SlideShare una empresa de Scribd logo
1 de 68
Descargar para leer sin conexión
81,9(56,'$'( (67$'8$/ 3$8/,67$
³-Ò/,2 '( 0(648,7$ ),/+2´
&DPSXV GH ,OKD 6ROWHLUD
&DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV 63
(/=$ '$ 6,/9$ 0,/,7­2
,/+$ 62/7(,5$ 63
81,9(56,'$'( (67$'8$/ 3$8/,67$ ³-Ò/,2 '( 0(648,7$ ),/+2´
)$&8/'$'( '( (1*(1+$5,$ ± &Æ0386 '( ,/+$ 62/7(,5$
3Ï6 *5$'8$d­2 (0 $*52120,$
³&DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV ± 63´
(/=$ '$ 6,/9$ 0,/,7­2
2ULHQWDGRUD 6tOYLD 0DULD GH $OPHLGD /LPD &RVWD
'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH (QJHQKDULD
81(63 ± &DPSXV GH ,OKD 6ROWHLUD SDUD REWHQomR
GR WtWXOR GH 0HVWUH HP $JURQRPLD (VSHFLDOLGDGH
6LVWHPDV GH 3URGXomR
,OKD 6ROWHLUD ± 63
6HWHPEUR
),&+$ &$7$/2*5È),&$
(ODERUDGD SHOD 6HomR 7pFQLFD GH $TXLVLomR H 7UDWDPHQWR GD ,QIRUPDomR
6HUYLoR 7pFQLFR GH %LEOLRWHFD H 'RFXPHQWDomR GD 81(63 ,OKD 6ROWHLUD
0LOLWmR (O]D GD 6LOYD
0 F &DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV ± 63 (O]D GD
6LOYD 0LOLWmR ,OKD 6ROWHLUD >V Q @
I LO
'LVVHUWDomR PHVWUDGR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD )DFXOGDGH GH (QJHQKDULD
GH ,OKD 6ROWHLUD (VSHFLDOLGDGH 6LVWHPDV GH 3URGXomR
2ULHQWDGRU 6LOYLD 0DULD GH $OPHLGD /LPD &RVWD
%LEOLRJUDILD S
$JURLQG~VWULD 3HTXHQRV SURGXWRUHV &RPSHWLWLYLGDGH 9DORU DJUHJDGR
3URGXWRV DUWHVDQDLV
'HGLFR
$RV PHXV SDLV
-RVp 3HGUR 0LOLWmR
0DULD $SDUHFLGD GD 6LOYD 0LOLWmR
SRU WRGR DPRU FRQILDQoD H SRU HVWDUHP VHPSUH DR PHX ODGR
2IHUHoR
$R PHX LUPmR
0LQKDV LUPmV
$V PLQKDV VREULQKDV
$RV PHXV VREULQKRV
$RV FXQKDGRV H FXQKDGD
$JUDGHFLPHQWRV
$ SURIHVVRUD 'UD
6LOYLD 0DULD GH $OPHLGD /LPD &RVWD SHOD RULHQWDomR FRQILDQoD H
DPL]DGH TXH WRUQDUDP SRVVtYHO D UHDOL]DomR GHVWH WUDEDOKR H SHORV HQVLQDPHQWRV TXH PH
DFRPSDQKDUmR SHOD YLGD WRGD
$RV PHPEURV GD EDQFD H[DPLQDGRUD 3URID
'UD
5RVDQJHOD DSDUHFLGD GH 0HGHLURV
+HVSDQKRO H 3URIR
'UR
$QW{QLR /i]DUR 6DQW¶DQD SHODV VXJHVW}HV DSUHVHQWDGDV
$ 3UID
'UD
$SDUHFLGD &RQFHLomR %ROLDQH H D 3UID
'UD
0DULD $SDUHFLGD $QVHOPR
7DUVLWDQR SHODV VXJHVW}HV DSUHVHQWDGDV H DPL]DGH
¬ 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-XOLR GH 0HVTXLWD )LOKR´ &DPSXV GH ,OKD 6ROWHLUD 63 D
&RRUGHQDomR GR 3URJUDPD GH 3yV *UDGXDomR HP $JURQRPLD ³6LVWHPD GH 3URGXomR´ SHOD
RSRUWXQLGDGH GD UHDOL]DomR GHVWH FXUVR GH PHVWUDGR H DRV SURIHVVRUHV GR 3URJUDPD GH 3yV
*UDGXDomR HP $JURQRPLD ³6LVWHPD GH 3URGXomR´
$ &$3(6 SHOD FRQFHVVmR GD EROVD GH HVWXGR H DSRLR LQVWLWXFLRQDO
$R GHSDUWDPHQWR GH )LWRWHFQLD 7HFQRORJLD GH 6HPHQWHV H 6yFLR HFRQRPLD SHOR DSRLR
$ WRGRV RV IXQFLRQiULRV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-XOLR GH 0HVTXLWD )LOKR´
&DPSXV GH ,OKD 6ROWHLUD 63
$R DPLJR 1LOWRQ $SDUHFLGR 0DUTXHV GH 2OLYHLUD 6HFUHWiULR GD &DVD GD $JULFXOWXUD GR
0XQLFtSLR GH -DOHV 63 TXH FRQWULEXLX SDUD D HIHWLYDomR GHVWH WUDEDOKR
$RV PHXV DPLJRV *HRYDQH /LPD *XLPDUmHV *DWR .DUHP &ULVWLQH 3LUROD 1DULPDWVX
%HOtVVLPD 0DUOHQH &ULVWLQD $OYHV +HOHQD 6LPLGX 0{QLFD 0DUWLQV GD 6LOYD 5RVD )DELDQD
*DUFLD 0iUFLD )HUQDQGD 2GDLU /HPRV -DQHWH 0RWD ,YRQH 'HMDYLWH -RmR 5XGJHQ +HUQDQGHV
$QGUDGH 4XHLUR] +HUQkQGLR
$ 'HXV SHORV GHVDILRV VXSHUDGRV
0,/,7­2 6 ( &DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU GD UHJLmR GH -DOHV ± 63
S 'LVVHUWDomR 0HVWUDGR ± GD )DFXOGDGH GH (QJHQKDULD 81(63 ± &DPSXV GH ,OKD
6ROWHLUD ,OKD 6ROWHLUD
$XWRUD (O]D GD 6LOYD 0LOLWmR
2ULHQWDGRUD 3URID
'UD
6LOYLD 0DULD GH $OPHLGD /LPD &RVWD
5(6802 $V HVWUDWpJLDV GH DJUHJDomR GH YDORU DRV SURGXWRV LQFOXLQGR D DJURLQGXVWULDOL]DomR GD
SURGXomR WrP VLGR EXVFDGDV H YrP JDQKDQGR LPSRUWkQFLD QR SHUtRGR UHFHQWH FRPR DOWHUQDWLYD
SDUD DXPHQWDU R JUDX GH LQVHUomR DRV PHUFDGRV GRV DJULFXOWRUHV IDPLOLDUHV 2 SUHVHQWH WUDEDOKR
DQDOLVRX DOJXPDV LQLFLDWLYDV GH DJUHJDomR GH YDORU DJURSHFXiULR FRPR RSo}HV HVWUDWpJLFDV GH
JHUDomR FRPSOHPHQWDU GH UHQGD SDUD SURGXWRUHV UXUDLV RUJDQL]DGRV HP JUXSRV QD UHJLmR GH -DOHV
$ SHTXHQD DJURLQG~VWULD p HQWHQGLGD FRPR JHUDGRUD GH UHQGD GH FDUiWHU FRPSOHPHQWDU SDUD RV
FRQVWLWXLQWHV GRV JUXSRV H DLQGD JXDUGDP JUDQGH GHSHQGrQFLD GR SRGHU S~EOLFR PXQLFLSDO SDUD
YLDELOL]DU SULQFLSDOPHQWH D FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV (QWUHWDQWR GHQWUR GH XPD
FRQFHSomR GH GHVHQYROYLPHQWR HQGyJHQR R SRGHU S~EOLFR Ki TXH LQYHVWLU SRU PDLV WHPSR WDQWR
SDUD SURSLFLDU D FRQVROLGDomR H OHJDOL]DomR GRV JUXSRV TXDQWR SDUD FULDU XPD FXOWXUD MXQWR DRV
FRQVXPLGRUHV ORFDLV UHJLRQDLV GH YDORUL]DomR GRV DVSHFWRV H FRPSHWrQFLDV SURGXWLYDV ORFDLV
3DODYUDV FKDYH DJULFXOWXUD IDPLOLDU SURGXomR DUWHVDQDO FDGHLDV SURGXWLYDV H DJUHJDomR GH
YDORU
0,/,7­2 6 ( &+$5$&7(5,=$7,21 2) $*52,1'8675< &5$)7 )$0,/< ,1
5(*,21 2) -$/(6 ± 63 S 'LVVHUWDWLRQ 0DVWHU¶V GHJUHH ± GD IDFXOGDGH GH
(QJHQKDULD 8QHVS ± &DPSXV GH ,OKD 6ROWHLUD ,OKD 6ROWHLUD
$XWKRU (O]D GD 6LOYD 0LOLWmR
$GYLVHU 3URID
'UD
6LOYLD 0DULD GH $OPHLGD /LPD &RVWD
$%675$&7 7KH VWUDWHJLHV RI DJJUHJDWLRQ RI YDOXH WR SURGXFWV LQFOXGLQJ DJURLQGXVWU RI
SURGXFWLRQ KDYH EHHQ VHDUFKHG DQG DUH JDLQLQJ LPSRUWDQFH LQ WKH UHFHQW SHULRG DV DQ DOWHUQDWLYH
WR LQFUHDVLQJ WKH GHJUHH RI LQWHJUDWLRQ RI PDUNHWV IRU IDPLO IDUPHUV 7KLV VWXG H[DPLQHG VRPH
LQLWLDWLYHV RI DJJUHJDWLRQ RI DJULFXOWXUDO YDOXH DV VWUDWHJLF RSWLRQV IRU JHQHUDWLQJ DGGLWLRQDO
LQFRPH IRU IDUPHUV RUJDQL]HG LQWR JURXSV LQ WKH UHJLRQ RI -DOHV 7KH VPDOO DJULEXVLQHVV LV VHHQ DV
LQFRPH JHQHUDWLQJ FRPSOHPHQW WR WKH FKDUDFWHU RI WKH FRQVWLWXHQW JURXSV DQG VWLOO UHWDLQ KLJK
UHOLDQFH RQ SXEOLF SRZHU WR PDNH PXQLFLSDO PDLQO WKH PDUNHWLQJ DQG H[KLELWLRQ RI SURGXFWV
+RZHYHU ZLWKLQ D FRQFHSW RI HQGRJHQRXV GHYHORSPHQW WKH SXEOLF VKRXOG EH DEOH WR LQYHVW PRUH
WLPH ERWK WR IDFLOLWDWH WKH FRQVROLGDWLRQ DQG OHJDOL]DWLRQ RI WKH JURXSV KRZ WR FUHDWH D FXOWXUH
DORQJ WR FRQVXPHUV ORFDO UHJLRQDO FDSLWDOL]LQJ RQ ORFDO LVVXHV DQG SURGXFWLYH VNLOOV
.H ZRUGV IDPLO IDUPLQJ KDQGFUDIW PDQXIDFWXULQJ SURGXFWLRQ FKDLQV DQG DJJUHJDWLRQ RI YDOXH
/,67$ '( ),*85$6
)LJXUD )DWRUHV TXH LQIOXHQFLDP QDV HVWUDWpJLDV GDV ILUPDV H GHVHPSHQKR GH PHUFDGRV
)LJXUD 0DSD GR (VWDGR GH 6mR 3DXOR GLYLGLGR HP ('5V
/,67$ '( 7$%(/$6
7DEHOD ([SORUDo}HV GH DQLPDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD
MDQHLUR
7DEHOD ([SORUDo}HV 9HJHWDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD
MDQHLUR
7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR
)UDQFLVFR 63
7DEHOD 3UHoR GR SURGXWR ILQDO SDUD YHQGD QR DWDFDGR H GLUHWR DR FRQVXPLGRU SHOR *UXSR
'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63
7DEHOD 3URGXWRV SURFHVVDGRV SHOR JUXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 63
7DEHOD 3UHoR GR SURGXWR SDUD YHQGD DR YDUHMR H YHQGD GLUHWD DR FRQVXPLGRU *UXSR 'HOtFLDV
GR &DPSR 6DQWD $OEHUWLQD
7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63
7DEHOD 3URGXWRV H SUHoRV QD YHQGD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH
8UkQLD 63
680È5,2
1752'8d­2
5()(5(1&,$/ %,%/,2*5È),&2 ( 7(Ï5,&2
&DUDFWHUL]DomR GD DJURLQG~VWULD IDPLOLDU
$JUHJDomR GH YDORU
6LVWHPD OHJDO
(FRQRPLD VROLGiULD
&DGHLDV H FRPSOH[RV SURGXWLYRV
&RPSHWLWLYLGDGH
&RPHUFLDOL]DomR H PDUNHWLQJ
0$7(5,$/ ( 0e72'26
5HJLmR GH -DOHV H PXQLFtSLRV HVWXGDGRV
7LSR GH SHVTXLVD FRQGX]LGD H HVWXGRV GH FDVR
5(68/7$'26 ( ',6&866­2
$PELHQWH RUJDQL]DFLRQDO
2V JUXSRV GH DJURLQG~VWULDV DERUGDGRV
*UXSR 'HOtFLDV GH 6mR )UDQFLVFR PXQLFtSLR GH 6mR )UDQFLVFR 63
*UXSR 'HOtFLDV GR &DPSR PXQLFtSLR GH 6DQWD $OEHUWLQD 63
*UXSR 'HOtFLDV GR &DMX PXQLFtSLR GH 8UkQLD 63
&RQGLFLRQDQWHV JHUDLV GD DWXDomR GDV DJURLQG~VWULDV GD UHJLmR GH -DOHV 63
&DSDFLWDomR WHFQROyJLFD H TXDOLGDGH
,QRYDo}HV
3UHoRV FXVWRV GLVWULEXLomR FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV
&216,'(5$d®(6 ),1$,6
&21&/86®(6
5()(5Ç1&,$6 %,%/,2*5È),&$6
$1(;2
,1752'8d­2
$ DJULFXOWXUD EUDVLOHLUD DSyV RV DQRV GH PXGRX R VHX SHUILO GH XPD DJULFXOWXUD GH
VXEVLVWrQFLD DXWR VXILFLHQWH FRP OLJDo}HV GLUHWDV FRP R FRQVXPLGRU H SDVVRX D VHU GHSHQGHQWH
WDQWR D PRQWDQWH TXDQWR D MXVDQWH GH RXWURV DJHQWHV HFRQ{PLFRV UHFHEHQGR GLYHUVRV
HTXLSDPHQWRV H LQVXPRV QHFHVViULRV SDUD D SURGXomR H IRUQHFHQGR PDWpULD SULPD SDUD R VHWRU GH
WUDQVIRUPDomR 'HVWD IRUPD D DJULFXOWXUD VDLX GR FRQFHLWR GR VLVWHPD ³&RPSOH[R 5XUDO´
SDVVDQGR D HVWDU LQVHULGD QXP ³&RPSOH[R $JURLQGXVWULDO´ .$*(<$0$ HW DO
$SHVDU GHVWD PXGDQoD GH UHIHUHQFLDO R VHWRU H D SURGXomR DJURSHFXiULD DSUHVHQWDP
FDUDFWHUtVWLFDV HVSHFtILFDV TXH WRUQDP RV VLVWHPDV SURGXWLYRV H[SRVWRV jV RFRUUrQFLDV GH SHUGDV
WDQWR ItVLFDV TXDQWR HVWULWDPHQWH ILQDQFHLUDV DV TXDLV SRGHP JHUDU GHVHVWtPXOR H GLILFXOGDGHV SDUD
R SURGXWRU UXUDO SODQHMDU VHX IOX[R GH FDL[D H SHUPDQHFHU QD DWLYLGDGH 7DLV FDUDFWHUtVWLFDV DIHWDP
LQGLVWLQWDPHQWH RV VHJPHQWRV GD DJULFXOWXUD IDPLOLDU H HPSUHVDULDO HQWUHWDQWR D SURGXomR
DJUtFROD IDPLOLDU FRQVWLWXL VH HP VHJPHQWR PDLV IUiJLO H YXOQHUiYHO DRV ULVFRV H LQFHUWH]DV GD
DWLYLGDGH SHOD PDLRU GLILFXOGDGH UHODWLYD GH EXVFDU SURWHomR VHMD YLD DGRomR GH WHFQRORJLD RX
SHOD SHTXHQD HVFDOD SURGXWLYD SDUD FRPHUFLDOL]DU QRV PHUFDGRV
1D SUHVHQWH GpFDGD HPHUJH QD VRFLHGDGH EUDVLOHLUD PDLRU SUHGLVSRVLomR SDUD SHQVDU HP
DOWHUQDWLYDV FDSD]HV GH SURPRYHU Do}HV SURPRWRUDV GH JHUDomR GH UHQGD HQYROYHQGR HVWUDWpJLDV
GH DJUHJDomR GH YDORU DRV SURGXWRV LQFOXLQGR D DJURLQGXVWULDOL]DomR GD SURGXomR HVWD YLVWD WDQWR
FRPR DOWHUQDWLYD SDUD DXPHQWDU R JUDX GH LQVHUomR DRV PHUFDGRV GRV DJULFXOWRUHV IDPLOLDUHV
:,/.,1621 TXDQWR FRPR UHVSRVWD GR UHSHQVDU GDV HVWUDWpJLDV GH GHVHQYROYLPHQWR QRV
kPELWRV ORFDO H UHJLRQDO
7DLV GLUHFLRQDPHQWRV VmR FDUDFWHUL]DGRV FRPR HQYROYHQGR QmR DSHQDV R (VWDGR FRP VHX
SDSHO DVVLVWHQFLDOLVWD PDV SULQFLSDOPHQWH GHFRUUHQWHV GH XPD FRQMXJDomR GH HVIRUoRV GH
VHJPHQWRV GD FRPXQLGDGH TXH VmR HVWLPXODGRV D LGHQWLILFDU VXDV FDUrQFLDV H SRWHQFLDOLGDGHV H HP
VHJXLGD HQJDMDU VH HP Do}HV HIHWLYDV H[SUHVVDV FRPR H[SHULrQFLDV DXWRJHVWLRQiULDV
GHVHQYROYLGDV FRP R DSRLR GR (VWDGR H RX GH RUJDQL]Do}HV SDUDHVWDWDLV FRPR H[HPSOR
6(%5$( HQWUH RXWUDV $ PHWD p R IRUWDOHFLPHQWR GDV SRWHQFLDOLGDGHV SURGXWLYDV GDV UHJL}HV H
PXQLFtSLRV FRP D RUJDQL]DomR GD VRFLHGDGH HP WRUQR GH REMHWLYRV FRPXQV 7HRULFDPHQWH HVWDV
GLVFXVV}HV HVWmR DVVRFLDGDV FRP D HYROXomR GR FRQFHLWR GH GHVHQYROYLPHQWR HFRQ{PLFR R TXDO
QRV SODQRV ORFDLV SRGH VHU UHIHUHQFLDGR GH GLYHUVDV PDQHLUDV WDLV FRPR GHVHQYROYLPHQWR
WHUULWRULDO SHUSDVVD DV GLPHQV}HV GH WHUULWyULR QDWXUDO H RUJDQL]DGR GHVHQYROYLPHQWR UHJLRQDO
HQYROYH D FRPELQDomR GDV GLPHQV}HV HVSDFLDO VRFLDO H LQGLYLGXDO GHVHQYROYLPHQWR ORFDO
&RPR SRU YiULDV GpFDGDV DV WHFQRORJLDV IRUDP GHVHQYROYLGDV SDUD JUDQGHV SURSULHWiULRV H SHODV PDLRUHV UHVWULo}HV
GH UHQGD GR DJULFXOWRU IDPLOLDU R DFHVVR GRV PHVPRV WRUQD VH DLQGD PDLV GLILFXOWRVR FRPSDUDWLYDPHQWH D GH RXWUDV
FDWHJRULDV GH SURGXWRUHV
HQYROYH XP UHFRUWH WHUULWRULDO ± QHVWH XP PXQLFtSLR p YLVWR FRPR ORFDO TXDQGR D UHIHUrQFLD
WHUULWRULDO p R HVWDGR GHVHQYROYLPHQWR HQGyJHQR WHP FRPR FDUDFWHUtVWLFD D FRQYHUJrQFLD H D
LQWHUDomR GR SURFHVVR RQGH R WHUULWyULR ± HP VHQWLGR DPSOR ± DWXD DWLYDPHQWH QD IRUPDomR GH
HVWUDWpJLDV TXH LQIOXHQFLDP VXD GLQkPLFD HFRQ{PLFD VHQGR RV IDWRUHV D VHUHP WUDEDOKDGRV QR
SODQR ORFDO HQGyJHQR DR WHUULWyULR HVWH ~OWLPR HQFRQWUD VH GLVFXWLGR HP %$548(,52
$R UHSHQVDU DV HVWUDWpJLDV GH GHVHQYROYLPHQWR WHUULWRULDO RX ORFDO VRPD VH R HQIRTXH GH
VXVWHQWDELOLGDGH UHVXOWDQGR QD GLPHQVmR GH GHVHQYROYLPHQWR TXH FRQWHPSOH DV QRo}HV GH
DFXPXODomR HFRQ{PLFD UHVJDWH VRFLDO H SUHVHUYDomR GRV UHFXUVRV DPELHQWDLV SDUD DV JHUDo}HV
YLQGRXUDV VHQGR HVWH R HQIRTXH GR GHVHQYROYLPHQWR ORFDO LQWHJUDGR VXVWHQWiYHO '/,6
$&$5,1, H &267$
2 REMHWLYR GR SUHVHQWH WUDEDOKR IRL DQDOLVDU QD UHJLmR GH -DOHV R DPELHQWH HP TXH VmR
IRUPDGRV RV JUXSRV GH DJURLQG~VWULDV IDPLOLDUHV 'HOtFLDV GR &DPSR 'HOtFLDV GR &DMX H 'HOtFLDV
GH 6mR )UDQFLVFR RUJDQL]DGRV SDUD DJUHJDomR GH YDORU D SURGXWRV DJURSHFXiULRV H WDPEpP RV
DVSHFWRV SURGXWLYRV GH SURFHVVDPHQWRV H GH FRPHUFLDOL]DomR GRV SURGXWRV HODERUDGRV
5()(5(1&,$/ %,%/,2*5È),&2 ( 7(Ï5,&2
&DUDFWHUL]DomR GD DJURLQG~VWULD IDPLOLDU
(VWH VHJPHQWR p FRQVWLWXtGR SRU SHTXHQRV SURGXWRUHV UXUDLV GH DOLPHQWRV GH RULJHP
YHJHWDO H DQLPDO RUJkQLFRV RX QmR $ UHJLmR GH -DOHV SRU DSUHVHQWDU XPD HVWUXWXUD IXQGLiULD PDLV
VHJPHQWDGD HP UHODomR D RXWUDV GR (VWDGR GH 6mR 3DXOR WDO D PLFURUUHJLmR GH $QGUDGLQD
IDYRUHFH D HPHUJrQFLD GR SHUILO SURGXWLYR PXLWR DOLFHUoDGR QD SURGXomR GH RULJHP IDPLOLDU
EDVHDGD SULRULWDULDPHQWH QD SHFXiULD ERYLQD OHLWHLUD H QD IUXWLFXOWXUD 1HVWD UHJLmR REVHUYD VH D
LPSOHPHQWDomR GH DOJXQV LQFHQWLYRV SDUD R GHVHQYROYLPHQWR GH DJUHJDomR GH YDORU FRP
FUHVFLPHQWR GD DJURLQG~VWULD IDPLOLDU
$ DJULFXOWXUD IDPLOLDU p HQWHQGLGD FRPR DTXHOD TXH FRPELQD D SURSULHGDGH GD WHUUD FRP
XPD PmR GH REUD IDPLOLDU H TXH VH RUJDQL]D HP WRUQR GD H SDUD D IDPtOLD SRU XPD OyJLFD TXH
UH~QH VDEHUHV H YDORUHV TXH DVVHJXUDP D UHSURGXomR GD XQLGDGH IDPLOLDU H GH SURGXomR H D
SHUPDQrQFLD GR SDWULP{QLR 7('(6&2
&RQIRUPH 0LRU D DJURLQG~VWULD IDPLOLDU UXUDO p XPD IRUPD GH RUJDQL]DomR QD TXDO
D IDPtOLD UXUDO SURGX] SURFHVVD H RX WUDQVIRUPD SDUWH GH VXD SURGXomR DJUtFROD H RX SHFXiULD
YLVDQGR VREUHWXGR D SURGXomR GH YDORU GH WURFD TXH VH UHDOL]D QD FRPHUFLDOL]DomR 3DUD R DXWRU D
LQGXVWULDOL]DomR GRV SURGXWRV DJURSHFXiULRV SHORV DJULFXOWRUHV IDPLOLDUHV QmR VH FRQVWLWXL HP XPD
QRYLGDGH ID]HQGR SDUWH GD VXD SUySULD KLVWyULD H GD VXD FXOWXUD YROWDGR SDUD R FRQVXPR GD
IDPtOLD H HP PHQRU JUDX DR PHUFDGR ORFDO D H[HPSOR GD WUDQVIRUPDomR GH IUXWDV HP GRFHV H
EHELGDV GD HODERUDomR GH FRQVHUYDV HP JHUDO GD IDEULFDomR GH TXHLMRV GH HPEXWLGRV H
GHIXPDGRV GH FDUQH
3DUD :DQGHUOH RV DJULFXOWRUHV IDPLOLDUHV VmR SRUWDGRUHV GH XPD WUDGLomR WDQWR
QR WUDEDOKR FRP D WHUUD TXDQWR HP VHX PRGR GH YLGD 7DO WUDGLomR LQFOXL XPD UHODWLYD DXWRQRPLD
H XPD RUJDQL]DomR IDPLOLDU TXH FRPSUHHQGH GHQWUH RXWURV DVSHFWRV R WUDEDOKR GD IDPtOLD QD
SURSULHGDGH D SURGXomR GH DOLPHQWRV SDUD FRQVXPR SUySULR D SURGXomR GHVWLQDGD DR PHUFDGR H
XPD IRUPD GH VRFLDELOLGDGH FHQWUDGD QDV FRPXQLGDGHV UXUDLV
'HVGH RV DQRV WHP VH REVHUYDGR XP FUHVFHQWH LQWHUHVVH SRU HVWH VHJPHQWR GD
DJULFXOWXUD QDFLRQDO 7DO LQWHUHVVH VH PDWHULDOL]RX HP SROtWLFDV S~EOLFDV FRPR D FULDomR GR
0LQLVWpULR GH 'HVHQYROYLPHQWR $JUiULR 0'$ H GR 3URJUDPD 1DFLRQDO GH )RUWDOHFLPHQWR GD
$JULFXOWXUD )DPLOLDU 3521$) DOpP GR UHYLJRUDPHQWR GD 5HIRUPD $JUiULD $ IRUPXODomR GH
SROtWLFDV IDYRUiYHLV j DJULFXOWXUD IDPLOLDU H j UHIRUPD DJUiULD REHGHFHX jV UHLYLQGLFDo}HV GDV
RUJDQL]Do}HV GH WUDEDOKDGRUHV UXUDLV H j SUHVVmR GRV PRYLPHQWRV VRFLDLV RUJDQL]DGRV
2 3521$) SRVVLELOLWD R IRUWDOHFLPHQWR GD DJULFXOWXUD IDPLOLDU FRP DSRLR FUHGLWtFLR H
WpFQLFR SRU DOJXPDV PRGDOLGDGHV GHVWH SURJUDPD FRORFDGR j GLVSRVLomR GD SHTXHQD SURGXomR
IDWR TXH YHP FRQWULEXLQGR SDUD SURPRomR GR GHVHQYROYLPHQWR UXUDO VXVWHQWiYHO 2 REMHWLYR JHUDO
GR 3521$) p SURSRUFLRQDU R DXPHQWR GD SURGXomR DJUtFROD D JHUDomR GH RFXSDo}HV SURGXWLYDV
H D PHOKRULD GD UHQGD OtTXLGD H GD TXDOLGDGH GH YLGD GRV DJULFXOWRUHV IDPLOLDUHV
$ DJULFXOWXUD IDPLOLDU p GH JUDQGH LPSRUWkQFLD SDUD HVVD UHYDORUL]DomR GR PHLR UXUDO
GHPRQVWUDQGR VHU SRVVtYHO XQLU D HILFLrQFLD HFRQ{PLFD FRP D ³HILFLrQFLD VRFLDO´ *8$1=,52/,
HW DO $ SULQFLSDO PRWLYDomR p GH RUGHP HFRQ{PLFD RX VHMD D DJUHJDomR GH YDORU DRV
SURGXWRV YLD WUDQVIRUPDomR DUWHVDQDO DRV H[FHGHQWHV TXH RV SURGXWRUHV UXUDLV QmR FRQVHJXHP
FRPHUFLDOL]DU LQ QDWXUD 'HQWUH DV PRWLYDo}HV VRFLDLV PDLV UHOHYDQWHV GHVWDFDP VH D IL[DomR GR
SURGXWRU QD SURSULHGDGH UXUDO H D PDQXWHQomR GD LQWHJULGDGH IDPLOLDU YLD HQYROYLPHQWR GH WRGRV
QD SURGXomR LQFOXVLYH GDV PXOKHUHV
6HJXQGR :LONLQVRQ D DJULFXOWXUD GH HFRQRPLD IDPLOLDU HQIUHQWD DWXDOPHQWH QR
%UDVLO RV VHJXLQWHV GHVDILRV
D DV UHJUDV GH DFHVVR DRV PHUFDGRV WUDGLFLRQDOPHQWH RFXSDGRV SHOD DJULFXOWXUD IDPLOLDU
HVWmR HP UiSLGD PXGDQoD
E DV LQLFLDWLYDV GH DJUHJDomR GH YDORU H DFHVVR DXW{QRPR DRV PHUFDGRV $V DWLYLGDGHV
DJURLQGXVWULDLV DUWHVDQDLV WrP WUDGLFLRQDOPHQWH RFXSDGR XP HVSDoR LPSRUWDQWH HP VHJPHQWRV
EiVLFRV GR VLVWHPD DJURDOLPHQWDU FRP SURGXWRV FRPR GHULYDGRV OiFWHRV FDUQHV GRFHV JHOpLDV
EHELGDV IDULQKDV 2 PHVPR DXWRU UHVVDOWD TXH HVVHV VHWRUHV DXPHQWDUDP HP LPSRUWkQFLD QR
SHUtRGR PDLV UHFHQWH FRPR DOWHUQDWLYD SDUD SURGXWRUHV HP GLILFXOGDGHV SDUD DFRPSDQKDU D
HYROXomR GRV PHUFDGRV DJUtFRODV QDV JUDQGHV FDGHLDV DJURLQGXVWULDLV
F QHFHVVLGDGH GH SURPRYHU XPD PXGDQoD QRV VLVWHPDV WUDGLFLRQDLV GH DJULFXOWXUD
IDPLOLDU SDUD QRYDV SUiWLFDV H R GHVHQYROYLPHQWR GH QRYRV SURGXWRV (PERUD PHUFDGRV
WUDGLFLRQDLV PDQWHQKDP D VXD LPSRUWkQFLD DV YDQWDJHQV GD DJULFXOWXUD IDPLOLDU VmR FDGD YH] PDLV
DVVRFLDGDV D XPD DJULFXOWXUD QDWXUDO RUJkQLFD H DUWHVDQDO
G QRYDV GHPDQGDV SDUD R DJULFXOWRU H QRYDV KDELOLGDGHV QDV iUHDV GH JHVWmR WHFQRORJLDV
GH SURGXWR SURFHVVR H PDUNHWLQJ
H QHFHVVLGDGH GH SURPRYHU RV FRQKHFLPHQWRV DR GHVHQYROYLPHQWR GH DWLYLGDGHV H
VHUYLoRV QmR DJUtFRODV
6DEH VH TXH RV DJULFXOWRUHV IDPLOLDUHV EXVFDP UHGX]LU ULVFRV HFRQ{PLFRV H DOLPHQWDUHV H
TXH SRU LVVR WHQGHP LQLFLDOPHQWH D YDORUL]DU D DGRomR GH VLVWHPDV PDLV GLYHUVLILFDGRV H D DORFDU
UHFXUVRV VREUHWXGR WHPSR GH WUDEDOKR SDUD SURGX]LU SDUWH GRV DOLPHQWRV TXH FRQVRPHP RX
PDWpULD SULPD XWLOL]DGD QR HVWDEHOHFLPHQWR 1R HQWDQWR p SHOR PHQRV TXHVWLRQiYHO DWULEXLU D HVVH
WUDoR R VWDWXV GH DWULEXWR LQWUtQVHFR GRV DJULFXOWRUHV IDPLOLDUHV 1D YHUGDGH p VXILFLHQWH WUDoDU D
KLVWyULD GRV JUXSRV GH DJULFXOWRUHV IDPLOLDUHV SDUD HQWHQGHU TXH D GLYHUVLILFDomR H D SURGXomR SDUD
DXWRFRQVXPR VH H[SOLFDP HP FRQGLo}HV REMHWLYDV HQIUHQWDGDV SHORV DJULFXOWRUHV QR SDVVDGR H TXH
QmR HVWmR VXSHUDGDV SDUD XP Q~PHUR VLJQLILFDWLYR GH SURGXWRV DFHVVR SUHFiULR DRV PHUFDGRV
LPSHUIHLo}HV GR SURFHVVR GH FRPHUFLDOL]DomR TXH WLQKDP FRPR UHVXOWDGR DEDL[D UHPXQHUDomR GR
HVIRUoR SURGXWLYR H D WUDQVIHUrQFLD GH UHQGD SDUD RV LQWHUPHGLiULRV GRV PHUFDGRV LVRODPHQWR QRV
SHUtRGRV GH FKXYD DFHQWXDGDV YDULDo}HV GH SUHoRV HQWUH D VDIUD H D HQWUHVVDIUD DXVrQFLD GH
PHFDQLVPRV GH ILQDQFLDPHQWR H SURWHomR FRQWUD RV ULVFRV GD QDWXUH]D %8$81$,0
( SDUD R PHVPR DXWRU D DQiOLVH KLVWyULFD UHYHOD TXH QD PHGLGD HP TXH DOJXPDV GDV
UHVWULo}HV VmR UHOD[DGDV PXLWRV JUXSRV GH DJULFXOWRUHV DMXVWDP VXDV HVWUDWpJLDV SURGXWLYDV
DXPHQWDP R JUDX GH DEHUWXUD H LQVHUomR DRV PHUFDGRV IRFDP HP DOJXQV SURGXWRV GH PDLRU YDORU
DJUHJDGR H HOHYDP R YDORU GH HVSHFLDOL]DomR GD SURGXomR (VVDV HVWUDWpJLDV QmR VmR DSHQDV
SURGXWLYDV PDV GH UHSURGXomR VRFLDO H p QHVWD SHUVSHFWLYD TXH GHYHP VHU DQDOLVDGD
7RGRV HVVHV GHVDILRV WrP HP FRPXP D QHFHVVLGDGH GH DGRomR GH QRYDV IRUPDV
RUJDQL]DFLRQDLV
$JUHJDomR GH YDORU
3DUD 3RUWHU XPD GHILQLomR DGHTXDGD GH YDORU p ³R TXH RV FRQVXPLGRUHV HVWmR
GLVSRVWRV D SDJDU´ DVVLP DJUHJDU YDORU D XP GHWHUPLQDGR SURGXWR UHPHWH D LGpLD GH DXPHQWDU RV
DWULEXWRV TXH SRVVDP VHU GLVWLQJXLGRV H YDORUDGRV SHOR FRQVXPLGRU
2 WHUPR DJUHJDomR GH YDORU WHP VLGR XWLOL]DGR DPSODPHQWH H DVVRFLD VH WDPEpP D YiULDV
HVWUDWpJLDV GDV HPSUHVDV WDLV FRPR GLYHUVLILFDU D RIHUWD GH SURGXWRV VHJPHQWDU R PHUFDGR GH
FRPHUFLDOL]DomR H GHVHQYROYHU QRYRV SURGXWRV D SDUWLU GH XPD PHVPD PDWpULD SULPD RX
GHVHQYROYHU QRYDV IRUPDV GH DSUHVHQWDomR GH XP SURGXWR (VWDV WHQWDWLYDV REMHWLYDP WDPEpP
FRQVHJXLU D ILGHOLGDGH GRV FRQVXPLGRUHV D SDUWLU GR DWHQGLPHQWR GH VXDV QHFHVVLGDGHV H
H[LJrQFLDV H FRPR FRQVHTrQFLD DXPHQWDU DV OXFUDWLYLGDGHV GDV HPSUHVDV -i DV HVWUDWpJLDV GDV
IDPtOLDV UXUDLV SRGHP HQYROYHU DV PHVPDV EXVFDGDV SHODV HPSUHVDV RX RXWUDV GH PRWLYDo}HV QmR
HFRQ{PLFDV
'R SRQWR GH YLVWD GR SURGXWRU UXUDO R FRQFHLWR GH DJUHJDomR GH YDORU GL] UHVSHLWR D XPD
GDV RSo}HV HVWUDWpJLFDV GH WUDEDOKR GDV IDPtOLDV HQWHQGLGDV WDPEpP FRPR HVWUDWpJLDV GH
UHSURGXomR VRFLDO FRP YLVWDV j GLYHUVLILFDomR GD SURGXomR FRP GLIHUHQFLDomR GH VHX SURGXWR RX
HP RXWUDV SDODYUDV EXVFDU GHVFRPRGLWL]DomR GH VHXV SURGXWRV &RP WDO HVWUDWpJLD D EXVFD VH VDLU
GD SRVLomR GH WRPDGRU GH SUHoRV WHQWDQGR GHQWUR GH FHUWRV OLPLWHV LPSRU R SUHoR DR VHX SURGXWR
/$=$5,1, $VVLP SRGH VH DLQGD DJUHJDU YDORU D SDUWLU GH XPD VLPSOHV ODYDJHP RX
(QWHQGH VH SRU FRPPRGLW RV SURGXWRV SURGX]LGRV GH IRUPD SDGURQL]DGD FRPHUFLDOL]DGRV HP HVFDOD VHP GHQRPLQDomR GH RULJHP
VHP GLVWLQomR GH PDUFD H FRP IRUPDomR GH SUHoRV DWUDYpV GD LQWHUDomR HQWUH D RIHUWD H GHPDQGD DJUHJDGD
SDGURQL]DomR RX FODVVLILFDomR RX FRP D WUDQVIRUPDomR SRU SURFHVVDPHQWR GD IRUPD H
FRPSRVLomR GR SURGXWR TXH p R FDVR WUDWDGR QR SUHVHQWH WUDEDOKR
$ GLIHUHQFLDomR VH Gi SHORV DWULEXWRV DSDUrQFLD YLVXDO RULJHP VDQLGDGH TXDOLGDGH
VDERU WHRU GH LQJUHGLHQWHV H LQVXPRV GHVHPSHQKR GXUDELOLGDGH HVWLOR PpWRGR GH SURGXomR
RUJkQLFR -i SRU VHUYLoRV RFRUUH D SDUWLU GD IUHTrQFLD GH HQWUHJD UHJXODULGDGH RX IRUPDWR GH
HQWUHJD GH XVR HVSHFtILFR OLPSR HPEDODGR SURQWR SDUD H[SRVLomR $ WHUFHLUD IRUPD GH
GLIHUHQFLDomR p D GR DWHQGLPHQWR UHODo}HV GH SUR[LPLGDGH FRP R FOLHQWH FRPSHWrQFLD UHSXWDomR
H FUHGLELOLGDGH 3RU ~OWLPR WHP VH D GLIHUHQFLDomR SHOR XVR GD PDUFD $ PDUFD SRGH VHU HQWHQGLGD
FRPR VHQGR XP QRPH XP VLQDO XP VtPEROR RX FRPELQDomR GHVVHV LWHQV TXH WHP FRPR SURSyVLWR
IDFLOLWDU D LGHQWLILFDomR GR SURGXWRU GLIHUHQFLi ORV GRV FRQFRUUHQWHV DXPHQWDUHP D DWUDWLYLGDGH
GR FRQVXPLGRU DWUDYpV GRV QRPHV H VtPERORV FULDWLYRV H LGHQWLILFDU R SURGXWRU RX IDEULFDQWH
7RGR HVWH WUDEDOKR HP EXVFD GD DJUHJDomR GH YDORU WHP GXDV FRUUHQWHV GH LQWHUSUHWDomR D GD
YDORUL]DomR GRV SURGXWRV RX D GD UHGXomR GRV FXVWRV 3HUH] HW DO
3DUD %DWDOKD HW DO XPD GDV GLILFXOGDGHV HQFRQWUDGDV SHORV SURGXWRUHV UXUDLV QD
GLYHUVLILFDomR DJUHJDomR GH YDORU H H[SORUDomR GH YDQWDJHQV SRWHQFLDLV GRV SURGXWRV HVWi
UHODFLRQDGD FRP D VXSHUDomR GD UHVWULomR GH HVFDOD LPSRVWD SHOD SHTXHQD SURSULHGDGH (VWD
TXHVWmR LQIOXHQFLD QDV GHFLV}HV GRV SURGXWRUHV IDPLOLDUHV QmR VRPHQWH FRP UHODomR j DJUHJDomR
GH YDORU PDV WDPEpP VREUH D GHFLVmR GRV PHFDQLVPRV GH FRPHUFLDOL]DomR H GRV FDQDLV GH
GLVWULEXLomR HVFROKLGRV SDUD D YHQGD GH VHXV SURGXWRV
3DUD 1HYHV D SHTXHQD SURGXomR GHYH VHU YLVWD VRE XPD yWLFD VLVWrPLFD EXVFDQGR
SURGXWRV DGHTXDGRV DR FRQVXPLGRU PDLV GLIHUHQFLDGRV H SRXFR VXVFHWtYHLV jV HFRQRPLDV GH
HVFDOD
4XDQWR PDLRU p R QtYHO GH VRILVWLFDomR WHFQROyJLFD GRV SURFHVVRV H SURGXWRV H TXDQWR
PDLRU p R YDORU DJUHJDGR SHOD DJURLQGXVWULDOL]DomR D XP GHWHUPLQDGR SURGXWR PDLV FRPSHWLGRUHV
H[WHUQRV GHYHUmR VHU DWUDtGRV SDUD XP GHWHUPLQDGR PHUFDGR 3RUWDQWR RV SURGXWRUHV UXUDLV
IDPLOLDUHV EXVFDP D GLYHUVLILFDomR GD SURGXomR SDUD WRUQDUHP VH PHQRV VXVFHWtYHLV j
VD]RQDOLGDGH GD SURGXomR H FRP LVVR SRGH PDQWHU HVWiYHO VXD UHQGD
'R SRQWR GH YLVWD GRV PHUFDGRV FRQVXPLGRUHV Ki XPD SURFXUD FUHVFHQWH SRU SURGXWRV
GLIHUHQFLDGRV GHVWDFDQGR VH HQWUH HVVHV RV EHQV DUUDLJDGRV D XPD WUDGLomR FXOWXUDO RX D EXVFD GH
TXDOLGDGHV VLPEyOLFDV FRPR WUDGLomR H RULJHQV 1(9(6 H 5$86&+
6LVWHPD /HJDO
$ VHJXUDQoD p XP GRV DWULEXWRV GH TXDOLGDGH PDLV GHVHMiYHLV QRV DOLPHQWRV 2V SURGXWRV
GHYHP VHU LVHQWRV GH TXDOTXHU VXEVWkQFLD TXtPLFD ELROyJLFD RX ItVLFD TXH SRVVD FDXVDU GDQRV j
VD~GH GR FRQVXPLGRU 2V SDGU}HV GH VHJXUDQoD VmR HVWDEHOHFLGRV SRU OHLV IHGHUDLV RX HVWDGXDLV
YLVDQGR j SUHVHUYDomR GD VD~GH S~EOLFD FRP EDVH QD SUHYHQomR GR GHVHQYROYLPHQWR GH
PLFURRUJDQLVPRV SDWRJrQLFRV RX SUHMXGLFLDLV EHP FRPR QD SURWHomR FRQWUD D SUHVHQoD GH
VXEVWkQFLDV Wy[LFDV QDWXUDLV RX FRQWDPLQDQWHV UHVtGXRV GH SHVWLFLGDV
1D DJURSHFXiULD DV QRUPDWLYDV OHJDLV TXH UHJXODPHQWDP D SURGXomR SULPiULD HP JHUDO
FRPSHWHP DR 0LQLVWpULR GD $JULFXOWXUD H 6HFUHWDULDV GH (VWDGR GD $JULFXOWXUD -i TXDQGR Ki
DJUHJDomR GH YDORU FRP SURFHVVDPHQWR H DOWHUDomR GH IRUPD DJURLQGXVWULDOL]DomR D
UHVSRQVDELOLGDGH QD HODERUDomR GRV UHJXODPHQWRV OHJDLV SDVVD D VHU FRPSDUWLOKDGD WDPEpP SHOR
0LQLVWpULR H 6HFUHWDULDV GH (VWDGR GD VD~GH WRUQDQGR DV PXLWR PDLV UHVWULWLYDV SDUD R SURGXWRU
UXUDO
2V SURGXWRV HODERUDGRV VRE RV SURFHVVRV WUDGLFLRQDLV FXOWXUDLV RX UHJLRQDLV GH SURGXomR
WUDQVPLWLGRV GH JHUDomR HP JHUDomR GHYHP HVWDU HP FRQIRUPLGDGH FRP RV UHJXODPHQWRV WpFQLFRV
LQGLFDGRUHV GH SDGU}HV GH LGHQWLGDGH H TXDOLGDGH H GHPDLV H[LJrQFLDV HVWDEHOHFLGDV SHOD
OHJLVODomR GH DOLPHQWRV 2V SULQFLSDLV GLVSRVLWLYRV OHJDLV TXH UHJXODPHQWDP D UHVSHLWR VmR R
&yGLJR GH 'HIHVD GR &RQVXPLGRU OHL PDLRU TXH GLVS}H VREUH DV UHODo}HV GH FRQVXPR D $JrQFLD
1DFLRQDO GH 9LJLOkQFLD 6DQLWiULD $19,6$ H R &HQWUR GH 9LJLOkQFLD 6DQLWiULD H 6D~GH GD
6HFUHWDULD GH (VWDGR GH 6mR 3DXOR &96
2 &yGLJR GH 'HIHVD GR &RQVXPLGRU /HL QR
GH GH VHWHPEUR GH QR
FDStWXOR WHUFHLUR GRV GLUHLWRV EiVLFRV GR FRQVXPLGRU GH HVWDEHOHFH GLUHWUL]HV JHUDLV DR FRORFDU
TXH ³VmR GLUHLWRV GR FRQVXPLGRU D LQIRUPDomR DGHTXDGD H FODUD VREUH RV GLIHUHQWHV SURGXWRV
VHUYLoRV FRP HVSHFLILFDomR FRUUHWD GH TXDQWLGDGH FDUDFWHUtVWLFDV FRPSRVLomR TXDOLGDGH H
SUHoR EHP FRPR RV ULVFRV TXH DSUHVHQWHP´ 2 FDStWXOR ,9 GD PHVPD /HL 'D TXDOLGDGH GRV
SURGXWRV H VHUYLoRV SUHYHQomR H UHSDUDomR GRV GDQRV DUWLJR R
HVWDEHOHFH TXH ³RV SURGXWRV H
VHUYLoRV FRORFDGRV QR PHUFDGR GH FRQVXPR QmR DFDUUHWDUmR ULVFRV j VD~GH RX VHJXUDQoD GRV
FRQVXPLGRUHV H[FHWR RV FRQVLGHUDGRV QRUPDLV H SUHYLVtYHLV HP IXQomR GD VXD QDWXUH]D H IUXLomR
REULJDQGR VH RV IRUQHFHGRUHV HP TXDOTXHU KLSyWHVH D GDU DV LQIRUPDo}HV QHFHVViULDV H
DGHTXDGDV D VHX UHVSHLWR´ /HL Q GH GH VHWHPEUR GH
1R (VWDGR GH 6mR 3DXOR D 3RUWDULD &96 GH GH PDLR GH GHILQH DOLPHQWR
DUWHVDQDO FRPR ³DTXHOH SURGX]LGR FRP FDUDFWHUtVWLFDV WUDGLFLRQDLV FXOWXUDLV H UHJLRQDLV HP
FRQIRUPLGDGH FRP DV H[LJrQFLDV HVSHFtILFDV GH LGHQWLGDGH H TXDOLGDGH HVWDEHOHFLGDV SHODV
OHJLVODo}HV GH DOLPHQWRV H DGLWLYRV´ QRUPDWL]D DV UHJUDV UHIHUHQWHV j HODERUDomR H j
FRPHUFLDOL]DomR GH DOLPHQWRV DUWHVDQDLV GH RULJHP YHJHWDO
'HILQLU TXDOLGDGH QmR p VLPSOHV GDGR TXH R FRQFHLWR HQYROYH YiULDV GLPHQV}HV 8PD
SULPHLUD UHIHUH VH j DGHTXDomR GRV SURFHVVRV GH SURGXomR EHP FRPR D RULJHP H FRPELQDomR GRV
LQVXPRV XWLOL]DGRV QD WUDQVIRUPDomR GR SURGXWR 8PD VHJXQGD GLPHQVmR GL] UHVSHLWR jV
FDUDFWHUtVWLFDV TXH DJUDGHP DR FRQVXPLGRU RX VHMD DV FDUDFWHUtVWLFDV VHQVRULDLV VDERU DSDUrQFLD
FRU DURPD HP WHUFHLUR OXJDU WHP VH D GLPHQVmR TXH UHPHWH DV TXHVW}HV UHODFLRQDGDV j
LQRFXLGDGH GDV PDWpULDV SULPDV H SURFHVVRV (QWHQGH VH SRU LQyFXR R DOLPHQWR TXH QmR p QRFLYR
DR FRQVXPLGRU LVHQWR GD SUHVHQoD RX FRP QtYHLV SRXFR VLJQLILFDWLYRV GH VXEVWkQFLDV Wy[LFDV j
VD~GH RUJkQLFDV RX PLQHUDLV
9r VH TXH RV GRLV GLVSRVLWLYRV UHOHYDQWHV FLWDGRV ID]HP UHIHUrQFLD j QHFHVVLGDGH GH
LQGLFDomR GH DWULEXWRV GH TXDOLGDGH QR VHQWLGR GH DVVHJXUDU D LQRFXLGDGH GRV DOLPHQWRV
&RQVLGHUD VH TXH D SRUWDULD &96 WURX[H IDFLOLGDGHV DR SURGXWRU UXUDO SDUD DWXDU FRP
DJURLQGXVWULDOL]DomR IOH[LELOL]DQGR DV UHVWULo}HV OHJDLV SRU SHUPLWLU TXH R SURGXWRU UXUDO QmR WHQKD
D REULJDWRULHGDGH GH FRQVWLWXLU XPD HPSUHVD SHVVRD MXUtGLFD SDUD SURGX]LU DOLPHQWRV DUWHVDQDLV
H GHILQH R SURGXWRU GH DOLPHQWR DUWHVDQDO GH RULJHP YHJHWDO FRPR VHQGR SHVVRD ItVLFD R SURGXWRU
UXUDO RX D SHVVRD MXUtGLFD HQTXDGUDGD QR FRQFHLWR GH PLFURHPSUHVD XPD YH] H[SHGLGD j OLFHQoD
GH IXQFLRQDPHQWR SHOR yUJmR FRPSHWHQWH GD 9LJLOkQFLD 6DQLWiULD (QWUH DV H[LJrQFLDV SDUD
FRQFHVVmR GD OLFHQoD GH IXQFLRQDPHQWR GR HVWDEHOHFLPHQWR D 3RUWDULD &96 PDQWHYH RV
ULJRUHV WpFQLFRV H DV FRQGLo}HV KLJLrQLFR VDQLWiULDV H[LJLGDV D VHUHP FXPSULGDV SHOR SURGXWRU
DUWHVDQDO QHVWH DVSHFWR D SRUWDULD p DLQGD UHVWULWLYD (QWUH RV ULJRUHV WpFQLFRV GHVWDFDP VH
DTXHOHV GHVWLQDGRV D DVVHJXUDU XP ULJRURVR FRQWUROH GH TXDOLGDGH GRV DOLPHQWRV H R FRQKHFLPHQWR
GR FRQVXPLGRU VREUH D PHVPD HQWUH DV REULJDo}HV D VHUHP UHVSHLWDGDV GHVWDFDP VH
D UHDOL]DomR GR FXUVR GH ERDV SUiWLFDV GH IDEULFDomR PLQLVWUDGR SRU LQVWLWXLo}HV GH
HQVLQR FDSDFLWDomR RX TXDOLILFDomR SURILVVLRQDO QR TXDO R SURGXWRU DUWHVDQDO WHUi FRQWDWR FRP
LPSRUWDQWHV WHPDV DIHWRV QRV DWULEXWRV GH TXDOLGDGH WDLV FRPR PLFURELRORJLD GRHQoDV
WUDQVPLWLGDV SRU DOLPHQWRV FRQWUROH LQWHJUDGR GH YHWRUHV H SUDJDV VD~GH GR WUDEDOKDGRU H
OHJLVODomR VDQLWiULD
E D DGHTXDomR GR ORFDO GH SURGXomR GHYH VHU GLVWLQWR GDV GHSHQGrQFLDV UHVLGHQFLDLV
DWHQGHQGR DRV SDUkPHWURV H FULWpULRV GH FRQWUROH KLJLrQLFR VDQLWiULR GHILQLGRV SHOD 3RUWDULD &96
(VWDV QRUPDV GHVFUHYHP RV FULWpULRV SDUD R HQTXDGUDPHQWR GRV HVWDEHOHFLPHQWRV R TXH
LPSOLFD QD QHFHVVLGDGH GH HODERUDomR GH SURMHWRV GH LPSODQWDomR GH LQVWDODo}HV H HTXLSDPHQWRV
RV TXDLV PXLWDV YH]HV H[WUDSRODP D FDSDFLGDGH GH LQYHVWLPHQWRV GRV HPSUHHQGHGRUHV &DEH DR
yUJmR GH 9LJLOkQFLD 6DQLWiULD H[HUFHU VXDV DWLYLGDGHV H Do}HV QRV WHUPRV GR &yGLJR 6DQLWiULR
(VWDGXDO RX 0XQLFLSDO YHULILFDQGR R FXPSULPHQWR GDV ERDV SUiWLFDV GH IDEULFDomR H FRQGLo}HV
KLJLrQLFR VDQLWiULDV GR HVWDEHOHFLPHQWR EHP FRPR PDQWHU DWXDOL]DGDV DV LQIRUPDo}HV GDV
DWLYLGDGHV GH DOLPHQWRV DUWHVDQDLV VRE VXD MXULVGLomR LQVSHFLRQDQGR RV ORFDLV GH SURGXomR H
PRQLWRUDQGR D TXDOLGDGH GRV SURGXWRV SRU PHLR GH DQiOLVH ILVFDO $V LQIUDo}HV VDQLWiULDV VHP
3HOD /HL (VWDGXDO Qž FRQVLGHUD VH PLFURHPSUHVD R FRQWULEXLQWH TXH FXPXODWLYDPHQWH UHDOL]DU H[FOXVLYDPHQWH RSHUDo}HV DR FRQVXPLGRU
ILQDO H DXIHULU IDWXUDPHQWR EUXWR DQXDO LJXDO RX LQIHULRU DR YDORU GH 5 IDL[D GH LVHQomR
SUHMXt]R GDV VDQo}HV GH QDWXUH]D FLYLO RX SHQDO FDEtYHLV VHUmR SXQLGDV DOWHUQDWLYD RX
FXPXODWLYDPHQWH FRP DV SHQDOLGDGHV SUHYLVWDV QR &yGLJR 6DQLWiULR GR (VWDGR
F URWXODJHP DSHVDU GH R SURGXWRU DUWHVDQDO HVWDU GLVSHQVDGR GD REULJDWRULHGDGH GD
FRPXQLFDomR GR LQtFLR GH VXD IDEULFDomR j 9LJLOkQFLD 6DQLWiULD HVWH REULJDWRULDPHQWH GHYH URWXODU
RV SURGXWRV FRQVWDQGR RV PHVPRV SDUkPHWURV LQIRUPDWLYRV REULJDWyULRV $ 5HVROXomR $19,6$ ±
5'& Qž GH GH GH]HPEUR GH QRUPDWL]D HVSHFLILFDPHQWH VREUH D URWXODJHP QXWULFLRQDO
SDUD DOLPHQWRV HPEDODGRV H HVWDEHOHFH TXH RV FRQGLFLRQDQWHV DOL FRQWLGRV DSOLFDP VH j URWXODJHP
QXWULFLRQDO GRV DOLPHQWRV SURGX]LGRV H FRPHUFLDOL]DGRV SDUD TXDOTXHU TXH VHMD RULJHP GRV
PHVPRV (VWD UHVROXomR GHILQH URWXODJHP QXWULFLRQDO FRPR ³WRGD GHVFULomR GHVWLQDGD D LQIRUPDU
DR FRQVXPLGRU VREUH DV SURSULHGDGHV QXWULFLRQDLV GH XP DOLPHQWR´ $ URWXODJHP REULJDWyULD
FRPSUHHQGH D GHFODUDomR GDV TXDQWLGDGHV GH YDORUHV HQpUJLFRV H GH QXWULHQWHV WDLV FRPR
FDUERLGUDWRV SURWHtQDV JRUGXUDV WRWDLV JRUGXUDV VDWXUDGDV JRUGXUDV WUDQV ILEUD DOLPHQWDU VyGLR
H YLWDPLQDV HVWDV VHPSUH TXH HVWLYHUHP HP TXDQWLGDGH LJXDO RX PDLRU TXH GD ,QJHVWmR 'LiULD
5HFRPHQGDGD SRU SRUomR LQGLFDGD QR UyWXOR
$ HODERUDomR DUWHVDQDO GH SURGXWRV GH RULJHP DQLPDO SRU WUDWDU VH GR SURFHVVDPHQWR GH
SURGXWRV PDLV SHUHFtYHLV VXEPHWH VH PDLRU TXDQWLGDGH GH QRUPDV UHJXODPHQWDGDV QD /HL
(VWDGXDO Q GH GH PDUoR GH DR 'HFUHWR (VWDGXDO Q GH GH VHWHPEUR GH
H D 5HVROXomR GD 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR 6$$ GH GH
VHWHPEUR GH 2 SULQFLSDO REMHWLYR GHVWDV 1RUPDV p SHUPLWLU TXH HVWDEHOHFLPHQWRV SRVVDP
IXQFLRQDU FRP HTXLSDPHQWRV H LQVWDODo}HV VLPSOHV H SHTXHQDV HFRQRPLFDPHQWH FRPSDWtYHLV FRP
VXD HVFDOD GH SURGXomR PDV VHPSUH PDQWHQGR XP ULJRURVR FRQWUROH GH TXDOLGDGH GRV DOLPHQWRV
2V HVWDEHOHFLPHQWRV GHYHP WHU XP UHVSRQViYHO WpFQLFR H HVWH SURILVVLRQDO GHYH HVWDU UHJXODUPHQWH
LQVFULWR QR yUJmR ILVFDOL]DGRU GH VXD SURILVVmR
$ /HL (VWDGXDO Q GHILQH TXDLV VmR RV SURGXWRV SDVVtYHLV GH HODERUDomR VRE IRUPD
DUWHVDQDO GLVFRUUHP VREUH D REULJDWRULHGDGH TXH WHP R SURGXWRU DUWHVDQDO GH SURGXWRV GH RULJHP
DQLPDO GH HIHWXDU R FRQWUROH VDQLWiULR GR UHEDQKR GH UHJLVWUDU VH MXQWR DR &HQWUR GH ,QVSHomR GH
3URGXWRV GH 2ULJHP $QLPDO GD &RRUGHQDGRULD GH 'HIHVD 6DQLWiULD H D GRFXPHQWDomR H[LJLGD
SDUD WDO DVVLP FRPR D REULJDWRULHGDGH TXH WHP R SURGXWRU DUWHVDQDO DSUHVHQWDU UHODWyULR PHQVDO
FRP GDGRV GH SURGXomR HP FRQIRUPLGDGH FRP DV QRUPDV HVWDEHOHFLGDV 2 DUWLJR GD PHVPD
/HL H[SOLFLWD TXH R SURGXWR DUWHVDQDO GHYHUi WHU UHJLVWUR GH VXD FRPSRVLomR H PpWRGR GH
SURFHVVDPHQWR MXQWR DR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO REVHUYDGDV DV QRUPDV
WpFQLFDV GD 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR 1R DUWLJR D PHVPD GLVFRUUH VREUH DV
HPEDODJHQV H UyWXORV GRV SURGXWRV DUWHVDQDLV TXH GHYHP FRQWHU D WRGDV DV LQIRUPDo}HV
SUHFRQL]DGDV SHOR &yGLJR GH 'HIHVD GR &RQVXPLGRU D LQGLFDomR GH TXH p SURGXWR DUWHVDQDO R
Q~PHUR GH UHJLVWUR QR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO H D LQGLFDomR GR
6HUYLoR GH ,QVSHomR GR (VWDGR GH 6mR 3DXOR
(PERUD D /HL (VWDGXDO Q UHSRUWH jV LQIRUPDo}HV SUHFRQL]DGDV QR &yGLJR GH
'HIHVD GR &RQVXPLGRU HVWH FyGLJR QmR SDUWLFXODUL]D DV LQIRUPDo}HV UHTXHULGDV R TXH GHVHQYROYH
D 5HVROXomR $19,6$ ± 5'& Qž GH GH GH]HPEUR GH
$ 5HVROXomR 6$$ GH GH VHWHPEUR GH GLVFRUUH VREUH DV FRQGLo}HV KLJLrQLFR
VDQLWiULDV PtQLPDV UHTXHULGDV SDUD SURFHVVDPHQWR GRV SURGXWRV GH RULJHP DQLPDO DV QRUPDV SDUD
SURGXomR H FODVVLILFDomR GRV SURGXWRV GD REULJDWRULHGDGH GH UHJLVWUR GRV UyWXORV H LQGLFDQGR TXH
QHVWHV GHYHP FRQVWDU DOpP GD FRPSRVLomR GRV DOLPHQWRV D HVSHFLILFDomR ³SURGXWR DUWHVDQDO´ H D
LQVFULomR QR 6HUYLoR GH ,QVSHomR GR (VWDGR DOpP GD GDWD GH IDEULFDomR H SUD]R GH YDOLGDGH
(VWD VLWXDomR DJUDYD VH SHOD H[LJrQFLD OHJDO GH DGHTXDomR jV QRUPDV GD OHJLVODomR
HVWDGXDO SDUD FRPHUFLDOL]DomR IRUD GR kPELWR GR PXQLFtSLR R TXH VLJQLILFD XP HPSHFLOKR SDUD
DTXHODV XQLGDGHV TXH FRP ILVFDOL]DomR PXQLFLSDO Mi VH VXEPHWHP D XP FRQWUROH GH TXDOLGDGH
GHQWUR GRV SDUkPHWURV PDLV IOH[tYHLV GD OHJLVODomR PXQLFLSDO (VWD IOH[LELOLGDGH MXVWLILFD VH SHOR
IDWR GH D OHJLVODomR YLJHQWH QR SDtV FRQFHELGD QRV SULQFtSLRV GD JUDQGH HVFDOD GH SURGXomR H GD
VXSRVLomR GH XP HOHYDGR WHPSR HQWUH SURGXomR H FRQVXPR 6,/9(,5$ H =,0(50$11
R TXH QmR FRQGL] FRP D UHDOLGDGH FRQFUHWD GDV XQLGDGHV GH SURGXomR DUWHVDQDO GH DOLPHQWRV
(FRQRPLD VROLGiULD
$ (FRQRPLD 6ROLGiULD p IUXWR GD RUJDQL]DomR GH WUDEDOKDGRUHV H WUDEDOKDGRUDV HP EXVFD
GD FRQFUHWL]DomR H YLYrQFLD GH QRYDV UHODo}HV HFRQ{PLFDV H VRFLDLV TXH GH LPHGLDWR SURSLFLDP D
VREUHYLYrQFLD H D PHOKRULD GD TXDOLGDGH GH YLGD GH PLOK}HV GH SHVVRDV HP GLIHUHQWHV SDUWHV GR
PXQGR $V PDQLIHVWDo}HV GD (FRQRPLD 6ROLGiULD VmR GLYHUVDV GHQWUH DV TXDLV GHVWDFDP VH
JUXSRV LQIRUPDLV H FRRSHUDWLYDV GH SURGXomR GH FRQVXPR VROLGiULR RX GH VHUYLoRV HQWLGDGHV H
JUXSRV GH FUpGLWR VROLGiULR H IXQGRV URWDWLYRV JUXSRV H FOXEHV GH WURFDV VROLGiULDV FRP XVR GH
