$',1Æ0,&$'$67(&12/2*,$612(16,12683(5,25
($08'$1d$'(3$5$',*0$12(16,12$35(1',=$*(0
3$75Ë&,$',$6+$'$0$ $EVWUDFW7KLV SDSHU¶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pDQDOLVDUSHODSHVTXLVDELEOLRJUiILFDDGLQkPLFDGDVQRYDV WHFQRORJLDVQRHQVLQRVXSHULRUHFRPRHVWDVFRQWULEXHPSDUDDPXGDQoDGHSDUDGLJPDQR HQVLQRDSUHQGL]DJHP3URPRYHUXPQRYRSRVLFLRQDPHQWRGRSURIHVVRUQDVSUiWLFDVGHHQVLQR HXPDQRYDUHIOH[mRVREUHDVFRPSHWrQFLDVQHFHVViULDVDVHUHPGHVHQYROYLGDVSHORVDOXQRV VmR TXHVW}HV TXH WDPEpP ID]HP SDUWH GR GHEDWH FHQWUDO GHVWH DUWLJR e QHFHVViULR FRPSUHHQGHUWRGDVDVPXGDQoDVTXHRFRUUHPQDPHWRGRORJLDGHHQVLQRQRTXHWDQJHjVXD WUDMHWyULD GHVGH RV PRGHORV DSOLFDGRV QR SDVVDGR DWp D DWXDOLGDGH $V FRQVWDQWHV WUDQVIRUPDo}HVQRPXQGRFRQWHPSRUkQHRFDXVDUDPLPSDFWRVLJQLILFDWLYRQDHFRQRPLDHQD SURGXomRDIHWDQGRDVRFLHGDGHGHPDQHLUDJHUDOQRVFDPSRVFRJQLWLYRVHFRPSRUWDPHQWDLV $QDOLVDQGR RV HPEDVDPHQWRV WHyULFRV GH -RKQ 'HZH\ GHQWUH RXWURV DXWRUHV p SRVVtYHO FRPSUHHQGHUDQHFHVVLGDGHGHPXGDQoDQDVSUiWLFDVGRFHQWHVHDDWXDOUHVSRQVDELOLGDGHFRPR SURIHVVRUHVUHIOH[LYRVEXVFDQGRFRQWULEXLUSDUDRGHVHQYROYLPHQWRGHDOXQRVDXW{QRPRVH SHVTXLVDGRUHV 'LDQWH GDV PRGLILFDo}HV GH SDUDGLJPDV H GDV QRYDV PHWRGRORJLDV QRV SURFHVVRVGHHQVLQRDSUHQGL]DJHPpSUHFLVRTXHDOXQRVHSURIHVVRUHVEXVTXHPDWXDOL]Do}HV GRV QRYRV PHFDQLVPRV GH DTXLVLomR GH FRQKHFLPHQWR SDUD TXH WRGRV SRVVDP DSUHQGHU D DSUHQGHUXVXIUXLQGRGDVQRYDVIHUUDPHQWDVWHFQROyJLFDVHGDVUHFHQWHVWHRULDVSURSRVWDV$ HGXFDomRHRVVHXVPRGHORVSHGDJyJLFRVID]HPSDUWHGRHL[RFHQWUDOGDVRFLHGDGHSRLVWRGRV RVSURILVVLRQDLVGRIXWXURVmRKRMHHVWXGDQWHV$SDUWLUGLVVRHYLGHQFLDVHDLPSRUWkQFLDGHVWD
SHVTXLVDTXHpWDPEpPDEUDQJHQWHHFRODERUDFRPDGRFrQFLDSDUDDVRFLHGDGHHPXP VHQWLGRPDLVDPSOR
3DODYUDVFKDYH 3URIHVVRU UHIOH[LYR $SUHQGHU D DSUHQGHU $OXQRV DXW{QRPRV (QVLQR
6XSHULRU
,QWURGXomR
7RGRV RV VHWRUHV GD VRFLHGDGH YrP VRIUHQGR DOWHUDo}HV VLJQLILFDWLYDV UHODFLRQDGDV j WHFQRORJLDLQWHUDWLYLGDGHFRPXQLFDomRHLQIRUPDomR(VVDPXGDQoDSDUDGLJPiWLFDVHLQLFLD QR SDQRUDPD YROWDGR DR VHWRU HFRQ{PLFR H SHUSDVVD WRGDV DV RXWUDV iUHDV GR FRWLGLDQR DIHWDQGRDVRFLHGDGHFRPRXPWRGRLQFOXLQGRDHGXFDomRFRPRVXJHUH%HKUHQV
3DUDOHODPHQWH RFRUUH D WUDQVLomR GD VRFLHGDGH LQGXVWULDO YROWDGD SDUD D SURGXomRGHEHQVPDWHULDLVSDUDDVRFLHGDGHGRFRQKHFLPHQWRYROWDGDSDUDD SURGXomRLQWHOHFWXDOFRPXVRLQWHQVLYRGHWHFQRORJLDV2SURFHVVRGHPXGDQoD SDUDGLJPiWLFDDWLQJHWRGDVDVLQVWLWXLo}HVHHPHVSHFLDODHGXFDomRHRHQVLQR QRVGLYHUVRVQtYHLVLQFOXVLYHHSULQFLSDOPHQWHQDVXQLYHUVLGDGHV2DGYHQWR GHVVDVPXGDQoDVH[LJHGDSRSXODomRXPDDSUHQGL]DJHPFRQVWDQWH$VSHVVRDV SUHFLVDP HVWDU SUHSDUDGDV SDUD DSUHQGHU DR ORQJR GD YLGD SRGHQGR LQWHUYLU DGDSWDUVHHFULDUQRYRVFHQiULRV %HKUHQV
1HVVHVHQWLGRRHQVLQRVXSHULRUIRFRGHVWDSHVTXLVDELEOLRJUiILFDSRVVXLILQDOLGDGHV SDUWLFXODUHV GLUHFLRQDGDV DRV DOXQRV TXH SUHFLVDP HVWDU SUHSDUDGRV SDUD H[HUFHU IXQo}HV HVSHFtILFDVHFXPSULUDVH[LJrQFLDVGRPHUFDGRGHWUDEDOKR
1R SDVVDGR H DLQGD HP XVR HP DOJXPDV LQVWLWXLo}HV WLYHPRV PHWRGRORJLDV WUDGLFLRQDLVWHFQLFLVWDVQDVTXDLVRDOXQRFXPSULDXPSDSHOSDVVLYRVHPLQWHUDomRFRPR PHLRRXFRQH[mRFRPRVVHXVFRQKHFLPHQWRVSUpYLRVREMHWLYDQGRSUHSDUDURVLQGLYtGXRV SDUDSDSpLVSUHFLVRVVHPPXLWRYtQFXORFRPDVXDUHDOLGDGH
$WXDOPHQWHWHPRVXPDQRYDYLVmRGHHQVLQRTXHDVSLUDjDXWRQRPLDGRDOXQRXPD YH]TXHDVWHFQRORJLDVGLVSRQLELOL]DPFRQWH~GRHLQIRUPDomRFRPPDLRUIDFLOLGDGHHUDSLGH] 7DPEpP VH HVSHUD GR HVWXGDQWH XPD LQFOLQDomR SDUD R GHVHQYROYLPHQWR GH SHVTXLVDV DPSOLDQGRHDSURIXQGDQGRRVVHXVFRQKHFLPHQWRVQDViUHDVTXHOKHIRUHPDSUHVHQWDGDV
1HVVH FRQWH[WR R SURIHVVRU p XP PHGLDGRU HQWUH R DOXQR H R FRQWH~GR 3UHVWDU VXSRUWHSDUDRGHVHQYROYLPHQWRGRGLVFHQWHpXPGRVPDLRUHVREMHWLYRVQDGRFrQFLDDWXDO (VVHLGHDOGHHQVLQRDSUHQGL]DJHPHQFRQWUDRDSRLRGH)UHLUHTXHUHVVDOWDTXHpSUHFLVR 6DEHUTXHHQVLQDUQmRpWUDQVIHULUFRQKHFLPHQWRPDVFULDUDVSRVVLELOLGDGHV SDUDDVXDSUySULDSURGXomRRXDVXDFRQVWUXomR4XDQGRHQWURHPXPDVDODGH DXODGHYRHVWDUVHQGRXPVHUDEHUWRDLQGDJDo}HVjFXULRVLGDGHjVSHUJXQWDV GRVDOXQRVjVLQLELo}HVXPVHUFUtWLFRHLQTXLULGRULQTXLHWRHPIDFHGDWDUHID TXHWHQKRDGHHQVLQDUHQmRDGHWUDQVIHULUFRQKHFLPHQWR )UHLUH $VVLPSDUDTXHDFRQFHSomRGHVVHPRGHORGHDSUHQGL]DJHPVHMDFRQFUHWL]DGDp SUHFLVR SHQVDU QD SRVWXUD GRV SURIHVVRUHV TXH EXVFDP DWXDOL]Do}HV FRQVWDQWHV YLVDQGR VHPSUHDHYROXomRGDVVXDVIXQo}HVSDUDRVVHXVHVWXGDQWHV
3UREOHPDWL]DU TXHVW}HV GLGiWLFDV H GH LQWHUDomR UHIOHWLU VREUH RV PHFDQLVPRV XWLOL]DGRVIHUUDPHQWDVHWXGRTXHSHUPHLDRXQLYHUVRGRHQVLQRDSUHQGL]DJHPpSHQVDUQR VLVWHPDHQDSUiWLFDGDDWXDomRGRSURIHVVRUUHIOH[LYRFRPRVXJHUH-RUGmR
>@RSURIHVVRUpRSULPHLURDWRUTXHGHYHPXGDUVXDIRUPDGHSHQVDUHDJLUQD HGXFDomRSRLVH[LVWHXPDJUDQGHWHQGrQFLDGHUHSHWLomRHPVDODGHDXODGRV PRGHORVTXHIXQFLRQDUDPQDDSUHQGL]DJHPGHVWH3RUHVWHPRWLYRDIRUPDomR GR SURIHVVRU GHYH RFRUUHU GH IRUPD SHUPDQHQWH H SDUD D YLGD WRGD 6HPSUH VXUJLUmR QRYRV UHFXUVRV QRYDV WHFQRORJLDV H QRYDV HVWUDWpJLDV GH HQVLQR H DSUHQGL]DJHP -RUGmR
1HVWH HVWXGR D LQWHQomR p LQYHVWLJDU D PXGDQoD GH SDUDGLJPD QR HQVLQR DSUHQGL]DJHPFRQVLGHUDQGRDVQRYDVWHFQRORJLDVLQFRUSRUDGDVQRFRWLGLDQRGRVGLVFHQWHVGH QtYHOVXSHULRUHFRPRHVVDGLQkPLFDH[LJHXPDQRYDSRVWXUDGRVGRFHQWHVQDVVXDVSUiWLFDV GHHQVLQRDILPGHLQWHJUDUFRPDVQRYDVWHFQRORJLDVGRHQVLQRVXSHULRUFRPRFRPSOHPHQWR jPXGDQoDGHSDUDGLJPDQRHQVLQRDSUHQGL]DJHPUHYHQGRRSRVLFLRQDPHQWRGRSURIHVVRU QDVVXDVSUiWLFDVGHHQVLQR
$V QRYDV WHFQRORJLDV IRUDP SHUFXVVRUDV GH XP FRQMXQWR GH LQRYDo}HV TXH HPHUJLUDP D SDUWLU GD GpFDGD GH H VXDV FRQWULEXLo}HVVH WRUQDUDP DLQGD PDLVHYLGHQWHVDSDUWLUGDGpFDGDGH TXHILFRXFRQKHFLGDFRPRDIDVHGD JUDYDomR GD LQIRUPDomR HP PHLR GLJLWDO WRUQDQGRVH HQWmR D HUD GDV WHOHFRPXQLFDo}HVHGRFRPSXWDGRU 6DQWRVapud&RVWDet al.
