You are on page 1of 6

$3VLFRORJLD&OtQLFD²3URFXUDGHXPD,GHQWLGDGH

6DQGUD%ULWR

5HVXPR VH WRUQD QHFHVViULR H[SOLFLWDU DV IURQWHLUDV


2 SUHVHQWH DUWLJR H[SOLFLWD GH IRUPD FUtWLFD OLPLWHV GH DFWXDomR H HVSHFLILFLGDGHV GHVWH
H UHIOH[LYD DV HVSHFLILFLGDGHV GR H[HUFtFLR UDPRGRVDEHUQDVXDFRPSOHPHQWDULGDGHH
GD SVLFRORJLD FOtQLFD QDV VXDV YHUWHQWHV GH LQWHUDFomRFRPRXWUDVGLVFLSOLQDV
GLDJQyVWLFRHGHDFRPSDQKDPHQWRGHILQLQGR $3VLFRORJLD&OtQLFDQDVFLGDQRVDQRVQRV
REMHFWR REMHFWLYRV PpWRGRV H LQVWUXPHQWRV (8$FRPHoRXSRUVHDILUPDUFRPRDOWHUQDWL
HVSHFtILFRV )D] DLQGD XPD UHYLVmR KLVWyULFD YDDRPRGHORPpGLFRSURSRQGRVHSURFXUDU
GDHYROXomRGHVWHUDPRGRVDEHUGHOLPLWDQ D H[SOLFDomR GRV FRPSRUWDPHQWRV YLVtYHLV
GRDVIURQWHLUDVFRPDVFLrQFLDVTXHOKHVmR QXPDQDWXUH]DSVtTXLFDLQYLVtYHOHFRPXPD
SUy[LPDV LQWHULRULGDGHPHWDIyULFD
$  KLVWyULD  GD  SVLFRORJLD  FOtQLFD  UHYHOD  D
3DODYUDV&KDYH 3VLFRORJLD &OtQLFD 3VLFR
DPELJXLGDGHGDVXDGHOLPLWDomR2WHUPR
WHUDSLD GH $SRLR 3VLFRWHUDSLD GH ,QVSLUDomR
FOtQLFDTXHHVWiDVVRFLDGRDRGHGRHQoD
3VLFDQDOtWLFD3VLFDQiOLVH
SRGHVHUWUDQVSRVWRSDUDRXWURVGRPtQLRVR
SURFHGLPHQWR H R PpWRGR VHUYHP GH EDVH
&OLQLFDO3V\FKRORJ\²7KH6HDUFKIRUDQ SDUD XPD QRYD IRUPD GH DERUGDJHP GH IH
LGHQWLW\ QyPHQRVHGHREMHFWRVEDVWDQWHDIDVWDGRVGD
$EVWUDFW7KHFXUUHQWSDSHUH[SODLQVIURP SDWRORJLDGRVRIULPHQWRRXGRFRQIOLWR
D FULWLFDO DQG UHIOH[LYH SRLQW RI YLHZ WKH $ 3VLFRORJLD FOtQLFD GHYH FRQVLGHUDUVH XPD
SDUWLFXODU FRQFHSWV RI WKH FOLQLFDO SV\FKR DFWLYLGDGH SUiWLFD H HP VLPXOWkQHR XP
ORJ\ SUD[LV DW WKH OHYHO RI GLDJQRVLV DQG FRQMXQWR GH WHRULDV H PpWRGRV 3RGH VHU
FRXQVHOOLQJ GHILQLQJ REMHFWLYHV PHWKRGV GHILQLGD FRPR D VXEGLVFLSOLQD GD SVLFRORJLD
DQG VSHFLILF LQVWUXPHQWV $ KLVWRULFDO UH TXHWHPFRPRREMHFWLYRRHVWXGRDDYDOLDomR
YLHZ RI WKH HYROXWLRQ RI WKLV GLVFLSOLQH LV RGLDJQyVWLFRDDMXGDHRWUDWDPHQWRGRVR
PDGH HVWDEOLVKLQJ WKH GLIIHUHQFHV ZLWK WKH IULPHQWRSVtTXLFRTXDOTXHUTXHVHMDDFDXVD
FORVHVFLHQFHV VXEMDFHQWH
2 PpWRGR FOtQLFR IRL DSOLFDGR D RXWURV RE
.H\:RUGV &OLQLFDO 3V\FKRORJ\ 3V\FKRD MHFWRV SDUD SURGX]LU XP FRQMXQWR WHyULFR
QDO\WLF&RXQVHOOLQJ3V\FKRDQDO\VLV6XSSRU FRHUHQWH H GLVWLQWR GRV GD SVLFRORJLD H[SHUL
WLYH3V\FKRWKHUDS\3V\FKRDQDO\VLV PHQWDORXGDSVLFRORJLDFRJQLWLYD
+DELWXDOPHQWH D VLJQLILFDomR TXH VH UHFR
2 SUHVHQWH DUWLJR SDUWLX GH XPD UHIOH[mR QKHFHQRFRQFHLWRGHFOtQLFDpDSUiWLFDTXH
GLUHFWDPHQWH OLJDGD j SUiWLFD GD SVLFRORJLD FRQVLVWHQXPDREVHUYDomRVLQJXODUHFRQFUH
FOtQLFD HP HTXLSD PXOWLGLVFLSOLQDU RQGH WD GR LQGLYLGXDO 7DPEpP SDUD *XLOODXPLQ

