPiWLFDVGLIHUHQWHPHQWHGDVUHODo}HVGHQDWXUH]DSDUDGLJPiWLFDVOyJLFDVH
SDUWLWLYDVSRGHPVHUUHFRQKHFLGDVFRPRUHODo}HVTXHWRUQDPHYLGHQWHXPDGDGDGHPDQGD
RXIXQomRHQWUHRVREMHWRVQRPXQGRIHQRPHQDOHQmRREMHWLYDH[SOLFLWDURREMHWRHVXDV
$7HRULDGD&ODVLILFDomR)DFHWDGDFRQVLGHUDXPDUHODomRKLHUiUTXLFDjTXHODTXHIRUPDUHQTXHVHFDGHLDVOyJLFDVH
SDUWLWLYDV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
SURSULHGDGHV 1HVWH VHQWLGR 'DKOEHUJ DSUHVHQWD HP VXD WHRULD DOJXPDV GDV VHTrQFLDV
SRVVtYHLV GH VH HVWDEHOHFHU XPD UHODomR IXQFLRQDO VLQWDJPiWLFD HQWUH RV FRQFHLWRV FRPR
YLVWRQR&DStWXOR(QWUHWDQWRGLIHUHQWHPHQWHGD7HRULDGD7HUPLQRORJLD'DKOEHUJQmR
HVJRWDRVWLSRVGHUHODFLRQDPHQWRHQWUHFDWHJRULDVSRUTXHFRORFDHVWDUHODomRFRPRDTXHOD
TXH GHYH VROXFLRQDU GHPDQGDV QR PXQGR IHQRPHQDO H FRPR HVWH PXQGR p GLQkPLFR
FRQVLGHUD LPSRVVtYHO HVJRWDU DV SRVVLELOLGDGHV GH UHODFLRQDPHQWR 6H SRU XP ODGR HVWD
RSomR p PDLV IOH[tYHO SRU RXWUR SURYRFD DOJXPDV LQFRQVLVWrQFLD Mi TXH QmR VH GHILQH
FODUDPHQWHTXHWLSRGHREMHWRSRGHHVWDUUHODFLRQDGRDRXWURQRPRPHQWRGHVHFRQVWLWXLU
XPUHODFLRQDPHQWR
$ 7HRULD GD 7HUPLQRORJLD SURFXUD GLVFLSOLQDU DV SRVVLELOLGDGHV UHSUHVHQWDFLRQDLV
GHVWHWLSRGHUHODomRRXVHMDSURS}HXPD FODVVLILFDomRSDUDRTXHHODLUiGHQRPLQDUGH
5HODomR2QWROyJLFDGH(QFDGHDPHQWRH5HODomR2QWROyJLFDGH&DXVDOLGDGHGLIHUHQFLDQGR
DVVLP GD 5HODomR 2QWROyJLFD GH &RRUGHQDomR 3DUWLWLYD 1D UHODomR GH HQFDGHDPHQWR
HVWDEHOHFHVH D SRVVLELOLGDGH GD YHULILFDomR GH H[LVWrQFLD HP XP GDGR FRQWH[WR GH XP
UHODFLRQDPHQWRGHFRQWLJLGDGHQRWHPSRFRPRSRUH[HPSORSUHGHFHVVRUVXFHVVRU1D
UHODomRGHFDXVDOLGDGHYHULILFDVHDSRVVLELOLGDGHGHHVWDEHOHFLPHQWRGHXPHORVXFHVVLYR
GH FDXVDV FRPR D UHODomR JHQHDOyJLFD SDLILOKR D UHODomR RQWRJHQpWLFD RYR ODUYD
UHODomR GH VXEVWkQFLD XUkQLR ,,UiGLR $OpP GHVVHV :XHVWHU GHVFUHYH RXWURV
UHODFLRQDPHQWRV HQWUH FDWHJRULDV FRPR PDWHULDO SURGXWR H LQVWUXPHQWDO LQVWUXPHQWR H
VHXXVR
$2QWRORJLD)RUPDOQmRSRVVXLXPDFODVVLILFDomRHVSHFtILFDSDUDRUHODFLRQDPHQWR
HQWUH FDWHJRULDV (QWUHWDQWR DR GHILQLU RV SUHVVXSRVWRV GD 7HRULD GD 'HSHQGrQFLD
DSUHVHQWDTXHVW}HVOLJDGDVDRUHODFLRQDPHQWRHQWUHRVFRQFHLWRVRQGHHYLGHQFLDDWUDYpVGH
H[HPSOLILFDo}HVTXHRVFRQFHLWRVVHUHODFLRQDPQmRVRPHQWHHPGHSHQGrQFLD JHQpULFD H
SDUWLWLYD PDV WDPEpP HP YiULDV IRUPDV GH GHSHQGrQFLD H[LVWHQFLDO HQYROYHQGR
LQGLYtGXRV HVSHFtILFRV SHUWHQFHQWHV D FODVVHV GLIHUHQWHV *XDULQR FLWD LQFOXVLYH XP
H[HPSORGRTXHHOHLUiGHQRPLQDUGHGHSHQGrQFLDGHFODVVHFRPRYLPRVQR&DStWXORR
UHODFLRQDPHQWRHQWUHSDLHILOKRTXH:XHVWHUQD7HRULDGD7HUPLQRORJLD FODVVLILFD FRPR
XPWLSRGHUHODFLRQDPHQWRHQWUHFDWHJRULDVGHQRPLQDGRGH5HODomR*HQHDOyJLFD
$7HRULDGD&ODVVLILFDomR)DFHWDGDQmRDSUHVHQWDHVWDUHODomRSRLVHODVRPHQWHYDL
WUDEDOKDUFRPUHODo}HVTXHHYLGHQFLDPHVWUXWXUDVKLHUiUTXLFDVIRUPDPFDGHLDVHUHQTXHV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
RTXHQmRpRFDVRGDVUHODo}HVHQWUHFDWHJRULDV'HVWDIRUPDHVWHWLSRGHUHODomRQmRVH
FRORFDHPHVWUXWXUDVGHFODVVLILFDomRSDUDJXDUGDGHGRFXPHQWRV
$ 2ULHQWDomR D 2EMHWRV QmR GHWDOKD HVWD UHODomR PDV VH YHULILFD TXH HOD H[LVWH
FRPRXPPHLRGHDVVRFLDomRHQWUHRVREMHWRV1DYHUGDGHD22QmRQRPHLDHVWDUHODomR
PDVDXWLOL]DTXDQGRHIHWLYDUHODFLRQDPHQWRVHQWUHREMHWRV3RUH[HPSORTXDQGRHPXPD
GDGD LPSOHPHQWDomR VH GL] TXH DOXQR FXUVD GLVFLSOLQD D UHODomR FXUVD QmR SRGH VHU
FRQVLGHUDGDXPDJHQHUDOL]DomRHVSHFLDOL]DomRHQHPXPD DJUHJDomRpHQWmRFRQVLGHUDGD
XPD DVVRFLDomR HQWUH RV REMHWRV $SHVDU GR FRQFHLWR GH DVVRFLDomR QD 22 HQJOREDU
WDPEpPJHQHUDOL]DomRHVSHFLDOL]DomRHDJUHJDomRHOHFRQWpPRXWURVUHODFLRQDPHQWRVTXH
SRGHPVHUFRQVLGHUDGRVHQWUHFDWHJRULDV
1RVKLSHUGRFXPHQWRVHVWHWLSRGHUHODFLRQDPHQWRHQWUHRVQyVFRQFHLWXDLVVHQmR
IRU WUDWDGR QXPD SHUVSHFWLYD OyJLFD LPSHGH TXH H[LVWD XPD FRHUrQFLD HQWUH RV QyV
FRQFHLWXDLV SRLV SURYRFD OLJDo}HV LPSUySULDV HQWUH HOHV GHL[DQGR D LPSUHVVmR TXH R
KLSHUGRFXPHQWRpXPDJUHJDGRGHSHGDoRVGHLQIRUPDomRUHXQLGRVIURX[DPHQWHHQmRXP
WRGR FRHUHQWH 7+85,1* HW DO 'HVWD IRUPD DR VH GHILQLU TXH HQWUH RV QyV
FRQFHLWXDLVH[LVWHXPDUHODomRHQWUHFDWHJRULDVGHYHVHWHUHYLGHQFLDGRTXHHVVDVUHODo}HV
VHGmRHPXPQtYHORQGHpSRVVtYHOLGHQWLILFDU DQDWXUH]DGRV FRQFHLWRVHRTXHIRPHQWD
VHX UHODFLRQDPHQWR (VWDV SRVVLELOLGDGHV OyJLFDV GH OLJDo}HV HQWUH FDWHJRULDV HVWmR EHP
GHILQLGDV QD 7HRULD GD 7HUPLQRORJLD QDV 5HODo}HV 2QWROyJLFDV H TXH VmR SRU 'DKOEHUJ
VLQWHWL]DGDVHPVXD7HRULDGR&RQFHLWR*DUDQWHVHGHVWD IRUPD XPD FRHUrQFLD HQWUH RV
QyVGHXPKLSHUGRFXPHQWR
5HODomRGH(TXLYDOrQFLD
3RU~OWLPRpLPSRUWDQWHYHULILFDUXPGDGRWLSRGHUHODomRTXHQmRPDLVVHFRQVWLWXL
HQWUHFRQFHLWRVPDVHQWUHDIRUPDGHH[SUHVVDURVFRQFHLWRVRXVHMDVHGiQRkPELWRGD
OtQJXD D FKDPDGD 5HODomR GH (TXLYDOrQFLD (VWD UHODomR p VRPHQWH UHSUHVHQWDGD QD
7HRULD GR &RQFHLWR H GD 7HUPLQRORJLD (QWUHWDQWR QD 7HRULD GD &ODVVLILFDomR )DFHWDGD
5DQJDQWKDQ5$1*$1$7+$1FLWD DTXHVWmRGDOLQJXDJHPHPXPSODQRTXH HOH
GHQRPLQD GH YHUEDO RX VHMD HVWi QR kPELWR GD OLQJXDJHPFRPXQLFDomR H QmR GD
UHSUHVHQWDomRFRQFHLWXDOHVWDQGRHPXPSODQRTXHHOHGHQRPLQDGDVLGpLDVHSRULVVRQmR
VH FRORFD 1XPD YLVmR FRPSDUDWLYD DFUHGLWDPRV TXH D TXHVWmR GDV UHODo}HV GH
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
HTXLYDOrQFLDQmRVHFRORFDQD2ULHQWDomRD2EMHWRVSRUHVWHPHVPRPRWLYRRXVHMDRTXH
VH GHVHMD p D UHSUHVHQWDomR GH XP FRQWH[WR GH DWLYLGDGH H QmR GH HVWDEHOHFHU PHLRV GH
FRPXQLFDomR HQWUH JUXSRV GH IDODQWHV FRPR p R REMHWLYR GD 7HRULD GD 7HUPLQRORJLD
(QWUHWDQWRHVWDpXPDFRQFOXVmRTXHFRQVLGHUDPRVDSURSULDGDSDUDMXVWLILFDUDLQH[LVWrQFLD
GHVWHUHODFLRQDPHQWRSRLVDOLWHUDWXUDGH22QHPWRFDQHVWHSRQWR
1RTXHFRQFHUQHjEDVHWHyULFDGD2QWRORJLD)RUPDOHVWDUHODomRQmRVHDSUHVHQWD
(QWUHWDQWR FRPR GLVFXWLGR QR FDStWXOR DV RQWRORJLDV TXDQGR FRQVWUXtGDV HVWDEHOHFHP
VLQRQtPLDVHQWUHDVGLYHUVDVIRUPDVGHGHQRPLQDomR$FUHGLWDPRVTXHFRPRHVWDUHODomR
QmR ID]HQGR SDUWH GH XP SODQR OyJLFR PDV GH XP SODQR GD OtQJXD HVWD UHODomR QmR YHP
VHQGRDSUHVHQWDGDQRVPRGHORVJUiILFRVTXHFRPS}HPDVUHODo}HVHQWUHRVREMHWRV
$UHODomRGH HTXLYDOrQFLDpGHLPSRUWkQFLDFDSLWDOQRVKLSHUGRFXPHQWRVSRLVHVWi
QR kPELWR GR GL]HU GR H[SUHVVDU DV LGpLDV TXH VH FRQILJXUDP QD SDODYUD HVFULWD (OD
SRVVLELOLWD TXH H[LVWD LQWHURSHUDELOLGDGH HQWUH DV LGpLDV TXH HVWmR QD PHQWH GR DXWRU D
IRUPDGHH[SUHVViODVHD IRUPDGHEXVFDSHOROHLWRU
1RHVFRSRWHPiWLFRGRVPHWDGDGRVHVWDUHODomRQRVSDUHFHLPSUHVFLQGtYHOSDUDVH
SHQVDU HP TXHVW}HV OLJDGDV D LQWHURSHUDELOLGDGH HQWUH VLVWHPDV PDV LVWR ID] SDUWH GH XP
RXWURFRQWH[WRGHGLVFXVVmR
2TXDGURDVHJXLUHVSHOKDGHPDQHLUDHVTXHPiWLFDDVGLIHUHQoDVHVHPHOKDQoDVGDV
UHODo}HVDSUHVHQWDGDV HQWUH RV FRQFHLWRV D SDUWLU GRV UHODFLRQDPHQWRV FRQWLGRV QD 7HRULD
GR&RQFHLWR
7&RQFHLWR
5HODo}HV
FDWHJRULDLV
5HODomR
KLHUiUTXLFD
5HODomR
3DUWLWLYD
5HODomR
)XQF3DUW
5HODomRGH
(TXLYDOrQFLD
7&ODVVLILFDomR 77HUPLQRORJLD
BBBBBBBBB
&DWHJRULDV
5HODomR
KLHUiUTXLFD
5HODomR
KLHUiUTXLFD
BBBBBBBBB
5HODomROyJLFD
5HODomR
2QWROyJLFD
5HODomR
2QWROyJLFD
5HODomRGH
(TXLYDOrQFLD
2ULHQWDj2EMHWRV 2QWRORJLDV
BBBBBBBBB
2QWRORJLDGRV
8QLYHUVDLV
*HQHUDOL]DomRH
2QWRORJLDGRV
(VSHFLDOL]DomR
8QLYHUVDLV,6$
$JUHJDomR
7HRULDWRGRSDUWH
7HRULDGD
'HSHQGrQFLD
/HJHQGD
BBBBBB DUHODomRQmRpDSUHVHQWDGD
DUHODomRQmRpDSUHVHQWDGDHQmRID]VHQWLGRH[LVWLU
DUHODomRH[LVWHPDVQmRSRVVXLXPDIRUPDOL]DomRWHyULFD
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
&RPRpSRVVtYHOYHULILFDUQHVWDVtQWHVHD7HRULDGR&RQFHLWRDSUHVHQWDXPHVFRSR
WHyULFREDVWDQWHDEUDQJHQWHSDUDVHSHQVDURVFRQWH~GRVGHFRQKHFLPHQWRQHFHVViULRSDUD
DX[LOLDURSURFHVVRGHPRGHOL]DomRGHXPKLSHUGRFXPHQWR
'DKOEHUJ FRQVWUyL VXD 7HRULD D SDUWLU GH WUDEDOKRV TXH UHDOL]D QR kPELWR GD
FODVVLILFDomR ELEOLRJUiILFD H GD WHUPLQRORJLD UHXQLQGR DVVLP RV DVSHFWRV LPSRUWDQWHV
GHVWDV GXDV iUHDV 'D FODVVLILFDomR ELEOLRJUiILFD DJUHJD RV FRQKHFLPHQWRV DSUHVHQWDGRV
SRU 5DQJDQWKDQ VREUH R 8QLYHUVR GH &RQKHFLPHQWR H VXDV FDWHJRULDV IXQGDPHQWDLV 1D
YHUGDGH WHQGR 'DKOEHUJ XPD IRUPDomR HP )LORVRILD LGHQWLILFD D RSomR WHyULFD GH
5DQJDQDWKDQ TXH PHVPR VHP HVWDU H[SOtFLWR HP VHXV WUDEDOKRV EHEH GD IRQWH RQGH
$ULVWyWHOHVHODERUDVXD)LORVRILD'D7HUPLQRORJLDUHWLUDHWUDQVIRUPDGHPDQHLUDEDVWDQWH
FODUD RV SULQFtSLRV SDUD D HODERUDomR GDV UHODo}HV HQWUH FRQFHLWRV WRUQDQGRDV PDLV
LQWHOLJtYHLVSDUDDTXHOHVTXHQmRWLYHUDPDFKDQFHGHVHUHPLQLFLDGRVRQGHRDXWRUGHVWH
HVWXGRVHLQFOXL
$V WHRULDV H PpWRGRV DTXL DQDOLVDGRV GD &LrQFLD GD &RPSXWDomR FRPR H[SRVWR
DQWHULRUPHQWH SDUHFHQRV TXH YrP WUDoDQGR XP FDPLQKR SHOR GRPtQLR GD UHSUHVHQWDomR
GRFRQKHFLPHQWR2IDWRGHLGHQWLILFDUPRVUHODo}HVTXHQmRVmR FRQWHPSODGDVRXTXH
DLQGD SRVVXHP XPD FODVVLILFDomR PXLWR DEUDQJHQWH SDUHFHQRV SUySULR GR SHUFXUVR
SHUFRUULGR SRU HVWD iUHD 1HVWH VHQWLGR RV PRGHORV GH GDGRV TXH GmR VXSRUWH jV
WHFQRORJLDV GD &LrQFLD GD &RPSXWDomR WrP FDPLQKDGR HP EXVFD GH PHFDQLVPRV PDLV
SUHFLVRV RX VHMD PHFDQLVPRV GH DEVWUDomR PDLV SUy[LPRV GD UHDOLGDGH (QWUHWDQWR
SRGHPRVYHULILFDUTXHDSHVDUGLVWRD&LrQFLDGD&RPSXWDomRHVWijIUHQWHQRVSURFHVVRV
GH HODERUDomR GH UHSUHVHQWDo}HV JUiILFDV SRVVXLQGR PHFDQLVPRV TXH SRVVLELOLWDP
IRUPDOL]DUXPDUHSUHVHQWDomRGHFRQFHLWRVR22SRVVXLXPPRGHORVGHGHVFULomRJUiILFD
TXHUHSUHVHQWDGHIRUPDHVTXHPiWLFDXPDGDGDUHDOLGDGH$ 2QWRORJLD )RUPDOSRUVXD
YH]WUDQVIRUPDDVGHILQLo}HVHPD[LRPDVGHOyJLFDGHSULPHLUDRUGHPTXHSRVVLELOLWDD
XPDPiTXLQDPHOKRUHQWHQGHUFRQWH~GRVFRQFHLWXDLV3RULVVRHSRUWDQWRVRXWURVPRWLYRV
SDUHFHQRV TXH HVWH SHUFXUVR LQWHUGLVFLSOLQDU WmR DSRORJLFDPHQWH GHIHQGLGR QRV WHPSRV
DWXDLVFRQVWLWXLVHXPFDPLQKRLPSRUWDQWHDVHUWULOKDGR
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
$VIRUPDVGHUHSUHVHQWDomRXPDSRVVLELOLGDGHGH
FRPXQLFDomR
$ HWDSD GH PRGHODJHP FRQFHLWXDO YHP VHQGR QHVWH HVWXGR LQYHVWLJDGD FRPR XP
LQVWUXPHQWR GH FRPXQLFDomR HQWUH R DXWRU FRQWHXGLVWD H R DXWRU GD WHFQRORJLD GR
KLSHUWH[WR H QmR VRPHQWH FRPR XP PHFDQLVPR GH GRFXPHQWDomR H SODQHMDPHQWR GR
VLVWHPD$VVLPSHQVDPRVQRPRGHORFRQFHLWXDOFRPRXPYHtFXORGHFRPXQLFDomRSDUDD
FRQVWUXomRGRWH[WRHQmRVRPHQWHFRPRXPDHWDSDGDPRGHODJHPGRVLVWHPD
1DV WHRULDV HVWXGDGDV QR &DStWXOR YHULILFDPRV TXH D iUHD GD &LrQFLD GD
,QIRUPDomR DSHVDU GH WHU WHRULDV EHP IXQGDPHQWDGDV VREUH R FRQFHLWR H UHODo}HV
FRQFHLWXDLV p IUDFD HP PRGHORV TXH DX[LOLHP D HODERUDomR GH UHSUHVHQWDo}HV JUiILFDV
7DQWRQD7HRULDGD&ODVVLILFDomR)DFHWDGDFRPRQD7HRULDGR&RQFHLWRQmRpDSUHVHQWDGR
QHQKXP PRGHOR SDUD H[SUHVVDU JUDILFDPHQWH DV UHODo}HV FRQFHLWXDLV $FUHGLWDPRV TXH
