Beruflich Dokumente
Kultur Dokumente
$GDSWDQGR³0DFXQDtPD´SDUDRV*DPHVPRGHODJHPHSURWRWLSDJHPGH
-RJRV'LJLWDLVSDUD&LrQFLDV6RFLDLVH/LQJXDJHQVQD(GXFDomR%iVLFD
-DQDLQD/HLWHGH$]HYHGR $QW{QLR)UDQFLVFR0DJQRQL
81(633URJUDPDGH3yV*UDGXDomRHP0tGLD 7HFQRORJLD%UDVLO
5(6802 PDLVGLYHUVRVYHVWLEXODUHVWDPEpPpVLPEROLFDPHQWHXP
(VWHDUWLJRYLVDDSUHVHQWDURVUHVXOWDGRVDWpRPRPHQWRREWLGRVH JUDQGHH[SRHQWHGDOLWHUDWXUDPRGHUQLVWDEUDVLOHLUDHGDFXOWXUD
DVSHUVSHFWLYDVGHILQDOL]DomR GHSHVTXLVDTXHREMHWLYDDQDOLVDUD QDFLRQDO
XWLOL]DomRGRVMRJRVGLJLWDLVHPVDODGHDXODHPHVSHFLDOQDViUHDV
1$7,926 ',*,7$,6( ('8&$d2 129$6 '(0$1'$612926
GH&LrQFLDV6RFLDLVH/LQJXDJHQVQD(GXFDomR%iVLFDEHPFRPR
+25,=217(6
D PRGHODU SURFHVVRV YLVDQGR D SURGXomR VHULDGD GH MRJRV
HGXFDWLYRVQDViUHDVVXSUDPHQFLRQDGDV(VWDSHVTXLVDWDPEpPYLVD 1R kPELWR GD HGXFDomR EiVLFD H HP HVSHFLDO QDV iUHDV GH
DSURWRWLSDJHPFURVVHWUDQVPLGLiWLFDGHMRJREDVHDGRQDDGDSWDomR FLrQFLDV VRFLDLV H OLQJXDJHQV VmR SHUFHSWtYHLV XPD VpULH GH
O~GLFDGDREUD0DFXQDtPDGH0DULRGH$QGUDGHREUDHVFROKLGD SUREOHPDV REVHUYiYHLV RV TXDLV OHYDUDP j QHFHVVLGDGH GH
SRU VXD UHOHYkQFLD HGXFDWLYD H OLWHUiULD DOpP GH VHU OHLWXUD GHVHQYROYHU HVWD SHVTXLVD WRGRV FDOFDGRV QXPD SUHPLVVD
REULJDWyULD QR (QVLQR 0pGLR H VXEVHTXHQWHPHQWH QRV PDLV FRPXP HQVLQDU DOXQRV TXH Mi QDVFHP LQVHULGRV H
GLYHUVRVYHVWLEXODUHV2SURWyWLSRHVWiHPIDVHGHSURGXomRHVXD LQWHJUDGRV DR PHLR GLJLWDO H jVWHFQRORJLDVDHOH YLQFXODGDV
HVWUXWXUD HOHPHQWDU VHUYLUi GH PROGH SDUD SRVWHULRU FULDomR WHP VH WRUQDGR XP GHVDILR FDGD YH] PDLRU SDUD HGXFDGRUHV H
UHSURGXomRHGLVWULEXLomRGHRXWURVMRJRVFRPDPHVPDQDWXUH]D LQVWLWXLo}HVGHHQVLQR
JrQHUR H ILQDOLGDGH XPD YH] TXH XP GRV REMHWLYRV GD SUHVHQWH ,VWRSRUTXHDVLQVWLWXLo}HVHVFRODUHVHRVSURIHVVRUHVGHIRUPD
SHVTXLVD p PDLV TXH SURFHGHU j FULDomR GH XP SURWyWLSR JHUDO WrP JUDQGH GLILFXOGDGH SDUD GLDORJDU HIHWLYDPHQWH FRP
GRFXPHQWDUDPRGHODJHPGHXPSURFHVVRUHSURGXWtYHOHDFHVVtYHO RDOXQRQDWLYRGLJLWDO2SURFHVVRGHPXGDQoDHGHUHFRQVWUXomR
SULQFLSDOPHQWHDSURILVVLRQDLVGHHGXFDomR TXH DV QDUUDWLYDV OLWHUiULDV KLVWyULFDV FRWLGLDQDV RX
HUXGLWDV HQTXDQWR DWR GH FRQWDU KLVWyULDV VRIUHUDP QD
3DODYUDVFKDYH *DPHV 1DUUDWLYD ,QWHUDWLYD 7UDQVPtGLD FRQWHPSRUDQHLGDGHHPIDFHGDVFRQYHUJrQFLDVPLGLiWLFDVHGRV
0RGHODJHP3URWRWLSDJHP PHLRV GLJLWDLV QDTXLOR TXH FRQKHFHPRV KRMH FRPR SUHWHQVD
³VRFLHGDGH GDLQIRUPDomRHGR FRQKHFLPHQWR´ WDPEpP WURX[H
,1752'8d2 FRQVLGHUiYHLV PXGDQoDV QR FRPSRUWDPHQWR FRWLGLDQR H
(VWD SHVTXLVD WHP SRU REMHWLYR PRGHODU H SDUDPHWUL]DU XPD FXOWXUDO GR MRYHP EUDVLOHLUR H FRP LVVR WDPEpP HP VXD
SURSRVWD GH *DPHV GH 1DUUDWLYDV ,QWHUDWLYDV TXH SRVVDP UHODomR FRP DV PtGLDV GLJLWDLV H FRP DV SUiWLFDV DLQGD
HIHWLYDPHQWHVHUXWLOL]DGDVHPVDODGHDXODHPHVSHFLDOQDViUHDV SUHVHQFLDLV H IRUPDLV GD HGXFDomR HVFRODU 1HVVH VHQWLGR
GH&LrQFLDV6RFLDLVH/LQJXDJHQVQD(GXFDomR%iVLFDSDUDDSDUWLU SURIHVVRUHV H HVFROD PRVWUDPVH LQFDSD]HV GH DFRPSDQKDU WDLV
GDPRGHODJHPGRVSURFHVVRVSURGXWLYRVHSHGDJyJLFRVHQYROYLGRV PXGDQoDV H PDQWpPVH SULRULWDULDPHQWH DQDOyJLFRV TXDQWR DRV
YLDELOL]DU D SURGXomR VHULDGD GH MRJRV HGXFDWLYRV QDV iUHDV VHXV UHSHUWyULRV PHWRGRORJLDV H IHUUDPHQWDV GH
VXSUDPHQFLRQDGDV 1R PHUFDGR HGLWRULDO EUDVLOHLUR VmR UDURV RV HQVLQRDSUHQGL]DJHP VREUHWXGR GHQWUR GDV iUHDV GH
FRQWH~GRVGLGiWLFRSHGDJyJLFRVSURGX]LGRVHPIRUPDWRVGHMRJRV /LQJXDJHQV H&LrQFLDV6RFLDLV
HOHWU{QLFRV QD YHUGDGH VmR TXDVH LQH[LVWHQWHV DV SURGXo}HV
2FRQWH[WRGRV1DWLYRV'LJLWDLVQR%UDVLO
QDFLRQDLV GLGiWLFDV GH ³JDPHV´ RX GH SURGXWRV FRP OLQJXDJHQV
³JDPHILFDGDV´ 3RUWDQWR VmR QHFHVViULRV SHVTXLVDV H LQLFLDWLYDV 3UHQVN\ >@ DSRQWD ³2XU VWXGHQWV KDYH FKDQJHG UDGLFDOO\
SDUDGHVHQYROYHURVHWRUQR%UDVLOSDUDTXHRVVLVWHPDVGHHQVLQR 7RGD\¶VVWXGHQWVDUHQRORQJHUWKHSHRSOHRXUHGXFDWLRQDOV\VWHP
S~EOLFR H SULYDGRSRVVDPXWLOL]DU GHPDQHLUDUHJXODU RVGLYHUVRV ZDVGHVLJQHGWRWHDFK´
UHFXUVRVGRVJDPHVQDHGXFDomRHVFRODU
