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DVFDWHJRULDVHRVUHVXOWDGRVGHVHXVWUDEDOKRVVREUHDVVRFLHGDGHVSULPLWLYDVLVVRpLQFRQWHVWiYHOQRLQWHULRU
GDVFDWHJRULDVFOiVVLFDVGHEDVHGDHWQRORJLDVHPFULWLFiODV2Q~FOHRGRVSUHFRQFHLWRVHWQROyJLFRVSRUWDQWR
GDLGHRORJLDHWQROyJLFDFRQVLVWHHPFRQVLGHUDUHP~OWLPDLQVWkQFLDTXHDVVRFLHGDGHVSULPLWLYDVVmRXPWLSR
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YLVtYHLVSXUDVQDWLYDV
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SURGXomRVREUHRVRXWURVRXVREUHRRXWURSURGX]HPIUHTHQWHPHQWHHIHLWRVSDUDGR[DLVQRQtYHOGDVIRUPDV
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VXSHUHVWUXWXUDLVTXHOKHVFRUUHVSRQGHPSURSULDPHQWHHTXHDFRPELQDomRKLHUiUTXLFDGHGLYHUVRVPRGRVGH
SURGXomRGRVTXDLVFDGDXPLQGX]DVXDSUySULDLQVWkQFLDSURGX]QDUHDOLGDGHFRPRUHVXOWDGRXPDFRPELQDomR
GDV GLIHUHQWHV LQVWkQFLDV VXSHUHVWUXWXUDLV LQGX]LGDV SHORV GLIHUHQWHV PRGRV GH SURGXomR FRPELQDGRV QR
LQWHULRUGHXPDIRUPDomRVRFLDOGDGD'LVVRUHVXOWDTXHDVLQVWkQFLDVVXSHUHVWUXWXUDLVUHDOPHQWHH[LVWHQWHVQHVVD
IRUPDomRVRFLDOGDGDWrPDVIRUPDVTXHVmRSHUFHSWtYHLVDSHQDVFRPRFRPELQDomRHVSHFtILFDGDVLQVWkQFLDV
LQGX]LGDV SHORV GLIHUHQWHV PRGRV GH SURGXomR FRQWHPSRUDQHDPHQWH SUHVHQWHV FRPELQDGRV QR LQWHULRU GD
IRUPDomR VRFLDO FRQVLGHUDGD H SHORV HIHLWRV GR SUHGRPtQLR GH XP GHOHV VREUH RV GHPDLV (VVH HIHLWR GH
SUHGRPtQLRSRGHSDUHFHUSDUDGR[DOLVVRTXHUGL]HUFRPRDKLVWyULDPRVWUDLQFHVVDQWHPHQWHTXHXPPRGR
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TXDOSUHGRPLQDPLQVWkQFLDVVXSHUHVWUXWXUDLVTXHSURYrPGHXPGHWHUPLQDGRPRGRGHSURGXomRVXERUGLQDGR
DVVLPDIRUPDGRHVWDGRSUXVVLDQRGDPHWDGHGRVpFXOR;,;HUDLQGX]LGDSHORPRGRGHSURGXomRIHXGDO
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GHSHORPHQRVGRLVPRGRVGHSURGXomRGLVWLQWRVGRVTXDLVXPpRGRPLQDQWHHRRXWURVXERUGLQDGRSRU