&RPSUHHQGHUHVVDQRYDUHDOLGDGHGHHQVLQRSURPRYHDFRQVWUXomRHUHIOH[mRGHQRYDV SURSRVWDVTXHYLVDPDHGLILFDomRGHVXMHLWRVFUtWLFRVDOXQRVDXW{QRPRVHFRQVHTXHQWHPHQWH SURILVVLRQDLVTXHHVWDUmRYROWDGRVSDUDRDSULPRUDPHQWRGRVVHXVFRQKHFLPHQWRVXWLOL]DQGR PHFDQLVPRV GH DSUHQGL]DJHP LQGHSHQGHQWHV RX VHMD DSUHQGHU D DSUHQGHU FRPR VXJHUH /XFNHVLDVHJXLU
(PWHUPRVGHDomRHGXFDWLYDRHGXFDGRUFRPVHXVGHWHUPLQDQWHVVHUiDTXHOH TXHWHPDUHVSRQVDELOLGDGHGHGDUDGLUHomRDRHQVLQRHRHGXFDQGRDTXHOHTXH SDUWLFLSDQGRGRSURFHVVRDSUHQGHHVHGHVHQYROYHIRUPDQGRVHWDQWRFRPR VXMHLWR DWLYR GH VXD KLVWyULD SHVVRDO TXDQWR FRPR GD KLVWyULD KXPDQD 2 HGXFDGRUSRUHQFRQWUDUVHQXPQtYHOPDLVHOHYDGRGHGHVHQYROYLPHQWRGHVXDV FDSDFLGDGHV H SRU GHWHU XP SDWDPDU FXOWXUDO PDLV HOHYDGR GHYHUi RFXSDU R OXJDUGHHVWLPXODGRUGHDYDQoRGRHGXFDQGR(QRFRQWH[WRGHUHODo}HVVRFLDLV GHILQLGDV TXH R HGXFDGRU H HGXFDQGR VH UHODFLRQDP UHDOL]DQGR SURFHVVR HGXFDWLYRV /XFNHVL
(PERUDDVWHRULDVHGXFDFLRQDLVGLVFXWLGDVQHVWDSHVTXLVDVHMDPJHUDLVHQmRSHUWHQoDP HVSHFLILFDPHQWHDRHQVLQRVXSHULRUYDOHOHPEUDUTXHDVXDMXVWLILFDWLYDQRVFXUVRVVXSHULRUHV SRGH VHU SDXWDGD QD QHFHVVLGDGH GH DPSOLDU HUHIOHWLU DV SUiWLFDV SHGDJyJLFDV QDLQVWUXomR IRUPDOTXHRWRUQDUiXPSURILVVLRQDODWXDQWHQRPHUFDGRGHWUDEDOKRRQGHVHHVSHUDTXHHOH FRQWULEXDSDUDDVRFLHGDGHQDVXDUHVSHFWLYDiUHDGHDWXDomR
0XLWRDOpPGDIRUPDomRDFDGrPLFDpQHFHVViULRTXHRVQRYRVSURILVVLRQDLVWHQKDP FODUH]D GD LPSRUWkQFLD GD VXD IRUPDomR FRQWtQXD EXVFDQGR VHPSUH D HYROXomR GDV VXDV FRPSHWrQFLDVHEXVFDQGRRPHOKRUXVRSRVVtYHOGDVQRYDVIHUUDPHQWDVGLJLWDLVTXHIDYRUHFHP DSHVTXLVDHDDTXLVLomRGHQRYRVFRQKHFLPHQWRV
'HVVHPRGRGLDQWHGDVJUDQGHVPXGDQoDVTXHRFRUUHPQRVSDUkPHWURVGDVSUiWLFDV SHGDJyJLFDVpGHH[WUHPDLPSRUWkQFLDFRPSUHHQGHUWRGRVRVSDUDGLJPDVTXHHQYROYHPD QRYDUHDOLGDGHGHHQVLQR1HVVHTXDGURGHPXGDQoDVQRHVSDoRHGXFDFLRQDODIXQomRDWXDO
GRGRFHQWHpGHDJHQWHUHIOH[LYRHPHGLDGRUTXHQHFHVVLWDDFRPSDQKDUDVQRYDVWHFQRORJLDV FRPRXPIDWRUGHJUDQGHLPSDFWRQRHQVLQRHQDDSUHQGL]DJHP
1HVVH VHQWLGR HVWH DUWLJR DERUGDUi RV VHJXLQWHV WySLFRV EUHYHPHQWH GHVFULWRV HPEDVDGRVSULPRUGLDOPHQWHQRVDXWRUHVWDPEpPFLWDGRV
)XQGDPHQWDGDQRHGXFDGRUEUDVLOHLUR-RVp&DUORV/LEkQHRWHUHPRVXPDDQiOLVHVREUH TXHVW}HVGLGiWLFDVXPDEUHYHH[SOLFDomRVREUHRVPRGHORVHDVWHQGrQFLDVSHGDJyJLFDVVHQGR SRVVtYHOFRPSDUDURVSDUkPHWURVWUDGLFLRQDLVFRPDVPXGDQoDVQRVPRGHORVSHGDJyJLFRVTXH RFRUUHPDWXDOPHQWH
3RVWHULRUPHQWH D SURSRVWD GH PXGDQoD GRV PRGHORV SHGDJyJLFRV VHUi GLVFXWLGD H DPSDUDGDSHODVWHRULDVGH&RVWDH3LPHQWD/DUJDUWRTXHSURS}HPPXGDQoDVQRHQVLQR7DLV PXGDQoDV VHUmR DSUHVHQWDGDV QDV PHWRGRORJLDV DWLYDV HPEDVDGDV QRV FRQFHLWRV GH &RKHQ H *ODVVHU MXQWDPHQWH H[HPSOLILFDGDV FRP %HUJPDQQ *HH H %HQGHU
&RPDLQWHQomRGHHOXFLGDUDVLQRYDo}HVQDVSUiWLFDVGHHQVLQR.HQVNL &RVWD
et al. H 3R]R VmR FLWDGRV TXDQWR jV QHFHVVLGDGHV GH UHIRUPXODomR QDV
PHWRGRORJLDV XWLOL]DGDV QR HQVLQR VXSHULRU 7DPEpP VHUmR WUDWDGDV TXHVW}HV VREUH R QRYR SDSHOGRSURIHVVRUUHIOH[LYRTXHHVWiDEHUWRSDUDPXGDQoDVHPVXDVSUiWLFDVSHGDJyJLFDV VHJXQGR RV FRQFHLWRV GH 6DYLDQL D H 'HZH\ H $ODUFmR TXH WUD]HP HPEDVDPHQWRWHyULFRTXDQWRDVWHRULDVDFHUFDGDSRVWXUDGRSURIHVVRUUHIOH[LYR
7RGDV HVWDV PXGDQoDV SDUDGLJPiWLFDV QR HQVLQR VXSHULRU VmR GHFRUUHQWHV GDV 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR 7,&V TXH FDXVDUDP JUDQGH LPSDFWR QDV LQWHUDo}HVHGXFDFLRQDLVGHDFRUGRFRP.HQVNL *XLPDUmHV %L]H.DZDPXUD
$LQGD DQDOLVDQGR DV GLQkPLFDV QR HQVLQR VXSHULRU VHUi DERUGDGD D FRQVWUXomR GD DXWRQRPLDGRVDOXQRVGHQWURFRQFHLWR³DSUHQGHUDDSUHQGHU´DPSDUDGDVQDVREUDVGH3UHWL 7DUGLIH0RRUH )LQDOLGDGHVGRHQVLQRVXSHULRU 2HQVLQRVXSHULRUWHPFDUDFWHUtVWLFDVSUySULDV$OpPGRDSURIXQGDPHQWRGHiUHDVHVSHFtILFDV SDUD R SUHSDUR QD DWXDomR SURILVVLRQDO SRVVXL DLQGD XP REMHWLYR PDLRU FRP JUDQGH UHVSRQVDELOLGDGHVRFLDO
(P XPD VRFLHGDGH PXWiYHO FRP QRWiYHLV DOWHUDo}HV WRUQDVH QHFHVViULR TXH SURILVVLRQDLVGHWRGDVDViUHDVHVWHMDPSUHSDUDGRVSDUDDFRPSDQKDUSURPRYHUHVREUHWXGR FRQWULEXLUSDUDRGHVHQYROYLPHQWRHRHTXLOtEULRGDFROHWLYLGDGH (GXFDomRpRVXSRUWHHVVHQFLDOSRUTXHQRODGRIRUPDOLQVWUXPHQWDDSHVVRD FRPDKDELOLGDGHFUXFLDOGHPDQHMDUDDUPDPDLVSRWHQWHGHFRPEDWHTXHpR FRQKHFLPHQWRHQRODGRSROtWLFRDOLPHQWDDFLGDGDQLD6RFLHGDGHHGXFDGDp DTXHOD FRPSRVWD GHFLGDGmRV FUtWLFRV H FULDWLYRV FDSD]HV GH LQGLFDU RUXPR KLVWyULFRFROHWLYDPHQWHSUHWHQGLGRVREUHWXGRGHVHQYROYHUPD[LPDPHQWHD RSRUWXQLGDGHKLVWyULFDGLVSRQtYHO 'HPR
3RUWDQWR PXLWR DOpP GR GRPtQLR GH WpFQLFDV H FRQKHFLPHQWRV HVSHFtILFRV p LPSRUWDQWH SHQVDU TXH D IRUPDomR VXSHULRU SRVVXL D UHVSRQVDELOLGDGH GH SURPRYHU SURILVVLRQDLVFUtWLFRVTXHSRGHUmRDSRQWDUGHVYLRVHQRYRVFDPLQKRVQDVVXDViUHDV3DUD XPDVRFLHGDGHSURJUHGLUQHFHVVLWDPRVGHLQGLYtGXRVTXHEXVTXHPFRQVWDQWHPHQWHQRYRV VDEHUHV RX VHMD SUHFLVDPRV GH SHVTXLVDGRUHV SURILVVLRQDLV H DOXQRV LQWHOHFWXDOPHQWH LQGHSHQGHQWHV GLVSRVWRV D VH GHGLFDUHP D SURMHWRV GH LQYHVWLJDomR FLHQWtILFD TXH FRQVHTXHQWHPHQWHFRQWULEXLUmRFRPRVVHXVUHVXOWDGRVQDFRPXQLGDGHQDVXDWRWDOLGDGH
=DFFDUHOOL DILUPD TXH D IXQomR GR HQVLQR VXSHULRU p ³WUDQVIRUPDU RV UHJLVWURVGRFRQKHFLPHQWR´HP³FRQKHFLPHQWRVGLVVHPLQDGRVHXVDGRVQDVRFLHGDGH´RX VHMDDXQLYHUVLGDGHFRQWULEXLXGLUHWDPHQWHSDUDDFRQVWUXomRGHXPDVRFLHGDGHLJXDOLWiULD PDLVMXVWDHFUtWLFD eQRHQVLQRVXSHULRUTXHRDOXQRWHPFRQWDWRFRPGLIHUHQWHVUHFXUVRVHFRQWH~GRV UHFHEHRVHQFDUJRVGDVQRYDVH[LJrQFLDVHGHVHQYROYHRVHXFDUiWHUSRWHQFLDOTXHVHUi~WLO WDQWRQDYLGDSURILVVLRQDOFRPRSHVVRDO >@DVLQVWLWXLo}HVGHHQVLQRVXSHULRUQmRSRGHPSUHRFXSDUVHVRPHQWHFRPRV GHVHPSHQKRVHVFRODUHVGRVVHXVHVWXGDQWHVRXFRPRIDFWRGHRVSUHSDUDUSDUD VHUHP LQGLYtGXRV DOWDPHQWH HVSHFLDOL]DGRV 'HYHP DQWHV SHUVSHFWLYiORV GH XPDIRUPDJOREDOHVLVWpPLFDFRPRVXMHLWRVHPWUDQVLomRQDVGLYHUVDVHVIHUDV GDYLGDHSDUDTXHPRVUHFXUVRVVRFLDLVVHFRQVWLWXHPFRPRIDFWRUUHOHYDQWH HPWDOSURFHVVRGHDGDSWDomR 6HFR&DVLPLUR3HUHLUD'LDV&XVWyGLR 1HVVHFDVRSRGHPRVFRPSUHHQGHUTXHDOpPGDIRUPDomRDFDGrPLFDHGRSUHSDUR SURILVVLRQDO HP iUHDV HVSHFtILFDV R HQVLQR VXSHULRU SRVVXL WDPEpP R FRPSURPLVVR GH HVWLPXODUWRGRVRVFDPSRVTXHGHVHQYROYHPFRPSHWrQFLDVGLYHUVDV 0RGHORVHWHQGrQFLDVSHGDJyJLFDV 0RGHORVSHGDJyJLFRV 1DSUiWLFDGRFHQWHVHJXLPRVDOJXQVPRGHORVSHGDJyJLFRVTXHVmRDVIRUPDVGHWUDEDOKRQD VDOD GH DXOD RX VHMD D PDQHLUD FRPR DSOLFDPRV R FRQWH~GR H XWLOL]DPRV DV IHUUDPHQWDV GLVSRQtYHLV $ GLIHUHQoD HQWUH RV SURILVVLRQDLV HVWi YROWDGD SDUD D OLQKD GH HQVLQR HVWDEHOHFLGDSHODLQVWLWXLomRHSULQFLSDOPHQWHSHORFXUUtFXORHSUHGLOHomRGRSURIHVVRU
2 PRGHOR SHGDJyJLFR SRGH VHU GHILQLGR FRPR XPD WHRULD GH DSUHQGL]DJHP TXH GHVHQYROYHDFRJQLomRQDVLQWHUDo}HVHSUiWLFDVSHGDJyJLFDV3RGHVHUDOLFHUoDGRSRUPDLV GHXPDWHRULDGHDSUHQGL]DJHPpXPVLVWHPD³GHSUHPLVVDVWHyULFDVTXHUHSUHVHQWDH[SOLFD HRULHQWDDIRUPDFRPRVHDERUGDRFXUUtFXORHTXHVHFRQFUHWL]DQDVSUiWLFDVSHGDJyJLFDVH QDVLQWHUDo}HVSURIHVVRUDOXQRREMHWRGHHVWXGR´ %HKDU 'HVVHPRGRSDUDHQWHQGHUPHOKRUDVPXGDQoDVHSRVWXUDVTXHRGRFHQWHQRHQVLQR VXSHULRUGHYHWHUTXDQWRjDSOLFDomRGDVPXLWDVPHWRGRORJLDVTXHWHPRVKRMHpQHFHVViULR FRPSUHHQGHUPRVDWUDMHWyULDHDVFDUDFWHUtVWLFDVGDVPXLWDVWHQGrQFLDVSHGDJyJLFDVTXHMi WLYHPRVSDUDHQWmRUHIOHWLUPRVVREUHRTXHFDEHDSOLFDUQDDWXDOLGDGH -RVp&DUORV/LEkQHR HGXFDGRUHHVFULWRUEUDVLOHLURHODERURXPXLWDVUHIOH[}HV VREUH D GLGiWLFDH D SUiWLFD GH HQVLQR FRQVLGHUDQGR DV PXGDQoDV QR PXQGR DR ORQJR GD KLVWyULDHHQIDWL]DQGRVHPSUHDOXWDFRQWUDDGHVLJXDOGDGHHDVH[FOXV}HVVRFLDLV
7HQGrQFLDVSHGDJyJLFDV
