Cerriheller Rusen PDF

Download as pdf or txt
Download as pdf or txt
You are on page 1of 29

           


                               !     

^ _ _ ` a b b c d e c f g e f h i b j k e j l m n m b ^ o ` p q m k r s t p u k j t p t

% & ' ( ) * + , - , . / 0 * + + ' 1

0 - + / 2 ' , * 3 - 4 ' * 5 ' 6 4 7 1 1

2DUWLJRGLVFXWHDVSRVLo}HVGH-|UQ5VHQHGH$JQHV
8 9 : ; < = >

+HOOHUVREUHFRQVFLrQFLDKLVWyULFDHVXDVLPSOLFDo}HVSRVVtYHLV
SDUDD'LGiWLFDGD+LVWyULD&RQVFLrQFLDKLVWyULFDpHQWHQGLGDFRPR
XPFRQMXQWRGHSURFHVVRVSDUDDWULEXLUVHQWLGRVHVLJQL¿FDGRV
TXDQWRDRWHPSRHTXHVHH[SUHVVDPHPGLIHUHQWHVFHQiULRV$
DUJXPHQWDomRVHGHVHQYROYHFRWHMDQGRDVREUDVHPTXH5VHQ
H+HOOHUGLVFXWHPHVSHFL¿FDPHQWHVXDVQRo}HVVREUHFRQVFLrQFLD
KLVWyULFDFRQIURQWDGRVSHORVGHVD¿RVSDUDDRULHQWDomRWHPSRUDO
QD SyVPRGHUQLGDGH &RQFOXLVH TXH WDO UHÀH[mR p UHOHYDQWH
SDUDDIRUPDomRGHKLVWRULDGRUHVHSURIHVVRUHVGHKLVWyULDTXH
HQIUHQWDP DV GL¿FXOGDGHV HP FRQVWUXLU VHQWLGRV KLVWyULFRV QD
SOXUDOLGDGH VHP UHFRUUHU D H[SOLFDo}HV UHGHQWRUDV PDV DLQGD
GHIHQGHQGRYDORUHVFRPRDUD]mRDYHUGDGHHDGHPRFUDFLD
? @ A @ B 8 @ : C D E @ B 9 > F G H I J G K L H L M G N J O P G L Q R S T P G L H L M G N J O P G L Q

U V N G V T H S M G N J O P G L Q

7KLVDUWLFOHGLVFXVVHV-|UQ5VHQDQG$JQHV+HOOHU
@ W : X 8 @ D X >

N J L J S Y S V J N L Z T [ J M G N J T P G K L \ K T V N K G T [ N V S N N L V H J M S G P ] T N N G Z \ S

FRQVHTXHQFHVWRWKH+LVWRU\'LGDFWLFV+LVWRULFDOFRQVFLRXVQHVVLV
WDNHQDVDHQVHPEOHRISURFHVVHVWRDVVLJQVHQVHVDQGPHDQLQJV

 3URIHVVRU GR 'HSDUWDPHQWR GH +LVWyULD 8QLYHUVLGDGH (VWDGXDO GH 3RQWD


*URVVD3URJUDPDGH3yV*UDGXDomRHP+LVWyULD'RXWRUHP(GXFDomR
3URIHVVRUDGR'HSDUWDPHQWRGH(QVLQRH&XUUtFXOR8QLYHUVLGDGH)HGHUDO
c f v g f w h x r c o c f y z { e | f z _ f h x o } ~ c z  x €  f e

" # $
            
                               !     

DERXWWLPHZKLFKH[SUHVVHVWKHPVHOYHVLQGLIIHUHQWVFHQDULRV
7KH DUJXPHQWDWLRQ LV GHYHORSHG FROODWLQJ WKH ZRUNV RI 5VHQ
DQG+HOOHULQZKLFKWKH\GLVFXVVVSHFL¿FDOO\WKHLUQRWLRQVDERXW
KLVWRULFDOFRQVFLRXVQHVVIDFHGWRWKHFKDOOHQJHVWRWKHWHPSRUDO
RULHQWDWLRQDWSRVWPRGHUQLW\,WLVFRQFOXGHGWKDWVXFKUHÀHFWLRQ
LV UHOHYDQW WR WKH KLVWRULDQV DQG KLVWRU\ WHDFKHUV WUDLQLQJ ZKR
IURQW GLI¿FXOWLHV RQ EXLOGLQJ KLVWRULFDO PHDQLQJV LQ D SOXUDOLVWLF
ZD\ZLWKRXWUHFXUULQJWRUHGHHPHUH[SODQDWLRQVVWLOOFRQVLGHULQJ
YDOXHVDVUHDVRQWUXWKDQGGHPRFUDF\
„ 9 … † = 8 ‡ : > ˆ G N J T P ‰ H G H L K J G K N Q R M S T P ‰ T Š M G N J T P ‰ Q ˆ G N J T P ‰ J S L K M G V ‹ Q

Œ  Ž   ‘ ’ “ ” 

&ULWLFDURUHODWLYLVPRQLLOLVWDHDSRVWDUHPPXQGRVPHOKRUHV
VHP GHVEDQFDU SDUD VROXo}HV UHGHQWRUDV RX QDUUDWLYDV
KRPRJHQHL]DQWHV SRGH VHU XPD IRUPD GH FDUDFWHUL]DU RV
] S V N L Y S V J T N H S ] P T Š S N N T P S N S ] P T Š S N N T P L N H S M G N J O P G L N T Z P S

VXD SUR¿VVmR SRLV HYLWDP UHVXPLU VXDV SHUVSHFWLYDV SROtWLFDV


D XP ~QLFR SDUkPHWUR SROtWLFR RX LGHROyJLFR PDV WDPEpP VH
UHFXVDP D D¿UPDU TXH VmR QHXWURV$OpP GLVVR HVWmR FLHQWHV
GH TXH PDQWHU SRVLFLRQDPHQWRV SROtWLFRV TXH DPSDUDP VXDV
GHFLV}HV SUR¿VVLRQDLV H SROtWLFDV QmR FRQ¿JXUD SURVHOLWLVPR
SROtWLFR 2V GLOHPDV TXH DIHWDP D IRUPDomR H D DWXDomR
] P T Š G N N G T V L \ H S ] P T Š S N N T P S N H S M G N J O P G L V • T N S P S N [ Y S Y – N

VXDV RSo}HV SROtWLFRSDUWLGiULDV PDV VLP QDV IRUPDV FRPR


DWULEXHPVHQWLGRjSUR¿VVmR IRUPDomRFRQGLo}HVGHWUDEDOKR
FRPSUHHQVmRVREUHFRQKHFLPHQWRKLVWyULFRHWF HVHXVREMHWLYRV
PDLV DPSORV FRQHFWDGRV FRP R SDSHO GD HVFROD H GD KLVWyULD
] L P L T Š [ J [ P T H T N — T ˜ S V N Q ™ G K [ G V M L N ] T \ š J G K L N P S H [ K G T V G N J L N V • T

GmR FRQWD GD FRPSOH[LGDGH TXH HQYROYH R HQVLQDU KLVWyULD QD


K T V J S Y ] T P L V S G H L H S Q

$ SHUJXQWD TXH PXLWRV SURIHVVRUHV VH ID]HP SRGH VHU


VLQWHWL]DGDHP³TXDOpPLQKDUHVSRQVDELOLGDGHGRFHQWHSHUDQWH

" ‚ ƒ
            
                               !     

Y G V M L N [ J T ] G L N ] T \ š J G K T › S H [ K L K G T V L G N S L N H S Y L V H L N H G ˜ S P N L N

H[SUHVVDVSHORVMRYHQVHVWXGDQWHVSRUVXDVIDPtOLDVSHODFLrQFLD
KLVWyULFDSHORPXQGRGRWUDEDOKRSHORVGLUHLWRVKXPDQRVSHODV
SROtWLFDVS~EOLFDVHGXFDFLRQDLVHSRURXWUDVLQVWkQFLDVVRFLDLV"´
7DO SHUJXQWD SRGH VHU UHVSRQGLGD GH GLYHUVDV IRUPDV FDGD
YH]TXHVHWRPDPGHFLV}HVDRORQJRGRH[HUFtFLRSUR¿VVLRQDO
3URIHVVRUHV WUDEDOKDP FRP MRYHQV TXH DLQGD HVWmR IRUPDQGR
VXDV FRPSUHHQV}HV VREUH R WHPSR PDV Mi VH PRYHP HQWUH
RSLQL}HVFRQFHLWRVMXt]RVHSURMHWRVGHIXWXURVREUHRVTXDLVR
K T V M S K G Y S V J T M G N J O P G K T ] T H S G V J S P Š S P G P Q

3RU LVVR MXOJDPRV UHOHYDQWH UHIOHWLU GR SRQWR GH YLVWD


GD 'LGiWLFD GD +LVWyULD VREUH SRVVLELOLGDGHV GH VLVWHPDWL]DU
S N J L N ˜ L P G I ˜ S G N S \ L V œ L P V T ˜ L N \ [  S N N T Z P S S N J L ] S P ‹ [ V J L Q ž Y L

IRUPD GH ID]HU LVVR p GLDORJDU FRP SHQVDGRUHV GHGLFDGRV DR


WHPD FRPSDUDQGRRV H VXEPHWHQGR VXDV LGHLDV DR FULYR GRV
TXHVWLRQDPHQWRV HVSHFt¿FRV GR HQVLQDU H DSUHQGHU KLVWyULD
1HVWHDUWLJRHVFROKHPRVGLDORJDUFRP-|UQ5VHQH$JQHV+HOOHU
SRUWUrVUD]}HVSULQFLSDLVD VHXVHVFULWRVIRUDPGHGLFDGRVHP
DOJXPDPHGLGDDRVSURFHVVRVHGXFDWLYRVQmRGLUHWDPHQWHSRU
HOHVPDVSRUVHXVLQWpUSUHWHVE VmRDXWRUHVTXHVHSRVLFLRQDP
SHODGHPRFUDFLDHDSRVWDPGHIRUPDPDLVRXPHQRVLQWHQVD
QRSDSHOGRLQWHOHFWXDOFRPRFLGDGmRTXHGHYHFRQWULEXLUSDUDR
FROHWLYRF VXDVLGHLDVSHUPLWHPDSUR[LPDo}HVHDIDVWDPHQWRV
DSDUWLUGHVXDVFRQFHSo}HVGHKLVWyULDFRQVFLrQFLDKLVWyULFDH
XWRSLDRTXHLQWHUHVVDGLUHWDPHQWHjGLGiWLFDGDKLVWyULD
2 FRQFHLWR GH FRQVFLrQFLD KLVWyULFD JDQKRX GHVWDTXH QRV
WUDEDOKRV TXH VH GHGLFDP jV DUWLFXODo}HV HQWUH D WHRULD GD
KLVWyULDHDGLGiWLFDGDKLVWyULDQD~OWLPDGpFDGDQR%UDVLO(VVH
PRYLPHQWR p GRFXPHQWDGR SRU H[HPSOR SRU %DURP  
2 SULQFLSDO DXWRU UHIHUHQFLDGR QHVVH GHEDWH QR %UDVLO p -|UQ
5VHQ HPERUD HOH HVWHMD ORQJH GH VHU R ~QLFR D DERUGDU H
GLVFXWLURFRQFHLWRGHFRQVFLrQFLDKLVWyULFD &(55, HGH
VHUDFDWDGRLQGLVSXWDGDPHQWH SH[/$9,//( 5VHQ
FRPRYHUHPRVDGLDQWH¿OLDVHDXPDYHUWHQWHGHSHQVDPHQWR
TXH R FRQGX] D XPD GHWHUPLQDGD FRQFHSomR GH FRQVFLrQFLD
KLVWyULFD TXH p GLVWLQWD SRU H[HPSOR GDTXHOD TXH *DGDPHU

" ‚ "
            
                               !     

