12 DE JUNHO DE 2014 - DIÁRIO OFICIAL - nº 8.695
EDITAL/CSDP Nº 002/2014
EDITAL DE ABERTURA
O CONSELHO SUPERIOR DA DEFENSOR...
pela modalidade SEDEX, indicando no envelope “Concurso Público para Defensor Público Substituto do
Estado de Mato Grosso d...
16. Haverá isenção do pagamento do valor da taxa de inscrição, na conformidade do Decreto Estadual nº.
11.232, de 27 de ma...
22. O atendimento às condições especiais de atendimento pleiteadas ficará sujeito, por parte da Comissão
de Concurso Públi...
29. Para os fins constantes neste Concurso Público não serão considerados documentos encaminhados por
outro meio que não o...
',È5,2 2),&,$/ Q  '( -81+2 '( 3È*,1$ 
'(/,%(5$d­26'3 1ž  '(  '( 0$,2 '( 
$3529$ H 7251$ 3Ò%/,2 R 5HJXODPHQWR
GR ;9,, RQFXU...
± 6HomR GH 0DWR *URVVR GR 6XO SDUWLFLSDUi
GR RQFXUVR 3~EOLFR HP WRGDV DV VXDV IDVHV SRU PHLR GH UHSUHVHQWDQWHV LQGLFDGRV S...
2 RQFXUVR 3~EOLFR GHVWLQDVH D VHOHFLRQDU FDQGLGDWRV SDUD R SURYLPHQWR GH 
WULQWD H FLQFR
FDUJRV GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR
GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO ...
GH SURYLPHQWR
LPHGLDWR H RXWURV  YLQWH H RLWR
FDUJRV VXUJLGRV PHGLDQWH YDFkQFLD RX FULDomR GH OHL
GHQWUR GR SUD]R GH YDOLGDGH GR RQFXUVR
 2 VXEVtGLR PHQVDO GR 'HIHQVRU ...
)LFD HVWDEHOHFLGR R 3URJUDPD GH 5HVHUYD GH 9DJDV HP TXH  FLQFR SRU FHQWR
GR
WRWDO GH YDJDV RIHUHFLGDV QR RQFXUVR 3~EOLFR VHUmR GHVWLQDGDV jV SHVVRDV FRP GHILFLrQ
FLD  GH] SRU FHQWR
DRV QHJURV H  WUrV SRU FHQWR
Próximos SlideShares
Carregando em…5
×

Edital Defensor Público Substituto - DPE-MS

324 visualizações

Publicada em

Edital de abertura para o concurso de Defensor Público Substituto - MS.

Publicada em: Educação
0 comentários
0 gostaram
Estatísticas
Notas
  • Seja o primeiro a comentar

  • Seja a primeira pessoa a gostar disto

Sem downloads
Visualizações
Visualizações totais
324
No SlideShare
0
A partir de incorporações
0
Número de incorporações
2
Ações
Compartilhamentos
0
Downloads
1
Comentários
0
Gostaram
0
Incorporações 0
Nenhuma incorporação

Nenhuma nota no slide

Edital Defensor Público Substituto - DPE-MS

  1. 1. 12 DE JUNHO DE 2014 - DIÁRIO OFICIAL - nº 8.695 EDITAL/CSDP Nº 002/2014 EDITAL DE ABERTURA O CONSELHO SUPERIOR DA DEFENSORIA PÚBLICA DO ESTADO DE MATO GROSSO DO SUL - CSDP, com sede na Av. Desembargador José Nunes da Cunha, Parque dos Poderes, Bloco IV, Campo Grande - MS, nos termos da Deliberação/CSDP nº 013, de 19 de maio de 2014, da Lei Complementar Federal nº 80, de 12 de janeiro de 1994 e da Lei Complementar Estadual nº 111, de 17 de outubro de 2005, e conforme aprovação constante da Ata/CSDP nº 1.443, de 2 de junho de 2014, TORNA PÚBLICO que se encontram abertas as inscrições do XVII Concurso Público de Provas e Títulos para provimento de cargos de Defensor Público na classe de Defensor Público Substituto, da Defensoria Pública do Estado de Mato Grosso do Sul, de 16 de junho 2014 a 22 de julho de 2014, para provimento de 35 (trinta e cinco) cargos de Defensor Público na classe de Defensor Público Substituto, sendo 7 (sete) de provimento imediato e outros 28 (vinte e oito) cargos, surgidos mediante vacância ou criação de lei, dentro do prazo de validade do Concurso, sob a responsabilidade e supervisão geral da Comissão de Concurso em todas as etapas, e planejamento, organização e execução das duas primeiras etapas pela Fundação para o Vestibular da Universidade Estadual Paulista “Júlio de Mesquita Filho” – Fundação VUNESP, e das demais pela Comissão de Concurso, eleita nos termos do artigo 39 da Lei Complementar Estadual nº 111/2005. DISPOSIÇÕES GERAIS 1. O Concurso Público é regido pela Deliberação CSDP nº 013, de 19 de maio de 2014, do Conselho Superior da Defensoria Pública, que aprovou e tornou público o Regulamento do XVII Concurso Público de Provas e Títulos para provimento de cargos de Defensor Público na classe de Defensor Público Substituto da Defensoria Pública do Estado de Mato Grosso do Sul. 2. O subsídio mensal do Defensor Público Substituto é de R$ 15.958,13 (quinze mil novecentos e cinquenta e oito reais e treze centavos). 3. Os interessados poderão obter o Regulamento do Concurso, publicado no Diário Oficial do Estado de Mato Grosso do Sul – DOE nº 8.687, de 2 de junho de 2014, p. 51-59 e demais publicações inerentes ao certame no site www.vunesp.com.br, acessando a página do Concurso. 4. O candidato deverá estar ciente dos requisitos básicos para a investidura no cargo, adiante relacionados: a) ter nacionalidade brasileira; b) estar em dia com as suas obrigações eleitorais; c) para o candidato do sexo masculino, estar em dia com suas obrigações militares; d) possuir diploma devidamente registrado, de conclusão de curso de graduação em bacharelado de direito, fornecido por instituição de ensino superior reconhecida pelo Ministério da Educação (MEC); e) haver exercido, no mínimo, 3 (três) anos de atividade jurídica; f) ter boa conduta pública e social recomendada após constatação em investigação sigilosa; g) não acumular cargos, empregos e/ou funções públicas, desde que ressalvados os casos previstos no artigo 37, inciso XVI, da Constituição Federal; h) estar em perfeita saúde física e mental ou, se com deficiência, observar e cumprir os requisitos estabelecidos no Regulamento do Concurso; i) entregar declaração dos bens e valores que constituem seu patrimônio; j) entregar outros documentos que se fizerem necessários, por ocasião da convocação para a posse. 5. O endereço de correspondência escrita da Fundação VUNESP é Rua Dona Germaine Burchard, 515 - Água Branca - São Paulo-SP - CEP 05002-062, e, sempre que o candidato enviar algum documento deverá fazê-lo
  2. 2. pela modalidade SEDEX, indicando no envelope “Concurso Público para Defensor Público Substituto do Estado de Mato Grosso do Sul. INSCRIÇÕES PRELIMINARES 6. A inscrição preliminar deverá ser efetuada das 10 horas do dia 16 de junho de 2014 as 16 horas do dia 22 de julho de 2014 (horário de Brasília), exclusivamente pela internet no site: www.vunesp.com.br. 7. O valor da taxa de inscrição é de R$ 200,00 (duzentos reais). 8. No ato da inscrição preliminar, o candidato, ciente de que deve ser brasileiro e bacharel em direito, bem como dos requisitos exigidos para a inscrição definitiva e posse no cargo, todos constantes do Regulamento, com recursos e equipamentos próprios, deverá efetuar os seguintes procedimentos: a) acessar o site: www.vunesp.com.br; b) preencher a ficha de inscrição fornecendo os dados solicitados; c) imprimir o boleto bancário; e, d) recolher o valor da taxa de inscrição, pela internet ou qualquer agência bancária. 9. Para o pagamento da taxa de inscrição será utilizado o boleto bancário, gerado no ato da inscrição preliminar e que deverá ser recolhido, impreterivelmente, até a data do encerramento das inscrições. 10. Às 16 horas (horário de Brasília) do dia 22 de julho de 2014, o boleto bancário referente à taxa de inscrição não estará mais disponibilizado no site da Fundação VUNESP. 11. A efetivação da inscrição preliminar somente ocorrerá após a confirmação, pelo banco, do pagamento do boleto referente ao valor da respectiva taxa. 12. Quando da inscrição preliminar, o candidato, se for o caso, deverá informar ou adotar providências quanto: a) a sua participação no Programa de Reserva de Vagas; b) a existência de algum impedimento de ordem religiosa quanto à realização das provas, nos dias e horários estabelecidos; c) a requerer isenção do pagamento do valor da taxa de inscrição, e, d) a requerer atendimento diferenciado para a realização das provas a serem aplicadas nas duas primeiras etapas do Concurso Público. 13. Se por motivo de crença religiosa, o candidato estiver impedido de se submeter às provas nos dias ou horários estabelecidos, deverá encaminhar, às suas expensas, até o dia 22 de julho de 2014, pelos Correios, na modalidade SEDEX, para o endereço de correspondência da Fundação VUNESP, requerimento próprio, devidamente assinado e instruído documentalmente, inclusive com declaração firmada pela autoridade religiosa. 14. Salvo as exceções constantes neste Edital e no Regulamento do Concurso Público, no ato da inscrição preliminar não serão solicitados documentos comprobatórios do declarado na ficha de inscrição, sendo, no entanto, obrigatória a sua comprovação por ocasião da inscrição definitiva, sob pena de indeferimento daquela inscrição e exclusão do candidato no Certame. 15. As inscrições preliminares somente serão consideradas válidas após a efetivação do pagamento do valor da taxa de inscrição ou após o deferimento do requerimento de sua isenção de pagamento. ISENÇÃO DO PAGAMENTO DO VALOR DA TAXA DE INSCRIÇÃO
  3. 3. 16. Haverá isenção do pagamento do valor da taxa de inscrição, na conformidade do Decreto Estadual nº. 11.232, de 27 de maio de 2003 e suas alterações, e, também, aos candidatos amparados pela Lei Estadual nº. 2.887, de 21 de setembro de 2004. 16.1 Para fins de isenção, o candidato deverá acessar, no período das 10 horas do dia 16 de junho de 2014 as 23 horas e 59 minutos do dia 18 de junho de 2014 (horário de Brasília), o link próprio da página do Concurso - site www.vunesp.com.br, para o preenchimento da ficha de inscrição. 16.2 No período de 16 de junho de 2014 até 20 de junho de 2014, o candidato deverá, às suas expensas, encaminhar para o endereço de correspondência da Fundação VUNESP, conforme o caso, os seguintes documentos: a) Cópia da Carteira de Trabalho e Previdência Social - CTPS com a baixa do último emprego ou acompanhada do número da inscrição na Agência Pública de Emprego do Estado de Mato Grosso do Sul ou cópia da publicação do ato que o desligou do serviço público, se ex servidor público vinculado à Administração Pública pelo regime estatutário, bem como, o requerimento com declaração firmada pelo candidato, no original, conforme modelo do anexo ao Decreto Estadual nº. 11.232, de 27 de maio de 2003 (disponível para pesquisa no site: www.al.ms.gov.br), de que a renda per capita da família é de valor igual ou inferior a meio salário mínimo nacional, considerando, para tanto, os ganhos dos membros do núcleo familiar que vivam sob o mesmo teto; b) Atestado(s), no(s) original(is), comprovando a doação de sangue, em papel timbrado, contendo a(s) data(s), carimbo(s), assinatura(s) do(s) responsável(is) e o(s) nome(s) legível(is) e completo(s) do(s) assinante(s), comprovando que durante o período de 2 (dois) anos tenha doado sangue, no mínimo, (1) uma vez a cada 6 (seis) meses. 17. O candidato deverá, a partir de 11 de julho de 2014, acompanhar no site www.vunesp.com.br o resultado da solicitação de isenção pleiteada. 18. O candidato que tiver a solicitação de isenção do pagamento do valor da taxa indeferida, tendo interesse em permanecer no Concurso, deverá acessar novamente o link próprio na página do concurso - site www.vunesp.com.br, para proceder à impressão do boleto bancário e efetuar o pagamento integral da taxa no prazo de encerramento das inscrições. 19. O descumprimento das instruções para a inscrição implicará a sua não efetivação. ATENDIMENTO DIFERENCIADO 20. É assegurado ao candidato o direito de requerer atendimento diferenciado para realização das provas preambular objetiva e escritas subjetivas, entre as necessidades exclusivamente relacionadas no Regulamento do Concurso e desde que solicitado no mesmo período da inscrição preliminar. 20.1 O candidato que necessitar de atendimento diferenciado deverá, às suas expensas, encaminhar no período de 16 de junho de 2014 a 22 de julho de 2014, para o endereço de correspondência da Fundação VUNESP, um requerimento próprio, devidamente instruído com documento médico, assinado por especialista da área de sua necessidade, emitido, no máximo, com data anterior a 90 (noventa) dias da data de abertura das inscrições preliminares. 20.2 A candidata que necessitar de espaço para amamentação, além do requerimento próprio e do documento médico, deverá, ainda, encaminhar também cópia legível do documento de identificação do adulto que ficará responsável pela criança. 21. O candidato que não cumprir com todas as disposições pertinentes e constantes do Regulamento do Concurso Público não terá a sua prova especial preparada ou as condições especiais providenciadas, seja qual for o motivo alegado.
  4. 4. 22. O atendimento às condições especiais de atendimento pleiteadas ficará sujeito, por parte da Comissão de Concurso Público e Fundação VUNESP, à análise da razoabilidade do solicitado. PROGRAMA DE RESERVA DE VAGAS 23. O candidato que pretende concorrer às vagas destinadas às pessoas com deficiência deverá declarar-se como tal, especificando a sua deficiência no ato da inscrição preliminar, devendo, obrigatoriamente, às suas expensas, no período de 16 de junho de 2014 a 22 de julho de 2014, encaminhar para o endereço de correspondência da Fundação VUNESP, o laudo médico de especialista em sua área de deficiência (original ou cópia autenticada em cartório), emitido, no máximo, com data anterior a 90 (noventa) dias da data de abertura das inscrições preliminares, atestando a espécie, o grau e/ou nível da deficiência, com expressa referência ao código correspondente da Classificação Internacional de Doenças (CID) e a provável causa da deficiência, além de outros documentos comprobatórios. 23.1 O candidato inscrito como pessoa com deficiência será convocado para se submeter à perícia, que será efetuada por uma equipe multiprofissional. 24. Os candidatos negros e índios, que assim se declararam no momento da inscrição preliminar, serão convocados para entrevistas, individuais e reservadas, com as respectivas Comissões Especiais de validação das auto declarações. 25. O candidato negro convocado para a entrevista deverá comparecer, obrigatoriamente, munido do seu documento de identidade oficial, original, com foto, e com a sua certidão de nascimento ou de casamento (original ou cópia autenticada em cartório), sendo-lhe facultada a oportunidade para, querendo, comparecer munido, também, de papéis e documentos escritos, que subsidiem suas argumentações durante a interpelação oral, vedada a produção de qualquer outro tipo de prova. 26. O candidato índio convocado para a entrevista deverá comparecer, obrigatoriamente, munido do original dos seguintes documentos: a) de identidade oficial (com foto), expedida pela Secretaria de Segurança Pública ou equivalente; b) da Certidão de Nascimento ou de Casamento constando a etnia indígena. 26.1 Complementarmente, o candidato índio deverá apresentar o seu Registro Administrativo de Nascimento de Índio (RANI), expedido pela Fundação Nacional do Índio (FUNAI). 26.2 Ao candidato índio convocado para a entrevista lhe é facultada a oportunidade para, querendo, comparecer munido, também, de papéis e documentos escritos, que subsidiem suas argumentações durante a interpelação oral, vedada a produção de qualquer outro tipo de prova. DA DATA DAS PROVAS DAS DUAS PRIMEIRAS ETAPAS 27. A prova preambular objetiva e as provas escritas subjetivas serão realizadas na cidade de Campo Grande/MS, observando o horário de Mato Grosso do Sul, conforme segue: - 23/08/2014 - 13h00: realização da prova preambular objetiva, com duração de 5 (cinco) horas; - 24/08/2014 - 08h00: realização da prova escrita subjetiva teórica, com duração de 3 (três) horas; - 24/08/2014 - 13h00: realização da prova escrita subjetiva prática, constituída de 2 (duas) peças, com duração de 5 (cinco) horas. DISPOSIÇÕES FINAIS 28. A inscrição preliminar implicará a completa ciência e a tácita aceitação das normas e condições estabelecidas neste Edital de Abertura e no Regulamento do Concurso Público e demais editais deles decorrentes, sobre as quais o candidato não poderá alegar desconhecimento.