$V WHQGrQFLDV 3HGDJyJLFDV VmR PROGHV SHGDJyJLFRV IRUPXODGRV SRU GLYHUVRV WHyULFRV H VXUJHP EDVHDGDV QR FRQWH[WR KLVWyULFR GDV VRFLHGDGHV SRVVXLQGR D IXQomR GH QRUWHDU R WUDEDOKRGRGRFHQWH
2 FRQKHFLPHQWR GHVVDV FRUUHQWHV SHGDJyJLFDV p GH H[WUHPD UHOHYkQFLD SRLV SRVVLELOLWD DR HGXFDGRU XPD UHIOH[mR VREUH RV SURFHVVRV GH HQVLQRDSUHQGL]DJHP GLUHFLRQDQGRDVXDSUiWLFDGLDQWHGDVQHFHVVLGDGHVGDDWXDOUHDOLGDGHGRVVHXVDOXQRVVHP QHFHVVDULDPHQWHDEGLFDUGHXPDGHODVPDVVLPHQFRQWUDUXPHTXLOtEULRGRVSRQWRVSRVLWLYRV
GHWRGDVeSUHFLVRSHQVDUTXHVHSRGHDEULUXPFDPLQKRDXPDSHGDJRJLDDWXDO TXHYHQKD ID]HUDVtQWHVHGRWUDGLFLRQDOHGRPRGHUQR VtQWHVHHQmRFRQIXVmR 6Q\GHUV
$VVLPSDUDFRPSUHHQGHUFRPRDVWHQGrQFLDVSHGDJyJLFDVDJHPGHPDQHLUDGLUHWD QR HQVLQR DSUHQGL]DGR p QHFHVViULR UHIOHWLU VREUH D KLVWyULD H FURQRORJLD GDV WHQGrQFLDV SHGDJyJLFDV'HVVDIRUPDSRGHPRVHQ[HUJDURSRQWRHPTXHHVWDPRVDWXDOPHQWHQRHQVLQR VXSHULRU H R TXH GH IDWR SUHFLVDPRV VHJXLU FRP XP WUDEDOKR GH TXDOLGDGH QR PXQGR FRQWHPSRUkQHR
$VWHQGrQFLDVSHGDJyJLFDVSRGHPVHUGLYLGLGDVHPGRLVJUXSRV 3HGDJRJLD/LEHUDO H3HGDJRJLD3URJUHVVLVWDDPEDVVXEGLYLGLGDV$GRXWULQDGDSHGDJRJLD/LEHUDOSRVVXLXPD LGHRORJLD FRQWURYHUVD DR VHX QRPH FRPR GLVFRUUH /LEkQHR VXUJLQGR FRPR MXVWLILFDWLYDGRVLVWHPDFDSLWDOLVWDQmRVHQGRGHPRFUiWLFDFRPXPDVRFLHGDGHGHFODVVHV 'HQWURGHODHQFRQWUDPRVDVVHJXLQWHVOLQKDVVHJXQGRRDXWRU
D 7UDGLFLRQDO QHVWDOLQKDRSURIHVVRUpDLPDJHPFHQWUDOHSRVVXLWRWDODXWRULGDGH FRP DXODV H[SRVLWLYDV 2 DOXQR p XPD ILJXUD SDVVLYD UHFHEHQGR DSHQDV R FRQWH~GR HQFLFORSpGLFR VHP D SRVVLELOLGDGH GH WURFD RX GH SDUWLFLSDomR QD FRQVWUXomRGRFRQKHFLPHQWRLQWHOHFWXDOHPRUDO
E 5HQRYDGD 3URJUHVVLVWD R IRFR PDLRU GHVVD YHUWHQWH p DSUHQGHU D DSUHQGHU R SURIHVVRU p PHGLDGRU GDV SHVTXLVDV H SURMHWRV TXH R DOXQR GHVHQYROYH $TXL WHPRVRGLVFHQWHFRPRILJXUDFHQWUDORVWUDEDOKRVHPJUXSRVmRYDORUL]DGRV SDUDTXHKDMDWURFDGHFRQKHFLPHQWRHLQWHUDomRHQWUHRVDOXQRV7HPRVDTXLXP DOXQRDWLYRTXHFRQVWUyLVHXFRQKHFLPHQWR
F 5HQRYDGD QmRGLUHWLYD DTXL HQFRQWUDPRV D YDORUL]DomR GR UHODFLRQDPHQWR LQWHUSHVVRDO2SURIHVVRUGHYHVHUXPIDFLOLWDGRUGDDTXLVLomRGHFRQKHFLPHQWR HRULHQWDGRUSDUDDIRUPDomRGHDWLWXGHV2REMHWLYRpDDXWRDSUHQGL]DJHPGH FRQWH~GRV VLJQLILFDWLYRV TXH SRGHP VHU DSOLFDGRV QD UHDOLGDGH 2 DOXQR p R FHQWURHRLPSRUWDQWHpDVXDDXWRUUHDOL]DomR G 7HFQLFLVWD HQIRFDDHILFLrQFLDHDSURGXWLYLGDGH$VWpFQLFDVVmRDSDUWHFHQWUDO GHVVDSHGDJRJLD2SURIHVVRUFXPSUHXPSDSHOGHDGPLQLVWUDGRUGDVWpFQLFDV SDUDTXHRVDOXQRVVHMDPSUHSDUDGRVSDUDVHUHPSURILVVLRQDLVSURGXWLYRV3RVVXL DLQWHQomRGHIRUPDUDOXQRVDXWRGLGDWDVHIRFDQDSUiWLFDSDUDTXHSRVVDPDWXDU QRPXQGR
$ SHGDJRJLD SURJUHVVLVWD DLQGD FRP EDVH HP /LEkQHR p VXEGLYLGLGD GD VHJXLQWHIRUPD
D /LEHUWDGRUD WHP FRPR ILORVRILD GH EDVH D FRQVFLHQWL]DomR H D WUDQVIRUPDomR VRFLDO 3URS}H D IRUPDomR GH LQGLYtGXRV FDSD]HV GH UHIOHWLU D UHDOLGDGH H YLVD PXGDQoDV SRVLWLYDV 7UDEDOKD FRP WHPDV JHUDGRUHV HP JUXSRV GH GLVFXVVmR H GLiORJRV2SURIHVVRUpRPHGLDGRUGDVDWLYLGDGHVTXHVHSURS}HDIRUPDUDOXQRV FUtWLFRV
E /LEHUWiULD SURS}HDSDUWLFLSDomRFUtWLFDGRVDOXQRV2SURIHVVRUpXPRULHQWDGRU QRV JUXSRV GH GHEDWH 'HIHQGH XPD DXWRJHVWmR SHGDJyJLFD QD TXDO R FRQKHFLPHQWRVHGiQDVYLYrQFLDVHPVRFLHGDGH
F &UtWLFR 6RFLDO GRV &RQWH~GRV HQWHQGH TXH R FRQKHFLPHQWR p XPD IRUPD GH FUtWLFD H VXSHUDomR GR PRGHOR GD VRFLHGDGH 7HP SRU ILQDOLGDGH YDORUL]DU R FRQWH~GRYLYRLQGLVVRO~YHOGDUHDOLGDGH3DUDWUDEDOKDUHVVHVFULWpULRVWHPRVD DQiOLVH FUtWLFD D WHRULD D SUiWLFD D H[SHULrQFLD H R VDEHU 2 SURIHVVRU p XP PHGLDGRUSDUDSRVVLELOLWDUKDELOLGDGHVHFRQKHFLPHQWRVFRPRLQWXLWRGHIRUPDU DOXQRVWUDQVIRUPDGRUHVHFUtWLFRVGDVVXDVUHDOLGDGHV
0XGDQoDVQRVPRGHORVSHGDJyJLFRV ,QGHSHQGHQWHGDWHQGrQFLDSHGDJyJLFDSRUPXLWRWHPSRRPRGHORPDLVXWLOL]DGRQRHQVLQR VXSHULRUVHEDVHDYDHVVHQFLDOPHQWHQDDomRGRGRFHQWHFRPXPPpWRGRH[SRVLWLYR1HVVD YLVmR WHPRV R PHVWUH FRPR GHWHQWRU GH XP VDEHU tPSDU TXH HVWDEHOHFLD XPD WHQGrQFLD XQLGLUHFLRQDOHQWUHSURIHVVRUHVWXGDQWH
+iSRXFRPDLVGHXPDGpFDGDD~QLFDIRQWHGHLQIRUPDomRHUDRFRQKHFLPHQWRGRV PHVWUHV H RV FRQWH~GRV LPSUHVVRV QRV OLYURV H HQFLFORSpGLDV 6DEHU TXH D PDLRU SDUWH GR FRQKHFLPHQWR HVWDYD DUPD]HQDGR HP ELEOLRWHFDV H HUD GHWLGR QDV PmRV GH GRFHQWHV TXH WLYHUDPRSRUWXQLGDGHGHIUHTXHQWDUJUDQGHVLQVWLWXLo}HVGHHQVLQRUHVWULQJLDGHFHUWDIRUPD DSURSDJDomRGRFRQKHFLPHQWR 3RGHPRVDILUPDUTXHWtQKDPRVRFRQWH~GRDFDGrPLFRGHFHUWDIRUPDHVWiWLFRVH FRPSDUDGRFRPDYHORFLGDGHGDVQRYDVGHVFREHUWDVGRVGLDVDWXDLV(VVHPpWRGRFXPSULX FRPDVXDIXQomRGLDQWHGDVH[SHFWDWLYDVGHXPDGHWHUPLQDGDpSRFDGRSDVVDGRPDVQD DWXDOUHDOLGDGHQmRpPDLVVXILFLHQWH
2 HQVLQR VXSHULRU p FRQVWLWXtGR SRU FRPSHWrQFLDV FRPSOH[DV FRQKHFLPHQWRV H DSWLG}HVGLYHUVDV3RUPHOKRUSUHSDURTXHXPGRFHQWHWHQKDQHQKXPFRQKHFLPHQWRpLQHUWH 2FRQWH~GRVRIUHUHIRUPXODomRRFRPSRUWDPHQWRGDVQRYDVJHUDo}HVGHDOXQRVPXGDHDV IHUUDPHQWDVGHHQVLQRVmRWURFDGDV
&RPSUHHQGHQGR TXH WRGR VLVWHPD HYROXL p LPSUHVFLQGtYHO TXH RV PRGHORV SHGDJyJLFRVPpWRGRVHGLGiWLFDVWDPEpPVHMDPUHIRUPXODGRVSDUDDFRPSDQKDURVQRYRV FULWpULRV GH FDGD pSRFD H UHDOLGDGH &RP DV QRYDV WHFQRORJLDV H DV PXGDQoDV QR FRPSRUWDPHQWRFROHWLYRHGHYDORUHVPRUDLVRFRQKHFLPHQWRVHWRUQRXPDLVDFHVVtYHOFRP DOJXPDVUHVVDOYDV
'LDQWH GRV QRYRV GHVDILRV SDUD D GRFrQFLD R GRPtQLR UHVWULWR GH XPD iUHD FLHQWtILFD GR FRQKHFLPHQWR QmR p VXILFLHQWH 2 SURIHVVRU GHYH GHVHQYROYHU WDPEpPXPVDEHUSHGDJyJLFRHXPVDEHUSROtWLFR(VWHSRVVLELOLWDDRGRFHQWH SHODDomRHGXFDWLYDDFRQVWUXomRGDFRQVFLrQFLDQXPDVRFLHGDGHJOREDOL]DGD FRPSOH[DHFRQWUDGLWyULD&RQVFLHQWHVGRFHQWHVHGLVFHQWHVID]HPVHVXMHLWRV GDHGXFDomR2VDEHUID]HUSHGDJyJLFRSRUVXDYH]SRVVLELOLWDDRHGXFDQGRD DSUHHQVmRHDFRQWH[WXDOL]DomRGRFRQKHFLPHQWRFLHQWtILFRHODERUDGR 3LPHQWD $QDVWDVLRX&DYDOOHW
'HVVH PRGR R VXUJLPHQWR GH QRYDV WHFQRORJLDV H DV FRQVWDQWHV PXGDQoDV QD VRFLHGDGH FDXVDUDP LPSDFWR H JUDQGHV PRGLILFDo}HV HP WRGRV RV FRQWH[WRV QDV UHODo}HV LQWHUSHVVRDLVHGHFRPSRUWDPHQWR&RQVHTXHQWHPHQWHHVVDUHDOLGDGHDIHWDRSURFHVVRGH HQVLQRHDSUHQGL]DJHP
$VRFLHGDGHGDLQIRUPDomRHDLQWHUQHWWURX[HUDPDRPXQGRGDHGXFDomRHGD IRUPDomR QRYRV SDUDGLJPDV SDUD HQVLQDU H DSUHQGHU 6H DWUDYpV GD LQWHUQHW SRGHP VHU GLVSRQLELOL]DGRV FRQWH~GRV GH XPD IRUPD PDLV DODUJDGD PDLV UiSLGD DWUDWLYD H LQWHUDWLYD TXH DQWHV D YHUGDGH p TXH LVVR SRGH LPSOLFDU D QHFHVVLGDGH GH QRYRV PRGHORV GH HQVLQR H DSUHQGL]DJHP EHP FRPRGD VXD GLVWULEXLomR /DJDUWR$QGUDGH
1HVVH VHQWLGR KRMH R FRQKHFLPHQWR WHP OLYUH H IiFLO DFHVVR QRYDV WHRULDV VmR IDFLOPHQWH GLYXOJDGDV H D LQWHUQHW QRV SHUPLWH SHVTXLVDU D WRGR PRPHQWR TXDOTXHU FRQWH~GR H WURFDU LQIRUPDo}HV FRP YiULRV HVSHFLDOLVWDV H HVWXGLRVRV GH GLYHUVDV iUHDV
&RQWXGR QHVVD LQILQLWD UHGH GH LQIRUPDo}HV Ki WDPEpP XPD JUDQGH TXDQWLGDGH GH FRQWH~GRVGLVWRUFLGRVeVREUHHVVDQRYDUHDOLGDGHTXHRDWXDOSURIHVVRUSUHFLVDUHIOHWLUVREUH RVPRGHORVSHGDJyJLFRVXWLOL]DGRVHFRPSUHHQGHURVHXLPSRUWDQWHSDSHOFRPRPRGHUDGRU GHVVDVIHUUDPHQWDVHQRYRVHVTXHPDVGHDSUHQGL]DJHP
2VQRYRVPRGHORVSUHFLVDPVREUHWXGRFRPSUHHQGHUTXHRDOXQRDOpPGHXVXIUXLU GHQRYRVLQVWUXPHQWRVWDPEpPWUD]FRQVLJRXPDJUDQGHEDJDJHPGHFRQKHFLPHQWRVSUpYLRV H YLYrQFLDV VREUH TXDVH WRGRV RV DVVXQWRV DERUGDGRV QD DXOD FRPR DILUPD -RVp &DUORV /LEkQHR