LVVR VH GHYD DR IDWR GHVVDV WHRULDV WHUHP SRU REMHWLYR D HODERUDomR GH OLQJXDJHQV
GRFXPHQWiULDV TXH DSHVDU GH SRVVXtUHP XPD SDUWH VLVWHPiWLFD QmR WrP RV FRQFHLWRV
UHSUHVHQWDGRVHPIRUPDJUiILFDPDVHPIRUPDGHXPDOLVWDHQGHQWDGDGHWHUPRVFRPXPD
QRWDomRTXHGHL[DGHFHUWDIRUPDHYLGHQWHVRVJUXSRVGHWHUPRVDILQV
1D iUHD GD FRQVWUXomR GH WHUPLQRORJLDV RQGH VH FRQILJXUDP D 7HRULD GD
7HUPLQRORJLD H D 2QWRORJLD HVWD ~OWLPD FODVVLILFDGD FRPR GH HVFRSR GD &LrQFLD GD
&RPSXWDomRDVUHSUHVHQWDo}HVJUiILFDVVmRDSUHVHQWDGDVGHIRUPDFRQVLVWHQWHHQWUHWDQWR
FRP DOJXPDV GLIHUHQoDV IXQGDPHQWDLV $ 7HRULD GD 7HUPLQRORJLD XWLOL]DVH GH XPD
UHSUHVHQWDomR JUiILFD YLVDQGR GRLV DVSHFWRV R SULPHLUR SHUPLWH DR WHUPLQyORJR XPD
IHUUDPHQWD PDLV SUHFLVD SDUD FODVVLILFDU RV FRQFHLWRV HP XP VLVWHPD GH FRQFHLWRV
SRVVLELOLWDQGR DVVLP D HODERUDomR GH GHILQLo}HV PDLV FRQVLVWHQWHV R VHJXQGR SHUPLWH DR
XVXiULRYLVXDOL]DUDVFODVVHVGHFRQFHLWRVDILQVRTXHXPDVLPSOHVRUGHPDOIDEpWLFDQmR
SHUPLWLULD 3RU RXWUR ODGR D 2QWRORJLD XWLOL]DVH GD UHSUHVHQWDomR JUiILFD FRPR XP
IHUUDPHQWD SDUD JDUDQWLU XP SURMHWR OyJLFR PDLV EHP HVWUXWXUDGR GH XP VLVWHPD H SDUD
WDQWR UHFRUUH JHUDOPHQWH j UHSUHVHQWDomR JUiILFD XWLOL]DGD SHOR PRGHOR 22 $VVLP D
2QWRORJLDDSHVDUGHDYDQoDUTXDQWRDRVDVSHFWRVWHyULFRVGD22DLQGDHVWiUHIpPGHXPD
&RPR YLPRV DQWHULRUPHQWH DV WHUPLQRORJLDV DSUHVHQWDP XPD SDUWH DOIDEpWLFD RQGH RV WHUPRV VmR OLVWDGRV HP
RUGHPDOIDEpWLFDFRPVXDVUHODo}HVHXPDSDUWHVLVWHPiWLFDTXHDSUHVHQWDRVWHUPRVFRPRXPDWD[LRQRPLDGHFRQFHLWRV
DILQV
$&RPSOH[LGDGHGR5HSUHVHQWDUGDFRPSDUDomRHQWUHPpWRGRVHWHRULDV
jFRQVWUXomRGRKLSHUGRFXPHQWR
IRUPD GH HYLGHQFLDU RV FRQFHLWRV H VXDV UHODo}HV SRLV FRPR IRL GLWR XWLOL]D R PRGHOR GH
UHSUHVHQWDomRGD22
'HVWDIRUPDYHULILFDPRVTXHDSHVDUGD7HRULDGD7HUPLQRORJLDGD2QWRORJLDHGD
22XWLOL]DUHPXPDUHSUHVHQWDomRJUiILFDTXHHYLGHQFLDDWUDYpVGHJUiILFRVHQRWDo}HVRV
UHODFLRQDPHQWRV JHQpULFRV SDUWLWLYRV SRU H[HPSOR D ILQDOLGDGH GHVVD UHSUHVHQWDomR p
GLVWLQWDRTXHWRUQDLQFRQVLVWHQWHTXDOTXHUWHQWDWLYDGHFRPSDUDomRHQWUHRVPRGHORV
(QWUHWDQWRFDEHDTXLHYLGHQFLDUDQHFHVVLGDGHGHXPDUHSUHVHQWDomRJUiILFDFRPR
XPPHLRYHtFXORTXH SHUPLWLUi D FRPXQLFDomR HQWUH RV GLYHUVRV SDSpLV GH DXWRULD TXH VH
SHUVRQLILFDP HP XP KLSHUGRFXPHQWR $FUHGLWDPRV TXH R FRQKHFLPHQWR GH DPEDV DV
WHRULDV SRVVD VRPDU SDUD D HODERUDomR GH XP PRGHOR FRQFHLWXDO JUDILFDPHQWH H[SUHVVLYR
HPKLSHUGRFXPHQWRV
2(63$d2&2081,&$&,21$/1$5($/,=$d­2'$
$8725,$5(48,6,7263$5$$(/$%25$d­2'(
0(72'2/2*,$63$5$02'(/26&21&(,78$,6'(
+,3(5'2&80(1726
&RQFOXtPRVGXUDQWHDH[SRVLomRGHQRVVDWHVHTXHRKLSHUGRFXPHQWRpXPWLSRGH
UHJLVWUR GH FRQKHFLPHQWR TXH QHFHVVLWD GH QRYRV SURFHVVRV SDUD D RUJDQL]DomR GH VHX
FRQWH~GRUHIOHWLQGRGLUHWDPHQWHQRVPRGRVGHHODERUDomRGHXPDHVFULWDTXHVHGL]KRMH
PRGHODU 2 SDSHO TXH R DXWRU H[HUFH QHVWD QRYD WHFQRORJLD LQWHOHFWXDO SRGH VHU GHVFULWR
VRE GXDV SHUVSHFWLYDV DWUDYpV GH VXD FDSDFLGDGH LQWHOHFWXDO H GH VXD FDSDFLGDGH
WHFQROyJLFD(VWDVFDSDFLGDGHVSRGHPHVWDUUHXQLGDVHPXPVyLQGLYtGXRRXHPPDLVGH
XP LQGLYtGXR LQDXJXUDQGR XPD QRYD SHUVSHFWLYD GH DXWRULD RX VHMD XPD DXWRULD
FRODERUDWLYD RQGH R HQWHQGLPHQWR GHVVDV GLYHUVDV IXQo}HV GH DXWRULD SRVVLELOLWD XPD
FRPXQLFDomRPDLVHIHWLYD
9HULILFDPRV WDPEpP TXH QR kPELWR GD HODERUDomR GH KLSHUGRFXPHQWRV YHP VH
GHVHQYROYHQGRXPGHEDWHLQWHUHVVDQWHVREUHRVSUREOHPDVSURYiYHLVGHVHUHPHQFRQWUDGRV
SRUVHXVDXWRUHVHOHLWRUHV-iIRLGLWR/8&$5(//$TXHRPRGHORWUDGLFLRQDOGR
KLSHUWH[WREDVHDGRXQLFDPHQWHHPQyVHHORVQmRpVXILFLHQWHSDUDDHVWUXWXUDomRGHXP
JUDQGHQ~PHURGHQyVFRPVHPkQWLFDVFRPSOH[DVHGLYHUVDV7KXULQJ7+85,1*0HW
DODSUHVHQWDGHIRUPDEDVWDQWHFODUDHVWDTXHVWmR
³(QTXDQWR RV OHLWRUHV SRGHP HQFRQWUDU GLILFXOGDGHV QD
FRPSUHHQVmR GH XP KLSHUGRFXPHQWR VHXV DXWRUHV WrP GH
OXWDU FRP VHXV SUySULRV SUREOHPDV (OHV QmR SRVVXHP
GLUHWUL]HV RULHQWDQGRRV VREUH FRPR GHYH VHU XP
KLSHUGRFXPHQWR´7+85,1*0HWDO
1HVWD SHUVSHFWLYD GHIHQGHPRV TXH p QHFHVViULR SURSLFLDU XP HVSDoR
FRPXQLFDFLRQDOQDUHDOL]DomRGDDXWRULDHPKLSHUGRFXPHQWRVHDILUPDPRVTXHHVWHHVSDoR
VHFRQILJXUDQRPRPHQWRGDHODERUDomRGRPRGHORFRQFHLWXDO
2HVSDoRFRPXQLFDFLRQDOHVWiLQVHULGRQRDPELHQWHGHSURGXomRGRFRQKHFLPHQWR
RQGHDVGHVFREHUWDVHDYDQoRVGRFRQKHFLPHQWRYLUDPUHJLVWURVDWUDYpVGDLQWHUDomRHQWUH
R ³JHUDGRU GH FRQKHFLPHQWR´ H VHXV SDUHV 'HVWD IRUPD R PRGHOR FRQFHLWXDO p
FRQVLGHUDGRRSULPHLURUHJLVWURGHXPSURFHVVRGHDXWRULDFRODERUDWLYD
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
(QWUHWDQWR FRPR /H 0RLJQH GHIHQGHPRV D SOXUDOLGDGH GRV PRGHORV 2 TXH QRV
LQWHUHVVD p SURSLFLDU PHLRV TXH SRVVLELOLWHP D PRGHOL]DomR SRLV FDGD KLSHUGRFXPHQWR
SRVVXL FDUDFWHUtVWLFDV SUySULDV TXH GL]HP UHVSHLWR D VXD WLSRORJLD D VXD WHPiWLFD 1HVWD
GLYHUVLGDGHGHIRUPDHFRQWH~GRRLPSRUWDQWHpUHVWDXUDUDOLEHUGDGHGHPRGHODUHQmRVH
GHL[DUILFDUUHIpPGHXPGDGRPRGHORHVSHFtILFR'HVWDIRUPDFRQFOXtPRVWDPEpPTXH
FDGDKLSHUGRFXPHQWRGHYHSRVVXLUXPPRGHORFRQFHLWXDOHVSHFtILFR
$VVLPIUXWRGRVHVWXGRVUHDOL]DGRVDWUDYpVGHVWDSHVTXLVDHVLQWHWL]DGRVGHIRUPD
FRPSDUDWLYD H FRQFOXVLYD QR &DStWXOR SURSRPRV XPD VpULH GH UHTXLVLWRV TXH YLVDP
DX[LOLDUR GHVHQYROYLPHQWR GH PHWRGRORJLD PDLV DSURSULDGD SDUD PRGHODJHP FRQFHLWXDO
GHKLSHUGRFXPHQWRV5HTXLVLWRVSRGHPVHUHQWHQGLGRVFRPRDFRQGLomRQHFHVViULDSDUDD
REWHQomRGHFHUWRREMHWLYRRXSDUDRSUHHQFKLPHQWRGHFHUWRILP
1mR SURSRPRV GHVWD IRUPD QHVWH HVWXGR D PHWRGRORJLD SURSULDPHQWH SRLV LVWR
UHTXHUHULD D GHILQLomR GH IRUPDOLVPRV OLJDGRV D OLQJXDJHP GH VLVWHPDV YLVWR TXH R
KLSHUGRFXPHQWRpXPGRFXPHQWRHOHWU{QLFRTXHQmR ID]SDUWHGHQRVVD IRUPDomR H QmR
YHPVHQGRQRVVRREMHWRGHHVWXGRVHSHVTXLVDV
&RPRREVHUYDPRVRSRXFRTXHH[LVWHHPWHUPRVGHPHWRGRORJLDVSDUDHVWHILPMi
LQLFLD QXPD HWDSD PDLV DYDQoDGD TXH QmR FRQWHPSOD XPD IDVH GH RUJDQL]DomR GR
FRQKHFLPHQWR H QHP SRVVLELOLWD XP HVSDoR FRPXQLFDFLRQDO HQWUH RV DXWRUHV GH
KLSHUGRFXPHQWRV HP VXDV P~OWLSODV IXQo}HV ,VWR GLILFXOWD TXH D IRUPD GH HVFULWD QRV
KLSHUGRFXPHQWRV Mi ³QDVoD´ GH IRUPD KLSHUWH[WXDO H DFDED SURSLFLDQGR VREUHFDUJD
FRJQLWLYDHGHVRULHQWDomRQDOHLWXUDGRVKLSHUGRFXPHQWRV
$VVLP FRQVLGHUDQGR D PRGHODJHP FRQFHLWXDO FRPR XP HVSDoR TXH SURSLFLD D
RUJDQL]DomRGHXQLGDGHVGH FRQKHFLPHQWRGRKLSHUGRFXPHQWR HRQGHGHYHVHULQLFLDGR R
SURFHVVRGHHVFULWDIUDJPHQWDGDSURSRPRVVHWHUHTXLVLWRVTXHGHYHPVHUXWLOL]DGRVSDUDR
GHVHQYROYLPHQWR GH PHWRGRORJLD SDUD D HODERUDomR GRV PRGHORV FRQFHLWXDLV (VWHV
UHTXLVLWRVHVWmRFODVVLILFDGRVHPWUrVQtYHLVGHFRPSUHHQVmRGRSUREOHPDHHPFDGDQtYHO
DSUHVHQWDPRVUHFRPHQGDo}HVSDUDRVHODERUDGRUHVGHPHWRGRORJLDV
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
2SULPHLURQtYHO IRLGHILQLGRFRPRGHHQWHQGLPHQWRGDIRUPD GH DERUGDJHP GR
DVVXQWR GR KLSHUGRFXPHQWR 1XPD RUGHP GH SUHFHGrQFLD HVWH QtYHO FRQVLVWH GH TXDWUR
UHTXLVLWRV
5HTXLVLWR 'HWHUPLQDomRGRGRPtQLRGHFRQKHFLPHQWRGRKLSHUGRFXPHQWR
5HTXLVLWR 'HWHUPLQDomRGRPpWRGRGHUDFLRFtQLRXWLOL]DGRSDUDUHSUHVHQWDU DV
XQLGDGHVGHFRQKHFLPHQWRGRKLSHUGRFXPHQWR
5HTXLVLWR 'HWHUPLQDomRGRWLSRGHOHLWRUGRKLSHUGRFXPHQWR
5HTXLVLWR 'HWHUPLQDomRGDWLSRORJLDGRFXPHQWDOGRKLSHUGRFXPHQWR
1HVWHQtYHORTXHVHSUHWHQGHpIRPHQWDUXPDVpULHGHGLVFXVV}HVTXHSRVVLELOLWHP
XP HQWHQGLPHQWR PDLV DEUDQJHQWH GR REMHWR KLSHUGRFXPHQWR H DOpP GLVVR LQVWDXUDU XP
HVSDoR FRPXQLFDFLRQDO TXH SURSLFLH XPD DXWRULD FRODERUDWLYD ID]HQGR FRP TXH VH
HVWDEHOHoD XP HQWHQGLPHQWR VREUH FRPR R DVVXQWR GHYHUi VHU DERUGDGR QR
KLSHUGRFXPHQWR
2 VHJXQGR QtYHO IRL GHILQLGR FRPR R QtYHO GH RUJDQL]DomR GDV XQLGDGHV GH
FRQKHFLPHQWRQDFRQVWUXomRGDQDUUDWLYDGRKLSHUGRFXPHQWR1HVWHQtYHODSUHVHQWDP
VH RXWURV GRLV UHTXLVLWRV FRQVLGHUDGRV WDPEpP VHJXQGR XPD RUGHP GH SUHFHGrQFLD D
VDEHU
5HTXLVLWR 'HILQLomRGDQDWXUH]DGRFRQWH~GRGDVXQLGDGHVGHFRQKHFLPHQWRGH
XPKLSHUGRFXPHQWR
5HTXLVLWR (VWDEHOHFLPHQWRGDVUHODo}HVHQWUHDVXQLGDGHVGHFRQKHFLPHQWRGR
KLSHUGRFXPHQWR
2 WHUFHLUR QtYHO IRL GHILQLGR FRPR R QtYHO GR HVWDEHOHFLPHQWR GH XP YHtFXOR GH
FRPXQLFDomR H H[SUHVVmR VREUH D WHPiWLFD GR KLSHUGRFXPHQWRH FRQVLVWH QR VHJXLQWH
UHTXLVLWR
5HTXLVLWR ± (ODERUDomR GH XPD UHSUHVHQWDomR JUiILFD SDUD RV QyV FRQFHLWXDLV H
VHXVUHODFLRQDPHQWRVHPXPKLSHUGRFXPHQWR
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
$ VHJXLU DSUHVHQWDPRV DV FRQFOXV}HV GR WUDEDOKR VLVWHPDWL]DGRV QRV QtYHLV H
UHTXLVLWRVDFLPDH[SRVWRV
35,0(,521Ë9(/(QWHQGLPHQWRGD)RUPDGH
$ERUGDJHPGR$VVXQWRGR+LSHUGRFXPHQWR
5HTXLVLWRV
5HTXLVLWR 'HWHUPLQDomRGRGRPtQLRGHFRQKHFLPHQWRGRKLSHUGRFXPHQWR
'HWHUPLQDU R GRPtQLR GH FRQKHFLPHQWR GR KLSHUGRFXPHQWR GHYH VHU R SULPHLUR
UHTXLVLWR D VHU SHQVDGR TXDQGR GR GHVHQYROYLPHQWR GH PHWRGRORJLDV PDLV DSURSULDGDV
SDUDPRGHORVFRQFHLWXDLV'HVXDGHILQLomRGHSHQGHUiDFRPSUHHQVmRGDWHPiWLFDWUDWDGD
SHORDXWRU GD WHFQRORJLD R TXH DX[LOLD DV GHFLV}HV TXH GHYHUmR VHU WRPDGDV YLVDQGR D
RUJDQL]DomRGDVLGpLDVHPXPKLSHUGRFXPHQWR
3RGHPRV DILUPDU TXH j VHPHOKDQoD GR TXH RFRUUH QRV GRFXPHQWRV WH[WXDLV DV
XQLGDGHV GH FRQKHFLPHQWR HP XP KLSHUGRFXPHQWR HVWmR UHXQLGDV GH XPD IRUPD
SROLFRW{PLFD FRPR XPD ÈUYRUH %DQLDQD YHU )LJXUD UHYHODQGR TXH D IRUPDomR GRV
DVVXQWRVWUDWDGRVHPXPKLSHUGRFXPHQWRpFRPSOH[D
3DUDVHSHQVDUVREUHRGRPtQLRHPXPSULPHLURPRPHQWRpLPSRUWDQWHYHULILFDU
VHRDVVXQWRDEUDQJHGLVFLSOLQDVTXHSRVVXHPXPFRUWHSDUDGLJPiWLFRRXVLQWDJPiWLFRQD
UHXQLmR GDV XQLGDGHV GH FRQKHFLPHQWR TXH FRPS}HP R KLSHUGRFXPHQWR RX VHMD VH HOH
HVWi HYLGHQFLDGR HP XPD iUHD FDQ{QLFD Mi HVWDEHOHFLGD RX VH ID] SDUWH GH XPD iUHD TXH
UH~QHVDEHUHVGHGLYHUVDViUHDVFDQ{QLFDV
4XDQGR R GRPtQLR GR DVVXQWR WUDWDGR QR KLSHUGRFXPHQWR VH LQVHUH HP XP FRUWH
SDUDGLJPiWLFR DV XQLGDGHV GH FRQKHFLPHQWR GR KLSHUGRFXPHQWR VH DSUHVHQWDP PDLV
IRUWHPHQWH GH PDQHLUD KLHUDUTXL]DGD 6H SRU RXWUR ODGR R GRPtQLR GR DVVXQWR GR
KLSHUGRFXPHQWRIRUFRQVLGHUDGRFRPRXPWLSRVLQWDJPiWLFRSRLVSRVVXLPDLVGHXPDiUHD
GLVFLSOLQDUGHXPFRUWHFDQ{QLFRVXDVXQLGDGHVGHFRQKHFLPHQWRIRUPDUmRYiULDViUYRUHV
KLHUiUTXLFDVTXHVHUHXQLUmRDSDUWLUGHXPSODQHMDPHQWRJOREDO
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
&RPR LQGLFDGR HVWDQGR HP XP GRPtQLR SDUDGLJPiWLFR RX VLQWDJPiWLFR RX HP
PDLV GH XP GRPtQLR SDUDGLJPiWLFR RX VLQWDJPiWLFR D IRUPDomR GRV DVVXQWRV QR
KLSHUGRFXPHQWR p FRPSOH[D 3RUWDQWR p QHFHVViULR HYLGHQFLDU PDLV XPD YH] TXH RV
FRQWH~GRVGHFRQKHFLPHQWRQRKLSHUGRFXPHQWRVHUHODFLRQDPGLIHUHQWHPHQWHGRHVSDoRGR