H[HPSORFDoDHFULDomRFDoDHXPGHWHUPLQDGRWLSRGHFXOWLYRFROKHLWDHFDoDFROKHLWDHSHVFDRXFROKHLWD
HFXOWLYRHFDoDRXFULDomRHWF
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TXHHQWUHWDQWRHUDVXERUGLQDGRQRLQWHULRUGDIRUPDomRVRFLDOSUXVVLDQDDRPRGRGHSURGXomRFDSLWDOLVWDQD
VXSHUHVWUXWXUDGRPLQDYDXPDIRUPDGH(VWDGRFRUUHVSRQGHQWHDRPRGRGHSURGXomRIHXGDOTXHQRHQWDQWR
HUDGRPLQDGRQDHFRQRPLDSHORPRGRGHSURGXomRFDSLWDOLVWD6mRHVVHVHIHLWRVGHFUX]DPHQWRTXHGmRFRQWD
PHVPRQDVVRFLHGDGHVSULPLWLYDVGDVGLIHUHQoDVLGHROyJLFDVQDHVWUXWXUDGDVLGHRORJLDVGLIHUHQoDVTXH
/pYL6WUDXVVFRODHPWXGRHSRUWXGRjVYDULDo}HVIRUPDLVSXUDPHQWHSRVVtYHLVLVWRpDFDWHJRULDVSXUDPHQWH
OyJLFDVGHRSRVLomRVXEVWLWXLomRHWFMXVWDPHQWHSRUTXHQmRVDEHRTXHVHMDXPDIRUPDomRVRFLDOXPPRGR
GHSURGXomRDFRPELQDomRGHPRGRVGHSURGXomRHVXDVLQVWkQFLDVVXSHUHVWUXWXUDLV
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GHDQWURSRORJLD$DQWURSRORJLDQmRSRGHH[LVWLUeXPFRQFHLWRTXHDVVXPHDSHQDVDLGHRORJLDHWQROyJLFD
YHURTXHHXGLVVHDFLPDQDLOXVmRGHTXHRREMHWRGDHWQRORJLDVHMDFRQVWLWXtGRSRURXWUDVUHDOLGDGHVVREUH
DVTXDLVVHRFXSDDFLrQFLDGDKLVWyULDDVIRUPDo}HVVRFLDLVTXDLVTXHUTXHVHMDP2IDWRGHTXH/pYL6WUDXVV
VHGHFODUHDQWURSyORJRpDVXDFDUWHLULQKDGHSHUWHQFLPHQWRjLGHRORJLDHWQROyJLFDHDRPHVPRWHPSRXP
SURJUDPDWHyULFRDSUHWHQVmRGHFULDUFRQFHLWRVHVSHFtILFRVSUySULRVGHVVDUHDOLGDGH~QLFDHH[HPSODUTXH
pXPDVRFLHGDGHSULPLWLYDHDSUHWHQVmRGHFULDUQRLQWHULRUGHVVHVFRQFHLWRVFRQFHLWRVSULPLWLYRVLVWRp
RULJLQiULRVHPUHODomRDWRGRVRVFRQFHLWRVQRLQWHULRUGRVTXDLVVHSHQVDDUHDOLGDGHGDVRXWUDVIRUPDo}HV
VRFLDLVHPSDUWLFXODUHPUHODomRDRVFRQFHLWRVPDU[LVWDV
,VVRTXHHXDFDERGHH[SRUDYRFrDSURSyVLWRGDVIRUPDo}HVVRFLDLVSULPLWLYDVDSURSyVLWRGRVPRGRVGH
SURGXomRGHVXDQHFHVViULDFRSUHVHQoDHFRPELQDomRQRLQWHULRUGHWRGDIRUPDomRVRFLDOHGRVHIHLWRVLQGX]LGRV
SRUFDGDPRGRGHSURGXomRHSRUILPGDVFRPELQDo}HVGRVHIHLWRVLQGX]LGRVSRUFDGDPRGRGHSURGXomRVREUH