  5. 5. 29. Para os fins constantes neste Concurso Público não serão considerados documentos encaminhados por outro meio que não o estabelecido neste Edital. 30. Para efeito de contagem dos prazos que exigem encaminhamento de documentação por parte do candidato, via SEDEX, será considerada a data da postagem fixada pela Empresa Brasileira de Correios e Telégrafos – ECT. 31. A Fundação VUNESP e a Defensoria Pública do Estado de Mato Grosso do Sul não se responsabilizam por inscrição não recebida por motivo de ordem técnica dos computadores, falhas de comunicação, congestionamento das linhas de comunicação, bem como outros fatores de ordem técnica que impossibilitem a transferência de dados. 32. Caso o candidato necessite de informações complementares e/ou detecte dado divergente daquele por ele lançado, deverá entrar em contato com a Fundação VUNESP pelo telefone (11) 3874-6300, em dias úteis das 8 às 20 horas (horário de Brasília) ou e-mail: vunesp@vunesp.com.br, para verificar o ocorrido. 33. Não haverá devolução de importância paga, excetuada a hipótese de não realização do Concurso Público. Campo Grande/MS, 2 de junho de 2014. PAULO ANDRE DEFANTE Defensor Público-Geral do Estado Presidente do CSDP FRANCISCO CARLOS BARIANI Corregedor-Geral Conselheiro nato ANGELA ROSSETI CHAMORRO Conselheira eleita REGINALDO MARINHO DA SILVA Conselheiro eleito MARCOS FRANCISCO PERASSOLO Conselheiro eleito SALETE DE FÁTIMA DO NASCIMENTO Conselheira eleita JÚLIA FUMIKO HAYASHI GONDA Conselheira eleita PAULO JOSÉ PATUTO Conselheiro Suplente CARLOS EDUARDO BRUNO MARIETTO Representante da ADEP/MS
  6. 6. ',È5,2 2),&,$/ Q '( -81+2 '( 3È*,1$ '(/,%(5$d­26'3 1ž '( '( 0$,2 '( $3529$ H 7251$ 3Ò%/,2 R 5HJXODPHQWR GR ;9,, RQFXUVR 3~EOLFR GH 3URYDV H 7tWXORV SDUD SURYLPHQWR GH FDUJRV GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H Gi RXWUDV SURYLGrQFLDV 2 216(/+2 683(5,25 '$ '()(1625,$ 3Ò%/,$ '2 (67$'2 '( 0$72 *52662 '2 68/ FRP IXQGDPHQWR QR DUWLJR GD /HL RPSOHPHQWDU (VWDGXDO Qž GH GHOLEHURX DSURYDU R SUHVHQWH 5HJXODPHQWR FRP DV QRUPDV UHODWLYDV j UHDOL]DomR GR ;9,, RQFXUVR 3~EOLFR GH 3URYDV H 7tWXORV SDUD SURYLPHQWR GH FDUJRV GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR GD 'HIHQVRULD 3~EOLFD GH 0DWR *URVVR GR 6XO '$6 ',6326,d®(6 35(/,0,1$5(6 2 RQFXUVR 3~EOLFR VHUi UHJLGR SRU HVWH 5HJXODPHQWR H H[HFXWDGR H RUJDQL]DGR SHOD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO SRU PHLR GD RPLVVmR GH RQFXUVR 3~EOLFR H SHOD (035(6$ D VHU FRQWUDWDGD FRP D GHYLGD DSURYDomR GR RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO FRQIRUPH $WD Qž GH $ 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  7. 7. ± 6HomR GH 0DWR *URVVR GR 6XO SDUWLFLSDUi GR RQFXUVR 3~EOLFR HP WRGDV DV VXDV IDVHV SRU PHLR GH UHSUHVHQWDQWHV LQGLFDGRV SDUD LQWHJUDUHP D RPLVVmR GH RQFXUVR H D EDQFD H[DPLQDGRUD TXH DWXDUi QD TXDUWD HWDSD UHIHUHQWHV jV SURYDV RUDLV DUJXLomR H WULEXQD
  8. 8. 2 RQFXUVR 3~EOLFR GHVWLQDVH D VHOHFLRQDU FDQGLGDWRV SDUD R SURYLPHQWR GH WULQWD H FLQFR
  9. 9. FDUJRV GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO VHQGR VHWH
  10. 10. GH SURYLPHQWR LPHGLDWR H RXWURV YLQWH H RLWR
  11. 11. FDUJRV VXUJLGRV PHGLDQWH YDFkQFLD RX FULDomR GH OHL GHQWUR GR SUD]R GH YDOLGDGH GR RQFXUVR 2 VXEVtGLR PHQVDO GR 'HIHQVRU 3~EOLFR 6XEVWLWXWR p GH 5 TXLQ]H PLO QRYHFHQWRV H FLQTXHQWD H RLWR UHDLV H WUH]H FHQWDYRV
  12. 12. )LFD HVWDEHOHFLGR R 3URJUDPD GH 5HVHUYD GH 9DJDV HP TXH FLQFR SRU FHQWR
  13. 13. GR WRWDO GH YDJDV RIHUHFLGDV QR RQFXUVR 3~EOLFR VHUmR GHVWLQDGDV jV SHVVRDV FRP GHILFLrQ FLD GH] SRU FHQWR
  14. 14. DRV QHJURV H WUrV SRU FHQWR
  15. 15. DRV tQGLRV 2 RQFXUVR 3~EOLFR SDUD R FDUJR GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR VHUi FRPSRVWR GH FLQFR
  16. 16. HWDSDV D SULPHLUD H D VHJXQGD HWDSDV H[HFXWDGDV SHOD (035(6$ D VHU FRQWUDWDGD H DV GHPDLV SHOD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO SRU VXD RPLVVmR GH RQFXUVR FRQIRUPH GHVFULWR D VHJXLU D
  17. 17. 3ULPHLUD HWDSD SURYD SUHDPEXODU REMHWLYD GH FDUiWHU HOLPLQDWyULR H FODVVLILFDWyULR E
  18. 18. 6HJXQGD HWDSD SURYDV HVFULWDV VXEMHWLYDV TXHVW}HV WHyULFDV H SUiWLFD HVWD ~OWLPD FRPSRVWD GH GXDV SHoDV
  19. 19. GH FDUiWHU HOLPLQDWyULR F
  20. 20. 7HUFHLUD HWDSD LQYHVWLJDomR VRFLDO GH FDUiWHU HOLPLQDWyULR G
  21. 21. 4XDUWD HWDSD SURYDV RUDLV FRPSUHHQGHQGR DUJXLomR H WULEXQD
  22. 22. GH FDUiWHU HOLPLQD WyULR H
  23. 23. 4XLQWD HWDSD DYDOLDomR GH WtWXORV GH FDUiWHU FODVVLILFDWyULR $ SDUWLFLSDomR GR FDQGLGDWR HP FDGD IDVH GR RQFXUVR 3~EOLFR RFRUUHUi VRPHQWH DSyV D VXD KDELOLWDomR QD IDVH DQWHULRU DVVHJXUDGD D SRVVLELOLGDGH GH HOLPLQDomR D TXDO TXHU PRPHQWR RX HWDSD FDVR D LQYHVWLJDomR VRFLDO DVVLP R UHFRPHQGH 2V WUDEDOKRV H SURFHGLPHQWRV DGYLQGRV GD LQYHVWLJDomR VRFLDO VH QHFHVViULR SRGH UmR VH HVWHQGHU DWp D KRPRORJDomR GR UHVXOWDGR ILQDO GR RQFXUVR 3~EOLFR 7RGDV DV HWDSDV GR RQFXUVR 3~EOLFR VHUmR UHDOL]DGDV QD FLGDGH GH DPSR *UDQGH 06 ¬ H[FHomR GR UHVXOWDGR GR SHGLGR GH LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQV FULomR FXMD LQIRUPDomR GDUVHi RILFLDOPHQWH H H[FOXVLYDPHQWH SHOR VLWH GD (035(6$ D VHU FRQWUDWDGD R FDQDO RILFLDO GH GLYXOJDomR GDV LQIRUPDo}HV UHIHUHQWHV D HVWH RQFXUVR 3~EOLFR p R 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO '2(06 FXMRV HGLWDLV FRPX QLFDGRV H RXWURV SRGHUmR VHU GLVSRQLELOL]DGRV FRPR VXEVtGLR WDPEpP SHOD LQWHUQHW QRV VLWHV GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO ZZZGHIHQVRULDPVJRY EU H GD (035(6$ D VHU FRQWUDWDGD HP VtWLRV RSHUDFLRQDOL]DGRV LQGLYLGXDOPHQWH RX HP FRQMXQWR QmR SRGHQGR VHU DOHJDGD TXDOTXHU HVSpFLH GH GHVFRQKHFLPHQWR $ 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H D (035(6$ D VHU FRQWUD WDGD QmR VH UHVSRQVDELOL]DP SHORV WUDQVWRUQRV SUHMXt]RV H FRQVHTXrQFLDV DGYLQGDV GH LQIRUPDo}HV SUHVWDGDV SHOR FDQGLGDWR GH IRUPD HTXLYRFDGD LQFRUUHWD RX LQFRPSOHWD LQFOXVLYH SHOR HYHQWXDO QmR UHSDVVH RX UHFHELPHQWR GH PHQVDJHQV HOHWU{QLFDV SRU PRWL YRV GH RUGHP WpFQLFD GRV FRPSXWDGRUHV IDOKDV GH FRPXQLFDomR FRQJHVWLRQDPHQWR GDV OLQKDV GH FRPXQLFDomR EHP FRPR RXWURV IDWRUHV TXH LPSRVVLELOLWHP D WUDQVIHUrQFLD GH GDGRV $ FRPXQLFDomR GRV RUJDQL]DGRUHV GR RQFXUVR 3~EOLFR DR FDQGLGDWR TXDQGR UHDOL ]DGD SRU HPDLO VHUi PHUDPHQWH LQIRUPDWLYD 1R FDVR GR HQYLR GH FRPXQLFDomR SHVVRDO GLULJLGD DR FDQGLGDWR TXH SRU TXDOTXHU PRWLYR QmR IRU UHFHELGD QmR GHVREULJD R FDQGLGDWR GR GHYHU GH FRQVXOWDU RV HGLWDLV FRPXQLFDGRV H RXWURV SXEOLFDGRV QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO '2(06 ¬ H[FHomR GR KRUiULR SUHYLVWR SDUD R HQFHUUDPHQWR GR SHUtRGR GDV LQVFULo}HV SUH OLPLQDUHV H GHPDLV SURFHGLPHQWRV VRE D UHVSRQVDELOLGDGH H[FOXVLYD GD (035(6$ D VHU FRQWUDWDGD WRGRV RV RXWURV KRUiULRV SUHYLVWRV HP HGLWDLV H GHPDLV DWRV GR RQFXUVR 3~EOLFR FRUUHVSRQGHUmR DR KRUiULR RILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO 2V GDGRV H DV LQIRUPDo}HV IRUQHFLGDV TXDQGR GDV LQVFULo}HV SUHOLPLQDU H GHILQLWLYD VHUmR GH LQWHLUD UHVSRQVDELOLGDGH GR FDQGLGDWR SRGHQGR HVVH VHU H[FOXtGR GR RQFXUVR 3~EOLFR D TXDOTXHU WHPSR FDVR HVVDV VHMDP FRQVLGHUDGDV LQFRPSOHWDV LQFRUUHWDV HRX LQYHUtGLFDV 2 SUHHQFKLPHQWR H D HQWUHJD GR UHTXHULPHQWR GH LQVFULomR GHILQLWLYD EHP FRPR GD GRFXPHQWDomR HVWDEHOHFLGD HP HGLWDO SUHVVXS}HP DXWRUL]DomR GR FDQGLGDWR j RPLVVmR GH RQFXUVR 3~EOLFR H SRU FRQVHJXLQWH j RUUHJHGRULD*HUDO GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO HP UHDOL]DU D LQYHVWLJDomR VRFLDO UHIHUHQWH j VXD SHVVRD 6HUi H[FOXtGR GR RQFXUVR 3~EOLFR HP TXDOTXHU XPD GH VXDV HWDSDV R FDQGLGDWR TXH D
  24. 24. DSUHVHQWDUVH DSyV R KRUiULR HVWDEHOHFLGR LQDGPLWLQGRVH TXDOTXHU WROHUkQFLD E
  25. 25. DSUHVHQWDUVH HP ORFDO GLIHUHQWH DR GD FRQYRFDomR RILFLDO F
  26. 26. QmR FRPSDUHFHU jV SURYDV VHMD TXDO IRU R PRWLYR DOHJDGR G
  27. 27. QmR DSUHVHQWDU GRFXPHQWR TXH EHP R LGHQWLILTXH H
  28. 28. DXVHQWDUVH GD VDOD GH SURYDV TXDQGR GD UHDOL]DomR GD 3URYD 3UHDPEXODU 2EMHWLYD H GDV 3URYDV (VFULWDV 6XEMHWLYDV VHP R DFRPSDQKDPHQWR GR ILVFDO HRX DQWHV GH WUDQV FRUULGR R WHPSR PtQLPR GH XPD
  29. 29. KRUD GR LQtFLR GH VXDV DSOLFDo}HV I
  30. 30. DXVHQWDUVH GR ORFDO GH UHDOL]DomR GDV SURYDV RUDLV GHL[DQGR GH DWHQGHU LPHGLDWD PHQWH DR FKDPDPHQWR GDV EDQFDV H[DPLQDGRUDV SDUD VXD DUJXLomR H GHIHVD QD WULEXQD J
  31. 31. IL]HU DQRWDomR GH LQIRUPDo}HV UHODWLYDV jV VXDV UHVSRVWDV QR FRPSURYDQWH GH LQVFUL omR RX HP TXDOTXHU RXWUR PHLR TXH QmR R IRUQHFLGR SHOD (035(6$ D VHU FRQWUDWDGD K
  32. 32. DXVHQWDUVH GD VDOD GH SURYDV OHYDQGR VHP DXWRUL]DomR D )ROKD GH 5HVSRVWDV RV DGHUQRV GH 4XHVW}HV RX RXWURV PDWHULDLV QmR SHUPLWLGRV L
  33. 33. HVWLYHU SRUWDQGR DUPDV PHVPR TXH SRVVXD R UHVSHFWLYR SRUWH M
  34. 34. XWLOL]DUVH GH PHLRV LOtFLWRV SDUD D H[HFXomR GDV SURYDV N
  35. 35. QmR GHYROYHU LQWHJUDOPHQWH R PDWHULDO UHFHELGR O
  36. 36. IRU VXUSUHHQGLGR GXUDQWH D UHDOL]DomR GDV SURYDV PHVPR TXDQGR DGPLWLGD D FRQVXOWD XWLOL]DQGRVH GH OHJLVODomR DQRWDGD RX FRPHQWDGD RX FDUUHJDGD GH DQRWDo}HV SHVVRDLV R TXH QmR p SHUPLWLGR P
  37. 37. HVWLYHU ID]HQGR XVR GH TXDOTXHU WLSR GH PiTXLQD FDOFXODGRUD GH DSDUHOKR HOHWU{QLFR RX GH FRPXQLFDomR EHP FRPR GH SURWHWRUHV DXULFXODUHV Q
  38. 38. IRU FROKLGR HP IODJUDQWH FRPXQLFDomR FRP RXWUR FDQGLGDWR RX FRP SHVVRDV HVWUDQKDV R
  39. 39. SHUWXUEDU GH TXDOTXHU PRGR D RUGHP GRV WUDEDOKRV LQFRUUHQGR HP FRPSRUWDPHQWR LQGHYLGR 1R GHFRUUHU GD DSOLFDomR GDV SURYDV HP TXH VmR DGPLWLGDV FRQVXOWDV SRGHUi R ILVFDO GH VDOD YLVWRULDU R PDWHULDO GR FDQGLGDWR SDUD FRQVWDWDU VH D OHJLVODomR GH IDWR QmR p DQRWDGD H QmR p FRPHQWDGD EHP FRPR SDUD FRPSURYDU D LQH[LVWrQFLD GH DQRWDo}HV SHVVRDLV 2V UHVXOWDGRV GDV SURYDV D VHUHP UHDOL]DGDV QHVWH RQFXUVR 3~EOLFR SDUD ILQV GH DSURYDomR HRX FODVVLILFDomR VH QHFHVViULR VHUmR H[SUHVVDV HP QRWDV FRP GXDV
  40. 40. FDVDV GHFLPDLV DGPLWLQGRVH TXDQGR IRU R FDVR R DUUHGRQGDPHQWR QD VHJXQGD FDVD GHFLPDO KDYHQGR D FRQVHUYDomR GHVVH ~OWLPR DOJDULVPR VH VHJXLGR GH RXWUR DOJDULVPR LJXDO RX LQIHULRU D FLQFR
  41. 41. RX DLQGD VXD DOWHUDomR SDUD XP Q~PHUR PDLRU QR FDVR GHVVH VHU VHJXLGR GH RXWUR DOJDULVPR VXSHULRU D FLQFR
  42. 42. 2 SUD]R GH YDOLGDGH GR RQFXUVR VHUi GH GRLV
  43. 43. DQRV FRQWDGRV GH VXD KRPROR JDomR SURUURJiYHO XPD ~QLFD YH] SRU LJXDO SHUtRGR D FULWpULR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H[LJLQGRVH GR FDQGLGDWR QR DWR GD SRVVH D FRPSURYD omR GH WUrV
  44. 44. DQRV GH DWLYLGDGH MXUtGLFD '$ 20,66­2 '( 218562 2 RQFXUVR 3~EOLFR HVWDUi VRE VXSHUYLVmR JHUDO H H[HFXomR GH SDUWH GH VXDV HWDSDV SHOD RPLVVmR GH RQFXUVR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO SUH VLGLGD SHOR 'HIHQVRU 3~EOLFR*HUDO H FRPSRVWD SRU WUrV
  45. 45. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD QD TXDOLGDGH GH WLWXODUHV DOpP GH GRLV
  46. 46. VXSOHQWHV HOHLWRV HP HVFUXWtQLR VHFUHWR SHOR RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD H SRU XP