8QLYHUVRGH&RQKHFLPHQWRPDVQXPHVSDoRRQGH H[LVWHRVXMHLWRDXWRUTXHUHODFLRQDDV
WHPiWLFDVSRUYH]HVQXPDyWLFDEDVWDQWHSUySULD
FRQVHTHQWHPHQWH VH D SULRUL RV HODERUDGRUHV GH PHWRGRORJLDV SDUD PRGHORV
FRQFHLWXDLVGHYHPSUHYHUXPDHWDSDTXHSRVVDSURSLFLDUGLVFXVV}HVVREUHRWLSRGH FRUWH
WHPiWLFRGRDVVXQWRWUDWDGRQRKLSHUGRFXPHQWRHOHVWDPEpPGHYHPDSULRUL HVFODUHFHUD
QDWXUH]DGHVWHREMHWRTXHpRGHVHUPXOWLIDFHWDGR
5HTXLVLWR 'HWHUPLQDomRGRPpWRGRGHUDFLRFtQLRXWLOL]DGRSDUDUHSUHVHQWDU DV
XQLGDGHVGHFRQKHFLPHQWRGRKLSHUGRFXPHQWR
$SDUWLUGDGHILQLomRGDWHPiWLFDDVHUWUDWDGDQRKLSHUGRFXPHQWRRXWUDGHFLVmRD
VHUSUHYLVWDQDPHWRGRORJLDGL]UHVSHLWRDRFDPLQKRXWLOL]DGRSDUDDHVFROKDGRVSULQFLSDLV
WySLFRVTXHVHUmRDERUGDGRVQRKLSHUGRFXPHQWR
$TXHVWmRTXHDTXLVHFRORFDpDTXHODOLJDGDDRPpWRGRGHUDFLRFtQLRXWLOL]DGRSDUD
LGHQWLILFDU DV XQLGDGHV GH FRQKHFLPHQWR TXH FRPS}HP R GRPtQLR GH DVVXQWR D VHU
DERUGDGRSHORKLSHUGRFXPHQWR
1D PDLRULD GDV YH]HV R PpWRGR GH UDFLRFtQLR QmR HVWi HYLGHQFLDGR D SULRUL 2
DXWRUGDWHFQRORJLDHRDXWRUFRQWHXGLVWDDRXVDUHPRPRGHORQmRDWHQWDPSDUDDVHJXLQWH
TXHVWmR 4XDO R PpWRGR GH UDFLRFtQLR XWLOL]DGR SDUD UHSUHVHQWDU RV HOHPHQWRV GH XP
FRQWH[WR"(VWDTXHVWmRpLPSRUWDQWHSRLVGHWHUPLQDDHWDSDGHLGHQWLILFDomRGDVXQLGDGHV
GH FRQKHFLPHQWR GH XP KLSHUGRFXPHQWR RX VHMD GHWHUPLQD R FDPLQKR SDUD LQLFLDU R
SURFHVVRGHPRGHOL]DomR
'HQWUH RV PpWRGRV GH UDFLRFtQLR XWLOL]DGRV SDUD D RUJDQL]DomR GR FRQKHFLPHQWR
FLWDGRV QR &DStWXOR GHYHP VHU UHVVDOWDGRV DTXHOHV TXH DEDUFDP XPD SHUVSHFWLYD
VLVWrPLFD FRQWHPSODQGR QmR VRPHQWH R PpWRGR GHGXWLYR QHP Vy R LQGXWLYR PDV FRPR
SURFHVVRVGRSHQVDUTXHVHFRPSOHPHQWDP
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
(VWDSHUVSHFWLYDVLVWrPLFDHYLGHQFLDGDQD7HRULDGR&RQFHLWRUH~QHHPXPPHVPR
SURFHVVRXPDYLVmRGHGXWLYDHLQGXWLYD,QLFLDVHRSURFHVVRVDEHQGRVHTXHXPGRPtQLR
WHPiWLFRSRGHVHU SHQVDGR HP WHUPRV GH FDWHJRULDV FRQFHLWXDLV SURFHVVR GHGXWLYR PDV
HODV VHUmR GHWHUPLQDGDV D SDUWLU GR PRPHQWR GH XP DJUXSDPHQWR GDV XQLGDGHV GH
FRQKHFLPHQWRTXHFRPS}HPHVWHGRPtQLRSURFHVVRLQGXWLYR
(VWDEHOHFHPVHDVVLPPHFDQLVPRVGHDQiOLVHHVtQWHVH1DDQiOLVHGLVFLSOLQDVHR
ROKDUSDUDRGRPtQLRGHFRQKHFLPHQWRVHMDHOHSDUDGLJPiWLFRRXVLQWDJPiWLFRHHQWHQGH
VHDVXDQDWXUH]DHPWHUPRVGHFODVVHVGHPDLVDOWRQtYHOSURFXUDQGRGHWHUPLQDUTXDLVDV
XQLGDGHVGHFRQKHFLPHQWRTXHIDUmRSDUWHGDWHPiWLFDGRKLSHUGRFXPHQWR)HLWDDDQiOLVH
SURFHGHVH j VtQWHVH DWUDYpV GR DJUXSDPHQWR GDV XQLGDGHV GH FRQKHFLPHQWR GR FRQWH~GR
WHPiWLFR GR KLSHUGRFXPHQWR FKHJDQGRVH jV FDWHJRULDV GH PDLV DOWR QtYHO (VWDV
FDWHJRULDVVmRDSUHVHQWDGDVQRVKLSHUGRFXPHQWRVFRPRDVWHPiWLFDVTXHIRUPDPRTXHVH
SRGHFKDPDUGHHVWUXWXUDGDREUD
2VGRLVSULPHLURVUHTXLVLWRVHVWmRHVWUXWXUDGRVHPXPHVSDoRFRPXQLFDFLRQDOHQWUH
R DXWRU GD WHFQRORJLD H R DXWRU GD WHPiWLFD $FUHGLWDPRV TXH HVWH WLSR GH GLVFXVVmR QR
PRPHQWR LQLFLDO GH HODERUDomR GR KLSHUGRFXPHQWR VHMD IXQGDPHQWDO SDUD R VHX
HQWHQGLPHQWR H DOpP GLVWR SURSLFLD TXH VH LQVWDXUH XP HVSDoR FRPXQLFDFLRQDO
HOLPLQDQGRDGLVWkQFLDTXHYHPRFRUUHQGRTXDQGRDPHWRGRORJLDWUDGLFLRQDOPHQWHDGRWDGD
p VROLFLWDU DR DXWRU WHPiWLFR TXH GHVHQYROYD XP WH[WR OLQHDU SDUD GHSRLV VHU OLGR H
HQWHQGLGRSHORDXWRUGDWHFQRORJLDTXHVyHQWmRLQLFLDXPSURFHVVRGHPRGHODU
1D YHUGDGH FRPR SHQVDPRV HP XPD DXWRULD FRODERUDWLYD DFUHGLWDPRV TXH D
PRGHOL]DomRGHKLSHUGRFXPHQWRVGHYDVHULQLFLDGDMiQDGLVFXVVmRGHVXDWHPiWLFDSRLVHOD
LQIOXHQFLDUiGLUHWDPHQWHFRPRRVFRQWH~GRVGRVKLSHUGRFXPHQWRVVHUmRDSUHVHQWDGRV
'HVWD IRUPD R 5HTXLVLWR DTXL DSUHVHQWDGR DVVLP FRPR R 5HTXLVLWR PHVPR
HVWDQGR HP XP QtYHO GH HQWHQGLPHQWR GD SUREOHPiWLFD GR DVVXQWR DERUGDGR QR
KLSHUGRFXPHQWR Mi GHWHUPLQDP HOHPHQWRV TXH SRVVLELOLWDUmR D HODERUDomR GR PRGHOR
1DSUiWLFDYHULILFDPRVQDHODERUDomRGRPRGHORFRQFHLWXDOGR³0DQXDOGH7HVDXUR´TXHDVGLVFXVV}HVVREUHR
GRPtQLR GH FRQKHFLPHQWR H DV IRUPDV GH UDFLRFtQLR SRVVtYHLV SDUD VH SHQVDU R GRPtQLR IRUDP IXQGDPHQWDLV SDUD R
GHVHQYROYLPHQWRGR PRGHOR $SHVDU GH QHVWD HWDSD QmR GHVHQYROYHUPRV QHQKXPD IRUPD GH UHSUHVHQWDomR JUiILFD R
VLPSOHV UHFXUVR GH DWUDYpV GHVWDV GLVFXVV}HV OLVWDU DV JUDQGHV FDWHJRULDV GH DVVXQWRV TXH LULDP VHU WUDWDGDV QR
KLSHUGRFXPHQWRIRLGHIXQGDPHQWDOLPSRUWkQFLD
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
FRQFHLWXDO H DVVLP GHYHP VHU LQFOXtGRV FRPR XPD HWDSD GD SUySULD FRQVWUXomR GR
PRGHOR
5HTXLVLWR 'HWHUPLQDomRGRWLSRGHOHLWRUGRKLSHUGRFXPHQWR
$SyVDGHWHUPLQDomRGDWHPiWLFDDVHUDERUGDGDSHORKLSHUGRFXPHQWRpQHFHVViULR
DQWHVGHHQWUDUPRVQRQtYHOGDFRQVWUXomRGHVXDQDUUDWLYDGHWHUPLQDURWLSRGHOHLWRUTXH
R DXWRU GHVHMD DOFDQoDU (VWD p RXWUD HWDSD LPSRUWDQWH SRLV GHOD GHSHQGHUmR DV GHFLV}HV
WRPDGDV TXDQWR DR WLSR GH OLQJXDJHP XWLOL]DGD TXDQWR j SURIXQGLGDGH GD WHPiWLFD
GLVFXWLGDTXDQWRDRWLSRGHQDYHJDomRTXHVHUiLPSOHPHQWDGD PDLVRXPHQRV JXLDGD H
TXDQWRDRVUHFXUVRVLQIRUPiWLFRVDVHUHPHPSUHJDGRV
&RPRYHULILFDPRVQR&DStWXORGHVWHWUDEDOKRROHLWRUSDUDTXHPRDXWRUHVFUHYH
VHX WH[WR p GHILQLGR FRPR XP OHLWRU YLUWXDO H DV SRVVLELOLGDGHV GH UHFXSHUDomR QD
QDYHJDomR GH KLSHUGRFXPHQWRV HVWmR LQVHULGDV QRV FDPLQKRV WUDoDGRV SHOR DXWRU TXH
YLVXDOL]DHVWHOHLWRU$VVLPpLPSUHVFLQGtYHOTXHDGHILQLomRGRWLSRGHOHLWRUVHGrQHVWD
IDVHGHDERUGDJHPGRHVWXGRVREUHDWHPiWLFDGRKLSHUGRFXPHQWR
eQHFHVViULRTXH D GHILQLomR GR WLSR GH OHLWRU VHMD FRORFDGD FRPR XPD TXHVWmR D
VHU DSUHVHQWDGD Mi QR PRPHQWR GD PRGHODJHP FRQFHLWXDO ,VWR SHUPLWH TXH R DXWRU
UHVSRQViYHOSHODWHPiWLFDSRVVDHYLGHQFLDUSDUDRDXWRUGDWHFQRORJLDRWLSRGHXVXiULRTXH
GHVHMDTXHRVHXWH[WRDOFDQFH
5HTXLVLWR'HWHUPLQDomRGDWLSRORJLDGRFXPHQWDOGRKLSHUGRFXPHQWR
$WLSRORJLDGRFXPHQWDOGRKLSHUGRFXPHQWRpDTXHODTXHGHILQHVXDIRUPDRXVHMD
VHRGRFXPHQWRpXP0DQXDOXP$UWLJR&LHQWtILFRXPD (QFLFORSpGLD $ IRUPD GH XP
GRFXPHQWR LQWHUIHUH GLUHWDPHQWH QR PRGR FRPR VHUi DSUHVHQWDGR VHX FRQWH~GR
LQIRUPDWLYRQRQtYHOGHHVSHFLILFLGDGHGDWHPiWLFDWUDWDGD
1R HVFRSR GRV KLSHUGRFXPHQWRV TXH QmR HVWmR FODVVLILFDGRV FRPR WH[WRV
OLWHUiULRVPDVFRPRWH[WRVFRPILQDOLGDGHVGLGiWLFDVSXGHPRVSHUFHEHU D LPSRUWkQFLD
3DUD QmR VXVFLWDU G~YLGDV PDLV XPD YH] UHIRUoDPRV D GHILQLomR TXH XWLOL]DPRV SDUD R FRQFHLWR GH
KLSHUGRFXPHQWRRXVHMDXPKLSHUWH[WRIHFKDGRQRkPELWRGHXP~QLFRGRFXPHQWR
&RPRYHULILFDPRVQR&DStWXORRVKLSHUGRFXPHQWRVOLWHUiULRVQmRID]HPSDUWHGHQRVVDSHVTXLVDSRLVHQYROYHP
RXWUDVTXHVW}HVTXHQmRIRUDPDTXLWUDEDOKDGDV
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
GDGHILQLomRGDWLSRORJLDGRFXPHQWDOGRKLSHUGRFXPHQWR(ODSRVVLELOLWDTXHVHGHWHUPLQH
DIRUPDFRPRRVFRQWH~GRVLQIRUPDWLYRVGHYHPVHUGLVWULEXtGRVQRKLSHUGRFXPHQWR
5HFRPHQGDo}HVSDUDRSULPHLURQtYHOGHPRGHOL]DomR
&RQVLGHUDQGRVH RV UHTXLVLWRV GLVFXWLGRV DFLPD SURSRPRV DV VHJXLQWHV
UHFRPHQGDo}HVFRPR
ª ,QFOXLU XPD HWDSD SDUD D GHILQLomR GR WLSR GH FRUWH WHPiWLFR GR GRPtQLR GH
FRQKHFLPHQWRGRKLSHUGRFXPHQWR
ª 3URYHU D XWLOL]DomR GR PpWRGR GH UDFLRFtQLR DQDOtWLFRVLQWpWLFR DSUHVHQWDGR QD
7HRULD GR &RQFHLWR TXH SULYLOHJLD XPD SHUVSHFWLYD VLVWrPLFD SDUD D
RUJDQL]DomRGDVXQLGDGHVGHFRQKHFLPHQWRGRKLSHUGRFXPHQWR
ª ,QFOXLU PHFDQLVPRV TXH DX[LOLHP D GHILQLomR GR WLSR GH OHLWRU YLUWXDO TXH VH
TXHUDWLQJLU
ª 3URYHU PHFDQLVPRV SDUD D GHWHUPLQDomR GD IRUPD GRFXPHQWDO GR
KLSHUGRFXPHQWR
6(*81'21Ë9(/2UJDQL]DomRGDV8QLGDGHVGH
&RQKHFLPHQWRQD&RQVWUXomRGD1DUUDWLYDGR
+LSHUGRFXPHQWR
5HTXLVLWRV
5HTXLVLWR'HILQLomRGDQDWXUH]DGRFRQWH~GRGDVXQLGDGHVGHFRQKHFLPHQWRGH
XPKLSHUGRFXPHQWR
1R KLSHUGRFXPHQWR XP Qy FRQFHLWXDO VH FDUDFWHUL]D SRU VHU XPD XQLGDGH GH
FRQKHFLPHQWR TXH FRUUHVSRQGH j PHQRU XQLGDGH GH LQIRUPDomR GH XP GRPtQLR GH
FRQKHFLPHQWR
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
'HVORFDQGRRFRQFHLWRGHXQLYRFLGDGHGD7HRULDGD7HUPLQRORJLDRQGHSDUDFDGD
HWLTXHWDOLQJtVWLFD WHPRVXPHVRPHQWHXPFRQWH~GRVLJQLILFDWLYRHPXPGDGRGRPtQLR
GH FRQKHFLPHQWR H ID]HQGR XPD DQDORJLD HQWUH R FRQFHLWR FRPR XPD XQLGDGH GH
FRQKHFLPHQWRHRQy FRQFHLWXDOGHXPKLSHUGRFXPHQWRDILUPDPRVTXHXPQyFRQFHLWXDO
GHYHVHJXLURPHVPRSULQFtSLRGHXQLYRFLGDGHUHODWLYDGHXPFRQFHLWR
1HVWH VHQWLGR D SULPHLUR TXHVWmR TXDQWR j QDWXUH]D GR FRQWH~GR GRV QyV GH XP
KLSHUGRFXPHQWRpD XWLOL]DomRGHXPDHWLTXHWDOLQJtVWLFD SDUDXPGHWHUPLQDGRFRQWH~GR
WHPiWLFR&DVRFRQWUiULRLVWRSRGHOHYDUROHLWRUDXPDVREUHFDUJDFRJQLWLYDHSUHMXGLFDU
RHQWHQGLPHQWRGRWH[WR
3RURXWURODGRTXDQWRDRFRQWH~GRWHPiWLFRpQHFHVViULRWHUEDVWDQWHFODURTXDLVDV
WHPiWLFDVDERUGDGDVQRLQWHULRUGRQy FRQFHLWXDO
&RPR R KLSHUGRFXPHQWR p IRUPDGR SRU QyV D TXHVWmR TXH VHPSUH VH FRORFD QD
PRGHOL]DomR GRV FRQWH~GRV GRV QyV p FRPR VHSDUDU HVWHV ³SHGDoRV GH LQIRUPDomR´ SDUD
TXHGHSRLVSRVVDPVHULQWHUOLJDGRVSHOROHLWRUGRGRFXPHQWRDWUDYpVGDQDYHJDomR6HQR
SULPHLURQtYHOIRLSRVVtYHOLGHQWLILFDUDVWHPiWLFDVWUDWDGDVSHORKLSHUGRFXPHQWRFRPRXP
WRGRHGHILQLURTXHGHQRPLQDPRVGHHVWUXWXUDGDREUDDJRUDpQHFHVViULRHVWDEHOHFHURV
FULWpULRVGHRUJDQL]DomRGRVFRQWH~GRVLQIRUPDWLYRVGRVQyV
$VVLPFRQFOXtPRVTXHDPHOKRUHVWUDWpJLDSDUDDVTXHVW}HVOLJDGDVjRUJDQL]DomR
GRVFRQWH~GRVGRVQyVpHVWDEHOHFHUPRVXPSDUDOHORFRPSULQFtSLRVGHILQLGRVQDVWHRULDV
DQDOLVDGDVDQWHULRUPHQWHFRPRDSUHVHQWDGRDVHJXLU
1HVWD SHUVSHFWLYD R Qy FRQFHLWXDO p GHILQLGR FRPR XP FRQFHLWR JHUDO 7HRULD GR
&RQFHLWR TXH p UHSUHVHQWDQWH GH XPD FODVVH GH FRQFHLWR 1D IRUPDomR GD FODVVH XP
SULQFtSLR HVWDEHOHFLGR H IXQGDPHQWDO SDUD RV QRVVRV SURSyVLWRV p R SULQFtSLR GD
H[FOXVLYLGDGH 7HRULD GD &ODVVLILFDomR )DFHWDGD 1HVWH SULQFtSLR HP FDGD FODVVH GH
FRQFHLWRGHYHPVHUHVJRWDGDVWRGDVDVFDUDFWHUtVWLFDVHSURSULHGDGHVTXHFRPS}HPDTXHOD
FODVVHRXVHMDXPGDGRFRQWH~GRVyGHYHSHUWHQFHUjTXHODFODVVHHQmRDRXWUD
,VWR SRGH SDUHFHU LQFRQVLVWHQWH QR kPELWR GH GLVFXVV}HV OLJDGDV j LQWHUSUHWDomR QD $QiOLVH GR 'LVFXUVR SRU
H[HPSORPDVpQHFHVViULRGHL[DUFODURTXHHVWDPRVDQDOLVDQGRRKLSHUGRFXPHQWRVREDSHUVSHFWLYDGRDXWRUHQmRGR
OHLWRU2DXWRUWHPTXH³OXWDU´SDUDTXHDPHQVDJHPTXHGHVHMDFRPXQLFDUDVHXOHLWRUVHMDHQWHQGLGD&DEHDROHLWRU
LQWHUSUHWiODVREVXDYLVmRRTXHQmRLPSHGHTXHRDXWRUSHUVLJDRSULQFtSLRGDXQLYRFLGDGHSRLVHOHHVFUHYHVHXWH[WR
LPDJLQDQGRXPOHLWRUYLUWXDO
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
1RFDVRGRKLSHUGRFXPHQWRXPQyGHYHVHUWUDEDOKDGRGHVWDIRUPDFRPRXPWRGR
FRHVR SDUD TXH GHSRLV SRVVD GHOH VH ID]HU GLYHUVRV XVRV $VVLP DR VH GHILQLU D
DEUDQJrQFLDGHFRQWH~GRDVHUWUDWDGRHPXPQyFRQFHLWXDOGHYHVHSULPHLURHVJRWDUWRGRV
RV HOHPHQWRV TXH SHUPLWHP R HQWHQGLPHQWR GR TXH p R FRQFHLWR H TXDLV VmR RV VHXV