VXDVLQVWkQFLDVVXSHUHVWUXWXUDLVHDLQGDGRV HIHLWRVSDUDGR[DLVSRVVtYHLV GHVWD~OWLPDFRPELQDomRWXGRLVVR
RXVRGL]HUQmRVHHQFRQWUDGHIDWRHPFLUFXODomR6mRLGpLDVTXHWURX[HPRVTXHHXWURX[HGRVQRVVRVHVWXGRV
VREUH0DU[6mRHPVLPHVPDVXPDSHTXHQDGHVFREHUWDTXHH[SRUHLQRPHXOLYUR(PSDUWLFXODUDTXLORTXHIRL
WUD]LGRQRTXHWDQJHjDQWURSRORJLDpPXLWRLPSRUWDQWHGRSRQWRGHYLVWDWHyULFRHFRQVHTHQWHPHQWHLGHROyJLFR
HQDWXUDOPHQWHSROtWLFR9HMDYRFrWDPEpPTXHGLVSRPRVSHODSULPHLUDYH]GHDOJXPDFRLVDTXHQRVSHUPLWH
SHQVDUDTXLORTXHRFRUUHQRQtYHOGDVIRUPDVGDVXSHUHVWUXWXUDHHPSDUWLFXODUGHVXDVIRUPDVIUHTHQWHPHQWH
SDUDGR[DLVQmRVyQRQtYHOGR(VWDGRRXGRSROtWLFRHPJHUDOQHPVHPSUHH[LVWHDIRUPDGR(VWDGRPDV
WDPEpPQRQtYHOGDVIRUPDVGRLGHROyJLFR'HRQGH>VHRULJLQDP@DVJUDQGHVFRQVHTrQFLDVSROtWLFDV
$FUtWLFDIXQGDPHQWDOTXHHXGLULMRD/pYL6WUDXVVpGHIDODUGRLGHROyJLFRHGHTXHUHUID]HUDWHRULDVREUH
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'DtUHVXOWDPFRQVHTrQFLDVLQFDOFXOiYHLVVHYRFrFRQFRUGDTXHQmRVDEHURTXHpRLGHROyJLFRpDQWHVGH
PDLVQDGDQmRVDEHURTXHVHMDXPDIRUPDomRVRFLDOXPPRGRGHSURGXomRDVLQVWkQFLDVHFRQ{PLFDSROtWLFD
LGHROyJLFDGHXPPRGRGHSURGXomRVXDVFRPELQDo}HVSULPiULDVHFXQGiULDHWF
(VVDV FRQVHTrQFLDV VmR SHUIHLWDPHQWH LGHQWLILFiYHLV QD WHRULD GH /pYL6WUDXVV 0HQFLRQDUHL DV PDLV
LPSRUWDQWHVDOpPGDTXHODVTXHMiDSRQWHL
6REUH/pYL6WUDXVV
8P GRV UHVXOWDGRV PDLV HVSHWDFXODUHV GD VXD WHRULD p GH VHU FRPSOHWDPHQWH LQFDSD] GH GDU FRQWD GR IDWR
GHTXHDVHVWUXWXUDVGHSDUHQWHVFRQDVVRFLHGDGHVSULPLWLYDVQmRHVWmRHPWRGDSDUWHHQHPVmRVHPSUHDV
PHVPDVPDVDSUHVHQWDPYDULDo}HVFRQVLGHUiYHLV7DLVYDULDo}HVVmRSDUDHOHDSHQDVYDULDo}HVGHXPPRGRGH
FRPELQDomRSXUDPHQWHIRUPDORTXHpDSHQDVWDXWROyJLFRPDVTXHQmRH[SOLFDQDGD4XDQGRYRFrRIHUHFHXP
PRGRGHFRPELQDomRTXHSHUPLWHXPDLQILQLGDGHGHIRUPDVSRVVtYHLVQDVXDPDWUL]FRPELQDWyULDDSHUJXQWD
SHUWLQHQWHQmRpVHHVVHUHDOHVVDHVWUXWXUDGHSDUHQWHVFRREVHUYiYHOVHMDGHVGHRLQtFLRDQWHFLSDGDPHQWH