PRHGD VRFLDO RX FRPXQLWiULD HPSUHVDV UHFXSHUDGDV H GH DXWRJHVWmR HVWDEHOHFLPHQWR GH FDGHLDV
VROLGiULDV GH SURGXomR FRPHUFLDOL]DomR H FRQVXPR HQWUH RXWUDV LQLFLDWLYDV 2V HPSUHHQGLPHQWRV
HFRQ{PLFRV H VROLGiULRV VmR RUJDQL]Do}HV TXH DSUHVHQWDP DV VHJXLQWHV FDUDFWHUtVWLFDV %5$6,/
x FROHWLYDV VXSUDIDPLOLDUHV GH WUDEDOKDGRUHV H WUDEDOKDGRUDV GR PHLR XUEDQR H UXUDO TXH
H[HUFHP D JHVWmR FROHWLYD GR HPSUHHQGLPHQWR
x SHUPDQHQWHV GLIHUH GH SUiWLFDV HYHQWXDLV
x SRGHP GLVSRU RX QmR GH UHJLVWUR OHJDO
x UHDOL]DP DWLYLGDGHV HFRQ{PLFDV GH SURGXomR SUHVWDomR GH VHUYLoRV FUpGLWR SRSXODU
FRPHUFLDOL]DomR H FRQVXPR VROLGiULR
x VmR RUJDQL]Do}HV VLQJXODUHV RX FRPSOH[DV HVWH p R FDVR GH FRRSHUDWLYDV H VXDV
FRQIHGHUDo}HV
8PD GDV SULQFLSDLV FDUDFWHUtVWLFDV GR DWXDO DPELHQWH RUJDQL]DFLRQDO p D QHFHVVLGDGH GDV
HPSUHVDV DWXDUHP GH IRUPD FRQMXQWD H DVVRFLDGD 'HVVD IRUPD VXUJHP FRPR SRVVLELOLGDGH
FRQFUHWD SDUD R GHVHQYROYLPHQWR HPSUHVDULDO RV PRGHORV RUJDQL]DFLRQDLV EDVHDGRV QD
DVVRFLDomR FRPSOHPHQWDULGDGH QR FRPSDUWLOKDPHQWR QD WURFD H QD DMXGD P~WXD FRPR VHQGR
IRUPDV GH REWHU FRPSHWLWLYLGDGH H VREUHYLYHU QR PXQGR JOREDOL]DGR =$0%(5/$1 HW DO
2 DVVRFLDWLYLVPR LQFOXLQGR FRRSHUDWLYDV DVVRFLDo}HV IRUPDLV H LQIRUPDLV p XP IRUPDWR GH
RUJDQL]DomR FROHWLYD GH GLItFLO LPSOHPHQWDomR SRLV UHTXHU FHUWD FRHVmR FXOWXUDO SUHGLVSRVLo}HV
LQLFLDWLYDV ORFDLV GRV SUySULRV SURGXWRUHV GHQWUH RXWURV UHTXLVLWRV 0XLWDV YH]HV HVVHV
SURGXWRUHV Mi FULDUDP XPD DYHUVmR D TXDOTXHU WLSR GH PXGDQoD SRU IDOWD GH FRQILDQoD IDOWD GH
FXOWXUD GD FRRSHUDomR HWF 3RU LVVR R DVVRFLDWLYLVPR QmR GHYH VHU YLVWR GH PDQHLUD VLPSOHV H
LQJrQXD FRPR D UHVROXomR GH WRGRV RV SUREOHPDV UXUDLV PDV FRPR XP GHVDILR QD WUDQVIRUPDomR
VRFLDO
e SUHFLVR DQDOLVDU VHXV EHQHItFLRV H VXDV GLILFXOGDGHV FRQVLGHUDQGR TXH DV DVVRFLDo}HV RX
FRRSHUDWLYDV TXDQGR LPSRVWDV GH FLPD SDUD EDL[R VHP TXH KDMD XP WUDEDOKR GH PRELOL]DomR
VRFLDO WHP JUDQGHV FKDQFHV GH QmR GDU FHUWR 4XDQGR HVVDV RUJDQL]Do}HV VmR FRQVWUXtGDV
FROHWLYDPHQWH SHOD SUySULD FRPXQLGDGH HODV SRGHP WUD]HU LQ~PHURV EHQHItFLRV $ DVVRFLDomR
FRPR LQVWLWXLomR p XPD RUJDQL]DomR FRP FDUDFWHUtVWLFDV HPLQHQWHPHQWH VRFLDLV TXH IXQFLRQD
GHPRFUDWLFDPHQWH VHP ILQV OXFUDWLYRV FRP R REMHWLYR GH UHSUHVHQWDU H GHIHQGHU RV LQWHUHVVHV GRV
DVVRFLDGRV HVWLPXODUHP D PHOKRULD WpFQLFD SURILVVLRQDO H VRFLDO GRV PHVPRV FRP FRPSURPLVVR
HGXFDWLYR VRFLDO H HFRQ{PLFR
$VVRFLDomR QXPD SULPHLUD GHILQLomR PDLV DPSOD p TXDOTXHU LQLFLDWLYD IRUPDO RX LQIRUPDO
TXH UH~QH SHVVRDV ItVLFDV RX RXWUDV VRFLHGDGHV MXUtGLFDV FRP REMHWLYRV FRPXQV YLVDQGR VXSHUDU
GLILFXOGDGHV H JHUDU EHQHItFLRV SDUD RV VHXV DVVRFLDGRV 8PD DVVRFLDomR p FULDGD SDUD VROXFLRQDU
SUREOHPDV FRQFUHWRV H SRUWDQWR FRQVLVWH HP XP LQVWUXPHQWR TXH YLDELOL]D VROXo}HV HILFD]HV GH
IRUPD TXH D SDUWLFLSDomR H D GHPRFUDFLD HVWHMDP SUHVHQWHV HP WRGDV DV Do}HV 9(,*$ H 5(&+
9HLJD H 5HFK DLQGD DSUHVHQWDP FRPR YDQWDJHQV GDV DVVRFLDo}HV D LQWHJUDomR GDV
SHVVRDV HP XP JUXSR IRUWDOHFHU ODoRV GH DPL]DGH H VROLGDULHGDGH VRFLDO TXHEUDU R
LQGLYLGXDOLVPR DXPHQWDU R QtYHO GH FRQKHFLPHQWRV GH SDUWLFLSDomR VRFLDO SRVVLELOLWDU D
RUJDQL]DomR GH HYHQWRV H IHLUDV QR PXQLFtSLR YHQGHUHP D SUHoR PHOKRU GR TXH YHQGHU SHTXHQDV
TXDQWLGDGHV LQGLYLGXDOPHQWH FRPSUDU RV LQVXPRV D SUHoR GH DWDFDGR DPSOLDU D GLYHUVLILFDomR GDV
DWLYLGDGHV SURGXWLYDV HQWUH RXWURV
8P GRV DVSHFWRV FHQWUDLV QR HVWXGR GH DVVRFLDo}HV UHIHUH VH j IRUPD FRPR DV PHVPDV
GHVHQYROYHP VXDV Do}HV GH IRUPD DXW{QRPD H LQGHSHQGHQWH 3RU VXD YH] WDO DVSHFWR WHP
GHVGREUDPHQWRV LPSRUWDQWtVVLPRV VREUH D SUySULD GLQkPLFD GH IXQFLRQDPHQWR D IRUPD FRPR VmR
UHDOL]DGDV DV GHFLV}HV R FRQWUROH GR SDWULP{QLR SHORV SUySULRV DVVRFLDGRV HQWUH RXWUDV FDSD]HV
GH FRQIHULU D HVWDV RUJDQL]Do}HV XP FDUiWHU GH LQVWLWXLo}HV UHSUHVHQWDWLYDV GHPRFUiWLFDV H DVVLP
VH FRQVWLWXLQGR HP LPSRUWDQWHV HVSDoRV GH FRQVROLGDomR GD FLGDGDQLD DWLYD $5$Ò-2
$ FRQWLQXLGDGH GR DVVRFLDWLYLVPR GHSHQGH GH XP JUDQGH HVIRUoR GH DYDOLDomR GDV
H[SHULrQFLDV GHVHQYROYLGDV SRU SDUWH GH WRGRV RV VHWRUHV HQJDMDGRV QHVVD SURSRVWD 2 SUySULR
PRGHOR GH GHVHQYROYLPHQWR GD DJULFXOWXUD QR SDtV HVVDV QRYDV H[SHULrQFLDV WrP DEHUWR HVSDoRV
SDUD VH SHQVDUHP DV SRVVLELOLGDGHV GD DJULFXOWXUD IDPLOLDU RFXSDU XP HVSDoR PDLRU 2
DSUHQGL]DGR GH SUiWLFDV GH SDUWLFLSDomR TXH YHP FRQWULEXLQGR SDUD FRQVWUXomR GHVVH VHJPHQWR
HP XP LPSRUWDQWH DWR FROHWLYR p FHUWDPHQWH XP GRV PHOKRUHV UHVXOWDGRV DFXPXODGRV D SDUWLU GD
H[SDQVmR GDV DVVRFLDo}HV QRV ~OWLPRV DQRV 3,1+(,52
&DGHLDV H FRPSOH[RV SURGXWLYRV
3DUD VH HVWXGDU XPD FDGHLD SURGXWLYD GHYH VH WHU R HQWHQGLPHQWR GH VLVWHPD DJURLQGXVWULDO
6$* R TXDO HVWi UHODFLRQDGR FRP D REVHUYDomR PDFUR GR VLVWHPD H DV PHGLGDV GH UHJXODomR GRV
PHUFDGRV TXH HQYROYH R DPELHQWH LQVWLWXFLRQDO H RUJDQL]DFLRQDO 628=$ HW DO
$ FDGHLD SURGXWLYD p R FRQMXQWR GH FRPSRQHQWHV LQWHUDWLYRV LQFOXLQGR RV VLVWHPDV
SURGXWLYRV IRUQHFHGRUHV GH LQVXPRV H VHUYLoRV LQG~VWULDV GH SURFHVVDPHQWR H WUDQVIRUPDomR
DJHQWHV GH GLVWULEXLomR H FRPHUFLDOL]DomR DOpP GH FRQVXPLGRUHV ILQDLV e XP VXEVLVWHPD GR
QHJyFLR DJUtFROD FRP REMHWLYRV VLPLODUHV SRUpP UHVWULWRV D DOJXQV SURGXWRV H VXESURGXWRV
32578*$/
6HJXQGR R PHVPR DXWRU DV FDGHLDV SURGXWLYDV VmR LPSRUWDQWHV FRPSRQHQWHV SDUD R
GHVHQYROYLPHQWR HFRQ{PLFR VHWRULDO H UHJLRQDO 2 GHVHQYROYLPHQWR HFRQ{PLFR GD UHJLmR SRGH
HVWDU DVVRFLDGR DR GHVHPSHQKR GH GLYHUVDV FDGHLDV SURGXWLYDV FRP YDULDomR GH GHVHQYROYLPHQWR
VRFLDO FRPR QtYHO GH HPSUHJR VD~GH KDELWDomR IUHTXHQWHPHQWH WDPEpP DVVRFLDGRV DR
GHVHPSHQKR GH GHWHUPLQDGDV FDGHLDV SURGXWLYDV VHQGR TXH DOJXQV VHWRUHV GD HFRQRPLD
GHSHQGHP GLUHWDPHQWH GHVVH GHVHPSHQKR $VVLP R SODQHMDPHQWR GR GHVHQYROYLPHQWR UHJLRQDO
RX VHWRULDO p EHQHILFLDGR SHORV UHVXOWDGRV GD DQiOLVH SURVSHFWLYD
3DUD SURFHGHU VH j DQiOLVH GH XPD FDGHLD SURGXWLYD 6RX]D HW DO UHODWDP TXH D
H[LVWrQFLD GRV DPELHQWHV LQVWLWXFLRQDO RUJDQL]DFLRQDO H HPSUHVDULDO WDPEpP GHYH VHU FRQVLGHUDGD
2 DPELHQWH LQVWLWXFLRQDO p FRQVWLWXtGR SHODV OHLV IHGHUDLV HVWDGXDLV H PXQLFLSDLV GH VXSRUWH DR
GHVHQYROYLPHQWR GD DWLYLGDGH DOpP GRV FRVWXPHV FXOWXUD HWQLD H WUDGLo}HV IDWRUHV HVVHV TXH
GLIHUHQFLDP D VRFLHGDGH H HVWD p FDSD] GH HQYROYHU H LQIOXHQFLDU R DPELHQWH RUJDQL]DFLRQDO
(QYROYH DV SROtWLFDV VHWRULDLV PDFURHFRQ{PLFDV UHIOHWLQGR QD PRGHUQL]DomR GR VHWRU QDV
LQRYDo}HV WHFQROyJLFDV H QR FRPSRUWDPHQWR GDV RUJDQL]Do}HV
.RWOHU H $UPVWURQJ GL]HP TXH R PHUFDGR FRQVLVWH HP WRGRV RV FRQVXPLGRUHV
SRWHQFLDLV TXH FRPSDUWLOKDP GH XPD QHFHVVLGDGH RX GHVHMR HVSHFtILFR GLVSRVWRV H KDELOLWDGRV
SDUD ID]HU XPD WURFD TXH VDWLVIDoD HVVD QHFHVVLGDGH RX GHVHMR 3RUWDQWR QXPD FDGHLD SURGXWLYD R
PHUFDGR p UHSUHVHQWDGR SHOR FRQVXPLGRU XPD YH] TXH FDGD XP GRV VHJPHQWRV p UHVSRQViYHO SRU
XP HOR GD FDGHLD H TXH RV IDWRUHV GH GHVHPSHQKR FRPSHWLWLYR GH XPD FDGHLD VmR LJXDLV SDUD
WRGRV R TXH PXGD p R SURFHVVR D FDGHLD GH YDORU 3257(5
2 VHWRU DJURLQGXVWULDO GR %UDVLO YHP H[SHULPHQWDQGR Ki DOJXP WHPSR XP SURFHVVR GH
UHRUJDQL]DomR VHMD QR DPELHQWH LQWHUQR GDV HPSUHVDV RX QDV IRUPDV GH RUJDQL]DomR GDV FDGHLDV
SURGXWLYDV SDUD TXH VH WRUQHP PDLV iJHLV H SRVVDP FRPSHWLU QR PHUFDGR JOREDO &RP WDLV
SURFHVVRV GH PXGDQoDV VXUJH D QHFHVVLGDGH GH LQYHVWLJDomR QDV FDGHLDV SURGXWLYDV SDUD TXH VH
SRVVD HQWHQGHU R SURFHVVR GH GHVHQYROYLPHQWR ORFDO H DV UHODo}HV H[LVWHQWHV FRP RXWURV
VHJPHQWRV 628=$ HW DO
8PD FDUDFWHUtVWLFD IUHTHQWHPHQWH HQFRQWUDGD QD HVWUXWXUD GRV VHJPHQWRV GD FDGHLD
SURGXWLYD GD SURGXomR SULPiULD H LQGXVWULDO GRV SDtVHV HP GHVHQYROYLPHQWR p D FRQYLYrQFLD GH XP
JUDQGH Q~PHUR GH DJHQWHV PXLWR SHTXHQRV FRP XP UHGX]LGR Q~PHUR GH DJHQWHV PXLWR JUDQGHV
,VWR UHTXHU FRQVHTHQWHPHQWH XP HVIRUoR GLIHUHQFLDGR QD IRUPD GH FRRUGHQDomR H JHVWmR GH XPD
FDGHLD SURGXWLYD DJURLQGXVWULDO
%DWDOKD H 6LOYD DILUPDP WDPEpP TXH XPD FDGHLD GH SURGXomR SRGH WHU ³Q´
IXQo}HV $V SULQFLSDLV VH FRQVWLWXHP GH
x LQVWUXPHQWR GH GHVFULomR WpFQLFR HFRQ{PLFD ID] XP UHODWR GD WHFQRORJLD
GHVHQYROYLGD FDUDFWHUL]DQGR D QDWXUH]D GR SURGXWR ILQDO H GRV SURGXWRV
LQWHUPHGLiULRV DV HVWUXWXUDV GH PHUFDGR XWLOL]DGDV DVVLP FRPR R WLSR GH OLJDomR
TXH VH HVWDEHOHFH HQWUH HVVHV HOHPHQWRV
x XPD PRELOLGDGH GH UHFRUWH GR VLVWHPD SURGXWLYR SHUPLWH IRFDU DV ILUPDV H RV UDPRV
TXH WrP HQWUH VL LQWHQVDV UHODo}HV GH FRPSUD H YHQGD LGHQWLILFDQGR ³RV SRQWRV
FKDYHV´ GRV TXDLV VH DUWLFXODP DV DWLYLGDGHV SURGXWLYDV
x XP PpWRGR GH DQiOLVH GDV HVWUDWpJLDV GD ILUPD WRUQD SRVVtYHO D FRPSUHHQVmR GR
FRPSRUWDPHQWR GDV XQLGDGHV TXH GHYHP WRPDU VXDV GHFLV}HV OHYDQGR HP FRQWD XP
JUDQGH Q~PHUR GH IDWRUHV
x XP LQVWUXPHQWR GH SROtWLFD LQGXVWULDO SRGH VH FRQVWLWXLU HP XP JXLD SDUD XPD
LQWHQomR HILFD] GRV SRGHUHV S~EOLFRV QR VHLR GR VLVWHPD SURGXWLYR
'DGD WRGDV HVVDV SRVVLELOLGDGHV GH IXQo}HV GH XPD ILOLqUH SRGH VH LQIHULU TXH HOD p
GLQkPLFD TXDQWR D VXD DWXDomR SRGHQGR DQDOLVDU HPSLULFDPHQWH DV DWLYLGDGHV GH XPD
SURSULHGDGH UXUDO VXDV UHODo}HV GH RSHUDomR WpFQLFD HFRQ{PLFD TXH WUDQVIRUPDP DV PDWpULDV
SULPDV HP SURGXWRV ILQDLV RX LQWHUPHGLiULRV SRGHQGR GHILQLU R IOX[R GH FRQKHFLPHQWR D QDWXUH]D
GR SURGXWR ILQDO GR PHUFDGR DOpP GH SRGHU ID]HU XPD DQiOLVH GD DWXDomR GH XPD WHFQRORJLD QR
UHVXOWDGR ILQDO GD SURGXomR %$7$/+$ 6,/9$ &RQWXGR p QHFHVViULR TXH WRGRV RV
VHJPHQWRV HVWHMDP DWHQWRV jV H[LJrQFLDV GR FRQVXPLGRU WHQGR VH DR FHQWUR R PHUFDGR
UHSUHVHQWDGR SHORV FOLHQWHV TXH WrP D FDSDFLGDGH GH QHJRFLDU SUHoRV SUD]RV H H[LJLU H[FHOrQFLD
GR SURGXWR SRLV HVVH p R DJHQWH TXH GLVFHUQH D TXDOLGDGH H D PDUFD 628=$ HW DO 'HYH
VH GHVWDFDU TXH DVVRFLDGDV jV FDGHLDV HVWmR XPD VpULH GH Do}HV FRUUHODWDV FRPR D SHVTXLVD RV
VHUYLoRV ILQDQFHLURV H RV VHUYLoRV GH WUDQVSRUWH H GH LQIRUPDomR TXH QmR HVWmR OLJDGRV
GLUHWDPHQWH PDV TXH LQIOXHQFLDP R JUDX GH GLQDPLVPR SDUD D FDGHLD
&RPSHWLWLYLGDGH
6HJXQGR 9LHLUD HW DO D PXGDQoD SRU TXH SDVVD D HFRQRPLD EUDVLOHLUD LQGX]LGD
SHOD LQWHJUDomR GR 3DtV QXPD HFRQRPLD JOREDO H SHOD PXGDQoD QD IRUPD GH LQWHUYHQomR GR
JRYHUQR QD HFRQRPLD WHP H[LJLGR GR VHWRU DJURLQGXVWULDO JUDQGH HVIRUoR GH DGDSWDomR 2 GHVDILR
TXH VH DSUHVHQWD p XPD DGHTXDomR GR VHWRU DJURDOLPHQWDU H UHVSHFWLYDV FDGHLDV SURGXWLYDV jV
PXGDQoDV YLVDQGR j HILFLrQFLD QD SURGXomR H QD GLVWULEXLomR GH DOLPHQWRV H PDWpULDV SULPDV HP
FRQGLo}HV GH FRPSHWLWLYLGDGH QRV SULQFLSDLV PHUFDGRV QDFLRQDO H LQWHUQDFLRQDO
2 WHUPR FRPSHWLWLYLGDGH HPERUD VHP WHU XPD GHILQLomR SUHFLVD p GH ODUJD DFHLWDomR H
PXLWR XWLOL]DGR )$5,1$ 5HPHWH j QRomR GH XPD HPSUHVD RX RUJDQL]DomR DSUHVHQWDU XP
GHVHPSHQKR WmR RX PDLV VDWLVIDWyULR TXH RV VHXV FRQFRUUHQWHV QR PHUFDGR *XLPDUmHV
DERUGD FRPSHWLWLYLGDGH FRPR YHQGHU PDLV TXH VHXV FRQFRUUHQWHV GH SURGXWRV VLPLODUHV YHQGHU
SURGXWRV GLIHUHQWHV GH VHXV FRQFRUUHQWHV H EXVFDU SRVLomR GH PRQRSyOLR H UHFHQWHPHQWH REWHU
PDLRU OXFUDWLYLGDGH LQGHSHQGHQWH GD TXDQWLGDGH D VHU YHQGLGD -i +DUULVRQ H .HQQHG
FRORFDP TXH D DQiOLVH GH YDQWDJHP FRPSHWLWLYD SDUD PHGLU FXVWRV H SURGXWLYLGDGH DOpP GH
SDUWLFLSDomR QR PHUFDGR p D PDLRU DOWHUQDWLYD SDUD VH PHGLU D FRPSHWLWLYLGDGH 6HJXQGR
&RXWLQKR H )HUUD] D FRPSHWLWLYLGDGH GH XPD HPSUHVD HVWi QD VXD FDSDFLGDGH GH IRUPXODU H
SURJUDPDU HVWUDWpJLDV FRQFRUUHQFLDLV TXH OKH SHUPLWDP FRQVHUYDU XPD SRVLomR VXVWHQWiYHO QR
PHUFDGR GH IRUPD GXUDGRXUD H SRGH VHU DQDOLVDGD HP GXDV OLQKDV GH FRQFHLWR FRPSHWLWLYLGDGH
FRPR GHVHPSHQKR GH PHUFDGR DYDOLDGD DWUDYpV GD SDUWLFLSDomR QR PHUFDGR H FRPSHWLWLYLGDGH
FRPR HILFLrQFLD UHODFLRQDGR j FRQYHUVmR GH SURGXWRV FRP Pi[LPR UHQGLPHQWR
(PERUD QR VHWRU GD DJURSHFXiULD RV SURGXWRUHV QmR HVWHMDP SUHRFXSDGRV HP GHVHQYROYHU
Do}HV QD EXVFD GH XPD SRVLomR SRXFR FRQFRUUHQFLDO QR PHUFDGR FRPR QRV VHJPHQWRV
LQGXVWULDLV GDGR TXH R DPELHQWH p QDWXUDOPHQWH GRWDGR GH HOHYDGR QtYHO GH FRQFRUUrQFLD D EXVFD
SRU FRPSHWLWLYLGDGH HVWi PXLWR DVVRFLDGD jV HVWUDWpJLDV GH GLIHUHQFLDomR H LQRYDomR FRPR FRQVWD
GR HVTXHPD GHVHQYROYLGR SRU )DULQD HW DO TXH GLGDWLFDPHQWH DJUXSD RV IDWRUHV TXH
LQIOXHQFLDP DV HVWUDWpJLDV GD ILUPDV QD EXVFD SRU FRPSHWLWLYLGDGH ILJXUD (QTXDQWR DOJXQV
IDWRUHV VmR PDLV UHOHYDQWHV DRV DPELHQWHV GH QHJyFLRV GRV VHJPHQWRV FRPHUFLDLV H LQGXVWULDLV
FRPR R DPELHQWH GH FRQFRUUrQFLD H HVWUXWXUD GH PHUFDGRV RXWURV IDWRUHV VmR LQGLVWLQWDPHQWH
LPSRUWDQWHV WDQWR SDUD D DJURSHFXiULD TXDQWR SDUD RV VHJPHQWRV FRPHUFLDLV LQGXVWULDLV WDLV FRPR
RV GLUHFLRQDGRUHV FRQWLGRV QR DPELHQWH RUJDQL]DFLRQDO QR DPELHQWH LQVWLWXFLRQDO H WHFQROyJLFR
'HVWDFDP VH FRPR LPSRUWDQWHV QD EXVFD SRU FRPSHWLWLYLGDGH GRV VLVWHPDV SURGXWLYRV
GD DJURSHFXiULD R DPELHQWH LQVWLWXFLRQDO HQYROYHQGR R VLVWHPD OHJDO TXH GHWHUPLQD RV
PDUFRV UHJXODWyULRV DV WUDGLo}HV H FRVWXPHV 1R DPELHQWH RUJDQL]DFLRQDO DV RUJDQL]Do}HV
FRRSHUDWLYDV H DVVRFLDo}HV EHP FRPR DV GHPDLV RUJDQL]Do}HV S~EOLFDV H SULYDGDV TXH
IRUQHFHP R DGHTXDGR VXSRUWH jV DWLYLGDGHV H QHJyFLRV
)LJXUD )DWRUHV TXH LQIOXHQFLDP QDV HVWUDWpJLDV GDV ILUPDV H GHVHPSHQKR GH PHUFDGRV
)RQWH )$5,1$ HW DO
2EVHUYDQGR D )LJXUD HP DPELHQWH RUJDQL]DFLRQDO )DULQD HW DO FRORFDP TXH p
FXULRVR REVHUYDU D H[LVWrQFLD GH VLVWHPDV QR PXQGR TXH WHQGHP D DSUHVHQWDU VROXo}HV
RUJDQL]DFLRQDLV PXLWR SDUHFLGDV FRPR QR VLVWHPD GH SURGXomR GH IUDQJRV TXH p R PHVPR QR
%UDVLO H QRV (8$ EHP FRPR H[HPSORV TXH DSUHVHQWDP JUDQGHV GLIHUHQoDV HQWUH UHJL}HV GHQWUR GH
XP PHVPR SDtV
1R TXDGUR GH HVWUDWpJLDV LQGLYLGXDLV SRGHP VH REVHUYDU DV SULQFLSDLV GLIHUHQoDV TXH XPD
RUJDQL]DomR DSUHVHQWD GHQWUR GH XP VXEVLVWHPD GH FDGD VLVWHPD DJURLQGXVWULDO TXH HVWmR
DVVRFLDGDV jV HVWUDWpJLDV LQGLYLGXDLV FRPR VHJPHQWDomR H GLIHUHQFLDomR GH SURGXWR SUHoR FXVWR H
LQRYDomR )$5,1$ HW DO
6HJXQGR 3HVVRD HW DO D FRPSHWLWLYLGDGH GH XPD FDGHLD SURGXWLYD p H[SUHVVD SHOD
VXD FDSDFLGDGH GH SURJUDPDU HVWUDWpJLDV TXH OKH SRVVLELOLWHP XPD LQVHUomR VXVWHQWiYHO QR
PHUFDGR 2 SRWHQFLDO GH XPD FDGHLD SURGXWLYD SDUD JHUDU EHQHItFLRV HFRQ{PLFRV GHSHQGH GD
GLIHUHQoD HQWUH R SUHoR GH YHQGD GR SURGXWR ILQDO H R VHX FXVWR GH SURGXomR 'HVWD IRUPD VXD
KDELOLGDGH HP VXSHUDU JDUJDORV WHFQROyJLFRV H QmR WHFQROyJLFRV TXH HVWmR HOHYDQGR RV FXVWRV H
OLPLWDQGR D LPSOHPHQWDomR GH PHOKRULDV QRV DWULEXWRV GH TXDOLGDGH TXH R PHUFDGR PDLV YDORUL]D
FRQVWLWXL D VXD EDVH GH VXVWHQWDomR FRPSHWLWLYD
3DUD 3RVVDV D WHFQRORJLD DIHWD TXDOLGDGH H SUHoRV DJLQGR LQGLUHWDPHQWH QR
SURFHVVR GH FRPSHWLWLYLGDGH 3DUHFH FDGD YH] PDLV ODWHQWH D FRPSHWLWLYLGDGH DVVRFLDGD
SULQFLSDOPHQWH FRP D GLIHUHQFLDomR GRV SURGXWRV DWUDYpV GD LQRYDomR WHFQROyJLFD H QmR FRP
SUHoRV H FXVWRV
&RPR YLVWR QDV OLWHUDWXUDV FLWDGDV GLIHUHQWHV DVSHFWRV FRPR SUHoR TXDOLGDGH WHFQRORJLD
LQRYDo}HV HQWUH RXWURV VmR DUJXPHQWRV TXH OHYDP i FRPSHWLWLYLGDGH GRV VLVWHPDV 3RUpP HP
DJURLQG~VWULDV IDPLOLDUHV R FDUiWHU GH SURGXomR DUWHVDQDO DUWH WUDEDOKR HVWi DVVRFLDGR DR IDWR
GH TXH R DSRUWH WHFQROyJLFR JHUDOPHQWH VH RULJLQD GD SUySULD IDPtOLD GR SURGXWRU RX GR DJHQWH GH
H[WHQVmR UXUDO 2 SURGXWR GHVWH VHJPHQWR QR TXH GL] UHVSHLWR j SDUWLFLSDomR QDV YHQGDV GR
PHUFDGR FDVR QmR KDMD XP DWULEXWR TXH RV GLVWLQJXH GRV VHPHOKDQWHV SURGX]LGRV HP HVFDOD
HPSUHVDULDO HP JHUDO VmR SRXFR FRPSHWLWLYRV GHYLGR j EDL[D HVFDOD GH SURGXomR H D SRXFD
DWHQomR GLVSHQVDGD j DSUHVHQWDomR GRV SURGXWRV DR FRQVXPLGRU QR TXH VH UHIHUHP jV HPEDODJHQV
UyWXORV H VtPERORV 9,(,5$
3DUD %HOLN D PmR GH REUD EDUDWD QmR p PDLV XP GLIHUHQFLDO FRPSHWLWLYR SDUD DV
HPSUHVDV SRLV D FRPSHWLomR WHP VH YROWDGR SDUD RXWUDV TXHVW}HV QmR UHODFLRQDGDV DSHQDV DR
SUHoR GR SURGXWR $ DWHQomR GRV FRPSHWLGRUHV YROWRX VH WDPEpP QR SUHVHQWH SDUD D TXDOLGDGH
GRV SURGXWRV FRPR DSUHVHQWDomR H DGDSWDomR jV YDULiYHLV FXOWXUDLV GR FRQVXPR GH FDGD UHJLmR
&RPHUFLDOL]DomR H PDUNHWLQJ
2V HVIRUoRV SURGXWLYRV WrP SRU REMHWLYR D SURGXomR GH XP GHWHUPLQDGR SURGXWR D VHU
GHVWLQDGR DRV PHUFDGRV TXH DWHQGD DRV JRVWRV GRV FRQVXPLGRUHV 7RGRV RV HVIRUoRV GH JHVWmR H
SURGXomR GR QHJyFLR GHYHP VHU GLULJLGRV SHOD HVWUDWpJLD GH FRQTXLVWD DR PHUFDGR RX VHMD
FRQVHJXLU LQVHULU VH YHQGHU H PDQWHU XPD SRVVtYHO SRVLomR FRQVLVWHQWH 2V SULPHLURV SDVVRV
GHVVD HVWUDWpJLD SRUWDQWR p FRQKHFHU R PHUFDGR FRQVXPLGRUHV FRQFRUUHQWHV H FDQDLV GH
FRPHUFLDOL]DomR R SDVVR VHJXLQWH VHULD RUJDQL]DU D HPSUHVD H VXD SURGXomR HP WRUQR GHVVDV
LQIRUPDo}HV H FRQVHJXLU HVSDoRV QRV FDQDLV GH FRPHUFLDOL]DomR H VH H[SRU DRV FRQVXPLGRUHV
1HVWH FRQWH[WR p FRPXP YHU VH UHIHUrQFLDV DRV FRPSRVWRV GH PDUNHWLQJ RX ³PDUNHWLQJ
PL[´ FRPR VHQGR R FRQMXQWR TXH UH~QH YDULiYHLV GH PHUFDGR UHOHYDQWHV GH VHUHP REVHUYDGDV H
WUDEDOKDGDV (VVH FRQMXQWR p FKDPDGR FRPSRVWR GH PDUNHWLQJ RX ³PDUNHWLQJ PL[´ SURGXWR
SUHoR SRQWR GH GLVWULEXLomR H SURPRomR RX FRPSRVWR SURPRFLRQDO
6REUH R SURGXWR DWXDOPHQWH VmR HQWHQGLGRV H YDORUDGRV FRPR XP FRQMXQWR GH DWULEXWRV
UHXQLGRV HP GRLV JUXSRV R SULPHLUR p R ODGR FRQFUHWR WDQJtYHO p R SURGXWR HVWULWDPHQWH GL]HQGR
HP EHQHItFLR D TXH VH GHVWLQD
2 RXWUR JUXSR UH~QH D IRUPD FRPR VH DSUHVHQWD R SURGXWR H RV DVSHFWRV LQWDQJtYHLV D HOH
DVVRFLDGD D PDUFD R UyWXOR D HPEDODJHP (VWH FRQMXQWR LQFOXLQGR DVSHFWRV HVWpWLFRV H FRUHV
GHVHQYROYLPHQWR H GLYXOJDomR GD PDUFD p R TXH ID] FRP TXH GHVSHUWH QR FRQVXPLGRU UHVSRVWDV
HPRFLRQDLV TXH IDUmR FRP TXH Gr SUHIHUrQFLD D XP SURGXWR IDFH j FRQFRUUrQFLD FRP RXWURV
VHPHOKDQWHV FRPR DILUPD 6LOYD
0DUFD D HVWD SRGH VH DFUHVFHQWDU R YDORU TXH OKH p GDGD SHOR FRQVXPLGRU D UHSXWDomR
FRQVWUXtGD XP QRPH XP WHUPR VLQDO VtPEROR JUXSR GH SDODYUDV RX OHWUDV GHVHQKR RX XPD
FRPELQDomR GH WXGR LVWR XVDGRV FRP R REMHWLYR GH LGHQWLILFDU SURGXWRV RX VHUYLoRV 2 VtPEROR p
SDUWH GD PDUFD QmR SURQXQFLiYHO
5yWXOR XP SHGDoR GH SDSHO HWLTXHWD IL[DGD DR SURGXWR RX XPD DUWH HODERUDGD TXH VHMD
SDUWH LQWHJUDQWH GD HPEDODJHP (P JHUDO DV IXQo}HV GR UyWXOR VmR LGHQWLILFDomR DWUDYpV GD PDUFD
QHOH UHJLVWUDGD FODVVLILFDomR SRU WLSR GH TXDOLGDGH FRPR H[HPSOR OHLWH $ % & GHVFULomR GH
FDUDFWHUtVWLFDV SURGXWRU ORFDO GDWD GH IDEULFDomR H GH YDOLGDGH FRQWH~GR SUHFDXo}HV QD
XWLOL]DomR PRGR GH XVDU H SURPRomR XPD ERD DSDUrQFLD H[HUFH XP SRGHU DWUDWLYR VREUH R
FRQVXPLGRU
(PEDODJHP FRP VHXV IRUPDWRV H FRUHV TXH DMXGDP D DWUDLU D DWHQomR GRV FRQVXPLGRUHV
&RQVLGHUDGR FRP XP GRV PHFDQLVPRV PDLV LPSRUWDQWHV SDUD ID]HU D LQIRUPDomR FKHJDU DR
FRQVXPLGRU
3UHoR p XP VLQDO GH HVFDVVH] H[FHVVR RX QRUPDOLGDGH GD RIHUWD SDUD SURGXWRV HP
PHUFDGRV FRQFRUUHQFLDLV RX FRPPRGWLHV RX R YDORU TXH R FRQVXPLGRU DWULEXL SDUD SURGXWRV
GLIHUHQFLDGRV FRP GHQRPLQDomR GH RULJHP PDUFD H UyWXOR
2 SRQWR GH GLVWULEXLomR TXH GHILQH R ³PDUNHWLQJ PL[¶¶ HVWi DVVRFLDGR DRV FDQDLV RX DV
IRUPDV GH FRPHUFLDOL]DomR SRU TXH SDVVD R SURGXWR DWp DWLQJLU R FRQVXPLGRU ( SURPRomR RX
FRPSRVWR SURPRFLRQDO TXH UHIHUH VH DR FRQMXQWR GH Do}HV YROWDGDV SDUD GLYXOJDomR GR SURGXWR H
VXD PDUFD SRUWDQWR GHVWDFi OD IUHQWH DRV SURGXWRV FRQFRUUHQWHV
6RPDQGR VH D VpULH GH REVWiFXORV HQIUHQWDGRV SHOD DJURLQG~VWULD GH SHTXHQD HVFDOD HVWi D
GLILFXOGDGH FUHVFHQWH GH DFHVVR DRV FDQDLV PRGHUQRV GH FRPHUFLDOL]DomR &RP D FRQFHQWUDomR GD
SRSXODomR QDV iUHDV XUEDQDV H R HQFROKLPHQWR GRV FDQDLV WUDGLFLRQDLV GH YDUHMR H R JUDQGH
FUHVFLPHQWR GRV VXSHUPHUFDGRV FRPR HTXLSDPHQWR FRQFHQWUDGRU GDV YHQGDV GH DOLPHQWR
FUHVFHUDP DV GLILFXOGDGHV GH DFHVVR GD SHTXHQD DJURLQG~VWULD FRP UHVSHLWR j FRPHUFLDOL]DomR H
RXWUD GLILFXOGDGH VmR DV OHLV TXH HVWmR UHVWULQJLQGR RX SURLELQGR IRUPDV WUDGLFLRQDLV GH
FRPHUFLDOL]DomR TXH HUDP XWLOL]DGDV OLYUHPHQWH 8PD GDV GLILFXOGDGHV TXH VH HQIUHQWD p D GH VH
DGHTXDU j OHJLVODomR TXH UHJXODPHQWD DV YHQGDV LQWHUHVWDGXDLV FRP QtYHLV GH H[LJrQFLD PDLRUHV
HP WHUPRV GH LQVWDODomR LQVSHomR H REULJDo}HV ILVFDLV RXWUD H[LJrQFLD p D GRV VXSHUPHUFDGRV
SDUD YLDELOL]DU R UHODFLRQDPHQWR GLUHWR FRP IRUQHFHGRUHV H D DXWRPDomR GRV VHXV VHUYLoRV QD
EXVFD GH UHGXomR GH FXVWRV SRGHP LPSOLFDU SDUD DV SHTXHQDV DJURLQG~VWULDV FXVWRV EDVWDQWH DOWRV
UHODWLYDPHQWH j VXD HVFDOD GH SURGXomR QR FDVR RV FyGLJRV GH EDUUDV H QD QHFHVVLGDGH GH VXSHUDU
OLPLWDo}HV WHFQROyJLFDV RX JHUHQFLDLV LPSRUWDQWHV QR FDVR GH QHFHVVLWDU DPSOLDU VXDV OLQKDV GH
SURGXWRV DR QtYHO GR H[LJLGR
2V SURGXWRV DJUtFRODV H DJURLQGXVWULDLV WrP FDUDFWHUtVWLFDV GLVWLQWDV H SRU LVVR VXD
FRPHUFLDOL]DomR GHYH DWHQGHU jV VXDV SDUWLFXODULGDGHV (P VXD PDLRULD VmR SURGXWRV DOLPHQWDUHV H
SHUHFtYHLV H LVVR MXVWLILFD HVFROKHU D PHOKRU IRUPD GH FRPHUFLDOL]DU H R FDQDO GH GLVWULEXLomR PDLV
DGHTXDGR SDUD FDGD FDVR
0$7(5,$/ ( 0e72'26
5HJLmR GH -DOHV H PXQLFtSLRV HVWXGDGRV
$ iUHD GR HVWXGR WHP FRPR UHIHUrQFLD R (VFULWyULR GH 'HVHQYROYLPHQWR 5XUDO ('5 GH
-DOHV UHJLmR VLWXDGD D QRURHVWH GR HVWDGR GH 6mR 3DXOR SHUWHQFHQWH D XPD GDV 8QLGDGHV
$GPLQLVWUDWLYDV GD &RRUGHQDGRULD GH $VVLVWrQFLD 7pFQLFD ,QWHJUDO &$7, 6HFUHWDULD GD
$JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR FRQIRUPH )LJXUD FXMD VHGH GLVWD NP
GD FDSLWDO H DSUHVHQWD XPD iUHD GH KD DEUDQJHQGR PXQLFtSLRV $SDUHFLGD '¶2HVWH
$VSiVLD 'LUFH 5HLV 'ROFLQySROLV -DOHV 0DULQySROLV 0HVySROLV 1RYD &DQDm 3DXOLVWD 3DOPHLUD
'¶2HVWH 3DUDQDSXm 3RQWDOLQGD 5XELQpLD 6DQWD $OEHUWLQD 6DQWD &ODUD '¶2HVWH 6DQWD )p GR 6XO
6DQWD 5LWD '¶2HVWH 6DQWD 6DOHWH 6DQWDQD GD 3RQWH 3HQVD 6mR )UDQFLVFR 7UrV )URQWHLUDV 8UkQLD
H 9LWyULD %UDVLO
)LJXUD (VWDGR GH 6mR 3DXOR GLYLGLGR HP ('5V GHVWDFDQGR VH R ('5 GH -DOHV 63
)RQWH KWWS ZZZ FDWL VS JRY EU QRYDFDWL LQGH[ SKS
$ VHJXLU DSUHVHQWD VH XPD EUHYH GHVFULomR GRV PXQLFtSLRV GH SDUWLFXODU LQWHUHVVH SDUD HVWH
WUDEDOKR RX VHMD DTXHOHV GH RQGH VmR SURYHQLHQWHV RV JUXSRV GH DJUHJDomR GH YDORU HVWXGDGRV
6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD
2 PXQLFtSLR GH 6mR )UDQFLVFR SRVVXL NP GH iUHD WHUULWyULDO H SRSXODomR GH
KDELWDQWHV VHJXQGR R ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWLVWtFD ,%*( 'HVWDFD VH QD
,WDSHYD
7XSm
$VVLV
3UHV
3UXGHQWH
3UHV
9HQFHVODX
2XULQKRV
$YDUp
/LQV
0DUtOLD
%DXUX
$UDoDWXED
$QGUDGLQD
'UDFHQD
('5
-DOHV
*HQHUDO 6DOJDGR
6 - GR
5LR 3UHWR
&DWDQGXYD
)HUQDQGySROLV
9RWXSRUDQJD
3LUDFLFDED
&DPSLQDV
,WDSHWLQLQJD
5HJLVWUR
%RWXFDWX
6RURFDED
0RJL GDV
&UX]HV
6mR 3DXOR
3LQGDPRQKDQJDED
%UDJDQoD
3WD
*XDUDWLQJXHWi
+RUWROkQGLD
$UDUDTXDUD
-D~
-DERWL
FDEDO
%DUUHWRV
6 - GD
%RD 9LVWD
/LPHLUD 0RJL
0LULP
5LE 3UHWR
)UDQFD
ERYLQRFXOWXUD PLVWD FDEHoDV H FRUWH FDEHoDV VHQGR TXH GR WRWDO GDV 8QLGDGHV GH
3URGXomR $JUtFROD 83$6 GR PXQLFtSLR H UHDOL]DP UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV
UHSUHVHQWDQGR FHUFD GH GD iUHD GH SDVWDJHP $ IUXWLFXOWXUD WDPEpP p XPD DWLYLGDGH
LPSRUWDQWH QR PXQLFtSLR SRLV GR WRWDO GDV 83$6 SURGX]HP IUXWDV HP GDV iUHDV
DJULFXOWiYHLV VHJXQGR R /HYDQWDPHQWR GH 8QLGDGHV 3URGXWLYDV $JUtFRODV /83$ FRQIRUPH
7DEHODV H
$ iUHD WHUULWRULDO GR PXQLFtSLR 6DQWD $OEHUWLQD p GH NPð FRP SRSXODomR GH
KDELWDQWHV ,%*( 2 PXQLFLSLR GHVWDFD VH QD ERYLQRFXOWXUD GH FRUWH FDEHoDV H
PLVWD FDEHoDV VHQGR TXH GR WRWDO GDV 83$6 GR PXQLFtSLR H UHDOL]DP
UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV UHSUHVHQWDQGR FHUFD GH GDV iUHDV GH SDVWDJHP 6HJXQGR
/83$ HP UHODomR j SURGXomR GH IUXWDV GDV 83$6 DWXDP HP GDV iUHDV
FXOWLYiYHLV GR PXQLFtSLRV FRPR SRGH VHU YLVWR QDV 7DEHODV H
2 PXQLFtSLR GH 8UkQLD SRVVXL NP GH iUHD WHUULWRULDO H SRSXODomR HVWLPDGD GH
KDELWDQWHV ,%*( GHVWDFDQGR VH QD ERYLQRFXOWXUD PLVWD FDEHoDV FRUWH
FDEHoDV H OHLWHLUD FDEHoDV VHQGR TXH GR WRWDO GDV 83$6 GR PXQLFtSLR H
UHDOL]DP UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV UHSUHVHQWDQGR FHUFD GH GDV iUHDV FRP
SDVWDJHP &RP UHODomR j IUXWLFXOWXUD GDV 83$6 SURGX]HP IUXWDV HP GDV iUHDV GR
PXQLFtSLR FRPR PRVWUDP RV GDGRV GDV WDEHODV H
$JUHJDU YDORU DRV SURGXWRV GH RULJHP UXUDO SRGH VHU LPSRUWDQWH SDUD R DOFDQFH GH QRYRV
PHUFDGRV H DXPHQWR GD UHQGD GRV DJHQWHV HQYROYLGRV 3RUWDQWR HVWi GLUHWDPHQWH UHODFLRQDGR j
FRPSHWLWLYLGDGH GR HPSUHHQGLPHQWR =8,1 H 48(,52= 2 UHIHUHQFLDO WHyULFR D VHU
H[SORUDGR HQFRQWUD VH GLVFXWLGR HP )$5,1$ HW DO H DSRQWD FRPR SULQFLSDLV
GLUHFLRQDGRUHV GH FRPSHWLWLYLGDGH RV IDWRUHV DVVRFLDGRV DR DPELHQWH RUJDQL]DFLRQDO DR DPELWHQWH
WHFQROyJLFR H DR DPELHQWH LQVWLWXFLRQDO D FRQMXJDomR GHVVHV GHOLPLWD DV SRVVLELOLGDGHV GH DWXDomR
GR DPELHQWH FRPSHWLWLYR GDV HPSUHVDV EHP FRPR DV HVWUDWpJLDV GH DWXDomR GDV PHVPDV
2OVRQ GHILQH RUJDQL]DomR FRPR XP JUXSR GH LQGLYtGXRV FRP LQWHUHVVHV FRPXQV
VHQGR TXH LQGLYtGXRV TXH DJHP GH IRUPD GHVRUJDQL]DGD VmR PHQRV HILFLHQWHV GR TXH RV TXH DJHP
GH IRUPD RUJDQL]DGD GHVHQYROYHQGR GHVVD IRUPD Do}HV FROHWLYDV TXH EXVFDP PD[LPL]DU R OXFUR
H VXDV IXQo}HV H FRQVHTHQWHPHQWH DXPHQWDQGR VXD FRPSHWLWLYLGDGH
$V FDUDFWHUtVWLFDV GD FRPHUFLDOL]DomR H DWULEXWRV GR URO GH SURGXWRV D VHUHP GLVFXWLGRV
FRPS}HP HOHPHQWRV GRV FRPSRVWRV GH PDUNHWLQJ GHVLJQDGRV FRPR 3V SURGXWR SRQWRV GH
YHQGD SUHoR GLVWULEXLomR ± SODFH SURSDJDQGD GLVFXWLGRV HP 0HJLGR H ;DYLHU H =XLQ H
4XHLUR] 2V GHWDOKDPHQWRV GRV DWULEXWRV UHODFLRQDGRV DRV SURGXWRV WDLV FRPR FRQFHLWR
SUHoR TXDOLGDGH HPEDODJHP PDUFD UyWXORV VmR GLVFXWLGRV HP =8,1 H 48(,52=
7DEHOD ([SORUDo}HV GH DQLPDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD
MDQHLUR
6mR )UDQFLVFR 6DQWD $OEHUWLQD 8UkQLD
([SORUDomR $QLPDO
4XDQWLGDGH
8QLGDGH
1ž
83$V
4XDQWLGDGH
8QLGDGH
1ž
83$V
4XDQWLGDGH
8QLGDGH
1ž
83$V
%RYLQRFXOWXUD PLVWD
%RYLQRFXOWXUD FRUWH
%RYLQRFXOWXUD OHLWHLUD
$YLFXOWXUD GH FRUWH
$YLFXOWXUD SDUD RYRV
2XWUD H[SORUDomR DQLPDO
6XLQRFXOWXUD
(TLQRFXOWXUD
&DSULQRFXOWXUD
2YLQRFXOWXUD
$VLQLQRV H PXDUHV
FDE
FDE
FDE
FDE DQR
FDE
FDE
FDE
FDE
FDE
FDE
FDE
)RQWH 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$
7DEHOD ([SORUDo}HV 9HJHWDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD
MDQHLUR
6mR )UDQFLVFR 6DQWD $OEHUWLQD 8UkQLD
&XOWXUDV
ÈUHD KD 1ž 83$V ÈUHD KD 1ž 83$V ÈUHD KD 1ž 83$V
%UDTXLDULD
/DUDQMD
%DQDQD
$OJRGmR
0LOKR
&DIp
&RORQLmR
&DQD GH Do~FDU
8YD ILQD
&DSLP QDSLHU
/LPmR
$UUR]
0LOKR VLODJHP
2XWUDV ROHUtFRODV
*UDPDV
0DQJD
(XFDOLSWR
4XLDER
6HULQJXHLUD
0DPRQD
$PHQGRLP
3DOPLWR
0LOKR GRFH
)HLMmR
2XWUDV JUDPtQHDV
)UXWD GR FRQGH
&DSLP MDUDJXi
0DQGLRFD
2XWUDV IORUHVWDLV
&DMX
/HQWLOKD
&RFR GD EDLD
7RPDWH HQYDUDGR
2XWUDV IUXWtIHUDV
3RPDU GRPpVWLFR
)RQWH 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$
7LSR GH SHVTXLVD FRQGX]LGD H HVWXGRV GH FDVR
3DUD *LO DV SHVTXLVDV H[SORUDWyULDV WrP FRPR SULQFLSDO ILQDOLGDGH GHVHQYROYHU
HVFODUHFHU H PRGLILFDU FRQFHLWRV H LGpLDV FRPR D IRUPXODomR GH SUREOHPDV PDLV SUHFLVRV RX
KLSyWHVHV +DELWXDOPHQWH HQYROYHP OHYDQWDPHQWR ELEOLRJUiILFR H GRFXPHQWDO HQWUHYLVWDV QmR
SDGURQL]DGDV H HVWXGR GH FDVR TXH p R SUHWHQGLGR SHOR SUHVHQWH HVWXGR 3DUD R PHVPR DXWRU R
HVWXGR GH FDVR p FDUDFWHUL]DGR SHOR HVWXGR SURIXQGR GH XP RX GH SRXFRV REMHWRV GH PDQHLUD D
SHUPLWLU R VHX FRQKHFLPHQWR DPSOR H GHWDOKDGR WDLV FRPR
D H[SORUDU VLWXDo}HV GD YLGD UHDO FXMRV OLPLWHV QmR HVWmR FODUDPHQWH GHILQLGRV
E GHVFUHYHU D VLWXDomR GR FRQWH[WR HP TXH HVWi VHQGR IHLWD GHWHUPLQDGD LQYHVWLJDomR
F H[SOLFDU DV YDULiYHLV FDXVDLV GH GHWHUPLQDGR IHQ{PHQR HP VLWXDo}HV PXLWR FRPSOH[DV
TXH QmR SRVVLELOLWDP OHYDQWDPHQWRV H H[SHULPHQWRV
3DUD HVWH HVWXGR VHUmR XWLOL]DGRV RV VHJXLQWHV PpWRGRV GH SHVTXLVD
(QWUHYLVWD SHVVRDO QmR HVWUXWXUDGD FRP WpFQLFRV TXH DWXDP FRP DJURLQG~VWULD IDPLOLDU
QRV PXQLFtSLRV FLWDGRV
(QWUHYLVWD SHVVRDO HVWUXWXUDGD UHDOL]DGD DWUDYpV GH TXHVWLRQiULR MXQWR D SURGXWRUHV H
UHSUHVHQWDQWHV GH VXDV RUJDQL]Do}HV
2EVHUYDomR SDUWLFLSDQWH SDUWLFLSDomR HP UHXQL}HV FRP RV SURGXWRUHV SDUWLFLSDomR HP
HYHQWRV GH SURPRomR H FRPHUFLDOL]DomR GRV SURGXWRV
$QiOLVH GRFXPHQWDO UHVJDWH GH LQIRUPDo}HV GLYXOJDGDV QD PtGLD LPSUHVVD H EROHWLQV GH
RUJDQL]Do}HV FRPR R 6(%5$( 6$, H &DVD GD $JULFXOWXUD GD UHJLmR GH -DOHV
2 WUDEDOKR DERUGRX WUrV FDVRV GH RUJDQL]DomR FROHWLYD IRUPDGDV FRP REMHWLYR GH DWXDU QD
WUDQVIRUPDomR GH SURGXWRV FRP DJUHJDomR GH YDORU RX DJURLQG~VWULD GD UHJLmR GH -DOHV
D *UXSR 'HOtFLDV GH 6mR )UDQFLVFR QR PXQLFtSLR GH 6mR )UDQFLVFR
E *UXSR 'HOtFLDV GR &DPSR QR PXQLFtSLR GH 6DQWD $OEHUWLQD
F *UXSR 'HOtFLDV GR &DMX QR PXQLFtSLR GH 8UkQLD
2 OHYDQWDPHQWR GH GDGRV QHFHVViULR j UHDOL]DomR GD SHVTXLVD GH FDPSR IRL HIHWXDGR MXQWR
D SURGXWRUHV H FRPSRQHQWHV GH WRGRV RV JUXSRV DRV WpFQLFRV GDV &DVDV GD $JULFXOWXUD GRV
0XQLFtSLRV GH 6DQWD $OEHUWLQD 6mR )UDQFLVFR H 8UkQLD H FRP RV WpFQLFRV GR 6$, 6LVWHPD
$JURLQGXVWULDO ,QWHJUDGR ORFDOL]DGRV QRV PXQLFtSLRV HVWXGDGRV YLVDQGR LGHQWLILFDU HVVHV
SURGXWRUHV H OHYDQWDU LQWHUHVVH H ORJtVWLFD SDUD D UHDOL]DomR GD SHVTXLVD
3DUD OHYDQWDU H DQDOLVDU DV FDUDFWHUtVWLFDV GD DVVRFLDomR LQIRUPDO GRV SURGXWRUHV GH FDGD
JUXSR H VHXV FRPSRQHQWHV IRUD DSOLFDGRV TXHVWLRQiULRV VREUH D HODERUDomR GRV SURGXWRV
DJURLQGXVWULDLV DUWHVDQDLV MXQWR DRV PHVPRV 2 URWHLUR GH SHUJXQWDV DSUHVHQWDGR QR DQH[R
DSOLFDGR QR TXHVWLRQiULR SURFXURX UHVJDWDU R LQtFLR GD RUJDQL]DomR GR JUXSR Q~PHURV GH
SURGXWRUHV LQWHUHVVH GRV PHVPRV HP SDUWLFLSDU GDV UHXQL}HV VHUYLoRV H RX DWLYLGDGHV SUHVWDGRV
DRV DVVRFLDGRV REMHWLYRV H PHWDV SDUD R IXWXUR SUREOHPDV H RX GLILFXOGDGHV
7DPEpP IRUDP UHDOL]DGDV YLVLWDV DRV WpFQLFRV GDV FDVDV GH DJULFXOWXUD GRV PXQLFtSLRV
UHODWLYRV DRV JUXSRV DERUGDGRV QDV TXDLV OHYDQWRX VH LQIRUPDo}HV VREUH GLILFXOGDGHV HQFRQWUDGDV
SHORV SURGXWRUHV SURJUDPDV HVSHFtILFRV YROWDGRV D HVVHV SURGXWRUHV H SULQFLSDLV GHPDQGDV
5(68/7$'26 ( ',6&866­2
$ UHJLmR GH -DOHV SRVVXL XPD IRUWH GLYHUVLILFDomR DJURSHFXiULD H[SORUDGD EDVLFDPHQWH
SRU PmR GH REUD IDPLOLDU (VVH IDWR DOLDGR j H[LVWrQFLD GH XPD HVWUXWXUD IXQGLiULD FRPSRVWD GH
DSUR[LPDGDPHQWH SURSULHGDGHV UXUDLV VHQGR TXH QD PpGLD SRVVXHP iUHDV LQIHULRUHV D
KD 3URMHWR /83$ SRVVLELOLWD XP DSURYHLWDPHQWR PHOKRU GH SURGXWRV GD DJULFXOWXUD
GLYHUVLILFDGD SULQFLSDOPHQWH DWUDYpV GH WUDEDOKR FRQMXQWR HQWUH SHTXHQRV SURGXWRUHV UXUDLV $
GLVWULEXLomR GDV FXOWXUDV REHGHFH j VHJXLQWH RUGHP GD iUHD VmR FXOWLYDGDV FRP FXOWXUDV
SHUHQHV FRP VHPL SHUHQHV FRP FXOWXUDV DQXDLV FRP SDVWDJHQV
FRP UHIORUHVWDPHQWR FRP YHJHWDomR QDWXUDO H RXWUDV DWLYLGDGHV QD RUGHP GH
6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$
$ DJULFXOWXUD IDPLOLDU GLYHUVLILFDGD RSRUWXQL]D D LQWHJUDomR H VLQHUJLD HQWUH DWLYLGDGHV
SRVVLELOLWDQGR HP DOJXPDV H[SORUDo}HV D PHQRU FXVWR GH SURGXomR SURFHVVDPHQWR H HP
FRQVHUYDomR GR DPELHQWH HP FRQVHTrQFLD GD GLYHUVLGDGH ELROyJLFD $VVLP D SURGXomR IDPLOLDU
FRPS}H XPD LPSRUWDQWH IRQWH GH DEDVWHFLPHQWR GH DOLPHQWRV SDUD DV FLGDGHV SULQFLSDOPHQWH RV
DOLPHQWRV FRQVXPLGRV ³IUHVFRV´ FRQWULEXLQGR SDUD DWHQGHU iV FUHVFHQWHV H[LJrQFLDV GRV
FRQVXPLGRUHV FRPR D SURGXWRV OLYUHV GH DJURWy[LFRV E SURFHVVR SURGXWLYR TXH FRQGX]D D
PHQRV GDQRV DPELHQWDLV HP UHODomR j JUDQGH H[SORUDomR F QR FDVR GH FULDo}HV R EHP HVWDU GRV
DQLPDLV
3UHVHQWHV QD WUDGLomR FXOWXUDO GDV FRPXQLGDGHV H[LVWHQWHV QD UHJLmR GH -DOHV 63 HVWmR RV
DOLPHQWRV SURGX]LGRV D SDUWLU GH XPD DPSOD JDPD GH FDGHLDV SURGXWLYDV FRP GHVWDTXH SDUD DV
IUXWDV H R OHLWH 1HVWD GpFDGD WHP KDYLGR XPD FRQMXJDomR GH HVIRUoRV SDUD YDORUL]DU DV FDGHLDV
SURGXWLYDV UHJLRQDLV FRP IRPHQWR DR DSUHQGL]DGR H FDSDFLWDomR QD SURGXomR GH SURGXWRV
DJURDOLPHQWDUHV TXH FRUUHVSRQGHP DRV GHVLJQDWLYRV GH SURGXomR DUWHVDQDO DUWH WUDEDOKR $
SURGXomR HQYROYH WHFQRORJLD H DUWH VHQGR ³XPD DUWH FRQVWUXtGD SRU PHLR GH WUDGLomR IDPLOLDU H
FRPXQLWiULD QXP HQFRQWUR HQWUH R VDEHU H D H[SHULrQFLD´ 1(9(6 5$86&+
2 SHUILO SURGXWLYR H IXQGLiULR GR ('5 GH -DOHV FRP D GLYHUVLILFDomR DJURSHFXiULD H
VLVWHPDV SURGXWLYRV H[SORUDGRV EDVLFDPHQWH SRU PmR GH REUD IDPLOLDU MXVWLILFD H IDYRUHFH D
LQVHUomR GRV DWRUHV VRFLDLV QHVWH PRYLPHQWR GH UHSHQVDU DV HVWUDWpJLDV GH JHUDomR GH UHQGD
(P JHUDO WrP VH FRPR SULQFLSDLV iUHDV GH SURFHVVDPHQWR RV GHULYDGRV GR OHLWH GHULYDGRV
GD XYD HPEXWLGRV GH FDUQH VXtQD SURFHVVDPHQWR GH IUXWDV H KRUWDOLoDV GRFHV JHOpLDV FRPSRWDV
GHULYDGRV GR FDMX H OLFRUHV
$V 5HJL}HV GH -DOHV *HQHUDO 6DOJDGR H )HUQDQGySROLV DSUHVHQWDP JUXSRV GH JHUDomR
GH UHQGD 0XOKHUHV GR &DPSR $PLJDV GD 7HUUD 6DERU 1DWLYR 'HOtFLDV GH 0DULQySROLV 'HOtFLDV
GH 6mR )UDQFLVFR &RRSHUVRO 6DERUHV GD 1DWXUH]D 'HOtFLDV GR FDMX 3DODGDU GD 1DWXUH]D 'RFH
6DERU 6DERU GR &DPSR 0XOKHUHV HP $omR 3XUR 6DERU 6DOJDGLQKR H &LD /X]LGRFHV 'HOtFLDV
GH 7XSL 5XUDO GH 0LUD (VWUHOD 'HOtFLDV GR &RTXHLUR %UDVLGRFHV 'HOtFLDV GH 2XUR DWUDYpV GH
DJURLQG~VWULDV RUJDQL]DGDV UHXQLGRV HP XP SURMHWR GHQRPLQDGR ³3URMHWR GH $JURLQG~VWULDV
$UWHVDQDLV´ FRQWDP FRP R DSRLR H DFRPSDQKDPHQWR GR 6$, 6(%5$( 6LVWHPD $JURLQGXVWULDO
,QWHJUDGR GR 6(%5$( H ,QFXEDGRUD GH $JURLQG~VWULD GH 9RWXSRUDQJD
$QWHV GH FDUDFWHUL]DU FDGD XP GRV JUXSRV VHUi UHDOL]DGD D GHVFULomR GDV FDUDFWHUtVWLFDV
RUJDQL]DFLRQDLV TXH H[SOLFDP D IRUPDomR GRV PHVPRV
$PELHQWH RUJDQL]DFLRQDO
&RPR YLVWR R SHUILO SURGXWLYR GD UHJLmR GH -DOHV p FRPSRVWR SRU SHTXHQRV SURGXWRUHV GH
OHLWH IUXWLFXOWXUD H ROHUtFRODV $ SHTXHQD SURGXomR VH GHIURQWD FRP DV PHVPDV GLILFXOGDGHV FRP
TXH VH GHIURQWD D SURGXomR HPSUHVDULDO SRUpP DTXHOD FRQVWLWXL VH HP VHJPHQWR PDLV IUiJLO H
YXOQHUiYHO DRV ULVFRV H LQFHUWH]DV GD DWLYLGDGH SHOD PHQRU HVFDOD SURGXWLYD SHOD PDLRU
GLILFXOGDGH UHODWLYD GH EXVFDU SURWHomR RUD YLD DGRomR GH WHFQRORJLD RX QRV PHUFDGRV $OpP
GHVWDV HQWHQGH VH TXH D SURGXomR HPSUHVDULDO HP JHUDO GLVS}H GH XP DSRUWH GH FDSLWDO LQLFLDO
HTXLSDPHQWRV H ORFDO DGHTXDGR SDUD RSHUDU FRP DJUHJDomR GH YDORU R TXH QmR RFRUUH FRP D
SURGXomR IDPLOLDU
(VSHFLILFDPHQWH QD UHJLmR GH -DOHV SURGXWRUHV GH IUXWDV YXOQHUiYHLV VRIUHUDP FRP Do}HV
H FRPSRUWDPHQWR RSRUWXQtVWLFRV H GH Pi Ip GRV DJHQWHV GH FRPHUFLDOL]DomR TXH DSyV D DTXLVLomR
H UHYHQGD GRV SURGXWRV QRV FDQDLV GH FRPHUFLDOL]DomR GHL[DYDP GH KRQUDU FRP RV SDJDPHQWRV
DRV SURGXWRUHV &267$ HW DO
$TXHODV GLILFXOGDGHV PRWLYDUDP RV JRYHUQRV ORFDLV H RUJDQL]Do}HV GR HQWRUQR D
GLVFXWLUHP PHGLGDV H SROtWLFDV FDSD]HV GH SURYRFDU QRYRV HQFDGHDPHQWRV SDUD RV VLVWHPDV
SURGXWLYRV ORFDLV 7DO SUHGLVSRVLomR HQFRQWUD UHVSDOGR QD DERUGDJHP GH GHVHQYROYLPHQWR
HQGyJHQR %$548(,52 1R FRQWH[WR RV SURGXWRUHV H GHPDLV DWRUHV DWXDQWHV QDV
RUJDQL]Do}HV TXH RV DSyLDP IRUDP PRWLYDGRV D SHQVDU H EXVFDU SRVVLELOLGDGHV GH GLIHUHQFLDU RV
SURGXWRV FRP DJUHJDomR GH YDORU QD SURGXomR DJURLQGXVWULDO GH FDUiWHU DUWHVDQDO H WDPEpP D GH
DWXDU QRV FDQDLV GH GLVWULEXLomR GRV PHVPRV (QWUHWDQWR D KDELOLGDGH QR GHVHPSHQKR GH
DWLYLGDGHV SURGXWLYDV YROWDGDV SDUD DJUHJDomR GH YDORU QHP VHPSUH FRPS}H D WUDGLomR GRV
SURGXWRUHV IDPLOLDUHV RX GDV SHVVRDV TXH D HOHV VH DJUHJDP SDUD R GHVHPSHQKR GDTXHODV