  VXVWHQWD GH FRQVFLrQFLD KLVWyULFD FRPR UHVXOWDGR GH


[ Y L J T Y L H L H S K T V N K G   V K G L H L M G N J T P G K G H L H S H T Y [ V H T J š ] G K L

GD PRGHUQLGDGH RFLGHQWDO 5VHQ SRGH VHU FRQWDGR HQWUH RV


WULEXWiULRVGRSHQVDPHQWRGH-+DEHUPDVSRUVXDYH]pXPGRV
GHEDWHGRUHVGH*DGDPHU(POLQKDVJHUDLVSDUD-|UQ5VHQD
FRQVFLrQFLDKLVWyULFDpXPDWULEXWRKXPDQRXPFRPSRQHQWHGD
VXDFRQVFLrQFLDTXHYDULDHPWHUPRVGHIRUPDHGHFRQWH~GR
GHDFRUGRFRPDFXOWXUDHPTXHVHLQVHUHPDVWHPVHPSUHD
PHVPDIXQomRDWULEXLUVHQWLGRDRWHPSRPDSHDQGRDUHDOLGDGH
H HVWDEHOHFHQGR UHIHUHQFLDLV LGHQWLWiULRV D SDUWLU GRV TXDLV VH
V L ˜ S ‹ L V L H G J L P S L \ G H L H S Q

$FDUDFWHUtVWLFDKXPDQLVWDGDSHUVSHFWLYDUVHQLDQDVREUH
D FRQVFLrQFLD KLVWyULFD HP VHQWLGR DPSOR RX VHMD FRPR
P S K T V M S K G Y S V J T H L M T P G  T V J L \ G H L H S V L N H G Š S P S V œ L N S V J P S L N

FXOWXUDVSHUPLWHXPFRWHMDPHQWRFRPDSHUVSHFWLYDGH$JQHV
ˆ S \ \ S P N T Z P S T Y S N Y T K T V K S G J T H S K T V N K G   V K G L M G N J O P G K L S N [ L N

FRQVHTXrQFLDVXWySLFDV3HQVDPRVTXHHVWDDQiOLVHFRPSDUDGD
] S P Y G J S J L V J T L Y ] \ G L P S L ] P T Š [ V H L P L K T Y ] P S S V N • T N T Z P S T

FRQFHLWR H[WUDSRODQGR R TXH VHULD D FRPSUHHQVmR GHOH HP


FDGD OHLWXUD IHLWD LVRODGDPHQWH TXDQWR UHÀHWLU VREUH SRVVtYHLV
LPSOLFDo}HV±QHPVHPSUHGLUHWDV±SDUDRSHQVDPHQWRVREUHR
S V N G V T H S M G N J O P G L Q

3UHWHQGHPRV DUJXPHQWDU TXH 5VHQ H +HOOHU QmR Vy


SDUWLFLSDP GH XP SDUDGLJPD FLHQWt¿FR FRPXP FRPR WDPEpP
J
FRQYHUJHP QR TXH VH UHIHUH j DWLWXGH GLDQWH GR SURFHVVR GH
P L V N Š T P Y L œ • T H T N ] L P L H G ‹ Y L N Q ¡ ] P O ] P G T K T V K S G J T H S ] L P L H G ‹ Y L

FLHQWt¿FRGH7.XKQ  SHUPLWHFRPSUHHQGHUDVSUR[LPLGDGHV


HDVFRLQFLGrQFLDVGRSHQVDPHQWRGHGRLVDXWRUHVGHIRUPDo}HV
OXJDUHVHHVSDoRVHSLVWHPROyJLFRVGLVWLQWRVHSHUPLWHH[SOLFDUDV
DSUR[LPDo}HVHQWUHVXDVWHVHVFRPRWHQWDWLYDVVHSDUDGDVGHGDU
UHVSRVWDVDRVPHVPRVTXHVWLRQDPHQWRVSRVWRVSHODUHDOLGDGH
FRQWHPSRUkQHD(PDPERVHVWmRSUHVHQWHVLQWHUVHFo}HVHQWUH
¿ORVR¿DHFXOWXUD
1HVVHWH[WRSURSRPRVXPWUDMHWRTXHSDUWHGHXPDEUHYH
FRQWH[WXDOL]DomRGRSHQVDPHQWRGH5VHQHGH+HOOHUVHJXHSDUD
DSUR[LPDo}HVHPWRUQRGRFRQFHLWRGHFRQVFLrQFLDKLVWyULFDHXPD

" ‚ Ÿ
            
                               !     

FRQFOXVmRDSDUWLUGRVGHVD¿RVGDFRQVFLrQFLDKLVWyULFDGLDQWH
GDSyVPRGHUQLGDGH7UDWDVHGRPRGRJHQpWLFRGHSURGXomRGH
VHQWLGRHP5VHQHGDUHVSRQVDELOLGDGHSODQHWiULDHP+HOOHU
(PDPERVRVFRQFHLWRVVHYLVOXPEUDXPDSURMHomRHVSHUDQoRVD
GLDQWHGRIXWXURWHPDTXHFRQVLGHUDPRVHVVHQFLDOSDUDRHQVLQR
GHKLVWyULDHDFRQVWLWXLomRSUR¿VVLRQDOGHVHXVSURIHVVRUHV

&RQWH[WRV GRLV KXPDQLVWDV HP GLiORJR FRP D SyV


 ‘ ¤   ¥ ‘ ¦ ‘ ¤

§ T Z P L H S ˆ S \ \ S P J P L V N Š T P Y T [ › N S K T Y T ] L N N L P H T N L V T N S H I

OXJDUDLQWHUSUHWDo}HVGLYHUVDV 6(9,//$7250(<
*5$1-2 1R%UDVLOVXDREUDpFRQKHFLGDSULQFLSDOPHQWH
] S \ L Y T Z G \ G  L œ • T H T K T V K S G J T H S K T J G H G L V T ] L P L L K T Y ] P S S V N • T

GHWHPDVHGXFDFLRQDLV *8,0$5­(6'8$57(  § ‹ V S N ˆ S \ \ S P V L N K S [ V L ˆ [ V ‹ P G L S G V N J P [ G [ › N S V L J P L H G œ • T

PDU[LVWD)RLGLVFtSXODGH*/XFNiFVHPXGRXVHHPSDUD
D$XVWUiOLDHGHSRLVSDUDRV(VWDGRV8QLGRVFRQFRPLWDQWHPHQWH
DRVHXSURJUHVVLYRDIDVWDPHQWRSULPHLURGH0DU[HGHSRLVGR
SUySULR/XFNiFV(VVHGHVORFDPHQWRSRURXWURODGRWDPEpPVH
OLJDjVVXDVLQGDJDo}HVUDGLFDLVVREUHDOLEHUGDGHHDDXWRQRPLD
H G L V J S H L ] P T H [ œ • T S P S ] P T H [ œ • T H L N V S K S N N G H L H S N Q ¨ T Y T N [ L

REUDpGLYHUVDHPXOWLIDFHWDGDDGRWRXVHFRPREDVHSDUDHVWH
DUWLJRROLYUR³8PDWHRULDGDKLVWyULD´SXEOLFDGRRULJLQDOPHQWHHP
© ª « © S J P L H [  G H T ] L P L ] T P J [ ‹ [   N Z P L N G \ S G P T S Y © ª ª ¬ Q

1HVVDREUDD¿OyVRIDGLVFXWHSRVVLELOLGDGHVGHXPDSROtWLFD
HPDQFLSDGRUDHVRFLDOLVWDDSDUWLUGDFUtWLFDD¿ORVR¿DVUHGHQWRUDV
2REMHWLYRGROLYURpDFRQVWUXomRWHyULFDGHXPSURMHWRGHDomR
SDUDWUDQVIRUPDomRGRPXQGRTXHQmRVHMDWRWDOLWiULR2SULPHLUR
] L N N T ­ S [ Y L H L N G V N J ® V K G L N T V H S N S S ¯ ] P S N N L N S [ L K T \ M G Y S V J T

jVFUtWLFDVSyVPRGHUQDV±pQHJDUDV¿ORVR¿DVGDKLVWyULDTXHVH
SURS}HPUHGHQWRUDVHGHWHUPLQDPRIXWXURFRPRQHFHVVLGDGH
+HOOHU SURS}H D VXEVWLWXLomR GDV ¿ORVR¿DV GD KLVWyULD SRU XPD
Š
WHRULDGDKLVWyULDHQJDMDGDQRVLGHDLVGHOLEHUGDGHLJXDOGDGHH
P L J S P V G H L H S Q

(OD SURS}H R HQJDMDPHQWR LQGLYLGXDO SDUD R EHP FROHWLYR

" ‚ ¢
            
                               !     

˜
D¿PGHWUDEDOKDUSRUXPDVRFLHGDGHPHOKRUQDTXDOQHQKXPD
G H L M [ Y L V L N G P ˜ L K T Y T Y S G T ] L P L L N L J G N Š L œ • T H S V S K S N N G H L H S N

GHRXWURVLQGLYtGXRVWDPSRXFRGHSURMHWRVFROHWLYRV +(//(5
© ª ª ¬ ± Q ˆ S \ \ S P H S V T Y G V L ² P S N ] T V N L Z G \ G H L H S ] \ L V S J I P G L ³ T S N J I ‹ G T H L

FRQVFLrQFLDKLVWyULFDHPTXHpSRVVtYHOHVVHWLSRGHHQJDMDPHQWR
Z L N S L H T V L G H S G L H S ] P T ‹ P S N N T S L ˜ L \ T P S N M [ Y L V G N J L N Q ´

§ ‹ V S N ˆ S \ \ S P ] T H S N S P K T Y ] P S S V H G H L K T Y T [ Y L ] S V N L H T P L

UDGLFDOHPEXVFDGHFRPSUHHQGHURWHPSRSUHVHQWHHGHUHÀHWLU
VREUHVLJQL¿FDGRVGDH[LVWrQFLDKXPDQD(ODGHEDWHRVOLPLWHV
GDKLVWRULRJUD¿DHXURSHLDRFLGHQWDOUHD¿UPDDSRVVLELOLGDGH H
QmRDQHFHVVLGDGH GRVRFLDOLVPRHYDORUL]DOLEHUGDGHLJXDOGDGH
S Š P L J S P V G H L H S ˜ G ˜ G H L N S Y S N ] š P G J T H S Y T K P I J G K T S ] \ [ P L \ Q ¡

K T Y ] P T Y G N N T G V H G ˜ G H [ L \ K T Y [ Y ] P T — S J T H S Š [ J [ P T N S P S ˜ S N J S H S

VHQWLGRVFROHWLYRVPDVWDPEpPLQGLYLGXDLVOLJDGRVjDQJ~VWLD
H S ˜ G ˜ S P V [ Y Y [ V H T G V — [ N J T Q

(PERUDVHMDIUHTXHQWHFRQHFWDUXWRSLDHHGXFDomR %$&=.2
 DHVFRODQmRpWHPDFRQVLGHUDGRGHWLGDPHQWHHPVXDREUD
PXLWRPHQRVRHQVLQRGHKLVWyULD(QWUHWDQWRDQRomRGHTXHp
] P S K G N T L ] P S V H S P K T Y L M G N J O P G L N S Y T N J P L V L N µ \ J G Y L N ] I ‹ G V L N H S

³8PDWHRULDGDKLVWyULD´³>@2DSUHQGL]DGRFRPDKLVWyULDFRP
RSDVVDGRGHQRVVRSUHVHQWH>@VLJQL¿FDDSUHQGHUDVHOHFLRQDU
GHWHUPLQDGRVREMHWLYRVHGHFLGLUTXDLVGHQWUHHVVHVSRGHPVHU
FRPSDUWLOKDGRV´ +(//(5S 
-|UQ5VHQQDVFHXHGHVHQYROYHXVXDFDUUHLUDDFDGrPLFD

 &RPSUHHQGHVH+XPDQLVPRFRQIRUPH0DULOHQD&KDXt³RKXPDQLVPR>@

GLVWDQFLDQGRVHGRWHRFHQWULVPRPHGLHYDO>@GiDRKRPHPROXJDUFHQWUDO
'HVHQYROYHDLGHLDGHTXHRKRPHPpGRWDGRGHFDSDFLGDGHHIRUoDQmR
VySDUDFRQKHFHUDUHDOLGDGHPDVVREUHWXGRSDUDWUDQVIRUPiODLGHLDTXH
WUDQVSDUHFHQXPDGiJLRTXHVHUiFHOHEUL]DGRSRU)UDQFLV%DFRQµRKRPHP
pRDUTXLWHWRGD)RUWXQD¶RXVHMDRKRPHPpVHQKRUGHVXDVRUWHRXGHVHX
c o · _ g r f e ¸ e e e ¹ ~ · · x g c o g x c x h x  g f r x { g c x c o o c f ` f c o h c x q f r _ x c o  f r c z º x c z x ·

RXWUDVLGHLDVHVVHQFLDLVSDUDRVXUJLPHQWRGDVXWRSLDVDGHTXHRVKRPHQV
YDOHPSRUVLPHVPRVLQGHSHQGHQWHPHQWHGHSULYLOpJLRVGHQDVFLPHQWRH
VDQJXHGHPDQHLUDTXHDRSRVLomRHQWUHULFRVHSREUHVpLQMXVWDHIRQWH
GDVUHYROWDVTXHGHVWURHPRV(VWDGRVHDGHTXHpSRVVtYHORUJDQL]DUXP
(VWDGRVHUHQRIHOL]JORULRVRHSHUIHLWRIXQGDGRQDHTXLGDGHHGLULJLGRSRU
XPYHUGDGHLURSUtQFLSH´ &+$8ËS 

" ‚ °
            
                               !     