  47. 47. UHSUHVHQWDQWH GD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  48. 48. 6HomR GH 0DWR *URVVR GR 6XO H UHVSHFWLYR VX SOHQWH )LFDP LPSHGLGRV GH LQWHJUDU D RPLVVmR GH RQFXUVR 3~EOLFR DTXHOH TXH WHQKD HQWUH RV FDQGLGDWRV LQVFULWRV F{QMXJH FRPSDQKHLUR SDUHQWH FRQVDQJXtQHR HRX DILP DWp R ž WHUFHLUR
  49. 49. JUDX $V GHOLEHUDo}HV GD RPLVVmR GH RQFXUVR 3~EOLFR VHUmR WRPDGDV SRU PDLRULD GH YR WRV FDEHQGR DR 3UHVLGHQWH R YRWR GH TXDOLGDGH HP FDVR GH HPSDWH QDV YRWDo}HV 2 3UHVLGHQWH GD RPLVVmR GH RQFXUVR 3~EOLFR GHVLJQDUi XP GH VHXV LQWHJUDQWHV SDUD H[HUFHU D IXQomR GH RRUGHQDGRU DWXDQGR D SDUWLU GD GDWD GH SXEOLFDomR GR (GLWDO GH $EHUWXUD DWp D KRPRORJDomR GR UHVXOWDGR ILQDO SRGHQGR QHVWH SHUtRGR GH FRPXP DFRUGR FRP DV FKHILDV LPHGLDWDV UHTXLVLWDU VHUYLGRUHV GR TXDGUR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO GH FDUJRV HIHWLYRV RX HP FRPLVVmR SUHIHUHQFLDOPHQWH GDV iUHDV DGPLQLVWUDWLYD H RSHUDFLRQDO SDUD DX[LOLDU QRV WUDEDOKRV GD RPLVVmR '$6 %$1$6 (;$0,1$'25$6 $ SURYD SUHDPEXODU REMHWLYD H DV SURYDV HVFULWDV VXEMHWLYDV GR RQFXUVR 3~EOLFR VHUmR HODERUDGDV H UHDOL]DGDV SHODV EDQFDV H[DPLQDGRUDV FRQWUDWDGDV VRE D RULHQWDomR GD (035(6$ TXH VHUi UHVSRQViYHO SHOD H[HFXomR GHVVDV HWDSDV $V SURYDV RUDLV VHUmR HODERUDGDV H UHDOL]DGDV SRU XPD EDQFD H[DPLQDGRUD TXH IXQ FLRQDUi VRE D SUHVLGrQFLD GR 'HIHQVRU3~EOLFR *HUDO HRX GR 6XEGHIHQVRU 3~EOLFR*HUDO SRU HOH LQGLFDGR FRPSRVWD SRU RLWR
  50. 50. PHPEURV H[DPLQDGRUHV HQWUH HOHV VHLV
  51. 51. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD H GRLV
  52. 52. UHSUHVHQWDQWHV LQGLFDGRV SHOD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  53. 53. 6HomR 0DWR *URVVR GR 6XO SDUD DWXDomR FRQIRUPH LQ GLFDGR D VHJXLU 1D SURYD RUDO DUJXLUmR HQTXDQWR H[DPLQDGRUHV DOpP GR 3UHVLGHQWH GD EDQFD WUrV
  54. 54. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD H XP
  55. 55. UHSUHVHQWDQWH LQGLFDGR SHOD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  56. 56. 6HomR 0DWR *URVVR GR 6XO H 1D SURYD GH WULEXQD DWXDUmR HQTXDQWR H[DPLQDGRUHV DOpP GR 3UHVLGHQWH GD EDQFD WUrV
  57. 57. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD H XP
  58. 58. UHSUHVHQWDQWH LQGLFDGR SHOD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  59. 59. 6HomR 0DWR *URVVR GR 6XO 1mR SRGHUmR LQWHJUDU TXDLVTXHU GDV EDQFDV H[DPLQDGRUDV R F{QMXJH R FRPSDQKHL UR R SDUHQWH FRQVDQJXtQHR RX DILP DWp R ž WHUFHLUR
  60. 60. JUDX GH FDQGLGDWR LQVFULWR EHP FRPR SURIHVVRUHV GH FXUVRV SUHSDUDWyULRV SDUD FRQFXUVRV S~EOLFRV QD iUHD MXUtGLFD '26 5(48,6,726 %È6,26 3$5$ $ ,19(67,'85$ 12 $5*2 2 FDQGLGDWR DSURYDGR H FODVVLILFDGR QR RQFXUVR 3~EOLFR QD IRUPD HVWDEHOHFLGD QHVWH 5HJXODPHQWR VHUi LQYHVWLGR QR FDUJR GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR VH DWHQGLGDV jV VHJXLQWHV H[LJrQFLDV D
  61. 61. WHU QDFLRQDOLGDGH EUDVLOHLUD E
  62. 62. HVWDU HP GLD FRP DV VXDV REULJDo}HV HOHLWRUDLV F
  63. 63. SDUD R FDQGLGDWR GR VH[R PDVFXOLQR HVWDU HP GLD FRP DV VXDV REULJDo}HV PLOLWDUHV G
  64. 64. SRVVXLU GLSORPD GHYLGDPHQWH UHJLVWUDGR GH FRQFOXVmR GH FXUVR GH JUDGXDomR HP EDFKDUHODGR GH GLUHLWR IRUQHFLGR SRU LQVWLWXLomR GH HQVLQR VXSHULRU UHFRQKHFLGD SHOR 0LQLVWpULR GD (GXFDomR H
  65. 65. KDYHU H[HUFLGR QR PtQLPR WUrV
  66. 66. DQRV GH DWLYLGDGH MXUtGLFD I
  67. 67. WHU FRQGXWD S~EOLFD H VRFLDO UHFRPHQGDGD DSyV FRQVWDWDomR HP LQYHVWLJDomR VLJLORVD J
  68. 68. QmR DFXPXODU FDUJRV HPSUHJRV HRX IXQo}HV S~EOLFDV GHVGH TXH UHVVDOYDGRV RV FDVRV SUHYLVWRV QR DUW LQFLVR ;9, GD RQVWLWXLomR )HGHUDO K
  69. 69. HVWDU HP SHUIHLWD VD~GH ItVLFD H PHQWDO RX VH FRP GHILFLrQFLD REVHUYDU H FXPSULU RV UHTXLVLWRV HVWDEHOHFLGRV QHVWH 5HJXODPHQWR L
  70. 70. HQWUHJDU GHFODUDomR GRV EHQV H YDORUHV TXH FRQVWLWXHP R VHX SDWULP{QLR M
  71. 71. HQWUHJDU RXWURV GRFXPHQWRV TXH VH IL]HUHP QHFHVViULRV SRU RFDVLmR GD FRQYRFDomR SDUD SRVVH $ DWLYLGDGH MXUtGLFD GH TXH WUDWD D DOtQHD ³H´ GR LWHP DQWHULRU FXMD FRPSURYDomR GDU VHi QR DWR GD SRVVH UHDOL]DGD LVRODGD HRX FRPSOHPHQWDUPHQWH FRPSUHHQGH D
  72. 72. R HIHWLYR H[HUFtFLR GD DGYRFDFLD FRPR DGYRJDGR UHJXODUPHQWH LQVFULWR QD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  73. 73. GHVGH TXH WHQKD DWXDGR HIHWLYDPHQWH D FDGD SHUtRGR GH GR]H
  74. 74. PHVHV FRQWtQXRV QR PtQLPR HP FLQFR
  75. 75. SURFHVVRV MXGLFLDLV E
  76. 76. R HIHWLYR GHVHPSHQKR GH FDUJR HPSUHJR HRX IXQomR GH QtYHO VXSHULRU HPLQHQWH PHQWH MXUtGLFR GHYLGDPHQWH FHUWLILFDGR SHORV yUJmRV FRPSHWHQWHV F
  77. 77. R FXPSULPHQWR GH HVWiJLR GH GLUHLWR UHFRQKHFLGR SRU OHL FRPSXWDQGRVH SDUD WDQWR R SHUtRGR Pi[LPR GH DWp XP
  78. 78. DQR REVHUYDQGR DLQGD RXWUDV H[LJrQFLDV GLVSRVWDV QR LWHP VHJXLQWH 3DUD ILQV GR GLVSRVWR QR LWHP DQWHULRU QR TXH WDQJH DR FXPSULPHQWR GH HVWiJLR GH GLUHLWR UHFRQKHFLGR SRU OHL R FDQGLGDWR ILFD DLQGD REULJDWRULDPHQWH VXMHLWR D
  79. 79. QR FDVR GH HVWDJLiULRV YLQFXODGRV D HVFULWyULRV GH DGYRFDFLD HPSUHVDV SULYDGDV H RX FRQJrQHUHV j FRPSURYDomR SRU PHLR GH GHFODUDomR HRX GH FHUWLGmR GH WHPSR GH VHUYLoR VXEVFULWD SHOR UHVSRQViYHO EHP FRPR j FRPSURYDomR GRFXPHQWDO GH TXH j pSRFD GD DWLYLGDGH HQFRQWUDYDVH UHJXODUPHQWH LQVFULWR FRPR HVWDJLiULR QD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  80. 80. E
  81. 81. QR FDVR GH HVWDJLiULRV YLQFXODGRV D yUJmRV GD DGPLQLVWUDomR S~EOLFD LQGHSHQGHQWH GD HVIHUD GH JRYHUQR GR SRGHU S~EOLFR TXH LQWHJUD GD LQVWkQFLD HRX GD iUHD GH DWXDomR j FRPSURYDomR SRU PHLR GR DWR GH VXD QRPHDomR HRX GH FySLD GR FRQWUDWR GH HVWiJLR H GD GHFODUDomR HRX GH FHUWLGmR GH WHPSR HP TXH WHQKD DWXDGR QD FRQGLomR GH HVWDJL iULR GHYLGDPHQWH DVVLQDGD SHOD DXWRULGDGH FRPSHWHQWH 1D FRQWDJHP GH WHPSR KDYHQGR VREUHSRVLomR GH GDWDV SRU FRQWD GD UHDOL]DomR FRQMXQWD GH GXDV RX PDLV DWLYLGDGHV FRQVLGHUDUVHi QDTXHOD GDWD RX SHUtRGR SDUD ILQV GH FRPSURYDomR GH DWLYLGDGH MXUtGLFD FRPR VHQGR XPD GDWD RX XP SHUtRGR HP TXH VH UHDOL]RX XPD ~QLFD DWLYLGDGH 2 SHUtRGR GH HIHWLYR H[HUFtFLR GD DGYRFDFLD FRPR DGYRJDGR SDUD ILQV GH FRPSURYD omR GR H[HUFtFLR GH DWLYLGDGH MXUtGLFD VHUi IHLWR PHGLDQWH HQWUHJD GH FHUWLGmR H[SHGLGD
  82. 82. ',È5,2 2),,$/ Q '( -81+2 '( 3È*,1$ SHORV FDUWyULRV GR IRUR MXGLFLDO GH SULPHLUD HRX GH VHJXQGD LQVWkQFLDV GHYLGDPHQWH DFRPSDQKDGD GRV H[WUDWRV GH DQGDPHQWRV GRV IHLWRV '2 352*5$0$ '( 5(6(59$ '( 9$*$6 1D FRQIRUPLGDGH GR TXH GLVS}H D /HL )HGHUDO Qž GH UHJXODPHQ WDGD SHOR 'HFUHWR )HGHUDO Qž GH HP FRQVRQkQFLD FRP R 'HFUHWR (VWDGXDO Qž GH H D /HL (VWDGXDO Qž GH DOWH UDGD SHOD /HL (VWDGXDO Qž GH UHJXODPHQWDGD SHOR 'HFUHWR (VWDGXDO Qž GH UHVHUYDUVHi jV SHVVRDV FRP GHILFLrQFLD DRV QHJURV H DRV tQGLRV UHVSHFWLYDPHQWH RV SHUFHQWXDLV GH FLQFR SRU FHQWR
  83. 83. GH] SRU FHQWR
  84. 84. H WUrV SRU FHQWR
  85. 85. GR WRWDO GH YDJDV RIHUHFLGDV QR RQFXUVR 3~EOLFR DVR D DSOLFDomR GR SHUFHQWXDO UHVXOWH HP Q~PHUR IUDFLRQiULR VHUi GHVSUH]DGD D IUDomR VH KRXYHU $ SURSRUFLRQDOLGDGH GH TXH WUDWD R 3URJUDPD GH 5HVHUYD GH 9DJDV VHUi SURFHVVDGD QD pSRFD GDV QRPHDo}HV TXDQGR OHYDQGRVH HP FRQWD R Q~PHUR GH FDQGLGDWRV DSURYD GRV H DSXUDGD D TXDQWLGDGH GH YDJDV HIHWLYDPHQWH H[LVWHQWHV GHQWUH DV GLVSRQLELOL]DGDV QHVWH 5HJXODPHQWR REVHUYDUVHi TXH D
  86. 86. D FDGD IUDomR GH YLQWH
  87. 87. FDQGLGDWRV D YLJpVLPD YDJD ILFD GHVWLQDGD D FDQGLGDWR FRP GHILFLrQFLD DSURYDGR GH DFRUGR FRP D VXD RUGHP GH FODVVLILFDomR QD OLVWD HVSHFtILFD HP REVHUYkQFLD DR SULQFtSLR GD SURSRUFLRQDOLGDGH E
  88. 88. D FDGD IUDomR GH GH]
  89. 89. FDQGLGDWRV D GpFLPD YDJD ILFD GHVWLQDGD D FDQGLGDWR QHJUR DSURYDGR GH DFRUGR FRP D VXD RUGHP GH FODVVLILFDomR QD OLVWD HVSHFtILFD HP REVHUYkQ FLD DR SULQFtSLR GD SURSRUFLRQDOLGDGH F
  90. 90. D FDGD IUDomR GH WULQWD H WUrV
  91. 91. FDQGLGDWRV D WULJpVLPD WHUFHLUD YDJD ILFD GHVWLQD GD D FDQGLGDWR LQGtJHQD DSURYDGR GH DFRUGR FRP D VXD RUGHP GH FODVVLILFDomR QD OLVWD HVSHFtILFD HP REVHUYkQFLD DR SULQFtSLR GD SURSRUFLRQDOLGDGH (P KDYHQGR FRLQFLGrQFLD QD RUGHP GH QRPHDomR HQWUH FRWLVWDV GR 3URJUDPD GH 5HVHUYD GH 9DJDV SDUD QHJURV FRP SHVVRD FRP GHILFLrQFLD VHUi FRQYRFDGR SULPHLUD PHQWH DTXHOH TXH REWLYHU PDLRU SRQWXDomR QD FODVVLILFDomR JHUDO GR FHUWDPH '$6 9$*$6 '(67,1$'$6 ¬6 3(662$6 20 '(),,Ç1,$ 2V FDQGLGDWRV TXH VH GHFODUDUHP SHVVRD FRP GHILFLrQFLD SDUWLFLSDUmR GR FRQFXUVR HP LJXDOGDGH GH FRQGLo}HV FRP RV GHPDLV FDQGLGDWRV QR TXH WDQJH DR FRQWH~GR GDV SURYDV DYDOLDomR H DRV FULWpULRV GH DSURYDomR GLDV KRUiULRV GH LQtFLR GH FDGD XPD GDV HWDSDV ORFDO GH UHDOL]DomR H jV QRWDV PtQLPDV H[LJLGDV SDUD WRGRV RV GHPDLV FDQGLGD WRV UHVVDOYDGDV DV GLVSRVLo}HV FRQWLGDV QHVWH 5HJXODPHQWR UHODFLRQDGDV DRV FDQGLGDWRV TXH QHFHVVLWDP GH DWHQGLPHQWR GLIHUHQFLDGR SDUD D UHDOL]DomR GDV SURYDV SUHDPEXODU REMHWLYD H HVFULWDV VXEMHWLYDV RQVLGHUDPVH SHVVRDV FRP GHILFLrQFLD DOpP GDTXHODV FRP YLVmR PRQRFXODU GH TXH WUDWD D 6~PXOD GR 67- Qž GH SXEOLFDGD QR '-H GH DTXHODV TXH VH HQTXDGUDP QDV FDWHJRULDV GLVFULPLQDGDV QR 'HFUHWR )HGHUDO Qž GH H QR 'HFUHWR (VWDGXDO Qž GH ILFDQGR YHGDGD DSH QDV D LQVFULomR GH SHVVRDV FRP GHILFLrQFLD TXH p PHQFLRQDGD QR LQFLVR ,9 GR DUWLJR ž HP DPERV RV 5HJXODPHQWRV WHQGR HP YLVWD D WRWDO LQFRPSDWLELOLGDGH GDTXHOD FDWHJRULD GH GHILFLrQFLD SDUD FRP R HIHWLYR H[HUFtFLR GR FDQGLGDWR DSURYDGR QR FDUJR GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR DWLYLGDGH WtSLFD GH (VWDGR TXH UHTXHU SOHQD FDSDFLGDGH LQWHOHFWLYD H PHQWDO 2 FDQGLGDWR TXH SUHWHQGH FRQFRUUHU jV YDJDV GHVWLQDGDV jV SHVVRDV FRP GHILFLrQFLD GHYHUi GHFODUDUVH FRPR WDO HVSHFLILFDQGR D VXD GHILFLrQFLD QR DWR GD LQVFULomR SUH OLPLQDU GHYHQGR REULJDWRULDPHQWH HQFDPLQKDU j (035(6$ D VHU FRQWUDWDGD jV VXDV H[SHQVDV R ODXGR PpGLFR GH HVSHFLDOLVWD HP VXD iUHD GH GHILFLrQFLD RULJLQDO RX FySLD DXWHQWLFDGD HP FDUWyULR
  92. 92. HPLWLGR QR Pi[LPR FRP GDWD DQWHULRU D QRYHQWD
  93. 93. GLDV GD GDWD GH DEHUWXUD GDV LQVFULo}HV SUHOLPLQDUHV DWHVWDQGR D HVSpFLH R JUDX HRX Qt YHO GD GHILFLrQFLD FRP H[SUHVVD UHIHUrQFLD DR FyGLJR FRUUHVSRQGHQWH GD ODVVLILFDomR ,QWHUQDFLRQDO GH 'RHQoDV ,'
  94. 94. H D SURYiYHO FDXVD GD GHILFLrQFLD DOpP GH RXWURV GRFX PHQWRV FRPSUREDWyULRV 2 HQFDPLQKDPHQWR GR ODXGR PpGLFR H GRV GRFXPHQWRV FRPSUREDWyULRV GH TXH WUDWD R LWHP DQWHULRU VHUi IHLWR DWp R GLD HVWDEHOHFLGR HP HGLWDO GR RQFXUVR 3~EOLFR SHORV RUUHLRV QD PRGDOLGDGH 6('(; QR HQGHUHoR GH FRUUHVSRQGrQFLD GD (035(6$ D VHU FRQWUDWDGD LQGLFDQGR QR HQYHORSH ³RQFXUVR 3~EOLFR SDUD 'HIHQVRU 3~EOLFR 6XEVWLWXWR GR (VWDGR GH 0DWR *URVVR GR 6XO´ 1mR VHUi DFHLWD D HQWUHJD FRQGLFLRQDO GR ODXGR PpGLFR EHP FRPR GRV GRFXPHQWRV FRPSUREDWyULRV 2 FDQGLGDWR LQVFULWR FRPR SHVVRD FRP GHILFLrQFLD VHUi FRQYRFDGR SDUD VH VXEPHWHU j SHUtFLD HIHWXDGD SRU HTXLSH PXOWLSURILVVLRQDO SUHVLGLGD SHOR 'HIHQVRU 3~EOLFR*HUDO H FRPSRVWD SRU WUrV
  95. 95. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD H SRU XP
  96. 96. PpGLFR D ILP GH YHULILFDU D H[LVWrQFLD H UHOHYkQFLD GD QHFHVVLGDGH HVSHFLDO H VXD FRPSDWLELOLGDGH FRP R H[HUFtFLR GDV DWULEXLo}HV GR FDUJR GHYHQGR R UHVXOWDGR GR SDUHFHU FRQFOXVLYR VHU SXEOLFDGR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO $ FRQYRFDomR GR FDQGLGDWR SDUD D SHUtFLD GDUVHi GHSRLV GH UHDOL]DGDV DV GXDV SUL PHLUDV HWDSDV GR RQFXUVR 3~EOLFR 1mR KDYHUi VHJXQGD FKDPDGD H QHP UHDOL]DomR GH SHUtFLD IRUD GD GDWD KRUiULR H ORFDO HVWDEHOHFLGRV QR (GLWDO GH RQYRFDomR 6HUi LQGHIHULGD D LQVFULomR QD FRQGLomR GH SHVVRD FRP GHILFLrQFLD GR FDQGLGDWR TXH D