DWLYLGDGHV $VVLP RV QRYRV VDEHUHV SDUD D FRQGXomR GDV QRYDV DWLYLGDGHV IRUPDGDV QD JHUDomR GH
UHQGD HP JHUDO VmR GHSHQGHQWHV GR HVWtPXOR JHUDGR HP XP DPELHQWH RUJDQL]DFLRQDO DWLYR H
SUHVHQWH QR HQWRUQR GRV SURGXWRV UXUDLV 1HVWH VHJPHQWR VmR DSUHVHQWDGDV DV SULQFLSDLV
RUJDQL]Do}HV TXH DWXDUDP QD FRQVWUXomR GHVWH DPELHQWH
6HJXQGR %XDXQDLP D LQIUD HVWUXWXUD ItVLFD JHUDomR H GLVWULEXLomR GH HQHUJLD
WUDQVSRUWHV WHOHFRPXQLFDo}HV H DUPD]HQDPHQWR D LQIUD HVWUXWXUD GH FLrQFLD H WHFQRORJLD
XQLYHUVLGDGHV LQVWLWXWRV GH SHVTXLVD H FHQWURV GH WHFQRORJLD RV VHUYLoRV GH HGXFDomR EiVLFD H D
TXDOLILFDomR GRV UHFXUVRV KXPDQRV SDUD DSRLDU RV SURJUDPDV S~EOLFRV VmR WDPEpP GH IXQGDPHQWDO
LPSRUWkQFLD QR VHQWLGR GH JHUDU H[WHUQDOLGDGHV SRVLWLYDV SDUD Do}HV LQGLYLGXDLV $ DJULFXOWXUD
IDPLOLDU QmR p GLIHUHQWH H WDPEpP p DIHWDGD SRU HVVHV IDWRUHV
$ SULPHLUD RUJDQL]DomR UHVSRQViYHO SRU HVWLPXODU D IRUPDomR GH JUXSRV LQWHUHVVDGRV HP
H[SORUDU SURFHVVRV SURGXWLYRV TXH DJUHJDVVH YDORU j SURGXomR DJUtFROD UHJLRQDO IRL R 6(%5$(
DWUDYpV GR SURJUDPD 6$, HQYROYHQGR RV VHUYLoRV GD ,QFXEDGRUD GH $JURLQG~VWULD GR PXQLFtSLR
GH 9RWXSRUDQJD 3URMHWR GR 6(%5$( H GD $VVRFLDomR ,QGXVWULDO GH 9RWXSRUDQJD H RV SURJUDPDV
YROWDGRV SDUD DJUHJDU YDORUHV j HVWUXWXUD GH WUDEDOKR GR SURGXWRU UXUDO YLVDQGR JHUDomR GH
HPSUHJR H UHQGD YLDELOL]DU D PDQXWHQomR GR KRPHP QR FDPSR FULDQGR PHLRV SDUD TXH HOH WHQKD
IRUPDV PDLV PRGHUQDV H DSHUIHLoRDGDV GH SURGX]LU H FRPHUFLDOL]DU FRP FXVWRV PHQRUHV H
SURGXWRV GH TXDOLGDGH
$ UHJLmR GH )HUQDQGySROLV IRL SLRQHLUD QD LPSODQWDomR GR 6$, GH RQGH R SURJUDPD
JDQKRX QRPH GH 6$, SLRQHLUR HP (VWH SURJUDPD IRL ODQoDGR RILFLDOPHQWH QD UHJLmR GH -DOHV
HP 'H]HPEUR GH 2 6$, SURJUDPD GR 6(%5$( 63 FRP SDUFHULD GD 6HFUHWDULD GH
$JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR WHP SRU ILQDOLGDGH IRUQHFHU DRV SURGXWRUHV
H HPSUHHQGHGRUHV UXUDLV GH IRUPD VLVWHPDWL]DGD RULHQWDomR DVVHVVRULD H VHUYLoRV GH QDWXUH]D
WHFQROyJLFD JHUHQFLDO H DGPLQLVWUDWLYD GLIHUHQFLDQGR DV FDGHLDV SURGXWLYDV GRV DJURQHJyFLRV
2XWUDV RUJDQL]Do}HV HQYROYLGDV QR SURMHWR VmR D &RRUGHQDGRULD GH $VVLVWrQFLD ,QWHJUDO
&$7, DWUDYpV GR ('5 -DOHV (VFULWyULR GH 'HVHQYROYLPHQWR 5HJLRQDO SDUD RIHUHFHU
DVVLVWrQFLD WpFQLFD DR SURJUDPD 6$, H 6LQGLFDWR 5XUDO GH -DOHV R 6(1$5 6HUYLoR 1DFLRQDO GH
$SUHQGL]DJHP 5XUDO 63 D DVVRFLDomR FRPHUFLDO 8UkQLD H DV SUHIHLWXUDV DV TXDLV WrP
FRQWULEXtGR SULQFLSDOPHQWH DWUDYpV GH GRDomR GRV HTXLSDPHQWRV XWLOL]DGRV QRV SURFHVVDPHQWRV
GDV PDWpULDV SULPD SDUD D LPSOHPHQWDomR GHVWH SURJUDPD QRV PXQLFtSLRV H WRGD UHJLmR
1R DQR GH IRUDP IHLWRV OHYDQWDPHQWRV GD FRPSRVLomR GD SURGXomR GD UHJLmR GH
-DOHV WDQWR DJUtFRODV FRPR SHFXiULDV FRP YLVWDV j LGHQWLILFDomR GH iUHDV GH IRPHQWR SDUD PLFUR H
SHTXHQDV DJURLQG~VWULDV QR VLVWHPD GH LQFXEDGRUDV 7RGRV RV JUXSRV LQWHJUDQWHV GR SURMHWR
SDVVDUDP SRU XP GLDJQyVWLFR H R UHVXOWDGR VHUYLX GH EDVH SDUD D SURSRVWD GH XP SODQR GH DomR GH
IRPHQWR i IRUPDomR GH JUXSRV H VXDV DWXDo}HV $ FDSDFLWDomR GRV JUXSRV UHSUHVHQWD XPD GDV
Do}HV LGHDOL]DGDV SHOR 6(%5$( FRP R REMHWLYR GH SURPRYHU R IRUWDOHFLPHQWR GDV FDGHLDV
SURGXWLYDV UHJLRQDLV -251$/ '( 1(*Ï&,26
2V JUXSRV GH DJURLQG~VWULDV DERUGDGRV
$V LQLFLDWLYDV DQDOLVDGDV QHVWH WUDEDOKR SRGHP VHU HQWHQGLGDV FRPR DJURLQG~VWULDV
IDPLOLDUHV GH SHTXHQD HVFDOD WDPEpP GHQRPLQDGDV PLFURDJURLQG~VWULDV SRU DOJXQV DXWRUHV GH
RULJHP UXUDO QDV TXDLV SURFXUD VH SURFHVVDU SURGXWRV WDQWR GHFRUUHQWHV GH PDWpULDV SULPDV
SURGX]LGDV QDV SURSULHGDGHV TXDQWR YLQGD GH RXWUDV SURSULHGDGHV FRPR R OHLWH
1D OLWHUDWXUD QmR Ki UHIHUrQFLDV FODUDV TXDQWR DRV FULWpULRV GH FODVVLILFDomR GDV
DJURLQG~VWULDV HP WHUPRV GH WDPDQKR 1mR VHQGR KRPRJrQHR SRGH VH YHU UHIHUrQFLDV j
PLFURDJURLQG~VWULD WHUPR XWLOL]DGR SRU 9LHLUD HQWUHWDQWR R DXWRU QmR PHQFLRQD D
H[LVWrQFLD GH SRVVtYHLV FULWpULRV GH FODVVLILFDomR HP SHTXHQDV RX PLFUR DJURLQG~VWULDV 2XWUD
GLVWLQomR DSUHVHQWDGD SHOR DXWRU UHIHUH VH j GLIHUHQFLDomR HQWUH DJURLQG~VWULD XUEDQD GH SHTXHQD
HVFDOD H DJURLQG~VWULD UXUDO 3DUD 9LHLUD D DJURLQG~VWULD XUEDQD VXUJH GH XPD
RSRUWXQLGDGH GH PHUFDGR LGHQWLILFDGD jV YH]HV GH PDQHLUD LQWXLWLYD VHP HVWXGRV H DYDOLDo}HV
IRUPDLV HPERUD UHODFLRQH FRP D HVIHUD GH FRQKHFLPHQWR WpFQLFR 8P GRV SUREOHPDV FRP R TXDO
VH GHIURQWD UHIHUH VH DR DEDVWHFLPHQWR GH PDWpULDV SULPDV -i D DJURLQG~VWULD UXUDO VH FRQVWLWXL
VHJXQGR R PHVPR DXWRU D SDUWLU GH GXDV PRWLYDo}HV D SULPHLUD UHIHUH VH DR DSURYHLWDPHQWR GH
H[FHGHQWHV TXH R SURGXWRU QmR FRQVHJXH FRORFDU QR PHUFDGR VHMD SRU QmR DWHQGHU DRV SDGU}HV GH
FRPHUFLDOL]DomR RX D SUREOHPDV VpULRV GH TXDOLGDGH DRV TXDLV R SURGXWRU LPDJLQD GDU XP GHVWLQR
HFRQ{PLFR $ VHJXQGD PRWLYDomR VXUJH TXDQGR GDV FRQMXQWXUDV GHVIDYRUiYHLV GH SUHoR SDUD VXD
SURGXomR DJUtFROD H R SURGXWRU Yr QD DJURLQGXVWULDOL]DomR XPD PDQHLUD GH DGLFLRQDU YDORU
$ VHJXLU FDUDFWHUL]D VH RV JUXSRV GH DJURLQG~VWULDV DQDOLVDGRV
*UXSR 'HOtFLDV GH 6mR )UDQFLVFR PXQLFtSLR GH 6mR )UDQFLVFR 63
2 *UXSR 'HOtFLDV GH 6mR )UDQFLVFR FXMR QRPH UHPHWH DR PXQLFtSLR GH RULJHP IRL
IRUPDGR HP 6XD IRUPDomR IRL PRWLYDGD SRU XP FXUVR RIHUHFLGR SHOD &$7, 5HJLRQDO GH
-DOHV VREUH OHJLVODomR GD DJURLQG~VWULD p FRPSRVWR SRU FLQFR FRPSRQHQWHV WRGDV DV PXOKHUHV
SURGXWRUDV UXUDLV
2 SURFHVVR SURGXWLYR XWLOL]DGR SHOR JUXSR GHPRQVWUD WUDEDOKDU FRP GLYHUVLILFDomR HP
WHUPRV GH OLQKDV GH WUDQVIRUPDomR SURFHVVDQGR WDQWR PDWpULDV SULPDV RULJLQiULDV GD SURGXomR
SULPiULD FRPR WDPEpP GH SURGXWRV D EDVH GH PDVVDV GRFHV H OLFRUHV VHQGR RV FRPR SURGXWRV
SULQFLSDLV D PDQGLRFD ³FKLSV´ H FDVFD GH OLPmR ³WDKLWL´ FULVWDOL]DGD
2 *UXSR FRQVRPH QR SURFHVVR SURGXWLYR R HTXLYDOHQWH D FDL[DV RX D NJ GH
PDQGLRFD SRU PrV QR YDORU GH DTXLVLomR GH 5 FDL[D D YDORUHV GH QRYHPEUR GH
VDFRV NJ GH OLPmR ³WDKLWL´ SRU PrV DR FXVWR GH 5 VDFR NJ GH DPHQGRLP H R FDMX
WrP SUHoR GH FXVWR GH 5 NJ SDUD D FDVWDQKD H 5 NJ GH SHG~QFXOR VHP D FDVWDQKD
GDGRV GH QRYHPEUR GH 2XWUDV PDWpULDV SULPDV VmR XWLOL]DGDV HP SHTXHQDV TXDQWLGDGHV H GH
SURGXomR SUySULD 7DEHOD
2 JUXSR 'HOtFLDV GH 6mR )UDQFLVFR QmR p YLQFXODGR i DVVRFLDomR RX FRRSHUDWLYD GH
SURGXWRUHV PDV D IUHTrQFLD GH SURGXomR p GLiULD GH VHJXQGD D TXLQWD IHLUD GDV QRYH jV
GH]HVVHWH KRUDV (PERUD R JUXSR DILUPH QmR H[LVWLU XP FRQWUROH VLVWHPiWLFR H HVFULWXUDomR GRV
FXVWRV GH SURGXomR LQGLFDP D PmR GH REUD GRV SUySULRV FRPSRQHQWHV FRPR XP LWHP GH FXVWR
FRQVLGHUDGR QD FRPSRVLomR GRV FXVWRV WRWDLV GH SURGXomR H LQGLFDP FRPR UHPXQHUDomR PtQLPD
GHVHMDGD R YDORU GH XP VDOiULR PtQLPR PHQVDO SDUD FDGD LQWHJUDQWH
$ WDEHOD DSUHVHQWD R WLSR GH HPEDODJHP XWLOL]DGD SDUD DFRQGLFLRQDPHQWR GRV SURGXWRV H
D SURGXomR PHQVDO LQGLFDGD TXDQWLGDGH GH XQLGDGHV VHJXQGR R WLSR GH HPEDODJHP 3DUD RV
SURGXWRV GHULYDGRV GH PDVVD HODERUDGRV FRPR PHQRU UHJXODULGDGH QmR XWLOL]D PDWpULDV SULPDV
RULJLQiULDV GD SURGXomR DJUtFROD UHJLRQDO SRU LVWR QmR Ki LQGLFDomR GRV UHTXHULPHQWRV GD GH
PDWpULD SULPD
7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR
)UDQFLVFR 63
(PEDODJHQV3URGXWR FRP
PDWpULDV SULPDV
UHJLRQDLV
'HVFULomR GR SURGXWR
7LSR 8QLGDGH
3URGXomR PHQVDO
5HTXHULPHQWR GH
PDWpULD SULPD PrV
0DQGLRFD &KLSV 0DQGLRFDV ILQDV H IULWDV 3DFRWH J FDL[DV GH PDQGLRFD
&DVFD GH /LPmR
7DKLWL
'RFH FULVWDOL]DGR 3DFRWH J
VDFDV GH NJ GH
OLPmR 7DKLWL
'RFH GH &DMX &ULVWDOL]DGR 3DFRWH J
$PHQGRLP FRP
JHUJHOLP
&ULVWDOL]DGR FRP Do~FDU 3DFRWH J NJ GH DPHQGRLP
/LFRU GH &RFR %HELGD 9LGUR PO FRFRV
/LFRU GD &DVFD
GH /DUDQMD
%HELGD 9LGUR PO ODUDQMDV
5RQGHOL 0DVVD GH PDFDUUmR 3DFRWH J
$IRJiVVLD
3DVWHL]LQKRV FRP
UHFKHLR IUDQJR FDUQH
FDODEUHVD
3DFRWH J
5L]ROL
0DVVD SUp FR]LGD
SDVWHO
3DFRWH J
3mR GH 4XHLMR 3mR GH TXHLMR 3DFRWH J
3ROYLOKR 0DQGLRFD 3DFRWH
&RQVXPR
SUySULR
)RQWH 3HVTXLVD GH FDPSR
2V FDQDLV GH FRPHUFLDOL]DomR SUDWLFDGRV VmR YHQGD SDUD R YDUHMR HP ORMD GH FRQYHQLrQFLD
QD FLGDGH GH -DOHV FRUUHVSRQGH D GD TXDQWLGDGH GRV SURGXWRV FRPHUFLDOL]DGRV H RV RXWURV
VmR FRPHUFLDOL]DGRV ORFDOPHQWH QD IRUPD GH YHQGD GLUHWD DR FRQVXPLGRU ILQDO 7DEHOD 2
WUDEDOKR GH YHQGD GLUHWD DR FRQVXPLGRU p UHDOL]DGR SHODV PHVPDV PXOKHUHV TXH DWXDP QD
SURGXomR VHQGR SDUWH GHVWH UHDOL]DGR DRV GRPLQJRV DSyV DV FHULP{QLDV UHOLJLRVDV QDV LJUHMDV
1D FRPHUFLDOL]DomR UHDOL]DGD SDUD ORMDV GH YDUHMR DV YHQGDV VmR IHLWDV VHP D XWLOL]DomR GR
UyWXOR H PDUFD GR IDEULFDQWH JUXSR TXHP URWXOD RV SURGXWRV p D ORMD YDUHMLVWD FRPSUDGRUD QDV
YHQGDV GLUHWDV DR FRQVXPLGRU RV UyWXORV VmR FHGLGRV SHOD SUHIHLWXUD
5HVVDOWH VH TXH VH R JUXSR QmR XWLOL]D UyWXOR HP XP GH VHXV FDQDLV GH YHQGD DLQGD TXH
VLPSOHV H TXH QmR QHFHVVDULDPHQWH DWHQGD D SDGU}HV QRUPDWLYRV LQGLFDGRV SHOD OHJLVODomR
$19,6$ 5'& Q GH GH GH]HPEUR GH $VVLP R SURGXWR FRPHUFLDOL]DGR SHUGH VXD
LGHQWLGDGH GH RULJHP H R JUXSR SHUGH D RSRUWXQLGDGH GH DVVRFLDU R FRQFHLWR DGHTXDGR DR PHVPR
RX VHMD SHUGH VH D RSRUWXQLGDGH GH H[SORUDU R FRQFHLWR GH SURGXWRUHV H SURGXomR ORFDO GLPHQVmR
GR UHJLRQDO H GR DUWHVDQDO $ LGpLD VXEMDFHQWH p TXH RV FRQVXPLGRUHV DR DGTXLULUHP XP SURGXWR D
HVWH DVVRFLDP QmR DSHQDV FDUDFWHUtVWLFDV WDQJtYHLV PDV WDPEpP DWULEXWRV LQWDQJtYHLV YLQFXODGRV D
XPD LGpLD DR FRQFHLWR TXH VH TXHU SDVVDU R FRQFHLWR UHOHYDQWH QR FDVR VHULD D YDORUL]DomR GRV
SURGXWRUHV ORFDLV H D SURGXomR GHVWHV SURYHQLHQWHV
9r VH TXH D XWLOL]DomR GR UyWXOR GHVHQYROYLGR H FHGLGR SHOD SUHIHLWXUD QDV YHQGDV GLUHWDV
DTXHOHV DWULEXWRV UHODWLYRV DR FRQFHLWR VmR UHVJDWDGRV HQWUHWDQWR HVWH FDQDO QmR p R PDLV
LPSRUWDQWH HP WHUPRV GH YROXPH GH YHQGDV
2 JUXSR DLQGD QmR VH VXEPHWHX D FHUWLILFDomR RX RXWUR WLSR GH LQVSHomR SDUD
FRPHUFLDOL]DomR GRV SURGXWRV H DJXDUGD D UHJXODUL]DomR GRV PHVPRV UyWXOR FyGLJR GH EDUUD
SRLV QmR WHP DXWRUL]DomR GR &HQWUR GH 9LJLOkQFLD 6DQLWiULD H 6D~GH GD 6HFUHWiULD GR (VWDGR GH
6mR 3DXOR
7DEHOD 3UHoR GR SURGXWR ILQDO SDUD YHQGD QR DWDFDGR H GLUHWR DR FRQVXPLGRU SHOR *UXSR
'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63
3URGXWR 3UHoR SDUD R YDUHMR 3UHoR GH YHQGD DR FRQVXPLGRU
0DQGLRFD &KLSV SDFRWH
&DVFD GH /LPmR 7DKLWL SDFRWH
'RFH GH &DMX SDFRWH
$PHQGRLP FRP JHUJHOLP SDFRWH
/LFRU GH &RFR 9LGUR
/LFRU GD &DVFD GH /DUDQMD 9LGUR
5RQGHOL SDFRWH
$IRJiVVLD SDFRWH
5L]ROL SDFRWH
3mR GH 4XHLMR SDFRWH
3ROYLOKR
)RQWH 3HVTXLVD GH FDPSR
*UXSR 'HOtFLDV GR &DPSR PXQLFtSLR GH 6DQWD $OEHUWLQD 63
6LWXDGR QR PXQLFtSLR GH 6DQWD $OEHUWLQD R JUXSR 'HOLFLDV GR &DPSR WDPEpP IRL
IRUPDOL]DGR HP SRU FLQFR PXOKHUHV D SDUWLU GH XP FXUVR GH FDSDFLWDomR HP DOLPHQWRV
DUWHVDQDLV SURPRYLGR SHOR 6$, 6(%5$( H H[WLQWR QR ILQDO GH VHQGR TXH TXDWUR GDV FLQFR
LQWHJUDQWHV WHP FRPR RULJHP D DJULFXOWXUD IDPLOLDU H D RXWUD LQWHJUDQWH R WUDEDOKR GRPpVWLFR 2
JUXSR WUDEDOKD FRP GHULYDGRV GR OHLWH H PLVWXUDV i EDVH GH IUXWDV 'HQWUH RV SURGXWRV SULQFLSDLV
GHVWDFDP VH RV GRFHV GH OHLWH HP IRUPDV GH EDUUDV H SDVWRVR FRP RX VHP DGLomR GH IUXWDV H
WDPEpP GRFH GH OHLWH WDOKDGLQKR SDWr GH ULFRWD FDQXGLQKR UHFKHDGR EDOD EDLDQD OLFRUHV GH OHLWH
MHQLSDSR FDUDPEROD FHUHMD DFHUROD PDUDFXMi MDEXWLFDED H FKRFRODWH 2 OHLWH HUD DGTXLULGR GH
WHUFHLURV QR YDORU GH 5 SRU OLWUR GDGRV GR PrV GH QRYHPEUR GH
$SHVDU GH R JUXSR WHU D PDLRULD GDV FRPSRQHQWHV LQVHULGDV QD DWLYLGDGH UXUDO D RSomR SRU
DJUHJDU YDORU DR OHLWH QmR UHSUHVHQWRX RSomR HVWUDWpJLFD GH GLYHUVLILFDomR FRP DJUHJDomR GH YDORU
GHFRUUHQWH GD EXVFD GH SURGXWRUHV UXUDLV SRU DGLFLRQDU YDORU j PDWpULD SULPD EDVH OHLWH GDGR
TXH D PHVPD QmR HUD SURGX]LGD VHTXHU SDUFLDOPHQWH SHODV FRPSRQHQWHV GR JUXSR
$VVLP D RSomR SRU WUDEDOKDU FRP SURFHVVDPHQWR GH OHLWH FRQMXJDGD DR IDWR GH DV
SURGXWRUDV UXUDLV QmR GLVSRUHP GD PDWpULD SULPD GH TXH QHFHVVLWDP HVEDUUD QRV FRQGLFLRQDQWHV
OHJDLV LPSRVVLELOLWDQGR D REWHQomR GR UHJLVWUR MXQWR DR &HQWUR ,QVSHomR GH 3URGXWRV GH 2ULJHP
$QLPDO GD &RRUGHQDGRULD GH 'HIHVD $JURSHFXiULD 2X VHMD DV QRUPDV SDUD D HODERUDomR GH
IRUPD DUWHVDQDO GH SURGXWRV FRPHVWtYHLV GH RULJHP DQLPDO H VXD FRPHUFLDOL]DomR QR (VWDGR GH
6mR 3DXOR D /HL Q GH GH PDUoR GH HVWDEHOHFH TXH R SURGXWRU SRGHUi WHU DWp
GD PDWpULD SULPD OHLWH YLQGD GH WHUFHLURV H D SURGXomR QmR SRGH VHU UHDOL]DGD QD FR]LQKD GD FDVD
RX HP EDUUDFmR 2V SURGXWRUHV UXUDLV GHYHP PDQWHU UHJLVWUR MXQWR DR &HQWUR GH ,QVSHomR GH
3URGXWRV GH 2ULJHP $QLPDO GR JUXSR GH 'HIHVD 6DQLWiULD $QLPDO GD 6HFUHWiULD GH $JULFXOWXUD H
$EDVWHFLPHQWR
2 JUXSR QmR HVWHYH YLQFXODGR D DVVRFLDo}HV H FRRSHUDWLYDV H FRQVLGHUDYD XP SUREOHPD R
DFHVVR j PDWpULD SULPD SDUD R SURFHVVDPHQWR GRV GRFHV SRLV VH WUDEDOKDVVHP QD SURGXomR
SHFXiULD H OHLWHLUD R OHLWH VDLULD D XP FXVWR PHQRU 3DUD DV GHPDLV PDWpULDV SULPDV RV YDORUHV VmR
XWLOL]DGRV FRPR SDUkPHWUR QD FRPSRVLomR GRV FXVWRV SDUD RV OLFRUHV QmR FRQVWD R UHTXHULPHQWR
GD PDWpULD SULPD SRLV HP IXQomR GDV SHTXHQDV TXDQWLGDGHV SURGX]LGDV QmR IRUDP LQGLFDGDV H
VXSRVWDPHQWH GLPHQVLRQDGRV DV TXDQWLGDGHV UHTXHULGDV 7DEHOD
7DEHOD 3URGXWRV SURFHVVDGRV SHOR JUXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 63
(PEDODJHQV3URGXWR FRP
PDWpULDV SULPDV
UHJLRQDLV
'HVFULomR GR
SURGXWR 7LSR
4XDQWLGDGH
8QLGDGH
3URGXomR
PHQVDO
5HTXHULPHQWR GH
PDWpULD SULPD
QHFHVViULD PrV
'RFH GH /HLWH
7DOKDGLQKR
'RFH GH OHLWH
WDOKDGLQKR
3RWH J OLWURV GH OHLWH
'RFH GH /HLWH
3DVWRVR
&RP PRUDQJR
DEDFD[L FHUHMD
DPHL[D XYD SDVVD H
DPHQGRLP
3RWH J OLWURV GH OHLWH
'RFH GH /HLWH
HP %DUUD
/HLWH 3DFRWH J OLWURV GH OHLWH
3DWr GH 5LFRWD 3DWr ULFRWD 9LGUR J OLWURV GH OHLWH
&DQXGLQKR
5HFKHDGR
&DQXGLQKR 5HFKHDGR
FRP GRFH GH OHLWH
%DQGHMD XQLG OLWURV GH OHLWH
%DOD %DLDQD
/HLWH FRFR FDOGD
FDUDPHOL]DGD
3DFRWH J OLWURV GH OHLWH
/LFRU GH /HLWH /LFRU GH OHLWH SLQJD 9LGUR PO
/LFRU GH
-HQLSDSR
/LFRU GH MHQLSDSR 9LGUR PO
/LFRU GH
FDUDPEROD
/LFRU GH FDUDPEROD 9LGUR PO
/LFRU GH &HUHMD /LFRU GH FHUHMD 9LGUR PO
/LFRU GH $FHUROD /LFRU GH DFHUROD 9LGUR PO
/LFRU GH
0DUDFXMi
/LFRU GH PDUDFXMi 9LGUR PO
/LFRU GH
-DEXWLFDED
/LFRU GH MDEXWLFDED 9LGUR PO
/LFRU GH
&KRFRODWH
/LFRU GH FKRFRODWH 9LGUR PO
)RQWH 3HVTXLVD GH FDPSR
2 *UXSR 'HOtFLDV GR &DPSR QmR LQIRUPRX RV YDORUHV FRQVLGHUDGRV SDUD UHPXQHUDomR GD
PmR GH REUD SUySULD PDV DILUPDP FRQVLGHUi OR FRPR FRPSRQHQWH GRV FXVWRV
$ FRPHUFLDOL]DomR p UHDOL]DGD DWUDYpV GH WUrV FDQDLV GH GLVWULEXLomR YHQGD DR DWDFDGR SDUD
XPD HPSUHVD VXSHUPHUFDGR GH -DOHV TXH DGTXLUH GD SURGXomR VHP D XWLOL]DomR GR UyWXOR H
VHP D PDUFD GR IDEULFDQWH TXH p FRORFDGR SHOD PHVPD YHQGD QR YDUHMR SDUD TXLWDQGDV HP 6DQWD
$OEHUWLQD H %DUUDFDV FRORFDGDV DV PDUJHQV GD 5RGRYLD SUy[LPD DR PXQLFtSLR GD SURGXomR
H VmR FRPHUFLDOL]DGRV GLUHWDPHQWH DR FRQVXPLGRU ILQDO FRP UyWXORV FHGLGRV SHOD SUHIHLWXUD
FRPR FRQVWD QD 7DEHOD
1DV YHQGDV QR DWDFDGR RV SDJDPHQWRV HUDP IHLWRV j YLVWD H RV SURGXWRV HQWUHJXHV VHP
LGHQWLILFDomR GR JUXSR H GR PXQLFtSLR 6REUH D QmR XWLOL]DomR GH UyWXORV SUySULRV LVWR WUD] DV
PHVPDV LPSOLFDo}HV GLVFXWLGDV QR *UXSR 6mR )UDQFLVFR 2 JUXSR QmR SRVVXL FHUWLILFDomR RX RXWUR
WLSR GH LQVSHomR SDUD FRPHUFLDOL]DomR GRV SURGXWRV H j pSRFD GD HQWUHYLVWD DQWHV GR
HQFHUUDPHQWR GDV DWLYLGDGHV DJXDUGDYDP D UHJXODUL]DomR GRV PHVPRV UyWXOR FyGLJR GH EDUUD
VHJXQGR DV GLUHWUL]HV GHILQLGDV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU H D OHJLVODomR VREUH
URWXODJHP QXWULFLRQDO 5HVROXomR $19,6$ ± 5'& Qž
7DEHOD 3UHoR GR SURGXWR SDUD YHQGD DR YDUHMR H YHQGD GLUHWD DR FRQVXPLGRU *UXSR 'HOtFLDV
GR &DPSR 6DQWD $OEHUWLQD
3URGXWRV 9DUHMR &RQVXPLGRU
'RFH GH OHLWH HP EDUUD
'RFH GH OHLWH SDVWRVR
3DWr GH ULFRWD
)RQWH 3HVTXLVD GH FDPSR
*UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD ± 63
6LWXDGR QR PXQLFtSLR GH 8UkQLD R JUXSR 'HOLFLDV GR &DMX WHYH VXD FRQVWLWXLomR WDPEpP
HVWLPXODGD D SDUWLU GH UHXQL}HV H FXUVRV VREUH DJURLQG~VWULDV H FRP R DSRLR GR 6$, 6(%5$( 2
JUXSR p IRUPDGR SRU VHWH SURGXWRUDV GH FDMX 1HVWH FDVR GHVWDFD VH D SUHVHQoD IHPLQLQD QR
XQLYHUVR SURGXWLYR ID]HQGR XVR GH FRQKHFLPHQWRV WiFLWRV DSOLFDGR D FXOLQiULD IDYRUHFHQGR
SURFHVVRV GH DSUHQGL]DGR FROHWLYR H FDSDFLWDomR LQRYDWLYD
$ DWXDomR H RUJDQL]DomR LQWHUQD GR JUXSR QHVWH FDVR IRUDP IDFLOLWDGDV SRUTXH Mi H[LVWLD
XP WUDEDOKR SUpYLR H HP FRQMXQWR GRV PHPEURV TXH R FRQVWLWXtUDP QR DPELHQWH RUJDQL]DFLRQDO GD
$VVRFLDomR GRV 3URGXWRUHV GH &DMX 6HJXQGR 6LOYD D DVVRFLDomR VXUJLX HP TXDQGR
SURGXWRUHV GH FDMX GH 8UkQLD H 6DQWD 6DOHWH RV SULPHLURV D SODQWDUHP D FXOWXUD VHQWLUDP D
QHFHVVLGDGH GH VH RUJDQL]DUHP SDUD UHDOL]DUHP FRPSUDV FRQMXQWDV GH HPEDODJHQV FRP R REMHWLYR
GH UHGX]LUHP VHXV FXVWRV
6HQGR R JUXSR XP EUDoR SURGXWLYR GD DVVRFLDomR HVWH FDVR p YiOLGR GL]HU TXH R WUDEDOKR
HP FRQMXQWR UHSUHVHQWD XPD RSomR SDUD DGLFLRQDU YDORU i PDWpULD SULPD GH SURGXomR SUySULD
&RPR SURGXWRUHV DVVRFLDGRV R JUXSR ID] D HVWRFDJHP GD FDVWDQKD H GR SHG~QFXOR SVHXGRIUXWR
FRQJHODGR SDUD SURFHVVDPHQWR IXWXUR 7RGRV RV LWHQV GH SURGXomR WrP R FDMX FRPR PDWpULD SULPD
H HVWmR DSUHVHQWDGRV QD 7DEHOD
8WLOL]DP DSUR[LPDGDPHQWH NJ GH FDVWDQKD GH FDMX SRU DQR H NJ GH SHG~QFXOR
DQXDOPHQWH QR SURFHVVR GH IDEULFDomR 2 SHG~QFXOR SVHXGRIUXWR p R UHVSRQViYHO SHOD SROSD GR
FDMX HQTXDQWR D FDVWDQKD p R YHUGDGHLUR IUXWR 6REUH D IUHTrQFLD GH WUDEDOKR QD SURGXomR GRV
SURGXWRV DUWHVDQDLV HVWH JUXSR DILUPRX DWXDU VHPDQDOPHQWH DXPHQWDU D IUHTXrQFLD HP pSRFDV GH
IHLUDV H IHVWDV DR FRQWUiULR GRV RXWURV GRLV JUXSRV 'HOtFLDV GR &DPSR H 'HOtFLDV GH 6mR
)UDQFLVFR TXH DILUPDUDP UHXQLUHP VH GLDULDPHQWH SDUD R WUDEDOKR FRP R SURFHVVDPHQWR GRV
SURGXWRV
$ PmR GH REUD SDUD R WUDEDOKR p FRPSRVWD SHORV SUySULRV PHPEURV GR JUXSR XWLOL]DQGR
HYHQWXDOPHQWH PmR GH REUD FRPSOHPHQWDU $ HVFDOD SURGXWLYD YDULD XPD YH] TXH D SURGXomR
UHVSRQGH D SHGLGRV H GH DFRUGR FRP HVWHV VmR XWLOL]DGDV PDLV GXDV SHVVRDV SDUD DX[LOLDU R
JUXSR SULQFLSDOPHQWH QR SURFHVVDPHQWR GD FDVWDQKD 'HVVHV XP GRV IXQFLRQiULRV HYHQWXDLV H
UHPXQHUDGR SRU SURGXWLYLGDGH UHFHEHQGR 5 NJ GH FDVWDQKD OLPSD GDGRV GR PrV GH
6HWHPEUR $ PmR GH REUD GRV SUySULRV LQWHJUDQWHV GRV JUXSRV HQWUD QD FRPSRVLomR GRV
FXVWRV GRV SURGXWRV SURFHVVDGRV HVWLPDQGR VH R SHUFHQWXDO GH GRV FXVWRV WRWDLV SDUD D
PHVPD
7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63
(PEDODJHQV
3URGXWRV 'HVFULomR GR SURGXWR
7LSR 8QLGDGH
4XDQWLGDGH SURGX]LGD QR
PrV
/LFRU &DMX 3RWH J
&DVWDQKD &DVWDQKD WRUUDGD 3DFRWH NJ
3DWr %DVH GH SROSD GH FDMX 3RWH J
7UXIDV 5HFKHLR FRP FDVWDQKD GH FDMX 3DFRWH NJ 6RE HQFRPHQGD
%RPERQV 5HFKHLR FRP FDMX 3DFRWH NJ 6RE HQFRPHQGD
&DMX SDVVDV &DMX SDVVD GHVLGUDWDGD 3DFRWH NJ 6RE HQFRPHQGD
&DVWDQKD GRFH &DVWDQKD GRFH 3DFRWH NJ
)RQWH 3HVTXLVD GH FDPSR
$V YHQGDV VmR UHDOL]DGDV LQWHJUDOPHQWH SRU FDQDO GH FRPHUFLDOL]DomR GLUHWR RX VHMD
GLUHWDPHQWH DR FRQVXPLGRU ILQDO XWLOL]DQGR PDUFD HPEDODJHP H UyWXORV SUySULRV GR JUXSR 1D
7DEHOD HVWmR DSRQWDGRV RV WLSRV GH HPEDODJHP XWLOL]DGRV H RV SUHoRV UHFHELGRV QD YHQGD DR
FRQVXPLGRU
7DEHOD 3URGXWRV H SUHoRV QD YHQGD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH
8UkQLD 63
(PEDODJHQV
3URGXWRV
7LSR 4XDQWLGDGH XQLGDGH
3UHoR
/LFRU
9LGURV
PO
PO
PO
&DVWDQKD 'RFH 3DFRWH J
&DVWDQKD 6DOJDGD 3DFRWH J
3DWr 3RWH J
7UXIDV 3DFRWH 8QLGDGH
%RPERP 3DFRWH 8QLGDGH
)RQWH 3HVTXLVD GH FDPSR
&RQGLFLRQDQWHV JHUDLV GD DWXDomR GDV DJURLQG~VWULDV GD UHJLmR GH -DOHV
&DSDFLWDomR WHFQROyJLFD H TXDOLGDGH
&RPR UHVVDOWD 9LHLUD RV SURFHVVRV GH VXUJLPHQWR H GHVHQYROYLPHQWR GH
DJURLQG~VWULDV GH SHTXHQD HVFDOD DSyLDP VH QR XVR GH WHFQRORJLD GH EDL[D LQWHQVLGDGH FLHQWtILFD
GH GRPtQLR S~EOLFR DOpP GR FDUiWHU DUWHVDQDO RX VHMD DUWH H WUDEDOKR VHJXQGR 1HYHV H 5DXVK
2V FRQKHFLPHQWRV QHFHVViULRV SDUD WDQWR HVWmR GLVSRQtYHLV H GH IiFLO DFHVVR 2 SDGUmR
WHFQROyJLFR p WDPEpP LQIOXHQFLDGR SHOR DPELHQWH VyFLR FXOWXUDO TXH R FLUFXQGD H RV PHUFDGRV GH
GHVWLQR
1HVWH VHJPHQWR DJURLQGXVWULDO RV SUREOHPDV TXH DIHWDP D TXDOLGDGH GD SURGXomR VmR R
HQWHQGLPHQWR SUHFLVR GD TXDOLGDGH GDV PDWpULDV SULPDV GHILQLomR GRV SURGXWRV D VHUHP
SURFHVVDGDV UDFLRQDOL]DomR GRV SURFHVVDPHQWRV UHVWULo}HV TXDQWR DRV DWULEXWRV KLJLrQLFRV
VDQLWiULRV LQVWDODo}HV FRQVLVWrQFLD H XQLIRUPLGDGH GRV SURGXWRV GLILFXOGDGHV SDUD FXPSULU D
OHJLVODomR 3RUWDULD &96 H GLILFXOGDGHV SDUD DTXLVLomR GH LQVXPRV H HPEDODJHP
2 *UXSR 'HOtFLDV GH 6mR )UDQFLVFR FLWRX FRPR GLILFXOGDGHV GH RUGHP WpFQLFD D IDOWD GH
XPD PiTXLQD LQGXVWULDO SDUD ILOHWDU D PDQGLRFD H IDOWD GH UHFXUVRV SDUD DTXLVLomR GH LQIUD
HVWUXWXUD ItVLFD FRP FRQVWUXo}HV DGDSWDGDV SDUD R SURFHVVDPHQWR GDGR TXH SHUPDQHFHP HP
GHVDFRUGR DV H[LJrQFLDV OHJDLV (VWD GHVFRQIRUPLGDGH FRQVWLWXLX XP DJUDYDQWH GH PDLRU
GLPHQVmR SDUD R JUXSR 'HOtFLDV GR &DPSR H[WLQWR SRLV WUDEDOKDYDP FRP SURGXWRV GH RULJHP
DQLPDO
2 JUXSR GH 6mR )UDQFLVFR LQGLFRX WDPEpP FDUrQFLD GH UHFXUVRV SDUD SHTXHQDV DTXLVLo}HV
FRPR D IDOWD GH XPD OLQKD WHOHI{QLFD FRP DSDUHOKR XP FRPSXWDGRU H XP YHQWLODGRU QD iUHD GH
SURFHVVDPHQWR
4XDQWR DRV DWULEXWRV XQLIRUPLGDGH H FRQVLVWrQFLD GRV SURGXWRV ILQDLV TXH HQYROYHP
DGHTXDomR WHFQROyJLFD DRV SURFHVVRV XWLOL]DGRV R *UXSR 'HOtFLDV GR &DPSR H[WLQWR DSRQWRX
FRPR LPSRUWDQWHV D GLILFXOGDGHV SDUD DWLQJLU R SRQWR GHVHMiYHO QR GRFH EHP FRPR GLILFXOGDGHV
FRP D XWLOL]DomR GH FRQVHUYDQWHV
2 JUXSR 'HOtFLDV GR &DMX WDPEpP LQGLFRX FRPR SUREOHPD GH DGHTXDomR WHFQROyJLFD D
GLILFXOGDGH SDUD REWHU R SRQWR ILQDO GHVHMiYHO SDUD R SDWr GH FDMX EHP FRPR D QHFHVVLGDGH GH
SURORQJDPHQWR GD YLGD ~WLO GH SUDWHOHLUD GRV SURGXWRV VXJHULQGR D QHFHVVLGDGH GH PDLV
LQYHVWLPHQWRV S~EOLFRV FRP FDSDFLWDo}HV TXH FRQGX]DP FRQKHFLPHQWRV GD iUHD GH WHFQRORJLD GH
DOLPHQWRV
$WULEXWRV GH TXDOLGDGH RX SDGU}HV GH TXDOLGDGH GHYHP VHU FRQFHLWXDGRV UHVSHLWDGDV DV
LQGLFDo}HV OHJDLV GR &yGLJR GH 'HIHVD GR &RQVXPLGRU GD $19,6$ H GR &HQWUR GH 9LJLOkQFLD
6DQLWiULD HVSHFLDOPHQWH SDUD FDVRV FRPR RV WUDWDGRV SRU WUDWDU VH GH SURGXWRV DOLPHQWDUHV
LQFOXLQGR GH RULJHP DQLPDO WHQGR HP YLVWD WDQWR D VDWLVIDomR GDV SUHIHUrQFLDV GRV
FRQVXPLGRUHV TXDQWR GR SRQWR GH YLVWD GD JDUDQWLD GH VHJXUDQoD DOLPHQWDU 3DUD HVWHV SURGXWRV D
TXDOLGDGH VHQVRULDO HVWi UHODFLRQDGD FRP RV DWULEXWRV SHUFHSWtYHLV SHOR FRQVXPLGRU QD FRPSUD RX
TXDQGR GR FRQVXPR GR DOLPHQWR FRPR VDERU DURPD FRU WH[WXUD HQWUH RXWURV 'R RXWUR ODGR
HQFRQWUDP VH DV FDUDFWHUtVWLFDV UHODFLRQDGDV FRP D TXDOLGDGH LQWUtQVHFD D TXDO GHWHUPLQD R JUDX
GH LQRFXLGDGH RX SRVVLELOLGDGHV GH ULVFR SDUD VD~GH GR FRQVXPLGRU LQJUHGLHQWHV FRPSRVLomR
LQGLFDGD QD URWXODJHP QXWULFLRQDO
7RGRV RV JUXSRV DILUPDUDP WHU WLGR DFHVVR j FDSDFLWDomR TXH RV TXDOLILFDUDP SDUD
FRQKHFHU SURFHGLPHQWRV QHFHVViULRV SDUD JDUDQWLU RV DWULEXWRV GH TXDOLGDGH LQWUtQVHFD WDLV FRPR
FXUVRV GH TXDOLILFDomR HP KLJLHQH QD PDQLSXODomR GRV DOLPHQWRV SURFHVVDPHQWR GH OLFRU
SURFHVVDPHQWR GH SROSDV SURFHVVDPHQWR GH IUXWDV H YHJHWDLV IUXWDV H KRUWDOLoDV GHVLGUDWDGDV H
FULVWDOL]DGDV H FXUVRV GH OHJLVODomR SDUD SURFHVVDPHQWR DJURLQGXVWULDO DOpP GDV FDSDFLWDo}HV GH
RUGHP JHUHQFLDO FRPR JHVWmR HPSUHVDULDO H HODERUDomR GH SURMHWRV
2 *UXSR 'HOtFLDV GR &DMX UHVVDOWRX TXH VHXV SDUWLFLSDQWHV WHULDP HQIUHQWDGR GLILFXOGDGHV
FRP R QtYHO GRV FXUVRV PLQLVWUDGRV FRQVLGHUDGR HOHYDGR SDUD D FDSDFLGDGH FRJQLWLYD GRV
PHVPRV DSRQWDQGR SDUD D QHFHVVLGDGH GH PDLV FXUVRV SUiWLFRV
$ LQRFXLGDGH H VDQLGDGH GRV DOLPHQWRV WDPEpP JXDUGDP DVVRFLDomR FRP DGHTXDomR GDV
LQVWDODo}HV H HTXLSDPHQWRV VHQGR UHODWLYDPHQWH UHFHQWH D IRUPDOL]DomR GRV WUrV JUXSRV H SHOR
IDWR GH DWXDUHP QD LQIRUPDOLGDGH QmR VH VXEPHWH D QHQKXP SURFHVVR GH FHUWLILFDomR RX RXWUR WLSR
GH LQVSHomR SDUD FRPHUFLDOL]DomR GRV SURGXWRV 2 *UXSR 'HOtFLDV GR &DPSR H[WLQWR DILUPRX QD
pSRFD SRVVXLU XP ORFDO H[FOXVLYR H DGHTXDGR DR SURFHVVDPHQWR FHGLGR SHOD 3UHIHLWXUD GH 6DQWD
$OEHUWLQD HQWUHWDQWR R PHVPR UHFODPRX GD IDOWD GH XP WDQTXH GH WUDWDPHQWR GH UHVtGXRV iJXD GH
ODYDJHP LQGLFDQGR VHU XP JUDQGH SUREOHPD FRP TXH R JUXSR VH GHIURQWDYD 3DUD R *UXSR
'HOtFLDV GH 6mR )UDQFLVFR D IDOWD GH D]XOHMRV QD VDOD GH PDQLSXODomR H SUHSDUR GRV SURGXWRV D
LQH[LVWrQFLD GH DOJXQV VDQLWiULRV DGHTXDGRV IRUDP RV SUREOHPDV PDLV IUHTHQWHV QD iUHD VDQLWiULD
2 ORFDO XWLOL]DGR SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR WDPEpP p FHGLGR SHOD SUHIHLWXUD GDTXHOH
PXQLFtSLR HQWUHWDQWR R JUXSR DILUPD TXH R PHVPR FDUHFLD GH DOJXPDV DGHTXDo}HV SDUD DWHQGHU D
OHJLVODomR VDQLWiULD 3RUWDULD &96
2 *UXSR 'HOtFLDV GR &DMX DILUPRX QmR WHU XP ORFDO GHILQLGR SDUD R SURFHVVDPHQWR
XWLOL]DQGR DV UHVLGrQFLDV GRV LQWHJUDQWHV FRPR ORFDLV GH SURFHVVDPHQWR
,QRYDo}HV
4XDQWR jV LQRYDo}HV WHFQROyJLFDV HP SURGXomR DUWHVDQDO RV WUrV JUXSRV DILUPDUDP
SRVVXLU DOJXP WLSR GH LQRYDomR VHMD GH SURGXWR VHMD GH SURFHVVR 2 *UXSR 'HOtFLDV GH 6mR
)UDQFLVFR DILUPD TXH GRLV GRV SULQFLSDLV SURGXWRV FRPHUFLDOL]DGRV D PDQGLRFD ³FKLSV´ H D FDVFD
GH OLPmR FULVWDOL]DGD UHSUHVHQWDP LQRYDo}HV DVVRFLDGDV j SURGXomR GR PHVPR
2 GRFH GH OHLWH HP EDUUD FRP IUXWDV WHULD VLGR LQRYDomR GR *UXSR 'HOtFLDV GR &DPSR
VHJXQGR GHFODUDo}HV GH VHXV FRPSRQHQWHV VHQGR TXH R GRFH GH OHLWH FRP SHGDoRV GH DEDFD[L
FRQVLGHUDGR XP SURGXWR VHP FRQFRUUHQWHV VLPLODUHV QR YDUHMR GRV PHUFDGRV UHJLRQDLV
-i R JUXSR 'HOtFLDV GR &DMX UHDOL]RX XPD LQRYDomR GH SURGXWR TXH WURX[H PDLRU
UHQGLPHQWR DR WUDEDOKR GH SURFHVVDPHQWR GD FDVWDQKD XPD GHVFDVWDQKDGHLUD TXH YHLR IDFLOLWDU H
DXPHQWDU D SURGXWLYLGDGH GR JUXSR 2 VLVWHPD IRL DGDSWDGR D SDUWLU GH XPD GHEXOKDGHLUD GH
DPHQGRLP D GHVSHOLFXOL]DGRUD SURPRYH D UHWLUDGD GD SHOtFXOD TXH UHFREUH D DPrQGRD GR FDMX H
IRL DGDSWDGR FRP DODYDQFD RX SHGDO R TXH SURSLFLRX XP PDLRU UHQGLPHQWR 8P SURGXWR YLVWR
FRPR LQRYDomR GHVHQYROYLGD SRU HVWH JUXSR p D UHFHLWD GR SDWr GH FDMX FRP RULJHP GD FXOLQiULD
QRUGHVWLQD H GHVFRQKHFLGD QD UHJLmR DV WUXIDV H ERPERQV IRUDP FULDo}HV GR JUXSR H VmR RXWUDV
QRYLGDGHV
3UHoRV FXVWRV GLVWULEXLomR FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV
'HQWUH RV REMHWLYRV LQLFLDOPHQWH SHUVHJXLGRV SRU HVWH WUDEDOKR HVWDYD WDPEpP R GH
OHYDQWDU RV FRHILFLHQWHV WpFQLFRV GH SURGXomR TXH SRVVLELOLWDVVHP UHDOL]DU FiOFXORV GH FXVWRV H
PDUJHQV GH FRPHUFLDOL]DomR (QWUHWDQWR YLX VH TXH D HVFULWXUDomR GDV GHVSHVDV GRV LQVXPRV
XWLOL]DGRV EHP FRPR VXDV TXDQWLGDGHV QmR H[LVWH RX p LQFRPSOHWD 5HVVDOWD VH HQWUHWDQWR TXH WDO
RUJDQL]DomR HPERUD VHMD GH YLWDO LPSRUWkQFLD p QDWXUDOPHQWH GLItFLO GH REWHU HP IXQomR GR
FDUiWHU DUWHVDQDO GD SURGXomR GD GLILFXOGDGH GH UDFLRQDOL]DomR GRV SURFHVVRV GR TXH GHFRUUH D
GLILFXOGDGH HP LPSXWDU YDORUHV GH FXVWR QDV SHTXHQDV SURSRUo}HV GH YiULRV GRV LQVXPRV
XWLOL]DGRV QRV SUHSDURV GDV UHFHLWDV 2V JUXSRV DSUHVHQWDP GLILFXOGDGHV SDUD UHJLVWUDU GHVSHVDV H
HQWHQGH VH TXH WDLV GLILFXOGDGHV WRPDP GLPHQVmR DLQGD PDLRU TXDQWR j IDFLOLGDGH H D QHFHVVLGDGH
GH DWHQGLPHQWR GD UHVROXomR TXH WUDWD GD URWXODJHP QXWULFLRQDO TXH DSUHVHQWD RV FiOFXORV
QHFHVViULRV SDUD GLVFULPLQDU RV FRPSRQHQWHV GRV DOLPHQWRV
'RV LWHQV GH FXVWR IRL LQGLFDGR FRPR UHVWULWLYR R HOHYDGR FXVWR GH DTXLVLomR GH YLGURV
QRYRV GLILFXOWDQGR D DTXLVLomR GRV PHVPRV VH IRVVH SRVVtYHO UHXWLOL]DU VH GH HPEDODJHQV GH
YLGUR XVDGRV R TXH QD KLSyWHVH GH XWLOL]DomR GH UHFLFOiYHO SRGH YLU D VH WRUQDU XP SUREOHPD
VDQLWiULR
$OJXQV LWHQV GH FXVWR IRUDP DPRUWL]DGRV FRP VXEVtGLRV S~EOLFRV WDLV FRPR
IRUQHFLPHQWR GH iJXD H HQHUJLD WDQWR SDUD R JUXSR 'HOtFLDV GH 6mR )UDQFLVFR TXDQWR SDUD R *UXSR
'HOtFLDV GR &DPSR HP 6DQWD $OEHUWLQD IRUDP FXVWHDGRV SHOD SUHIHLWXUD
4XDQWR jV TXHVW}HV GH FRPHUFLDOL]DomR RV HVIRUoRV GH SURGXomR H JHVWmR GHYHP VHU
GLULJLGRV SDUD H SHOD HVWUDWpJLD GH LQWHJUDomR DR PHUFDGR (QWUHWDQWR SHODV HQWUHYLVWDV SRGH VH
DEVWUDLU TXH RV HVIRUoRV IRUDP SULRULWDULDPHQWH GLUHFLRQDGRV SDUD D FDSDFLWDomR H SURGXomR
HQTXDQWR DVSHFWRV FRPR FRQFRUUrQFLD FDQDLV GH FRPHUFLDOL]DomR VHXV FRQGLFLRQDQWHV H
GLILFXOGDGHV QmR IRUDP DQWHFLSDGRV RX PROGDGRV HVWUDWHJLFDPHQWH &RPR H[HPSOR WHP VH TXH R
*UXSR 'HOtFLDV GR &DPSR H[WLQWR PHQFLRQRX FRPR SUREOHPD D ORFDOL]DomR JHRJUiILFD H D
FRQFRUUrQFLD FRP RXWURV IDEULFDQWHV GR (VWDGR GH 0LQDV *HUDLV TXH ID] GLYLVD FRP R PXQLFtSLR
VHQGR VHSDUDGRV SHOR 5LR *UDQGH $ WUDYHVVLD SRU EDOVD IOXL GLDULDPHQWH LQWHUOLJDQGR RV (VWDGRV
GH 6mR 3DXOR H R GH 0LQDV *HUDLV MXVWDPHQWH QR PXQLFtSLR GH 6DQWD $OEHUWLQD 2XWUD GLPHQVmR
GDTXHOD FRQFRUUrQFLD p TXH RV SURGXWRV GH 0LQDV *HUDLV VmR RULXQGRV GH HPSUHVDV HVWDEHOHFLGDV
TXH FRQVLJD DWHQGHU DRV FRQGLFLRQDQWHV LPSRVWRV SHODV /HLV H UHVROXo}HV OHJDLV DSUHVHQWDGDV
DQWHULRUPHQWH LVWR VLJQLILFD YDQWDJHQV FRPSHWLWLYDV SDUD DTXHOHV JUXSRV GH IRUPD TXH OKHV
FDSDFLWDP D YHQGHU HP HTXLSDPHQWRV GH YDUHMR FRPR VXSHUPHUFDGRV
$ LQH[LVWrQFLD GH XPD LGHQWLGDGH MXUtGLFD DRV JUXSRV QHP FRPR SURGXWRU QHP FRPR
PLFURHPSUHVD VRPDGD jV GLILFXOGDGHV GH DGHTXDomR GH UyWXORV H PDUFDV UHVWULQJH HP PXLWR RV
FDQDLV GH FRPHUFLDOL]DomR DFHVVtYHLV DRV JUXSRV DOpP GH LPSHGLU R DFHVVR jV IRQWHV IRUPDLV GH
FUpGLWR $VVLP ILFD H[FOXtGD D SRVVLELOLGDGH VH WRUQDUHP IRUQHFHGRUHV SDUD HTXLSDPHQWRV GR
PpGLR YDUHMR DOLPHQWDU UHJLRQDO (VWH DVSHFWR p UHOHYDQWH HP IXQomR GR JUDGXDO HQFROKLPHQWR GR
SHTXHQR YDUHMR H DXPHQWR GR HVSDoR RFXSDGR SHORV VXSHUPHUFDGRV FRPR HTXLSDPHQWR
FRQFHQWUDGRU GH YHQGDV GH DOLPHQWRV
2XWUD TXHVWmR UHIHUH VH DR IDWR GD SHUGD GH LGHQWLGDGH GR JUXSR SURGXWRU TXDQGR R
SURGXWR p FRPHUFLDOL]DGR VHP UyWXOR RX PDUFD 1HVWH FDVR SHUGH VH QmR DSHQDV D LGHQWLGDGH PDV
D SRVVLELOLGDGH GH IRUWDOHFHU H YDORUL]DU R FRQFHLWR GH SURGXWR DUWHVDQDO FRP UHFXUVRV GH
PDWpULDV SULPDV ORFDLV UHJLRQDLV
2V UHFXUVRV SDUD HODERUDomR GH PDUFDV UyWXORV H HPEDODJHQV QD JUDQGH PDLRULD VmR
SUySULRV 1RUPDOPHQWH DV SURVSHFo}HV H HVWXGRV SDUD HODERUDomR GRV UyWXORV H PDUFDV VmR
UHDOL]DGRV SHOR 3URJUDPD 6$, 6(%5$( H ,QFXEDGRUD GH 9RWXSRUDQJD 1R FDVR GR *UXSR
'HOtFLDV GH 6mR )UDQFLVFR D 3UHIHLWXUD 0XQLFLSDO IH] D GRDomR GRV UyWXORV
8PD IRUPD GH FRPHUFLDOL]DomR H LQVWUXPHQWR GH PDUNHWLQJ PHQFLRQDGD FRP IUHTrQFLD H
HQWHQGLGD FRPR LPSRUWDQWH IRL j H[SRVLomR H FRPHUFLDOL]DomR HP IHLUDV H H[SRVLo}HV
DJURSHFXiULDV (VWHV HYHQWRV DOpP GH FXPSULUHP D IXQomR FRPHUFLDO IRUDP LQGLFDGRV QDV
UHVSRVWDV REWLGDV FRPR PHLR LPSRUWDQWH GH DSUHQGL]DGR H WURFD GH LQIRUPDo}HV SRU IDFLOLWDU R
HQFRQWUR FRP RXWURV JUXSRV GH SURGXomR H SRU SRVVLELOLWDU FRQWDWR FRP FRQVXPLGRUHV H GHVWHV
FDSWXUDU LPSUHVV}HV DFHUFD GD VDWLVIDomR FRP RV SURGXWRV $V SDUWLFLSDo}HV QRV HYHQWRV H
H[SRVLo}HV PHQFLRQDGDV IRUDP SRVVtYHLV QRV PXQLFtSLRV GH -DOHV )HUQDQGySROLV 9RWXSRUDQJD
6DQWD )p GR 6XO 6mR -RVp GR 5LR 3UHWR &DPSLQDV H $JXGRV QHVWH ~OWLPR PXQLFtSLR VmR
UHDOL]DGRV D )HLUD GD $JULFXOWXUD )DPLOLDU $*5,)$0 H SDUD 6mR -RVp GR 5LR 3UHWR R *UXSR
'HOtFLDV GR &DMX GHVORFDYD VH VHPDQDOPHQWH SDUD H[SRU H FRPHUFLDOL]DU VHXV SURGXWRV QD )HLUD
GR 3URGXWRU HQWUHWDQWR DILUPDUDP TXH RV HOHYDGRV FXVWRV SDUD GHVORFDPHQWRV VHPDQDLV QmR
WRUQDUDP SRVVtYHLV FRQWLQXDU D FRPHUFLDOL]DU QDTXHOD IHLUD
(P 8UkQLD D SUHIHLWXUD ORFDO HP SDUFHULD FRP RXWUDV RUJDQL]Do}HV FRPR 6(%5$( H
&$7, GHVHQYROYHUDP H LPSOHPHQWDUDP XP SURMHWR LQWHUHVVDQWH TXH SRGHUi GHVWDFDU D LPDJHP
GR PXQLFtSLR H GRV SURGXWRUHV DV )HLUDV $QXDLV GR &DMX UHDOL]DGDV HP H 1HVWDV VmR
SURPRYLGRV IHVWLYDLV JDVWURQ{PLFRV QRV TXDLV VmR SRQWXDGRV RV PHOKRUHV SUDWRV HODERUDGRV
WHQGR FRPR EDVH R VXFR H RX SROSD GH FDMX GRFHV H VDOJDGRV H VHVV}HV GH GHJXVWDomR RQGH RV
JUXSRV SRGHP H[SRU VXDV FULDo}HV FXOLQiULDV DJUHJDQGR VH D HVWDV DSUHVHQWDo}HV GH DUWHV H YHQGD
GH DUWHVDQDWR
(PERUD DTXHOHV HYHQWRV WHQKDP VLGR FLWDGRV FRPR LPSRUWDQWHV PHLR GH H[SRVLomR H
YHQGDV RV WUrV JUXSRV DILUPDUDP GHSHQGHU GH VXEVtGLRV FRP UHFXUVRV S~EOLFRV SUHIHLWXUDV RX
&DVDV GD $JULFXOWXUD ORFDLV SDUD R WUDQVSRUWH H YLDELOL]DU D SDUWLFLSDomR QRV HYHQWRV GHQRWDQGR
PXLWD IUDJLOLGDGH ,QTXLULGRV SDUD DSRQWDU RV SUREOHPDV UHOHYDQWHV GD FRPHUFLDOL]DomR D UHVSRVWD
³IDOWD GH XP SRQWR IL[R SDUD FRPHUFLDOL]DomR GRV SURGXWRV´ IRL XP SUREOHPD FLWDGR SRU WRGRV RV
JUXSRV H WDPEpP D GLILFXOGDGH GH QmR SRVVXtUHP XP UHSUHVHQWDQWH FRPHUFLDO WDLV DVSLUDo}HV
PDQLIHVWDGDV FRPR GLILFXOGDGHV SRGHP HP SULQFtSLR VHU FRQVLGHUDGDV LUUHDLV RX HQJDQRVDV RX
VHMD R YROXPH GH SURGXomR HP SHTXHQD HVFDOD RIHUWDGR SRU FDGD JUXSR XP GHOHV GH FDUiWHU
PXLWR VD]RQDO QmR MXVWLILFDULD D H[LVWrQFLD GH XP UHSUHVHQWDQWH GH YHQGDV H QHP PHVPR XP ORFDO
H[FOXVLYR GH YHQGDV
(QWUHWDQWR D H[SUHVVmR GHVWDV DVSLUDo}HV PRVWUD D GLILFXOGDGH GRV LQWHJUDQWHV GRV JUXSRV
QD UHDOL]DomR GDV IXQo}HV GH FRPHUFLDOL]DomR VHJXQGR D QHFHVVLGDGH GH PDLV FDSDFLWDomR SDUD R
H[HUFtFLR GHVWDV IXQo}HV
&216,'(5$d®(6 ),1$,6
2 WUDEDOKR SHUPLWLX DYDOLDU H FDUDFWHUL]DU DOJXPDV GDV H[SHULrQFLDV QR SURFHVVDPHQWR GH
SURGXWRV DUWHVDQDLV GRV JUXSRV GH DJURLQG~VWULDV GRV PXQLFtSLRV GH 8UkQLD 6mR )UDQFLVFR H 6DQWD
$OEHUWLQD QD 5HJLmR GH -DOHV
2V WUDEDOKRV GHVHQYROYLGRV SHOR 6$, SURJUDPD TXH YLVD j RUJDQL]DomR GHVHQYROYLPHQWR
WHFQROyJLFR DGPLQLVWUDWLYR H FRPHUFLDO GRV SURGXWRUHV UXUDLV FRP DSRLR GDV SUHIHLWXUDV
PXQLFLSDLV H &$7, WLYHUDP SDSHO SRVLWLYR H LPSRUWDQWH QR IRPHQWR j IRUPDomR H
GHVHQYROYLPHQWR GRV JUXSRV 'HVWDFDP VH RV VHUYLoRV GD ,QFXEDGRUD GH $JURLQG~VWULD GR
PXQLFtSLR GH 9RWXSRUDQJD 3URMHWR GR 6(%5$( H $VVRFLDomR ,QGXVWULDO GH 9RWXSRUDQJD TXH
IRUDP GH VXPD LPSRUWkQFLD SDUD SUHSDUDU RV SURGXWRUHV SDUD R PHUFDGR HVSHFLDOPHQWH QD
FRQVWUXomR GR FRQKHFLPHQWR SDUD DV DWLYLGDGHV GH DJUHJDomR GH YDORU
$LQGD DVVLP LGHQWLILFD VH XPD IUDJLOLGDGH SDUD D HIHWLYD FRQVROLGDomR GRV GRLV JUXSRV TXH
SHUPDQHFHUDP DWXDQWHV +i UHVWULo}HV DVVRFLDGDV HP SULPHLUR OXJDU DR FDUiWHU LQIRUPDO GD
SURGXomR R TXH GLILFXOWD R DFHVVR DRV FDQDLV GH FRPHUFLDOL]DomR PDLV WUDGLFLRQDLV 2XWUD UHVWULomR
LPSRUWDQWH p D GLILFXOGDGH GH DGHTXDomR SDUD R DWHQGLPHQWR GD OHJLVODomR VDQLWiULD YLJHQWH R TXH
WDPEpP VH UHODFLRQD FRP D FRQVWLWXLomR MXUtGLFD GRV JUXSRV H FRP RV LQYHVWLPHQWRV QHFHVViULRV
SDUD D DGHTXDomR GHVVD OHJLVODomR QR (VWDGR GH 6mR 3DXOR
2V HOHPHQWRV GH PDUNHWLQJ SUHFLVDP VHU PHOKRU WUDEDOKDGRV R TXH SDVVD SHOD DGHTXDomR
GDV PDUFDV H UyWXORV H SULQFLSDOPHQWH SHOD FULDomR GH XPD LGHQWLGDGH SDUD RV SURGXWRV UHJLRQDLV
FRP DSHOR UHJLRQDO ORFDO TXH FRQFODPH H LQFLWH R FRQVXPLGRU D YDORUL]DU RV SURGXWRV 1HVWDV
HVWUDWpJLDV FRQWDP VH WDPEpP LQYHVWLPHQWRV HP GLYXOJDomR SDUD GHVHQYROYHU MXQWR jV FODVVHV
XUEDQDV XPD PHQWDOLGDGH GH UHFRQKHFHU H YDORUL]DU R SURGXWRU ORFDO H VXD SURGXomR
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha
Militao es me_ilha