5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD‡

3VLFyORJD&OtQLFD
6DQGUD%ULWR

  RV WUDoRV HVVHQFLDLV TXH FRQVWLWXHP p LQHUHQWH j FRQVWLWXLomR GH XPD YHUGDGHLUD
D3VLFRORJLD&OtQLFDVmRRVHXFDUiFWHUGHFR SHUFHSomR FOtQLFD $ REVHUYDomR FOtQLFD SRGH
QKHFLPHQWRLQGLYLGXDOFHQWUDGRQRFDVRSVL FRQVWLWXLUVH FRPR XPD OHLWXUD HQTXDQWR
FROyJLFR VLQJXODU 2 HVWXGR GH FDVR FRQVWLWXL DFWRDQDOtWLFRGHHQXPHUDomRGRVVLQDLVHGH
DVVLP XPD IRUPD HVSHFtILFD GH DERUGDJHP FRPSUHHQVmRGRVXMHLWRLQGLYLGXDO
GRV VXMHLWRV PpWRGR SRU H[FHOrQFLD GD SVL $ REVHUYDomR GLUHFWD GH FDVRV SVLFROyJLFRV
FRORJLDFOtQLFD TXH GHILQH XPD QRYD DERUGDJHP GD 3VLFR
'H DFRUGR FRP 0RLWD   R WHUPR FOt ORJLD&OtQLFDLPS}HDGHVFULomRGHXPDQRYD
QLFR XVDGR QD H[SUHVVmR 3VLFRORJLD &OtQLFD FDVXtVWLFD 2 FDVR SVLFROyJLFR LPSOLFD XPD
GHILQHDSHQDVXPDVHQVLELOLGDGHSDUWLFXODUD QRYDFRQFHSomRTXHVHSDUDDGRHQoDGDVGH
GRLVQtYHLVGDHODERUDomRFLHQWtILFD WHUPLQDo}HV FRPSRUWDPHQWDLV H DGDSWDWLYDV
 $R QtYHO GR REMHFWR $ 3VLFRORJLD &OtQLFD TXH GHOD DGYrP H SHUPLWH FRQIHULU DR FRP
LQWHUHVVDVHSHORVXMHLWRHQTXDQWRWDOeQHVWH SRUWDPHQWR XP YDORU GH H[SUHVVmR XQtYRFD
VHQWLGR TXH /DJDFKH   D GHILQH FRPR HPVLPHVPR
´D LQYHVWLJDomR VLVWHPiWLFD H WmR FRPSOHWD 'H DFRUGR FRP 0DUTXHV   ´D LGHQWL
TXDQWRSRVVtYHOGRVFDVRVLQGLYLGXDLVµ GDGH GH XP 3VLFyORJR &OtQLFR GHILQHVH SHOR
 $R QtYHO GD PHWRGRORJLD WUDWDVH GH XP GRPtQLRGHWHRULDVWpFQLFDVHPpWRGRVFRP
SURFHVVRGHUHFROKDGHGDGRVHPTXHVHWRPD SDWtYHLVHQWUHVLFXMRREMHFWLYRpWHQWDUDWLQJLU
VHPSUH HP FRQVLGHUDomR R FRQWH[WR LQGLYL D´YHUGDGHµSVLFROyJLFDGRVXMHLWRREVHUYDGR
GXDOHRULJLQDOHPTXHRFRPSRUWDPHQWRRX SDUDVHSRGHUGLUHFWDRXLQGLUHFWDPHQWHHQ
UHDFomRVmRREVHUYDGRV(PFOtQLFDSDUWHVH FHWDUXPSURFHVVRGHLQWHUYHQomRµ
VHPSUHGRSULQFtSLRTXHpHVVHFRQWH[WRTXH ´2 HVVHQFLDO GR WUDEDOKR HP 3VLFRORJLD &Ot
GiVHQWLGR~WLODRGDGRUHFROKLGR QLFD FRQVLVWH HP H[SOLFLWDU SDUD ILQV YiULRV
2 PpWRGR FOtQLFR FRORFDQRV QXPD YLD GLIH DTXLORTXHFDUDFWHUL]DRVHUSVLFROyJLFR3DUD
UHQWH GH DFHVVR DR UHDO HP TXH QmR H[LVWH WDOpHVVHQFLDOSRVVXLUXPVyOLGRHFODURTXD
D SUHRFXSDomR FRP D ´DVVHSVLD ODERUDWRULDO GURGHUHIHUrQFLDWHyULFRTXHFRQILUDVHQWLGR
RX D ULJLGH] GD QRUPDOLGDGH HVWDWtVWLFDµ QR DRTXHREVHUYDPRVEHPFRPRXPFRQMXQWR
SURFHVVRGHUHFROKDGHGDGRVHFRQWURORGDV GHHVWUDWpJLDVWDPEpPFODUDPHQWHGHILQLGDV
YDULiYHLV TXH SHUPLWDP DFHGHU DR FRQKHFLPHQWR TXH
'HXPSRQWRGHYLVWDWHyULFR)HGLGD   VHSHUVHJXH'HDFRUGRFRP$Q]LHX  D
GL]QRVTXHDSUiWLFDFOtQLFDpIHLWDDSDUWLUGR SVLFRORJLDFOtQLFDpXPDSVLFRORJLDLQGLYLGXDO
VLOrQFLRGDVWHRULDVTXHVHUYHPSDUDDUWLFX HVRFLDOQRUPDOHSDWROyJLFDTXHVHUHIHUHD
ODUHRUGHQDUDTXLORTXHpYLVtYHO([LVWHWDP WRGR R FLFOR GH YLGD FXPSULQGR R SVLFyORJR
EpP D QHFHVVLGDGH GH XPD OLQJXDJHP TXH FOtQLFRHVVHQFLDOPHQWHWUrVIXQo}HVGHGLDJ

