XQHVS
81,9(56,'$'((67$'8$/3$8/,67$
´-Ô/,2'(0(648,7$),/+2µ
,167,7872'(%,2&,È1&,$6²5,2
&/$52
352*5$0$'(3Ï6*5$'8$d­2(0'(6(192/9,0(172+80$12(
7(&12/2*,$6
7HFQRORJLDVQDV'LQkPLFDV&RUSRUDLV
&2532602'(5126(9,*25(;,$1$5('(62&,$/9,578$/,'($,6
0,',È7,&26(68$6,1)/8Ç1&,$61$,0$*(0&25325$/0$6&8/,1$
)/$9,2)5$1&,6&2'(=$1
'LVVHUWDomR DSUHVHQWDGD
DR
,QVWLWXWR GH %LRFLrQFLDV
GR &DPSXV
GH 5LR &ODUR
8QLYHUVLGDGH
(VWDGXDO 3DXOLVWD
FRPR SDUWH GRV
UHTXLVLWRV SDUD REWHQomR GR WtWXOR
GH 0HVWUH HP 'HVHQYROYLPHQWR
+XPDQRH7HFQRORJLDV
81,9(56,'$'((67$'8$/3$8/,67$
,167,7872'(%,2&,È1&,$6
&2532602'(5126(9,*25(;,$1$5('(62&,$/9,578$/
,'($,60,',É7,&26(68$6,1)/8È1&,$61$,0$*(0&25325$/
0$6&8/,1$
)/$9,2)5$1&,6&2'(=$1
2ULHQWDGRU3URI'U$)2162$1721,20$&+$'2
'LVVHUWDomR DSUHVHQWDGD DR ,QVWLWXWR GH
%LRFLrQFLDV GR &DPSXV GH 5LR &ODUR
8QLYHUVLGDGH (VWDGXDO 3DXOLVWD FRPR SDUWH
GRV UHTXLVLWRV SDUD REWHQomR GR WtWXOR GH
0HVWUHQR 33* 'HVHQYROYLPHQWR+XPDQRH
7HFQRORJLDV 6XEiUHD GH 7HFQRORJLD &RUSR H
&XOWXUD
5,2&/$5263
'H]DQ)ODYLR)UDQFLVFR
'F&RUSRVPRGHUQRVHYLJRUH[LDQDUHGHVRFLDOYLUWXDOLGHDLV
PLGLiWLFRVHVXDVLQIOXHQFLDVQDLPDJHPFRUSRUDOPDVFXOLQD
)ODYLR)UDQFLVFR'H]DQ5LR&ODUR>VQ@
ILOILJVIRWV
'LVVHUWDomRPHVWUDGR8QLYHUVLGDGH(VWDGXDO
3DXOLVWD,QVWLWXWRGH%LRFLrQFLDVGH5LR&ODUR
2ULHQWDGRU$IRQVR$QWRQLR0DFKDGR
(VSRUWHV $VSHFWRV SVLFROyJLFRV 'LVW~UELR
GH LPDJHP 5HGHV VRFLDLV YLUWXDLV 'HVHQYROYLPHQWRKXPDQR7HFQRORJLDV,7tWXOR
)LFKD&DWDORJUiILFDHODERUDGDSHOD67$7,%LEOLRWHFDGD
81(63&DPSXVGH5LR&ODUR63
L
'(',&$7Ï5,$
ÈPLQKDILOKD%HDWUL]
&DULQKRVDPHQWHGHGLFRHVWHWUDEDOKRDRVPHXVSDLV-RmRH*LVODLQHH
DRVPHXVLUPmRV%UXQRH/DL]
'HGLFR WDPEpP GH PDQHLUD HVSHFLDO j PLQKD HVSRVD 0HOLVVD SRU
WRGRV RV PRPHQWRV SDVVDGRV DR ORQJR GR GHVHQYROYLPHQWR GHVVH WUDEDOKR H
SHORDSRLRHFRQILDQoDLQFRQGLFLRQDLV
$RPHXRULHQWDGRUHDPLJR3URIHVVRU'U$IRQVR$QWRQLR0DFKDGRSHOD
RSRUWXQLGDGH FRQILDQoD H LPSRUWkQFLD GHSRVLWDGDV HP PLP SDUD GHVHQYROYHU
HVWHWUDEDOKRHVXDVLQ~PHUDVFRQWULEXLo}HV
LL
$*5$'(&,0(1726
$JUDGHoR DRV PHPEURV GR /DERUDWyULR GH (VWXGRV H 3HVTXLVDV HP
3VLFRORJLD GR (VSRUWH ± /(3(63( ± SHODV LQ~PHUDV GLVFXVV}HV TXH
HQULTXHFHUDPDLQGDPDLVHVWHWUDEDOKR
0HXV VLQFHURV DJUDGHFLPHQWRV DRV PHPEURV GD EDQFD H[DPLQDGRUD
'DQLHO3UHVRWRH&DUORV0DUWLQVSHODVFRQWULEXLo}HVYDOLRVDV
$JUDGHoRDWRGRVTXHGHPDQHLUDGLUHWDRXLQGLUHWDFRQWULEXtUDPSDUD
RGHVHQYROYLPHQWRGHVWHWUDEDOKR
)LQDOL]RPHXVDJUDGHFLPHQWRVID]HQGRXPDMXVWDHVLQFHUDKRPHQDJHP
jTXHOH TXH ID] MXV DR WtWXOR GH SURIHVVRU H PDLV DLQGD RULHQWDGRU 3URI 'U
$IRQVR$QWRQLR0DFKDGR
08,722%5,*$'2
LLL
(3Ë*5$)(
1mRpOLYUHTXHPpHVFUDYRGRFRUSR
6rQHFD
LY
5(6802
$ DERUGDJHP GR WHPD FRUSR p GH H[WUHPD UHOHYkQFLD HP HVSHFLDO TXDQGR
SDVVDPRVDHVWXGDUHQIRTXHVHVSHFLDLVQRVDVVXQWRVUHODFLRQDGRVjYLJRUH[LD
HQmRVHPHIHLWRGLUHFLRQiODDRS~EOLFRPDVFXOLQRDSHVDUGHVWHGLVW~UELRGH
LPDJHPQmRVHUHVWULQJLUVRPHQWHDRVKRPHQV$WHFQRORJLDVHID]SUHVHQWHQR
FRWLGLDQR GDV SHVVRDV HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD DWUDYpV GD
PtGLD GDV WpFQLFDV GH LQWHUYHQomR FLU~UJLFDV QRV SURGXWRV GH EHOH]D
DSDUHOKRV SDUD JLQiVWLFD HWF QmR SRGHUtDPRV GHL[DU GH UHVVDOWDU R IDWR GH
TXH R FRUSR SDVVD D VHU REMHWR GH GHVHMRV H DWHQo}HV TXH UHPHWHP D VL
SUySULRVHXGHVWLQRHFRQVWUXomRQRWRFDQWHDRTXHSRGHRXQmRVHUYDORUL]DGR
QD FXOWXUD RQGH HVWH VH LQVHULX $ EXVFD SHOR FRUSR SHUIHLWR WHP R HIHLWR GH
SURGX]LUGLVFXUVRVGXSORVTXHVHMXVWLILFDPSRUUHODFLRQDUDVDWLYLGDGHVItVLFDV
FRPRSURPRWRUDVGHERDVD~GHHYHtFXORGHFUHGLELOLGDGHVRFLDOEHPFRPRVHU
REMHWRGHGHVHMRPDVQmRGHL[DPFODURRXSHORPHQRVQmRID]HPTXHVWmRGH
UHYHODU TXDLV RV SURFHVVRV SHORV TXDLV SDVVDP RV TXH Mi DGTXLULUDP R WmR
GHVHMDGR FRUSR SHUIHLWR ILFDQGR VRPHQWH VXD LPDJHP FRPR IRQWHV GH
LQVSLUDomR H GHVHMR 3DUWLFLSDUDP GHVWH HVWXGR LQGLYtGXRV GR VH[R
PDVFXOLQR PDLRUHV GH DQRV H XVXiULRV GD UHGH VRFLDO YLUWXDO 2UNXW 3DUD
GHVHQYROYHURHVWXGRXWLOL]DPRQRVGDVXEPLVVmRGHTXHVWLRQiULRVRQOLQHEHP
FRPR HQWUHYLVWDV YLD FRPXQLFDomR VtQFURQD HP VXD LQWHUIDFH GH
YLGHRFKDPDGD VLWH 061 TXDQGR QHFHVViULR QD WHQWDWLYD GH PLQLPL]DU D
DYDOLDomR GH SHUILV ³IDNHV´ 1mR IRUDP DQDOLVDGDV TXHVW}HV VRFLRHFRQ{PLFDV
2 HVWXGR SURFXURX HVWDEHOHFHU FRQH[}HV HQWUH R TXDGUR FRUSRUDO DWXDO FRP
LQ~PHUDV H[LJrQFLDV H TXHVW}HV D VH YDORUL]DU TXDQGR SHQVDPRV QR FRUSR H
VXDV UHSUHVHQWDo}HV $WXDOPHQWH R FRUSR SRU VL Vy QmR UHSUHVHQWD DOJR
VRFLDOPHQWHYDORUL]DGRDPHQRVTXHHVWHMDSHUSDVVDGRSRULQ~PHURVFXLGDGRV
TXHRFDUDFWHUL]HFRPRXPFRUSRYDORUL]DGR&RPEDVHQDDQiOLVHHGLVFXVVmR
GRVGDGRVSRGHPRVFRQFOXLUTXHRVGLVW~UELRVGHLPDJHPVHID]HPSUHVHQWHV
HP JUDQGH Q~PHUR HP XVXiULRV GD UHGH XPD YH] TXH QRVVRV SDUWLFLSDQWHV
GHUDPLQGtFLRVVLJQLILFDWLYRVGDRFRUUrQFLDGHYLJRUH[LDHPVHXVGHSRLPHQWRVH
LQWHUDo}HV FRP VHXV SDUHV $ UHGH PXQGLDO GH FRPSXWDGRUHV FRP VXDV
LQ~PHUDVSRVVLELOLGDGHVpYHtFXORWDPEpPSDUDRHVWDEHOHFLPHQWRGHYtQFXORV
H SDGU}HV HVWpWLFRV TXH WUDQVFHQGHP R PXQGR GDV DFDGHPLDV GH JLQiVWLFDH
PXVFXODomRpWHUUHQRIpUWLOSDUDFXOWLYRGH³DPL]DGHV´HDPL]DGHVTXHIDoDP
VHXVSDUWLFLSDQWHVVHVHQWLUHPDFROKLGRVHYDOLGDGRVHPVHXVHVWLORVGHYLGD
3DODYUDVFKDYH 9LJRUH[LD ,PDJHP FRUSRUDO 5HGH VRFLDO YLUWXDO
'HVHQYROYLPHQWRKXPDQR7HFQRORJLDV
Y
$%675$&7
$SSURDFKHV DERXW ERG\ LV H[WUHPHO\ LPSRUWDQW ZLWK D VSHFLDOIRFXV RQ LVVXHV
UHODWHG WR YLJRUH[\ DQG QRW ZLWKRXW HIIHFW GLUHFW LW WR WKH PDOH DXGLHQFH
FRQVLGHULQJWKDWWKLVLPDJHGLVWXUEDQFHLVQRWUHVWULFWHGWRPHQ7KHWHFKQRORJ\
LV SUHVHQW LQ GDLO\ OLIH LQ LWV YDULRXV IRUPV ZKHWKHU WKURXJK WKH PHGLD WKH
WHFKQLTXHV RI VXUJLFDO LQWHUYHQWLRQ LQ EHDXW\ SURGXFWV DSSOLDQFHV IRU
J\PQDVWLFVHWF:HFRXOGQRWIDLOWRHPSKDVL]HWKHIDFWWKDWWKHERG\EHFRPHV
WKH REMHFW RI GHVLUH DQG DWWHQWLRQ WKDW UHIHU WR LWVHOI LWV GHVWLQDWLRQ DQG
FRQVWUXFWLRQ DV WR ZKDW PD\ RU PD\ QRW EH YDOXHG LQ WKH FXOWXUH ZKHUH LW LV
LQVHUWHG7KHVHDUFKIRUWKHSHUIHFWERG\KDVWKHHIIHFWRISURGXFLQJWKHGRXEOH
VWDQGDUGV WKDW DUH MXVWLILHG E\ UHODWLQJ SK\VLFDO DFWLYLW\ DV SURPRWHUV RI JRRG
KHDOWKDQGYHKLFOHRIVRFLDOFUHGLELOLW\DVZHOODVEHLQJDQREMHFWRIGHVLUHEXW
QRW FOHDU RU DW OHDVW PDNHD SRLQW RIUHYHDO ZKDW DUH WKH SURFHVVHV E\ ZKLFK
WKRVH ZKR KDYH DOUHDG\ DFTXLUHG WKH FRYHWHG SHUIHFW ERG\ OHDYLQJ RQO\ LWV
LPDJH DV D VRXUFH RI LQVSLUDWLRQV DQG GHVLUHV7KH VWXG\ LQFOXGHG PDOHV
DJHG\HDUVDQGXVHUVRIVRFLDOQHWZRUNLQJVLWH2UNXW7RGHYHORSWKHVWXG\
ZHXVHWKHRQOLQHVXEPLVVLRQRITXHVWLRQQDLUHVDQGLQWHUYLHZVYLDV\QFKURQRXV
FRPPXQLFDWLRQYLGHRFDOOLQJLQLWVLQWHUIDFHZHEVLWH061ZKHQQHFHVVDU\LQ
RUGHU WR PLQLPL]H WKH DVVHVVPHQW RI SURILOHV IDNHV´ 6RFLRHFRQRPLF LVVXHV
ZHUH QRW DQDO\]HG7KH VWXG\ VRXJKW WR HVWDEOLVK FRQQHFWLRQV EHWZHHQ WKH
FXUUHQWERG\IUDPHZLWKQXPHURXVUHTXLUHPHQWVDQGLVVXHVWRDSSUHFLDWHZKHQ
ZHFRQVLGHUWKHERG\DQGLWVUHSUHVHQWDWLRQV&XUUHQWO\WKHERG\E\LWVHOIGRHV
QRW UHSUHVHQW VRPHWKLQJ VRFLDOO\ YDOXHG XQOHVV LW LV SHUPHDWHG E\ QXPHURXV
FDUHWKDWYDOXHGFKDUDFWHULVWLFRIDERG\%DVHGRQWKHDQDO\VLVDQGGLVFXVVLRQ
RI WKH GDWD VKRZHG WKDW WKH LPDJH GLVRUGHUV DUH SUHVHQW LQ ODUJH QXPEHUV WR
QHWZRUN XVHUV VLQFH RXU SDUWLFLSDQWV JDYH HYLGHQFH RI WKH RFFXUUHQFH RI
VLJQLILFDQW YLJRUH[LD LQ KHU VSHHFKHV DQG LQWHUDFWLRQV ZLWK SHHUV 7KH :RUOG
:LGH:HEZLWKLWVP\ULDGSRVVLELOLWLHVLVDOVRWKHYHKLFOHIRUHVWDEOLVKLQJOLQNV
DQG DHVWKHWLF VWDQGDUGV WKDW WUDQVFHQG WKH ZRUOG RI J\PV DQG ERG\EXLOGLQJ LV
IHUWLOH JURXQG IRU FXOWLYDWLQJ IULHQGV DQG IULHQGV WKDW PDNH SDUWLFLSDQWV IHHO
DFFHSWHGDQGYDOLGDWHGLQWKHLUOLIHVW\OHV
.H\ZRUGV9LJRUH[\%RG\LPDJH6RFLDOQHWZRUNLQJVLWH+XPDQGHYHORSPHQW
7HFKQRORJ\
680È5,2
,QWURGXomR
2EMHWLYRV
-XVWLILFDWLYD
5HYLVmRGH/LWHUDWXUD
<XSSLHVH0HWURVVH[XDLV
<XSSLHV
0HWURVVH[XDLV
)RUPDomRGDLPDJHPFRUSRUDOQHJDWLYD
9LJRUH[LD
5HGHV6RFLDLV9LUWXDLV
3URFHGLPHQWRV0HWRGROyJLFRV
3RSXODomR
7UDWDPHQWRGH'DGRV
$QiOLVHHGLVFXVVmRGRVGDGRV
&RQVLGHUDo}HV)LQDLV
5HIHUrQFLDV
$1(;26
$1(;2,
3HUJXQWDV*HUDGRUDVGH(QWHQGLPHQWR
$1(;2,,
3HVVRDVFLWDGDVSHORVSDUWLFLSDQWHVGDSHVTXLVDFRPRUHIHUrQFLDVFRUSRUDLV
$1(;2,,,
&RPXQLGDGHV9LUWXDLVFLWDGDVQRWUDEDOKR
$1(;2,9
3DUHFHUGR&RPLWrGHeWLFDHP3HVTXLVD
,QWURGXomR
$ DERUGDJHP GR WHPD FRUSR FRP XP HQIRTXH HVSHFLDO QRV DVVXQWRV
UHODFLRQDGRV j YLJRUH[LD H QmR VHP HIHLWR GLUHFLRQiOD DR S~EOLFR PDVFXOLQR
KDMD YLVWD TXH HVWH GLVW~UELR GH LPDJHP QmR VH UHVWULQJH VRPHQWH DRV
KRPHQVpGHH[WUHPDUHOHYkQFLD
1RV GLDV DWXDLV RQGH D WHFQRORJLD HVWi SUHVHQWH QR FRWLGLDQR GDV
SHVVRDV HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD DWUDYpV GD PtGLD GDV
WpFQLFDV GH LQWHUYHQomR FLU~UJLFDV QRV SURGXWRV GH EHOH]D DSDUHOKRV SDUD
JLQiVWLFDHWFQmRSRGHUtDPRVGHL[DUGHUHVVDOWDURIDWRGHTXHRFRUSRSDVVD
D VHU REMHWR GH GHVHMRV H DWHQo}HV TXH UHPHWHP D VL SUySULR VHX GHVWLQR H
FRQVWUXomRQRWRFDQWHDRTXHSRGHRXQmRVHUYDORUL]DGRQDFXOWXUDRQGHHVWH
VHLQVHULX
$ EXVFD SHOR FRUSR SHUIHLWR WHP R HIHLWR GH SURGX]LU GLVFXUVRV GXSORV
TXHVHMXVWLILFDPSRUUHODFLRQDUDVDWLYLGDGHVItVLFDVFRPRSURPRWRUDVGHERD
VD~GH H YHtFXOR GH FUHGLELOLGDGH VRFLDO EHP FRPR VHU REMHWR GH GHVHMR PDV
QmR GHL[DP FODUR RX SHOR PHQRV QmR ID]HP TXHVWmR GH UHYHODU TXDLV RV
SURFHVVRV SHORV TXDLV SDVVDP RV TXH Mi DGTXLULUDP R WmR GHVHMDGR FRUSR
SHUIHLWRILFDQGRVRPHQWHVXDLPDJHPFRPRIRQWHVGHLQVSLUDomRHGHVHMR
2 DFHVVR IDFLOLWDGR GH LQIRUPDo}HV SDUD TXH R LQGLYtGXR VH WRUQH
UHVSRQViYHOSRUVLHSHODFRQVWUXomRFRUSRUDOUHVYDODQRTXHpVHUYDORUL]DGR
HP XPD GHWHUPLQDGD FXOWXUD H pSRFD SRLV YLYHPRV HP XPD FXOWXUD RQGH RV
FRUSRV TXH UHSUHVHQWDP YDORU VmR DTXHOHV GLWRV ³VDUDGRV´ FRP PXVFXODWXUD
DSDUHQWH DWLYRV VHPSUH HP EXVFD GH XPD EHOH]D SHUIHLWD SRU LVVR WHPRV
VHPSUHFRUSRVHPFRQVWUXomR
2VFRUSRVJDQKDPFRQWRUQRVGHWUDQVLWRULHGDGH
2FRUSRTXHWHQKRKRMHSRGHQmRVHUYDORUL]DGRDPDQKmDRSDVVRTXH
VH PH HPSHQKDU XP SRXFR PDLV PHOKRUDU PHXV WUHLQDPHQWRV PH DOLPHQWDU
PHOKRUSRGHUHLVHUWHURPRGHORGHFRUSRSHUIHLWR
$WpTXDQGR"
9HPRVTXHVHHVWDEHOHFHXPDUHODomRGHFXOWRDRFRUSRHGHYRWDVHD
HOHFRPWDQWRIHUYRUTXDQWRHPpSRFDVQmRWmRGLVWDQWHVTXDQGRVHUHQHJDYD
VXD H[LVWrQFLD HQTXDQWR H[SUHVVmR LGHQWLWiULD GD FRQGLomR KXPDQD
2DVFHWLVPRFRUSRUDODGTXLUHQRYRVFRQWRUQRVHVWDEHOHFHPRVUHODo}HV
WmR HVWUHLWDV FRP QRVVDV UHGHV GH YDORUHV TXH VRPRV FDSD]HV GH QRV
SURSRUFLRQDUSDWRORJLDVUHODFLRQDGDVDHVWDVSUiWLFDV
2VH[HUFtFLRVItVLFRVTXHRXWURUDHUDPVRPHQWHYLVWRVFRPRXPYHtFXOR
~QLFR H LQFRQWHVWH GH SURPRomR GH VD~GH H EHP HVWDU SDVVDP SRU
WUDQVIRUPDo}HVVLJQLILFDWLYDV
2 DSDUHFLPHQWR GD YLJRUH[LD VXUJH FRPR IRUPD GH H[SUHVVmR FRUSRUDO
RX HVWLOR GH YLGD FRPR SUHIHUHP UHIHULU D VL SUySULRV RV DFRPHWLGRV SRU HVWH
GLVW~UELRGHLPDJHPFXMRREMHWLYRSULQFLSDOpDREWHQomRGRFRUSRSHUIHLWRPDV
QXQFDHVWDUVDWLVIHLWRFRPHVWDSHUIHLomR
7DOIDWRpXPDGDVPDQHLUDVGHREWHUPRVLQFLVLYDPHQWHLQGtFLRVGHTXH
RFRUSRPDVFXOLQRQmRpVRPHQWHDOJRDVHUFRQVLGHUDGRVRPHQWHFRPRIRUoD
GH WUDEDOKR SRLV QRV GLDV DWXDLV VHX YDORU VRFLDO VH Gi HP PDLRU PHGLGD jV
VXDV IRUPDV H HP VHX HPSHQKR QD DGPLQLVWUDomR H FRQVWDQWHV
UHFRQVWUXo}HV
2 LPSDFWR GDV QRYDV WHFQRORJLDV VREUH D FRQVWUXomR GRV FRUSRV QmR
GHYH VH OLPLWDU VRPHQWH DRV DSULPRUDPHQWRV FRUSRUDLV DWUDYpV GR
GHVHQYROYLPHQWRGHWpFQLFDVFLU~UJLFDVURWLQDVGHH[HUFtFLRVHPDSDUHOKDJHQV
PRGHUQDVDGPLQLVWUDomRGHQRYDVGURJDVSDUDDXPHQWRGHPDVVDPXVFXODU
HWFGHYHVHDWHQWDUSDUDRIDWRGHTXHHVWDVSHVVRDVTXHHVWmRjSURFXUDGR
FRUSRSHUIHLWRHQFRQWUDPQDLQWHUQHWXPPHLRGHGLYXOJDomRSHVTXLVDGHEDWH
H DXWRSURPRomR EDVWDQWH HILFLHQWH GH DOFDQFH H SRWHQFLDOLGDGHV
³YLUWXDOPHQWH´LOLPLWDGRV
$V UHGHV VRFLDLV YLUWXDLV WDLV FRPR 2UNXW )DFHERRN HWF ID]HP FRP
TXHKDMDXPDDSUR[LPDomRHQWUHSHVVRDVTXHWHQKDPXPPHVPRREMHWLYRRX
TXH EXVTXHP REWHU LQIRUPDo}HV VREUH RV PDLV GLYHUVRV DVVXQWRV JUDoDV DV
VXDV ³FRPXQLGDGHV´ ³WySLFRV GH GLVFXVVmR´ H LQWHUDomR HP WHPSR UHDO RX
TXDVHHPWHPSRUHDOFRPTXDOTXHUSHVVRDHPTXDOTXHUSDUWHGRPXQGR
$V DILQLGDGHV SHORV WHPDV GDV FRPXQLGDGHV YLUWXDLV EHP FRPR D
SDUWLFLSDomR QHVWDV FRPXQLGDGHV DGTXLUHP VWDWXV GH SHUWHQFLPHQWR H
YDORUL]DomRGDTXLORTXHVHID]SDUWHKDYHQGRLQWHUDomRHQWUHRVPHPEURVRX
QmR R SHUWHQFHU RX PHOKRU R ID]HU SDUWH GD FRPXQLGDGH p R TXH SDVVD D
LPSRUWDU
1HVWHVHQWLGRTXDQWRPDLRURQ~PHURGH³FRPXQLGDGHV´TXDQWRPDLRU
R Q~PHUR GH ³DPLJRV´ PDLV DFROKLGR HVWi PHVPR TXH HVWH DFROKLPHQWR H
LQWHUDomR RFRUUDP FRP DTXHOHV TXH VmR PHXV HVFROKLGRV QR PHX GLDDGLD
ILFDQGR DRV 2XWURV GLVWDQWHV H YLUWXDLV D IXQomR GH ID]HUHP SDUWH GH XP
³HVWLORGHYLGD´HVFROKLGRSUHYLDPHQWH
6HGLPHQWDVH D LGpLD GH FRPSDUWLOKDPHQWR GH H[SHULrQFLDV GHVGH TXH
HVWDV HVWHMDP GH DFRUGR FRP VXDV H[SHFWDWLYDV SRLV QDV FRPXQLGDGHV
YLUWXDLVHVFROKHVHRTXHVHTXHUOHUHH[SRUHPVXDSiJLQDSHVVRDODEXVFD
FRQVWDQWH SHOD SHUIHLomR HQFRQWUDGD HP VHXV FRUSRV JDQKD HVSDoR WDPEpP
QDV
SDJLQDV
SHVVRDLV
FRP
FRQVWDQWHV
UHWRTXHV
DWXDOL]Do}HV
H
HPEHOH]DPHQWRV
'HVWD PDQHLUD XWLOL]DQGR GDV UHGHV GH FRPXQLFDomR VRFLDO H
SDUWLFLSDQGR GH EDWHSDSRV HQWUHYLVWDV H REVHUYDo}HV SRU PHLR GH ZHEFDP
EXVFDPRV XPD LPHUVmR QDV FRPXQLGDGHV GH PHPEURV DVVXPLGDPHQWH
SRUWDGRUHV GR GLVW~UELR GH LPDJHP FRUSRUDO YLJRUH[LD SDUD UHDOL]DU QRVVD
SHVTXLVD DTXL GHVHQYROYLGD $SUHQGHPRV PXLWR GHVGH DV PDLV VLPSOHV
FRQFHLWXDo}HV H FRQWH[WXDOL]Do}HV DWp R FRPSOLFDGR XVR GH IHUUDPHQWDV
WHFQROyJLFDVFRPWRGRVRVSHUFDOoRVHIDFLOLWDGRUHVGHODVDGYLQGRV
0DLV TXH WXGR DSUHQGHPRV TXH QR FLEHUHVSDoR R ³UHDO´ JDQKD XP
GXSORQR³YLUWXDO´
2EMHWLYRV
x 9HULILFDUDRFRUUrQFLDGHGLVW~UELRGHLPDJHPHPXVXiULRVGDUHGH
x $QDOLVDU D LQWHUIHUrQFLD GD PtGLD QD IRUPDomR GR GLVW~UELR GH LPDJHP
HQFRQWUDGRQRVXVXiULRVGHVWDVFRPXQLGDGHV
-XVWLILFDWLYD
&RPR HGXFDGRU ItVLFR DWXDQWH GXUDQWH XP SHUtRGR FRQVLGHUiYHO GH
PLQKD FDUUHLUD SURILVVLRQDO FRPR SURIHVVRU GH PXVFXODomR H JLQiVWLFD
TXHVW}HVUHIHUHQWHVDRFRUSRHVHXVFXLGDGRVVHPSUHIRUDPREMHWRVGHPLQKD
DWHQomR
$ LQWHQVLILFDomR GRV FXLGDGRV FRUSRUDLV H DSUHVHQWDomRH[SRVLomR GH
FRUSRVEHPGHVHQYROYLGRVVHWRUQDUDPVtPERORVGHXPDMXVWHVRFLDODVVHUWLYR
(QWHQGHPRV TXH DTXLOR TXH RXWURUD HUDP SUHRFXSDo}HV GH XP S~EOLFR
PDMRULWDULDPHQWH IHPLQLQR VH IH] SUHVHQWH HP XP XQLYHUVR WRPDGR SRU
SUHFRQFHLWRV H UHVWULo}HV FRPSRVWR SRU SHVVRDV TXH DQWHULRUPHQWH QmR
GHPRQVWUDYDPWDQWDSUHRFXSDomRFRPVXDHVWpWLFDFRUSRUDORXVHMDKRPHQV
$R GLUHFLRQDU DV DWHQo}HV SDUD HVWH S~EOLFR YHPRV TXH HVWH QmR WHP
HVSDoRQRWRFDQWHjVVXDVLQTXLHWDo}HVHDQJ~VWLDVFRUSRUDLVHTXDQGRpIRFR
GHDWHQomRDFDEDVHQGRWUDWDGRGHPDQHLUDDUHODWLYL]DUVHXVSUREOHPDVHQmR
FRPDVHULHGDGHTXHOKHVFDEHpTXDVHTXHXPDDWUDomRjSDUWHPHQRU
'LWR LVVR HVWH HVWXGR WDPEpP HQFRQWUD MXVWLILFDWLYD SHOD HVFDVVH] GH
HVWXGRV UHODFLRQDGRV DR WHPD SURSRVWR FRPR Mi PHQFLRQDGR DFLPD SRU VH
UHIHULUDXPS~EOLFRTXHHPVXDPDLRULDpFRPSRVWRSRUKRPHQV
2XWUR IDWRU GH EDVWDQWH LQWHUHVVH QR GHVHQYROYLPHQWR GR WHPD IRL R
DOFDQFHLQWHUDo}HVVHPOLPLWHVGDVFRQH[}HVLQWHUSHVVRDLVQDUHGHPXQGLDOGH
FRPSXWDGRUHV GLYXOJDQGR H VROLGLILFDQGR XP HVWLOR GH YLGD SRWHQFLDOPHQWH
QRFLYR
5HYLVmRGH/LWHUDWXUD
1RGHFRUUHUGRV~OWLPRVDQRVSHUFHEHXVHHPJUDQGHHVFDODRDXPHQWR
GH LQWHUHVVH QRV DVVXQWRV UHODFLRQDGRV DR XQLYHUVR PDVFXOLQR HP HVSHFLDO
GHVWDTXHRFXOWRDRFRUSRHVXDVFRQVHTrQFLDVVRFLDLV
1mRIDODPRVDTXLGHTXDOTXHUFRUSRHYLGHQFLDUHPRVDTXHOHFRUSRGLWR
SHUIHLWR TXH YHQGH SURGXWRV GH JULIHV IDPRVDV TXH WHP JUDQGH DSHOR
PLGLiWLFR HVWDEHOHFHQGR SDGU}HV GH EHOH]D H GH JUDQGH DFHLWDomR H
DGPLUDomR VRFLDO R FRUSR GLWR ³PDOKDGR´ WUDEDOKDGR KRUDV D ILR HP VDODV GH
PXVFXODomRSDUDREWHUUHVXOWDGRVPi[LPRV
3DUD GHVHQYROYHU WDO HVWXGR IRFDPRV QRVVDV DWHQo}HV QR IDWR GH TXH
HVWHFRUSRGLWRSHUIHLWRHGHVHMiYHOWUD]FRQVLJRLQ~PHUDVFRQVHTrQFLDVDWp
HQWmR VRPHQWH LPDJLQiYHLV HP DPELHQWHV GH JLQiVLRV GH ILVLFXOWXULVWDV RX
DWOHWDVGHDOWRQtYHO
$ SUR[LPLGDGH GDV UHDOLGDGHV GRV DPELHQWHV VXSUDFLWDGRV H D YLGD
FRWLGLDQD GDV SHVVRDV TXH IRJHP D HVWDV FDUDFWHUL]Do}HV p FDGD YH] PDLV
SDOSiYHOVHDWHQWDUPRVSDUDRIDWRGHDVPtGLDVHVWDEHOHFHUHPODoRVHVWUHLWRV
FRP D SRSXODomR HP JHUDO H GHVWH PHLR HVWDU FDGD YH] PDLV VHQGR
LQIOXHQFLDGRHVHQGRLQIOXHQFLDGRUHPWRGRVRVQtYHLVVRFLDLV
$ LQWHUQHW FRPR XP PHLR GH LQWHUDomR GLYXOJDomR GDV PDLV YDULDGDV
IRUPDV GH QRWtFLDV HQWUHWHQLPHQWR HQWUH RXWURV DWULEXWRV H[HUFH IRUWH
LQIOXrQFLDQRTXHWDQJHDRVFRPSRUWDPHQWRVHDWLWXGHVVRFLDLVYDOLGDGDVFRPR
VHQGRDFHLWiYHLVHUHSURGX]tYHLVRTXHDFDEDWUD]HQGRFRQVLJRVLWXDo}HVTXH
QHP VHPSUH VHUmR DV PHOKRUHV RSo}HV TXDQGR DQDOLVDGDV GH XPD PDQHLUD
VpULDHFUtWLFD
3HQVDURFRUSRpSHQVDUHPWRGRDVSHFWRTXHRFHUFDHWRGRVRVIDWRUHV
TXH LQIOXHQFLDP VXD FRQVWUXomR DR ORQJR GR WHPSR LVVR HQYROYH PXLWR PDLV
TXH D XPD VLPSOHV GHILQLomR GH DSDUrQFLD ItVLFD RX VHMD VLPSOHVPHQWH VHX
IRUPDWRQHVWDVRFLHGDGHGHLQtFLRGHVpFXOR
'HEUXoDPRQRV PHVPR TXH LQLFLDOPHQWH QR TXH 0DO\VVH UHIHULQGRVHD'XIORW3ULRWTXDQGRHVWHUHODWDDDSDUrQFLDItVLFDFRPR
³ R FRUSR H RV REMHWRV XVDGRV SHOR FRUSR RX DLQGD
FRPR XP FRQMXQWR GH FDUDFWHUtVWLFDV ItVLFDV FRQVWDQWHV
RX TXH YDULDP OHQWDPHQWH GH DWLWXGHV FRUSRUDLV
SRVWXUDV H[SUHVV}HV JHVWRV H DWULEXWRV URXSDV
SHQWHDGRV H DFHVVyULRV 2X VHMD D DSDUrQFLD p D SDUWH
YLVtYHO TXH D SHVVRD RIHUHFH j SHUFHSomR VHQVRULDO GR
RXWURHWRGRDWRVRFLDOTXHXWLOL]DDDSDUrQFLDRFRUUHHP
XPDPELHQWHYLVXDO´0$/<66(S
)DWRUHVGLVWLQWRVFRPS}HPDUHODomRYLVXDOVRFLDOXPGRVIDWRUHVpRGD
DSDUrQFLDItVLFDFRQVLGHUDGDFRPRDSULPHLUDIRQWHGHLQIRUPDomRQDLQWHUDomR
VRFLDODUHDOLGDGHItVLFDFRPRMiH[SOLFLWDGDDFLPDIDWRUHVWHTXHSRGHRXQmR
VHU JHUDGRU GH LQVDWLVIDo}HV FRUSRUDLV XPD YH] TXH SHVVRDV TXH SRVVXHP
DSDUrQFLDItVLFDFRQGL]HQWHFRPRVFkQRQHVGHEHOH]DDWXDLVSRGHPVHVHQWLU
EHPFRQVLJRPHVPRVRXQmR
2 FRQWUiULR WDPEpP VH DSOLFD SRLV QmR SRVVXLU XP FRUSR SDGUmR GH
EHOH]DSDUDLQ~PHUDVSHVVRDVSRGHQmRVHUIDWRUGHLQVDWLVIDomRFRUSRUDOR
TXH QRV OHYD D SHQVDU HP DOJR TXH HQYROYD WRGD VXD SHUFHSomR VXEMHWLYD GR
FRUSRVXDVYLYrQFLDVHH[SHULrQFLDVFRUSRUDLVRXVHMDDLPDJHPTXHID]HPRV
GRQRVVRFRUSRQRVVDLPDJHPFRUSRUDO
$ LPDJHP FRUSRUDO p D UHSUHVHQWDomR GR FRUSR TXH FDGD SHVVRD
FRQVWUyLHPVXDPHQWHEHPFRPRDYLYrQFLDTXHWHPGHVWHPHVPRFRUSRH
VHJXQGR &DVK H 3UX]LQVN\ 7RPSVRQ FLWDGRV SRU 6DODEHUULD HW
DO p FRPSRVWD SRU YDULiYHLV GH DVSHFWRV SHUFHSWLYRV DVSHFWRV
FRJQLWLYRDIHWLYRVHDVSHFWRVFRQGXWDLV
2VDVSHFWRVSHUFHSWLYRVVHEDVHLDPQDSUHFLVmRTXHRLQGLYLGXRWHPGR
WDPDQKR SHVR IRUPD GR VHX FRUSR HP VXD WRWDOLGDGH RX SDUWHV GHOH VHQGR
TXH DV DOWHUDo}HV QD SHUFHSomR FRUSRUDO SRGHP GDU OXJDU D VXSHUHVWLPDo}HV
RXVXEHVWLPDo}HVFRUSRUDLV
-i RV DVSHFWRV FRJQLWLYRDIHWLYRV FRPS}HP DV DWLWXGHV SHQVDPHQWRV
VHQWLPHQWRV H YDORUL]Do}HV TXH VmR GHVSHUWDGDV SHOR FRUSR HP VXD IRUPD
WDPDQKRSHVRTXHUVHMDHPVXDWRWDOLGDGHRXHPSDUWHVGHOHVHQGRTXHGR
SRQWRGHYLVWDHPRFLRQDODLPDJHPFRUSRUDOLQFRUSRUDH[SHULrQFLDVGHSUD]HU
GRUVDWLVIDomRGHVSUD]HUUDLYDHWF
2V DVSHFWRV FRQGXWDLV HQFDPSDP DV FRQGXWDV TXH GHULYDP GD
SHUFHSomRHGRVVHQWLPHQWRVDVVRFLDGRVDRFRUSRSRGHQGRVHUVXDH[SRVLomR
RXHYLWDomRDFRPSURYDomRVHXVULWXDLVRXVHXVGLVIDUFHVHWF
3DXO6FKLOGHUUHIRUoDRFDUiWHUPXOWLGLPHQVLRQDOGDIRUPDomRGD
LPDJHPFRUSRUDOHYLGHQFLDQGRTXHDOpPGHQRVVDVLPSUHVV}HVSDVVDGDVDV
UHODo}HV FRP R PHLR H[WHUQR H FRP QyV PHVPRV ID]HP SDUWH GD LPDJHP
FRUSRUDO VHQGR HVWD DOJR TXH ³ QmR VH EDVHLD DSHQDV HP DVVRFLDo}HV
PHPyULDV H H[SHULrQFLDV PDV WDPEpP HP LQWHQo}HV DVSLUDo}HV H
WHQGrQFLDV´6&+,/'(5S
$QDOLVDQGR RV WUDEDOKRV GH 6FKLOGHU 7XUWHOOL H 7DYDUHV UHODWDP
TXHRDXWRUFRQVWDQWHPHQWHUHPHWHDFRPRID]HPSDUWHGRVQRVVRVDVSHFWRV
ILVLROyJLFRV DV QRVVDV H[SHULrQFLDV SVLFROyJLFDV H GH PDQHLUD LQYHUVD FRPR
QRVVRV DVSHFWRV ILVLROyJLFRV LQHYLWDYHOPHQWH HVWmR HP QRVVDV H[SHULrQFLDV
SVLFROyJLFDVGHQyVPHVPRVHVWDQGRHPQRVVDFDSDFLGDGHHQHFHVVLGDGHGH
QRVUHSUHVHQWDUPRVSDUDQyVPHVPRVHQRPRGRFRPRRID]HPRV$VVLP
³6HJXQGR R DXWRU >6FKLOGHU@ QmR SRGHPRV DILUPDU TXH
H[LVWDP HP QyV GLPHQV}HV VRPHQWH ILVLROyJLFDV RX
VRPHQWH SVLFROyJLFDV 9HPRV QHVVD SHUVSHFWLYD
DSUHVHQWDGDSHORDXWRUDEXVFDGHXPDYLVmRLQWHJUDOGR
FRUSR XPD WHQWDWLYD GH VXSHUDomR GD GXDOLGDGH
UHSUHVHQWDGD SHOR ³FRUSR´ H SHOD ³PHQWH´´ 7(578//,
7$9$5(6S
(VWDGLVFXVVmRVREUHRTXHpGHFDUiWHUELROyJLFRHRTXHpGHFDUiWHU
ILVLROyJLFR QD GHILQLomR GD LPDJHP FRUSRUDO VH Gi SHOR IDWR GH DXWRUHV FRPR
2OLYLHU 'ROWR GHQWUH RXWURV VHJXQGR 7HUWXOOL H 7DYDUHV FRQVLGHUDUHP TXH D LPDJHP FRUSRUDO HQFDPSD DVSHFWRV SVLFROyJLFRV
FODVVLILFDQGRRVDVSHFWRVILVLROyJLFRVFRPRHVTXHPDVFRUSRUDLV
7DYDUHV HP VHX OLYUR FKDPDGR ³2 'LQDPLVPR GD ,PDJHP
&RUSRUDO´ FLWD &DPSEHOO RQGH HVWH ID] GLVWLQomR QmR HQWUH GRLV WLSRV
GLIHUHQWHV GH UHSUHVHQWDomR ± LPDJHP FRUSRUDO ; HVTXHPD FRUSRUDO ± H VLP
HQWUH PRGRV QRV TXDLV XPD UHSUHVHQWDomR GR SUySULR FRUSR SRGH VHU XVDGD
VHQGR TXH QR HVTXHPD FRUSRUDO D UHSUHVHQWDomR p XVDGD SDUD PHGLDU DV
SUySULDVSHUFHSo}HVHDo}HVHDLPDJHPFRUSRUDOpXWLOL]DGDSDUDUHJLVWUDUR
LPSDFWR GR SUySULR FRPSRUWDPHQWR QDV RXWUDV SHVVRDV FRORFDQGR D LPDJHP
FRUSRUDO OLJDGD DR SUySULR FRPSRUWDPHQWR HP UHODomR DR RXWUR H HVTXHPD
FRUSRUDODSHQDVFRPUHODomRDVLPHVPR
6KRQW] ID] FUtWLFD D DPSOLWXGH GH XWLOL]DomR GR WHUPR LPDJHP
FRUSRUDO FRORFDQGR TXHD LPDJHP FRUSRUDO YHP VHQGR XWLOL]DGDH GHILQLGDGH
GLYHUVDV PDQHLUDV WHQGR FRPR XPD GH VXDV FRQVHTrQFLDV D SHUGD GH VHX
VLJQLILFDGR HVSHFtILFR H VXDV UHODo}HV FRP RXWUDV FRQVWUXo}HV WHyULFDV WHP
VLGR LJQRUDGDV RX GHVFULWD GH FRP WDQWD LPSUHFLVmR TXH DR LQYpV GH
SURSRUFLRQDUXPERPHQWHQGLPHQWRID]FRPTXHVHFRQIXQGDP
2 DXWRU WDPEpP WUD] XPD SUHRFXSDomR GH RUGHP SUiWLFD R TXH QHVWH
FDVR YHP D VHU GH JUDQGH UHOHYkQFLD D HVWH WUDEDOKR SRLV FRP WRGR HVWH
RIXVFDPHQWR H GLVSHUVmR GH WHUPLQRORJLDV DV SHVVRDV TXH VRIUHP GH
GLVW~UELRV GH LPDJHP FRUSRUDO WHP GLILFXOGDGHV GH HQFRQWUDU OLWHUDWXUDV
FLHQWLILFDV HVSHFtILFDV TXH SRVVDP JXLDU GHVFULo}HV H WUDWDPHQWRV SDUD
GLVW~UELRVGHLPDJHPFRUSRUDOSDUDHVWDFXOWXUDGRVpFXOR;;,
3DUD WDQWR 6KRQW] HP XPD WHQWDWLYD GH FODULILFDU H VH ID]HU
HQWHQGHU VREUH VXD FRQFHLWXDomR GR TXH p LPDJHP FRUSRUDO FLWD WUrV LGpLDV
TXHLPSHGHPXPDDERUGDJHPDGHTXDGDGRDVVXQWR
$LPDJHPFRUSRUDOQmRpXPGHVHQKRXPDIRWRRXXPGLDJUDPDGR
FRUSR6HXPDLPDJHPYLVXDOGRFRUSRIRVVHQHFHVViULDSDUDTXH