Más contenido relacionado

La actualidad más candente

Apresentação casa jardim 2 correta
Apresentação casa jardim 2 corretaApresentação casa jardim 2 correta
Apresentação casa jardim 2 correta
Mad Mary
 
Curso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookCurso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlook
junior Revoredo
 
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo   sistema de partidos 1958  - 1973 - avd version lite 1Articulo   sistema de partidos 1958  - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Cristian Adrian Villegas Dianta
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
CIDAADS
 

La actualidad más candente (15)

Apresentação casa jardim 2 correta
Apresentação casa jardim 2 corretaApresentação casa jardim 2 correta
Apresentação casa jardim 2 correta
 
Taller para la busqueda de empleo
Taller para la busqueda de empleoTaller para la busqueda de empleo
Taller para la busqueda de empleo
 
Gastronomia boas maneiras
Gastronomia boas maneirasGastronomia boas maneiras
Gastronomia boas maneiras
 
Isome hoa pdf
Isome hoa pdfIsome hoa pdf
Isome hoa pdf
 
1649604
16496041649604
1649604
 
Curso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookCurso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlook
 
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo   sistema de partidos 1958  - 1973 - avd version lite 1Articulo   sistema de partidos 1958  - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
 
Presentation_1370606544514
Presentation_1370606544514Presentation_1370606544514
Presentation_1370606544514
 
Filosofia aula1
Filosofia aula1Filosofia aula1
Filosofia aula1
 
Posizionamento nei motori di ricerca - Tutto quello che gli altri non ti dicono
Posizionamento nei motori di ricerca - Tutto quello che gli altri non ti diconoPosizionamento nei motori di ricerca - Tutto quello che gli altri non ti dicono
Posizionamento nei motori di ricerca - Tutto quello che gli altri non ti dicono
 
( Apometria) apostila de apometria cosmica
( Apometria)   apostila de apometria cosmica( Apometria)   apostila de apometria cosmica
( Apometria) apostila de apometria cosmica
 
Enfermidades de pacus e patingas
Enfermidades de pacus e patingasEnfermidades de pacus e patingas
Enfermidades de pacus e patingas
 
Libro
LibroLibro
Libro
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
 
H.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonadaH.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonada
 

Destacado

Tiefbohren
TiefbohrenTiefbohren
Tiefbohren
fett1717
 
Megatrend wertewandel konsequenzen für die unternehmensführung andre häusl...
Megatrend wertewandel   konsequenzen für die unternehmensführung  andre häusl...Megatrend wertewandel   konsequenzen für die unternehmensführung  andre häusl...
Megatrend wertewandel konsequenzen für die unternehmensführung andre häusl...
ETECTURE
 
Gost 23203 78
 Gost 23203 78 Gost 23203 78
Gost 23203 78
marche627
 
Gost 24597 81
 Gost 24597 81 Gost 24597 81
Gost 24597 81
marche627
 
Kirchplatz St. Nicolai Lemgo
Kirchplatz St. Nicolai LemgoKirchplatz St. Nicolai Lemgo
Kirchplatz St. Nicolai Lemgo
andreaslangelemgo
 
FHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
FHS Bildungstag - Ich bin dann mal "off" - Rainer EndlFHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
FHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
IPM-FHS
 
Gost 21972 76
 Gost 21972 76 Gost 21972 76
Gost 21972 76
marche627
 

Destacado (20)

HomeStretch
HomeStretchHomeStretch
HomeStretch
 
Karcher 10
Karcher 10Karcher 10
Karcher 10
 
Karcher se 4001 eu
Karcher se 4001 euKarcher se 4001 eu
Karcher se 4001 eu
 
Tiefbohren
TiefbohrenTiefbohren
Tiefbohren
 
Karcher k 3.550
Karcher k 3.550Karcher k 3.550
Karcher k 3.550
 
Wie man ein brautkleid reinigen
Wie man ein brautkleid reinigenWie man ein brautkleid reinigen
Wie man ein brautkleid reinigen
 
Die geschichte von der weißes kleid , blaues kleid ' drama, das einen planet...
Die geschichte von der  weißes kleid , blaues kleid ' drama, das einen planet...Die geschichte von der  weißes kleid , blaues kleid ' drama, das einen planet...
Die geschichte von der weißes kleid , blaues kleid ' drama, das einen planet...
 