HOHPHQWRVFRQVWLWXWLYRV'HVWDIRUPDGHWHUPLQDPRVRFRQWH~GRYROWDGRSDUDRSUySULRQy
FRPRXPWRGRHQmRUHSHWLQGRRPHVPRFRQWH~GRHPRXWURVQyV2DFHVVRpTXHGHYHVHU
GDGR GH GLYHUVDV PDQHLUDV R TXH SHUPLWH QmR FRQIXQGLU R PHLR FRQFHLWXDO FRP R
QDYHJDFLRQDOIDFLOLWDQGRDHVFULWD
5HTXLVLWR (VWDEHOHFLPHQWRGDVUHODo}HVHQWUHDVXQLGDGHVGHFRQKHFLPHQWRGR
KLSHUGRFXPHQWR
1R HVSDoR GD HODERUDomR GH XPD HVFULWD PRGHODU FRPR D TXH VH Gi QRV
KLSHUGRFXPHQWRV HQWHQGHU D QDWXUH]D GDV UHODo}HV p LPSUHVFLQGtYHO (ODV GHYHP VHU
UHJLGDV SRU SULQFtSLRV FODVVLILFDWyULRV SRLV XPD VLPSOHV FRQH[mR HQWUH RV QyV VHP
SULQFtSLRVSDXWDGRVSRUUHODFLRQDPHQWRVOyJLFRVHRQWROyJLFRVDFDEDDFDUUHWDQGROLJDo}HV
TXH QHP VHPSUH VmR DV PDLV DSURSULDGDV ,VWR SRGH VHU YLVWR FRPR R TXH /DWRXU
/$7285FRQVLGHUDFRPRRGLVFLSOLQDUDIRUPDGHROKDU2TXHSUHWHQGHPRVp
DSUHVHQWDUPHFDQLVPRVSDUDHVWHGLVFLSOLQDU
$VVLP FRQFOXtPRV TXH HP WRGD PHWRGRORJLD SDUD D HODERUDomR GH PRGHORV
FRQFHLWXDLVSDUDKLSHUGRFXPHQWRVDVVHJXLQWHV UHODo}HVGHYHPHVWDUSUHVHQWHV FRPR XP
FRQMXQWRPtQLPRGHWLSRVUHODFLRQDLVDVHUHPGLVSRQLELOL]DGRVSDUDRPRGHOL]DGRU
5HODomR&DWHJRULDOUHODFLRQDPHQWRGHPDLVDOWRQtYHOHPXPDPRGHOL]DomR1R
HVSDoR GR KLSHUGRFXPHQWR HVWH WLSR GH UHODomR SUHYr R DJUXSDPHQWR GRV QyV SRU VXD
QDWXUH]DRXVHMDXPD HQWLGDGHXPSURFHVVRH UHGX] D SRVVLELOLGDGH GH HUURV OyJLFRV QR
HVWDEHOHFLPHQWR GDV OLJDo}HV HQWUH RV QyV SRLV GHWHUPLQD D QDWXUH]D GR REMHWRQy 3RU
H[HPSORRGRPtQLRWHPiWLFRGHHODERUDomRGHWHVDXURVSRGHVHGL]HUTXHR7HVDXURpXP
GRFXPHQWRRXVHMDXPREMHWRFRQFUHWRXPDHQWLGDGHHR3ODQHMDPHQWRGH7HVDXURpXP
SURFHVVR 'HVWD IRUPD RV FRQFHLWRV ³7HVDXUR´ H ³3ODQHMDPHQWR GH 7HVDXUR´ VmR GH
FDWHJRULDV GLIHUHQWHV H Vy SRGHP VHU LQWHUOLJDGRV SRU UHODFLRQDPHQWRV LQGLFDGRV FRPR
HQWUHFDWHJRULDVQXQFDHPXPDVXFHVVmROyJLFD
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
5HODomR +LHUiUTXLFD UHODFLRQDPHQWR TXH SRVVLELOLWD D RUGHQDomR HQWUH RV QyV
FRQFHLWXDLV GH XP KLSHUGRFXPHQWR GH XPD OLQKD GH UDFLRFtQLR RQGH DV LGpLDV HVWmR
LQWHUOLJDGDV SRU XPD VXFHVVmR OyJLFD ,VWR TXHU GL]HU TXH HVWD UHODomR UHSUHVHQWD
VHTrQFLDVGHLGpLDVLQWHUOLJDGDVGHPHVPDQDWXUH]DIRUPDQGRFDGHLDVHUHQTXHVOyJLFRV
GH FRQFHLWRV TXH SRGHUmR FRQVWLWXLU XP Vy Qy 2 UHODFLRQDPHQWR KLHUiUTXLFR p R PDLV
IDFLOPHQWH LGHQWLILFDGR HP WRGDV DV WHRULDV DSUHVHQWDGDV QHVWH WUDEDOKR (QWUHWDQWR
FRQFOXtPRV TXH D 7HRULD GD 7HUPLQRORJLD p D TXH GLVS}H GH SULQFtSLRV PDLV EHP
HODERUDGRV QD GHWHUPLQDomR GD QDWXUH]D GR UHODFLRQDPHQWR H GH VHX XVR 8P H[HPSOR
GHVWHUHODFLRQDPHQWRDLQGDQRGRPtQLRGRVWHVDXURVpDOLJDomRTXHGHYHH[LVWLUHQWUHR
Qy FRQFHLWXDO ³7HVDXUR´ H RV WLSRV GH WHVDXURV H[LVWHQWHV FRPR ³7HVDXUR 0XOWLOtQJXH´
³7HVDXUR0RQROtQJXH´HQWUHRXWURVWLSRV
5HODomR3DUWLWLYD UHODFLRQDPHQWRTXHSRVVLELOLWDDRUGHQDomRHQWUHRVQyVGHXP
KLSHUGRFXPHQWR GH XPD OLQKD GH FRRUGHQDomR RQWROyJLFD ,VWR VLJQLILFD GL]HU TXH HVWD
UHODomRHYLGHQFLDVHTrQFLDVGHLGpLDVHQWUHRVHOHPHQWRVTXHFRQVWLWXHPRREMHWRRXHQWUH
DV HWDSDV GH XP SURFHVVR &RPR DV UHODo}HV KLHUiUTXLFDV D UHODomR SDUWLWLYD HVWDEHOHFH
XPD FHUWD SUHUURJDWLYD GH SUHFHGrQFLD HQWUH RV QyV FRQFHLWXDLV TXH ID]HP SDUWH GHVWH
UHODFLRQDPHQWR3RUH[HPSORQRGRPtQLRGDWHPiWLFDWHVDXURVXPQyFRQFHLWXDOTXHWUDWH
GR 3ODQHMDPHQWR GR 7HVDXUR UHSUHVHQWD FRQFHLWXDOPHQWH R SURFHVVR GH RUJDQL]DomR GH
XPWHVDXUR&RPRWRGRSURFHVVRSRVVXLHWDSDVTXHSRGHPVHUGHILQLGDVFRPRSDUWHVGR
SURFHVVRQRWHPSRHQRHVSDoRSDUDR HQWHQGLPHQWRGRVSURFHGLPHQWRVGH3ODQHMDPHQWR
GR7HVDXURpQHFHVViULRHVWDEHOHFHUOLJDo}HVFRPRVFRQFHLWRVGH'HOLPLWDomRGDÈUHD
3~EOLFR$OYR/HYDQWDPHQWRGDV)RQWHV)RUPDVGH$SUHVHQWDomRSDUDFLWDUDOJXQV
GRVFRQFHLWRVSDUWLWLYRVUHODFLRQDGRV
5HODomR HQWUH &DWHJRULDV UHODFLRQDPHQWR TXH HVWDEHOHFH OLJDo}HV HQWUH QyV
FRQFHLWXDLVGHQDWXUH]DGLIHUHQWHHTXHQmRVmRFODVVLILFDGRVFRPRXPDSDUWHRXHWDSDGH
XPFRQFHLWR3DUD DGHILQLomRGHVWHUHODFLRQDPHQWRpLPSRUWDQWHTXHRVHODERUDGRUHVGH
PHWRGRORJLDV SDUD PRGHORV FRQFHLWXDLV GH KLSHUGRFXPHQWRV HVFODUHoDP TXH R
UHODFLRQDPHQWRHQWUHRVQyVQmRSRGHGDUDLPSUHVVmRGHXPDJUHJDGRGHLQIRUPDomRTXH
VH UH~QH IURX[DPHQWH PDV GH XP UHODFLRQDPHQWR TXH VH FRQVWUyL VRE XPD SHUVSHFWLYD
OyJLFDFRHUHQWH'HVWDIRUPDFRPRYLPRVDQWHULRUPHQWHFRQVLGHUDPRVRPRGHORWHyULFR
DSUHVHQWDGR QD 7HRULD GD 7HUPLQRORJLD FRPR R PHOKRU SDUD GHWHUPLQDU HVWH WLSR GH
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
UHODFLRQDPHQWR 8P H[HPSOR GH HVWDEHOHFLPHQWR GHVWH UHODFLRQDPHQWR HP XP
KLSHUGRFXPHQWR DLQGD QR GRPtQLR GH WHVDXURV p D OLJDomR TXH VH HVWDEHOHFH HQWUH XPD
HQWLGDGHHXPSURFHVVRFRPRR7HVDXURHVHX3ODQHMDPHQWR
5HODomRGH(TXLYDOrQFLDHVWHUHODFLRQDPHQWRQmRVHFRQVWLWXLHPXPSODQROyJLFR
FRPR RV GHPDLV UHODFLRQDPHQWRV DSUHVHQWDGRV PDV HP XP SODQR GD OtQJXD $V
PHWRGRORJLDV SDUD HODERUDomR GH PRGHORV FRQFHLWXDLV DSURSULDGRV j FRQVWUXomR GH
KLSHUGRFXPHQWRV GHYHP SUHYHU HVWH UHODFLRQDPHQWR SRUTXH DX[LOLD RV HODERUDGRUHV D
HVWDUHPDWHQWRVTXDQWRDTXHVW}HVOLJDGDVjH[SUHVVLYLGDGHGRWHUPRXWLOL]DGRFRPRXPQy
FRQFHLWXDO H FRQVHTHQWHPHQWH D UHFXSHUDomR GHVWD LQIRUPDomR (VWH UHODFLRQDPHQWR
SRVVLELOLWD LQWHURSHUDELOLGDGH HQWUH DV LGpLDV GR DXWRU FRQWHXGLVWD HQWUH RV WHUPRV
HVFROKLGRV SDUD H[SUHVVDU HVVDV LGpLDV H D XWLOL]DomR SHOR OHLWRU FRPR XPD HWLTXHWD TXH
FRQGX]DXPFRQWH~GRLQIRUPDWLYR&RPRXPH[HPSORQRGRPtQLRGHWHVDXURVSRGHPRV
FLWDUDQHFHVVLGDGHGHXPFHUWROHLWRUGH HQFRQWUDUXPDLQIRUPDomRQR WH[WR TXH WUDWH GH
XP WLSR GH WHVDXUR GHQRPLQDGR 7HVDXURFRP%DVHHP&RQFHLWRV H SDUD R TXDO IRL
XWLOL]DGD D HWLTXHWD OLQJtVWLFD QR KLSHUGRFXPHQWR 7HVDXUR 7HUPLQROyJLFR 6H D
PHWRGRORJLDQmRSUHYLUHVWHWLSRGHUHODFLRQDPHQWRRVDXWRUHVGDWHPiWLFDHGDWHFQRORJLD
SRGHP QmR HVWDU DWHQWRV SDUD XP WLSR GH DFRQWHFLPHQWR FRPR HVWH ID]HQGR FRP TXH R
OHLWRUQmRREWHQKDDVLQIRUPDo}HVTXHQHFHVVLWD
5HFRPHQGDo}HVSDUDRVHJXQGRQtYHOGHPRGHOL]DomR
&RQVLGHUDQGRVH RV UHTXLVLWRV GLVFXWLGRV DFLPD SURSRPRV DV VHJXLQWHV
UHFRPHQGDo}HVFRPR
ª ,QFOXLU XPD HWDSD QD PHWRGRORJLD SDUD D GHILQLomR GRV QyV FRQFHLWXDLV GH XP
KLSHUGRFXPHQWRFRPRXPDXQLGDGHGHFRQKHFLPHQWRFRQFHLWRTXHVHLQVHUH
GHQWURGRSULQFtSLRGH([FOXVLYLGDGH
ª 3URYHURVPHLRVSDUDTXHDPHWRGRORJLDGHHODERUDomRGHPRGHORVFRQFHLWXDLV
SRVVD WHU FRPR FULWpULR PtQLPR DV VHJXLQWHV UHODo}HV 5HODomR &DWHJRULDO
5HODomR +LHUiUTXLFD 5HODomR 3DUWLWLYD 5HODomR (QWUH &DWHJRULDV 5HODomR GH
(TXLYDOrQFLD 0DLV HVSHFLILFDPHQWHQR TXH GL] UHVSHLWR DV UHODo}HV FLWDGDV
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
XWLOL]DU DV VHJXLQWHV SHUVSHFWLYDV WHyULFDV LGHQWLILFDGDV QHVWH HVWXGR D VDEHU
HVWDEHOHFHU D 5HODomR &DWHJRULDO VHJXQGR RV SULQFtSLRV GD 7HRULD GD
&ODVVLILFDomR)DFHWDGDHGD7HRULDGR&RQFHLWRD5HODomR+LHUiUTXLFDVHJXQGR
RV SULQFtSLRV GD 7HRULD GD 7HUPLQRORJLD D 5HODomR 3DUWLWLYD VHJXQGR RV
SULQFtSLRV HVWDEHOHFLGRV QRV UHODFLRQDPHQWRV RQWROyJLFRV GH HQFDGHDPHQWR H
FDXVDOLGDGH GD 7HRULD GD 7HUPLQRORJLD WDPEpP VLQWHWL]DGR QD 7HRULD GR
&RQFHLWR FRPR UHODFLRQDPHQWRV IXQFLRQDLV H FODVVLILFDGRV QD 2QWRORJLD
)RUPDO D 5HODomR GH (TXLYDOrQFLD VHJXQGR RV SULQFtSLRV GD 7HRULD GD
7HUPLQRORJLDHGD7HRULDGR&RQFHLWR
7(5&(,52 1Ë9(/(VWDEHOHFLPHQWRGHXPYHtFXOR
GHFRPXQLFDomRHH[SUHVVmRVREUHDWHPiWLFDGR
KLSHUGRFXPHQWR
5HTXLVLWRV
5HTXLVLWR (ODERUDomR GH XPD UHSUHVHQWDomR JUiILFD SDUD RV QyV FRQFHLWXDLV H
VHXVUHODFLRQDPHQWRVHPXPKLSHUGRFXPHQWR
$ UHSUHVHQWDomR JUiILFD GDV XQLGDGHV GH FRQKHFLPHQWR TXH FRPS}HP R
KLSHUGRFXPHQWR IXQFLRQD FRPR XP PDSD FRQFHLWXDO TXH SRVVLELOLWD XP HVSDoR
FRPXQLFDFLRQDOHQWUHRDXWRUFRQWHXGLVWDHRDXWRUGDWHFQRORJLD
1HVWD PHGLGD D IRUPD JUiILFD GH UHSUHVHQWDU DV UHODo}HV HQWUH RV FRQFHLWRV GR
GRPtQLR WHPiWLFR GR KLSHUGRFXPHQWR p GH IXQGDPHQWDO LPSRUWkQFLD SDUD TXH R DXWRU
FRQWHXGLVWDSRVVDGHVORFDUVXDVLGpLDVSDUDXPSODQRUHSUHVHQWDFLRQDO(VWDVLGpLDVSRGHP
HQWmR VH WRUQDU LQWHOLJtYHLV H FRPXQLFiYHLV SDUD R DXWRU GD WHFQRORJLD D ILP GH
LPSOHPHQWiODVVREDIRUPDGHKLSHUGRFXPHQWRV
(VWDIRUPDJUiILFDVHSHUVRQLILFDHPXPPRGHORFRQFHLWXDOTXHQHFHVVLWDGHXPD
OLQJXDJHP VLPEyOLFD SDUD SHUPLWLU D UHSUHVHQWDomR GDV XQLGDGHV GH FRQKHFLPHQWR QyV
FRQFHLWXDLVHGHVHXVUHODFLRQDPHQWRV
&RPR IRL SRVVtYHO REVHUYDU QRV HVWXGRV DSUHVHQWDGRV DQWHULRUPHQWH D OLQJXDJHP
80/ SRVVLELOLWD DWXDOPHQWH XPD UHSUHVHQWDomR VLPEyOLFD PDLV SDGURQL]DGD H
DEUDQJHQWH(QWUHWDQWRFRPRYHULILFDPRVWDPEpPpQHFHVViULRTXHHVIRUoRVDLQGDVHMDP
2(VSDoR&RPXQLFDFLRQDOQD5HDOL]DomRGD$XWRULDUHTXLVLWRVSDUDDHODERUDomRGH
PHWRGRORJLDVSDUDPRGHORVFRQFHLWXDLVGHKLSHUGRFXPHQWRV
HPSUHHQGLGRVQRVHQWLGRGH DPSOLDUDVSRVVLELOLGDGHVVLPEyOLFDVSDUDDUHSUHVHQWDomR GH
UHODo}HVFRQFHLWXDLVPDLVDSURSULDGDVSDUDDRUJDQL]DomRGHXQLGDGHVGHFRQKHFLPHQWRHP
KLSHUGRFXPHQWRV
5HFRPHQGDo}HVSDUDRWHUFHLURQtYHOGHPRGHOL]DomR
FRPR
&RQVLGHUDQGRVH R UHTXLVLWR GLVFXWLGR DFLPD SURSRPRV D VHJXLQWH UHFRPHQGDomR
ª 'HVHQYROYHUXPDUHSUHVHQWDomRJUiILFDDSURSULDGDSDUDPRGHORVFRQFHLWXDLVGH
KLSHUGRFXPHQWRV XWLOL]DQGR RV PHFDQLVPRV VLPEyOLFRV GHVHQYROYLGRV QD
7HRULDGD7HUPLQRORJLDHQD2QWRORJLD)RUPDO
8PD~OWLPDUHFRPHQGDomRTXHDEUDQJHWRGRVRVQtYHLVDSUHVHQWDGRVDFLPDpTXH
D PHWRGRORJLD SRVVD SUHYHU TXH VHMDP GRFXPHQWDGD GHYLGDPHQWH WRGDV DV HWDSDV GR
SURFHVVR GH HODERUDomR GR PRGHOR FRQFHLWXDO SDUD JDUDQWLU D FRQVLVWrQFLD GR
KLSHUGRFXPHQWRHPIXWXUDVDWXDOL]Do}HV
&216,'(5$d®(6),1$,6
$TXHVWmRTXHDQWHFHGHXHVWHHVWXGRIRLDFRQVWDWDomRTXHDVQRYDVWHFQRORJLDVGH
LQIRUPDomR YHP VHQGR LQFRUSRUDGDV DWUDYpV GH HWDSDV TXH QmR VmR FRQVLGHUDGDV DV PDLV
DSURSULDGDV9HULILFDPRVTXHRVKLSHUGRFXPHQWRVHPVXDIDVHGHPRGHODJHPFRQFHLWXDO
YHP VHQGR FRQVWUXtGRV DWUDYpV GH SURFHVVRV TXH SUHVFLQGHP GH XPD DWLYLGDGH GH
HODERUDomR GH XPD HVFULWD OLQHDU &RQVWDWDPRV WDPEpP TXH HVWD IRUPD QmR p D PDLV
DSURSULDGDSRLVLQVWDXUDXPDIDOWDGHFRPXQLFDomRHQWUHRDXWRUTXHpRUHVSRQViYHOSHOR
FRQWH~GRWHPiWLFRGRKLSHUGRFXPHQWRHR DXWRUGDWHFQRORJLDDFDUUHWDQGR XPD VpULH GH
SUREOHPDVQDLPSOHPHQWDomRGRKLSHUGRFXPHQWR&KHJDPRVjFRQFOXVmRTXHLVWRVHGHYH
j IDOWD GH FULWpULRV PHWRGROyJLFRV DSURSULDGRV SDUD R GHVHQYROYLPHQWR GH PRGHORV
FRQFHLWXDLVSDUDKLSHUGRFXPHQWRV
$VVLPFRPRFRQWULEXLomRGHVWH HVWXGRDSUHVHQWDPRVXPDVpULHGHUHTXLVLWRVTXH
IRUDP FODVVLILFDGRV HP WUrV QtYHLV GH HQWHQGLPHQWR GR SUREOHPD YLVDQGR DX[LOLDU RV
GHVHQYROYHGRUHVGHPHWRGRORJLDVGHPRGHORV FRQFHLWXDLV SDUD KLSHUGRFXPHQWRV D VDEHU
QtYHO(QWHQGLPHQWRGDIRUPDGHDERUGDJHPGRDVVXQWRGRKLSHUGRFXPHQWRQtYHO±