SXGpVVHPRVQRV ORFRPRYHU DGHTXDGDPHQWH FRPR H[SOLFDU TXHXP
FDoDGRU SULPLWLYR SXGHVVH FRUUHU DWUiV GD FDoD VHP QXQFD WHU VH
YLVWRQRHVSHOKRRXWHUDFDSDFLGDGHGHVHUHFRQKHFHUHPXPDIRWR"
3DUDFDoDURFDoDGRUQmRSUHFLVDOLWHUDOPHQWHVHYHUFRUUHQGRDWUiV
GDFDoD
,PDJHP FRUSRUDO QmR p XPD SHTXHQD SHVVRD TXH WHPRV QD QRVVD
FDEHoD $ LPDJHP FRUSRUDO SRVVXL UHODomR HVWUHLWD FRP D
SHUVRQDOLGDGH H FRP R FKDPDGR ³HJR FRUSRUDO´ LQWHUSUHWDQGR DV
VHQVDo}HV FRUSRUDLV DFHQWXDQGR RX GLPLQXLQGR HVWDV VHQVDo}HV
GHSHQGHQGR GH VHX VLJQLILFDGR 1HVWH FDVR FRUUHVH R ULVFR GH
DFUHGLWDU VHJXQGR R DXWRU TXH R ³HJR FRUSRUDO´ DR TXDO D LPDJHP
FRUSRUDO HVWi LQWULQVHFDPHQWH DVVRFLDGD FRUUHVSRQGHU D XP VHU
GHQWUR GH QyV WRPDQGR GHFLV}HV LQGHSHQGHQWHPHQWH GH HYHQWRV
REVHUYiYHLVH[WHUQDPHQWH
,PDJHP FRUSRUDO QmR p XP yUJmR GR FRUSR UHVVDOWDQGR TXH D
LPDJHP FRUSRUDO p ILVLROyJLFD H WDPEpP SVLFROyJLFD SRGHQGR VHU
PRGLILFDGD WDQWR SRU DOWHUDo}HV QD HVWUXWXUD FRUSRUDO TXDQWR SHOR
DSUHQGL]DGR
$ FRQFHSomR GH TXH D LPDJHP FRUSRUDO SDUD 6FKLOGHU p DOJR
IOXLGR H PXWiYHO SRGHQGR HQFROKHU RX VH H[SDQGLU SRGH GDU SDUWHV VXDV DR
PXQGRH[WHUQRRXSRGHVHDSRGHUDUGHSDUWHVGHOH'HVWHPRGR
³4XDQGR WRFDPRV XP REMHWR FRP D H[WUHPLGDGH GH XPD
YDUHWDDVHQVDomRpSHUFHELGDQDSRQWDGDYDUHWD(VWD
VH WRUQD UHDOPHQWH SDUWH GD LPDJHP FRUSRUDO´
6+,/'(5S
$R FRQVLGHUDU ³LPDJHQV FRUSRUDLV SULPiULDV´ 6FKLOGHU DV
FODVVLILFDFRPRDOJRUHODWLYDPHQWHUtJLGRHFRPWHQGrQFLDVjFULVWDOL]DomRSRLV
DRQRVPRYHUPRVDRXWLOL]DUPRVURXSDVDGHUHoRVPDQXVHDPRVREMHWRVHGH
DFRUGRFRPQRVVRVHVWDGRVHPRFLRQDLVPRGLILFDPRVHVVDVLPDJHQVSDUDXP
SRVWHULRUUHWRUQRDXPDGHVVDV³LPDJHQVFRUSRUDLVSULPiULDV´PDVHVWHUHWRUQR
ID] FRP TXH VHMDP XP SRXFR GLIHUHQWHV GD LPDJHP DQWHULRU SRLV VHJXQGR
'DPiVLRFLWDGRSRU7HUWXOOLH7DYDUHVQmRWHPRVFRPRVHPSUH
UHWRUQDU D XPD LPDJHP GH PDQHLUD LGrQWLFD SRLV HVWDPRV VHPSUH FULDQGR H
UHFULDQGRDVLPDJHQVQRSUHVHQWH
3RUWDQWRVHJXQGR1DVLRDLPDJHPGRFRUSRpVHQmRDSUySULD
VXEVWkQFLDGRQRVVRHXQmRVHQGRRFRUSRVRPHQWHGHFDUQHHRVVRVRPRVR
TXHVHQWLPRVHYHPRVGRQRVVRFRUSR1RVVRHXpDLGpLDtQWLPDTXHIRUMDPRV
GRQRVVRFRUSRLVWRpDUHSUHVHQWDomRPHQWDOGHQRVVDVVHQVDo}HVFRUSRUDLV
TXHpPXWDQWHHLQFHVVDQWHPHQWHLQIOXHQFLDGDSRUQRVVDLPDJHPGRHVSHOKR
VHQGR FRPSRVWR GH GXDV LPDJHQV FRUSRUDLV GH QDWXUH]DV GLIHUHQWHV H
LQGLVVRFLiYHLV D LPDJHP PHQWDO GH QRVVDV VHQVDo}HV FRUSRUDLV H D LPDJHP
HVSHFXODUGDDSDUrQFLDGRQRVVRFRUSR
'HVWDUWHDLPDJHPTXHWHQKRGRPHXFRUSRpVHPSUHIDWRUGHWHQV}HV
H DIHWRV EHP FRPR REMHWR GH GLVWRUo}HV H GH DFRUGR FRP 1DVLR EDVHDQGRVH HP /DFDQ D LPDJHP GH XP REMHWR QHVWH FDVR R FRUSR p
SHUFHELGRGHPDQHLUDIDOVDRXGLVWRUFLGDTXDQGRH[LVWHXPDUHODomRGHDPRUH
yGLR FRP R UHIHULGR REMHWR VHQGR TXH D SHUFHSomR GH TXDOTXHU FRLVD
LPSRUWDQWH SDUD R VXMHLWR VHUi LQH[RUDYHOPHQWH GHIRUPDGD SHOD LQIOXrQFLD GH
DPRUHyGLRFRQVFLHQWHRXQmR
$LQGD VHJXQGR 1iVLR D LPDJHP FRUSRUDO SRGH VHU GHIRUPDGD
SHORVXUJLPHQWRGHXPDDQWLJDHPRomRLQIDQWLOHGHIRUPDGDSHODSUHVHQoDGR
RXWURVHQGRHVWHDRPHVPRWHPSRDSUHVHQoDLQWHULRUL]DGDGHWRGRVDTXHOHV
TXH IRUDP VmR RX VHUmR PHXV HOHLWRV EHP FRPR GH PDQHLUD PDLV JOREDO D
LQIOXHQFLDVRFLDOHFRQ{PLFDHFXOWXUDOGRPXQGRHPTXHYLYR
(PVXPDRYRFDEXOiULR³JUDQGH2XWUR´UHFREUHWDQWRWRGDVDVSHVVRDV
TXH PDUFDP PLQKD H[LVWrQFLD FRPR DV GHWHUPLQDQWHV VRFLDLV TXH PH
FRQGLFLRQDP1$6,2
6HQGRDVVLP³QRVVDLPDJHPFRUSRUDOVyDGTXLUHVXDVSRVVLELOLGDGHV
HH[LVWrQFLDSRUTXHQRVVRFRUSRQmRpLVRODGR8PFRUSRpQHFHVVDULDPHQWH
XP FRUSR HQWUH FRUSRV 3UHFLVDPRV WHU RXWURV j QRVVD YROWD´ 6&+,/'(5
FLWDGRSRU&$0$5*26H$6681d­2S
2TXHSRGHPRVLGHQWLILFDUQRVGLDVDWXDLVpRIDWRGHRFRUSRWHUREWLGR
XP JUDX GH GHVWDTXH GH H[WUHPD UHOHYkQFLD DR ORQJR GD KLVWyULD FRPR QRV
LOXVWUD 0DWWRV FLWDQGR 9LJDUHOOR HP TXH HVWH DXWRU UHODWD D
RFRUUrQFLDGHXPDYHUGDGHLUDPHWDPRUIRVHQRVFRUSRVDRORQJRGRVpFXOR;;
RVFRUSRVPDJURVILQRVPXVFXORVRVHEURQ]HDGRVFRQTXLVWDUDPVHXHVSDoR
$VPDUFDVGHL[DGDVQRVFRUSRVSHODVDWLYLGDGHVItVLFDVGDQGRHVSHFLDO
rQIDVH DR GHVHQYROYLPHQWR GD PXVFXODWXUD H SHOR EDQKR GH VRO EURQ]HDGR
WRUQDUDPVH DWULEXWRV IRUWHPHQWH YDORUL]DGRV SHODV SHVVRDV +RXYH DVVLP
XPDWUDQVIRUPDomRGRFRUSRHDEHOH]DWRUQRXVHXPDGDVSULQFLSDLVUHFHLWDV
GDMXYHQWXGHQHVWDpSRFDGRVDQRV
$ VLOKXHWD HVEHOWD H HVSRUWLYD RV PHPEURV PXVFXORVRV H VHP JRUGXUD
ORFDOL]DGD WRUQDUDPVH LGHDLV GH EHOH]D $ FXOWXUD GH PDVVD OHJLWLPDGD SHOR
GLVFXUVR PpGLFRFLHQWtILFR SURGX] XP FRQMXQWR GH PHGLGDV DV TXDLV WRGRV
GHYHPVHHQFDL[DU
1HVWH VHQWLGR (VWHYmR UHODWD TXH RV PRYLPHQWRV (XJrQLFRV H
6DQLWDULVWDVTXHIRUDPFRUSRULILFDGRVQR%UDVLODSDUWLUGRLQLFLRGRVpFXOR;;
SRGHPVHUFRQVLGHUDGRVSUHFXUVRUHVLGHROyJLFRVGDDSRORJLDGRHVWLORGHYLGD
DWLYR FXMRV GLWDPHV LPSRVLWLYRV Mi HVWDYDP DUUDLJDGRV QD SHUFHSomR GR
LPDJLQiULR SRSXODU GH QRVVD VRFLHGDGH GH PRGR D FXOSDELOL]DU TXDOTXHU
SHVVRD TXH DLQGD QmR WHQKD GHPRQVWUDGR LQFOLQDomR SDUD H[SHULPHQWDU RV
VXSRVWRVHIHLWRVLQFRQWHVWiYHLVGHVWDVDWLYLGDGHVjVXDVD~GH
$LQGD QHVWD SHUVSHFWLYD GH TXH R LQGLYLGXR p R ~QLFR UHVSRQViYHO SRU
REWHU XP HVWLOR GH YLGD VDXGiYHO H XP FRUSR GH DFRUGR FRP RV SDGU}HV
HVWDEHOHFLGRVSRUXPDVRFLHGDGHGHFRQVXPRYRUD]WDOFXOSDELOL]DomRSRUQmR
FRQVHJXLUREWHUWDLVDWULEXWRVUHFDLQDSUHPLVVDGHTXHVHRFRPSRUWDPHQWRGH
YLGD DWLYD IRVVH DGRWDGR WDQWR VXD VD~GH YLVWR DJRUD FRPR DXVrQFLD GH
GRHQoDVHVXDFRQIRUPDomRItVLFDYLVWRFRPRDXVrQFLDGHJRUGXUDFRUSRUDOH
TXDQWLGDGH FRQVLGHUiYHO GH PXVFXODWXUD DSDUHQWH Vy SRGHULDP VHU SRVVtYHLV
VHRVFRPSRUWDPHQWRVSUHFRQL]DGRVIRVVHPDGRWDGRV
$SURSULDQGRVHGHVWHTXDGURFLWDGRDFLPDRVQ~PHURVTXHTXDOLILFDPR
FRUSRDVD~GHHDEHOH]DLQYDGHPDVUHYLVWDVHDWHOHYLVmR
'HSDUDPRQRV FRP D FRQVWUXomR GH FRUSRV TXH VmR YDORUL]DGRV FDGD
YH] PDLV SHORV PHLRV GH FRPXQLFDomR HP PDVVD H R HVWDEHOHFLPHQWR GH
HVWHUHyWLSRV FRUSRUDLV ID] FRP TXH HVWHV FRUSRV WRUQHP±VH PRGHORV SDUD
TXHP TXHU REWHU VXFHVVR HP VXDV PDLV YDULDGDV IRUPDV TXHU VHMD
SURILVVLRQDO DIHWLYR VH[XDO HWF SRLV R FRUSR EHP VXFHGLGR p DTXHOH TXH
DSUHVHQWDDVFDUDFWHUtVWLFDVYDORUL]DGDVjVXDpSRFD
3HQVDQGR R FRUSR D SDUWLU GR TXH R ILOyVRIR )RXFDXOW GL] FRQIRUPH
FLWDGR SRU 0DUWLQV H $OWPDQQ HP PHDGRV GR VpFXOR ;9,, Ki R
GHVHQYROYLPHQWR GH XP SRGHU SROtWLFR TXH WLQKD FRPR WDUHID JHULU D YLGD GR
FRUSR VRFLDO H FXMRV GHVGREUDPHQWRV VH GHUDP HP GRLV SyORV TXH VH
LQWHUOLJDP DWUDYpV GH XP FRQMXQWR GH UHODo}HV LQWHUPHGLiULDV XP FRUSR YLVWR
FRPR PiTXLQD H RXWUR FRUSR YLVWR FRPR R FRUSR HVSpFLH QRV GLUHFLRQDQGR D
DVSHFWRVUHOHYDQWHVTXHQRVOHYDPDDFUHGLWDUTXHWDOFRUSRQmRpDOJRLVHQWR
GHLQIOXrQFLDVH[WHUQDVWDPSRXFRHPERWDDLQIOXrQFLDVREUHRTXHUHFDLVREUH
VLSRLV
³ R FRUSR SDUD )RXFDXOW QmR WHP HVWUXWXUDV H QHP
QHFHVVLGDGHV IL[DV FRPR TXH D SHUVSHFWLYD QDWXUDOLVWD
PDV SRGH VHU PRGLILFDGR DSHUIHLoRDGR H VXDV
QHFHVVLGDGHVVmRSURGX]LGDVHRUJDQL]DGDVGHGLIHUHQWHV
PDQHLUDV (OD p PDOHiYHO IOH[tYHO IRUPDGR SRU GLYHUVRV
KiELWRV YDORUHV H SUDWLFDV HVWDQGR SRUWDQWR LQVFULWR QD
KLVWyULDeSRUQmRVHUXPGDGRQDWXUDOTXHDVWpFQLFDVGH
SRGHULQYHVWHPVREUHVXDPDWHULDOLGDGHHIRUoD3DUWHGR
SUHVVXSRVWR GH TXH WRGR SRGHU WHP XP ³FRUSR´ SRLV VH
H[HUFH ILVLFDPHQWH DWUDYpV GH GLIHUHQWHV GLVSRVLWLYRV H
SRU RXWUR ODGR VH LQVFUHYH VREUH RV FRUSRV HP VXD
PDWHULDOLGDGH )RXFDXOW LQYHVWLJD R DSDUHFLPHQWR
DUWLFXODomR H GHVHQYROYLPHQWR GH XPD WHFQRORJLD SROtWLFD
GR FRUSR HQWHQGLGD FRPR R HQWUHFUX]DPHQWR GDV
UHODo}HVGHSRGHUFRPRVDEHUHRFRUSR(VVDWHFQRORJLD
QmR p IL[iYHO QHP VH H[HUFH HP XPD ~QLFD H H[FOXVLYD
LQVWLWXLomR HRX DSDUHOKR HVWDWDO DLQGD TXH VHMD SRU HOHV
XWLOL]DGD 6HXVPHFDQLVPRVH HIHLWRV VLWXDPVH HP RXWUR
QtYHO DTXHOH GRV ULWXDLV PLQXFLRVRV H GHWDOKDGRV GR
SRGHURQtYHOPLFURItVLFR´0$57,16$/70$11
S
³$ SDUWLU GRV DQRV GR VpFXOR ;; D FRQVWUXomR GH XPD EHOH]D
DXWrQWLFD H D LGpLD GH TXH µVy p IHLD TXHP TXHU¶ VmR HQIDWL]DGDV´ 0$57,16
$/70$11 S QmR GHYHQGR DVVLP VRIUHU SHOD IDOWD GHOD XPD YH]
TXHWRGDXPDVRUWHGHDSDUDWRVHWpFQLFDVSDUDRHPEHOH]DPHQWRIHPLQLQRIRL
GHVHQYROYLGDHYHPVHQGRDSHUIHLoRDGDDRORQJRGRWHPSRWDLVFRPRFUHPHV
WpFQLFDV GH PDVVDJHP H FLU~UJLFDV DSDUHOKRV SDUD JLQiVWLFD H SURILVVLRQDLV
FDGDYH]PDLVHVSHFLDOL]DGRVQHVVDVQRYDVWHFQRORJLDVTXHYHPVXUJLQGRQR
GHFRUUHUGRVDQRV
$FDUJRGHWRGDHVVDHYROXomRWpFQLFDWHFQROyJLFDGRTXHFHUFDRFRUSR
YHP D UHERTXH XPD VpULH GH FRPSOLFDo}HV DGYLQGDV GH WDPDQKD H[LJrQFLD
FRP RV FXLGDGRV FRP R FRUSR WDLV FRPR GHVRUGHQV DOLPHQWDUHV H[DJHURV
FLU~UJLFRV H[FHVVRV GH WRGD RUGHP SDUD PDQWHU DTXHOH FRUSR TXH RXWURUD IRL
UHOHJDGR DR DFDVR DR ³QDWXUDO´ KRMH JDQKD VWDWXV GH DXW{QRPR GH GRQR GH
VHXSUySULRGHVWLQRPHVPRTXHDRPHVPRSDVVRTXHVHREWpPWDOVWDWXVVH
HVWDEHOHFH XP SDUDGR[R RQGH R FRUSR EHOR H DXW{QRPR SHUGH VXD OLEHUGDGH
SDUD WRGR R DSDUDWR GH HPEHOH]DPHQWR FRP VXDV UHJUDV H SDGU}HV
HVWHUHRWLSDGRVFRPEHPLOXVWUD&RXUWLQH
³ R LQGLYLGXR VHP QHQKXPD G~YLGD DPSOLRX VHX
SRWHQFLDO GH DomR H R FRUSR JDQKRX XPD OLEHUGDGH
LQpGLWDGHPRYLPHQWR>@2RUJDQLVPRpRREMHWRGHXPD
JHVWmRDQVLRVD$VD~GHHPTXHRVSXULWDQRVGHRXWURUD
QmR YLDP PDLV GR TXH XP EHP D FRQVHUYDU WHQGH D VH
WUDQVIRUPDUQRREMHWRGHXPDDWLYLGDGHIHEULO2DPRUSHOR
EHPHVWDUSURGX]LXVXDVVHUYLG}HV(QWUHHODVRFXOWRDR
FRUSR´&2857,1(S
1RWRFDQWHDRH[SRVWRDFLPDDRORQJRGRVDQRVIRUDPVHQGROLEHUWDGDV
DOJXPDV DPDUUDV TXH UHOHJDYDP DR FRUSR PDVFXOLQR VHU VRPHQWH DOJR GH
SURGXomR LQWHOHFWXDO RX GH IRUoD EUXWD GH WUDEDOKR WHQGR HVWH FRUSR XPD
IXQomRHVSHFtILFDHPVXDXWLOL]DomRTXHQmRHUDRGHRVWHQWDUTXDOTXHUDWUDWLYR
ItVLFR SHOD VXD IRUPD FRPR D FRQKHFHPRV KRMH R TXH DFDED SRU UHIRUoDU D
LGpLDGHTXHRQRVVRFRUSRHVWiHPFRQVWDQWHWUDQVIRUPDomRHVRIUHDVDo}HV
GRTXHpYDORUL]DGRjVXDpSRFD
6HQGR DVVLP RV KRPHQV SDVVDUDP D FRQVWUXLU YDORUHV DVVRFLDGRV DRV
VHXV FRUSRV TXH SHUPHLDP DV YDLGDGHV VRPHQWH SHQVDGDV QR FRWLGLDQR GDV
PXOKHUHV VHP SHUGHUHP VXD PDVFXOLQLGDGH PDV WDPEpP FRORFDQGR WDO
VLWXDomRjSURYDXPDYH]TXHWDLVFDUDFWHUtVWLFDVHFXLGDGRVHUDPHDLQGDVmR
FDUDFWHUL]DGRUDVGHXPXQLYHUVRPDVVLYRIHPLQLQR
2 GXDOLVPR HQWUH FRUSR H PHQWH YHP j WRQD R FRUSR DSDUHFH FRPR
REMHWRVREUHRTXDODWXDRSRGHUGDPHQWHHpQDVDFDGHPLDVGHPXVFXODomR
TXH VH HQFRQWUDP RV KRPHQV UHVSRQViYHLV SRU GHOLQHDUHP VHXV FRUSRV GH
VXFHVVR VHXV FRUSRV QRYRV DSUHVHQWDGRV H DSUHVHQWiYHLV HP VXDV
FDUDFWHUtVWLFDV PDLV YDORUL]DGDV SRXFD JRUGXUD FRUSRUDO H PXLWD PDVVD
PXVFXODU
7DLV EHQIHLWRULDV VmR DOFDQoDGDV JUDoDV DR GRPtQLR GD PHQWH VREUH R
FRUSRXPDYH]TXHRVHVIRUoRVQHFHVViULRVSDUDVHREWHUUHVXOWDGRGLJQRGH
DGPLUDomR FROHWLYD SDVVDP SRU JUDQGHV GRVHV GH GRU H VRIULPHQWR FRUSRUDO
DXWRLPSRVWR
3DUD 6DELQR SHUFHEHVH QDV DFDGHPLDV GH PXVFXODomR TXH R
LQGLYtGXRpFRQVLGHUDGRUHVSRQViYHOSHORFRQWUROHGRVHXFRUSRHWDOFRQWUROH
GHVHQYROYHVHJUDGDWLYDPHQWHHPXPFUHVFHQGRTXHDFDEDSRUVHWRUQDUXPD
HVSpFLH GH FRQYHUVmR GH UHVVLJQLILFDomR GR PXQGR D TXDO VH UHFRQKHFH HP
XPD DQiOLVH FRPSDUDWLYD GR DQWHV H GHSRLV GH LQJUHVVDU HP VXDV URWLQDV GH
WUHLQDPHQWRV H FXLGDGRV FRP VHXV FRUSRV H HVVD FRQFHSomR LQGLYLGXDOLVWD
FRQIHUHjSHVVRDDFDSDFLGDGHGHIDEULFDUVHXSUySULRGHVWLQR
$SURSULDQGRVHGRGLVFXUVRGDERDIRUPDItVLFDDVFHQVmRVRFLDODWUDYpV
GD EHOH]D DFHLWDomR VRFLDO H WRGR VHX HQWRUQR VXUJH XPD PtGLD TXH HQIRFD
WRGRV HVVHV DVSHFWRV H FULD XP PHUFDGR RQGH D VDWLVIDomR FRUSRUDO SDVVD
TXDVH TXH REULJDWRULDPHQWH SRU VXDV SiJLQDV GH UHYLVWDV SURJUDPDV GH
WHOHYLVmRRXVLWHVGHLQWHUQHW
$V LQIRUPDo}HV FRQWLGDV QHVVHV PHLRV GH FRPXQLFDomR WrP R REMHWLYR
GH FRORFDU DTXHOHV TXH EXVFDP R FRUSR LGHDO GLDQWH GH VXD LPDJHP LGHDO
JHUDQGR WHQV}HV H H[SHFWDWLYDV VREUH HVWH FRUSR LGHDOL]DGR DLQGD TXH HVWH
QmRVHMDRVHX
5HFHLWDVGHERDIRUPDItVLFDVmRIRUQHFLGDVHWRGRVRV³WUXTXHV´SDUDVH
REWHU RV UHVXOWDGRV LGHDLV VmR WUDWDGRV GH PDQHLUD VLPSOHV H FRUULTXHLUD
PHVPRTXHQDUHDOLGDGHGRGLDDGLDWDLVIDWRVQmRVHFRQFUHWL]HP
&ULDVH DVVLP XP QRYR SDGUmR GH FRUSR RV FRUSRV PLGLDWL]DGRV
VRIUHQGR H LQIOXHQFLDQGR WRGD XPD VpULH GH VLWXDo}HV HP TXH HVWH H[HUFH
SDSHO FHQWUDO DV DWHQo}HV YROWDPVH SDUD R FXLGDGR FRP R FRUSR H VXD
LPDJHPHQTXDQWRFDWDOLVDGRUDGHSRWHQFLDLVVRFLDLV
2XWUR IDWRU TXH SDVVD D VHU IUXWR GH PDLRUHV DWHQo}HV p R GH TXH D
PtGLDDWUDYpVGHVXDSXEOLFLGDGHVHDSURSULDGDFRPXQLFDomRQmRYHUEDOSDUD
GLIXQGLU VXDV LGpLDV H SURGXWRV HVWDQGR HP WRGR R SURFHVVR FRPXQLFDWLYR
FRPRVHSRGHQRWDUTXDQGRUHFULDPSHUVRQDJHQVJHVWRVDPELHQWHVLPDJHQV
IRUPDVFRUHVHWFQXPDFXOWXUDGRVpFXOR;;,
/R]DQR FLWDGR SRU 3H\Uz LOXVWUD TXH R REMHWLYR GDV
SURSDJDQGDV SXEOLFLWiULDV p SULPHLUDPHQWH FKHJDU DR VHX GHVWLQR SDUD
SRVWHULRUPHQWH SHUVXDGLORV GH VXDV LGpLDV XWLOL]DQGRVH GH WUrV IDWRUHV SDUD
ORJUDUr[LWRGDUFUHGLELOLGDGHWHUDFHLWDomRHFRQVHJXLUSHUVXDGLU
(P IXQomR GHVWHV REMHWLYRV D PtGLD XWLOL]DVH GR HURWLVPR GRV
DUTXpWLSRV H HVWHUHyWLSRV FRPR SULQFLSDLV YHtFXORV GH SURSDJDQGD XPD YH]
TXHDXWLOL]DomRGHPHQVDJHQVLPDJHQVHYDORUHVVRFLDLVTXHVHDVVRFLDPDR
SURGXWR RX VHUYLoR H TXH SHUWHQFHP DR LPDJLQiULR FROHWLYR VmR
FRQVFLHQWHPHQWHVLPSOLILFDGRVSDUDXPDUiSLGDHIiFLOUHFHSomR'HVWDIRUPD
³2V SHUVRQDJHQV SXEOLFLWiULRV VmR DV IHUUDPHQWDV PDLV
XWLOL]DGDV SDUD FRQMXJDU HVWHV UHFXUVRV 7UDWDVH GH
UHSUHVHQWDo}HV GXSODPHQWH GLVWRUFLGDV GD UHDOLGDGH HP
SULPHLUROXJDUSRUVHUFySLDGDUHDOLGDGHHWDPEpPSRU
VHU XPD LPDJHP GH LQWHUHVVH GH TXHP D SURGX] H TXH
HP PXLWRV FDVRV HVWi GHVWLQDGD D PDQLSXODU D
FRQVFLrQFLD GR HVSHFWDGRU $WUDYpV GHOHV GH VXDV
DSDUrQFLDV H DWLWXGHV PDQLSXODGDV H HVWXGDGDV VH
WUDQVPLWHP LGHRORJLDV H YDORUHV TXH VH IXQGHP H
FRQIXQGHPFRPDPDUFDSURGXWRRXVHUYLoRDQXQFLDGR(
VmR HVWDV FRQRWDo}HV SXEOLFLWiULDV TXH YHUGDGHLUDPHQWH
GLUHFLRQDP D SXEOLFLGDGH FRPR XP ³TXLQWR SRGHU´ FDSD]
GH FRQWURODU SHUVXDGLU H PDQLSXODU HP IXQomR GH
REMHWLYRVUDUDPHQWHDOWUXtVWDV´)(55(5526(/Ñ
FLWDGRSRU3(<5ÑS
&pVDU 6DELQR DR WUDWDU GR DVVXQWR QR OLYUR 1X H 9HVWLGR GD
DXWRUD0LULDQ*ROGHQEHUJUHODWDTXH
³QmR VH WUDWD GH WRPDU D GR[D PLGLiWLFD FRPR SDGUmR GH
FRQKHFLPHQWR VRFLROyJLFR PDV GH OHYDU HP FRQWD R
VXUJLPHQWRGHQRYDVWHQGrQFLDVHSRVWXUDVVRFLDLVTXHD
PtGLDH[SUHVVD´6$%,12SJ
4XDQGRHVWHID]DOXVmRDPDWpULDVGHMRUQDLVHUHYLVWDHPTXHRFRUSR
PDVFXOLQR H IHPLQLQR HVWi FDGD YH] PDLV SDGURQL]DGR H DWHQGHQGR DRV
LQWHUHVVHVFRPHUFLDLVGHJULIHVGHURXSDVIDPRVDVRXSDUDDH[SRVLomRGHVVHV
FRUSRV HP HYHQWRV GH JUDQGH SRUWH FRPR R FDUQDYDO H FRQWLQXD DLQGD
HQIDWL]DQGR
³ XPD WHQGrQFLD pWLFRHVWpWLFD DWXDO D TXDO GHQRPLQHL
DQGURODWULD DGRUDomR WDQWR SRU SDUWH GH KRPHQV TXDQWR
GH PXOKHUHV GRV SULQFtSLRV PRUDLV H pWLFRV FRQVWLWXWLYRV
GD PDVFXOLQLGDGH KHJHP{QLFD FRQVLGHUDGRV FRPR
VtPERORVGHVXSHULRULGDGHHVXFHVVRHFRQ{PLFRHVRFLDO´
6$%,12SJ
3RGHPRV GHVWDFDU WDPEpP R DYDQoR WHFQROyJLFR FRPR XP GRV IDWRUHV
GHWHUPLQDQWHV SDUD R HVWDEHOHFLPHQWR GH DOJR TXH FKDPR GH ³,QG~VWULD GD
,QVDWLVIDomR &RUSRUDO´ SRLV FRP D H[SDQVmR GDV WHOHFRPXQLFDo}HV H
FRQVHTHQWH PDVVLILFDomR GD H[SRVLomR GH FRUSRV H QmR VmR FRUSRV
TXDLVTXHU VmR RV FRUSRV SHUIHLWRV REWLGRV HP VXD PDLRULD JUDoDV DRV
UHWRTXHVGHSURJUDPDVGHFRPSXWDGRUHVHVSHFtILFRVSDUDR³HPEHOH]DPHQWR´
GHPRQVWUDQGR DVVLP FODUD LQWHQomR GH WRUQDU SHUIHLWR H HOLPLQDU TXDOTXHU
LQGtFLRGHQmRSHUIHLomR
7DLV SURFHGLPHQWRV LQGX]HP D XPD SHUVHJXLomR GH LGHDO FRUSRUDO TXH
VRPHQWH SDVVD D H[LVWLU QDV FDSDV H LQWHULRUHV GH UHYLVWDV H SURJUDPDV GH
WHOHYLVmR SURGX]LQGR FXOWXUDV RQGH R LQYHVWLPHQWR SDUD D REWHQomR GH XP
FRUSR LGHDO PLGLiWLFR p GH FLIUDV FRQVLGHUiYHLV 6DELQR HQIDWL]D DLQGD TXH
SHVVRDV SDVVDP D FRQVXPLU FRWLGLDQDPHQWH WRGRV RV WLSRV GH SURGXWRV
PDWHULDLV H VLPEyOLFRV WDLV FRPR GURJDV ILOPHV UHYLVWDV H[HUFtFLRV GLHWDV
VXSOHPHQWRV DOLPHQWDUHV HWF H TXH DV DFDGHPLDV GH PXVFXODomR H
DFUHVFHQWR WDPEpP JLQiVWLFD ± VXUJHP FRPR IiEULFDV GH SURGXomR GD IRUPD
IDEULFDQGRFRUSRVSDUDVHUHPFRQVXPLGRVSHODOyJLFDGRPHUFDGR
&RP R DGYHQWR GDV QRYDV WHFQRORJLDV GH LQWHUYHQo}HV FRUSRUDLV SDUD
VXDSRWHQFLDOL]DomRVRFLDOHUHFULDo}HVGHFRUSRVQRYRVSDUDDREWHQomRGH
XPDEHOH]DPXWDQWHQmRVHULDGHVHHVWUDQKDUTXHRSDGUmRGHEHOH]DHVWHMD
VHPSUH HP EXVFD GH DOJR PDLV GH XPD SHUIHLomR DLQGD PDLV SHUIHLWD TXH D
DQWHULRU
3DUDWDQWRWRGRXPDSDUDWRGHWpFQLFDVSURGXWRVHQRYRVSURILVVLRQDLV
VmRFULDGRVSDUDDWHQGHUDHVVHPHUFDGRGRFRUSRPXWDQWHHFDGDYH]PDLV
H[LJHQWH2VHUEHORHSHUIHLWRHQYROYHPDLVGRTXHVXEPHWHUVHKRUDVDILRHP
WDLVSURFHGLPHQWRVVHJXQGR&DPDUJRVH$VVXQomR
³GLUHWDPHQWHUHODFLRQDGDjEHOH]DItVLFDHVWijLGpLDGH
TXH KRPHQV H PXOKHUHV EHORV GHYHP VHU DOHJUHV
FRPXQLFDWLYRVEHPVXFHGLGRVLQWHOLJHQWHVDJUDGiYHLVH
HYRODU HQFDQWR QR HVSDoR VRFLDO RQGH HVWmR LQVHULGRV
3RUWDQWR JUDQGH SDUWH GD FLYLOL]DomR FRQWHPSRUkQHD
DFDED SRU LGRODWUDU D EHOH]D $ EXVFD SHOR VHU EHOR p
DEVRUYHQWH H GHL[D RV LQGLYtGXRV YXOQHUiYHLV D SDJDUHP
TXDOTXHU TXH VHMD R YDORU HPRFLRQDO PRUDO ILQDQFHLUR
HWF SRU HVWH VWDWXV 1HVVH VHQWLGR VmR LQFRQWiYHLV RV
WLSRVGHSURFHGLPHQWRVH[LVWHQWHVSDUDDGTXLULUDXPHQWDU
RXSUHVHUYDUDEHOH]DHHOHVSRGHPVHMXVWLILFDUSRUPHLR
GDV UHFRPSHQVDV HPRFLRQDLV VRFLDLV H DWp PDWHULDLV
SURSRUFLRQDGDV SHOD VHQVDomR GH HVWDU EHOR 3RU RXWUR
ODGRRGHVHMRGHVHQWLUVHEHORVHGLVWRUFHHSUHFDUL]Dj
PHGLGDTXHDHVWpWLFDGDEHOH]DVHWRUQDRHOHPHQWRPDLV
LPSRUWDQWHSDUDDJHUDomRGHSUD]HUHGHEHPHVWDUIDWR
TXH VH DFHQWXD FRP R DSRLR GDV LQG~VWULDV PLOLRQiULDV H
GD PtGLD TXH FULDP LPDJHQV GR EHOR H DV WUDILFD FRPR
GURJDV SDUD D VRFLHGDGH H VH YLDELOL]DP SRU LQWHUPpGLR
GDLQYHMDHGDFRELoD´&$0$5*26$6681d­2
S
$R GHSDUDUPRV FRP VLWXDo}HV FRPR DV GHVFULWDV DFLPD GHYHPRV QRV
DWHQWDU SDUD DOJR TXH 3H\Uy GHVWDFD TXDQGR UHODWD TXH D LPDJHP
FRUSRUDOHVWiLQWLPDPHQWHUHODFLRQDGDFRPTXHVW}HVGHDXWRHVWLPDHTXDQGR
R HVSHOKR VH WRUQD XPD REVHVVmR FRUUHPRV R ULVFR GH QRV WRUQDUPRV
³1DUFLVRV GR 6pFXOR ;;,´ SRGHQGR GHVHQYROYHU GRHQoDV SVLFRItVLFDV FRPR D
EXOLPLDDDQRUH[LDRXDYLJRUH[LD
<XSSLHVH0HWURVVH[XDLV
3RGHVHFDUDFWHUL]DUEUHYHPHQWHHVVD³FXOWXUDGHVL´SHOR
IDWRGHTXHDDUWHGDH[LVWrQFLD±DWHFKQHWRXELRXVREDV
VXDVGLIHUHQWHVIRUPDV±QHODVHHQFRQWUDGRPLQDGDSHOR
SULQFtSLRVHJXQGRRTXDOpSUHFLVR³7HUFXLGDGRFRQVLJR´
p HVVH SULQFtSLR GR FXLGDGR GH VL TXH IXQGDPHQWD D VXD
QHFHVVLGDGHFRPDQGDRVHXGHVHQYROYLPHQWRHRUJDQL]D
DVXDSUiWLFD)28&$8/7LQ*$5&,$S
7UDoDPRV XP SDUDOHOR HQWUH HVVDV GXDV FDUDFWHUL]Do}HV H D YLJRUH[LD
SHOR IDWR GH UHSUHVHQWDUHP HP VXD PDLRULD MRYHQV XUEDQRV REFHFDGRV SHOD
DSDUrQFLDVXSHUILFLDOHTXHQmRPHGHPHVIRUoRVWDQWRGHRUGHPItVLFDTXDQWR
ILQDQFHLUDSDUDDWLQJLUHPVHXVREMHWLYRVHRXDQVHLRVFRUSRUDLVHVRFLDLVHWDLV
GHVLJQDo}HV VmR UHSOHWDV GH VLJQRV FDUDFWHUtVWLFRV TXH XPD GDGD FXOWXUD H
pSRFDLQVHUHPHPVHXVDWRUHVDJHQWHVVRFLDLVID]HQGRFRPTXHHVWHVVHMDP
UHFRQKHFLGRVHYDORUL]DGRVSRUVXDVFDUDFWHUtVWLFDV
6HJXQGR )HUUDUL RV DWRUHV DJHQWHV RX VXMHLWRV VmR RV
SHUVRQDJHQV PDLV LPSRUWDQWHV GD VRFLHGDGH H GH DFRUGR FRP D WHRULD GD
DomR RV ³DWRUHV´ VmR DJHQWHV RX SHVVRDV TXH LQGLYLGXDOL]DGRV FRQVWLWXHP
RUJDQLVPRV ILVLROyJLFRV GR PHVPR PRGR TXH FROHWLYL]DGRV FRQWLQXDUmR D VHU
RUJDQLVPRV ILVLROyJLFRV H GHQWUR GR FRQWH[WR VRFLHWiULR R DWRU p FRQVLGHUDGR
GHQWUR GH VXD LPSRUWkQFLD GLUHFLRQDO GHVHQYROYHQGR VXD FRJQLomR
VHQWLPHQWRV H WHQGrQFLDV SDUD DJLU FRP UHODomR j VRFLHGDGH HP TXH YLYH
/RJR
³(VWH VLVWHPD TXH RV LQFOLQD D XP GDGR FRPSRUWDPHQWR
DomR p GHQRPLQDGR DWLWXGH >@ D DWLWXGH p FRQVWLWXtGD
SRUWUrVFRPSRQHQWHVDVFRJQLo}HVGHXPLQGLYtGXRFRP
UHODomRDXPREMHWRTXHSRUVXDYH]HVWmRLQIOXHQFLDGDV
SHORV VHXV VHQWLPHQWRV HPRo}HV OLJDGDV DR VXMHLWR H
SRU VXDV WHQGrQFLDVSDUD DJLU GLDQWH GR REMHWR3RUWDQWR
DVDWLWXGHVFRQVWLWXHPFDUDFWHUtVWLFDVGDHVWUXWXUDLQWHUQD
GDVRFLHGDGHHQWUHWDQWRQmRVHWUDWDGHTXDOTXHUDWLWXGH
LQGLYLGXDOL]DGDPDVGDTXHODVDWLWXGHVFROHWLYDVGLDQWHGH
REMHWRVGHLQWHUHVVHVRFLHWiULR´)(55$5,S
$V UHGHV VRFLDLV DV TXDLV HVWHV DWRUHV DJHQWHV RX VXMHLWRV HVWmR
LQVHULGRV VmRGH JUDQGH LPSRUWkQFLD QD DQiOLVH GH VXDV Do}HVILFDQGR DVVLP
GLIXVDV H SROLI{QLFDV VHP LGHQWLILFDomR SUHFLVD GHVWDV SRLV QmR VH VDEH DR
FHUWR TXDQGR HVWHV HVWmR VHQGR LQIOXHQFLDGRV RX VHQGR RV LQIOXHQFLDGRUHV
GHVWDVDo}HVJUDoDVjHQRUPHJDPDGHLQWHUDo}HVTXHVHIRUPDPHQWUHHOHV
GHYLGRjHIHUYHVFrQFLDGDVUHGHVVRFLDLVYLUWXDLVRXUHGHVGHUHODFLRQDPHQWR
RQ OLQH 6mR UHGHV IOXLGDV TXH WrP D LQWHQomR GH HQYROYHU PDLV SHVVRDV GH
IRUPDUiSLGDHDWHPSRUDO
7DQWR <XSSLHV TXDQWR 0HWURVVH[XDLV WHP FRPR FDUDFWHUtVWLFD R GHVHMR
GH VHUHP YLVWRV H UHFRQKHFLGRV FRPR WDO R TXH FDUUHJD FRQVLJR WRGRV RV
VLJQRV FDUDFWHUtVWLFRV SUySULRV H GH VHXV SDUHV H QRV GLDV GH KRMH FRP D
IDFLOLGDGH GH DJUXSDPHQWR VRFLDO DWUDYpV GH UHGHV VRFLDLV YLUWXDLV WDLV
LQGLYtGXRV JDQKDP XPD IHUUDPHQWD SRGHURVD GH H[LELomR H SRUTXH QmR GH
DILUPDomR H GLYXOJDomR GH VL H GH VHXV SDUHV HVWDQGR MXQWRV QD SHUPDQHQWH
EXVFDGHREVHUYDGRUHVRXFXULRVRVSHORVHXSDGUmRFRUSRUDO
&RPHIHLWR$JXLDUFLWDTXH
³ DWXDOPHQWH Ki GH]HQDV GH VLWHV TXH RIHUHFHP
³VHUYLoRVGHUHGHVVRFLDLV´FDGDTXDOEXVFDQGRXP³QLFKR
GH PHUFDGR´ UHODFLRQDGR D DOJXP WLSR GH VXEFXOWXUD
DGROHVFHQWHV P~VLFRV SDUWLFLSDQWHV GH MRJRV EDVHDGRV
HP DYDWDUHV HQWUH RXWURV GRV TXDLV FRQFHQWUDP D
DXGLrQFLD HP WRGR R PXQGR JHRHVWUDWHJLFDPHQWH
GLVWULEXtGRVVHQGRGRVDFHVVRVQD$PpULFDGR1RUWH
(8$ H &DQDGi $V FRQVHTrQFLDV GR XVR GHVVHV VLWHV
SDUD DV UHODo}HV GH DPL]DGH H SDUD DV QRo}HV GH
LGHQWLGDGH SULYDFLGDGH DXWHQWLFLGDGH FRPXQLGDGH H
VRFLDELOLGDGHHVWmRDSHQDVGHVSRQWDQGR1HVVDYLVmRGH
PHUFDGR D SDODYUD ³DPLJRV´ IRL JDQKDQGR XP VHQWLGR
PXLWR GLIHUHQWH GDV UHODo}HV DIHWLYDV WUDGLFLRQDLV TXH
SUHVVXS}HP UHFLSURFLGDGH FRQILDQoD LQWLPLGDGH
VLQFHULGDGH H VHQGR DVVRFLDGD D XPD FRPSHWLWLYLGDGH
DQWDJ{QLFDDRHVStULWRVROLGiULRGDVUHGHVVRFLDLVGDYLGD
FRWLGLDQDHGRVFRQWH[WRVVRFLRSROtWLFRV´$*8,$5
S
$GLQkPLFDGHLQWHUDomRHQWUHVHXVSDUHVQDVUHGHVVRFLDLVYLUWXDLVID]
DOXVmRDRTXH&DOOLJDULVFLWDTXDQGRUHODWDTXH
³ QDUUDUVH QmR p GLIHUHQWH GH LQYHQWDUVH XPD YLGD
'HEUXoDUVH VREUH VXD LQWLPLGDGH QmR p GLIHUHQWH GH
LQYHQWDUVH XPD LQWLPLGDGH 2 DWR DXWRELRJUiILFR p
FRQVWLWXWLYR GR VXMHLWR H VHX FRQWH~GR´ &$//,*$5,6
S
2 DXWRU WDPEpP GHVWDFD D IXQomR SX]]OH TXHEUDFDEHoDV RSHUDGD
SHORVGLiULRVOLYURVGHPHPyULDVHDXWRELRJUDILDVFXMDVFRQILJXUDo}HVSRGHP