Megatrend wertewandel konsequenzen für die unternehmensführung andre häusl...
Megatrend wertewandel   konsequenzen für die unternehmensführung  andre häusl...Megatrend wertewandel   konsequenzen für die unternehmensführung  andre häusl...
Megatrend wertewandel konsequenzen für die unternehmensführung andre häusl...
 
Lila brautjungfernkleid online
Lila brautjungfernkleid onlineLila brautjungfernkleid online
Lila brautjungfernkleid online
 
Damenschuhe 2016 sandalen
Damenschuhe 2016 sandalenDamenschuhe 2016 sandalen
Damenschuhe 2016 sandalen
 
VOLEIBOL
VOLEIBOLVOLEIBOL
VOLEIBOL
 
Gost 23203 78
 Gost 23203 78 Gost 23203 78
Gost 23203 78
 
Gost 24597 81
 Gost 24597 81 Gost 24597 81
Gost 24597 81
 
Wie wählen sie ein sommerliches brautkleid aus
Wie wählen sie ein sommerliches brautkleid ausWie wählen sie ein sommerliches brautkleid aus
Wie wählen sie ein sommerliches brautkleid aus
 
Kirchplatz St. Nicolai Lemgo
Kirchplatz St. Nicolai LemgoKirchplatz St. Nicolai Lemgo
Kirchplatz St. Nicolai Lemgo
 
Projektmanagement
ProjektmanagementProjektmanagement
Projektmanagement
 
FHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
FHS Bildungstag - Ich bin dann mal "off" - Rainer EndlFHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
FHS Bildungstag - Ich bin dann mal "off" - Rainer Endl
 
BASQUETBOL
BASQUETBOLBASQUETBOL
BASQUETBOL
 
SOOPAL-Webinar TB1
SOOPAL-Webinar TB1SOOPAL-Webinar TB1
SOOPAL-Webinar TB1
 
Gost 21972 76
 Gost 21972 76 Gost 21972 76
Gost 21972 76
 

Similar a Militao es me_ilha

Elaborando A Ldo Municipal
Elaborando A Ldo MunicipalElaborando A Ldo Municipal
Elaborando A Ldo Municipal
marcosurl
 
historia do brasil pauloprado
historia do brasil paulopradohistoria do brasil pauloprado
historia do brasil pauloprado
Onésimo Remígio
 
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 31 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
jeramon
 
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 32 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
jeramon
 
Contenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluaciónContenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluación
boscosrioja
 
Educação. do liberalismo ao neoliberalismo
Educação. do liberalismo ao neoliberalismoEducação. do liberalismo ao neoliberalismo
Educação. do liberalismo ao neoliberalismo
wsshist
 
Astas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional AutobombásticoAstas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional Autobombástico
autobombo
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
marianita316
 
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 35 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
jeramon
 
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte1ª Antología. Segunda Parte
1ª Antología. Segunda Parte
autobombo
 
1ª Antología. Primera Parte
1ª Antología. Primera Parte1ª Antología. Primera Parte
1ª Antología. Primera Parte
autobombo
 
Ebeam edge Manual Usuario
Ebeam edge Manual UsuarioEbeam edge Manual Usuario
Ebeam edge Manual Usuario
lennyambrosini
 

Similar a Militao es me_ilha (20)

Elaborando A Ldo Municipal
Elaborando A Ldo MunicipalElaborando A Ldo Municipal
Elaborando A Ldo Municipal
 
Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1
 
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón  www.gftaognosticaespiritual.org28 05 conjuraciones e invocación de salomón  www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
 
28 14 zodiaco www.gftaognosticaespiritual.org
28 14  zodiaco www.gftaognosticaespiritual.org28 14  zodiaco www.gftaognosticaespiritual.org
28 14 zodiaco www.gftaognosticaespiritual.org
 
historia do brasil pauloprado
historia do brasil paulopradohistoria do brasil pauloprado
historia do brasil pauloprado
 
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 31 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
1 debate gaceta 850 (3 11-10) seguridad ciudadana.pdf.nivel 3
 
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 32 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
 
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
 
Korean Education
Korean EducationKorean Education
Korean Education
 
Contenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluaciónContenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluación
 
Educação. do liberalismo ao neoliberalismo
Educação. do liberalismo ao neoliberalismoEducação. do liberalismo ao neoliberalismo
Educação. do liberalismo ao neoliberalismo
 
Astas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional AutobombásticoAstas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional Autobombástico
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
 
Viti 472 viña
Viti 472 viñaViti 472 viña
Viti 472 viña
 
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 35 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
 
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte1ª Antología. Segunda Parte
1ª Antología. Segunda Parte
 
Goleman-2.pdf
Goleman-2.pdfGoleman-2.pdf
Goleman-2.pdf
 
1ª Antología. Primera Parte
1ª Antología. Primera Parte1ª Antología. Primera Parte
1ª Antología. Primera Parte
 
Ebeam edge Manual Usuario
Ebeam edge Manual UsuarioEbeam edge Manual Usuario
Ebeam edge Manual Usuario
 
28 04 comenzando a despertar www.gftaognosticaespiritual.org
28 04 comenzando a despertar  www.gftaognosticaespiritual.org28 04 comenzando a despertar  www.gftaognosticaespiritual.org
28 04 comenzando a despertar www.gftaognosticaespiritual.org
 