‡5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD
$3VLFRORJLD&OtQLFD²3URFXUDGHXPD,GHQWLGDGH

QyVWLFR GH IRUPDomR H GH SHULWR TXH OHYD R 36,&2/2*,$&/Ì1,&$(36,&$1É/,6(


SRQWR GH YLVWD SVLFROyJLFR D RXWURV HVSHFLD
(PERUD D SVLFDQiOLVH H D SVLFRORJLD FOtQLFD
OLVWDV
VHMDP GXDV GLVFLSOLQDV GLVWLQWDV D UHODomR
$ H[SODQDomR WHyULFD GDV GLIHUHQWHV YHUWHQ
HQWUH DPEDV WHP XPD KLVWyULD TXH UHPRQWD
WHV GD SVLFRORJLD FOtQLFD OHYDQRV j UHIOH[mR
DRVIXQGDGRUHV$Q]LHX  OHPEUDTXH
LQHYLWiYHOVREUHRSDSHOGRSVLFyORJRQDDF
D SVLFDQiOLVH VXUJLX RSRUWXQDPHQWH SDUD
WXDOLGDGH$VUDPLILFDo}HVGDFOtQLFDVHUYHP
SUHVWDUVHUYLoRjSVLFRORJLDHPGRLVSODQRVR
GLIHUHQWHV IXQo}HV H SRGHP VHU H[HUFLGDV GHXPDFDXomRWHyULFDHRGHXPH[HPSORGH
QXPD HQRUPH YDULHGDGH GH VHWWLQJV GLIH SUiWLFD(PFRQWUDSDUWLGDDSVLFRORJLDVHUYLX
UHQFLDGRV &RQVRDQWH RV ORFDLV GH WUDEDOKR GH YHtFXOR SDUD D SURSDJDomR GD SVLFDQiOLVH
DV SRSXODo}HV DV FRQFHSo}HV WHyULFDV GR QXP PHLR PXLWR UHWLFHQWH D HVVH UHVSHLWR
SVLFyORJR H FRQVHTXHQWH JUHOKD GH OHLWXUD (VWD WURFD LQVWLWXFLRQDO H SROtWLFD IRL DFRP
GD UHDOLGDGH DV VXDV SUiWLFDV SRGHP YDULDU SDQKDGD SRU WUDQVSRVLo}HV GH FRQFHLWRV H
HQRUPHPHQWH 2 GHVHQYROYLPHQWR GD SVLFR SUREOHPiWLFDV SURYHQLHQWHV D PDLRU SDUWH
ORJLD FOtQLFD H R VHX FUHVFLPHQWR HQTXDQWR GDV YH]HV GD SVLFDQiOLVH PDV D SVLFRORJLD
FLrQFLDGHSHQGHJUDQGHPHQWHGDFDSDFLGDGH FOtQLFD WDPEpP SHUPLWLX TXH RV DQDOLVWDV