>@ QmR H[LVWH R DOXQR HP JHUDO PDV R DOXQR YLYHQGR QXPD VRFLHGDGH GHWHUPLQDGDTXHID]SDUWHGHXPJUXSRVRFLDOHFXOWXUDGHWHUPLQDGRVHQGR TXHHVWDVFLUFXQVWkQFLDVLQWHUIHUHPQDVXDFDSDFLGDGHGHDSUHQGHU>@8PERP SURIHVVRUTXHDVSLUDWHUXPDERDGLGiWLFDQHFHVVLWDDSUHQGHUDFDGDGLDFRPR OLGDU FRP D VXEMHWLYLGDGH GRV DOXQRV VXD OLQJXDJHP VXDV SHUFHSo}HV VXD SUiWLFD GH YLGD 6HP HVWD GLVSRVLomR VHUi LQFDSD] GH FRORFDU SUREOHPDV GHVDILRVSHUJXQWDVUHODFLRQDGDVFRPRFRQWH~GRFRQGLomRSDUDVHFRQVHJXLU XPDDSUHQGL]DJHPVLJQLILFDWLYD /LEkQHR 3RUWDQWRpQHVVDUHDOLGDGHTXHRSURIHVVRUSUHFLVDSRQGHUDURVPRGHORVSHGDJyJLFRV UHFHQWHVHFRPSUHHQGHURVHXSDSHOGHPHGLDGRUTXHpDTXHOHTXHFRQGX]LUiRDOXQRQDVXD MRUQDGDQDFRQVWDQWHEXVFDSRUFRQKHFLPHQWR 0HWRGRORJLDVDWLYDV $VPHWRGRORJLDVDWLYDVFODVVLILFDPXPDQRYDYHUWHQWHGHHQVLQRTXHFRQVLVWHQDPXGDQoD GH SDUDGLJPD GR DSUHQGL]DGR H GD UHODomR HQWUH DOXQR H SURIHVVRU $ LQWHQomR p GDU DXWRQRPLD DR DSUHQGL] SHUPLWLQGR TXH R GLVFHQWH VHMD SURWDJRQLVWD GR SURFHVVR GH DSUHQGL]DJHP
1HVVDOLQKDGHSHQVDPHQWRRGRFHQWHDVVXPHXPSDSHOGHRULHQWDGRUSHUPLWLQGR XPDLQWHUDomRHTXLOLEUDGDQDTXDODPERVSRGHPFRQVWUXLURFRQKHFLPHQWRMXQWRV7HQGR OLEHUGDGH H UHVSRQVDELOLGDGH PDLRU VREUH R FRQWH~GR D H[SHFWDWLYD p GH TXH R GLVFHQWH GRPLQHFRPPDLRUSURSULHGDGHRREMHWRGHHVWXGRFRPRVXJHUH&RKHQ
7HPFRPRSUHPLVVDTXHDSHQDVYHUHRXYLUXPFRQWH~GRGHPDQHLUDDSiWLFD QmR p VXILFLHQWH SDUD DEVRUYrOR 2 FRQWH~GR H DV FRPSHWrQFLDV GHYHP VHU GLVFXWLGRVHH[SHULPHQWDGRVDWpFKHJDUDRSRQWRHPTXHRDOXQRSRVVDGRPLQDU RDVVXQWRHIDODUDUHVSHLWRFRPVHXVSDUHVHTXHPVDEHDWpPHVPRHQVLQiOR &RKHQ
'HVVD PDQHLUD PXLWDV VmR DV IRUPDV FRPR DV PHWRGRORJLDV DWLYDV SRGHP VHU DSOLFDGDVRHQVLQRKtEULGRpXPH[HPSORGDUXSWXUDJUDGDWLYDFRPRVLVWHPDWUDGLFLRQDO2 PRGHOR KtEULGR FRQVLVWH QD XQLmR GR PRGHOR SUHVHQFLDO FRP R PpWRGR D GLVWkQFLD H OHDUQLQJ 1HVVDUHDOLGDGHRDOXQRSRGHDPSOLDUHUHIRUoDURFRQKHFLPHQWRHPVDODGHDXOD SRULQWHUPpGLRGDVWHFQRORJLDVGLJLWDLV
2 SVLTXLDWUD DPHULFDQR :LOOLDP *ODVVHU GHIHQGH TXH R DOXQR DSUHQGH FRP PDLRU HIHWLYLGDGHSHODSUiWLFDHDPSOLDRVHXFRQKHFLPHQWRTXDQGRSHUFHEHTXHRFRQKHFLPHQWR WHyULFRHPSDXWDSRVVXLIXQFLRQDOLGDGHQDUHDOLGDGH6HJXQGRRDXWRU
$ERDHGXFDomRpDTXHODHPTXHRSURIHVVRUSHGHSDUDTXHVHXVDOXQRVSHQVHP H VH GHGLTXHP D SURPRYHU XP GLiORJR SDUD SURPRYHU D FRPSUHHQVmR H R FUHVFLPHQWRGRVHVWXGDQWHV *ODVVHU QS 1HVVHVHQWLGRRr[LWRGDVPHWRGRORJLDVDWLYDVGHSHQGHGDDEHUWXUDHGHVHPSHQKRGR GRFHQWHGLDQWHGDVSUiWLFDVSURSRVWDV2SURIHVVRUVHUiUHVSRQViYHOSRUJXLDUHSURPRYHUR HQVLQRGLULJLGR'HVVDIRUPDpHVVHQFLDOTXHRGRFHQWHUHIOLWDVREUHTXDLVDWLYLGDGHVGHYHP VHUGLUHFLRQDGDVFRQVLGHUDQGRRSHUILOGRVJUXSRVEHPFRPRRFRQWH~GRSURSRVWR'LYHUVDV VmRDVSUiWLFDVYHMDPRVWUrVH[HPSORVDVHJXLUSDUDPHOKRUHOXFLGDURDVVXQWR 6DODGHDXODLQYHUWLGDRXIOLSSHG&ODVVURRP %HUJPDQQ RHVWXGDQWHSHVTXLVD SUHYLDPHQWHRTXHVHUiDSOLFDGRQDDXODVHJXLQWH2REMHWLYRpTXHRVDOXQRVWHQKDPXP FRQKHFLPHQWR SUpYLR H HVWHMDP SUHSDUDGRV SDUD XP DSUHQGL]DGR SDUWLFLSDWLYR SRGHQGR OHYDQWDUKLSyWHVHVFUtWLFDVHGHVVDIRUPDFRQVWUXLUDWLYDPHQWHRFRQKHFLPHQWRDSOLFDGR
*DPLILFDomR *HH pXPPpWRGRTXHSRGHVHUDSOLFDGRGHPDQHLUDDQDOyJLFDRX GLJLWDO &RQVLVWH HP FULDU MRJRV FRP RV FRQWH~GRV HVWXGDGRV 2 IRFR GHVVD DWLYLGDGH p PRWLYDUHHVWLPXODURVDOXQRVHPXPDFRPSHWLomRVDXGiYHOQDTXDOSRVVDPGHVHQYROYHU KDELOLGDGHVHVVHQFLDLVQDVSUiWLFDVSURILVVLRQDLVWDLVFRPRFRRSHUDomRHPJUXSROLGHUDQoD HVRFLDELOLGDGH $SUHQGL]DJHP %DVHDGDHP3URMHWRV 3%/ %HQGHU RSURIHVVRUSURS}HXPD GLQkPLFDGHSURMHWRFRPXPWHPDHVSHFtILFR1HVVDDWLYLGDGHRVDOXQRVGLVFXWHPVREUHR FRQWH~GRWHQGRRDSRLRGRSURIHVVRUTXHGHYHUiRULHQWDUHLQWHUPHGLDUTXDQGRQHFHVViULR $TXLRGLVFHQWHWHPSDSHOFHQWUDOSDUDEXVFDUFRQKHFLPHQWRVHVROXo}HV
,Q~PHUDV VmR DV SUiWLFDV YROWDGDV SDUD DV PHWRGRORJLDV DWLYDV LQGLIHUHQWH GH TXDLV IHUUDPHQWDVVHIDoDXVRWRGDVSRVVXHPRPHVPRREMHWLYR SURSRUFLRQDUSDUWLFLSDomRDWLYD GRHVWXGDQWHQRSURFHVVRGHDSUHQGL]DJHP
$ YHUWHQWH GH HQVLQR HP TXHVWmR SURS}H WDPEpP GHVHQYROYHU FRPSHWrQFLDV SDUD R GHVHQYROYLPHQWR GR SHQVDPHQWR FUtWLFR SURDWLYLGDGH QDV VROXo}HV GH SUREOHPDWL]DomR DXWRQRPLDUHVSRQVDELOLGDGHHOLGHUDQoD 1DGLPHQVmRVRFLRHPRFLRQDOSRVVXLXPDFRQWULEXLomRUHOHYDQWHTXDQGRH[S}HRDOXQR DVLWXDo}HVFRPSOH[DVVHQGRQHFHVViULRGHIHQGHUDVVXDVSUySULDVLGHLDVHUHVSHLWDUDRSLQLmR GRVRXWURVHTXLOLEUDGDPHQWHPDQWHQGRDKDUPRQLDFRPRVGHPDLV $VPHWRGRORJLDVDWLYDVSURPRYHPDSRVVLELOLGDGHGHDWXDomRGHVVHHVWXGDQWHTXHHP EUHYHVHUiLQVHULGRQRPHUFDGRGHWUDEDOKRHQHFHVVLWDUiGHWRGDVKDELOLGDGHVMiPHQFLRQDGDV DQWHULRUPHQWH (QVLQRHDSUHQGL]DJHP ,QRYDo}HVQDVSUiWLFDVGHHQVLQR (PFDGDSHUtRGRGDH[LVWrQFLDKXPDQDHQFRQWUDPRVPXGDQoDVTXHRFRUUHPQDUHDOLGDGH LQVWLWXtGD SHOD FXOWXUD HFRQRPLD YDORUHV PRUDLV H QDV SUiWLFDV TXH DSOLFDPRV QDV PDLV GLYHUVDVDWLYLGDGHV
1D DWXDOLGDGH p QRWiYHO FRPR D QRVVD UHDOLGDGH PXGD HP WRGRV RV VHWRUHV &RQVWDQWHPHQWH YLYHQFLDPRV XP FDOGHLUmR GH QRYDV H[SHULrQFLDV H DV SUiWLFDV GH HQVLQR DFRPSDQKDPHVVDDFHOHUDGDHFRQWtQXDWUDQVIRUPDomR
$OpPGRVUHFXUVRVXWLOL]DGRVSDUDRHQVLQRGHYHPRVUHIOHWLUVREUHDFRPSUHHQVmR TXDQWRjVTXHVW}HVFRJQLWLYDV7HPRVDJRUDXPFRQWH[WRGHSURFHVVRSURGXWLYRDFDGrPLFR SROLYDOHQWHQRTXDOWRGRVSRGHPFRQWULEXLUFRPRDSUHQGL]DGR
IDODUGHLQRYDomRpIDODUGHIRUPDomRGHDWLWXGHVGHVWUH]DVHKiELWRVPDQHMDU HVWUDWpJLDVSUHYHUHVXSHUDUUHVLVWrQFLDVFRQKHFHUSURFHVVRVDIURQWDUFRQIOLWRV FULDUFOLPDVFRQVWUXWLYRVHWF 7RUUHV
1HVVH VHQWLGR R HQVLQR VXSHULRU GHYH YLVDU R SHQVDPHQWR DXW{QRPR H FUtWLFR D FDSDFLGDGHGHWUDEDOKDUHPHTXLSHDFULDWLYLGDGHDVVHUWLYLGDGHDLQLFLDWLYDHVREUHWXGRD KDELOLGDGHGHDSOLFDUWRGDVHVVDVIDFXOGDGHVQRH[HUFtFLRGRVHXIXWXURWUDEDOKRHQDYLYrQFLD VRFLDO 'HPDQHLUDJHUDODLQRYDomRLPSOLFDUXSWXUDGRWUDGLFLRQDO&RQWXGRQmRpSRVVtYHO VLPSOHVPHQWHVXEVWLWXLUXPPRGHORSHORRXWURSRLVDVWHRULDVHDVSUiWLFDVVHPSUHSUHFLVDUmR GHXPHPEDVDPHQWRDQWHULRUPHVPRTXHHVVHVHMDFRQWUiULRjQRYDSURSRVWD eLPSRUWDQWHOHPEUDUPRVTXHGLYHUVRVDOXQRVGRHQVLQRVXSHULRUHVWLYHUDPHPXP PRGHORWUDGLFLRQDOGHHQVLQRSRUWRGDYLGDHVFRODU3DUDPXLWRVDQRYDSURSRVWDGHHQVLQR TXHYDORUL]DDDXWRQRPLDSRGHVHULQWHUSUHWDGDFRPRXPPpWRGRSDUDGLILFXOWDUDDTXLVLomR GHFRQKHFLPHQWRXPDYH]TXHHVWmRKDELWXDGRVFRPRSDSHOSDVVLYRGRDOXQR
$SUHQGL]DJHP GH IDWRV RX DTXLVLomR GH LQIRUPDo}HV VREUH DV UHODo}HV HQWUH DFRQWHFLPHQWRVWDPEpPSURYRFDHPQyVRXWUDVUHDo}HVGHQDWXUH]DWDPEpP LPSOtFLWD FRPR VmR DV HPRo}HV 4XDQGR XPD VLWXDomR DPELHQWDO RX XP DFRQWHFLPHQWR QRV SURGX] DWUDomR RX DYHUVmR SUD]HU RX PHGR LQWHUHVVH RX DSDWLD DGTXLULPRV HPRo}HV LQWHQVDV DVVRFLDGDV D HVVD VLWXDomR RX DFRQWHFLPHQWRGHIRUPDTXHHVWHWHQGHDQRVHYRFDULQHYLWDYHOPHQWHDTXHOD HPRomReXPDDSUHQGL]DJHPPXLWDVYH]HVSUD]HURVDPDVjVYH]HVDFDED SRUVHULQF{PRGRRXGHVDJUDGiYHO 3R]R 3RUWDQWRFDEHDRGRFHQWHFRQGX]LUHVVDQRYDYHUWHQWHGHHQVLQRSDUDTXHRDOXQR FRPSUHHQGDRREMHWLYRILQDOTXHVHEDVHLDQDYDORUL]DomRGRVGLIHUHQWHVVDEHUHVKXPDQRV GDUHODomRGLDOpWLFDHJOREDOGRFRQKHFLPHQWRYLVDQGRVHPSUHDFRQVWUXomRGHSURWDJRQLVWDV GHDo}HVMXQWRDRFROHWLYR 23URIHVVRUUHIOH[LYR
5HFHQWHV WHRULDV TXHVWLRQDP H LQGDJDP VREUH DV SUiWLFDV GRFHQWHV WUDGLFLRQDLV H D QHFHVVLGDGH GH UHIOH[mR VREUH HVVDV DWLYLGDGHV 2 WHUPR SURIHVVRU UHIOH[LYR YHP VHQGR DPSODPHQWH DERUGDGR QRV PHLRV HGXFDFLRQDLV SDUD HOXFLGDU D SURSRVWD GH XPD QRYD DERUGDJHP 2 SURFHVVR UHIOH[LYR QD GRFrQFLD EXVFD VXSHUDU D UDFLRQDOLGDGH WpFQLFD WUDGLFLRQDOTXHWHPFRPRIRFRDLQVWUXPHQWDOL]DomR $WpFQLFDpGHILQLGDFRPRDPDQHLUDFRQVLGHUDGDFRUUHWDGHVHH[HFXWDUXPD WDUHID&RPRWDOHODVHFDUDFWHUL]DSRUXPFRQMXQWRGHUHJUDVH[WUtQVHFDVTXH VmRFRPSHQGLDGDVWRUQDQGRVHVXVFHWtYHLVGHVHUHPDSURSULDGDVHDSOLFDGDVQD DWLYLGDGHSUiWLFD,PSOLFDSRLVHPUHSHWLWLYLGDGH$DUWHSRUVXDYH]WDPEpP VH UHIHUH j UHDOL]DomR SUiWLFD (QWUHWDQWR GLIHUHQWHPHQWH GD WpFQLFD HOD VH GHILQHSRUUHJUDVLQWUtQVHFDVGLWDGDVSHODSUySULDREUDDVHUIHLWD,PSOLFDSRLV HP RULJLQDOLGDGH 2UD QR FDPSR GD HGXFDomR QyV HQFRQWUDPRV DPEDV DV GLPHQV}HV 3HOD GLPHQVmR WpFQLFD p SRVVtYHO H[WUDLU GRV HQXQFLDGRV H SULQFtSLRVGDWHRULDGDHGXFDomRGHWHUPLQDGDVUHJUDVTXHGHYHPVHUVHJXLGDV QDUHDOL]DomRGRDWRHGXFDWLYR(VVDpDIRUPDTXHVHPDQLIHVWDQDFRPSRVLomR GRV SURJUDPDV HVFRODUHV GDV GLYHUVDV GLVFLSOLQDV QRV TXDLV VH GHILQHP RV