Militao es me_ilha

  • 1. 81,9(56,'$'( (67$'8$/ 3$8/,67$ ³-Ò/,2 '( 0(648,7$ ),/+2´ &DPSXV GH ,OKD 6ROWHLUD &DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV 63 (/=$ '$ 6,/9$ 0,/,7­2 ,/+$ 62/7(,5$ 63
  • 2. 81,9(56,'$'( (67$'8$/ 3$8/,67$ ³-Ò/,2 '( 0(648,7$ ),/+2´ )$&8/'$'( '( (1*(1+$5,$ ± &Æ0386 '( ,/+$ 62/7(,5$ 3Ï6 *5$'8$d­2 (0 $*52120,$ ³&DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV ± 63´ (/=$ '$ 6,/9$ 0,/,7­2 2ULHQWDGRUD 6tOYLD 0DULD GH $OPHLGD /LPD &RVWD 'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH (QJHQKDULD 81(63 ± &DPSXV GH ,OKD 6ROWHLUD SDUD REWHQomR GR WtWXOR GH 0HVWUH HP $JURQRPLD (VSHFLDOLGDGH 6LVWHPDV GH 3URGXomR ,OKD 6ROWHLUD ± 63 6HWHPEUR
  • 3. ),&+$ &$7$/2*5È),&$ (ODERUDGD SHOD 6HomR 7pFQLFD GH $TXLVLomR H 7UDWDPHQWR GD ,QIRUPDomR 6HUYLoR 7pFQLFR GH %LEOLRWHFD H 'RFXPHQWDomR GD 81(63 ,OKD 6ROWHLUD 0LOLWmR (O]D GD 6LOYD 0 F &DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU QD UHJLmR GH -DOHV ± 63 (O]D GD 6LOYD 0LOLWmR ,OKD 6ROWHLUD >V Q @ I LO 'LVVHUWDomR PHVWUDGR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD )DFXOGDGH GH (QJHQKDULD GH ,OKD 6ROWHLUD (VSHFLDOLGDGH 6LVWHPDV GH 3URGXomR 2ULHQWDGRU 6LOYLD 0DULD GH $OPHLGD /LPD &RVWD %LEOLRJUDILD S $JURLQG~VWULD 3HTXHQRV SURGXWRUHV &RPSHWLWLYLGDGH 9DORU DJUHJDGR 3URGXWRV DUWHVDQDLV
  • 4.
  • 5. 'HGLFR $RV PHXV SDLV -RVp 3HGUR 0LOLWmR 0DULD $SDUHFLGD GD 6LOYD 0LOLWmR SRU WRGR DPRU FRQILDQoD H SRU HVWDUHP VHPSUH DR PHX ODGR 2IHUHoR $R PHX LUPmR 0LQKDV LUPmV $V PLQKDV VREULQKDV $RV PHXV VREULQKRV $RV FXQKDGRV H FXQKDGD
  • 6. $JUDGHFLPHQWRV $ SURIHVVRUD 'UD 6LOYLD 0DULD GH $OPHLGD /LPD &RVWD SHOD RULHQWDomR FRQILDQoD H DPL]DGH TXH WRUQDUDP SRVVtYHO D UHDOL]DomR GHVWH WUDEDOKR H SHORV HQVLQDPHQWRV TXH PH DFRPSDQKDUmR SHOD YLGD WRGD $RV PHPEURV GD EDQFD H[DPLQDGRUD 3URID 'UD 5RVDQJHOD DSDUHFLGD GH 0HGHLURV +HVSDQKRO H 3URIR 'UR $QW{QLR /i]DUR 6DQW¶DQD SHODV VXJHVW}HV DSUHVHQWDGDV $ 3UID 'UD $SDUHFLGD &RQFHLomR %ROLDQH H D 3UID 'UD 0DULD $SDUHFLGD $QVHOPR 7DUVLWDQR SHODV VXJHVW}HV DSUHVHQWDGDV H DPL]DGH ¬ 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-XOLR GH 0HVTXLWD )LOKR´ &DPSXV GH ,OKD 6ROWHLUD 63 D &RRUGHQDomR GR 3URJUDPD GH 3yV *UDGXDomR HP $JURQRPLD ³6LVWHPD GH 3URGXomR´ SHOD RSRUWXQLGDGH GD UHDOL]DomR GHVWH FXUVR GH PHVWUDGR H DRV SURIHVVRUHV GR 3URJUDPD GH 3yV *UDGXDomR HP $JURQRPLD ³6LVWHPD GH 3URGXomR´ $ &$3(6 SHOD FRQFHVVmR GD EROVD GH HVWXGR H DSRLR LQVWLWXFLRQDO $R GHSDUWDPHQWR GH )LWRWHFQLD 7HFQRORJLD GH 6HPHQWHV H 6yFLR HFRQRPLD SHOR DSRLR $ WRGRV RV IXQFLRQiULRV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-XOLR GH 0HVTXLWD )LOKR´ &DPSXV GH ,OKD 6ROWHLUD 63 $R DPLJR 1LOWRQ $SDUHFLGR 0DUTXHV GH 2OLYHLUD 6HFUHWiULR GD &DVD GD $JULFXOWXUD GR 0XQLFtSLR GH -DOHV 63 TXH FRQWULEXLX SDUD D HIHWLYDomR GHVWH WUDEDOKR $RV PHXV DPLJRV *HRYDQH /LPD *XLPDUmHV *DWR .DUHP &ULVWLQH 3LUROD 1DULPDWVX %HOtVVLPD 0DUOHQH &ULVWLQD $OYHV +HOHQD 6LPLGX 0{QLFD 0DUWLQV GD 6LOYD 5RVD )DELDQD *DUFLD 0iUFLD )HUQDQGD 2GDLU /HPRV -DQHWH 0RWD ,YRQH 'HMDYLWH -RmR 5XGJHQ +HUQDQGHV $QGUDGH 4XHLUR] +HUQkQGLR $ 'HXV SHORV GHVDILRV VXSHUDGRV
  • 7. 0,/,7­2 6 ( &DUDFWHUL]DomR GD DJURLQG~VWULD DUWHVDQDO IDPLOLDU GD UHJLmR GH -DOHV ± 63 S 'LVVHUWDomR 0HVWUDGR ± GD )DFXOGDGH GH (QJHQKDULD 81(63 ± &DPSXV GH ,OKD 6ROWHLUD ,OKD 6ROWHLUD $XWRUD (O]D GD 6LOYD 0LOLWmR 2ULHQWDGRUD 3URID 'UD 6LOYLD 0DULD GH $OPHLGD /LPD &RVWD 5(6802 $V HVWUDWpJLDV GH DJUHJDomR GH YDORU DRV SURGXWRV LQFOXLQGR D DJURLQGXVWULDOL]DomR GD SURGXomR WrP VLGR EXVFDGDV H YrP JDQKDQGR LPSRUWkQFLD QR SHUtRGR UHFHQWH FRPR DOWHUQDWLYD SDUD DXPHQWDU R JUDX GH LQVHUomR DRV PHUFDGRV GRV DJULFXOWRUHV IDPLOLDUHV 2 SUHVHQWH WUDEDOKR DQDOLVRX DOJXPDV LQLFLDWLYDV GH DJUHJDomR GH YDORU DJURSHFXiULR FRPR RSo}HV HVWUDWpJLFDV GH JHUDomR FRPSOHPHQWDU GH UHQGD SDUD SURGXWRUHV UXUDLV RUJDQL]DGRV HP JUXSRV QD UHJLmR GH -DOHV $ SHTXHQD DJURLQG~VWULD p HQWHQGLGD FRPR JHUDGRUD GH UHQGD GH FDUiWHU FRPSOHPHQWDU SDUD RV FRQVWLWXLQWHV GRV JUXSRV H DLQGD JXDUGDP JUDQGH GHSHQGrQFLD GR SRGHU S~EOLFR PXQLFLSDO SDUD YLDELOL]DU SULQFLSDOPHQWH D FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV (QWUHWDQWR GHQWUR GH XPD FRQFHSomR GH GHVHQYROYLPHQWR HQGyJHQR R SRGHU S~EOLFR Ki TXH LQYHVWLU SRU PDLV WHPSR WDQWR SDUD SURSLFLDU D FRQVROLGDomR H OHJDOL]DomR GRV JUXSRV TXDQWR SDUD FULDU XPD FXOWXUD MXQWR DRV FRQVXPLGRUHV ORFDLV UHJLRQDLV GH YDORUL]DomR GRV DVSHFWRV H FRPSHWrQFLDV SURGXWLYDV ORFDLV 3DODYUDV FKDYH DJULFXOWXUD IDPLOLDU SURGXomR DUWHVDQDO FDGHLDV SURGXWLYDV H DJUHJDomR GH YDORU
  • 8. 0,/,7­2 6 ( &+$5$&7(5,=$7,21 2) $*52,1'8675< &5$)7 )$0,/< ,1 5(*,21 2) -$/(6 ± 63 S 'LVVHUWDWLRQ 0DVWHU¶V GHJUHH ± GD IDFXOGDGH GH (QJHQKDULD 8QHVS ± &DPSXV GH ,OKD 6ROWHLUD ,OKD 6ROWHLUD $XWKRU (O]D GD 6LOYD 0LOLWm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
  • 9. /,67$ '( ),*85$6 )LJXUD )DWRUHV TXH LQIOXHQFLDP QDV HVWUDWpJLDV GDV ILUPDV H GHVHPSHQKR GH PHUFDGRV )LJXUD 0DSD GR (VWDGR GH 6mR 3DXOR GLYLGLGR HP ('5V
  • 10. /,67$ '( 7$%(/$6 7DEHOD ([SORUDo}HV GH DQLPDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD MDQHLUR 7DEHOD ([SORUDo}HV 9HJHWDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD MDQHLUR 7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63 7DEHOD 3UHoR GR SURGXWR ILQDO SDUD YHQGD QR DWDFDGR H GLUHWR DR FRQVXPLGRU SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63 7DEHOD 3URGXWRV SURFHVVDGRV SHOR JUXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 63 7DEHOD 3UHoR GR SURGXWR SDUD YHQGD DR YDUHMR H YHQGD GLUHWD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63 7DEHOD 3URGXWRV H SUHoRV QD YHQGD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63
  • 11. 680È5,2 1752'8d­2 5()(5(1&,$/ %,%/,2*5È),&2 ( 7(Ï5,&2 &DUDFWHUL]DomR GD DJURLQG~VWULD IDPLOLDU $JUHJDomR GH YDORU 6LVWHPD OHJDO (FRQRPLD VROLGiULD &DGHLDV H FRPSOH[RV SURGXWLYRV &RPSHWLWLYLGDGH &RPHUFLDOL]DomR H PDUNHWLQJ 0$7(5,$/ ( 0e72'26 5HJLmR GH -DOHV H PXQLFtSLRV HVWXGDGRV 7LSR GH SHVTXLVD FRQGX]LGD H HVWXGRV GH FDVR 5(68/7$'26 ( ',6&866­2 $PELHQWH RUJDQL]DFLRQDO 2V JUXSRV GH DJURLQG~VWULDV DERUGDGRV *UXSR 'HOtFLDV GH 6mR )UDQFLVFR PXQLFtSLR GH 6mR )UDQFLVFR 63 *UXSR 'HOtFLDV GR &DPSR PXQLFtSLR GH 6DQWD $OEHUWLQD 63 *UXSR 'HOtFLDV GR &DMX PXQLFtSLR GH 8UkQLD 63 &RQGLFLRQDQWHV JHUDLV GD DWXDomR GDV DJURLQG~VWULDV GD UHJLmR GH -DOHV 63 &DSDFLWDomR WHFQROyJLFD H TXDOLGDGH ,QRYDo}HV 3UHoRV FXVWRV GLVWULEXLomR FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV &216,'(5$d®(6 ),1$,6 &21&/86®(6 5()(5Ç1&,$6 %,%/,2*5È),&$6 $1(;2
  • 12. ,1752'8d­2 $ DJULFXOWXUD EUDVLOHLUD DSyV RV DQRV GH PXGRX R VHX SHUILO GH XPD DJULFXOWXUD GH VXEVLVWrQFLD DXWR VXILFLHQWH FRP OLJDo}HV GLUHWDV FRP R FRQVXPLGRU H SDVVRX D VHU GHSHQGHQWH WDQWR D PRQWDQWH TXDQWR D MXVDQWH GH RXWURV DJHQWHV HFRQ{PLFRV UHFHEHQGR GLYHUVRV HTXLSDPHQWRV H LQVXPRV QHFHVViULRV SDUD D SURGXomR H IRUQHFHQGR PDWpULD SULPD SDUD R VHWRU GH WUDQVIRUPDomR 'HVWD IRUPD D DJULFXOWXUD VDLX GR FRQFHLWR GR VLVWHPD ³&RPSOH[R 5XUDO´ SDVVDQGR D HVWDU LQVHULGD QXP ³&RPSOH[R $JURLQGXVWULDO´ .$*(<$0$ HW DO $SHVDU GHVWD PXGDQoD GH UHIHUHQFLDO R VHWRU H D SURGXomR DJURSHFXiULD DSUHVHQWDP FDUDFWHUtVWLFDV HVSHFtILFDV TXH WRUQDP RV VLVWHPDV SURGXWLYRV H[SRVWRV jV RFRUUrQFLDV GH SHUGDV WDQWR ItVLFDV TXDQWR HVWULWDPHQWH ILQDQFHLUDV DV TXDLV SRGHP JHUDU GHVHVWtPXOR H GLILFXOGDGHV SDUD R SURGXWRU UXUDO SODQHMDU VHX IOX[R GH FDL[D H SHUPDQHFHU QD DWLYLGDGH 7DLV FDUDFWHUtVWLFDV DIHWDP LQGLVWLQWDPHQWH RV VHJPHQWRV GD DJULFXOWXUD IDPLOLDU H HPSUHVDULDO HQWUHWDQWR D SURGXomR DJUtFROD IDPLOLDU FRQVWLWXL VH HP VHJPHQWR PDLV IUiJLO H YXOQHUiYHO DRV ULVFRV H LQFHUWH]DV GD DWLYLGDGH SHOD PDLRU GLILFXOGDGH UHODWLYD GH EXVFDU SURWHomR VHMD YLD DGRomR GH WHFQRORJLD RX SHOD SHTXHQD HVFDOD SURGXWLYD SDUD FRPHUFLDOL]DU QRV PHUFDGRV 1D SUHVHQWH GpFDGD HPHUJH QD VRFLHGDGH EUDVLOHLUD PDLRU SUHGLVSRVLomR SDUD SHQVDU HP DOWHUQDWLYDV FDSD]HV GH SURPRYHU Do}HV SURPRWRUDV GH JHUDomR GH UHQGD HQYROYHQGR HVWUDWpJLDV GH DJUHJDomR GH YDORU DRV SURGXWRV LQFOXLQGR D DJURLQGXVWULDOL]DomR GD SURGXomR HVWD YLVWD WDQWR FRPR DOWHUQDWLYD SDUD DXPHQWDU R JUDX GH LQVHUomR DRV PHUFDGRV GRV DJULFXOWRUHV IDPLOLDUHV :,/.,1621 TXDQWR FRPR UHVSRVWD GR UHSHQVDU GDV HVWUDWpJLDV GH GHVHQYROYLPHQWR QRV kPELWRV ORFDO H UHJLRQDO 7DLV GLUHFLRQDPHQWRV VmR FDUDFWHUL]DGRV FRPR HQYROYHQGR QmR DSHQDV R (VWDGR FRP VHX SDSHO DVVLVWHQFLDOLVWD PDV SULQFLSDOPHQWH GHFRUUHQWHV GH XPD FRQMXJDomR GH HVIRUoRV GH VHJPHQWRV GD FRPXQLGDGH TXH VmR HVWLPXODGRV D LGHQWLILFDU VXDV FDUrQFLDV H SRWHQFLDOLGDGHV H HP VHJXLGD HQJDMDU VH HP Do}HV HIHWLYDV H[SUHVVDV FRPR H[SHULrQFLDV DXWRJHVWLRQiULDV GHVHQYROYLGDV FRP R DSRLR GR (VWDGR H RX GH RUJDQL]Do}HV SDUDHVWDWDLV FRPR H[HPSOR 6(%5$( HQWUH RXWUDV $ PHWD p R IRUWDOHFLPHQWR GDV SRWHQFLDOLGDGHV SURGXWLYDV GDV UHJL}HV H PXQLFtSLRV FRP D RUJDQL]DomR GD VRFLHGDGH HP WRUQR GH REMHWLYRV FRPXQV 7HRULFDPHQWH HVWDV GLVFXVV}HV HVWmR DVVRFLDGDV FRP D HYROXomR GR FRQFHLWR GH GHVHQYROYLPHQWR HFRQ{PLFR R TXDO QRV SODQRV ORFDLV SRGH VHU UHIHUHQFLDGR GH GLYHUVDV PDQHLUDV WDLV FRPR GHVHQYROYLPHQWR WHUULWRULDO SHUSDVVD DV GLPHQV}HV GH WHUULWyULR QDWXUDO H RUJDQL]DGR GHVHQYROYLPHQWR UHJLRQDO HQYROYH D FRPELQDomR GDV GLPHQV}HV HVSDFLDO VRFLDO H LQGLYLGXDO GHVHQYROYLPHQWR ORFDO &RPR SRU YiULDV GpFDGDV DV WHFQRORJLDV IRUDP GHVHQYROYLGDV SDUD JUDQGHV SURSULHWiULRV H SHODV PDLRUHV UHVWULo}HV GH UHQGD GR DJULFXOWRU IDPLOLDU R DFHVVR GRV PHVPRV WRUQD VH DLQGD PDLV GLILFXOWRVR FRPSDUDWLYDPHQWH D GH RXWUDV FDWHJRULDV GH SURGXWRUHV
  • 13. HQYROYH XP UHFRUWH WHUULWRULDO ± QHVWH XP PXQLFtSLR p YLVWR FRPR ORFDO TXDQGR D UHIHUrQFLD WHUULWRULDO p R HVWDGR GHVHQYROYLPHQWR HQGyJHQR WHP FRPR FDUDFWHUtVWLFD D FRQYHUJrQFLD H D LQWHUDomR GR SURFHVVR RQGH R WHUULWyULR ± HP VHQWLGR DPSOR ± DWXD DWLYDPHQWH QD IRUPDomR GH HVWUDWpJLDV TXH LQIOXHQFLDP VXD GLQkPLFD HFRQ{PLFD VHQGR RV IDWRUHV D VHUHP WUDEDOKDGRV QR SODQR ORFDO HQGyJHQR DR WHUULWyULR HVWH ~OWLPR HQFRQWUD VH GLVFXWLGR HP %$548(,52 $R UHSHQVDU DV HVWUDWpJLDV GH GHVHQYROYLPHQWR WHUULWRULDO RX ORFDO VRPD VH R HQIRTXH GH VXVWHQWDELOLGDGH UHVXOWDQGR QD GLPHQVmR GH GHVHQYROYLPHQWR TXH FRQWHPSOH DV QRo}HV GH DFXPXODomR HFRQ{PLFD UHVJDWH VRFLDO H SUHVHUYDomR GRV UHFXUVRV DPELHQWDLV SDUD DV JHUDo}HV YLQGRXUDV VHQGR HVWH R HQIRTXH GR GHVHQYROYLPHQWR ORFDO LQWHJUDGR VXVWHQWiYHO '/,6 $&$5,1, H &267$ 2 REMHWLYR GR SUHVHQWH WUDEDOKR IRL DQDOLVDU QD UHJLmR GH -DOHV R DPELHQWH HP TXH VmR IRUPDGRV RV JUXSRV GH DJURLQG~VWULDV IDPLOLDUHV 'HOtFLDV GR &DPSR 'HOtFLDV GR &DMX H 'HOtFLDV GH 6mR )UDQFLVFR RUJDQL]DGRV SDUD DJUHJDomR GH YDORU D SURGXWRV DJURSHFXiULRV H WDPEpP RV DVSHFWRV SURGXWLYRV GH SURFHVVDPHQWRV H GH FRPHUFLDOL]DomR GRV SURGXWRV HODERUDGRV
  • 14. 5()(5(1&,$/ %,%/,2*5È),&2 ( 7(Ï5,&2 &DUDFWHUL]DomR GD DJURLQG~VWULD IDPLOLDU (VWH VHJPHQWR p FRQVWLWXtGR SRU SHTXHQRV SURGXWRUHV UXUDLV GH DOLPHQWRV GH RULJHP YHJHWDO H DQLPDO RUJkQLFRV RX QmR $ UHJLmR GH -DOHV SRU DSUHVHQWDU XPD HVWUXWXUD IXQGLiULD PDLV VHJPHQWDGD HP UHODomR D RXWUDV GR (VWDGR GH 6mR 3DXOR WDO D PLFURUUHJLmR GH $QGUDGLQD IDYRUHFH D HPHUJrQFLD GR SHUILO SURGXWLYR PXLWR DOLFHUoDGR QD SURGXomR GH RULJHP IDPLOLDU EDVHDGD SULRULWDULDPHQWH QD SHFXiULD ERYLQD OHLWHLUD H QD IUXWLFXOWXUD 1HVWD UHJLmR REVHUYD VH D LPSOHPHQWDomR GH DOJXQV LQFHQWLYRV SDUD R GHVHQYROYLPHQWR GH DJUHJDomR GH YDORU FRP FUHVFLPHQWR GD DJURLQG~VWULD IDPLOLDU $ DJULFXOWXUD IDPLOLDU p HQWHQGLGD FRPR DTXHOD TXH FRPELQD D SURSULHGDGH GD WHUUD FRP XPD PmR GH REUD IDPLOLDU H TXH VH RUJDQL]D HP WRUQR GD H SDUD D IDPtOLD SRU XPD OyJLFD TXH UH~QH VDEHUHV H YDORUHV TXH DVVHJXUDP D UHSURGXomR GD XQLGDGH IDPLOLDU H GH SURGXomR H D SHUPDQrQFLD GR SDWULP{QLR 7('(6&2 &RQIRUPH 0LRU D DJURLQG~VWULD IDPLOLDU UXUDO p XPD IRUPD GH RUJDQL]DomR QD TXDO D IDPtOLD UXUDO SURGX] SURFHVVD H RX WUDQVIRUPD SDUWH GH VXD SURGXomR DJUtFROD H RX SHFXiULD YLVDQGR VREUHWXGR D SURGXomR GH YDORU GH WURFD TXH VH UHDOL]D QD FRPHUFLDOL]DomR 3DUD R DXWRU D LQGXVWULDOL]DomR GRV SURGXWRV DJURSHFXiULRV SHORV DJULFXOWRUHV IDPLOLDUHV QmR VH FRQVWLWXL HP XPD QRYLGDGH ID]HQGR SDUWH GD VXD SUySULD KLVWyULD H GD VXD FXOWXUD YROWDGR SDUD R FRQVXPR GD IDPtOLD H HP PHQRU JUDX DR PHUFDGR ORFDO D H[HPSOR GD WUDQVIRUPDomR GH IUXWDV HP GRFHV H EHELGDV GD HODERUDomR GH FRQVHUYDV HP JHUDO GD IDEULFDomR GH TXHLMRV GH HPEXWLGRV H GHIXPDGRV GH FDUQH 3DUD :DQGHUOH RV DJULFXOWRUHV IDPLOLDUHV VmR SRUWDGRUHV GH XPD WUDGLomR WDQWR QR WUDEDOKR FRP D WHUUD TXDQWR HP VHX PRGR GH YLGD 7DO WUDGLomR LQFOXL XPD UHODWLYD DXWRQRPLD H XPD RUJDQL]DomR IDPLOLDU TXH FRPSUHHQGH GHQWUH RXWURV DVSHFWRV R WUDEDOKR GD IDPtOLD QD SURSULHGDGH D SURGXomR GH DOLPHQWRV SDUD FRQVXPR SUySULR D SURGXomR GHVWLQDGD DR PHUFDGR H XPD IRUPD GH VRFLDELOLGDGH FHQWUDGD QDV FRPXQLGDGHV UXUDLV 'HVGH RV DQRV WHP VH REVHUYDGR XP FUHVFHQWH LQWHUHVVH SRU HVWH VHJPHQWR GD DJULFXOWXUD QDFLRQDO 7DO LQWHUHVVH VH PDWHULDOL]RX HP SROtWLFDV S~EOLFDV FRPR D FULDomR GR 0LQLVWpULR GH 'HVHQYROYLPHQWR $JUiULR 0'$ H GR 3URJUDPD 1DFLRQDO GH )RUWDOHFLPHQWR GD $JULFXOWXUD )DPLOLDU 3521$) DOpP GR UHYLJRUDPHQWR GD 5HIRUPD $JUiULD $ IRUPXODomR GH SROtWLFDV IDYRUiYHLV j DJULFXOWXUD IDPLOLDU H j UHIRUPD DJUiULD REHGHFHX jV UHLYLQGLFDo}HV GDV RUJDQL]Do}HV GH WUDEDOKDGRUHV UXUDLV H j SUHVVmR GRV PRYLPHQWRV VRFLDLV RUJDQL]DGRV 2 3521$) SRVVLELOLWD R IRUWDOHFLPHQWR GD DJULFXOWXUD IDPLOLDU FRP DSRLR FUHGLWtFLR H WpFQLFR SRU DOJXPDV PRGDOLGDGHV GHVWH SURJUDPD FRORFDGR j GLVSRVLomR GD SHTXHQD SURGXomR
  • 15. IDWR TXH YHP FRQWULEXLQGR SDUD SURPRomR GR GHVHQYROYLPHQWR UXUDO VXVWHQWiYHO 2 REMHWLYR JHUDO GR 3521$) p SURSRUFLRQDU R DXPHQWR GD SURGXomR DJUtFROD D JHUDomR GH RFXSDo}HV SURGXWLYDV H D PHOKRULD GD UHQGD OtTXLGD H GD TXDOLGDGH GH YLGD GRV DJULFXOWRUHV IDPLOLDUHV $ DJULFXOWXUD IDPLOLDU p GH JUDQGH LPSRUWkQFLD SDUD HVVD UHYDORUL]DomR GR PHLR UXUDO GHPRQVWUDQGR VHU SRVVtYHO XQLU D HILFLrQFLD HFRQ{PLFD FRP D ³HILFLrQFLD VRFLDO´ *8$1=,52/, HW DO $ SULQFLSDO PRWLYDomR p GH RUGHP HFRQ{PLFD RX VHMD D DJUHJDomR GH YDORU DRV SURGXWRV YLD WUDQVIRUPDomR DUWHVDQDO DRV H[FHGHQWHV TXH RV SURGXWRUHV UXUDLV QmR FRQVHJXHP FRPHUFLDOL]DU LQ QDWXUD 'HQWUH DV PRWLYDo}HV VRFLDLV PDLV UHOHYDQWHV GHVWDFDP VH D IL[DomR GR SURGXWRU QD SURSULHGDGH UXUDO H D PDQXWHQomR GD LQWHJULGDGH IDPLOLDU YLD HQYROYLPHQWR GH WRGRV QD SURGXomR LQFOXVLYH GDV PXOKHUHV 6HJXQGR :LONLQVRQ D DJULFXOWXUD GH HFRQRPLD IDPLOLDU HQIUHQWD DWXDOPHQWH QR %UDVLO RV VHJXLQWHV GHVDILRV D DV UHJUDV GH DFHVVR DRV PHUFDGRV WUDGLFLRQDOPHQWH RFXSDGRV SHOD DJULFXOWXUD IDPLOLDU HVWmR HP UiSLGD PXGDQoD E DV LQLFLDWLYDV GH DJUHJDomR GH YDORU H DFHVVR DXW{QRPR DRV PHUFDGRV $V DWLYLGDGHV DJURLQGXVWULDLV DUWHVDQDLV WrP WUDGLFLRQDOPHQWH RFXSDGR XP HVSDoR LPSRUWDQWH HP VHJPHQWRV EiVLFRV GR VLVWHPD DJURDOLPHQWDU FRP SURGXWRV FRPR GHULYDGRV OiFWHRV FDUQHV GRFHV JHOpLDV EHELGDV IDULQKDV 2 PHVPR DXWRU UHVVDOWD TXH HVVHV VHWRUHV DXPHQWDUDP HP LPSRUWkQFLD QR SHUtRGR PDLV UHFHQWH FRPR DOWHUQDWLYD SDUD SURGXWRUHV HP GLILFXOGDGHV SDUD DFRPSDQKDU D HYROXomR GRV PHUFDGRV DJUtFRODV QDV JUDQGHV FDGHLDV DJURLQGXVWULDLV F QHFHVVLGDGH GH SURPRYHU XPD PXGDQoD QRV VLVWHPDV WUDGLFLRQDLV GH DJULFXOWXUD IDPLOLDU SDUD QRYDV SUiWLFDV H R GHVHQYROYLPHQWR GH QRYRV SURGXWRV (PERUD PHUFDGRV WUDGLFLRQDLV PDQWHQKDP D VXD LPSRUWkQFLD DV YDQWDJHQV GD DJULFXOWXUD IDPLOLDU VmR FDGD YH] PDLV DVVRFLDGDV D XPD DJULFXOWXUD QDWXUDO RUJkQLFD H DUWHVDQDO G QRYDV GHPDQGDV SDUD R DJULFXOWRU H QRYDV KDELOLGDGHV QDV iUHDV GH JHVWmR WHFQRORJLDV GH SURGXWR SURFHVVR H PDUNHWLQJ H QHFHVVLGDGH GH SURPRYHU RV FRQKHFLPHQWRV DR GHVHQYROYLPHQWR GH DWLYLGDGHV H VHUYLoRV QmR DJUtFRODV 6DEH VH TXH RV DJULFXOWRUHV IDPLOLDUHV EXVFDP UHGX]LU ULVFRV HFRQ{PLFRV H DOLPHQWDUHV H TXH SRU LVVR WHQGHP LQLFLDOPHQWH D YDORUL]DU D DGRomR GH VLVWHPDV PDLV GLYHUVLILFDGRV H D DORFDU UHFXUVRV VREUHWXGR WHPSR GH WUDEDOKR SDUD SURGX]LU SDUWH GRV DOLPHQWRV TXH FRQVRPHP RX PDWpULD SULPD XWLOL]DGD QR HVWDEHOHFLPHQWR 1R HQWDQWR p SHOR PHQRV TXHVWLRQiYHO DWULEXLU D HVVH WUDoR R VWDWXV GH DWULEXWR LQWUtQVHFR GRV DJULFXOWRUHV IDPLOLDUHV 1D YHUGDGH p VXILFLHQWH WUDoDU D KLVWyULD GRV JUXSRV GH DJULFXOWRUHV IDPLOLDUHV SDUD HQWHQGHU TXH D GLYHUVLILFDomR H D SURGXomR SDUD DXWRFRQVXPR VH H[SOLFDP HP FRQGLo}HV REMHWLYDV HQIUHQWDGDV SHORV DJULFXOWRUHV QR SDVVDGR H TXH
  • 16. QmR HVWmR VXSHUDGDV SDUD XP Q~PHUR VLJQLILFDWLYR GH SURGXWRV DFHVVR SUHFiULR DRV PHUFDGRV LPSHUIHLo}HV GR SURFHVVR GH FRPHUFLDOL]DomR TXH WLQKDP FRPR UHVXOWDGR DEDL[D UHPXQHUDomR GR HVIRUoR SURGXWLYR H D WUDQVIHUrQFLD GH UHQGD SDUD RV LQWHUPHGLiULRV GRV PHUFDGRV LVRODPHQWR QRV SHUtRGRV GH FKXYD DFHQWXDGDV YDULDo}HV GH SUHoRV HQWUH D VDIUD H D HQWUHVVDIUD DXVrQFLD GH PHFDQLVPRV GH ILQDQFLDPHQWR H SURWHomR FRQWUD RV ULVFRV GD QDWXUH]D %8$81$,0 ( SDUD R PHVPR DXWRU D DQiOLVH KLVWyULFD UHYHOD TXH QD PHGLGD HP TXH DOJXPDV GDV UHVWULo}HV VmR UHOD[DGDV PXLWRV JUXSRV GH DJULFXOWRUHV DMXVWDP VXDV HVWUDWpJLDV SURGXWLYDV DXPHQWDP R JUDX GH DEHUWXUD H LQVHUomR DRV PHUFDGRV IRFDP HP DOJXQV SURGXWRV GH PDLRU YDORU DJUHJDGR H HOHYDP R YDORU GH HVSHFLDOL]DomR GD SURGXomR (VVDV HVWUDWpJLDV QmR VmR DSHQDV SURGXWLYDV PDV GH UHSURGXomR VRFLDO H p QHVWD SHUVSHFWLYD TXH GHYHP VHU DQDOLVDGD 7RGRV HVVHV GHVDILRV WrP HP FRPXP D QHFHVVLGDGH GH DGRomR GH QRYDV IRUPDV RUJDQL]DFLRQDLV $JUHJDomR GH YDORU 3DUD 3RUWHU XPD GHILQLomR DGHTXDGD GH YDORU p ³R TXH RV FRQVXPLGRUHV HVWmR GLVSRVWRV D SDJDU´ DVVLP DJUHJDU YDORU D XP GHWHUPLQDGR SURGXWR UHPHWH D LGpLD GH DXPHQWDU RV DWULEXWRV TXH SRVVDP VHU GLVWLQJXLGRV H YDORUDGRV SHOR FRQVXPLGRU 2 WHUPR DJUHJDomR GH YDORU WHP VLGR XWLOL]DGR DPSODPHQWH H DVVRFLD VH WDPEpP D YiULDV HVWUDWpJLDV GDV HPSUHVDV WDLV FRPR GLYHUVLILFDU D RIHUWD GH SURGXWRV VHJPHQWDU R PHUFDGR GH FRPHUFLDOL]DomR H GHVHQYROYHU QRYRV SURGXWRV D SDUWLU GH XPD PHVPD PDWpULD SULPD RX GHVHQYROYHU QRYDV IRUPDV GH DSUHVHQWDomR GH XP SURGXWR (VWDV WHQWDWLYDV REMHWLYDP WDPEpP FRQVHJXLU D ILGHOLGDGH GRV FRQVXPLGRUHV D SDUWLU GR DWHQGLPHQWR GH VXDV QHFHVVLGDGHV H H[LJrQFLDV H FRPR FRQVHTrQFLD DXPHQWDU DV OXFUDWLYLGDGHV GDV HPSUHVDV -i DV HVWUDWpJLDV GDV IDPtOLDV UXUDLV SRGHP HQYROYHU DV PHVPDV EXVFDGDV SHODV HPSUHVDV RX RXWUDV GH PRWLYDo}HV QmR HFRQ{PLFDV 'R SRQWR GH YLVWD GR SURGXWRU UXUDO R FRQFHLWR GH DJUHJDomR GH YDORU GL] UHVSHLWR D XPD GDV RSo}HV HVWUDWpJLFDV GH WUDEDOKR GDV IDPtOLDV HQWHQGLGDV WDPEpP FRPR HVWUDWpJLDV GH UHSURGXomR VRFLDO FRP YLVWDV j GLYHUVLILFDomR GD SURGXomR FRP GLIHUHQFLDomR GH VHX SURGXWR RX HP RXWUDV SDODYUDV EXVFDU GHVFRPRGLWL]DomR GH VHXV SURGXWRV &RP WDO HVWUDWpJLD D EXVFD VH VDLU GD SRVLomR GH WRPDGRU GH SUHoRV WHQWDQGR GHQWUR GH FHUWRV OLPLWHV LPSRU R SUHoR DR VHX SURGXWR /$=$5,1, $VVLP SRGH VH DLQGD DJUHJDU YDORU D SDUWLU GH XPD VLPSOHV ODYDJHP RX (QWHQGH VH SRU FRPPRGLW RV SURGXWRV SURGX]LGRV GH IRUPD SDGURQL]DGD FRPHUFLDOL]DGRV HP HVFDOD VHP GHQRPLQDomR GH RULJHP VHP GLVWLQomR GH PDUFD H FRP IRUPDomR GH SUHoRV DWUDYpV GD LQWHUDomR HQWUH D RIHUWD H GHPDQGD DJUHJDGD
  • 17. SDGURQL]DomR RX FODVVLILFDomR RX FRP D WUDQVIRUPDomR SRU SURFHVVDPHQWR GD IRUPD H FRPSRVLomR GR SURGXWR TXH p R FDVR WUDWDGR QR SUHVHQWH WUDEDOKR $ GLIHUHQFLDomR VH Gi SHORV DWULEXWRV DSDUrQFLD YLVXDO RULJHP VDQLGDGH TXDOLGDGH VDERU WHRU GH LQJUHGLHQWHV H LQVXPRV GHVHPSHQKR GXUDELOLGDGH HVWLOR PpWRGR GH SURGXomR RUJkQLFR -i SRU VHUYLoRV RFRUUH D SDUWLU GD IUHTrQFLD GH HQWUHJD UHJXODULGDGH RX IRUPDWR GH HQWUHJD GH XVR HVSHFtILFR OLPSR HPEDODGR SURQWR SDUD H[SRVLomR $ WHUFHLUD IRUPD GH GLIHUHQFLDomR p D GR DWHQGLPHQWR UHODo}HV GH SUR[LPLGDGH FRP R FOLHQWH FRPSHWrQFLD UHSXWDomR H FUHGLELOLGDGH 3RU ~OWLPR WHP VH D GLIHUHQFLDomR SHOR XVR GD PDUFD $ PDUFD SRGH VHU HQWHQGLGD FRPR VHQGR XP QRPH XP VLQDO XP VtPEROR RX FRPELQDomR GHVVHV LWHQV TXH WHP FRPR SURSyVLWR IDFLOLWDU D LGHQWLILFDomR GR SURGXWRU GLIHUHQFLi ORV GRV FRQFRUUHQWHV DXPHQWDUHP D DWUDWLYLGDGH GR FRQVXPLGRU DWUDYpV GRV QRPHV H VtPERORV FULDWLYRV H LGHQWLILFDU R SURGXWRU RX IDEULFDQWH 7RGR HVWH WUDEDOKR HP EXVFD GD DJUHJDomR GH YDORU WHP GXDV FRUUHQWHV GH LQWHUSUHWDomR D GD YDORUL]DomR GRV SURGXWRV RX D GD UHGXomR GRV FXVWRV 3HUH] HW DO 3DUD %DWDOKD HW DO XPD GDV GLILFXOGDGHV HQFRQWUDGDV SHORV SURGXWRUHV UXUDLV QD GLYHUVLILFDomR DJUHJDomR GH YDORU H H[SORUDomR GH YDQWDJHQV SRWHQFLDLV GRV SURGXWRV HVWi UHODFLRQDGD FRP D VXSHUDomR GD UHVWULomR GH HVFDOD LPSRVWD SHOD SHTXHQD SURSULHGDGH (VWD TXHVWmR LQIOXHQFLD QDV GHFLV}HV GRV SURGXWRUHV IDPLOLDUHV QmR VRPHQWH FRP UHODomR j DJUHJDomR GH YDORU PDV WDPEpP VREUH D GHFLVmR GRV PHFDQLVPRV GH FRPHUFLDOL]DomR H GRV FDQDLV GH GLVWULEXLomR HVFROKLGRV SDUD D YHQGD GH VHXV SURGXWRV 3DUD 1HYHV D SHTXHQD SURGXomR GHYH VHU YLVWD VRE XPD yWLFD VLVWrPLFD EXVFDQGR SURGXWRV DGHTXDGRV DR FRQVXPLGRU PDLV GLIHUHQFLDGRV H SRXFR VXVFHWtYHLV jV HFRQRPLDV GH HVFDOD 4XDQWR PDLRU p R QtYHO GH VRILVWLFDomR WHFQROyJLFD GRV SURFHVVRV H SURGXWRV H TXDQWR PDLRU p R YDORU DJUHJDGR SHOD DJURLQGXVWULDOL]DomR D XP GHWHUPLQDGR SURGXWR PDLV FRPSHWLGRUHV H[WHUQRV GHYHUmR VHU DWUDtGRV SDUD XP GHWHUPLQDGR PHUFDGR 3RUWDQWR RV SURGXWRUHV UXUDLV IDPLOLDUHV EXVFDP D GLYHUVLILFDomR GD SURGXomR SDUD WRUQDUHP VH PHQRV VXVFHWtYHLV j VD]RQDOLGDGH GD SURGXomR H FRP LVVR SRGH PDQWHU HVWiYHO VXD UHQGD 'R SRQWR GH YLVWD GRV PHUFDGRV FRQVXPLGRUHV Ki XPD SURFXUD FUHVFHQWH SRU SURGXWRV GLIHUHQFLDGRV GHVWDFDQGR VH HQWUH HVVHV RV EHQV DUUDLJDGRV D XPD WUDGLomR FXOWXUDO RX D EXVFD GH TXDOLGDGHV VLPEyOLFDV FRPR WUDGLomR H RULJHQV 1(9(6 H 5$86&+ 6LVWHPD /HJDO $ VHJXUDQoD p XP GRV DWULEXWRV GH TXDOLGDGH PDLV GHVHMiYHLV QRV DOLPHQWRV 2V SURGXWRV GHYHP VHU LVHQWRV GH TXDOTXHU VXEVWkQFLD TXtPLFD ELROyJLFD RX ItVLFD TXH SRVVD FDXVDU GDQRV j
  • 18. VD~GH GR FRQVXPLGRU 2V SDGU}HV GH VHJXUDQoD VmR HVWDEHOHFLGRV SRU OHLV IHGHUDLV RX HVWDGXDLV YLVDQGR j SUHVHUYDomR GD VD~GH S~EOLFD FRP EDVH QD SUHYHQomR GR GHVHQYROYLPHQWR GH PLFURRUJDQLVPRV SDWRJrQLFRV RX SUHMXGLFLDLV EHP FRPR QD SURWHomR FRQWUD D SUHVHQoD GH VXEVWkQFLDV Wy[LFDV QDWXUDLV RX FRQWDPLQDQWHV UHVtGXRV GH SHVWLFLGDV 1D DJURSHFXiULD DV QRUPDWLYDV OHJDLV TXH UHJXODPHQWDP D SURGXomR SULPiULD HP JHUDO FRPSHWHP DR 0LQLVWpULR GD $JULFXOWXUD H 6HFUHWDULDV GH (VWDGR GD $JULFXOWXUD -i TXDQGR Ki DJUHJDomR GH YDORU FRP SURFHVVDPHQWR H DOWHUDomR GH IRUPD DJURLQGXVWULDOL]DomR D UHVSRQVDELOLGDGH QD HODERUDomR GRV UHJXODPHQWRV OHJDLV SDVVD D VHU FRPSDUWLOKDGD WDPEpP SHOR 0LQLVWpULR H 6HFUHWDULDV GH (VWDGR GD VD~GH WRUQDQGR DV PXLWR PDLV UHVWULWLYDV SDUD R SURGXWRU UXUDO 2V SURGXWRV HODERUDGRV VRE RV SURFHVVRV WUDGLFLRQDLV FXOWXUDLV RX UHJLRQDLV GH SURGXomR WUDQVPLWLGRV GH JHUDomR HP JHUDomR GHYHP HVWDU HP FRQIRUPLGDGH FRP RV UHJXODPHQWRV WpFQLFRV LQGLFDGRUHV GH SDGU}HV GH LGHQWLGDGH H TXDOLGDGH H GHPDLV H[LJrQFLDV HVWDEHOHFLGDV SHOD OHJLVODomR GH DOLPHQWRV 2V SULQFLSDLV GLVSRVLWLYRV OHJDLV TXH UHJXODPHQWDP D UHVSHLWR VmR R &yGLJR GH 'HIHVD GR &RQVXPLGRU OHL PDLRU TXH GLVS}H VREUH DV UHODo}HV GH FRQVXPR D $JrQFLD 1DFLRQDO GH 9LJLOkQFLD 6DQLWiULD $19,6$ H R &HQWUR GH 9LJLOkQFLD 6DQLWiULD H 6D~GH GD 6HFUHWDULD GH (VWDGR GH 6mR 3DXOR &96 2 &yGLJR GH 'HIHVD GR &RQVXPLGRU /HL QR GH GH VHWHPEUR GH QR FDStWXOR WHUFHLUR GRV GLUHLWRV EiVLFRV GR FRQVXPLGRU GH HVWDEHOHFH GLUHWUL]HV JHUDLV DR FRORFDU TXH ³VmR GLUHLWRV GR FRQVXPLGRU D LQIRUPDomR DGHTXDGD H FODUD VREUH RV GLIHUHQWHV SURGXWRV VHUYLoRV FRP HVSHFLILFDomR FRUUHWD GH TXDQWLGDGH FDUDFWHUtVWLFDV FRPSRVLomR TXDOLGDGH H SUHoR EHP FRPR RV ULVFRV TXH DSUHVHQWHP´ 2 FDStWXOR ,9 GD PHVPD /HL 'D TXDOLGDGH GRV SURGXWRV H VHUYLoRV SUHYHQomR H UHSDUDomR GRV GDQRV DUWLJR R HVWDEHOHFH TXH ³RV SURGXWRV H VHUYLoRV FRORFDGRV QR PHUFDGR GH FRQVXPR QmR DFDUUHWDUmR ULVFRV j VD~GH RX VHJXUDQoD GRV FRQVXPLGRUHV H[FHWR RV FRQVLGHUDGRV QRUPDLV H SUHYLVtYHLV HP IXQomR GD VXD QDWXUH]D H IUXLomR REULJDQGR VH RV IRUQHFHGRUHV HP TXDOTXHU KLSyWHVH D GDU DV LQIRUPDo}HV QHFHVViULDV H DGHTXDGDV D VHX UHVSHLWR´ /HL Q GH GH VHWHPEUR GH 1R (VWDGR GH 6mR 3DXOR D 3RUWDULD &96 GH GH PDLR GH GHILQH DOLPHQWR DUWHVDQDO FRPR ³DTXHOH SURGX]LGR FRP FDUDFWHUtVWLFDV WUDGLFLRQDLV FXOWXUDLV H UHJLRQDLV HP FRQIRUPLGDGH FRP DV H[LJrQFLDV HVSHFtILFDV GH LGHQWLGDGH H TXDOLGDGH HVWDEHOHFLGDV SHODV OHJLVODo}HV GH DOLPHQWRV H DGLWLYRV´ QRUPDWL]D DV UHJUDV UHIHUHQWHV j HODERUDomR H j FRPHUFLDOL]DomR GH DOLPHQWRV DUWHVDQDLV GH RULJHP YHJHWDO 'HILQLU TXDOLGDGH QmR p VLPSOHV GDGR TXH R FRQFHLWR HQYROYH YiULDV GLPHQV}HV 8PD SULPHLUD UHIHUH VH j DGHTXDomR GRV SURFHVVRV GH SURGXomR EHP FRPR D RULJHP H FRPELQDomR GRV LQVXPRV XWLOL]DGRV QD WUDQVIRUPDomR GR SURGXWR 8PD VHJXQGD GLPHQVmR GL] UHVSHLWR jV
  • 19. FDUDFWHUtVWLFDV TXH DJUDGHP DR FRQVXPLGRU RX VHMD DV FDUDFWHUtVWLFDV VHQVRULDLV VDERU DSDUrQFLD FRU DURPD HP WHUFHLUR OXJDU WHP VH D GLPHQVmR TXH UHPHWH DV TXHVW}HV UHODFLRQDGDV j LQRFXLGDGH GDV PDWpULDV SULPDV H SURFHVVRV (QWHQGH VH SRU LQyFXR R DOLPHQWR TXH QmR p QRFLYR DR FRQVXPLGRU LVHQWR GD SUHVHQoD RX FRP QtYHLV SRXFR VLJQLILFDWLYRV GH VXEVWkQFLDV Wy[LFDV j VD~GH RUJkQLFDV RX PLQHUDLV 9r VH TXH RV GRLV GLVSRVLWLYRV UHOHYDQWHV FLWDGRV ID]HP UHIHUrQFLD j QHFHVVLGDGH GH LQGLFDomR GH DWULEXWRV GH TXDOLGDGH QR VHQWLGR GH DVVHJXUDU D LQRFXLGDGH GRV DOLPHQWRV &RQVLGHUD VH TXH D SRUWDULD &96 WURX[H IDFLOLGDGHV DR SURGXWRU UXUDO SDUD DWXDU FRP DJURLQGXVWULDOL]DomR IOH[LELOL]DQGR DV UHVWULo}HV OHJDLV SRU SHUPLWLU TXH R SURGXWRU UXUDO QmR WHQKD D REULJDWRULHGDGH GH FRQVWLWXLU XPD HPSUHVD SHVVRD MXUtGLFD SDUD SURGX]LU DOLPHQWRV DUWHVDQDLV H GHILQH R SURGXWRU GH DOLPHQWR DUWHVDQDO GH RULJHP YHJHWDO FRPR VHQGR SHVVRD ItVLFD R SURGXWRU UXUDO RX D SHVVRD MXUtGLFD HQTXDGUDGD QR FRQFHLWR GH PLFURHPSUHVD XPD YH] H[SHGLGD j OLFHQoD GH IXQFLRQDPHQWR SHOR yUJmR FRPSHWHQWH GD 9LJLOkQFLD 6DQLWiULD (QWUH DV H[LJrQFLDV SDUD FRQFHVVmR GD OLFHQoD GH IXQFLRQDPHQWR GR HVWDEHOHFLPHQWR D 3RUWDULD &96 PDQWHYH RV ULJRUHV WpFQLFRV H DV FRQGLo}HV KLJLrQLFR VDQLWiULDV H[LJLGDV D VHUHP FXPSULGDV SHOR SURGXWRU DUWHVDQDO QHVWH DVSHFWR D SRUWDULD p DLQGD UHVWULWLYD (QWUH RV ULJRUHV WpFQLFRV GHVWDFDP VH DTXHOHV GHVWLQDGRV D DVVHJXUDU XP ULJRURVR FRQWUROH GH TXDOLGDGH GRV DOLPHQWRV H R FRQKHFLPHQWR GR FRQVXPLGRU VREUH D PHVPD HQWUH DV REULJDo}HV D VHUHP UHVSHLWDGDV GHVWDFDP VH D UHDOL]DomR GR FXUVR GH ERDV SUiWLFDV GH IDEULFDomR PLQLVWUDGR SRU LQVWLWXLo}HV GH HQVLQR FDSDFLWDomR RX TXDOLILFDomR SURILVVLRQDO QR TXDO R SURGXWRU DUWHVDQDO WHUi FRQWDWR FRP LPSRUWDQWHV WHPDV DIHWRV QRV DWULEXWRV GH TXDOLGDGH WDLV FRPR PLFURELRORJLD GRHQoDV WUDQVPLWLGDV SRU DOLPHQWRV FRQWUROH LQWHJUDGR GH YHWRUHV H SUDJDV VD~GH GR WUDEDOKDGRU H OHJLVODomR VDQLWiULD E D DGHTXDomR GR ORFDO GH SURGXomR GHYH VHU GLVWLQWR GDV GHSHQGrQFLDV UHVLGHQFLDLV DWHQGHQGR DRV SDUkPHWURV H FULWpULRV GH FRQWUROH KLJLrQLFR VDQLWiULR GHILQLGRV SHOD 3RUWDULD &96 (VWDV QRUPDV GHVFUHYHP RV FULWpULRV SDUD R HQTXDGUDPHQWR GRV HVWDEHOHFLPHQWRV R TXH LPSOLFD QD QHFHVVLGDGH GH HODERUDomR GH SURMHWRV GH LPSODQWDomR GH LQVWDODo}HV H HTXLSDPHQWRV RV TXDLV PXLWDV YH]HV H[WUDSRODP D FDSDFLGDGH GH LQYHVWLPHQWRV GRV HPSUHHQGHGRUHV &DEH DR yUJmR GH 9LJLOkQFLD 6DQLWiULD H[HUFHU VXDV DWLYLGDGHV H Do}HV QRV WHUPRV GR &yGLJR 6DQLWiULR (VWDGXDO RX 0XQLFLSDO YHULILFDQGR R FXPSULPHQWR GDV ERDV SUiWLFDV GH IDEULFDomR H FRQGLo}HV KLJLrQLFR VDQLWiULDV GR HVWDEHOHFLPHQWR EHP FRPR PDQWHU DWXDOL]DGDV DV LQIRUPDo}HV GDV DWLYLGDGHV GH DOLPHQWRV DUWHVDQDLV VRE VXD MXULVGLomR LQVSHFLRQDQGR RV ORFDLV GH SURGXomR H PRQLWRUDQGR D TXDOLGDGH GRV SURGXWRV SRU PHLR GH DQiOLVH ILVFDO $V LQIUDo}HV VDQLWiULDV VHP 3HOD /HL (VWDGXDO Qž FRQVLGHUD VH PLFURHPSUHVD R FRQWULEXLQWH TXH FXPXODWLYDPHQWH UHDOL]DU H[FOXVLYDPHQWH RSHUDo}HV DR FRQVXPLGRU ILQDO H DXIHULU IDWXUDPHQWR EUXWR DQXDO LJXDO RX LQIHULRU DR YDORU GH 5 IDL[D GH LVHQomR
  • 20. SUHMXt]R GDV VDQo}HV GH QDWXUH]D FLYLO RX SHQDO FDEtYHLV VHUmR SXQLGDV DOWHUQDWLYD RX FXPXODWLYDPHQWH FRP DV SHQDOLGDGHV SUHYLVWDV QR &yGLJR 6DQLWiULR GR (VWDGR F URWXODJHP DSHVDU GH R SURGXWRU DUWHVDQDO HVWDU GLVSHQVDGR GD REULJDWRULHGDGH GD FRPXQLFDomR GR LQtFLR GH VXD IDEULFDomR j 9LJLOkQFLD 6DQLWiULD HVWH REULJDWRULDPHQWH GHYH URWXODU RV SURGXWRV FRQVWDQGR RV PHVPRV SDUkPHWURV LQIRUPDWLYRV REULJDWyULRV $ 5HVROXomR $19,6$ ± 5'& Qž GH GH GH]HPEUR GH QRUPDWL]D HVSHFLILFDPHQWH VREUH D URWXODJHP QXWULFLRQDO SDUD DOLPHQWRV HPEDODGRV H HVWDEHOHFH TXH RV FRQGLFLRQDQWHV DOL FRQWLGRV DSOLFDP VH j URWXODJHP QXWULFLRQDO GRV DOLPHQWRV SURGX]LGRV H FRPHUFLDOL]DGRV SDUD TXDOTXHU TXH VHMD RULJHP GRV PHVPRV (VWD UHVROXomR GHILQH URWXODJHP QXWULFLRQDO FRPR ³WRGD GHVFULomR GHVWLQDGD D LQIRUPDU DR FRQVXPLGRU VREUH DV SURSULHGDGHV QXWULFLRQDLV GH XP DOLPHQWR´ $ URWXODJHP REULJDWyULD FRPSUHHQGH D GHFODUDomR GDV TXDQWLGDGHV GH YDORUHV HQpUJLFRV H GH QXWULHQWHV WDLV FRPR FDUERLGUDWRV SURWHtQDV JRUGXUDV WRWDLV JRUGXUDV VDWXUDGDV JRUGXUDV WUDQV ILEUD DOLPHQWDU VyGLR H YLWDPLQDV HVWDV VHPSUH TXH HVWLYHUHP HP TXDQWLGDGH LJXDO RX PDLRU TXH GD ,QJHVWmR 'LiULD 5HFRPHQGDGD SRU SRUomR LQGLFDGD QR UyWXOR $ HODERUDomR DUWHVDQDO GH SURGXWRV GH RULJHP DQLPDO SRU WUDWDU VH GR SURFHVVDPHQWR GH SURGXWRV PDLV SHUHFtYHLV VXEPHWH VH PDLRU TXDQWLGDGH GH QRUPDV UHJXODPHQWDGDV QD /HL (VWDGXDO Q GH GH PDUoR GH DR 'HFUHWR (VWDGXDO Q GH GH VHWHPEUR GH H D 5HVROXomR GD 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR 6$$ GH GH VHWHPEUR GH 2 SULQFLSDO REMHWLYR GHVWDV 1RUPDV p SHUPLWLU TXH HVWDEHOHFLPHQWRV SRVVDP IXQFLRQDU FRP HTXLSDPHQWRV H LQVWDODo}HV VLPSOHV H SHTXHQDV HFRQRPLFDPHQWH FRPSDWtYHLV FRP VXD HVFDOD GH SURGXomR PDV VHPSUH PDQWHQGR XP ULJRURVR FRQWUROH GH TXDOLGDGH GRV DOLPHQWRV 2V HVWDEHOHFLPHQWRV GHYHP WHU XP UHVSRQViYHO WpFQLFR H HVWH SURILVVLRQDO GHYH HVWDU UHJXODUPHQWH LQVFULWR QR yUJmR ILVFDOL]DGRU GH VXD SURILVVmR $ /HL (VWDGXDO Q GHILQH TXDLV VmR RV SURGXWRV SDVVtYHLV GH HODERUDomR VRE IRUPD DUWHVDQDO GLVFRUUHP VREUH D REULJDWRULHGDGH TXH WHP R SURGXWRU DUWHVDQDO GH SURGXWRV GH RULJHP DQLPDO GH HIHWXDU R FRQWUROH VDQLWiULR GR UHEDQKR GH UHJLVWUDU VH MXQWR DR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO GD &RRUGHQDGRULD GH 'HIHVD 6DQLWiULD H D GRFXPHQWDomR H[LJLGD SDUD WDO DVVLP FRPR D REULJDWRULHGDGH TXH WHP R SURGXWRU DUWHVDQDO DSUHVHQWDU UHODWyULR PHQVDO FRP GDGRV GH SURGXomR HP FRQIRUPLGDGH FRP DV QRUPDV HVWDEHOHFLGDV 2 DUWLJR GD PHVPD /HL H[SOLFLWD TXH R SURGXWR DUWHVDQDO GHYHUi WHU UHJLVWUR GH VXD FRPSRVLomR H PpWRGR GH SURFHVVDPHQWR MXQWR DR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO REVHUYDGDV DV QRUPDV WpFQLFDV GD 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR 1R DUWLJR D PHVPD GLVFRUUH VREUH DV HPEDODJHQV H UyWXORV GRV SURGXWRV DUWHVDQDLV TXH GHYHP FRQWHU D WRGDV DV LQIRUPDo}HV SUHFRQL]DGDV SHOR &yGLJR GH 'HIHVD GR &RQVXPLGRU D LQGLFDomR GH TXH p SURGXWR DUWHVDQDO R
  • 21. Q~PHUR GH UHJLVWUR QR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO H D LQGLFDomR GR 6HUYLoR GH ,QVSHomR GR (VWDGR GH 6mR 3DXOR (PERUD D /HL (VWDGXDO Q UHSRUWH jV LQIRUPDo}HV SUHFRQL]DGDV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU HVWH FyGLJR QmR SDUWLFXODUL]D DV LQIRUPDo}HV UHTXHULGDV R TXH GHVHQYROYH D 5HVROXomR $19,6$ ± 5'& Qž GH GH GH]HPEUR GH $ 5HVROXomR 6$$ GH GH VHWHPEUR GH GLVFRUUH VREUH DV FRQGLo}HV KLJLrQLFR VDQLWiULDV PtQLPDV UHTXHULGDV SDUD SURFHVVDPHQWR GRV SURGXWRV GH RULJHP DQLPDO DV QRUPDV SDUD SURGXomR H FODVVLILFDomR GRV SURGXWRV GD REULJDWRULHGDGH GH UHJLVWUR GRV UyWXORV H LQGLFDQGR TXH QHVWHV GHYHP FRQVWDU DOpP GD FRPSRVLomR GRV DOLPHQWRV D HVSHFLILFDomR ³SURGXWR DUWHVDQDO´ H D LQVFULomR QR 6HUYLoR GH ,QVSHomR GR (VWDGR DOpP GD GDWD GH IDEULFDomR H SUD]R GH YDOLGDGH (VWD VLWXDomR DJUDYD VH SHOD H[LJrQFLD OHJDO GH DGHTXDomR jV QRUPDV GD OHJLVODomR HVWDGXDO SDUD FRPHUFLDOL]DomR IRUD GR kPELWR GR PXQLFtSLR R TXH VLJQLILFD XP HPSHFLOKR SDUD DTXHODV XQLGDGHV TXH FRP ILVFDOL]DomR PXQLFLSDO Mi VH VXEPHWHP D XP FRQWUROH GH TXDOLGDGH GHQWUR GRV SDUkPHWURV PDLV IOH[tYHLV GD OHJLVODomR PXQLFLSDO (VWD IOH[LELOLGDGH MXVWLILFD VH SHOR IDWR GH D OHJLVODomR YLJHQWH QR SDtV FRQFHELGD QRV SULQFtSLRV GD JUDQGH HVFDOD GH SURGXomR H GD VXSRVLomR GH XP HOHYDGR WHPSR HQWUH SURGXomR H FRQVXPR 6,/9(,5$ H =,0(50$11 R TXH QmR FRQGL] FRP D UHDOLGDGH FRQFUHWD GDV XQLGDGHV GH SURGXomR DUWHVDQDO GH DOLPHQWRV (FRQRPLD VROLGiULD $ (FRQRPLD 6ROLGiULD p IUXWR GD RUJDQL]DomR GH WUDEDOKDGRUHV H WUDEDOKDGRUDV HP EXVFD GD FRQFUHWL]DomR H YLYrQFLD GH QRYDV UHODo}HV HFRQ{PLFDV H VRFLDLV TXH GH LPHGLDWR SURSLFLDP D VREUHYLYrQFLD H D PHOKRULD GD TXDOLGDGH GH YLGD GH PLOK}HV GH SHVVRDV HP GLIHUHQWHV SDUWHV GR PXQGR $V PDQLIHVWDo}HV GD (FRQRPLD 6ROLGiULD VmR GLYHUVDV GHQWUH DV TXDLV GHVWDFDP VH JUXSRV LQIRUPDLV H FRRSHUDWLYDV GH SURGXomR GH FRQVXPR VROLGiULR RX GH VHUYLoRV HQWLGDGHV H JUXSRV GH FUpGLWR VROLGiULR H IXQGRV URWDWLYRV JUXSRV H FOXEHV GH WURFDV VROLGiULDV FRP XVR GH PRHGD VRFLDO RX FRPXQLWiULD HPSUHVDV UHFXSHUDGDV H GH DXWRJHVWmR HVWDEHOHFLPHQWR GH FDGHLDV VROLGiULDV GH SURGXomR FRPHUFLDOL]DomR H FRQVXPR HQWUH RXWUDV LQLFLDWLYDV 2V HPSUHHQGLPHQWRV HFRQ{PLFRV H VROLGiULRV VmR RUJDQL]Do}HV TXH DSUHVHQWDP DV VHJXLQWHV FDUDFWHUtVWLFDV %5$6,/ x FROHWLYDV VXSUDIDPLOLDUHV GH WUDEDOKDGRUHV H WUDEDOKDGRUDV GR PHLR XUEDQR H UXUDO TXH H[HUFHP D JHVWmR FROHWLYD GR HPSUHHQGLPHQWR x SHUPDQHQWHV GLIHUH GH SUiWLFDV HYHQWXDLV x SRGHP GLVSRU RX QmR GH UHJLVWUR OHJDO