GHQRVDEULUPRVDQRYRVGHVDILRVGDQGRFRQ VH LQWHUHVVDVVHP SRU REMHFWRV GR GRPtQLR
WD GDV SRVVLELOLGDGHV H[SDQVLYDV GR PRGHOR GHLQWHUYHQomRGRVSVLFyORJRVFOtQLFRVFRPR
WHyULFR GH UHIHUrQFLD TXH PXLWR HYROXLX D VHMDPDVGLILFXOGDGHVHVFRODUHVDLQWHUDFomR
SDU FRP DV WUDQVIRUPDo}HV VRFLDLV GHVGH D SUHFRFHDSVLFRORJLDGHJUXSRVHWF
VXDIXQGDomR $ SVLFDQiOLVH SHOD FULDomR GH XPD WHRULD
$OJXQVDXWRUHVDVVLQDODPXPDGLIHUHQoDFOiV H[SOLFDWLYD GDV SHUWXUEDo}HV PHQWDLV PDV
VLFDHQWUHDFOtQLFDGH´PmRVQXDVµHDFOtQLFD WDPEpP GH XPD WHRULD JHUDO GR SVLTXLVPR
LQVWUXPHQWDOTXHVHDSRLDHPLQVWUXPHQWRV WHP LQWHUHVVH HQTXDQWR PpWRGR WHUDSrXWLFR
SXUDPHQWHSVLFROyJLFRVSUHSDUDGRVHHODER HGRXWULQD4XHUSRUUD]}HVKLVWyULFDV SDSHO
UDGRVSDUDDFHGHUDRVXMHLWR$3VLFRORJLD&Ot GRVSVLFDQDOLVWDVQDSVLFRORJLDFOtQLFD TXHU
QLFDUHFRUUHDSDUFRPRXWURVSURFHVVRVDR HSLVWHPROyJLFDV LQWHUHVVH GRV FRQFHLWRV
HVWXGRLQWHQVLYRGRVVXMHLWRVHDRVWHVWHVHQ GDV WHRULDV H GDV SUiWLFDV SVLFDQDOtWLFDV  D
WUHYLVWD REVHUYDomR H KLVWyULD SHVVRDO FRPR SVLFDQiOLVH FRQVWLWXLX XPD IRQWH GH LQVSLUD
LQVWUXPHQWRV $ DFWLYLGDGH GR SVLFyORJR omRSDUDDSVLFRORJLDFOtQLFD$VVLPVHJXQGR
FOtQLFR SRGH VHU XPD DFWLYLGDGH WHUDSrXWLFD /DJDFKH   D SVLFDQiOLVH WURX[H XPD
PDVRFDPSRGDSVLFRORJLDFOtQLFDpPDLVYDV SVLFRORJLD FRQFUHWD GD SHVVRD H GD FRQGXWD
WRGRTXHRGDSVLFRSDWRORJLDHGRWUDWDPHQWR $VXDLQIOXrQFLDID]VHVHQWLUDWpQDVWpFQLFDV
GHSUREOHPDVPHQWDLVLGHQWLILFDGRV FRPRSRUH[HPSORRJUDQGHGHVHQYROYLPHQWR

