Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
1$&217$%,/,'$'(
6DQGUD)LJXHLUHGR
+HEHU0RXUD
$%675$&7
&RQVLGHULQJWKHJUHDWQXPEHURIGHFLVLRQVPDGHXQGHUXQFHUWDLQW\DQGWKHDFFRXQWLQJUROH
WRSURYLGHLQIRUPDWLRQWRGHFLVLRQSURFHVVWKHVHSDSHUGLVFXVHVWKHXVHRITXDQWLWDWLYH
PHWKRGVWRLPSURYHWKHDFFRXQWLQJLQIRUPDWLRQ
5(6802
&RQVLGHUDQGRTXHDPDLRULDGDVGHFLV}HVVmRWRPDGDVHPFRQGLo}HVGHLQFHUWH]DRSDSHO
GD FRQWDELOLGDGH p RIHUHFHU DRV XVXiULRV GR VLVWHPDV FRQWiELO XP HVWRTXH GH LQIRUPDo}HV
DGHTXDGDVDRSURFHVVRGHFLVyULRHVWUDWpJLFRGDVRUJDQL]Do}HV
$XWLOL]DomRGHPRGHORVFRQWiEHLVEDVHDGRVHPPpWRGRVTXDQWLWDWLYRVWHPVHWRUQDGRFDGD
YH]PDLVIUHTHQWHGHFRUUHQWHGRUiSLGRGHVHQYROYLPHQWRGDWHFQRORJLDGDLQIRUPDomRHGD
XWLOL]DomR FRUULTXHLUD GRV PLFURFRPSXWDGRUHV HVVD SUiWLFD SURSRUFLRQD DRV FRQWDGRUHV
RIHUHFHUDRVXVXiULRVGDFRQWDELOLGDGHLQIRUPDo}HVPDLV~WHLVHDGHTXDGDV
,1752'8d2
$XWLOL]DomRGHPRGHORVFRQWiEHLVEDVHDGRVHPPpWRGRVTXDQWLWDWLYRVWHPVHWRUQDGRFDGD
YH]PDLVIUHTHQWHGHFRUUHQWHGRUiSLGRGHVHQYROYLPHQWRGDWHFQRORJLDGDLQIRUPDomRHGD
XWLOL]DomRFRUULTXHLUDGRVPLFURFRPSXWDGRUHVGHVVDIRUPDRVFRQWDGRUHVWrPVHHQYROYLGR
FDGDYH]PDLVFRPRXVRGDIHUUDPHQWDVTXDQWLWDWLYDV
2XVRGRLQVWUXPHQWDOPDWHPiWLFRHHVWDWtVWLFRWHPWRUQDGRSRVVtYHODUHVROXomRGHJUDQGH
YDULHGDGHGHSUREOHPDVOHYDQGRDFRQWDELOLGDGHPDLVSUy[LPRGDREMHWLYLGDGHHOLPLQDQGR
RX GLPLQXLQGR SRVVtYHLV GHVYLRV GH LQWHUSUHWDomR GH HYHQWRV HFRQ{PLFRV TXH
QHFHVVLWDULDPMXOJDPHQWRVVXEMHWLYRVSDUDVHUHPUHSRUWDGRVSHODFRQWDELOLGDGH
$VVLP R FRQKHFLPHQWR H D XWLOL]DomR GRV LQVWUXPHQWDO HVWDWtVWLFR H PDWHPiWLFR SHORV
FRQWDGRUHV QmR SRGHUi GHL[DU GH VHU LWHP LPSRUWDQWH QR FXUUtFXOR GRV FRQWDGRUHV GR
SUy[LPRPLOrQLR
)D]HQGRXPDUiSLGDUHIOH[mRVREUHD YLVmRHRSDSHOGDFRQWDELOLGDGH QR PRPHQWRDWXDO
SRGHVHGHILQLUDFRQWDELOLGDGHFRPRXPVLVWHPD GH LQIRUPDomRH PHQVXUDomRGHHYHQWRV
TXH DIHWDP D WRPDGD GH GHFLVmR e FRPXPHQWH DQDOLVDGD FRPR XPD VpULH GH DWLYLGDGHV
OLJDGDV DWUDYpV GH XP FRQMXQWR SURJUHVVLYR GH SDVVRV FRPHoDQGR SHOD REVHUYDomR D
FODVVLILFDomRRUHJLVWURDDQiOLVHHILQDOPHQWHDLQIRUPDomRDRXVXiULR
$LQIRUPDomRFRQWiELOWHPXPVLJQLILFDGRHVSHFLDOTXDQGRRVGDGRVVmRRUJDQL]DGRVSDUD
XPSURSyVLWRHVSHFtILFRTXHpSULPRUGLDOPHQWHRSURFHVVRGHWRPDGDGHGHFLVmR
0HVWUHHP&RQWDELOLGDGHH&RQWURODGRULDSHOD8QLYHUVLGDGHGH6mR3DXOR863&RRUGHQDGRUDGR&XUVRGH
&LrQFLDV&RQWiEHLVGD81,)25
'RXWRUHP $GPLQLVWUDomRSHOD)XQGDomR*HW~OLR9DUJDV )*9&RRUGHQDGRUGR1~FOHRGH3HVTXLVDVGR
&HQWURGH&LrQFLDV$GPLQLVWUDWLYDVGD81,)25
e WDUHID GRV FRQWDGRUHV WUDQVIRUPDU GDGRV HP LQIRUPDo}HV SRLV RV GDGRV VmR
VLPSOHVPHQWH XP FRQMXQWR GH IDWRV H[SUHVVRV VRE D IRUPD GH VtPERORV RX FDUDFWHUHV
LQFDSD]HVGHLQIOXHQFLDUGHFLV}HVDWpVHUHPWUDQVIRUPDGRVHPLQIRUPDo}HV