QD$OHPDQKDHWHVWHPXQKRXVXDGLYLVmRHXQL¿FDomR/LJDVHjV
WUDGLo}HVGRLOXPLQLVPRHGRKLVWRULFLVPRDOHPmRVHQGRHVWXGLRVR
GRKLVWRULDGRURLWRFHQWLVWD-*XVWDY'UR\VHQ $66,6S 
6XDREUDFRORFDRFRPRXPQRPHGHGHVWDTXHGHQWURGDWUDGLomR
DOHPmGHUHÀH[mRVREUHDVFLrQFLDVKXPDQDV$WXDOPHQWHGHGLFD
N S L T N S N J [ H T N N T Z P S T M [ Y L V G N Y T V T K T V J S ¯ J T H L ‹ \ T Z L \ G  L œ • T Q

$REUDGH5VHQGHPDLRUFRQKHFLPHQWRHGLIXVmRQR%UDVLO
pDWULORJLDHPTXHVLQWHWL]DVXDVFRQVLGHUDo}HVVREUHDWHRULD
GDKLVWyULD³5D]mR+LVWyULD´ 5h6(1 ³5HFRQVWUXomRGR
SDVVDGR´ 5h6(1D H³+LVWyULDYLYD´ 5h6(1E 2V
\ G ˜ P T N ˜ G S P L Y L ] µ Z \ G K T T P G ‹ G V L \ Y S V J S V L § \ S Y L V M L H T N L V T N © ª « ¼ Q

2VHQWLGRJHUDOGDVREUDVpGHGDUFRQWDQXPDFRPSLODomRH
VtQWHVHFRPSUHHQVLYDGDWHRULDGDKLVWyULDGRVDYDQoRVWHyULFRV
HPHWRGROyJLFRVYLYLGRVSHODGLVFLSOLQDDWpR¿QDOGRVpFXOR;;
1R TXH WDQJH j GLGiWLFD GD KLVWyULD 5VHQ SDUWLFLSD GH
XP JUXSR GH KLVWRULDGRUHV DOHPmHV TXH VH SUHRFXSDUDP FRP
DV DUWLFXODo}HV HQWUH UHIOH[mR GLGiWLFD H WHRULD GD KLVWyULD
JDOYDQL]DGDVSHORFRQFHLWRGHFRQVFLrQFLDKLVWyULFD6FK|UNHQ
%HUJPDQQ3DQGHOH-HLVPDQQVHJXQGR6DGGL  IRUPDP
FRP5VHQRVSULQFLSDLVQRPHVGHVVDWUDMHWyULDLQWHOHFWXDOTXH
] P T K [ P T [ P S N ] T V H S P – K P G N S H S K T V J G V [ G H L H S H L K [ \ J [ P L M G N J O P G L

DOHPmPDUFDGDSHORFRQÀLWRJHUDFLRQDOGR¿QDOGRVDQRV
S
$FRQVFLrQFLDKLVWyULFDQHVVHJUXSRGHUHÀH[mRpGH¿QLGD
Y N S V J G H T L Y ] \ T K T Y T T K T V — [ V J T H T N ] P T K S H G Y S V J T N Y S V J L G N

SHORVTXDLVLQGLYLGXDOHFROHWLYDPHQWHRSDVVDGRpDVVLPLODGR
HDYDOLDGRFRPRH[SHULrQFLDSHVVRDOHH[SHULrQFLDWUDQVPLWLGD
RSUHVHQWHpGHFLIUDGRFRPRFDPSRGDVGHFLV}HVHDo}HVHP
YLVWDGDVH[SHFWDWLYDVGH¿QLGDVSDUDRIXWXUR(PVXPDWUDWD
VHGRPRGRSHORTXDORVJUXSRVGmRVHQWLGRDRWHPSRHDJHP
GHDFRUGRFRPHVWHVHQWLGR2TXHH[SOLFDDSUR¿FXLGDGHGHVVH
FRQFHLWR QR HQIUHQWDPHQWR GDV GLYHUJrQFLDV LQWHUJHUDFLRQDLV
DVVLPFRPRDVTXHVW}HVGDFXOWXUDKLVWyULFDDOHPmHPIXQomR
H T S V Š P S V J L Y S V J T H T ] L N N L H T V L K G T V L \ P S Š S P S V J S L T M T \ T K L [ N J T

MXGHX5VHQTXDOL¿FDHVVDYLUDGDQDGLGiWLFDGD+LVWyULDFRPR
XP HOHPHQWR LQWHJUDQWH GD PXGDQoD GH SDUDGLJPD SHOD TXDO
R HVWXGR GD GLVFLSOLQD SDVVRX QD HQWmR$OHPDQKD 2FLGHQWDO

" ‚ »
            
                               !     

L P J G K [ \ L H L ] S \ T N M G N J T P G L H T P S N ] P S T K [ ] L H T N K T Y L S H [ K L œ • T

5h6(1S 
&DUGRVR  LQGLFDDLQGDTXHRFRQFHLWRGHFRQVFLrQFLD
KLVWyULFDpXPDUHIHUrQFLDIXQGDPHQWDOSDUDRWUDEDOKRGHUHÀH[mR
TXH5VHQGHVHQYROYHVREUHDSUySULDKLVWyULDDKLVWRULRJUD¿DHD
WHRULDGDKLVWyULD,VVRVHGiXPDYH]TXHDFRQVFLrQFLDKLVWyULFD
pGH¿QLGDSHORDXWRUDOHPmRFRPRRPRGRHVVHQFLDOGDUHODomR
M [ Y L V L K T Y T J S Y ] T Q U N N L P S \ L œ • T N S H S N S V ˜ T \ ˜ S H S ˜ I P G L N

RXWUDVIRUPDVVHQGRTXHDFLrQFLDGDKLVWyULDQDGDPDLVpTXH
XPDIRUPDPHWRGL]DGDHDOWDPHQWHUDFLRQDOL]DGDGDTXHODUHODomR
HVVHQFLDOGRKRPHPFRPRWHPSR &$5'262S 
]
5VHQHQIUHQWDUiRVGLOHPDVSRVWRVSHODSyVPRGHUQLGDGH
L P L T K L Y ] T H L M G N J O P G L S N [ L P S \ S ˜ ® V K G L N T K G L \ K T Y [ Y L ] T N J [ P L

SHUPHiYHOjFUtWLFDPDV¿UPHPHQWHHVWDEHOHFLGDHPWRUQRGD
UD]mRFRPRSULQFtSLR(VVDSRVWXUD¿FDEHPH[SUHVVDQDHStJUDIH
H S [ Y H T N N S [ N H T G N J S ¯ J T N ] [ Z \ G K L H T N V T ¾ P L N G \ V T K L \ T P H L N

GLVFXVV}HVVREUHDSyVPRGHUQLGDGHHQVHMDGRVSHORVDPSORV
HIHLWRVGDJOREDOL]DomRHQRH[DWRFRQWH[WRGDTXHGDGRPXUR
H S ¾ S P \ G Y ¿ ² ¡ N T V M T H L P L  • T ] P T H [  Y T V N J P T N ³ Q ™ P S N S V J S S Y

XPD GDV REUDV GR SLQWRU *R\D HVVD IUDVH p HStJUDIH GR WH[WR
³&RQVFLHQWL]DomRKLVWyULFDIUHQWHjSyVPRGHUQLGDGH´ 5h6(1
 2XWURDUWLJRGRDXWRUQXPFRQWH[WRSDUHFLGRp³$KLVWyULD
HQWUHDPRGHUQLGDGHHDSyVPRGHUQLGDGH´ 5h6(1 2
SULQFLSDOPHQWHFRP+D\GHQ
H S Z L J S H T L [ J T P K T Y T 2 ' , À & ' ( 6 ' 4 6 & + ,

:KLWHpVXPDUL]DGRQRYROXPH³+LVWyULDYLYD´ 5h6(1E 
GD WULORJLD SXEOLFDGD SHOD HGLWRUD GD 8Q% $ UHD¿UPDomR GD
SRVVLELOLGDGHGHUD]mRSRUPHLRGDFLrQFLDKLVWyULFDUHGLVFXWLGD
HFRQGLFLRQDGDSHODFUtWLFDSyVPRGHUQDDSDUHFHQRYDPHQWHQR
FRQMXQWRGHHQVDLRVGH5VHQSXEOLFDGRUHFHQWHPHQWHQR%UDVLO
5h6(1  Á
[ L V J T – K P š J G K L ] O N › Y T H S P V L Y L G N ‹ S P L \ N T Z P S L ] T N N G Z G \ G H L H S

GHUD]mRQDKLVWyULDDOLQKDYDPRVDVHJXLUDOJXQVSRQWRVHVVHQFLDLV
GD DUJXPHQWDomR GR DXWRU QD LQWHQomR GH VXPDUL]iOD VHP
SUHWHQV}HVGHFRPSOHWXGHRXJUDQGHSUHFLVmR(VVHQFLDOPHQWH
5VHQUHMHLWDDVD¿UPDo}HVGHXPDSyVKLVWyULDDRQmRDFHLWDU
DSUySULDLGHLDGH¿PGDKLVWyULDUHIXWDDLPSRVVLELOLGDGHGHD

" ‚ ½
            
                               !     

M G N J O P G L ] P T H [  G P T P G S V J L œ • T M G N J O P G K L K T Y Z L N S V L P L K G T V L \ G H L H S Â

UHD¿UPDDQHFHVVLGDGHGHXPDUHSUHVHQWDomRPHQWDOGDXQLGDGH
GDH[SHULrQFLDKLVWyULFDHPERUDDFHLWHDQHJDomRGHXPDKLVWyULD
~QLFDXQLYHUVDOHPIDYRUGDFRQYLYrQFLDGHKLVWyULDVGLYHUVDV
3RU¿PDFHLWDDVXSHUDomRGDLGHLDGHTXHDVIRUPDVGHYLGDGR
SDVVDGRHYROXtUDPQRVHQWLGRGDVIRUPDVGHYLGDGRSUHVHQWH
K T V K T P H L V H T K T Y L ] S P N ] S K J G ˜ L H S Y µ \ J G ] \ L N ] T N N G Z G \ G H L H S N H S

IXWXURTXHFRPS}HPDVYiULDVSDUWHVGRSDVVDGRHTXHQmRVH
P S L \ G  L P L Y V T ] P S N S V J S Q

Á
[ L V J T – K P š J G K L S N ] S K š Š G K L H T 2 ' , À & ' ( 6 ' 4 6 & + , N T Z P S L

G Y ] T N N G Z G \ G H L H S H S L M G N J O P G L ] P T H [  G P H G N K [ P N T N N T Z P S T ] L N N L H T

TXH VH GLIHUHQFLHP GD OLWHUDWXUD GH ¿FomR D DUJXPHQWDomR


GH 5VHQ HP UHVXPR GHYROYH D FUtWLFD j SUySULD FRQFHSomR
LQDGHTXDGDGHKLVWyULDTXHSDUDHOHVXVWHQWDRTXHVWLRQDPHQWR
GHFDUL]SyVPRGHUQR$SUR[LPDUKLVWRULRJUD¿DGHGLVFXUVROLWHUiULR
¿FFLRQDOSRUTXHDVIRQWHVDWUDYpVGDVTXDLVRKLVWRULDGRUUHFRQVWUyL
RSDVVDGRQmRVmRRSDVVDGRHPVLPDVUHSUHVHQWDo}HVGHOH
LPSOLFD DVVXPLU TXH Ki XPD LQVWkQFLD DLQGD TXH LQDFHVVtYHO
RXGL¿FLOPHQWHDFHVVtYHOGHIDFWLFLGDGHSXUD3HORFRQWUiULRD
UHÀH[mRKLVWyULFDSUHGRPLQDQWHQDDWXDOLGDGHUHFRQKHFHTXHKi
[ Y L H G Y S V N • T G V J S P ] P S J L J G ˜ L H S N H S L ] P O ] P G L N S \ S œ • T H L N Š T V J S N