5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD‡
6DQGUD%ULWR

GD PHWRGRORJLD SURMHFWLYD $ SVLFRORJLD FOtQL &RPRWUDEDOKRFOtQLFRSUHWHQGHVHSURPRYHU


FD IUDQFHVD GHYH PXLWDV GDV VXDV SRVLo}HV j DV FDSDFLGDGHV GR VXMHLWR WHQGR HP YLVWD D
SVLFDQiOLVHPHVPRTXDQGRGHODVHGHPDUFD VXDSRVWHULRUDSOLFDomRjVGLILFXOGDGHVGRGLD
IUDQFDPHQWH DGLDGHPRGRDTXHRVXMHLWRSRVVDIXQFLR
QDUQDVRFLHGDGHGHXPDIRUPDPDLVVHJXUD
$SVLFRORJLDFOtQLFDSDUHFHWHUWLGRHQWUHWDQWR
HHVWiYHO3DUDLVVRpQHFHVViULRFULDUXPHV
DOJXPDV GLILFXOGDGHV HP FRQVWLWXLU RV VHXV
SDoRRQGHDVDQJ~VWLDVGRVXMHLWRSRVVDPVHU
SUySULRV FRQKHFLPHQWRV (OD DFWXRX FRPR
FRQWLGDVHRQGHRVVHXVSURFHVVRVGHIHQVLYRV
DV RXWUDV FLrQFLDV HPStULFDV WRUQDQGRVH
VHMDPLQWHUSUHWDGRV
QXPDFLrQFLDDSOLFDGDLVWRpXPDGLVFLSOLQD
TXHDSOLFDQRVHXSURFHGLPHQWRRVFRQFHLWRV
H RV SULQFtSLRV GH XPD RXWUD GLVFLSOLQD D $36,&27(5$3,$'($32,2
SVLFDQiOLVH  HP TXH R FDPSR GH DFWXDomR 2FDPSRGD3VLFRWHUDSLDpLPHQVRDJUXSDQ
D H[SHULrQFLD RV PpWRGRV H RV REMHFWRV VmR GR PpWRGRV YDULDGRV TXH UHSRXVDP VREUH
GLVWLQWRVGRVVHXV SUHVVXSRVWRV PXLWR GLIHUHQWHV 7HQGR HP
6H D SVLFRORJLD FOtQLFD QmR VH FRQIXQGH FRP FRQWDTXHRH[HUFtFLRGD3VLFRORJLD&OtQLFDp
DSVLFDQiOLVHHODSRGHVHUOKHKLVWRULFDPHQWH PXLWRYDVWRHKHWHURJpQHRDEDUFDQGRYiULDV
GHYHGRUDGHDOJXPDVGDVVXDVSUREOHPiWLFDV HVFRODV H UHVSHFWLYRV PpWRGRV GH LQWHUYHQ
H GRV VHXV PpWRGRV $ SVLFDQiOLVH DSDUHFH omRGHEUXoDPRQRVVREUHDVHVSHFLILFLGDGHV
HQWmRFRPRXPFRUSRGHFRQKHFLPHQWRVFXMD GDSVLFRWHUDSLDGHDSRLRQDTXLORTXHWHPGH
YDOLGDomR DVVHQWD QD WUDQVIHUrQFLD PDV TXH VLQJXODU H TXH QDWXUDOPHQWH D FDUDFWHUL]D
QR TXDGUR GD SVLFRORJLD FOtQLFD p XWLOL]DGR HQTXDQWR FRUSR WHyULFR GHILQLGR H PRGHOR
FRPR XP FRQMXQWR GH OHLV TXH SHUPLWHP GH LQWHUYHQomR HVSHFtILFR 2 FDPSR GD 3VL
H[SOLFDUDOJXQVIHQyPHQRV FRWHUDSLD GH DSRLR GH LQVSLUDomR DQDOtWLFD
1DSUiWLFDFOtQLFDWHPTXHKDYHUDSRVVLELOLGD GHVHQYROYHXVH D SDUWLU GD WUDGLomR DQDOtWLFD
GHGHFRQVWUXLUXPSURFHVVRGHFRQKHFLPHQ LQDXJXUDGD SRU )UHXG 1R VHX FHQWUR HVWi R
WRYHUGDGHLURRQGHVHLQVFUHYHUiQXPDIDVH SDSHOGRLQFRQVFLHQWHQRGHVHQYROYLPHQWRGH
SRVWHULRUDUHODomR FRQIOLWRV H SHUWXUEDo}HV $WUDYpV GR GHVHQ
(GXDUGR 6i   GHVLJQD DVVLP R H[HU YROYLPHQWRFXLGDGRVRGDUHODomRWHUDSrXWLFD
FtFLR GD 3VLFRORJLD &OtQLFD ´ R HVVHQFLDO GHQWURGHXPVHWWLQJGHILQLGRSRGHUiDOFDQ
GR PHX WUDEDOKR ID]VH FRP SHVVRDV TXH oDUVHDUHVROXomRGRFRQIOLWR
PH SURFXUDP HP IXQomR GD GRU GRV VHXV 2 WHUPR SVLFRWHUDSLD UH~QH R FRQMXQWR GRV
GHVHQFRQWURV LQWHULRUHV H FRPLJR WHQWDP PpWRGRV FRGLILFDGRV VXVWHQWDGRV SRU XPD
HQFRQWUDUVHSHUDQWHDGRUGDFRQVFLrQFLDGH WHRULD FLHQWtILFD H XPD YDOLGDomR GRV UHVXO
VLSUySULRVµ WDGRV TXH SURFXUDP DWUDYpV GH PHLRV SVL