$FRQWDELOLGDGHYLVWDFRPRXPVLVWHPDGHLQIRUPDomRSDUDDSRLRjGHFLVmRpHIHWLYDPHQWH
DEDVHFRQFHLWXDOGHVVDWHQGrQFLDGHXWLOL]DomRGHPRGHORVTXDQWLWDWLYRVSDUDRWLPL]DomRGD
LQIRUPDomRRIHUHFLGD
2 WHUPR PRGHORV TXDQWLWDWLYRV p PXLWR XWLOL]DGR QDV FLrQFLDV JHUHQFLDLV H GHVFUHYH
WpFQLFDV HVWDWtVWLFDV H PDWHPiWLFDV TXH VmR XVDGDV SDUD VROXomR GH SUREOHPDV H[LVWLQGR
QXPHURVDV IHUUDPHQWDV GLVSRQtYHLV VREUH HVWH DVVXQWR 6HUmR H[SORUDGRV DR ORQJR GHVWH
HVWXGR DOJXPDV GHODV FRQVLGHUDGDV LPSRUWDQWHV SDUD R SURFHVVR GHFLVRULDO ,QLFLDOPHQWH
VHUiDERUGDGRRSUREOHPDGHLQYHVWLPHQWRGHFDSLWDOHHPVHJXLGDDXWLOL]DomRGHPRGHORV
TXDQWLWDWLYRSDUDGHWHUPLQDomRGRYDORUGDHPSUHVD
2352&(662'(720$'$'('(&,62
2 REMHWLYR SULQFLSDO GDV HPSUHVDV p DWLQJLU D HILFiFLD DVVLP R SURFHVVR GH JHVWmR
HPSUHVDULDOWHPr[LWRDRDWLQJLUPHWDVGHILQLGDVQRSODQHMDPHQWR
&RQVLGHUDQGR TXH XPD HPSUHVD p XP LQYHVWLPHQWR GH UHFXUVRV HVFDVVRV H TXH WRGR
LQYHVWLPHQWRYLVDDGLFLRQDUYDORUDRVUHFXUVRVFRQVXPLGRVLQLFLDOPHQWHFRQFOXLVHTXHXP
SURFHVVR JHUHQFLDO p H[FHOHQWH QD PHGLGD HP TXH DV GHFLV}HV WRPDGDV FRQGX]HP D
PLQLPL]DomRGRFXVWRHDPD[LPL]DomRGDVUHFHLWDV
*HULUVHJXQGRJUDQGHSDUWHGRVDXWRUHVpSUDWLFDPHQWHWRPDUGHFLVmRDVVLPRJHVWRUpR
WRPDGRUGHGHFLVmR
6HJXQGR*XHUUHLUR2VSURJUDPDVTXHUHJHPDFRQGXWDGRWRPDGRUGHGHFLVmRVmR
HP PXLWRV FDVRV DOWDPHQWH FRPSOH[RV YDULiYHLV LQVWiYHLV LQGHILQLGRV H VXMHLWRV GDV
FLUFXQVWkQFLDVGRFRQWH[WR
'Dt D QHFHVVLGDGH GH EDVHV REMHWLYDV TXH DSRLHP HVWHV SURFHVVRV HPERUD QmR DILUPDQGR
TXHDXWLOL]DomRGH PHGLGDVTXDQWLWDWLYDVHOLPLQHD QHFHVVLGDGHGD LQWHUIHUrQFLDVXEMHWLYD
GRWRPDGRUGHGHFLVmRVHQGRSRUWDQWRDSHQDVIHUUDPHQWDVSDUDJXLiOR
8PD GHFLVmR SRGH VHU WRPDGD VRE FRQGLo}HV GH FHUWH]D H GH LQFHUWH]D XPD GHFLVmR p
WRPDGDVREFRQGLo}HVGHFHUWH]DTXDQGRH[LVWHDSHQDVXPFXUVRGHDomRSDUDGHWHUPLQDGR
HYHQWR DVVLP Vy H[LVWH XP FDPLQKR D VHU WRPDGR QmR H[LVWLQGR QHVVHV FDVR QHQKXPD
HVFROKDDVHUIHLWD
720$'$'('(&,6262%&21',d(6'(,1&(57(=$
'L]VH TXH XPD GHFLVmR p WRPDGD VRE FRQGLomR GH LQFHUWH]D TXDQGR QmR VmR FRQKHFLGRV
DQWHFLSDGDPHQWHRVUHVXOWDGRVTXHVHUmRREWLGRVFRPRVFXUVRVGHDomRHVFROKLGRV
$GHFLVmRWRPDGDVREFRQGLo}HVGHLQFHUWH]DPXLWRPDLVFRPXPQRVSURFHVVRVJHUHQFLDLV
HQYROYHGLYHUVRVFXUVRVGHDomRSDUDFDGDHYHQWRDSUHVHQWDGRDVVLPFRPRGLYHUVRVQtYHLV
GHSUREDELOLGDGHGHRFRUUrQFLDGHGHWHUPLQDGRHYHQWRSDUDFDGDFXUVRGHDomRHVFROKLGR
'HQWURGHVWHFRQWH[WRpQHFHVViULRTXHRWRPDGRUGHGHFLVmRRSWHSRUDTXHOHTXHRIHUHoD
PDLRUIOX[RGHEHQHItFLRVHFRQ{PLFRVSDUDDHPSUHVD
$ DomR UHVXOWD GH XPD GHFLVmR SURYHQLHQWH GR SURFHVVR GH VHOHomR GD PHOKRU DOWHUQDWLYD
SDUD DWLQJLU RV REMHWLYRV HVWDEHOHFLGRV 3DUD REMHWLYLGDGH GR FULWpULR GH VHOHomR HQWUH DV