2UJDQL]DomRGDVXQLGDGHVGHFRQKHFLPHQWRQDFRQVWUXomRGDQDUUDWLYDGRKLSHUGRFXPHQWR
QtYHO ± (VWUXWXUDomR GH XP YHtFXOR GH FRPXQLFDomR H H[SUHVVmR VREUH D WHPiWLFD GR
KLSHUGRFXPHQWR
(VWHHVWXGRQRVOHYRXWDPEpPDFRQVWDWDUTXHDPRGHODJHPFRQFHLWXDOpXPDHWDSD
LPSRUWDQWH HP WRGRV RV SURFHVVRV OLJDGRV D WHFQRORJLDV GH LQIRUPDomR TXH HQYROYHP D
FRQVWUXomRGHPRGHORVGHUHSUHVHQWDomR&RQVWDWDPRVWDPEpPTXHiUHDVFRPRD&LrQFLD
GD,QIRUPDomRD&LrQFLDGD&RPSXWDomRHD 7HUPLQRORJLDGHYHPHVWDEHOHFHUXPGLiORJR
YLVDQGRVRPDUHVIRUoRVWHyULFRVPHWRGROyJLFRVSDUDTXHXPQRYRSURILVVLRQDOSRVVDYLUD
VXUJLU XP SURILVVLRQDO TXH HVWHMD PDLV SUHRFXSDGR FRP D PRGHOL]DomR H QmR FRP R
PRGHOR SURSULDPHQWH 1RVVR YHOKR FRQKHFLGR 5DQJDQDWKDQ Mi GL]LD QD GpFDGD GH YLQWH
TXH HUD LPSRUWDQWH H[LVWLU FODVVLILFDFLRQLVWDV DTXHOHV TXH HODERUDP FODVVLILFDo}HV H QmR
VRPHQWH FODVVLILFDGRUHV DTXHOHV TXH XVDP FODVVLILFDo}HV 1HVWD PHGLGD ID]HPRV
DWXDOPHQWHXPDDQDORJLDFRPRVSURILVVLRQDLVTXHHVWmRPDLVSUHRFXSDGRVFRPRXVRGR
PRGHOR VHQGR HOH DSURSULDGR RX QmR SDUD D WHFQRORJLD GH LQIRUPDomR XWLOL]DGD GR TXH
FRPRSUySULRSURFHVVRGHPRGHODU
&RQVLGHUDo}HV)LQDLV
2TXHSURSRPRVpTXHVRPHPRVWRGDVDVSRVVLELOLGDGHVGHSHQVDUTXHGRPLQHPRV
WRGDV DV PHWDLQIRUPDo}HV VREUH DV SRVVLELOLGDGHV UHSUHVHQWDFLRQDLV H GHVWD IRUPD
SRGHUHPRVROKDUDUHDOLGDGHXPGRPtQLRGHFRQKHFLPHQWRFRPXPDJDPDGHIHUUDPHQWDV
UHSUHVHQWDFLRQDLV XWLOL]DQGR DTXHODV TXH PDLV VH DGHTXDP DR FRQWH[WR DQDOLVDGR
&RQVLGHUDPRV HVVH R SDSHO GR SURILVVLRQDO GH LQIRUPDomR VDLU GR PRGHOR XOWUDSDVVDU R
PpWRGR H GRPLQDU RV PHWDFRQFHLWRV TXH GHYHP VHU XWLOL]DGRV FRPR PHFDQLVPRV GH
DEVWUDomR GRPLQDU YiULRV SDUDGLJPDV H VHUYLU GH FRQGXWRU SDUD TXH R HVSHFLDOLVWD WHQKD
SRVVLELOLGDGH GH SHQVDU R FRQKHFLPHQWR 6HQGR VXSRUWHPHLR p LPSRUWDQWH GRPLQDU
PHWRGRORJLDV WHRULDV H FRORFDU HP SUiWLFD D FRPSOH[D WDUHID GH GRPLQDU DV IHUUDPHQWDV
LQWHOHFWXDLV
(VSHUDPRV DVVLP TXH RV UHTXLVLWRV DTXL DSUHVHQWDGRV SRVVDP FRQWULEXLU SDUD R
GHVHQYROYLPHQWR GH PHWRGRORJLDV PDLV DSURSULDGDV SDUD PRGHORV FRQFHLWXDLV GH
KLSHUGRFXPHQWRVRXDLQGDDPSOLDUPHWRGRORJLDVMiH[LVWHQWHVSRUH[HPSORD22+'0
3RGHUtDPRV GDU QHVWH PRPHQWR SRU HQFHUUDGR HVWH WUDEDOKR PDV FRPR HP XP
GDGR SHUtRGR GH QRVVD DWLYLGDGH SURILVVLRQDO GHSDUDPRV FRP D H[SOLFDomR GH XP
SHVTXLVDGRUFRQFHLWXDGRQDiUHDGH)tVLFDVREUHRTXHSDUDHOHSRGHULDVHUGHILQLGRFRPR
SHVTXLVD H VXD UHVSRVWD IRL GDGD GH LPHGLDWR FRPR VH DTXHOD UHVSRVWD Mi HVWLYHVVH VLGR
GLWDPXLWDVYH]HV±³3DUDPLPSHVTXLVDpRPHXSURMHWRGHYLGD´
3RU LVVR DOJXPDV TXHVW}HV DLQGD IDOWDP VHU FRORFDGDV SDUD TXH D QRVVD SHVTXLVD
SRVVDVHUXP³FRQWLQXXPGLQkPLFR´5$1*$1$7+$1
$PRGHODJHPFRQFHLWXDOYHPVHQGRQDV~OWLPDVGpFDGDVFRQVLGHUDGDFRPRXPD
SHGUDIXQGDPHQWDOHPPXLWDViUHDV8PDGHODVTXHFRQVLGHUDPRVGHJUDQGHLPSRUWkQFLD
SDUDDDWLYLGDGHGRSURILVVLRQDOGHLQIRUPDomRGRIXWXURpDPRGHODJHPFRQFHLWXDOFRPR
EDVHSDUDDLQWHURSHUDELOLGDGH
,QWHURSHUDELOLGDGH SRGH VHU HQWHQGLGD FRPR D FDSDFLGDGH GH VLVWHPDV
SRWHQFLDOL]DUHP RSRUWXQLGDGHV GH LQWHUFkPELR H UHXWLOL]DomR GH LQIRUPDo}HV LQWHUQD RX
H[WHUQDPHQWH
&KHQHPVHXDUWLJR³2ULHQWDo}HVIXWXUDVGDPRGHODJHPFRQFHLWXDO´H[SOLFD
TXHH[LVWHXPDJUDQGHQHFHVVLGDGHDWXDOPHQWHGHOLJDUWRGRVRVVLVWHPDVHEDVHVGHGDGRV
&RQVLGHUDo}HV)LQDLV
&RQWXGRPXLWDVSODWDIRUPDV GH KDUGZDUH H VRIWZDUH QmR VmR FRPSDWtYHLV HQWUH VL H WHP
VLGR XP WUDEDOKR GHVDILDGRU LQWHJUDU RV VLVWHPDV H EDVHV GH GDGRV H[LVWHQWHV HP
SODWDIRUPDVLQFRPSDWtYHLVGHKDUGZDUH HVRIWZDUH 0XLWDV WHQWDWLYDV SDUD VROXFLRQDU HVWH
SUREOHPDRXIDOKDUDPRXWLYHUDPDSHQDV VXFHVVR OLPLWDGR &RQVLGHUD TXH D PDLRULD GRV
IUDFDVVRVIRUDPFDXVDGRVSRUQmRXVDUHPPRGHODJHPFRQFHLWXDO
1HVWDPHGLGDHVWXGRVTXHYHQKDPSRVVLELOLWDUDDPSOLDomRGRHVSDoRGHDSOLFDomR
GRVPRGHORVFRQFHLWXDLVQmRVRPHQWHFRPRIRUPDWRVSDGUmRGHGDGRVPDVWDPEpPFRPR
PDSDVµRULHQWDGRUHV´SDUDDLQWHURSHUDELOLGDGHHQWUHVLVWHPDVFHUWDPHQWHSRGHUmRVHU~WHLV
QDVDWLYLGDGHVIXWXUDVOLJDGDVjVWHFQRORJLDVGHLQIRUPDomR
$FUHGLWDPRV TXH FRP R GHVHQYROYLPHQWR GRV HVWXGRV QR kPELWR GH PRGHORV
WHyULFRVGHUHSUHVHQWDomRRSURILVVLRQDOGHLQIRUPDomRSRVVDFDGDGLDPDLVDWXDUHPXP
HVSDoR LQWHUGLVFLSOLQDU TXH HQJORED TXHVW}HV OLJDGDV D HSLVWHPRORJLD OyJLFD WHRULD
FRJQLWLYDFRPSXWDomRWHUPLQRORJLD
(VWHpXPSURMHWRGHYLGDHORQJR
2%5$6&,7$'$6
%,2/&+,1, -RUJH &DOPRQ GH $OPHLGD .OHLQ (VFKHU H /H 0RLJQH D PHWD
FRJQLomR H DV QRYDV WRSRORJLDV GD FLrQFLD ,%,&70&7 (&28)5- 5LR GH -DQHLUR
7UDEDOKR DSUHVHQWDGR QR FXUVR GH 'RXWRUDGR HP &LrQFLD GD ,QIRUPDomR
,%,&70&7 (&28)5- j GLVFLSOLQD (SLVWHPRORJLD ,QWHUGLVFLSOLQDULGDGH H &LrQFLD GD
,QIRUPDomR9
%2/7(5 - 'DYLG :ULWLQJ VSDFH WKH FRPSXWHU K\SHUWH[W DQG WKH KLVWRU\ RI
ZULWLQJ 1HZ-HUVH\/DZUHQFH(UOEDXP$VVRFLDWHVS
%22&+*UDG\580%$8*+-DPHV-$&2%621,YDU80/*XLDGR8VXiULR5LR
GH-DQHLUR(G&DPSXV
%5$&+0$1 5 - 2Q WKH HSLVWHPRORJLFDO VWDWXV RI VHPDQWLF QHWZRUNV ,1
),1'/(519HG$VVRFLDWLYH1HWZRUNV5HSUHVHQWDWLRQDQG8VHRI.QRZOHGJHE\
FRPSXWHUV$FDGHPLF3UHVV
%52',( 0LFKDHO / 2Q WKH GHYHORSPHQW RI GDWD PRGHOV ,1 2Q FRQFHSWXDO
PRGHOOLQJ SHUVSHFWLYHV IURP DUWLILFLDO LQWHOOLJHQFH GDWDEDVHV DQG SURJUDPPLQJ
ODQJXDJHV1HZ<RUN6SULQJHU9HUODJFDS
%86+ 9DQHYDU $V ZH PD\ WKLQN ,1 (YROXWLRQ RI D LQIRUPDWLRQ VRFLHW\
/RQGRQ $6/,% 3 3XEOLFDGR 2ULJLQDOPHQWH HP 7KH $WODQWLF 0RQWKO\
YQS-XO\
BBBBBB0HPH[UHYLVLWHG,1(YROXWLRQRIDLQIRUPDWLRQVRFLHW\ /RQGRQ$6/,%
S 3XEOLFDGR 2ULJLQDOPHQWH HP 6FLHQFH LQ QRW HQRXJK 1HZ <RUN
$SROOR(GLWLRQVS
&$0326 0DULD /XL]D GH $OPHLGD $ HVFULWD H D OHLWXUD HP KLSHUGRFXPHQWRV
SULPHLUDVUHIOH[}HV,QIRUPDUH &DGHUQRVGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLDGD
,QIRUPDomRYQSMXOGH]
BBBBBB /LQJXDJHP GRFXPHQWiULD WHRULDV TXH IXQGDPHQWDP VXD HODERUDomR
1LWHUyL5-(GXII
&$6$129$ 0 $ 78&+(50$1 / /,0$ 0 - HW DO 7KH 1HVWHG
&RQWH[W 0RGHO IRU +\SHUGRFXPHQWV ,1 UG $&0 &RQIHUHQFH RQ +\SHUWH[W
+\SHUWH[W¶3URFHHGLQJV 6DQ$QWRQLR(8$S
&$66,1%iUEDUD1RV*UHFVHW/HXUV0RGHUQHV3DULV6HXLO
&(548(,5$ $ $ & +RRW LQWHJUDQGR KLSHUPtGLD H EDQFR GH GDGRV
RULHQWDGRV j REMHWRV 5LR GH MDQHLUR &233(8)5- 'LVVHUWDomR DSUHVHQWDGD DR
3URJUDPD GH 3yV*UDGXDomR GH (QJHQKDULD GD 8QLYHUVLGDGH )HGHUDO GR 5LR GH -DQHLUR
S
&+(1 3HWHU HW DO &RQFHSWXDO 0RGHOLQJ &XUUHQW ,VVXHV DQG )XWXUH 'LUHFWLRQV
GLVSRQtYHORQOLQHHPKWWSOLQNVSULQJHUGHVHDUFKKWPFROKLGRHP
&2$'3HWHU<285'21(GZDUG$QiOLVH%DVHDGDHP2EMHWRVHGYHU5LRGH
-DQHLUR&DPSXV
&21./,1-+\SHUWH[W$Q,QWURGXFWLRQDQG6XUYH\,(((&RPSXWHUS
&28*2 3DXOR 0RGHODJHP &RQFHLWXDO H 3URMHWR GH %DQFR GH 'DGRV 5LR GH
-DQHLUR&DPSXV
'$+/%(5* , $ 5HIHUHQWRULHQWHG DQDO\WLFDO FRQFHSW WKHRU\ RI LQWHUFRQFHSW
,QWHUQDWLRQDO&ODVVLILFDWLRQYQS
BBBBBBB D 2QWLFDO 6WUXFWXUHV DQG 8QLYHUVDO &ODVVLILFDWLRQ %DQJDORUH 6DUDGD
5DQJDQWKDQ(QGRZPHQWS
BBBBBBBBB 7HUPLQRORJLFDO GHILQLWLRQV FKDUDFWHULVWLFV DQG GHPDQGV ,1
3UREOqPHV GH OD GpILQLWLRQ HW GH OD V\QRQ\PLH HQ WHUPLQRORJLH 4XpEHF *,567(50
3
BBBBBBBB'LH3LORWVWXGLH'%7KHVDXUXV)UDQNIXUW'HXWVFKH %LEOLRWKHN
S
'$9,6 + HW DO 7RZDUGV DQ LQWHJUDWHG HQYLURQPHQW ZLWK RSHQ K\SHUPHGLD
V\VWHPV $&0 &RQIHUHQFH RQ +\SHUWH[W +\SHUWH[W¶ 3URFHHGLQJV 0LODQ ,WDO\
'HFHPEHU
'(/(8=(*LOOHV*8$77$5,)pOL[0LOSODW{VFDSLWDOLVPRHHVTXL]RIUHQLD
5LRGH-DQHLUR(GYRO
'52=' / 6RPH UHPDUNV RQ D OLQJXLVWLF WKHRU\ ,1 7KHRUHWLFDO DQG
PHWKRGRORJLFDO SUREOHPV RI WHUPLQRORJ\ 3URFHHGLQJV 0RVFRZ 1RY 0XHQFKHQ6DXU
BBBBBBB 7HUPLQRORJLFDO 6\QRQ\PV DQG WKH IXQFWLRQ RI GHILQLWLRQ WKHVHV ,1
7(50,$ 3UREOqPHV GH OD GpILQLWLRQ HW GH OD V\QRQ\PLH HQ WHUPLQRORJLH 4XpEHF
*UVWHUPS
(&2 8PEHUWR 2EUD $EHUWD IRUPD H LQGHWHUPLQDomR QDV SRpWLFDV
FRQWHPSRUkQHDV6mR3DXOR(GLWRUD3HUVSHFWLYD
(1*(/%$57'RXJODV$VZHPD\WKLQN>RQOLQH@>&ROKLGRHPGH)HYHUHLUR
GH@S
BBBBBBBBBBBBB 7RZDUG $XJPHQWLQJ WKH KXPDQ LQWHOOHFW DQG ERRVWLQJ RXU
FROOHFWLYH,4&RPPXQLFDWLRQVRIWKH$&0YQDXJ
)$/%2 5LFDUGR GH $OPHLGD ,QWHJUDomR GH FRQKHFLPHQWR HP XP DPELHQWH GH
GHVHQYROYLPHQWR GH VRIWZDUH 5LR GH MDQHLUR &233(8)5- 7HVH DSUHVHQWDGD j
&233(8)5-SDUDREWHQomRGRJUDXGH'RXWRUHP&LrQFLDV'6FS
)(/%(5+7KH9LHQQD6FKRRORI7HUPLQRORJ\IXQGDPHQWDOVDQGLWVWKHRU\,1
,QWHUQDWLRQDO 6\PSRVLXP RQ 7KHRUHWLFDO DQG 0HWKRGRORJLFDO 3UREOHPV RI 7HUPLQRORJ\
3URFHHGLQJV 0RVFRZ1RY0XHQFKHQ6DXU
BBBBBBB7HUPLQRORJ\0DQXDO3DULV81(6&2S
)28/&$8/70$RUGHPGRGLVFXUVR3DULV*DOOLPDUG
)28/&$8/702TXHpRDXWRU" HG(GLWRUD3DVVDJHQV
)5,'0$11+$/)1(5&'7KH6WDWHRIWKH$UWLQ2QWRORJ\'HVLJQD
VXUYH\ DQG FRPSDUDWLYH UHYLHZ $PHULFDQ $VVRFLDWLRQ IRU $UWLILFLDO ,QWHOOLJHQW S
)85/$1 -RVp 'DYL 0RGHODJHP GH REMHWRV DWUDYpV GD 80/ WKH XQLILHG
PRGHOLQJODQJXDJH6mR3DXOR0DNURQ%RRNV
*$5=2772)3$2/,1,36&+:$%('+'0±$0RGHOIRU7KH'HVLJQ
RI+\SHUWH[W$SSOLFDWLRQV,1+\SHUWH[W¶3URFHHGLQJV 'H]S
*(567/ 3 35,%%(12: 6 0LGZLQWHUV DQG JDPHV DQG ERG\ SDUWV D
FODVVLILFDWLRQRISDUWZKROHUHODWLRQV,QWHUQDWLRQDO-RXUQDORI+XPDQ&RPSXWHU6WXGLHV
QS
*,//,$0&$Q$SSURDFKIRUXVLQJ207LQWKHGHYHORSPHQWRIODUJHV\VWHPV
-RXUQDORI2EMHFW2ULHQWHG3URJUDPPLQJYQS
*20(6+DJDU(VSDQKD&RRUG0DQXDOGHHODERUDomRGHWHVDXURVPRQROtQJXHV
%UDVtOLD3URJUDPD1DFLRQDOGH%LEOLRWHFDVGDV,QVWLWXLo}HVGH(QVLQR6XSHULRU
BBBBBBBBB &$0326 0DULD /XL]D GH $OPHLGD 6\VWHPDWLF $VSHFWV RI
7HUPLQRORJ\0HWDYQSMXQ
*25.29$ 9, 6RPH PHWKRGRORJLFDO UHFRPPHQGDWLRQV ,1 ),' (VVHQWLDO
SUREOHPVLQWHUPLQRORJ\IRULQIRUPDWLFVDQGGRFXPHQWDWLRQ0RVFRZS
*5$< 3HWHU 0 ' HW DO 2EMHFWRULHQWHG GDWDEDVHV D VHPDQWLF GDWD PRGHO
DSSURDFK,1,QWHUQDWLRQDO8QLWHG.LQJGRP+HQHOKHPSVWHDG3UHQWLFH+DOO
*58%(5 7 5 7RZDUG 3ULQFLSOHV IRU WKH 'HVLJQ RI 2QWRORJLHV 8VHG IRU
.QRZOHGJH6KDULQJ.QRZOHGJH6\VWHPV/DERUDWRU\6WDQIRUG8QLYHUVLW\
*8$5,12 1LFROD 6RPH 2QWRORJLFDO 3ULQFLSOHV IRU 'HVLJQLQJ 8SSHU /HYHO
/H[LFDO5HVRXUFHV)LUVW,QWHUQDWLRQDO&RQIHUHQFH RQ/DQJXDJH5HVRXUFHVDQG(YROXWLRQ
*UDQDGD6SDLQ0D\
BBBBBBBB &$55$5$ 0 DQG *,$5(77$ 3 $Q RQWRORJ\ RI PHWDOHYHO
FDWHJRULHV ,1 ' - ( 6DQGHZDOO 3 7RUDVVR HGV 7KH )RXUWK ,QWHUQDWLRQDO
&RQIHUHQFH RI 3ULQFLSOHV RI .QRZOHGJH 5HSUHVHQWDWLRQ DQG 5HDVRQLQJ 3URFHHGLQJV«
0RUJDQ.DXIPDQQ6DQ0DWHR&$
BBBBBBBB7KH2QWRORJLFDO/HYHO3KLORVRSK\DQGWKH&RJQLWLYH6FLHQFH +ROGHU
3LFKOHU7HPSVN\9LHQQDS
BBBBBBB 6HPDQWLF 0DWFKLQJ )RUPDO 2QWRORJLFDO 'LVWLQFWLRQ IRU ,QIRUPDWLRQ
2UJDQL]DWLRQ ([WUDFWLRQ DQG ,QWHJUDWLRQ ,1 0 7 3D]LHQ]D HG ,QIRUPDWLRQ
([WUDFWLRQ$PXOWLGLVFLSOLQDU\$SSURDFKWRDQ(PHUJLQJ,QIRUPDWLRQ7HFKQRORJ\
BBBBBBBD )RUPDORQWRORJ\DQGLQIRUPDWLRQV\VWHPV,1)2,6
3URFHHGLQJV«
7UHQWRS