‡5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD
$3VLFRORJLD&OtQLFD²3URFXUDGHXPD,GHQWLGDGH

FROyJLFRV SHUPLWLU TXH R VXMHLWR PRGLILTXH (GXDUGR 6i GHVFUHYH DVVLP D HVVrQFLD GD
DOJXQVGRVVHXVFRPSRUWDPHQWRVRXSHQVD SVLFRWHUDSLD ´XPD 3VLFRWHUDSLD UHSURGX]
PHQWRVGHIRUPDEHQpILFDSDUDVL XPSHUFXUVRRQWRJHQpWLFRGXPVHUKXPDQR
1D SVLFRWHUDSLD p IXQGDPHQWDO D FRQYLFomR HPVRIULPHQWRDWpjRXVDGLDGHVHSURFXUDU
GH TXH RV VXMHLWRV DWUDYpV GRV PHFDQLVPRV HP VL QLQJXpP VH FXUDUi SRUWDQWR QHP
GH GHIHVD UHOHJDP SDUD R LQFRQVFLHQWH R MDPDLV VH LUi DWp jV ~OWLPDV FRQVHTXrQFLDV
PDWHULDO TXH QmR SRGHP WROHUDU 0HVPR GXP SHQVDPHQWR PDV VRPHQWH DWp DR OX
DIDVWDQGR GR kPELWR GD FRQVFLrQFLD SUREOH JDUGHSRLVGRTXDOVHpFDSD]GHDSUHQGHUD
PDVFUXFLDLVQmRUHVROYLGRVDVQHFHVVLGDGHV SHQVDUFRPRSHQVDPHQWRXPDSVLFRWHUDSLD
LQVDWLVIHLWDVFRQWLQXDPDLQWHUYLU2SURFHVVR QmRWUDWDPDVDMXGDDFUHVFHUµ
FOtQLFR HQFRUDMD R VXMHLWR D YDORUL]DU R PD 'HDFRUGRFRP$JXLUUH  TXHDGRSWD
WHULDO LQFRQVFLHQWH H D UHVROYHU RV FRQIOLWRV XP HQIRTXH SVLFDQDOtWLFR R SULQFLSDO LQV
FRQWLGRVQHOH WUXPHQWR GH WUDEDOKR GR SVLFyORJR p D VXD
1D SVLFRWHUDSLD GH DSRLR R SVLFRWHUDSHXWD SHVVRD GDt TXH D IRUPDomR GH XPD DWLWXGH
EDVHDQGRVH QD FRPSUHHQVmR GLQkPLFD GD FOtQLFD HQTXDQWR SRVVLELOLGDGH GH VH FR
SUREOHPiWLFD GR SDFLHQWH H QD WRPDGD HP ORFDU QR SDSHO SURILVVLRQDO GHQWUR GH XP