IDFLOPHQWH VHUHP SHUFHELGDV HP FRPXQLGDGHV YLUWXDLV GD LQWHUQHW FRPR R
2UNXW)DFHERRN7ZLWWHU0\6SDFHHQWUHRXWURV
<XSSLHV
1RFRPHoRGDGpFDGDGHVXUJLXXPDGHVLJQDomRSDUDMRYHQVTXH
VH DSURYHLWDUDP GDV JUDQGHV RSRUWXQLGDGHV TXH VXUJLDP FRP DV
PRYLPHQWDo}HV ILQDQFHLUDV GDV EROVDV GH YDORUHV QRV (VWDGRV 8QLGRV HOHV
HUDP FRQKHFLGRV FRPR <833,(6 QRPH HVWH GHULYDGR GD VLJOD <83 <RXQJ
8UEDQ3URIHVVLRQDOV
(VWDVSHVVRDVVmRFDUDFWHUL]DGDVSRUMRYHQVKRPHQVGHQHJyFLRVFXMD
WHQGrQFLD p D GH WRUQDUHPVH ULFRV SRLV WUDEDOKDP HP XPD SURILVVmR EHP
UHPXQHUDGD H TXH YLYHP HRX WUDEDOKDP HP XPD JUDQGH FLGDGH RX SUy[LPR
GHOD 0DV R WHUPR SRGH DJRUD VHU XVDGR SDUD GHVFUHYHU DOJXpP TXH YDL
DSURYHLWDU TXDOTXHU RSRUWXQLGDGH SDUD RVWHQWDU VXD DEXQGkQFLD ILQDQFHLUD
VHQGR R GLQKHLUR YHUGDGHLUR RX QmR SRLV VHX VWDWXV H DSDUrQFLD GHYHP VHU
LQGLFDGRUHVGHVXDSRVLomRVRFLDOEHPHVWDEHOHFLGD
9LHLUDUHODWDTXHDVSURSULHGDGHVREMHWLYDVTXHGHILQHPHQTXDQWR
JUXSR VmR RV DWULEXWRV GH VXD FRQGLomR GH UDULGDGH HQTXDQWR MRYHQV GH
VXFHVVR QXP FRQWH[WR GH SUHFDULHGDGH VXFHVVR HVFRODU H SURILVVLRQDO
SUHFRFH WUDGX]LGR HP FRQVDJUDomR VRFLDO H HP EHQHItFLRV PDWHULDLV H
VLPEyOLFRV GDL GHFRUUHQWHV WDLV FRPR D DGRomR GHHVWLOR GH YLGD SDXWDGRSRU
HOHYDGRV QtYHLV GH FRQVXPR H D IUXLomR KHGRQLVWD GH VHX VXFHVVR ± IpULDV
GLVSHQGLRVDVFDUURVGHOX[RURXSDVGHJULIHVIDPRVDVHDSDUHOKRVHOHWU{QLFRV
GH~OWLPDJHUDomR
2 DXWRU DLQGD FLWD R IDWRV GHVWHV MRYHQV SRVVXLUHP HVSDoRV GH
FRPXQKmR HVSHFtILFRV RX VHMD ORFDLV GH HQFRQWURV H[FOXVLYRV WDLV FRPR
FOXEHV EDUHV UHVWDXUDQWHV H DFDGHPLDV GH JLQiVWLFD DOWDPHQWH UHVWULWLYRV
WUDQTXLORVHLQDFHVVtYHLV
(VWHV MRYHQV VmR EDVLFDPHQWH SHVVRDV TXH HQFRQWUDP D VXD DXWR
HVWLPD DWUDYpV GH PDUFDV H QRPHV GH DWLYLGDGHV GH DOWR VWDWXV VRFLDO VHQGR
REULJDGRVDDSUHFLDUHVVDVFRLVDVSRUTXHDVRFLHGDGHHPTXHHVWmRLQVHULGRV
GL]TXHHODVVmRDJUDGiYHLVHEHPYDORUL]DGDVSURSRUFLRQDQGRXPQtYHOVRFLDO
GLIHUHQFLDGRSDUDDTXHOHVTXHDVSRVVXHP
(OHV FRPSUDP DV PDUFDV QmR VRPHQWH SRU JRVWDUHP RX WHUHP
DSUHQGLGRDJRVWDUGRVLWHQVTXHFRPSUDPPDVSDUDGHPRQVWUDUTXHHVWmRHP
QtYHLV VRFLDLV VXSHULRUHV TXH RV GHPDLV R TXH SRGH VHU QRWDGR SHOR IDWR
GHVWHVHVWDUHPVHPSUHDWXDOL]DGRVHSRVVXLUHPTXDVHWXGRRTXHKiGHPDLV
PRGHUQR QR PHUFDGR GH FRQVXPR WDLV FRPR WHOHIRQHV FHOXODUHV H
FRPSXWDGRUHV
7DO GHPDQGD SRU XP VWDWXV GLIHUHQFLDGR QmR SRGHULD GHL[DU GH ODGR D
SUHRFXSDomR TXH HVWHV SURILVVLRQDLV WLQKDP FRP VXDV DSDUrQFLDV SRLV SDUD
REWHUHP JUDQGH VXFHVVR H DFHLWDomR VRFLDO HVWHV GHYHULDP DSUHVHQWDUVH GH
PDQHLUD LPSHFiYHO HP VXDV FDUDV YHVWLPHQWDV H FXLGDGRV FRP VHXV FRUSRV
HPHVSHFLDOGHVWDTXHSDUDRVFXLGDGRVFRPVHXVURVWRV
3HQVDPRV YDOHU D SHQD WUDEDOKDU FRP HVWHV DVSHFWRV VRFLDLV
YDORUL]DGRV HP XP GHWHUPLQDGD pSRFD SRUTXH YHPRV VHPHOKDQoDV QR TXH
WDQJH RV FXLGDGRV FRP D DSDUrQFLD ItVLFD H R VLJQLILFDGR TXH HVWD SRVVXL H
WUDQVPLWHDRVGHPDLVQHVWHFDVRDHQIDVHpGDGDTXDVHTXHH[FOXVLYHPHQWH
QRVURVWRVPDLVYLVWRVHGHPDLRUGHWDTXHGDVRFLHGDGHWHQGRDtXPPRGHOR
DVHUVHJXLGRSHORVGHPDLVSRVWXODQWHVDXPDQRYDVLWXomRVRFLDO
1HVWD VLWXDomR R FRUSR FRPR YHPRV KRMH QmR DSUHVHQWDYD JUDQGH
GHVWDTXH R TXH GHYHULD VHU YLVWR HUD XP KRPHP MRYHP FRP JHO QR FDEHOR
SHUIHLWDPHQWH DUUXPDGR SDUD GHPRQVWUDU IUHVFRU H SDVVDU XPD LPDJHP GH
VHPSUHHVWDUSURQWRSDUDRWUDEDOKRHTXDOTXHURXWUDVLWXDomRVRFLDODOLDGRD
LVVRURVWRVEDUEHDGRVjSHUIHLomRRXEDUEDVDSDUDGDVPLOLPHWULFDPHQWH
&RXWLQH LOXVWUD HVWD MXQomR GDV WHFQRORJLDV GH FXLGDGRV FRP RV
FRUSRV H D SHUFHSomR H[WHULRU H PDTXtQLFD GR VHX SUySULR FRUSR TXDQGR FLWD
TXH
³ QmR VmR WRGRV TXH VH HQWUHJDP FRP FRQVWkQFLD TXH
H[LEHPRPHVPRDUGRUFROKHPDVPHVPDVDOHJULDVRXRV
PHVPRV VRIULPHQWRV 7RGDYLD HODV VmR SDUWLFXODUPHQWH
LGHQWLILFDGDV FRPR R ³HVWLOR GH YLGD´ TXH VH WRUQRX R
HPEOHPDGRVDQRVRV\XSSLHV
(VVHV ³MRYHQV SURILVVLRQDLV XUEDQRV´ iYLGRV SHOD DXWR
UHDOL]DomR DWUDYpV GR VXFHVVR PDWHULDO SUDWLFDQWHV PDLV
DVVtGXRVGDWUDQVSLUDomRHOHWU{QLFDIL]HUDPGHVWHWLSRGH
DSDUHOKDJHPXPVLJQRHVVHQFLDOGHSHUWHQFLPHQWRDVHX
JUXSR DV PiTXLQDV GH UHPDU SHGDODU VLPXODU D VXELGD
GH GHJUDXV GH HVFDGD SDVVDUDP D VHU XP HOHPHQWR GH
GHFRUDomRGRPpVWLFDXPDSHoDGRPRELOLiULRFRORFDGDj
YLVWD >@ 6mR SUiWLFDV GHVWLQDGDV D GHPRQVWUDU XPD
LQWHJUDomR jV QRUPDV FRUSRUDLV HP YLJRU D IRUQHFHU XP
WHVWHPXQKR GH FRPXQKmR FRP D FXOWXUD GR FRUSR´
&RXUWLQHS
$ DPELomR SRU VWDWXV GLIHUHQFLDGR H SRU QmR HQ[HUJDUHP OLPLWHV SDUD
VXD DVFHQVmR DFDERX SRU RFDVLRQDU GLYHUVDV VLWXo}HV RQGH RV \XSSLHV
WRUQDUDPVHWUDEDOKDGRUHVFRQWXPDVHVRVFRQKHFLGRV³ZRUNDKROLFV´
6XDV DGLo}HV TXH HP SULPHLUD LQVWkQFLD HUDP WUDEDOKR SURGXWRV GH
~OWLPD WHFQRORJLD H URXSDV GH JULIHV IDPRVDV SDVVRX D WHU FRPSDQKLD GD
FRFDtQD TXH HUD FRQKHFLGD FRPR D GURJD GD HOLWH XPD GURJD FDSD] GH VHU
XWLOL]DGD WDQWR SDUD ILQV VRFLDLV FRPR IHVWDV HRX FRPR SRGHURVR HVWLPXODQWH
SDUDVXSRUWDUHPWDPDQKDFDUJDGHWUDEDOKR
3DUD7RP+HDGDFRFDtQDHPSyIRLRFKDPSDQKHGDVGURJDVH
IRLDVVRFLDGRPDLVIUHTHQWHPHQWHFRP\XSSLHVEUDQFRVGRTXHRXWUDVGURJDV
TXHMiHVWDYDPQDLPDJLQDomRGRS~EOLFRFRPRSRUH[HPSORDKHURtQDPDLV
UHODFLRQDGDVFRPRDIULFDQRDPHULFDQRHDPDFRQKDFRPRVODWLQRV
$ FRPSXOVLYLGDGH SRU WUDEDOKDU H DV SHVDGDV UHVSRQVDELOLGDGHV TXH
HVWH SURILVVLRQDO FDUUHJDYD HUD PRWLYR SDUD TXH SURFXUDVVHP PHLRV SDUD
VXSRUWDUHP WDPDQKD FDUJD GH WUDEDOKR VHP SHUGD GH SURGXWLYLGDGH H HP
FDVFDWD SHUGD GH GLQKHLUR SRVLomR VRFLDO H SUHVWLJLR ID]HQGR FRP VHX QtYHO
GHYLGDSDVDVVHGHH[WUDRUGLQiULRSDUDRUGLQiULR
0HWURVVH[XDLV
1HVWH PRPHQWR DR GLUHFLRQDUPRV QRVVR IRFR GH DWHQomR SDUD R
PHWURVVH[XDO YHULILFDPRV TXH VH WUDWD WDPEpP GH XP MRYHP XUEDQR GH
FODVVH PpGLDDOWD TXH DSDUHQWD PDQWHU VXD YLULOLGDGH GH IRUPD WUDQTLOD
DSHVDUGHPXLWDVFDUDFWHUL]Do}HVHFXLGDGRVFRPRFRUSRDWpHQWmRLQHUHQWHV
DRXQLYHUVRIHPLQLQR
6HJXQGR *DUFLD D QRomR GH PHWURVVH[XDO GHILQHVH SRU XPD
PDVFXOLQLGDGH QDUFtVLFD HJRFrQWULFD YDLGRVD XUEDQD H VDWXUDGD SHOD
H[SORUDomRQDPtGLD'L]TXHpXPKRPHPFRP+PDL~VFXORTXHJHUDOPHQWH
YLYH HP FLGDGHV JUDQGHV $OJXQV QmR VH DVVXPHP FRPR WDO H VH GL]HP
VLPSOHVPHQWH YDLGRVRV RXWURV DWp GLVIDUoDP HVVD YDLGDGH WHPHQGR R
SUHFRQFHLWRSRUSDUWHGRVGLWRV³PDFK}HV´2KRPHPFRQWHPSRUkQHRSHUFHEH
TXHQmRSUHFLVDVHUGHVOHL[DGRSDUDDILUPDUDPDVFXOLQLGDGH
2FRQIOLWRTXHDSDUHQWHPHQWHSRGHULDFDXVDUHPVHWRUQDUDOJXpPFRP
FDUDFWHUL]Do}HV GH RXWUR VH[R QR WRFDQWH DRV LQ~PHURV FXLGDGRV FRUSRUDLV
DFDED SRU VHU DOJR TXH LPSXOVLRQD WDO FRPSRUWDPHQWR XPD YH] TXH HVWHV
KRPHQV ILFDP DWHQWRV D WXGR R TXH SRVVD VHU QRYLGDGH H TXH WHQKD DOJXP
LQGtFLRGHEHQHItFLRVDRVVHXVFRUSRVWRUQDQGRRVPDLVDWUDHQWHVHVDWLVIHLWRV
FRQVLJR PHVPRV DLQGD TXH SRU XP WHPSR UHODWLYDPHQWH FXUWR Mi TXH R
PHUFDGRGDEHOH]DpSURGLJRHPVHUHLQYHQWDU
2 PHWURVVH[XDO H[SORUD VHX FRUSR DWOpWLFR FRPR IHUUDPHQWD GH XP
GLVFXUVRSURHPLQHQWHHVHGXWRUVHQGRDVVLPpXPQDUFLVLVWDFRQYLFWRVHPVH
SUHRFXSDU FRP RV ROKDUHV GHVFRQKHFLGRV TXH LQYDGHP RV PDLV UHF{QGLWRV
HVSDoRVFRUSRUDLVGHOLQHDGRVHPORQJRVWUDWDPHQWRVGHEHOH]DRXVHVV}HVGH
JLQiVWLFD*$5&,$'Dt
³$ TXHVWmR VH p KRPRVVH[XDO ELVVH[XDO RX Vy WHP
UHODo}HV FRP R VH[R RSRVWR QmR LPSRUWD SRUTXH R
PHWURVVH[XDO FRORFDVH FRPR REMHWR GR SUySULR GHVHMR
SRLVFRQIRUPHMiDQXQFLDGRpH[WUHPDPHQWHQDUFLVLVWD´
*$5&,$S
$ KRPRVVH[XDOLGDGH WRUQDVH IUHQWH GH GLVFXVVmR SDUD HVFODUHFHU
DQWLJRVFRQFHLWRVGHRUGHPSUiWLFDVTXHDFDEDPSRUDGHQWUDUHPOXJDUHVRQGH
HUDP UHGXWRV GH XP RX GH RXWUR VH[R UHDORFD FRUSRV FRPSRUWDPHQWRV H
LGpLDVTXHHVWDEHOHFHPHQWUHOXJDUHV'HVWDPDQHLUD
³ SRUWDQWR DFUHGLWDVH QD IDOrQFLD GRV SDSpLV
LGHQWLWiULRV VH[XDLV H VRFLDLV FRPR XP PRWRU UHJXODU GD
GLYHUVLGDGH FXOWXUDO H VH[XDO VREUHWXGR QR VLQFUHWLVPR
JOREDOL]DGR SHOD PLVWXUDV pWQLFDV H PXOWLFXOWXUDLV
3RUWDQWRDPHWURVVH[XDOLGDGHRFRUUHQDVPHWDQDUUDWLYDV
KtEULGDVGHFRQVWDQWHVLQWHUUXSo}HVHUHDJUXSDPHQWRV´
*$5&,$S
2PHWURVVH[XDOVHWRUQDXPtFRQHGHPDVFXOLQLGDGHVHQVtYHOHTXHQmR
VH LPSRUWD HP DVVXPLU HVWH ODGR IHPLQLQR FDUDFWHUL]DGR SHOD VHQVLELOLGDGH H
YDLGDGH VHP TXH LVVR DIHWH VXD VH[XDOLGDGH 1D SUiWLFD HVWH PHWURVVH[XDO
QmRVHSUHRFXSDFRPVXDLGHQWLGDGHVXDVSUHRFXSDo}HVVmRIRFDGDVHPVXD
DSDUrQFLDHPVXDLPDJHP
2FRUSRGRPHWURVVH[XDOSRGHVHFDUDFWHUL]DUSHORYROXPHPXVFXODUQmR
H[DJHUDGR DTXHOH FRUSR FRQVLGHUDGR GH ³PRGHORV GH SDVVDUHOD´ RQGH D
GHILQLomR PXVFXODU p DSDUHQWH PDV VHP R JUDQGH YROXPH LQHUHQWH DRV
ILVLFXOWXULVWDVDSHVDUGHDPERVGLVSHQVDUHPVHQmRRPHVPRJUDXGHDWHQomR
FRPHVWHDVSHFWRGLIHUHQoDVVXWLV
3RGHVH GL]HU TXH VRE D PRUDO GD ³ERD IRUPD´ XP FRUSR WUDEDOKDGR
FXLGDGRVHPPDUFDVLQGHVHMiYHLVHVHPH[FHVVRVpR~QLFRTXHPHVPRVHP
URXSD HVWi GHFHQWHPHQWH YHVWLGR FRPR LOXVWUD &RXUWLQH DR WUDWDU GR
GHVYHODPHQWR GR FRUSR PDVFXOLQR QRV (VWDGRV 8QLGRV GR ILQDO GR VpF ;,;
FLWDQGR TXH XP FRUSR GH KRPHP VH p PXVFXORVR QmR HVWi MDPDLV
YHUGDGHLUDPHQWHQX
&RQWLQXDPRV D QRV DWHQWDU VREUH RV DSRQWDPHQWRV TXH RV DXWRUHV
FLWDGRV DFLPD ID]HP VREUH DV SROtWLFDV GD EHOH]D H GD ERD IRUPD ItVLFD QR
WRFDQWH D HVWHV IDWRUHV QmR VHUHP PDLV SHUFHELGRV H YDORUL]DGRV FRPR DOJR
GDGR DGYLQGRV GD ³REUD GD 1DWXUH]D RX GR 'LYLQR´ H VLP FRPR DOJR D VHU
FRQVWUXtGR H D VHUHP FRQFHELGRV FRPR UHVXOWDGR GH XP WUDEDOKR VREUH VL
PHVPR ID]HQGR SHVDU VREUH RV LQGLYtGXRV D UHVSRQVDELOLGDGH SRU VXD
DSDUrQFLDItVLFD(
³QHVWHSURFHVVRGHUHVSRQVDELOL]DomRGRLQGLYLGXRSHOR
VHXFRUSRDSDUWLUGRSULQFLSLRGHDXWRFRQVWUXomRDPtGLD
HHVSHFLDOPHQWHDSXEOLFLGDGHWHPSDSHOIXQGDPHQWDO2
FRUSR YLURX ³R PDLV EHOR REMHWR GH FRQVXPR´ H D
SXEOLFLGDGH TXH DQWHV Vy FKDPDYD D DWHQomR SDUD XP
SURGXWR H[DOWDQGR VXDV YDQWDJHQV KRMH HP GLD VHUYH
SULQFLSDOPHQWH SDUD SURGX]LU R FRQVXPR FRPR HVWLOR GH
YLGD SURFULDQGR XP SURGXWR SUySULR R FRQVXPLGRU
SHUSHWXDPHQWH LQWUDQTLOR H LQVDWLVIHLWR FRP VXD
DSDUrQFLD &RP LVVR VDHP JDQKDQGR HQWUH RXWURV RV
PHUFDGRV GRV FRVPpWLFRV GDV FLUXUJLDV HVWpWLFDV H GD
PDOKDomR´*2/'(1%(5*5$026S
3RUWDQWRHVWHV³QRYRV´KRPHQVVXEPHWHPVHDWUDWDPHQWRVHVWpWLFRVH
FLUXUJLDV SOiVWLFDV SDUD SRGHUHP LQYHVWLU QHVWH QRYR FRUSR XP FRUSR VHPSUH
MRYHPHDWHQWRDWRGDHTXDOTXHUQRYLGDGHTXHHQFRQWUDQDPtGLDXPYHLFXOR
GHGLYXOJDomRGHVWHVLGHDLVEDVWDQWHHILFLHQWH
*DUFLDLOXVWUDTXHHVVHLPSHUPHiYHOSDUDQmRGL]HU³LPSHFiYHO´
KRPHP FRQWHPSRUkQHR WHQWD VHJXUDU R WHPSR QDV PmRV SDUD FRQVHUYDUVH
SHUPDQHQWHPHQWH SOHQR GH DWUDWLYRV VHGXWRUHV DR WHQWDU JDUDQWLU D EHOH]D GD
MXYHQWXGH$RHQULMHFHURVP~VFXORVWDPEpPID]XPUtJLGRUHJLPHGHDOHUWDH
SHUVHJXLomRGHUXJDVJRUGXUDV7RUQDVHSRUWDQWRHVFUDYRGRERPJRVWRQD
UHFRPSHQVD GH WHQWDU SUHHQFKHU VHX SUySULR GHVHMR 2 PHWURVVH[XDO SUHJD D
VDWLVIDomRGHUHDELOLWDUVH³QRYR´
$ SHUVHJXLomR SHOD PHQRU TXDQWLGDGH GH JRUGXUD FRUSRUDO SDUD TXH D
PXVFXODWXUD WRUQHVH PDLV DSDUHQWH H SDUD TXH HVWH IDWR GHPRQVWUH GRPtQLR
VREUHIDWRUHVFRQVLGHUDGRVFRPRIDOWDGHDWHQomRFRPRFRUSRHRXGHVOHL[R
RVPHWURVVH[XDLVID]HQGRDOXVmRDRTXH0DWWRVUHODWDTXDQGRFLWDTXH
FULDP PRGHORV LGHDLV GH VXMHLWRV EDVHDGRV QD SHUIRUPDQFH ItVLFD H
HVWDEHOHFHPVHQRYRVSDUkPHWURVGHPpULWRHUHFRQKHFLPHQWRQRYRVYDORUHV
FRPEDVHHPUHJUDVKLJLrQLFDVHUHJLPHVGHRFXSDomRGHWHPSR
$V Do}HV LQGLYLGXDLV VmR GLULJLGDV SDUD D REWHQomR GD PHOKRU IRUPD
ItVLFD PDLV ORQJHYLGDGH H SURORQJDPHQWR GD MXYHQWXGH 2 UHVXOWDGR p D
FRQVWLWXLomR GH XP LQGLYtGXR UHVSRQViYHO TXH RULHQWD VXDV HVFROKDV
FRPSRUWDPHQWRVHHVWLORVGHYLGDSDUDDSURFXUDGDVD~GHHGRFRUSRSHUIHLWR
LVWRpPDJUR³VDUDGR´MRYHPHVHP³PDUFDVGHLGDGH´HPVHXVURVWRV
&KHJDUDRSRQWRGHFRQVLGHUDUVXEPHWHUVHDLQWHUYHQo}HVFLU~UJLFDVMi
QmRpXPSUREOHPDSDUDRPHWURVVH[XDOGHL[DQGRFODURTXHHVWHUHFXUVRGH
H[WUHPR SDVVRX D VHU DOJR IUHTHQWH H p D SULPHLUD RSomR TXDQGR QmR VH
REWpPUHVXOWDGRVVDWLVIDWyULRVFRPSURGXWRVGHEHOH]DFRPDWLYLGDGHVItVLFDV
RXQmRWHPWHPSRRXYRQWDGHGHVXEPHWHUVHDURWLQDVGLiULDVGHJLQiVWLFDRX
PXVFXODomRFRPRUHODWD*OyULD.DOLOHPVHXOLYUR&KLF±+RPHP±0DQXDOGH
0RGDH(VWLORSXEOLFDGRHPRQGHDDXWRUDGL]TXH
³ VH DV EROVDV GHEDL[R GRV VHXV ROKRV HVWmR
DWRUPHQWDQGR VXD H[LVWrQFLD VH VXDV SiOSHEUDV HVWmR
FDLQGRGHL[DQGRVXDFDUDGHVHVSHUDGDPHQWHWULVWHRXVH
YRFr WHP YRQWDGH GH HVFRQGHU R TXHL[R WRGD YH] TXH
DOJXpP DSDUHFH FRP XPD PDTXLQD IRWRJUiILFD ± QmR
GHVFDUWH D LGpLD GH XPD FLUXUJLD (OD UHVROYH HVVHV
DVVXQWRV GH IRUPD UDGLFDO 2 TXH YRFr WHP TXH ID]HU p
LQIRUPDUVH VREUH WXGR R TXH YDL DFRQWHFHU DQWHVGXUDQWH
HGHSRLV$LYRFrUHVROYH´.$/,/S
6HJXQGR D PHVPD DXWRUD KRXYH XP DXPHQWR QD SURFXUD GHVWHV
SURFHGLPHQWRVFLU~UJLFRVQRV~OWLPRVDQRVSDVVDQGRGHXPDPpGLDGH
SDUD H DV FLUXUJLDV PDLV DGRWDGDV SHORV KRPHQV IRUDP DV FLUXUJLDV GH
SiOSHEUDV WUDQVSODQWH GH FDEHORV OLSRDVSLUDomR SDUD UHWLUDU D JRUGXUD QD
FLQWXUD GLPLQXLU D EDUULJD UHWLUDGD GR TXHL[R GXSOR LVWR p SDSDGD VRE R
TXHL[R ULQRSODVWLDH OLIWLQJSDUD OHYDQWDUDSHOHH UHSRVLFLRQDU DPXVFXODWXUD
GRURVWRHSHVFRoR
3RGHVH QRWDU TXH D SURFXUD SRU XP FRUSR PDLV EHOR MRYHP H
KDUPRQLRVR QmR ILFD UHVWULWR VRPHQWH DRV DQ~QFLRV GH SURGXWRV H WpFQLFDV
SDUD HVWHV ILQV R PHUFDGR GH WUDEDOKR ID] FRP TXH R KRPHP SURFXUH WDLV
SURFHGLPHQWRV SDUD TXH SRVVD REWHU XP PDLRU JUDX GH FUHGLELOLGDGH H
DVFHQVmRSURILVVLRQDOSRLVFRPRMiFLWDGRDFLPDRJRYHUQRVREUHVHXSUySULR
FRUSR GHPRQVWUD GLVFLSOLQD H FRPSURPHWLPHQWR IDWRUHV EHP YDORUL]DGRV SHOR
PHUFDGRGHWUDEDOKR
([HPSORV GLVVR VmR UHSRUWDJHQV TXH LQGLFDP PXGDQoDV GH SDGU}HV
FRUSRUDLV H HVWpWLFRV GHVVH QRYR KRPHP SUHRFXSDGR FRP VXD ³DVFHQVmR
FRUSRUDO´ H VRFLDO WDLV FRPR LOXVWUDP DV UHSRUWDJHQV LQWLWXODGDV ³$JRUD HODV
TXHUHPKRPHQV GH URVWRV GHOLFDGRV´ YHLFXODGD HP DEULO GH SHOD UHYLVWD
,VWR e H HP RXWUD UHSRUWDJHP GD PHVPD UHYLVWD TXH VH LQWLWXOD ³
/LSRDVSLUDomRSDUDID]HUPDLVQHJyFLRV´GHVHWHPEURGH
2KRPHPHPTXHVWmRSDVVDDVHUHVFUDYRGHVLPHVPRTXDQGRHVWHV
IDWRUHVWRUQDPVHFDGDYH]PDLVSUHVHQWHVHYDORUL]DGRVHPVHXPHLRVRFLDOH
D IDOWD GH EHOH]D RX DWUDWLYRV ItVLFRV SDVVDP D VHU FRQVLGHUDGRV IDOKD GH
FDUiWHU HRX SHUGD GH SHUVRQDOLGDGH H FRQVHTHQWH GHVSUHVWLJLR VRFLDO HRX
SURILVVLRQDO TXH p R TXH VH SRGH LGHQWLILFDU TXDQGR OHYDPRV DOJXPDV
FRQVLGHUDo}HV IHLWDV SRU SHVVRDV UHVSRQViYHLV HP VHOHFLRQDU SRVWXODQWHV D
XPDYDJDGHHPSUHJRHPHPSUHVDVGHJUDQGHSRUWHSRLV
³ XP HVWXGR IHLWR SHOD &DWKR HPSUHVD GH UHFXUVRV
KXPDQRV FRP VHLV PLO JHVWRUHV GH HPSUHVDV EUDVLOHLUDV
PRVWURX TXH GRV SUHVLGHQWHV H GLUHWRUHV H GRV JHUHQWHV H VXSHUYLVRUHV WrP UHVHUYDV TXDQWR j
FRQWUDWDomR GH TXHP HVWi DFLPD GR SHVR $ LQWROHUkQFLD
VH PDQLIHVWD FRP ULJRU VHPHOKDQWH QR DOWR HVFDOmR GDV
HPSUHVDV $ MXVWLILFDWLYD p D GH TXH TXHP HVWi JRUGLQKR
HVWi PDLV VXMHLWR D GRHQoDV GD REHVLGDGH FRPR
KLSHUWHQVmR H GLDEHWHV 0DV VDEHVH TXH D TXHVWmR GD
HVWpWLFD SHVD SULQFLSDOPHQWH QDV SRVLo}HV GH FKHILD
³4XHP RFXSD FDUJRV LPSRUWDQWHV VDEH TXH WHUi GH
DSDUHFHU HP XPD HQWUHYLVWD RX XPD DSUHVHQWDomR H
TXDQGR LVVR DFRQWHFHU TXHU HVWDU FRP WXGR HP FLPD´
/2(6S
3RUHVWDEUHYHDQiOLVHGHXPDJHQHDORJLDGRVFRUSRVDRORQJRGHXP
SHUtRGRTXHFRPSUHHQGHRVDQRVGRVpFXOR;;DWpRVGLDVDWXDLVHPTXH
SDVVDPRV GH XP FRUSR REFHFDGR SRU VH PRVWUDU DWUDYpV GD WHFQRORJLD
LQFRUSRUDGD DR VHX GLDDGLD FRPR GHPRQVWUDWLYR GH SURHPLQrQFLD VRFLDO
FRPR QR FDVR GRV \XSSLHV SDVVDPRV SHORV PHWURVVH[XDLV H WRGD VXD JDPD
GHDSDUDWRVSDUDDFRQVWUXomRGHXPFRUSREHORFRPFDUDFWHUL]Do}HVWDQWRGH
RUGHPPDVFXOLQDTXDQWRGHRUGHPIHPLQLQDID]HQGRFRPTXHKRXYHVVHXPD
PLVWXUDGHFDUDFWHUL]Do}HVQRWRFDQWHDRVFXLGDGRVFRPRFRUSRLQFRUSRUDQGR
HPVHXFRWLGLDQRURWLQDVGHHPEHOH]DPHQWRDWpHQWmRVRPHQWHSHQVDGDVSDUD
RS~EOLFRIHPLQLQR
1RWDVHTXHHPDPEDVDVFDUDFWHUL]Do}HVDVWHFQRORJLDVGHFRQVWUXomR
H YDORUL]DomR FRUSRUDO VH ID]HP SUHVHQWHV GH PDQHLUD LQFLVLYD VHQGR
DSHUIHLoRDGDVRXGHVFDUWDGDVFDGDXPDHPVHXWHPSRPDVQXQFDLJQRUDGDV
&ODUR ILFD TXH QmR p VHP UD]mR R SDUDOHOR WUDoDGR HQWUH DV GXDV SULPHLUDV
FDUDFWHUL]Do}HV H D YLJRUH[LD FRP VHXV FRUSRV HP SUHPHQWH GHVWDTXH 7DLV
WHFQRORJLDV GDV FRQVWUXo}HV FRUSRUDLV VH PRVWUDP HP VXD PDLV DWXDOL]DGD
YHUVmR SRLV LQFRUSRUDUDP WRGD XPD VRUWH GH DSDUDWRV H WpFQLFDV GH
UHFRQVWUXomR FRUSRUDO VHPSUH WRPDQGR FRPR EDVH DV IDVHV DQWHULRUHV
PHVPRTXHHVWHVIDWRVHPVXDPDLRUSDUWHSDVVHPGHVSHUFHELGRVSRUVHXV
DWXDLVDWRUHVVRFLDLV
)RUPDomRGDLPDJHPFRUSRUDOQHJDWLYD
6DODEHUULD HW DO GHVWDFD TXH QD IRUPDomR GD LPDJHP FRUSRUDO
H[LVWHP GXDV YDULiYHLV GH H[WUHPD UHOHYkQFLD D LPSRUWkQFLD GD LPDJHP
FRUSRUDOSDUDDDXWRHVWLPDHDVDWLVIDomRRXLQVDWLVIDomRFRPDPHVPDYLVWR
TXH SDUD D IRUPDomR GD LPDJHP FRUSRUDO QHJDWLYD IDWRUHV WDQWR GH RUGHP
KLVWyULFD RX GH SUHGLVSRVLomR H IDWRUHV GH PDQXWHQomR WRPDP OXJDU SULQFLSDO
GHDWHQomR
2V IDWRUHV GH SUHGLVSRVLomR FRPS}HP YDULiYHLV GH RUGHP VRFLDLV H
FXOWXUDLV PRGHORV IDPLOLDUHV H GH DPL]DGHV FDUDFWHUtVWLFDV SHVVRDLV
GHVHQYROYLPHQWR ItVLFR H IHHGEDFN VRFLDO GHQWUH RXWURV REHVLGDGH LQIDQWLO
DFLGHQWHV WUDXPiWLFRV GRHQoDV DEXVR VH[XDO H[SHULrQFLDV GRORURVDV FRP R
FRUSRKDYHUIUDFDVVDGRHPDOJXPHVSRUWHGHVHXDJUDGRHWF
(P VXDV DQiOLVHV VREUH RV IDWRUHV GHVFULWRV DFLPD 6DODEHUULD HW
DO H[SOLFDP TXH DV YDULiYHLV GH RUGHP VRFLDO H FXOWXUDO YLJHQWHV QHVWH
LQtFLRGHVpFXOR;;,VmRDTXHODVTXHSURS}HPXPLGHDOHVWpWLFRUHODFLRQDQGR
R FRP D DXWRHVWLPD FRP D DWUDWLYLGDGH H D FRPSHWrQFLD SHVVRDO FRPR SRU
H[HPSOR D UHODomR GH TXH VHU EHOR p VHU ERP H SRVVXLU PHOKRU DFHLWDomR
VRFLDO D HVWLJPDWL]DomR GD JRUGXUD FRPR DOJR LQGHVHMiYHO H VRFLDOPHQWH
UHSURYiYHODYDORUL]DomRGRVHUPDJURHRXVHUIRUWH
$VVLQDOD WDPEpP TXH D SUHVVmR FXOWXUDO VREUH D PXOKHU SDUD TXH HOD
VHMD PDJUD H GR KRPHP SDUD TXH VHMD IRUWH VmR FRQVLGHUDGRV IDWRUHV GH
SUHGLVSRVLomRSDUDTXHVHWHQKDXPDLPDJHPFRUSRUDOQHJDWLYD
2VPRGHORVIDPLOLDUHVHGHDPL]DGHVSRGHPGHVHQYROYHUDOWHUDo}HVGD
LPDJHP FRUSRUDO j PHGLGD TXH R H[FHVVR GH SUHRFXSDo}HV FRUSRUDLV SRU
SDUWH GRV SDLV H IDPLOLDUHV SURGX]HP LQVDWLVIDo}HV GHYLGR D LQ~PHUDV
YHUEDOL]Do}HV VREUH HVWHV DVSHFWRV ID]HQGR FRP TXH D FULDQoD RX MRYHP
LQWHULRUL]HHYDORUL]HHVWHVFRQFHLWRVHVHUFULWLFDGRRXVRIUHUFRQVWUDQJLPHQWRV
SRUSDUWHGHXPJUXSRGHLJXDLVSRWHQFLDOL]DVXDYXOQHUDELOLGDGH
$V FDUDFWHUtVWLFDV SHVVRDLV FRPR D EDL[D DXWRHVWLPD LQVHJXUDQoD
GLILFXOGDGHV HP REWHU r[LWR HP VXD DXWRQRPLD H VHQWLPHQWRV GH LQHILFiFLD
SRGHP ID]HU FRP TXH HVWDV SHVVRDV WHQWHP FRPSHQVDU HP VHX FRUSR WRGD
HVWDIUXVWUDomRVRFLDO
0XGDQoDVRFRUULGDVQDSXEHUGDGHRGHVHQYROYLPHQWRFRUSRUDOSUHFRFH
RXWDUGLRFRPWRGDVXDJDPDGHDOWHUDo}HVRtQGLFHGHPDVVDFRUSRUDORXVHX
SHVR EHP FRPRDV FDUDFWHUtVWLFDV GR FRUSR H[HUFHP JUDQGH LQIOXrQFLDH VmR
DVSHFWRV GH YXOQHUDELOLGDGH SDUD R GHVHQYROYLPHQWR GD LPDJHP FRUSRUDO
QHJDWLYD
$ H[SRVLomR GR FRUSR R FRQWUROH VRFLDO DV FRPSDUDo}HV VRFLDLV R
SHGLGRGHPXGDQoDVFRUSRUDLVGHDOJXpPSUy[LPRVmRVLWXDo}HVTXHDWLYDPR
HVTXHPD GH LPDJHP FRUSRUDO GR WLSR QHJDWLYR SURGX]LQGR PDO HVWDU H
FRQGX]LQGR D HYLWDomR VRFLDO ULWXDLV GH FRPSURYDomR DWLYDP SHQVDPHQWRV H
DXWRDYDOLDo}HVQHJDWLYDV
$V HPRo}HV SUHRFXSDo}HV H SHQVDPHQWRV SURYRFDGRV SRU HVWDV
VLWXDo}HV VmR FRQVLGHUDGRV IDWRUHV GH PDQXWHQomR GHVWH WUDQVWRUQR GH
LPDJHPFRUSRUDO
3DUDDDYDOLDomRGDLPDJHPFRUSRUDO5RVHQHWDOFLWDTXHQDV
GpFDGDV GH H RV HVWXGRV VH FHQWUDYDP DSHQDV QRV DVSHFWRV
SHUFHSWLYRV GD LPDJHP FRUSRUDO DR SDVVR TXH Mi QD GpFDGD GH DV
DYDOLDo}HV FHQWUDYDPVH HP DVSHFWRV VXEMHWLYRV H DWLWXGLQDLV XPD YH] TXH
SDUD XPD FRUUHWD SHUFHSomR FRUSRUDO QmR VH GHYH VXSRU D LQH[LVWrQFLD GD
LQVDWLVIDomRFRPHOHPHVPR
3DUDLVVRRPHVPRDXWRUUHODWDTXHSDUDVHDYDOLDUDLPDJHPFRUSRUDO
GHYHPVHLQFOXLUDVVHJXLQWHViUHDV
x 3HUFHSomRHHVWLPDWLYDGRWDPDQKRHIRUPDGRFRUSR
x $VSHFWRVFRJQLWLYRVHHPRFLRQDLVWDLVFRPRFUHQoDVYDORUHVDV
SUHRFXSDo}HV H VXD LQWHQVLGDGH IUHTrQFLD H GXUDomR R PDO
HVWDU R JUDX GH FRQYLFomR VREUH D H[LVWrQFLD GR GHIHLWR H R
HVIRUoR TXH R SDFLHQWH ID] SDUD FRQWURODU RV SHQVDPHQWRV
QHJDWLYRV
x $VSHFWRV FRQGXWDLV FRPR D HYLWDomR D FDPXIODJHP GR GHIHLWR
ULWXDLVEXVFDVGHLQIRUPDo}HVWUDQTLOL]DGRUDVHWF
x 2XWURV SUREOHPDV SVLFROyJLFRV FRPR GHSUHVVmR WUDQVWRUQRV
DOLPHQWDUHVDQVLHGDGHGLVIXQo}HVVH[XDLVHWF
x 'LPHQV}HV GD SHUVRQDOLGDGH DXWRHVWLPD KDELOLGDGHV VRFLDLV
QtYHLVGHDGDSWDomRJOREDO
9LJRUH[LD
1HVWH WUDEDOKR WHP HVSHFLDO GHVWDTXH R TXH LQLFLDOPHQWH GHXVH R
QRPH GH ³DQRUH[LD UHYHUVD´ DWUDYpV GDV SHVTXLVDV GR PpGLFR SVLTXLDWUD
+DUULVVRQ 3RSH -U HP SDUD SRVWHULRUPHQWH FRP RV DXWRUHV +DUULVVRQ
3RSH -U .DWKDULQH 3KLOOLSV H 5REHUWR 2OLYDUGLD QR DQR WHU D
GHQRPLQDomRGH³&RPSOH[RGH$G{QLV´RX9LJRUH[LD
(VWD p XPD SVLFRSDWRORJLD FDUDFWHUL]DGD SHOD GLVWRUomR GD LPDJHP
FRUSRUDO RX VHMD XPD GHVRUGHP HPRFLRQDO TXH VH FDUDFWHUL]D SRU SURGX]LU
GHVRUGHPHPVXDSHUFHSomRVRPiWLFDID]HQGRFRPTXHRVDIHWDGRVSRUHVWH
GLVW~UELR VH SHUFHEDP IUDFRV SHTXHQRV VHP TXDOTXHU DWUDWLYR ItVLFR GHQWUH
RXWUDVFDUDFWHUtVWLFDVQmRLPSRUWDQGRRTXmRPXVFXORVRVHVWHMDP
2VDFRPHWLGRVSRUHVWHGLVW~UELRJHUDOPHQWHPDVQmRH[FOXVLYDPHQWH
VmRKRPHQVFRPLGDGHVYDULDQGRHQWUHHDQRVHSULPDPSRUUHDOL]DUHP
SUiWLFDV HVSRUWLYDV ± HVSHFLDOPHQWH PXVFXODomR ± GH IRUPD LQWHQVLYD H
FRQWtQXD FRP R LQWXLWR GH DXPHQWDU D PDVVD PXVFXODU H REWHU R Pi[LPR GH
GHILQLomR PXVFXODU VHP VH LPSRUWDUHP FRP DV SURYiYHLV FRQVHTrQFLDV
DGYLQGDVGHWDOURWLQD
'LVFLSOLQDUVHDSRQWRGHUHDOL]DUWUHLQDPHQWRVHPGRPLQJRVHIHULDGRV
VDFULILFDU D YLGD VRFLDO UHODFLRQDPHQWRV HPSUHJR H WHU D SHUFHSomR GH TXH
VH QmR UHDOL]DU RV WUHLQDPHQWRV VHX FRUSR ³SHUGHX PDVVD PXVFXODU´ GHQWUH
RXWUDV VmR FDUDFWHUtVWLFDV GH YLJRUH[LD FRQIRUPHGHWHFWDUDP 3RSH 3KLOOLSVH
2OLYDUGLD
2XWURDVSHFWRGHHVSHFLDODWHQomRpRGHTXHHVWHVLQGLYtGXRVXWLOL]DP
VH GH KiELWRV DOLPHQWDUHV H[WUHPDPHQWH ULJRURVRV H UHVWULWLYRV DVVRFLDGRV j
LQJHVWmRGHSHULJRVRVVXSOHPHQWRVDOLPHQWDUHVHFRPSOH[RVYLWDPtQLFRVEHP
FRPRHVWHUyLGHVDQDEyOLFRVVHPDPHQRURULHQWDomRSURILVVLRQDODGHTXDGD
2TXHSRGHPRVGHWHFWDUpRIDWRGHTXHDVLQIRUPDo}HVDFHUFDGHRQGH
FRPSUDU FRPR XWLOL]DU VXSOHPHQWRV HRX HVWHUyLGHV URWLQDV GH WUHLQDPHQWRV
HWF VmR UHSDVVDGDV SRU DTXHODV SHVVRDV TXH VH WRUQDP UHIHUrQFLD RX
PHOKRUTXHSRVVXHPRFRUSRLGHDODRVROKRVGRRXWURQXQFDGHOHSUySULR
2V DXWRUHV FLWDGRV DFLPD DLQGD OLVWDP XPD VpULH GH VLWXDo}HV RQGH VH