3DUD WDQWR DOpP GD PRGHODJHP GR SURFHVVR H SDUDPHWUL]DomR « WRGD\¶V VWXGHQWV WKLQN DQG SURFHVV LQIRUPDWLRQ
WpFQLFDHSHGDJyJLFDGDSURGXomRSUHWHQGHPRVSURWRWLSDUGHIRUPD IXQGDPHQWDOO\ GLIIHUHQWO\ IURP WKHLU SUHGHFHVVRUV 7KHVH
FURVVPLGLiWLFD H WUDQVPLGLiWLFD XP MRJR GLJLWDO EDVHDGR QD GLIIHUHQFHVJRIDUIXUWKHUDQGGHHSHUWKDQPRVWHGXFDWRUVVXVSHFW
DGDSWDomR O~GLFD GD REUD 0DFXQDtPD GH 0DULR GH $QGUDGH RUUHDOL]H³'LIIHUHQWNLQGVRIH[SHULHQFHVOHDGWRGLIIHUHQWEUDLQ
REUDHVFROKLGDSRUVXDUHOHYkQFLDHGXFDWLYDHOLWHUiULDTXHDOpPGH VWUXFWXUHV´ VD\V 'U %UXFH ' 3HUU\ RI %D\ORU &ROOHJH RI
VHUOHLWXUDREULJDWyULDQR(QVLQR0pGLRHVXEVHTXHQWHPHQWHQRV 0HGLFLQH $V ZH VKDOO VHH LQ WKH QH[W LQVWDOOPHQW LW LV YHU\
OLNHO\ WKDW RXU VWXGHQWV¶ EUDLQV KDYH SK\VLFDOO\ FKDQJHG ±
DQG DUH GLIIHUHQW IURPRXUV ±DVDUHVXOW RIKRZWKH\JUHZXS
%XWZKHWKHURUQRWWKLVLVOLWHUDOO\WUXHZHFDQVD\ZLWKFHUWDLQW\
HPDLOMDQDLQDD]HYHGR#JPDLOFRP WKDWWKHLUWKLQNLQJSDWWHUQVKDYHFKDQJHG
DSUHQGL]DGRPDLVDGHTXDGRVDVXDUHDOLGDGH1mRQHFHVVDULDPHQWH WDPEpPSHODIDOWDGHLQIUDHVWUXWXUDQDHVFRODHSHODPiIRUPDomR
QRYRV PHLRV PDV TXH VHMDP SHQVDGRV SDUD GLDORJDU FRP DV GRVGRFHQWHV
QHFHVVLGDGHVHSURSyVLWRVTXHHOHVH[SULPHP±HGDPHVPDIRUPD (PHVSHFLDOQDViUHDVGH&LrQFLDV+XPDQDVHGH/LQJXDJHQVRV
pQHFHVViULRTXHRVGRFHQWHVVHMDPFDSD]HVGHDGDSWDUQmRVyVXDV SURIHVVRUHVHRVVLVWHPDVHVFRODUHVFDGDTXDOFRPDVVXDVGHYLGDV
IHUUDPHQWDV PDV D VL PHVPRV PRGLILFDQGR VHXV UHSHUWyULRV GH HVSHFLILFLGDGHV PRVWUDPVH LQFDSD]HV GH DFRPSDQKDU WDLV
LQIRUPDomRHFRQWH~GRHPHOKRUDQGRVXDVKDELOLGDGHVSRLVDIRUPD PXGDQoDVHPDQWpPVHSULRULWDULDPHQWHDQDOyJLFRVTXDQWRDRVVHXV
FRPR SURFHVVDP H HQWHQGHP R FRQWH~GR VH PDQLIHVWD GH IRUPD UHSHUWyULRV PHWRGRORJLDV HIHUUDPHQWDV GH HQVLQRDSUHQGL]DJHP
GLIHUHQFLDGD GDTXLOR TXH D HVFROD WUDGLFLRQDO FRPXPHQWH VREUHWXGRGHQWURGDViUHDVGH/LQJXDJHQVH&LrQFLDV6RFLDLV
RIHUHFHHPVXDVDSOLFDo}HVSHGDJyJLFDV0DWWDU>@GLVS}HVREUH (QTXDQWR FULDQoDV H MRYHQV QDWLYRV GLJLWDLV YLYHQFLDP
LVVR³1RVVRVDOXQRVVmRKRMHIDODQWHVQDWLYRVGDOLQJXDJHP WHFQRORJLDVUHSHUWyULRVHOLQJXDJHQVTXHDVHVFRODVHRVHGXFDGRUHV
GLJLWDOGRVFRPSXWDGRUHVYLGHRJDPHVH,QWHUQHW´ QmR FRPSUHHQGHP HVSHFLDOPHQWH DTXHOHV SURYHQLHQWHV GRV
1RYRVFDPLQKRVHPWHUPRVGHWHRULDGHDSUHQGL]DJHPVHID]HP JDPHVRXDLQGDTXHKHVLWDPHPDGRWDUDRPHVPRWHPSRHPTXH
QHFHVViULRVSDUDTXHDHVFRODHVHXVUHSUHVHQWDQWHVGHHPFRQWDGH RVVLVWHPDVHVFRODUHVXWLOL]DPLQVWUXPHQWRVGLGiWLFRSHGDJyJLFRVH
DR PHQRV VHUHP FDSD]HV GH RULHQWDU VHXVDOXQRV H HIHWLYDPHQWH PpWRGRV GH HQVLQR REVROHWRV TXH HVWmR PXLWRV GLVWDQWHV GD
FRQVHJXLU PRWLYDU R DSUHQGL]DGR H D DSUHHQVmR GRV FRQWH~GRV UHDOLGDGHGRQDWLYRGLJLWDO$PDLRULDGRVDOXQRVMiFUHVFHLQFOXtGD
HVFRODUHV1HVVHVHQWLGRRSHQVDPHQWROLQHDUGDHVFRODWUDGLFLRQDO GLJLWDOPHQWH H PDQHMD FRP SHUIHLWD IDPLOLDULGDGH WRGD D
QmR HVWi HP VLQWRQLD FRP R SHQVDPHQWR KLSHUWH[WXDO H GLYHUVLGDGH GH DSOLFDWLYRV HPEXWLGRV HP GLYHUVRV GLVSRVLWLYRV H
WUDQVPLGLiWLFR GRV QDWLYRV GLJLWDLV $ LQIRUPDomR GRV PHLRV GH SODWDIRUPDV ELQiULDV VmR SHVVRDV KDELWXDGDV GHVGH D SULPHLUD
FRPXQLFDomR HOHWU{QLFRV DQDOyJLFRV H GLJLWDLV p IUDJPHQWDGD H LQIkQFLD FRP R VLQFUHWLVPR WHFQROyJLFR H FRP D EDEHO GH
PDMRULWDULDPHQWHYROWDGDSDUDRHQWUHWHQLPHQWRRULWPRQDUUDWLYR OLQJXDJHQV H[SUHVVLYDV SUHVHQWHV QD LQWHUQHW $V QRYDV JHUDo}HV
DFHOHUDGR TXH PHVFOD LPDJHQV FRP PXLWR PRYLPHQWR H FRUHV PDQHMDP FRP QDWXUDOLGDGH RV SURJUDPDV H RV GLVSRVLWLYRV GH
WULOKDV P~VLFDV H D UHSURGXomR GH DPSOLILFDGD GH VRQV H UXtGRV SURGXomRHGHFRPSDUWLOKDPHQWRGHPHQVDJHQVHVFULWDVVRQRUDVH
DPELHQWDLVWHPHIHLWRLPHUVLYRTXDVHQDUFRWL]DQWHFXMDILQDOLGDGH DXGLRYLVXDLV H WDPEpP DSUHQGHP UDSLGDPHQWH D LQWHUSUHWDU H D
pPDLVDUHDomRQHUYRVDHPRFLRQDOGRTXHUDFLRQDOGRS~EOLFR3RU FULDU QRYDV PHVFODV H[SUHVVLYDV SRUWDGRUDV GH YiULRV QH[RV H
HVVDUD]mR³QRYDVDERUGDJHQVSHGDJyJLFDVVmRQHFHVViULDVSDUDGDU VHQWLGRV FRPXQLFDWLYRV H LQIRUPDWLYRV QXP IOX[R FRQWtQXR H