DOWHUQDWLYDV GLVSRQtYHLV FRQVLGHUDQGR TXH VHXV UHVXOWDGRV Vy VHUmR FRQKHFLGRV HP XP
WHPSR IXWXUR p QHFHVViULR TXH VHMDP RIHUHFLGDV LQIRUPDo}HV TXH SURSRUFLRQHP XPD
DQWHYLVmRGRVUHVXOWDGRVDOFDQoDGRVGHFRUUHQWHVGDHVFROKDGDVGLYHUVDVDOWHUQDWLYDVGDtD
XWLOLGDGHGRVPRGHORVTXDQWLWDWLYRVSDUDPLQLPL]DomRGRULVFRGDGHFLVmR
4XDQGR D GHFLVmR p WRPDGD VRE FRQGLo}HV GH LQFHUWH]D p LGHDO TXH VHMDP XWLOL]DGDV
IHUUDPHQWDV YLVDQGR DX[LOLDU QD SURVSHomR GRV UHVXOWDGRV DOFDQoDGRV FRP RV GLYHUVRV
FXUVRV GH DomR SURYiYHLV DVVLP D XWLOL]DomR GH PRGHORV TXDQWLWDWLYRV FRPR R YDORU
HVSHUDGRRGHVYLRSDGUmRHRFRHILFLHQWHGHYDULDomRpGHJUDQGHXWLOLGDGH
'(&,6(6'(,19(67,0(172'(&$3,7$/
3URYDYHOPHQWH R IDWRU TXH PDLV DIHWD D OXFUDWLYLGDGH GH XP QHJyFLR p D TXDOLGDGH GDV
GHFLV}HVJHUHQFLDLVTXHHQYROYHPRFRPSURPHWLPHQWRGRVUHFXUVRVGDHPSUHVDHPQRYRV
LQYHVWLPHQWRV
$VSULQFLSDLVUD]}HVTXHWRUQDPHVWDVGHFLV}HVWmRHVWUDWHJLFDPHQWHLPSRUWDQWHVSRGHPVHU
FLWDGDVDVHJXLU
HQYROYHPFRPSURPHWLPHQWRGHJUDQGHVVRPDVGHGLQKHLUR
HVVH FRPSURPHWLPHQWR p IHLWR SRU XP SHUtRGR GH WHPSR EDVWDQWH ORQJR WRUQDQGR R
HOHPHQWRLQFHUWH]DPXLWRPDLRU
HVVDV GHFLV}HV XPD YH] WRPDGDV VmR LPSRVVtYHLV GH VHUHP UHYHUWLGDV VHP JUDQGHV
SUHMXt]RVTXDQGRSURYDGRWHUHPVLGRWRPDGDVHUURQHDPHQWH
PXLWDVYH]HVRVXFHVVRGDHPSUHVDGHSHQGHGHGHFLV}HVFRPRHVVDVHHPWRGRVRVFDVRV
DOXFUDWLYLGDGHIXWXUDpDIHWDGDGLUHWDPHQWHSRUHVVDVGHFLV}HV
D SROtWLFD GH LQYHVWLPHQWR GH ORQJR SUD]R GDV HPSUHVDV FRPSURPHWH WDPEpP D
HFRQRPLDQDFLRQDOSRLVVHUYHPGHEDVHSDUDSODQHMDPHQWRVPDFURHFRQ{PLFRV
8P LQYHVWLPHQWRGHFDSLWDOSRGHVHUGHILQLGRFRPRXP LQYHVWLPHQWRTXHRIHUHFHUHWRUQR
GXUDQWH PXLWRV SHUtRGRV IXWXURV H VH GLIHUHQFLD GRV RXWURV WLSRV GH LQYHVWLPHQWRV FXMR
UHWRUQRSHUWHQFHDXP~QLFRSHUtRGRRXDRSHUtRGRFRUUHQWHJHUDOPHQWHGL]HPUHVSHLWRDRV
VHJXLQWHVDVVXQWRV
DTXLVLomRGHDWLYRVGHORQJDGXUDomRFRPRLPyYHLVRXPiTXLQDV
LQYHVWLPHQWRVHPRXWURVIXQGRVGRVTXDLVDVUHFHLWDVVmRGHULYDGDV
XPSURMHWRHVSHFLDOTXHDIHWDDFDSDFLGDGHIXWXUDGHJDQKRGDHPSUHVDFRPRSURMHWRV
GHSHVTXLVDRXFDPSDQKDVSXEOLFLWiULDV
DPSOLDomRGROHTXHGHDWLYLGDGHGDHPSUHVDTXHHQYROYDVDtGDVGHFDSLWDOFRPRQRYD
OLQKDGHSURGXomRRXPHVPRXPQRYRSURGXWR
GHVHQYROYLPHQWRGHSURMHWRVGHFDSDFLWDomRGHSHVVRDOGHDOWRQtYHOSDUDDVHPSUHVDV
SUHVWDGRUDV GH VHUYLoR FRPR XQLYHUVLGDGHV HPSUHVDV GH SHVTXLVD FRQVXOWRULDV DOWD
WHFQRORJLDGHJHVWmRHWF
(VWDVGHFLV}HVHQYROYHPGRLVDVSHFWRVLPSRUWDQWHVOLJDGRVjOXFUDWLYLGDGHGHORQJRSUD]R
DHVWLPDWLYDGRDXPHQWRGRVIOX[RVGHFDL[DOtTXLGRVRXGDVHFRQRPLDVQDVVDtGDVGHFDL[D
TXHUHVXOWDUmRGHVVHLQYHVWLPHQWRHRFiOFXORGRWRWDOGDVVDtGDVGHFDL[DQHFHVViULDVSDUD
HIHWLYDURLQYHVWLPHQWR
eLPSRUWDQWHQRWDUQHVWDDQiOLVHTXHPXLWRGRVIDWRUHVLPSRUWDQWHVVmRLQFHUWRVDVVLPR