REMHWLYRV D VHUHP DWLQJLGRV RV FRQWH~GRV D VHUHP HVWXGDGRV H RV SURFHGLPHQWRVTXHVHUmRDGRWDGRVQDVDXODVGLDDGLDVHPDQDDVHPDQDPrVD PrV DR ORQJR GH WRGR R SHUtRGR OHWLYR D ILP GH YLDELOL]DU R HVWXGR GRV FRQWH~GRV H DVVLP DWLQJLU RV REMHWLYRV TXH MXVWLILFDP R HQVLQR GDTXHOD GLVFLSOLQD1RHQWDQWRRWUDEDOKRHGXFDWLYRDOpPGDGLPHQVmRWpFQLFDFRQWpP WDPEpPXPDGLPHQVmRDUWtVWLFD2XVHMDDREUDHGXFDWLYDVHUHYHVWHGHXP DOWRJUDXGHRULJLQDOLGDGHTXHGLWDDRHGXFDGRUGHWHUPLQDGDVUHJUDVGHFDUiWHU LQWUtQVHFR TXH SRUWDQWR QmR VmR VXVFHWtYHLV GH VHUHP FRPSHQGLDGDV H[WHUQDPHQWH SDUD VXD DSOLFDomR PHFkQLFD QD UHDOL]DomR SUiWLFD GD WDUHID HGXFDWLYD (VVH DVSHFWR DUWtVWLFR TXH HP FRQGLo}HV QRUPDLV FRQYLYH FRP R DVSHFWR WpFQLFR H[LJLQGR GR SURIHVVRU TXH HQFRQWUH D PHGLGD DGHTXDGD GH FRPELQDomRGDVUHJUDVLQWUtQVHFDVHH[WUtQVHFDVQDUHDOL]DomRGHVXDWDUHIDHP GHWHUPLQDGRVPRPHQWRVSRGHVHPDQLIHVWDUGHIRUPD PDLVVDOLHQWH 6DYLDQL (PRXWUDVSDODYUDVDDUJXPHQWDomRGH6DYLDQL QRVDX[LOLDQDFRPSUHHQVmR GRGHVDILRGDGRFrQFLDHPWHPSRVFRQWHPSRUkQHRV6HFRPSUHHQGHUPRVTXHDVUHDOLGDGHV VRFLDLVHFXOWXUDLVGRVDOXQRVHSURIHVVRUHVQmRVmRKRPRJrQHDVMiWHPRVHPSDUWHXPD SHTXHQDYLVmRGDSOXUDOLGDGHHGDFRPSOH[LGDGHTXHWRGRRWUDEDOKRHPTXHVWmRHQYROYH SDUDTXHDSUiWLFDGRFHQWHVHMDHILFD]SDUDWRGRVRVHQYROYLGRV $PSOLDQGRXPSRXFRPDLVHVVHTXHVWLRQDPHQWRWHPRVDQRYDHDFRQVWDQWHPXGDQoD WHFQROyJLFDTXHDOWHUDRVPHFDQLVPRVGHHQVLQR([LVWHXPWHUPRTXHHPHUJLXQRLQtFLRGD GpFDGDGRVDQRVQRFHQiULRHGXFDFLRQDOFRPRXPQRYRSDUDGLJPDGHQRPLQDGRFRPR IRUPDomR UHIOH[LYD GR SURIHVVRU &RP UHIHUHQFLDO QRV WUDEDOKRV GR SHGDJRJR ILOyVRIR H SVLFyORJRQRUWHDPHULFDQR-RKQ'HZH\ SRGHPRVFRPSUHHQGHUHVVDYHUWHQWH GHSHQVDPHQWR
'HZH\ FDUDFWHUL]RX R SHQVDPHQWR FUtWLFR FRPR HOHPHQWR IXQGDPHQWDO H LPSXOVLRQDGRU QD SUiWLFD GRFHQWH TXH HQYROYH SUiWLFDV GH SHVTXLVD LQYHVWLJDomR H TXHVWLRQDPHQWRQRVSDSpLVGRVSURIHVVRUHV 6HJXQGR6FK|Q RGHVHQYROYLPHQWRGDWHRULDGRSURIHVVRUUHIOH[LYRVXUJLX GLDQWHGDEXVFDGHVXSHUDURHQVLQREHKDYLRULVWD$LQGDSDUDRDXWRUHVVDSHGDJRJLDOLPLWDYD DSUiWLFDGRSURIHVVRUQDVDSOLFDo}HVGHWpFQLFDVHODERUDGDVSRUWHUFHLURVUHGX]LQGRWXGRHP XP~QLFRPRGHOR $SURSRVWDGHXPDSHUVSHFWLYDUHIOH[LYDSURPRYHXPDSUREOHPDWL]DomRTXHVHUiR SRQWRGHSDUWLGDSDUDDUHIOH[mRHDEXVFDSHODYHUGDGH3DUD'HZH\ ³DQHFHVVLGDGH GDVROXomRGHXPDG~YLGDpRIDWRUEiVLFRHRULHQWDGRUHPWRGRRPHFDQLVPRGDUHIOH[mR´ 'HZH\
1HVVH FRQWH[WR QD DomR UHIOH[LYD Ki D SUREOHPDWL]DomR GD UHDOLGDGH YLYHQFLDGD GLIHUHQWHGRSUREOHPDFRPRVLQ{QLPRGHGLILFXOGDGHDSUREOHPDWL]DomRGHVVDyWLFDLPSOLFD LQYHVWLJDUXPDUHDOLGDGHHDQDOLViOD
1D SUiWLFD QmR H[LVWHP SUREOHPDV PDV VLP VLWXDo}HV SUREOHPiWLFDV TXH VH DSUHVHQWDP IUHTXHQWHPHQWH FRPR FDVRV ~QLFRV TXH QmR VH HQTXDGUDP QDV FDWHJRULDVJHQpULFDVLGHQWLILFDGDVSHODWpFQLFDHSHODWHRULDH[LVWHQWHV 3pUH] *yPH]
6HJXQGR /DODQGD H $EUDQWHV 'HZH\ HQIDWL]D WUrV DWLWXGHV TXH IDYRUHFHPDDomRUHIOH[LYD
x $EHUWXUDGHHVStULWR DFHLWDUDGLYHUVLGDGHGHRSLQL}HVHDQXLUSRVVLELOLGDGH GHHUURV x 5HVSRQVDELOLGDGH DQDOLVDUIDWRVHFRQVHTXrQFLDVGHFDGDDomR x (PSHQKR HQJDMDPHQWRHSDUWLFLSDomRDWLYDGDDWLYLGDGHHPTXHVWmR $QDOLVDQGRDVWUrVDWLWXGHVFLWDGDVFRPSUHHQGHPRVTXHXPSURILVVLRQDOUHIOH[LYR SUHFLVD HVWDU DEHUWR SDUD D DQiOLVH H D LQYHVWLJDomR GDV VXDV SUiWLFDV GRFHQWHV H FRQVHTXHQWHPHQWH WDPEpP SDUD WRGDV DV PXGDQoDV QHFHVViULDV SDUD D HYROXomR GR VHX WUDEDOKR(VVHSURILVVLRQDOVHPSUHHVWDUiTXHVWLRQDQGRDVXDSUiWLFDQmRWUDEDOKDQGRFRP WpFQLFDVGHVFULWLYDVHVROXo}HVSURQWDV2VHXROKDUpDPSORTXDQWRjFRPSOH[LGDGHGRVVHXV DOXQRVGDLQVWLWXLomRHGDVRFLHGDGHFRPRXPWRGR
2WUDEDOKRHQYROYHGHSRLVGDSUREOHPDWL]DomRKLSyWHVHVRXVHMDpXPDSUiWLFDGH H[SHULPHQWDomRTXHSRVWHULRUPHQWHGLDQWHGHVLWXDo}HVVHPHOKDQWHVSRGHUmRVHUDSOLFDGDV QRYDPHQWH DOWHUDGDV RX DWp PHVPR GHVFDUWDGDV HP DOJXQV FDVRV GHVGH TXH KDMD XPD VHJXQGDDOWHUQDWLYDDVHUDSOLFDGD2PDLRUREMHWLYRpRDMXVWHGDSUiWLFDGHVGHTXHHODWHQKD XPUHVXOWDGRVDWLVIDWyULR
>@ RV SURIHVVRUHV GHVHPSHQKDP XP LPSRUWDQWH SDSHO QD SURGXomR H HVWUXWXUDomR GR FRQKHFLPHQWR SHGDJyJLFR SRUTXH UHIOHWHP GH XPD IRUPD VLWXDGDQDHVREUHDLQWHUDomRTXHVHJHUDHQWUHRFRQKHFLPHQWRFLHQWtILFR>@ HDVXDDTXLVLomRSHORDOXQRUHIOHWHPQDHVREUHDLQWHUDomRHQWUHDSHVVRDGR SURIHVVRUHDSHVVRDGRDOXQRHQWUHDLQVWLWXLomRHVFRODHDVRFLHGDGHHPJHUDO 'HVWD IRUPD WrP XP SDSHO DWLYR QD HGXFDomR H QmR XP SDSHO PHUDPHQWH WpFQLFRTXHVHUHGX]DjH[HFXomRGHQRUPDVHUHFHLWDVRXjDSOLFDomRGHWHRULDV H[WHULRUHVjVXDSUySULDFRPXQLGDGHSURILVVLRQDO $ODUFmR $VVLPDSURSRVWDGRSURIHVVRUUHIOH[LYRHVWiIXQGDPHQWDGDHPXPDFRQFHSomRGH IXQGRILORVyILFRXPDYH]TXHDILUPDDLQH[LVWrQFLDGHXPDYHUGDGHSURQWDHHVWiWLFDSDUD WXGRHWRGRV1HVVHVHQWLGRRSURIHVVRUUHIOH[LYRVHUHIHUHDRSURILVVLRQDOGDHGXFDomRTXH REVHUYDHDQDOLVDDVVXDVSUiWLFDVSHGDJyJLFDVEXVFDQGRVHPSUHRDSHUIHLoRDPHQWRGDVVXDV DWLYLGDGHVGRFHQWHVHPSUROGRVVHXVDOXQRV $VQRYDVWHFQRORJLDVGRHQVLQRHDSUHQGL]DJHP
2 SURFHVVR GH GHVHQYROYLPHQWR WHFQROyJLFR p KRMH XPD UHDOLGDGH PXQGLDO FDXVDQGR LPSDFWRQRSURFHVVRSURGXWLYRHFRQRPLDFRPXQLFDomRHFLrQFLDV7HPRVQDSUiWLFDGH HQVLQRDWXDORXVRGHQRYDVIHUUDPHQWDVTXHUHYROXFLRQDUDPDVPHWRGRORJLDVSHGDJyJLFDV SRUWDQWRpGHVXPDLPSRUWkQFLDFRPSUHHQGHUDLQWHUDomRHQWUHHGXFDomRHWHFQRORJLD
(VWXGDUQRYDVWHFQRORJLDVHHGXFDomRQHVVHFRQWH[WRVLJQLILFDEXVFDUHQWHQGHU RV YtQFXORV HQWUH D LQVHUomR GHODV QR SURFHVVR SURGXWLYR H R FDUiWHU TXH DVVXPHPRDSDUDWRHVFRODUHGRVGHPDLVyUJmRVHGXFDFLRQDLVHFXOWXUDLVGHVGH DHVWUXWXUDHVFRODUIRUPDO .DZDPXUD 'XUDQWHVpFXORVRVPDWHULDLVSDGU}HVSDUDRVLVWHPDHGXFDFLRQDOIRUDPOLYURVSDUD RVDOXQRVHORXVDSDUDRVSURIHVVRUHV&RQVHTXHQWHPHQWHWtQKDPRVXPDDXODH[SRVLWLYDD VHUDSOLFDGDSHORVPHVWUHVHH[HUFtFLRVGHUHSHWLomRHPHPRUL]DomRDRVDSUHQGL]HV2VSDSpLV HUDPVyOLGRVHQmRKDYLDWURFDXPWUDQVIHULDHRRXWURUHFHELD
1RDWXDOPRPHQWRRPDWHULDOGHHQVLQRSDVVDSRUXPDYHOR]HGUiVWLFDPXGDQoDH FRQVHTXHQWHPHQWH HQFDL[DVH FRP DV QRYDV WHRULDV GH HQVLQR H DSUHQGL]DJHP $QWHULRUPHQWHRVOLYURVDH[SHULrQFLDHRVUHODWRVGRVPDLVH[SHULHQWHVHUDPD~QLFDIRQWH GH QRVVR FRQKHFLPHQWR +RMH WHPRV XP PDU GH LQIRUPDomR TXH DOpP GH HVWDU QRV FRPSXWDGRUHVHVWiQRVVPDUWIRQHVTXHSRGHPVHUXVDGRVHPTXDOTXHUOXJDU
$V7HFQRORJLDVGD,QIRUPDomRH&RPXQLFDomR 7,&V SRGHPVHUGHILQLGDVFRPRXP FRQMXQWRGHUHFXUVRVWHFQROyJLFRVTXHQRFDVRGDHGXFDomRSHUPLWHPDFHVVRDXPDYDVWD TXDQWLGDGH GH FRQWH~GRV H SRVVLELOLWD D FRPXQLFDomR HQWUH SHVVRDV GH TXDOTXHU SDUWH GR PXQGRTXHWHQKDPXPGHWHUPLQDGRLQWHUHVVHHPFRPXP
$V QRYDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR FDUDFWHUL]DGDV FRPR PLGLiWLFDV VmR SRUWDQWR PDLV GR TXH VLPSOHV VXSRUWHV (ODV LQWHUIHUHP HP QRVVR PRGR GH SHQVDU VHQWLU DJLU GH QRV UHODFLRQDUPRV VRFLDOPHQWH H DGTXLULUPRV FRQKHFLPHQWRV &ULDP XPD QRYD FXOWXUD H XP QRYR PRGHOR GH VRFLHGDGH .HQVNL
'HVVH PRGR RV DOXQRV SRVVXHP XP SRGHU GH SHVTXLVD VHP OLPLWHV QXQFD H[SHULPHQWDGR DWp HQWmR DFHVVDP LQIRUPDo}HV GH TXDOTXHU DVVXQWR LQVWDQWDQHDPHQWH GH TXDOTXHUOXJDUHDTXDOTXHUKRUD(VVDQRYDUHDOLGDGHpLQFRUSRUDGDHPXPDQRYDFXOWXUD TXHVXUJHHDIHWDDVRFLHGDGHHPWRGRVRVVHQWLGRV