FRQWD GDV SUiWLFDV GH HQVLQR H DSUHQGL]DJHP HP XP FHQiULR GH LQFRQWLGR
DPELHQWHVYLUWXDLVHUHGHV´>@ (QWUHWDQWR RV DPELHQWHV YLUWXDLV LQIRUPDWLYRV DFHVVtYHLV HP
&RPR VXSUDPHQFLRQDGR p IDWR TXH DV LQVWLWXLo}HV HVFRODUHV WRGDV DV UHGHV GLJLWDLV GR FLEHUHVSDoR QmR IRUDP FRQFHELGRV
SRVVXHP XPD JUDQGH GLILFXOGDGH SDUD GLDORJDU FRP HIHWLYLGDGH DSHQDVSDUDDVVHJXUDUDFLUFXODomRGDUHFHQWHFXOWXUDPLGLiWLFDGH
FRPRDOXQRQDWLYRGLJLWDO±PDVDYHUGDGHpTXHQmRVyFRPHOH HQWUHWHQLPHQWR H GH FRQVXPR RX SDUD VHUYLUHP FRPR FDQDLV
SRLV RV QmRQDWLYRV WDPEpPH[SHULHQFLDP D IDOWD GH SUHSDUR GRV FRPXQLFDWLYRVSDUDIDFLOLWDUDFRQYLYrQFLDYLUWXDOHQWUHDVSHVVRDV
GRFHQWHV GH LQIUDHVWUXWXUD GH PDWHULDO GLGiWLFR TXHVH DGHTXH j SUy[LPDVRXHQWUHKDELWDQWHVGHTXDOTXHUSDUWHGRPXQGR
GLYHUVLGDGHVRFLRFXOWXUDOHQWUHRXWURVSUREOHPDVTXHDFDEDPSRU 2FLEHUHVSDoR DUPD]HQD HPVHXV LPHQVRVUHSRVLWyULRVGLJLWDLV
DWLQJLUWDQWRD UHGH S~EOLFDTXDQWRD SULYDGDHPVXDJUDQGHSDUWH DV GLYHUVDV IRUPDV WHFQROyJLFDV KRMH SRVVtYHLV SDUD UHJLVWUDU
VDOYR UDUDV H FDUtVVLPDV H[FHo}HV HP XPD FULVH GHFRUUHQWH GD LQFRQWiYHLV DFHUYRV GH LQIRUPDo}HV HP YiULDV IRUPDV GH
DXVrQFLD GH WHFQRORJLDV HGXFDFLRQDLV HIHWLYDV QD HVFROD H SHOR FRGLILFDomRHGHOLQJXDJHQVVREUHDVDWLYLGDGHVFXOWXUDLVHWRGDD
VXFDWHDPHQWRGHIRUPDJHUDOGDHGXFDomRDOLDGRjPiIRUPDomR GLYHUVLGDGHSRVVtYHOGHFRQKHFLPHQWRVKXPDQRVWDQWRGHRXWURUD
GRVSURIHVVRUHVHHGXFDGRUHV FRPRGHDJRUD2SULQFLSDOSDUDGR[RGRVQDWLYRVGLJLWDLVGLDQWHGR
1HVVH FRQWH[WRILFDHYLGHQWH TXH Ki XP GHVFRPSDVVRHQWUH R PDQDQFLDOLQIRUPDFLRQDOTXDVHLQILQLWRGRFLEHUHVSDoRpRIDWRGH
IRUPDWRGHHQVLQRTXHDHVFRODSUHFRQL]DHDIRUPDFRPRDVQRYDV TXH D LQFOXVmR TXDVH SOHQD GH VXDV YiULDV JHUDo}HV DRV QRYRV
JHUDo}HV DSUHQGHP WDQWR QD IRUPD FRPR QR FRQWH~GR p ³HVSDoRV H HFRVVLVWHPDV YLUWXDLV´ QmR OKHV JDUDQWH XPD
DSUHVHQWDGRDRHVWXGDQWHSRUPHLRGHOLYURVGLGiWLFRVHDWLYLGDGHV FRQVFLrQFLD FROHWLYD GDV SRVVLELOLGDGHV GH DXWRDSUHQGL]DGR
DQDOyJLFDV UHSHWLWLYDV H PXLWDV YH]HV VHP XP HIHWLYR VLVWHPiWLFR GH XP DXWRGLGDWLVPR VLJQLILFDQWH TXH SRGHULD OKHV
HPEDVDPHQWRSHGDJyJLFRFRPXPDHVWUXWXUDSHQVDGDjVPDVVDV DVVHJXUDUXPDIRUPDomRFXOWXUDODEUDQJHQWHHHPDQFLSDGRUD
HTXHGHVSUH]DHVXSULPHDGLYHUVLGDGHHDVQHFHVVLGDGHVSHVVRDLV $ PDLRULD GRV LQGLYtGXRV GDV QRYDV JHUDo}HV GLJLWDLV VHJXH
IUXWRGDIRUPDomRGDHGXFDomRPRGHUQDFXMRLQWHQWRpDIRUPDomR FDWLYDGDSHODPHGtRFUHURWLQDGHHQWUHWHQLPHQWRVXUJLGDGXUDQWHRV
SDUDRWUDEDOKRHPTXHVHH[LJHXPDGLVFLSOLQDSDUDWDQWR±RTXH DQRV FRP D MXQomR PHUFDGROyJLFD GRV KiELWRV Mi
VHFRQWUDS}HjPHQWDOLGDGHGHERDSDUWHGRVHVWXGDQWHVTXHHPVXD FRQVROLGDGRVHQWUHRVS~EOLFRVGDWHOHYLVmRFRPRVQRYRVS~EOLFRV
IRUPDomR VRFLDO VH HQFRQWUDP QXPD UHDOLGDGH TXH LQFHQWLYD H GRV YLGHRJDPHV TXH SDVVDUDP D XWLOL]DU jV WHODV GRV QRYRV
SULRUL]DROD]HUHRHQWUHWHQLPHQWRQmRRWUDEDOKR WHOHYLVRUHV FRORULGRV SDUD YLVXDOL]DU DV LPDJHQV GRV FRQVROHV
&ULDQoDV H MRYHQV QDWLYRV GLJLWDLV YLYHQFLDP WHFQRORJLDV $VVLPVHGHVHQYROYHXHQWUHRVEUDVLOHLURVPDLVDEDVWDGRVGDTXHOD
UHSHUWyULRV H OLQJXDJHQV TXH DV HVFRODV H D JUDQGH PDLRULD GRV pSRFDXPDQRYDYHUWHQWHGDDQWLJDFXOWXUDPLGLiWLFD$GpFDGDGH
HGXFDGRUHVQmRFRPSUHHQGHPRXDLQGDKHVLWDPHPDGRWDU$VVLP IRL HPEOHPiWLFD SDUD RV EUDVLOHLURV SRUTXH DOpP GH VHU XPD
RVVLVWHPDVHVFRODUHVXWLOL]DPLQVWUXPHQWRVGLGiWLFRSHGDJyJLFRVH GpFDGD GH JRYHUQRV SULYDWLVWDV H XOWUDOLEHUDLV QDTXHOH SHUtRGR
PpWRGRV GH HQVLQR REVROHWRV TXH HVWmR PXLWRV GLVWDQWHV GR RFRUUHXDPDVVLILFDomRFRQFOXVLYD GDWHOHYLVmRHPFRUHV RLQtFLR
VLQFUHWLVPRWHFQROyJLFRHGRVWLSRVGHGLVSRVLWLYRVSDUDSURGXomRH GD LPSRUWDomR HP HVFDOD GRV PRGHUQRV FRPSXWDGRUHV SHVVRDLV
FRPSDUWLOKDPHQWR GH VHQWLGRV FRPXQLFDWLYRV H GH LQIRUPDo}HV 3&V GRV SULPHLURV FRQVROHV GH YLGHRJDPHV FRP JUiILFRV
EHPFRPRGDVGLYHUVLILFDGDVUHGHVQDVTXDLVRVDOXQRVMiFUHVFHP FRORULGRVDOpPGDSRSXODUL]DomRGRVVHUYLoRVGHWHOHIRQLDFHOXODU
LPHUVRVHTXHPDQHMDPFRPSHUIHLWDIDPLOLDULGDGH GRV SHTXHQRVJDPHER\V SRUWiWHLV H RLQtFLR GDLQWHUQHWFRPHUFLDO