SULPHLURSUREOHPDpUHGX]LUDLQFHUWH]DDQWHVGHWRPDUDGHFLVmRHDVVHJXUDUTXHRVIDWRUHV
FRQKHFLGRVVHMDPFRUUHWDPHQWHGHWHUPLQDGRVHTXDQWLILFDGRV7DQWRRVSULPHLURVTXDQWRRV
VHJXQGRV VmR HVWLPDGRV HP WHUPRV GH FDL[D $VVLP RV PpWRGRV GH HVWLPDWLYD GH
LQYHVWLPHQWRGHFDSLWDOFHQWUDPVHQRVIOX[RVGHFDL[D
$3/,&$d2'29$/25(63(5$'2('(69,23$'52
(P GHFLV}HV TXH HQYROYHP LQFHUWH]D FRPR DTXHODV GH LQYHVWLPHQWR GH FDSLWDO QR ORQJR
SUD]R R FRQFHLWR GH YDORU HVSHUDGR RIHUHFH XP UXPR SDUD VHOHFLRQDU R PHOKRU FXUVR GH
DomR LVWR p DTXHOH TXH QRV RIHUHFH PDLRU UHWRUQR 2 YDORU HVSHUDGR GH XPD DOWHUQDWLYD p
XPD PpGLD DULWPpWLFD SRQGHUDGD GDV SUREDELOLGDGHV GH RFRUUrQFLD GDV VDtGDV GH FDL[D H
VHXV SHVRV 0DLV HVSHFLILFDPHQWH p HQFRQWUDGR SHOD PXOWLSOLFDomR GD SUREDELOLGDGH GH
RFRUUrQFLDSRUVHXUHVSHFWLYRIOX[RGHVDtGDVGHFDL[D
$
$[3[
3U REDELOLGDGH
)OX[RGH
&DL[D
$QR
3U REDELOLGDGH
)OX[RGH
&DL[D
$QR
3U REDELOLGDGH
9DORUHVSHUDGR
'HVYLRSDGUmR
,QYHVWLPHQWR 5
9DORU3UHVHQWH/tTXLGR93/ 5
5LVFR7RWDO
5HODomRULVFRUHWRUQR 5
)OX[RGH
&DL[D
3DUD D VHJXQGD SURSRVWD RIHUHFLGD SHOD )RUWHV ,QIRUPiWLFD SUHYrVH XP LQYHVWLPHQWR
LQLFLDOGH5FRPDVHJXLQWHSUREDELOLGDGHGHGLVWULEXLomRGHIOX[RVGHFDL[DDR
ORQJRGRVSULPHLURVWUrVDQRV
$QR
3U REDELOLGDGH
)OX[RGH
&DL[D
$QR
3U REDELOLGDGH
)OX[RGH
&DL[D
$QR
3U REDELOLGDGH
9DORUHVSHUDGR
'HVYLRSDGUmR
,QYHVWLPHQWR 5
9DORU3UHVHQWH/tTXLGR93/ 5
5LVFR7RWDO
5HODomRULVFRUHWRUQR 5
)OX[RGH
&DL[D
'HVYLR3DGUmR
2GHVYLRSDGUmRPHGHDGLVSHUVmRGHXPDGLVWULEXLomRGHSUREDELOLGDGHeGDGRSHOD
'HVYLRSDGUmR
9 [ [
L
3[L
2GHVYLRSDGUmRpQRUPDOPHQWHXVDGRFRPRXPDPHGLGDDEVROXWDGHULVFR4XDQWRPDLRU
IRURGHVYLRSDGUmRPDLRUVHUiRULVFRGDTXHOHFXUVRGHDomR
7(25,$'$'(&,62
(PERUDIHUUDPHQWDVHVWDWtVWLFDVFRPRRYDORUHVSHUDGRHRGHVYLRSDGUmRVHMDPHVVHQFLDLV
SDUD HVFROKD GR PHOKRU FXUVR GH DomR VRE LQFHUWH]D WDLV VLWXDo}HV SRGHP WDPEpP VHU
DERUGDGDV XWLOL]DQGR D WHRULD GD GHFLVmR 7UDWDVH GH XPD DERUGDJHP VLVWHPiWLFD SDUD
WRPDGD GH GHFLVmR YROWDGD SDUWLFXODUPHQWH SDUD FRQGLo}HV GH LQFHUWH]D XWLOL]D VH GDV
GHQRPLQDGDVPDWUL]HVGHGHFLVmRTXHVHFDUDFWHUL]DPSRU
8PD OLQKD UHSUHVHQWDQGR R FRQMXQWR GH DOWHUQDWLYDV RX FXUVRV GH DomR GLVSRQtYHLV QR
PHUFDGRGHGHFLVmR
$FROXQDUHSUHVHQWDQGRRVHVWDGRVDQDWXUH]DRXDVFRQGLo}HVTXHSRGHPRFRUUHUHVRE
DVTXDLVRWRPDGRUGHGHFLVmRQmRWHPQHQKXPFRQWUROH
$V HQWUDGDV DR ORQJR GR SURFHVVR UHSUHVHQWDP RV UHVXOWDGRV GD GHFLVmR FRQKHFLGRV
FRPRSD\RIIVTXHSRGHPVHUHP IRUPDGHFXVWRVUHFHLWDVOXFURVRXIOX[RVGHFDL[D
3HOD FRPSXWDomR GR YDORU HVSHUDGR GH FDGD DomR p SRVVtYHO HVFROKHU D PHOKRU
DOWHUQDWLYD
(;(03/2
6XSRQKD DJRUD TXH ) 0 &RQWDGRUHV $VVRFLDGRV SRVVXD FRPR FOLHQWH XPD HPSUHVD GH