+$/$6=)6&+:$57=07KH'H[WHU+\SHUWH[W5HIHUHQFH0RGHO ,17KH
+\SHUWH[W6WDUGL]DWLRQ:RUNVKRS3URFHHGLQJV« ,5,6 0 /872:,7= % (9(16 0 3UREOHPV RI WKH SDUWZKROH UHODWLRQV
,1(9(1605HODWLRQDOPRGHOVRIWKHOH[LFRQ&DPEULGJHS
,62',63ULQFLSOHVDQGPHWKRGVRIWHUPLQRORJ\
.$1'(/$.,7//HVVHQVGHVWHUPHVHWOHVV\VWqPHVGHVHQVGHVWHUPLQRORJLHV
VFLHQWLILTXHV HW WHFKQLTXHV ,1 521'($8 * )(/%(5 + 7H[WHV &KRLVLV GH
7HUPLQRORJLH , )RQGHPHQWV 7KpRULTXHV GH OD 7HUPLQRORJLH 4XpEHF *,567(50
.80$5.7KHRU\RIFODVVLILFDWLRQHG1HZ'HOKL9LNDV3XEOLVKLQJ+RXVH
S
/$1'2: *HRUJH 3 5HODWLRQDOO\ HQFRGHG OLQNV DQG WKH UHWKRULF RI K\SHUWH[W
,1+\SHUWH[W¶3URFHHGLQJV« 1RYHPEHUS
/$1*( ' 1D 2EMHFW2ULHQWHG 'HVLJQ 0HWKRG IRU +\SHUPHGLD ,QIRUPDWLRQ
6\VWHPV ,1 7KH WK $QQXDO +DZDL ,QWHUQDWLRQDO &RQIHUHQFH RQ 6\VWHP 6FLHQFH
3URFHHGLQJV«-DQS
/$7285 %UXQR &HV UpVHDX[ TXH OD UDLVRQ LJQRUH ODERUDWRLUHV ELOLRWKpTXHV
FROHFWLRQV ,1 %$5$7,1 0DUF -$&2% &KULVWLDQ RUJ 'H SRXYRLU GHV
ELEOLRWKpTXHVODPHPyLUHGHVOLYUHVHQ2FFLGHQW3DULV$OELQ0LFKHOS
BBBBBBBBBBBBB /HV YXHV
GH OpVSULW XQH LQWURGXFWLRQ j OiQWKURSRORJLH GHV VFLHQFHV HW
GHVWHFKQLTXHV&XOWXUH7HFKLTXHQS1~PHURHVSHFLDO
BBBBBBBBBBBBB&LrQFLDHP$omR6mR3DXOR81(63
/( 02,*1( -HDQ/RXLV $ WHRULD GR VLVWHPD JHUDO WHRULD GD PRGHOL]DomR
/LVERD,QVWLWXWR3LDJHW
/(9< 3 $V 7HFQRORJLDV GD ,QWHOLJrQFLD R IXWXUR GR SHQVDPHQWR QD HUD GD
LQIRUPiWLFD5LRGH-DQHLUR(GLWRUD
/8&$5(//$'0RUH0XOWLPHGLD2EMHFW5HWULHYDO(QYLURQHPHQW,1WKHILIWK
$&0&RQIHUHQFHRQ+\SHUWH[W+\SHUWH[W
3URFHHGLQJV«6HDWOH
0$,1*8(1($8 'RPLQLTXH 7HUPRV&KDYH GD $QiOLVH GR 'LVFXUVR %HOR
+RUL]RQWH(GLWRUD8)0*
0$5&+,21,1, * 6&+1(,'(50$1 % )LQGLQJ IDFWV YV %URZVLQJ
.QRZOHGJHLQ+\SHUWH[W6\VWHPV,((&RPSXWHUMDQS
0$57,1 -DPHV +LSHUGRFXPHQWRV H FRPR FULiORV 5LR GH -DQHLUR &DPSXV
0('(,526 -RVHWH 6RDUHV $ ,QWHUIDFH GH 5HSUHVHQWDomR GD ,QIRUPDomR D
RULHQWDomR D REMHWRV H D LQGH[DomR 5LR GH -DQHLUR ,%,&7 'LVVHUWDomR GH
0HVWUDGR
0,/(7 - $XWRULD GH $SOLFDo}HV +LSHUPtGLD 8WLOL]DQGR XP %DQFR GH 'DGRV
2ULHQWDGR D 2EMHWRV 5LR GH -DQHLUR 'HSDUWDPHQWR GH ,QIRUPiWLFD 38&5LR 'LVVHUWDomRDSUHVHQWDGDDR'HSDUWDPHQWRGH,QIRUPiWLFDGD38&5LR
025$(6 0DUFLD 3RU XPD HVWpWLFD GD FRJQLomR D SURSyVLWR GD FRJQLomR HP
/DWRXUH6WHQJHUV5LRGH-DQHLUR,QIRUPDUH&DG3URJ3yV*UDGYQS
025,1 (GJDU ,QWURGXomR DR SHQVDPHQWR FRPSOH[R HG /LVERD ,QVWLWXWR
3LDJHW
025,1 (GJDU /( 02,*1( -HDQ/RXLV $ LQWHOLJrQFLD GD FRPSOH[LGDGH 6mR
3DXOR3HWUySROLV
0276&+1,*3,75,. 5HQDWH 0</2328/26 -RKQ &ODVVHV DQG LQVWDQFHV
:RUOG6FLHQWLILF3XEOLVKLQJ&RPSDQ\
028/7+523 6WXDUW 7RZDUG D UKHWRULF RI LQIRUPDWLQJ WH[WV ,1 7KH )RXUWK
$&0&RQIHUHQFH+\SHUWH[W3URFHHGLQJV«1RYHPEHU'HFHPEHUS
1$7$16210(5DSSRUWVHQWUHODGpILQLWLRQWHUPLQRORJLTXHHWODGpOLPLWDWLRQ
GHV QRWLRQV,Q 3UREOqPHV GH OD GpILQLWLRQ HW GH OD V\QRQ\PLH HQ WHUPLQRORJLH 4XpEHF
*,567(50S
1(/621 7 $ )LOH 6WUXFWXUH IRU WKH &RPSOH[ WKH FKDQJLQJ DQG WKH
LQGHWHUPLQDWH,1$&01DWLRQDO&RQIHUHQFH3URFHHGLQJV«
BBBBBBBBBBBB $ QHZ KRPH IRU WKH PLQG" ,1 7KH %HVW RI 'DWDPDWLRQ 7HG
1HOVRQ¶V;DQDGX>RQOLQH@>&ROKLGRHPGH)HYHUHLURGH@S
1(:(//$7KHNQRZOHGJHOHYHO$UWLILFDO,QWHOOLJHQFH
1,/6(1-+\SHUWH[W+\SHUPHGLD$FDGHPLF3UHVV
2(6(5 ( 7KHRUHWLFDO SULQFLSOHV RI WHUPLQRORJLFDO NQRZOHGJH HQJLQHHULQJ ,1
7.(
7HUPLQRORJ\ DQG .QRZGOHGJH (QJLQHHULQJ )UDQNIXUW ,QGHNV9HUODJ S
25/$1',(3D$QiOLVHGH'LVFXUVR6mR3DXOR3RQWHVS
BBBBBBBBBBBBBB E 'LVFXUVR H /HLWXUD HG 6mR 3DXOR (GLWRUD GD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDVS
2/,9(,5$.0RGHORSDUDD&RQVWUXoDRGH$PELHQWHVGH'HVHQYROYLPHQWRGH
6RIWZDUH2ULHQWDGRVD'RPtQLRV8)5-&233(6LVWHPDVRXWXEUR'LVVHUWDomR
3277(5:DOWHU'758(%/22'5REHUW37UDGLWLRQDOVHPDQWLFDQGK\SHU
VHPDQWLFDSSURDFKHVWRGDWDPRGHOLQJ&RPSXWHUSMXQH
5$'$5)RFXVRQ/LQNVDKROLVWLFYLHZRIK\SHUWH[W,QW&ODVVLIYQ
S
5$1*$17+$1 65 3UROHJRPHQD WR OLEUDU\ FODVVLILFDWLRQ %RPED\ $VLD
3XEOLVKLQJ+RXVHS
BBBBBBBB3KLORVRSK\RIOLEUDU\FODVVLILFDWLRQ1HZ'HOKL(MQDU0XQNVJDDUG
BBBBBBBB&RORQ&ODVVLILFDWLRQ%RPED\$VLD3XEOLVKLQJ+RXVHS
BBBBBBB D 7KH ILYH ODZV RI OLEUDU\ VFLHQFH %RPED\ $VLD 3XEOLVKLQJ +RXVH
S
5$<:$5':%R\G9LVLRQVRI;DQDGX3DXO2WOHWDQGK\SHUWH[W
-$6,6 -RXUQDO RI WKH $PHULFDQ 6RFLHW\ IRU ,QIRUPDWLRQ 6FLHQFH Y Q S 0D\
5(,9$6*ODXFHGD&RVWD/LQV$/9(6&DUORV&pVDU9DOHQWLP0RGHODJHPGH
GDGRVHYROXomRHWHQGrQFLDV,1,,&RQJUHVVR,QWHUQDFLRQDOGH7HFQRORJLDGR6RIWZDUH
7HOHPiWLFDH,QIRUPDomR$QDLV 5LRGH-DQHLURS
5,**6 ): $ 1HZ SDUDGLJP IRU 6RFLDO 6FLHQFH WHUPLQRORJ\ ,QWHUQDWLRQDO
&ODVVLILFDWLRQYQS
52'5,*8(= 9DOHQWLQD 5RMDV $V QDUUDWLYDV GD UHGH R KLSHUWH[WR FRPR QRYD
SUiWLFD GH FRPXQLFDomR 5LR GH -DQHLUR (&28)5- S 'LVVHUWDomR GH
0HVWUDGRDSUHVHQWDGDj(VFRODGH&RPXQLFDomR(&2±8)5-
521'($8 * 3UREOqPHV HW PpWKRGHGV GH OD QpRORJLH QpRQ\PLH ,1
7KHRUHWLFDODQGPHWKRGRORJLFDOSUREOHPVRI7HUPLQRORJ\3URFHHGLQJV 0RVFRZ1RY
0XHQFKHQ6DXUS
5266, + *XVWDYR 8P PpWRGR 2ULHQWDGR D 2EMHWRV SDUD R SURMHWR GH
DSOLFDo}HVKLSHUPtGLD5LRGH-DQHLUR'HSDUWDPHQWRGH,QIRUPiWLFD±38&7HVH
GH'RXWRUDGR
580%$8*+-%/$+$035(0(5/$1,:HWDO0RGHODJHPHSURMHWRV
EDVHDGRVHPREMHWRV5LRGHMDQHLUR&DPSXV
6$*(5 -& 'HILQLWLRQV LQ 7HUPLQRORJ\ ,1 3UREOqPHV GH OD V\QRQ\PLH HQ
WHUPLQRORJLH4XpEHF*,567(50S
6$17263DXOD;DYLHUGRV(QJHQKDULDGD,QIRUPDomRSDUDVLVWHPDVKLSHUWH[WR
5LRGHMDQHLUR8)5-(&2'LVVHUWDomRS
6$86685()GH&XUVRGH/LQJtVWLFD*HUDO6mR3DXOR&XOWUL[S
6&+:$%('5266,*)URPGRPLQHPRGHOVWR+\SHUPHGLD$SSOLFDWLRQV
REMHFWRULHQWHG DSSURDFK WHFKQLFDO UHFRUG 5LR GH -DQHLUR 'HSDUWDPHQWR GH ,QIRUPiWLFD
GD38&5LR
6(55(6 0LFKHO 'LiORJR VREUH D FLrQFLD D FXOWXUD H R WHPSR FRQYHUVDV FRP %UXQR
/DWRXU/LVERD(GLWRUD3LDJHWS
60,7+-RKQ%:(,666WHSKHQ)+\SHUWH[W&RPPXQLFDWLRQVRIWKH$&0Y
QS-XO\
62:$ -RKQ ) .QRZOHGJH 5HSUHVHQWDWLRQ ORJLFDO SKLORVRSKLFDO DQG
FRPSXWDWLRQDOIRXQGDWLRQV3DFLILF*URYH%URRNV&ROH
7(50,$ $VVRFLDWLRQ ,QWHUQDWLRQDO GH 7HUPLQRORJLH ,QWHUQDWLRQDO $VVRFLDWLRQRI
7HUPLQRORJ\ 3UREOqPHV GH OD GpILQLWLRQ HW GH OD V\QRQ\PLH HQ WHUPLQRORJLH 4XpEHF
*UVWHUPPDL
7+85,1*0+$$.(-0H+$11(0$11-:KDW
V(/,=$GRLQJLQWKH
&KLQHVH URRP" ,QFRKHUHQW K\SHUGRFXPHQWV DQG KRZ WR DYRLG WKHP ,1 +\SHUWH[W
3URFHHGLQJV«$&03UHVV1HZ<RUN
7+h5,1*0+$11(0$11-+$$.(- 0 +\SHUPHGLD DQG FRJQLWLRQ
GHVLJQLQJIRUFRPSUHKHQVLRQ&RPPXQLFDWLRQVRIWKH$&0YQSDXJ
9$5=, $ 3DUWV ZKROHV DQG SDUWZKROH UHODWLRQV WKH SURVSHFWV RI
PHUHRWRSRORJ\'DWDDQG.QRZOHGJH(QJLQHHULQJ
9,&.(5< % & &ODVVLILFDomR H LQGH[DomR QDV FLrQFLDV 5LR GH -DQHLUR
%1*%UDVLODUWS
9,/$1),/+2-D\PH/HLUR+LSHUWH[WRYLVmRJHUDOGHXPDQRYDWHFQRORJLDGH
LQIRUPDomR&LrQFLDGD,QIRUPDomR%UDVtOLDYQSVHWGH]
:(,167(,1 3HWHU & 2QWRORJ\%DVHG 0HWDGDWD WUDQVIRUPLQJ WKH 0$5&
/HJDF\3LWWVEXUJ'LJLWDO/LEUDULHVS
:(56,* * 3URFpGpV GH OD UHFKHUFKH WHUPLQRORJLTXH ,1 521'($8 * )(/%(5 + 7H[WHV &KRLVLV GH 7HUPLQRORJLH , )RQGpPHQWV WKpRULTXHV GH OD
WHUPLQRORJLH4XpEHF*,567(50S
:,/621 7 ' 7KH ZRUN RI WKH %ULWLVK &ODVVLILFDWLRQ 5HVHDUFK *URXS ,1
:((//,6++HG6XEMHFWUHWULHYDOLQWKHVHYHQWLHV:HVWSRU*UHHQZRUG3XEOLVKLQJ
S
:,16721 0 &+$)),1 5 +(550$11 ' $ WD[RQRP\ RI SDUWZKROH
UHODWLRQV&RJQLWLYH6FLHQFHVYS
:,5)6%52&. 5 :,(1(5 / :,/.(5621 5 'HVLJQ 2EMHFW2ULHQWHG
6RIWZDUH3UHQWLFH+DOO,QF
:8(67(5(/µeWXGHVFLHQWLILTXHJpQpUDOHGHOD7HUPLQRORJLH]RQH)URQWDOLqUH
HQWUHOD /LQJXLVWLTXHOD/RJLTXHOµ2QWRORJLH Oµ,QIRUPDWLTXH HW OHV 6FLHQFHV GHV &KRVHV
,1521'($8*)(/%(5)RUJ7H[WHV&KRLVLVGH7HUPLQRORJLH,)RQGpPHQWV
WKpRULTXHVGHODWHUPLQRORJLH4XpEHF*,567(50S
2%5$6&2168/7$'$6
$%5$17(63DXOR2UJ(SLVWHPRORJLDH&RJQLomR%UDVtOLD(GLWRUDGD8QLYHUVLGDGH
GH%UDVtOLDS
$//$1-DPHV%XLOGLQJK\SHUWH[WXVLQJLQIRUPDWLRQUHWULHYDO,QIRUPDWLRQ3URFHVVLQJ
0DQDJHPHQWYQS0DUFK
$//(1 %U\FH &RJQLWLYH $ELOLWLHV DQG ,QIRUPDWLRQ 6\VWHP 8VDELOLW\ ,QIRUPDWLRQ
3URFHVVLQJ0DQDJHPHQWYQS0DUFK$SULO
$57$/($HWDO3DUWZKROHUHODWLRQVLQREMHFWFHQWHUHGV\VWHPVDQRYHUYLHZ'DWD .QRZOHGJH(QJLQHHULQJS
%$,5'3DWULFLD'$9(13257/L]]LH0$&02552:1RUHHQ$VOLE,QIRUPDWLRQY
QS2FW
%$/$68%5$0$1,$1 9 6WDWH RI WKH $UW 5HYLHZ RQ +\SHUPHGLD ,VVXHV DQG
$SSOLFDWLRQV0DU
%$55(7 (GZDUG 7H[W &RQWH[W DQG +\SHUWH[W ZULWLQJ ZLWK DQG IRU WKH FRPSXWHU
0DVVDFKXVWWV0DVVDFKXVWWV,QVWLWXWHRIWKH7HFKQRORJ\S
%$55(77 (GZDUG HG 7KH 6RFLHW\ RI 7H[W K\SHUWH[W +\SHUPHGLD DQG WKH 6RFLDO
&RQVWUXFWLRQRI,QIRUPDWLRQ&DPEULGJH&DPEULGJH8QLYHUVLW\S
%$57+(65RODQG$XODDXODLQDXJXUDOGDFDGHLUDGHVHPLRORJLDOLWHUiULDGRFROpJLRGH
)UDQoDHG6mR3DXOR&XOWUL[S
%$57+(65RODQG2JUDX]HURGDHVFULWXUD6mR3DXOR&XOWUL[S
%(51(67(0 0DUN %2/7(5 -DI 'DYLG -2<&( 0LFKDHO 0\ORQDV (OOL
$UFKLWHFWXUHVIRUYRODWLOHK\SHUWH[W,1$&0+\SHUWH[W3URFHHGLQJV «
%/867(,1 -DPHV :(%%(5 5REHUW ( 7$*8(687&/,))( -HDQ 0HWKRGV IRU
HYDOXDWLQJ WKH TXDOLW\ RI K\SHUWH[W OLQNV ,QIRUPDWLRQ 3URFHVVLQJ 0DQDJHPHQW Y QS0DUFK
%2/7(5 -D\ 'DYLG -2<&( 0LFKDHO +\SHUWH[W DQG FUHDWLYH ZULWLQJ ,1 $&0
+\SHUWH[W3URFHHGLQJV«1RYHPEHU
&+$7,(55RJHU$RUGHPGRVOLYURV/LVERD3DVVDJHQVS
&257(= (GZLQ 0 3$5. 6DQJ & .,0 6HRQJKHH 7KH K\EULG DSSOLFDWLRQ RI QD
LQGXFWLYH OHDUQLQJ PHWKRG DQG D QHXUDO QHWZRUN IRU LQWHOOLJHQW LQIRUPDWLRQ UHWULHYDO
,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQS1RYHPEHU
(&28PEHUWR2VOLPLWHVGDLQWHUSUHWDomR6mR3DXOR3HUVSHFWLYDS
),'(/ 5D\D ()7+,0,$',6 (IWKLPLV 1 7HUPLQRORJLFDO NQRZOHGJH VWUXFWXUH IRU
LQWHUPHGLDU\H[SHUWV\VWHPV,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQS
-DQXDU\)HEUXDU\
)5(, + 3 7KH XVH RI VHPDQWLF OLQNV LQ K\SHUWH[W LQIRUPDWLRQ UHWULHYDO ,QIRUPDWLRQ
3URFHVVLQJ0DQDJHPHQWYQS-DQXDU\)HEUXDU\
)5,66( 0DUN ) &286,16 6WHYH % 0RGHOV IRU +\SHUWH[W-RXUQDO RI WKH $PHULFDQ
6RFLHW\IRU,QIRUPDWLRQ6FLHQFHQYS
)5,66( 0DUN ) &286,16 6WHYH % 0RGHOV IRU +\SHUWH[W-RXUQDO RI WKH $PHULFDQ
6RFLHW\IRU,QIRUPDWLRQ6FLHQFHQYS
*8$5,12 1LFROD :(/7< &KULVWRSKHU $ IRUPDO RQWRORJ\ RI SURSHUWLHV
/$'6(%&15,QWHUQDO5HSRUWS
*8$5,12 1LFROD )RUPDO RQWRORJ\ FRQFHSWXDO DQDO\VLV DQG NQRZOHGJH UHSUHVHQWDWLRQ
,QWHUQDWLRQDO-RXUQDORI+XPDQDQG&RPSXWHU6WXGLHV3S
+$00:g+1(5 5DLQHU 5,77%(5*(5 0DUF %XLOGLQJ DSSOLFDWLRQ GHSHQGHQW
K\SHUWH[WV,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQS0DUFK
+$00:g+1(5 5DLQHU .8+/(1 5DLQHU .8+/(1 5DLQHU 6HPDQWLF FRQWURO RI
RSHQ K\SHUWH[W V\VWHPV E\ W\SHG REMHFWV -RXUQDO RI ,QIRUPDWLRQ 6FLHQFH Q Y S
+2&.(<6XVDQ(OHFWURQLF7H[WV7KH3URPLVHDQGWKH5HDOLW\$PHULFDQ&RXQFLORI
/HDUQHG 6RFLHWLHV 1HZVOHWWHU )HEUXDU\ +70/
ILOH
85/KWWSZZZDFOVRUJQKRFNKWP!