(PERUDHVWHMDPSOHQDPHQWHLQWHJUDGRVDRVQRYRV³HFRVVLVWHPDV QRSDtV
GLJLWDLV´ RV DOXQRV SHUPDQHFHP H[FOXtGRV GHOHV HP DPELHQWH 2 GHVHQYROYLPHQWR GRV FRPSXWDGRUHV SHVVRDLV HGDV UHGHV GR
HVFRODU ± QRV TXDLV DV WHQWDWLYDV GH XVR VmR FRQVLGHUDGDV FLEHUHVSDoR DJXoDUDP DV GLVFXVV}HV SHGDJyJLFDV H R
LQWHUIHUrQFLDVQRFLYDVDRHQVLQRDSUHQGL]DGRSUHVHQFLDOSDVVtYHLV GHVHQYROYLPHQWR GH SHVTXLVDV FLHQWtILFDV H DFDGrPLFDV VREUH D
DWp PHVPR GH UHSUHHQVmR $OpP GD UHSUHHQVmR DV SRXFDV XWLOL]DomRHVFRODUGRVQRYRVUHFXUVRVGLJLWDLV
RSRUWXQLGDGHV TXH RV DOXQRV SRGHP WHU GH LQWHUDJLU FRP D 1R HQWDQWR Mi SDVVDUDP PDLV GH GXDV GpFDGDV H RV DOXQRV
WHFQRORJLD QR kPELWR HVFRODU SRGHP VHU WROKLGDV PXLWDV YH]HV SHUPDQHFHP H[FOXtGRV GD GLVSRQLELOLGDGH H GR XVR UHJXODU GRV
OLWHUiULDVHDSURWRWLSDJHPGHSURGXWRVGLGiWLFRVpXPDWDUHIDTXH 1DWLYRV'LJLWDLVDSUHVHQWDQGRRFRQFHLWRGHQDWLYRVGLJLWDLVHVXD
GHYHUi VHU UHDOL]DGD SULRULWDULDPHQWH SRU SURILVVLRQDLV FRP UHODomRFRPDHGXFDomRFRQWHPSRUkQHDGDPHVPDIRUPDFRPRDV
IRUPDomR H FRQKHFLPHQWRV HVSHFtILFRV GR FDPSR OLWHUiULR GD GHPDQGDV HGXFDFLRQDLV TXH HQYROYHP HVVHV DOXQRVQDV iUHDV GH
HGXFDomR H GR GHVLJQ GH MRJRV SRUTXH VmR MRJRV FRP FDUiWHU FLrQFLDV VRFLDLV H OLQJXDJHQV 7DPEpP WUDEDOKDPRV FRP DV
DXWRUDO TXH H[LJLUmRPXLWD KDELOLGDGH SDUD D DGDSWDomR GH REUDV TXHVW}HVGDVGHIDVDJHQVQRSURFHVVRGHHQVLQRDSUHQGL]DJHPTXH
FDQ{QLFDVFXMDVYHUV}HVJDPHILFDGDVGHYHUmRREHGHFHUSDUkPHWURV HQYROYHPHVVHVDOXQRVQDViUHDVGHFLrQFLDVVRFLDLVHOLQJXDJHQVH
FODURV H GHOLPLWDGRV WDQWR QRV DVSHFWRV WpFQLFRV TXDQWR DRV XP SDQRUDPD EUHYHGDV 7,&VSDUD DV iUHDV GHFLrQFLDV VRFLDLV H
SDGU}HVGHILGHOLGDGHjVQDUUDWLYDVRULJLQDLV OLQJXDJHQV D XWLOL]DomR GDV 7,&V FRPR UHFXUVRV GH HGXFDomR
$OpP GLVVR D SHVTXLVD H D SURWRWLSDJHP GHYHUmR SUHYHU D WDQJHQFLDOHVXDVDGDSWDo}HVSDUDDVQHFHVVLGDGHVFXUULFXODUHVHP
YLDELOLGDGHWHFQROyJLFDHHFRQ{PLFD SDUDD SURGXomRHPVpULHGR FLrQFLDVVRFLDLVHOLQJXDJHQV
MRJR GHVHQYROYLGR 3RU ILP XP SURGXWR DXWHQWLFDPHQWH GLGiWLFR (PVHJXLGDQRV HPSHQKDPRVHP DSUHVHQWDUHIXQGDPHQWDUDV
WHUi TXH VHJXLU HP VHXV PRGHORV GH DSOLFDomR RV SDUkPHWURV TXHVW}HVUHODWLYDVDRV*DPHVHPDLVHVSHFLILFDPHQWHGDXWLOL]DomR
KLVWyULFRV FXOWXUDLV H ILORVyILFRV VHPSUH FRHUHQWHV FRP jV GRVPHVPRVQDV&LrQFLDV6RFLDLVHQDV/LQJXDJHQViUHDVHPTXH
WHPiWLFDVGDViUHDVDERUGDGDVHPVHXVFRQWH~GRVQDUUDWLYRV SUHGRPLQDPDV QDUUDWLYDV FRPSOH[DV PDV TXH VH SRGH WUDEDOKDU
1HVWHkPELWRGRVHVWXGRVHP0tGLDH7HFQRORJLDHQ[HUJDPRV FRPDOXGLFLGDGHeHQWmRTXHDSUHVHQWDPRVRFRQFHLWRGHJDPHV
RV MRJRVGLJLWDLVFRPRXPDWHFQRORJLDSURStFLDSDUDSURGXomRGH MRJRGLJLWDOTXHSHUPHLDWRGDDSHVTXLVDEHPFRPRLQWURGX]LPRV
FRQWH~GRV H GH OLQJXDJHQV LQWHUDWLYDV YLiYHLV FRPR VXSRUWHV RV6HULRXVJDPHVHGHQWURGHVWHVDFDWHJRULDGHJDPHHGXFDWLYR
PLGLiWLFRV SDUD FRPXQLFDomR PLGLiWLFD H WDPEpP FXOWXUDO H $ SDUWLU GDt Mi GLUHFLRQDQGR RV HVWXGRV SDUD D PRGHODJHP H D
HGXFDWLYDSDUDIRUPDomRGHDOXQRVGRVGLYHUVRVQtYHLVGHHGXFDomR DGDSWDomR SURSRVWD GH 0DFXQDtPD DSUHVHQWDPRV XP EUHYH
HVFRODU $ SHVTXLVD QR TXH VH UHIHUH j FDUDFWHUL]DomR GRV SDQRUDPDFRQFHLWXDODFHUFDGRVJDPHV GHQDUUDWLYDV LQWHUDWLYDVH
DPELHQWHVGRVVXSRUWHVHGRVFDQDLVPLGLiWLFRVFRPODUJRDOFDQFH DVQDUUDWLYDVFRPSOH[DVGRVJDPHV
HFRPXQLFDomRPXOWLODWHUDOSURS}HXPDSURGXomRLQWHUGLVFLSOLQDU &RPR XP GHVGREUDPHQWR p QHVWH PRPHQWR HP TXH QRV
FRP FDUiWHU GH LQRYDomR DR JHUDU UHFXUVRV FRPXQLFDWLYRV SDUD D SURSRPRVTXHVW}HVIXQGDPHQWDLVSDUDDFRQWLQXLGDGHGHVWHSURMHWR
GLIXVmRGDFLrQFLDHWHFQRORJLDHPSUHHQGHQGRDIRUPDomRGHXPD
QRYDDPELrQFLDHFXOWXUDGLJLWDOQRVVLVWHPDVHVFRODUHV 2VJDPHVSRGHPVHUDVROXomRjVTXHVW}HVDSUHVHQWDGDVSHODV
$LQGDSURSRPRVRVJDPHVHGXFDWLYRVVHMDPXWLOL]DGRVHQTXDQWR TXHVW}HVHGXFDFLRQDLVGLVSRVWDV"
LQVWUXPHQWRVWHFQROyJLFRVSDUDSURPRYHUDLQWHUDomRPLGLiWLFDQD 3RGH XP MRJR GLJLWDO HGXFDWLYR VHU DGDSWDGR D TXHVW}HV
HGXFDomR HVFRODU IDFLOLWDQGRD GLYXOJDomR GH FRQWH~GRV GLGiWLFRV FXUULFXODUHV"