HSUHVHQWHQDUHFRQVWUXomRGRSDVVDGRTXHVHVXVWHQWDQHODV$R
DVVXPLUHVVDSHUVSHFWLYD5VHQUHFRQKHFHTXHRFRPSRQHQWH
SRpWLFRHUHWyULFRGDQDUUDWLYDKLVWyULFDFLHQWt¿FDHPERUDWHQKD
VLGRGHVSUHVWLJLDGRQDWUDMHWyULDGDGLVFLSOLQDDRORQJRGRVpFXOR
;;QmRpLQFRPSDWtYHOFRPDUHLYLQGLFDomRGHFLHQWL¿FLGDGHGD
+LVWyULD3HORFRQWUiULRUHVSRQGHUDRVGHVD¿RVDWXDLVjKLVWyULD
SDVVDSDUDRDXWRUSHODUHLQWHJUDomRWHyULFDHSUiWLFDGHVWDV
GLPHQV}HV
L
(P VtQWHVH WDQWR 5VHQ TXDQWR +HOOHU FRLQFLGHP QR
K T \ M G Y S V J T L L N ] S K J T N P S \ S ˜ L V J S N H L K P š J G K L ] O N › Y T H S P V L

N T Z P S T K T V M S K G Y S V J T P L K G T V L \ S N T Z P S T ] P T — S J T ] T \ š J G K T › N T K G L \

GDPRGHUQLGDGH(VVHDFROKLPHQWRTXHID]DFHLWDUHLQFRUSRUDU
FUtWLFDVDRVSRVWXODGRVGDPRGHUQLGDGHQDVFLGRVHQWUHRXWUDV
WUDGLo}HV QR KXPDQLVPR QmR VLJQLILFD XP DEDQGRQR GDV
SUHWHQV}HV GH UDFLRQDOLGDGH GR FRQKHFLPHQWR WDPSRXFR GDV

" ‚ #
            
                               !     

SURPHVVDV GH OLEHUGDGH LJXDOGDGH H IUDWHUQLGDGH 6LJQL¿FD D


DWXDOL]DomR R UHGLPHQVLRQDPHQWR H R DSURIXQGDPHQWR GHVVH
SURMHWRFLHQWt¿FRHVRFLRSROtWLFRGLDQWHGDVSURIXQGDVFRQWUDGLo}HV
HGRVUDGLFDLVGHVD¿RVLQWURGX]LGRVSHODKLVWyULDGRVpFXOR;;
D   Ã Ä ¥ Å  Ä ¥ ¦ Æ ¥ à Ž Ç  ¥ Ä ¦ È ’ Ä   Ä ¤ ¥ Ž  Ä  ’

£ £ £

$ FRQVFLrQFLD KLVWyULFD p XP GRV FRQFHLWRV TXH SHUWHQFHP


jRUGHPGHDEVWUDo}HVTXHSURFXUDPFRQVWUXLUVLJQL¿FDGRSDUD
R SUySULR H[HUFtFLR KXPDQR GH DEVWUDLU H FRQVWUXLU VLJQL¿FDGR
3HUWHQFH DR JUXSR GH FRQFHLWRV TXH SURFXUD HQWHQGHU RV
IHQ{PHQRVGRSHQVDPHQWRKXPDQRFROHWLYRGRTXDOSDUWLFLSDP
WDPEpPFRQFHLWRVFRPRLPDJLQiULRLGHRORJLDPHQWDOLGDGH(P
WRGRVRVFDVRVDGH¿QLomRHDGHOLPLWDomRGRFDPSRGDUHDOLGDGH
DR TXDO RV FRQFHLWRV VH UHIHUHP VmR REMHWR GH GLVFXVV}HV H
H L Š T P Y L œ • T H S H G Š S P S V J S N \ G V M L N J S O P G K L N Q ¨ T Y T K T V K S G J T H S

FRQVFLrQFLDKLVWyULFDQmRpGLIHUHQWHKiSHORPHQRVGRLVJUDQGHV
JUXSRV GH LQWHUSUHWDomR XP TXH HVWDEHOHFH D FRQVFLrQFLD
KLVWyULFDFRPRUHFXUVRHVFDVVRDRTXDOVHSRGHDFHGHUPHGLDQWH
GHWHUPLQDGDVFRQGLo}HVHHVIRUoRVHRXWURTXHFRQVLGHUDTXHD
FRQVFLrQFLDKLVWyULFDpXPDFRQVWDQWHDQWURSROyJLFDXPDFRQGLomR
H L S ¯ G N J   V K G L M [ Y L V L Q É

-|UQ5VHQH$JQHV+HOOHUHPFRQGLo}HVHFRQWH[WRVGLIHUHQWHV
SHUWHQFHPDRJUXSRGRVTXHGH¿QHPDFRQVFLrQFLDKLVWyULFDFRPR
S \ S Y S V J T G V S P S V J S L T ] S V N L Y S V J T M [ Y L V T Q ¨ T J S — L P L N H G Š S P S V œ L N S

VHPHOKDQoDVQDVGH¿QLo}HVGHDPERVVHUYHSDUDYHUL¿FDUDWpRQGH
YDLDFRPSDWLELOLGDGHHQWUHVXDVGH¿QLo}HVHGHVFULo}HVGRFRQFHLWR
EHP FRPR FRODERUDU SDUD FRPSUHHQGrOR PHOKRU$YDOLDPRV TXH
DVVLPVHUiSRVVtYHOLGHQWL¿FDUTXDLVDVFRQWULEXLo}HVGRVDXWRUHV
DXPDUHÀH[mRWHyULFDGD+LVWyULDTXHVHLPSRUWDFRPDGLPHQVmR
GLGiWLFDHQWHQGLGDDPSODPHQWHFRPRDGLVFLSOLQDGHFRPSUHHQVmR
GH XPD HFRQRPLD SURGXomR GLVWULEXLomR H FRQVXPR  RX XPD
DQWURSRORJLDHSLVWHPRORJLD &+(9$//$5' GRFRQKHFLPHQWR
M G N J O P G K T N T K G L \ Y S V J S K T Y ] L P J G \ M L H T Q

 6REUHRKLVWyULFRGRFRQFHLWRHVXDVYDULDo}HVYHU&HUUL/DYLOOH
Ê

&DUGRVR

" ‚ ‚
            
                               !     

H S K
$REUD³8PDWHRULDGDKLVWyULD´HPTXHVHWUDEDOKDRFRQFHLWR
T V N K G   V K G L M G N J O P G K L S Y Z [ N K L H L Š T P Y [ \ L œ • T H S [ Y L J S T P G L

GD KLVWyULD p SRQWR GH LQÀH[mR QD REUD GH +HOOHU$SHVDU GH
FRQVLGHUDUTXHSDUDRVpFXOR;,;0DU[HODERURXXPD¿ORVR¿D
GD+LVWyULDDGHTXDGDHODHQWHQGHTXHDDWXDOLGDGHH[LJHXPD
SRVWXUDFUtWLFDSURSRQGRXPDWHRULDGDKLVWyULDTXHQmRLPSRQKD
R³GHYHUVHU´PDVRWRPHFRPRHVFROKDUDFLRQDOSRVVLELOLGDGH
S ] P T — S J T Q Ë • T G ‹ [ L \ Y S V J S P S — S G J L H L N ] S P N ] S K J G ˜ L N G P P L K G T V L G N S

GHVHVSHUDQoDGDV VREUH R SUHVHQWH H ¿ORVR¿DV GD KLVWyULD TXH


] T N J [ \ L P G L Y L ] P T H [ œ • T K T Y T ˜ L P G I ˜ S \ G V H S ] S V H S V J S H L M G N J O P G L Q

$VVLPHODUHÀHWHQXPVHQWLGRSUy[LPRDRGH+DQQDK$UHQGW
TXHWDPEpPGHOLQHRXVXDFUtWLFDD0DU[DSDUWLUGRLPSHGLPHQWR
DR1RYRTXHSRGHULDVHGHVGREUDUGHVHXSHQVDPHQWR+HOOHU
LGHQWL¿FDTXHDVLGHLDVGHSURJUHVVRHGHOHLVJHUDLVGDKLVWyULDVmR
XPDFULDomRGDFLYLOL]DomRPRGHUQDQR¿QDOGRVpFXOR;9,,,QmR
XPDOyJLFDXQLYHUVDOTXHVHDSOLTXHDTXDOTXHUWHPSR *5$1-2
S ,VVRQmRVLJQL¿FDTXHDQRomRGHSURJUHVVRVHMD
$ORQJDUHÀH[mRVREUHRV
H S N K L P J L H L H S N [ L J S T P G L H L M G N J O P G L Q Ì

HVWiJLRVGDFRQVFLrQFLDKLVWyULFDQDSULPHLUDSDUWHGH³8PDWHRULD
GDKLVWyULD´QmRWHPXP¿PHPVLPHVPDSRLVpDEDVHSDUD
VHXSUySULRSURMHWRGHSUHVHQWHHGHIXWXUR1DREUDGH5VHQ
RFRQFHLWRGHFRQVFLrQFLDKLVWyULFDWHPXPFDUiWHUWUDQVYHUVDO
RFXSDQGRXPHVSDoRSULYLOHJLDGRHQWUHRXWURVFRQFHLWRVFKDYH
HPERUD Yi VRIUHQGR SHTXHQDV RULHQWDo}HV H DMXVWHV DR ORQJR
H T ] P T K S N N T H S H G I \ T ‹ T K T Y T [ J P T N L [ J T P S N S K T Y H G Š S P S V J S N

K T V J S ¯ J T N N T K G T ] T \ š J G K T N S K [ \ J [ P L G N Q

3DUD$JQHV+HOOHUFRQVFLrQFLDKLVWyULFDpD³>@UHVSRVWDj
SHUJXQWDµ'HRQGHYLHPRVRTXHVRPRVHSDUDRQGHYDPRV¶´
+(//(5S 3DUD-|UQ5VHQDFRQVFLrQFLDKLVWyULFD
SRGHVHUGH¿QLGDFRPR³>@DVXPDGDVRSHUDo}HVPHQWDLVFRP
DV TXDLV RV KRPHQV LQWHUSUHWDP VXD H[SHULrQFLD GD HYROXomR

 +HOOHUGH¿QHSURJUHVVRFRPRWRGRWLSRGHDomRFXMRVUHVXOWDGRVVmRVHPSUH
Í

JDQKRV VHP SHUGDV FRUUHVSRQGHQWHV LVWR p VHP VRIULPHQWR KXPDQR


(QWUHWDQWRHOHpWLGRFRPRLGHLDUHJXODGRUDHQmRFRPRUHDOLGDGHIDFWXDO
+(//(5SHWVHT 

" ‚ $
            
                               !     