SRGHPSHUFHEHUVLQDLVGHYLJRUH[LDGHIRUPDEDVWDQWHFODUDXPDYH]TXHRV
DFRPHWLGRVSRUHVWHGLVW~UELRUHVSRQGHUmRSRVLWLYDPHQWHDSHORPHQRVTXDWUR
RXFLQFRGHVWDVVLWXDo}HV
6mRHODV
3UHRFXSDomR IUHTHQWH
GH
TXH
VHX
FRUSR
QmR
VHMD
VXILFLHQWHPHQWHPDJURHPXVFXORVR
3HUGD GH RSRUWXQLGDGHV VRFLDLV TXH WHULD XVXIUXtGR HP RXWUDV
FLUFXQVWkQFLDVHVSHFLDOPHQWHSRUWHUTXHPDOKDUQDDFDGHPLD
7HUTXHPDOKDULQWHUIHULXHPVHXHPSUHJR
)D]HUGLHWDVHVSHFLDLVFRPDOWRWHRUGHSURWHtQDVHEDL[RWHRUGH
JRUGXUD RX WHP XWLOL]DGR JUDQGHV TXDQWLGDGHV GH SURWHtQDV RX
RXWURV VXSOHPHQWRV DOLPHQWDUHV FRP R LQWXLWR GH DXPHQWDU D
PXVFXODWXUD
*DVWDU PXLWR GLQKHLUR HP DOLPHQWRV HVSHFLDLV RX VXSOHPHQWRV
GLHWpWLFRV SURWHtQD HP Sy DPLQRiFLGRV FUHDWLQD HWF SDUD
DXPHQWDUDPXVFXODWXUD
5HFXVDU FRQYLWHV SDUD LU D UHVWDXUDQWHV RX VLWXDo}HV TXH
HQYROYDPFRPLGDSRUFDXVDGHH[LJrQFLDVGLHWpWLFDVHVSHFLDLV
(YLWDU VLWXDo}HV RQGH SRVVDP YHU VHX FRUSR SLVFLQD SUDLD
YHVWLiULRVSRUQmRVHDFKDUVXILFLHQWHPHQWHPXVFXORVR
8WLOL]DU URXSDV SHVDGDV SDUD FREULU VHX FRUSR SRU QmR VH DFKDU
VXILFLHQWHPHQWHPXVFXORVR
8WLOL]DUjVYH]HVYiULDVFDPDGDVGHURXSDVSDUDID]rORSDUHFHU
PDLRU
(VFROKHU GHOLEHUDGDPHQWH URXSDV TXH R ID]HP SDUHFHU PDLV
PXVFXORVR
0HGLUVH IUHTHQWHPHQWH FRPR SRU H[HPSOR EtFHSV WyUD[
FLQWXUDHWF
0DOKDUHPVLWXDo}HVGHUHVWULomRPpGLFDRXOHVLRQDGRSRUUHFHLR
GHSDUDUHSHUGHUPDVVDPXVFXODU
,QJHULU GURJDV SDUD WRUQDUVH PDLV PXVFXORVR WDLV FRPR
HVWHUyLGHVDQDEyOLFRV
&RPSDUDU VXD PXVFXODWXUD FRP D GH RXWURV KRPHQV GH VHX
FRQYtYLRVRFLDOSRUSHQVDUTXHHVWHVVmRPDLRUHVTXHYRFr
$R YHU XP KRPHP FODUDPHQWH PDLV PXVFXORVR TXH YRFr SHQVD
QLVVRRXILFDFRPLQYHMDGXUDQWHDOJXPWHPSRGHSRLV
$GDSWDGRGH323(3+,/,362/,9$5',$S
7RUQDVH LPSRVVtYHO WHQWDU H[SOLFDU D YLJRUH[LD
H
VHX
GHVHQYROYLPHQWRDWUDYpVGHFDXVD~QLFDWDOWUDQVWRUQRWHPVXDH[SOLFDomR
QDUHODomRH[LVWHQWHHQWUHGLYHUVRVIDWRUHVSDWROyJLFRVDVFDUDFWHUtVWLFDVGR
VXMHLWRHRHQWRUQRRQGHHVWDEHOHFHPHVVDVUHODo}HVSRLV
³ DWXDOPHQWH D WHQGrQFLD p FRQVLGHUDU HVVH WLSR GH
WUDQVWRUQR
FRPR
IHQ{PHQRV
KHWHURJrQHRV
H
PXOWLGLPHQVLRQDLV VXUJLGRV GDV LQWHUDo}HV GH GLIHUHQWHV
IDWRUHV SVLFROyJLFRV IDPLOLDUHV VRFLRFXOWXUDLV H
ELROyJLFRV´3(<5ÏS
3H\Uy FLWD DLQGD TXH QR ILQDO GR 6pFXOR ;; DFRQWHFH D
FRQVROLGDomR GR SUHVWtJLR GD MXYHQWXGH H GD VXD LPDJHP WHQGR FRPR VHXV
HVWDQGDUWHVDEHOH]DRDWUDWLYRItVLFRHRFXOWRDRFRUSR
7DLV DWULEXWRV HQFRQWUDP VHJXQGR R PHVPR DXWRU XP PHLR GH
FRPXQLFDomR TXH RV VXSRUWD GH PDQHLUD EDVWDQWH VyOLGD DWUDYpV GD
SURSDJDQGD H VXDV PtGLDV GH DOFDQFH VRFLDO QDV PDLV YDULDGDV IUHQWHV
DWLQJLQGR XP S~EOLFR FDGD YH] PDLV MRYHP FULDQGR DVVLP XP DPELHQWH
SURStFLRSDUDDGLYXOJDomRGHLGHDLVFRUSRUDLVHHVWDEHOHFLPHQWRGHFRQGXWDV
2 TXH p DSUHQGLGR SDVVD D VHU WUDQVIHULGR DWUDYpV GH PRGHORV VRFLDLV
SURQWDPHQWH PRVWUDGRV H GHSRLV GH LQWHULRUL]DGRV JHUDP SHUFHSo}HV H
FRQGXWDVUHDLVTXHSDVVDPDUHJHUWDQWRKRPHQVTXDQWRPXOKHUHVDGRWDQGR
DVFRPRVHQGROyJLFDVHQDWXUDLV
$ FRQFHLWXDomR GH FRUSR HVWi HVWUHLWDPHQWH UHODFLRQDGD QR TXH WDQJH
GHILQLo}HV WDQWR GH FDUiWHU ItVLFR TXDQWR SVLFROyJLFRV VRE DV PDLV GLYHUVDV
DERUGDJHQV FRQVWLWXLQGRVH GH KiELWRV LPSUHVVRV HP VXD PDWpULD SRU
FyGLJRV VtPERORVH OLQJXDJHQV FXOWXUDLV TXH HGXFDPWDLV FRUSRVDR ORQJRGD
YLGD
$RYROWDUPRVQRVVDVDWHQo}HVSDUDRIDWRGHTXHFDGDYH]PDLVVRPRV
DERUGDGRVGHIRUPDDJUHVVLYDSRUPRGHORVGHEHOH]DLGHDLVHDWULEXWRVItVLFRV
WLGRV FRPR VHQGR GHVHMiYHLV H LPSUHVFLQGtYHLV SDUD D REWHQomR GH VXFHVVR
QmR QRV FDXVD HVWUDQKH]D R VXUJLPHQWR GH GLVW~UELRV UHODFLRQDGRV FRP
LQJHVWmR GH VXEVWkQFLDV GHVWLQDGDV D HVWH ILP H RV GLVW~UELRV UHODFLRQDGRV
FRP D LPDJHP FRUSRUDO YLVWR TXH RV SDGU}HV HVWpWLFRV HVWmR FDGD YH] PDLV
UtJLGRVHDOFDQoiYHLVVRPHQWHSRUDOJXQVSRXFRVHVFROKLGRVHPVLWXDo}HVTXH
QHP VHPSUH VmR HVFODUHFLGDV FDXVDQGR VHPSUH D G~YLGD GH FRPR SRGHPRV
REWHU XP FRUSR GHVHMiYHO H SHUIHLWR VHP XWLOL]DU GH UHFXUVRV H[WUHPRV RX
GHVHQYROYHUDOJXPWLSRGHSDWRORJLD
'HDFRUGRFRP%HFNHUH7DYDUHVDVSHVVRDVDSUHQGHPD
DYDOLDU VHXV FRUSRV DWUDYpV GD LQWHUDomR FRP R DPELHQWH DVVLP VXD DXWR
LPDJHP p GHVHQYROYLGD H UHDYDOLDGD FRQWLQXDPHQWH GXUDQWH WRGD D YLGD PDV
DVQHFHVVLGDGHVGHRUGHPVRFLDLVRIXVFDPDVQHFHVVLGDGHVLQGLYLGXDLVVHQGR
SUHVVLRQDGRVHPQXPHURVDVFLUFXQVWkQFLDVDFRQFUHWL]DUHPQRVVRVFRUSRVR
FRUSRLGHDOGHQRVVDFXOWXUD
$ YLJRUH[LD VHJXQGR RV DXWRUHV GR OLYUR ³2 FRPSOH[R GH $G{QLV´ YHP
DIHWDQGRHPJUDQGHHVFDODDSRSXODomRGRVH[RPDVFXOLQRJUDoDVjH[WUHPD
H[SRVLomR GR TXH HVWHV FKDPDP GH ³VXSHUPDFKRV´ ([SRVLo}HV TXH QmR VH
OLPLWDPPDLVVRPHQWHjVDFDGHPLDVGHJLQiVWLFDRXPDWHULDLVH[FOXVLYRVSDUD
D GLYXOJDomR GH DOJR TXH Vy FRPSHWH DR PXQGR GR ILVLFXOWXULVPR RX DILQV R
DSHORDRFRUSRLGHDOHPXVFXORVRYHPVHQGRGLYXOJDGRGHPDQHLUDRVWHQVLYD
HPWRGRVHJPHQWRVRFLDOHHQFRQWUDQDOyJLFDGHPHUFDGRXPQLFKREDVWDQWH
SURPLVVRUSDUDDGLYXOJDomRGHVHXVLGHDLV
2VMRYHQVHVWmRDRORQJRGHVHXFUHVFLPHQWRH[SRVWRVSRUPLOKDUHVGH
LPDJHQV GHVVHV ³VXSHUPDFKRV´ H HVWDV LPDJHQV YLQFXODPVH DR VXFHVVR HP
VXDV PDLV YDULDGDV IRUPDV TXH YmR GHVGH R VXFHVVR VRFLDO SDVVDP SHOR
ILQDQFHLURVH[XDOHVHJXHHPGLDQWH
8P GRV JUDQGHV SUREOHPDV DSRQWDGRV SHORV DXWRUHV 3RSH 3KLOOLSV H
2OLYDUGLDpRIDWRGHDVRFLHGDGHHDPtGLDSUHJDUHPXPDSHUWXUEDGRUD
PHQVDJHP GXSOD GH TXH D DXWRHVWLPD GH XP KRPHP GHYH EDVHDUVH
SULQFLSDOPHQWH HP VXD DSDUrQFLD HPERUD SHORV SDGU}HV GDV LPDJHQV GRV
VXSHUPDFKRV PRGHUQRV SUDWLFDPHQWH QHQKXP KRPHP FRQVLJD DWLQJLOD
WRUQDQGRVH FRPSUHHQVtYHO TXH PLOK}HV GH KRPHQV PRGHUQRV VH VLQWDP
LQIHOL]HVFRPRTXHYrHPQRHVSHOKR
3DUD0LFKDHO.LPHOOFLWDGRSRU6DELQRQmRH[LVWHDSHQDV
XPWLSRGHPDVFXOLQLGDGHPDVYiULDVVXERUGLQDGDVjUHSUHVHQWDomRGRTXHp
VHU KRPHP EHP VXFHGLGR H SRUWDQWR GH IDWR HP QRVVDV VRFLHGDGHV IRUWH
FRPSHWLWLYR GHVWDFDGR EHP VLWXDFLRQDGR HFRQRPLFDPHQWH UHVLVWHQWH j GRU
ItVLFD H HPRFLRQDO YLULO H TXH MDPDLV IRJH GRV GHVDILRV $TXHOHV KRPHQV TXH
QmR VH HQTXDGUDP QHVVHV SDUkPHWURV IDULDP SDUWH GH PDVFXOLQLGDGHV
VHFXQGiULDVSHULIpULFDVHVXERUGLQDGDV1mRVHULDPDVVLPQHVVHFRQMXQWRGH
UHSUHVHQWDo}HVHSUiWLFDVVRFLDLVFRQVLGHUDGRVKRPHQVSOHQRV
7DLV DWULEXWRV GHVFULWRV DFLPD QRV WUDoDP XP SDQRUDPD EDVWDQWH
FRPSOH[R TXDQGR YROWDPRV QRVVDV DWHQo}HV SDUD D FRQVWUXomR GR FRUSR
LGHDOL]DGR SRLV SDUD TXH VH REWHQKD WDO FRUSR VmR QHFHVViULD LQWHUYHQo}HV
VREUH HOH TXH EHLUDP DR IDQDWLVPR WHQGR FRPR ³UHOLJLmR´ D ERD IRUPD ItVLFD
HPTXHSHVHRIDWRGHVWDERDIRUPDQmRVHUFRQVHJXLGDVHPRDX[LOLRGH³DOJR
PDLV´RXVHMDRFRQVXPRGHVXSOHPHQWRVDOLPHQWDUHVGHVWLQDGRVDRDXPHQWR
GH PDVVD PXVFXODU VXEVWkQFLDV GHVHQYROYLGDV FRP D ILQDOLGDGH GH SHUGD GD
JRUGXUD FRUSRUDO H R UHFXUVR PDLV H[WUHPR RV DQDEROL]DQWHV TXH 6DELQR
FRQVLGHUDFRPR
³ XP ULWR TXH FRQVDJUD D GLIHUHQoD LQVWLWXLQGRD (VVH
ULWR UHVVDOWD D OLQKD GH SDVVDJHP GH XP VWDWXV ± R GH
LQGLYtGXR FRPXP ± SDUD D FRQGLomR GH DVSLUDQWH D RXWUD
SRVLomR VXSHULRU 2 TXH GHYH VHU IULVDGR p TXH D
KLHUDUTXLD GH SDSpLV QDV DFDGHPLDV GH PXVFXODomR VH
LQVFUHYH QR FRUSR SRU PHLR GD IRUPD TXH HVWH
JUDGDWLYDPHQWH DGRWD LVWR p PXGDQoD ItVLFD IDEULFDGD
VLJQLILFDPXGDQoDGHVWDWXVSRLVHVWDWUDGX]DDTXLVLomR
GH FDSLWDO GH FRPSHWrQFLD ± RQGH FRPSUDU GURJDV FRP
TXHP TXDLV RV HIHLWRV GH FDGD XPD SDUD TXDO REMHWLYR
FDGD XPD GHODV SUHVWD DOpP GH FDSLWDO FRUSRUDO´
6$%,12S
'HVFREULXVH XP XQLYHUVR EDVWDQWH JUDQGH H UHQWiYHO DWUDYpV GDV
SUHRFXSDo}HV FRUSRUDLV TXH RV KRPHQV KRMH HP GLD GHPRQVWUDP GDGR R
JUDQGH Q~PHUR GH SURGXWRV YROWDGRV D HVWH ILP R TXH GH IDWR QRV FKDPD D
DWHQomR QmR p VRPHQWH R TXH HVWHV SURGXWRV TXH VmR YHQGLGRV VmR FDSD]HV
RXQmRGHID]HUHVLPDPDQHLUDFRPRHVWmRVHQGRYHLFXODGRVHVWHVSURGXWRV
DIRUPDFRPRVmRWUDWDGRVRVKRPHQVTXHVHVXEPHWHPDRVHQFDQWDPHQWRVH
LPDJHQVFRUSRUDLVTXHVHUHODFLRQDPFRPRVWDLVSURGXWRV
2 FRUSR p KRMH DOJR YHQGiYHO XPD GHPRQVWUDomR GH TXH SRGHPRV WHU
XP FRUSR GHVHMiYHO H EHP VXFHGLGR TXDQWR PDLV HVEHOWRV H PXVFXORVRV
IRUPRV D HVSHOKR GRV PRGHORV PLGLiWLFRV WmR GLIXQGLGRV WUD]HQGR FRQVLJR
WRGD XPD VRUWH GH DWUDWLYLGDGH ItVLFD H DVFHQVmR VRFLDO HPEXWLGDV QD
YHLFXODomRGHVWHVFRUSRVEHPVXFHGLGRV
'DGRDIDOWDGHHVWXGRVUHIHUHQWHVDRDVVXQWRSURSRVWRDYLJRUH[LDHDV
LQIOXrQFLDV PLGLiWLFDV HP HVSHFLDO GHVWDTXH D LQWHUQHW FRP VXDV P~OWLSODV
IDFHWDVID]VHQHFHVViULRGHVHQYROYHUXPHVWXGRTXHVHDSUR[LPHGHPDQHLUD
FODUDHFRHUHQWHGHVWHVWySLFRVHVHXVGHVGREUDPHQWRV
1RWDVH SHORV LQ~PHURV HVWXGRV H DERUGDJHQV VREUH R WHPD FRUSR
1RYDHV H 9LOKHQD $OPHLGD HW DO $QGUDGH H %RVVL .QLMQLNH6LP}HVHQWUHRXWURVTXHRFRUSRIHPLQLQRWHPHVHPSUHWHUi
JUDQGHLQWHUHVVHGHHVWXGRHWHPDVLQHVJRWiYHLVQDVPDLVYDULDGDVIUHQWHVR
TXHSHQVDPRVVHUGHJUDQGHYDOLDHUHOHYkQFLD
2TXHQmRSRGHPRVHQmRGHYHUtDPRVGHL[DUHPVHJXQGRSODQRRXHP
XPSODQRPHQRUGHUHOHYkQFLDpRIDWRGHRKRPHPHVWDUVHQGRFDGDYH]PDLV
DFRPHWLGR SRU VLWXDo}HV GH JUDYLGDGH VHPHOKDQWH jV TXH DFRPHWHP DV
PXOKHUHVHHVWHVQmRVHUHPWUDWDGRVFRPLJXDODWHQomRHULJRUGHSHVTXLVD
&RPRFLWDPRVDXWRUHV$VVXQomR=DPRUDHWDODVVLP
FRPRD2UWRUH[LDTXDGURQRTXDORLQGLYtGXRVHSUHRFXSDH[FHVVLYDPHQWHFRP
D SXUH]D GRV DOLPHQWRV FRQVXPLGRV D 9LJRUH[LD DLQGD QmR IRL UHFRQKHFLGD
FRPR GRHQoD H HVWH DLQGD p XP TXDGUR QmR YDOLGDGR QHP SUHVHQWH QRV
PDQXDLV GLDJQyVWLFRV HP SVLTXLDWULD &,' H '60,9 R TXH DFDED SRU
DFHQWXDU GH PDQHLUD EDVWDQWH LQFLVLYD D IDOWD GH FXLGDGRV FRP HVWH WLSR GH
GLVW~UELRGHLPDJHP
'HQWUR GH XP TXDGUR VRFLDOPHQWH DFHLWR RQGH R SULPDGR GR FRUSR
DWOpWLFRFRPPXVFXODWXUDDSDUHQWHHQFRQWUDDSRLRHVHYHQGHDWUDYpVGHXPD
PtGLDYRUD]SRUQRYRVPRGLVPRVQmRQRVFDXVDHVWUDQKH]DRVXUJLPHQWRGH
SDWRORJLDV RX SVLFRSDWRORJLDV UHODFLRQDGDV FRP HVWH FRQWH[WR KDMD YLVWD
PDWpULDVVREUHFRPRJHUHQFLDUHGRXWULQDURVFRUSRVSDUDTXHVHSRVVDREWHU
FRUSRVSHUIHLWRVHPUHYLVWDVGHJUDQGHFLUFXODomRWDLVFRPR9HMD,VWRe%RD
)RUPDHQWUHRXWUDVHGLYHUVRVSURJUDPDVWHOHYLVLYRVYROWDGRVSDUDHVWHILP
3H\UyGHVWDFDTXHRFRUSRpXPHQYROWyULRRQGHFDGDXPPRVWUD
DLPDJHPTXHWHPGHVLSUySULRVHQGRTXHDHODERUDomRGDLPDJHPFRUSRUDO
SRGHVHFDUDFWHUL]DUHPWUrVQtYHLVVRFLDOLQWHUSHVVRDOHLQGLYLGXDO
6HQGRTXH
³ R SULPHLUR HVWi FRQILJXUDGR SHORV PHLRV GH
FRPXQLFDomR VRFLDO Mi TXH HVWHV MRJDP FRP XP SDSHO
SUHSRQGHUDQWH ODQoDQGR H LPSRQGR GH IRUPD FRQWtQXD
XPLGHDOHVWpWLFRDWUDYpVGDXWLOL]DomRGHSHUVRQDJHQVH
PRGHORV TXH UHVSRQGHP jV H[SHFWDWLYDV GH XP FkQRQH
GH EHOH]D FRUSRUDO GHWHUPLQDGR R QtYHO LQWHUSHVVRDO
UHFRUUHjVHQVLELOLGDGHGRVHORJLRVRXFUtWLFDVGRVGHPDLV
VREUHRFRUSRLQIOXLQGRQDLPDJHPFRUSRUDOTXHVHSRVVXL
H QR QtYHO LQGLYLGXDO HQFRQWUDPRV D DXWRHVWLPD
YDORUDomRTXHVHID]GRSUySULRDWUDWLYRItVLFRHTXHLQIOXL
HP FRPR VH PDQWpP DV LQWHUDo}HV FRP RV RXWURV QRV
JUDXV GH DXWRHVWLPD WDPEpP GHSHQGHUi R JUDX GH
HYLWDomR VRFLDO H D LQVDWLVIDomR FRP R SUySULR FRUSR
LQIOXLUi QD UHODomR TXH SRVVDP SURGX]LU FRP R JUXSR´
3(<5ÑS
'HQWURGDVVRFLHGDGHVSyVPRGHUQDVRSURFHVVRVRFLDOGHFRQVWUXomR
GD LGHQWLGDGH HVWi YLQFXODGR GLUHWDPHQWH DRV YDORUHV GD FXOWXUD GH FRQVXPR
TXH SUHGRPLQDP QD DWXDOLGDGH 1R SURFHVVR GH SHUVRQDOL]DomR GR LQGLYtGXR
VH LPS}H XPD VRFLHGDGH EDVHDGD QD DXWRQRPLD H QD UHDOL]DomR SHVVRDO
LPHGLDWDDTXDOSHUPLWHDH[SDQVmRGDVRFLHGDGHGHFRQVXPRIDFHDRkPELWR
SULYDGR ID]HQGR FRP TXH HVWH SDVVH D IRUPDU SDUWH GD FLUFXODomR GH
PHUFDGRULDVHPREMHWRVGHFRQVXPR
2 FRUSR H QRVVD SUySULD LPDJHP RFXSDP OXJDU FHQWUDO QR SURFHVVR GH
PHGLDomR GD H[SHULrQFLD KXPDQD FRQYHUWHQGRVH HP XP PHLR H HP YDORUHV
FXMDV IRUoDV VmR REMHWRV GH FXOWR HP EHQV GH XVR H FRQVXPR H VREUH HOHV
UHFDHPH[SUHVV}HVVLPEyOLFDVHILJXUDWLYDVGHSHUIHLomRHIHOLFLGDGH
$R FRQVLGHUDUPRV R FRUSR FRPR PHUFDGRULD DGPLWHVH TXH HP VHX
HQWRUQR FLUFXODP XPD VpULH GH HOHPHQWRV UHODFLRQDGRV D GLPHQV}HV FXOWXUDLV
GDHFRQRPLDGDVLPEROL]DomRHGRHPSUHJRGRFRUSRQmRVRPHQWHFRPRXP
EHPXWLOLWiULRPDVWDPEpPFRPRXPEHPFRPXQLFDWLYR
$IRUPDomR GDQRVVDLGHQWLGDGH SHVVRDOHVRFLDO SDVVD SHOR FRUSR HR
³HJR´ VHJXQGR 3H\Uy VH PDQLIHVWD DWUDYpV GR FRUSRUDO 7RGDV DV
YLYrQFLDVH[SHULrQFLDVVHQVDo}HVHSHUFHSo}HVUHFHEHPRVDWUDYpVGRFRUSR
H HP XPD VRFLHGDGH RQGH R GHVIUXWDU R SUD]HU H R SUHVHQWH VmR HOHLWRV
YDORUHVLGHDLVWDLVFDUDFWHUL]Do}HVVmRDOFDQoDGDVDWUDYpVGDQRVVDUHDOLGDGH
FRUSyUHDSRLV
³ R FXOWR DR SUySULR FRUSR VH YLYH FRP R FXLGDGR H D
PDQXWHQomR GD PDWpULD TXH VH ID] R HX H R WHPSR 6HX
FRUSR p R FRPSRQHQWH PDWHULDO H p FRP HOH TXH VH
UHODFLRQD FRP RV RXWURV 7HQV TXH FXLGiOR SRUTXH RV
GHPDLV R QHFHVVLWDP H R GHVHMDP´ 3(<5Ñ S
6HJXQGR RV DXWRUHV 3H\Uz 3RSH 3KLOLSV H 2OLYDUGLD H[LVWH XPD UHODomR EDVWDQWH tQWLPD HQWUH VDWLVIDomR FRUSRUDO H DXWRHVWLPD
HVWiYHOHPDUFDGDLQGHSHQGHQWHPHQWHGRWLSRGHDYDOLDomRTXHVHIDoDGHVWHV
FRQFHLWRVDLGDGHGRVVXMHLWRVHDVH[SHULrQFLDVFRUSRUDLVH[LVWHQWHV
$ PDQHLUD FRPR VH SHUFHEH R FRUSR PDLV RX PHQRV IDYRUiYHO RFXSD
SDSHO FHQWUDO QRV SURFHVVRV PDLV DPSORV TXH HQFDPSDP VXD SUySULD
H[SHULrQFLDFRUSRUDOHVXDDYDOLDomR
2V HIHLWRV SVLFROyJLFRV SRVLWLYRV GH PHOKRUDU D DSDUrQFLD FRQWULEXHP
WDPEpP SDUD PHOKRUDU D DXWRHVWLPD FRPR SRGHPRV SHUFHEHU HP XP GRV
UHODWRVGDVSHVTXLVDVIHLWDVSHORVDXWRUHV3RSH3KLOLSVH2OLYDUGLDHP
TXHRHQWUHYLVWDGRFLWDTXH
³HUDVHPSUHPHQRUGRTXHRVRXWURVJDURWRVGRSRQWR
GHYLVWDDWOpWLFRTXDQGRHVWDYDQDHVFRODSULPiULDHOHV
SRGLDP SHJDU XPD EROD PHOKRU GR TXH HX DWLUiOD FRP
PDLV SUHFLVmR GR TXH HX H EULJDYDP PHOKRU GR TXH HX
1XQFD PH VHQWL PXLWR EHP D PHX UHVSHLWR 4XDQGR
FRPHFHLDOHYDQWDUSHVRVQDHVFRODVHFXQGiULDLVVRDEULX
XPQRYRPXQGRSDUDPLP4XDQGRYLTXHHVWDYDILFDQGR
PDLRU PLQKD DXWRFRQILDQoD VXELX LQFULYHOPHQWH´ 323(
3+,/,362/,9$5',$S
%XUNLWW FLWDGR SRU 3H\Uz ID] DOXVmR DR IDWR FLWDGR DFLPD
UHODWDQGR TXH D PDQLIHVWDomR GR TXH XP LQGLYtGXR p HRX GR TXH TXHU VHU
SDXWDVHSULQFLSDOPHQWHDWUDYpVGRFRUSRXPPRGHORFRHUHQWHHLQWHJUDGRGH
VXDLGHQWLGDGHSHVVRDOTXHVHFRQVWUyLHPXPFRQWH[WRUHODFLRQDOHDEHUWR
$LPDJHPFRUSRUDOHQRVVDSUySULDLPDJHPVmRUHVXOWDQWHVGRVHQWLGR
TXH D FRQFHGHPRV HP QRVVD H[LVWrQFLD H D PDQHLUD HP TXH D FXOWXUD
PHGLDWL]D QRVVDV H[SHULrQFLDV VHQGR TXH D UHDOLGDGH FRUSRUDO VH FRQYHUWHX
HPVtPERORH[SUHVVLYRGRSRVLFLRQDPHQWRVRFLDOGRLQGLYLGXRSRUWDQWRRYDORU
VRFLDO TXH DGTXLUH R FRUSR LPSOLFD HP VHU XP PHLR GH UHDOL]DomR H
GHVHQYROYLPHQWRSHVVRDOFRPRREMHWLYRGHDOFDQoDUXPLGHDOLPDJLQiULR
0DWWRV FLWDQGR *ROGHQEHUJ H 9LQVRQQHDX LOXVWUD
TXH R FRUSR LQYHMDGR GHVHMDGR H DGPLUDGR SHODV SHVVRDV p XP FRUSR
³WUDEDOKDGR´ ³PDOKDGR´ ³VDUDGR´ ³GHILQLGR´ XP FRUSR FXOWLYDGR TXH VRE D
PRUDO GD ³ERD IRUPD´ VXUJH FRPR PDUFD LQGLFDWLYD GH FHUWD YLUWXGH VXSHULRU
GDTXHOHTXHRSRVVXL$EHOH]DSRUWDQWRDGTXLUHXPYDORUQmRDSHQDVVRFLDO
PDVWDPEpPPRUDO
'HVWD PDQHLUD XP FRUSR FREHUWR GH VLJQRV GLVWLQWLYRV WRUQDVH XP
FDSLWDO2FRUSRpHQWmRXPDSURGXomRVRFLDOHLVVRILFDFODURDRREVHUYDUPRV
TXH DV VRFLHGDGHV VmR FRPSRVWDV SRU FyGLJRV FXOWXUDLV GLVWLQWRV TXH
SUHVFUHYHP GLIHUHQWHV WUDWDPHQWRV H XVRV GRV FRUSRV 8VRHVVHTXH KRMH VH
FRQFHQWUDQXPDYLGDFHQWUDGDQDDSDUrQFLDItVLFD
2VpFXOR;;,pWLGRFRPRRVpFXORGDVLPDJHQVHSRGHPRVQRWDURIDWR
GHVWDVHVWDUHPFRORFDQGRVHHPOXJDUSULYLOHJLDGRQRVPHLRVGHFRPXQLFDomR
HHVWDVLPDJHQVVHUHPGHWHUPLQDQWHVGHFRPSRUWDPHQWRVHDWLWXGHVTXHKRMH
HQFRQWUDPRVQRGLDDGLD
0LOKDUHV GH SHVVRDV FRORFDPVH HP SRVLomR GH DXWRUHV GH VXDV
SUySULDV LPDJHQV YHLFXODQGRDV SDUD DV PDLV GLYHUVDV ILQDOLGDGHV QRV PDLV
GLYHUVRV PHLRV GH FRPXQLFDomR H QHVWH FRQWH[WR FRP RV DYDQoRV
WHFQROyJLFRV RV YtGHRV VH WRUQDUDP FDGD YH] PDLV SRSXODUHV SRLV TXDOTXHU
LQGLYtGXRDJRUDSRGHUiFULDUHGLVSRQLELOL]DUVHXPDWHULDODWUDYpVGHVHUYLGRUHV
FRPR *RRJOH 9tGHRV <DKRR 9tGHRV <RX7XEH HWF /LVE{D %RWWHQWXLW -U
&RXWLQKR
3HVTXLVD IHLWD SHOD DXWRUD 6XVDQ 1DQIHOGW UHODWD TXH GD
SULPHLUDLPSUHVVmRTXHDVSHVVRDVWrPGHYRFrpEDVHDGDHPVXDDSDUrQFLD
H Do}HV HP VHX WRP GH YR] H QR TXH YRFr GL] $ DXWRUD UHODWD
WDPEpPTXHDLPDJHPYLVXDOTXHYRFrWUDQVPLWHQRVSULPHLURVGH]VHJXQGRVD
XPDSHVVRDTXHRYrSHODSULPHLUDYH]pRVXILFLHQWHSDUDTXHHODWLUHWRGDVDV
LPSUHVV}HVVREUHYRFrEDVHDGDHPVXDDSDUrQFLDSHVVRDO
,VVRQRVLOXVWUDFRPRDDSDUrQFLDHVXDDSUHVHQWDomRGLDQWHGRVGHPDLV
RFXSDP OXJDU FHQWUDO QD PHGLDomR GH H[SHULrQFLDV UHODWLYDV DRV PHLRV GH
GLYXOJDomR GHVWDV LPDJHQV KDMD YLVWD R GHVSUHVWtJLR TXH DPiXWLOL]DomR GH
XPD LPDJHP SRGH YLU D FDXVDU TXHU VHMD SRU VXD Pi TXDOLGDGH SHOR QmR
WUDWDPHQWR DGHTXDGR GHVWD j VLWXDomR SURSRVWD RX SHOR VLPSOHV IDWR GHVWD
LPDJHPTXHHVWiVHQGRYHLFXODGDQmRDWHQGHUDRVSDGU}HVHVWpWLFRVYLJHQWHV
QDTXHOHGDGRPRPHQWR
3DUD LVVR QRV DWHQWDPRV SDUD R TXH 3H\Uz DR DQDOLVDU D
YHLFXODomR GDV LPDJHQV SXEOLFLWiULDV H VXDV LQIOXrQFLDV VRFLDLV IHLWDV DWUDYpV
GDSHVTXLVDGH&DVVHWWLH'L&KLRHPVREUHDLPDJHPWHOHYLVLYDUHODWD
TXH VXDV VLJQLILFDo}HV VmR MXVWDSRVLo}HV GH WUrV QtYHLV XP QtYHO GHQRWDWLYR
TXH LQGLFD D FDSDFLGDGH GH XP VLJQR UHPHWHU D VXD UHIHUrQFLD LPHGLDWD XP
QtYHOFRQRWDWLYRTXHLQGLFDDFDSDFLGDGHGHXPVLJQRUHPHWHUDXPDGLPHQVmR
FXOWXUDOHDIHWLYDHjVYH]HVID]rODSDUHFHUFRPRVHQGRDOJR³QDWXUDO´HXP
QtYHO LGHROyJLFR TXH LQGLFD D FDSDFLGDGH GR VLJQR UHSURGX]LU QR SODQR GR
GLVFXUVRDVGLIHUHQoDVVRFLDLV
([HPSORV GLVVR VmR RV HVWXGRV GH 3pUH] 5XL] H %DFD /DJRV
FLWDGRV SRU 3H\Uz HP TXH HVWHV FRPSDUDP FDUDFWHUtVWLFDV
ItVLFDV GH SHVVRDV TXH DSDUHFHP HP SURJUDPDV GH WHOHYLVmR H SHVVRDV TXH
DWXDP HP DQ~QFLRV SXEOLFLWiULRV H VXDV SHVTXLVDV VmR MXVWLILFDGDV SHOD
UHOHYkQFLDGRWHPDHPIXQomRGRSDSHOVRFLDOTXHGHVHPSHQKDPRVPHLRVGH
FRPXQLFDomR HP PDVVD WHOHYLVmR H VHXV IRUPDWRV SXEOLFLGDGH SRU
UHIOHWLUHP HP VHXV FRQWH~GRV FDUDFWHUtVWLFDV GDV VRFLHGDGHV DV TXDLV HVWmR
LQVHULGDV
3RVWRHPGHVWDTXHRTXDGURDFLPDYHPRVTXHDVSHFWRVIDYRUiYHLVDR
VXUJLPHQWR GH LQVDWLVIDo}HV FRUSRUDLV VmR UHFRUUHQWHV XPD YH] TXH RV
PRGHORVFRUSRUDLVHPGHVWDTXHSHODVPDLVYDULDGDVPtGLDVVmRGHWHQWRUHVGH
TXDOLGDGHVItVLFDVLGHDLVSDUDTXDLVTXHUFRUSRV
2 FRQIURQWDPHQWR HQWUH R PHX FRUSR H VHX LGHDO p IUXWR GH FRQVWDQWHV
WHQV}HV H WHUUHQR IpUWLO SDUD R GHVHQYROYLPHQWR GH SDWRORJLDV UHODFLRQDGDV j
LPDJHP FRUSRUDO WDLV FRPR D YLJRUH[LD FRPR QRV LOXVWUDP 6DYHULDQR HW DO
TXDQGRFLWDPTXH
³ D SURPHVVD GH IHOLFLGDGH SDUD DTXHOHV TXH ³VH
HVIRUoDP´WDPEpPHVWiIRUWHPHQWH UHIHUHQGDGD SRU
FRUSRVGHPRGHORVPLGLiWLFRVDSUHVHQWDGRVYLD
QRYDV
WHFQRORJLDVGRVTXDLVDV³FHOHEULGDGHV´SDUHFHP VHU D
HQFDUQDomRPDLV ILGHGLJQD$SHVDU GH VHU VDELGR TXH
VHPSUH H[LVWLUDP PXOKHUHV GH EHOH]D H[HPSODU GH
&OHySDWUDj*LVHOH%QGFKHQ H tFRQHV GD PXVFXODomR
FRPR
$UQROG6FKZDU]HQHJJHU DLQIOXrQFLD GD
PtGLDVREUHRVFRUSRV WHPVH
LQWHQVLILFDGR
VREUHPDQHLUDQRV~OWLPRVDQRVHLVVRVHGHYHHPSDUWH
DRVQRYRVUHFXUVRV
WHFQROyJLFRV GD LQIRUPiWLFD
&RPRXVR PDVVLYRGDWHFQRORJLDDVSHUVRQDOLGDGHVTXH
VHUYHPGH PRGHORDHVVHVMRYHQVDSDUHQWDPHP YtGHR
HIRWRXPDVLOKXHWDFDGDYH]PDLVEHPGHILQLGDHGLVWDQWH
GD UHDO´6$9(5,$12 5Ç*2 0217()86&2 S
5HGHV6RFLDLV9LUWXDLV
3ULPHLUDPHQWHTXDQGRVHWUDWDGHDQiOLVHGHDOJRMiEHPIXQGDPHQWDGR
HP QRVVD VRFLHGDGH FRPR QR FDVR HP TXHVWmR DV UHGHV VRFLDLV VH ID]HP
QHFHVViULRVSRVLFLRQDPHQWRVHSRQWXDo}HVPHVPRTXHLQLFLDLVGHDOJXQVGH
VHXVIDWRUHVKLVWyULFRVUHOHYDQWHVEHPFRPRVXDJHQHDORJLD
&RPDLQFRUSRUDomRGDWHFQRORJLDLQIRUPDFLRQDOHGHFRPXQLFDomREHP
FRPRVHXVGHVGREUDPHQWRVQRFRWLGLDQRGDVSHVVRDVRFRUUHRIHQ{PHQRGD
FLEHUFXOWXUD DGTXLULQGR VWDWXV GH REMHWR GH DQiOLVH H DOYR GH SURMHo}HV GH
WHyULFRV GDV PDLV YDULDGDV iUHDV GHQWUH HODV D VRFLRORJLD DQWURSRORJLD
SVLFRORJLDHWF
5HFXHUR DR FLWDU GLYHUVRV DXWRUHV TXH YHUVDP VREUH R WHPD
UHGHV VRFLDLV GHQWUH HOHV HVWmR :DWWV 'HJHQQH H )RUVp :HOOPDQ *DUWRQ HW DO UHYHOD TXH HVWDV UHGHV
SDUWHP GH GXDV JUDQGHV YLV}HV GR REMHWR GH HVWXGR DV UHGHV LQWHLUDV ZKROH
QHWZRUNV H UHGHV SHUVRQDOL]DGDV SHUVRQDO QHWZRUNV VHQGR TXH R SULPHLUR
DVSHFWRpIRFDGRQDUHODomRHVWUXWXUDOGDUHGHFRPRJUXSRVRFLDO
'H DFRUGR FRP HVWD YLVmR DV UHGHV SHVVRDLV VmR DVVLQDWXUDV GH
LGHQWLGDGHVRFLDORSDGUmRGHUHODo}HVHQWUHRVLQGLYtGXRVHVWiPDSHDQGRDV
SUHIHUrQFLDV H DV FDUDFWHUtVWLFDV GH DOJXpP -i R VHJXQGR IRFR HVWDULD
FHQWUDGR QR SDSHO VRFLDO GR LQGLYtGXR SRGHQGR HVWH VHU FRPSUHHQGLGR QmR
DSHQDV DWUDYpV GRV JUXSRV RX UHGHV DRV TXDLV SHUWHQFH PDV DWUDYpV GDV
SRVLo}HVTXHRFXSDQDVUHGHV$FUHVFHQWDQGR5HFXHURDLQGDFLWDTXH
D GLIHUHQoD HQWUH RV GRLV IRFRV p R FRUSXV GH DQiOLVH HVFROKLGD SHOR
SHVTXLVDGRU D UHGH LQWHLUD IRFD HP XP JUXSR GHWHUPLQDGR H D UHGH
SHUVRQDOL]DGDXPLQGLYtGXR
$LQGD DR WUDWDUPRV GD DQiOLVH GDV UHGHV VRFLDLV *DUWRQ HW DO FLWD TXH HVWH WLSR GH DQiOLVH HVWi FHQWUDGD QRV SDGU}HV GH UHODo}HV HQWUH DV
SHVVRDV UHIOHWLQGR XPD PXGDQoD GR LQGLYLGXDOLVPR FRPXP QDV FLrQFLDV
VRFLDLVSDUDDEXVFDGHXPDDQiOLVHHVWUXWXUDO
5HFXHURGHPRQVWUDTXH
³ SDUD LU DOpP GRV DWULEXWRV LQGLYLGXDLV H FRQVLGHUDU DV
UHODo}HV HQWUH RV DWRUHV VRFLDLV D DQiOLVH GDV UHGHV
VRFLDLV EXVFD IRFDUVH HP QRYDV XQLGDGHV GH DQiOLVH
WDLVFRPRUHODo}HVFDUDFWHUL]DGDVSRUFRQWH~GRGLUHomR
HIRUoDODoRVVRFLDLVTXHFRQHFWDPSDUHVGHDWRUHV
DWUDYpVGHXPDRXPDLVUHODo}HVPXOWLSOLFLGDGH
TXDQWRPDLVUHODo}HVXPODoRVRFLDOSRVVXLPDLRU
D VXD PXOWLSOLFLGDGH H FRPSRVLomR GR ODoR VRFLDO
GHULYDGD GRV DWULEXWRV LQGLYLGXDLV GRV DWRUHV
HQYROYLGRV 2 HVWXGR GH UHGHV VRFLDLV SURFXUD WDPEpP
OHYDUSDUDDVRFLHGDGHRVHOHPHQWRVSULQFLSDLVHVWXGDGRV
HP XPD UHGH WDLV FRPR GHQVLGDGH GD UHGH H
FOXVWHUL]DomR >@ TXH VmR JUXSRV GH QyV PXLWR
FRQHFWDGRV(PWHUPRVGHUHGHVVRFLDLVRVFOXVWHUVVmR
FRQVLGHUDGRV JUXSRV VRFLDLV FRHVRV (OHV VmR XQLGRV D
RXWURV JUXSRV DWUDYpV GH ODoRV LQGLYLGXDLV GH VHXV
PHPEURV5(&8(52S
$V UHGHV VRFLDLV HP TXHVWmR VHUmR WRPDGDV FRPR EDVH GH DQiOLVH QR
WRFDQWHjVGHILQLo}HVGHDOJXQV DXWRUHV FLWDGRVSRU $JXLDU HQWUH HOHV
%DUQHV 5RJHUV H .LQFDLG 6FRWW HP TXH HVWHV XWLOL]DP RV
WHUPRV PDOKD WUDPD iUYRUH H WHLD SDUD GHVFUHYHU R IOX[R GH LQIRUPDo}HV H
SDGU}HVGHFRQH[mRHQWUHRVQyVDWpFKHJDUjGHILQLomRTXHPDLVVHDSUR[LPD
GDVUHODo}HVVRFLDLVHPUHGHDQDOLVDGDVQHVWHWUDEDOKRTXHpDGHILQLomRTXH
'HOHX]H H *XDWDUL FLWDGRV SRU $JXLDU TXH FODVVLILFD DV UHGHV
VRFLDLVFRPRUL]RPDV
&RPHIHLWR
³ 5L]RPD p D PHWiIRUD TXH WHQWD GDU FRQWD GH XPD
PXOWLSOLFLGDGH GH UHODo}HV DVVLPpWULFDV GH FRPXQLFDomR
GHVHQFDGHDGDV HP YiULRV SRQWRV VLPXOWDQHDPHQWH H GH
IOX[RV DFHQWUDGRV H QmRUHJXODUHV GH LQIRUPDomR QR
WHPSR H QR HVSDoR QRV TXDLV QmR p SRVVtYHO LGHQWLILFDU