-2<&( 0LFKDHO 6HYHQ 6KDSHV ([SORUDWRU\ DQG FRQVWUXFWXUH KLSHUWH[WV
$FDGHPLF&RPSXWLQJ
.$72 0DU\ $ 1R 0XQGR GD (VFULWD XPD SHUVSHFWLYD SVLFROLQJXtVWLFD 6mR 3DXOR
(GLWRUDÈWLFDS
/(­2 /~FLD 2 /DELULQWR GD +LSHUPtGLD DUTXLWHWXUD H QDYHJDomR QR FLEHUHVSDoR 6mR
3DXOR,OXPLXUDVS
/e9< 3 $ ,GHRJUDILD GLQkPLFD UXPR D XPD LPDJLQDomR DUWLILFLDO" 3DULV eGLWLRQV /D
'pFRXYHUWHS
/e9< 3LHUUH $87+,(5 0LFKHO $V ÈUYRUHV GH &RQKHFLPHQWR 6mR 3DXOR (GLWRUD
(VFXWDS
/e9< 3LHUUH $ 0iTXLQD 8QLYHUVR FULDomR FRJQLomR H FXOWXUD LQIRUPiWLFD /LVERD
(GLWRUD3LDJHWS
/e9<3LHUUH2TXHpRYLUWXDO" 5LRGH-DQHLUR(GSS
0$&+$'2$UOLQGR)LPGR/LYUR"(VWXGRV$YDQoDGRVYQ
0$=85=\JPXQW0RGHOVRIDGLVWULEXWHGLQIRUPDWLRQUHWULHYDOV\VWHPEDVHGRQWKHVDXUL
ZLWK ZHLJKWV ,QIRUPDWLRQ 3URFHVVLQJ 0DQDJHPHQW Y Q S MDQXDU\ IHEUXDU\
0($'2:&KDUOHV72QWKH)XWXUHRIWKH%RRNRU'RHV,W+DYHD)XWXUH"-RXUQDORI
6FKRODUO\3XEOLVKLQJ -XO\
2/,9(,5$ 0DUFRV %DUERVD 'D &LrQFLD &RJQLWLYD j 'LDOpWLFD 6mR 3DXOR 'LVFXUVR
HGLWRULDOS
2/621'DYLG520XQGRQR3DSHODVLPSOLFDo}HVFRQFHLWXDLVHFRJQLWLYDVGDOHLWXUDH
GDHVFULWD6mR3DXOR(GLWRUDÈWLFDS
3$5(17($QGUp29LUWXDOHR+LSHUWH[WXDO5LRGH-DQHLUR3D]XOLQS
4,8/LZHQ$QDO\WLFDOVHDUFKLQJYVEURZVLQJLQK\SHUWH[WLQIRUPDWLRQUHWULHYDOV\VWHPV
&-,/65&6,%YQS'HFpPEHU
4,8 /LZHQ )UHTXHQF\ GLVWULEXWLRQV RI K\SHUWH[W SDWK SDWWHUQV D SUDJPDWLF DSSURDFK
,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQSMDQXDU\IHEUXDU\
5$1&,Ê5(-DFTXHV3ROtWLFDVGD(VFULWD 5LRGH-DQHLUR(GS
5,=. $ HW DO HG +\SHUWH[W FRQFHSWV V\VWHPV DQG DSSOLFDWLRQV &DPEULGJH
&DPEULGJH8QLYHUVLW\S
520(6Ë1 +XPEHUWR 0DWXUDQD *$5&Ë$ )UDQFLVFR - 9DUHOD'H 0iTXLQDV H 6HUHV
9LYRVDXWRSRLHVH±DRUJDQL]DomRGRYLYR3RUWR$OHJUH$UWHV0pGLFDVS
5$'$ 5R\ HW DO 7DVNEDVHG PHWKRG IRU FUHDWLQJ XVDEOH K\SHUWH[W ,QWHUDFWLQJ ZLWK
FRPSXWHUVYQS
6$/721*HUDUG6,1*+$/$PLW0,75$0DQGD%8&./(<&KULV$XWRPDWLFWH[W
VWUXFWXULQJ DQG VXPDUL]DWLRQ,QIRUPDWLRQ 3URFHVVLQJ 0DQDJHPHQW Y Q S 0DUFK
6$1726 $OFNPDU / GRV $FHUFD GH XPD WH[WXDOLGDGH LQIRUPDWL]DGD >RQOLQH@ >&LWDGR
HP
GH
QRYHPEUR
GH
@
'LVSRQtYHO
QD
,QWHUQHW
KWWSZZZFFHXIVFEUaDOFNPDUWH[WRKWPO
6$1726 $OFNPDU / GRV 7H[WXDOLGDGH /LWHUiULD H +LSHUWH[WR ,QIRUPDWL]DGR >RQOLQH@
>&LWDGR HP GH QRYHPEUR GH @ 'LVSRQtYHO QD ,QWHUQHW
KWWSZZZFFHXIVFEUaDOFNPDUWH[WRKWPO
6$92< -DFTXHV $ OHDUQLQJ VFKHPH IRU LQIRUPDWLRQ UHWULHYDO LQ K\SHUWH[W,QIRUPDWLRQ
3URFHVVLQJ0DQDJHPHQWYQS-XO\$XJXVW
6$92< -DFTXHV 1D H[WHQGHG YHFWRUSURFHVVLQJ VFKHPH IRU VHDUFKLQJ LQIRUPDWLRQ LQ
K\SHUWH[WV\VWHPV,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQS0DUFK
6(55(6 $OH[DQGUH +\SHUWH[WH XQH KLVWRLUH j UHYLVLWHU'RFXPHQWDOLVWH ± 6FLHQFHV GH
O
LQIRUPDWLRQYQS
61<'(5 ,ODQD +\SHUWH[W 7KH (OHWURQLF /DE\ULQWK 1HZ <RUN 1HZ <RUN 8QLYHUVLW\
3UHVVS
7+,2/21 &DWKHULQH +(021 6RSKLH+\SHUWH[WH HW EDVH GRFXPHQWDLUH GHX[
DSSURDFKHV FRPSOpPHQWDLUHV SRXU LQIRUPHU VXU LQIRPDUW 'RFXPHQWDOLVWH Y Q
S0DL-XLQ
78'+23('RXJODV7$</25&DUG1DYLJDWLRQYLDVLPLODULW\DXWRPDWLFOLQNLQJEDVHG
RQVHPDQWLFFORVHQHVV,QIRUPDWLRQ3URFHVVLQJ0DQDJHPHQWYQS
0DUFK
9,*1$8; *HRUJHV $V &LrQFLDV &RJQLWLYDV XPD LQWURGXomR /LVERD (GLWRUD 3LDJHW
S
$3Ç1',&(,
,QVWUXPHQWR(PStULFR
2EMHWLYR7HQGRFRPRSULQFtSLRTXHFDGDWHFQRORJLDSURSLFLDXPHVSDoRGLIHUHQWH
SDUDD RUJDQL]DomR GRV FRQWH~GRV GH FRQKHFLPHQWR TXH LQWHUIHUHP QD HVFULWD REMHWLYDVH
HQWHQGHURSURFHVVRGHHODERUDomRGHVWDRUJDQL]DomRHPKLSHUGRFXPHQWRV
3RVLFLRQDPHQWRPHWRGROyJLFR
9DPRV GLDORJDU FRP SURGXWRUHV GH KLSHUGRFXPHQWRV DXWRU GD WHPiWLFD H GD
WHFQRORJLDQmRQRVLQWHUHVVDHVSHFLILFDPHQWHLQYHVWLJDURSURGXWRILQDOPDVDIRUPDGH
GHVORFDPHQWRGDVLGpLDVGRDXWRUGHVGHVXDSURGXomRDWpRPRPHQWRHPTXHWDLVLGpLDVVH
FRQILJXUDUmRFRPRHVWUXWXUDGDREUD
1mRVHUiQHFHVViULRDFRPSDQKDUPRVDSURGXomR³LQORFR´GHXPKLSHUGRFXPHQWR
PDV FULDU XP DPELHQWH GH WURFD GH LQIRUPDo}HV TXH SRVVLELOLWH XP TXHVWLRQDPHQWR SRU
SDUWHGRVHODERUDGRUHVGRKLSHUGRFXPHQWR
$ QRVVD GLVFXVVmR QmR SDVVD SRU XP PRYLPHQWR GH DQiOLVH GD TXDOLGDGH GR
KLSHUGRFXPHQWR SURGX]LGR PDV GH LQYHVWLJDU R SURFHVVR GH VXD FRQVWUXomR YLVDQGR
GHWHUPLQDU DOJXPDV GLUHWUL]HV TXH SRVVLELOLWHP IDFLOLWDU D RUJDQL]DomR GRV FRQWH~GRV GH
FRQKHFLPHQWRQRKLSHUGRFXPHQWR
(QIRTXHVGDVTXHVW}HV
$VTXHVW}HVVHUmRDSUHVHQWDGDVVREUHWUrVHQIRTXHV
Î D DXWRULD GR WH[WR R H[HUFtFLR GD IXQomR GH DXWRULD QD
PRGHUQLGDGH YHP VHQGR FRORFDGD VRE R SRQWR GH YLVWD GH XPD
DXWRULDLQWHOHFWXDORXVHMDDTXHOHTXHpRSURGXWRUGDWHPiWLFDHR
TXH p DXWRU GD IRUPD FRPR HVWD WHPiWLFD VHUi GLVFXWLGD H
PDWHULDOL]DGDHPXP KLSHUGRFXPHQWR 2EVHUYDPRV TXH R SDSHO GH
DXWRULD QRV KLSHUGRFXPHQWRV YHP VHQGR H[HUFLGR SRU GRLV VXMHLWRV
RX VHMD R DXWRU GD WHPiWLFD H R DXWRU TXH GRPLQD D WHFQRORJLD GH
KLSHUGRFXPHQWRV $FUHGLWDPRV TXH LVWR VH GHYD D IDOWD GH
IDPLOLDULGDGH GR DXWRU LQWHOHFWXDO FRP D QRYD WHFQRORJLD GH
LQIRUPDomR 2EMHWLYDPHQWH TXHUHPRV YHULILFDU D H[LVWrQFLD GH XP
PHVPR VXMHLWR TXH GRPLQH D WHPiWLFD H DV WpFQLFDV GH RUJDQL]DomR
GH FRQWH~GRV HP KLSHUGRFXPHQWRV D H[LVWrQFLD GH GRLV VXMHLWRV R
DXWRUGDWHPiWLFDHRDXWRUGDWHFQRORJLDHVHIRLHVWDEHOHFLGRDOJXP
SURFHVVRGHFRODERUDomRQDRUJDQL]DomRGDVWHPiWLFDV
Î R SURFHVVR GH HODERUDomR GR WH[WR ± QD HODERUDomR GH TXDOTXHU
SURGXWRWH[WXDOSRGHPRVSHUFHEHUTXHH[LVWHSHORPHQRVWUrVHWDSDV
$ SURGXomR GH LGpLDV H FRQFHLWRV VREUH XPD WHPiWLFD TXH VH
GHVHMDGLVFXWLUHPDWHULDOL]DUQDIRUPDWH[WXDO$IRUPDGHDERUGDU
HVWDV LGpLDV TXH HVWi GLUHWDPHQWH UHODFLRQDGD FRP R REMHWLYR GR
WH[WRSDUDTXHILQVOLWHUiULRTXDOJrQHUR"HGXFDWLYRDFDGrPLFRH
FRPROHLWRUYLUWXDODTXHOH SDUD TXHP R DXWRU HVFUHYH R VHX WH[WR
LQVFULWR QR WH[WR $ RUGHP GH RUJDQL]DomR GHVVDV LGpLDV TXH
DOJXQV DXWRUHV GHQRPLQDP GH HVWUXWXUD GD REUD (VWD HVWUXWXUD HVWi
GLUHWDPHQWH UHODFLRQDGD FRP R PHLR RQGH LQIRUPDomR VHUi
YHLFXODGD 2EMHWLYDPHQWH TXHUHPRV REVHUYDU QD HWDSD ± VH IRL
XWLOL]DGR DOJXP PHLR RX PHFDQLVPR SDUD UHSUHVHQWDU HVVDV LGpLDV PRGHORVGHDEVWUDomRHFRPRHVVDVLGpLDVVmRPDWHULDOL]DGDVFRPR
QyVFRQFHLWXDLVHFRPRDVUHODo}HVHQWUHHVVHVQyVVmRHVWDEHOHFLGDV
QDHWDSD±VHRDXWRUID]PHQomRGDUHODomRWH[WRWLSRGHOHLWRUHVH
R DXWRU HVWDEHOHFH XPD OLJDomR HQWUH D PDWHULDOL]DomR GH XPD LGpLD
HP XP Qy H D QHFHVVLGDGH GR OHLWRU LQVFULWR QR WH[WR RX VHMD D
UHODomRGR Qy H D QHFHVVLGDGH GH DFHQWXDU FHUWDV LGpLDV FHQWUDLV QD
HWDSD VH R DXWRU ID] XPD GLIHUHQFLDomR HQWUH D UHSUHVHQWDomR GD
WHPiWLFD H D IRUPD FRPR HVWD WHPiWLFD VHUi DSUHVHQWDGD 9HULILFDU
DVVLPFRPRRWH[WRVHPDWHULDOL]DFRPRRDXWRUGHWHUPLQDRTXHp
XPQyFRQFHLWXDOVHXPDLGpLDRXXPFRQMXQWRGHLGpLDVRXDPERV
VH ID] GLVWLQomR HQWUH RV WLSRV GH QyV Qy GH FLWDomR Qy WH[WR Qy
GHILQLomRQyLPDJHPVHQRGHVHQYROYLPHQWRGHXPDLGpLDRTXH
GHILQHXPDQRYDMDQHODRXXPDWpFQLFDGHURODPHQWR
Î RV SURFHVVRV GH FRPXQLFDomR HQWUH R DXWRU GD WHPiWLFD H GD
WHFQRORJLDTXDQGRGDH[LVWrQFLDGRVGRLVDXWRUHV±YHULILFDUFRPR
VH GHX D WURFD GH LQIRUPDo}HV SDUD D RUJDQL]DomR GD HVWUXWXUD GR
WH[WR H D LPSOHPHQWDomR HP PiTXLQD 2EMHWLYDPHQWH TXHUHPRV
LQYHVWLJDURXVRGHDOJXPLQVWUXPHQWRGHUHSUHVHQWDomRPRGHORGH
DEVWUDomR SDUD IDFLOLWDU R GHVORFDPHQWR GDV LGpLDV GR DXWRU
FRQWHXGLVWD H VHX HQWHQGLPHQWR SHOR DXWRU GD WHFQRORJLD H VH
XWLOL]DGR DOJXP LQVWUXPHQWR TXHP GRPLQD WDO YHtFXOR H FDEH D
TXHPRGHVORFDPHQWRGDVLQIRUPDo}HVSDUDWDOYHtFXOR8OWUDSDVVDGD
DHWDSDGHUHSUHVHQWDomRGDVLGpLDVYHULILFDUFRPRIRLRSURFHVVRGH
FRQVWUXomRGRWH[WRVHFRQILJXUDXPDDXWRULDFROHWLYDVHRJUDXGH
LQWHUIHUrQFLD GR DXWRU GD WHFQRORJLD QD HVWUXWXUD GD REUD IRL
FRQVLGHUiYHO
(WDSD
(175(9,67$
3ULPHLUDPHQWH JRVWDULD GH VDEHU VREUH VXD IRUPDomR H TXDLV IRUDP RV FDPLQKRV
SHUFRUULGRVTXHRDOHYDUDPDFRQVWUXomRGHKLSHUGRFXPHQWRV"
1R QRVVR WUDEDOKR QyV LUHPRV IRFDOL]DU R SURFHVVR GH FRQVWUXomR GH
KLSHUGRFXPHQWRV H QmR R SURGXWR JHUDGR SRU HVVH SURFHVVR 1HVWD PHGLGD HVWDPRV
LQWHUHVVDGRV SURSULDPHQWH HP GRLV HQIRTXHV RX VHMD TXHVW}HV UHODWLYDV j DXWRULD H DR
SURFHVVRGHHODERUDomRGRKLSHUGRFXPHQWR(QWUHWDQWRDQWHVGHHQWUDUPRVQHVWDVTXHVW}HV
HVSHFLILFDPHQWHJRVWDUtDPRVGHWRPDUFRQKHFLPHQWRGRVHJXLQWH
4XDODWHPiWLFDiUHDGHDWXDomRGRVKLSHUGRFXPHQWRVSURGX]LGRV"
4XDOYHPVHQGRRXVXiULRDOYRGHVVHVKLSHUWH[WRV"
([LVWH DOJXPD IHUUDPHQWD GH DX[tOLR SDUD D HGLWRUDomR GH KLSHUWH[WRV TXH YHP
VHQGRXWLOL]DGDSRUH[HPSOR)ROLR7RRERNIHUUDPHQWDVGD:HE"
(WDSD
$DXWRULDGRWH[WR
2H[HUFtFLRGDIXQomRGHDXWRULD QD PRGHUQLGDGH YHP VHQGR FRORFDGD VRE R
SRQWRGHYLVWDGHXPDDXWRULDLQWHOHFWXDORXVHMDDTXHOHTXHpRSURGXWRUGDWHPiWLFDHR
TXH p DXWRU GD IRUPD FRPR HVWD WHPiWLFD VHUi GLVFXWLGD H PDWHULDOL]DGD HP XP
KLSHUGRFXPHQWR 2EVHUYDPRV TXH FRP R DGYHQWR GHVWD QRYD WHFQRORJLD WH[WXDO TXH p R
KLSHUGRFXPHQWR GH IRUPD JHUDO H[LVWH XP VXMHLWR TXH FRQWULEXL FRP D WHPiWLFD H RXWUR
TXHGRPLQDDWHFQRORJLD&RPRYHPVHQGRVXDH[SHULrQFLDQHVWDSHUVSHFWLYD"
$ SDUWLU GHVWD H[SHULrQFLD GH XPD SURGXomR FRQMXQWD YRFr FRQVLGHUDULD D
SURGXomRGRKLSHUWH[WRFRPRXPDDXWRULDFROHWLYD"2XLVWRFDXVDXPHVWUDQKDPHQWRHQWUH
DVSDUWHVHQYROYLGDV"FDVRDDXWRULDWHQKDVLGRFROHWLYD
4XHPIRLRUHDOL]DGRUGRSODQHMDPHQWRGRVQyVHGHVXDVOLJDo}HV"
4XDLVDVGLILFXOGDGHVHQFRQWUDGDV"
$HVFULWDOLQHDUpIUXWRGRPHLRVXSRUWHGDHVFULWDFRPRpD HVFULWDDVVRFLDWLYD
TXDO IRL VXD H[SHULrQFLD H GLILFXOGDGH HP FRORFDU HP DomR XPD HVFULWD DVVRFLDWLYD DSyV
WRGRXPDSUHQGL]DGRYLVDQGRXPDHVFULWDOLQHDU"
3URFHVVRGHHODERUDomRGRWH[WR
1DHODERUDomRGHXPSURGXWRWH[WXDOSRGHPRVSHUFHEHUTXHH[LVWHDOJXPDVHWDSDV
$ SULPHLUD GHILQLPRV FRPR D SURGXomR GH LGpLDV H FRQFHLWRV VREUH XPD WHPiWLFD
TXH VH GHVHMD GLVFXWLU H PDWHULDOL]DU QD IRUPD WH[WXDO (VWD IDVH VH FDUDFWHUL]D SRU ID]HU
SDUWHGDFDGHLDGHUDFLRFtQLRGRDXWRU
1D FRPXQLFDomR GHVVDV LGpLDV IRL XWLOL]DGR DOJXP PHLR RX PHFDQLVPR SDUD
UHSUHVHQWiODV FRPR SRU H[HPSOR XP PDSD RX XP PRGHOR FRQFHLWXDO IOX[RJUDPD
LWHPL]DomRGDWHPiWLFD"
1R PRPHQWR GD UHSUHVHQWDomR GDV LGpLDV KRXYH DOJXPD LQIOXrQFLD GDV
IHUUDPHQWDVXWLOL]DGDV"
6HDOJXPPHFDQLVPRIRL XWLOL]DGR FRPR VXUJLX D QHFHVVLGDGH GH XWLOL]iOR"
3RU XPD QHFHVVLGDGH GD DomR GR DXWRU GD WHPiWLFD RX FRPR XP LQVWUXPHQWR GH
PRGHOL]DomRGRDXWRUGDWHFQRORJLD"
$ VHJXQGD p UHODWLYD D IRUPD GH DERUGDU HVVDV LGpLDV HVWD IDVH HVWi GLUHWDPHQWH
UHODFLRQDGDFRPRREMHWLYRGRWH[WRSDUDTXHILQVHFRPROHLWRUYLUWXDOLQVFULWRQRWH[WR
(VWDVTXHVW}HVLQWHUIHULUDPGHDOJXPDIRUPDQRPRPHQWRGDSURGXomRGRVQyVHGHVXDV
OLJDo}HV"
$ WHUFHLUD HVWi OLJDGD D RUGHP GH RUJDQL]DomR GHVVDV LGpLDV TXH DOJXQV DXWRUHV
GHQRPLQDPGHHVWUXWXUDGD REUD (VWD HVWUXWXUD HVWi GLUHWDPHQWH UHODFLRQDGD FRP R PHLR
RQGH HVWD LQIRUPDomR VHUi YHLFXODGD 1HVWH FDVR DJRUD PDLV HVSHFLILFDPHQWH TXDQWR D
SURGXomRGHXPGHWHUPLQDGRKLSHUGRFXPHQWR
6H KRXYH XPD PRGHODJHP FRQFHLWXDO HVWD VHUYLX FRPR XPD IHUUDPHQWD GH