DWXDOL]DGRV H R GHVHQYROYLPHQWR SHGDJyJLFR DYDQoDGR D SDUWLU &RPR WUDEDOKDU FRP DV iUHDV DTXL GLVSRVWDV GH IRUPD
GHVWHV HQWUH XVXiULRV LQWHUPHGLiULRV DSOLFDGRUHV SURIHVVRUHV H WDQJHQFLDORXFXUULFXODUQRJDPH"
XVXiULRV ILQDLV DOXQRV 2 PRGHOR GH DSOLFDomR SURSRVWR QHVWD 4XDLVDVGHPDQGDVGH&LrQFLDV6RFLDLVH/LQJXDJHQVSDUDRV
SHVTXLVDDVSLUDGHVHQYROYHULQWHUIDFHVTXHVHMDPFRPSDWtYHLVFRP MRJRVGLJLWDLV"
RVQtYHLVGHFRQYHUJrQFLDVGHOLQJXDJHQVHLQWHUDo}HVGHVHQWLGRV 4XDLVDVGLILFXOGDGHVGHSURGX]LUMRJRVGLJLWDLVSDUD&LrQFLDV
FXOWXUDLVHLQIRUPDWLYRVQRVTXDLVRVDOXQRVQDWLYRVGLJLWDLVHVWmR 6RFLDLVH/LQJXDJHQV"
GLDULDPHQWH LQVHULGRV $ SHVTXLVD WDPEpP DVSLUD FRQWULEXLU &RPRFDSDFLWDUSURIHVVRUHV DXVDUJDPHVQHVVDViUHDVTXH
WUDQVYHUVDOPHQWH FRP R GHVHQYROYLPHQWR GH XPD FXOWXUD VmRSULRULWDULDPHQWHDQDOyJLFDV"
FRJQLWLYD TXH VHMD QDWXUDOPHQWH SRUWDGRUD GH XPD VpULH GH 4XDODLQIUDHVWUXWXUDGLVSRQtYHOQDVHVFRODVKRMH"
FRQKHFLPHQWRV GD FLEHUFXOWXUD $ ILQDOLGDGH HVWUDWpJLFD p
HVWDEHOHFHU LQWHUIDFHV UHSHUWRULDLV SHUPDQHQWHV HQWUH D HGXFDomR
HVFRODUHDFXOWXUDJHUDOFRPDViUHDVGDV&LrQFLDV+XPDQDVHGDV 6HJXQGD(WDSD±0RGHODQGR6ROXo}HV
/LQJXDJHQV &DUDFWHUL]DQGRVH SRU XPD PHWRGRORJLD EDVLFDPHQWH GHVFULWLYD
HVWD HWDSD YLVD HVWDEHOHFHU RV SDUkPHWURV WpFQLFRV SHGDJyJLFRV
FRPR R GHVHQYROYLPHQWR GH XP *'' HVSHFtILFR SDUD ILQV GH
$ 1'$0(172'$3(648,6$352-(72 FULDomRGHMRJRVHGXFDFLRQDLVWRPDQGRHPFRQWDTXHVW}HVTXHYmR
'DGRRFDUiWHULQWHUGLVFLSOLQDUGHVWDSHVTXLVDTXHDEUDQJHGHQWUR DOpPGDVGLQkPLFDVPHFkQLFDVHHVWpWLFDVPDVWDPEpPYDOLGDomR
GD JUDQGH iUHD GH 0tGLD H 7HFQRORJLD TXHVW}HV UHODWLYDV D GHSUiWLFDVSHGDJyJLFDVFRQVLGHUDo}HVVREUHWpFQLFDVGHHQVLQRGH
3HGDJRJLD H (QVLQR *DPH 6WXGLHV 3ODWDIRUPDV 0LGLiWLFDV DWLYLGDGHVFRPSOHPHQWDUHVHWF
3URJUDPDomR'HVLJQGH,QWHUIDFHV&LrQFLDV6RFLDLVH/LQJXDJHQV 'HQWUH DV GHPDQGDV DQWHULRUPHQWH DSUHVHQWDGDV TXH WLSRV GH
/LQJXtVWLFD 1DUUDWRORJLD HQWUH RXWURV FDPSRV GH FRQKHFLPHQWR JDPHVSRGHPVXSUtODVHFRPRDGDSWDUQDUUDWLYDVFDQ{QLFDVSDUDRV
TXH SRGHP VHU DERUGDGRV GH PDQHLUD LQHUHQWH RX WDQJHQFLDO JDPHVIRUDPDOJXPDVGDVSUHRFXSDo}HVLQLFLDLVVREUHDVTXDLVPDLV
HQWHQGHPRV TXH FDGD XPD GDV HWDSDV GH SHVTXLVD YDL WLYHPRV GH QRV GHEUXoDU 'D PHVPD IRUPD FRPR WUDEDOKDU
SURYDYHOPHQWH XWLOL]DU XPD PHWRGRORJLD SUySULD EHP FRPR QDUUDWLYDVPXOWLUUDPLILFDGDVDSDUWLUGHQDUUDWLYDVFDQ{QLFDVFRPR
KDYHUiQHFHVVLGDGHGHGLVWLQWRVPDWHULDLVHUHFXUVRV p R FDVR GHVWD DGDSWDomR GH 0DFXQDtPD JHURX XPD VpULH GH
$VVLP p QHFHVViULR DSUHVHQWDU XPD HVWUXWXUD HOHPHQWDU GD TXHVW}HVGHSDUDPHWUL]DomRHPRGHODJHPGRVSURFHVVRVHVVHQFLDLV
SHVTXLVDHPFDStWXORVSUpSODQHMDGRVDILPGHSURSLFLDURFRUUHWR j GLVFXVVmR DTXL SURSRVWD H UHODFLRQDGDV D DVSHFWRV WpFQLFRV
HQWHQGLPHQWRHGHVHQYROYLPHQWRGHFDGDHWDSDGRSURMHWRGHVHX SHGDJyJLFRVILQDQFHLURVGHUHFXUVRVKXPDQRVHTXDQWRDYHQGD
UHVSHFWLYRDQGDPHQWRHGHVXDPHWRGRORJLDHVSHFtILFDRXPHVPR GLVWULEXLomRHLQWHUQDFLRQDOL]DomRGRSURMHWR
GDVPHWRGRORJLDVDGLFLRQDLVHSRQWXDLVTXHVHUmRXWLOL]DGDVSDUDR 1HVWDHWDSDDLQGD IRUDPWUDEDOKDGDVDV TXHVW}HVSHUWLQHQWHV j
HPEDVDPHQWRRXSRVLFLRQDPHQWRWHyULFRXWLOL]DGRHPFDGDHWDSD 9LDELOLGDGH7pFQLFDH)LQDQFHLUDGR3URMHWR
2X VHMD QD PHGLGD HP TXH HVWD HWDSD VH GHVHQYROYH DFDEDP SRU UHIOHWLU DUTXpWLSRV SVLFROyJLFRV H VRFLDLV WtSLFRV GD
DSUHVHQWDPRV HVSHFLDOPHQWH DRV HGXFDGRUHV H SURILVVLRQDLV GD FRQVWLWXLomR GD VRFLHGDGH EUDVLOHLUD FRPR XP WRGR GLDORJDQGR
HGXFDomRPDVWDPEpPDRVGHVHQYROYHGRUHVGHMRJRVSURFHVVRVH GLUHWDPHQWHFRP DVHVFROKDV GDQDUUDWLYDGRMRJRGLJLWDO(OHVVH
LQVWUXPHQWRV TXH GHVFUHYHP D FULDomR GR SURWyWLSR GHVGH D DSUHVHQWDP FRP FHUWDV KDELOLGDGHV H R SRGHUHV GHIHLWRV H
HODERUDomRGR*''DWpDIRUPDOL]DomRGHXPDYHUVmRHQWUHJiYHO IUDTXH]DV EHP FRPR FDUDFWHUtVWLFDV HOHPHQWDUHV FRPR E{QXV
DWXDomRDILQLGDGHFRPRXWURVFRQVWUXWRVSRQWRVIUDFRVHIRUWHV
-i DV FDUWDV GH (QHUJLD SRGHP VHU EDL[DGDV QDV FDUWDV GRV
4XDUWD(WDSD±7UDQVPLGLDo}HVH&RPSOHPHQWRV $UTXpWLSRVDILPGHDXPHQWDURXGLPLQXLUVXDGHIHVDDWDTXH$V