FRQVLGHUDomR GD VXD WUDQVIHUrQFLD DWUDYpV GHWHUPLQDGR HQTXDGUDPHQWR PDQWHQGR D
GD FRQWUD WUDQVIHUrQFLD TXH HVWH LQGX] HP HPSDWLD FRP R FOLHQWH DVVHQWH HP WUrV IDF
VLDFHLWDUHQXQFLDUDWHQWDUDVXDHOXFLGDomR WRUHVIXQGDPHQWDLVDSUySULDSVLFRWHUDSLDR
LQDFHVVtYHODRVHXSDFLHQWHSRUWRGDDHVSp FRQKHFLPHQWRWHyULFRHDSUiWLFDFOtQLFDVX
FLH GH UD]}HV TXH OKH VmR SUySULDV H WHQWD SHUYLVLRQDGD2VDXWRUHVVDOLHQWDPDOLJDomR
UHIRUoDURVVHXVPHFDQLVPRVGHIHQVLYRVQR HVWUHLWD HQWUH RV WUrV IDFWRUHV ´RV FRQKHFL
VHQWLGR GR UHVWDEHOHFLPHQWR GR VHX HTXLOt PHQWRVWHyULFRVVySRGHPVHULQWHUQDOL]DGRV
EULRKDELWXDO H SURFHVVDGRV QXPD SVLFRWHUDSLD SHVVRDO
$ SVLFRWHUDSLD GH DSRLR p XP HPSUHHQGL TXHWRUQHSRVVtYHORFRQKHFLPHQWRGRPXQ
PHQWR GLQkPLFR OLPLWDGR QR WHPSR TXH GRLQWHUQRHDXWLOL]DomRGHUHFXUVRVSHVVRDLV
SHUVHJXH REMHFWLYRV SUHFLVRV H SRVVXL LQGL QDLQYHVWLJDomRHFRPSUHHQVmRGRVSURFHVVRV
FDo}HVGHILQLGDVTXHWrPHPFRQVLGHUDomRD SVtTXLFRV$VXSHUYLVmRSRUVXDYH]SURFXUD
IRUoDGRHJRGRSDFLHQWH/RQJHGHFRQVWLWXLU IDFLOLWDUDLQWHJUDomRGHVWHVGRLVDVSHFWRVQD
XPDHVSpFLHGH´SHTXHQDSVLFRWHUDSLDµHOD SUiWLFDFOtQLFDµ
VDWLVID]H[LJrQFLDVHOHYDGDVTXHYLVDPDPR 2 SVLFyORJR FOtQLFR FRPR PHPEUR GH XPD
GLILFDomR DFWLYD GR HTXLOtEULR SVLFRDIHFWLYR HTXLSD PXOWLGLVFLSOLQDU QR kPELWR GD VD~GH
FRPRIRQWHGRGHVDSDUHFLPHQWRGDDQJ~VWLD PHQWDOWHPFRPRIXQomRFRQWULEXLUSDUDRV
HGRVVLQWRPDVTXHDDFRPSDQKDP REMHFWLYRVGRJUXSRTXHSRGHPRUJDQL]DUVH