FRPHUFLDOL]DomRGHIUXWDVIUHVFDVQDVIHLUDVOLYUHV8PGRVSUREOHPDVHQIUHQWDGRVSRUVHX
FOLHQWHpGHFLGLUVREUHDTXDQWLGDGHGHIUXWDVTXHSUHFLVDPVHUFRPSUDGDVHHVWRFDGDVSDUD
2FXVWRXQLWiULRGDFDL[DGHPRUDQJRpGH5RSUHoRGHYHQGDpGH5,VWRpR
OXFURHPFDGDFDL[DYHQGLGDpGH5DSHUGDQDVXQLGDGHVQmRYHQGLGDVpGH5
3RGH VHU HVWRFDGR RX XQLGDGHV $ TXHVWmR p TXDQWDV GDV XQLGDGHV YHQGLGDV
GHYHPVHUHVWRFDGDVFDGDGLD"$VVXPDTXHDVXQLGDGHVTXHQmRIRUDPYHQGLGDVKRMHQmR
SRGHP VHU YHQGLGDV QR GLD VHJXLQWH DVVLP D WDEHOD GDV VDtGDV SRGH VHU FRQVWUXtGD GD
VHJXLQWHIRUPD
; 1R GHXQLGDGHV9HQGLGDV
1 (9 1RGHXQLGDGHVQmRYHQGLGDV
)XQomRGROXFUR 9 1
(VWRTXHV
$o}HV
3UREDELOLGDGH
GH'HPDQGD
(VWDGRGD1DWXUH]D
9DORU
(VSHUDGR
1RFDVRGHKDYHUHVWRTXHRYDORUHVSHUDGRp
2PHOKRUQtYHOGHHVWRTXHpDTXHOHRQGHVHDSUHVHQWDRPDLVDOWRYDORUHVSHUDGRLVWRpR
HVWRTXHGHXQLGDGHV
29$/25(63(5$'2'$,1)250$d23(5)(,7$
6XSRQKD TXH D ) 0 &RQWDGRUHV $VVRFLDGRV WHP SRVVLELOLGDGH GH REWHU XPD SUHYLVmR
(;(03/2
&RQVLGHUDQGRRVPHVPRVGDGRVGDWDEHODGRH[HPSORDQWHULRU
(VWRTXHV
$o}HV
3UREDELOLGDGH
GH'HPDQGD
(VWDGRGD1DWXUH]D
9DORU
(VSHUDGR
2YDORUPpGLRGDGHFLVmRDSRLDGDQDLQIRUPDomRSHUIHLWDp
;;;;
/RJRRYDORUGD,QIRUPDomRSHUIHLWDpGH 6LJQLILFDQGRTXHRYDORUGHVWD
VXSRVWDLQIRUPDomRSHUIHLWDpGH
$VVLPD) 0&RQWDGRUHV$VVRFLDGRVSRGHULDFREUDUGRFOLHQWHXPYDORUPtQLPRGH5
PLOSRLVPHVPRDVVLPHVWH~OWLPRDLQGDHVWDULDDXPHQWDQGRVHXOXFURPpGLR
$'(7(50,1$d2'29$/25'2*22':,//3$5$&/&8/2'29$/25
'$(035(6$
'HIRUPDVLPSOHVHQWHQGHVHSRU*RRGZLOOXPYDORUSRVVXtGRSHODHPSUHVDTXHH[FHGHDR
YDORUGH VHXVDWLYRVH PXLWDV YH]HVpGHILQLGRFRPRDGLIHUHQoDSRVLWLYDHQWUHRFXVWRGH
XPD HPSUHVD H D VRPD GH VHXV DWLYRV VHQGR SRUWDQWR LPSRVVtYHO GH DYDOLDomR
GHVFRQWH[WXDOL]DGD GR FRQMXQWR GR SDWULP{QLR WDQJtYHO H LQWDQJtYHO GD HPSUHVD QmR
SRVVXLQGRDVVLPXVRVDOWHUQDWLYRV
(PERUDSRVVDVHUFRQVLGHUDGRXPDWLYRHFRPRWDOSRVVXDVXDVFDUDFWHUtVWLFDVHVVHQFLDLV
RXVHMDYDORUHFRQ{PLFRGHSURSULHGDGHGDHPSUHVDHSRVVLELOLGDGHGHJHUDomRGHIOX[RV
IXWXURVGHFDL[DpGHPHQVXUDomRH[WUHPDPHQWHVXEMHWLYDHGLItFLO
2 JRRGZLOO FODVVLILFDVH HQWUH RV DWLYRV LQWDQJtYHO H SRVVXL FRPR HVWHV FDUDFWHUtVWLFDV
HVSHFtILFDV
2VDWLYRVLQWDQJtYHLVVmRDTXHOHVSRVVXLGRUHVGHWRGDVDVFDUDFWHUtVWLFDVSUySULDVGRVRXWURV
DWLYRV PDV GHVSURYLGRV GH VXEVWkQFLD ItVLFD VHQGR DVVLP LPSRVVtYHO GH VHUHP WRFDGRV
FRPRH[HPSORGHLQWDQJtYHLVSRGHPRVFLWDUDVGHVSHVDVDQWHFLSDGDVDVFRQWDVDUHFHEHU
6HJXQGR $QWKRQ\ 2V DWLYRV LQWDQJtYHLV VmR PXLWDV YH]HV FODVVLILFDGRV FRPR
LGHQWLILFDGRVHQmRLGHQWLILFDGRV3DWHQWHVPDUFDV OLFHQoDVGH IXQFLRQDPHQWRVmRDWLYRV
LQWDQJtYHLVLGHQWLILFDGRVHOHVSRGHPVHUYHQGLGRVLQGLYLGXDOPHQWHHPERUDGLILFLOPHQWHR
VHMDP QR FXUVR QRUPDO GH XP QHJyFLR DR FRQWUiULR GRV DWLYRV QmR LGHQWLILFDGRV TXH QmR