'LGiWLFRV FDUWDV(OHPHQWDLVSRUVXDYH]DXPHQWDPRXGLPLQXHPRQ~PHUR
$H[SDQVmRWUDQVPLGLiWLFD GR MRJRFRPRXWURVDVVHWVH SURGXWRV GH MRJDGDV DOWHUDP YDQWDJHQV H GHVYDQWDJHQV FULDP RX DQXODP
TXHSRGHPLQGX]LURMRJDGRUDXPDH[SHULrQFLDPDLVFRPSOHWDH SRQWRVIUDFRVHIRUWHVHQWUHRXWURV
HIHWLYDIRLSHQVDGDGHIRUPDDFRPSOHPHQWDUWDQWRDH[SHULrQFLD 2VREMHWLYRVGRMRJRIRUDPGHILQLGRVFRPFODUH]D±SDUDYHQFHU
GDOHLWXUDGDREUDTXHVHUYLXGHDUFDERXoRWHPiWLFRDRJDPHDTXL RMRJDGRUGHYH
SURSRVWR /LPSDUR0$7GR$GYHUViULR
0DV ILFD D TXHVWmR FRPSOHPHQWRV GLGiWLFRV FDUDFWHUL]DPVH )D]HURDGYHUViULRXVDUWRGRREDUDOKR
FRPRXPFRPSOHPHQWRQDUUDWLYR &URVV RX7UDQVPtGLD"6HJXQGR )D]HU UHVWDU DSHQDV XP $UTXpWLSR VHP HQHUJLDV RX
*RVFLROD >@ R SURGXWR &URVVPtGLD FDUDFWHUL]DVH SRU XPD VXSOHPHQWRV (OHPHQWDLV QR 0$7 GR DGYHUViULR VHP PDLV
KLVWyULD H[SDQGLGD H IUDJPHQWDGD HP LQ~PHUDV SDUWHV TXH FDUWDVGHFRQVWUXWRVQDPmRRXQR6SDZQPRQWHGREDUDOKR
VmR GLVWULEXtGDV HP GLYHUVRV PHLRV H[DWDPHQWH DTXHOHV TXH TXHILFDRFXOWRHGHRQGHVHUHWLUDPPDLVFDUWDVSDUDDPmR
SRVVDPH[SUHVVDUPHOKRUVXDSDUWHGDKLVWyULD 4XDQWRPDLRUDLQWHUDomRGRMRJDGRUFRPDQDUUDWLYDGLJLWDOHFRP
(VWD QmR HUD D LQWHQomR GH FULDU RV DVVHWV FRPSOHPHQWDUHV H RV GHPDLV DVVHWV WUDQVPLGLiWLFRV PDLV H[SRQHQFLDO VXD FXUYD GH
VXSOHPHQWDUHV GR SURMHWR ± D LGHLD HUD GHVHQYROYHU SURGXWRV DSUHQGL]DJHPSDUDXWLOL]DomRGHVWHFRPSOHPHQWR
LQWHUDWLYRVTXHGLDORJDVVHPHQWUHVLHFRPRMRJDGRUHRHGXFDGRU
TXHRSWDVVHSRULPSOHPHQWDURSURMHWRHPVDODGHDXODSURSLFLDQGR
GLIHUHQWHV H[SHULrQFLDV GH LQWHUDWLYLGDGH SRU PHLR GH GLIHUHQWHV %RDUG*DPH
SODWDIRUPDV FDGD XPD FRQWHQGR XPD QDUUDWLYD SUySULD TXH (VWH DVVHW FRQVLVWH GH XP MRJR GH WDEXOHLUR HP IRUPD GH 0D]H
LQWHUDJH FRP D GDV RXWUDV SODWDIRUPDV GLJLWDLV H DQDOyJLFDV GR ODELULQWR FRP P~OWLSODV HQWUDGDV H VDtGDV H WHUULWyULRV D
SURMHWR (QWHQGHPRVTXHVHULD FRQVWUXtGR D SDUWLU GDt XPSURMHWR FRQTXLVWDUWHUULWyULRVWtSLFRVGDJHRJUDILDEUDVLOHLUD3DUDHQWHQGHU
7UDQVPLGLiWLFRQD PHGLGD HPTXHWXGRHVWDYD VHQGRFRQVWLWXtGR RIXQFLRQDPHQWRGRMRJRYHMDRTXDGURDVHJXLU
SRUPHLRGH (OHPHQWRV
3LQRV ± UHSUHVHQWDP DUTXpWLSRV JUXSRV pWQLFRV H GH
« XPD OLQJXDJHP FRQWHPSRUkQHD GHVHQYROYLGD SHOD FULDWXUDVIDQWiVWLFDV
VRFLHGDGHDSDUWLUGRVSURFHVVRVHDPELHQWHVLQWHUDWLYRVH $PSXOKHWD±PXGDQoDGHFLFORVGHWHPSR
TXH WHP FRPR FDUDFWHUtVWLFD D GLIXVmR GH PHQVDJHQV
'DGRVH0RHGDVSDUDFRQWDJHPGHSRQWRVHFDVDV
GLVWLQWDV D SDUWLU GH SODWDIRUPDV GLYHUVDV SRU UHGHV
2V SLQRV FDUUHJDP VtPERORV TXH UHSUHVHQWDP RV DUTXpWLSRV
VRFLDLV DPELHQWHV IDFLOLWDGRUHV GH UHWURDOLPHQWDomR H HVVHQFLDLVGDQDUUDWLYD&DGD$UTXpWLSRSRVVXL
GLVSRVLWLYRVPyYHLV>@ R 8PQ~PHURSRVLWLYRHXPQHJDWLYR
R 8PVtPERORTXHFRUUHVSRQGHDXPDFDVDE{QXVQR
$VVLP IRUDP FRQVWLWXtGRV RV HOHPHQWRV TXH IDULDP SDUWH GR
WDEXOHLUR
SURMHWR7UDQVPtGLDHTXHFRQVWLWXLULDPRVFRPSOHPHQWRVGLGiWLFRV
R 8PDYDQWDJHPHXPDGHVYDQWDJHP
GRMRJRHGDSUySULDREUD0DFXQDtPDHPVXDFRQFHSomRRULJLQDO
XP&DUG*DPHEDVWDQWHDEHUWRDILPGHSURSLFLDUERDVQDUUDWLYDV
HPHUJHQWHV LVWR pQDUUDWLYDV IRUPDLVRXLQIRUPDLVTXHVXUJHPD 2EMHWLYRVGR-RJR
SDUWLU GD H[SHULrQFLD GR MRJDGRU XP MRJR GH WDEXOHLUR DILP GH &RQTXLVWDUXPWHUULWyULR
DSUHVHQWDU QDUUDWLYDV LQVHULGDV GH WRGRV RV DUWHIDWRV GD FXOWXUD 3HUFRUUHUWRGRVRVFDPLQKRV
SRSXODULQVHULGRVQDREUD0DFXQDtPDHSRUILPXPLQIRJUiILFR 2EWHUYDQWDJHQV
FRPGDGRVHGXFDFLRQDLVHH[WUDSRODo}HVIDQWiVWLFDVGDQDUUDWLYDGR &RQKHFHUKLVWyULDVTXHOKHDEUHPQRYRVFDPLQKRV
³KHUyLVHPQHQKXPFDUiWHU´ ,QWHUDJLUFRPRXWURVDUTXpWLSRV
2EVWiFXORV
&DUG*DPH
+LVWyULFRV
(VWH DVVHW FRQVLVWH GH XP MRJR GH FDUWDV DQDOyJLFR PDV TXH 3HUVHJXLomR
WDPEpP SRGH VHU GLVSRQLELOL]DGR SDUD GRZQORDG HP IRUPDWR 'HVDSURSULDomRH7UDQVFXOWXUDomR
GLJLWDOIDFLOLWDQGRDREWHQomRSRUSDUWHGHHGXFDQGRVHHGXFDGRUHV &XOLQiULDHXWLOL]DomRGRPHLR
(OHFRQVLVWHGHXPDGLVSXWDGH EDWDOKDVSRUWXUQRVTXHVHEDVHLD
'DQoDH([SUHVVmRFRUSRUDO
HP$UTXpWLSRV)DQWiVWLFRVHHVWDVFDUWDVLQWHUDJHPHIRUWDOHFHP
/tQJXDH&RQWDomRGH+LVWyULDV