  • 22. x UHDOL]DP DWLYLGDGHV HFRQ{PLFDV GH SURGXomR SUHVWDomR GH VHUYLoRV FUpGLWR SRSXODU FRPHUFLDOL]DomR H FRQVXPR VROLGiULR x VmR RUJDQL]Do}HV VLQJXODUHV RX FRPSOH[DV HVWH p R FDVR GH FRRSHUDWLYDV H VXDV FRQIHGHUDo}HV 8PD GDV SULQFLSDLV FDUDFWHUtVWLFDV GR DWXDO DPELHQWH RUJDQL]DFLRQDO p D QHFHVVLGDGH GDV HPSUHVDV DWXDUHP GH IRUPD FRQMXQWD H DVVRFLDGD 'HVVD IRUPD VXUJHP FRPR SRVVLELOLGDGH FRQFUHWD SDUD R GHVHQYROYLPHQWR HPSUHVDULDO RV PRGHORV RUJDQL]DFLRQDLV EDVHDGRV QD DVVRFLDomR FRPSOHPHQWDULGDGH QR FRPSDUWLOKDPHQWR QD WURFD H QD DMXGD P~WXD FRPR VHQGR IRUPDV GH REWHU FRPSHWLWLYLGDGH H VREUHYLYHU QR PXQGR JOREDOL]DGR =$0%(5/$1 HW DO 2 DVVRFLDWLYLVPR LQFOXLQGR FRRSHUDWLYDV DVVRFLDo}HV IRUPDLV H LQIRUPDLV p XP IRUPDWR GH RUJDQL]DomR FROHWLYD GH GLItFLO LPSOHPHQWDomR SRLV UHTXHU FHUWD FRHVmR FXOWXUDO SUHGLVSRVLo}HV LQLFLDWLYDV ORFDLV GRV SUySULRV SURGXWRUHV GHQWUH RXWURV UHTXLVLWRV 0XLWDV YH]HV HVVHV SURGXWRUHV Mi FULDUDP XPD DYHUVmR D TXDOTXHU WLSR GH PXGDQoD SRU IDOWD GH FRQILDQoD IDOWD GH FXOWXUD GD FRRSHUDomR HWF 3RU LVVR R DVVRFLDWLYLVPR QmR GHYH VHU YLVWR GH PDQHLUD VLPSOHV H LQJrQXD FRPR D UHVROXomR GH WRGRV RV SUREOHPDV UXUDLV PDV FRPR XP GHVDILR QD WUDQVIRUPDomR VRFLDO e SUHFLVR DQDOLVDU VHXV EHQHItFLRV H VXDV GLILFXOGDGHV FRQVLGHUDQGR TXH DV DVVRFLDo}HV RX FRRSHUDWLYDV TXDQGR LPSRVWDV GH FLPD SDUD EDL[R VHP TXH KDMD XP WUDEDOKR GH PRELOL]DomR VRFLDO WHP JUDQGHV FKDQFHV GH QmR GDU FHUWR 4XDQGR HVVDV RUJDQL]Do}HV VmR FRQVWUXtGDV FROHWLYDPHQWH SHOD SUySULD FRPXQLGDGH HODV SRGHP WUD]HU LQ~PHURV EHQHItFLRV $ DVVRFLDomR FRPR LQVWLWXLomR p XPD RUJDQL]DomR FRP FDUDFWHUtVWLFDV HPLQHQWHPHQWH VRFLDLV TXH IXQFLRQD GHPRFUDWLFDPHQWH VHP ILQV OXFUDWLYRV FRP R REMHWLYR GH UHSUHVHQWDU H GHIHQGHU RV LQWHUHVVHV GRV DVVRFLDGRV HVWLPXODUHP D PHOKRULD WpFQLFD SURILVVLRQDO H VRFLDO GRV PHVPRV FRP FRPSURPLVVR HGXFDWLYR VRFLDO H HFRQ{PLFR $VVRFLDomR QXPD SULPHLUD GHILQLomR PDLV DPSOD p TXDOTXHU LQLFLDWLYD IRUPDO RX LQIRUPDO TXH UH~QH SHVVRDV ItVLFDV RX RXWUDV VRFLHGDGHV MXUtGLFDV FRP REMHWLYRV FRPXQV YLVDQGR VXSHUDU GLILFXOGDGHV H JHUDU EHQHItFLRV SDUD RV VHXV DVVRFLDGRV 8PD DVVRFLDomR p FULDGD SDUD VROXFLRQDU SUREOHPDV FRQFUHWRV H SRUWDQWR FRQVLVWH HP XP LQVWUXPHQWR TXH YLDELOL]D VROXo}HV HILFD]HV GH IRUPD TXH D SDUWLFLSDomR H D GHPRFUDFLD HVWHMDP SUHVHQWHV HP WRGDV DV Do}HV 9(,*$ H 5(&+ 9HLJD H 5HFK DLQGD DSUHVHQWDP FRPR YDQWDJHQV GDV DVVRFLDo}HV D LQWHJUDomR GDV SHVVRDV HP XP JUXSR IRUWDOHFHU ODoRV GH DPL]DGH H VROLGDULHGDGH VRFLDO TXHEUDU R LQGLYLGXDOLVPR DXPHQWDU R QtYHO GH FRQKHFLPHQWRV GH SDUWLFLSDomR VRFLDO SRVVLELOLWDU D RUJDQL]DomR GH HYHQWRV H IHLUDV QR PXQLFtSLR YHQGHUHP D SUHoR PHOKRU GR TXH YHQGHU SHTXHQDV
  • 23. TXDQWLGDGHV LQGLYLGXDOPHQWH FRPSUDU RV LQVXPRV D SUHoR GH DWDFDGR DPSOLDU D GLYHUVLILFDomR GDV DWLYLGDGHV SURGXWLYDV HQWUH RXWURV 8P GRV DVSHFWRV FHQWUDLV QR HVWXGR GH DVVRFLDo}HV UHIHUH VH j IRUPD FRPR DV PHVPDV GHVHQYROYHP VXDV Do}HV GH IRUPD DXW{QRPD H LQGHSHQGHQWH 3RU VXD YH] WDO DVSHFWR WHP GHVGREUDPHQWRV LPSRUWDQWtVVLPRV VREUH D SUySULD GLQkPLFD GH IXQFLRQDPHQWR D IRUPD FRPR VmR UHDOL]DGDV DV GHFLV}HV R FRQWUROH GR SDWULP{QLR SHORV SUySULRV DVVRFLDGRV HQWUH RXWUDV FDSD]HV GH FRQIHULU D HVWDV RUJDQL]Do}HV XP FDUiWHU GH LQVWLWXLo}HV UHSUHVHQWDWLYDV GHPRFUiWLFDV H DVVLP VH FRQVWLWXLQGR HP LPSRUWDQWHV HVSDoRV GH FRQVROLGDomR GD FLGDGDQLD DWLYD $5$Ò-2 $ FRQWLQXLGDGH GR DVVRFLDWLYLVPR GHSHQGH GH XP JUDQGH HVIRUoR GH DYDOLDomR GDV H[SHULrQFLDV GHVHQYROYLGDV SRU SDUWH GH WRGRV RV VHWRUHV HQJDMDGRV QHVVD SURSRVWD 2 SUySULR PRGHOR GH GHVHQYROYLPHQWR GD DJULFXOWXUD QR SDtV HVVDV QRYDV H[SHULrQFLDV WrP DEHUWR HVSDoRV SDUD VH SHQVDUHP DV SRVVLELOLGDGHV GD DJULFXOWXUD IDPLOLDU RFXSDU XP HVSDoR PDLRU 2 DSUHQGL]DGR GH SUiWLFDV GH SDUWLFLSDomR TXH YHP FRQWULEXLQGR SDUD FRQVWUXomR GHVVH VHJPHQWR HP XP LPSRUWDQWH DWR FROHWLYR p FHUWDPHQWH XP GRV PHOKRUHV UHVXOWDGRV DFXPXODGRV D SDUWLU GD H[SDQVmR GDV DVVRFLDo}HV QRV ~OWLPRV DQRV 3,1+(,52 &DGHLDV H FRPSOH[RV SURGXWLYRV 3DUD VH HVWXGDU XPD FDGHLD SURGXWLYD GHYH VH WHU R HQWHQGLPHQWR GH VLVWHPD DJURLQGXVWULDO 6$* R TXDO HVWi UHODFLRQDGR FRP D REVHUYDomR PDFUR GR VLVWHPD H DV PHGLGDV GH UHJXODomR GRV PHUFDGRV TXH HQYROYH R DPELHQWH LQVWLWXFLRQDO H RUJDQL]DFLRQDO 628=$ HW DO $ FDGHLD SURGXWLYD p R FRQMXQWR GH FRPSRQHQWHV LQWHUDWLYRV LQFOXLQGR RV VLVWHPDV SURGXWLYRV IRUQHFHGRUHV GH LQVXPRV H VHUYLoRV LQG~VWULDV GH SURFHVVDPHQWR H WUDQVIRUPDomR DJHQWHV GH GLVWULEXLomR H FRPHUFLDOL]DomR DOpP GH FRQVXPLGRUHV ILQDLV e XP VXEVLVWHPD GR QHJyFLR DJUtFROD FRP REMHWLYRV VLPLODUHV SRUpP UHVWULWRV D DOJXQV SURGXWRV H VXESURGXWRV 32578*$/ 6HJXQGR R PHVPR DXWRU DV FDGHLDV SURGXWLYDV VmR LPSRUWDQWHV FRPSRQHQWHV SDUD R GHVHQYROYLPHQWR HFRQ{PLFR VHWRULDO H UHJLRQDO 2 GHVHQYROYLPHQWR HFRQ{PLFR GD UHJLmR SRGH HVWDU DVVRFLDGR DR GHVHPSHQKR GH GLYHUVDV FDGHLDV SURGXWLYDV FRP YDULDomR GH GHVHQYROYLPHQWR VRFLDO FRPR QtYHO GH HPSUHJR VD~GH KDELWDomR IUHTXHQWHPHQWH WDPEpP DVVRFLDGRV DR GHVHPSHQKR GH GHWHUPLQDGDV FDGHLDV SURGXWLYDV VHQGR TXH DOJXQV VHWRUHV GD HFRQRPLD GHSHQGHP GLUHWDPHQWH GHVVH GHVHPSHQKR $VVLP R SODQHMDPHQWR GR GHVHQYROYLPHQWR UHJLRQDO RX VHWRULDO p EHQHILFLDGR SHORV UHVXOWDGRV GD DQiOLVH SURVSHFWLYD 3DUD SURFHGHU VH j DQiOLVH GH XPD FDGHLD SURGXWLYD 6RX]D HW DO UHODWDP TXH D H[LVWrQFLD GRV DPELHQWHV LQVWLWXFLRQDO RUJDQL]DFLRQDO H HPSUHVDULDO WDPEpP GHYH VHU FRQVLGHUDGD
  • 24. 2 DPELHQWH LQVWLWXFLRQDO p FRQVWLWXtGR SHODV OHLV IHGHUDLV HVWDGXDLV H PXQLFLSDLV GH VXSRUWH DR GHVHQYROYLPHQWR GD DWLYLGDGH DOpP GRV FRVWXPHV FXOWXUD HWQLD H WUDGLo}HV IDWRUHV HVVHV TXH GLIHUHQFLDP D VRFLHGDGH H HVWD p FDSD] GH HQYROYHU H LQIOXHQFLDU R DPELHQWH RUJDQL]DFLRQDO (QYROYH DV SROtWLFDV VHWRULDLV PDFURHFRQ{PLFDV UHIOHWLQGR QD PRGHUQL]DomR GR VHWRU QDV LQRYDo}HV WHFQROyJLFDV H QR FRPSRUWDPHQWR GDV RUJDQL]Do}HV .RWOHU H $UPVWURQJ GL]HP TXH R PHUFDGR FRQVLVWH HP WRGRV RV FRQVXPLGRUHV SRWHQFLDLV TXH FRPSDUWLOKDP GH XPD QHFHVVLGDGH RX GHVHMR HVSHFtILFR GLVSRVWRV H KDELOLWDGRV SDUD ID]HU XPD WURFD TXH VDWLVIDoD HVVD QHFHVVLGDGH RX GHVHMR 3RUWDQWR QXPD FDGHLD SURGXWLYD R PHUFDGR p UHSUHVHQWDGR SHOR FRQVXPLGRU XPD YH] TXH FDGD XP GRV VHJPHQWRV p UHVSRQViYHO SRU XP HOR GD FDGHLD H TXH RV IDWRUHV GH GHVHPSHQKR FRPSHWLWLYR GH XPD FDGHLD VmR LJXDLV SDUD WRGRV R TXH PXGD p R SURFHVVR D FDGHLD GH YDORU 3257(5 2 VHWRU DJURLQGXVWULDO GR %UDVLO YHP H[SHULPHQWDQGR Ki DOJXP WHPSR XP SURFHVVR GH UHRUJDQL]DomR VHMD QR DPELHQWH LQWHUQR GDV HPSUHVDV RX QDV IRUPDV GH RUJDQL]DomR GDV FDGHLDV SURGXWLYDV SDUD TXH VH WRUQHP PDLV iJHLV H SRVVDP FRPSHWLU QR PHUFDGR JOREDO &RP WDLV SURFHVVRV GH PXGDQoDV VXUJH D QHFHVVLGDGH GH LQYHVWLJDomR QDV FDGHLDV SURGXWLYDV SDUD TXH VH SRVVD HQWHQGHU R SURFHVVR GH GHVHQYROYLPHQWR ORFDO H DV UHODo}HV H[LVWHQWHV FRP RXWURV VHJPHQWRV 628=$ HW DO 8PD FDUDFWHUtVWLFD IUHTHQWHPHQWH HQFRQWUDGD QD HVWUXWXUD GRV VHJPHQWRV GD FDGHLD SURGXWLYD GD SURGXomR SULPiULD H LQGXVWULDO GRV SDtVHV HP GHVHQYROYLPHQWR p D FRQYLYrQFLD GH XP JUDQGH Q~PHUR GH DJHQWHV PXLWR SHTXHQRV FRP XP UHGX]LGR Q~PHUR GH DJHQWHV PXLWR JUDQGHV ,VWR UHTXHU FRQVHTHQWHPHQWH XP HVIRUoR GLIHUHQFLDGR QD IRUPD GH FRRUGHQDomR H JHVWmR GH XPD FDGHLD SURGXWLYD DJURLQGXVWULDO %DWDOKD H 6LOYD DILUPDP WDPEpP TXH XPD FDGHLD GH SURGXomR SRGH WHU ³Q´ IXQo}HV $V SULQFLSDLV VH FRQVWLWXHP GH x LQVWUXPHQWR GH GHVFULomR WpFQLFR HFRQ{PLFD ID] XP UHODWR GD WHFQRORJLD GHVHQYROYLGD FDUDFWHUL]DQGR D QDWXUH]D GR SURGXWR ILQDO H GRV SURGXWRV LQWHUPHGLiULRV DV HVWUXWXUDV GH PHUFDGR XWLOL]DGDV DVVLP FRPR R WLSR GH OLJDomR TXH VH HVWDEHOHFH HQWUH HVVHV HOHPHQWRV x XPD PRELOLGDGH GH UHFRUWH GR VLVWHPD SURGXWLYR SHUPLWH IRFDU DV ILUPDV H RV UDPRV TXH WrP HQWUH VL LQWHQVDV UHODo}HV GH FRPSUD H YHQGD LGHQWLILFDQGR ³RV SRQWRV FKDYHV´ GRV TXDLV VH DUWLFXODP DV DWLYLGDGHV SURGXWLYDV x XP PpWRGR GH DQiOLVH GDV HVWUDWpJLDV GD ILUPD WRUQD SRVVtYHO D FRPSUHHQVmR GR FRPSRUWDPHQWR GDV XQLGDGHV TXH GHYHP WRPDU VXDV GHFLV}HV OHYDQGR HP FRQWD XP JUDQGH Q~PHUR GH IDWRUHV
  • 25. x XP LQVWUXPHQWR GH SROtWLFD LQGXVWULDO SRGH VH FRQVWLWXLU HP XP JXLD SDUD XPD LQWHQomR HILFD] GRV SRGHUHV S~EOLFRV QR VHLR GR VLVWHPD SURGXWLYR 'DGD WRGDV HVVDV SRVVLELOLGDGHV GH IXQo}HV GH XPD ILOLqUH SRGH VH LQIHULU TXH HOD p GLQkPLFD TXDQWR D VXD DWXDomR SRGHQGR DQDOLVDU HPSLULFDPHQWH DV DWLYLGDGHV GH XPD SURSULHGDGH UXUDO VXDV UHODo}HV GH RSHUDomR WpFQLFD HFRQ{PLFD TXH WUDQVIRUPDP DV PDWpULDV SULPDV HP SURGXWRV ILQDLV RX LQWHUPHGLiULRV SRGHQGR GHILQLU R IOX[R GH FRQKHFLPHQWR D QDWXUH]D GR SURGXWR ILQDO GR PHUFDGR DOpP GH SRGHU ID]HU XPD DQiOLVH GD DWXDomR GH XPD WHFQRORJLD QR UHVXOWDGR ILQDO GD SURGXomR %$7$/+$ 6,/9$ &RQWXGR p QHFHVViULR TXH WRGRV RV VHJPHQWRV HVWHMDP DWHQWRV jV H[LJrQFLDV GR FRQVXPLGRU WHQGR VH DR FHQWUR R PHUFDGR UHSUHVHQWDGR SHORV FOLHQWHV TXH WrP D FDSDFLGDGH GH QHJRFLDU SUHoRV SUD]RV H H[LJLU H[FHOrQFLD GR SURGXWR SRLV HVVH p R DJHQWH TXH GLVFHUQH D TXDOLGDGH H D PDUFD 628=$ HW DO 'HYH VH GHVWDFDU TXH DVVRFLDGDV jV FDGHLDV HVWmR XPD VpULH GH Do}HV FRUUHODWDV FRPR D SHVTXLVD RV VHUYLoRV ILQDQFHLURV H RV VHUYLoRV GH WUDQVSRUWH H GH LQIRUPDomR TXH QmR HVWmR OLJDGRV GLUHWDPHQWH PDV TXH LQIOXHQFLDP R JUDX GH GLQDPLVPR SDUD D FDGHLD &RPSHWLWLYLGDGH 6HJXQGR 9LHLUD HW DO D PXGDQoD SRU TXH SDVVD D HFRQRPLD EUDVLOHLUD LQGX]LGD SHOD LQWHJUDomR GR 3DtV QXPD HFRQRPLD JOREDO H SHOD PXGDQoD QD IRUPD GH LQWHUYHQomR GR JRYHUQR QD HFRQRPLD WHP H[LJLGR GR VHWRU DJURLQGXVWULDO JUDQGH HVIRUoR GH DGDSWDomR 2 GHVDILR TXH VH DSUHVHQWD p XPD DGHTXDomR GR VHWRU DJURDOLPHQWDU H UHVSHFWLYDV FDGHLDV SURGXWLYDV jV PXGDQoDV YLVDQGR j HILFLrQFLD QD SURGXomR H QD GLVWULEXLomR GH DOLPHQWRV H PDWpULDV SULPDV HP FRQGLo}HV GH FRPSHWLWLYLGDGH QRV SULQFLSDLV PHUFDGRV QDFLRQDO H LQWHUQDFLRQDO 2 WHUPR FRPSHWLWLYLGDGH HPERUD VHP WHU XPD GHILQLomR SUHFLVD p GH ODUJD DFHLWDomR H PXLWR XWLOL]DGR )$5,1$ 5HPHWH j QRomR GH XPD HPSUHVD RX RUJDQL]DomR DSUHVHQWDU XP GHVHPSHQKR WmR RX PDLV VDWLVIDWyULR TXH RV VHXV FRQFRUUHQWHV QR PHUFDGR *XLPDUmHV DERUGD FRPSHWLWLYLGDGH FRPR YHQGHU PDLV TXH VHXV FRQFRUUHQWHV GH SURGXWRV VLPLODUHV YHQGHU SURGXWRV GLIHUHQWHV GH VHXV FRQFRUUHQWHV H EXVFDU SRVLomR GH PRQRSyOLR H UHFHQWHPHQWH REWHU PDLRU OXFUDWLYLGDGH LQGHSHQGHQWH GD TXDQWLGDGH D VHU YHQGLGD -i +DUULVRQ H .HQQHG FRORFDP TXH D DQiOLVH GH YDQWDJHP FRPSHWLWLYD SDUD PHGLU FXVWRV H SURGXWLYLGDGH DOpP GH SDUWLFLSDomR QR PHUFDGR p D PDLRU DOWHUQDWLYD SDUD VH PHGLU D FRPSHWLWLYLGDGH 6HJXQGR &RXWLQKR H )HUUD] D FRPSHWLWLYLGDGH GH XPD HPSUHVD HVWi QD VXD FDSDFLGDGH GH IRUPXODU H SURJUDPDU HVWUDWpJLDV FRQFRUUHQFLDLV TXH OKH SHUPLWDP FRQVHUYDU XPD SRVLomR VXVWHQWiYHO QR PHUFDGR GH IRUPD GXUDGRXUD H SRGH VHU DQDOLVDGD HP GXDV OLQKDV GH FRQFHLWR FRPSHWLWLYLGDGH
  • 26. FRPR GHVHPSHQKR GH PHUFDGR DYDOLDGD DWUDYpV GD SDUWLFLSDomR QR PHUFDGR H FRPSHWLWLYLGDGH FRPR HILFLrQFLD UHODFLRQDGR j FRQYHUVmR GH SURGXWRV FRP Pi[LPR UHQGLPHQWR (PERUD QR VHWRU GD DJURSHFXiULD RV SURGXWRUHV QmR HVWHMDP SUHRFXSDGRV HP GHVHQYROYHU Do}HV QD EXVFD GH XPD SRVLomR SRXFR FRQFRUUHQFLDO QR PHUFDGR FRPR QRV VHJPHQWRV LQGXVWULDLV GDGR TXH R DPELHQWH p QDWXUDOPHQWH GRWDGR GH HOHYDGR QtYHO GH FRQFRUUrQFLD D EXVFD SRU FRPSHWLWLYLGDGH HVWi PXLWR DVVRFLDGD jV HVWUDWpJLDV GH GLIHUHQFLDomR H LQRYDomR FRPR FRQVWD GR HVTXHPD GHVHQYROYLGR SRU )DULQD HW DO TXH GLGDWLFDPHQWH DJUXSD RV IDWRUHV TXH LQIOXHQFLDP DV HVWUDWpJLDV GD ILUPDV QD EXVFD SRU FRPSHWLWLYLGDGH ILJXUD (QTXDQWR DOJXQV IDWRUHV VmR PDLV UHOHYDQWHV DRV DPELHQWHV GH QHJyFLRV GRV VHJPHQWRV FRPHUFLDLV H LQGXVWULDLV FRPR R DPELHQWH GH FRQFRUUrQFLD H HVWUXWXUD GH PHUFDGRV RXWURV IDWRUHV VmR LQGLVWLQWDPHQWH LPSRUWDQWHV WDQWR SDUD D DJURSHFXiULD TXDQWR SDUD RV VHJPHQWRV FRPHUFLDLV LQGXVWULDLV WDLV FRPR RV GLUHFLRQDGRUHV FRQWLGRV QR DPELHQWH RUJDQL]DFLRQDO QR DPELHQWH LQVWLWXFLRQDO H WHFQROyJLFR 'HVWDFDP VH FRPR LPSRUWDQWHV QD EXVFD SRU FRPSHWLWLYLGDGH GRV VLVWHPDV SURGXWLYRV GD DJURSHFXiULD R DPELHQWH LQVWLWXFLRQDO HQYROYHQGR R VLVWHPD OHJDO TXH GHWHUPLQD RV PDUFRV UHJXODWyULRV DV WUDGLo}HV H FRVWXPHV 1R DPELHQWH RUJDQL]DFLRQDO DV RUJDQL]Do}HV FRRSHUDWLYDV H DVVRFLDo}HV EHP FRPR DV GHPDLV RUJDQL]Do}HV S~EOLFDV H SULYDGDV TXH IRUQHFHP R DGHTXDGR VXSRUWH jV DWLYLGDGHV H QHJyFLRV
  • 27. )LJXUD )DWRUHV TXH LQIOXHQFLDP QDV HVWUDWpJLDV GDV ILUPDV H GHVHPSHQKR GH PHUFDGRV )RQWH )$5,1$ HW DO 2EVHUYDQGR D )LJXUD HP DPELHQWH RUJDQL]DFLRQDO )DULQD HW DO FRORFDP TXH p FXULRVR REVHUYDU D H[LVWrQFLD GH VLVWHPDV QR PXQGR TXH WHQGHP D DSUHVHQWDU VROXo}HV RUJDQL]DFLRQDLV PXLWR SDUHFLGDV FRPR QR VLVWHPD GH SURGXomR GH IUDQJRV TXH p R PHVPR QR %UDVLO H QRV (8$ EHP FRPR H[HPSORV TXH DSUHVHQWDP JUDQGHV GLIHUHQoDV HQWUH UHJL}HV GHQWUR GH XP PHVPR SDtV 1R TXDGUR GH HVWUDWpJLDV LQGLYLGXDLV SRGHP VH REVHUYDU DV SULQFLSDLV GLIHUHQoDV TXH XPD RUJDQL]DomR DSUHVHQWD GHQWUR GH XP VXEVLVWHPD GH FDGD VLVWHPD DJURLQGXVWULDO TXH HVWmR DVVRFLDGDV jV HVWUDWpJLDV LQGLYLGXDLV FRPR VHJPHQWDomR H GLIHUHQFLDomR GH SURGXWR SUHoR FXVWR H LQRYDomR )$5,1$ HW DO 6HJXQGR 3HVVRD HW DO D FRPSHWLWLYLGDGH GH XPD FDGHLD SURGXWLYD p H[SUHVVD SHOD VXD FDSDFLGDGH GH SURJUDPDU HVWUDWpJLDV TXH OKH SRVVLELOLWHP XPD LQVHUomR VXVWHQWiYHO QR PHUFDGR 2 SRWHQFLDO GH XPD FDGHLD SURGXWLYD SDUD JHUDU EHQHItFLRV HFRQ{PLFRV GHSHQGH GD GLIHUHQoD HQWUH R SUHoR GH YHQGD GR SURGXWR ILQDO H R VHX FXVWR GH SURGXomR 'HVWD IRUPD VXD KDELOLGDGH HP VXSHUDU JDUJDORV WHFQROyJLFRV H QmR WHFQROyJLFRV TXH HVWmR HOHYDQGR RV FXVWRV H
  • 28. OLPLWDQGR D LPSOHPHQWDomR GH PHOKRULDV QRV DWULEXWRV GH TXDOLGDGH TXH R PHUFDGR PDLV YDORUL]D FRQVWLWXL D VXD EDVH GH VXVWHQWDomR FRPSHWLWLYD 3DUD 3RVVDV D WHFQRORJLD DIHWD TXDOLGDGH H SUHoRV DJLQGR LQGLUHWDPHQWH QR SURFHVVR GH FRPSHWLWLYLGDGH 3DUHFH FDGD YH] PDLV ODWHQWH D FRPSHWLWLYLGDGH DVVRFLDGD SULQFLSDOPHQWH FRP D GLIHUHQFLDomR GRV SURGXWRV DWUDYpV GD LQRYDomR WHFQROyJLFD H QmR FRP SUHoRV H FXVWRV &RPR YLVWR QDV OLWHUDWXUDV FLWDGDV GLIHUHQWHV DVSHFWRV FRPR SUHoR TXDOLGDGH WHFQRORJLD LQRYDo}HV HQWUH RXWURV VmR DUJXPHQWRV TXH OHYDP i FRPSHWLWLYLGDGH GRV VLVWHPDV 3RUpP HP DJURLQG~VWULDV IDPLOLDUHV R FDUiWHU GH SURGXomR DUWHVDQDO DUWH WUDEDOKR HVWi DVVRFLDGR DR IDWR GH TXH R DSRUWH WHFQROyJLFR JHUDOPHQWH VH RULJLQD GD SUySULD IDPtOLD GR SURGXWRU RX GR DJHQWH GH H[WHQVmR UXUDO 2 SURGXWR GHVWH VHJPHQWR QR TXH GL] UHVSHLWR j SDUWLFLSDomR QDV YHQGDV GR PHUFDGR FDVR QmR KDMD XP DWULEXWR TXH RV GLVWLQJXH GRV VHPHOKDQWHV SURGX]LGRV HP HVFDOD HPSUHVDULDO HP JHUDO VmR SRXFR FRPSHWLWLYRV GHYLGR j EDL[D HVFDOD GH SURGXomR H D SRXFD DWHQomR GLVSHQVDGD j DSUHVHQWDomR GRV SURGXWRV DR FRQVXPLGRU QR TXH VH UHIHUHP jV HPEDODJHQV UyWXORV H VtPERORV 9,(,5$ 3DUD %HOLN D PmR GH REUD EDUDWD QmR p PDLV XP GLIHUHQFLDO FRPSHWLWLYR SDUD DV HPSUHVDV SRLV D FRPSHWLomR WHP VH YROWDGR SDUD RXWUDV TXHVW}HV QmR UHODFLRQDGDV DSHQDV DR SUHoR GR SURGXWR $ DWHQomR GRV FRPSHWLGRUHV YROWRX VH WDPEpP QR SUHVHQWH SDUD D TXDOLGDGH GRV SURGXWRV FRPR DSUHVHQWDomR H DGDSWDomR jV YDULiYHLV FXOWXUDLV GR FRQVXPR GH FDGD UHJLmR &RPHUFLDOL]DomR H PDUNHWLQJ 2V HVIRUoRV SURGXWLYRV WrP SRU REMHWLYR D SURGXomR GH XP GHWHUPLQDGR SURGXWR D VHU GHVWLQDGR DRV PHUFDGRV TXH DWHQGD DRV JRVWRV GRV FRQVXPLGRUHV 7RGRV RV HVIRUoRV GH JHVWmR H SURGXomR GR QHJyFLR GHYHP VHU GLULJLGRV SHOD HVWUDWpJLD GH FRQTXLVWD DR PHUFDGR RX VHMD FRQVHJXLU LQVHULU VH YHQGHU H PDQWHU XPD SRVVtYHO SRVLomR FRQVLVWHQWH 2V SULPHLURV SDVVRV GHVVD HVWUDWpJLD SRUWDQWR p FRQKHFHU R PHUFDGR FRQVXPLGRUHV FRQFRUUHQWHV H FDQDLV GH FRPHUFLDOL]DomR R SDVVR VHJXLQWH VHULD RUJDQL]DU D HPSUHVD H VXD SURGXomR HP WRUQR GHVVDV LQIRUPDo}HV H FRQVHJXLU HVSDoRV QRV FDQDLV GH FRPHUFLDOL]DomR H VH H[SRU DRV FRQVXPLGRUHV 1HVWH FRQWH[WR p FRPXP YHU VH UHIHUrQFLDV DRV FRPSRVWRV GH PDUNHWLQJ RX ³PDUNHWLQJ PL[´ FRPR VHQGR R FRQMXQWR TXH UH~QH YDULiYHLV GH PHUFDGR UHOHYDQWHV GH VHUHP REVHUYDGDV H WUDEDOKDGDV (VVH FRQMXQWR p FKDPDGR FRPSRVWR GH PDUNHWLQJ RX ³PDUNHWLQJ PL[´ SURGXWR SUHoR SRQWR GH GLVWULEXLomR H SURPRomR RX FRPSRVWR SURPRFLRQDO
  • 29. 6REUH R SURGXWR DWXDOPHQWH VmR HQWHQGLGRV H YDORUDGRV FRPR XP FRQMXQWR GH DWULEXWRV UHXQLGRV HP GRLV JUXSRV R SULPHLUR p R ODGR FRQFUHWR WDQJtYHO p R SURGXWR HVWULWDPHQWH GL]HQGR HP EHQHItFLR D TXH VH GHVWLQD 2 RXWUR JUXSR UH~QH D IRUPD FRPR VH DSUHVHQWD R SURGXWR H RV DVSHFWRV LQWDQJtYHLV D HOH DVVRFLDGD D PDUFD R UyWXOR D HPEDODJHP (VWH FRQMXQWR LQFOXLQGR DVSHFWRV HVWpWLFRV H FRUHV GHVHQYROYLPHQWR H GLYXOJDomR GD PDUFD p R TXH ID] FRP TXH GHVSHUWH QR FRQVXPLGRU UHVSRVWDV HPRFLRQDLV TXH IDUmR FRP TXH Gr SUHIHUrQFLD D XP SURGXWR IDFH j FRQFRUUrQFLD FRP RXWURV VHPHOKDQWHV FRPR DILUPD 6LOYD 0DUFD D HVWD SRGH VH DFUHVFHQWDU R YDORU TXH OKH p GDGD SHOR FRQVXPLGRU D UHSXWDomR FRQVWUXtGD XP QRPH XP WHUPR VLQDO VtPEROR JUXSR GH SDODYUDV RX OHWUDV GHVHQKR RX XPD FRPELQDomR GH WXGR LVWR XVDGRV FRP R REMHWLYR GH LGHQWLILFDU SURGXWRV RX VHUYLoRV 2 VtPEROR p SDUWH GD PDUFD QmR SURQXQFLiYHO 5yWXOR XP SHGDoR GH SDSHO HWLTXHWD IL[DGD DR SURGXWR RX XPD DUWH HODERUDGD TXH VHMD SDUWH LQWHJUDQWH GD HPEDODJHP (P JHUDO DV IXQo}HV GR UyWXOR VmR LGHQWLILFDomR DWUDYpV GD PDUFD QHOH UHJLVWUDGD FODVVLILFDomR SRU WLSR GH TXDOLGDGH FRPR H[HPSOR OHLWH $ % & GHVFULomR GH FDUDFWHUtVWLFDV SURGXWRU ORFDO GDWD GH IDEULFDomR H GH YDOLGDGH FRQWH~GR SUHFDXo}HV QD XWLOL]DomR PRGR GH XVDU H SURPRomR XPD ERD DSDUrQFLD H[HUFH XP SRGHU DWUDWLYR VREUH R FRQVXPLGRU (PEDODJHP FRP VHXV IRUPDWRV H FRUHV TXH DMXGDP D DWUDLU D DWHQomR GRV FRQVXPLGRUHV &RQVLGHUDGR FRP XP GRV PHFDQLVPRV PDLV LPSRUWDQWHV SDUD ID]HU D LQIRUPDomR FKHJDU DR FRQVXPLGRU 3UHoR p XP VLQDO GH HVFDVVH] H[FHVVR RX QRUPDOLGDGH GD RIHUWD SDUD SURGXWRV HP PHUFDGRV FRQFRUUHQFLDLV RX FRPPRGWLHV RX R YDORU TXH R FRQVXPLGRU DWULEXL SDUD SURGXWRV GLIHUHQFLDGRV FRP GHQRPLQDomR GH RULJHP PDUFD H UyWXOR 2 SRQWR GH GLVWULEXLomR TXH GHILQH R ³PDUNHWLQJ PL[¶¶ HVWi DVVRFLDGR DRV FDQDLV RX DV IRUPDV GH FRPHUFLDOL]DomR SRU TXH SDVVD R SURGXWR DWp DWLQJLU R FRQVXPLGRU ( SURPRomR RX FRPSRVWR SURPRFLRQDO TXH UHIHUH VH DR FRQMXQWR GH Do}HV YROWDGDV SDUD GLYXOJDomR GR SURGXWR H VXD PDUFD SRUWDQWR GHVWDFi OD IUHQWH DRV SURGXWRV FRQFRUUHQWHV 6RPDQGR VH D VpULH GH REVWiFXORV HQIUHQWDGRV SHOD DJURLQG~VWULD GH SHTXHQD HVFDOD HVWi D GLILFXOGDGH FUHVFHQWH GH DFHVVR DRV FDQDLV PRGHUQRV GH FRPHUFLDOL]DomR &RP D FRQFHQWUDomR GD SRSXODomR QDV iUHDV XUEDQDV H R HQFROKLPHQWR GRV FDQDLV WUDGLFLRQDLV GH YDUHMR H R JUDQGH FUHVFLPHQWR GRV VXSHUPHUFDGRV FRPR HTXLSDPHQWR FRQFHQWUDGRU GDV YHQGDV GH DOLPHQWR FUHVFHUDP DV GLILFXOGDGHV GH DFHVVR GD SHTXHQD DJURLQG~VWULD FRP UHVSHLWR j FRPHUFLDOL]DomR H RXWUD GLILFXOGDGH VmR DV OHLV TXH HVWmR UHVWULQJLQGR RX SURLELQGR IRUPDV WUDGLFLRQDLV GH FRPHUFLDOL]DomR TXH HUDP XWLOL]DGDV OLYUHPHQWH 8PD GDV GLILFXOGDGHV TXH VH HQIUHQWD p D GH VH
  • 30. DGHTXDU j OHJLVODomR TXH UHJXODPHQWD DV YHQGDV LQWHUHVWDGXDLV FRP QtYHLV GH H[LJrQFLD PDLRUHV HP WHUPRV GH LQVWDODomR LQVSHomR H REULJDo}HV ILVFDLV RXWUD H[LJrQFLD p D GRV VXSHUPHUFDGRV SDUD YLDELOL]DU R UHODFLRQDPHQWR GLUHWR FRP IRUQHFHGRUHV H D DXWRPDomR GRV VHXV VHUYLoRV QD EXVFD GH UHGXomR GH FXVWRV SRGHP LPSOLFDU SDUD DV SHTXHQDV DJURLQG~VWULDV FXVWRV EDVWDQWH DOWRV UHODWLYDPHQWH j VXD HVFDOD GH SURGXomR QR FDVR RV FyGLJRV GH EDUUDV H QD QHFHVVLGDGH GH VXSHUDU OLPLWDo}HV WHFQROyJLFDV RX JHUHQFLDLV LPSRUWDQWHV QR FDVR GH QHFHVVLWDU DPSOLDU VXDV OLQKDV GH SURGXWRV DR QtYHO GR H[LJLGR 2V SURGXWRV DJUtFRODV H DJURLQGXVWULDLV WrP FDUDFWHUtVWLFDV GLVWLQWDV H SRU LVVR VXD FRPHUFLDOL]DomR GHYH DWHQGHU jV VXDV SDUWLFXODULGDGHV (P VXD PDLRULD VmR SURGXWRV DOLPHQWDUHV H SHUHFtYHLV H LVVR MXVWLILFD HVFROKHU D PHOKRU IRUPD GH FRPHUFLDOL]DU H R FDQDO GH GLVWULEXLomR PDLV DGHTXDGR SDUD FDGD FDVR
  • 31. 0$7(5,$/ ( 0e72'26 5HJLmR GH -DOHV H PXQLFtSLRV HVWXGDGRV $ iUHD GR HVWXGR WHP FRPR UHIHUrQFLD R (VFULWyULR GH 'HVHQYROYLPHQWR 5XUDO ('5 GH -DOHV UHJLmR VLWXDGD D QRURHVWH GR HVWDGR GH 6mR 3DXOR SHUWHQFHQWH D XPD GDV 8QLGDGHV $GPLQLVWUDWLYDV GD &RRUGHQDGRULD GH $VVLVWrQFLD 7pFQLFD ,QWHJUDO &$7, 6HFUHWDULD GD $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR FRQIRUPH )LJXUD FXMD VHGH GLVWD NP GD FDSLWDO H DSUHVHQWD XPD iUHD GH KD DEUDQJHQGR PXQLFtSLRV $SDUHFLGD '¶2HVWH $VSiVLD 'LUFH 5HLV 'ROFLQySROLV -DOHV 0DULQySROLV 0HVySROLV 1RYD &DQDm 3DXOLVWD 3DOPHLUD '¶2HVWH 3DUDQDSXm 3RQWDOLQGD 5XELQpLD 6DQWD $OEHUWLQD 6DQWD &ODUD '¶2HVWH 6DQWD )p GR 6XO 6DQWD 5LWD '¶2HVWH 6DQWD 6DOHWH 6DQWDQD GD 3RQWH 3HQVD 6mR )UDQFLVFR 7UrV )URQWHLUDV 8UkQLD H 9LWyULD %UDVLO )LJXUD (VWDGR GH 6mR 3DXOR GLYLGLGR HP ('5V GHVWDFDQGR VH R ('5 GH -DOHV 63 )RQWH KWWS ZZZ FDWL VS JRY EU QRYDFDWL LQGH[ SKS $ VHJXLU DSUHVHQWD VH XPD EUHYH GHVFULomR GRV PXQLFtSLRV GH SDUWLFXODU LQWHUHVVH SDUD HVWH WUDEDOKR RX VHMD DTXHOHV GH RQGH VmR SURYHQLHQWHV RV JUXSRV GH DJUHJDomR GH YDORU HVWXGDGRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD 2 PXQLFtSLR GH 6mR )UDQFLVFR SRVVXL NP GH iUHD WHUULWyULDO H SRSXODomR GH KDELWDQWHV VHJXQGR R ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWLVWtFD ,%*( 'HVWDFD VH QD ,WDSHYD 7XSm $VVLV 3UHV 3UXGHQWH 3UHV 9HQFHVODX 2XULQKRV $YDUp /LQV 0DUtOLD %DXUX $UDoDWXED $QGUDGLQD 'UDFHQD ('5 -DOHV *HQHUDO 6DOJDGR 6 - GR 5LR 3UHWR &DWDQGXYD )HUQDQGySROLV 9RWXSRUDQJD 3LUDFLFDED &DPSLQDV ,WDSHWLQLQJD 5HJLVWUR %RWXFDWX 6RURFDED 0RJL GDV &UX]HV 6mR 3DXOR 3LQGDPRQKDQJDED %UDJDQoD 3WD *XDUDWLQJXHWi +RUWROkQGLD $UDUDTXDUD -D~ -DERWL FDEDO %DUUHWRV 6 - GD %RD 9LVWD /LPHLUD 0RJL 0LULP 5LE 3UHWR )UDQFD
  • 32. ERYLQRFXOWXUD PLVWD FDEHoDV H FRUWH FDEHoDV VHQGR TXH GR WRWDO GDV 8QLGDGHV GH 3URGXomR $JUtFROD 83$6 GR PXQLFtSLR H UHDOL]DP UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV UHSUHVHQWDQGR FHUFD GH GD iUHD GH SDVWDJHP $ IUXWLFXOWXUD WDPEpP p XPD DWLYLGDGH LPSRUWDQWH QR PXQLFtSLR SRLV GR WRWDO GDV 83$6 SURGX]HP IUXWDV HP GDV iUHDV DJULFXOWiYHLV VHJXQGR R /HYDQWDPHQWR GH 8QLGDGHV 3URGXWLYDV $JUtFRODV /83$ FRQIRUPH 7DEHODV H $ iUHD WHUULWRULDO GR PXQLFtSLR 6DQWD $OEHUWLQD p GH NPð FRP SRSXODomR GH KDELWDQWHV ,%*( 2 PXQLFLSLR GHVWDFD VH QD ERYLQRFXOWXUD GH FRUWH FDEHoDV H PLVWD FDEHoDV VHQGR TXH GR WRWDO GDV 83$6 GR PXQLFtSLR H UHDOL]DP UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV UHSUHVHQWDQGR FHUFD GH GDV iUHDV GH SDVWDJHP 6HJXQGR /83$ HP UHODomR j SURGXomR GH IUXWDV GDV 83$6 DWXDP HP GDV iUHDV FXOWLYiYHLV GR PXQLFtSLRV FRPR SRGH VHU YLVWR QDV 7DEHODV H 2 PXQLFtSLR GH 8UkQLD SRVVXL NP GH iUHD WHUULWRULDO H SRSXODomR HVWLPDGD GH KDELWDQWHV ,%*( GHVWDFDQGR VH QD ERYLQRFXOWXUD PLVWD FDEHoDV FRUWH FDEHoDV H OHLWHLUD FDEHoDV VHQGR TXH GR WRWDO GDV 83$6 GR PXQLFtSLR H UHDOL]DP UHVSHFWLYDPHQWH HVVDV DWLYLGDGHV UHSUHVHQWDQGR FHUFD GH GDV iUHDV FRP SDVWDJHP &RP UHODomR j IUXWLFXOWXUD GDV 83$6 SURGX]HP IUXWDV HP GDV iUHDV GR PXQLFtSLR FRPR PRVWUDP RV GDGRV GDV WDEHODV H $JUHJDU YDORU DRV SURGXWRV GH RULJHP UXUDO SRGH VHU LPSRUWDQWH SDUD R DOFDQFH GH QRYRV PHUFDGRV H DXPHQWR GD UHQGD GRV DJHQWHV HQYROYLGRV 3RUWDQWR HVWi GLUHWDPHQWH UHODFLRQDGR j FRPSHWLWLYLGDGH GR HPSUHHQGLPHQWR =8,1 H 48(,52= 2 UHIHUHQFLDO WHyULFR D VHU H[SORUDGR HQFRQWUD VH GLVFXWLGR HP )$5,1$ HW DO H DSRQWD FRPR SULQFLSDLV GLUHFLRQDGRUHV GH FRPSHWLWLYLGDGH RV IDWRUHV DVVRFLDGRV DR DPELHQWH RUJDQL]DFLRQDO DR DPELWHQWH WHFQROyJLFR H DR DPELHQWH LQVWLWXFLRQDO D FRQMXJDomR GHVVHV GHOLPLWD DV SRVVLELOLGDGHV GH DWXDomR GR DPELHQWH FRPSHWLWLYR GDV HPSUHVDV EHP FRPR DV HVWUDWpJLDV GH DWXDomR GDV PHVPDV 2OVRQ GHILQH RUJDQL]DomR FRPR XP JUXSR GH LQGLYtGXRV FRP LQWHUHVVHV FRPXQV VHQGR TXH LQGLYtGXRV TXH DJHP GH IRUPD GHVRUJDQL]DGD VmR PHQRV HILFLHQWHV GR TXH RV TXH DJHP GH IRUPD RUJDQL]DGD GHVHQYROYHQGR GHVVD IRUPD Do}HV FROHWLYDV TXH EXVFDP PD[LPL]DU R OXFUR H VXDV IXQo}HV H FRQVHTHQWHPHQWH DXPHQWDQGR VXD FRPSHWLWLYLGDGH $V FDUDFWHUtVWLFDV GD FRPHUFLDOL]DomR H DWULEXWRV GR URO GH SURGXWRV D VHUHP GLVFXWLGRV FRPS}HP HOHPHQWRV GRV FRPSRVWRV GH PDUNHWLQJ GHVLJQDGRV FRPR 3V SURGXWR SRQWRV GH YHQGD SUHoR GLVWULEXLomR ± SODFH SURSDJDQGD GLVFXWLGRV HP 0HJLGR H ;DYLHU H =XLQ H 4XHLUR] 2V GHWDOKDPHQWRV GRV DWULEXWRV UHODFLRQDGRV DRV SURGXWRV WDLV FRPR FRQFHLWR SUHoR TXDOLGDGH HPEDODJHP PDUFD UyWXORV VmR GLVFXWLGRV HP =8,1 H 48(,52=
  • 33. 7DEHOD ([SORUDo}HV GH DQLPDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD MDQHLUR 6mR )UDQFLVFR 6DQWD $OEHUWLQD 8UkQLD ([SORUDomR $QLPDO 4XDQWLGDGH 8QLGDGH 1ž 83$V 4XDQWLGDGH 8QLGDGH 1ž 83$V 4XDQWLGDGH 8QLGDGH 1ž 83$V %RYLQRFXOWXUD PLVWD %RYLQRFXOWXUD FRUWH %RYLQRFXOWXUD OHLWHLUD $YLFXOWXUD GH FRUWH $YLFXOWXUD SDUD RYRV 2XWUD H[SORUDomR DQLPDO 6XLQRFXOWXUD (TLQRFXOWXUD &DSULQRFXOWXUD 2YLQRFXOWXUD $VLQLQRV H PXDUHV FDE FDE FDE FDE DQR FDE FDE FDE FDE FDE FDE FDE )RQWH 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$
  • 34. 7DEHOD ([SORUDo}HV 9HJHWDLV GRV 0XQLFtSLRV 6mR )UDQFLVFR 6DQWD $OEHUWLQD H 8UkQLD MDQHLUR 6mR )UDQFLVFR 6DQWD $OEHUWLQD 8UkQLD &XOWXUDV ÈUHD KD 1ž 83$V ÈUHD KD 1ž 83$V ÈUHD KD 1ž 83$V %UDTXLDULD /DUDQMD %DQDQD $OJRGmR 0LOKR &DIp &RORQLmR &DQD GH Do~FDU 8YD ILQD &DSLP QDSLHU /LPmR $UUR] 0LOKR VLODJHP 2XWUDV ROHUtFRODV *UDPDV 0DQJD (XFDOLSWR 4XLDER 6HULQJXHLUD 0DPRQD $PHQGRLP 3DOPLWR 0LOKR GRFH )HLMmR 2XWUDV JUDPtQHDV )UXWD GR FRQGH &DSLP MDUDJXi 0DQGLRFD 2XWUDV IORUHVWDLV &DMX /HQWLOKD &RFR GD EDLD 7RPDWH HQYDUDGR 2XWUDV IUXWtIHUDV 3RPDU GRPpVWLFR )RQWH 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$ 7LSR GH SHVTXLVD FRQGX]LGD H HVWXGRV GH FDVR 3DUD *LO DV SHVTXLVDV H[SORUDWyULDV WrP FRPR SULQFLSDO ILQDOLGDGH GHVHQYROYHU HVFODUHFHU H PRGLILFDU FRQFHLWRV H LGpLDV FRPR D IRUPXODomR GH SUREOHPDV PDLV SUHFLVRV RX KLSyWHVHV +DELWXDOPHQWH HQYROYHP OHYDQWDPHQWR ELEOLRJUiILFR H GRFXPHQWDO HQWUHYLVWDV QmR SDGURQL]DGDV H HVWXGR GH FDVR TXH p R SUHWHQGLGR SHOR SUHVHQWH HVWXGR 3DUD R PHVPR DXWRU R HVWXGR GH FDVR p FDUDFWHUL]DGR SHOR HVWXGR SURIXQGR GH XP RX GH SRXFRV REMHWRV GH PDQHLUD D SHUPLWLU R VHX FRQKHFLPHQWR DPSOR H GHWDOKDGR WDLV FRPR D H[SORUDU VLWXDo}HV GD YLGD UHDO FXMRV OLPLWHV QmR HVWmR FODUDPHQWH GHILQLGRV E GHVFUHYHU D VLWXDomR GR FRQWH[WR HP TXH HVWi VHQGR IHLWD GHWHUPLQDGD LQYHVWLJDomR
  • 35. F H[SOLFDU DV YDULiYHLV FDXVDLV GH GHWHUPLQDGR IHQ{PHQR HP VLWXDo}HV PXLWR FRPSOH[DV TXH QmR SRVVLELOLWDP OHYDQWDPHQWRV H H[SHULPHQWRV 3DUD HVWH HVWXGR VHUmR XWLOL]DGRV RV VHJXLQWHV PpWRGRV GH SHVTXLVD (QWUHYLVWD SHVVRDO QmR HVWUXWXUDGD FRP WpFQLFRV TXH DWXDP FRP DJURLQG~VWULD IDPLOLDU QRV PXQLFtSLRV FLWDGRV (QWUHYLVWD SHVVRDO HVWUXWXUDGD UHDOL]DGD DWUDYpV GH TXHVWLRQiULR MXQWR D SURGXWRUHV H UHSUHVHQWDQWHV GH VXDV RUJDQL]Do}HV 2EVHUYDomR SDUWLFLSDQWH SDUWLFLSDomR HP UHXQL}HV FRP RV SURGXWRUHV SDUWLFLSDomR HP HYHQWRV GH SURPRomR H FRPHUFLDOL]DomR GRV SURGXWRV $QiOLVH GRFXPHQWDO UHVJDWH GH LQIRUPDo}HV GLYXOJDGDV QD PtGLD LPSUHVVD H EROHWLQV GH RUJDQL]Do}HV FRPR R 6(%5$( 6$, H &DVD GD $JULFXOWXUD GD UHJLmR GH -DOHV 2 WUDEDOKR DERUGRX WUrV FDVRV GH RUJDQL]DomR FROHWLYD IRUPDGDV FRP REMHWLYR GH DWXDU QD WUDQVIRUPDomR GH SURGXWRV FRP DJUHJDomR GH YDORU RX DJURLQG~VWULD GD UHJLmR GH -DOHV D *UXSR 'HOtFLDV GH 6mR )UDQFLVFR QR PXQLFtSLR GH 6mR )UDQFLVFR E *UXSR 'HOtFLDV GR &DPSR QR PXQLFtSLR GH 6DQWD $OEHUWLQD F *UXSR 'HOtFLDV GR &DMX QR PXQLFtSLR GH 8UkQLD 2 OHYDQWDPHQWR GH GDGRV QHFHVViULR j UHDOL]DomR GD SHVTXLVD GH FDPSR IRL HIHWXDGR MXQWR D SURGXWRUHV H FRPSRQHQWHV GH WRGRV RV JUXSRV DRV WpFQLFRV GDV &DVDV GD $JULFXOWXUD GRV 0XQLFtSLRV GH 6DQWD $OEHUWLQD 6mR )UDQFLVFR H 8UkQLD H FRP RV WpFQLFRV GR 6$, 6LVWHPD $JURLQGXVWULDO ,QWHJUDGR ORFDOL]DGRV QRV PXQLFtSLRV HVWXGDGRV YLVDQGR LGHQWLILFDU HVVHV SURGXWRUHV H OHYDQWDU LQWHUHVVH H ORJtVWLFD SDUD D UHDOL]DomR GD SHVTXLVD 3DUD OHYDQWDU H DQDOLVDU DV FDUDFWHUtVWLFDV GD DVVRFLDomR LQIRUPDO GRV SURGXWRUHV GH FDGD JUXSR H VHXV FRPSRQHQWHV IRUD DSOLFDGRV TXHVWLRQiULRV VREUH D HODERUDomR GRV SURGXWRV DJURLQGXVWULDLV DUWHVDQDLV MXQWR DRV PHVPRV 2 URWHLUR GH SHUJXQWDV DSUHVHQWDGR QR DQH[R DSOLFDGR QR TXHVWLRQiULR SURFXURX UHVJDWDU R LQtFLR GD RUJDQL]DomR GR JUXSR Q~PHURV GH SURGXWRUHV LQWHUHVVH GRV PHVPRV HP SDUWLFLSDU GDV UHXQL}HV VHUYLoRV H RX DWLYLGDGHV SUHVWDGRV DRV DVVRFLDGRV REMHWLYRV H PHWDV SDUD R IXWXUR SUREOHPDV H RX GLILFXOGDGHV 7DPEpP IRUDP UHDOL]DGDV YLVLWDV DRV WpFQLFRV GDV FDVDV GH DJULFXOWXUD GRV PXQLFtSLRV UHODWLYRV DRV JUXSRV DERUGDGRV QDV TXDLV OHYDQWRX VH LQIRUPDo}HV VREUH GLILFXOGDGHV HQFRQWUDGDV SHORV SURGXWRUHV SURJUDPDV HVSHFtILFRV YROWDGRV D HVVHV SURGXWRUHV H SULQFLSDLV GHPDQGDV
  • 36. 5(68/7$'26 ( ',6&866­2 $ UHJLmR GH -DOHV SRVVXL XPD IRUWH GLYHUVLILFDomR DJURSHFXiULD H[SORUDGD EDVLFDPHQWH SRU PmR GH REUD IDPLOLDU (VVH IDWR DOLDGR j H[LVWrQFLD GH XPD HVWUXWXUD IXQGLiULD FRPSRVWD GH DSUR[LPDGDPHQWH SURSULHGDGHV UXUDLV VHQGR TXH QD PpGLD SRVVXHP iUHDV LQIHULRUHV D KD 3URMHWR /83$ SRVVLELOLWD XP DSURYHLWDPHQWR PHOKRU GH SURGXWRV GD DJULFXOWXUD GLYHUVLILFDGD SULQFLSDOPHQWH DWUDYpV GH WUDEDOKR FRQMXQWR HQWUH SHTXHQRV SURGXWRUHV UXUDLV $ GLVWULEXLomR GDV FXOWXUDV REHGHFH j VHJXLQWH RUGHP GD iUHD VmR FXOWLYDGDV FRP FXOWXUDV SHUHQHV FRP VHPL SHUHQHV FRP FXOWXUDV DQXDLV FRP SDVWDJHQV FRP UHIORUHVWDPHQWR FRP YHJHWDomR QDWXUDO H RXWUDV DWLYLGDGHV QD RUGHP GH 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR 3URMHWR /83$ $ DJULFXOWXUD IDPLOLDU GLYHUVLILFDGD RSRUWXQL]D D LQWHJUDomR H VLQHUJLD HQWUH DWLYLGDGHV SRVVLELOLWDQGR HP DOJXPDV H[SORUDo}HV D PHQRU FXVWR GH SURGXomR SURFHVVDPHQWR H HP FRQVHUYDomR GR DPELHQWH HP FRQVHTrQFLD GD GLYHUVLGDGH ELROyJLFD $VVLP D SURGXomR IDPLOLDU FRPS}H XPD LPSRUWDQWH IRQWH GH DEDVWHFLPHQWR GH DOLPHQWRV SDUD DV FLGDGHV SULQFLSDOPHQWH RV DOLPHQWRV FRQVXPLGRV ³IUHVFRV´ FRQWULEXLQGR SDUD DWHQGHU iV FUHVFHQWHV H[LJrQFLDV GRV FRQVXPLGRUHV FRPR D SURGXWRV OLYUHV GH DJURWy[LFRV E SURFHVVR SURGXWLYR TXH FRQGX]D D PHQRV GDQRV DPELHQWDLV HP UHODomR j JUDQGH H[SORUDomR F QR FDVR GH FULDo}HV R EHP HVWDU GRV DQLPDLV 3UHVHQWHV QD WUDGLomR FXOWXUDO GDV FRPXQLGDGHV H[LVWHQWHV QD UHJLmR GH -DOHV 63 HVWmR RV DOLPHQWRV SURGX]LGRV D SDUWLU GH XPD DPSOD JDPD GH FDGHLDV SURGXWLYDV FRP GHVWDTXH SDUD DV IUXWDV H R OHLWH 1HVWD GpFDGD WHP KDYLGR XPD FRQMXJDomR GH HVIRUoRV SDUD YDORUL]DU DV FDGHLDV SURGXWLYDV UHJLRQDLV FRP IRPHQWR DR DSUHQGL]DGR H FDSDFLWDomR QD SURGXomR GH SURGXWRV DJURDOLPHQWDUHV TXH FRUUHVSRQGHP DRV GHVLJQDWLYRV GH SURGXomR DUWHVDQDO DUWH WUDEDOKR $ SURGXomR HQYROYH WHFQRORJLD H DUWH VHQGR ³XPD DUWH FRQVWUXtGD SRU PHLR GH WUDGLomR IDPLOLDU H FRPXQLWiULD QXP HQFRQWUR HQWUH R VDEHU H D H[SHULrQFLD´ 1(9(6 5$86&+ 2 SHUILO SURGXWLYR H IXQGLiULR GR ('5 GH -DOHV FRP D GLYHUVLILFDomR DJURSHFXiULD H VLVWHPDV SURGXWLYRV H[SORUDGRV EDVLFDPHQWH SRU PmR GH REUD IDPLOLDU MXVWLILFD H IDYRUHFH D LQVHUomR GRV DWRUHV VRFLDLV QHVWH PRYLPHQWR GH UHSHQVDU DV HVWUDWpJLDV GH JHUDomR GH UHQGD (P JHUDO WrP VH FRPR SULQFLSDLV iUHDV GH SURFHVVDPHQWR RV GHULYDGRV GR OHLWH GHULYDGRV GD XYD HPEXWLGRV GH FDUQH VXtQD SURFHVVDPHQWR GH IUXWDV H KRUWDOLoDV GRFHV JHOpLDV FRPSRWDV GHULYDGRV GR FDMX H OLFRUHV $V 5HJL}HV GH -DOHV *HQHUDO 6DOJDGR H )HUQDQGySROLV DSUHVHQWDP JUXSRV GH JHUDomR GH UHQGD 0XOKHUHV GR &DPSR $PLJDV GD 7HUUD 6DERU 1DWLYR 'HOtFLDV GH 0DULQySROLV 'HOtFLDV GH 6mR )UDQFLVFR &RRSHUVRO 6DERUHV GD 1DWXUH]D 'HOtFLDV GR FDMX 3DODGDU GD 1DWXUH]D 'RFH
  • 37. 6DERU 6DERU GR &DPSR 0XOKHUHV HP $omR 3XUR 6DERU 6DOJDGLQKR H &LD /X]LGRFHV 'HOtFLDV GH 7XSL 5XUDO GH 0LUD (VWUHOD 'HOtFLDV GR &RTXHLUR %UDVLGRFHV 'HOtFLDV GH 2XUR DWUDYpV GH DJURLQG~VWULDV RUJDQL]DGDV UHXQLGRV HP XP SURMHWR GHQRPLQDGR ³3URMHWR GH $JURLQG~VWULDV $UWHVDQDLV´ FRQWDP FRP R DSRLR H DFRPSDQKDPHQWR GR 6$, 6(%5$( 6LVWHPD $JURLQGXVWULDO ,QWHJUDGR GR 6(%5$( H ,QFXEDGRUD GH $JURLQG~VWULD GH 9RWXSRUDQJD $QWHV GH FDUDFWHUL]DU FDGD XP GRV JUXSRV VHUi UHDOL]DGD D GHVFULomR GDV FDUDFWHUtVWLFDV RUJDQL]DFLRQDLV TXH H[SOLFDP D IRUPDomR GRV PHVPRV $PELHQWH RUJDQL]DFLRQDO &RPR YLVWR R SHUILO SURGXWLYR GD UHJLmR GH -DOHV p FRPSRVWR SRU SHTXHQRV SURGXWRUHV GH OHLWH IUXWLFXOWXUD H ROHUtFRODV $ SHTXHQD SURGXomR VH GHIURQWD FRP DV PHVPDV GLILFXOGDGHV FRP TXH VH GHIURQWD D SURGXomR HPSUHVDULDO SRUpP DTXHOD FRQVWLWXL VH HP VHJPHQWR PDLV IUiJLO H YXOQHUiYHO DRV ULVFRV H LQFHUWH]DV GD DWLYLGDGH SHOD PHQRU HVFDOD SURGXWLYD SHOD PDLRU GLILFXOGDGH UHODWLYD GH EXVFDU SURWHomR RUD YLD DGRomR GH WHFQRORJLD RX QRV PHUFDGRV $OpP GHVWDV HQWHQGH VH TXH D SURGXomR HPSUHVDULDO HP JHUDO GLVS}H GH XP DSRUWH GH FDSLWDO LQLFLDO HTXLSDPHQWRV H ORFDO DGHTXDGR SDUD RSHUDU FRP DJUHJDomR GH YDORU R TXH QmR RFRUUH FRP D SURGXomR IDPLOLDU (VSHFLILFDPHQWH QD UHJLmR GH -DOHV SURGXWRUHV GH IUXWDV YXOQHUiYHLV VRIUHUDP FRP Do}HV H FRPSRUWDPHQWR RSRUWXQtVWLFRV H GH Pi Ip GRV DJHQWHV GH FRPHUFLDOL]DomR TXH DSyV D DTXLVLomR H UHYHQGD GRV SURGXWRV QRV FDQDLV GH FRPHUFLDOL]DomR GHL[DYDP GH KRQUDU FRP RV SDJDPHQWRV DRV SURGXWRUHV &267$ HW DO $TXHODV GLILFXOGDGHV PRWLYDUDP RV JRYHUQRV ORFDLV H RUJDQL]Do}HV GR HQWRUQR D GLVFXWLUHP PHGLGDV H SROtWLFDV FDSD]HV GH SURYRFDU QRYRV HQFDGHDPHQWRV SDUD RV VLVWHPDV SURGXWLYRV ORFDLV 7DO SUHGLVSRVLomR HQFRQWUD UHVSDOGR QD DERUGDJHP GH GHVHQYROYLPHQWR HQGyJHQR %$548(,52 1R FRQWH[WR RV SURGXWRUHV H GHPDLV DWRUHV DWXDQWHV QDV RUJDQL]Do}HV TXH RV DSyLDP IRUDP PRWLYDGRV D SHQVDU H EXVFDU SRVVLELOLGDGHV GH GLIHUHQFLDU RV SURGXWRV FRP DJUHJDomR GH YDORU QD SURGXomR DJURLQGXVWULDO GH FDUiWHU DUWHVDQDO H WDPEpP D GH DWXDU QRV FDQDLV GH GLVWULEXLomR GRV PHVPRV (QWUHWDQWR D KDELOLGDGH QR GHVHPSHQKR GH DWLYLGDGHV SURGXWLYDV YROWDGDV SDUD DJUHJDomR GH YDORU QHP VHPSUH FRPS}H D WUDGLomR GRV SURGXWRUHV IDPLOLDUHV RX GDV SHVVRDV TXH D HOHV VH DJUHJDP SDUD R GHVHPSHQKR GDTXHODV DWLYLGDGHV $VVLP RV QRYRV VDEHUHV SDUD D FRQGXomR GDV QRYDV DWLYLGDGHV IRUPDGDV QD JHUDomR GH UHQGD HP JHUDO VmR GHSHQGHQWHV GR HVWtPXOR JHUDGR HP XP DPELHQWH RUJDQL]DFLRQDO DWLYR H SUHVHQWH QR HQWRUQR GRV SURGXWRV UXUDLV 1HVWH VHJPHQWR VmR DSUHVHQWDGDV DV SULQFLSDLV RUJDQL]Do}HV TXH DWXDUDP QD FRQVWUXomR GHVWH DPELHQWH