$V PXGDQoDV QDV WHRULDV H DV GHVFREHUWDV FLHQWtILFDV VmR YHOR]HV e SUHFLVR FRPSUHHQGHU TXH QmR p PDLV SRVVtYHO TXH R SURIHVVRU WUDQVILUD WRGRV RV FRQKHFLPHQWRV QHFHVViULRVXPDYH]TXHDVLQIRUPDo}HVVmRFDGDYH]PDLRUHVHSURSHQVDVDPXGDQoDVH DWXDOL]Do}HVeQHVVHFHQiULRTXHYROWDPRVQRVVDDWHQomRQRYDPHQWHDRSURIHVVRUUHIOH[LYR SRLVSDUDDFRPSDQKDUDVFUHVFHQWHVPXGDQoDVpGHVXPDLPSRUWkQFLDUHIOHWLUVREUHDVPXLWDV SUiWLFDVDSOLFDGDV
$ DSUHQGL]DJHP HP WHPSRV GH FRQYHUJrQFLD GLJLWDO p XP SURFHVVR IXQGDPHQWDOPHQWHFRODERUDWLYRHPTXHDVUHGHVVRFLDLVVHGHVWDFDPDRUHGRU GHLQWHUHVVHVFRPXQVIDFLOLWDQGRHRULHQWDQGRDFRQVWUXomRGRFRQKHFLPHQWR 2 DSUHQGHQWH DVVXPH XP SDSHO FHQWUDO QR SURFHVVR GH DSUHQGL]DJHP H QmR SRGH VHU WUDWDGR FRPR XP UHFHSWRU SDVVLYR GD LQIRUPDomR GHYHQGR QHFHVVDULDPHQWH VHU LQFOXtGR FRPR XP DXWRU FRFULDGRU DYDOLDGRU H FRPHQWDGRUFUtWLFR>@ *XLPDUmHV
$VVLP DV QRYDV WHFQRORJLDV VmR IDFLOLWDGRUDV GR HQVLQRDSUHQGL]DJHP $V LQIRUPDo}HVVHWRUQDUDPPDLVDFHVVtYHLVHHVVDIDFLOLGDGHHVWiLQWLPDPHQWHOLJDGDDXPD HYROXomRHVWUDWpJLFDHGLGiWLFDYROWDGDSDUDDFRQVWUXomRGRFRQKHFLPHQWRHSULQFLSDOPHQWH SDUDDDXWRQRPLDGRDOXQR(QFRQWUDPRVHPEDVDPHQWRSDUDHVVDFRORFDomRQDVSDODYUDVGH .HQVNL TXDQGRDILUPDTXH³DSUHVHQoDGHXPDGHWHUPLQDGDWHFQRORJLDSRGHLQGX]LU SURIXQGDVPXGDQoDVQDPDQHLUDGHRUJDQL]DURHQVLQR´ .HQVNL 3DUDPHOKRUFRPSUHHQGHUDUHODomRGDV7,&VFRPDVSUiWLFDVSHGDJyJLFDVHFRPRHVVD TXHVWmR DIHWD R IOX[R GR HQVLQRDSUHQGL]DJHP HQFRQWUDPRV XPD WHUPRORJLD PXLWR UHFRUUHQWHDWXDOPHQWHGHILQLGDFRPRFLEHUHVSDoR6HJXQGR/pY\ RFLEHUHVSDoRpR FDPSRSDUDDFRPXQLFDomRFRQH[}HVHWURFDVGHGDGRVTXHXVDPRVPHFDQLVPRVGLJLWDLV
$LQGDFRQVLGHUDQGRRDXWRUFLWDGRDUHODomRGDFLEHUFXOWXUDFRPDHGXFDomRSRGHVHU GLYLGLGD HP WUrV VHJPHQWRV $ SULPHLUD HVWi UHODFLRQDGD j YHORFLGDGH GD UHQRYDomR GRV FRQWH~GRVDVHJXQGDFRQVWDWDomRpTXHRFRPSDUWLOKDPHQWRLQWHUDomRHHYROXomRHVWmRHP FRQVWDQWH FUHVFLPHQWR Mi D WHUFHLUD DILUPD TXH DV IHUUDPHQWDV WHFQROyJLFDV DPSOLDP DV
IXQo}HVFRJQLWLYDVHVWLPXODQGRDSHUFHSomRHUDFLRFtQLROyJLFR 1RkPELWRHGXFDFLRQDORVUHFXUVRVWHFQROyJLFRVGHYHPVHUXWLOL]DGRVSDUDDX[LOLDU RGRFHQWHFRPSUHHQGHQGRTXHDHGXFDomRQmRpVRPHQWHWUDQVIHUrQFLDGHFRQWH~GRPDV WDPEpPXPDFRQVWUXomRGRSURFHVVRGHDSUHQGL]DJHP 1HVVHQRYRVLVWHPDGHHQVLQRVXUJHXPDUHFLSURFLGDGHGHWURFDQDTXDORVDOXQRVH RVSURIHVVRUHVSRGHPHGLILFDUHDVVLPLODURFRQWH~GRMXQWRV 6REUHHVVHSRQWR'RUQHOOHVH%L]UHODWDP
3DUD FRQFUHWL]DU SURMHWRV GH PXGDQoDV D 8QLYHUVLGDGH QmR SRGH SHUGHU D FDSDFLGDGHGHTXHVWLRQDULQYHVWLJDULQFRPRGDUHGHFULDUVROXo}HVSDUDRV QRYRVGHVDILRVGHRUGHPWHFQROyJLFDHVRFLDO,VVRUHSUHVHQWDDQHFHVVLGDGHGD DGRomRGHXPYDORU RSOXUDOLVPRGHLGHLDVDFRPSDQKDGRGHXQLYHUVDOLVPR VROLGDULHGDGH pWLFD H H[FHOrQFLD e FHUWR TXH VHP SOXUDOLVPR QmR H[LVWH R FXOWLYRGRHVStULWRFUtWLFR 'RUQHOOHVH%L]
6HJXQGR 4XDUWLHUR GHYHPRV FRQVLGHUDU WUrV SRQWRV TXH GHWHUPLQDP D HIHWLYLGDGHQRXVRSUiWLFRGDV7,&V (PSULPHLUROXJDULQFRUSRUDUDWHFQRORJLDQDVDXODVHP VHJXQGR UHIOHWLU RV PpWRGRV H FRQWH~GRV XWLOL]DGRV H HP WHUFHLUR SURPRYHU D FDSDFLWDomR WpFQLFDSDUDRXVRHDSOLFDomR
2V DOXQRV GD DWXDOLGDGH Mi GRPLQDP FRP PXLWD IDFLOLGDGH WRGRV RV LQVWUXPHQWRV GLJLWDLV GLVSRQtYHLV FDEH DR GRFHQWH JXLDU PHGLDU H GHOLPLWDU D IDYRU GR HQVLQR $ FRPELQDomR GH DPELHQWHV YLUWXDLV iXGLRV LPDJHQV H WH[WRV GLJLWDLV GHYHP SRVVLELOLWDU DR PHPEUR GD VRFLHGDGH DFDGrPLFD XPD LQWHUDomR SURGXWLYD SDUD TXH HVVDV IHUUDPHQWDV QmR VHMDPXPDVLPSOHVDOHJRULD
(PERUDMiPXLWRGLIXQGLGDQRHQVLQRVXSHULRUDVQRYDVWHFQRORJLDVQHFHVVLWDPGH XPDUHHVWUXWXUDomRGHQWURGDVXQLYHUVLGDGHVHGHPDQHLUDJHUDOQDHGXFDomR3DUD.HQVNL DV LQVWLWXLo}HV GH HQVLQR VXSHULRU QHFHVVLWDP GH PXGDQoDV RUJDQL]DFLRQDLV H JHUHQFLDLVQmRSRGHPDSHQDVPXGDURVPpWRGRVHIHUUDPHQWDVpQHFHVViULDXPDHVWUXWXUDomR FRPSOHWDSDUDTXHDXWLOL]DomRVHMDHIHWLYD
3RUWDQWRSDUDTXHWRGDVDVLQRYDo}HVH[LVWHQWHVVHMDPXWLOL]DGDVGHIRUPDHIHWLYDp QHFHVViULR SHQVDUPRV QD FDSDFLWDomR FRQWtQXD GRV GRFHQWHV SDUD TXH HVWHMDP VHPSUH DWXDOL]DGRV VREUH DV QRYDV WHFQRORJLDV H MXQWR DRV DOXQRV H[WUDLDP R PHOKRU GH WRGRV UHFXUVRVRIHUHFLGRVQDDWXDOLGDGH $DXWRQRPLDGRVDOXQRV $DXWRQRPLDpDFDSDFLGDGHGHGHFLVmRHDLQGHSHQGrQFLDGRVVHXVDWRV7DPEpPSRVVXLR VHQWLGRGHPXGDQoDVGHSDUDGLJPDVEXVFDSRUQRYRVFRQKHFLPHQWRVHUHIOH[mR 7HUDXWRQRPLDVLJQLILFDVHUDXWRULGDGHLVWRpWHUIRUoDSDUDIDODUHPSUySULR QRPH>@(PRXWUDVSDODYUDVpVHUDXWRUGDSUySULDIDODHGRSUySULRDJLU 3UHWL D 1HVVHFRQWH[WRSRUPHOKRUHPDLVEHPFDSDFLWDGRTXHXPSURIHVVRUSRVVDVHUHOH QXQFD GHWHUi WRGRV RV FRQKHFLPHQWRV H[LVWHQWHV &RQVHTXHQWHPHQWH RV DOXQRV SUHFLVDP FRPSUHHQGHU D LPSRUWkQFLD GD DXWRQRPLD QRV VHXV HVWXGRV EXVFDQGR VHPSUH DSURIXQGDPHQWR GR WHPD HVWXGDGR 1R kPELWR GD HGXFDomR VXSHULRU HVVD SRVWXUD VH ID] DLQGDPDLVQHFHVViULDXPDYH]TXHDSHVTXLVDpXPGRVDOLFHUFHVTXHGHYHPVHUFRQVWUXtGRV QHVVHVDOXQRV
3RGHVHFRQVWDWDUTXHRVGLYHUVRVVDEHUHVGRVSURIHVVRUHVHVWmRORQJHGHVHUHP WRGRVSURGX]LGRVGLUHWDPHQWHSRUHOHVTXHYiULRVGHOHVVmRGHFHUWRPRGR H[WHULRUHV DR RItFLR GH HQVLQDU SRLV SURYrP GH OXJDUHV VRFLDLV DQWHULRUHV D FDUUHLUDSURSULDPHQWHGLWDRXVLWXDGRVIRUDGRWUDEDOKRFRWLGLDQR 7DUGLI $VVLPDDXWRQRPLDQRFRQWH[WRGDDSUHQGL]DJHPpDOLEHUGDGHGHEXVFDHUHIOH[mR GDTXLORTXHIRLDSUHVHQWDGRSHODLQVWLWXLomRGHHQVLQRHFDEHDRGRFHQWHRSDSHOGHPHGLDGRU GRFRQWH~GRHGDVIHUUDPHQWDVXWLOL]DGDV2DOXQRTXHSHUFHEHTXHSRGHDSURIXQGDUVHSRU FRQWD SUySULD QRV WHPDV ODQoDGRV WRUQDVH FDSD] GH FRQVWUXLU FRP PXLWR PDLV YLJRU R FRQKHFLPHQWRSURSRVWR 2VSURIHVVRUHVVmRGLVVHPLQDGRUHVGDDXWRQRPLDGRVVHXVDOXQRVUHVSRQViYHLVSHOD RULHQWDomRHHVWtPXORSDUDDSHVTXLVDGHYHPDX[LOLDURGLVFHQWHQDFRPSUHHQVmRGHVLFRPR DJHQWHGDFRQVWUXomRGRFRQKHFLPHQWR $DXWRQRPLDSHGDJyJLFDVLJQLILFD >@GHXPODGRUHFRQKHFHUQRRXWURVXDFDSDFLGDGHGHVHUGHSDUWLFLSDUGH WHURTXHRIHUHFHUGHGHFLGLUGHQmRGHVTXDOLILFiORSRLVHGXFDomRpXPDWR GHOLEHUGDGHHGHFRPSDUWLOKDPHQWR>@3RURXWURODGRVLJQLILFDDFDSDFLGDGH TXHRVXMHLWRWHPGH³WRPDUSDUDVL´VXDSUySULDIRUPDomRVHXVREMHWLYRVHILQV >@VHUDXWRUGDSUySULDIDODHGRSUySULRDJLU 3UHWL
3RUWDQWR D SOXUDOLGDGH FXOWXUDO VRFLDO H GH IDL[D HWiULD QDV XQLYHUVLGDGHV QD DWXDOLGDGHWDPEpPVmRYDOLRVDVQHVVDTXHVWmRWUDWDGD2VDOXQRVFRPGLIHUHQWHVUHDOLGDGHV XPD YH] DXW{QRPRV QDV VXDV SHVTXLVDV EXVFDUmR GLIHUHQWHV FDPLQKRV VREUH R PHVPR DVVXQWRFRPRSURIHVVRUPHGLDQGRHVVDDXWRQRPLD2UHWRUQRGHVVDOLEHUGDGHVHQVDWDGH EXVFD SRU DSURIXQGDPHQWR WUDUi XP FHQiULR PXLWR PDLRU GH FRQKHFLPHQWR SDUD WRGRV HQYROYLGRV
2 FRQFHLWR GH DXWRQRPLD GR DOXQR VLJQLILFD TXH RV DOXQRV WrP FDSDFLGDGHV GLIHUHQWHV SDUD WRPDU GHFLV}HV D UHVSHLWR GR VHX SUySULR DSUHQGL]DGR $ FDSDFLGDGHGHXPDOXQRSDUDGHVHQYROYHUXPSODQRGHDSUHQGL]DGRSHVVRDOD FDSDFLGDGH SDUD HQFRQWUDU UHFXUVRV SDUD R HVWXGR HP VHX SUySULR DPELHQWH FRPXQLWiULRRXGHWUDEDOKRHDFDSDFLGDGHSDUDGHFLGLUVR]LQKR>@ 0RRUH .HDUVOH\
(VVH FRQFHLWR GH DXWRQRPLD VXJHUH TXH R DOXQR GHYH GHVHQYROYHU FDSDFLGDGHV H WpFQLFDV SDUD RUJDQL]DU H UHDOL]DU XP SODQR GH DSUHQGL]DGR SHVVRDO H LQGHSHQGHQWH SDUD EXVFDUUHFXUVRVSDUDRVVHXVHVWXGRV7RGDYLDDLQVWLWXLomRGHHQVLQRWHPDVXDSDUFHODGH UHVSRQVDELOLGDGH VREUH R GHVHQYROYLPHQWR GD DXWRQRPLD GR DOXQR SHODV DWLYLGDGHV SHGDJyJLFDVHRULHQWDo}HVQHFHVViULDV