LQFOXtGRFRPRSRVVtYHOHQWUHDVYDULDo}HVGDFRPELQDWyULDSRUTXHLVVRpWDXWROyJLFRFRQVLVWHHPFRQVWDWDU
TXHRUHDOHUDSRVVtYHOPDVDSHUJXQWDSHUWLQHQWHpDVHJXLQWHSRUTXHHVVHSRVVtYHOHQmRXPRXWURpTXH
RFRUUHXpSRUWDQWRUHDO"
2UDDHVVDSHUJXQWD/pYL6WUDXVVQmRUHVSRQGHQXQFDSRUTXHQXQFDDFRORFD(ODHVWiFRPSOHWDPHQWHIRUDGR
VHXKRUL]RQWHWHyULFRIRUDGRVHXFDPSRPDUFDGRSHORVVHXVFRQFHLWRVGHEDVH(OHDVVXPHGHXPODGRRUHDO
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4XDQGR/pYL6WUDXVVDQDOLVDDHVWUXWXUDDVHVWUXWXUDVGDVUHODo}HVGHSDUHQWHVFRRTXHHOHQmRGL]pTXHVHDV
UHODo}HVGHSDUHQWHVFRGHVHQYROYHPQDVVRFLHGDGHVSULPLWLYDVXPSDSHOWmRLPSRUWDQWHpSRUTXHHODVID]HP
GHIDWRRSDSHOGHUHODo}HVGHSURGXomRUHODo}HVGHSURGXomRTXHVmRFRPSUHHQVtYHLVDSHQDVHPIXQomRGRV
PRGRVGHSURGXomRGRVTXDLVVmRDVUHODo}HVGHSURGXomRHGDFRPELQDomRGHVVHVPRGRVGHSURGXomR
'LVVR UHVXOWD TXH SDUD /pYL6WUDXVV DV HVWUXWXUDV GH SDUHQWHVFR HVWmR QR DU (ODV GHSHQGHP TXDQGR VH
OrHP RV VHXV WH[WRV GH GXDV FRQGLo}HV GLIHUHQWHV H HOH SDVVD FRQWLQXDPHQWH GH XPD D RXWUD 2X GH XPD
FRQGLomRIRUPDOHIHLWRGHXPDFRPELQDWyULDIRUPDOTXHGHSHQGHHP~OWLPDLQVWkQFLDGRHVStULWRKXPDQRH
SRUILPGRFpUHEURpRODGRPDWHULDOLVWDGH/pYL6WUDXVVTXHFRPELQDRELQDULVPROLQJtVWLFRFRPXPD
FRQFHSomRFLEHUQpWLFDGRFpUHEURKXPDQRHWFQmRVHLVHPHH[SOLFRQROLPLWHpXPSULQFtSLROyJLFRRX
XPDUHDOLGDGHPDWHULDOEUXWDDOyJLFDGH%RROHUHYLVWDSHORVOLQJLVWDVELQDULVWDVRXDILVLRORJLDGRFpUHEUR
TXHVHHQFDUQDPQDVHVWUXWXUDVGHSDUHQWHVFR2XSRURXWURODGRDVHVWUXWXUDVGHSDUHQWHVFRGHSHQGHP
HP/pYL6WUDXVVGHXPDRXWUDFRQGLomRSXUDPHQWHIXQFLRQDOLVWDTXHVHSRGHUHVXPLUGDVHJXLQWHPDQHLUD
VH H[LVWHP QDV VRFLHGDGHV SULPLWLYDV HVWDV RX DTXHODV UHJUDV PDWULPRQLDLV HWF p SDUD OKHV SHUPLWLU YLYHU
RX VREUHYLYHU HWF XP VXEMHWLYLVPR IXQFLRQDOLVWD ELRORJLVWD H[LVWH XP LQFRQVFLHQWH VRFLDO TXH DVVHJXUD
H[DWDPHQWHFRPRIDULDXPDLQWHOLJrQFLDDJXGDRVPHLRVDGHTXDGRVSDUDSHUPLWLUjVRFLHGDGHSULPLWLYDYLYHU