  97. 97. QmR HQFDPLQKDU R ODXGR PpGLFR H RV GRFXPHQWRV FRPSUREDWyULRV GH TXH WUDWD R LWHP GHVWH 5HJXODPHQWR E
  98. 98. QmR REVHUYDU D IRUPD R SUD]R H RV KRUiULRV SUHYLVWRV QHVWH 5HJXODPHQWR H QRV (GLWDLV GH RQYRFDo}HV F
  99. 99. DSUHVHQWDU R ODXGR PpGLFR H GHPDLV GRFXPHQWRV FRPSUREDWyULRV FRP R QRPH LOHJtYHO RX GH IRUPD TXH QmR SRVVD VHU LGHQWLILFDGR FRP FHUWH]D HRX VHJXUDQoD G
  100. 100. QmR DSUHVHQWDU D GHILFLrQFLD HQTXDGUDGD QDV FDWHJRULDV GLVFULPLQDGDV QR DUWLJR ž GR 'HFUHWR Qž EHP FRPR QD 6~PXOD GR 67- FRQIRUPH 3DUHFHU RQFOXVLYR GD (TXLSH 0XOWLSURILVVLRQDO 'D GHFLVmR TXH YHQKD D LQGHIHULU D LQVFULomR GR FDQGLGDWR QD FRQGLomR GH SHVVRD FRP GHILFLrQFLD FRQVWDQWH QR 3DUHFHU RQFOXVLYR GD (TXLSH 0XOWLSURILVVLRQDO FDEHUi UH FXUVR j RPLVVmR GH RQFXUVR 3~EOLFR 2 LQGHIHULPHQWR GD LQVFULomR GH TXH WUDWD R LWHP DQWHULRU DFDUUHWDUi DR FDQGLGDWR D SHUGD GR GLUHLWR HP FRQFRUUHU jV YDJDV UHVHUYDGDV jV SHVVRDV FRP GHILFLrQFLD SDV VDQGR DXWRPDWLFDPHQWH D FRQFRUUHU VRPHQWH jV YDJDV GH DPSOD FRQFRUUrQFLD GD OLVWD JHUDO 1D IDOWD GH FDQGLGDWRV DSURYDGRV SDUD DV YDJDV UHVHUYDGDV jV SHVVRDV FRP GHILFL rQFLD HVVDV VHUmR SUHHQFKLGDV SHORV FDQGLGDWRV GD OLVWD JHUDO GH DPSOD FRQFRUUrQFLD DSURYDGRV QD IRUPD GHVWH 5HJXODPHQWR H QRV (GLWDLV GR RQFXUVR 3~EOLFR FRP HVWULWD REVHUYkQFLD GD RUGHP GH FODVVLILFDomR JHUDO VHP TXH LVVR LPSOLTXH HP DXPHQWR GD OLVWD GH KRPRORJDGRV 4XDQGR GD GLYXOJDomR GR UHVXOWDGR ILQDO GR RQFXUVR 3~EOLFR R FDQGLGDWR LQVFULWR FRPR SHVVRD FRP GHILFLrQFLD VH DSURYDGR H FODVVLILFDGR ILJXUDUi HP GXDV OLVWDJHQV D SULPHLUD FRQWHQGR D OLVWD GH FODVVLILFDomR JHUDO GRV FDQGLGDWRV H D VHJXQGD FRPSRVWD VRPHQWH SRU FDQGLGDWRV FRP GHILFLrQFLD 2 JUDX GH GHILFLrQFLD GR FDQGLGDWR TXH LQJUHVVDU QD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO QmR SRGHUi VHU LQYRFDGR FRPR FDXVD SDUD MXVWLILFDU D FRQFHVVmR GH UHDGDSWDomR GR FDUJR HRX GH DSRVHQWDGRULD SRU LQYDOLGH] '$6 9$*$6 '(67,1$'$6 $26 1(*526 2V FDQGLGDWRV QHJURV TXH DVVLP VH GHFODUDUHP QR PRPHQWR GD LQVFULomR SUHOLPLQDU SDUWLFLSDUmR GR FRQFXUVR HP LJXDOGDGH GH FRQGLo}HV FRP RV GHPDLV FDQGLGDWRV QR TXH WDQJH DR FRQWH~GR GDV SURYDV DYDOLDomR H FULWpULRV GH DSURYDomR GLDV KRUiULRV GH LQtFLR GH FDGD XPD GDV HWDSDV ORFDO GH UHDOL]DomR GDV SURYDV H jV QRWDV PtQLPDV H[LJLGDV SDUD WRGRV RV GHPDLV FDQGLGDWRV UHVVDOYDGDV DV GLVSRVLo}HV FRQWLGDV QHVWH 5HJXODPHQWR UH ODFLRQDGDV DRV FDQGLGDWRV TXH QHFHVVLWDP GH DWHQGLPHQWR GLIHUHQFLDGR SDUD D UHDOL]DomR GDV SURYDV SUHDPEXODU REMHWLYD H HVFULWDV VXEMHWLYDV 3DUD ILQV GH FRQILUPDomR RX QmR GD FRQGLomR GR FDQGLGDWR FRPR QHJUR VHUi IRUPDGD XPD RPLVVmR (VSHFLDO SUHVLGLGD SHOR 'HIHQVRU 3~EOLFR*HUDO H FRQVWLWXtGD SRU GRLV
  101. 101. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD XP
  102. 102. UHSUHVHQWDQWH GD RRUGHQDGRULD GH 3ROtWLFDV SDUD 3URPRomR GD ,JXDOGDGH 5DFLDO GD 6HFUHWDULD GH (VWDGR GH *RYHUQR XP
  103. 103. UHSUHVHQWDQWH GR )yUXP 3HUPDQHQWH GDV (QWLGDGHV GR 0RYLPHQWR 1HJUR GH 0DWR *URVVR GR 6XO H XP
  104. 104. UHSUHVHQWDQWH GR RQVHOKR (VWDGXDO GRV 'LUHLWRV GR 1HJUR (',1(
  105. 105. H UHVSHFWLYRV VXSOHQWHV 3DUD ILQV GH HPLVVmR GH 3DUHFHU RQFOXVLYR D RPLVVmR (VSHFLDO FRQYRFDUi R FDQGL GDWR SDUD XPD HQWUHYLVWD LQGLYLGXDO H UHVHUYDGD REVHUYDQGR QR PtQLPR D
  106. 106. DV LQIRUPDo}HV SUHVWDGDV SHOR FDQGLGDWR QR DWR GH LQVFULomR SUHOLPLQDU E
  107. 107. R KLVWyULFR VRFLDO LQIRUPDGR HVSRQWDQHDPHQWH HP UHODomR D VL PHVPR H VHXV IDPL OLDUHV F
  108. 108. R FRQIURQWR GD DXWRGHFODUDomR FRP SDSpLV H GRFXPHQWRV HVFULWRV G
  109. 109. DV FDUDFWHUtVWLFDV IHQRWtSLFDV YLVtYHLV 2 FDQGLGDWR FRQYRFDGR GHYHUi FRPSDUHFHU j HQWUHYLVWD REULJDWRULDPHQWH PXQLGR GR VHX GRFXPHQWR GH LGHQWLGDGH RILFLDO RULJLQDO FRP IRWR H FRP D VXD FHUWLGmR GH QDV FLPHQWR RX GH FDVDPHQWR RULJLQDO RX FySLD DXWHQWLFDGD HP FDUWyULR
  110. 110. $R FDQGLGDWR FRQYRFDGR OKH p IDFXOWDGD D RSRUWXQLGDGH SDUD TXHUHQGR FRPSD UHFHU j HQWUHYLVWD PXQLGR WDPEpP GH SDSpLV H GRFXPHQWRV HVFULWRV TXH VXEVLGLHP VXDV DUJXPHQWDo}HV GXUDQWH D LQWHUSHODomR RUDO YHGDGD D SURGXomR GH TXDOTXHU RXWUR WLSR GH SURYD 1mR KDYHUi VHJXQGD FKDPDGD H QHP UHDOL]DomR GD HQWUHYLVWD IRUD GD GDWD KRUiULR H ORFDO HVWDEHOHFLGRV QRV (GLWDLV GH RQYRFDo}HV 6HUi LQGHIHULGD D LQVFULomR QD FRQGLomR GH QHJUR GR FDQGLGDWR TXH D
  111. 111. QmR REVHUYDU D IRUPD R SUD]R H RV KRUiULRV SUHYLVWRV QHVWH 5HJXODPHQWR H QRV HGLWDLV GR RQFXUVR 3~EOLFR E
  112. 112. QmR DWHQGHU j FRQYRFDomR SDUD HQWUHYLVWD SHUDQWH RV PHPEURV GD RPLVVmR (VSHFLDO F
  113. 113. QmR WLYHU YDOLGDGD VXD DXWRGHFODUDomR GH VHU QHJUR 'D GHFLVmR GH QmR YDOLGDU D DXWRGHFODUDomR FRQVWDQWH QR 3DUHFHU RQFOXVLYR GD RPLVVmR (VSHFLDO FDEHUi UHFXUVR j RPLVVmR GH RQFXUVR 2 LQGHIHULPHQWR GD LQVFULomR GH TXH WUDWD R LWHP DQWHULRU DFDUUHWDUi DR FDQGLGDWR D SHUGD GR GLUHLWR HP FRQFRUUHU jV YDJDV UHVHUYDGDV DRV QHJURV SDVVDQGR DXWRPDWLFD PHQWH D FRQFRUUHU VRPHQWH jV YDJDV GH DPSOD FRQFRUUrQFLD GD OLVWD JHUDO 1D IDOWD GH FDQGLGDWRV DSURYDGRV SDUD DV YDJDV UHVHUYDGDV DRV QHJURV HVVDV VHUmR SUHHQFKLGDV SHORV FDQGLGDWRV GD OLVWD JHUDO GH DPSOD FRQFRUUrQFLD DSURYDGRV QD IRUPD GHVWH 5HJXODPHQWR H QRV HGLWDLV GR RQFXUVR 3~EOLFR VHP TXH LVVR LPSOLTXH HP DXPHQ WR GD OLVWD GH KRPRORJDGRV 4XDQGR GD GLYXOJDomR GR UHVXOWDGR ILQDO GR RQFXUVR 3~EOLFR R FDQGLGDWR LQVFULWR FRPR QHJUR VH DSURYDGR H FODVVLILFDGR ILJXUDUi HP GXDV OLVWDJHQV D SULPHLUD FRQWHQGR D OLVWD GH FODVVLILFDomR JHUDO GRV FDQGLGDWRV H D VHJXQGD FRPSRVWD VRPHQWH SRU FDQ GLGDWRV QHJURV '$6 9$*$6 '(67,1$'$6 $26 Ë1',26 2V FDQGLGDWRV tQGLRV TXH DVVLP VH GHFODUDUHP QR PRPHQWR GD LQVFULomR SUHOLPLQDU SDUWLFLSDUmR GR FRQFXUVR HP LJXDOGDGH GH FRQGLo}HV FRP RV GHPDLV FDQGLGDWRV QR TXH WDQJH DR FRQWH~GR GDV SURYDV DYDOLDomR H FULWpULRV GH DSURYDomR GLDV KRUiULRV GH LQtFLR GH FDGD XPD GDV HWDSDV ORFDO GH UHDOL]DomR GDV SURYDV H jV QRWDV PtQLPDV H[LJLGDV SDUD WRGRV RV GHPDLV FDQGLGDWRV UHVVDOYDGDV DV GLVSRVLo}HV FRQWLGDV QHVWH 5HJXODPHQWR UH ODFLRQDGDV DRV FDQGLGDWRV TXH QHFHVVLWDP GH DWHQGLPHQWR GLIHUHQFLDGR SDUD D UHDOL]DomR GDV SURYDV SUHDPEXODU REMHWLYD H HVFULWDV VXEMHWLYDV 3DUD ILQV GH FRQILUPDomR RX QmR GD FRQGLomR GR FDQGLGDWR FRPR tQGLR XPD RPLVVmR (VSHFLDO SUHVLGLGD SHOR 'HIHQVRU 3~EOLFR*HUDO H FRPSRVWD SRU GRLV
  114. 114. 'HIHQVRUHV 3~EOLFRV HVWiYHLV QD FDUUHLUD XP
  115. 115. UHSUHVHQWDQWH GR RQVHOKR (VWDGXDO GRV 'LUHLWRV GR ËQGLR (',1
  116. 116. H XP
  117. 117. UHSUHVHQWDQWH GD )XQGDomR 1DFLRQDO GR ËQGLR )81$,
  118. 118. H UHV SHFWLYRV VXSOHQWHV 3DUD ILQV GH HPLVVmR GH 3DUHFHU RQFOXVLYR D RPLVVmR (VSHFLDO FRQYRFDUi R FDQGL GDWR SDUD XPD HQWUHYLVWD LQGLYLGXDO H UHVHUYDGD REVHUYDQGR QR PtQLPR D
  119. 119. DV LQIRUPDo}HV SUHVWDGDV SHOR FDQGLGDWR QR DWR GH LQVFULomR SUHOLPLQDU E
  120. 120. R KLVWyULFR VRFLDO H DQWURSROyJLFR LQIRUPDGR HVSRQWDQHDPHQWH HP UHODomR D VL PHVPR H VHXV IDPLOLDUHV F
  121. 121. R FRQIURQWR GD DXWRGHFODUDomR FRP SDSpLV H GRFXPHQWRV HVFULWRV G
  122. 122. DV FDUDFWHUtVWLFDV IHQRWtSLFDV YLVtYHLV 2 FDQGLGDWR FRQYRFDGR GHYHUi FRPSDUHFHU j HQWUHYLVWD REULJDWRULDPHQWH PXQLGR GR RULJLQDO GRV VHJXLQWHV GRFXPHQWRV D
  123. 123. GH LGHQWLGDGH RILFLDO FRP IRWR
  124. 124. H[SHGLGD SHOD 6HFUHWDULD GH 6HJXUDQoD 3~EOLFD RX HTXLYDOHQWH E
  125. 125. GD HUWLGmR GH 1DVFLPHQWR RX GH DVDPHQWR FRQVWDQGR D HWQLD LQGtJHQD RPSOHPHQWDUPHQWH R FDQGLGDWR GHYHUi DSUHVHQWDU R VHX 5HJLVWUR $GPLQLVWUDWLYR GH 1DVFLPHQWR GH ËQGLR 5$1,
  126. 126. H[SHGLGR SHOD )XQGDomR 1DFLRQDO GR ËQGLR )81$,
  127. 127. $R FDQGLGDWR FRQYRFDGR OKH p IDFXOWDGD D RSRUWXQLGDGH SDUD TXHUHQGR FRPSDUHFHU j HQWUHYLVWD PXQLGR WDPEpP GH SDSpLV H GRFXPHQWRV HVFULWRV TXH VXEVLGLHP VXDV DUJXPHQWDo}HV GXUDQWH D LQWHUSHODomR RUDO YHGDGD D SURGXomR GH TXDOTXHU RXWUR WLSR GH SURYD 1mR KDYHUi VHJXQGD FKDPDGD H QHP UHDOL]DomR GD HQWUHYLVWD IRUD GD GDWD KRUiULR H ORFDO HVWDEHOHFLGRV QRV (GLWDLV GH RQYRFDo}HV 6HUi LQGHIHULGD D LQVFULomR QD FRQGLomR GH tQGLR GR FDQGLGDWR TXH D
  128. 128. QmR REVHUYDU D IRUPD R SUD]R H RV KRUiULRV SUHYLVWRV QHVWH 5HJXODPHQWR H QRV (GLWDLV GH RQYRFDo}HV E
  129. 129. QmR DWHQGHU j FRQYRFDomR SDUD HQWUHYLVWD SHUDQWH RV PHPEURV GD RPLVVmR (VSHFLDO F
  130. 130. QmR WLYHU YDOLGDGD VXD DXWRGHFODUDomR GH VHU tQGLR 2 LQGHIHULPHQWR GD LQVFULomR GH TXH WUDWD R LWHP DQWHULRU DFDUUHWDUi DR FDQGLGDWR D SHUGD GR GLUHLWR HP FRQFRUUHU jV YDJDV UHVHUYDGDV DRV tQGLRV SDVVDQGR DXWRPDWLFD PHQWH D FRQFRUUHU VRPHQWH jV YDJDV GH DPSOD FRQFRUUrQFLD GD OLVWD JHUDO 'D GHFLVmR GH QmR YDOLGDU D DXWRGHFODUDomR FRQVWDQWH QR 3DUHFHU RQFOXVLYR GD RPLVVmR (VSHFLDO FDEHUi UHFXUVR j RPLVVmR GH RQFXUVR 1D IDOWD GH FDQGLGDWRV DSURYDGRV SDUD DV YDJDV UHVHUYDGDV DRV tQGLRV HVVDV VHUmR SUHHQFKLGDV SHORV FDQGLGDWRV GD OLVWD JHUDO GH DPSOD FRQFRUUrQFLD DSURYDGRV QD IRUPD GHVWH 5HJXODPHQWR H QRV (GLWDLV GR RQFXUVR 3~EOLFR FRP HVWULWD REVHUYkQFLD GD RUGHP GH FODVVLILFDomR JHUDO VHP TXH LVVR LPSOLTXH HP DXPHQWR GD OLVWD GH KRPRORJDGRV 4XDQGR GD GLYXOJDomR GR UHVXOWDGR ILQDO GR RQFXUVR 3~EOLFR R FDQGLGDWR LQVFULWR FRPR tQGLR VH DSURYDGR H FODVVLILFDGR ILJXUDUi HP GXDV
  131. 131. OLVWDJHQV D SULPHLUD FRQ WHQGR D OLVWD GH FODVVLILFDomR JHUDO GRV FDQGLGDWRV H D VHJXQGD FRPSRVWD VRPHQWH SRU FDQGLGDWRV tQGLRV '2 $7(1',0(172 ',)(5(1,$'2 e DVVHJXUDGR DR FDQGLGDWR R GLUHLWR GH UHTXHUHU DWHQGLPHQWR GLIHUHQFLDGR SDUD UHDOL]DomR GDV SURYDV SUHDPEXODU REMHWLYD H HVFULWDV VXEMHWLYDV HQWUH DV QHFHVVLGDGHV H[FOXVLYDPHQWH UHODFLRQDGDV QR LWHP VHJXLQWH GHVGH TXH VROLFLWDGR QR PHVPR SHUtR GR GD LQVFULomR SUHOLPLQDU SRU PHLR GH UHTXHULPHQWR SUySULR GHYLGDPHQWH LQVWUXtGR H HQFDPLQKDGR j (035(6$ D VHU FRQWUDWDGD FRQIRUPH HVWDEHOHFLGR QHVWH 5HJXODPHQWR )L[DGR FDVR D FDVR R DWHQGLPHQWR GLIHUHQFLDGR FRQVLVWLUi HP D
  132. 132. SURYD DPSOLDGD E
  133. 133. DFHVVR H PHVD SDUD FDGHLUDQWH F
  134. 134. ILVFDO OHGRU
  135. 135. ',È5,2 2),,$/ Q '( -81+2 '( 3È*,1$ G
  136. 136. ILVFDO WUDQVFULWRU H
  137. 137. SURYDV HP EUDLOH I
  138. 138. WHPSR DGLFLRQDO SDUD D UHDOL]DomR GD SURYD HP DWp ó XP TXDUWR
  139. 139. GR WRWDO GH KRUDV HVWDEHOHFLGR SDUD D SURYD FRUUHVSRQGHQWH J
  140. 140. HVSDoR SDUD DPDPHQWDomR $ FRPSURYDomR GD QHFHVVLGDGH GH DWHQGLPHQWR GLIHUHQFLDGR IDUVHi PHGLDQWH R HQ YLR GH UHTXHULPHQWR SUySULR LQVWUXtGR FRP GRFXPHQWR PpGLFR DVVLQDGR SRU HVSHFLDOLVWD GD iUHD GH VXD QHFHVVLGDGH HPLWLGR QR Pi[LPR FRP GDWD DQWHULRU D QRYHQWD