5HWRPDQGR QRYDPHQWH RV FRQFHLWRV Mi GHVFULWRV DQWHULRUPHQWH D PXGDQoD GH SDUDGLJPDGHHQVLQRFRPRSURIHVVRUUHIOH[LYRMXQWDPHQWHFRPDVQRYDVWHFQRORJLDVGR HQVLQRDSUHQGL]DJHPVHUYHPGHDOLFHUFHSDUDHVVDDXWRQRPLDSURSRVWD2GRFHQWHSRGHUi FRQGX]LU D DTXLVLomR GH FRQKHFLPHQWR GHVVH DOXQR XPD YH] TXH R GLVFHQWH FRQVHJXH SUREOHPDWL]DU H UHIOHWLU QR GHFRUUHU GDV VXDV DWLYLGDGHV WHQGR FRPR DOLDGD DV QRYDV WHFQRORJLDV WXGR HP VLQFURQLD SDUD TXH R DOXQR LQGHSHQGHQWH GD VXD DTXLVLomR SRU FRQKHFLPHQWRSRVVDDSUHQGHUDDSUHQGHUDVVXPLQGRDVVLPSDUWHGDUHVSRQVDELOLGDGHSHOD VXDIRUPDomR
$SUHQGHUDDSUHQGHU
2 FRQKHFLPHQWR p R PDLRU SDWULP{QLR TXH XP LQGLYtGXR SRGH DFXPXODU 7XGR TXH IRU DSUHQGLGRpXPDDTXLVLomRSHUPDQHQWHSRUWDQWRDSUHQGHUpXPDSRGHURVDFDSDFLGDGHTXH WRGRVSRVVXtPRV
$ UHDOLGDGH HP TXH YLYHPRV KRMH p GH FRQVWDQWHV DWXDOL]Do}HV WHFQROyJLFDV GH FRQFHLWRVHFRPSRUWDPHQWDLVHVVDpXPDFDUDFWHUtVWLFDGRPXQGRFRQWHPSRUkQHR'LDQWH GHVVHIDWRpIXQGDPHQWDOSHQVDUPRVTXHWDQWRRVDOXQRVFRPRRVSURIHVVRUHVGHYHPVHU FDSD]HVGHEXVFDUSRUDWXDOL]Do}HVFRQVWDQWHPHQWH
4XDQGR R SURFHVVR GH DSUHQGL]DJHP p SURWDJRQL]DGR SHOR DOXQR D DVVLPLODomR p PDLRUSRLVDQRYDH[SHULrQFLDLQWHUDJHFRPRVVHXVFRQKHFLPHQWRVSUpYLRVFRQVWUXLQGR GHVVDIRUPDXPDLQWHUDomRGHFRQFHLWRVHLGHLDV
$SUHQGHUDDSUHQGHUVHULDEDVLFDPHQWHPHFDQLVPRVHSURFHGLPHQWRVTXHRLQGLYtGXR XWLOL]D SDUD R DSUHQGL]DGR GH TXDOTXHU FRQWH~GR 3DUD HVVD SRVWXUD GHYH H[LVWLU DQWHFLSDGDPHQWH XPD PRWLYDomR XPD LQTXLHWDomR H XP LQWHUHVVH SHOR DVVXQWR D VHU DSUHQGLGR 3DUDTXHHVVHSURFHVVRRFRUUDpQHFHVViULRTXHKDMDWUrVWHUPRVLPSRUWDQWHV DWLWXGH SURFHGLPHQWRVHFRQWH~GR$DWLWXGHpRFRPEXVWtYHOLQLFLDOpUHIHUHQWHjSRVWXUDDWLYDGR DSUHQGL]VHXGHVHMRGHDSUHQGHU2VSURFHGLPHQWRVVHUHIHUHPjVWpFQLFDVHPHFDQLVPRV XWLOL]DGRVSDUDDDVVLPLODomR3RUILPRFRQWH~GRpDIRQWHGRFRQKHFLPHQWR 2SURFHVVRGHDSUHQGHUDDSUHQGHUHQYROYHDo}HVFRQFUHWDVUHDOL]DGDVHIRUPDVGH SHQVDUHPFRPRDSURSULDUVHGRFRQWH~GR$VVLP &DGDQRYDDTXLVLomRVXS}HDFDSDFLGDGHGHUDFLRFLQDUYDOHQGRVHGHXPDRX PDLV RSHUDo}HV DV TXDLV SRGHP SURYRFDU D UHRUJDQL]DomR GRV HVTXHPDV RX HVWUXWXUDV GH FRQKHFLPHQWRV DQWHULRUHV RULJLQDQGR DVVLP QR VXMHLWR QRYRV HVTXHPDVRXHVWUXWXUDVHQRYDVSRVVLELOLGDGHVLQWHOHFWXDLV 6FULSWRUL
6HJXQGR0RUHQR TXDQGRR LQGLYtGXRSUHFLVDUHSURGX]LURPXQGRHPTXH YLYH RV FRQKHFLPHQWRV DVVLPLODGRV VmR ILUPDGRV HP PRGHORV TXH FRQVWLWXHP QRYRV FDPLQKRVHSDUkPHWURVSDUDDVVXDVYLYrQFLDV 3RUWDQWRDSUHQGHUDDSUHQGHUFRPSUHHQGHXPPHFDQLVPRXQLYHUVDOSDUDDDTXLVLomR GHTXDOTXHUVDEHUXPDVXSRVWDIyUPXODSDUDFKHJDUDRDSUHQGL]DGRLQGHSHQGHQWHPHQWHGH TXDOTXHUTXHVHMDDIRQWHGHHQVLQR &RQVLGHUDo}HVILQDLV $EXVFDSHODUHIOH[mRTXDQWRjVSUiWLFDVGHHQVLQRWRUQDVHHVVHQFLDOTXDQGRFRQVLGHUDPRV TXHDTXLVLomRGHFRQKHFLPHQWRSRVVXLKRMHXPQRYRPRGHORHPTXHTXDOTXHUFRQWH~GRSRGH VHUIDFLOPHQWHDFHVVDGR1HVVHFRQWH[WRpGHJUDQGHLPSRUWkQFLDDQDOLVDURSDSHOGRGRFHQWH QRHQVLQRVXSHULRUGLDQWHGDVPXGDQoDVQDVRFLHGDGHHQRVFULWpULRVGHHQVLQRWDLVFRPR DV WHFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR 7,&V QRYRV PRGHORV SHGDJyJLFRVH XPD QRYD DWLWXGH GRV GRFHQWHV TXH GHYHP UHIOHWLU VREUH DV SUiWLFDV SHGDJyJLFDV H D VXD LPSRUWkQFLD QR GHVHQYROYLPHQWR GH SURILVVLRQDLV FUtWLFRV H LQGHSHQGHQWHV QD EXVFD SRU DSHUIHLoRDPHQWRDFDGrPLFR
$V0XGDQoDVGH3DUDGLJPDVQR(QVLQR$SUHQGL]DJHPVmRHYLGHQFLDGDVHPPXLWDV SURSRVWDVHHVWXGRVTXHUHIOHWHPVREUHDLQWHUDomRGRHQVLQRVXSHULRUFRPDQRYDUHDOLGDGH GRPXQGRFRQWHPSRUkQHR$VVLP
$SUHVWDomRGRVVHUYLoRVGHHGXFDomRVXSHULRUWHQGHDDVVXPLUFDGDYH]PDLV DVVHJXLQWHVFDUDFWHUtVWLFDV
$SUHQGL]DJHP FRQWLQXDGD LPSOLFDQGR QD QHFHVVLGDGH GDV LQVWLWXLo}HV GH HQVLQRSURSRUFLRQDQGRDRVFLGDGmRVFRQGLo}HVHIRUPDVGHXPDDSUHQGL]DJHP FRQWLQXDGDSRUWRGDDVXDYLGDSURILVVLRQDODWHQGHQGRDRVUHTXLVLWRVGHXPD VRFLHGDGHHPSHUPDQHQWHPXGDQoD
$XVrQFLDV GH IURQWHLUDV UtJLGDV HQWUH RV VHUYLoRV VLJQLILFDQGR TXH DV GLIHUHQWHVDWLYLGDGHVDFDGrPLFDVQmRDSHQDVVHWRUQDPPDLVLQWHUUHODFLRQDGRV PDVVHIXQGHPHIHWLYDPHQWH
$SUHQGL]DJHPDVVtQFURQD TXDOTXHUWHPSRTXDOTXHUOXJDU TXHEUDQGRDV UHVWULo}HV GH WHPSR H HVSDoR SDUD WRUQDU DV RSRUWXQLGDGHV GH DSUHQGL]DJHP PDLVFRPSDWtYHLVjVQHFHVVLGDGHVHHVWLORVGHYLGDGDVSHVVRDV 3RUWR5HJLQHU
'HVVH PRGR FRP R VXUJLPHQWR GDV 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR DPSOLDPRVDVSRVVLELOLGDGHVGHSHVTXLVDHDTXLVLomRGHFRQWH~GR'LDQWHGHVVDIHUUDPHQWD GH H[WUHPD LPSRUWkQFLD RV PRGHORV SHGDJyJLFRV DSOLFDGRV WDPEpP QHFHVVLWDP GH UHIRUPXODomR SDUD DFRPSDQKDU DV QRYDV WHQGrQFLDV $V QRYDV PHWRGRORJLDV HVSHUDP SRU GRFHQWHVFDSD]HVGHPHGLDUDVQRYDVIHUUDPHQWDVMXQWRGRVVHXVDOXQRVWRUQDQGRRVVXMHLWRV DWLYRVQRSURFHVVRGHDSUHQGL]DJHP
$VLQVWLWXLo}HVGHHQVLQRVmRUHVSRQViYHLVSRUJUDQGHSDUWHGDVSHVTXLVDVFLHQWtILFDV SURGX]LGDVQRVVHXVSDtVHVHRVDOXQRVLQVHULGRVQHVVHFRQWH[WRID]HPSDUWHGHVVDFRQVWUXomR $V QRYDV SHUVSHFWLYDV SURPRYHP D DXWRQRPLD GD DSUHQGL]DJHP HVWXGDQWHV FDSD]HV GH DSUHQGHU D DSUHQGHU H TXH DJUHJDP H FRPSDUWLOKDP RV VHXV FRQKHFLPHQWRV H YLYrQFLDV SDUWLFXODUHVFRQWULEXLQGRSDUDSURFHVVRVGHFULDomRPXLWRPDLVFROHWLYRVHPXOWLGLVFLSOLQDUHV
$OpP GD IRUPDomR WpFQLFD p QHFHVViULR FRPSUHHQGHU R GHYHU GRV GRFHQWHV QD FRQWULEXLomR SDUD D FRQVWUXomR GH FLGDGmRV FUtWLFRV DWLYRV QD VRFLHGDGH DSWRV SDUD D FRQVWUXomRGRVHXSUHVHQWHHIXWXUR
(VSHUDVH TXH R HQVLQR VXSHULRU VHMD XPD LQVWLWXLomR SUHVWDGRUD GH VHUYLoRV GH FRQKHFLPHQWRWDLVFRPR LQWHJUDomRSUHVHUYDomRFULDomRWUDQVPLVVmRHDSOLFDomRGRVVHXV FRQKHFLPHQWRV1HVVHFRQWH[WRWHPRVSDSpLVGHLQWHJUDomRQRTXDORDOXQRHRVSURIHVVRUHV FRQVWURHP R FRQKHFLPHQWR MXQWRV H R GRFHQWH FRQGX] R HVWXGDQWH SHOD VXD EXVFD SRU DSURIXQGDPHQWRHSHVTXLVD3URPRYHUDFRQVWUXomRLQWHOHFWXDOGRVDOXQRVHSUHSDUiORVSDUD TXH VHMDP SURILVVLRQDLV DXW{QRPRV TXH EXVFDP FRQVWDQWHPHQWH DSULPRUDPHQWR GDV VXDV iUHDVpXPGRVPXLWRVGHYHUHVGRVSURILVVLRQDLVGRHQVLQRVXSHULRU
$VWHRULDVHGXFDFLRQDLVWUDWDGDVQHVVDSHVTXLVDSRVVXHPQDWXUH]DJHUDOQRHQVLQRHP TXDOTXHU QtYHO SRUpP DR VHUHP GHEDWLGDV DTXL IRFDUDP QR HQVLQR VXSHULRU IRFR GR WHPD WUDWDGR $ MXVWLILFDWLYD HP DERUGDU HVSHFLILFDPHQWH R HQVLQR VXSHULRU VH ID] QDV UHIOH[}HV VREUHDIRUPDomRSURILVVLRQDOHFRPRRVPHFDQLVPRVGHHQVLQRLQIOXHQFLDUmRHVVHVIXWXURV SURILVVLRQDLVQDVVXDVFRPSHWrQFLDVHFRQWULEXLo}HV $RWUDWDUGDVQRYDVSUiWLFDVSHGDJyJLFDVSRGHPRVYLVXDOL]DUXPQRYRSDQRUDPDHP TXHRGLVFHQWHGHVGHRVVHXVSULPHLURVDQRVGHJUDGXDomRSRGHUiFRPSUHHQGHUVXDDXWRQRPLD HDLPSRUWkQFLDGDVXDIRUPDomRFRQWtQXDHPWRGDVXDIXWXUDYLGDSURILVVLRQDO2GRFHQWHpR SLODUGHVWDFRQVWUXomRHFRQGXWRUGHVVDQRYDSRVWXUDTXHDEUDQJHDUHODomRSURIHVVRUDOXQR (VWHDUWLJRSURFXURXDERUGDUHDQDOLVDUFRPRDVQRYDVWHFQRORJLDVLQWHJUDGDVQRHQVLQR VXSHULRULQWHUDJHPHSURPRYHPXPDVLJQLILFDWLYDPXGDQoDQRHQVLQRDSUHQGL]DJHPUHYHQGR RSRVLFLRQDPHQWRGRSURIHVVRUHPVXDVSUiWLFDVGHHQVLQR 2LQWXLWRGHVWHWUDEDOKRpHQIDWL]DURSURFHVVRGHPXGDQoDVPHWRGROyJLFDVXWLOL]DGDV QR HQVLQR VXSHULRU PHGLDQWH R XVR GDV QRYDV WHFQRORJLDV 3RU PXLWR WHPSR R PpWRGR WUDGLFLRQDOIRLXWLOL]DGRHFXPSULXFRPVHXGHYHUQRHQVLQRVXSHULRUFRQWXGRQDDWXDOLGDGH
RVDOXQRVSRVVXHPXPDFHVVRLOLPLWDGRGHLQIRUPDo}HV
3RVLWLYDPHQWH HVVH IHQ{PHQR DPSOLD DV SRVVLELOLGDGHV GH SHVTXLVD SURPRYH TXHVWLRQDPHQWRV H FRQVHTXHQWHPHQWH XP DSURIXQGDPHQWR PDLRU VREUH R FRQWH~GR PDV XPDF~PXORPDLRUGHLQIRUPDo}HVQmRVLJQLILFDRXJDUDQWHPHOKRUHPDLRUDSUHQGL]DGR
&DEHDRGRFHQWHQRHQVLQRVXSHULRURULHQWDURXVRGDVIHUUDPHQWDVGLJLWDLVDILPGH SURSRUFLRQDUDRVDOXQRVIRQWHVILGHGLJQDVGHFRQWH~GRHDUWLFXODUQRVSURJUDPDVGHHQVLQR PDWHULDLVTXHGHVHQYROYHUmRFRPSHWrQFLDVFRPRRSHQVDPHQWRFUtWLFR