XPSRQWR³JHUDGRU´~QLFR8PUL]RPDFDUDFWHUL]DVHSHOD
PXOWLGLUHFLRQDOLGDGHRIOX[RGHLQIRUPDo}HVSRGHSDUWLUGH
TXDOTXHU SRQWR RX GH YiULRV H TXDOTXHU SHVVRD SRGH
HQYLDU PHQVDJHQV SDUD TXHP TXLVHU RX SDUD WRGRV
VLPXOWDQHDPHQWH RV SDSpLV GH HPLVVRU H UHFHSWRU VmR
LQWHUFDPELiYHLV H D FLUFXODomR GH LQIRUPDomR SRU WRGD D
UHGH LQGHSHQGH GH XPD LQVWkQFLD FHQWUDO &DUDFWHUL]DVH
WDPEpP SHOD KHWHURJHQHLGDGH GRV VHXV QyV H YtQFXORV
UHODo}HV H VHQWLGRV VmR HVWDEHOHFLGRV GH PRGRV PXLWR
GLYHUVRV H R URPSLPHQWR GH XP SRQWR TXDOTXHU GDV
FDGHLDV GH FRPXQLFDomR QmR FRPSURPHWH R
UHFRQKHFLPHQWR GR WRGR UXSWXUDV ³OLQKDV GH IXJD´ H
PHFDQLVPRV GH DXWRUHRUJDQL]DomR VmR SUySULRV GD VXD
GLQkPLFD 8P UL]RPD p WLSLFDPHQWH D FRQILJXUDomR GDV
FRQH[}HVLQWHUSHVVRDLVHVWDEHOHFLGDVQDYLGDFRWLGLDQDH
YLD ,QWHUQHW 2X VHMD p D UHSUHVHQWDomR GR SDGUmR PDLV
FRPSOH[R GH UHGH GH GLQkPLFD LPSUHYLVtYHO ± DLQGD TXH
FRPSUREDELOLGDGHVDQDOLViYHLV$*8,$5S
$DXWRUDDLQGDLOXVWUDTXHHVWUXWXUDHGLQkPLFDGHYHPVHULQGLVVRFLiYHLV
QD DQiOLVH GH UHGHV VRFLDLV H GHYHP WHU FRPR EDVH DV SURSULHGDGHV GRV
YtQFXORVHVWDEHOHFLGRVHQWUHRVQyVHRVSDSpLVTXHFDGDQyH[HUFHHPFDGD
LQWHUUHODomR VHQGR TXH D GLQkPLFD GD UHGH FRUUHVSRQGH DR SURFHVVR GH
GHVHQYROYLPHQWR GH UHODo}HV HVSDoRWHPSRUDLV HVWDEHOHFLGR SRGHQGR VHU
REVHUYDGDVQRVVHJXLQWHVDVSHFWRVRSDGUmRGRIOX[RGHLQIRUPDomRHQWUHRV
QyVRULWPRGDVLQWHUFRQH[}HVHGRIOX[RGHLQIRUPDomRTXHSRGHVHUFRQWtQXR
RX GHVFRQWtQXR UHJXODU SHULyGLFR VD]RQDO RX HYHQWXDO RV JUDXV GH
SDUWLFLSDomR GRV LQWHJUDQWHV GD UHGH IUHTrQFLD FRP TXH VH FRPXQLFDP H D
TXDOLGDGH GR TXH FRPXQLFDP H RV HIHLWRV GHVVD SDUWLFLSDomR QRV GHPDLV
PHPEURVHQRGHVHQYROYLPHQWRGDUHGHFRPRXPWRGR$*8,$5
$V UHGHV VRFLDLV YLUWXDLV H VHXV ODoRV VmR PDLV GR TXH D VLPSOHV
FRQH[}HV GH SHVVRDV DWUDYpV GD UHGH GH FRPSXWDGRUHV HVWHV LQGLYtGXRV
HVWDEHOHFHP UHODo}HV D ILP GH LGHQWLILFDUHPVH FRP DTXLOR TXH VH SURS}H D
ID]HU SDUWH H DSUHVHQWDPVH GH PDQHLUD D DWUDLU ROKDUHV RX DR PHQRV QmR
GHVWRDUHPGRVVHXV³REMHWRVGHGHVHMRV´
*RIIPDQQLQGLFDTXHRVLQGLYtGXRVWHQGHPDVHDSUHVHQWDUVRE
XPD OX] IDYRUiYHO QDV VLWXDo}HV HP TXH VH HQYROYHP EXVFDQGR VHPSUH
PDQWHUXPUHODWLYRFRQWUROHGHVXDH[SUHVVLYLGDGHRTXHSDVVDDVHUGHFLVLYR
QD DFHLWDomR LGHQWLILFDomR H YDORUL]DGRV GHVWHV LQGLYtGXRV HP VXDV
FRPXQLGDGHVYLUWXDLV
8P GRV PDLRUHV VLWHV GH UHODFLRQDPHQWRV GD LQWHUQHW TXH
FRQVHTHQWHPHQWH REWHYH JUDQGH VXFHVVR QR %UDVLO IRL R VLWH 2UNXW TXH
0RFHOOLQ FODVVLILFD FRPR VRFLDO QHWZRUN RX FRPPXQLW\ ZHEVLWHV TXH p
IUHTHQWHPHQWHWUDGX]LGRFRPRUHGHVVRFLDLVRXUHGHVGHUHODFLRQDPHQWRV
0RFHOOLQ H 5HFXHUR FLWDP TXH R 2UNXW IRL FULDGR SRU XP
GRXWRU HP &LrQFLD GD &RPSXWDomR GD 8QLYHUVLGDGH GH 6WDQIRUG (8$
FKDPDGR2UNXW%X\XNNRNWHQFRPRXPDIHUUDPHQWDSDUDDMXGDURVPHPEURVGH
VXDHTXLSHDPDQWHUHPUHODFLRQDPHQWRVHFULDUHPQRYDVDPL]DGHVVHQGRTXH
RV XVXiULRV GR VLWH SRGHULDP FRQVWUXLU XP SHU¿O LQFOXLQGR LGDGH HVWLORV
PXVLFDLVIDYRULWRV¿OPHVRSLQLmRSROtWLFDRSomRVH[XDOSRVVXLUXPiOEXPGH
IRWRV WHU XP VFUDSERRN OLYUR GH UHFDGRV HQYLDUUHFHEHU PHQVDJHQV ID]HU
SDUWH HRX FULDU FRPXQLGDGHV WHPiWLFDV RQGH VmR RX QmR SURPRYLGRV
GHEDWHV OHYDQWDGDV TXHVW}HV WURFDGDV LQIRUPDo}HV H FRQKHFHU RXWUDV
SHVVRDVFRPLQWHUHVVHVHTXLYDOHQWHV
7RGRV HVVHV DVSHFWRV GD FULDomR GH XP SHUILO HP XP VLWH GH
UHODFLRQDPHQWRV SHVVRDLV DFDEDUDP SRU JHUDU XPD FRUULGD SRU VWDWXV GH
SHUWHQFLPHQWRH³DFROKLPHQWR´HPVXDVFRPXQLGDGHVYLUWXDLVFRPDDGLomRGH
³DPLJRV´ YLUWXDLV TXDQWR PDLRU R Q~PHUR GH ³DPLJRV´ PDLV SRSXODU VH p
PHVPRTXHHVVDVSHVVRDVQXQFDWHQKDPVHHQFRQWUDGRHIHWLYDPHQWH
$UHGHVRFLDOTXHVHIRUPDHPWRUQRGHVVHVSURFHGLPHQWRVGHDGLomRGH
³DPLJRV´ H GDV GLVFXVV}HV TXH SRVVD KDYHU UHIHUHQWHV DRV PDLV YDULDGRV
WySLFRV GH LQWHUHVVH HP FRPXP VmR LQILQLWRV GDGRV D WUDPD TXH VH IRUPD
HQWUHPLPHRV³PHXVDPLJRV´RV³PHXVDPLJRV´FRPRVGHPDLVGRV³DPLJRV
GRV PHXV DPLJRV´ HQWUH VL HWF FDGD XP FRP VXDV DILQLGDGHV H HVFROKDV
SHVVRDLV TXH VmR YLVtYHLV DRV GHPDLV H SDVVtYHLV GH DGLomR SHORV GHPDLV
PHPEURV GD PLQKD UHGH GH FRQWDWRV VH DFKDUHP TXH VH LGHQWLILFDP FRP DV
LGpLDVH[SRVWDV
$JXLDUUHODWDTXHDVIDFLOLGDGHVGHVHFULDUXPDLGHQWLGDGHYLUWXDO
QHVWHVVLWHVGHUHODFLRQDPHQWRVFRPDLQVHUomRGHGDGRVTXHQmRSDVVDPSRU
QHQKXPSURFHVVRGHYDOLGDomRDQmRVHUDLQVHUomRGHXPHPDLOSRVVLELOLWDP
D PRQWDJHP GH GLYHUVDV SHUVRQDV H R HVWDEHOHFLPHQWR GH YtQFXORV
LQWHUSHVVRDLV QmR REULJDWRULDPHQWH EDVHDGRV HP UHODFLRQDPHQWRV SUp
H[LVWHQWHV LQFOXLQGR HP VXD ³UHGH GH DPLJRV´ FRQKHFLGRV HYHQWXDLV RX
³HVWUDQKRV´ FRP D LQWHQomR GH FDSLWDOL]DU R VWDWXV H RV DWULEXWRV GRV
DJUHJDGRV D VXD UHGH GH DPL]DGH WDLV FRPR FHOHEULGDGHV KRPHQVPXOKHUHV
ERQLWDVSURILVVLRQDLVUHVSHLWDGRVDWOHWDVIDPRVRVHWF
8PGRVDVSHFWRVLPSRUWDQWHVTXHSHQVDPRVYDOHUDSHQDPHQFLRQDUpR
GH TXH DR DFHVVDU R SHUILO GH DOJXpP SRGHPRV REVHUYDU DOpP GH VHXV
DPLJRV DV FRPXQLGDGHV YLUWXDLV jV TXDLV HVWHV ID]HP SDUWH GHL[DQGR FODUR
TXHRLQGLYtGXRHVXDLGHQWLGDGHSDVVDPDVHUGHILQLGRVQmRVRPHQWHSHORTXH
GL] GH VL PDV WDPEpP SRU VHXV DPLJRV H FRPXQLGDGHV H R PRGR FRPR VH
UHODFLRQDFRPHVWHV
0HXFFL H 0DWXFN FLWDGRV SRU 0RFHOOLQ LQGLFDP D
LPSRUWkQFLD GD DOWHULGDGH H GD GH¿QLomR GDGD SHORV RXWURV QD ,QWHUQHW
6HJXQGR HOHV DGH¿QLomRGLUHWDRX LQGLUHWD GDGRSHORRXWUR pWmR LPSRUWDQWH
TXDQWR R SURFHVVR GH DXWRGH¿QLomR e R UHODWR GR RXWUR TXH OHJLWLPD
GHVOHJLWLPDRXDFUHVFHQWDTXDOLGDGHVDRSHU¿OGRVXMHLWR
5RVHQ 0RFHOOLQ 5HFXHUR $JXLDU GHPRQVWUDP XP DVSHFWR LQWHUHVVDQWH TXH RFRUUH QDV UHGHV VRFLDLV GH
UHODFLRQDPHQWRV YLUWXDLV WDLV FRPR 2UNXW 0\VSDFH )DFHERRN HWF TXH p D
RFRUUrQFLD GDV FKDPDGDV ³&RPXQLGDGHV (VWpWLFDV´ RX ³&RPXQLGDGHV
1DUFLVLVWDV´ FXMRV REMHWLYRV VmR R GH JDUDQWLU XP VWDWXV GLIHUHQFLDGR DRV
SDUWLFLSDQWHV GH WDLV FRPXQLGDGHV R TXH QmR VLJQLILFD TXH HVWHV LQWHUDMDP
HQWUH VL H SURPRYDP GLVFXVV}HV H DFUpVFLPRV VLJQLILFDWLYRV VREUH RV WHPDV
GDVFRPXQLGDGHV$VVLP
³DVDWXDLVUHGHVVRFLDLVRQOLQHVmRXPDDFXPXODomRGH
YtQFXORV PDMRULWDULDPHQWH IUDFRV ± QLQJXpP TXH OLVWH
PLOKDUHVGH³DPLJRV´QR0\6SDFHSHQVDQHVVDVSHVVRDV
GDPHVPDIRUPDTXHSHQVDHPVHXVSDUHQWHVGLVWDQWHV
SRU H[HPSOR &HUWDPHQWH QmR p FRLQFLGrQFLD HQWmR TXH
DV DWLYLGDGHV TXH RV VLWHV GH UHGHV VRFLDLV SURPRYHP
VmRMXVWDPHQWHDTXHODVTXHRVYtQFXORVIUDFRVIRPHQWDP
FRPRUXPRUHVERDWRVPH[HULFRVEXVFDGHSHVVRDV
HDWULOKDGRVHIrPHURVPRYLPHQWRVGDFXOWXUDSRSXODU
>QR VHQWLGR GD FXOWXUD GH PDVVD@ H GDV PRGDV
SDVVDJHLUDV´526(1S
%DXPDQ FLWDGR SRU 0RFHOOLQ S VXJHUH TXH ³QD
PRGHUQLGDGH OtTXLGD WHP HPHUJLGR XP QRYR WLSR GH FRPXQLGDGH HP
VXEVWLWXLomR jV FRPXQLGDGHV GH FRQWH~GR pWLFR HVVDV VmR FKDPDGDV SRU HOH
GH FRPXQLGDGHV HVWpWLFDV´ VHQGR HVWDV YROiWHLV SDVVDJHLUDV GHVWLQDGDV D
XP RX DOJXQV SRXFRV DVSHFWRV YROWDGDV D LQWHUHVVHV HVSHFt¿FRV UDUDPHQWH
VH IXQGHP HP LQWHUHVVHV GH JUXSR VHUYLQGR VRPHQWH SDUD GHPRQVWUDU
LQWHUHVVHLQGLYLGXDODUHVSHLWRGHDOJR
³6mR FRPXQLGDGHV ÀH[tYHLV SDUD DV LGHQWLGDGHV ÀH[tYHLV GR PXQGR
PRGHUQROtTXLGR6mRFRPXQLGDGHVTXHQmRWUD]HPFRQVLJRFRPSURPLVVRVGH
ORQJRSUD]R´02&(//,1S
5RVHQ UHODWD TXH HP ZHEVLWHV GH UHGHV VRFLDLV QRVVRV
PRGHUQRV DXWRUHWUDWRV VmR FXLGDGRVDPHQWH PDQLSXODGRV TXHU VHMD FRP
UHWRTXHV GLJLWDLV SDUD UHWLUDGD GH ³LPSHUIHLo}HV´ IXQGRV PXVLFDLV OLVWD GH
DPLJRVSDVVDWHPSRVSUHIHULGRVGHSRLPHQWRVHPRFLRQDGRVGHDPLJRVHWF
³ HOHV VmR LQWHUDWLYRV FRQYLGDQGRRV REVHUYDGRUHV QmR
PHUDPHQWHDROKDUPDVWDPEpPUHVSRQGHUDRUHWUDWRGD
YLGDRQOLQH>@pRHWHUQRGHVHMRKXPDQRGHDWHQomRTXH
HPHUJH FRPR R WHPD GRPLQDQWH GHVVDV YDVWDV JDOHULDV
YLUWXDLV526(1S
$ H[SRVLomR GRV FRUSRV FRQVWUXtGRV j EDVH GH PXLWD PXVFXODomR H
WRGRV RV SURFHVVRV TXH SHUSDVVDP R FRUSR YLJRUp[LFR DGTXLUH XP VHQWLGR
GXSORGHDWUDomRHUHSXOVDGRTXHVHTXHUPRVWUDUHGDTXLORTXHpH[LELGR
6HJXQGR -HXG\ S ³ R FRUSR H[LELGR VH FRQVLGHUD FRUSR
HVWUDQKR H HVWUDQJHLUR HQTXDQWR Vy SURGX] D DSDUrQFLD GR GXSOR´ VHQGR TXH
WRGRV RV VLQDLV RVWHQWDWyULRV TXH RV GLIHUHQWHV PRGRV GH H[LELomR GR FRUSR
PDQLIHVWDPQDYLGDFRWLGLDQDHXUEDQDVmRWRPDGRVSRUVLJQRVLGHQWLWiULRV
$V UHGHV VRFLDLV FRP VHXV GHVGREUDPHQWRV DFDEDP SRU IRUQHFHU DRV
VHXV DJHQWHV VRFLDLV XP PHLR GH DJOXWLQDomR GH LGHDLV H LGpLDV D VHUHP
H[SRVWRV H GLYXOJDGRV SRU SHVVRDV TXH FRQVLGHUDP SRVVXLU TXDOLGDGHV HRX
FDUDFWHUtVWLFDVTXHRVOHJLWLPDPFRPRSHUWHQFHQWHVDHVWDFRPXQLGDGH
5HFXHURDRFLWDUGLYHUVRVHVWXGLRVRVVREUHRWHPD:DW]ODYLFNHW
DO :DVVHUPDQ H )DXVW %UHLJHU *UDQRYHWWHU WUDoD
XP TXDGUR RQGH RV DJHQWHV VRFLDLV GHVWDV UHGHV SRGHP GHVHQYROYHU ODoRV
VRFLDLVRXVHMDXPFRPSRVWRGHUHODo}HVHLQWHUDo}HVVRFLDLVHQWUHSDUHVGH
DWRUHV
$DXWRUDDLQGDUHODWDTXHDFRQFHLWXDomRGHODoRVRFLDOSDVVDSRUXPD
LGpLD GH LQWHUDomR VRFLDO TXH SRGH VH FRQVWLWXLU HP XP ODoR UHODFLRQDO
DVVRFLDWLYR RX VHMD XPD FRQH[mR HQWUH XP LQGLYtGXR H XPD LQVWLWXLomR RX
JUXSR UHSUHVHQWDGD SHOR VHQWLPHQWR GH SHUWHQFLPHQWR 2V ODoRV VRFLDLV
SRGHPVHHVWDEHOHFHUGHPDQHLUDPDLVLQWHQVDRXQmRJHUDQGRRTXHVHSRGH
GHQRPLQDUODoRVIRUWHVHIUDFRV
:HOOPDQFLWDGRSRU5HFXHURH[SOLFDTXHRVODoRVIRUWHVVmR
DTXHOHV TXH VH FDUDFWHUL]DP SHOD LQWLPLGDGH SHOD SUR[LPLGDGH H SHOD
LQWHQFLRQDOLGDGH HP FULDU H PDQWHU XPD FRQH[mR HQWUH GXDV SHVVRDV Mi RV
ODoRV IUDFRV SRU RXWUR ODGR FDUDFWHUL]DPVH SRU UHODo}HV HVSDUVDV TXH QmR
WUDGX]HP SUR[LPLGDGH H LQWLPLGDGH /DoRV IRUWHV FRQVWLWXHPVH HP YLDV PDLV
DPSODV H FRQFUHWDV SDUD DV WURFDV HQTXDQWR RV IUDFRV SRVVXHP WURFDV PDLV
GLIXVDV
2TXHVHSRGHYHULILFDUHPUHGHVVRFLDLVYLUWXDLVHPTXHDVSHVVRDVVH
DJUXSDP SRU DILQLGDGHV FRP RV WySLFRV HRX FRPXQLGDGHV FULDGRV
SURYDYHOPHQWHFRPRREMHWLYRGHJHUDUVWDWXVGHSHUWHQFLPHQWRSDUDDTXHOHV
TXH DVVLP R GHVHMDUHP VHP R LQWXLWR GH HVWDEHOHFHUHP UHODo}HVPDLVIRUWHV
FRPRGLVFXVV}HVHFRQWULEXLo}HVSDUDHVWDVFRPXQLGDGHVpTXHRSULQFLSLRGH
YHUHVHUHPYLVWRVDFDEDSRUFRQVROLGDUXPQDUFLVLVPRTXHSHUSDVVDWRGDVDV
FDPDGDV GD VRFLHGDGH TXHU VHMD YLUWXDO RX QmR JHUDQGR WHQV}HV H
LQVDWLVIDo}HV FRUSRUDLV TXH QmR VH VDEH DR FHUWR TXDO VHX SRQWR JHUDGRU
LQLFLDOVHpTXHVHSRGHHVWDEHOHFHUWDOUHODomRSRLVWDQWRQRVDPELHQWHVUHDLV
TXDQWRYLUWXDLV
³ DTXHOH TXH ROKD R 2XWUR QmR VH Yr YHUGDGHLUDPHQWH
HOH SURMHWD QR 2XWUR VXDV SUySULDV LPDJHQV GH UHSXOVmR
22XWURVHHQFRQWUDREULJDGRDDVVXPLURGHVWLQRGHVHX
SUySULR FRUSR H GR FRUSR GDTXHOH TXH R ROKD WRGRV RV
GLDV´-(8'<S
3URFHGLPHQWRV0HWRGROyJLFRV
$QWHVGHGDUPRVSURVVHJXLPHQWRDRIRFRSULQFLSDOGHVWDSHVTXLVDID]
VH QHFHVViULR HVFODUHFHUPRV FRPR IRUDP IHLWDV DV FROHWDV GH GDGRV GRV
SDUWLFLSDQWHV TXH DTXL VHUmR UHIHULGRV SRVWHULRUPHQWH 2 WUDEDOKR IRL
GHVHQYROYLGR SRU PHLR GH XPD SHVTXLVD H[SORUDWyULD TXDOLWDWLYD XWLOL]DQGR
TXHVWLRQiULR H HQWUHYLVWD FRPR WpFQLFDV PDLV DGHTXDGDV SDUD D FROHWD GH
GDGRVPpWRGRHVWHHVFROKLGRDSyVDDSOLFDomRGHXPSLORWR
7DO DSOLFDomR GH TXHVWLRQiULRV H HQWUHYLVWDV IRUDP IHLWDV DWUDYpV GD
LQWHUQHW PHLR HVWH TXH YHP VHQGR XWLOL]DGR FRP EDVWDQWH IUHTrQFLD H
SURSULHGDGH SRU GLYHUVRV SHVTXLVDGRUHV GHQWUH HOHV SRGHPRV FLWDU 6,/9$
6&+:$57= HW DO 6&+:$57= SRVVLELOLWDQGR JUDQGH
DFHVVRDRVHQWUHYLVWDGRVGDVPDLVYDULDGDVORFDOLGDGHVPLQLPL]DQGRXPGRV
IDWRUHV OLPLWDQWHV TXH XP SHVTXLVDGRU SRVVD YLU D HQIUHQWDU TXH p R
GHVORFDPHQWR DWp VHXV SRQWRV IRFDLV GH SHVTXLVD FRPR QRV LOXVWUD FRP
EDVWDQWH SURSULHGDGH D DXWRUD /~FLD 6DQWDHOOD HP VHX OLYUR /Lo}HV H
6XEYHUV}HVDRFLWDUTXH
³ HP XP SHUtRGR GH WHPSR LPSUHVVLRQDQWHPHQWH FXUWR
R FRPSXWDGRU FRORQL]RX QRVVDV YLGDV QR WUDEDOKR QR
OD]HU QD DSUHQGL]DJHP H VREUHWXGR QD FRPXQLFDomR
,VVR IH] GD FLEHUQpWLFD D DOTXLPLD GR QRVVR WHPSR H GR
FRPSXWDGRU VHX VROYHQWH XQLYHUVDO $ UHGH HVWi KRMH HP
WRGRV RV OXJDUHV (PERUD VHMD FRQKHFLGD FRPR LQWHUQHW
FLEHUHVSDoRpRQRPHPDLVDSURSULDGRSDUDFDUDFWHUL]DUR
WHUULWyULRLQIRUPDFLRQDOVHPFRPHoRQHPILPDVFRQH[}HV
GH FRPSXWDGRUHV DR UHGRU GR JORER 1HVVH HVSDoR GH
YLUWXDOLGDGHVIHLWRGHE\WHVHOX]HVDJHRJUDILDItVLFDQmR
LPSRUWDSRLVTXDOTXHUOXJDUQRPXQGRILFDjGLVWkQFLDGH
XPFOLTXH´6$17$(//$3
2XWUD IDFLOLGDGH TXH SRGHPRV LGHQWLILFDU p D PDLRU VHQVDomR GH
VHJXUDQoDHRXVLQFHULGDGHTXHRDQRQLPDWRHRXLPSHVVRDOLGDGHGHWDLVWLSRV
GH FROHWDV GH GDGRV SRGHP IRUQHFHU GHYLGR j LQH[LVWrQFLD GD DWPRVIHUD
PXLWDV GDV YH]HV LQWLPLGDWyULD TXH SHUPHLDP HQWUHYLVWDGRU H HQWUHYLVWDGR
REMHWLYDQGRDVVLPDH[SORUDomRGRFRQWH[WRRQGHVHGHVHQYROYHDWHPiWLFDHP
HVWXGR
$V FRPXQLGDGHV YLUWXDLV SDVVDP D IXQFLRQDU FRPR QRYDV H YLEUDQWHV
DOGHLDV GH DWLYLGDGHV GHQWUR GDV FXOWXUDV PDLV DPSODV GR FRPSXWDGRU
FRPSRQGRDJUXSDPHQWRVGHSHVVRDVTXHSRGHUmRRXQmRVHHQFRQWUDUIDFHD
IDFH H TXH WURFDP PHQVDJHQV H LGpLDV SRU PHLR GH PHGLDomR GDV UHGHV GH
FRPSXWDGRU
6DQWDHOOD UHIRUoD D LGpLD GH PXOWLSOLFLGDGH H IDFLOLGDGH GH
LQWHUDomR H DFHVVRjV SHVVRDV TXDQGR VH UHIHUHDR HVSHFWURPXOWLSOLFDGRUGD
WHFQRORJLD VHPILR VLVWHPD HVWH TXH FRQHFWD XVXiULRVGH TXDOTXHU OXJDU SDUD
TXDOTXHURXWUROXJDUHTXHVHDODVWUDDVVRPEURVDPHQWHOHYDQGRjFRQVWDWDomR
GHTXHDFXOWXUDGLJLWDOQmRSRGHVHUYLVWDFRPRXPDVXEFXOWXUDRQOLQH~QLFDH
PRQROtWLFD PDV FRPR XP HFRVVLVWHPD GH VXEFXOWXUDV PLVWXUDQGRVH DVVLP
PLFURPDFURHPHJDFRPXQLGDGHV
$R HVFROKHUPRV D LQWHUQHW FRPR PHLR GH DFHVVR DRV QRVVRV
HQWUHYLVWDGRV WRPDPRV FLrQFLD GH TXH WDO DPELHQWH p SUyGLJR HP VLWXDo}HV
RQGH DV SHVVRDV HVWmR ³LPHUVDV HP VXDV UHDOLGDGHV YLUWXDLV´ FRP VXDV
LGHQWLGDGHVQRFLEHUHVSDoRHWRGDXPDVRUWHGHRFRUUrQFLDVHPTXHRFRUSRRX
R ³FLEHUFRUSR´ VH HQFRQWUD SRLV VHJXQGR 6DQWDHOOD R TXH FDUDFWHUL]D
SULRULWDULDPHQWH R HVSDoR GH YLUWXDOLGDGHV GDV UHGHV p D KDELOLGDGH SDUD
VLPXODU DPELHQWHV GHQWUR GRV TXDLV RV KXPDQRV SRGHP LQWHUDJLU DPELHQWHV
TXH VyIXQFLRQDP FRPR WDO SHOR DJHQFLDPHQWR GR YLVLWDQWH H RDFHVVR VHGi
SRUPHLRGHLQWHUIDFHVTXHSHUPLWHPSHQHWUDUQRVDPELHQWHVSDUDVHQDYHJDUD
EHO SUD]HU SHOD LQIRUPDomR HVWD FRQVXEVWDQFLDGD HP OLQJXDJHQV
KLSHUPLGLiWLFDVOLQJXDJHQVPLVWDVKLEULGDVIHLWDVGHPLVWXUDVGHWH[WRVOLQKDV
VLQDLV JUiILFRV WDEHODV LPDJHQV VRQV UXtGRV P~VLFDV H YtGHRV H
GLVSRQLELOL]DGDHPDUTXLWHWXUDVGHFRQWH~GRRUJDQL]DGR
$LQGDVHJXQGRDPHVPDDXWRUDRVSURJUDPDVLQWHUDWLYRVRIHUHFHPDR
QDYHJDGRU D SRVVLELOLGDGH GH PXGDU GH LGHQWLGDGH H GH SDSHO QXPD
PXOWLSOLFLGDGH GH SRQWRV GH YLVWD VHQGR IRUPDV GH R LQWHUQDXWD HODERUDU
SHQVDPHQWRV TXH R OHYHP D LQFRUSRUDU LGHQWLGDGHV JHUDGDV QR FLEHUHVSDoR
SURSRUFLRQDQGRWDPEpPVHQVDo}HVGHVHJXUDQoDHLPSHVVRDOLGDGHGHDFRUGR
FRPVXDVLQWHUDo}HVHLQWHUYHQo}HVQDUHGHH
³ R TXH VH WHP Dt SRUWDQWR QmR p Vy XP WLSR GH
LQWHUDWLYLGDGH LQWHUSHVVRDO PHGLDGD SHOD PiTXLQD PDV
WDPEpP XPD LQWHUDWLYLGDGH WUDQVLQGLYLGXDO HP TXH D
SHVVRDOLGDGH GR FLEHUQDXWD VH SXOYHUL]D HP WUDPDV
LQILQLWDV GH QH[RV H SDVVDJHQV SRU VLWXDo}HV H VtWLRV
LQGLYLGXDLV QRV TXDLV R HPLVVRU H UHFHSWRU SHUGHP VHXV
OLPLWHV GHILQLGRV SDUD JDQKDU XPD IDFH SOXUDO XQLYHUVDO
JOREDO´6$17$(//$S
(P XPD WHQWDWLYD GH PLQLPL]DU RV SRVVtYHLV LQFRQYHQLHQWHV GH XPD
SHVTXLVD YLD LQWHUQHW WDLV FRPR D G~YLGD VH R SHVTXLVDGRU HVWi WUDEDOKDQGR
FRP SHVVRDV UHDLV RX SHUILV GHQRPLQDGRV ³IDNHV´ WUDoDPRV HVWUDWpJLDV SDUD
QRVJDUDQWLUDILGHGLJQLGDGHGRVGDGRVFROHWDGRV
3DUDWDQWRQRVEDVHDPRVQXPDUWLJRGH.R]LQHWVORFDOL]DGRHP
³2Q1HWQRJUDSK\,QLWLDO5HIOHFWLRQV2Q&RQVXPHU5HVHDUFK,QYHVWLJDWLRQV2I
&\EHUFXOWXUH´ GHQRPLQDGR GHVRQHVWLGDGH H IDOVD UHSUHVHQWDomR ± WUDGXomR
OLYUH'LVKRQHVW\DQG0LVUHSUHVHQWDWLRQHPTXHFLWDRIDWRGDYLJLOkQFLDEHP
FRPRPDLRUDWHQomRHFULWHULRVLGDGHQDFROHWDGDGRVHVXDVLQWHUSUHWDo}HVVH
ID]HPQHFHVViULRV
$ HVWUDWpJLD VXJHULGD SHOR DXWRU p D WULDQJXODomR GH GDGRV GDTXHOHV
LQGLYtGXRV HVFROKLGRV SDUD ID]HU SDUWH GD SHVTXLVD XPD YH] TXH DR
DFHVVDUPRV DV SiJLQDV SHVVRDLV GHVWHV LQGLYtGXRV SRGHPRV SHUFHEHU
FRQVWDQWH LQWHUDomR FRP VHXV SDUHV HP VLWXDo}HV UHDLV GR FRWLGLDQR WDLV
FRPR FRPHQWiULRV VREUH HQFRQWURV QRV PDLV YDULDGRV ORFDLV HP HVSHFLDO
GHVWDTXHQDVDFDGHPLDVGHJLQiVWLFDHPXVFXODomRIHVWDVUHODFLRQDPHQWRV
DPRURVRVHWF
2XWUD HVWUDWpJLD DGRWDGD SRU QyV SDUD JDUDQWLU D FRQILDELOLGDGH GRV
GDGRV IRL D XWLOL]DomR GD IHUUDPHQWD GH FRPXQLFDomR VtQFURQD 061 HP VXD
LQWHUIDFHGHYtGHRFKDPDGD
(P FRQWUDSDUWLGD WDPEpP .R]LQHWV LQGDJD TXDO D FHUWH]D TXH
VHWHPGDYHUDFLGDGHGDVHQWUHYLVWDVIDFHDIDFHQRFDPSRUHDO"3RUTXHRV
SDUWLFLSDQWHVGHVWDPRGDOLGDGHQmRSRGHULDPHVWDUPHQWLQGRDRTXHVWLRQDURX
UHVSRQGHU XPD TXHVWmR" 7DOYH] SHOR WUDGLFLRQDOLVPR HVWDEHOHoDVH TXH D
HQWUHYLVWD SUHVHQFLDO VHMD PDLV ILGHGLJQD PDV HVWHV VmR GHWDOKHV GH XP
SDVVDGRPXLWRUHPRWRTXHD$QWURSRORJLDHD1HWQRJUDILDMiVXSHURX
3RSXODomR
,QLFLDOPHQWHQRVVRVSDUWLFLSDQWHVIRUDPHVFROKLGRVDOHDWRULDPHQWHQXP
JUXSR GH LQWHUQDXWDV XVXiULRV GD UHGH VRFLDO 2UNXW SDUWLFLSDQWHV GH
FRPXQLGDGHV YLUWXDLV HVSHFtILFDV GH YLJRUH[LD FXMD DEUDQJrQFLD YDL GHVGH
VLPSOHVSUDWLFDQWHVGHDWLYLGDGHItVLFDDWpRVPDLVHQJDMDGRVQHVWDSUiWLFD
3DUWLOKDPRVGDRSLQLmRGRVDXWRUHV$UD~MRH6DQWDHOODH
DFUHGLWDPRV TXH WRGRV RV WLSRV GH DPELHQWHV FRPXQLFDFLRQDLV QD UHGH VH
FRQVWLWXHP QDV IRUPDV FXOWXUDLV H VRFLDOL]DGRUDV GDTXLOR TXH YHP VHQGR
FKDPDGR GH FRPXQLGDGHV YLUWXDLV LVWR p JUXSR GH SHVVRDV JOREDOPHQWH
FRQHFWDGDV QD EDVHGH LQWHUHVVHVH DILQLGDGHV TXH YHP D VHDFUHVFHQWDUjV
FRQH[}HVJHRJUiILFDV
$SyV D DSOLFDomR GH XP SLORWR D DQiOLVH H GLVFXVVmR GRV FULWpULRV
GHVFULWRV QRV SURFHGLPHQWRV PHWRGROyJLFRV QRV GLUHFLRQRX D RSWDU SRU
HVFROKHUPRVGHQWUHDTXHOHVLQGLYtGXRVRVTXHPHOKRUVHHQFDL[DYDPQRV
FULWpULRVSURSRVWRVSDUDTXHIRVVHPPLQLPL]DGDVTXDLVTXHUG~YLGDVTXDQWRj
H[LVWrQFLD GHVVDV SHVVRDV RX VHMD TXH HVWLYpVVHPRV DQDOLVDQGR SHUILV
³IDNHV´FRORFDQGRDVVLPHPULVFRQRVVDFROHWDHDQiOLVHGHGDGRV
3URVVHJXLPRV FRP QRVVD SHVTXLVD VHOHFLRQDQGR SDUWLFLSDQWHV FRP
LGDGHVYDULDQGRHQWUHHDQRVXVXiULRVIUHTHQWHVGDUHGHVRFLDO2UNXWH
SDUWLFLSDQWHV GH FRPXQLGDGHV YLUWXDLV HVSHFtILFDV GH YLJRUH[LD GRV TXDLV
SRGHUtDPRV WHUIiFLO DFHVVR HP SHORPHQRV GXDV GDV WUrVIRUPDV GH FRQWDWR
SUpHVWDEHOHFLGDV FRPR IRQWHV VHJXUDV GH FRQILDELOLGDGH SiJLQDV GD UHGH
VRFLDOFRQWDWRSHVVRDOHYLGHRFKDPDGDVGRVLWH061
1mR DQDOLVDPRV TXHVW}HV VRFLRHFRQ{PLFDV SRU DFUHGLWDUPRV TXH HVWH
WLSR GH GLVW~UELR GH LPDJHP D YLJRUH[LD QmR p XPD RFRUUrQFLD H[FOXVLYD GH
XPDGHWHUPLQDGDFODVVHVRFLDOYLVWRRIDWRGHQmRKDYHUPHQo}HVQDOLWHUDWXUD
DGRWDGD VREUH D TXHVWmR VRFLDO RX HFRQ{PLFD TXH SXGHVVHP IDYRUHFHU DR
GHVYHODUGHDOJXPGDGRLPSRUWDQWH
7UDWDPHQWRGH'DGRV
3DUD R WUDWDPHQWR GRV UHVXOWDGRV UHDOL]DUVHi D FDWHJRUL]DomR D ³>@
WUDQVIRUPDomR ± VHJXLQGR UHJUDV HVSHFtILFDV GRV GDGRV GH XP WH[WR ±
SURFXUDQGR DJUXSiORV HP XQLGDGHV TXH SHUPLWDP XPD UHSUHVHQWDomR GR
FRQWH~GR GHVVH WH[WR >@´ 5,&+$5'621 S 1HVWH HVWXGR
UHDOL]DUHPRVDFDWHJRUL]DomRGRVUHVXOWDGRVSRUDQiOLVHWHPiWLFDSURFXUDQGR
VHGHVFREULURVHQWLGRGDPHQVDJHPUHHVFUHYHQGRXPIUDJPHQWRGRGLVFXUVR
WHQWDQGR H[WUDLU VHX VLJQLILFDGR GH DFRUGR FRP R SUREOHPD SHVTXLVDGR
5,&+$5'621
9LVDXWDDSXG1HJULQHFDUDFWHUL]DDVFDWHJRULDVFRPRVHo}HVRX
FODVVHVGHGHWHUPLQDGRVHOHPHQWRVVREXPWtWXORJHQpULFRLVWRpUHIHUHVHD
XQLGDGHV GH DQiOLVH RX GH UHJLVWUR FRPR RFRUUH QD DQiOLVH GH FRQWH~GR 3RU
RXWURODGRGL]UHVSHLWRjXQLmRTXHVHUHDOL]DHPUD]mRGHFDUDFWHUtVWLFDVGH
HOHPHQWRV FRPXQV VXS}H HQWUHWDQWR PDLRU JUDX GH DEVWUDomR H GH
FRPSUHHQVmRFRQFHLWXDOGHDQiOLVH
$QiOLVHHGLVFXVVmRGRVGDGRV
$ DQiOLVH H GLVFXVVmR GRV GDGRV VHUmR IHLWDV D SDUWLU GRV UHODWRV GRV
SDUWLFLSDQWHV GD SHVTXLVD QR TXH WDQJH jV VXDV UHVSRVWDV UHIHUHQWHV DR
TXHVWLRQiULR DSOLFDGR EHP FRPR SRVWDJHQV GDV SiJLQDV SHVVRDLV TXH VHMDP
UHOHYDQWHV D WHPiWLFD HVWXGDGD ,QFOXVLYH RSWRXVH SRU WUD]HU D UHVSRVWD WDO
FRPR IRUD SRVWDGD VHP R GHYLGR FXLGDGR FRP D OtQJXD SRUWXJXHVD HVFULWD
PDV DSUHVHQWDQGR DV LQFRUUHo}HV LQIOH[}HV H SDODYUHDGRV XWLOL]DGRV QDV
FRPXQLFDo}HVGRVSDUWLFLSDQWHV
4XHVWmR4XDLVVmRVHXVREMHWLYRVFRPVHXVWUHLQDPHQWRV"
3DUWLFLSDQWH³*DQKRGHPDVVDPXVFXODU´
3DUWLFLSDQWH³+LSHUWURILDFRPTXDOLGDGHGHYLGDRXVHMD"0$66$
0$*5$´
3DUWLFLSDQWH³ILFDUFRPXPFRUSRVHFRHVLPpWULFR´
3DUWLFLSDQWH³(VWpWLFRV´
3DUWLFLSDQWH ³0HXV REMHWLYRV VmR ILFDU FRP XP FRUSR PXLWR
PXVFXORVRGHILQLGRHSURSRUFLRQDO´
3DUWLFLSDQWH ³7(5 80$ 48$/,'$'( '( 9,'$ 0(/+25 (
6$8'$9(/´
3DUWLFLSDQWH³KLSHUWURILD´
3DUWLFLSDQWH³(VWpWLFRV´
3DUWLFLSDQWH³PHWRUQDUXPILVLFXOWXULVWDPXQGLDOPHQWHFRQKHFLGR´
3DUWLFLSDQWH³2PHXREMHWLYRpEXVFDUFDGDYH]PDLVXPPHOKRU
FRQGLFLRQDPHQWRHXPLGHDOSUySULRSDUWLFXODUGHHVWpWLFD´
3DUWLFLSDQWH ³7HU XP ItVLFR PDLRU H PHOKRU H PH PDQWHU
VDXGiYHO´
3DUWLFLSDQWH³KLSHUWURILDPXVFXODUSUHWHQGRVHU%RG\EXLOGHU´
3DUWLFLSDQWH³%XVFRDKLSHUWURILDPXVFXODU
$R DQDOLVDUPRV DV UHVSRVWDV GD TXHVWmR LQLFLDO RV SDUWLFLSDQWHV
GHPRQVWUDPREMHWLYRVVLPLODUHVRXVHMDDVDWHQo}HVVmRYROWDGDVjKLSHUWURILD
DXPHQWRPXVFXODU
(VWDSUHRFXSDomRIDFLOLWDRHQWHQGLPHQWRXPDYH]TXHRVGLVW~UELRVGH
LPDJHP SULPDP SHODQmR DFHLWDomR GR FRUSR GDPDQHLUD FRPR VH DSUHVHQWD
H QR FDVR HVWXGDGR RV SDUWLFLSDQWHV HQFRQWUDP HP VHXV SDUHV UHIHUrQFLDV
FRUSRUDLVVLJQLILFDWLYDV
$PXVFXODomRGHFXQKRHVWpWLFRDSDUHFHFRPRSRUWDGHHQWUDGDjTXHOHV
TXH GHVHMDP REWHU XP FRUSR VRFLDOPHQWH DFHLWiYHO H HVWH DVSHFWR HQFRQWUD
QDPtGLDXPIRUWHYHtFXORGHGLYXOJDomR
(P XPD WHQWDWLYD GH DFODUDU WDO VLWXDomR QRV GHSDUDPRV FRP R TXH
3H\UzUHODWDFRPRVHQGRYDQWDJHQVVRFLDLVGHTXHPSRVVXLRVDWULEXWRV
GH ³FRUSR SHUIHLWR´ XPD YH] TXH DV LQIOXrQFLDVGD DWUDWLYLGDGH ItVLFDVREUH DV
UHODo}HVVRFLDLVVH PDQLIHVWDPQR IDWR GHTXH DV SHVVRDVFRQVLGHUDGDV PDLV
DWUDHQWHVREWrPFHUWDV YDQWDJHQV VREUHDV TXH QmR VmR ID]HQGR FRP VHMDP
MXOJDGDV FRP PHQRV VHYHULGDGH TXH WHQKDP DFHVVR IDFLOLWDGR HP
GHWHUPLQDGRV OXJDUHV RFXSHP FDUJRV GLIHUHQFLDGRV HP VXDV iUHDV GH
DWXDomRHWF
(VWHYmR H %DJULFKHYVNL S LOXVWUDP HVWDV SUHRFXSDo}HV
FRUSRUDLVFLWDQGRTXH³DVLOKXHWDKLSHUWURILDGDFDXVDVHQVDomRGHVHJXUDQoD
HDXWRQRPLD>@HRVILVLFXOWXULVWDVVHWRUQDPµDGLFWRV¶GHVHXSUySULRFRUSR´
2 TXH QmR SRGHPRV QHJOLJHQFLDU p R SHULJRVR H SRGHURVR GLVFXUVR GD
ERDIRUPDItVLFDTXHVHXWLOL]DGHPRGHORVFRUSRUDLVGLWRV³SHUIHLWRV´HWHPR
SRGHU GH SURGX]LU XP GXSOR GLVFXUVR RQGH DR WHQWDU DOFDQoDU HVWH FRUSR
LGHDOL]DGR VDXGiYHO H FRP TXDOLGDGH GH YLGD VXSHULRU VH HQWUHJD HP XPD
URWLQDREVHVVLYDHQDGDVDXGiYHO