SRGHPVHUUHDOL]DGRVVHPTXHDHPSUHVDWRGDVHMDYHQGLGDpRFDVRGRJRRGZLOO
4XDQGRXPD HPSUHVDp YHQGLGD PXLWDV YH]HVRYDORUGDYHQGD H[FHGHj VRPDGRVDWLYRV
WDQJtYHLV H LQWDQJtYHLV PHQRV RV SDVVLYRV DVVXPLGRV SHOR FRPSUDGRU 2 PRQWDQWH TXH R
SUHoR GH YHQGD H[FHGH DR YDORU GRV DWLYRV OtTXLGRV p UHSRUWDGR QD FRPSDQKLD FRPR XP
FXVWR GH DTXLVLomR H[FHGHQWH VREUH RV DWLYRV DGTXLULGRV H p QRUPDOPHQWH FKDPDGR GH
JRRGZLOO SRGHVH QRWDU DVVLP TXH VRPHQWH SRU RFDVLmR GD YHQGD p TXH R SUREOHPD GH
UHFRQKHFLPHQWR H DYDOLDomR GR JRRGZLOO VH HYLGHQFLD HPERUD IRVVH GHVHMiYHO TXH D
FRQWDELOLGDGH RIHUHFHVVH IRUPDV DOWHUQDWLYDV GH UHFRQKHFLPHQWR GHVWH DWLYR PHVPR QR
FXUVRGRQHJyFLR
6HJXQGR+HQGULNVHQ+iWUrVHQIRTXHVSULQFLSDLVQRTXHVHUHIHUHDVXDDYDOLDomR
3RUPHLRGHDYDOLDomRGHDWLWXGHVIDYRUiYHLVHPUHODomRjHPSUHVD
3RU PHLR GR YDORU SUHVHQWH GD GLIHUHQoD SRVLWLYD HQWUH OXFURV IXWXURV HVSHUDGRV H R
UHWRUQRFRQVLGHUDGRQRUPDOVREUHRLQYHVWLPHQWRWRWDOQmRLQFOXLQGRRJRRGZLOO
3RUPHLRGHXPDFRQWDJHUDOGHDYDOLDomRDGLIHUHQoDHQWUHRYDORUGDHPSUHVDHP
VXD WRWDOLGDGH H DV DYDOLDo}HV GH VHXV DWLYRV OtTXLGRV WDQJtYHLV H LQWDQJtYHLV
LQGLYLGXDLV
(;(03/2
6XSRQKD DJRUD TXH ) 0 &RQWDGRUHV $VVRFLDGRV SRVVXD FRPR FOLHQWH XPD HPSUHVD GH
VHUYLoRV GH FRQVXOWRULD H WUHLQDPHQWR HP DOWD WHFQRORJLD JHUHQFLDO TXH HVWHMD VHQGR
QHJRFLDGD SDUD YHQGD SRU RFDVLmR GD WUDQVIHUrQFLD GR HVSyOLR GR VHX SURSULHWiULR WLWXODU
IDOHFLGR UHFHQWHPHQWH Mi TXH D IDPtOLD QmR WHP LQWHUHVVH GH FRQWLQXDU H[SORUDQGR HVVH
UDPR GH QHJyFLR GHVHMD YHQGHU XP JUXSR IRUPDGR GH VHXV SULQFLSDLV FRQVXOWRUHV GHVHMD
DGTXLULU D HPSUHVD 1D GDWD GH VXD DYDOLDomR HFRQ{PLFR ILQDQFHLUD DV VHJXLQWHV
FDUDFWHUtVWLFDVIRUDPGLDJQRVWLFDGDVSUHYLDPHQWH
pXPDFRPSDQKLDIHFKDGDDVVLPVXDVDo}HVQmRVmRQHJRFLDGDVHPEROVD
WHPERDVLWXDomRILQDQFHLUDFRPH[FHGHQWHGHFDL[D
VyOLGDHVWUXWXUDSDWULPRQLDOWHQGRLQFOXVLYHFDSDFLGDGHGHFDSWDUUHFXUVRVMXQWRjUHGH
EDQFiULD
UHPXQHUDRFDSLWDOLQYHVWLGRSHORVVHXVVyFLRVQXPDEDVHFRPSDWtYHOFRPDVHPSUHVDV
GRVHWRU
YHP DSUHVHQWDQGR QRV ~OWLPRV DQRV WD[DV GH UHWRUQR H[FHOHQWHV SDUD VHX QtYHO GH
YHQGDV
%$/$1d26&203$5$'26
(PPLO5
$7,92
$WLYR&LUFXODQWH
'LVSRQtYHO
&RQWDVD5HFHEHU
5HDOL]iYHOD/RQJR3UD]R
3HUPDQHQWH
3$66,92
3DVVLYR&LUFXODQWH
([LJtYHOD/RQJR3UD]R
3DWULP{QLR/tTXLGR
5(68/7$'26
9HQGDV/tTXLGDV
(VWHH[HPSORWRPRXFRPREDVHRPpWRGRSURSRVWRHP1HLYD
/XFUR2SHUDFLRQDO
/XFUR/tTXLGR
1',&(6),1$1&(,526
&UHVFLPHQWRGDV9HQGDV
0DUJHP%UXWD
/XFUR/tTXLGR9HQGDV
5HWRUQRVREUHR3/
&iOFXORGRYDORUGDHPSUHVD
3DUDDYDOLDomRGDHPSUHVDIRUDPVHOHFLRQDGRVRVVHJXLQWHVPpWRGRV
D &DSLWDOL]DomRGRVOXFURV
E 9DORU3UHVHQWHGR)OX[RGHFDL[DGHVFRQWDGR