  • 38. 6HJXQGR %XDXQDLP D LQIUD HVWUXWXUD ItVLFD JHUDomR H GLVWULEXLomR GH HQHUJLD WUDQVSRUWHV WHOHFRPXQLFDo}HV H DUPD]HQDPHQWR D LQIUD HVWUXWXUD GH FLrQFLD H WHFQRORJLD XQLYHUVLGDGHV LQVWLWXWRV GH SHVTXLVD H FHQWURV GH WHFQRORJLD RV VHUYLoRV GH HGXFDomR EiVLFD H D TXDOLILFDomR GRV UHFXUVRV KXPDQRV SDUD DSRLDU RV SURJUDPDV S~EOLFRV VmR WDPEpP GH IXQGDPHQWDO LPSRUWkQFLD QR VHQWLGR GH JHUDU H[WHUQDOLGDGHV SRVLWLYDV SDUD Do}HV LQGLYLGXDLV $ DJULFXOWXUD IDPLOLDU QmR p GLIHUHQWH H WDPEpP p DIHWDGD SRU HVVHV IDWRUHV $ SULPHLUD RUJDQL]DomR UHVSRQViYHO SRU HVWLPXODU D IRUPDomR GH JUXSRV LQWHUHVVDGRV HP H[SORUDU SURFHVVRV SURGXWLYRV TXH DJUHJDVVH YDORU j SURGXomR DJUtFROD UHJLRQDO IRL R 6(%5$( DWUDYpV GR SURJUDPD 6$, HQYROYHQGR RV VHUYLoRV GD ,QFXEDGRUD GH $JURLQG~VWULD GR PXQLFtSLR GH 9RWXSRUDQJD 3URMHWR GR 6(%5$( H GD $VVRFLDomR ,QGXVWULDO GH 9RWXSRUDQJD H RV SURJUDPDV YROWDGRV SDUD DJUHJDU YDORUHV j HVWUXWXUD GH WUDEDOKR GR SURGXWRU UXUDO YLVDQGR JHUDomR GH HPSUHJR H UHQGD YLDELOL]DU D PDQXWHQomR GR KRPHP QR FDPSR FULDQGR PHLRV SDUD TXH HOH WHQKD IRUPDV PDLV PRGHUQDV H DSHUIHLoRDGDV GH SURGX]LU H FRPHUFLDOL]DU FRP FXVWRV PHQRUHV H SURGXWRV GH TXDOLGDGH $ UHJLmR GH )HUQDQGySROLV IRL SLRQHLUD QD LPSODQWDomR GR 6$, GH RQGH R SURJUDPD JDQKRX QRPH GH 6$, SLRQHLUR HP (VWH SURJUDPD IRL ODQoDGR RILFLDOPHQWH QD UHJLmR GH -DOHV HP 'H]HPEUR GH 2 6$, SURJUDPD GR 6(%5$( 63 FRP SDUFHULD GD 6HFUHWDULD GH $JULFXOWXUD H $EDVWHFLPHQWR GR (VWDGR GH 6mR 3DXOR WHP SRU ILQDOLGDGH IRUQHFHU DRV SURGXWRUHV H HPSUHHQGHGRUHV UXUDLV GH IRUPD VLVWHPDWL]DGD RULHQWDomR DVVHVVRULD H VHUYLoRV GH QDWXUH]D WHFQROyJLFD JHUHQFLDO H DGPLQLVWUDWLYD GLIHUHQFLDQGR DV FDGHLDV SURGXWLYDV GRV DJURQHJyFLRV 2XWUDV RUJDQL]Do}HV HQYROYLGDV QR SURMHWR VmR D &RRUGHQDGRULD GH $VVLVWrQFLD ,QWHJUDO &$7, DWUDYpV GR ('5 -DOHV (VFULWyULR GH 'HVHQYROYLPHQWR 5HJLRQDO SDUD RIHUHFHU DVVLVWrQFLD WpFQLFD DR SURJUDPD 6$, H 6LQGLFDWR 5XUDO GH -DOHV R 6(1$5 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP 5XUDO 63 D DVVRFLDomR FRPHUFLDO 8UkQLD H DV SUHIHLWXUDV DV TXDLV WrP FRQWULEXtGR SULQFLSDOPHQWH DWUDYpV GH GRDomR GRV HTXLSDPHQWRV XWLOL]DGRV QRV SURFHVVDPHQWRV GDV PDWpULDV SULPD SDUD D LPSOHPHQWDomR GHVWH SURJUDPD QRV PXQLFtSLRV H WRGD UHJLmR 1R DQR GH IRUDP IHLWRV OHYDQWDPHQWRV GD FRPSRVLomR GD SURGXomR GD UHJLmR GH -DOHV WDQWR DJUtFRODV FRPR SHFXiULDV FRP YLVWDV j LGHQWLILFDomR GH iUHDV GH IRPHQWR SDUD PLFUR H SHTXHQDV DJURLQG~VWULDV QR VLVWHPD GH LQFXEDGRUDV 7RGRV RV JUXSRV LQWHJUDQWHV GR SURMHWR SDVVDUDP SRU XP GLDJQyVWLFR H R UHVXOWDGR VHUYLX GH EDVH SDUD D SURSRVWD GH XP SODQR GH DomR GH IRPHQWR i IRUPDomR GH JUXSRV H VXDV DWXDo}HV $ FDSDFLWDomR GRV JUXSRV UHSUHVHQWD XPD GDV Do}HV LGHDOL]DGDV SHOR 6(%5$( FRP R REMHWLYR GH SURPRYHU R IRUWDOHFLPHQWR GDV FDGHLDV SURGXWLYDV UHJLRQDLV -251$/ '( 1(*Ï&,26
  • 39. 2V JUXSRV GH DJURLQG~VWULDV DERUGDGRV $V LQLFLDWLYDV DQDOLVDGDV QHVWH WUDEDOKR SRGHP VHU HQWHQGLGDV FRPR DJURLQG~VWULDV IDPLOLDUHV GH SHTXHQD HVFDOD WDPEpP GHQRPLQDGDV PLFURDJURLQG~VWULDV SRU DOJXQV DXWRUHV GH RULJHP UXUDO QDV TXDLV SURFXUD VH SURFHVVDU SURGXWRV WDQWR GHFRUUHQWHV GH PDWpULDV SULPDV SURGX]LGDV QDV SURSULHGDGHV TXDQWR YLQGD GH RXWUDV SURSULHGDGHV FRPR R OHLWH 1D OLWHUDWXUD QmR Ki UHIHUrQFLDV FODUDV TXDQWR DRV FULWpULRV GH FODVVLILFDomR GDV DJURLQG~VWULDV HP WHUPRV GH WDPDQKR 1mR VHQGR KRPRJrQHR SRGH VH YHU UHIHUrQFLDV j PLFURDJURLQG~VWULD WHUPR XWLOL]DGR SRU 9LHLUD HQWUHWDQWR R DXWRU QmR PHQFLRQD D H[LVWrQFLD GH SRVVtYHLV FULWpULRV GH FODVVLILFDomR HP SHTXHQDV RX PLFUR DJURLQG~VWULDV 2XWUD GLVWLQomR DSUHVHQWDGD SHOR DXWRU UHIHUH VH j GLIHUHQFLDomR HQWUH DJURLQG~VWULD XUEDQD GH SHTXHQD HVFDOD H DJURLQG~VWULD UXUDO 3DUD 9LHLUD D DJURLQG~VWULD XUEDQD VXUJH GH XPD RSRUWXQLGDGH GH PHUFDGR LGHQWLILFDGD jV YH]HV GH PDQHLUD LQWXLWLYD VHP HVWXGRV H DYDOLDo}HV IRUPDLV HPERUD UHODFLRQH FRP D HVIHUD GH FRQKHFLPHQWR WpFQLFR 8P GRV SUREOHPDV FRP R TXDO VH GHIURQWD UHIHUH VH DR DEDVWHFLPHQWR GH PDWpULDV SULPDV -i D DJURLQG~VWULD UXUDO VH FRQVWLWXL VHJXQGR R PHVPR DXWRU D SDUWLU GH GXDV PRWLYDo}HV D SULPHLUD UHIHUH VH DR DSURYHLWDPHQWR GH H[FHGHQWHV TXH R SURGXWRU QmR FRQVHJXH FRORFDU QR PHUFDGR VHMD SRU QmR DWHQGHU DRV SDGU}HV GH FRPHUFLDOL]DomR RX D SUREOHPDV VpULRV GH TXDOLGDGH DRV TXDLV R SURGXWRU LPDJLQD GDU XP GHVWLQR HFRQ{PLFR $ VHJXQGD PRWLYDomR VXUJH TXDQGR GDV FRQMXQWXUDV GHVIDYRUiYHLV GH SUHoR SDUD VXD SURGXomR DJUtFROD H R SURGXWRU Yr QD DJURLQGXVWULDOL]DomR XPD PDQHLUD GH DGLFLRQDU YDORU $ VHJXLU FDUDFWHUL]D VH RV JUXSRV GH DJURLQG~VWULDV DQDOLVDGRV *UXSR 'HOtFLDV GH 6mR )UDQFLVFR PXQLFtSLR GH 6mR )UDQFLVFR 63 2 *UXSR 'HOtFLDV GH 6mR )UDQFLVFR FXMR QRPH UHPHWH DR PXQLFtSLR GH RULJHP IRL IRUPDGR HP 6XD IRUPDomR IRL PRWLYDGD SRU XP FXUVR RIHUHFLGR SHOD &$7, 5HJLRQDO GH -DOHV VREUH OHJLVODomR GD DJURLQG~VWULD p FRPSRVWR SRU FLQFR FRPSRQHQWHV WRGDV DV PXOKHUHV SURGXWRUDV UXUDLV 2 SURFHVVR SURGXWLYR XWLOL]DGR SHOR JUXSR GHPRQVWUD WUDEDOKDU FRP GLYHUVLILFDomR HP WHUPRV GH OLQKDV GH WUDQVIRUPDomR SURFHVVDQGR WDQWR PDWpULDV SULPDV RULJLQiULDV GD SURGXomR SULPiULD FRPR WDPEpP GH SURGXWRV D EDVH GH PDVVDV GRFHV H OLFRUHV VHQGR RV FRPR SURGXWRV SULQFLSDLV D PDQGLRFD ³FKLSV´ H FDVFD GH OLPmR ³WDKLWL´ FULVWDOL]DGD 2 *UXSR FRQVRPH QR SURFHVVR SURGXWLYR R HTXLYDOHQWH D FDL[DV RX D NJ GH PDQGLRFD SRU PrV QR YDORU GH DTXLVLomR GH 5 FDL[D D YDORUHV GH QRYHPEUR GH VDFRV NJ GH OLPmR ³WDKLWL´ SRU PrV DR FXVWR GH 5 VDFR NJ GH DPHQGRLP H R FDMX
  • 40. WrP SUHoR GH FXVWR GH 5 NJ SDUD D FDVWDQKD H 5 NJ GH SHG~QFXOR VHP D FDVWDQKD GDGRV GH QRYHPEUR GH 2XWUDV PDWpULDV SULPDV VmR XWLOL]DGDV HP SHTXHQDV TXDQWLGDGHV H GH SURGXomR SUySULD 7DEHOD 2 JUXSR 'HOtFLDV GH 6mR )UDQFLVFR QmR p YLQFXODGR i DVVRFLDomR RX FRRSHUDWLYD GH SURGXWRUHV PDV D IUHTrQFLD GH SURGXomR p GLiULD GH VHJXQGD D TXLQWD IHLUD GDV QRYH jV GH]HVVHWH KRUDV (PERUD R JUXSR DILUPH QmR H[LVWLU XP FRQWUROH VLVWHPiWLFR H HVFULWXUDomR GRV FXVWRV GH SURGXomR LQGLFDP D PmR GH REUD GRV SUySULRV FRPSRQHQWHV FRPR XP LWHP GH FXVWR FRQVLGHUDGR QD FRPSRVLomR GRV FXVWRV WRWDLV GH SURGXomR H LQGLFDP FRPR UHPXQHUDomR PtQLPD GHVHMDGD R YDORU GH XP VDOiULR PtQLPR PHQVDO SDUD FDGD LQWHJUDQWH $ WDEHOD DSUHVHQWD R WLSR GH HPEDODJHP XWLOL]DGD SDUD DFRQGLFLRQDPHQWR GRV SURGXWRV H D SURGXomR PHQVDO LQGLFDGD TXDQWLGDGH GH XQLGDGHV VHJXQGR R WLSR GH HPEDODJHP 3DUD RV SURGXWRV GHULYDGRV GH PDVVD HODERUDGRV FRPR PHQRU UHJXODULGDGH QmR XWLOL]D PDWpULDV SULPDV RULJLQiULDV GD SURGXomR DJUtFROD UHJLRQDO SRU LVWR QmR Ki LQGLFDomR GRV UHTXHULPHQWRV GD GH PDWpULD SULPD
  • 41. 7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63 (PEDODJHQV3URGXWR FRP PDWpULDV SULPDV UHJLRQDLV 'HVFULomR GR SURGXWR 7LSR 8QLGDGH 3URGXomR PHQVDO 5HTXHULPHQWR GH PDWpULD SULPD PrV 0DQGLRFD &KLSV 0DQGLRFDV ILQDV H IULWDV 3DFRWH J FDL[DV GH PDQGLRFD &DVFD GH /LPmR 7DKLWL 'RFH FULVWDOL]DGR 3DFRWH J VDFDV GH NJ GH OLPmR 7DKLWL 'RFH GH &DMX &ULVWDOL]DGR 3DFRWH J $PHQGRLP FRP JHUJHOLP &ULVWDOL]DGR FRP Do~FDU 3DFRWH J NJ GH DPHQGRLP /LFRU GH &RFR %HELGD 9LGUR PO FRFRV /LFRU GD &DVFD GH /DUDQMD %HELGD 9LGUR PO ODUDQMDV 5RQGHOL 0DVVD GH PDFDUUmR 3DFRWH J $IRJiVVLD 3DVWHL]LQKRV FRP UHFKHLR IUDQJR FDUQH FDODEUHVD 3DFRWH J 5L]ROL 0DVVD SUp FR]LGD SDVWHO 3DFRWH J 3mR GH 4XHLMR 3mR GH TXHLMR 3DFRWH J 3ROYLOKR 0DQGLRFD 3DFRWH &RQVXPR SUySULR )RQWH 3HVTXLVD GH FDPSR 2V FDQDLV GH FRPHUFLDOL]DomR SUDWLFDGRV VmR YHQGD SDUD R YDUHMR HP ORMD GH FRQYHQLrQFLD QD FLGDGH GH -DOHV FRUUHVSRQGH D GD TXDQWLGDGH GRV SURGXWRV FRPHUFLDOL]DGRV H RV RXWURV VmR FRPHUFLDOL]DGRV ORFDOPHQWH QD IRUPD GH YHQGD GLUHWD DR FRQVXPLGRU ILQDO 7DEHOD 2 WUDEDOKR GH YHQGD GLUHWD DR FRQVXPLGRU p UHDOL]DGR SHODV PHVPDV PXOKHUHV TXH DWXDP QD SURGXomR VHQGR SDUWH GHVWH UHDOL]DGR DRV GRPLQJRV DSyV DV FHULP{QLDV UHOLJLRVDV QDV LJUHMDV 1D FRPHUFLDOL]DomR UHDOL]DGD SDUD ORMDV GH YDUHMR DV YHQGDV VmR IHLWDV VHP D XWLOL]DomR GR UyWXOR H PDUFD GR IDEULFDQWH JUXSR TXHP URWXOD RV SURGXWRV p D ORMD YDUHMLVWD FRPSUDGRUD QDV YHQGDV GLUHWDV DR FRQVXPLGRU RV UyWXORV VmR FHGLGRV SHOD SUHIHLWXUD 5HVVDOWH VH TXH VH R JUXSR QmR XWLOL]D UyWXOR HP XP GH VHXV FDQDLV GH YHQGD DLQGD TXH VLPSOHV H TXH QmR QHFHVVDULDPHQWH DWHQGD D SDGU}HV QRUPDWLYRV LQGLFDGRV SHOD OHJLVODomR $19,6$ 5'& Q GH GH GH]HPEUR GH $VVLP R SURGXWR FRPHUFLDOL]DGR SHUGH VXD LGHQWLGDGH GH RULJHP H R JUXSR SHUGH D RSRUWXQLGDGH GH DVVRFLDU R FRQFHLWR DGHTXDGR DR PHVPR RX VHMD SHUGH VH D RSRUWXQLGDGH GH H[SORUDU R FRQFHLWR GH SURGXWRUHV H SURGXomR ORFDO GLPHQVmR
  • 42. GR UHJLRQDO H GR DUWHVDQDO $ LGpLD VXEMDFHQWH p TXH RV FRQVXPLGRUHV DR DGTXLULUHP XP SURGXWR D HVWH DVVRFLDP QmR DSHQDV FDUDFWHUtVWLFDV WDQJtYHLV PDV WDPEpP DWULEXWRV LQWDQJtYHLV YLQFXODGRV D XPD LGpLD DR FRQFHLWR TXH VH TXHU SDVVDU R FRQFHLWR UHOHYDQWH QR FDVR VHULD D YDORUL]DomR GRV SURGXWRUHV ORFDLV H D SURGXomR GHVWHV SURYHQLHQWHV 9r VH TXH D XWLOL]DomR GR UyWXOR GHVHQYROYLGR H FHGLGR SHOD SUHIHLWXUD QDV YHQGDV GLUHWDV DTXHOHV DWULEXWRV UHODWLYRV DR FRQFHLWR VmR UHVJDWDGRV HQWUHWDQWR HVWH FDQDO QmR p R PDLV LPSRUWDQWH HP WHUPRV GH YROXPH GH YHQGDV 2 JUXSR DLQGD QmR VH VXEPHWHX D FHUWLILFDomR RX RXWUR WLSR GH LQVSHomR SDUD FRPHUFLDOL]DomR GRV SURGXWRV H DJXDUGD D UHJXODUL]DomR GRV PHVPRV UyWXOR FyGLJR GH EDUUD SRLV QmR WHP DXWRUL]DomR GR &HQWUR GH 9LJLOkQFLD 6DQLWiULD H 6D~GH GD 6HFUHWiULD GR (VWDGR GH 6mR 3DXOR 7DEHOD 3UHoR GR SURGXWR ILQDO SDUD YHQGD QR DWDFDGR H GLUHWR DR FRQVXPLGRU SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR 0XQLFtSLR GH 6mR )UDQFLVFR 63 3URGXWR 3UHoR SDUD R YDUHMR 3UHoR GH YHQGD DR FRQVXPLGRU 0DQGLRFD &KLSV SDFRWH &DVFD GH /LPmR 7DKLWL SDFRWH 'RFH GH &DMX SDFRWH $PHQGRLP FRP JHUJHOLP SDFRWH /LFRU GH &RFR 9LGUR /LFRU GD &DVFD GH /DUDQMD 9LGUR 5RQGHOL SDFRWH $IRJiVVLD SDFRWH 5L]ROL SDFRWH 3mR GH 4XHLMR SDFRWH 3ROYLOKR )RQWH 3HVTXLVD GH FDPSR *UXSR 'HOtFLDV GR &DPSR PXQLFtSLR GH 6DQWD $OEHUWLQD 63 6LWXDGR QR PXQLFtSLR GH 6DQWD $OEHUWLQD R JUXSR 'HOLFLDV GR &DPSR WDPEpP IRL IRUPDOL]DGR HP SRU FLQFR PXOKHUHV D SDUWLU GH XP FXUVR GH FDSDFLWDomR HP DOLPHQWRV DUWHVDQDLV SURPRYLGR SHOR 6$, 6(%5$( H H[WLQWR QR ILQDO GH VHQGR TXH TXDWUR GDV FLQFR LQWHJUDQWHV WHP FRPR RULJHP D DJULFXOWXUD IDPLOLDU H D RXWUD LQWHJUDQWH R WUDEDOKR GRPpVWLFR 2 JUXSR WUDEDOKD FRP GHULYDGRV GR OHLWH H PLVWXUDV i EDVH GH IUXWDV 'HQWUH RV SURGXWRV SULQFLSDLV GHVWDFDP VH RV GRFHV GH OHLWH HP IRUPDV GH EDUUDV H SDVWRVR FRP RX VHP DGLomR GH IUXWDV H WDPEpP GRFH GH OHLWH WDOKDGLQKR SDWr GH ULFRWD FDQXGLQKR UHFKHDGR EDOD EDLDQD OLFRUHV GH OHLWH
  • 43. MHQLSDSR FDUDPEROD FHUHMD DFHUROD PDUDFXMi MDEXWLFDED H FKRFRODWH 2 OHLWH HUD DGTXLULGR GH WHUFHLURV QR YDORU GH 5 SRU OLWUR GDGRV GR PrV GH QRYHPEUR GH $SHVDU GH R JUXSR WHU D PDLRULD GDV FRPSRQHQWHV LQVHULGDV QD DWLYLGDGH UXUDO D RSomR SRU DJUHJDU YDORU DR OHLWH QmR UHSUHVHQWRX RSomR HVWUDWpJLFD GH GLYHUVLILFDomR FRP DJUHJDomR GH YDORU GHFRUUHQWH GD EXVFD GH SURGXWRUHV UXUDLV SRU DGLFLRQDU YDORU j PDWpULD SULPD EDVH OHLWH GDGR TXH D PHVPD QmR HUD SURGX]LGD VHTXHU SDUFLDOPHQWH SHODV FRPSRQHQWHV GR JUXSR $VVLP D RSomR SRU WUDEDOKDU FRP SURFHVVDPHQWR GH OHLWH FRQMXJDGD DR IDWR GH DV SURGXWRUDV UXUDLV QmR GLVSRUHP GD PDWpULD SULPD GH TXH QHFHVVLWDP HVEDUUD QRV FRQGLFLRQDQWHV OHJDLV LPSRVVLELOLWDQGR D REWHQomR GR UHJLVWUR MXQWR DR &HQWUR ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO GD &RRUGHQDGRULD GH 'HIHVD $JURSHFXiULD 2X VHMD DV QRUPDV SDUD D HODERUDomR GH IRUPD DUWHVDQDO GH SURGXWRV FRPHVWtYHLV GH RULJHP DQLPDO H VXD FRPHUFLDOL]DomR QR (VWDGR GH 6mR 3DXOR D /HL Q GH GH PDUoR GH HVWDEHOHFH TXH R SURGXWRU SRGHUi WHU DWp GD PDWpULD SULPD OHLWH YLQGD GH WHUFHLURV H D SURGXomR QmR SRGH VHU UHDOL]DGD QD FR]LQKD GD FDVD RX HP EDUUDFmR 2V SURGXWRUHV UXUDLV GHYHP PDQWHU UHJLVWUR MXQWR DR &HQWUR GH ,QVSHomR GH 3URGXWRV GH 2ULJHP $QLPDO GR JUXSR GH 'HIHVD 6DQLWiULD $QLPDO GD 6HFUHWiULD GH $JULFXOWXUD H $EDVWHFLPHQWR 2 JUXSR QmR HVWHYH YLQFXODGR D DVVRFLDo}HV H FRRSHUDWLYDV H FRQVLGHUDYD XP SUREOHPD R DFHVVR j PDWpULD SULPD SDUD R SURFHVVDPHQWR GRV GRFHV SRLV VH WUDEDOKDVVHP QD SURGXomR SHFXiULD H OHLWHLUD R OHLWH VDLULD D XP FXVWR PHQRU 3DUD DV GHPDLV PDWpULDV SULPDV RV YDORUHV VmR XWLOL]DGRV FRPR SDUkPHWUR QD FRPSRVLomR GRV FXVWRV SDUD RV OLFRUHV QmR FRQVWD R UHTXHULPHQWR GD PDWpULD SULPD SRLV HP IXQomR GDV SHTXHQDV TXDQWLGDGHV SURGX]LGDV QmR IRUDP LQGLFDGDV H VXSRVWDPHQWH GLPHQVLRQDGRV DV TXDQWLGDGHV UHTXHULGDV 7DEHOD
  • 44. 7DEHOD 3URGXWRV SURFHVVDGRV SHOR JUXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 63 (PEDODJHQV3URGXWR FRP PDWpULDV SULPDV UHJLRQDLV 'HVFULomR GR SURGXWR 7LSR 4XDQWLGDGH 8QLGDGH 3URGXomR PHQVDO 5HTXHULPHQWR GH PDWpULD SULPD QHFHVViULD PrV 'RFH GH /HLWH 7DOKDGLQKR 'RFH GH OHLWH WDOKDGLQKR 3RWH J OLWURV GH OHLWH 'RFH GH /HLWH 3DVWRVR &RP PRUDQJR DEDFD[L FHUHMD DPHL[D XYD SDVVD H DPHQGRLP 3RWH J OLWURV GH OHLWH 'RFH GH /HLWH HP %DUUD /HLWH 3DFRWH J OLWURV GH OHLWH 3DWr GH 5LFRWD 3DWr ULFRWD 9LGUR J OLWURV GH OHLWH &DQXGLQKR 5HFKHDGR &DQXGLQKR 5HFKHDGR FRP GRFH GH OHLWH %DQGHMD XQLG OLWURV GH OHLWH %DOD %DLDQD /HLWH FRFR FDOGD FDUDPHOL]DGD 3DFRWH J OLWURV GH OHLWH /LFRU GH /HLWH /LFRU GH OHLWH SLQJD 9LGUR PO /LFRU GH -HQLSDSR /LFRU GH MHQLSDSR 9LGUR PO /LFRU GH FDUDPEROD /LFRU GH FDUDPEROD 9LGUR PO /LFRU GH &HUHMD /LFRU GH FHUHMD 9LGUR PO /LFRU GH $FHUROD /LFRU GH DFHUROD 9LGUR PO /LFRU GH 0DUDFXMi /LFRU GH PDUDFXMi 9LGUR PO /LFRU GH -DEXWLFDED /LFRU GH MDEXWLFDED 9LGUR PO /LFRU GH &KRFRODWH /LFRU GH FKRFRODWH 9LGUR PO )RQWH 3HVTXLVD GH FDPSR 2 *UXSR 'HOtFLDV GR &DPSR QmR LQIRUPRX RV YDORUHV FRQVLGHUDGRV SDUD UHPXQHUDomR GD PmR GH REUD SUySULD PDV DILUPDP FRQVLGHUi OR FRPR FRPSRQHQWH GRV FXVWRV $ FRPHUFLDOL]DomR p UHDOL]DGD DWUDYpV GH WUrV FDQDLV GH GLVWULEXLomR YHQGD DR DWDFDGR SDUD XPD HPSUHVD VXSHUPHUFDGR GH -DOHV TXH DGTXLUH GD SURGXomR VHP D XWLOL]DomR GR UyWXOR H VHP D PDUFD GR IDEULFDQWH TXH p FRORFDGR SHOD PHVPD YHQGD QR YDUHMR SDUD TXLWDQGDV HP 6DQWD $OEHUWLQD H %DUUDFDV FRORFDGDV DV PDUJHQV GD 5RGRYLD SUy[LPD DR PXQLFtSLR GD SURGXomR H VmR FRPHUFLDOL]DGRV GLUHWDPHQWH DR FRQVXPLGRU ILQDO FRP UyWXORV FHGLGRV SHOD SUHIHLWXUD FRPR FRQVWD QD 7DEHOD 1DV YHQGDV QR DWDFDGR RV SDJDPHQWRV HUDP IHLWRV j YLVWD H RV SURGXWRV HQWUHJXHV VHP LGHQWLILFDomR GR JUXSR H GR PXQLFtSLR 6REUH D QmR XWLOL]DomR GH UyWXORV SUySULRV LVWR WUD] DV
  • 45. PHVPDV LPSOLFDo}HV GLVFXWLGDV QR *UXSR 6mR )UDQFLVFR 2 JUXSR QmR SRVVXL FHUWLILFDomR RX RXWUR WLSR GH LQVSHomR SDUD FRPHUFLDOL]DomR GRV SURGXWRV H j pSRFD GD HQWUHYLVWD DQWHV GR HQFHUUDPHQWR GDV DWLYLGDGHV DJXDUGDYDP D UHJXODUL]DomR GRV PHVPRV UyWXOR FyGLJR GH EDUUD VHJXQGR DV GLUHWUL]HV GHILQLGDV QR &yGLJR GH 'HIHVD GR &RQVXPLGRU H D OHJLVODomR VREUH URWXODJHP QXWULFLRQDO 5HVROXomR $19,6$ ± 5'& Qž 7DEHOD 3UHoR GR SURGXWR SDUD YHQGD DR YDUHMR H YHQGD GLUHWD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DPSR 6DQWD $OEHUWLQD 3URGXWRV 9DUHMR &RQVXPLGRU 'RFH GH OHLWH HP EDUUD 'RFH GH OHLWH SDVWRVR 3DWr GH ULFRWD )RQWH 3HVTXLVD GH FDPSR *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD ± 63 6LWXDGR QR PXQLFtSLR GH 8UkQLD R JUXSR 'HOLFLDV GR &DMX WHYH VXD FRQVWLWXLomR WDPEpP HVWLPXODGD D SDUWLU GH UHXQL}HV H FXUVRV VREUH DJURLQG~VWULDV H FRP R DSRLR GR 6$, 6(%5$( 2 JUXSR p IRUPDGR SRU VHWH SURGXWRUDV GH FDMX 1HVWH FDVR GHVWDFD VH D SUHVHQoD IHPLQLQD QR XQLYHUVR SURGXWLYR ID]HQGR XVR GH FRQKHFLPHQWRV WiFLWRV DSOLFDGR D FXOLQiULD IDYRUHFHQGR SURFHVVRV GH DSUHQGL]DGR FROHWLYR H FDSDFLWDomR LQRYDWLYD $ DWXDomR H RUJDQL]DomR LQWHUQD GR JUXSR QHVWH FDVR IRUDP IDFLOLWDGDV SRUTXH Mi H[LVWLD XP WUDEDOKR SUpYLR H HP FRQMXQWR GRV PHPEURV TXH R FRQVWLWXtUDP QR DPELHQWH RUJDQL]DFLRQDO GD $VVRFLDomR GRV 3URGXWRUHV GH &DMX 6HJXQGR 6LOYD D DVVRFLDomR VXUJLX HP TXDQGR SURGXWRUHV GH FDMX GH 8UkQLD H 6DQWD 6DOHWH RV SULPHLURV D SODQWDUHP D FXOWXUD VHQWLUDP D QHFHVVLGDGH GH VH RUJDQL]DUHP SDUD UHDOL]DUHP FRPSUDV FRQMXQWDV GH HPEDODJHQV FRP R REMHWLYR GH UHGX]LUHP VHXV FXVWRV 6HQGR R JUXSR XP EUDoR SURGXWLYR GD DVVRFLDomR HVWH FDVR p YiOLGR GL]HU TXH R WUDEDOKR HP FRQMXQWR UHSUHVHQWD XPD RSomR SDUD DGLFLRQDU YDORU i PDWpULD SULPD GH SURGXomR SUySULD &RPR SURGXWRUHV DVVRFLDGRV R JUXSR ID] D HVWRFDJHP GD FDVWDQKD H GR SHG~QFXOR SVHXGRIUXWR FRQJHODGR SDUD SURFHVVDPHQWR IXWXUR 7RGRV RV LWHQV GH SURGXomR WrP R FDMX FRPR PDWpULD SULPD H HVWmR DSUHVHQWDGRV QD 7DEHOD 8WLOL]DP DSUR[LPDGDPHQWH NJ GH FDVWDQKD GH FDMX SRU DQR H NJ GH SHG~QFXOR DQXDOPHQWH QR SURFHVVR GH IDEULFDomR 2 SHG~QFXOR SVHXGRIUXWR p R UHVSRQViYHO SHOD SROSD GR
  • 46. FDMX HQTXDQWR D FDVWDQKD p R YHUGDGHLUR IUXWR 6REUH D IUHTrQFLD GH WUDEDOKR QD SURGXomR GRV SURGXWRV DUWHVDQDLV HVWH JUXSR DILUPRX DWXDU VHPDQDOPHQWH DXPHQWDU D IUHTXrQFLD HP pSRFDV GH IHLUDV H IHVWDV DR FRQWUiULR GRV RXWURV GRLV JUXSRV 'HOtFLDV GR &DPSR H 'HOtFLDV GH 6mR )UDQFLVFR TXH DILUPDUDP UHXQLUHP VH GLDULDPHQWH SDUD R WUDEDOKR FRP R SURFHVVDPHQWR GRV SURGXWRV $ PmR GH REUD SDUD R WUDEDOKR p FRPSRVWD SHORV SUySULRV PHPEURV GR JUXSR XWLOL]DQGR HYHQWXDOPHQWH PmR GH REUD FRPSOHPHQWDU $ HVFDOD SURGXWLYD YDULD XPD YH] TXH D SURGXomR UHVSRQGH D SHGLGRV H GH DFRUGR FRP HVWHV VmR XWLOL]DGDV PDLV GXDV SHVVRDV SDUD DX[LOLDU R JUXSR SULQFLSDOPHQWH QR SURFHVVDPHQWR GD FDVWDQKD 'HVVHV XP GRV IXQFLRQiULRV HYHQWXDLV H UHPXQHUDGR SRU SURGXWLYLGDGH UHFHEHQGR 5 NJ GH FDVWDQKD OLPSD GDGRV GR PrV GH 6HWHPEUR $ PmR GH REUD GRV SUySULRV LQWHJUDQWHV GRV JUXSRV HQWUD QD FRPSRVLomR GRV FXVWRV GRV SURGXWRV SURFHVVDGRV HVWLPDQGR VH R SHUFHQWXDO GH GRV FXVWRV WRWDLV SDUD D PHVPD 7DEHOD 3URGXWRV SURFHVVDGRV SHOR *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63 (PEDODJHQV 3URGXWRV 'HVFULomR GR SURGXWR 7LSR 8QLGDGH 4XDQWLGDGH SURGX]LGD QR PrV /LFRU &DMX 3RWH J &DVWDQKD &DVWDQKD WRUUDGD 3DFRWH NJ 3DWr %DVH GH SROSD GH FDMX 3RWH J 7UXIDV 5HFKHLR FRP FDVWDQKD GH FDMX 3DFRWH NJ 6RE HQFRPHQGD %RPERQV 5HFKHLR FRP FDMX 3DFRWH NJ 6RE HQFRPHQGD &DMX SDVVDV &DMX SDVVD GHVLGUDWDGD 3DFRWH NJ 6RE HQFRPHQGD &DVWDQKD GRFH &DVWDQKD GRFH 3DFRWH NJ )RQWH 3HVTXLVD GH FDPSR $V YHQGDV VmR UHDOL]DGDV LQWHJUDOPHQWH SRU FDQDO GH FRPHUFLDOL]DomR GLUHWR RX VHMD GLUHWDPHQWH DR FRQVXPLGRU ILQDO XWLOL]DQGR PDUFD HPEDODJHP H UyWXORV SUySULRV GR JUXSR 1D 7DEHOD HVWmR DSRQWDGRV RV WLSRV GH HPEDODJHP XWLOL]DGRV H RV SUHoRV UHFHELGRV QD YHQGD DR FRQVXPLGRU
  • 47. 7DEHOD 3URGXWRV H SUHoRV QD YHQGD DR FRQVXPLGRU *UXSR 'HOtFLDV GR &DMX 0XQLFtSLR GH 8UkQLD 63 (PEDODJHQV 3URGXWRV 7LSR 4XDQWLGDGH XQLGDGH 3UHoR /LFRU 9LGURV PO PO PO &DVWDQKD 'RFH 3DFRWH J &DVWDQKD 6DOJDGD 3DFRWH J 3DWr 3RWH J 7UXIDV 3DFRWH 8QLGDGH %RPERP 3DFRWH 8QLGDGH )RQWH 3HVTXLVD GH FDPSR &RQGLFLRQDQWHV JHUDLV GD DWXDomR GDV DJURLQG~VWULDV GD UHJLmR GH -DOHV &DSDFLWDomR WHFQROyJLFD H TXDOLGDGH &RPR UHVVDOWD 9LHLUD RV SURFHVVRV GH VXUJLPHQWR H GHVHQYROYLPHQWR GH DJURLQG~VWULDV GH SHTXHQD HVFDOD DSyLDP VH QR XVR GH WHFQRORJLD GH EDL[D LQWHQVLGDGH FLHQWtILFD GH GRPtQLR S~EOLFR DOpP GR FDUiWHU DUWHVDQDO RX VHMD DUWH H WUDEDOKR VHJXQGR 1HYHV H 5DXVK 2V FRQKHFLPHQWRV QHFHVViULRV SDUD WDQWR HVWmR GLVSRQtYHLV H GH IiFLO DFHVVR 2 SDGUmR WHFQROyJLFR p WDPEpP LQIOXHQFLDGR SHOR DPELHQWH VyFLR FXOWXUDO TXH R FLUFXQGD H RV PHUFDGRV GH GHVWLQR 1HVWH VHJPHQWR DJURLQGXVWULDO RV SUREOHPDV TXH DIHWDP D TXDOLGDGH GD SURGXomR VmR R HQWHQGLPHQWR SUHFLVR GD TXDOLGDGH GDV PDWpULDV SULPDV GHILQLomR GRV SURGXWRV D VHUHP SURFHVVDGDV UDFLRQDOL]DomR GRV SURFHVVDPHQWRV UHVWULo}HV TXDQWR DRV DWULEXWRV KLJLrQLFRV VDQLWiULRV LQVWDODo}HV FRQVLVWrQFLD H XQLIRUPLGDGH GRV SURGXWRV GLILFXOGDGHV SDUD FXPSULU D OHJLVODomR 3RUWDULD &96 H GLILFXOGDGHV SDUD DTXLVLomR GH LQVXPRV H HPEDODJHP 2 *UXSR 'HOtFLDV GH 6mR )UDQFLVFR FLWRX FRPR GLILFXOGDGHV GH RUGHP WpFQLFD D IDOWD GH XPD PiTXLQD LQGXVWULDO SDUD ILOHWDU D PDQGLRFD H IDOWD GH UHFXUVRV SDUD DTXLVLomR GH LQIUD HVWUXWXUD ItVLFD FRP FRQVWUXo}HV DGDSWDGDV SDUD R SURFHVVDPHQWR GDGR TXH SHUPDQHFHP HP GHVDFRUGR DV H[LJrQFLDV OHJDLV (VWD GHVFRQIRUPLGDGH FRQVWLWXLX XP DJUDYDQWH GH PDLRU GLPHQVmR SDUD R JUXSR 'HOtFLDV GR &DPSR H[WLQWR SRLV WUDEDOKDYDP FRP SURGXWRV GH RULJHP DQLPDO
  • 48. 2 JUXSR GH 6mR )UDQFLVFR LQGLFRX WDPEpP FDUrQFLD GH UHFXUVRV SDUD SHTXHQDV DTXLVLo}HV FRPR D IDOWD GH XPD OLQKD WHOHI{QLFD FRP DSDUHOKR XP FRPSXWDGRU H XP YHQWLODGRU QD iUHD GH SURFHVVDPHQWR 4XDQWR DRV DWULEXWRV XQLIRUPLGDGH H FRQVLVWrQFLD GRV SURGXWRV ILQDLV TXH HQYROYHP DGHTXDomR WHFQROyJLFD DRV SURFHVVRV XWLOL]DGRV R *UXSR 'HOtFLDV GR &DPSR H[WLQWR DSRQWRX FRPR LPSRUWDQWHV D GLILFXOGDGHV SDUD DWLQJLU R SRQWR GHVHMiYHO QR GRFH EHP FRPR GLILFXOGDGHV FRP D XWLOL]DomR GH FRQVHUYDQWHV 2 JUXSR 'HOtFLDV GR &DMX WDPEpP LQGLFRX FRPR SUREOHPD GH DGHTXDomR WHFQROyJLFD D GLILFXOGDGH SDUD REWHU R SRQWR ILQDO GHVHMiYHO SDUD R SDWr GH FDMX EHP FRPR D QHFHVVLGDGH GH SURORQJDPHQWR GD YLGD ~WLO GH SUDWHOHLUD GRV SURGXWRV VXJHULQGR D QHFHVVLGDGH GH PDLV LQYHVWLPHQWRV S~EOLFRV FRP FDSDFLWDo}HV TXH FRQGX]DP FRQKHFLPHQWRV GD iUHD GH WHFQRORJLD GH DOLPHQWRV $WULEXWRV GH TXDOLGDGH RX SDGU}HV GH TXDOLGDGH GHYHP VHU FRQFHLWXDGRV UHVSHLWDGDV DV LQGLFDo}HV OHJDLV GR &yGLJR GH 'HIHVD GR &RQVXPLGRU GD $19,6$ H GR &HQWUR GH 9LJLOkQFLD 6DQLWiULD HVSHFLDOPHQWH SDUD FDVRV FRPR RV WUDWDGRV SRU WUDWDU VH GH SURGXWRV DOLPHQWDUHV LQFOXLQGR GH RULJHP DQLPDO WHQGR HP YLVWD WDQWR D VDWLVIDomR GDV SUHIHUrQFLDV GRV FRQVXPLGRUHV TXDQWR GR SRQWR GH YLVWD GD JDUDQWLD GH VHJXUDQoD DOLPHQWDU 3DUD HVWHV SURGXWRV D TXDOLGDGH VHQVRULDO HVWi UHODFLRQDGD FRP RV DWULEXWRV SHUFHSWtYHLV SHOR FRQVXPLGRU QD FRPSUD RX TXDQGR GR FRQVXPR GR DOLPHQWR FRPR VDERU DURPD FRU WH[WXUD HQWUH RXWURV 'R RXWUR ODGR HQFRQWUDP VH DV FDUDFWHUtVWLFDV UHODFLRQDGDV FRP D TXDOLGDGH LQWUtQVHFD D TXDO GHWHUPLQD R JUDX GH LQRFXLGDGH RX SRVVLELOLGDGHV GH ULVFR SDUD VD~GH GR FRQVXPLGRU LQJUHGLHQWHV FRPSRVLomR LQGLFDGD QD URWXODJHP QXWULFLRQDO 7RGRV RV JUXSRV DILUPDUDP WHU WLGR DFHVVR j FDSDFLWDomR TXH RV TXDOLILFDUDP SDUD FRQKHFHU SURFHGLPHQWRV QHFHVViULRV SDUD JDUDQWLU RV DWULEXWRV GH TXDOLGDGH LQWUtQVHFD WDLV FRPR FXUVRV GH TXDOLILFDomR HP KLJLHQH QD PDQLSXODomR GRV DOLPHQWRV SURFHVVDPHQWR GH OLFRU SURFHVVDPHQWR GH SROSDV SURFHVVDPHQWR GH IUXWDV H YHJHWDLV IUXWDV H KRUWDOLoDV GHVLGUDWDGDV H FULVWDOL]DGDV H FXUVRV GH OHJLVODomR SDUD SURFHVVDPHQWR DJURLQGXVWULDO DOpP GDV FDSDFLWDo}HV GH RUGHP JHUHQFLDO FRPR JHVWmR HPSUHVDULDO H HODERUDomR GH SURMHWRV 2 *UXSR 'HOtFLDV GR &DMX UHVVDOWRX TXH VHXV SDUWLFLSDQWHV WHULDP HQIUHQWDGR GLILFXOGDGHV FRP R QtYHO GRV FXUVRV PLQLVWUDGRV FRQVLGHUDGR HOHYDGR SDUD D FDSDFLGDGH FRJQLWLYD GRV PHVPRV DSRQWDQGR SDUD D QHFHVVLGDGH GH PDLV FXUVRV SUiWLFRV $ LQRFXLGDGH H VDQLGDGH GRV DOLPHQWRV WDPEpP JXDUGDP DVVRFLDomR FRP DGHTXDomR GDV LQVWDODo}HV H HTXLSDPHQWRV VHQGR UHODWLYDPHQWH UHFHQWH D IRUPDOL]DomR GRV WUrV JUXSRV H SHOR IDWR GH DWXDUHP QD LQIRUPDOLGDGH QmR VH VXEPHWH D QHQKXP SURFHVVR GH FHUWLILFDomR RX RXWUR WLSR GH LQVSHomR SDUD FRPHUFLDOL]DomR GRV SURGXWRV 2 *UXSR 'HOtFLDV GR &DPSR H[WLQWR DILUPRX QD
  • 49. pSRFD SRVVXLU XP ORFDO H[FOXVLYR H DGHTXDGR DR SURFHVVDPHQWR FHGLGR SHOD 3UHIHLWXUD GH 6DQWD $OEHUWLQD HQWUHWDQWR R PHVPR UHFODPRX GD IDOWD GH XP WDQTXH GH WUDWDPHQWR GH UHVtGXRV iJXD GH ODYDJHP LQGLFDQGR VHU XP JUDQGH SUREOHPD FRP TXH R JUXSR VH GHIURQWDYD 3DUD R *UXSR 'HOtFLDV GH 6mR )UDQFLVFR D IDOWD GH D]XOHMRV QD VDOD GH PDQLSXODomR H SUHSDUR GRV SURGXWRV D LQH[LVWrQFLD GH DOJXQV VDQLWiULRV DGHTXDGRV IRUDP RV SUREOHPDV PDLV IUHTHQWHV QD iUHD VDQLWiULD 2 ORFDO XWLOL]DGR SHOR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR WDPEpP p FHGLGR SHOD SUHIHLWXUD GDTXHOH PXQLFtSLR HQWUHWDQWR R JUXSR DILUPD TXH R PHVPR FDUHFLD GH DOJXPDV DGHTXDo}HV SDUD DWHQGHU D OHJLVODomR VDQLWiULD 3RUWDULD &96 2 *UXSR 'HOtFLDV GR &DMX DILUPRX QmR WHU XP ORFDO GHILQLGR SDUD R SURFHVVDPHQWR XWLOL]DQGR DV UHVLGrQFLDV GRV LQWHJUDQWHV FRPR ORFDLV GH SURFHVVDPHQWR ,QRYDo}HV 4XDQWR jV LQRYDo}HV WHFQROyJLFDV HP SURGXomR DUWHVDQDO RV WUrV JUXSRV DILUPDUDP SRVVXLU DOJXP WLSR GH LQRYDomR VHMD GH SURGXWR VHMD GH SURFHVVR 2 *UXSR 'HOtFLDV GH 6mR )UDQFLVFR DILUPD TXH GRLV GRV SULQFLSDLV SURGXWRV FRPHUFLDOL]DGRV D PDQGLRFD ³FKLSV´ H D FDVFD GH OLPmR FULVWDOL]DGD UHSUHVHQWDP LQRYDo}HV DVVRFLDGDV j SURGXomR GR PHVPR 2 GRFH GH OHLWH HP EDUUD FRP IUXWDV WHULD VLGR LQRYDomR GR *UXSR 'HOtFLDV GR &DPSR VHJXQGR GHFODUDo}HV GH VHXV FRPSRQHQWHV VHQGR TXH R GRFH GH OHLWH FRP SHGDoRV GH DEDFD[L FRQVLGHUDGR XP SURGXWR VHP FRQFRUUHQWHV VLPLODUHV QR YDUHMR GRV PHUFDGRV UHJLRQDLV -i R JUXSR 'HOtFLDV GR &DMX UHDOL]RX XPD LQRYDomR GH SURGXWR TXH WURX[H PDLRU UHQGLPHQWR DR WUDEDOKR GH SURFHVVDPHQWR GD FDVWDQKD XPD GHVFDVWDQKDGHLUD TXH YHLR IDFLOLWDU H DXPHQWDU D SURGXWLYLGDGH GR JUXSR 2 VLVWHPD IRL DGDSWDGR D SDUWLU GH XPD GHEXOKDGHLUD GH DPHQGRLP D GHVSHOLFXOL]DGRUD SURPRYH D UHWLUDGD GD SHOtFXOD TXH UHFREUH D DPrQGRD GR FDMX H IRL DGDSWDGR FRP DODYDQFD RX SHGDO R TXH SURSLFLRX XP PDLRU UHQGLPHQWR 8P SURGXWR YLVWR FRPR LQRYDomR GHVHQYROYLGD SRU HVWH JUXSR p D UHFHLWD GR SDWr GH FDMX FRP RULJHP GD FXOLQiULD QRUGHVWLQD H GHVFRQKHFLGD QD UHJLmR DV WUXIDV H ERPERQV IRUDP FULDo}HV GR JUXSR H VmR RXWUDV QRYLGDGHV 3UHoRV FXVWRV GLVWULEXLomR FRPHUFLDOL]DomR H H[SRVLomR GRV SURGXWRV 'HQWUH RV REMHWLYRV LQLFLDOPHQWH SHUVHJXLGRV SRU HVWH WUDEDOKR HVWDYD WDPEpP R GH OHYDQWDU RV FRHILFLHQWHV WpFQLFRV GH SURGXomR TXH SRVVLELOLWDVVHP UHDOL]DU FiOFXORV GH FXVWRV H PDUJHQV GH FRPHUFLDOL]DomR (QWUHWDQWR YLX VH TXH D HVFULWXUDomR GDV GHVSHVDV GRV LQVXPRV XWLOL]DGRV EHP FRPR VXDV TXDQWLGDGHV QmR H[LVWH RX p LQFRPSOHWD 5HVVDOWD VH HQWUHWDQWR TXH WDO
  • 50. RUJDQL]DomR HPERUD VHMD GH YLWDO LPSRUWkQFLD p QDWXUDOPHQWH GLItFLO GH REWHU HP IXQomR GR FDUiWHU DUWHVDQDO GD SURGXomR GD GLILFXOGDGH GH UDFLRQDOL]DomR GRV SURFHVVRV GR TXH GHFRUUH D GLILFXOGDGH HP LPSXWDU YDORUHV GH FXVWR QDV SHTXHQDV SURSRUo}HV GH YiULRV GRV LQVXPRV XWLOL]DGRV QRV SUHSDURV GDV UHFHLWDV 2V JUXSRV DSUHVHQWDP GLILFXOGDGHV SDUD UHJLVWUDU GHVSHVDV H HQWHQGH VH TXH WDLV GLILFXOGDGHV WRPDP GLPHQVmR DLQGD PDLRU TXDQWR j IDFLOLGDGH H D QHFHVVLGDGH GH DWHQGLPHQWR GD UHVROXomR TXH WUDWD GD URWXODJHP QXWULFLRQDO TXH DSUHVHQWD RV FiOFXORV QHFHVViULRV SDUD GLVFULPLQDU RV FRPSRQHQWHV GRV DOLPHQWRV 'RV LWHQV GH FXVWR IRL LQGLFDGR FRPR UHVWULWLYR R HOHYDGR FXVWR GH DTXLVLomR GH YLGURV QRYRV GLILFXOWDQGR D DTXLVLomR GRV PHVPRV VH IRVVH SRVVtYHO UHXWLOL]DU VH GH HPEDODJHQV GH YLGUR XVDGRV R TXH QD KLSyWHVH GH XWLOL]DomR GH UHFLFOiYHO SRGH YLU D VH WRUQDU XP SUREOHPD VDQLWiULR $OJXQV LWHQV GH FXVWR IRUDP DPRUWL]DGRV FRP VXEVtGLRV S~EOLFRV WDLV FRPR IRUQHFLPHQWR GH iJXD H HQHUJLD WDQWR SDUD R JUXSR 'HOtFLDV GH 6mR )UDQFLVFR TXDQWR SDUD R *UXSR 'HOtFLDV GR &DPSR HP 6DQWD $OEHUWLQD IRUDP FXVWHDGRV SHOD SUHIHLWXUD 4XDQWR jV TXHVW}HV GH FRPHUFLDOL]DomR RV HVIRUoRV GH SURGXomR H JHVWmR GHYHP VHU GLULJLGRV SDUD H SHOD HVWUDWpJLD GH LQWHJUDomR DR PHUFDGR (QWUHWDQWR SHODV HQWUHYLVWDV SRGH VH DEVWUDLU TXH RV HVIRUoRV IRUDP SULRULWDULDPHQWH GLUHFLRQDGRV SDUD D FDSDFLWDomR H SURGXomR HQTXDQWR DVSHFWRV FRPR FRQFRUUrQFLD FDQDLV GH FRPHUFLDOL]DomR VHXV FRQGLFLRQDQWHV H GLILFXOGDGHV QmR IRUDP DQWHFLSDGRV RX PROGDGRV HVWUDWHJLFDPHQWH &RPR H[HPSOR WHP VH TXH R *UXSR 'HOtFLDV GR &DPSR H[WLQWR PHQFLRQRX FRPR SUREOHPD D ORFDOL]DomR JHRJUiILFD H D FRQFRUUrQFLD FRP RXWURV IDEULFDQWHV GR (VWDGR GH 0LQDV *HUDLV TXH ID] GLYLVD FRP R PXQLFtSLR VHQGR VHSDUDGRV SHOR 5LR *UDQGH $ WUDYHVVLD SRU EDOVD IOXL GLDULDPHQWH LQWHUOLJDQGR RV (VWDGRV GH 6mR 3DXOR H R GH 0LQDV *HUDLV MXVWDPHQWH QR PXQLFtSLR GH 6DQWD $OEHUWLQD 2XWUD GLPHQVmR GDTXHOD FRQFRUUrQFLD p TXH RV SURGXWRV GH 0LQDV *HUDLV VmR RULXQGRV GH HPSUHVDV HVWDEHOHFLGDV TXH FRQVLJD DWHQGHU DRV FRQGLFLRQDQWHV LPSRVWRV SHODV /HLV H UHVROXo}HV OHJDLV DSUHVHQWDGDV DQWHULRUPHQWH LVWR VLJQLILFD YDQWDJHQV FRPSHWLWLYDV SDUD DTXHOHV JUXSRV GH IRUPD TXH OKHV FDSDFLWDP D YHQGHU HP HTXLSDPHQWRV GH YDUHMR FRPR VXSHUPHUFDGRV $ LQH[LVWrQFLD GH XPD LGHQWLGDGH MXUtGLFD DRV JUXSRV QHP FRPR SURGXWRU QHP FRPR PLFURHPSUHVD VRPDGD jV GLILFXOGDGHV GH DGHTXDomR GH UyWXORV H PDUFDV UHVWULQJH HP PXLWR RV FDQDLV GH FRPHUFLDOL]DomR DFHVVtYHLV DRV JUXSRV DOpP GH LPSHGLU R DFHVVR jV IRQWHV IRUPDLV GH FUpGLWR $VVLP ILFD H[FOXtGD D SRVVLELOLGDGH VH WRUQDUHP IRUQHFHGRUHV SDUD HTXLSDPHQWRV GR PpGLR YDUHMR DOLPHQWDU UHJLRQDO (VWH DVSHFWR p UHOHYDQWH HP IXQomR GR JUDGXDO HQFROKLPHQWR GR SHTXHQR YDUHMR H DXPHQWR GR HVSDoR RFXSDGR SHORV VXSHUPHUFDGRV FRPR HTXLSDPHQWR FRQFHQWUDGRU GH YHQGDV GH DOLPHQWRV
  • 51. 2XWUD TXHVWmR UHIHUH VH DR IDWR GD SHUGD GH LGHQWLGDGH GR JUXSR SURGXWRU TXDQGR R SURGXWR p FRPHUFLDOL]DGR VHP UyWXOR RX PDUFD 1HVWH FDVR SHUGH VH QmR DSHQDV D LGHQWLGDGH PDV D SRVVLELOLGDGH GH IRUWDOHFHU H YDORUL]DU R FRQFHLWR GH SURGXWR DUWHVDQDO FRP UHFXUVRV GH PDWpULDV SULPDV ORFDLV UHJLRQDLV 2V UHFXUVRV SDUD HODERUDomR GH PDUFDV UyWXORV H HPEDODJHQV QD JUDQGH PDLRULD VmR SUySULRV 1RUPDOPHQWH DV SURVSHFo}HV H HVWXGRV SDUD HODERUDomR GRV UyWXORV H PDUFDV VmR UHDOL]DGRV SHOR 3URJUDPD 6$, 6(%5$( H ,QFXEDGRUD GH 9RWXSRUDQJD 1R FDVR GR *UXSR 'HOtFLDV GH 6mR )UDQFLVFR D 3UHIHLWXUD 0XQLFLSDO IH] D GRDomR GRV UyWXORV 8PD IRUPD GH FRPHUFLDOL]DomR H LQVWUXPHQWR GH PDUNHWLQJ PHQFLRQDGD FRP IUHTrQFLD H HQWHQGLGD FRPR LPSRUWDQWH IRL j H[SRVLomR H FRPHUFLDOL]DomR HP IHLUDV H H[SRVLo}HV DJURSHFXiULDV (VWHV HYHQWRV DOpP GH FXPSULUHP D IXQomR FRPHUFLDO IRUDP LQGLFDGRV QDV UHVSRVWDV REWLGDV FRPR PHLR LPSRUWDQWH GH DSUHQGL]DGR H WURFD GH LQIRUPDo}HV SRU IDFLOLWDU R HQFRQWUR FRP RXWURV JUXSRV GH SURGXomR H SRU SRVVLELOLWDU FRQWDWR FRP FRQVXPLGRUHV H GHVWHV FDSWXUDU LPSUHVV}HV DFHUFD GD VDWLVIDomR FRP RV SURGXWRV $V SDUWLFLSDo}HV QRV HYHQWRV H H[SRVLo}HV PHQFLRQDGDV IRUDP SRVVtYHLV QRV PXQLFtSLRV GH -DOHV )HUQDQGySROLV 9RWXSRUDQJD 6DQWD )p GR 6XO 6mR -RVp GR 5LR 3UHWR &DPSLQDV H $JXGRV QHVWH ~OWLPR PXQLFtSLR VmR UHDOL]DGRV D )HLUD GD $JULFXOWXUD )DPLOLDU $*5,)$0 H SDUD 6mR -RVp GR 5LR 3UHWR R *UXSR 'HOtFLDV GR &DMX GHVORFDYD VH VHPDQDOPHQWH SDUD H[SRU H FRPHUFLDOL]DU VHXV SURGXWRV QD )HLUD GR 3URGXWRU HQWUHWDQWR DILUPDUDP TXH RV HOHYDGRV FXVWRV SDUD GHVORFDPHQWRV VHPDQDLV QmR WRUQDUDP SRVVtYHLV FRQWLQXDU D FRPHUFLDOL]DU QDTXHOD IHLUD (P 8UkQLD D SUHIHLWXUD ORFDO HP SDUFHULD FRP RXWUDV RUJDQL]Do}HV FRPR 6(%5$( H &$7, GHVHQYROYHUDP H LPSOHPHQWDUDP XP SURMHWR LQWHUHVVDQWH TXH SRGHUi GHVWDFDU D LPDJHP GR PXQLFtSLR H GRV SURGXWRUHV DV )HLUDV $QXDLV GR &DMX UHDOL]DGDV HP H 1HVWDV VmR SURPRYLGRV IHVWLYDLV JDVWURQ{PLFRV QRV TXDLV VmR SRQWXDGRV RV PHOKRUHV SUDWRV HODERUDGRV WHQGR FRPR EDVH R VXFR H RX SROSD GH FDMX GRFHV H VDOJDGRV H VHVV}HV GH GHJXVWDomR RQGH RV JUXSRV SRGHP H[SRU VXDV FULDo}HV FXOLQiULDV DJUHJDQGR VH D HVWDV DSUHVHQWDo}HV GH DUWHV H YHQGD GH DUWHVDQDWR (PERUD DTXHOHV HYHQWRV WHQKDP VLGR FLWDGRV FRPR LPSRUWDQWHV PHLR GH H[SRVLomR H YHQGDV RV WUrV JUXSRV DILUPDUDP GHSHQGHU GH VXEVtGLRV FRP UHFXUVRV S~EOLFRV SUHIHLWXUDV RX &DVDV GD $JULFXOWXUD ORFDLV SDUD R WUDQVSRUWH H YLDELOL]DU D SDUWLFLSDomR QRV HYHQWRV GHQRWDQGR PXLWD IUDJLOLGDGH ,QTXLULGRV SDUD DSRQWDU RV SUREOHPDV UHOHYDQWHV GD FRPHUFLDOL]DomR D UHVSRVWD ³IDOWD GH XP SRQWR IL[R SDUD FRPHUFLDOL]DomR GRV SURGXWRV´ IRL XP SUREOHPD FLWDGR SRU WRGRV RV JUXSRV H WDPEpP D GLILFXOGDGH GH QmR SRVVXtUHP XP UHSUHVHQWDQWH FRPHUFLDO WDLV DVSLUDo}HV PDQLIHVWDGDV FRPR GLILFXOGDGHV SRGHP HP SULQFtSLR VHU FRQVLGHUDGDV LUUHDLV RX HQJDQRVDV RX VHMD R YROXPH GH SURGXomR HP SHTXHQD HVFDOD RIHUWDGR SRU FDGD JUXSR XP GHOHV GH FDUiWHU
  • 52. PXLWR VD]RQDO QmR MXVWLILFDULD D H[LVWrQFLD GH XP UHSUHVHQWDQWH GH YHQGDV H QHP PHVPR XP ORFDO H[FOXVLYR GH YHQGDV (QWUHWDQWR D H[SUHVVmR GHVWDV DVSLUDo}HV PRVWUD D GLILFXOGDGH GRV LQWHJUDQWHV GRV JUXSRV QD UHDOL]DomR GDV IXQo}HV GH FRPHUFLDOL]DomR VHJXQGR D QHFHVVLGDGH GH PDLV FDSDFLWDomR SDUD R H[HUFtFLR GHVWDV IXQo}HV
  • 53. &216,'(5$d®(6 ),1$,6 2 WUDEDOKR SHUPLWLX DYDOLDU H FDUDFWHUL]DU DOJXPDV GDV H[SHULrQFLDV QR SURFHVVDPHQWR GH SURGXWRV DUWHVDQDLV GRV JUXSRV GH DJURLQG~VWULDV GRV PXQLFtSLRV GH 8UkQLD 6mR )UDQFLVFR H 6DQWD $OEHUWLQD QD 5HJLmR GH -DOHV 2V WUDEDOKRV GHVHQYROYLGRV SHOR 6$, SURJUDPD TXH YLVD j RUJDQL]DomR GHVHQYROYLPHQWR WHFQROyJLFR DGPLQLVWUDWLYR H FRPHUFLDO GRV SURGXWRUHV UXUDLV FRP DSRLR GDV SUHIHLWXUDV PXQLFLSDLV H &$7, WLYHUDP SDSHO SRVLWLYR H LPSRUWDQWH QR IRPHQWR j IRUPDomR H GHVHQYROYLPHQWR GRV JUXSRV 'HVWDFDP VH RV VHUYLoRV GD ,QFXEDGRUD GH $JURLQG~VWULD GR PXQLFtSLR GH 9RWXSRUDQJD 3URMHWR GR 6(%5$( H $VVRFLDomR ,QGXVWULDO GH 9RWXSRUDQJD TXH IRUDP GH VXPD LPSRUWkQFLD SDUD SUHSDUDU RV SURGXWRUHV SDUD R PHUFDGR HVSHFLDOPHQWH QD FRQVWUXomR GR FRQKHFLPHQWR SDUD DV DWLYLGDGHV GH DJUHJDomR GH YDORU $LQGD DVVLP LGHQWLILFD VH XPD IUDJLOLGDGH SDUD D HIHWLYD FRQVROLGDomR GRV GRLV JUXSRV TXH SHUPDQHFHUDP DWXDQWHV +i UHVWULo}HV DVVRFLDGDV HP SULPHLUR OXJDU DR FDUiWHU LQIRUPDO GD SURGXomR R TXH GLILFXOWD R DFHVVR DRV FDQDLV GH FRPHUFLDOL]DomR PDLV WUDGLFLRQDLV 2XWUD UHVWULomR LPSRUWDQWH p D GLILFXOGDGH GH DGHTXDomR SDUD R DWHQGLPHQWR GD OHJLVODomR VDQLWiULD YLJHQWH R TXH WDPEpP VH UHODFLRQD FRP D FRQVWLWXLomR MXUtGLFD GRV JUXSRV H FRP RV LQYHVWLPHQWRV QHFHVViULRV SDUD D DGHTXDomR GHVVD OHJLVODomR QR (VWDGR GH 6mR 3DXOR 2V HOHPHQWRV GH PDUNHWLQJ SUHFLVDP VHU PHOKRU WUDEDOKDGRV R TXH SDVVD SHOD DGHTXDomR GDV PDUFDV H UyWXORV H SULQFLSDOPHQWH SHOD FULDomR GH XPD LGHQWLGDGH SDUD RV SURGXWRV UHJLRQDLV FRP DSHOR UHJLRQDO ORFDO TXH FRQFODPH H LQFLWH R FRQVXPLGRU D YDORUL]DU RV SURGXWRV 1HVWDV HVWUDWpJLDV FRQWDP VH WDPEpP LQYHVWLPHQWRV HP GLYXOJDomR SDUD GHVHQYROYHU MXQWR jV FODVVHV XUEDQDV XPD PHQWDOLGDGH GH UHFRQKHFHU H YDORUL]DU R SURGXWRU ORFDO H VXD SURGXomR