HVREUHYLYHUDVVLPFRPRpSUHFLVRFULWLFDUHVVHIXQFLRQDOLVPRTXHWHRULFDPHQWHpVHPSUHXPDIRUPDGH
VXEMHWLYLVPRTXHHPSUHVWDjVRFLHGDGHDIRUPDGHH[LVWrQFLDGHXPVXMHLWRTXHSRVVXLLQWHQo}HVHREMHWLYRV
GDPHVPDPDQHLUDpSUHFLVRFULWLFDUHUHSXGLDURFRQFHLWRGHLQFRQVFLHQWHTXHOKHpRFRUUHODWRLQGLVSHQViYHO
HGRTXDO/pYL6WUDXVVpREULJDGRDID]HUXVRLQWHQVRFKHJDUHLGHIDWRDGL]HUTXHRFRQFHLWRGHLQFRQVFLHQWH
QmRpPDLVXPFRQFHLWRFLHQWtILFRQHPHPSVLFDQiOLVHQHPHPVRFLRORJLDQHPHPDQWURSRORJLDHQHPHP
KLVWyULDYHMDDWpRQGHHXYRX(PSRXFDVSDODYUDVXPDYH]TXHHOHQmRVDEHTXHDVHVWUXWXUDVGHSDUHQWHVFR
GHVHQYROYHPRSDSHOGHUHODo}HVGHSURGXomRQRLQWHULRUGDVIRUPDo}HVVRFLDLVSULPLWLYDVSRUTXHQmRVDEH
TXHFRLVDVVmRDVUHODo}HVGHSURGXomRQmRVDEHQGRRTXHpXPDIRUPDomRVRFLDOHXPPRGRGHSURGXomR
HWF/pYL6WUDXVVpREULJDGRDSHQViODVRXHPUHODomRDRHVStULWRKXPDQRRXHPUHODomRDRFpUHEURH
DRVHXSULQFtSLRIRUPDOFRPXPELQiULRRXHPUHODomRDXPLQFRQVFLHQWHVRFLDOTXHDVVHJXUHDVIXQo}HVGD
VREUHYLYrQFLDGDVRFLHGDGH
/RXLV$OWKXVVHU
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GDPDQHLUDFRPRSRGHREVHUYiORHGHRXWURRVSRVVtYHLVTXHJHURXDWUDYpVGRVHXPRGRGHFRPELQDWyULD
XQLYHUVDOTXDQGRHQFRQWUDXPUHDORSUREOHPDWRGRFRQVLVWHHPFRQVWUXLUDSRVVLELOLGDGHGHVVHUHDODSDUWLUGR
MRJRFRPELQDWyULR2UDQmRpSURGX]LQGRDSRVVLELOLGDGHGHXPUHDOH[LVWHQWHTXHRYDLWRUQDUFRPSUHHQVtYHO
PDVSURGX]LQGRRFRQFHLWRGDVXDQHFHVVLGDGHHVWHSRVVtYHOQmRXPRXWUR&RPSUHHQGHUXPIHQ{PHQRUHDO
QmRpHXGLULDSURGX]LURFRQFHLWRGDVXDSRVVLELOLGDGHHVWDpDLQGDXPDYH]DLGHRORJLDILORVyILFDFOiVVLFD
DRSHUDomRMXUtGLFDWtSLFDTXHGHQXQFLRQRSUHIiFLRGH/HJJHUH>,O&DSLWDOH@,PDVSURGX]LURFRQFHLWRGDVXD
QHFHVVLGDGH4XHRIRUPDOLVPRGH/pYL6WUDXVVpXPPDXIRUPDOLVPRSRGHVHYHUGHVGHMiHPUHODomRDHVWH
SRQWRSUHFLVR/pYL6WUDXVVWURFDRIRUPDOLVPRGDSRVVLELOLGDGHFRPDIRUPDOL]DomRGDQHFHVVLGDGH
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