WHPSRUDOGHVHXPXQGRHGHVLPHVPRVGHIRUPDWDOTXHSRVVDP
RULHQWDULQWHQFLRQDOPHQWHVXDYLGDSUiWLFDQRWHPSR´ 5h6(1
S +HOOHULQWHUHVVDGDHPFRQVWUXLUSURSRVWDVGHDomR
SDUD D KXPDQLGDGH H 5VHQ SUHRFXSDGR FRP RV UXPRV GD
KLVWRULRJUD¿DWUDWDPGDPHVPDFRLVDRIHQ{PHQRFXOWXUDOSHOR
TXDOSHVVRDVHJUXSRVGmRVHQWLGRDRWHPSRHDVLPHVPRVQR
WHPSR2FRQWH~GRGHVVDVUHVSRVWDVpFRQVWUXtGRSRU+HOOHUH
5VHQFRPHVWUDWpJLDVHFRPVXEVWkQFLDVGLVWLQWDV5VHQEXVFD
QDFDUDFWHUL]DomRGDFRQVFLrQFLDKLVWyULFDXPDHVWUXWXUDGHWLSRV
LGHDLVSURJUHVVLYDPHQWHPDLVFRPSOH[RVHQTXDQWRDHVWUDWpJLD
H S ˆ S \ \ S P J S Y L ˜ S P K T Y L K T V K S G J [ L \ G  L œ • T L ] L P J G P H S P S Š S P   V K G L N L

FHQiULRVKLVWyULFRVTXHHPERUDSUHVRVDXPDVHTXrQFLDFDQ{QLFD
DVVRFLDGDjJUDQGHQDUUDWLYDGDKLVWyULDRFLGHQWDOSUHWHQGHVHU
VLJQL¿FDWLYDSDUDDOpPGRVFDVRVSDUWLFXODUHV

(VWD p D UD]mR SHOD TXDO DR UHFDSLWXODUHPVH RV HVWiJLRV GD


FRQVFLrQFLDKLVWyULFDQHQKXPDWHQWDWLYDIRLIHLWDSDUDUHFDSLWXODU
TXDOTXHU SHUtRGR KLVWyULFR TXDOTXHU KLVWyULD 6HTXHU WHQWHL
UHFRQVWUXLUSHUtRGRVUHDLVHDKLVWyULDUHDOGHFDGDXPUHVVDOWHL
Î Ï Ð Ñ Î Ò Ò Ð Ó Î Ó Ô Õ Ö Ð Ñ Ô Ð Ñ × Ø Ù Ð Ñ Ô Õ Ú Õ Ù Õ Û Ø Ò Ô Õ Ü Ø Ú Ø × Î × Ð Ý Þ Ð Ñ Ô Ü Õ × Î

HVWUXWXUDGHVVDUHFRQVWUXomRQHQKXPHVWiJLRGHGHVHQYROYLPHQWR
× Î Ú Õ Ñ Ò Ú Ø ß Ñ Ú Ø Î Û Ø Ò Ô à Ü Ø Ú Î Ï Õ × Ð Ü Ø Î Ò Ð Ü Ú Õ Ù Ï Ü Ð Ð Ñ × Ø × Õ Ú Õ Ù Õ Õ Ü Ð Ò Ó á Ô Î × Õ

GDTXHOHTXHRDQWHFHGHXSRVWRTXHFDGDHVWiJLRGHFRQVFLrQFLD
â â

Ó Ø Î ã Ò Ô Ü Î ä × Õ × Õ × Ð Ò Ð Ñ å Õ á å Ø Ù Ð Ñ Ô Õ æ Õ Ó ç × Ð Ò × Õ ã Ü Î Ù Ð Ñ Ô Õ è é Ð Ð Ô Ø å Õ

H GDV PXGDQoDV UHDLV GH VXDV OyJLFDV H PRWLYDo}HV SUySULDV


+(//(5S 

3DUDDPERVRVDXWRUHVWUDWDVHGHD¿UPDUHSURFXUDUPRQWDU
XP TXDGUR SUpYLR GH SRVVLELOLGDGHV SDUD D GLIHUHQFLDomR H D
GLQkPLFD GR IHQ{PHQR VHQGR TXH R IRFR p D QHFHVVLGDGH GH
T Š S P S K S P ] T N N G Z G \ G H L H S N H S T P G S V J L œ • T S Y J S Y ] T N H S ‹ P L V H S N

G V K S P J S  L N S L Y S L œ L N L V J G H S Y T K P I J G K L N Q

(P5VHQDFRQVFLrQFLDKLVWyULFDDSDUHFHSULPHLUDPHQWH
GHVDJUHJDGD HP TXDWUR WLSRV WUDGLFLRQDO H[HPSODU FUtWLFR H
JHQpWLFR0HVPRDGYHUWLQGRTXHVHWUDWDPGHLGHDLVHQmRGH
XPDWD[RQRPLDGHFRQVFLrQFLDVHQFRQWUiYHLVHPSLULFDPHQWHIRL

" $ ƒ
            
                               !     

FRPXPTXHVHSHQVDVVHHPFDGDXPGRVWLSRVFRPRHVVrQFLDV
GDFRQVFLrQFLDKLVWyULFDGHLQGLYtGXRVFRQFUHWRVHVWDEHOHFHQGR
K T Y T T Z — S J G ˜ T N S H [ K L K G T V L G N L P S \ L J G ˜ G  L œ • T H T N J G ] T N Z I N G K T N

SDUD D LQVWDXUDomR GRV WLSRV PDLV FRPSOH[RV RX VR¿VWLFDGRV


YHU S H[ 3$5$1È  S   3RVWHULRUPHQWH 5VHQ
DGRWDUiDQRPHQFODWXUDPRGRVGHJHUDomRGHVHQWLGRKLVWyULFR
UHIHULQGRVH jV QDUUDWLYDV 5h6(1 E  SURGX]LGDV SHORV
VXMHLWRV(QWHQGHPRVHVVHGHVORFDPHQWRFRPRXPUH¿QDPHQWR
GD DQiOLVH GD D¿UPDomR GH HVVrQFLDV GR VHU LQDFHVVtYHLV j
LQYHVWLJDomRHPStULFD jD¿UPDomRGHSURGXWRV QDUUDWLYDV GD
DomRGRVVXMHLWRVFRQFUHWRVTXHWHQGHPDVHUPDLVFRPSOH[RV
GRTXHDWLSRORJLD
2V PRGRV GH JHUDomR GH VHQWLGR KLVWyULFR UVHQLDQRV
GHQRWDPDQRVVRYHUXPDJUDPiWLFDSHODTXDODVFRQVFLrQFLDV
KLVWyULFDVVHH[SUHVVDP(PYH]GHHVVrQFLDV DLQGDTXHPyYHLV 
GRV VHUHV WUDWDVH PDLV GH SUHYHUGHVFUHYHU ORJLFDPHQWH RV
PRGRVGHJHUDomRGHVHQWLGRFRPRXPDHVSpFLHGHYRFDEXOiULR
XPD FDL[D GH IHUUDPHQWDV OLQJXtVWLFD TXH IRUQHFH DR XVXiULR
­
FDSD]GHPDQHMiODVDKDELOLGDGHGHGL]HU±SRUWDQWRHQWHQGHU
L M G N J T P G K G H L H S ] P O ] P G L H S N S [ Y [ V H T Q ¨ L H L Y T H T V L N K S [

HP XPD VLWXDomR KLVWyULFD GLIHUHQWH GDt D VXD SURJUHVVmR HP


WHUPRVGHFRPSOH[LGDGH2IDWRHQWUHWDQWRGHTXHRVFRQWH[WRV
TXHHQVHMDUDPRVXUJLPHQWRHIXQFLRQDPHQWRGHFDGDPRGRGH
JHUDomR GH VHQWLGR QmR SHUPLWH DVVXPLU TXH GHVDSDUHFHUDP
TXDQGRGHVDSDUHFHRUHVSHFWLYRFRQFHLWR3HORFRQWUiULRFRPR
DV SDODYUDV RV PRGRV GH JHUDomR GH VHQWLGR SHUPDQHFHP
GLVSRQtYHLVSDUDDVVRFLHGDGHVSDUDDSURGXomRGHWRGRWLSRGH
QDUUDWLYDVPHVPRTXHVHXXVRVHMDOLPLWDGRRXSRXFRIUHTXHQWH
1XPEUHYtVVLPRVXPiULRRVPRGRVGHJHUDomRGHVHQWLGR
KLVWyULFRHP5VHQVmRTXDWURWUDGLFLRQDO DQDUUDWLYDDQXODR
WHPSRFRPRTXHDXPHQWDDIRUoDGRSDVVDGRQRFRQGLFLRQDPHQWR
GRSUHVHQWHjVYH]HVLQGLIHUHQFLDQGRTXDOLWDWLYDPHQWHRSDVVDGR
H R SUHVHQWH RX ³HQFDSVXODQGRR´ GH PRGR TXH HOH QmR VHMD
V T J L H T K T Y T ] L N N L H T ±  S ¯ S Y ] \ L P ê L V L P P L J G ˜ L L K T \ M S L H G ˜ S P N G H L H S

GHSDVVDGRHSUHVHQWHWRUQDRWHPSRDEVWUDWRDRHOHJHUVLWXDo}HV
XQLYHUVDLVHPTXHHPJHUDOVHUHSHWHPSULQFtSLRVQRVTXDLVR

" $ "
            
                               !     

SDVVDGRpWRPDGRFRPRH[HPSORSDUDVLJQL¿FDURSUHVHQWHHR
IXWXUR FUtWLFR DQDUUDWLYDQHJDRVIXQGDPHQWRVHDVFRQGLo}HV
GH YDOLGDGH GDV QDUUDWLYDV DQWHULRUHV  H JHQpWLFR D QDUUDWLYD
³WHPSRUDOL]D´ R WHPSR RX VHMD DEVRUYH D KLVWRULFLGDGH D
UHODWLYLGDGHHDPXGDQoDFRPRFRQGLo}HVGRVLJQL¿FDGRDWULEXtGR
L T J S Y ] T ± Q

J P   N ]
2VTXDWURPRGRVYDULDPGHVGHQRVVDSHUVSHFWLYDDSDUWLUGH
L P S N H S Š L J T P S N ¿ K T \ S J G ˜ G H L H S ë G V H G ˜ š H [ T  ] L N N G ˜ G H L H S ë L J G ˜ G H L H S

GRVXMHLWRSDVVDGRGHYLU&RPLVVRD¿UPDPRVTXHQRVSULPHLURV
PRGRVDSURGXomRGHVHQWLGRUHSRXVDQDFROHWLYLGDGHHWHQGH
DVHU~QLFDRXPRQROtWLFDHQTXDQWRQRV~OWLPRVDSURGXomRGH
Š
VHQWLGRSHQGHSDUDRVLQGLYtGXRVRXSHTXHQRVJUXSRVHSRULVVR
P L ‹ Y S V J L › N S Q ì L G › N S H L Y L G T P ] L N N G ˜ G H L H S – Y L G T P L J G ˜ G H L H S H T N

VXMHLWRVLVRODGRVTXDQGRVHWUDQVLWDGRPRGRWUDGLFLRQDOUXPR
DR PRGR JHQpWLFR 3RU ¿P R FHQWUR GH JUDYLGDGH GR VHQWLGR
] P T H [  G H T H S N \ T K L › N S N [ K S N N G ˜ L Y S V J S H T ] L N N L H T ] L P L T

IXWXURFRQIRUPHVHWUDQVLWDGRPRGRWUDGLFLRQDODRJHQpWLFR$R
FRQYLYHUQRSUHVHQWHRVTXDWURPRGRVGmRFRQWDGDGLYHUVLGDGH
GH VLWXDo}HV QDV TXDLV RV LQGLYtGXRV H JUXSRV VLJQL¿FDPVH H
VLJQL¿FDP R PXQGR QR WHPSR PDV p OtFLWR SUHVVXSRU TXH DV
] S N N T L N S T N ‹ P [ ] T N H T Y G V L Y ê T [ H S G ¯ L Y H S H T Y G V L P ± S [ N L Y ê T [

GHL[DPGHXVDU GHIRUPDGHVLJXDORVTXDWURPRGRVGHJHUDomR
H S N S V J G H T M G N J O P G K T Q

$JQHV+HOOHUSRUVXDYH]WUDWDGH³HVWiJLRVGDFRQVFLrQFLD
KLVWyULFD´ 3DUD GHVFUHYrORV XWLOL]D XPD VHTXrQFLD FDQ{QLFD
GH FRQWH[WRV KLVWyULFRV TXH YDL GRV WHPSRV SULPLWLYRV j SyV
PRGHUQLGDGH DVVRFLDQGR D FDGD XP GHOHV XP HVWiJLR GD
FRQVFLrQFLD KLVWyULFD 9DPRV FRQWUD DV DSDUrQFLDV TXDQGR
VXVWHQWDPRVDLQWHUSUHWDomRGHTXHQmRVHWUDWDGHXPHVTXHPD
HYROXFLRQLVWDRXHWDSLVWDTXHGHUHVWRQmRVHULDFRQVLVWHQWHFRP
DIDVHGRSHQVDPHQWRGH+HOOHUHPTXHHVWDREUDYHPDS~EOLFR
(ODUHFRQKHFHTXHQmRHVFUHYHXVREUHWRGDVDVUHSUHVHQWDo}HV
SRVVtYHLVVREUHRWHPSRPDVTXHVHFRQFHQWURXQDTXHODVTXH
GL]LDPUHVSHLWRHPVXDVSDODYUDVj³QRVVDKLVWyULD´ +(//(5
 S   MXVWDPHQWH SDUD FULWLFDU VHXV OLPLWHV H FRQVWUXLU
RXWUDVSRVVLELOLGDGHV&RPRYLVWRHVVDVSRVVLELOLGDGHVQmRDEUHP

" $ Ÿ
            
                               !     