$ GLYXOJDomR GH LPDJHQV GH SHVVRDV FRP ³FRUSRV SHUIHLWRV´ HP VXD
PDLRULD WUD] j OX] D GLVFXVVmR RQGH RV PHLRV SDUD VH REWHU R FRUSR
VRFLDOPHQWH DFHLWR H GHVHMiYHO QHP VHPSUH VmR GLWRV GH PDQHLUD FODUD RX
VHMD SDLUD D VXVSHLWD GH XWLOL]DomR GH VXEVWkQFLDV GH XVR FRQWURODGRV
HVWHUyLGHV DQDEyOLFRV HRX D VXSOHPHQWDomR FRPR LQWXLWR ~QLFRGH VH REWHU
JDQKR GH PDVVD PXVFXODU XPD YH] TXH VmR SRXFDV DV SHVVRDV TXH
FRQVHJXHPREWHUWDO³FRUSRSHUIHLWR´VHPDXWLOL]DomRGHVWHVUHFXUVRV
$R WUDWDU GR DVVXQWR 6DELQR S DQDOLVD TXH HVVH WLSR GH
VXEVWkQFLD³DWXDOPHQWHpREMHWRGHFRQVXPRFRWLGLDQRGHSHVVRDVFRPXQV
TXHEXVFDPRWLPL]DUDDSDUrQFLDPXLWDVYH]HVXWLOL]DQGRRGLVFXUVRGDVD~GH
FRPRUHVSDOGRSDUDVHXFRQVXPRLQWHUPLWHQWH´
$V UHVSRVWDV REWLGDV QHVWD SULPHLUD TXHVWmR DFDEDP SRU FRQILUPDU R
TXH3RSH3KLOOLSVH2OLYDUGLDGHWHFWDUDPFRPVHXVHVWXGRVRVKRPHQV
HVWXGDGRV SRU HOHV H TXH VH DVVHPHOKDP DRV GHVWH HVWXGR DOpP GH
VXSHUHVWLPDUDPXVFXODWXUDGHXPKRPHPQRUPDOHPWRUQRGHNJWDPEpP
SHQVDPTXHRLGHDOFRUSRUDOHVWiHPXPDPXVFXODWXUDFHUFDGHNJDFLPD
GRTXHDVGHOHV
4XHVWmR 9RFr VH FRQVLGHUD XPD SHVVRD PXVFXORVD RX
³PDOKDGD´"
3DUWLFLSDQWHV,00(&216,'(52
3DUWLFLSDQWH &267802 ',=(5 48( $7/(7$ 75(,1$ ( 1­2
0$/+$6Ï&2075(,1$0(1726(&216(*8(5(68/7$'26
6( 0( &216,'(52 086&8/262 28 0$/+$'2" 5$3$,6 -È
(6728 $ $126 6(0 75(,1$5 325 &217$ '$ 0,1+$
$&$'(0,$ 48( 0( 720$ 72'2 2 0(8 ',$( (66( e )2, 2
027,92 '( 7(5 &20(d$'2 1(66( (63257( e 2 Ò1,&2
5(7251248(9&7(0&2068$,0$*(0
3DUWLFLSDQWHPDOKDGDRX
3DUWLFLSDQWH0XVFRORVRFRPSRXFDGHILQLomRPXVFXODU
3DUWLFLSDQWH&RPFHUWHVD
3DUWLFLSDQWH6,0
3DUWLFLSDQWHPXVFXORVR
3DUWLFLSDQWHPDOKDGR
3DUWLFLSDQWH UHDOPHQWH PH FRQVLGHUR XPD SHVVRD
PXVFXORVDDSHVDU GH QmR VHU GH ILFDU VH H[LELQGRH QHP WLUDU
YDQWDJHPGLVVR
3DUWLFLSDQWH (X PH FRQVLGHUR PXVFXORVR SRLV YHQKR
WUHLQDQGR GHVGH D DGROHVFrQFLD H EXVFR MXVWDPHQWH LVVR SHVR H
PDVVDPXVFXODU
3DUWLFLSDQWHVLP
3DUWLFLSDQWHPXVFXORVDHXWUHLQRQmRPDOKR
3DUWLFLSDQWH1mRPHVPRFDGDYH]TXHPHROKRQRHVSHOKRHX
YHMRTXHIDOWDPXLWRDLQGDSUDHXFKHJDUDVHUXP)UDQFN0F*UDWFK
1HVWH TXHVWLRQDPHQWR VH Yr XPD GLIHUHQoD HQWUH RV SDUWLFLSDQWHV
TXDQGRTXHVWLRQDGRVREUHFRQVLGHUDUVH³PDOKDGR´RXPXVFXORVR
7DOFRQVWDWDomRVHGiSHORIDWRGHFRQVLGHUDUVHXPDSHVVRDPDOKDGD
pWHUFRQVLJRDSUHRFXSDomR~QLFDGHHVWpWLFDRXVHMDSUHRFXSDo}HVFRUSRUDLV
TXH UHPHWHP DRV PRGHORV GH SDVVDUHODV RX DUWLVWDV GH WHOHYLVmR FRPR
SRGHPRV REVHUYDU QDV ³FRPXQLGDGHV YLUWXDLV´ TXH RV SDUWLFLSDQWHV TXH
UHVSRQGHUDPVHUHP³PDOKDGRV´ID]HPSDUWH
3RUH[HPSORDGHVFULomRGHXPDFRPXQLGDGHGHQRPLQDGD³6DUDGRVGR
2UNXW´ RQGH Vy HQWUD TXHP p ³PDOKDGR´ H TXH WHP DOpP GH QRVVRV
SDUWLFLSDQWHVPDLVPHPEURVKRPHQVHPXOKHUHV
³(VVDFRPXQLGDGHpSDUDDTXHODVSHVVRDVTXHVH
DPDUUDPHPPDOKDUWUDEDOKDUVHXFRUSRGHPDQHLUD
LQWHQVDHTXHWHQKDFRPRPHWDFKHJDUjSHUIHLomRGR
FRUSR
7HQKDVHPSUH
BGHWHUPLQDomR
BJDUUD
BIRUoDGHYRQWDGH
BXPDERDDOLPHQWDomR
BXPERPGHVFDQVR
BWUHLQRiUGXR
$FLPDGHWXGR
1XQFDGHVDPLQHPSRLVDPXVFXODomRUHTXHUVHPSUH
DOWRHVWLPDHSHUVHYHUDQoD
6HPSUHDQGHGHEHPFRPDYLGDDPXVFXODomRSRGH
SURSRUFLRQDULVVRYRFrHVWDUVHVHQWLQGREHPFRPYRFr
PHVPRHVWDUFRPXPFRUSROHJDOHDQGDUSRUDtGL]HQGR
VRXPDURPEHLUR
2EV&2081,'$'(Vy(175$6$5$'2VHYFDLQGD
QmRHK75(,1(%$67$17(SDUDSRGHUID]HUSDUWHGHVVD
)$0Ë/,$´
2 TXH SRXFDV SHVVRDV VH DWHQWDP p TXHPHVPR FRP XPGLVFXUVR GD
ERDIRUPDItVLFDGRWUHLQRiUGXRGDERDDOLPHQWDomRHQWUHRXWURVIDWRUHVSDUD
VHREWHURSRUWHItVLFR³VDUDGR´DV³FRPXQLGDGHVYLUWXDLV´UHODFLRQDGDVDHVWD
FLWDPTXH
2TXHFUHVFHQDWXUDOpSODQWDPHPEURV
³ &RPXQLGDGH SDUD RV $0$17(6 GH 086&8/$d­2
TXH FRQFRUGDP RX JRVWD GD IUDVH 2 48( &5(6&(
1$785$/e3/$17$
3RUTXH UHDOPHQWH KRMH WHP GLD WHPRV PXLWRV DGXERV
SDUDDMXGDUQRFUHVFLPHQWRPXVFXODU
8VH683/(0(17261$785$,6
$FRPXQLGDGH1­2DSRLRRXVRGHTXDOTXHUWLSRGH
GURJD',*$1­2
&2035($1$%2/,&26YLD
3DJ6HJXURZZZ$1$%2/6FRP´
,VVR GHPRQVWUD FHUWD FRQWUDGLomR FRP DV GHVFULo}HV GRV DWULEXWRV
QHFHVViULRV SDUD VH REWHU XP FRUSR ³VDUDGR´ UHIRUoDGR SHORV WySLFRV GH
GLVFXVVmR RX VHMD DSHVDU GH XP GLVFXUVR TXH HQYROYH XPD VpULH GH
TXDOLILFDo}HV RQGH TXDOTXHU SHVVRD SRGH REWHU R FRUSR GHVHMDGR VXD
DTXLVLomRYDLDOpPRSRVWXODQWHDRFRUSRSHUIHLWRQHFHVVLWDWDPEpPGH
³683/(0(1726($57,*26(63257,926&21),5$
)$d$20(/+253$5$6(520(/+2578'23$5$
68$6$Ò'(JULIRGRDXWRU35(d2(48$/,'$'(12
$7(1',0(1726­2321726)257(6(01266$
(035(6$´
³&202&2035$5683/(0(1726$35(d2'(
&8672´
³73&'20'52/(9,7($*,1(&20$67,$JULIRGR
DXWRU´
4XDQGRDQDOLVDPRVDVUHVSRVWDVGDTXHOHVTXHVHLQWLWXODPPXVFXORVRV
H FRPSDUDPRV FRP VHXVGHSRLPHQWRV HPVXDVSiJLQDVSHVVRDLV EHP FRPR
DV ³FRPXQLGDGHV YLUWXDLV´ TXH HVWHV ID]HP SDUWH REWHPRV LQIRUPDo}HV GH
H[WUHPDUHOHYkQFLDQRWRFDQWHDR³HVWLORGHYLGD´GRVQRVVRVSDUWLFLSDQWHV
3RGHPRVGHVWDFDU
3DUWLFLSDQWH³1mRVRXLJXDORMRJDGRUGHIXWHEROTXHGHL[DDEROD
HPFDVDPHXHVSRUWHFDUUHJRQRFRUSRQRVDQJXH0XVFXODomR
3DUWLFLSDQWH³1mRVRXRWLSRGHFDUDTXHVDLSUDEDODGD3THX
SUHILUR WHU XPD ERD QRLWH GH VRQR SDUD UHSRU DV PLQKDV HQHUJLDV
JDVWDVQRWUHLQR0HGHGLFRVRXYLFLDGRHDPRRTXHIDoR3RLVHX
WUHLQRSUDPLPHQmRSUDYF
1HVVDV GXDV FDUDFWHUL]Do}HV GR ³HVWLOR GH YLGD´ GDTXHOHV TXH VH
FRQVLGHUDP PXVFXORVRV GHWHFWDPRV LWHQV LPSRUWDQWHV QD GHWHFomR GH IDWRUHV
TXHOHYDPjYLJRUH[LDWDLVFRPRDVXSUHVVmRGDYLGDVRFLDOHPGHWULPHQWRGH
VHXV WUHLQDPHQWRV H D FRPSXOVLYLGDGH SRU WUHLQDU UHIRUoDGR SHODV VHJXLQWHV
³FRPXQLGDGHVYLUWXDLV´FRPSDUWLOKDGDSHORVSDUWLFLSDQWHVH
³9LJRUH[LD´PHPEURV
&RPDVHJXLQWHGHVFULomR
1mRLPSRUWDTXHPpYRFrRXRTXHYRFrID]
$TXLpXPORFDOSDUDDTXHOHVTXHHVWmRSUHSDUDGRVSDUD
GRU
'LVFLSOLQD'HGLFDomR'HWHUPLQDomRRTXHWHFDUDFWHUL]D
0XLWRVQmRHQWHQGHPRTXHOHYDXPDSHVVRDDEXVFDUD
SHUIHLomR"
6HQGRTXHQDSUiWLFDHODQmRH[LVWH
'HTXDOTXHUIRUPDLVVRQmRLPSRUWDQmRVHUiXPPHUR
GHWDOKHTXHLUiWHLPSHGLU
)DoDFKXYDIDoDVROQDVGLILFXOGDGHVYRFrVHPSUH
HVWDUiSUHVHQWH
6HXULWXDOQmRSRGHSDUDU
9RFrQmRVXSRUWDRIDUGRGHVHVHQWLUIUDFRSHTXHQR
LPSRWHQWH
7HPGHID]HUDOJRDUHVSHLWR
4XDQGRFKHJDDKRUDDSHQDVYRFrVDEHRTXHGHYHVHU
IHLWR
'LVWUDo}HVVHPSUHH[LVWHPHHVWDUmRVHPSUHSUHVHQWHV
SDUDWHVWiOR
0DVQDGDSRGHWHSDUDUVHXIRFRQmRPXGDVHXRUJXOKR
WHDOLPHQWD
'LDDSyVGLDDURWLQDWHFRQVRPH
(HQWmRYRFrVHSHUJXQWDVHDOJXPGLDLVVRYDLWHUILP
(VLQFHUDPHQWHGHVHMDTXHQmR´
(
³(XWUHLQRHPWGRTpIHULDGR´PHPEURV
&RPDGHVFULomR
³&RPXQLGDGHSUDTXHPQXQWDQHPDHVHpIHULDGRGDWDV
HVSHFLDLVSDUDDWUDSDOKDUDURWLQDGHWUHLQDPHQWRHGLHWD
2VFDUDIHFKDDDFDGHPLDDGLDVDWUDSDOKDQGRQRVVD
VHTrQFLD,17(16$GHWUHLQRHEDJXQoDQGRQRVVDURWLQD
7DFHUWRTXHHOHVWHPTGHVFDQVDLQWmRLPSUHVWDDFKDYH
GDDFDGHPLDDHLUPmR
(QTXDQWRRVIUDQJRVJRUGRVHJRUGDVHVWmRFRPHQGR
FDOyULFRVRYRVGHSiVFRDNLORVHNLORVGHJRUGXUD
VDWXUDGDDoXFDUSRUFDULDDWUD]GHSRUFDULD1Ï6
WXEDU}HVHVWDPRVWUHLQDQGRHPEXVFDGDPHOKRU
TXDOLGDGHPXVFXODUGHFDGDXP
$9,62,03257$17(eRVHJXLQWHQmRTXHURVDEHGH
SURSDJDQGDGHHVWHUyLGHVDQDEROL]DQWHVDNLQD
FRPXQLGDGHSTVHPSUHWHPXPWUR[DIUDQJRTQXQVDEH
QHPWRPDFDIpGDPDQKDHD[DTXHDNHODDPSRODpD
PHOKRUVROXomR9FVTXHSRVWDPVmRWUR[DVTHOHVST
KMHPGLDDSURFXUDpWDQWDTQmRVHVDEHRTXHpIDOVRH
RTpYHUGDGHLUR3257$172),.$/,*$'2´
3RUWDQWR D GLIHUHQFLDomR HQWUH VHU ³PDOKDGR´ RX PXVFXORVR HQYROYH
IDWRUHVTXHYmRDOpPGRGHVHQYROYLPHQWRPXVFXODURVWDWXVGHSHUWHQFHUDXP
RXRXWURJUXSRVLJQLILFDDGRWDUFRQGXWDVH³SULQFtSLRV´SUySULRV
(PRXWUDV³FRPXQLGDGHVYLUWXDLV´GDVTXDLVID]HPSDUWHRVSDUWLFLSDQWHV
TXH VH LQWLWXODP ³VDUDGRV´ VH SRGH QRWDU D DGHVmR DR ³HVWLOR GH YLGD´
PHWURVVH[XDOHDVVXPLGDPHQWHQDUFLVLVWD
2PHVPRQmRRFRUUHQRJUXSRGRVTXHVHFRQVLGHUDPPXVFXORVRVXPD
YH] TXH QD DQiOLVH GHVWHV R ³HVWLOR GH YLGD´ FLWDGR DFLPD SRVVXL
FDUDFWHUL]Do}HV TXH UHPHWHP j KRPRVVH[XDOLGDGH IUDJLOLGDGH H D
GHPRQVWUDomR GH VHQWLPHQWRV TXH QmR FRQGL]HP FRP D FRQGLomR GH
³VXSHUPDFKRV´
2V DXWRUHV 3RSH -U 3KLOOLSV H 2OLYDUGLD UHODWDP HP VXDV
SHVTXLVDVTXHRVDVSHFWRVTXHUHPHWHPDRVFXLGDGRVFRUSRUDLVQRVHQWLGRGH
YDLGDGH H QDUFLVLVPR H GH VH DVVXPLU FRPR WDO p SDVVtYHO GH ROKDUHV H
MXOJDPHQWRV TXDQWR j VH[XDOLGDGH SRLV RV KHWHURVVH[XDLV IUHTHQWHPHQWH
QmRUHYHODPVHXVSUREOHPDVFRPDLPDJHPFRUSRUDO
$VVLP
³ FRP TXH IUHTrQFLD QRVVD KRPRIRELD FXOWXUDO
HQYHUJRQKD RV KRPHQV KHWHURVVH[XDLV OHYDQGRRV D
HVFRQGHU VXDV REVHVV}HV FRUSRUDLV" >@ QmR VH HVSHUD
TXH µKRPHQV GH YHUGDGH¶ OHLDVH µKHWHURVVH[XDLV¶ VH
SUHRFXSHP FRP VXD DSDUrQFLD HPXLWR PHQRVILTXHP VH
FRPSDUDQGRFRPRVFRUSRVGHRXWURVKRPHQV6HHOHVR
ID]HP UHFHLDP ± UHDOLVWLFDPHQWH ± VHU FKDPDGRV GH
DIHPLQDGRV IUHVFRV RX DLQGD SLRU JD\V´ 323( -U
3+,//,36H2/,9$5',$S
9HPRVTXHVHUPXVFXORVRpHVWDUGHDFRUGRFRPDVQRUPDVVRFLDLVQRTXH
VHUHIHUHDRVHUKRPHPGHYHUGDGHSRLVVXDVSUHRFXSDo}HVVHYROWDPDSHQDV
SDUD R GHVHQYROYLPHQWR GH VHXV P~VFXORV ³VHP ILQV HVWpWLFRV´ D PHQRV TXH
HVWHHVWHMDUHVSDOGDGRSRUXPHVSRUWHQXPDVRFLHGDGHGRHVSHWiFXORFRPRD
GRLQtFLRGRVpFXOR;;,
7DLVFRQVWDWDo}HVDFDEDPSRUFDXVDUVpULRVSUHMXt]RVTXDQGRIDODPRVGH
SDWRORJLDVUHODFLRQDGDVjLPDJHPFRUSRUDOSRLVYHPRVTXHSDUDDGHWHFomRH
SRVWHULRU WUDWDPHQWR GHVWDV SDWRORJLDV QRV GHSDUDPRV FRP WDEXV VRFLDLV TXH
LPSHGHPTXHVHIDOHDEHUWDPHQWHVREUHLPDJHPFRUSRUDOVHPTXHLVVRWUDJD
RXWUDV FRQVHTrQFLDV WmR RX PDLV LQGHVHMiYHLV H SUHMXGLFLDLV TXDQWR D
SDWRORJLDHPVL
4XHVWmR9RFrVHSUHRFXSDFRPDVPHGLGDVGRVHXFRUSR"4XDLV"
3DUWLFLSDQWH6,0$60(',$6'20(8%5$d$('$63(51$6
3DUWLFLSDQWH 181&$ )8, $66,0928 3(/2 48( $ 0,1+$
,0$*(0 12 (63(/+2 0( 02675$ 1­2 ),&2 68%,1'2 (0
%$/$1d$72'$+25$(1(00(35(2&8/32&207$0$1+2
283(6235$0,0$&,0$',6629(0$6,0(75,$
3DUWLFLSDQWHVLPELFHSVHFLQWXUD
3DUWLFLSDQWH 6LP VHPSUH EUDoRV H SHLWRUDO VmR PLQKDV PDLRUHV
SUHRFXSDo}HVDSHVDUGHVHPSUHYLVDUXPDVLPHWULDWRWDO
3DUWLFLSDQWH 6LP SULQFLSDOPHQWH FRP DV FR[DV H EUDoRV SRLV
VRX ORQJHOLQLR LVVR GLILFXOWD PXLWR VHXV PHPEURV SDUHVVHUHP VHU
JUDQGHVDSHVDUGHVHUHPTXDQGRVHSDVVDDILWDPpWULFD
3DUWLFLSDQWH6,03(,72%5$d26(3(51$6
3DUWLFLSDQWH VLP QR JHUDO ELFHSV WULFHSV GHOWRLGH WUDSH]LR
TXDGULFHSVGRUVDLVJDVWURFQrPLRHWF
3DUWLFLSDQWHVLPEUDoRVSHUQDVHWRUD[
3DUWLFLSDQWHFRQFHUWH]DPHSUHRFXSRPXLWRVHPSUHHVWRXPH
PHGLQGRGHHPVHPDQDVHTXDQGRDVPHGLGDVQDRDXPHQWDP
GRXXPDUHYLVDGDQDGLHWDHWUHLQDPHQWRSDUDYHURTXHHVWDHUUDGR
TXDLV"WRGDVUVUVWRGRVRVJUXSRVPXVFXODUHV
3DUWLFLSDQWH 1mR PH SUHRFXSR WDQWR FRP DV PLQKD PHGLGDV
VRXPDLVSUHRFXSDGRFRPDDSDUrQFLD
3DUWLFLSDQWH XVR DV PHGLGDV FRPR UHIHUHQFLD GD PLQKD
HYROXomR
3DUWLFLSDQWH MD PH SUHRFXSHL PXLWR PDV KM QmR OLJR SUD LVVR
QmR R HVSHOKR PH IDOD VH WD ERP RX QmR HVWDQGR PHX FRUSR HP
VLPHWULDHVWDRWLPR
3DUWLFLSDQWH6LPDFLPHWULDGREtFHSVHGDVPLQKDVSDQWXUULOKDV
VmRDVSULQFLSDLVGHSRLVYHPRTXHHXPDLVDGyURWUDEDOKDUTXHpD
PLQKDGRUVDO
$ SUHRFXSDomR FRP DV PHGLGDV FRUSRUDLV DSDUHFH FRPR FRPSOHPHQWR
SDUDTXHPLQJUHVVDQR³PXQGRGDPXVFXODomR´HWUD]DUHERTXHXPDVpULHGH
VLWXDo}HV SUySULDV GDTXHOHV TXH SUDWLFDP WDO DWLYLGDGH WDLV FRPR D
QHFHVVLGDGH HP VH PHGLU H SHVDU IUHTHQWHPHQWH XWLOL]DUVH GH
VXSOHPHQWDomR SDUD JDQKR GH PDVVD PXVFXODU SRXFD DWLYLGDGH DHUyELD
DFUHGLWDVH TXH R VLPSOHV IDWR GH VXELU HP XPD HVWHLUD RX ELFLFOHWD
HUJRPpWULFD ID] FRP TXH VH SHUFD PDVVD PXVFXODU HQWHQGDVH ILFDU PDLV
IUDFR
&RPXPHQWH YHULILFDPVH KRPHQV FRP D PXVFXODWXUD H[WUHPDPHQWH
GHVHQYROYLGD QD SRUomR VXSHULRU GR FRUSR SHLWR FRVWDV EtFHSV H WUtFHSV H
FRPSRXFRGHVHQYROYLPHQWRPXVFXODUQDSDUWHLQIHULRU
3DUDRVSUDWLFDQWHVGHPXVFXODomRGRVH[RPDVFXOLQRpOXJDUFRPXPD
SUHRFXSDomR HP ID]HU H[HUFtFLRV TXDVH TXH H[FOXVLYDPHQWH SDUD RV
PHPEURV VXSHULRUHV H[FHomR IHLWD jTXHOHV TXH SUHWHQGHP VHU ILVLFXOWXULVWDV
SRLV D VLPHWULD H SURSRUomR FRUSRUDO WDQWR GH PHPEURV VXSHULRUHV TXDQWR
LQIHULRUHVVmRTXHVLWRVREULJDWyULRVSDUDREWHUVXFHVVRQRHVSRUWH
&RP D DQiOLVH GDV UHVSRVWDV SHUFHEHPRV TXH RV SDUWLFLSDQWHV GHVWH
HVWXGR GHPRQVWUDP SUHRFXSDo}HV HP WUDEDOKDUHP WRGRV RV VHJPHQWRV
FRUSRUDLVPDVTXDQGRVHWUDWDGHH[LELUVHXVFRUSRVHVWHVWHPDSUHRFXSDomR
HRXFXLGDGRGHHVFROKHUHPIRWRVTXHYDORUL]HPDSDUWHVXSHULRUGRFRUSRHP
HVSHFLDOWyUD[HEtFHSV
2XWUD YH] QRV GHSDUDPRV FRP R YLpV GD VH[XDOLGDGH SRLV QDV
DFDGHPLDV GH JLQiVWLFD H PXVFXODomR RV REMHWLYRV PDLV IUHTHQWHV GDV
PXOKHUHVHKRPRVVH[XDLVVmRRGHVHQYROYLPHQWRGDPXVFXODWXUDGDVSHUQDVH
JO~WHRVSDUDVHPDQWHUHPQRVSDGU}HVHVWpWLFRVEUDVLOHLURV
3RUWDQWR WDO WUDEDOKR PXVFXODU p DVVRFLDGR GLUHWDPHQWH DR VH[R
IHPLQLQR QmR FDEHQGR DRV KRPHQV FRP + PDL~VFXOR WUDEDOKDUHP VXDV
SHUQDV H JO~WHRV VHP VHUHP PRWLYRV GH FKDFRWD HRX KDYHU XPD DVVRFLDomR
GLUHWDFRPPXOKHUHVRXKRPRVVH[XDLVRXFRPRQRVLOXVWUD0DO\VVH
³HVVDGLYLVmRFRUSRUDOUHPHWHLPHGLDWDPHQWHjLGpLDGH
µVH[R VRFLDO¶ 0DWKLHX H GH PDQHLUD PDLV
HVSHFtILFD jV UHODo}HV HQWUH R FRUSR HUyWLFR H DV
LGHQWLGDGHV VH[XDLV (P VXD DQiOLVH GR FRUSR PDVFXOLQR
HUyWLFRHSVtTXLFRHP$WHQDVHQRSRUWRGH3LUHXQRVGLDV
GHKRMH<DQQDNRSRXORVPRVWUDTXHDYLVmRORFDOGRFRUSR
PDVFXOLQRGLYLGLGR HQWUH D SDUWH VXSHULRU R HX SVtTXLFR
H D LQIHULRU R LQVWLQWR HUyWLFR VH[XDO SHUPLWH DRV
YHUGDGHLURVKRPHQVRV$QGUHVDQXODUXPDRXWUDGLYLVmR
HP VHX SUySULR EHQHItFLR D GLVWLQomR HQWUH KRPR H
KHWHURVVH[XDOLGDGH3DUD<DQQDNRSRXORVXPDYH]TXHD
SDUWHVXSHULRUpFRQVLGHUDGDDVHGHGRHXUDFLRQDOHVVD
GLYLVmR GR FRUSR PDVFXOLQR VLJQLILFD WDPEpP D RSRVLomR
HQWUH OyJLFD H RV LQVWLQWRV VH[XDLV >@ HQTXDQWR TXH DV
PXOKHUHV GH TXHP QmR VH HVSHUD TXH µSRVVXDP XPD
GLYLVmR HQWUH SDUWH VXSHULRU H D SDUWH LQIHULRU¶
<DQQDNRSRXORVFRQVWURHPFRPHVIRUoRVHXVH[R
VRFLDO SRU PHLR GD PDQXWHQomR GDTXLOR TXH RV KRPHQV
FRQVLGHUDP D SDUWH PDLV VH[XDO GR FRUSR GD PXOKHU DV
QiGHJDV´0$/<66(S
4XHVWmR 9RFr ID] DOJXP WLSR GH EXVFD QD LQWHUQHW SRU PRGHORV
LGHDLVGHFRUSRLPDJHQVGHUHIHUrQFLD"
3DUWLFLSDQWH6,0
3DUWLFLSDQWH 1­2 %86&2 6(5 ,*8$/ $ 1,1*8e0 48$1'2
48(52 (8 928 ( 3(*2 628 $66,0 '(7(50,1$d­2 e $
3$/$95$ &+$9( '(66( (63257( +2-( (6728 &20 .,/26('(*25'85$6­248$6($1266(075(,1$5
&20(5('250,5',5(,72(&202'(78'20$,648$1'2
',66(572 92/7$1'2 $Ë &20 0(6(6 (6728 35217,1+2
35$&203(7,5
3DUWLFLSDQWH DV YH]HV VLPPH EDVHLR HP FRUSRV FRQVLGHUDGRV
6$5$'26SHODPLGLDQDRVRXYLDGLQKRJULIRVGRDXWRU
3DUWLFLSDQWH6LPVHPSUHH[)UDQN0FJUDWK
3DUWLFLSDQWH6LPLVVRDMXGDDPHLQVSLUDUQRVPHXVWUHLQRV
3DUWLFLSDQWH 6,0 ),6,&8/785,67$6 7$,6 &202 5211,(
&2/(0$1.(9,1/(9521((175(287526
3DUWLFLSDQWHVLPHPILVLFXOWXULVWD
3DUWLFLSDQWHQmR
3DUWLFLSDQWHFRQFHUWH]DIDoREXVFDVVLPFRVWXPDPHHVSHOKDU
HPILVLFXOWXULVWDVFRPRMD\FXWOHUDUQROGTMDHVWDDSRVHQWDGRGH[WHU
MDFVRQHQWUHRXWURV
3DUWLFLSDQWH6LPHXYHMRUHSRUWDJHQVHIRWRJUDILDVGHJUDQGHV
ILVLFXOWXULVWDVHVXDVURWLQDVGHWUHLQDPHQWR
3DUWLFLSDQWHLQWHUQWHHUHYLVWDVpLPSRUWDQWHWHUPRVPRGHORVH
REMHWLYRV QD YLGD HP TXDOTXHU DVSHFWR VHMD HOH HVSRUWH SURILVVmR
RXUHODo}HVLQWHUSHVVRDLV
3DUWLFLSDQWHERPPLQKDLQVSLUDomRVmRERG\EXLOGHUUHQRPDGRV
5RQQLH &ROHPDQ -D\ &XWOHU 0DUNXV 5KXOH FODUR R UHL GR
)LVLFXOWXULVPR$UQROG
3DUWLFLSDQWH1DYHUGDGHEXVFRPpWRGRVGHDOFDQoDURREMHWLYR
GHVHMDGR FRQIHoR TXH R )UDQFN 0F*UDWFK p XPD UHIHUHQFLD SUD
PLPSTVHHXWUHLQDURPHXFRUSRSRGHVLPFKHJDUQRHVWiMLRTXHR
FRUSRGHOHHVWi
$ PtGLD H[HUFH JUDQGH LQIOXrQFLD VREUH DTXHOHV TXH TXHUHP REWHU XP
FRUSR VRFLDOPHQWH DFHLWiYHO XP FRUSR FRQVLGHUDGR YLWRULRVR H FRP LVVR
SRGHPRV REVHUYDU TXH SDUD DTXHOHV TXH SRVVXHP XP GLVW~UELR GH LPDJHP
FRPR D YLJRUH[LD WDO YHtFXOR GH LQIRUPDo}HV H SHVTXLVDV VH WRUQD
LQGLVSHQViYHO
(VSHOKDUVH HP PRGHORV GH FRUSRV SHUIHLWRV H GHVHMiYHLV ID] FRP TXH
VHHPSXUUHFDGDYH]PDLVDGLDQWHRSDGUmRGHEHOH]DHVFROKLGRRVFRUSRVHP
GHVWDTXH SDUHFHP H HVWmR VHPSUH DOJXQV SDVVRV j IUHQWH GDTXHOHV TXH RV
REVHUYDPHRVHVFROKHPFRPRPHWD
2V ILVLFXOWXULVWDV HQFRQWUDPVH HP SDWDPDUHV PXLWR DFLPD GD PpGLD TXDQGR
VHSHQVDHPPXVFXODWXUDEDVWDQWHGHVHQYROYLGDRTXHVHWRUQDDOYRIiFLOHGH
JUDQGH YLVLELOLGDGH SDUD TXHP GHVHMD VHU VHPSUH PDLRU FRPR SRGHPRV
GHWHFWDUQDVUHSRVWDVGHQRVVRVSDUWLFLSDQWHV
2XWUR DVSHFWR TXH GHYHPRV QRV DWHQWDU p TXH DWp PHVPR RV
ILVLFXOWXULVWDV HP GHVWDTXH QDV UHVSRVWDV HVWmR HP FRQVWDQWH PXGDQoD H
EXVFDQGRDGTXLULUPDLRUTXDQWLGDGHGHPDVVDPXVFXODUKDMDYLVWDTXH$UQROG
6FKZDU]HQHJJHU DSHVDU GH WHU WLGR XP FRUSR DOWDPHQWH PXVFXORVR DSDUHFH
FRPR UHIHUrQFLD ³DSHQDV´ SHOR IDWR GH VHU FRQVLGHUDGR ³R SDL GR FXOWXULVPR
PRGHUQR´SRLVRVFXOWXULVWDVGHJUDQGHGHVWDTXHQRFHQiULRPXQGLDOFRPRRV
FLWDGRV DFLPD 5RQQLH &ROHPDQ -D\ &XWOHU 0DUNXV 5KXO )UDQFN 0F*UDWFK
HQWUHRXWURVID]HPFRPTXHR³SDLGRFXOWXULVPRPRGHUQR´VHDVVHPHOKHDXP
LQLFLDQWHQRHVSRUWH
$ PXVFXODWXUD DYDQWDMDGD GRV FXOWXULVWDV PRGHUQRV HVWi HP FRQVWDQWH
UHPRGHODPHQWRHWDPEpPFRQVWDQWHDXPHQWRHDEXVFDSRUHVWDVLPDJHQVGH
UHIHUrQFLDDFDEDPSRUUHIRUoDUFRPSRUWDPHQWRVREVHVVLYRVFDUDFWHUtVWLFRVGRV
YLJRUp[LFRVYLGHIRWRVHPDQH[R,,
1RYDPHQWH QRV GHSDUDPRV FRP TXHVW}HV GH FXQKR FDUDFWHUL]DGRU GH
VH[XDOLGDGH FRPR Mi GLVFXWLGR HP TXHVW}HV DQWHULRUHV GHVWDTXH SDUD D
UHVSRVWDGRSDUWLFLSDQWHTXHID]TXHVWmRGHVHSRVLFLRQDUFRPR±HPVXDV
SDODYUDV ± ³QmR VRX YLDGLQKR´ SHOR IDWR GHVWH ID]HU EXVFDV SRU LPDJHQV GH
PRGHORVFRQVLGHUDGRV³VDUDGRV´SHODPtGLD
7DLVGLIHUHQFLDo}HVSHODEXVFDGHLPDJHQVPRGHORGHKRPHQV³VDUDGRV´
HPXVFXORVRVVHGmRSRUTXHQDVSDODYUDVGRVSUySULRVHQWUHYLVWDGRV
3DUWLFLSDQWH ³ VDUDGR HX" LVVR p SUD TXHP TXHU VHU
PRGHOLQKR(VVHVFDUDVQmRVHLQmR´
3DUWLFLSDQWH³(XTXHURpILFDUµRJUR¶GHWmRIRUWH1RPRGHOR<HV
0RQVWUR
3DUWLFLSDQWH ³ HX WUHLQR p SUD ILFDU PRQVWUR TXDQWR PDLRU
PHOKRU(VVDFRLVDGHPRGHOLQKRpFRLVDGHERLROD´
3RGHPRV YHULILFDU WDPEpP D VHJXLU QDV ³FRPXQLGDGHV YLUWXDLV´
SDUWLOKDGDVHQWUHRVSDUWLFLSDQWHV
³0DOKDGRQmR0RQVWURVLP´PHPEURV
&RPDGHVFULomR
³3UDYFTQmRJRVWDGRWLSLQKRUDVJDGRPDVVHPYROXPH
SUDYFTFXUWHYROXPHTXDQWRPDLVYROXPHPHOKRUVHGHU
SUDVJDUXPSRXFRWXGREHPPDVRLPSRUWDQWHpFUHVFHU
FUHVFHUHFUHVFHUDWpH[SORGLUHVWDpDVXDFRPXQLGDGH´
(
³1mR75(,12SUDVHUPRGHOLQKR´PHPEURV
&RPDVHJXLQWHGHVFULomR
³75(,12SUDVHUXP0216752
6H YRFr QmR VXSRUWD DTXHOH FRUSLQKR PDJUR FKHLR GH
RVVR IUDFR GHVQXWULGR UDTXtWLFR GRHQWH SUHJXLoRVR
FRQKHFLGR WDPEpP FRPR FKDFLV GH ERUEROHWD H QmR
DJHQWDPDLVHVVHVPRGHOLQKRVGHPHUGDHVHYRFrMD
IRL FKDPDGR SRU XP GHVVHV DGMHWLYRV 0RQVWUR 2JUR
$QLPDO &DYDOR 0XOD $OHMDGR 'HIRUPDGR (QYHUJDGR
,QFKDGR %RPEDGR $QDEROL]DGR *LJDQWH 3DWROD
5LGLFXOR 6H TXDQGR VXD PmHPXOKHU ROKD SUD YF HOD
FRPHoD D FKRUDU SRU YRFr WHU VH WRUQDGR XP 0RQVWUR (
VHYRFrDFKDTXHVXDDFDGHPLDpVXDFDYHUQDHYRFrp
XP 2JUR VHMD EHP YLQGR D QRVVD FRPXQLGDGH
9RFr QDVFH H PRUUH IUDFR R TXH YRFr YDL VHU HQWUH
HVVHVGRLVSRQWRVpHVFROKDVXD
7UHLQDUVHPFRPHURVDOLPHQWRVDGHTXDGRVpFRPRDUDU
XP FDPSR H QmR FRORFDU QHQKXPD VHPHQWH QD WHUUD
1DGD LUi QDVFHU DOL QDGD LUi FUHVFHU DOL $UQROG $ORLV
6FKZDU]HQHJJHU
1RVVDV FRQVLGHUDo}HV DFHUFD GHVWDV EXVFDV SRU LPDJHQV FRUSRUDLV
EHP FRPR DV SRVVtYHLV FRQVHTrQFLDV DGYLQGDV GHVWHV SDGU}HV FRUSRUDLV H
TXHJDQKDPUHIRUoRGHSHVRQDVPtGLDVID]HPFRURDRTXH3H\UzFLWD
TXDQGRUHODWDTXH
³RVPHLRVPDVVLYRVGHFRPXQLFDomRRIHUHFHPLPDJHQV
FRUSRUDLV TXH IRPHQWDP FRQGXWDV TXH SRGHP
GHVHQFDGHDU WUDQVWRUQRV DOLPHQWDUHV RX GH GLVWRUo}HV
VRPiWLFDV HP SRSXODo}HV YXOQHUiYHLV Mi TXH RV HVWLORV
FRUSRUDLVGHVHMDGRVHLGHDOL]DGRVDQGDPGHPmRVGDGDV
FRPDSXEOLFLGDGHHDPRGD'LYHUVRVHVWXGRVGH0XNDL
.DPEDUD H 6DVDNL +DUULVRQ H %LVKRS
GHPRQVWUDP TXH DV LPDJHQV PLGLiWLFDV SRGHP
VHU SDUWLFXODUPHQWH LPSRUWDQWHV QD SURGXomR GH
PXGDQoDV QD PDQHLUD GH SHUFHEHU H DYDOLDU R FRUSR
DVVLPFRPRQDVGHVRUGHQVSVLFROyJLFDVGHULYDGDVGHVWDV
LQIOXrQFLDV´ WUDGXomR OLYUH GR DXWRU 3(<5Ñ S
4XHVWmR4XDOVHXLGHDOGHFRUSR"
3DUWLFLSDQWHQmRUHVSRQGHX
3DUWLFLSDQWH 1­2 3(162 (0 ,'($/ 325 ,662 ',63872
6(035( $ 0(60$ &$7(*25,$ 32,6 9$/25,=2 6,0(75,$
'(),1,d­2(325Ò/7,0292/80(6(5*5$1'(1­248(5
',=(5 6(5 &203/(72$1$720,$ 9& 7(0 78'2 0$,6
6( $/*80 0Ò6&8/2 6( 62%5(66$, 62%5( 26 287526 $Ë
9&35$0,01­2e0$,680$7/(7$&203/(72
3DUWLFLSDQWHQmRVHLLQIRUPDU
3DUWLFLSDQWH*UDQGHGHILQLGRFRPXPVKDSHERP
3DUWLFLSDQWH*UDQGHHPXVFXORVR
3DUWLFLSDQWH'(),1,'2(*5$1'(
3DUWLFLSDQWHPXLWDKLSHUWURILDFRPSRXFDJRUGXUDFRUSRUDO
3DUWLFLSDQWHFRPDSDUrQFLDVDXGiYHOPDOKDGR
3DUWLFLSDQWH UVUVERP QD YHUGDGH QmR WHQKR XP SHQVDPHQWR
LGHDOGHFRUSR
3DUWLFLSDQWH0HXLGHDOGHFRUSRQmRVHLVHHVWRXUHVSRQGHQGR
FRUUHWDPHQWH PDV p DTXHOH TXH PH DJUDGD 1R PHX FDVR TXDQWR
PDLRUPHOKRU
3DUWLFLSDQWHPHXLGHDOGHFRUSRpXPFRUSRLGHDO
3DUWLFLSDQWH 1mR QDVFL SUD VHU PRGHOLQKR QDVFL SUD VHU
PRQVWURVHPHROKDUQRHVSHOKRHPHVHQWLUEHPWDyWLPRQHPOLJR
SDUDSDOSLWHVGHWHUFHLURV
3DUWLFLSDQWH1mRH[LVWHRLGHDOSUDPLP6HPSUHTXHURPDLVH
PDLVMDRXYLXIDODUHPYLJRUH[LD"3RLVpDFKRTXHWRQHVVDVHFRP
PDLRUSUD]HU
4XHVWmR2TXHYRFrFRQVLGHUDFRPRVHQGRXPFRUSRLGHDO"
3DUWLFLSDQWHPXVFXORVRHFRPSRXFDJRUGXUDFRUSRUDO
3DUWLFLSDQWH$7/(7$,'($/"e&203/,&$'2$0$,25,$7(0
9,'$ Ò7,/ 6( 86$5(0 08,7$ &2,6$ ( 6(0 '$5 80
,17(59$/2
'(
(63$d2
&20
&(57(=$
1­2
3(50$1(&(5­2 12 (63257( 325 08,72 7(032$&+2
48(2&2532,'($/e$48(/(48(9&6(6(17(%(0&20
(/(
3DUWLFLSDQWHVLPHWULDPi[LPDFRPGHJRUGXUD
3DUWLFLSDQWH8PFRUSRJUDQGHWLSRRVKDSHGR)UDQN0FJUDWKHP
RII
3DUWLFLSDQWH2FRUSRLGHDOpRGR)/(;:+((/(5
3DUWLFLSDQWH+80&2532%(0'(),1,'2
3DUWLFLSDQWHSRXFDJRUGXUDFRUSRUDOFRPKLSHUWURILDYROXPH
3DUWLFLSDQWHFRPDSDUrQFLDVDXGiYHOHPDOKDGR
3DUWLFLSDQWHQmRUHVSRQGHX
3DUWLFLSDQWH 6LP SHOR PHQRV SUD PLP PHVPR HX FRQVLGHUR
PHX FRUSR LGHDO 7RGRV RV H[DPHV ODERUDWRULDLV TXH IDoR WUD]HU
H[FHOHQWHVLQGLFDGRUHV
3DUWLFLSDQWH FDGD SHVVRD WHP XP PRGHOR GH FRUSR LGHDO 2
FRUSR LGHDO SDUD PLP SRGH QmR VHU R LGHDO SDU YRFr RX SDUD D
VHQKRUD GH DQRV 3DU PLP p XP FRUSR FRP PDLV P~VFXORV
PHQRVJRUGXUD0DVQmRVRXFRQWUDTXHPWHQKDLGHLDVGLIHUHQWHV
3DUWLFLSDQWH8PFRUSRIXQFLRQDOSUDFDGDVHUKXPDQRRXVHMD
FDGDSHVVRDWHPXPDUHIHUHQFLDGHFRUSRLGHDOHXSDUWLFXODPHQWH
SUHWHQGRFKHJDUDRVNJGHSHVRFRUSRUDOFGHJRUGXUD
3DUWLFLSDQWH 6HU SDUHOKR GR WLSR GH TXH DGLDQWD WHU EUDoRV
JUDQGHV H SDQWXUULOKDV ILQDV" 3RU LVVR WHQT VHU SDUHOKR GDL YHP D
TXHVWmRGDFLPHWULD
4XHVWmR9RFrDFKDTXHMiFRQVHJXLXVHXFRUSRLGHDO"
3DUWLFLSDQWH1­2
3DUWLFLSDQWH (8 -È 7,9( 0(/+25 0$,6 6( 9& 3(*$5
48$/48(5 80 $7/(7$ 48( 9& &21+(d$ ( '(,;$5 (/( $126 6(0 75(,1$5 683/(0(17$5 ( (7& *$5$172 48(
1­2 62%5$ 08,7$ 0$66$ 086&8/$5 1­2 ( $17(6 (5$
0$,25&200$,692/80(+2-((6728.,/26$%$,;2'2
0(8 3(62 ( 181&$ 0( 6(17, 7­2 %(0 6(&2
75,1&$'2'(),1,'2 ( &20 80 %20 92/80(&20 '(
*25'85$
3DUWLFLSDQWHDLQGDQDR
3DUWLFLSDQWH2TXHHXTXHURQmRPDLVWRGRVGL]HPSUDHXSDUDU