  141. 141. GLDV GD GDWD GH DEHUWXUD GDV LQVFULo}HV SUHOLPLQDUHV 2 GRFXPHQWR PpGLFR SDUD ILQV GH MXVWLILFDWLYD GR FDQGLGDWR TXH QHFHVVLWD GH DWHQGL PHQWR GLIHUHQFLDGR QR FDVR GR LQVFULWR WDPEpP QD FRQGLomR GH SHVVRD FRP GHILFLrQFLD SRGHUi VHU HODERUDGR HP DSDUWDGR RX ID]HU SDUWH LQWHJUDQWH GR ODXGR PpGLFR HQFDPL QKDGR SDUD ILQV GH FRPSURYDomR GH VXD LQVFULomR QDTXHOD FRQGLomR 2 FDQGLGDWR TXH QHFHVVLWDU GH DWHQGLPHQWR GLIHUHQFLDGR GHYHUi HQFDPLQKDU jV VXDV H[SHQVDV DWp R GLD HVWDEHOHFLGR HP HGLWDO GR RQFXUVR 3~EOLFR SHORV RUUHLRV QD PRGDOLGDGH 6('(; QR HQGHUHoR GH FRUUHVSRQGrQFLD GD (035(6$ D VHU FRQWUDWDGD R UHTXHULPHQWR SUySULR GHYLGDPHQWH DVVLQDGR H LQVWUXtGR FRP R GRFXPHQWR PpGLFR FRP SURYDQGR D VXD QHFHVVLGDGH LQGLFDQGR QR HQYHORSH ³RQFXUVR 3~EOLFR SDUD 'HIHQVRU 3~EOLFR 6XEVWLWXWR GR (VWDGR GH 0DWR *URVVR GR 6XO´ $ FDQGLGDWD TXH QHFHVVLWDU GH HVSDoR SDUD DPDPHQWDomR QR PHVPR SHUtRGR H IRUPD GH TXH WUDWD R LWHP DQWHULRU DOpP GR UHTXHULPHQWR SUySULR GHYHUi DLQGD HQ FDPLQKDU FySLD OHJtYHO GR GRFXPHQWR GH LGHQWLILFDomR GR DGXOWR TXH ILFDUi UHVSRQViYHO SHOD FULDQoD $ FDQGLGDWD ODFWDQWH SRGHUi VH DXVHQWDU WHPSRUDULDPHQWH GD VDOD GH SURYDV DFRP SDQKDGD GH XPD ILVFDO VHP TXH R WHPSR WRWDO GH UHDOL]DomR GH VXDV SURYDV VHMD HVWHQ GLGR 2V FDQGLGDWRV TXH VROLFLWDUHP SURYD HP EUDLOOH GHYHUmR OHYDU UHJOHWH H SXQomR QR GLD GD DSOLFDomR GDV SURYDV 1R DWHQGLPHQWR GLIHUHQFLDGR QmR VH LQFOXHP DWHQGLPHQWR GRPLFLOLDU KRVSLWDODU QHP WDPSRXFR DOLPHQWDomR H WUDQVSRUWH $ DQiOLVH GR SHGLGR GH DWHQGLPHQWR GLIHUHQFLDGR IHLWR SHOR FDQGLGDWR GHYLGDPHQWH DVVLQDGR LQVWUXtGR H HQFDPLQKDGR QD IRUPD GR LWHP VHUi DQDOLVDGR H GHFLGLGR HP FRQMXQWR SHOD RPLVVmR GH RQFXUVR 3~EOLFR H (035(6$ D VHU FRQWUDWDGD '$ ,6(1d­2 '2 3$*$0(172 '2 9$/25 '$ 7$;$ '( ,165,d­2 +DYHUi LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR QD FRQIRUPLGDGH GR 'HFUHWR (VWDGXDO Qž GH H VXDV DOWHUDo}HV H WDPEpP DRV FDQGL GDWRV DPSDUDGRV SHOD /HL (VWDGXDO Qž GH 3DUD ILQV GH LVHQomR GH TXH WUDWD R LWHP DQWHULRU QRV WHUPRV H QR SHUtRGR HVWDEH OHFLGR HP (GLWDO R FDQGLGDWR GHYHUi HQFDPLQKDU jV VXDV H[SHQVDV SHORV RUUHLRV QD PRGDOLGDGH 6('(; QR HQGHUHoR GD (035(6$ D VHU FRQWUDWDGD LQGLFDQGR QR HQYHORSH ³RQFXUVR 3~EOLFR SDUD 'HIHQVRU 3~EOLFR 6XEVWLWXWR GR (VWDGR GH 0DWR *URVVR GR 6XO´ FRQIRUPH R FDVR RV VHJXLQWHV GRFXPHQWRV 'HFUHWR (VWDGXDO Qž GH H VXDV DOWHUDo}HV ySLD GD DUWHLUD GH 7UDEDOKR H 3UHYLGrQFLD 6RFLDO 736 FRP D EDL[D GR ~OWLPR HPSUHJR RX DFRPSDQKDGD GR Q~PH UR GD LQVFULomR QD $JrQFLD 3~EOLFD GH (PSUHJR GR (VWDGR GH 0DWR *URVVR GR 6XO 28 FySLD GD SXEOLFDomR GR DWR TXH R GHVOLJRX GR VHUYLoR S~EOLFR VH H[ VHUYLGRU S~EOLFR YLQFXODGR j $GPLQLVWUDomR 3~EOLFD SHOR UHJLPH HVWDWXWiULR ( UHTXHULPHQWR FRP GHFODUDomR ILUPDGD SHOR FDQGLGDWR QR RULJLQDO FRQIRUPH PRGHOR GR DQH[R DR 'HFUHWR (VWDGXDO Qž GH GH TXH D UHQGD SHU FDSLWD GD IDPtOLD p GH YDORU LJXDO RX LQIHULRU D PHLR VDOiULR PtQLPR QDFLRQDO FRQVLGHUDQGR SDUD WDQWR RV JDQKRV GRV PHPEURV GR Q~FOHR IDPLOLDU TXH YLYDP VRE R PHVPR WHWR /HL (VWDGXDO Qž GH $WHVWDGR RX DWHVWDGRV QRV RULJLQDLV FRPSURYDQGR D GRDomR GH VDQJXH HP SDSHO WLPEUDGR FRQWHQGR DV
  142. 142. GDWDV
  143. 143. FDULPER DVVLQDWXUD GR UHVSRQViYHO H R QRPH OHJtYHO H FRPSOHWR GR DV VLQDQWH FRPSURYDQGR TXH GXUDQWH R SHUtRGR GH GRLV
  144. 144. DQRV WHQKD GRDGR VDQJXH QR PtQLPR
  145. 145. XPD YH] D FDGD VHLV
  146. 146. PHVHV +DYHUi LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR DLQGD DR FDQGLGDWR DPSDUDGR SHOR 'HFUHWR )HGHUDO Qž GH GD VHJXLQWH IRUPD 'HFUHWR )HGHUDO Qž GH ,QIRUPDU HP FDPSR HVSHFtILFR QD )LFKD GH ,QVFULomR TXH HVWi LQVFULWR QR DGDVWUR ÒQLFR SDUD 3URJUDPDV GR *RYHUQR )HGHUDO DGÒQLFR
  147. 147. e GH LQWHLUD UHVSRQVDELOLGDGH GR FDQGLGDWR D FRQVXOWD GR UHVXOWDGR GR VHX SHGLGR GH LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR QR RQFXUVR 3~EOLFR GLVSRQtYHO RILFLDOPHQWH H H[FOXVLYDPHQWH QR VLWH GD (035(6$ D VHU FRQWUDWDGD 2 FDQGLGDWR TXH WLYHU R VHX SHGLGR GH LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR LQGHIHULGD WHQGR LQWHUHVVH HP SHUPDQHFHU LQVFULWR H FRQFRUUHU GHYHUi DFHVVDU QRYDPHQWH R OLQN SUySULR QD SiJLQD GR RQFXUVR 3~EOLFR QR VLWH (035(6$ D VHU FRQWUD WDGD YLVDQGR j LPSUHVVmR GR EROHWR EDQFiULR SDUD ILQV GH SDJDPHQWR GR YDORU GD WD[D DQWHV GH HQFHUUDGR R SUD]R GDV LQVFULo}HV 2 FDQGLGDWR TXH WLYHU VHX SHGLGR GH LVHQomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR GHIHULGR WHUi VXD LQVFULomR DXWRPDWLFDPHQWH HIHWLYDGD '26 352(',0(1726 3$5$ $ ,165,d­2 35(/,0,1$5 3DUD HIHWLYDU VXD LQVFULomR SUHOLPLQDU R FDQGLGDWR FRP UHFXUVRV H HTXLSDPHQWRV SUySULRV GHYHUi HIHWXDU RV VHJXLQWHV SURFHGLPHQWRV D
  148. 148. DFHVVDU R HQGHUHoR HOHWU{QLFR GD (035(6$ D VHU FRQWUDWDGD E
  149. 149. SUHHQFKHU D ILFKD GH LQVFULomR IRUQHFHQGR RV GDGRV VROLFLWDGRV H GHFODUDQGR VHU EUD VLOHLUR H EDFKDUHO HP GLUHLWR F
  150. 150. LPSULPLU R EROHWR EDQFiULR H G
  151. 151. UHFROKHU R YDORU GD WD[D GH LQVFULomR SHOD LQWHUQHW RX TXDOTXHU DJrQFLD EDQFiULD FRP FRPSHQVDomR GR SDJDPHQWR DWp R GLD HVWDEHOHFLGR HP HGLWDO GR RQFXUVR 3~EOLFR $V LQVFULo}HV SUHOLPLQDUHV VRPHQWH VHUmR FRQVLGHUDGDV YiOLGDV DSyV D HIHWLYDomR GR SDJDPHQWR GR YDORU GD WD[D GH LQVFULomR QR SUD]R H IRUPD SUHYLVWD QR LWHP DQWHULRU RX DSyV R GHIHULPHQWR GR UHTXHULPHQWR GH VXD LVHQomR GH SDJDPHQWR $SyV D SXEOLFDomR GD FRQYRFDomR SDUD D UHDOL]DomR GD SURYD SUHDPEXODU REMHWLYD H GDV SURYDV HVFULWDV VXEMHWLYDV R FDUWmR GH FRQYRFDomR GR FDQGLGDWR HVWDUi GLVSRQtYHO QR HQGHUHoR HOHWU{QLFR GD (035(6$ D VHU FRQWUDWDGD VHQGR GH LQWHLUD UHVSRQVDELOLGDGH GR FDQGLGDWR D REWHQomR GHVVH GRFXPHQWR QmR SRGHQGR VHU DOHJDGD TXDOTXHU HVSpFLH GH GHVFRQKHFLPHQWR 2 FDQGLGDWR TXH QmR FRQVHJXLU UHDOL]DU D LPSUHVVmR GR FDUWmR GH FRQYRFDomR GH YHUi HQWUDU HP FRQWDWR FRP R 6HUYLoR GH $WHQGLPHQWR DR DQGLGDWR GD (035(6$ D VHU FRQWUDWDGD SHOR WHOHIRQH RX SHOR HQGHUHoR HOHWU{QLFR D VHU IRUQHFLGR 6H SRU PRWLYR GH FUHQoD UHOLJLRVD R FDQGLGDWR HVWLYHU LPSHGLGR GH VH VXEPHWHU jV SURYDV QRV GLDV RX KRUiULRV HVWDEHOHFLGRV GHYHUi HQFDPLQKDU jV VXDV H[SHQVDV DWp R GLD HVWDEHOHFLGR HP HGLWDO GR RQFXUVR 3~EOLFR SHORV RUUHLRV QD PRGDOLGDGH 6('(; QR HQGHUHoR GH FRUUHVSRQGrQFLD GD (035(6$ D VHU FRQWUDWDGD UHTXHULPHQWR SUySULR GHYLGDPHQWH DVVLQDGR H LQVWUXtGR GRFXPHQWDOPHQWH LQFOXVLYH FRP GHFODUDomR ILUPD GD SHOD $XWRULGDGH 5HOLJLRVD FRPSURYDQGR R VHX LPSHGLPHQWR LQGLFDQGR QR HQYHORSH ³RQFXUVR 3~EOLFR SDUD 'HIHQVRU 3~EOLFR 6XEVWLWXWR GR (VWDGR GH 0DWR *URVVR GR 6XO´ 2 YDORU UHIHUHQWH DR SDJDPHQWR GD WD[D GH LQVFULomR SUHOLPLQDU QmR VHUi GHYROYLGR HP KLSyWHVH DOJXPD VDOYR HP FDVR GH FDQFHODPHQWR GR RQFXUVR 3~EOLFR SRU FRQYHQL rQFLD GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO e YHGDGD D LQVFULomR FRQGLFLRQDO D H[WHPSRUkQHD SRU ID[ SHORV RUUHLRV SHOR FRUUHLR HOHWU{QLFR RX TXDOTXHU RXWUD IRUPD GLIHUHQWH GD LQVFULomR SUHOLPLQDU WUDWDGD QR SUHVHQWH 5HJXODPHQWR '$6 (7$3$6 '2 218562 3Ò%/,2 2 RQFXUVR FRQVWDUi GDV VHJXLQWHV HWDSDV H SURYDV (7$3$ 3529$6 7,32 È5($6 '( 21+(,0(172 1ž '( 48(67®(6 $5È7(5  (WDSD 3URYD 3UHDPEXODU 2EMHWLYD 'LUHLWR LYLO 'LUHLWR 3URFHVVXDO LYLO 'LUHLWR 3HQDO 'LUHLWR 3URFHVVXDO 3HQDO 'LUHLWR RQVWLWXFLRQDO 'LUHLWR $GPLQLVWUDWLYR 'LUHLWR GR RQVXPLGRU 'LUHLWR GD ULDQoD H GR $GROHVFHQWH 'LUHLWRV 'LIXVRV H ROHWLYRV 'HIHQVRULD 3~EOLFD 'LUHLWRV +XPDQRV (OLPLQDWyULR H ODVVLILFDWyULR (7$3$ 3529$6 7,32 È5($6 '( 21+(,0(172 1ž '( 48(67®(6 3(d$6 $5È7(5  (WDSD 3URYD (VFULWD 6XEMHWLYD ± 'LVFLSOLQD 7HyULFD 3RGHQGR YHUVDU VREUH WRGD H TXDOTXHU PD WpULD GR FRQWH~GR SUR JUDPiWLFR (OLPLQDWyULR 3URYD (VFULWD 6XEMHWLYD ± 'LVFLSOLQD 3UiWLFD LYLO 3RGHQGR YHUVDU VREUH WRGD H TXDOTXHU PD WpULD GR FRQWH~GR SUR JUDPiWLFR 3URYD (VFULWD 6XEMHWLYD ± 'LVFLSOLQD 3UiWLFD 3HQDO 3RGHQGR YHUVDU VREUH WRGD H TXDOTXHU PD WpULD GR FRQWH~GR SUR JUDPiWLFR (7$3$ 7,32 $5È7(5  (WDSD ,QYHVWLJDomR VRFLDO (OLPLQDWyULR (7$3$ 3529$67,32 È5($6 '( 21+(,0(172 $5È7(5  (WDSD 3URYDV RUDLV $UJXLomR 3RGHQGR YHUVDU VREUH WRGD H TXDOTXHU PDWp ULD GR FRQWH~GR SURJUD PiWLFR (OLPLQDWyULR 7ULEXQD 3URFHVVR GH RPSHWrQFLD GR 7ULEXQDO GR -~UL (7$3$ 7,32 $5È7(5  (WDSD $YDOLDomR GH WtWXORV ODVVLILFDWyULR '$ 35,0(,5$ ( 6(*81'$ (7$3$6 ± ',6326,d®(6 *(5$,6 2V LQVFULWRV SDUWLFLSDUmR GDV GXDV SULPHLUDV HWDSDV GR RQFXUVR 3~EOLFR SURYD SUHDPEXODU REMHWLYD H SURYDV HVFULWDV VXEMHWLYDV
  152. 152. 1R HQWDQWR DV SURYDV HVFULWDV VXEMHWLYDV VRPHQWH VHUmR FRUULJLGDV VH QD SURYD SUHDPEXODU REMHWLYD R FDQGLGDWR DOFDQoDU XP DSURYHLWDPHQWR LJXDO RX VXSHULRU D FLQTXHQWD SRU FHQWR
  153. 153. GDV TXHVW}HV IRUPXODGDV H HVWLYHU HQWUH RV FODVVLILFDGRV HP Q~ PHUR FRUUHVSRQGHQWH D VHLV
  154. 154. YH]HV R Q~PHUR GH FDUJRV GH 'HIHQVRU 3~EOLFR QD FODVVH GH 'HIHQVRU 3~EOLFR 6XEVWLWXWR XOWUDSDVVDQGRVH WDO OLPLWH DSHQDV SDUD D LQFOXVmR GH FDQGLGDWRV HPSDWDGRV HP ~OWLPR OXJDU H GH FDQGLGDWRV FRWLVWDV '$ 35,0(,5$ (7$3$ 3529$ 35($0%8/$5 2%-(7,9$ $ SURYD SUHDPEXODU REMHWLYD FRP GXUDomR GH FLQFR
  155. 155. KRUDV Mi LQFOXtGR R WHPSR GHVWLQDGR DR SUHHQFKLPHQWR GD )ROKD GH 5HVSRVWDV FRQVWDUi GH FHP
  156. 156. TXHVW}HV GH P~OWLSOD HVFROKD SRGHQGR YHUVDU VREUH WRGD H TXDOTXHU PDWpULD GR FRQWH~GR SURJUDPi WLFR FRQVWDQWH GR $QH[R ÒQLFR GHVWH 5HJXODPHQWR DGD TXHVWmR GH P~OWLSOD HVFROKD WHUi XPD
  157. 157. ~QLFD UHVSRVWD FRUUHWD
  158. 158. ',È5,2 2),,$/ Q '( -81+2 '( 3È*,1$ $ GDWD H DV LQIRUPDo}HV VREUH KRUiULR H ORFDO GD UHDOL]DomR GD SURYD SUHDPEXODU REMHWLYD VHUmR GLYXOJDGDV SRU (GLWDO D VHU SXEOLFDGR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO ± '2(06 H UHSURGX]LGRV QRV VLWHV GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H GD (035(6$ D VHU FRQWUDWDGD e GH LQWHLUD UHVSRQVDELOLGDGH GR FDQGLGDWR DFHVVDU R VLWH GD (035(6$ D VHU FRQWUD WDGD SDUD FRQKHFHU R HQVDODPHQWR YLVDQGR j UHDOL]DomR GD SURYD SUHDPEXODU REMHWLYD DVR KDMD LQH[DWLGmR QD LQIRUPDomR UHODWLYD j FRQGLomR GH SHVVRD FRP GHILFLrQFLD R FDQGLGDWR GHYHUi HQWUDU HP FRQWDWR FRP D (035(6$ D VHU FRQWUDWDGD SHOR WHOHIRQH RX SRU PHLR GR VHX HQGHUHoR HOHWU{QLFR FRP QR PtQLPR WUrV
  159. 159. GLDV ~WHLV GH DQWHFHGrQ FLD GD GDWD GH UHDOL]DomR GD SURYD 6RPHQWH VHUi DGPLWLGR j VDOD GH SURYD R FDQGLGDWR TXH HVWLYHU SRUWDQGR GRFX PHQWR GH LGHQWLGDGH RULJLQDO TXH EHP R LGHQWLILTXH WDO FRPR DUWHLUDV HRX pGXODV GH ,GHQWLGDGH H[SHGLGDV SHODV 6HFUHWDULDV GH 6HJXUDQoD SHODV )RUoDV $UPDGDV SHOD 3ROtFLD 0LOLWDU SHOR 0LQLVWpULR GDV 5HODo}HV ([WHULRUHV pGXODV GH ,GHQWLGDGH IRUQHFLGDV SRU ÏUJmRV RX RQVHOKRV GH ODVVH 2$%
  160. 160. DUWHLUD GH 7UDEDOKR H 3UHYLGrQFLD 6RFLDO EHP FRPR DUWHLUD 1DFLRQDO GH +DELOLWDomR FRP IRWRJUDILD H YDOLGDGH QD GDWD GR FHUWDPH QD IRUPD GD /HL Qž
  161. 161. 2 GRFXPHQWR GHYHUi HVWDU HP SHUIHLWDV FRQGLo}HV GH IRUPD D SHUPLWLU FRP FODUH ]D D LGHQWLILFDomR GR FDQGLGDWR 1R GLD GD UHDOL]DomR GD SURYD FDVR R FDQGLGDWR HVWHMD LPSRVVLELOLWDGR GH DSUHVHQ WDU R GRFXPHQWR GH LGHQWLGDGH RULJLQDO SRU PRWLYR GH SHUGD URXER RX IXUWR GHYHUi VHU DSUHVHQWDGR R GRFXPHQWR RULJLQDO RX DXWHQWLFDGR HP FDUWyULR TXH DWHVWH R UHJLVWUR GD RFRUUrQFLD IHLWD HP yUJmR SROLFLDO H[SHGLGR QR Pi[LPR Ki VHVVHQWD