PmRGRFRPSURPLVVRLQGLYLGXDOSRUXPLGHDOTXHGHYHHQWUHWDQWR
VHVXEPHWHUDRVYDORUHVGHOLEHUGDGHLJXDOGDGHIUDWHUQLGDGH
GHPRFUDFLDHSOXUDOLGDGH +(//(5SHWVHT 
$ VHTXrQFLD GH HVWiJLRV QmR WHP XP YDORU DVFHQGHQWH
PDVWHUPLQDHPFRQIXVmRHHPSRVVLELOLGDGHHQmRYDLDOpPGR
SUHVHQWH GDTXHOH PRPHQWR 3RU LVVR HQWHQGHPRV ³HVWiJLRV´
QmRFRPRGHJUDXVPDVFRPRFRQWH[WRVFHQiULRVRXDWpPHVPR
³SDOFRV´TXHVHULDXPDWUDGXomRSRVVtYHOGRWHUPRHPLQJOrV
 XWLOL]DGR SHOD DXWRUD HP VHXV RULJLQDLV 1RVVD OHLWXUD
( 6 - À * (

J
p D GH TXH +HOOHU UHFRUUH DR HVTXHPD GH FRQWH[WRV KLVWyULFRV
š ] G K T H L V L P P L J G ˜ L K L V í V G K L H L M G N J O P G L T K G H S V J L \ S Y Z [ N K L H S

FRQMXQWXUDV KLVWyULFDV TXH SHUPLWDP DVVRFLDU DV YDULDo}HV QD


FRQVFLrQFLDKLVWyULFDjVVXFHVVLYDVUHVSRVWDVjVSHUJXQWDV³TXHP
VRPRV GH RQGH YLHPRV H SDUD RQGH YDPRV´ TXH DR PHVPR
WHPSRFRQVWLWXHPDFRQVFLrQFLDKLVWyULFDGHXPWHPSRHID]HP
SURGX]HPVHQWLGRGHQWURGHOH3RULVVRDWLSRORJLDGH+HOOHUQmR
WHP D QHFHVVLGDGH GH VHU H[DXVWLYD Mi TXH VXD IXQomR QmR p
H[SOLFDUWRGDDKLVWyULDPDVWHRUL]DUDUHODomRHQWUHDKLVWRULFLGDGH
HDVFRQVWUXo}HVKXPDQDVHVRFLDLVGRVHQWLGRGRWHPSR
$ FDWHJRUL]DomR GH +HOOHU SDUD D FRQVFLrQFLD KLVWyULFD p
EDVHDGDQDQRomRGHJHQHUDOLGDGHTXHVLJQL¿FDDFRQGLomRSHOD
TXDODRULJHPGRVLVWHPDGHYDORUHVPRGRGHYLGDHLQVWLWXLo}HV
GH XP JUXSR p DVVRFLDGD ± SHOR JUXSR ± j SUySULD RULJHP GR
XQLYHUVRpRRSRVWRGHXQLYHUVDOLGDGHTXHpDFRQGLomRSHOD
TXDORJUXSRHQWHQGHTXHWRGRVRVVHUHVKXPDQRVSDUWLOKDPGD
PHVPDRULJHPLQGHSHQGHQWHPHQWHGHVHXVYDORUHVKiELWRVH
LQVWLWXLo}HV$ JHQHUDOLGDGH SRGH VHU QmR UHÀHWLGD H UHÀHWLGD
QRSULPHLURFDVRDFRQGLomRKXPDQDpHQWHQGLGDFRPRUHVWULWD
DRFOmRXWULERHQRFDVRGDJHQHUDOLGDGHUHÀHWLGDDFRQGLomR
KXPDQDpHQWHQGLGDFRPRQmRSULYDWLYDGDSUySULDWULERRXFOm
0DLV TXH H[SORUDU D WHUPLQRORJLD FULDGD SRU +HOOHU SDUD
WLSL¿FDURVGLIHUHQWHVHVWiJLRVGDFRQVFLrQFLDKLVWyULFDFXPSUH
LGHQWL¿FDU DV FDUDFWHUtVWLFDV GH FDGD HVWiJLR FRP R FRQWH[WR
KLVWyULFRDRTXDOpDVVRFLDGRFRPR¿PGHFRPSUHHQGHUFRPR
L L [ J T P L H S N K P S ˜ S L N K L P L K J S P š N J G K L N H L K T V N K G   V K G L M G N J O P G K L S Y

FDGD XP GHOHV &XPSUH D¿UPDU DLQGD TXH R TXDGUR JHUDO GRV

" $ ¢
            
                               !     

HVWiJLRV GD FRQVFLrQFLD KLVWyULFD GH +HOOHU p HVWUXWXUDGR SHOD


G H S G L H S G H S V J G H L H S K T \ S J G ˜ L Q

S N J P [
$LGHLDGHJHQHUDOLGDGHQmRUHÀHWLGDSRGHVHUSHQVDGDFRPR
J [ P L Z I N G K L ] L P L T Y T H T J P L H G K G T V L \ H S ‹ S P L œ • T H S N S V J G H T

GH5VHQ&RPRWDOVREUHYLYHQDFRQWHPSRUDQHLGDGHVHPSUH
TXHDOJXPIDWRUGDFXOWXUDKLVWyULFDGHVDSDUHFHGRKRUL]RQWHGH
HOHPHQWRVKLVWyULFRVLVWRpSDVVDGHVSHUFHELGRpWRPDGRFRPR
IRUDGDKLVWyULDLVHQWRGHKLVWRULFLGDGHVHPWHPSR2WUDGLFLRQDO
HVWiOLJDGRDDOJXPDIRUPDGHQDUUDWLYDGHRULJHPTXHHVWUXWXUD
RUGHQV H FRPSRUWDPHQWRV PHVPR GHQWUR GDV VRFLHGDGHV
XPH[HPSORSRGHULD
Y T H S P V L N S ] O N › Y T H S P V L N Q î + / ( ( / ï / . /

VHUR³GHVFREULPHQWRGR%UDVLOSHORVSRUWXJXHVHV´PLWRGHRULJHP
TXHSHUPLWHRUGHQDUQRVSHODFRQGLomRHXURSHLD$DXWRUDDGPLWH
XP HVWiJLR SUy[LPR D HVVH HP TXH VmR UHFRQKHFLGRV RXWURV
JUXSRV KXPDQRV PDV SHUPDQHFH D LGHLD GH TXH D RULJHP GR
[ V G ˜ S P N T S N J I ˜ G V K [ \ L H L S ¯ K \ [ N G ˜ L Y S V J S – T P G ‹ S Y H T ] P O ] P G T ‹ P [ ] T Q

7UDWDVH GR HVWiJLR GD JHQHUDOLGDGH UHÀHWLGD GD FRQVFLrQFLD


KLVWyULFD 1HVWH HVWiJLR H QR DQWHULRU R WHPSR p SUDWLFDPHQWH
LPyYHOSDVVDGRSUHVHQWHHIXWXURVmRLQGLVWLQWRV § N P L š  S N H T Y T H T S ¯ S Y ] \ L P H S ] P T H [ œ • T H S N S V J G H T H S

5VHQ D QRVVR YHU SRGHP VHU EXVFDGDV QDV H[SHULrQFLDV


‹ S P L G N K T Y ] G \ L H L N ] T P ˆ S \ \ S P S Y J T P V T H T N K T V K S G J T N H S S N J I ‹ G T

GD JHQHUDOLGDGH UHÀHWLGD HP SDUWLFXODULGDGH H XQLYHUVDOLGDGH


QmR UHÀHWLGD 1HVVHV GRLV HVWiJLRV R WHPSR VH PRYH TXHU
GL]HU R RQWHP GHL[D GH VHU LJXDO DR KRMH H DR DPDQKm $
] L P J G P H T P S ‹ G N J P T S N K P G J T S H T S N J L Z S \ S K G Y S V J T H T U N J L H T S

GD VXFHVVmR GH JRYHUQDQWHV H RXWURV SHUVRQDJHQV TXH VmR


UHFRUGDGRV HVWDEHOHFHVH R PRYLPHQWR TXH WRUQD SRVVtYHO R
WHPSR 2 FRPSRUWDPHQWR GR LQGLYtGXR SDVVD D VHU ERP VH p
ERPSDUDRJUXSRHSDUDLVVRGHSHQGHGRFRQKHFLPHQWRGRV
UHJLVWURVKLVWyULFRVHGDVOHLVSDUDTXHRVERQVVHMDPLPLWDGRV
H RV PDXV RV TXH SUHMXGLFDP R JUXSR  UHSHOLGRV 2 DFHVVR
L T N P S ‹ G N J P T N J S Y S N N S ] T H S P H S ] P T H [  G P L G Y G J L œ • T H T N Z T V N

SRUTXHRWH[WRIXQGDQWHQmRpSDVVtYHOGHLQWHUSUHWDomRQmRp
UHODWLYL]iYHOHOHHQFDUQDSULQFtSLRVXQLYHUVDLV$SHVDUGLVVRRX
H[DWDPHQWHSRULVVRDDomRLQGLYLGXDORXFROHWLYDpGLVFXWtYHO

" $ °
            
                               !     

p SRVVtYHO DUJXPHQWDU TXDQWR DR YDORU RX j OHJLWLPLGDGH GDV


Do}HVSUHVHQWHVRXSDVVDGDVDSDUWLUGRUHIHUHQFLDOKLVWyULFR
HVWDEHOHFLGR(VWHpDQRVVRYHURPHFDQLVPREiVLFRGRPRGR
H[HPSODUGHJHUDomRGHVHQWLGRGH5VHQRXVHMDDVHOHomR
HQWUHRSRVLWLYRHRQHJDWLYRDSDUWLUGHUHIHUrQFLDVDQWHULRUHVTXH
QmRHVWmRHPTXHVWmRRXHPGLVFXVVmR
H
$RLQYpVGHVRWHUUDGRVSHORWHPSRSDVVDGRHVVHVHVWiJLRV
L K T V N K G   V K G L M G N J O P G K L N T Z P S ˜ G ˜ S Y V L L J [ L \ G H L H S ] T P Y S G T H S

Š S V í Y S V T N L V J P T ] T \ O ‹ G K T N K T Y T T S J V T K S V J P G N Y T ê V T N S V J G H T

PtQLPR GH FRQGLomR SDUD D IRUPDomR GH JUXSRV HVWiYHLV


UHFRQKHFHQGR TXH R JUXSR DR TXDO SHUWHQFHPRV WHP XP DOJR
PDLVTXHMXVWL¿FDQRVVRSHUWHQFLPHQWRDHOH 7RGDDSHGDJRJLD
FtYLFDGDVIHVWDVQDFLRQDLVQRPHVGHUXDVHSDQWH}HVGRVKHUyLV
H L ] I J P G L N [ N J S V J L › N S K T Y T ] S P Y L V   V K G L H S Y T H T N S ¯ S Y ] \ L P S N

GHJHUDomRGHVHQWLGR3RGHPRVSRU¿PODQoDUDKLSyWHVHGH
TXH RV IXQGDPHQWDOLVPRV UHOLJLRVRV H RV FRQVHUYDGRULVPRV
FRPSRUWDPHQWDLV D KRPRIRELD SRU H[HPSOR  VmR H[SUHVV}HV
H[WUHPDVGHPRGRVH[HPSODUHVGHJHUDomRGHVHQWLGRUHDJLQGR
DXPFRQWH[WRGHPXGDQoDVFRQVWDQWHVHPTXHRVUHIHUHQFLDLV
S N J • T S Y Y T ˜ G Y S V J T S J P L V N Š T P Y L œ • T Q