MiPDVQmRTXHURTXHRPXLWRDOpP
3DUWLFLSDQWH(VWRXPXLWRORQJH7RGRVRVILVLRFXOWXULVWDVDSHVDU
GHHVWDUHPVHPSUHEHPQXQFDHVWmRVDWLVIHLWRVFRPRVHXVFRUSRV
2 GLD TXH HOHV DFKDUHP TXH HVWmR EHP HOHV DEDQGRQDUDP RV
WUHLQRV
3DUWLFLSDQWH$,1'$1$2
3DUWLFLSDQWHQmR
3DUWLFLSDQWHQmR
3DUWLFLSDQWH1­2
3DUWLFLSDQWH1mRDFKRTXHFRQVHJXLXPFRUSRLGHDOSRLVHVWRX
VHPSUHWHQWDQGRPHOKRUDU
3DUWLFLSDQWH HVWRX EHP SUy[LPR GLVVR &DGD GLD FKHJR PDLV
SHUWRPDVWDOYH]RFRUSRLGHDOQXQFDVHMDDOFDQoDGR3RULVVRHOHp
LGHDO
3DUWLFLSDQWH 7R IHOL] F TXH HX MD FRQVTXLVWHL PDV NHUR PDLV
PXLWRPDLV
3DUWLFLSDQWH 1mR MDPDLV ( SRU PDLV TXH UHFHER HORJLRV RX
FRLVDVDVVLPHXVHPSUHDFKRTXHWHQKRTXHEXVFDUFDGDYH]PDLVD
SHUIHLomR
3DUDGDUPRVSURVVHJXLPHQWRQDDQiOLVHHGLVFXVVmRGRVGDGRVGHXPD
IRUPD TXH SURSRUFLRQDVVH XP PHOKRU HQWHQGLPHQWR RSWDPRV SRU DJUXSDU DV
TXHVW}HVGHQ~PHURHSRGHQGRDVVLPH[SORUDUFRPPDLVSURSULHGDGHDV
UHVSRVWDVIRUQHFLGDVSRUQRVVRVSDUWLFLSDQWHV
$R TXHVWLRQDUPRV QRVVRV SDUWLFLSDQWHV VREUH VHXV LGHDLV FRUSRUDLV H
VREUHRTXHHOHVFRQVLGHUDYDPFRPRFRUSRVLGHDLVHVHMiFRQVHJXLUDPVHXV
FRUSRV LGHDLV REWLYHPRV UHVSRVWDV TXH FRQGL]HP FRP D OLWHUDWXUD HVWXGDGD
&RXWLQH3RSH-U3KLOOLSVH2OLYDUGLD*ROGHQEHUJH5DPRV
6DELQR 0DO\VVH (VWHYmR H %DJULFKHYVNL *DUFLD 3H\Uz&DPDUJRVH$VVXQomR0DWWRVHQWUHRXWURVTXDQGR
SHQVDPRV QD YLJRUH[LD RX VHMD FRUSRV FRP SRXFD JRUGXUD FRUSRUDO JUDQGH
TXDQWLGDGHGHP~VFXORVHTXHPHUHFHPDWHQomRHPWHPSRLQWHJUDOHGHIRUPD
VLVWHPiWLFDQRWRFDQWHDRVFXLGDGRVHDSUHVHQWDomRGHVWH
3DUDLOXVWUDUPRVWDLVUHVSRVWDVQRVXWLOL]DPRVGRTXH0DWWRVQRV
GHPRQVWUD TXDQGR FLWD TXH H[LVWH XPD XWRSLD GH VD~GH RQGH R LQGLYtGXR p R
UHVSRQViYHO SHOD DTXLVLomR PDQXWHQomR H GLYXOJDomR GHVWH HVWDGR VDXGiYHO
WRUQDQGRVH DVVLP ³XP PDQGDPHQWR XP SDUDGLJPD XQLYHUVDO FRP HIHLWR
QRUPDWLYR $ VD~GH GLWD µSHUIHLWD¶ LGHQWLILFDGD FRP D HVWpWLFD SDVVD D
UHSUHVHQWDUXPDYLWyULDFRQWUDDPRUWHVRFLDO´0$7726S
(PFRPSOHPHQWRDLVVRSRGHPRVID]HUXPDDQiOLVHGDVUHVSRVWDVGRV
SDUWLFLSDQWHVTXDQGRHVWHVQmRDSDUHQWDQGR³HVWDUHPQRPHOKRUGHVXDIRUPD
ItVLFD´UHFHEHPFRPHQWiULRVHPVXDVSiJLQDVGHUHFDGRVSHVVRDLV2UNXWRX
VmRTXHVWLRQDGRVVREUHVHXVHVWDGRVFRUSRUDLVDWXDLV
(VWHV ID]HP TXHVWmR GH UHODWDU TXH QmR HVWmR JRUGRV TXH Vy HVWmR
³FRPHVWHFRUSR´SHORIDWRGHHVWDUHP³HPRII´RXVHMDHPXPDIDVHGHVHXV
WUHLQDPHQWRVHPTXH³pSHUPLWLGR´FHUWRDF~PXORGHJRUGXUDFRUSRUDO
3RGHPRV YHULILFDU WDLV MXVWLILFDWLYDV DWUDYpV GDV ³FRPXQLGDGHV YLUWXDLV´
TXHVHUYHPGH³HVFXGR´HMXVWLILFDWLYDFRQWUDWDLVTXHVWLRQDPHQWRV
³*RUGR"7RHP2II6HX)UDQJR´PHPEURV
&RPDGHVFULomR
³3DUDWRGRVTXHWUHLQDPVpULRTXHGHGLFDPSDUWHVGRDQR
DRJDQKRGHPDVVDPXVFXODUVHPGDUYDORUDR)$7
2%63HVVRDODFRPXQLGDGHHKVHULDVLP(TXHPQDR
VHLGHQWLILFDFRPHVWHHVWLORGHYLGDQDRSUHFLVDILFDU
WHQWDQGRHVWUDJDUDVFRLVDVSRVWDQGRWRSLFRVWRWDOPHQWH
GHVQHFHVVDULRV
&DGDXPQDVXDHYFVTXHSURFXUHPFRPXQLGDGHVTXH
VHMDPPDLVFRPSDWtYHLVFRPVXDVLGpLDV´
2XHQWmR
2IIVHDVRQ´PHPEURV
'HVFULWDGDVHJXLQWHPDQHLUD
³*RUGR(X"(VWRX(P2))6($621
3DUDWRGRVTXHWUHLQDPVpULRTXHGHGLFDPSDUWHVGRDQR
DRJDQKRGHPDVVDPXVFXODUVHPGDUYDORUDR)$7
3DUDDTXHOHVTXHQmRPDOKDPWUHLQDPHFRPHPIHLWRXQV
DQLPDLVSDUDFKHJDUDROLPLWHGRFRUSRHTXDQGRHQWUDU
HP35e&217(67PRVWUDPRVKDSHUDVJDGDoR
SURYDQGRRSRUTXHGHWXGRLVVR
6HYRFrVHQmROLJDRTXHRVRXWURVYmRGL]HUWDSRXFRVH
OL[DQGRHPILFDUFRPYLVXDOTXHPXOKHUDGD
JRVWDGHILQLGLQKRWUDYDGLQKRVyTXHUILFDUPDLRUDFDGD
GLDTXHVHSDVVD
VHMDPEHPYLQGRV
*R+DUG2U*R+RPH
)HFKDDFDUDHWUHLQD)5$1*2´
e SHQVDQGR QD DVVRFLDomR TXH R FRUSR IRUD GRV SDGU}HV HVWpWLFRV
DWXDLV SRVVXL QRV GHEUXoDPRV QDV SDODYUDV GH *ROGHQEHUJ H 5DPRV TXDQGR HVWHV UHODWDP TXH RV PHLRV GH FRPXQLFDomR GLIXQGHP FRUSRV GH
H[FOXVLYR YDORU H SDGUmR VRFLRFXOWXUDO H XPD YH] DGTXLULGR WDO FRUSR VHXV
YDORUHVVHID]HPSUHVHQWHV
$ QmR PDQXWHQomR GHVWHV SDGU}HV SUHYLDPHQWH DGTXLULGRV D GXUDV
SHQDVpGLJQDGHH[SOLFDo}HVSDUDTXHQmRRFDVLRQHRTXHRVSUySULRVDXWRUHV
FLWDGRVDFLPDUHODWDPFRPRVHQGRD³PRUWHVLPEyOLFD´GRLQGLYtGXRQDPHGLGD
HP TXH Ki XPD DVVRFLDomR GR VHX IUDFDVVR FRUSRUDO HVWpWLFR FRP VHX
SRVVtYHOHLQHYLWiYHOIUDFDVVRVRFLDO
0DWWRV VH DSURSULDQGR GDV SDODYUDV GH 'HOHX]H QRV
SRVLFLRQD FRP SURSULHGDGH QHVWD GLVFXVVmR FLWDQGR TXH QD 6RFLHGDGH GH
&RQWUROHDVSHVVRDVREHVDVVmRSDVVLYHLVGHSHQVDPHQWRVUHJXODWyULRVTXDQWR
j VXD FRQGLomR VHQGR HVWDV UHJXODo}HV UHIRUoDGDV WDQWR SHOD PtGLD TXDQWR
SHORV GLVFXUVRV FLHQWtILFRV OHJLWLPDQGR ³ R FRUSR JRUGR FRPR XP FRUSR
PDUFDGRSHODIDOrQFLDPRUDOHTXHSRUWDQWRGHYHVHUFRUULJLGRPRGLILFDGRH
DSHUIHLoRDGR´0$7726S
2 LGHDO FRUSRUDO p WLGR FRPR DOJR SUDWLFDPHQWH LQDOFDQoiYHO RX Vy p
FRQVHJXLGR SRU DOJXQV SRXFRV HVFROKLGRV 2V LGHDLV FRUSRUDLV VmR FRORFDGRV
HP XP SDWDPDU GH SHUIHLomR TXH DR VH DSUR[LPDUHP GHVWH VHXV GHVHMRV H
SXOV}HV FRUSRUDLV Mi ID]HP PLUDGD HP RXWURV FRUSRV DLQGD PDLV SHUIHLWRV R
TXHSRGHPRVYHULILFDUTXDQGRRSDUWLFLSDQWHGHQ~PHURQRVUHODWDTXH
³1mR H[LVWH R LGHDO SUD PLP 6HPSUH TXHUR PDLV H PDLV Mi RXYLX
IDODUHPYLJRUH[LD"3RLVpDFKRTXHWRQHVVDVHFRPPDLRUSUD]HU´
$YLJRUH[LDSDVVDDVHUDOJRGHVHMiYHOSHORVVHXVDVSHFWRVGHIRUoDGH
YRQWDGH GLVFLSOLQD H WXGR R PDLV TXH VH DVVRFLH D GHWHUPLQDomR HP QmR VH
FRQWHQWDU FRP VHX FRUSR SHOR IDWR GH GHVHMDU VHPSUH PDLV SHOD H[FHOrQFLD
FRUSRUDOH[LJLGDHMDPDLVDOFDQoDGD$OJRHPFRQVWDQWHHODERUDomR
$VUHVSRVWDVGRVTXHVWLRQDPHQWRVHWUD]HPSRVLFLRQDPHQWRVTXH
QRV OHYDP D SHQVDU VREUH VH HVWDV SHVVRDV TXH HP VXDV ³FRPXQLGDGHV
YLUWXDLV´VHDXWRGHQRPLQDPYLJRUp[LFDVRID]HPSDUDVHUHPGHWHQWRUDVGHXP
VWDWXVGLIHUHQFLDGRHPTXHRPDLRUPHOKRUPDLVGHWHUPLQDGRHPDLVDIHWDGR
SRUHVWHGLVW~UELRGHLPDJHPVHMDPYDORUL]DGRVSRULVVR
1RVVD SUHRFXSDomR p GH HVWDUPRV OLGDQGR FRP IDWRUHV TXH VmR
VDELGDPHQWHQRFLYRVjVD~GHPDVTXHDGTXLUHPVWDWXVGHYDORUGLIHUHQFLDGR
TXDQGR DQDOLVDGRV j OX] GD EHOH]D FRQWHPSRUkQHD FRP VHXV PRGHORV GH
SHUIHLomRWRUQDQGRVHDVVLPGHVHMiYHLV
7DLVLQTXLHWDo}HVQmRVmRVHPUD]mRXPDYH]TXHRVSDGU}HVHVWpWLFRV
FRUSRUDLV HVWmR FDGD YH] PDLV UtJLGRV H VHOHWLYRV H D LQVDWLVIDomR H
LQVHJXUDQoDFRUSRUDOVmROXJDUFRPXPQRVGLDVGHKRMH1HVWHPRPHQWRFDEH
GHVWDFDU D UHVSRVWD GR SDUWLFLSDQWH TXDQGR TXHVWLRQDGR VREUH VH HVWH Mi
FRQVHJXLUD VHX FRUSR LGHDO (P VXDV SDODYUDV ³(VWRX EHP SUy[LPR GLVVR
&DGD GLD FKHJR PDLV SHUWR PDV WDOYH] R FRUSR LGHDO QXQFD VHMD DOFDQoDGR
3RULVVRHOHpLGHDO´
(VWD UHVSRVWD QRV LOXVWUD FRP SURSULHGDGH D GLVFXVVmR VREUH LGHDLV
FRUSRUDLV QmR Vy GDTXHOHV DFRPHWLGRV SRU DOJXP GLVW~UELR GH LPDJHP PDV
VLP GH XPD VRFLHGDGH TXH GHVWURQD FRP WDPDQKD IDFLOLGDGH VHXV HOHLWRV DR
2OLPSRGDEHOH]D
4XHVWmR 9RFr HVWi VDWLVIHLWR FRP VXD LPDJHP FRUSRUDO" 6H D
UHVSRVWDIRUQmRRTXHPDLVLQFRPRGDHPVHXFRUSR"
3DUWLFLSDQWH6,0
3DUWLFLSDQWH 6,0 (6728 6$7,6)(,72 32,6 6(, 48( 48$1'2
48,6(5(8928(&+(*2/È'(1292((67È6(1'2%2035$
'$5 80$ '(6&$16$'$ 1$ &$5&$d$ 32,6 (66( (63257( e
35$ '2,'2 ....... -È 9, &$'$ /28&85$ 48( 1(*8,1+2
)$=,$126%$67,'25(6'(&203(7,d®(66(012d­2
3DUWLFLSDQWHQDRILQXUDGRPHXEUDFRHIODFLGHVGDSHOH
3DUWLFLSDQWH 1mRSRU HQTXDQWRXPD FDPDGD GH JRUGXUD SRLV HVWRX
HPRII
3DUWLFLSDQWH1mR2TXHPDLVPHLQFRPRGDpRPHXDEGyPHQ
3DUWLFLSDQWH1$2248(0$,6,1&202'$6$2$6*25'85$6
/2&$/,=$'$6
3DUWLFLSDQWHQmRSHLWR
3DUWLFLSDQWHQmRDLQGDVLQWRDQHFHVVLGDGHGHWHUXPSRXFRPDLVGH
YROXPHHGHILQLomRPXVFXODU
3DUWLFLSDQWHQmR0HXDEG{PHQ
3DUWLFLSDQWH 3RU RUD DFKR TXH HVWRX VDWLVIHLWR FRP LPDJHP
FRUSRUDO
3DUWLFLSDQWH1mRSRVVRGL]HUTXHHVWRXVDWLVIHLWR$LQVDWLVIDomRp
RTXHQRVOHYDDPHOKRUDUQDYLGDHPWRGRVRVDVSHFWRV4XDQGRYRFr
ILFDVDWLVIHLWRYFVHDFRPRGD(VVDYLVmRVHDSOLFDDWXGRQDYLGDSRU
LVVRGLJRTXHDPXVFXODomRQRVHQVLQDPXLWRVREUHDYLGD1mRp
DSHQDVDHVWpWLFD0DVWEPQmRSRVVRGL]HUTXHQmRHVWRXFRQWHQWHFRP
PHXFRUSR(VWRXEHPSUy[LPRGRTXHSUHWHQGR
3DUWLFLSDQWH1mR$KQmRTXHDOJRPHLQFRPRGHPDVHXQDRSRVVR
PH DFRPRGDUDFRPRGDomR H PXVFXODomR QDR WHP HOR
QHQKXPVHPSUHPHOKRUDQGRRVKDSH
3DUWLFLSDQWH 1mR HVWRX VDWLVIHLWR QmR WHQKR PXLWR TXH PHOKRUDU
KHKH$KFRPFHUWH]DRTXHPDLVPHHQFRPRGDHDWD[DDOWDGHJOLFRVH
HVDFDULGLRVQRFRUSRLVVRIHUUDWXGR
(VWHTXHVWLRQDPHQWRYHPDFRPSOHPHQWDUDVTXHVW}HVDQWHULRUHVHQRV
Gi XP SDQRUDPD EDVWDQWH FODUR GDV SUHRFXSDo}HV FRUSRUDLV GH QRVVRV
SDUWLFLSDQWHVXPDYH]TXHDRDQDOLVDUPRVVXDVLQTXLHWDo}HVTXDQWRDRVVHXV
LGHDLVFRUSRUDLVSRGHUtDPRVDQWHYHUTXHDVUHVSRVWDVDHVWHTXHVWLRQDPHQWR
IRVVHPFRPSDWtYHLVFRPDVTXHREWLYHPRV
(PQRVVRHQWHQGLPHQWRDVUHVSRVWDVDILUPDWLYDVHPHVSHFLDOGHVWDTXH
D GR SDUWLFLSDQWH MXVWLILFDP VXD VDWLVIDomR FRP D LPDJHP FRUSRUDO FRP D
SRVVLELOLGDGHGRYLUDVHUGRREWHURFRUSRLGHDOL]DGRTXDQGRDVVLPGHVHMDUH
QmRGRPRPHQWRDWXDORTXHQRVUHPHWHULDWDPEpPDXPDSURYiYHOQHJDWLYD
TXDQWRDVXDLPDJHPFRUSRUDO
1HVWDTXHVWmRDLPDJHPFRUSRUDOGRKRPHPEHPFRPRVXDVDWLVIDomR
DGTXLUHP DVSHFWRV H[SUHVVLYRV GH DQiOLVH TXDQGR SHUFHEHPRV TXH DV
LQTXLHWDo}HV FRUSRUDLV DV TXDLV VH UHIHUHP RV SDUWLFLSDQWHV VmR UHODWLYDV DRV
PHPEURVVXSHULRUHVGRFRUSRQRVUHYHODQGRDVVLPTXHRROKDUGHVWHVKRPHQV
HVWmR YROWDGRV XQLFDPHQWH DR VHXV WRUVRV H TXDLVTXHU ³GHIHLWRV´ TXH HVWHV
DSUHVHQWHP
2VPHPEURVLQIHULRUHVDSHVDUGHVHUHPWUDEDOKDGRVQmRVmRSDVVtYHLV
GH SUHRFXSDo}HV XPD YH] TXH FRPR Mi GLVFXWLGR HP TXHVW}HV DQWHULRUHV
UHPHWHPDRXQLYHUVRGDVSUHRFXSDo}HVIHPLQLQDV
$TXDQWLGDGHGHJRUGXUDFRUSRUDOWHPHVSHFLDOGHVWDTXHQHVWHDVSHFWR
GHHVWDUVDWLVIHLWRFRPDLPDJHPFRUSRUDOPHVPRTXHHVWHVHDSUHVHQWHVRED
IRUPDGH³IODFLGH]´RX³H[FHVVRGHJOLFRVHHVDFDUtGHRV´
(PXPDWHQWDWLYDGHDSURIXQGDPHQWRGDUHVSRVWDGRVSDUWLFLSDQWHVH
FRPUHODomRjVVXDVSDODYUDVHVWHVUHODWDUDPTXH
3DUWLFLSDQWH ³HQWmR D IODFLGH] p SRU FDXVD GR H[FHVVR GH
SHOH TXH ILFD TXDQGR HVWDPRV HP RII 4XDQGR D JHQWH Wi FRP
DTXHOD PXVFXODWXUD WRGD TXDQGR SHJDPRV SHVDGR D SHOH ILFD
ILQLQKD VHP QDGD GH JRUGXUD 'HSRLV YRFr VDEH Qp0DV ³QmR
GiQDGDQmR´pVyXPDIDVHDQWHVGHILFDUJLJDQWHGHQRYRFDGD
YH]PDLRULVVRpRTXHLPSRUWD´
3DUWLFLSDQWH ³R TXH HX GLVVH VREUH D WD[D GH JOLFRVH H
VDFDUtGHRVQR FRUSR p TXH D JHQWH SUHFLVDGLVVRHX VHL Vy TXH
HVVDVSYLUDPJRUGXUD(XIL]XPWHVWHGHVVHVGHODERUDWyULRVy
SUD YHU FRPR DQGD D ³PiTXLQD´ H PH GLVVHUDP TXH DV WD[DV GH
JOLFRVHHVDFDUtGHRVHVWDYDPXPSRXFRDOWDVHXSHQVHLSTXH
E LVVR Dt YDL YLUDU JRUGXUD ORJR ORJR ( JRUGR YRFr Mi YLX Qp
QmRFDEHQHPHPFDGHLUDGHFLQHPD´
1HVWHV FDVRV HVWDPRV GLDQWH GH IDWRUHV GH LQWHQVD GLVSRVLomR GH
HQHUJLDV SDUD VH REWHU DOJR TXH QHP VHPSUH p DOFDQoiYHO R ItVLFR LGHDO GH
XPDVRFLHGDGHHPFRQVWDQWHPXWDomRHPVHXVSDGU}HVGHEHOH]D
$VLGHQWLGDGHVTXHVHFULDPFRPEDVHQDDSDUrQFLDItVLFDVmRGLJQDVGH
SUHRFXSDo}HV H GH PDLRUHV HVWXGRV TXDQGR IDODPRV HP XPD FRQVWDQWH
LQVDWLVIDomRFRPDTXLORTXHVHYrQRHVSHOKRLPSXOVLRQDQGRFDGDYH]PDLVRV
OLPLWHVFRUSRUDLVGRDFHLWiYHO
0DWWRV QRYDPHQWH QRV WUD] FRQWULEXLo}HV LPSRUWDQWHV SDUD D
UHIOH[mRTXDQGRFLWDTXH
³RFRUSRQRVpFXOR;;H;;,WRUQRXVHXPUHIHUHQFLDO
SULYLOHJLDGR SDUD D FRQVWUXomR GDV LGHQWLGDGHV SHVVRDLV
2TXHVRPRVHRTXHGHYHPRVVHUSDVVRXDVHUGHILQLGR
D SDUWLU GH QRVVRV DWULEXWRV ItVLFRV (VWDU EHP FRP R
SUySULR FRUSR GHL[RX GH VHU XPD SUHFRQGLomR GD
H[FHOrQFLDSROtWLFDUHOLJLRVDRXVHQWLPHQWDOSDUDVHWRUQDU
XPD ILQDOLGDGH TXDVH LQGHSHQGHQWH´ 0$7726 S
4XHVWmR 9RFr DFHVVD D LQWHUQHW FRP R LQWXLWR GH WURFDU
H[SHULrQFLDV VREUH PXVFXODomRWDLV FRPR SDVVDUSHJDU WUHLQRV
FRPSDUDUPHGLGDVFRUSRUDLVUHVXOWDGRVGHWUHLQRVHWF"
3DUWLFLSDQWH6,0
3DUWLFLSDQWH 3528&852 $-8'$5 6(035( 26 48( (67­2
&20(d$1'2 32,6 6(, &202 e 1(66( (63257( 9&
48(5(5 &+(*$5 /È ( 6(0 1,1*8e0 35$ 7( $-8'$5325
,662 $-8'2 $ 08/(&$'$ ( 7,52 08,7$ %(67(,5$ '$
&$%(d$'(/(6
3DUWLFLSDQWHVLPVLP
3DUWLFLSDQWH6LP
3DUWLFLSDQWH 6LP D WURFD GH H[SHULrQFLDV QHVVD iUHD p PXLWR
LPSRUWDQWHSDUDVHREWHURVPHOKRHUHVUHVXOWDGRV
3DUWLFLSDQWHVLP
3DUWLFLSDQWHQmREXVFRLQIRUPDo}HVHPUHYLVWDV
3DUWLFLSDQWHQmR
3DUWLFLSDQWHVLP
3DUWLFLSDQWH6LPHXFRPSURUHYLVWDVDFHVVRDLQWHUQHWHPVLWHV
GHPXVFXODomRSDUDDGTXLULUFRQKHFLPHQWRV
3DUWLFLSDQWHWHQKRXPVLWHVREUHPXVFXODomR3DUWHGRPHX
WUDEOKRpSHVTXLVDUVREUHLVVR0DVWDPEpPIDoRSRUGLYHUVmR
HQWmRDUHVSRVWDpVLPQmRILFRWURFDQGRPHGLGDVQHPSHGLQGR
WUHLQRVHWFXVRDLQWHUQHWSDUDSHVTXLVDUDUWLJRVFLHQWLILFRVHWF
3DUWLFLSDQWH,QIRUPDoRHVVHPSUHpERPWURFDUDFUHGLWRHP
LQGLYLGXDOLGDGHELRORJLFRHQWDRDVVLPVHYHMRXPWUHLQRQDQHWQHP
SHQVRHPID]HULJXDODWHSTPXVFXODomRQmRpUHFHLWDGHEROR(TWR
DFRPSDUDUPHGLGDVDFKREHVWHLUD
3DUWLFLSDQWH6LPSHVTXLVRPXLWRRVSUHoRVGHVXSOHPHQWRVH
WDOHSUHoRVGHPHGLFDPHQWRVVLQWpWLFRV
'LVFRUUHUVREUHDPtGLDHVXDVLQIOXrQFLDVVREUHRFRWLGLDQRGDVSHVVRDV
p GHEUXoDUVH VREUH XPD WHPiWLFD GH H[WHQVmR H SRVVLELOLGDGHV LQILQGiYHLV
1HVWDV TXHVW}HV QRV VmR DSUHVHQWDGDV YiULDV SRVVLELOLGDGHV GH DQiOLVH SHOR
IDWR GH HVWDUPRV GLDQWH GH FRQVWDQWHV UHLQYHQo}HV FRUSRUDLV WHQGR FRPR
SDQRGHIXQGRDOJRTXHWDPEpPpSURGLJRHPVHUHLQYHQWDU
'H IDWR p GH GLItFLO GLVVRFLDomR HVWHV GRLV IDWRUHV XPD YH] TXH D
FRQVWDQWH JHUDomR GH LQVDWLVIDomR FRUSRUDO ID] PRUDGD QR WDPEpP FRQVWDQWH
GHVHMRGHDSULPRUDPHQWRVFRUSRUDLVHDVPtGLDVHQFRQWUDPQHVWHHVSDoRXPD
RSRUWXQLGDGH VHP LJXDO GH HVWDEHOHFHUVH GH PRGR D GLWDU WHQGrQFLDV H
HVWDEHOHFHUSDGU}HV
$ EXVFD SRU LPDJHQV GH UHIHUrQFLD p DOJR TXH QRV FKDPD EDVWDQWH
DWHQomR SRLV FRPR QRV UHODWD 7HUUyQ HVWD LPDJHP PLGLiWLFD HP
RSRVLomRjLPDJHPGRHVSHOKRQmRPRVWUDRVXMHLWRTXHREVHUYDPDVID]FRP
TXH HVWH IL[H VHX ROKDU QHVWDV LPDJHQV FRQVWLWXLQGR DVVLP WDQWR DTXHOH TXH
REVHUYDTXDQWRDTXHOHTXHpREVHUYDGR
(VWD FRPSDUDomR GH VL FRPR DOJXpP TXH SHUWHQFH DR JUXSR GDTXHOHV
TXH VHJXHP FHUWR HVWLOR GH YLGD RX TXH ID]HP SDUWH GH XP JUXSR VHOHWR GH
SHVVRDV TXH SRVVXHP XP FRUSR GHVHMiYHO HQFRQWUD QD LQWHUQHW DFHQWXDGD
SRWHQFLDOL]DomR IDWR HVWH LOXVWUDGR SRU QRVVRV SDUWLFLSDQWHV GD SHVTXLVD
TXDQGRHVWHVUHODWDPQmRVyID]HUHPEXVFDVSRULPDJHQVGHUHIHUrQFLDFRPR
WDPEpPWURFDUH[SHULrQFLDVGHFRPRVHREWHUWDOFRUSRLQFHQWLYDPVHHQWUHVL
RV HORJLRV VmR VHPSUH PXLWR EHP DFHLWRV HQTXDQWR TXH DV FUtWLFDV VmR
UHFKDoDGDVFRPYHHPrQFLDHFHUWDDJUHVVLYLGDGH
0HVPRTXHGHIRUPDYHODGDRVSDUWLFLSDQWHVGDSHVTXLVDDFUHGLWDPRV
TXH QmR VRPHQWH HOHV ID]HP FRQVWDQWHV EXVFDV SRU WXGR R TXH SRVVDP RV
GHL[DUPDLRUHVHPDLVIRUWHVDOJRTXHVRPHQWHRSDUWLFLSDQWHQRVUHODWRX
DEHUWDPHQWH TXDQGR GLVVH ID]HU SHVTXLVDV VREUH SUHoRV GH VXSOHPHQWRV H
PHGLFDPHQWRVVLQWpWLFRV
$RDQDOLVDUPRVDVUHVSRVWDVHDVLQWHUDo}HVQDVUHGHVVRFLDLVGDTXHOHV
TXH QRV UHVSRQGHUDP QHJDWLYDPHQWH DFUHGLWDPRV TXH DR DGPLWLUHP
DEHUWDPHQWH TXH IDoDP EXVFDV SRU WUHLQDPHQWRV GLIHUHQFLDGRV WURTXHP
H[SHULrQFLDV VREUH WUHLQRV H TXH XWLOL]DPVH GD LQWHUQHW SDUD REWHU UHFXUVRV
HUJRJrQLFRVpDGPLWLUFHUWRIUDFDVVRQDDGPLQLVWUDomRGHVHXFRUSR
3H\Uz UHODWD TXH SRU HVWDUPRV LPHUVRV HP XPD VRFLHGDGH TXH
SULPD SHOR FXOWR DR FRUSR H VXD LPDJHP QmR p GH WRWDO HVWUDQKDPHQWR TXH
GHVHQYROYDPRV SDWRORJLDV TXH VHMDP IRFDGDV SULQFLSDOPHQWH QD SHUIHLomR
FRUSRUDO SRLV RV DWXDLV PRGHORV VRFLRFXOWXUDLV GH EHOH]D PDVFXOLQD TXH QRV
VmR WUDQVPLWLGRV SHOD PtGLD HVWmR QRV HGXFDQGR GH PDQHLUD LQGLUHWD DWUDYpV
GRVEHQHItFLRV³GDLPDJHPHGRFRUSRSHUIHLWR´
µ$LQGD VHJXQGRRPHVPR DXWRU WDO ³HGXFDomRDWUDYpV GD LPDJHP HGR
FRUSR SHUIHLWR´ IRPHQWD R GHVHMR GH DOFDQoDU WDLV SDGU}HV H WmR IRUWH TXDQWR
HVWHGHVHMRpDIUXVWUDomRGHQmRDOFDQoiOR
3HUFHEHVH DWUDYpV GDV UHVSRVWDV TXH QRV IRUDP RIHUHFLGDV TXH HVWD
EXVFDSRULQIRUPDo}HVGHFRPRVHREWHUXPFRUSRPDLRUHSHUIHLWRWUD]RODGR
FRPHUFLDO GHVWH GHVHMR EDVWDQWH DIORUDGR XPD YH] TXH QRVVRV SDUWLFLSDQWHV
ID]HPWDLVEXVFDVHWURFDVGHH[SHULrQFLDVDWUDYpVGHLQVWUXPHQWRVHPTXHD
SXEOLFLGDGHpEDVWDQWHSUHVHQWH
$VVLP
³ R TXH HVWi FODUR p TXH VH XPD VRFLHGDGH JHUD XPD
GHWHUPLQDGD QRUPD VRFLDO GR WHPD TXH VHMD LPDJHP
HVWpWLFD VH[XDOLGDGH PRGHOR GH IDPtOLD HVWLOR GH YLGD
HWFHTXHWHPDVXDGLVSRVLomRPHLRVGHFRPXQLFDomR
WmR DPSORV H SRWHQWHV FRPR RV DWXDLV SRGH JHUDU PDLV
IDFLOPHQWHHVVHVSDGU}HVHLQIOXHQFLDUFRPPDLRUHILFiFLD
SDUD TXH DV SHVVRDV DV LQWHULRUL]HP H DV FRORTXHP HP
SUiWLFD(VWDHILFiFLDQDWUDQVPLVVmRGDVQRUPDVVRFLDLV
HVSHFLILFDPHQWH VREUH R TXH p EHOR RX QmR QmR WHP
SDUDOHOR FRP QHQKXP RXWUR PRPHQWR QD KLVWyULD $ LVVR
GHYHPRV DGLFLRQDU TXH DWXDOPHQWH H[LVWHP HQRUPHV
LQWHUHVVHV HFRQ{PLFRV HP GHFUHWDU GLIXQGLU H FRQYHQFHU
TXH GHYHPRV EXVFDU GHWHUPLQDGRV PRGHORV GH EHOH]D
SRLV R PHVPR YHP DVVRFLDGR DR FRQVXPR GH SURGXWRV
SDUD HPDJUHFHU IUHTHQWDU DFDGHPLDV RX DGTXLULU
SURGXWRV GH EHOH]D´ %$,//( FLWDGR SRU 3(<5Ñ
S
3HQVDPRV WDPEpP VHU GH DQiOLVH FRPSOHPHQWDU DR H[SRVWR DFLPD R
IDWRGHRSDUWLFLSDQWHWHUXPVLWHGHPXVFXODomRSDUDDGLYXOJDomRGHGLFDV
GH WUHLQRV FRQVXPR GH VXSOHPHQWRV DOLPHQWDUHV GLFDV GH FRPR XWLOL]DU
HVWHUyLGHV TXDLV RV PHOKRUHV SURGXWRV TXH DVVRFLDGRV D WXGR R TXH R VLWH
RIHUHFH SRGH SURSRUFLRQDU XPD H[SHULrQFLD ³~QLFD H H[FOXVLYD´ D FRUSRV TXH
SRVVXHP ³LQGLYLGXDOLGDGH ELROyJLFD´ SDUWLFLSDQWH PDV TXH HVWmR FDGD YH]
PDLVVHPHOKDQWHVXQVDRVRXWURV
9HPRV WDPEpP TXH R GLVFXUVR PpGLFRFLHQWtILFR VH ID] SUHVHQWH HP
GLYHUVRV PRPHQWRV SRLV HVWH IRUQHFH XPD MXVWLILFDWLYD FRQILiYHO H GH JUDQGH
UHVSDOGR SDUD WRGRV RV PpWRGRV XWLOL]DGRV SDUD VH REWHU R FRUSR PDLRU H
SHUIHLWR
4XHVWmR 2 TXH YRFr SHQVD VREUH D IUDVH TXH GL] TXH ³QD
PXVFXODomRTXDQWRPDLRUFRUSRPHOKRU´"
3DUWLFLSDQWH$&+208,72%$&$1$
3DUWLFLSDQWH $&+2 ,/86­2 32,6 '( 48( $',$17$ 6(5
*5$1'(6(1­2)25&203/(72(&202',=,$2$512/'e
0$,6)È&,/380$7/(7$'(.,/26&+(*$5$3(5)(,d­2
'248(80&20.,/261­2e9(5'$'("""""""""""""
$&+2/(*$/$68$$%25'$*(0(0$6681726'(66(7,32
32,6+2-($*$/(5$(67È6(3(5'(1'2$9,*25(;,$28
%,*25(;,$ e 80$ '2(1d$ 48( 6( 1­2 )25 75$7$'$
0$7$
3DUWLFLSDQWH FRQFRUGRPXVFXORV H GLQKHLURGXDV FRLVDV TXH
QXQFDVDRGHPDLV
3DUWLFLSDQWH 7HP FRQWURYHUVDV HX SDUWLFXODUPHQWH DFKR TXH
JUDQGH H GHILQLomR DQGDP ODGR D ODGR GH PmRV GDGDV HX DFUHGLWR
TXHYDOHPDLVDOJXpPJUDQGHHUDVJDGRGRTXHDOJXpPJUDQGHH
LQFKDGRVHPGHILQLomRVHIRVVHDVVLPWRGRILVLFXOWXULVWDLULDSDUDR
PLVWHURO\PSLDVHPGHILQLomRHFRPPXLWDPDVVDFRUSRUDOLQFKDGRH
FRPFDPDGDGHJRUGXUDHiJXDVREUHRVPXVFXORV
3DUWLFLSDQWH'RSRQWRGHYLVWDGDVD~GHSRGHQmRVHUPDVGD
HVWpWLFD HX FRQFRUGR FRP D IUDVH VH QmR HX QmR HVWDULD PH
PDWDQGRGHWDQWRWUHLQDU
3DUWLFLSDQWH e 2 48( 72'26 48( *267­2 '(
086&8/$d­2352&85­2
3DUWLFLSDQWHHQWmRSHQVRRVHJXLQWHQDYHUGDGHHVVHFRQFHLWR
HVWDHUUDGRQHPVHPSUHPDLRUpPHOKRURPDLVLPSRUWDQWHpD
VD~GHWDOYH]TXDQGRVHEXVFDXPFRUSRPXLWRKLSHUWURILDGRDFDED
VHSRUPXLWDVYH]HVGHL[DQGRDVDXGHGHODGRID]HQGRXVRGH
DQDEROL]DQWHVHRXWURVPpWRGRVQmRVDXGiYHLV@
3DUWLFLSDQWH(VVDIUDVHpLQWHUHVVDQWHSRLVKiYiULDVIRUPDVGH
LQWUHSUHWDOD&ODURTDJUDQGHPDLRULDGDVSHVVRDVGHVHMDPPDLV
YROXPHHQWmRHXGLJRTpXPSHQVDPHQWRSUHVHQWHQDV
DFDGHPLDVSRUpPPXLWDVSHVVRDVVHJXHPHVVHSHQVDPHQWRDR
H[WUHPRHDFDEDPID]HQGRXVRGHVXEVWkQFLDVTSUHMXGLFDPVXD
VD~GH
3DUWLFLSDQWHQmRUHVSRQGHX
3DUWLFLSDQWH6LPTWRPDLRUPHOKRU
3DUWLFLSDQWH%REDJHPQHPVHPSUHPDLRUpPHOKRU8PItVLFR
PHOKRUQmRQHFHVVDULDPHQWHWHPTXHVHUPDLRU6HSHQVDUPRVHP
XPPHQLQRTXHSHVDNJVSDUDHOHTXDQWRPDLRUPHOKRU0DV
VHXVDUPRVFRPRH[HPSORXPDWOHWDH[SHULHQWHGHNJVSDUD
HOHPXLWDVVHULDQHFHVVDULRUHILQDURItVLFRWUDEDOKDQGRiUHDDV
HVSHFLILFDV
3DUWLFLSDQWHERPHXSHQVRHPVHUPRQVWURUVPDVLVVRQDRp
UHJUDSUDWRGRV2TpERPSUDPLPSRGHVHUUXLPSUDYFHXDWH
SRVVRFRQVLGHUDUHVVDIUDVHVHHODIRUGLULJLGDjPLQKDSHVVRD
3DUWLFLSDQWH (X QmR Vy SHQVR QHVVD IUD]H FRPR HX SRQKR HOD
HP SUiWLFD SUD PLP LVVR p WXGR TXDQWR PDLRU PHOKRU e VLPSOHV
TXHPPDLVFKDPDDWHQomRpRFDUDDOWRHPDJU}RXJRUGLQKRRXR
FDUD TXH WHP R SHLWRUDO TXDVH UDVJDQGR D FDPLVHWD" 1mR p XPD
TXHVWmR GH GL]HU DKK HX SHJR PDLV PXOKHU RX LVVR H DNLOR DWp ST
QmRWUHLQRSDUDDVPXOKHUHVHXWUHLQRSUDPLPPHVPRHMDHUD0DV
DTXHVWmRpTXHPWHPRILVLFRPDLVHVFXOSLGR
$R HQFHUUDUPRV QRVVRV TXHVWLRQDPHQWRV FRP HVVD SHUJXQWD QRV
GHSDUDPRV FRP VLWXDo}HV VHPHOKDQWHV FRP DV GHVFULWDV QRV DVSHFWRV GH
GHWHFomR GD YLJRUH[LD SRLV DERUGDQGR R WHPD HP TXHVWmR GHVWD PDQHLUD
QRVVRVSDUWLFLSDQWHVQRVUHYHODPTXHQmRVyGHVHMDPXPItVLFRPDLRUHOHVR
GHVHMDP FRP TXDOLGDGHV VXSHULRUHV jTXHOHV TXH WDPEpP SRVVXHP XP WLSR
ItVLFRDYDQWDMDGR
1HVVHV UHODWRV QRWDPRV TXH R GHVHMR SHOD SHUIHLomR FRUSRUDO WRPD
IRUPDVREQXDQFHVGHHVFXOWXUDomRFRUSRUDOIRFDQGRKRUDQRFRUSRFRPRXP
WRGR H KRUD HP SDUWHV GR FRUSR TXH QHFHVVLWHP VHU PHOKRUDGDV SDUD TXH
HVWHVFRUSRVSRVVDPDWLQJLUVXDPi[LPDSRWHQFLDOLGDGH
2V GLVFXUVRV VH SHUGHP HP PRPHQWRV TXH SDUD VH REWHU D
FUHGLELOLGDGH QHFHVViULD VH ID] XVR GR SROLWLFDPHQWH FRUUHWR FRP D UHFXVD H
FRQGHQDomR GR XVR GH VXEVWkQFLDV SRWHQFLDOPHQWH QRFLYDV DR FRUSR FRPR
SRGHPRV YHULILFDU QR GLVFXUVR GRV SDUWLFLSDQWHV H HP FRQWUDSRVLomR jV
FRPXQLGDGHVYLUWXDLVGDVTXDLVHVWHVID]HPSDUWHHGRVWySLFRVGHGLVFXVVmR
HPWRUQRGHVWHVWHPDVTXHVmRGHPRQVWUDGDVDVHJXLU
)LVLFXOWXULVPR5DGLFDOPHPEURV
&RPDGHVFULomR
³6HYRFrYDLQDDFDGHPLDSDUDSDTXHUDUpXPEXQGmR
VHYRFrYDLQDDFDGHPLDSDUDŽID]HUDXODŽpXPFX]mR
VHYRFrYDLQDDFDGHPLDSDUD75(,1$5pXP
9(1&('25
(VWDFRPXQLGDGHpGHGLFDGDDRDWOHWDILVLFXOWXULVWDPDV
DWOHWDVGHTXDLVTXHURXWUDVPRGDOLGDGHVVmREHPYLQGRV
GHVGHTXHQmRVHMDPEXQGDVPROHVTXHQmRWUHLQDP
SRUUDDOJXPD'LVVHPLQDUDILORVRILDGHWUHLQR+DUGFRUHp
DSULQFLSDOPHWDGHVWDFRPXQLGDGH6HSRUDOJXPPRWLYR
YRFrQmRVHLGHQWLILFDUFRPHVWDFRPXQLGDGHRXFRPVHXV
PHPEURV
&$,$)25$
$TXLQmRHVWmRRVERQVHVLPRVPHOKRUHV
6HYRFrTXHUWURFDULQIRUPDo}HVVREUHWUHLQRGLHWD
QXWULomRHHUJRJrQLFRVROXJDUpDTXL
7HQKDHPPHQWHGHVHPSUHHVFUHYHUFRLVDVTXHVHUmR
~WHLVDWRGDDFRPXQLGDGH
3HUJXQWDVGHFRPRWRPDUFUHDWLQDTXDQWRV+HPRJHQLQ
HQILRXQRUDERSHQVDQGRTXHLULDFUHVFHUHRXWUDVPHUGDV
GHVWHWLSRVHUmRHOLPLQDGDVQDKRUD$TXLpVyGHEDWH
VpULRHKDUGFRUH0DLVXPDYH]
6HDFKDUTXHDOJRDTXLQmROKHDJUDGDILQMDTXHYiFDJDU
HYiHPERUD´
2XHQWmR
1LQJXpPWiSXURPHPEURV
'HVFULWDGDVHJXLQWHPDQHLUD
³VHYFFKHJDQXPHYHQWRHROKDDRUHGRUHHQFRQWUD
SHVVRDVFRPpGLDVHPXLWRGRLGDVTXHQDRSDUHFHP
(67$5385$6VHMDODSRUTXDOPRWLYR
DOFRROL]DGDVERPEDGRLGDVSRUQDWXUH]DHWFDLYF
SHUFHEHTQLQJXHPWDSXURQDRRXVHYFQDRHVWDSXUR
HQWUHPDNL´
2V WySLFRV GH GLVFXVVmR VmR RV PDLV YDULDGRV PDV VHPSUH FRP R
PHVPR REMHWLYRV ILFDU PDLV PXVFXORVR &RPR SRU H[HPSOR HVWH WySLFR QD
FRPXQLGDGHYLUWXDO³2TXHFUHVFHQDWXUDOpSODQWD´
x
4XDO HVWHUyLGH ± GHVWDTXH H JULIR GR DXWRU DNL YF WHULD
FRUDJHPGHXVDU"""VyxYRXFRORFDUJKSTVHULDRSUHIHULGRGHWGV
$'(RXV\QWKROPLOHPEUDJUHJYDOHQWLQR
GHSRVWHURQREVRSUHIHULGRGHDUQROG
KHPRJHQLQpSRXTXLQKRSHULJRVR
GXUDWHVWRQ
SRWHQD\