  162. 162. GLDV GH DQWHFHGrQFLD j GDWD GH UHDOL]DomR GD SURYD RFDVLmR HP TXH VHUi VXEPHWLGR j LGHQWLIL FDomR HVSHFLDO FRPSUHHQGHQGR FROHWD GH GDGRV DVVLQDWXUDV H GH LPSUHVVmR GLJLWDO HP IRUPXOiULR SUySULR $ LGHQWLILFDomR HVSHFLDO VHUi H[LJLGD WDPEpP GR FDQGLGDWR FXMR GRFXPHQWR GH LGHQWLILFDomR DSUHVHQWH G~YLGDV UHODWLYDV j ILVLRQRPLD j DVVLQDWXUD RX j FRQGLomR GH HVWDGR GH FRQVHUYDomR GR GRFXPHQWR 2 QmR FRPSDUHFLPHQWR j SURYD TXDOTXHU TXH VHMD R PRWLYR FDUDFWHUL]DUi GHVLV WrQFLD GR FDQGLGDWR H UHVXOWDUi HP VXD HOLPLQDomR GR RQFXUVR 3~EOLFR 2EMHWLYDQGR JDUDQWLU D OLVXUD LGRQHLGDGH H DXWHQWLFLGDGH GR RQFXUVR 3~EOLFR VHUi VROLFLWDGR DR FDQGLGDWR TXDQGR GD DSOLFDomR GD SURYD SUHDPEXODU REMHWLYD D FROHWD GH VXD LPSUHVVmR GLJLWDO QD )ROKD GH 5HVSRVWDV SHUVRQDOL]DGD 6H SRU TXDOTXHU PRWLYR QmR IRU SRVVtYHO D FROHWD GD LPSUHVVmR GLJLWDO GH TXH WUDWD R LWHP DQWHULRU R FDQGLGDWR GHYHUi DSRU VXD DVVLQDWXUD HP FDPSR HVSHFtILFR 2 FDQGLGDWR GHYHUi DVVLQDODU DV UHVSRVWDV QD )ROKD GH 5HVSRVWDV TXH VHUi R ~QLFR GRFXPHQWR YiOLGR SDUD D FRUUHomR GD SURYD FXMR SUHHQFKLPHQWR VHUi GH VXD LQWHL UD UHVSRQVDELOLGDGH GHYHQGR SURFHGHU HP FRQIRUPLGDGH FRP DV LQVWUXo}HV HVSHFtILFDV FRQWLGDV QD FDSD GR DGHUQR GH 4XHVW}HV (P KLSyWHVH DOJXPD KDYHUi VXEVWLWXLomR GD )ROKD GH 5HVSRVWDV SRU HUUR GR FDQGLGDWR 2V SUHMXt]RV DGYLQGRV GH PDUFDo}HV IHLWDV LQFRUUHWDPHQWH QD )ROKD GH 5HVSRVWDV VHUmR GH LQWHLUD UHVSRQVDELOLGDGH GR FDQGLGDWR e GH UHVSRQVDELOLGDGH GR FDQGLGDWR FRQIHULU RV VHXV GDGRV SHVVRDLV HP HVSHFLDO VHX QRPH Q~PHUR GH LQVFULomR H R Q~PHUR GR GRFXPHQWR GH LGHQWLGDGH LQFOXVLYH GDV LQVWUXo}HV FRQWLGDV QD FDSD GR DGHUQR GH 4XHVW}HV H )ROKD GH 5HVSRVWDV 2 FDQGLGDWR GHYHUi FRPSDUHFHU DR ORFDO GH UHDOL]DomR GD SURYD PXQLGR GH FDQHWD HVIHURJUiILFD GH PDWHULDO WUDQVSDUHQWH GH WLQWD D]XO HRX SUHWD VHQGROKH IDFXOWDGR SRUWDU OiSLV SUHWR Qž H ERUUDFKD 2 FDQGLGDWR GHYHUi SUHHQFKHU D )ROKD GH 5HVSRVWDV GD SURYD SUHDPEXODU REMHWLYD FRP FDQHWD HVIHURJUiILFD GH PDWHULDO WUDQVSDUHQWH GH WLQWD D]XO RX SUHWD VHQGR TXH R SUHHQFKLPHQWR HIHWXDGR SRU RXWUR PRGR LPSRUWDUi D H[FOXVmR GR FDQGLGDWR QR RQFXUVR 1mR VHUmR FRPSXWDGDV TXHVWmR FRP UDVXUD QHP TXHVWmR QmR UHVSRQGLGD RX DLQ GD TXH FRQWHQKD PDLV GH XPD UHVSRVWD PHVPR TXH XPD GHODV HVWHMD FRUUHWD 2 FDQGLGDWR GHYHUi SHUPDQHFHU QR ORFDO GD UHDOL]DomR GD SURYD SRU QR PtQLPR XPD
  163. 163. KRUD DSyV R VHX LQtFLR 'XUDQWH D UHDOL]DomR GD SURYD SUHDPEXODU REMHWLYD QmR VHUi SHUPLWLGR D
  164. 164. TXDOTXHU HVSpFLH GH FRQVXOWD RX FRPXQLFDomR HQWUH RV FDQGLGDWRV RX HQWUH HVWHV H SHVVRDV HVWUDQKDV RUDOPHQWH RX SRU HVFULWR E
  165. 165. R XVR GH OHJLVODomR OLYURV FyGLJRV PDQXDLV LPSUHVVRV RX DQRWDo}HV GH TXDOTXHU WLSR F
  166. 166. R SRUWH GH TXDOTXHU WLSR GH DUPD 3RU PHGLGD GH VHJXUDQoD RV FDQGLGDWRV GHYHUmR PDQWHU DV RUHOKDV YLVtYHLV j RE VHUYDomR GRV ILVFDLV GD VDOD GH SURYD 0RWLYDUi D HOLPLQDomR GR FDQGLGDWR GR RQFXUVR 3~EOLFR VHP SUHMXt]R GDV VDQo}HV SHQDLV FDEtYHLV D EXUOD HRX D WHQWDWLYD GH EXUOD D TXDLVTXHU GDV QRUPDV GHILQLGDV QHVWH 5HJXODPHQWR QR (GLWDO GH $EHUWXUD RX D RXWURV HGLWDLV DRV FRPXQLFDGRV jV LQVWUXo}HV DR FDQGLGDWR RX jV LQVWUXo}HV FRQVWDQWHV GD SURYD EHP FRPR R WUDWDPHQWR LQFRUUHWR H RX GHVFRUWrV D TXDOTXHU SHVVRD HQYROYLGD QD DSOLFDomR GDV SURYDV 2V HTXLSDPHQWRV HOHWU{QLFRV H RV GH FRPXQLFDomR GHYHUmR VHU ODFUDGRV SHOR FDQ GLGDWR DQWHV GR LQtFLR GDV SURYDV XWLOL]DQGRVH D HPEDODJHP IRUQHFLGD 2V SHUWHQFHV SHVVRDLV WDLV FRPR EROVDV VDFRODV ERQpV FKDSpXV JRUURV RX VL PLODUHV GHYHUmR VHU DFRPRGDGRV HP ORFDO D VHU LQGLFDGR SHORV ILVFDLV GH VDOD GH SURYD GXUDQWH WRGR R SHUtRGR GH SHUPDQrQFLD GRV FDQGLGDWRV QR ORFDO GH SURYD $ 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H D (035(6$ D VHU FRQWUD WDGD QmR VH UHVSRQVDELOL]DP SRU SHUGD HRX H[WUDYLR GH GRFXPHQWRV REMHWRV RX HTXL SDPHQWRV HOHWU{QLFRV GH FRPXQLFDomR RX RXWURV
  167. 167. OHYDGRV SHOR FDQGLGDWR DR ORFDO GH UHDOL]DomR GDV SURYDV QHP WDPSRXFR SRU HYHQWXDLV GDQRV QHOHV FDXVDGRV 2V DSDUHOKRV HOHWU{QLFRV H GH FRPXQLFDomR GHYHUmR SHUPDQHFHU ODFUDGRV H GHVOL JDGRV DWp D VDtGD GR FDQGLGDWR GR ORFDO GH UHDOL]DomR GDV SURYDV 2 FDQGLGDWR DR WHUPLQDU D SURYD GHYHUi HQWUHJDU DR ILVFDO GH VDOD R DGHUQR GH 4XHVW}HV SHUVRQDOL]DGR MXQWDPHQWH FRP D )ROKD GH 5HVSRVWDV H Vy OHYDUi FRQVLJR RV PDWHULDLV SRU YHQWXUD IRUQHFLGRV SHOD (035(6$ D VHU FRQWUDWDGD 3RU UD]}HV GH RUGHP WpFQLFD GH VHJXUDQoD H GH GLUHLWRV DXWRUDLV DGTXLULGRV QmR VHUmR IRUQHFLGRV H[HPSODUHV GRV DGHUQRV GH 4XHVW}HV D FDQGLGDWRV RX D LQVWLWXLo}HV GH GLUHLWR S~EOLFR RX SULYDGR PHVPR DSyV R HQFHUUDPHQWR GR RQFXUVR 3~EOLFR $SyV R WpUPLQR GD SURYD R FDQGLGDWR QmR SRGHUi UHWRUQDU DR UHFLQWR HP QHQKXPD KLSyWHVH 1mR KDYHUi SRU TXDOTXHU PRWLYR SURUURJDomR GR WHPSR SUHYLVWR SDUD D DSOLFDomR GDV SURYDV HP YLUWXGH GH DIDVWDPHQWR GR FDQGLGDWR GD VDOD GH SURYD UHVVDOYDGR RV FDVRV GH DWHQGLPHQWRV GLIHUHQFLDGRV GLVSRVWRV QHVWH 5HJXODPHQWR QHP WDPSRXFR VHUi UHDOL]DGD D SURYD IRUD GR GLD ORFDO H KRUiULR GHWHUPLQDGRV QR (GLWDO GH RQYRFDomR 'LVWULEXtGRV RV DGHUQRV GH 4XHVW}HV DRV FDQGLGDWRV H QD UHPRWD KLSyWHVH GH YHULILFDUHPVH IDOKDV GH LPSUHVVmR R RRUGHQDGRU UHVSRQViYHO SHOR ORFDO GH SURYDV DQWHV GR LQtFLR GD SURYD GLOLJHQFLDUi QR VHQWLGR GH D
  168. 168. VXEVWLWXLU RV DGHUQRV GH 4XHVW}HV GHIHLWXRVRV E
  169. 169. HP QmR KDYHQGR Q~PHUR VXILFLHQWH GH DGHUQRV SDUD D GHYLGD VXEVWLWXLomR SURFHGHU j OHLWXUD GRV LWHQV RQGH RFRUUHUDP IDOKDV XVDQGR SDUD WDQWR XP DGHUQR GH 4XHVW}HV FRPSOHWR 2 JDEDULWR RILFLDO GD SURYD SUHDPEXODU REMHWLYD VHUi SXEOLFDGR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO H UHSURGX]LGR QRV VLWHV GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H GD (035(6$ D VHU FRQWUDWDGD $ 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H D (035(6$ D VHU FRQWUD WDGD QmR LQGLFDP QHP VH UHVSRQVDELOL]DP SHOD UHDOL]DomR GH TXDLVTXHU FXUVRV RX SHOD HODERUDomR GH WH[WRV DSRVWLODV H RXWUDV SXEOLFDo}HV UHIHUHQWHV D HVWH RQFXUVR 3~EOLFR '$ 6(*81'$ (7$3$ ± '$6 3529$6 (65,7$6 68%-(7,9$6 ± 2875$6 ',6326,d®(6 $V SURYDV HVFULWDV VXEMHWLYDV VHUmR UHDOL]DGDV QR GLD LPHGLDWDPHQWH SRVWHULRU j SURYD SUHDPEXODU REMHWLYD FRPSUHHQGHQGR GXDV SURYDV GLVFXUVLYDV XPD WHyULFD H RX WUD SUiWLFD
  170. 170. DSOLFDGDV HP GRLV SHUtRGRV GLVWLQWRV GR PHVPR GLD GH VXD UHDOL]DomR FRP GXUDomR GH QR Pi[LPR WUrV
  171. 171. KRUDV SDUD R FDQGLGDWR UHVSRQGHU DV TXHVW}HV WHyULFDV H QR Pi[LPR FLQFR
  172. 172. KRUDV SDUD D UHVROXomR GD SURYD HVFULWD VXEMHWLYD SUiWLFD VHQGR HVWD ~OWLPD FRPSRVWD GH GXDV
  173. 173. SHoDV HVFULWDV $V SURYDV HVFULWDV VXEMHWLYDV GHYHUmR VHU IHLWDV SHOR FDQGLGDWR j PmR HP OHWUD OHJtYHO FRP FDQHWD HVIHURJUiILFD GH PDWHULDO WUDQVSDUHQWH GH WLQWD D]XO RX SUHWD QmR VHQGR SHUPLWLGD D LQWHUIHUrQFLD HRX D SDUWLFLSDomR GH RXWUDV SHVVRDV VDOYR RV FDVRV GH DWHQGLPHQWRV GLIHUHQFLDGRV GLVSRVWRV QHVWH PHVPR 5HJXODPHQWR $V SURYDV HVFULWDV VXEMHWLYDV VHUmR DYDOLDGDV OHYDQGRVH HP FRQVLGHUDomR R FR QKHFLPHQWR MXUtGLFR GR FDQGLGDWR H R XVR GDV QRUPDV GR UHJLVWUR IRUPDO FXOWR GD /tQJXD 3RUWXJXHVD (P DWHQGLPHQWR DR GLVSRVWR QR 'HFUHWR )HGHUDO Qž GH DOWHUD GR SHOR 'HFUHWR Qž GH DWp GH GH]HPEUR GH VHUmR DFHLWDV FRPR FRUUHWDV D IRUPD GH JUDIDU H GH DFHQWXDU DV SDODYUDV OHYDQGRVH HP FRQVLGHUDomR D QRUPD RUWRJUiILFD HP YLJRU H D QRYD QRUPD HVWDEHOHFLGD SHOR $FRUGR 2UWRJUiILFR GD /tQJXD 3RUWXJXHVD $V SURYDV HVFULWDV VXEMHWLYDV QmR SRGHUmR VHU DVVLQDGDV UXEULFDGDV HRX FRQWHU HP RXWUR ORFDO TXH QmR RV SUHYLDPHQWH GHWHUPLQDGRV TXDOTXHU SDODYUD RX PDUFD TXH DV LGHQWLILTXHP VRE SHQD GH VXD DQXODomR H D FRQVHTXHQWH HOLPLQDomR GR FDQGLGDWR 1DV SURYDV HVFULWDV VXEMHWLYDV VHUi IDFXOWDGD VRPHQWH D FRQVXOWD j OHJLVODomR QmR DQRWDGD H QmR FRPHQWDGD H VHP TXDOTXHU DQRWDomR GH FDUiWHU SHVVRDO $V IROKDV GH WH[WR GHILQLWLYR VHUmR RV ~QLFRV GRFXPHQWRV YiOLGRV SDUD D DYDOLDomR GD SURYD GLVFXUVLYD VHQGR TXH DV IROKDV SDUD UDVFXQKR QR FDGHUQR GH SURYDV VmR GH SUHHQ FKLPHQWR IDFXOWDWLYR H QmR YDOHUmR QHP WDPSRXFR VHUmR FRQVLGHUDGRV SDUD WDO ILQDOLGDGH 6HUi DQXODGD D SURYD HVFULWD VXEMHWLYD GR FDQGLGDWR TXH QmR GHYROYHU VXDV IROKDV GH WH[WRV GHILQLWLYDV 6HUmR FRQVLGHUDGRV DSURYDGRV QDV SURYDV HVFULWDV VXEMHWLYDV RV FDQGLGDWRV TXH REWLYHUHP QRWD LJXDO RX VXSHULRU D FLQFR
  174. 174. HP FDGD XPD GHODV RX VHMD WDQWR QD SURYD GH TXHVW}HV WHyULFDV FRPR QD SUiWLFD H D QRWD ILQDO GHVWD HWDSD VHUi D PpGLD DULWPpWLFD GDV GXDV
  175. 175. SURYDV D WHyULFD H D SUiWLFD VHQGR HVWD ~OWLPD FRPSRVWD GH GXDV
  176. 176. SHoDV HVFULWDV '$ 3529$ (65,7$ 68%-(7,9$ 7(Ï5,$ $ SURYD HVFULWD VXEMHWLYD WHyULFD FRQVLVWLUi GH FLQFR
  177. 177. TXHVW}HV WHyULFDV FXMDV UHVSRVWDV GHYHUmR VHU GLVVHUWDWLYDV H IXQGDPHQWDGDV SRGHQGR YHUVDU VREUH WRGD H TXDO TXHU PDWpULD GR FRQWH~GR SURJUDPiWLFR FRQVWDQWH GR $QH[R ÒQLFR GHVWH 5HJXODPHQWR $ SURYD HVFULWD VXEMHWLYD WHyULFD YDOHUi GH ]HUR
  178. 178. D GH]
  179. 179. SRQWRV VHQGR TXH FDGD XPD GDV FLQFR
  180. 180. TXHVW}HV WHyULFDV YDOHUi DWp GRLV
  181. 181. SRQWRV H D QRWD GHVWD SURYD VHUi D VRPD GD SRQWXDomR REWLGD HP FDGD XPD GDV TXHVW}HV 1D UHVROXomR GDV TXHVW}HV WHyULFDV R FDQGLGDWR GHYHUi HODERUDU WH[WRV HVFULWRV GH DWp TXLQ]H
  182. 182. OLQKDV HP FDGD XPD GDV TXHVW}HV '$ 3529$ (65,7$ 68%-(7,9$ 35È7,$ $ SURYD HVFULWD VXEMHWLYD SUiWLFD FRQVLVWLUi QD ODYUDWXUD GH GXDV
  183. 183. SHoDV HVFULWDV VHQGR XPD VREUH PDWpULD SHQDO H RXWUD VREUH PDWpULD FtYHO H YDOHUi DWp GH]
  184. 184. SRQWRV VHQGR TXH FDGD XPD GDV GXDV
  185. 185. SHoDV HVFULWDV LQGLYLGXDOPHQWH YDOHUi DWp FLQFR
  186. 186. SRQWRV H D QRWD GHVWD SURYD VHUi D VRPD VLPSOHV GD SRQWXDomR REWLGD HP FDGD XPD GDV SHoDV HVFULWDV '$ ,165,d­2 '(),1,7,9$ $SyV D UHDOL]DomR GDV GXDV SULPHLUDV HWDSDV GR RQFXUVR 3~EOLFR RV FDQGLGDWRV KD ELOLWDGRV VHUmR FRQYRFDGRV SRU (GLWDO SDUD UHTXHUHUHP VXD LQVFULomR GHILQLWLYD YLVDQGR SDUWLFLSDU GDV HWDSDV VHJXLQWHV $ LQVFULomR GHILQLWLYD VHUi UHDOL]DGD HP GLDV ~WHLV FRQVLGHUDGR R FDOHQGiULR RIL FLDO ~WLO GR 0XQLFtSLR GH DPSR *UDQGH06 QR SHUtRGR H KRUiULRV HVWDEHOHFLGRV HP (GLWDO GH RQYRFDomR QR SUpGLR GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO YLD 3URWRFROR HQWUDO GD ,QVWLWXLomR TXH ILFD QR 3DUTXH GRV 3RGHUHV VLWR QD $Y 'HVHPEDUJDGRU -RVp 1XQHV GD XQKD %ORFR ,9 QD FLGDGH GH DPSR *UDQGH06 $ LQVFULomR GHILQLWLYD GHYHUi VHU IHLWD SHOR FDQGLGDWR SHVVRDOPHQWH RX SRU SURFXUD GRU GHVGH TXH R UHVSHFWLYR PDQGDWR VHMD HVSHFtILFR SDUD HVVD ILQDOLGDGH H WHQKD ILUPD UHFRQKHFLGD HP DUWyULR GHYHQGR R 2XWRUJDGR SRU RFDVLmR GH VXD HQWUHJD DSUHVHQWi OR MXQWDPHQWH FRP R VHX GRFXPHQWR GH LGHQWLGDGH QR RULJLQDO DFRPSDQKDGR GH XPD FySLD DXWHQWLFDGD HP FDUWyULR 1R DWR GD LQVFULomR GHILQLWLYD DOpP GR SUHHQFKLPHQWR H DVVLQDWXUD GR 5HTXHULPHQWR SUySULR H GD HQWUHJD GH GXDV
  187. 187. IRWRV [ UHFHQWHV R FDQGLGDWR RX VHX SURFXUDGRU GHSRVLWDUi RV VHJXLQWHV GRFXPHQWRV D
  188. 188. FySLD DXWHQWLFDGD HP FDUWyULR GR GRFXPHQWR GH LGHQWLGDGH E
  189. 189. FySLD DXWHQWLFDGD HP FDUWyULR GD FHUWLGmR GH QDVFLPHQWR RX FDVDPHQWR F
  190. 190. FySLD DXWHQWLFDGD HP FDUWyULR GR GLSORPD GH EDFKDUHO HP 'LUHLWR GHYLGDPHQWH UH JLVWUDGR RX FHUWLILFDGR GH FRQFOXVmR GR FXUVR GH EDFKDUHODGR HP GLUHLWR H[SHGLGR SRU 8QLYHUVLGDGH RX )DFXOGDGH UHFRQKHFLGD SHOR 0LQLVWpULR GD (GXFDomR G
  191. 191. HUWLGmR GH 4XLWDomR (OHLWRUDO QR RULJLQDO FRQIRUPH GLVFLSOLQDGR SHOR † ž GR DUW GD /HL )HGHUDO Qž GH H