F 9DORU3DWULPRQLDO$MXVWDGR
D&DSLWDOL]DomRGRVOXFURV
&RQVLGHUDQGRDVVHJXLQWHVSUHPLVVDVEiVLFDVSDUDDSOLFDomRGRPpWRGRGHDYDOLDomR
(VWLPDWLYDGHPDQXWHQomRGHXPOXFURPpGLRGHRUGHPGH5
$GRomR GH GRLV PXOWLSOLFDGRUHV GH OXFUR H UHSUHVHQWDGRV SHOD UHODomR
SUHoROXFUR3/ GDV HPSUHVDV FRQFRUUHQWHV FRP FDUDFWHUtVWLFDV VHPHOKDQWH GD
HPSUHVDDYDOLDGD
$H[LVWrQFLDGHDWLYRVQmRRSHUDFLRQDLVGHRUGHPGH5PLO
9DORUGD(PSUHVDHP
(P5PLO
/XFUR/tTXLGR
3UHoR/XFUR 3/
9DORUGRV/XFURV&DSLWDOL]DGRV
$WLYRVQmR2SHUDFLRQDLV
7RWDOGR9DORUGH0HUFDGR
3/
3/ PpGLR
E9DORUSUHVHQWHGRIOX[RGHFDL[DGHVFRQWDGRV
$VSULQFLSDLVSUHPLVVDVHVWDEHOHFLGDVIRUDP
(VWLPDWLYD GH XP IOX[R GH FDL[D GH 5 PLO OHYDQGR HP FRQWD XP FHQiULR
HFRQ{PLFRGHUHODWLYDHVWDELOLGDGH
([LVWrQFLDGHDWLYRVQmRRSHUDFLRQDLVQDRUGHPGH5PLO
7D[D GH GHVFRQWR GH H DR DQR TXH FRQVLGHURX XPD WD[D GH MXURV OLYUH GH
ULVFRVUHSUHVHQWDGDSHOD7%$1
&iOFXORGRYDORU3UHVHQWHGRIOX[RGHFDL[DGHVFRQWDGR
(P5PLOK}HV
%DVHGH3UHoRVGH
'RDQRDLQILQLWR
)OX[RGH&DL[D/tTXLGR
9DORUSUHVHQWH
$WLYRVQmRRSHUDFLRQDLV
9DORUSUHVHQWH
7D[DGH'HVFRQWR
F 9DORU3DWULPRQLDO$MXVWDGR
(P5PLO
%DVHGHSUHoRV
3DWULP{QLR/tTXLGRQR%DODQoRGH
$MXVWHQDV&RQWDVD3DJDU
6RPD
$MXVWHQDV&RQWDVD5HFHEHU
FRQWLQJrQFLDVILVFDLVHWUDEDOKLVWDV
6RPD
9DORU3DWULPRQLDODMXVWDGR
6XPiULRGRYDORUHVFDOFXODGRVSDUDHPSUHVD
(P5PLO
%DVHGHSUHoRV
0HQRUYDORU
9DORUGH0HUFDGRFRPEDVHQRVOXFURVFDSLWDOL]DGRV
9DORU GH 0HUFDGR FRP EDVH QR IOX[R GH FDL[D
GHVFRQWDGR
9DORU3DWULPRQLDO$MXVWDGR
0DLRU9DORU
2YDORUGDHPSUHVDHVWiGHQWURGHXPDIDL[DHVWLPDGDGHD
&iOFXORGR*RRGZLOO
3DUD FiOFXOR GR *RRGZLOO SRGHVH FRQVLGHUDUD D WD[D GH MXURV GH DR DQR SDUD
GHWHUPLQDomRGRVUHQGLPHQWRVGRVDWLYRVGDHPSUHVDFRQVLGHUDQGRVHUHVVDDWD[DGHMXURV
YLJHQWHQRPHUFDGRHXPDRXWUDWD[DGHSDUDFDSLWDOL]DomRGRH[FHVVRGHUHQGLPHQWRV
SRUWHPSRLQGHWHUPLQDGR
$GLIHUHQoDVHMXVWLILFDSHODQDWXUH]DLQYLVtYHOGRJRRGZLOOHSHODIOXWXDomRGRVHXYDORUQR
WHPSR
3UHPLVVDV%iVLFDV
%DVHGHSUHoRVGH
3UD]RGH&DSLWDOL]DomRQ LQILQLWR
7D[DGHMXURVSDUDFiOFXORGRVUHQGLPHQWRVGRVDWLYRVRSHUDFLRQDLVL
7D[DGHGHVFRQWRGRH[FHVVRGHUHQGLPHQWRLL
3DWULP{QLR/tTXLGRDMXVWDGR 5PLO
&DSLWDO7RWDO,QYHVWLGR$MXVWDGR
$WLYR7RWDO EDODQoR 5PLO
0HQRV$MXVWHV3DWULPRQLDLV
5 5 5
/XFUR/tTXLGR3UHYLVWR
/XFUR1RUPDOL]DGR
/XFUR/tTXLGR'HVSHVDV)LQDQFHLUD,5
/XFUR1RUPDOL]DGR
5HWRUQRGRVDWLYRV7DQJtYHLVFDSLWDOWRWDODMXVWDGR
[
9DORUGR*RRGZLOO
*RRGZLOO OXFURQRUPDOL]DGR5HWRUQRGRDWLYRV7DQJtYHLV
*RRGZLOO
9DORUGDHPSUHVDLQFOXLQGRRJRRGZLOO
3/DMXVWDGR
*RRGZLOO
9DORUGD(PSUHVD
$PRUWHGRGRQRpRIDWRTXHID]FRPTXHDHPSUHVDWHQKDXPDDYDOLDomRQHJDWLYDHPVHX
JRRGZLOO
&21&/862
-i HVWDPRV Ki PDLV GH DQRV TXH /XFFD 3DFLROL RUJDQL]RX R PpWRGR GDV SDUWLGDV