1RYDPHQWH UHFRUUHPRV D 3H\Uz SDUD HVWDEHOHFHUPRV UHODo}HV
HQWUH DV UHVSRVWDV TXH QRV IRUDP DSUHVHQWDGDV FRP D YLJRUH[LD SRLV HVWH
DXWRU UHODWD TXH D YLJRUH[LD SRGH WHU LPSRUWDQWHV FRQVHTrQFLDV H XP GRV
SULQFLSDLVSUREOHPDVpSURYHQLHQWHGDXWLOL]DomRGHHVWHUyLGHVDQDEROL]DQWHV
2 FRQVXPR H FRQVHTHQWH DEXVR GHVWHV UHFXUVRV HUJRJrQLFRV
SUHMXGLFDP VHULDPHQWH D VD~GH SRGHQGR SRWHQFLDOL]DU RV ULVFRV GH VH
HVWDEHOHFHUHP DOWHUDo}HV FDUGLROyJLFDV LPSRUWDQWHV OHV}HV KHSiWLFDV
DOWHUDo}HV QRV QtYHLV GH VyGLR H SRWiVVLR LPSRWrQFLD GLVIXQo}HV HUpWHLV
DOWHUDo}HVQRWDPDQKRHIRUPDGRVWHVWtFXORVGHQWUHRXWUDV
2TXHQRVFKDPDDDWHQomRGHPDQHLUDEDVWDQWHVLJQLILFDWLYDpTXHDV
DOWHUDo}HV GHVFULWDV DFLPD VmR FRQVLGHUDGDV ULVFRV DVVXPLGRV H QmR VmR
REMHWRV GH DWHQomR WmR LPSRUWDQWHV TXDQWR RV HIHLWRV VHFXQGiULRV GRV
HVWHUyLGHVDFQHHDXPHQWRGHSrORVQRFRUSR
7DO IDWR VH Gi SRUTXH D DFQH H R DXPHQWR GH SrORV QR FRUSR HVWmR j
YLVWDHUHODFLRQDGRVGLUHWDPHQWHFRPDHVWpWLFDFRUSRUDOWDOSUHRFXSDomRSRGH
VHU QRWDGD QDV LQWHUDo}HV GR SDUWLFLSDQWH FRP DPLJRV HP VXD SiJLQD
SHVVRDOTXHVHUmRH[SRVWRVDVHJXLU
'LiORJR
$PLJR2V%UDoRVWmRPUPPDLVWXDIDFHQmRSTWXpIHLRSUDFDUDL
6+8$VKXDVKX$+6$
=XHUD]pILTXHLLPSUHVVLRQDGRFRPRVEUDoRVWDVLQLVWUmR
3DUWLFLSDQWH QD ERDVH QmR IRVVH PLQKDV HVSLQKDV HX HUD ERQLWR
JULIRGRDXWRU
DWpVHHXIRVVHXPDJDURWDILFDULDFRPLJRIDOHLERVWDKDK
$PLJR $Wp D SDUWH GDV HVSLQKDV WDYD OHJDOWX IDOR ERQLWRPDLV VH
FRPSDURFRPXPDJDURWD"6$+8VK$86$VD
3DUWLFLSDQWHVyWRYHQGHQGRPHXSHL[HKDKD
'LiORJR
$PLJRGRUVDOWDERD'
3DUWLFLSDQWHIRGDVmRDVHVSLQKDVQp
3DUWLFLSDQWHWDFRPTXDQWRVFPGEUDoRVHFR[DMD"
$PLJREUDoRFR[D
WRLJXDO]LQKRWXGHHVSLQKD['
$PLJR3RUUDWDIRGDPVPRDVHVSLQKDVPWDWHVWRUV
2XWURVSUREOHPDVDGYLQGRVGDSUiWLFDH[FHVVLYDGHPXVFXODomRFRPR
LQWXLWR GH ILFDU FDGD YH] PDLRU VmR DV OHV}HV DFDUUHWDGDV SHORV DXPHQWRV
VXFHVVLYRV GH FDUJD H D QmR UHFXSHUDomR DGHTXDGD WDLV FRPR SUREOHPDV
yVVHRV H PXVFXODUHV SHTXHQDV UXSWXUDV PXVFXODUHV H GH WHQG}HV
HQFXUWDPHQWRPXVFXODUHGHWHQG}HVIDOWDGHDJLOLGDGHHWF
7HQGRHVWHTXDGURHPYLVWDYHPRVTXH
³ RV YLJRUp[LFRV FRQVRPHP HQGRUILQDV SRUTXH DWXDP
FRPR DQDOJpVLFRV HQGyJHQRV 4XDQGR XPD SHVVRD
SUDWLFD DOJXP HVSRUWH DWp H[WHQXDUVH R RUJDQLVPR
FRPHoD D SURGX]LU HVWDV VXEVWDQFLDV SDUD DOLYLDU RV
VLQWRPDV H LVVR SHUPLWH TXH SRVVDP UHVLVWLU PDLV H
FRQWLQXDURWUDEDOKRSRUPDLVWHPSR&DGDYH]PDLVVHUi
PDLRU D TXDQWLGDGH QHFHVViULD GH HQGRUILQDV SDUD SRGHU
VXSRUWDUDGRURTXHOHYDDXPDYHUGDGHLUDDGLomRDHVWD
'HYHVHSUHVWDUHVSHFLDODWHQomRDGRUSRUTXHpXPVLQDO
GH DODUPH GDV SRVVtYHLV FRQVHTrQFLDV GR
VREUHWUHLQDPHQWR WtSLFR GRV VXMHLWRV DIHWDGRV SRU HVWD
SDWRORJLD7DPEpP VH FRQVRPHP PHGLFDPHQWRV SDUD
HYLWDU D JLQHFRPDVWLD PXLWR FRPXP HQWUH RV YLJRUp[LFRV
H PXLWR GRORULGD DFRPSDQKDGR GH IiUPDFRV
DQWLFDQFHUtJHQRV SDUD HYLWDU R FkQFHU GH PDPD TXH
UHWDUGDP RX HYLWDP R FUHVFLPHQWR GR WHFLGR PDPiULR´
7UDGXomROLYUHGRDXWRU5$0,52&$67,//2
FLWDGRVSRU3(<5ÑS
3RUWDQWRDSyVDDSOLFDomRGHVWHTXHVWLRQiULRREWLYHPRVGLVFXVV}HVGH
EDVWDQWH UHOHYkQFLD TXDQGR QRV UHIHULPRV D YLJRUH[LD (VWDV DQiOLVHV H
GLVFXVV}HV IDYRUHFHUDP QRVVRV ROKDUHV SDUD TXH HOHV QRV FRQGX]LVVHP D
REVHUYDU FRPSRUWDPHQWRV DOWDPHQWH SUHMXGLFLDLV j VD~GH GRV SDUWLFLSDQWHV
GHVWD SHVTXLVD EHP FRPR LQFRHUrQFLDV HP VHXV GLVFXUVRV QD WHQWDWLYD GH
DPHQL]DUVXDVHVFROKDV
)DYRUHFHX VREUHWXGR SDUD XPD SHUFHSomR VyFLRFXOWXUDO GLIHUHQWH
GDTXHOD HVWDEHOHFLGD QD IRUPDomR SURILVVLRQDO GR SURIHVVRU GH (GXFDomR
)tVLFDGLDQWHGHXPFRUSRRFRUSRDTXLHVWXGDGRREMHWRGHWUDEDOKRGHDOJXQV
SURILVVLRQDLV GD DWLYLGDGH ItVLFD p XP FRUSR WUDQVIRUPDGR H UHSOLFDGR SRU
XVXiULRVGDVUHGHVGHFRPXQLFDomRVRFLDODTXLWUDWDGDGHPRGRDVHYHUOLYUH
GH VDQo}HV H GLVFRUGkQFLDV XPD YH] TXH DTXHOHV TXH DVVLP SURFHGHVVHP
HVWDULDPH[FOXtGRVGRYHtFXORGHFRPXQLFDomR
(VWDV GXDV TXHVW}HV VmR UHOHYDQWHV SDUD R HQWHQGLPHQWR GR FRUSR
YLJRUp[LFR H GD XWLOL]DomR GD UHGH VRFLDO GH FRPXQLFDo}HV HP HVSHFLDO jV
FRPXQLGDGHV HVSHFtILFDV XPD YH] TXH D SHUWHQoD D HVWHV JUXSRV DSUHVHQWD
XPOXJDUFRPXPDFRQFRUGkQFLDRXDEXVFDSHORPRGHORDtH[SRVWR
&RQVLGHUDo}HV)LQDLV
2HVWXGRSURFXURXHVWDEHOHFHUFRQH[}HVHQWUHRTXDGURFRUSRUDODWXDO
FRPLQ~PHUDVH[LJrQFLDVHTXHVW}HVDVHYDORUL]DUTXDQGRSHQVDPRVQRFRUSR
H VXDV UHSUHVHQWDo}HV $WXDOPHQWH R FRUSR SRU VL Vy QmR UHSUHVHQWD DOJR
VRFLDOPHQWHYDORUL]DGRDPHQRVTXHHVWHMDSHUSDVVDGRSRULQ~PHURVFXLGDGRV
TXHRFDUDFWHUL]HFRPRXPFRUSRYDORUL]DGR
7DLV FXLGDGRV DFDEDP SRU RFDVLRQDU VLWXDo}HV HP TXH D H[DFHUEDomR
GRV H[HUFtFLRV ItVLFRV H WRGRV RV FXLGDGRV SDUD VH REWHU HVWD SHUIHLomR
HVWDEHOHFHPTXDGURVSDWRORJL]DQWHVID]HQGRRGLVFXUVRGDERDIRUPDItVLFDH
GD VD~GH VH SHUGHU HP PHLR D WDQWDV H[LJrQFLDV VRFLDLV H SHVVRDLV TXH
UHSUHVHQWDPRFRUSRSHUIHLWR
&RP EDVH QD DQiOLVH H GLVFXVVmR GRV GDGRV SRGHPRV FRQFOXLU TXH RV
GLVW~UELRVGH LPDJHPVHID]HP SUHVHQWHV HP JUDQGH Q~PHURHPXVXiULRVGD
UHGH XPD YH] TXH QRVVRV SDUWLFLSDQWHV GHUDP LQGtFLRV VLJQLILFDWLYRV GD
RFRUUrQFLDGHYLJRUH[LDHPVHXVGHSRLPHQWRVHLQWHUDo}HVFRPVHXVSDUHV
7DO DQiOLVH QRV GHPRQVWUD TXH WDLV XVXiULRV GD UHGH HQFRQWUDP QHVWH
YHLFXORGHFRPXQLFDomRLQIRUPDomRHQWUHWHQLPHQWRGHQWUHRXWUDVTXDOLGDGHV
XPHVSDoRIpUWLOGHRSRUWXQLGDGHVSDUDGLYXOJDURTXHFRQVLGHUDP³VHXVHVWLORV
GH YLGD´ H WDPEpP HQFRQWUDP UHVSDOGR GH VHXV SDUHV SDUD TXH LVVR VH
HYLGHQFLHHFUHVoDHPSURSRUo}HVQXQFDLPDJLQDGDVHPRXWUDVpSRFDV
$ VROLGLILFDomR GHVWH ³HVWLOR GH YLGD´ FRPR p FRQVLGHUDGD D YLJRUH[LD
PHVPR FRQWHQGR FDUDFWHUL]Do}HV SDWROyJLFDV GH XP GLVW~UELR GH LPDJHP H
WUD]HQGRFRQVLJRWRGDXPDSUREOHPiWLFDLPSRUWDQWHpYLVWDFRPRVWDWXVSDUD
TXHPD³SRVVXL´
9HPRV WDPEpP TXH RV DFRPHWLGRV SRUHVWD SDWRORJLD HVWmR FLHQWHV GD
H[LVWrQFLD GHVWD EHP FRPR GH VLQWRPDV H GDV SRVVtYHLV FRPSOLFDo}HV GR
HVWDEHOHFLPHQWR GHVWH TXDGUR SDWROyJLFR R TXH QRV WURX[H TXHVWLRQDPHQWRV
LPSRUWDQWHVWDLVFRPRVHVDEHPGDH[LVWrQFLDGDSDWRORJLDHPTXHVWmRHGH
WRGRVRVULVFRVLQHUHQWHVTXDLVIRUoDVHVWmRSUHVHQWHVQHVWHGLVFXUVRGDERD
IRUPDItVLFDHGRFRUSRSHUIHLWRTXHLPSXOVLRQDPFDGDYH]PDLVHVWDVSHVVRDV
SDUDFRPSRUWDPHQWRVGHULVFR"
,VVRQRVOHYDDRXWUDTXHVWmRDQDOLVDGDQHVWHWUDEDOKRDLQWHUIHUrQFLD
PLGLiWLFD QD IRUPDomR GHVWH GLVW~UELR GH LPDJHP (VWH TXHVWLRQDPHQWR QRV
OHYDDLPSRUWDQWHVFRQWULEXLo}HVSDUDDGHWHFomRGHVWDLQWHUIHUrQFLDPLGLiWLFD
WDLV FRPR D EXVFD FRQVWDQWH SRU LPDJHQV FRUSRUDLV FRQVLGHUDGDV SDGUmR GH
EHOH]D H SHUIHLomR WURFD GH H[SHULrQFLDV QR WRFDQWH D REWHQomR GHVWH FRUSR
SHUIHLWR FRPSUD H YHQGD GH SURGXWRV GHVWLQDGRV D HVWHV ILQV H R TXH HP
QRVVR HQWHQGLPHQWR p GH VLJQLILFDWLYD LPSRUWkQFLD D DSUHVHQWDomR H
GLYXOJDomR GH VL FRPR XP FRUSR HP FRQVWUXomR HP EXVFD GD SHUIHLomR
FRUSRUDO
(VWD DSUHVHQWDomR QRV PRVWURX HP JUDQGH PHGLGD TXH DV SHVVRDV
QmRVyVHDSUHVHQWDPVREXPDOX]IDYRUiYHORTXHMiHUDGHVHHVSHUDUFRPR
HQFRQWUDP QD UHGH PHLRV GH R ID]HUHP GH PDQHLUD SRWHQFLDOL]DGD GDGR RV
LQ~PHURVUHFXUVRVGLVSRQtYHLVSDUDUHWRTXHVHFRUUHo}HVFRUSRUDLVGDTXLORTXH
DLQGDQmRIRLIHLWR
$UHGHPXQGLDOGHFRPSXWDGRUHVFRPVXDVLQ~PHUDVSRVVLELOLGDGHVp
YHtFXOR WDPEpP SDUD R HVWDEHOHFLPHQWR GH YtQFXORV H SDGU}HV HVWpWLFRV TXH
WUDQVFHQGHP R PXQGR GDV DFDGHPLDV GH JLQiVWLFD H PXVFXODomR p WHUUHQR
IpUWLO SDUD FXOWLYR GH ³DPL]DGHV´ H DPL]DGHV TXH IDoDP VHXV SDUWLFLSDQWHV VH
VHQWLUHPDFROKLGRVHYDOLGDGRVHPVHXVHVWLORVGHYLGD
&RP R GHVHQYROYLPHQWR GHVWH HVWXGR FRORFDPRQRV HP XPD SRVLomR
RQGH FRPHoDPRV D QRV TXHVWLRQDU VH R ³PLWR GR FRUSR SHUIHLWR´ UHDOPHQWH
H[LVWHGDPDQHLUDFRPRpLGHDOL]DGR&DGDpSRFDXPDLGHDOL]DomRGHFRUSR
SHUIHLWR WpFQLFDV H FXLGDGRV FRP RV FRUSRV VmR FRQGLo}HV EDVH SDUD TXHP
DOPHMDWDOFRUSREHPFRPRHVWDUGHDFRUGRFRPRTXHpPDLVPRGHUQRHDWXDO
SDUDHVWHREMHWLYR
3UHVHQFLDPRV QRV GLDV DWXDLV R IDWR GH WHUPRV DFHVVR H PHLRV GH
GLYXOJDomRWmRHILFLHQWHVTXHR³WDOPLWR´VHWRUQDLQDOFDQoiYHOHPHVSHFLDOSRU
VH HVWDEHOHFHU HP DOJR HP FRQVWDQWHV FRQIOLWRV H GLIHUHQWHV SXOV}HV DOJR
GHVHMDQWH GH IDWRUHV GH QHFHVVLGDGHV SULPiULDV TXDQWR FRLVDV TXH R
WUDQVFHQGHPHPVXDFRQGLomRKXPDQDRQRVVRSUySULRFRUSR
2QRUPDOQDWXUDOSRUPDLVTXHVHTXHLUDHVWDEHOHFHUHVWDUHODomRFRPR
FRUSRQmRID]SDUWHGRGLFLRQiULRGHVWHVHpTXHXPGLDMiRIH](QFRQWUDPRV
QD UHGH PXQGLDO GH FRPSXWDGRUHV VLWXDo}HV TXH IRJHP GR TXH SRGHPRV
FRQFHEHU FRPR VLWXDFLRQDO TXH Vy SRGHULD RFRUUHU QHVWH DPELHQWH GH
VLPXODo}HVIDOVDVUHSUHVHQWDo}HVGR³HX´PDTXLDGR
9HPRV TXH D SUHVHQoD GR ³RXWUR´ p FDGD YH] PDLV UHDO H VLJQLILFDWLYD
QHVWH DPELHQWH YLUWXDO 2V FRUSRV TXH YHPRV KRMH REMHWLYDQGR DR SHUIHLWR
SRGHVHUPDLVGHVHMDGRHYLVWRGHPDQHLUDMDPDLVLPDJLQDGDSRUTXDQWLGDGH
YLUWXDOPHQWH LOLPLWDGD GH ³VHJXLGRUHV´ SRLV ³ SRGHPRV SHQVDU D FXOWXUD GR
FRUSRFRPRXPDFXOWXUDGRQDUFLVLVPR´*2/'(1%(5*S
1RVVDV SUHRFXSDo}HV FHQWUDPVH QR SRGHU GH DOFDQFH GDV LGpLDV WmR
GLIXQGLGDV FRP UHODomR DR ³FRUSR SHUIHLWR´ WUD]HQGR FRQVLJR SDWRORJLDV TXH
ID]HP GDTXHOH FRUSR SRWHQFLDOPHQWH SHUIHLWR HVFUDYR GH VL FRP
SRWHQFLDOLGDGHV HP LJXDO PHGLGD SDUD R HVWDEHOHFLPHQWR GH GLVW~UELRV GH
LPDJHP
7DO HVFUDYLGmR RX FXOWXDomR GR SUySULR FRUSR GHYH VHU GH SULPRUGLDO
DWHQomR DRV SURILVVLRQDLV TXH WUDEDOKDP FRP HVWH FRUSR HP HVSHFLDO
GHVWDTXH DRV SURILVVLRQDLV GH (GXFDomR )tVLFD SRLV HVWHV VmR RV HVFROKLGRV
SDUDFXLGDUPHVPRTXHLQLFLDOPHQWHGRV³SRVWXODQWHVDRFRUSRSHUIHLWR´
1RVVDIRUPDomRQmRGHYHULDUHOHJDUDSHQDVDVSHFWRVWHFQLFLVWDVHTXH
UHIRUFHP WDLV FRPSRUWDPHQWRV PDVFDUDQGR SDWRORJLDV GH JUDYLGDGH
HYLGHQFLDGDV SRU GLVFXUVRV PpGLFRILVLROyJLFRV SRLV DVVLP Vy HVWDUtDPRV
HPSXUUDQGRRSUREOHPDXPSRXFRPDLVDIUHQWHQDHVSHUDQoDGHTXHRXWURV
FXLGHPGRTXHGHYHULDWHUVLGRIHLWRHPIDVHVLQLFLDLV
1mRGHIHQGHPRVDTXLDIDOWDGHSURILVVLRQDOLVPRFRPRH[HUFtFLRLOHJDOH
GHVFRQWH[WXDOL]DGR GH IXQo}HV TXH QmR QRV FRPSHWHP H VLP GH PDLRU
LQWHUFkPELR GH FRQKHFLPHQWRV H YLYrQFLDV LQWHUiUHDV SDUD TXH QmR
HVWDEHOHFrVVHPRVTXDGURVRQGHXPVySURILVVLRQDOGHXPDGHWHUPLQDGDiUHD
IRVVHUHVSRQViYHOSRUDVSHFWRVTXHFRPSUHHQGDPDPXOWLGLVFLSOLQDULGDGH
3RU VHU DVVXQWR GH YDVWD DPSOLWXGH H SUREOHPiWLFD VLJQLILFDWLYD
SHQVDPRVVHUHPQHFHVViULRVPDLRUHVHVWXGRVHVWXGRVHVVHVTXHFDEHPHP
GLYHUVDV iUHDV GR FRQKHFLPHQWR SURSRUFLRQDQGR DVVLP FUHVFLPHQWR
LQWHUGLVFLSOLQDU H SRWHQFLDOL]DGR SDVVtYHO GH FRQVXOWDV VHP UHVWULo}HV GH
TXDOTXHUQDWXUH]D
&RPR H[SOLFLWDGR DR ORQJR GHVWH WUDEDOKR WHU XP FRUSR VHU XP FRUSR
RXTXDOTXHUH[SUHVVmRTXHRYDOKDYDLQRVUHPHWHUVHPSUHjTXLORTXHQRVp
PDLV FDUR H PDLV LQWLPR UHIHUHVH D QyV PHVPRV H D WRGRV RV IDWRUHV TXH
SHUSDVVDP QRVVD H[LVWrQFLD 3RU HVWH PRWLYR D IRUPDomR DGHTXDGD GH
SURILVVLRQDLVGDVPDLVYDULDGDViUHDVGRFRQKHFLPHQWRVHID]QHFHVViULRSDUD
TXHHVWHDVVXQWRQmRVHSHUFDHPPHLRDWDQWDVH[LJrQFLDVTXHQRVFHUFDP
0DLV D IRUPDomR DGHTXDGD GHVWHV SURILVVLRQDLV GDV PDLV YDULDGDV
iUHDV GR FRQKHFLPHQWR SRVVLELOLWDUi ³DRV SDUWLFLSDQWHV GH SURJUDPDV GH
DWLYLGDGHV ItVLFDV RX FXULRVRV SHOD IRUoD RX WDPDQKR GR FRUSR RX DLQGD SRU
DTXHOHV TXH VHQWHP IDVFtQLR GLDQWH GR FRUSR WUDQVIRUPDGR´ XP FRQMXQWR GH
DUJXPHQWRV IXQGDPHQWDGRV H DGHTXDGRV VHP RV SXGRUHV H IDOVDV YHUGDGHV
RXVHPRVPHOLQGUHVDTXHHVWDPRVVXEPHWLGRV
8PD ERD IRUPDomR QRV SRVVLELOLWDUi H SHUPLWLUi HQWHQGHU TXH R
GHVHQYROYLPHQWR KXPDQR HVWi DOpP GR GHVHQYROYLPHQWR ItVLFR DSHQDV 4XH
UHSUHVHQWDPXLWRPDLVGRTXHXPDFDSDPXVFXODUH[WHUQDGHVHQYROYLGD4XHD
XQLFLGDGHKXPDQDHVWiQREULOKDQWLVPRHYLUWXRVHFRPTXHHQFDUDUHPRVQRVVD
UHDOLGDGH KXPDQD ([DWDPHQWHGD PDQHLUDTXH VRPRVHQmR GDPDQHLUD TXH
SHQVDPRVVHU
5HIHUrQFLDV
$*8,$56)RUPDVGHRUJDQL]DomRHHQUHGDPHQWRSDUDDo}HVVRFLRSROtWLFDV
,QIRUPDomR ,QIRUPDomR 8QLYHUVLGDGH (VWDGXDO GH /RQGULQD 9RO (GLomR
HVSHFLDO
'LVSRQtYHO
KWWSZZZXHOEUUHYLVWDVLQIRUPDFDRYLHZLVVXHSKS"LG !
$FHVVR
HP
HP
BBBBBBBBB 5HGHV VRFLDLV QD LQWHUQHW GHVDILRV j SHVTXLVD ,Q ;;;
&RQJUHVVR %UDVLOHLUR GH &LrQFLDV GD &RPXQLFDomR ± 6%(,& 6RFLHGDGH
%UDVLOHLUDGH(VWXGRV,QWHUGLVFLSOLQDUHVGD&RPXQLFDomR6DQWRV
$/0(,'$ * $ 1 6$1726 - ( 3$6,$1 6 5 /285(,52 6 5
3HUFHSomR GH WDPDQKR H IRUPD FRUSRUDO GH PXOKHUHV HVWXGR H[SORUDWyULR
3VLFRORJLDHP(VWXGR0DULQJiYQS
$1'5$'( $ %26, 0 / 0 0tGLD H VXEMHWLYLGDGH LPSDFWR QR
FRPSRUWDPHQWRDOLPHQWDUIHPLQLQR5HYLVWDGH1XWULomR&DPSLQDVYQ
S
$5$Ò-2 <5* 7HOHSUHVHQoD LQWHUDomR H LQWHUIDFHV 6mR 3DXOR
('8&)$3(63
$6681d­2660'LVPRUILD0XVFXODU5HYLVWD%UDVLOHLUD3VLTXLDWULD6mR
3DXOR9VXSO,,,S
%(&.(5 -5 % 0DQXDO GH 3VLFRORJLD DSOLFDGD DR ([HUFtFLR (VSRUWH
3RUWR$OHJUH(GHOEUD
&$//,*$5,6 & 9HUGDGHV GH $XWRELRJUDILDV H 'LiULRV ËQWLPRV ,Q (VWXGRV
KLVWyULFRV 5LR GH -DQHLUR &SGRF)*9 Qž 'LVSRQtYHO HP ZZZFSGRFIJYEUUHYLVWDDUTSGI!$FHVVRHP
&$0$5*26&1$6681d­2/278PEUHYHSDQRUDPDUHIOH[LYRVREUHD
WHFQRORJLD GD EHOH]D H GD FRQVWUXomR GR FRUSR QD FHQD FRQWHPSRUkQHD
$UTXLYRVHP0RYLPHQWR5HYLVWD(OHWU{QLFDGD(VFRODGH(GXFDomR)tVLFDH
'HVSRUWRV±8)5-YQS±-XO'H]
&267$ 5 3RU XP QRYR FRQFHLWR GH &RPXQLGDGH 5HGHV 6RFLDLV
&RPXQLGDGHV 3HVVRDLV H ,QWHOLJrQFLD &ROHWLYD ,QWHUIDFH ± &RPXQLFDomR
6D~GH(GXFDomR9QSPDUDJR
&2857,1(--2V6WDNKDQRYLVWDVGR1DUFLVLVPRERG\EXLOGLQJHSXULWDQLVPR
RVWHQWDWyULRQDFXOWXUDDPHULFDQDGRFRUSR,Q6$17$11$'RUJ3ROtWLFDV
GR&RUSR6mR3DXOR(VWDomR/LEHUGDGH
(67$9­2 $ %$*5,&+(96.< 0 &XOWXUD GD ³&RUSRODWULD´ H %RG\%XLOGLQJ
QRWDVSDUDUHIOH[mR5HYLVWD0DFNHQ]LHGH(GXFDomR)tVLFDH(VSRUWH6mR
3DXORDQRQ~PHURS
BBBBBBBBBBBB$SROtWLFDQRFRUSR0XOKHUHVILVLFXOWXULVWDVFRUSRVKLSHUEyOLFRV
7HVH GH 'RXWRUDGR ± 'HSDUWDPHQWR GH &LrQFLDV 6RFLDLV ± 3RQWLItFLD
8QLYHUVLGDGH&DWyOLFD636mR3DXOR
)(55$5, $ 7 )XQGDPHQWRV GH 6RFLRORJLD 6mR 3DXOR 0F*UDZ+LOO GR
%UDVLO
*$5&,$ : 2 FRUSR FRQWHPSRUkQHR D LPDJHP GR PHWURVVH[XDO QR %UDVLO
0QHPH±5HYLVWD9LUWXDOGH+XPDQLGDGHVYQSMXOVHW
'LVSRQtYHO
HP
KWWSZZZSHULRGLFRVXIUQEURMVLQGH[SKSPQHPHDUWLFOHYLHZ!
HP
$FHVVR
*$5721/+$57+2517+:$,7(&:(//0$1%6WXG\LQJ2QOLQH
6RFLDO 1HWZRUNV -RXUQDO RI &RPSXWHU 0HGLDWHG &RPPXQLFDWLRQ 9 'LVSRQtYHO HP KWWSZZZDVFXVFRUJMFPFYROLVVXHJDUWRQKWPO! $FHVVR
HP
*2))0$1($UHSUHVHQWDomRGRHXQDYLGDFRWLGLDQDHG3HWUySROLV
9R]HV
*2/'(1*(5* 0 5$026 06 $ FLYLOL]DomR GDV IRUPDV R FRUSR FRPR
YDORU,Q*2/'(1%(5*0RUJ1XH9HVWLGR'H]$QWURSyORJRV5HYHODPD
&XOWXUDGR&RUSR&DULRFD5LRGH-DQHLUR5HFRUG
+($'
7
+LVWRU\
RI
ZDU
RQ
GUXJV
'LVSRQtYHO
HP
KWWSFLYLOOLEHUW\DERXWFRPRGGUXJSROLF\WS:DURQ'UXJV+LVWRU\
7LPHOLQHKWP!$FHVVRHP
-(8'< +3 2 FRUSR FRPR REMHWR GH DUWH 6mR 3DXOR (VWDomR /LEHUGDGH
.$/,/ * &+,& ± +RPHP 0DQXDO GH PRGD H HVWLOR 6mR 3DXOR (GLWRUD
6(1$&
.2=,1(76 59 2Q QHWQRJUDSK\ LQLWLDO UHIOHFWLRQ RQ FRQVXPHUV UHVHDUFK
LQYHVWLJDWLRQV RI FLEHUFXOWXUD ,Q $GYDQFHV LQ &RQVXPHU 5HVHDUFK 9 HGV -RVHSK : $OED - :HVOH\ +XWFKLQVRQ 3URYR 87 $VVRFLDWLRQ IRU
&RQVXPHU
5HVHDUFK
S
KWWSZZZDFUZHEVLWHRUJYROXPHVGLVSOD\DVS"LG !
'LVSRQtYHO
HP
$FHVVR
HP
.1,-1,.-'6,0®(6$&6HUpVHUSHUFHELGRXPDUDGLRJUDILDGDLPDJHP
FRUSRUDOGDVDWOHWDVGHKDQGHEROGHDOWRQtYHOQR%UDVLO5HYLVWD3DXOLVWDGH
(GXFDomR)tVLFD6mR3DXORYQSMXOGH]
/,6%Ð$ (6 %2177(178,7 -% &287,1+2 &3 2 &RQWULEXWR GR YtGHR
QD HGXFDomR RQOLQH ,Q ; &RQJUHVVR ,QWHUQDFLRQDO *DOHJR3RUWXJXrV GH
3VLFRSHGDJRJLD ± 8QLYHUVLGDGH GR 0LQKR %UDJD $FWDV GR ;
&RQJUHVVR ,QWHUQDFLRQDO *DOHJR3RUWXJXrV GH 3VLFRSHGDJRJLD %UDJD
8QLYHUVLGDGHGR0LQKRS±
/2(6-/LSRDVSLUDomRSDUDID]HUPDLVQHJyFLRV,VWRe6mR3DXOR7UrVQ
S
0$&+$'2 $$ 3VLFRORJLD GRV HVSRUWHV 7HPDV HPHUJHQWHV , -XQGLDt
$SLFH(GLWRUD
0$/<66(6(PEXVFDGRVKDOWHUHVHJR2OKDUHVIUDQFHVHVQRVEDVWLGRUHV
GD FRUSRODWULD FDULRFD ,Q *2/'(1%(5* 0 RUJ 1X H 9HVWLGR 'H]
$QWURSyORJRV 5HYHODP D &XOWXUD GR &RUSR &DULRFD 5LR GH -DQHLUR 5HFRUG
0$57,16 &- $/70$11 + &RQVWUXo}HV +LVWyULFDV GH ,GHDLV GH &RUSRV
0DVFXOLQRVH)HPLQLQRV,Q%$*5,&+(96.<0(67(9­2$3$/0$$
RUJV$6D~GHHP'HEDWHQD(GXFDomR)tVLFD%DKLD8(6&
0$7726 56 6RX JRUGR VRX DQRUPDO $UTXLYRV HP 0RYLPHQWR 5HYLVWD
(OHWU{QLFDGD(VFRODGH(GXFDomR)tVLFDH'HVSRUWRV±8)5-YQS
±-XO'H]
0$785$1$/ ,PDJHP &RUSRUDO 1Ro}HV H GHILQLo}HV 'LVSRQtYHO HP
KWWSZZZHIGHSRUWHVFRP! 5HYLVWD 'LJLWDO GH (GXFDomR )tVLFD 5()(/'
%XHQRV$LUHV$QR1ƒ$FHVVRHP
02&(//,1 $ ,QWHUQHW H ,GHQWLGDGH 8P (VWXGR 6REUH R :HEVLWH 2UNXW
7UDEDOKRGHFRQFOXVmRGHFXUVRGH&LrQFLDV6RFLDLV8QLYHUVLGDGH)HGHUDOGH
6DQWD
&DWDULQD
)ORULDQySROLV
'LVSRQtYHO
KWWSZZZERFFXELSWSDJPRFHOOLPDOODQLQWHUQHWHLGHQWLGDGHSGI!
HP
HP
$FHVVR
1$6,2-±'0HXFRUSRHVXDVLPDJHQV5LRGH-DQHLUR=DKDU
1$1)(/'7 6 3OXV 6WLOH *XLGH WR /RRNLQJ *UHDW 1RYD <RUN 3OXPH %RRO
S
1(*5,1( $ ,QVWUXPHQWRV GH FROHWD GH LQIRUPDo}HV QD SHVTXLVD TXDOLWDWLYD
,Q 75,9,f26 $ 1 6 1(72 9 0 RUJ $ SHVTXLVD TXDOLWDWLYD QD
(GXFDomR )tVLFDDOWHUQDWLYDV PHWRGROyJLFDV 3RUWR $OHJUH (GLWRUD 8)5*6
6XOLQD
129$(6 - 9 9,/+(1$ - 'H &LQGHUHOD D PRXUD WRUWD VREUH D UHODomR
PXOKHUEHOH]DHIHL~UD,QWHUDo}HV6mR3DXORYQMXQ
3(<5Ï &) /D DSDULHQFLD \ FDUDFWHUtVWLFDV GH ORV PRGHORV SXEOLFLWDULRV
FyGLJRV QR YHUEDOHV GH OD UHDOLGDG HP HO GLVFXUVR SXEOLFLWiULR FRPR IDFWRU GH
LQIOXHQFLDVRFLDOPLGLiWLFDHPODYLJRUH[LDPDVFXOLQD7HVHGH'RXWRUDGR
'HSDUWDPHQWR GH )LORVRILD 6RFLRORJLD &RPXQLFDomR $XGLRYLVXDO H
3XEOLFLGDGH8QLYHUVLGDGH-DXPH,&DVWHOOyQ(VSDQKD
323( -5 +* 3+,//,36 . 2/,9$5',$ 5 2 &RPSOH[R GH $G{QLV
2EVHVVmR0DVFXOLQDSHOR&RUSR5LRGH-DQHLUR&DPSXV
5(&8(5257HRULDGDV5HGHVH5HGHV6RFLDLVQD,QWHUQHW&RQVLGHUDo}HV
VREUH R 2UNXW RV :HEORJV H RV )RWRORJV ,Q ;;9,, ,QWHUFRP 3RUWR
$OHJUH$QDLVGR;;9,,,QWHUFRP
5,&+$5'621-53HVTXLVDVRFLDOPpWRGRVHWpFQLFDVHG6mR3DXOR
$WODV
526(1 -& 65(%1,. ' 6$/7=%(5* ( :(1'7 6 'HYHORSPHQW RI D
%RG\,PDJH$YRLGDQFH4XHVWLRQQDLUH3V\FKRORJLFDO $VVHVVPHQW9HUPRQW
9QS
58%,1'$JRUDHODVTXHUHPKRPHQVGHURVWRVGHOLFDGRV,VWRe6mR3DXOR
7UrVQS
6$%,12&$QDEROL]DQWHV'URJDVGH$SROR,Q*2/'(1%(5*0RUJ1XH
9HVWLGR 'H] $QWURSyORJRV 5HYHODP D &XOWXUD GR &RUSR &DULRFD 5LR GH
-DQHLUR5HFRUG
6$/$%(55,$ . 52'5Ë*8(= 6 &58= 6 3HUFHSFLyQ GH OD LPDJHQ
FRUSRUDO%XHQRV$LUHV2VDVXQD]
6$17$(//$//Lo}HVH6XEYHUV}HV6mR3DXOR/D]XOL&RPSDQKLD(GLWRUD
1DFLRQDO
6$9(5,$120)95Ç*2020217()86&2(952FRUSRLGHDOL]DGR
GH FRQVXPR SDUDGR[RV GD KLSHUPRGHUQLGDGH 5HYLVWD 0DOHVWDU H
6XEMHWLYLGDGH)RUWDOH]D9RO;1žSPDU
6&+,/'(53 $LPDJHPGRFRUSRDVHQHUJLDVFRQVWUXWLYDVGDSVLTXH6mR
3DXOR0DUWLQV)RQWHV
6&+:$57=*06,/9$5/=$1&+$')(55(,5$0/&$LQWHUQHW
FRPRHVSDoRGHOD]HU,Q6LPSyVLR,QWHUQDFLRQDOGH&LrQFLDVGR(VSRUWH
6mR3DXOR$QDLV«6mR3DXOR&(/$),6&63
6&+:$57=*02FRQWH~GRYLUWXDOGROD]HUFRQWHPSRUL]DQGR'XPD]HGLHU
/LFHUH&(/$5%HOR+RUL]RQWHYQS±
6(9(5,$120)91DUFLVLVPR\3XEOLFLGDGXQDQiOLVLVSVLFRVRFLDOGH
ORVLGHDOHVGHOFRQVXPRHQODFRQWHPSRUDQHLGDG%XHQRV$LUHV6LJOR;;,
GH$UJHQWLQD(GLWRUHV
6+217= )& %RG\ ,PDJH DQG LWV 'LVRUGHUV 7KH ,QWHUQDWLRQDO -RXUQDO RI
3V\FKLDWU\ LQ 0HGLFLQH Y Q S 'LVSRQtYHO HP
KWWSED\ZRRGPHWDSUHVVFRPDSSKRPHFRQWULEXWLRQDVS"UHIHUUHU SDUHQWED
EDFN LVVXHMRXUQDOOLQNLQJSXEOLFDWLRQUHVXOWV!$FHVVR
HP
6,/9$ $ % % 0HQWHV LQVDFLiYHLV DQRUH[LD EXOLPLD H FRPSXOVmR
DOLPHQWDU5LRGH-DQHLUR(GLRXUR
6,/9$ 5 / *rQHUR GLVFULPLQDomR KRPRVVH[XDOLGDGH IHPLQLQD H OD]HU
I 0RQRJUDILD WUDEDOKR GH FRQFOXVmR GH FXUVR GH EDFKDUHO HP
(GXFDomR )tVLFD ± 'HSDUWDPHQWR GH (GXFDomR )tVLFD ± ,QVWLWXWR GH
%LRFLrQFLDV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD5LR&ODUR6mR3DXOR
BBBBBBBBBB$V(PRo}HVGDV$WLYLGDGHV)tVLFDVGH$YHQWXUDQD1DWXUH]D
H D 5HVVLJQLILFDomR GR 3DSHO )HPLQLQR 'LVVHUWDomR 0HVWUDGR HP
&LrQFLDV GD 0RWULFLGDGH ± ÈUHD 3HGDJRJLD GD 0RWULFLGDGH +XPDQD
8QLYHUVLGDGH(VWDGXDO3DXOLVWD5LR&ODUR63
7(55Ï1-0$/DPHGLDFLyQWHFQROyJLFDGHODH[SHULHQFLD/DJOREDOL]DFLyQ
GHORVPDUFRVH[SHULHQFLDOHVHQODFRQVWUXFFLyQGHLPDJLQDULRVVRFLRFXOWXUDOHV
5D]yQ \ 3DODEUD 0p[LFR Q MXQMXO GH 'LVSRQtYHO HP KWWSZZZUD]RQ\SDODEUDRUJP[DQWHULRUHVQMDJXDGRKWPOMD ! $FHVVR HP
7$9$5(60&&,PDJHP&RUSRUDO&RQFHLWRH'HVHQYROYLPHQWR6mR
3DXOR0DQROH
BBBBBBBBBBBBBB ,PDJHP FRUSRUDO H QDUFLVLVPR QR FRQWH[WR GR FRUSR HP
PRYLPHQWR 7HVH /LYUH'RFrQFLD ± 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV)DFXOGDGHGH(GXFDomR)tVLFD
BBBBBBBBBBBBBB RUJ 2 'LQDPLVPR GD ,PDJHP &RUSRUDO 6mR 3DXOR
3KRUWH
7(578//, /6 7$9$5(6 0&& $ILQDO R TXH p ,PDJHP &RUSRUDO" ,Q
7$9$5(6 0&& RUJ 2 'LQDPLVPR GD ,PDJHP &RUSRUDO 6mR 3DXOR
3KRUWH
9,(,5$006XEFXOWXUDV-XYHQLVQDV6RFLHGDGHV0RGHUQDV2V+LSSLHVHRV
<XSSLHV 5HYLVWD &UtWLFD GH &LrQFLDV 6RFLDLV &RLPEUD &(6 Q S
'LVSRQtYHO
HP
KWWSZZZFHVXFSWSXEOLFDFRHVUFFVDUWLJRV-RVH5HVHQGH0DULD
0DQXHO9LHLUD6XEFXOWXUDV-XYHQLVQDV6RFLHGDGHV
0RGHUQDVSGI$FHVVRHP
=DPRUD&0/%RQDHFKHD%%6iQFKH]*)5LDO5%2UWRUH[LDQHUYRVD
$QHZHDWLQJEHKDYLRXUGLVRUGHU"$FWDV(VSHFLDOHV3VLTXLDWULD9QS
$1(;26
$1(;2,
3HUJXQWDV*HUDGRUDVGH(QWHQGLPHQWR
4XDLVVmRVHXVREMHWLYRVFRPVHXVWUHLQDPHQWRV"
9RFrVHFRQVLGHUDXPDSHVVRDPXVFXORVDRX³PDOKDGD´"
9RFrVHSUHRFXSDFRPDVPHGLGDVGRVHXFRUSR"4XDLV"
9RFr ID] DOJXP WLSR GH EXVFD QD LQWHUQHW SRU PRGHORV LGHDLV GH FRUSR
LPDJHQVGHUHIHUrQFLD"
4XDOVHXLGHDOGHFRUSR"
2TXHYRFrFRQVLGHUDFRPRVHQGRXPFRUSRLGHDO"
9RFrDFKDTXHMiFRQVHJXLXVHXFRUSRLGHDO"
9RFrHVWiVDWLVIHLWRFRPVXDLPDJHPFRUSRUDO"6HDUHVSRVWDIRUQmRR
TXHPDLVLQFRPRGDHPVHXFRUSR"
9RFr DFHVVD D LQWHUQHW FRP R LQWXLWR GH WURFDU H[SHULrQFLDV VREUH
PXVFXODomR WDLV FRPR SDVVDUSHJDU WUHLQRV FRPSDUDU PHGLGDV
FRUSRUDLVUHVXOWDGRVGHWUHLQRVHWF"
2 TXH YRFr SHQVD VREUH D IUDVH TXH GL] TXH ³QD PXVFXODomR TXDQWR
PDLRU
FRUSRPHOKRU´"
$1(;2,,
3HVVRDVFLWDGDVSHORVSDUWLFLSDQWHVGDSHVTXLVDFRPRUHIHUrQFLDV
FRUSRUDLV
$UQROG6FKDU]HQHJJHU
KWWSZZZEORJRGRULXPQHWIRWRVHELRJUDILDGHDUQROGVFKZD]HQHJJHUSDUD
GRZQORDG
KWWSZZZEORJRGRULXPQHWIRWRVHELRJUDILDGHDUQROGVFKZD]HQHJJHUSDUD
GRZQORDG
)UDQN0FJUDWK
KWWSWUHLQRFHUWREORJVSRWFRPIUDQNPFJUDWKRLGRORKWPO
KWWSSLFDVDZHEJRRJOHFRP)UDQN0F*UDWK
)OH[:KHHOHU
KWWSZZZKLSHUWURILDRUJIRUXPWRSLFIOH[ZKHHOHU
KWWSZZZKLSHUWURILDRUJIRUXPWRSLFIOH[ZKHHOHU
5RQQLH&ROHPDQ
KWWSZZZIRWRVGHFHOHEULGDGHVFRPEUURQQLHFROHPDQURQQLHFROHPDQGH
FRVWDV
KWWSZZZRUNXWFRP&RPP0VJV"WLG FPP KO SW%5
0DUNXV5XKO
KWWSGHILQLFDRWRWDOFRPEU
KWWSJDOMVWDWVXVNH\PDUNXV
-D\&XWOHU
KWWSILWQHVVDQGGHIHQVHFRPMD\FXWOHUGLHW
KWWSDQWKRQ\FROSRFRP"S $1(;2,,,
&RPXQLGDGHV9LUWXDLVFLWDGDVQRWUDEDOKR
KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP KWWSZZZRUNXWFRPEU0DLQ&RPPXQLW\"FPP $1(;2,9
3DUHFHUGR&RPLWrGHeWLFDHP3HVTXLVD
Download

dezan_ff_me_rcla