  192. 192. VH R FDQGLGDWR IRU GR VH[R PDVFXOLQR FySLD DXWHQWLFDGD HP FDUWyULR GR GRFXPHQWR TXH FRPSURYD D TXLWDomR FRP R 6HUYLoR 0LOLWDU DGPLWLGRV SDUD WDQWR RV HUWLILFDGRV GH 5HVHUYLVWD GH ,VHQomR GH 'LVSHQVD GH ,QFRUSRUDomR GH $OLVWDPHQWR QRV OLPLWHV GH VXD YDOLGDGH
  193. 193. D HUWLGmR RX $WHVWDGR GH 6LWXDomR 0LOLWDU RX GH 'HVREULJDomR GR 6HUYLoR 0LOLWDU D DUWD 3DWHQWH D 3URYLVmR GH 5HIRUPD RX RV HUWLILFDGRV GH 3UHVWDomR RX GH 'LVSHQVD GR 6HUYLoR 0LOLWDU $OWHUQDWLYR I
  194. 194. FHUWLGmR H[SHGLGD SHOD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  195. 195. SHUDQWH D 6HFFLRQDO GH DWXDomR GR FDQGLGDWR FRPR DGYRJDGR QR RULJLQDO FRPSURYDQGR D UHJXODULGDGH GH VXD LQVFULomR VH KRXYHU J
  196. 196. FHUWLG}HV GRV GLVWULEXLGRUHV FULPLQDLV GDV -XVWLoDV (VWDGXDO LQFOXVLYH D 0LOLWDU )HGHUDO 0LOLWDU )HGHUDO H (OHLWRUDO QRV RULJLQDLV UHIHUHQWHV DRV OXJDUHV HP TXH R FDQGLGDWR KDMD UHVLGLGR RX DWXDGR QRV ~OWLPRV FLQFR
  197. 197. DQRV K
  198. 198. FHUWLG}HV RX DWHVWDGRV QR RULJLQDO TXH IDoDP SURYDV GH TXH R FDQGLGDWR QmR WHP WtWXOR SURWHVWDGR QmR VRIUHX H[HFXomR QHP UHVSRQGH D Do}HV FtYHLV GHVDERQDGRUDV UH IHUHQWHV DRV OXJDUHV HP TXH KDMD UHVLGLGR RX DWXDGR QRV ~OWLPRV FLQFR
  199. 199. DQRV L
  200. 200. GHFODUDo}HV QRV RULJLQDLV GH TXH QmR UHVSRQGH D LQTXpULWR SROLFLDO (VWDGXDO )HGHUDO RX 0LOLWDU GH TXH QmR IH] WUDQVDomR HP MXL]DGR HVSHFLDO H GH TXH QmR WHYH QHP WHP FRQWUD VL HP FXUVR DomR SHQDO SRU FULPH GH TXDOTXHU QDWXUH]D M
  201. 201. GHFODUDomR SUySULD QR RULJLQDO GH TXH FRQKHFH DV SUHVFULo}HV GR SUHVHQWH 5HJXODPHQWR H GR (GLWDO GH $EHUWXUD GH ,QVFULo}HV GR RQFXUVR 3~EOLFR H TXH VH REULJD D UHVSHLWiODV N
  202. 202. DWHVWDGRV GH ERD FRQGXWD VRFLDO H FRQGLo}HV PRUDLV QRV RULJLQDLV HPLWLGRV SRU GRLV
  203. 203. PHPEURV GH 'HIHQVRULD 3~EOLFD GH 0LQLVWpULR 3~EOLFR RX GR 3RGHU -XGLFLiULR GR GRPLFtOLR DWXDO GR FDQGLGDWR FRP LQGLFDomR GRV HQGHUHoRV GDV DXWRULGDGHV DWXDOL]DGRV H FRPSOHWRV TXH SRVVDP IRUQHFHU LQIRUPDo}HV VREUH R PHVPR VHP SUHMXt]R GDV LQYHV WLJDo}HV VLJLORVDV O
  204. 204. UHODWyULR SUHSDUDGR SHOR SUySULR FDQGLGDWR GHYLGDPHQWH DVVLQDGR HVSHFLILFDQGR GH IRUPD GHWDOKDGD H HP ULJRURVD RUGHP FURQROyJLFD RV OXJDUHV HP TXH WHYH UHVLGrQFLD QRV ~OWLPRV FLQFR
  205. 205. DQRV DOpP GD H[DWD LQGLFDomR GRV SHUtRGRV H GRV ORFDLV GH DWXDomR VH KRXYHU FRPR DGYRJDGR PDJLVWUDGR PHPEUR GH 'HIHQVRULD 3~EOLFD GH 0LQLVWpULR 3~EOLFR RX 'HOHJDGR GH 3ROtFLD EHP FRPR D FRPSOHWD LQGLFDomR GRV HPSUHJRV SDUWLFX ODUHV HRX GH RXWUDV IXQo}HV S~EOLFDV H[HUFLGDV GHYHQGR QRPLQDU DV SULQFLSDLV DXWRUL GDGHV FRP DV TXDLV WHQKD VHUYLGR RX DWXDGR P
  206. 206. WtWXORV GHILQLGRV QHVWH 5HJXODPHQWR QRV RULJLQDLV RX FySLDV DXWHQWLFDGDV HP FDUWy
  207. 207. ',È5,2 2),,$/ Q '( -81+2 '( 3È*,1$ ULR SDUD ILQV GH DQiOLVH H DYDOLDomR QD TXLQWD HWDSD GR RQFXUVR 3~EOLFR Q
  208. 208. GHFODUDomR SUySULD GR FDQGLGDWR GDQGR FRQWD GH TXH HVWi FLHQWH GH TXH GHYHUi FRP SURYDU QR DWR GH SRVVH TXH H[HUFHX QR PtQLPR WUrV
  209. 209. DQRV GH DWLYLGDGH MXUtGLFD 2 FDQGLGDWR RX R VHX SURFXUDGRU GHSRVLWDUi RV GRFXPHQWRV GD LQVFULomR GHILQLWLYD QRV VHXV RULJLQDLV RX VRE D IRUPD GH FySLDV DXWHQWLFDGDV HP DUWyULR GLVSRQGR VHPSUH GH XPD FySLD VLPSOHV D PDLV HP WRGRV RV FDVRV SDUD ILQV GH SURWRFROR H FRPSURYDomR HP FDGD XPD GHODV GR VHX UHFHELPHQWR SRU SDUWH GD RPLVVmR GH RQFXUVR 3~EOLFR '$ 7(5(,5$ (7$3$ ,19(67,*$d­2 62,$/ 2 3UHVLGHQWH GD RPLVVmR GH RQFXUVR VROLFLWDUi j RUUHJHGRULD*HUDO GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO TXH SURPRYD LQYHVWLJDo}HV HP FDUiWHU VLJLORVR REMHWLYDQGR FROKHU LQIRUPDo}HV VREUH LGRQHLGDGH PRUDO HGXFDomR VRFLDELOLGDGH DWLYL GDGH SURILVVLRQDO FRQGXWD IDPLOLDU H VRFLDO GRV FDQGLGDWRV $ LQYHVWLJDomR GH TXH WUDWD R LWHP DQWHULRU WDPEpP FRQILUPDUi RX QmR DV LQIRU PDo}HV SUHVWDGDV SHOR SUySULR FDQGLGDWR H DV TXH IRUDP SRU HOH FROKLGDV MXQWR jV DXWR ULGDGHV GR VHX GRPLFtOLR WDLV FRPR MXt]HV SURPRWRUHV GH MXVWLoD GHIHQVRUHV S~EOLFRV RX GHOHJDGRV GH SROtFLD FXMD IDOVLGDGH LPSOLFDUi D VXD HOLPLQDomR GR RQFXUVR 3~EOLFR VHP SUHMXt]R GH RXWUDV LQLFLDWLYDV OHJDLV $ RPLVVmR GLVWRUomR RX LQFOXVmR GH GDGRV RX LQIRUPDo}HV IDOVDV IHLWDV RX SUHVWD GDV SHOR FDQGLGDWR SHVVRDOPHQWH RX SRU VHX SURFXUDGRU DOpP GDV SHQDV SUHYLVWDV QR yGLJR 3HQDO %UDVLOHLUR VXMHLWDUi R FDQGLGDWR j H[FOXVmR GR RQFXUVR 3~EOLFR 6H D FRQYHQLrQFLD GRV WUDEDOKRV GH LQYHVWLJDomR LQGLFDU WDQWR R FDQGLGDWR FRPR D DXWRULGDGH TXH WHQKD SUHVWDGR DOJXPD GHFODUDomR HP VHX IDYRU D SDUWLU GHVWD IDVH GR RQFXUVR 3~EOLFR SRGHUmR VHU FRQVXOWDGRV HRX HQWUHYLVWDGRV SRU WHOHIRQH SRU PtGLD HOHWU{QLFD RX SHVVRDOPHQWH SDUD D FRQVROLGDomR GH SRVLFLRQDPHQWRV HRX YDOLGDomR GH LQIRUPDo}HV GLVSRQLELOL]DGDV j RUUHJHGRULD*HUDO GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO $ RPLVVmR GH RQFXUVR 3~EOLFR HP VHVVmR UHVHUYDGD GD TXDO SDUWLFLSDUi R RUUHJHGRU*HUDO GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO VHP GLUHLWR D YRWR GHOLEHUDUi VREUH D PDQXWHQomR RX QmR GD LQVFULomR GRV FDQGLGDWRV '$ 48$57$ (7$3$ 3529$6 25$,6 $5*8,d­2 ( 75,%81$
  210. 210. ± ',6326,d®(6 *(5$,6 $ SURYD RUDO GH DUJXLomR SRGHUi YHUVDU VREUH WRGD H TXDOTXHU PDWpULD GR FRQWH~GR SURJUDPiWLFR FRQVWDQWH GR $QH[R ÒQLFR GHVWH 5HJXODPHQWR QmR ILFDQGR VXMHLWR D QH QKXP WLSR GH VRUWHLR SDUD VXD UHDOL]DomR 1D SURYD RUDO GH WULEXQD QR TXH WDQJH DR SURFHVVR TXH VHUYLUi GH EDVH SDUD D GHIHVD GR FDQGLGDWR HVVH VHUi FRQKHFLGR QRV DWRV H SHoDV VHOHFLRQDGDV SHOD RPLVVmR GH RQFXUVR
  211. 211. SHOR PHLR HOHWU{QLFR H GLVSRQLELOL]DGR HP ³OLQN´ SUySULR SDUD FRQVXOWD DQ WHFLSDGD QD IRUPD H QR SHUtRGR DVVLQDODGR QR UHVSHFWLYR HGLWDO 2 GHVHPSHQKR GR FDQGLGDWR QDV SURYDV RUDLV VHUi JUDYDGR 6HUi FRQVLGHUDGR DSURYDGR QDV SURYDV RUDLV R FDQGLGDWR TXH REWLYHU QD DUJXLomR RUDO H QD SURYD GH WULEXQD QRWD LJXDO RX VXSHULRU D FLQFR
  212. 212. SRQWRV HP FDGD XPD GHODV DOFDQoDGD SHOD PpGLD DULWPpWLFD GDV QRWDV DWULEXtGDV SRU FDGD XP GRV H[DPLQDGRUHV VHQGR TXH D QRWD ILQDO GHVWD HWDSD VHUi D PpGLD DULWPpWLFD GDV GXDV
  213. 213. SURYDV ± D GH DUJXLomR H D GH WULEXQD '$ 3529$ 25$/ $5*8,d­2 $ DUJXLomR VHUi S~EOLFD DYDOLDGD QD HVFDOD GH ]HUR
  214. 214. D GH]
  215. 215. SRQWRV H QHOD RV PHPEURV GD %DQFD ([DPLQDGRUD LQWHUSHODUmR R FDQGLGDWR LQGLYLGXDOPHQWH YLVDQ GR REWHU GH IRUPD LPHGLDWD H RUDO D VXD H[SRVLomR DUJXPHQWDomR H LQWHUYHQomR FRP WUDWDPHQWR GRXWULQiULR H MXULVSUXGHQFLDO DFHUFD GR DVVXQWR VLWXDomR RX WHPD VXJHULGR SHORV ([DPLQDGRUHV RPR FULWpULRV GH DYDOLDomR QD DUJXLomR RV H[DPLQDGRUHV DQDOLVDUmR H SRQWXDUmR GH ]HUR
  216. 216. D GH]
  217. 217. SRQWRV QR FRQMXQWR QD IRUPD DEDL[R D
  218. 218. GRPtQLR GR FRQKHFLPHQWR MXUtGLFR ± DWp WUrV
  219. 219. SRQWRV E
  220. 220. FDSDFLGDGH GH DUJXPHQWDomR ± DWp WUrV
  221. 221. SRQWRV F
  222. 222. DUWLFXODomR GH UDFLRFtQLR FRP FODUH]D H REMHWLYLGDGH QD H[SRVLomR ± DWp GRLV
  223. 223. SRQ WRV G
  224. 224. XVR GD OLQJXDJHP JUDPDWLFDO H FLHQWtILFD
  225. 225. ± DWp XP
  226. 226. SRQWR H
  227. 227. SRVWXUD SHVVRDO H VHJXUDQoD ± DWp XP
  228. 228. SRQWR $ DUJXLomR WHUi D GXUDomR GH DWp TXDUHQWD
  229. 229. PLQXWRV SDUD FDGD FDQGLGDWR LQ GLYLGXDOPHQWH H YHUVDUi VREUH WHPDV MXUtGLFRV UHODFLRQDGRV jV iUHDV GH FRQKHFLPHQWRV HVWDEHOHFLGDV QHVWH 5HJXODPHQWR SRGHQGR YHUVDU VREUH WRGD H TXDOTXHU PDWpULD GR FRQWH~GR SURJUDPiWLFR FRQVWDQWH GR $QH[R ÒQLFR GHVWH 5HJXODPHQWR 2 FDQGLGDWR QmR SRGHUi GXUDQWH D DUJXLomR FRQVXOWDU D OHJLVODomR FyGLJRV REUDV MXUtGLFDV LPSUHVVRV RX DQRWDo}HV GH TXDOTXHU WLSR RX IRUPD GH DSUHVHQWDomR DGD H[DPLQDGRU DWULEXLUi R VHX JUDX GH DYDOLDomR GH ]HUR
  230. 230. D GH]
  231. 231. SRQWRV H D SRQWXDomR ILQDO GR FDQGLGDWR VXUJLUi GD PpGLD DULWPpWLFD GRV SRQWRV D HOH DWULEXtGR SHOR FRQMXQWR GD %DQFD ([DPLQDGRUD '$ 3529$ 25$/ ± '( 75,%81$ $ SURYD GH WULEXQD WHUi D GXUDomR HQWUH YLQWH
  232. 232. H WULQWD
  233. 233. PLQXWRV RPR FULWpULRV GH DYDOLDomR QD SURYD GH WULEXQD RV H[DPLQDGRUHV DQDOLVDUmR H SRQWXDUmR GH ]HUR
  234. 234. D GH]
  235. 235. QR FRQMXQWR QD IRUPD DEDL[R D
  236. 236. 7HVH DSUHVHQWDGD H SRGHU GH FRQYHQFLPHQWR ± DWp WUrV
  237. 237. SRQWRV E
  238. 238. 'RPtQLR GR FRQKHFLPHQWR MXUtGLFR ± DWp GRLV
  239. 239. SRQWRV F
  240. 240. $UWLFXODomR GH UDFLRFtQLR ± DWp XP
  241. 241. SRQWR G
  242. 242. 3RVWXUD H FDSDFLGDGH GH RUDWyULD ± DWp XP
  243. 243. SRQWR H
  244. 244. 4XDOLGDGHV GD FRPXQLFDomR RUDO XVR FRUUHWR GR YHUQiFXOR QD VXD FODUH]D H IRUPD FXOWD ± XP
  245. 245. SRQWR I
  246. 246. DSDFLGDGH GH FRQFOXVmR H HQFHUUDPHQWR GD DSUHVHQWDomR ± DWp GRLV
  247. 247. SRQWRV 6HUi SHUPLWLGR DRV PHPEURV GD %DQFD ([DPLQDGRUD UHDOL]DU DSDUWHV GXUDQWH D H[SRVLomR GD WHVH GHIHQVLYD FXMR SHUtRGR QmR VHUi FRPSXWDGR QR WHPSR GR FDQGLGDWR $ RPLVVmR GH RQFXUVR GLVSRQLELOL]DUi FySLD LPSUHVVD GR SURFHVVR QRV DWRV H SHoDV VHOHFLRQDGDV
  248. 248. LGrQWLFDV jTXHODV DSUHVHQWDGDV DRV FDQGLGDWRV QD IRUPD GR LWHP H D OHJLVODomR SHQDO SHUWLQHQWH QmR DQRWDGD H QmR FRPHQWDGD 2 QmR FRPSDUHFLPHQWR RX DWUDVR GR FDQGLGDWR QD DSUHVHQWDomR GH TXH WUDWD D SUR YD GH WULEXQD GDUi HQVHMR j VXD HOLPLQDomR QmR DGPLWLGD j KLSyWHVH GH UHPDUFDomR GH GDWD YLVDQGR VXD UHDOL]DomR HP RXWUD RSRUWXQLGDGH $ SRQWXDomR ILQDO GR FDQGLGDWR QHVWD SURYD VXUJLUi GD PpGLD DULWPpWLFD GRV SRQWRV D HOH DWULEXtGRV SHOR FRQMXQWR GD %DQFD ([DPLQDGRUD '$ 48,17$ (7$3$ 3529$ '( 7Ë78/26 1D TXLQWD HWDSD GR RQFXUVR 3~EOLFR RV FDQGLGDWRV WHUmR RV VHXV WtWXORV DYDOLDGRV SRGHQGR SRQWXDU OLYUHPHQWH HP LWHQV FXPXODWLYRV HQWUHWDQWR D QRWD Pi[LPD QHVWD SURYD VHUi LQYDULDYHOPHQWH GH DWp GRLV
  249. 249. SRQWRV RQVWLWXLUmR WtWXORV SDUD DV ILQDOLGDGHV GHVWH RQFXUVR 3~EOLFR , R H[HUFtFLR GH FDUJR HPSUHJR RX IXQomR S~EOLFD SULYDWLYD GH EDFKDUHO HP 'LUHLWR SHOR SHUtRGR PtQLPR GH WUrV
  250. 250. DQRV PHGLDQWH D
  251. 251. DGPLVVmR SRU FRQFXUVR XP
  252. 252. SRQWR E
  253. 253. DGPLVVmR VHP FRQFXUVR ]HUR YtUJXOD FLQFR
  254. 254. SRQWRV ,, R H[HUFtFLR SHOR SHUtRGR PtQLPR GH WUrV
  255. 255. DQRV FRPR PHPEUR GDV FDUUHLUDV GD 'HIHQVRULD 3~EOLFD 'HIHQVRU 3~EOLFR
  256. 256. 0DJLVWUDWXUD -XL] GH 'LUHLWR
  257. 257. 0LQLVWpULR 3~EOLFR 3URPRWRUHV H 3URFXUDGRUHV
  258. 258. $GYRFDFLD*HUDO GD 8QLmR $GYRJDGRV GD 8QLmR H 3URFXUDGRUHV
  259. 259. 3URFXUDGRULD 3URFXUDGRUHV
  260. 260. GH TXDOTXHU yUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD GLUHWD RX LQGLUHWD GH TXDOTXHU GRV 3RGHUHV GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV GRLV
  261. 261. SRQWRV ,,, R H[HUFtFLR GR 0DJLVWpULR 6XSHULRU QD iUHD MXUtGLFD SHOR SHUtRGR PtQLPR GH WUrV
  262. 262. DQRV PHGLDQWH D
  263. 263. DGPLVVmR QR RUSR 'RFHQWH SRU FRQFXUVR S~EOLFR GH SURYDV HRX WtWXORV XP
  264. 264. SRQWR E
  265. 265. DGPLVVmR QR RUSR 'RFHQWH VHP FRQFXUVR S~EOLFR GH SURYDV HRX WtWXORV ]HUR YtUJXOD FLQFR
  266. 266. SRQWRV ,9 R H[HUFtFLR HIHWLYR GD DGYRFDFLD FRPR DGYRJDGR UHJXODUPHQWH LQVFULWR QD 2UGHP GRV $GYRJDGRV GR %UDVLO 2$%
  267. 267. SHOR SHUtRGR PtQLPR GH FLQFR
  268. 268. DQRV XP