GREUDGDVHPVHXOLYUR6XPDGHODSURSRFLRQDOLWiHQWUHWDQWRDSHVDUGRDSURIXQGDPHQWR
QRV HVWXGRV GD WHRULD GD FRQWDELOLGDGH SRGHVH DILUPDU TXH R PpWRGR FRQWiELO H D
FRQWDELOLGDGH HP VXD HVVrQFLD SHUPDQHFHP SUDWLFDPHQWH RV PHVPRV D GHVSHLWR GR
SURJUHVVR GD WHFQRORJLD GD LQIRUPDomR H GD YHUGDGHLUD UHYROXomR LQIRUPDFLRQDO GRV GLDV
DWXDLV
2SDSHOGDFRQWDELOLGDGHFRP IRUQHFHGRUDGHGDGRVDRSURFHVVRGHFLVyULRHVWUDWpJLFRGDV
RUJDQL]Do}HV HQWUHWDQWR WHP VLGR DPSOLDGR H VXD LPSRUWkQFLD WHP DVVXPLGR SURSRUo}HV
LQLPDJLQiYHLV Ki EHP SRXFR WHPSR DWUiV 2 IRUPDWR H D DSUHVHQWDomR GD LQIRUPDomR
FRQWiELO WHP VRIULGR PRGLILFDomR H DV SUySULDV IHUUDPHQWDV GLVSRQtYHLV SDUD VXD
RSHUDFLRQDOL]DomR VH PRGHUQL]DUDP SURIXQGDPHQWH (QILP D GHPDQGD GRV XVXiULRV GDV
LQIRUPDo}HV FRQWiEHLV WHP VH WRUQDGR FRPSOH[D H GLIHUHQFLDGD H RV SURGXWRVWUDGLFLRQDLV
GLVSRQtYHLVQRPHUFDGRFRQWiELOMiQmRVDWLVID]HPPDLVHVWHVFRQVXPLGRUHV
1R%UDVLOH[LVWHQRVGLDVDWXDLVXPDWHQGrQFLDPXLWRSURIXQGDGHPXGDQoDVQRPHUFDGR
SURILVVLRQDO GRV VHUYLoRV GH FRQWDELOLGDGH GHYLGDV D FHQiULRV DOWHUQDWLYRV FRPR D
JOREDOL]DomR D UHIRUPD ILVFDO D FRQVFLHQWL]DomR GDV HPSUHVDV GH VHX SDSHO VRFLDO H
SULQFLSDOPHQWHDLQWURGXomRGRXVRGDWHFQRORJLDDYDQoDGDGDLQIRUPDomR
$VVLP XUJH TXH SUiWLFDV GHVHQYROYLGDV VRPHQWH QDV JUDQGHV FRUSRUDo}HV VHMDP WDPEpP
GHVHQYROYLGDV QDV HPSUHVDV GH SUHVWDomR GH VHUYLoRV FRQWiEHLV H D XWLOL]DomR FRUULTXHLUD
GRVFRPSXWDGRUHVRIHUHFHSRVVLELOLGDGHSDUDTXH VHMDPXWLOL]DGRVGH IRUPDUHODWLYDPHQWH
VLPSOHVRVPRGHORVTXDQWLWDWLYRV
3URSRUFLRQDU DRV FOLHQWHV VHUYLoRV GH DQiOLVH SDUD GHFLV}HV TXH HQYROYHP DSOLFDomR GRV
UHFXUVRVGDVHPSUHVDVEDVHDGRVHPPpWRGRVTXDQWLWDWLYRVpXPDGDVIRUPDVGHDPSOLDUR
OHTXHGHSURGXWRVDVHURIHUHFLGRDRVFOLHQWHVSHORVSURILVVLRQDLVGHFRQWDELOLGDGH
2IXWXURGDFRQWDELOLGDGHHVWiMXVWDPHQWHQDDPSOLDomRPRGLILFDomRHRWLPL]DomRGRXVR
GHVHXVSURGXWRV
$VVLP FRQFOXLVH SHOD QHFHVVLGDGH GH XP DSURIXQGDPHQWR SRU SDUWH GRV FRQWDGRUHV QR
HVWXGR GRV PpWRGRV TXDQWLWDWLYRV H HP VXDV DSOLFDo}HV QD FRQWDELOLGDGH SDUD PHOKRU
DWHQGHUDVGHPDQGDVGRVXVXiULRVGDFRQWDELOLGDGH
%,%/,2*5$),$
6,(*(/-RHO*6+,0-DH.$FFRXQWLQJ+DQGERRN1HZ<RUN86$%DURQV
$17+21<5REHUW1HWDOOL $FFRXQWLQJ7H[WDQG &DVHV%RVWRQ0DVVDFKXVHWWV86$
0F*UDZ+LOO
),*8(,5('2 6DQGUD &$**,$12 3DXOR &HVDU &RQWURODGRULD 7HRULD H 3UiWLFD 6mR
3DXOR$WODV
*8(55(,52 5HLQDOGR 0RGHOR &RQFHLWXDO GR 6LVWHPD GH *HVWmR (FRQ{PLFD 8PD
&RQWULEXLomR j 7HRULD GD &RPXQLFDomR GD &RQWDELOLGDGH 7HVH GH GRXWRUDPHQWR HP
FRQWDELOLGDGH)($8636mR3DXOR
+(1'5,.6(1 (OGRQ 6 %5('$ 0LFKDHO ) 9DQ 7UDGXomR GH $QW{QLR =RUDWR
6DQYLQFHQWH7HRULDGD&RQWDELOLGDGH6mR3DXOR$WODV
1(,9$5DLPXQGR$OHOHI9DORUGH0HUFDGRGD(PSUHVD6mR3DXOR$WODV