5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD‡
6DQGUD%ULWR

IXQGDPHQWDOPHQWHHPFLQFRiUHDVGLVWLQWDV (GLomRHVSHFLDOSS
GLDJQyVWLFR WUDWDPHQWR HQVLQR H WUHLQR LQ  *XLOODXPLQ - /D 6LJQLILFDWLRQ 6FLHQWLILTXH GH
YHVWLJDomRHSUHYHQomR OD3V\FKRORJLH&OLQLTXH%XOOHWLQGH3V\FKRORJLH
$R QtYHO GR GLDJQyVWLFR H GR WUDWDPHQWR R (GLomR(VSHFLDOSS
 /DJDFKH ' $ XQLGDGH GD 3VLFRORJLD (GLo}HV
SVLFyORJRpFKDPDGRDLQWHUYLUSRUXPODGR
/LVERD
DWUDYpVGRH[DPHSVLFROyJLFRSDUDRTXDOXWL  0DUTXHV 0( 'R GHVHMR GH VDEHU DR VDEHU
OL]DHQWUHYLVWDVHEDWHULDVGHWHVWHVSVLFROyJL GR GHVHMR FRQWULEXWRV SDUD D FDUDFWHUL]DomR GD
FRV GLVSRQGR GH WpFQLFDV ~QLFDV FDSD]HV GH VLWXDomR SURMHFWLYD $QiOLVH 3VLFROyJLFD 
FRQWULEXLU GH IRUPD RULJLQDO SDUD R WUDEDOKR  ;,,, 
FOtQLFR H SRU RXWUR ODGR DWUDYpV GDV SVLFR  $Q]LHX ' 3RVVLELOLWpV HW /LPLWHV GHV UHFRXUV
WHUDSLDV DX[SRLQWVGHYXHSV\FKDQDO\WLTXHVSDUOHSV\FKR
$ 3VLFRORJLD FOtQLFD QDVFLGD GD SUiWLFD FRP ORJXHFOLQLFLHQµ&RQH[LRQV
GRHQWHVHPVRIULPHQWRHUHFXVDQGRDH[WUH  &KDEHUW & $ 3VLFRSDWRORJLD j SURYD QR 5RUV
PDREMHFWLYDomRLQGX]LGDSHORPpWRGRFLHQWt FKDFK&OLPHSVL/LVERD
)UHHPDQ)7HRULDH3UiWLFDGRV7HVWHV3VLFR
ILFR WHQWD SURGX]LU FRQKHFLPHQWRV TXH UHV
OyJLFRV /LVERD )XQGDomR &DORXVWH *XOEHQNLDQ
SHLWDPVLPXOWDQHDPHQWHDVLQJXODULGDGHGRV

VXMHLWRV H R ULJRU FLHQWtILFR 2 LQWHUHVVH GRV  &KLODQG & /·HQWUHWLHQ &OLQLTXH  38)
SVLFyORJRV FOtQLFRV GHVORFDVH QR VHQWLGR GD 3DULV
GLYHUVLILFDomRGDVLQWHUYHQo}HVGRVPpWRGRV  $Q]LHX ' /HV PpWKRGHV SURMHFWLYHV 3DULV
GHUHFROKDHGHWUDWDPHQWRGDVLQIRUPDo}HVH 38)
GDVSURGXo}HVWHyULFDVUHQXQFLDQGRjDGHVmR  6i ( $VSHFWRV 3VLFROyJLFRV GD GRU 5HYLVWD
DPRGHORV~QLFRVHGRJPiWLFRV 3RUWXJXHVDGH5HXPDWRORJLDYROQž
 0F/RXJKLQJ % 'HYHORSLQJ 3V\FKRG\QDPLF
&RXQVHOOLQJ6DJHSXEOLFDWLRQV/RQGRQ
%,%/,2*5$),$ 3HUURW('UH\IXV&6FKQHLGHU3 6WDQIID
FKHU 0 $ 6XSHUYLVmR GD 3VLFRWHUDSLD &OLPHSVL
5RGULJXHV9H*RQoDOYHV/  $EDQKDGD /LVERD
FREUD'4XL[RWH/LVERD  6i ( $FWDV GR &RQJUHVVR GD 6RFLHGDGH 3RU
 0RLWD 9 $ DQJ~VWLD FRPR FRQFHLWR RSHUDWyULR WXJXHVD GH 3VLFRORJLD &OtQLFD  1mR SXEOL
QDWpFQLFDSURMHFWLYDGH5RUVFKDFK$QiOLVH FDGR
3VLFROyJLFD ,9  $JXLUUH$0HWDO$IRUPDomRGDDWLWXGHFOt
3HGLQLHOOL-/,QWURGXomRj3VLFRORJLD&OtQLFD QLFDQRHVWDJLiULRGH3VLFRORJLD3VLFRORJLD
&OLPHSVL/LVERD 8639ROQž
 )HGLGD 3 3HUFHSWLRQ HW &RPSUpKHQVLRQ &OL %OD\D2SDSHOGRSVLFyORJRFOtQLFRQDHTXLSD
QLTXH HQ 3V\FKRORJLH %XOOHWLQ GH 3V\FKRORJLH SVLTXLiWULFD%ROHWLPGH3VLTXLDWULD9RO

‡5HYLVWDGR6HUYLoRGH3VLTXLDWULDGR+RVSLWDO)HUQDQGR)RQVHFD

You might also like