VH FRP &DUWDV GH (QHUJLD H &DUWDV (OHPHQWDLV 1DWXUDLV &DGD
MRJDGRU SRGH DWXDU FRP XP GHFN EDUDOKR IRUPDGR SRU 5RXSDV,QGXPHQWiULD
$UTXpWLSRVHQHUJLDVFDUWDV(OHPHQWDLVHDWpFDUWDVOLYUHV
RXHVSHFLDLVVREUHXP0DWWDSHWHRXGLVSRVLWRURQGHDVFDUWDVVmR $ LQWHQomR GR MRJRpTXHSRUPHLR GHOHR MRJDGRUHQWHQGDDV
FRORFDGDVSDUDRHPEDWH GLQkPLFDV VRFLDLV FXOWXUDLV H KLVWyULFDV D PDQXWHQomR GDV
$EDVHGHFRQVWLWXLomRpXPDUTXpWLSRFDOFDGRQDTXHOHVFRPRRV WUDGLo}HV PXOWLFXOWXUDLV EUDVLOHLUDV D UHVLVWrQFLD FXOWXUDO D
DSUHVHQWDGRV SRU 0iULR GH $QGUDGH HP 0DFXQDtPD QDV ILJXUDV SHUVHJXLomR KLVWyULFD DVVRFLDGD j GHVDSURSULDomR H j
PtWLFDV QRV VHUHV OHQGiULRV H QRV SHUVRQDJHQV LQFRPXQV GD WUDQVFXOWXUDomRGDVPDLVGLYHUVDVHWQLDVHDIRUPDomRGHXPFDUiWHU
QDUUDWLYD IDQWiVWLFRPDUDYLOKRVD TXH HOH SURMHWD TXH WDPEpP FXOWXUDOQDILJXUDOLWHUiULDGH0DFXQDtPD
(OH p XP SURGXWR DQDOyJLFR H WDO TXDO R FDUG JDPH SRGH VHU FRQVHUYDQGR FRP ILGHGLJQLGDGH VHP RFLGHQWDOL]DomR RX
EDL[DGRHLPSUHVVRSRUTXDOTXHUMRJDGRURXHGXFDGRU H[RWL]DomR GRV SHUVRQDJHQV DV FDUDFWHUtVWLFDV WUDGLFLRQDLV H GH
RUDOLGDGH GDV GLYHUVDV FXOWXUDV SRSXODUHV UHSUHVHQWDGDV QR OLYUR
HVSHFLDOPHQWHDTXHODVFDUDFWHUtVWLFDVGDVFXOWXUDVHGDVOLQJXDJHQV
,QIRJUiILFR,QWHUDWLYR UHJLRQDLVEUDVLOHLUDV$WUDQVIRUPDomRGDQDUUDWLYDGH0DFXQDtPD
(VWH DVVHW p XP ,QIRJUiILFR LQWHUDWLYR VREUH D REUD OLWHUiULD HP XP MRJR GLJLWDO SRGHUi WDPEpP VHUYLU SDUD D GLIXVmR
0DFXQDtPD $SUHVHQWD DQiOLVHV SHUJXQWDV H UHVSRVWDV WHVWHV H LQWHUQDFLRQDOGHXPFOiVVLFRGDOLWHUDWXUDEUDVLOHLUDXPDYH]TXHR
FXULRVLGDGHVVREUHDREUDQR%UDVLOHQD$PpULFD/DWLQDDVLWXDomR SURFHVVRLQFOXLDLQGDDDSUHVHQWDomRGRJDPHHPRXWURVLGLRPDV
GRV&LJDQRVQR%UDVLOKRMHHDVFRODERUDo}HVGD&XOWXUD&LJDQDQD FRPRRLQJOrVHRHVSDQKRO
&LrQFLDQD+LVWyULDQD([SDQVmRHQD5HOLJLmR $R DQWHYHU D SRVVLELOLGDGH GH GHVHQYROYHU XPD WHFQRORJLD
$LGHLDHUDWUDEDOKDUFRQWH~GRVGHHGXFDomRHGLYHUVLGDGHGHQWUR DFHVVtYHOYLVDPRVSURPRYHUDOJXPDGHVFRORQL]DomRFXOWXUDODOpP
GRSURMHWRLQIRUPDQGRGHPDQHLUDLQWHUDWLYDGLQkPLFDHREMHWLYD GHFRQWULEXLUSDUDRIRUWDOHFLPHQWRGDLGHQWLILFDomRpWQLFRFXOWXUDO
GHQWURGRSURMHWRHGRVSODQRVDTXHQRVSURSXVHPRV GRVLQGLYtGXRVH GHVXDVWUDGLo}HVWDQWR SDUDQHJURVTXDQWRSDUD
LQGtJHQDV TXDQWR SDUD D JUDQGH SDUFHOD GD SRSXODomR EUDVLOHLUD
& 21&/862 TXH p PHVWLoD $R PHVPR WHPSR XP JDPH HGXFDWLYR SRGHUi
,QWHJUDGRVQHVWH SURMHWRRJDPH HRVGHPDLVDVVHWVTXHFRPHOH FRQWULEXLU SDUD LQWHJUDU WDLV FXOWXUDV j UHDOLGDGH GLJLWDO H
LQWHJUDP R SURMHWR WUDQVPtGLD GHVFULWR QHVWH DUWLJR Vy IRUDP WHFQROyJLFD DOpP GH WDPEpP SURPRYHU D YDORUL]DomR KLVWyULFD
SRVVtYHLVGHVHUHPDUWLFXODGRVHUHDOL]DGRVDSyVHVWXGRVSURIXQGRV SROtWLFD VRFLDO H FXOWXUDO GDV SRSXODo}HV QHJUDV LQGtJHQDV H
GD HFRORJLDGRVPHLRVTXHLQWHJUDPDVSODWDIRUPDV FRPDVTXDLV PHVWLoDVEHPFRPRRUHFRQKHFLPHQWRGHVHXVSDSpLVQDIRUPDomR
WUDEDOKDPRVQRDPELHQWHGRVJDPHVMRJRVGLJLWDLV GDVRFLHGDGHEUDVLOHLUD
$RFRQVLGHUDUTXHFRQWH~GRVDXW{QRPRVFRPRRVGRVGLYHUVRV (HVSHUDPRVTXHFRPHVWDSHVTXLVDSOHQDPHQWHGHVHQYROYLGR
DVVHWV DTXLUHODFLRQDGRV SRGHPDLQGD DVVLP VHUUHODFLRQDGRV H SRGHUHPRV IDFLOLWDU R SURFHVVR GLGiWLFRSHGDJyJLFR GDQGR DR
FRPSOHPHQWDUHV YDOHUVH GH P~OWLSODV OLQJXDJHQV H DERUGDJHQV SURIHVVRU WHPSR GH DGDSWDomR j WHFQRORJLD PDLRU DJLOLGDGH QD
VHU LQWHUDWLYRV H FLUFXODU GHQWUR DV PDLV GLYHUVDV SODWDIRUPDV SUHSDUDomR H QR GHVHQYROYLPHQWR GDV DXODV DOpP GH DVVHJXUDU
DQDOyJLFDV H GLJLWDLV SHUFHEHPRV DLQGD R JUDQGH SRWHQFLDO TXH OXGLFLGDGHDOLDGDjSUiWLFDSHGDJyJLFD3RGHPRVDLQGDSURFHGHUj
HVWHPRGHORSRGHVLJQLILFDUSDUDSHVTXLVDVGHMRJRVHPHGXFDomR PDQXWHQomR SUHVHUYDomR H YDORUL]DomR GRV FRQWH~GRV
HPHVSHFLDOQDViUHDVGH/LQJXDJHQVH&LrQFLDV6RFLDLV DQWHULRUPHQWHPHQFLRQDGRVHPVXSRUWHVGLJLWDLVDOpPGHSHUPLWLU
2 TXH DQWHV FRQVLVWLULD DSHQDV GD SURWRWLSDJHP GH XP MRJR TXH R DOXQRH R SURIHVVRU XWLOL]HPYHtFXORV H SODWDIRUPDV FRPR
GLJLWDO GH QDUUDWLYD LQWHUDWLYD FRP HVWH SURMHWR H RV FRQFHLWRV VPDUWSKRQHV H WDEOHWV TXH Mi ID]HP SDUWH GH VXDV IHUUDPHQWDV