§ N S N J P [ J [ P L N Z I N G K L N H S ] S V N L Y S V J T S V L P P L J G ˜ L K P š J G K L

N T Z P S L G H S V J G H L H S V T J S Y ] T S N J • T ] P S N S V J S N H S Š T P Y L N H G N J G V J L N

QRVHVWiJLRVGDSDUWLFXODULGDGHUHÀHWLGDHPJHQHUDOLGDGH FXMRV
Y T H S \ T N N • T L P S V L N K S V œ L S T G \ [ Y G V G N Y T ± S H L [ V G ˜ S P N L \ G H L H S

UHÀHWLGD FRQWH[WRVGDUHYROXomRIUDQFHVDHGDUHYROXomRUXVVD 
3DUDDPERVRVHVWiJLRVDQDUUDWLYDKLVWyULFDSURPRYHDQHJDomR
GDV HVWUXWXUDV GD SURGXomR GH VHQWLGR GRPLQDQWH SURSRQGR
SURJUHVVLYDPHQWHRXWUDVEDVHVGHD¿UPDomRTXHEXVFDPVXSHUDU
D YHUVmR DQWHULRU 1R HVWiJLR GD SDUWLFXODULGDGH UHÀHWLGD HP
JHQHUDOLGDGHHVWDEHOHFHVHTXHRJUXSRDRTXDOSHUWHQFHPRV
FRQVWLWXLDFXOWXUDSDUWLFXODUPDLVDGHTXDGDjFRQGLomRKXPDQD
RUHQDVFHQWLVWDHVFROKHRSDVVDGRFOiVVLFRRLOXPLQLVWDFHUFDVH
GDUD]mRHGRFRQKHFLPHQWRFLHQWt¿FRSDUDHOHYDUVHHPPHLRj
VXSHUVWLomRHDRWUDGLFLRQDOLVPRTXHFRPEDWHP1RHVWiJLRGD
XQLYHUVDOLGDGHUHÀHWLGDDKLVWyULDpUHFRQKHFLGDFRPRRSDOFR
GDDomRGHWRGRVRVJUXSRVTXHFRPSHWHPHQWUHVLDSDUWLUGH

" $ »
            
                               !     

GLIHUHQWHVSURMHWRVGHIXWXUR(PDPERVRVFDVRVGHL[DVHGH
K T V K S Z S P L M G N J O P G L K T Y T Š L H T S Y Š [ V œ • T H L G H S G L H S M G N J O P G L

FRPRSDOFRGDDomRGHLQGLYtGXRVHJUDQGHVFROHWLYLGDGHVTXH
SRGHPDOWHUDUHGLULJLUVHXUXPR7UDWDVHD¿QDOGHFRQWDVGDV
FRQVFLrQFLDVKLVWyULFDVGRKRPHPPRGHUQR¿QDOPHQWHVHSDUDGR
GDQDWXUH]DHEXVFDQGRJRYHUQiODFRPJrQLRLQYHQWLYRHWUDEDOKR
PRYHQGRUHFXUVRVHSRSXODo}HVSDUDPROGDURSURJUHVVR F G Š S P S V J S Y S V J S H T N Y T H T N H S ‹ S P L œ • T H S N S V J G H T M G N J O P G K T

GH 5VHQ TXH SRU GH¿QLomR SURGX]HP VHQWLGR H RULHQWDomR


+HOOHUFRQFHEHQDVXDFDWHJRUL]DomRGHHVWiJLRVGDFRQVFLrQFLD
KLVWyULFDHVWiJLRVTXHQmRSURGX]HPVHQWLGRHRULHQWDomRPDV
VLPFRQIXVmR7UDWDVHGRFRQWH[WRGDPRGHUQLGDGHWDUGLDHP
TXHDVSURPHVVDVGHUDFLRQDOLGDGHHOLEHUGDGHFULDPVRFLHGDGHV
H HFRQRPLDV TXH SURGX]HP R FRQWUiULR GHVVHV SULQFtSLRV
SUpYLRV1HVVHTXDGURFRQVWDWDVHTXHDUDFLRQDOLGDGHJHUDD
LUUDFLRQDOLGDGHJXHUUDVHPQtYHOLQGXVWULDOH[WHUPtQLRUDFLVPR
GHVWUXLomRGDFXOWXUDSRVVLELOLGDGHFRQFUHWDGDDXWRDQLTXLODomR
GD KXPDQLGDGH 'LDQWH GD IDOrQFLD GRV YDORUHV DV LGHLDV
GH YHUGDGHLUR H FRUUHWR SHUGHP VHQWLGR H HVWDEHOHFHVH D
] T N N G Z G \ G H L H S H S H S N K P S V œ L K T Y J T H T N T N G H S L G N Q

N S T
$SyVDDUURJkQFLDGDLGHLDGHFRQWUROHVREUHDKLVWyULDDEDWH
N S V J G Y S V J T H S G Y ] T J   V K G L H T M T Y S Y H G L V J S H L M G N J O P G L S

R FRODSVR VLPXOWkQHR GDV ¿ORVR¿DV GD KLVWyULD 3RU PDLV TXH VH
DSURIXQGH D UDFLRQDOL]DomR QR SHQVDPHQWR HOD p FRQFRPLWDQWH
K T Y L G P P L K G T V L \ G H L H S H L N ] P I J G K L N Q U T ] P T Z \ S Y L V • T S N J I L ] S V L N

QRVQHJDGRUHVGDFLrQFLDTXHIXQGDPHQWDPVHXVUDFLRFtQLRVHP
FRQFHLWRVIXQGDPHQWDOLVWDVSUpPRGHUQRVPDVQRVSUySULRVYDORUHV
GDPRGHUQLGDGHTXHJHUDUDPLQWHUHVVHVHFRQ{PLFRVHLPSXOVRVGH
FRQVXPRTXHQmRFRQVHJXLPRVFRPRFROHWLYLGDGHVXSHUDU
+HOOHUQRPHLDWUrVIRUPDVGH¿ORVR¿DGDKLVWyULDTXHVmRWtSLFDV
GDFRQIXVmRGDFRQVFLrQFLDKLVWyULFDR³,QVWLWXWRGH3HVTXLVDGD
)DFWLGDGH´R³*UDQGH+RWHOGR$ELVPR´HR³+RVSLWDO3VLTXLiWULFR
5DGLFDOL]DomR GR 0DO´ 2 ,QVWLWXWR GH 3HVTXLVD GD )DFWLFLGDGH
UHSUHVHQWDRQHRSRVLWLYLVPRHDUHMHLomRGDVTXHVW}HVGHIXQGR
S Y V T Y S H T ] P L ‹ Y L J G N Y T Q ¡ ð P L V H S ˆ T J S \ H T § Z G N Y T P S ] P S N S V J L

T K T V Š T P Y G N Y T K T Y T M T P P T P S L G Y ] T N N G Z G \ G H L H S H S P S H S V œ • T

" $ ½
            
                               !     

KXPDQD 3RU ¿P R +RVSLWDO 3VLTXLiWULFR H D 5DGLFDOL]DomR GR


ñ L \ P S ] P S N S V J L Y L ] S P N ] S K J G ˜ L H S L Z N T P ˜ S P K T Y T G H S V J G H L H S T N

SURFHVVRVTXHVRIUHPRVHQWUHJDUVHjYLROrQFLDPDUJLQDOL]DomR
SDWRORJL]DomRIXQGDPHQWDOLVPRVPtVWLFRUHOLJLRVRV
+HOOHUSURS}HTXHRHVWiJLRDWXDOGHFRQVFLrQFLD KLVWyULFD
VHMD SHQVDGRFRQVWUXtGR FRPR 5HVSRQVDELOLGDGH 3ODQHWiULD R
TXHVypSRVVtYHODEDQGRQDQGRDLGHLDGHTXHRIXWXURIRLSUp
HVWDEHOHFLGRHSRUWDQWROLPLWDQRVVDVDo}HV ¿ORVR¿DGDKLVWyULD 
HDGRWDQGRRIXWXURFRPRSURMHWRFRPHVSDoRSDUDDSOXUDOLGDGHD
LQFHUWH]DHRFRPSURPLVVR WHRULDGDKLVWyULD +HOOHUDFUHGLWDTXH
VXDUHÀH[mRVREUHFRQVFLrQFLDKLVWyULFDSUHSDUDSDUDDSURSRVWD
PDLRUXPSURMHWRTXHpVRFLDOLVWDSRUTXHEDVHDGRHPOLEHUGDGH
G ‹ [ L \ H L H S S Š P L J S P V G H L H S ê S V • T V L ] P T H [ œ • T T [ V T K L ] G J L \ ± Q §

SDUWLUGDtSDUDHODVHUiSRVVtYHODWULEXLUVHQWLGRjKLVWyULD SRU
PHLRGDKLVWRULRJUD¿D FRPEDVHQRVYDORUHVFRPRVTXDLVQRV
K T Y ] P T Y S J S Y T N Q

1HVVDLQWHUSUHWDomRWHRULDGDKLVWyULDHKLVWRULRJUD¿DQXQFD
VmRQHXWUDVVmRSDUFLDLVSRUTXHVHFRORFDUmRVHPSUHDRODGRGRV
TXHPDLVVRIUHP,VVRSHUPLWLUiHQFRQWUDUUHJXODULGDGHVHQWUHDV
GLIHUHQWHVQDUUDWLYDVKLVWyULFDVPDVQXQFDOHLVGHWHUPLQLVWDV2
SURJUHVVRSRGHVHUXPDLGHLDUHJXODGRUDTXHLQGLFDDVGHFLV}HV
FRUUHWDVDWRPDULVWRpDTXHODVTXHQmRLPSOLFDPHPVRIULPHQWR
M [ Y L V T Q

$OpPGLVVRDPDQXWHQomRGRSURJUHVVRFRPRLGHDOPDQWpP
D QRomR GH GHVFRQWHQWDPHQWR R TXDO FRQGX] j UHLYLQGLFDomR
J
SRUOLEHUGDGHHLJXDOGDGH6HJXQGRD¿OyVRIDSHUDQWHRKRUURU
T H T N N S V J S Y L V ‹ µ N J G L ­ V • T ] T P N S P S Y P S N ] T V N I ˜ S G N H G P S J T N

SRUHOHPDVSHORVHQWLPHQWRGHTXHSRGHULDPWHUIHLWRDOJRSDUD
HYLWiOR7DOVHQWLPHQWRpPRELOL]DGRUGHDo}HVLQGLYLGXDLVTXH
SRGHPPRWLYDURVGHPDLVHFDXVDUJUDQGHVLPSDFWRV +(//(5
S $FRUDJHPFtYLFDQHFHVViULDSDUDDPRELOL]DomR
QmR VH FRQVWUyL QR YD]LR PDV QR FRPSURPLVVR FRP YDORUHV H
LGHLDV TXH SDUHoDP MXVWRV H UDFLRQDLV H SRUWDQWR SHUPLWDP D
DGHVmR GRV RXWURV SRLV ³D KXPDQLGDGH QXQFD SURGX] YDORUHV
TXHQmRSRVVDPVHUREVHUYDGRVHFRQVWDQWHPHQWHVXVWHQWDGRV´
+(//(5S 

" $ #
            
                               !     