  269. 269. SRQWR 9 DSURYDomR HP RQFXUVR 3~EOLFR SDUD FDUJRV GD 'HIHQVRULD 3~EOLFD 0DJLVWUDWXUD 0LQLVWpULR 3~EOLFR $GYRFDFLD*HUDO GD 8QLmR H GH 3URFXUDGRULDV GH TXDOTXHU yUJmR RX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD GLUHWD RX LQGLUHWD GH TXDOTXHU GRV 3RGHUHV GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV GHVGH TXH Mi QmR WHQKD VLGR XWLOL]DGR SDUD SRQWXDU QHVWD PHVPD HWDSD GR RQFXUVR 3~EOLFR ]HUR YtUJXOD FLQFR
  270. 270. SRQWRV 9, FHUWLILFDGRV GH FRQFOXVmR RX GLSORPDV HP XUVRV GH 3yV*UDGXDomR GH D
  271. 271. 'RXWRUDGR UHFRQKHFLGR RX UHYDOLGDGR HP 'LUHLWR RX HP LrQFLDV 6RFLDLV RX +XPDQDV GRLV
  272. 272. SRQWRV E
  273. 273. 0HVWUDGR UHFRQKHFLGR RX UHYDOLGDGR HP 'LUHLWR RX HP LrQFLDV 6RFLDLV RX +XPDQDV XP
  274. 274. SRQWR 9,, ± 3XEOLFDomR GH OLYUR MXUtGLFR GH DXWRULD H[FOXVLYD GR FDQGLGDWR FRP DSUHFLiYHO FRQWH ~GR MXUtGLFR HGLWDGR SRU ,QVWLWXLo}HV GH (QVLQR 6XSHULRU RX HGLWRUDV FRPHUFLDLV H DSUH VHQWDGRV QRUPDOPHQWH QR FRPpUFLR SUySULR ]HUR YtUJXOD FLQFR
  275. 275. SRQWRV ¬ H[FHomR GRV FHUWLILFDGRV GH FRQFOXVmR GH FXUVRV H GRV GLSORPDV RV WtWXORV VHUmR DSUHVHQWDGRV HRX FRPSURYDGRV PHGLDQWH FHUWLG}HV DWHVWDGRV RX GHFODUDo}HV FRP DV GHYLGDV HVSHFLILFDo}HV WRGRV QR RULJLQDO RX HP IRWRFySLD DXWHQWLFDGD HP DUWyULR H FRP D LQIRUPDomR GR yUJmR GLYXOJDGRU OHYDQGRVH HP FRQVLGHUDomR DLQGD TXH D
  276. 276. D FRPSURYDomR GH WHPSR GH VHUYLoR VHUi IHLWD PHGLDQWH HQWUHJD GH FySLD GDV SiJLQDV SHUWLQHQWHV GD DUWHLUD GH 7UDEDOKR H 3UHYLGrQFLD 6RFLDO 736
  277. 277. DFUHVFLGD GH GHFODUDomR GR yUJmR RX HPSUHVD H QR FDVR GH VHUYLGRU S~EOLFR GH FHUWLGmR WHPSR GH VHUYLoR E
  278. 278. D FRPSURYDomR GH SXEOLFDomR GH OLYUR GHYHUi VHU HIHWXDGD PHGLDQWH HQWUHJD GH H[HP SODU RULJLQDO RX FySLD GH ERD TXDOLGDGH FRP DXWHQWLFDomR HP FDUWyULR GDV SiJLQDV HP TXH FRQVWH D DXWRULD GH IRUPD FODUD H TXH HVWHMD GHYLGDPHQWH UHJLVWUDGR QR VLVWHPD TXH LGHQWLILFD QXPHULFDPHQWH RV OLYURV VHJXQGR R WtWXOR R DXWRU R SDtV H D HGLWRUD LQGLYLGXDOL]DQGRRV LQFOXVLYH SRU HGLomR R ,6%1 ,QWHUQDWLRQDO 6WDQGDUG %RRN 1XPEHU F
  279. 279. D FRPSURYDomR GH FRQFOXVmR GH FXUVR GH SyVJUDGXDomR HP QtYHO GH PHVWUDGR RX GRXWRUDGR VHUi IHLWD PHGLDQWH HQWUHJD GH FySLD DXWHQWLFDGD HP DUWyULR GR GLSORPD GH WtWXOR GH PHVWUH RX GRXWRU GHYLGDPHQWH UHJLVWUDGR H[SHGLGR SRU LQVWLWXLomR RILFLDO RX UHFRQKHFLGD QmR VHQGR DFHLWDV GHFODUDo}HV RX DWHVWDGRV GH FRQFOXVmR GR FXUVR RX GDV UHVSHFWLYDV GLVFLSOLQDV H G
  280. 280. RV GLSORPDV GH FRQFOXVmR GH FXUVRV H[SHGLGRV HP OtQJXD HVWUDQJHLUD VRPHQWH VHUmR FRQVLGHUDGRV TXDQGR WUDGX]LGRV SDUD D /tQJXD 3RUWXJXHVD SRU WUDGXWRU MXUDPHQWDGR $ DSUHVHQWDomR GRV GRFXPHQWRV FRPSUREDWyULRV GRV WtWXORV GHYHUi VHU IHLWD SRU RFDVLmR GD LQVFULomR GHILQLWLYD QmR VH DGPLWLQGR SURUURJDomR GR SUD]R SDUD D MXQWDGD GH QRYRV GRFXPHQWRV PHVPR TXH FRPSOHPHQWDUPHQWH 1mR SRQWXDUi QHVWD SURYD R FDQGLGDWR TXH QmR HQFDPLQKDU RV WtWXORV QD IRUPD H QR SUD]R HVWLSXODGRV QHVWH 5HJXODPHQWR DGD WtWXOR VHUi FRQVLGHUDGR XPD ~QLFD YH] '26 5,7e5,26 '( '(6(03$7( 3$5$ ),16 '( /$66,),$d­2 (P FDVR GH HPSDWH VH QHFHVViULR SDUD GHFLGLU FODVVLILFDomR WHUi SUHIHUrQFLD R FDQGLGDWR TXH QD RUGHP D VHJXLU VXFHVVLYDPHQWH D
  281. 281. WLYHU LGDGH LJXDO RX VXSHULRU D VHVVHQWD
  282. 282. DQRV DWp R ~OWLPR GLD GH LQVFULomR GH ILQLWLYD GHVWH RQFXUVR 3~EOLFR FRQIRUPH DUW SDUiJUDIR ~QLFR GD /HL Qž (VWDWXWR GR ,GRVR
  283. 283. E
  284. 284. REWLYHU D PDLRU QRWD ILQDO QDV SURYDV HVFULWDV VXEMHWLYDV WHyULFD H SUiWLFD
  285. 285. F
  286. 286. REWLYHU D PDLRU QRWD ILQDO QDV SURYDV RUDLV DUJXLomR H GH WULEXQD
  287. 287. G
  288. 288. REWLYHU R PDLRU Q~PHUR GH DFHUWRV QD SURYD SUHDPEXODU REMHWLYD H
  289. 289. WLYHU PDLV LGDGH SDUD R FDVR GDTXHOHV TXH QmR VH HQTXDGUDUHP QD OHWUD ³D´ GHVWH VXELWHP
  290. 290. '26 5(85626 6HUmR DGPLWLGRV H MXOJDGRV UHFXUVRV FRQWUD DWRV GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO H GD (035(6$ D VHU FRQWUDWDGD QD IRUPD H SUD]R HVWDEHOHFLGRV HP HGLWDLV (QFHUUDGR R SUD]R GH LQVFULomR RV SHGLGRV VHUmR HQFDPLQKDGRV SDUD H[DPH GR RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD TXH SURIHULUi GHFLVmR HP VHVVmR VHFUHWD 'D GHFLVmR TXH LQGHIHULU R SHGLGR GH LQVFULomR FDEHUi SHGLGR GH UHFRQVLGHUDomR QR SUD]R GH GH]
  291. 291. GLDV GD SXEOLFDomR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO GD UHODomR GH FDQGLGDWRV LQVFULWRV 6HUi OLPLQDUPHQWH LQGHIHULGR SHOR 'HIHQVRU 3~EOLFR*HUDO GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO R SHGLGR GH LQVFULomR SUHOLPLQDU RX GHILQLWLYD TXH QmR HVWLYHU DFRPSDQKDGR GD GRFXPHQWDomR H[LJLGD QHVWH 5HJXODPHQWR 8PD YH] UHDOL]DGD D LQYHVWLJDomR VRFLDO GD GHFLVmR GH HOLPLQDU R FDQGLGDWR FRQVWDQ WH QR 3DUHFHU RQFOXVLYR GD RPLVVmR GH RQFXUVR 3~EOLFR FDEHUi UHFXUVR DR RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD GR (VWDGR 2 SUD]R SDUD D LQWHUSRVLomR GH UHFXUVRV VHP HIHLWR VXVSHQVLYR p GH GRLV
  292. 292. GLDV ~WHLV TXH IOXHP D SDUWLU GR SULPHLUR GLD ~WLO VXEVHTXHQWH DR GD GLYXOJDomR GR DWR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO FRQVLGHUDGR R FDOHQGiULR ~WLO RILFLDO GR 0XQLFtSLR GH DPSR *UDQGH06 2V UHFXUVRV VHUmR MXOJDGRV SHOD RPLVVmR GH RQFXUVR 3~EOLFR QRV FDVRV HP TXH D /HL QmR GLVSXVHU GH IRUPD GLYHUVD $ IXQGDPHQWDomR p SUHVVXSRVWR SDUD R FRQKHFLPHQWR GR UHFXUVR FDEHQGR DR FDQ GLGDWR HP FDVR GH LPSXJQDU PDLV GH XPD TXHVWmR GD SURYD SUHDPEXODU REMHWLYD HRX GDV SURYDV HVFULWDV VXEMHWLYDV ID]rOR HP IRUPXOiULRV VHSDUDGRV RX VHMD XP SDUD FDGD TXHVWmR UHFRUULGD 1mR VHUi DFHLWR UHFXUVR TXH QmR HVWLYHU UHGLJLGR QD IRUPD SUD]RV H FULWpULRV HVWD EHOHFLGRV QHVWH 5HJXODPHQWR RX TXH QmR HVWLYHU GHYLGDPHQWH IXQGDPHQWDGR 6H GR H[DPH GH UHFXUVRV GD SURYD SUHDPEXODU REMHWLYD H GDV SURYDV HVFULWDV VXE MHWLYDV UHVXOWDU DQXODomR GH TXHVWmR D SRQWXDomR FRUUHVSRQGHQWH D HVVD TXHVWmR VHUi DWULEXtGD D WRGRV RV FDQGLGDWRV LQGLVWLQWDPHQWH 6H KRXYHU DOWHUDomR GH JDEDULWRV GD SURYD SUHDPEXODU REMHWLYD HRX GH UHVXOWDGRV GDV SURYDV HVFULWDV VXEMHWLYDV RILFLDLV SUHOLPLQDUHV DV SURYDV VHUmR FRUULJLGDV GH DFRUGR FRP RV JDEDULWRV HRX UHVXOWDGRV RILFLDLV GHILQLWLYRV H HP QHQKXPD KLSyWHVH R TXDQWL WDWLYR GH TXHVW}HV VRIUHUi DOWHUDomR (P QHQKXPD KLSyWHVH VHUmR DFHLWRV SHGLGRV GH UHYLVmR GH UHFXUVRV UHFXUVR GH UHFXUVRV RX UHFXUVR GH JDEDULWR HRX GH UHVXOWDGRV RILFLDLV GHILQLWLYRV 1mR VHUmR DFHLWRV SHGLGRV GH UHFXUVRV H[WHPSRUkQHRV SRU ID[ FRUUHLR HOHWU{QLFR RX TXDOTXHU RXWUD IRUPD GLIHUHQWH GRV HVWDEHOHFLGRV HP HGLWDLV '$ $3529$d­2 ( '$ /$66,),$d­2 ),1$/ RQVLGHUDUVHi DSURYDGR R FDQGLGDWR TXH REWLYHU QRWD ILQDO QDV SURYDV HVFULWDV VXEMHWLYDV H RUDLV LJXDO RX VXSHULRU D FLQFR
  293. 293. SRQWRV FDOFXODQGRVH D QRWD ILQDO GDV SURYDV GD VHJXLQWH IRUPD
  294. 294. ',È5,2 2),,$/ Q '( -81+2 '( 3È*,1$ 036 032 1)3 RQGH 1)3 VLJQLILFD ³1RWD )LQDO GDV 3URYDV´ 036 ³0pGLD GDV 3URYDV (VFULWDV 6XEMHWLYDV´ H 032 ³0pGLD GDV 3URYDV 2UDLV´ $ FODVVLILFDomR GR FDQGLGDWR GHSHQGHUi GD SRQWXDomR ILQDO TXH VHUi REWLGD SHOD QRWD ILQDO GDV SURYDV DFUHVFLGD GRV SRQWRV UHVXOWDQWHV GR RQFXUVR GH 7tWXORV REVHUYDQGR R VHJXLQWH 1)3 37 3) RQGH 3) VLJQLILFD ³3RQWXDomR )LQDO´ 1)3 ³1RWD )LQDO GDV 3URYD´ H 37 ³3RQWXDomR GR RQFXUVR GH 7tWXORV´ 2V FDQGLGDWRV DSURYDGRV VHUmR FODVVLILFDGRV QD RUGHP GHFUHVFHQWH '$ +202/2*$d­2 '2 218562 $ RPLVVmR GH RQFXUVR 3~EOLFR HP VHVVmR VHFUHWD SURFHGHUi DR MXOJDPHQWR GR RQFXUVR j YLVWD GRV UHVXOWDGRV GDV SURYDV HVFULWDV GDV SURYDV RUDLV H GD SRQWXDomR GRV WtWXORV SDUD R F{PSXWR JHUDO GRV SRQWRV REWLGRV SHOR FDQGLGDWR 2V FDQGLGDWRV DSURYDGRV VHUmR FRORFDGRV QD RUGHP GHFUHVFHQWH GR Q~PHUR GH SRQWRV REWLGRV QR F{PSXWR JHUDO VHQGR R UHVXOWDGR ILQDO GLYXOJDGR PHGLDQWH HGLWDO D VHU SXEOLFDGR QD LPSUHQVD RILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO '$6 ',6326,d®(6 ),1$,6 2V FDQGLGDWRV QDV GLYHUVDV SURYDV H HWDSDV GR RQFXUVR 3~EOLFR WHUmR LQJUHVVR QRV ORFDLV PHGLDQWH D DSUHVHQWDomR GH FpGXOD GH LGHQWLGDGH RULJLQDO H GHYHUmR HVWDU FRQYHQLHQWHPHQWH WUDMDGRV 2V SHGLGRV GH LQVFULo}HV GR FDQGLGDWR LPSOLFD R IDWR GH VHU FRQKHFHGRU GHVWH 5HJXODPHQWR H GR UHVSHFWLYR (GLWDO GH $EHUWXUD GR RQFXUVR 3~EOLFR EHP FRPR VH REUL JD D UHVSHLWDU VXDV SUHVFULo}HV 2 RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD SRGHUi QRV FDVRV RPLVVRV PDQLIHVWDUVH VREUH D IL[DomR GH QRUPDV SDUD D UHDOL]DomR GR RQFXUVR 3~EOLFR $ OHJLVODomR FRP HQWUDGD HP YLJRU DSyV D GDWD GH SXEOLFDomR GR (GLWDO GH $EHUWXUD EHP FRPR DOWHUDo}HV HP GLVSRVLWLYRV OHJDLV H QRUPDWLYRV D HOH SRVWHULRU QmR VHUmR RE MHWRV GH DYDOLDomR QDV SURYDV GR RQFXUVR 3~EOLFR 1R GHFRUUHU GDV HWDSDV VRE VXD UHVSRQVDELOLGDGH D (035(6$ D VHU FRQWUDWDGD PDQWHUi D GLVSRVLomR GRV FDQGLGDWRV LQVFULWRV QR RQFXUVR 3~EOLFR XP VHUYLoR GH DWHQ GLPHQWR SDUD SUHVWDU LQIRUPDo}HV RX GLULPLU HYHQWXDLV G~YLGDV SRU WHOHIRQH H HQGHUHoR HOHWU{QLFR D VHU IRUQHFLGR $SyV R WpUPLQR GR RQFXUVR 3~EOLFR RX H[FHSFLRQDOPHQWH DQWHV GH R PHVPR VHU HQFHUUDGR SRGHUmR VHU GHYROYLGRV DRV FDQGLGDWRV HOLPLQDGRV RV GRFXPHQWRV DSUHVHQWD GRV SDUD D LQVWUXomR GD UHVSHFWLYD LQVFULomR RX GD SURYD GH WtWXORV GHVGH TXH QmR WHQKD R LQWHUHVVDGR LQJUHVVDGR FRP TXDOTXHU SRVWXODomR MXGLFLDO SHUWLQHQWH DR FHUWDPH 7RGRV RV GRFXPHQWRV GRV FDQGLGDWRV DSURYDGRV VHUmR DUTXLYDGRV QD 'HIHQVRULD 3~EOLFD*HUDO GR (VWDGR GH 0DWR *URVVR GR 6XO SRU FHQWR H YLQWH
  295. 295. GLDV DSyV VXD HQWUHJD SHOD (035(6$ D VHU FRQWUDWDGD SRGHQGR VHU UHWLUDGRV SHORV LQWHUHVVDGRV QR SUD]R GH TXLQ]H
  296. 296. GLDV D FRQWDU GD GDWD GD SXEOLFDomR GR HGLWDO QD ,PSUHQVD 2ILFLDO $SyV R WpUPLQR GRV SUD]RV FRUUHVSRQGHQWHV SDUD D UHWLUDGD GH GRFXPHQWRV GH TXH WUDWDP RV GRLV
  297. 297. LWHQV DQWHULRUHV VHUmR LQFLQHUDGRV WRGRV RV GRFXPHQWRV QHOHV PHQFLR QDGRV LQGHSHQGHQWHPHQWH GH TXDOTXHU IRUPDOLGDGH UHVVDOYDGRV DTXHOHV GHVWLQDGRV DR DUTXLYR H DTXHOHV SHUWHQFHQWHV DRV QRPHDGRV EHP FRPR QD KLSyWHVH GH HVWDUHP VXE MXGLFH TXDLVTXHU GDV GHFLV}HV GD RPLVVmR GH RQFXUVR 3~EOLFR 2 FDQGLGDWR GHYHUi PDQWHU DWXDOL]DGR VHX HQGHUHoR GH FRUUHVSRQGrQFLD HVFUL WD H HOHWU{QLFD MXQWR j (035(6$ D VHU FRQWUDWDGD DWp R ILQDO GD  HWDSD H D SDUWLU GHVWD H GXUDQWH R SUD]R GH YDOLGDGH GR RQFXUVR 3~EOLFR MXQWR DR RQVHOKR 6XSHULRU GD 'HIHQVRULD 3~EOLFD GR (VWDGR GH 0DWR *URVVR GR 6XO VHQGR GH VXD LQWHLUD UHVSRQ VDELOLGDGH RV SUHMXt]RV DGYLQGRV GD QmR FRPXQLFDomR GH HYHQWXDLV DOWHUDo}HV GH VHXV HQGHUHoRV 1mR VHUmR IRUQHFLGRV DWHVWDGRV GHFODUDo}HV FHUWLILFDGRV RX FHUWLG}HV UHODWLYDV j KDELOLWDomR RX FODVVLILFDomR GH FDQGLGDWRV YDOHQGR SDUD WDO ILP DV SXEOLFDo}HV GRV UHVXO WDGRV H GD KRPRORJDomR GR UHVXOWDGR GR RQFXUVR 3~EOLFR QR 'LiULR 2ILFLDO GR (VWDGR GH 0DWR *URVVR GR 6XO $V G~YLGDV HYHQWXDOPHQWH H[LVWHQWHV VHUmR VDQDGDV H RV FDVRV RPLVVRV VHUmR UHVROYLGRV SHOD RPLVVmR GH RQFXUVR 3~EOLFR H SHOD (035(6$ D VHU FRQWUDWDGD QR TXH FRXEHU (VWD GHOLEHUDomR HQWUDUi HP YLJRU QD GDWD GH VXD SXEOLFDomR UHYRJDGD D 'HOLEHUDomR 6'3 Qž GH GH DJRVWR GH DOWHUDGD SHOD 'HOLEHUDomR6'3 Qž GH GH DJRVWR GH DPSR *UDQGH06 GH PDLR GH 3$8/2 $1'5( '()$17( 'HIHQVRU 3~EOLFR*HUDO GR (VWDGR 3UHVLGHQWH GR 6'3 1$1 *20(6 '( $59$/+2 6XEGHIHQVRUD 3~EOLFD*HUDO GR (VWDGR RQVHOKHLUD QDWD $50(1 6Ë/9,$ $/0(,'$ *$5,$ $XVrQFLD MXVWLILFDGD

×