e LPSRUWDQWH GHVHQYROYHU QR GLVFHQWH XP SHUILO FUtWLFR H LQGDJDGRU SDUD TXH HVWH GLDQWHGDYDVWDTXDQWLGDGHGHLQIRUPDo}HVSUHVHQWHVQDLQWHUQHWVDLEDPHQVXUDUHDYDOLDUD YHUDFLGDGHGRFRQWH~GRGLVSRQtYHO
eFRPXPHQFRQWUDUPRVQDLQWHUQHWLQIRUPDo}HVGLVWRUFLGDVRXDWpPHVPRHTXLYRFDGDV VREUH GHWHUPLQDGRV DVVXQWRV IDWR TXH SURPRYH D GLVVHPLQDomR GH LQIRUPDo}HV LQFRUUHWDV 3RUWDQWRRULHQWDUTXDQWRDRXVRGDVIHUUDPHQWDVGLJLWDLVpGHVXPDLPSRUWkQFLDSDUDTXHRV DOXQRVH[WUDLDPRPi[LPRGHFRQWH~GRUHOHYDQWHSRVVtYHO
3RUWDQWRDPXGDQoDGHSDUDGLJPDQRHQVLQRVXSHULRUVHHQFRQWUDHPXPFRQMXQWRGH PXGDQoDVHDo}HVGLDQWHGDVQRYDVWHFQRORJLDV$DWLWXGHGRVGRFHQWHVWHQGRFRPREDVHDV WHRULDV GR SURIHVVRU UHIOH[LYR HQODoD WRGRV RV RXWURV FULWpULRV H VROLGLILFD D PXGDQoD GH SDUDGLJPD QR HQVLQRDSUHQGL]DJHP TXH EXVFD SRU PHOKRULDV H H[FHOrQFLD QD HGXFDomR FRQVWDQWHPHQWH VHPSUH LQWHLUDQGRVH GDV PXGDQoDV TXH DR ORQJR GD WUDMHWyULD KXPDQD HVWDUmRHPFRQVWDQWHPXGDQoDV 5HIHUrQFLDVELEOLRJUiILFDV $/$5&2,VDEHO
Escola reflexiva e a nova racionalidade3RUWR$OHJUH $UWPHG %(+$53DWUtFLD$OHMDQGUD /LOLDQD3DVVHULQRH0DLUD%HUQDUGL
³0RGHORV3HGDJyJLFRVSDUD(GXFDomRD'LVWkQFLD SUHVVXSRVWRVWHyULFRVSDUD DFRQVWUXomRGHREMHWRVGHDSUHQGL]DJHP´RENOTE: revista novas tecnologias
na educação9RO
%(+5(160$
³1RYDV7HFQRORJLDVH0HGLDomR3HGDJyJLFD´&DPSLQDV 3DSLUXV %(1'(5:LOOLDP1
³$SUHQGL]DJHP EDVHDGD HP SURMHWRV´ HP Educação diferenciada para o
século XXI, 3RUWR$OHJUH 3HQVR
%(5*0$11-RQDWKDQH$DURQ6DPV
Sala de aula invertida: uma metodologia ativa de aprendizagem, 5LR GH -DQHLUR /7&
&2+(10DUOHLQH
Alunos no centro do conhecimento,
(P KWWS ZZZUHYLVWDHGXFDFDRFRPEUIRFRQRDOXQR! $FHVVR HP
&267$)DEUtFLR&DUQHLUR,VDDF7HL[HLUDGH6RX]DH&HVDU$XJXVWR&XVLQ
³2XVRGDVWHFQRORJLDVGDLQIRUPDomRQRHQVLQRVXSHULRU´Revista Científica
Multidisciplinar Núcleo do Conhecimento, 9RO (P
KWWSV ZZZQXFOHRGRFRQKHFLPHQWRFRPEUWHFQRORJLDLQIRUPDFDRQR HQVLQR!$FHVVRHP
'(023HGUR
'(:(<-RKQ
Como pensamos: como se relaciona o pensamento reflexivo com o processo
educativo, uma reexposição,6mR3DXOR (GLWRUD1DFLRQDO
',$662%5,1+2-RVp
³(GXFDomR VXSHULRU JOREDOL]DomR H GHPRFUDWL]DomR TXDO XQLYHUVLGDGH"´
Revista Brasileira de Educação
(P KWWS ZZZVFLHOREUVFLHORSKS"VFULSW VFLBDUWWH[W SLG 6 OQJ HQ QUP LVR!$FHVVRHP
'251(//(=%HDWUL]H2VYDOGR%L]
Jornalismo solidário3RUWR$OHJUH *&, )(55(,5$5REHUWR
Tendências pedagógicas: o que são e para que servem, (P KWWS ZZZHGXFDFDRSXEOLFDUMJRYEUELEOLRWHFDHGXFDFDRKWPO! $FHVVRHP
)5(,5(3DXOR
Pedagogia do oprimido5LRGH-DQHLUR 3D]H7HUUD *$77,%HUQDGHWH$QJHOLQD
Questões metodológicas e práticas em pesquisas em educação5HFLIH $QDLV ;,,,(1',3( *((-DPHV3DXO ³%RQVYLGHRJDPHVHERDDSUHQGL]DJHP´Revista Perspectiva9RO1R SMDQMXQ (P KWWS ZZZSHUVSHFWLYDXIVFEU!$FHVVRHP */$66(5:LOOLDP
Teoria da escolha: uma nova psicologia de liberdade pessoal. 6mR3DXOR (G 0HUFXU\R
*8,0$5(6/XFLDQR6DWKOHU5RVD
³2 DOXQR H D VDOD GH DXOD YLUWXDO´ HP /,772 )UHGHULF 0LFKDHO 0DQXHO 0DUFRV0DFLHO)RUPLJD 2UJV Educação a Distância: o estado da arte, 6mR 3DXOR 3HDUVRQ(GXFDWLRQGR%UDVLO -25'27HUHVD&ULVWLQD ³$IRUPDomRGRSURIHVVRUSDUDDHGXFDomRHPXPPXQGRGLJLWDO´Salto para o futuro7HFQRORJLDVGLJLWDLVQDHGXFDomR9RO (P KWWS SRUWDOGRSURIHVVRUPHFJRYEUVWRUDJHPDWHULDLV!$FHVVRHP .$:$085$/LOL
Novas tecnologias e educação6mR3DXOR ÈWLFD .(16.,9DQL0RUHLUD
Tecnologias e ensino presencial e a distância, HG&DPSLQDV63 3DSLUXV
Educação e Tecnologias: o novo ritmo da informação, DHG&DPSLQDV63 3DSLUXV
/$*$572-RVHH$QWyQLR0DQXHO9DOHQWH$QGUDGH
³6LVWHPDVGHJHVWmRGHDSUHQGL]DJHPHPHOHDUQLQJ´HP0,5$1'$*HG
Ensino Online e Aprendizagem Multimédia, /LVERD 5HOyJLR'¶ÈJXD(GLWRUHV
/$/$1'$0DULD&RQFHLomRH0DULD0DQXHOD$EUHQWHV
³2 FRQFHLWR GH UHIOH[mR´ HP '(:(< - ,VDEHO $ODUFmR HGV Formação
/e9<3LHUUH
Cibercultura &DUORV,ULQHX7UDG 6mR3DXOR 6XPDGH/HWUDV /,%Æ1(2-RVp&DUORV
³7HQGrQFLDVSHGDJyJLFDVQDSUiWLFDHVFRODU´HP Democratização da Escola
Pública – a pedagogia crítico-social dos conteúdoV6mR3DXOR /R\ROD
O essencial da Didática e o trabalho do professor: em busca de novos
caminhos,'LVSRQtYHOHP ZZZXFJEUVLWHBGRFHQWHHGXOLEDQHRSGI
'LGDWLFDSURISGI!$FHVVRHP /8&.(6,&LSULDQR&DUORV
Filosofia da educação,6mR3DXOR &RUWH] 0225(0LFKDHOH*UHJ.HDUVOH\
Educação a Distância: uma visão integrada6mR3DXOR &HQJDJH/HDUQLQJ 025$1-RVp0DQXHO 0DUFRV70DVHWWRH0DULOGD$SDUHFLGD%HKUHQV
Novas Tecnologias e Mediação Pedagógica&DPSLQDV 3DSLUXV 025(120RQVHUUDW
³$ 3VLFRORJLD FRJQLWLYD H RV PRGHORV PHQWDLV´ HP 025(12 0RQVHUUDW 6$675( *HQRYHYD %29(7 0DJDOL /($/ $XURUD Conhecimento e
Mudança - os modelos organizadores na construção do conhecimento
&DPSLQDV 0RGHUQD 3e5(=*Ï0(=$QJHO
³2 SHQVDPHQWR SUiWLFR GR SURIHVVRU D IRUPDomR GR SURIHVVRU FRPR SURILVVLRQDO UHIOH[LYR´ HP 1Ï92$ $QWyQLR 2UJ Os professores e sua
formação, /LVERD 'RP4XL[RWH
3(55(128'3KLOLSSH
Dez Novas Competências Para Ensinar3RUWR$OHJUH $UWHV0pGLFDV6XO 3,0(17$6HOPD*DUULGR /pDGDV*UDoDV&DPDUJRV$QDVWDVLRXH9DOGR-RVp&DYDOOHW ³'RFrQFLD QR HQVLQR VXSHULRU FRQVWUXLQGR FDPLQKRV´ HP 6(9(5,12
$QW{QLR -RDTXLP )$=(1'$ ,YDQL &DWDULQD $UDQWHV 2UJV Formação
docente: rupturas e possibilidadeV&DPSLQDV63 3DSLUXV
32572&OiXGLRH.DUOD5HJQLHU
2 (QVLQR 6XSHULRU QR 0XQGR H QR %UDVLO ± &RQGLFLRQDQWHV 7HQGrQFLDV H &HQiULRV SDUD R +RUL]RQWH ³8PD DERUGDJHP ([SORUDWyULD´ 8QLYHUVLGDGH GR (VWDGR GH 0DWR *URVVR 0DWR *URVVR 07 (P KWWS PHFVUYPHFJRYEUXQLY[[LSGIFHQHVSGI!$FHVVRHP 32=2-XDQ,JQiFLR
Aprendizes e Mestres3RUWR$OHJUH $UW0HG 35(7,2UHVWH
D Educação a distância: construindo significados &XLDEi 1($',(8)07 %UDVtOLD 3ODQR
EA aventura de ser estudante: A leitura produtiva&XLDEi (G8)07 48$57,(52(OLVD0DULD
³$V WHFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR H D (GXFDomR´ Revista
Brasileira de Informática na EducaçãoQ
6$1726$GULDQD
7HFQRORJLDVGHLQIRUPDomRHFRPXQLFDomR OLPLWHVHSRVVLELOLGDGHVQRHQVLQR VXSHULRURevista Brasileira de Ensino Superior,YQ
6$9,$1,'HUPHYDO D ³$H[SDQVmRGRHQVLQRVXSHULRUQR%UDVLO PXGDQoDVHFRQWLQXLGDGHV´Poíesis Pedagógica9RO1R (P KWWSV ZZZUHYLVWDVXIJEUSRLHVLVDUWLFOHYLHZ! $FHVVR HP
EPedagogia histórico-crítica: primeiras aproximações &DPSLQDV $XWRUHV $VVRFLDGRV
6&+21'RQDOG$ODQ
³)RUPDUSURIHVVRUHVFRPRSURILVVLRQDLVUHIOH[LYRV´HP1Ï92$$ &RRUG
Os professores e a sua formação/LVERD 'RP4XL[RWH
Educando o Profissional Reflexivo: um novo design para o ensino e a
aprendizagem3RUWR$OHJUH $UWPHG
6&5,3725,&DUPHQ&DPSR\
³0RGHORV RUJDQL]DGRUHV GH SHQVDPHQWR ItVLFR 8P HVWXGR FRP FULDQoDV LQGtJHQDV H QmR LQGtJHQDV´ 7HVH 'RXWRUDGR 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV)DFXOGDGHGH(GXFDomR&DPSLQDV63
6(&2 *UDoD 0DULD GRV 6DQWRV %DWLVWD 0DIDOGD &ULVWLQD 6DOHPD 0RQWHLUR &DVLPLUR 0DULD,VDEHO$OYHV5RGULJXHV3HUHLUD,VDEHO6LP}HV'LDVH6XVDQD0DUJDULGD5RGULJXHV &XVWyGLR
Para uma abordagem psicológica da transição do Ensino Secundário para o
Ensino Superior: pontes e alçapões /HLULD (GLomR ,QVWLWXWR 3ROLWpFQLFR GH
/HLULD 61<'(56*HRUJHV
Pedagogia progressista&RLPEUD $OPHGLQD 7$5',)0DXULFH
Saberes docentes e formação profissional3HWUySROLV5- 9R]HV 7255(69ODGLPLU
³3ODQHMDPHQWRGHXPDDXODFRPXVRGHFRPSXWDGRUFRPRUHFXUVRPXOWLPHLR´
Tecnologia Educacional9RO 1R
=$&&$5(//,6pUJLR%
Estratégia e sucesso nas empresas6mR3DXOR 6DUDLYD
8QLYHUVLGDGH1DQ]DQ 8QLYHUVLGDGH3DXOLVWD