HOHQFDGRV H DSUHHQGLGRV HVWDEHOHFHPVH KRUL]RQWHV PDLV DPSORV FRWLGLDQDVHIRUDGRkPELWRHVFRODUSDUDWHUDFHVVRDRVFRQWH~GRV
SDUDDSHVTXLVDHSDUDDVGHPDQGDVDHODUHODFLRQDGDV HFRPRXPDIHUUDPHQWDGLGiWLFDHPVDODGHDXOD
,VWRSRUTXHVmRGLYHUVDVDVTXHVW}HVTXHKRMHOHYDPjSURIXQGD 3RU ILP GHVHQYROYHU WDO WHFQRORJLD LQFHQWLYD R DFHVVR H D
GLVFXVVmRGHFRPRDVIHUUDPHQWDVTXHHIHWLYDPHQWHGLDORJDPFRP SRSXODUL]DomR GD WHFQRORJLD H GDV PtGLDV GLJLWDLV H SURPRYH D
R MRYHP FRPR GHYHP VHU XWLOL]DGDV QD HVFROD TXH SRU VXD YH] ODLFLGDGH H DFRQWHPSRUDQHLGDGHGRVVLVWHPDVHGRVSURFHVVRV GH
HQTXDQWR LQVWLWXLomRGHPRQVWUD WHUXPDHQRUPHGLILFXOGDGH SDUD HQVLQR DR PHVPR WHPSR HP TXH YDORUL]D UHJLVWUD H SUHVHUYD
UHODFLRQDUVHFRPHIHWLYLGDGHFRPRDOXQRQDWLYRGLJLWDO LGHQWLGDGHV pWQLFDV UHJLRQDLV DV WUDGLo}HV RUDLV H FXOWXUDV
7UDWDQGRHVSHFLILFDPHQWHGRVMRJRVGLJLWDLVWUDQVPLGLiWLFRVRX DXWyFWRQHV H WDPEpP FRQWULEXL SDUD R FRPEDWH DR UDFLVPR H D
QmR HQWHQGHVH TXH HVWHV Mi ID]HP SDUWH TXH ID]HP SDUWH GR GLVFULPLQDomRFXOWXUDO
FRWLGLDQRGRDOXQRHWHQWDWLYDVGHVXDLQWHJUDomRjHGXFDomRFRPR 3RU LVVR R WHPD DSUHVHQWDVH UHOHYDQWH QD PHGLGD HP TXH VH
LQVWUXPHQWR GH GLiORJR Mi YHP VHQGR HPSUHHQGLGDV QRV ~OWLPRV GHVHQYROYHPDSDUWLUGHOHDVTXHVW}HVGHRUGHPVRFLDOKLVWyULFD
DQRVHPGLYHUVRVVLVWHPDVQDFLRQDLVGHHQVLQRHPJUDQGHPDLRULD WHFQROyJLFDHFLHQWtILFDDERUGDGDV7RGDVDVSURSRVLo}HVGHYHPVHU
PDOVXFHGLGDV QmR SDVVDQGR GDV IDVHV H[SHULPHQWDLV 0DV QHVWH WRPDGDVHDYDOLDGDVDSDUWLUGDDEUDQJrQFLDHGDVSRVVLELOLGDGHVGH
SURMHWRRTXHSXGHPRV YHULILFDUHHVWDPRVWUDEDOKDQGR HPWRUQR GHVHQYROYLPHQWR H PXGDQoD TXH RV HVWXGRV H D SHVTXLVD SRGHP
GD FRPSURYDomR H DSOLFDomR p TXH WDLV LQLFLDWLYDV QmR Vy VmR JHUDU (QWUH HODV FRQVWD SURPRYHU D DSUR[LPDomR R
SRVVtYHLVFRPRWDQJtYHLVHUHDOL]iYHLV2UDVHXPSURMHWRFRPR GHVHQYROYLPHQWR H D LQVWUXPHQWDOL]DomR GRV FRQWH~GRV
HVWH SRGH VHU LGHDOL]DGR GHQWUR GH XP SUD]RWmR FXUWR GH WHPSR UHODFLRQDGRV±HVSHFLDOPHQWHDVQRYDVPtGLDVGHQWUH DVTXDLV RV
XPD YH] TXH WDO SURFHVVR VHMD GRFXPHQWDGR H GHYLGDPHQWH JDPHVHPDLVHVSHFLILFDPHQWHDVQDUUDWLYDVLQWHUDWLYDV
FRORFDGRDSURYDXPDVpULHGHRXWURVVHVHJXLUmRLQFOXVLYHIHLWRV
SHORVSUySULRVXVXiULRVHDOXQRVMRJDGRUHVVREXPDSHUVSHFWLYDGH
FULDomRLQGLHHPDNHU
8PIDWRUTXHWRGDYLDIRLGHFLVLYRSDUDRr[LWRHFRQWLQXLGDGH 5()(5Ç1&,$6
GRSURMHWRIRUDPD LQWHJUDomRGDVSURGXo}HVWUDQVPLGLiWLFDV HGR >@ 0 3UHQVN\ 'LJLWDO 1DWLYHV 'LJLWDO ,PPLJUDQWV %UDGIRUG 0&%
SUySULR JDPH H DV FDSDFLGDGHV GD SHVTXLVDGRUD GH H[HFXWDU 8QLYHUVLW\3UHVVYQRXW
P~OWLSODV WDUHIDV H GHPRQVWUDU H[SHUWLVH GLYHUVLILFDGR iUHDV GR >@ -0DWWDU*DPHVHP HGXFDomR FRPR RV QDWLYRV GLJLWDLV DSUHQGHP
FRQKHFLPHQWRSHUWLQHQWHVDHVWHSURMHWR 6mR3DXOR3HDUVRQ3UHQWLFH+DOO
3RU ILP HVWD SHVTXLVD WHP GHPRQVWUDGR TXH QR kPELWR GD >@ - 0DWWDU 7XWRULD HLQWHUDomR HP HGXFDomR D GLVWkQFLD 6mR 3DXOR
WHFQRORJLDPLGLiWLFDHGXFDFLRQDORVJDPHVSRGHPUHSUHVHQWDUXPD 3HDUVRQ3UHQWLFH+DOO
LQWHJUDomR HIHWLYDGRV FRQWH~GRVGDV ÈUHDV GH&LrQFLDV6RFLDLVH >@ $)OHXU\-&RUGHLUR/6DNXGD,&HQVRGD,QG~VWULD%UDVLOHLUDGH
/LQJXDJHQV SURSLFLDQGR LQWHJUDomR GRV MRYHQV DOXQRV QDWLYRV -RJRV 'LJLWDLV FRP 9RFDEXOiULR 7pFQLFR *(',*DPHV %1'(6
GLJLWDLV KRMH RV PDLV DIDVWDGRV GDV WHFQRORJLDV GXUDQWH DV %UDVtOLD
DWLYLGDGHVGLGiWLFRSHGDJyJLFDVTXHSHUPDQHFHPSULRULWDULDPHQWH >@ ' 5HQy - )ORUHV 9LYDU 3HULRGLVPR WUDQVPHGLD 5HIOH[LRQHV \
DQDOyJLFDV WpFQLFDV SDUD HO FLEHUSHULRGLVWD GHVGH ORV ODERUDWRULRV GH PHGLRV
7UDWDQGR HVSHFLILFDPHQWH GRV FRQWH~GRV HVWD SHVTXLVD WHP VH LQWHUDFWLYRV0DGULG)UDJXD
SURSRVWR DWp R PRPHQWR FRP VXFHVVR D UHSURGX]LU 0DFXQDtPD >@ 9*RVFLROD'DSHUPDQrQFLDGDVJUDQGHVQDUUDWLYDVWUDQVPLGDomRGD
QXPDPELHQWHPLGLiWLFRGLJLWDOHLQWHUDWLYRGHPRGRDWUDQVSRUD OLWHUDWXUD IDQWiVWLFD )DFXOWDG GH &RPXQLFDFLRQHV GH OD 3RQWLILFLD
QDUUDWLYD RULJLQDO SDUD XPD OLQJXDJHP O~GLFD H LQWHUDWLYD 8QLYHUVLGDG&DWyOLFDGH&KLOH6DQWLDJR