QDYHJDomRSDUDDX[LOLDUROHLWRUPDSDSRVWHULRUPHQWH"
'H XPD PDQHLUD JHUDO H[SHULrQFLDV WHP PRVWUDGR TXH GXDV IRUPDV YHP VHQGR
HPSUHJDGDV QR GHVHQYROYLPHQWR GH XP KLSHUGRFXPHQWR XPD VHULD GHQRPLQDGD GH
PHWRGRORJLD³ERWWRPXS´DTXHODTXHSDUWHGRPDWHULDOMiSUpH[LVWHQWHXPRXPDLVWH[WRV
GH IRUPD OLQHDU SDUD D FRQVWUXomRDGDSWDomR QD IRUPD GH KLSHUGRFXPHQWR RXWUD GH
DERUGDJHPµWRSGRZQ¶RQGHSULPHLURVHSODQHMDRTXHVHYDLFRQVWUXLUSDUDGHSRLVSURGX]LU
RVWH[WRV"4XDOYHPVHQGRVXDH[SHULrQFLDQHVWHVHQWLGR"
2TXHIRLGHWHUPLQDGRFRPRQyFRQFHLWXDOXPDLGpLDRXXPFRQMXQWRGHLGpLDVRX
DPERV"
+RXYHDOJXPDGLVWLQomRHQWUHRVWLSRVGHQyVQyFLWDomRQyWH[WRQyGHILQLomR
QyLPDJHP"6HKRXYHHPTXHPRPHQWRLVVRRFRUUHX"
1RGHVHQYROYLPHQWRGHXPDLGpLDRTXHGHWHUPLQDXPDQRYDMDQHODRXXPDWpFQLFD
GHURODPHQWR"
FRUHV"
([LVWLXDOJXPFULWpULRSDUDHVWLORGHHVFULWDIRUPDWRGHDSUHVHQWDomRGHQyVXVRGH
$3Ç1',&(,,
0RGHODJHP&RQFHLWXDOGR+LSHUGRFXPHQWR³0DQXDOGH
7HVDXUR´
1D HODERUDomR GR PRGHOR FRQFHLWXDO GR KLSHUGRFXPHQWR ³0DQXDO GH 7HVDXUR´
XWLOL]DPRV HP FHUWD PHGLGD DV HWDSDV SURSRVWDV SHOD PHWRGRORJLD 22+'0 3RUpP
DOJXPDVDGDSWDo}HVVHIL]HUDPQHFHVViULDVGHYLGRDTXHVW}HVGLVFXWLGDVQRFDStWXORGHVWH
WUDEDOKR FRPR SRU H[HPSOR R IDWR GD PHWRGRORJLD 22+'0 HVWi EDVHDGD QR PpWRGR
2ULHQWDGRD2EMHWRVTXHQmRSRVVXLUHODFLRQDPHQWRVPDLVSUHFLVRVSDUDDUHSUHVHQWDomRGH
XQLGDGHVGHFRQKHFLPHQWRHPKLSHUGRFXPHQWRV
2 PRGHOR HODERUDGR SRVVXL GXDV HWDSDV D SULPHLUD p D FRQVWUXomR SURSULDPHQWH
GRPDSDFRQFHLWXDOHDVHJXQGDDHODERUDomRGHFDUW}HVTXHDX[LOLDPRDXWRUGDWHFQRORJLD
QD LPSODQWDomR GR PRGHOR QDYHJDFLRQDO &RPR REVHUYDPRV HVWDV HWDSDV WHP VLGR
HODERUDGDVYROWDGDVHVSHFLILFDPHQWHSDUDD LPSODQWDomR HP PiTXLQD GR KLSHUGRFXPHQWR
1yV HQWUHWDQWR UHDOL]DPRV D H[SHULrQFLD YROWDGRV SDUD REVHUYDU D XWLOL]DomR GR PRGHOR
FRQFHLWXDO QmR VRPHQWH SDUD DX[LOLDU D LPSODQWDomR HP XP PHLR HOHWU{QLFR PDV
SULQFLSDOPHQWHSDUDLQYHVWLJDUHVWHPRGHORMiFRPRXPPHLRFRPXQLFDFLRQDOHQWUHRDXWRU
GRFRQWH~GRHRGDWHFQRORJLD1HVWDSHUVSHFWLYDGHFRQVWUXomRGHXPDHVFULWDTXHVHID]
VREXPDyWLFDGHPXOWLSODVIXQo}HVGDDXWRULDpTXHFRQFHQWUDPRVQRVVRROKDU
3DUDDFRQVWUXomRGRPRGHOR pQHFHVViULRPXQLUR DXWRU FRQWHXGLVWD GH XPD GDGD
IRUPD GH RUJDQL]DomR GH SHQVDPHQWR TXH SRVVD FRUUHVSRQGHU jV QHFHVVLGDGHV GR PHLR
HOHWU{QLFR1HVWHFDVRDWHFQRORJLDGHXPVLVWHPDKLSHUWH[WRTXHpHVWUXWXUDGRDWUDYpVGH
XQLGDGHV GH LQIRUPDomR TXH VmR GHQRPLQDGRV GH QyV H GH OLJDo}HV HQWUH HVVHV QyV RV
HORV $VVLP WRGD D WHPiWLFD D VHU GLVFXWLGD GHYHUi VHU UHFRUWDGD H RUGHQDGD GH IRUPD D
ID]HUVHQWLGRPXLWRGLIHUHQWHGDIRUPDFRPRDSUHQGHPRVDHVFUHYHUFRPSULQFtSLRPHLRH
ILP(VWDQRYDIRUPDGHHVFULWDPRGHODUUHTXHUDFODVVLILFDomRGRGRPtQLRDFODVVLILFDomR
GDHVWUXWXUDGDREUDRXVHMDFRPRRVFRQWH~GRVGHYHUmRVHUSDVVDGRV3RUH[HPSORQR
0DQXDO GH 7HVDXUR IRL QHFHVViULR SHQVDU QRV FRQWH~GRV FRQFHLWXDLV TXH IDUmR SDUWH GR
0DQXDOHQD IRUPDFRPR HVVHVFRQWH~GRVGHYHULDP VHU DSUHVHQWDGRV &RPR VH H[LVWLVVH
XPD FDPDGD GR HVFRSR WHyULFR H RXWUD OLJDGD DR HVFRSR GH DSOLFDomR TXH QR FDVR p D
HVWUXWXUDGHXPPDQXDO$VVLPGRLVPRGHORVFRQFHLWXDLVIRUDPHODERUDGRVROLJDGR DR
HVFRSRWHyULFRHROLJDGRDRHVFRSRGHDSOLFDomR(VWHVPRGHORVVHFRUUHODFLRQDPDSDUWLU
GDIRUPDGHQDYHJDomRTXHIRLLPSOHPHQWDGDSDUDRXVXiULR7XWRULDORXSHORXVXiULR
02'(/2&21&(,78$/±(6&2327(Ï5,&2
0RGR7HyULFR
3RVVXLFDUDFWHUtVWLFDVQHVWHGRPtQLRGHDSURIXQGDPHQWRGDEDVHWHyULFD
'HYHUiVHUXWLOL]DGRFRPRXPOLQNSDUDHVSHFLILFDUFRQKHFLPHQWRVREUHD
WHPiWLFD
0pWRGRGH)DFHWDV
7HRULDGR&RQFHLWR
7HRULDGD7HUPLQRORJLD
IXQGDPHQWD
IXQGDPHQWD
6LVWHPD
GH
&RQFHLWRV
&RQFHLWR
5HIHUHQWH
5HODo}HV
7HUPR
1RSODQRGRFRQFHLWR
&DUDFWHUtVWLFDV
OyJLFD
&RQVWURHP
&DUDFWHUtVWLFD
'HSHQGHQWH
&DUDFWHUtVWLFD
,QGHSHQGHQWH
6pULHVOyJLFD
9HUWLFDOUHODomR
GHVXERUGLQDomR
OyJLFD
+RUL]RQWDOUHODomR
GHFRRUGHQDomR
OyJLFD
RQWROyJLFD
3DUWLWLYD
)RUPDP
1RSODQRGDOtQJXD
&RPS}HP
5HODomRGH
(TXLYDOrQFLD
6HTHQFLDO
FRQWLJLGDGH
QRWHPSR
6pULHV
2QWROyJLFDV
9HUWLFDO
+RUL]RQWDO
&RRUGHQDomR
3DUWLWLYD
FRQWLJLGDGH
QRHVSDoR
02'(/2&21&(,78$/'$(6758785$'20$18$/'(7(6$852
0RGR$SOLFDomR
3RVVXLSRUREMHWLYRSHUPLWLULQWURGX]LURVFRQKHFLPHQWRVQHFHVViULRVSDUDD
HODERUDomRGHWHVDXURQXPDSHUVSHFWLYDGLGiWLFRSHGDJyJLFD
&DUW}HVGR(VFRSR7HyULFRHGR(VFRSRGH$SOLFDomR
(VFRSR7HyULFR7HRULDGR&RQFHLWR7HRULDGD7HUPLQRORJLD0pWRGRGH)DFHWD
6,67(0$'(&21&(,726
3RVVXL FDUDFWHUtVWLFDV QHVWH GRPtQLR GH DSURIXQGDPHQWR GD EDVH WHyULFD 'HYHUi
VHUXWLOL]DGRFRPRXPOLQNSDUDHVSHFLILFDUFRQKHFLPHQWRVREUHDWHPiWLFD
(6&2327(Ï5,&2
6XEVLVWHPDV
1RPHGRVXEVLVWHPD7HRULDGR&RQFHLWR
,QFOXLKLVWyULFRWULkQJXORFRQFHLWXDO
6XEVLVWHPD&ODVVH
5HODFLRQDGRFRP
6LVWHPDGH&RQFHLWRV
+LVWyULFRFRQFHLWR
&RQFHLWR
7HUPR
&DUDFWHUtVWLFD
5HIHUHQWH
5HODomR
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
3RQWRGH$FHVVR(QWUDGD6LVWHPDGH&RQFHLWRVKLVWyULFRFRQFHLWR&RQFHLWR
&RPHQWiULRSDUDLPSOHPHQWDomRHVWHVXEVLVWHPDSRVVXLXPDUHODomRFRPDIDVHGH
OHYDQWDPHQWRGRVWHUPRVQRHVFRSRGHDSOLFDomR
$QWHULRU
3RVWHULRU
1RPHGR6XEVLVWHPD7HRULDGD7HUPLQRORJLD
,QFOXLKLVWyULFRSULQFtSLRVTXHIXQGDPHQWDPDVUHODo}HVHQWUHFRQFHLWRV
6XEVLVWHPD&ODVVH
5HODFLRQDGRFRP
6LVWHPDGH&RQFHLWRV
5HODo}HV
&DUDFWHUtVWLFD
3RQWRGH$FHVVR6LVWHPDGH&RQFHLWRVUHODo}HV
&RPHQWiULRSDUDLPSOHPHQWDomR
$QWHULRU
5HODomR
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
3RVWHULRU
1RPHGR6XEVLVWHPD0pWRGRGH)DFHWD
,QFOXLKLVWyULFR7HRULDGD&ODVVLILFDomRIDFHWDGDWLSRORJLDGH)DFHWDV&5*H[HPSORV
6XEVLVWHPD&ODVVH
5HODFLRQDGRFRP
5HODomR
6LVWHPDGH&RQFHLWRV
+LVWyULFR
&DWHJRUL]DomR
&DUDFWHUtVWLFD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
3RQWRGH$FHVVR6LVWHPDGHFRQFHLWRV
&RPHQWiULRSDUDLPSOHPHQWDomRHVWHVXEVLVWHPDHVWiGLUHWDPHQWHOLJDGRDIDVHGH
FDWHJRUL]DomRGRHVFRSRGHDSOLFDomR
$QWHULRU
3RVWHULRU
1RPHGRVXEVLVWHPD6LVWHPDGH&RQFHLWRV
,QFOXLSULQFtSLRVTXHIXQGDPHQWDPDRUJDQL]DomRGRVFRQFHLWRVHGH VXDVUHODo}HV
6XEVLVWHPD&ODVVH
5HODFLRQDGRFRP
7HRULDGR&RQFHLWR
7HRULDGD7HUPLQRORJ LD
0pWRGRGH)DFHWD
&RQFHLWR
5HODo}HV
2UJDQL]DomR
5HODomR
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
3RQWRVGH$FHVVR(QWUDGD&RQFHLWR5HODo}HV
&RPHQWiULRSDUDLPSOHPHQWDomRHVWHVXEVLVWHPDVHFRQHFWDDIDVHGHRUJDQL]DomRGRHVFRSR
GHDSOLFDomR
$QWHULRU
3RVWHULRU
&ODVVHV
1RPHGD&ODVVH&RQFHLWR
+HUGDGH6LVWHPDGH&RQFHLWR
$WULEXWRVHSDUWHV2TXHpFRPSRQHQWHVWHUPRFDUDFWHUtVWLFDUHIHUHQWH
&RPSRUWDPHQWR
6XEVLVWHPDVXEFODVVH
5HODomR
5HODFLRQDGDFRP
7HRULDGR&RQFHLWR
5HIHUHQWH
7HUPR
&DUDFWHUtVWLFD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
5HODomR
FRRUGHQDomRSDUWLWLYD
3RQWRVGH$FHVVR6LVWHPDGHFRQFHLWRV7HRULDGR&RQFHLWR5HODo}HV"
1RPHGD&ODVVH5HODo}HV
+HUGDGH6LVWHPDGH&RQFHLWRV
$WULEXWRVHSDUWHVWLSRVGHUHODo}HV
5HODFLRQDGRFRP
6XEVLVWHPDVXEFODVVHV
7HRULDGDWHUPLQRORJLD
5HODomR/yJLFD
5HODomR2QWROyJLFD
&RQFHLWR
5HODomR
SDUWLWLYD
KLHUiUTXLFD
KLHUiUTXLFD
FRRUGHQDomRSDUWLWLYD
3RQWRVGH$FHVVR6LVWHPDGH&RQFHLWRV7HRULDGD7HUPLQRORJLD&RQFHLWR
1RPHGD&ODVVH5HIHUHQWH
+HUGDGH&RQFHLWR
$WULEXWRVHSDUWHVRTXHpXPUHIHUHQWHREMHWRFRQFUHWRHDEVWUDWR
5HODFLRQDGRFRP
6XEVLVWHPD&ODVVH
&DUDFWHUtVWLFD
7HUPR
3RQWRVGH$FHVVR&RQFHLWRWHUPRHFDUDFWHUtVWLFDV
5HODomR
FRRUGHQDomRSDUWLWLYD
FRRUGHQDomRSDUWLWLYD
1RPHGD&ODVVH7HUPR
+HUGDGH&RQFHLWR
$WULEXWRVHSDUWHVRTXHpTXHVW}HVOLJDGDVDVLQRQtPLDUHODo}HVGHHTXLYDOrQFLD
&RPSRUWDPHQWR
6XEVLVWHPD&ODVVH
5HODomR
5HODFLRQDGRFRP
5HIHUHQWH
&DUDFWHUtVWLFD
&RRUGHQDomRSDUWLWLYD
&RRUGHQDomRSDUWLWLYD
3RQWRGH$FHVVR&RQFHLWRUHIHUHQWHFDUDFWHUtVWLFDUHODomRGHHTXLYDOrQFLD
1RPHGD&ODVVH&DUDFWHUtVWLFD
+HUGDGH&RQFHLWR
$WULEXWRVHSDUWHVRTXHpWLSRVGHFDUDFWHUtVWLFDVFDUDFWHUtVWLFDGHGLYLVmRFDUDFWHUtVWLFD
GHSHQGHQWHHFDUDFWHUtVWLFDLQGHSHQGHQWH
5HODFLRQDGRFRP
6XEVLVWHPD&ODVVH
5HIHUHQWH
7HUPR
&DUDFWHUtVWLFDGHSHQGHQWHLQGHS
&DUDFWHUtVWLFDGH'LYLVjR
3RQWRVGH$FHVVR&RQFHLWR5HIHUHQWHH7HUPR
5HODomR
&RRUGHQDomRSDUWLWLYD
&RRUGHQDomRSDUWLWLYD
+LHUiUTXLFD
+LHUiUTXLFD
1RPHGD&ODVVH5HODomR/yJLFD
+HUGDGH5HODomR
$WULEXWRVHSDUWHVGHILQLomRWLSRVGHUHODomROyJLFDUHODomRVHTHQFLDOUHODomROyJLFD
UHODomRRQWROyJLFD
6XEVLVWHPD&ODVVH
5HODomR
5HODFLRQDGRFRP
6pULHOyJLFDYHUWLFDO
6pULHOyJLFDKRUL]RQWDO
+LHUiUTXLFD
+LHUiUTXLFD
3RQWRGH$FHVVR5HODomR6pULHOyJLFDYHUWLFDO6pULHOyJLFDKRUL]RQWDO
1RPHGD&ODVVH5HODomR2QWROyJLFD
+HUGDGH5HODomR
$WULEXWRVHSDUWHVGHILQLomRWLSRVGHUHODomRRQWROyJLFDSDUWLWLYDHVHTXHQFLDO
5HODFLRQDGRFRP
6XEVLVWHPD&ODVVH
5HODomR
5HODomR3DUWLWLYD
5HODomR6HTHQFLDO
3RQWRGH$FHVVR5HODomR5HODomRSDUWLWLYD5HODomRVHTXHQFLDO
KLHUiUTXLFD
KLHUiUTXLFD
1RPHGD&ODVVH5HODomRGH(TXLYDOrQFLD
+HUGDGH5HODomR
$WULEXWRVHSDUWHVGHILQLomRIDWRUHVOLQJXtVWLFRVTXHLQWHUIHUHP
5HODFLRQDGRFRP
6XEVLVWHPDV&ODVVHV
3RQWRGH$FHVVR5HODomR7HUPR
7HUPR
5HODomR
DVVRFLDWLYD
(VFRSRGH$SOLFDomR(VWUXWXUDGR0DQXDOGH7HVDXUR
3RVVXLSRUREMHWLYRSHUPLWLULQWURGX]LURVFRQKHFLPHQWRVQHFHVViULRVSDUDD
HODERUDomRGHWHVDXURQXPDSHUVSHFWLYDGLGiWLFDSHGDJyJLFD
(6&232'($3/,&$d­2
6XEVLVWHPDV
1RPHGRVXEVLVWHPD3ODQHMDPHQWR
,QFOXL(WDSDVGRSODQHMDPHQWRGRPDQXDO
6XEVLVWHPDV&ODVVH
5HODFLRQDGRFRP
/HYDQWDPHQWRGRV7HUPRV
'HOLPLWDomRGDiUHD
3~EOLFRDOYR
/HYDQWDPHQWRGDVIRQWHV
)RUPDGHDSUHVHQWDomR
(VWUDWpJLDHSHUGHDW
5HODomR
2QWRJHQpWLFD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
SDUWLWLYD
)RUPDGHGLYXOJDomR
6HOHomRGRVRIWZDUH
SDUWLWLYD
SDUWLWLYD
3RQWRGH$FHVVR(VFRSRGH$SOLFDomR"/HYDQWDPHQWRGRVWHUPRV2UJDQL]DomRQmR
FRORFDULDVLVWHPDVGHFRQFHLWRVSRLVHVWHHVWiOLJDGRFRPDIDVHGHRUJDQL]DomR
$SUHVHQWDomRILQDO
&RPHQWiULRSDUDLPSODQWDomRHVWHpRVXEVLVWHPDGHHQWUDGDSDUDXPDQDYHJDomRWXWRULDO
1RPHGRVXEVLVWHPD/HYDQWDPHQWRGRVWHUPRV
,QFOXL7LSRVGHDo}HVSDUDROHYDQWDPHQWRGRVWHUPRV
5HODFLRQDGRFRP
6XEVLVWHPDFODVVH
3ODQHMDPHQWR
/HYDQWDPHQWRSRULQGH[DomR
/HYDWUDYpVGH9&
3RQWRGH$FHVVRHQWUDGD3ODQHMDPHQWR
5HODomR
2QWRJHQpWLFD
+LHUiUTXLFD
+LHUiUTXLFD
&RPHQWiULRSDUDLPSODQWDomRHVWHVXEVLVWHPDSRVVXLXPDUHODomRFRPDIDVHGRHVFRSR
WHyULFRGD7HRULDGR&RQFHLWR
1RPHGR6XEVLVWHPD2UJDQL]DomR
,QFOXL(WDSDGDRUJDQL]DomRGRVFRQFHLWRVHGDVUHODo}HVHQWUHRVFRQFHLWRVSDUDHODERUDomR
GRVLVWHPDGHFRQFHLWRV
6XEVLVWHPD&ODVVH
&DWHJRUL]DomR
5HODFLRQDGRFRP&RQVWUXomRGR6LVWHPD
/HYDQWDPHQWRGRVWHUPRV
5HODomR
SDUWLWLYD
SDUWLWLYD
2QWRJHQpWLFD
3RQWRGH$FHVVR(QWUDGD/HYDQWDPHQWRGRVWHUPRV6LVWHPDGH&RQFHLWRV
&RPHQWiULRSDUDLPSOHPHQWDomRHVWHVXEVLVWHPDSRVVXLXPDUHODomRFRPDIDVHGR6LVWHPDGH
&RQFHLWRVGR(VFRSRWHyULFR
1RPHGR6XEVLVWHPD$SUHVHQWDomRILQDO
,QFOXL)RUPDVGHDSUHVHQWDomRGRVFRQFHLWRVHGHVXDVUHODo}HVHPXPWHVDXUR
5HODFLRQDGRFRP
6XEVLVWHPD&ODVVH
$SUHVHQWDomR(OHWU{QLFD
$SUHVHQWDomR7UDGLFLRQDO
2UJDQL]DomR
5HODo}HV
+LHUiUTXLFD
+LHUiUTXLFD
2QWRJHQpWLFD
3RQWRGH$FHVVR(QWUDGD2UJDQL]DomR
&RPHQWiULRSDUDLPSOHPHQWDomRHVWHVXEVLVWHPDSRVVXLXPDUHODomRFRPDIDVHGR6LVWHPDGH
&RQFHLWRVGR(VFRSRWHyULFR
Download

Veja a Tese em