1HVVHSRQWR+HOOHUUHFRUUHjQRomRGHXWRSLD&RPRDWHRULD
GD KLVWyULD QmR SRGH IRUPXODU SURMHWRV GH IXWXUR REULJDWyULRV
] P S K G N L P S K T P P S P L ² ò Q Q Q ó [ Y L G Y L ‹ S Y H L [ V G ˜ S P N L \ G  L œ • T Š L K J [ L \

H GD FRQFUHWL]DomR GDTXHOHV SUySULRV YDORUHV HQUDL]DGRV QD


 +(//(5  S  
N S ‹ [ V H L \ O ‹ G K L H L N T K G S H L H S K G ˜ G \ ³ ô

1RWDVH XP HVIRUoR SRU SDUWH GD DXWRUD HP FRQFLOLDU LGHDLV
L Z N J P L J T N – K T V N J P [ œ • T H S V T ˜ T N Š [ J [ P T N K T V K P S J T N ê Y L G N — [ N J T N

S Y L G N G ‹ [ L \ G J I P G T N ± K T Y P S N ] S G J T – H S Y T K P L K G L S – \ G Z S P H L H S H S

S V ‹ L — L Y S V J T Q § P S L \ G  L œ • T H L [ J T ] G L G Y ] \ G K L V [ Y K T Y ] P T Y G N N T

FRP R SULQFtSLR GH TXH QHQKXP VHU KXPDQR SRGH VHUYLU GH
G V N J P [ Y S V J T ] L P L V L H L Q
Á
[ S Y L N N [ Y S J L \ K T Y ] P T Y G N N T N L Z S

TXHVHUiFRPEDWLGRSRUDTXHOHVTXHVHEHQH¿FLDPGRXVRGDV
] S N N T L N ] L P L N L J G N Š L œ • T H S N [ L N ] P O ] P G L N V S K S N N G H L H S N Q

P L K G T
3DUD VDLU GHVVH LPSDVVH +HOOHU UHFRUUH j DUJXPHQWDomR
V L \ ê K G J L V H T § ] S \ S ˆ L Z S P Y L N ± S – T Z P G ‹ L œ • T H S ] P T ] T P

FDPLQKRV DOWHUQDWLYRV TXH FRQYLGHP RV RXWURV D SDUWLOKDU GD


[ J T ] G L S T Z P G ‹ L – L K S G J L œ • T H L ] \ [ P L \ G H L H S H S ] T N J [ P L N Q U N N S

WLSRGHWHRULDGDKLVWyULDQmRJDUDQWLUiRr[LWRGRVLGHDLVPDV
N [ N J S V J L P I L ] S P N S ˜ S P L V œ L H S L ‹ G P ] T P S \ S N Q

7HQGRLVVRHPPHQWHGHYHPRVHVWDEHOHFHUREMHWLYRVDGHTXDGRV
j LGHLD GH XPD XWRSLD QmR HVSHUDQGR R ³DFRQWHFLPHQWR´ GHVWD
XWRSLD PDV FRQWULEXLQGR SDUD D FRQVWUXomR GH XP PXQGR TXH
 FRP HOD GR TXH HVWH
Ï Õ Ò Ò Î Ò Ó Ò Ô Ð Ñ Ô Î Ü Ó Ù Î Ù Î Ø Õ Ü õ ö ÷ ö ø ù ú û ü ú

QRTXDOYLYHPRV6H¿]HUPRVWXGRRTXHSRGHPRVSDUDFULDUXP
PXQGR GH DOJXP PRGR PDLV SDUHFLGR FRP HVWD XWRSLD GR TXH
QRVVRKDYHUHPRVGHWHUFXPSULGRQRVVRGHYHUTXHUREWHQKDPRV
VXFHVVRLQWHJUDORXQmR(KDYHQGRFXPSULGRRGHYHUSRGHUHPRV
XVXIUXLUQRVVDYLGDD~QLFDTXHWHPRV +(//(5S
â

ý Ü Ø Õ Ò Õ Ü Ø ý Ø Ñ Î Ø Ò é Ý

+HOOHU SRUWDQWR UHÀHWH VREUH FRQVFLrQFLD KLVWyULFD SDUD


FRQVWUXLUXPSURMHWRGHDomRHGHFRPSURPLVVRFRPRIXWXURTXH

 (P+HOOHUDVHJXQGDOyJLFDGDVRFLHGDGHFLYLOpVRFLDOLVWDHVHIXQGDPHQWD
þ

QRVLGHDLVGHOLEHUGDGHLJXDOGDGHHIUDWHUQLGDGH

" $ ‚
            
                               !     

QmRFDLQDVDUPDGLOKDVGDPRGHUQLGDGHLOXPLQLVWDPDVWDPSRXFR
DEDQGRQD LGHDLV TXH SRGHP QRV DIDVWDU GR GHVHVSHUR H GR
P S \ L J G ˜ G N Y T G P P S N ] T V N I ˜ S \ Q ÿ T N N L G V J S P ] P S J L œ • T N T Z P S T N ] P T K S N N T N

H S L J P G Z [ G œ • T H S N S V J G H T L T J S Y ] T N [ ‹ S P G H T N ] T P ˆ S \ \ S P ] S P Y G J S L

L ] P T ¯ G Y L œ • T K T Y [ J T ] G L N ] T \ š J G K T › S H [ K L K G T V L G N S V [ V K G L H L N ] T P

SURIHVVRUHVGHKLVWyULDHPGLYHUVDVSHVTXLVDVUHDOL]DGDVSHORV
DXWRUHVHQWUHH1HVVDVSHVTXLVDVXWRSLDVSROtWLFR
S H [ K L K G T V L G N ‹ L V M L Y N S V J G H T K T V K P S J T ] S \ L P S \ L œ • T ] P O ¯ G Y L K T Y

L N ˜ G H L N H T N — T ˜ S V N S N J [ H L V J S N S ] S \ T N S V J G Y S V J T H S M L ˜ S P Š S G J T

RFHUWRHRSRVVtYHOSDUDFRQVWUXLUXPPXQGRPHOKRUUHVSHLWDQGR
L ] \ [ P L \ G H L H S S T S V ‹ L — L Y S V J T H S K L H L [ Y Q

0LQKDXWRSLDpTXHQLQJXpPWHQKDTXHFRORFDURPHQLQRQDHVFROD
SDUWLFXODUSDUDWHUQXPDHVFRODERD(VVDHXDFKRTXHpDPDLRU
GHWRGDV(XTXHURTXHWRGDVDVHVFRODVVHMDPERDV

4XDQGRHXFRPHFHLHXTXHULDPXGDURPXQGR>@(DRORQJRGR
WHPSRHXIXLSHUFHEHQGRTXH>@pPHLRTXH>@VHPHDU>@(X
OXWRSDUDTXHWRGRVHOHVFKHJXHPQXPDGHWHUPLQDGDSRUWD

$PpOLRUHUO¶pJDOLWpGHVFKDQFHVGHWRXVOHVpOqYHV/HVSUpSDUHUDX
PLHX[DXPRQGHGHSOXVHQSOXVFRPSOH[HTXLOHVHQWRXUH/HXU
GRQQHUXQVHQVFULWLTXHUpHO

eXPDVHPHQWLQKDTXHHXPHVLQWRQDREULJDomRGHSODQWDU^ULVRV`
6H LVVR YDL LQÀXHQFLDU RX QmR FRPR R HVSDoR p FXUWR HX QmR
FRQVLJRSHUFHEHUPDVHXFRQVLJRSHUFHEHUDYDQoRVPHVPRTXH
Ò Ð Î Ò Õ ã Ü Ð Õ Ú Õ Ñ Ô Ð  × Õ Ù Ð Ò Ù Õ Ý

/D UHODFLyQ TXH QRV SXHGH WUDHU PHMRUHV FRQVHFXHQFLDV SDUD


Ô Õ × Õ Ò Ð Ò Ð á Ï Ð Ñ Ò Î Ü Ú à Ù Õ å Ø å Ð Ú Î × Î Ó Ñ Õ  Ú à Ù Õ Ï Õ × Ð Ù Õ Ò å Ø å Ø Ü

FRQMXQWDPHQWH SHUR VLHQGR PXFKR PiV HPSiWLFRV PXFKR PiV


Ô Õ á Ð Ü Î Ñ Ô Ð Ò Ý

>0HOKRUDU@DUHODomRGHOHVFRPRHQVLQR3RUTXHRDOXQRGH(-$
å Ð Ù Ú Õ Ù Ó Ù Î Î Ó Ô Õ Ð Ò Ô Ø Ù Î Ù Ó Ø Ô Õ ã Î Ø  Î Ð Ù Ü Ð á Î   Õ  Ð Ò Ú Õ á Î Ý

" $ $
            
                               !     

'DQV O¶LGpDO DSSRUWHU GHV HQVHLJQHPHQWV VXSSOpPHQWDLUHV TXL


SHUPHWWHQW GDYDQWDJH O¶pPDQFLSDWLRQ GHV pOqYHV DYHF HQ WrWH
O¶pGXFDWLRQ j O¶pFRORJLH OD QDWXUH HW O¶pGXFDWLRQ j OD SROLWLTXH HW
SDVVHXOHPHQWOHXUGLUH©LOIDXWDOOHUYRWHUªTXLQ¶HVWSDVVXI¿VDQW
Ï Õ Ó Ü Ï Õ Ó å Õ Ø Ü Ò Ð × Ø Ü Ð Ú Ø Ô Õ  Ð Ñ é Ý

(X VHPSUH IDoR XPD GLVFXVVmR LQLFLDO VREUH ³SRU TXH D JHQWH
HVWXGD KLVWyULD"´ >«@ 3UD YHU TXH KLVWyULD QmR p Vy FRLVD YHOKD
TXHLQÀXHQFLDQRGLDGHOHKRMH>@eSRUTXHHXHVWRXTXHUHQGR
Ï Ü Ð Ï Î Ü  Ö á Õ Ò Ï Î Ü Î Ï Ð Ñ Ò Î Ü Ý

<RFUHRTXHHVXQFRPSURPLVRFRPRHVVHUSURIHVRUGHKLVWRULD\
FLHQFLDVVRFLDOHVHVXQFRPSURPLVR4XHDGTXLHUHVFRQWXPXQGR
FRQWXVRFLHGDGFRQWXHQWRUQRFRQ«FRQWXSUHVHQWHSXHVHVR
â â

Ú Õ Ñ Ô Ó Ï Ü Ð Ò Ð Ñ Ô Ð  Ú Õ Ñ Ô Ó Ó Ô Ó Ü Õ  Ú Õ Ñ Ð á Ó Ô Ó Ü Õ × Ð á Õ Ò × Ð Ù  Ò Ý

7HVWHPXQKRVGHSURIHVVRUHVGHKLVWyULDEUDVLOHLURVHVSDQKyLVH
IUDQFHVHVUHFROKLGRVSHORVDXWRUHVHQWUHH 

(P5VHQHVVDFRQFHSomRGHXPIXWXURDEHUWRTXHFRQVLGHUD
TXHRGHYLUERPRXUXLPUHVXOWDEDVLFDPHQWHGRFRQMXQWRGDV
DWLWXGHV KXPDQDV H SRUWDQWR SDVVtYHO GH FRPSURPLVVRV FRP
DFRUGRV FRQVWUXtGRV VRFLDOPHQWH H GH HODERUDomR GH XWRSLDV
S ¯ ] P S N N L › N S K T Y K \ L P S  L V L L J G J [ H S L Z P L V ‹ G H L ] S \ T K T V K S G J T H S

PRGRJHQpWLFRGHSURGXomRGRVHQWLGRFRPRYHUHPRVDVHJXLU
3DUD 5VHQ DLQGD D XWRSLD SDUHFH HVWDU YLQFXODGD j SUySULD
RSHUDomRGDFRQVFLrQFLDKLVWyULFDQRPRYLPHQWRGHDUWLFXODomR
HQWUHDH[SHULrQFLDLQWHUSUHWDGDGRSDVVDGRQDDomRGRSUHVHQWH
L P J G K [ \ L H L ] S \ L S ¯ ] S K J L J G ˜ L ] P T — S J L H L H S Š [ J [ P T Q § ] P T — S œ • T H T Š [ J [ P T

VHPSUHWUD]XPVXSHUiYLWGHLQWHQFLRQDOLGDGHTXHpDHVWUXWXUD
Z I N G K L H L [ J T ] G L Q
Á
[ L V H T N S J P L J L H T Y T ˜ G Y S V J T K T J G H G L V T

GD FRQVFLrQFLD KLVWyULFD D SURMHomR GH IXWXUR p JHUDOPHQWH


² K T V N S P ˜ L H T P L ³ S K L \ K L H L L ] S V L N V L N ] T N N G Z G \ G H L H S N G V J S P ] P S J L H L N

K T Y T ˜ G I ˜ S G N ] L P L L P S L \ G H L H S S V J S V H G H L ] S \ T N N [ — S G J T N Q

$XWRSLDSRUVXDYH]YDLDOpPGRTXHpYLVWRFRPRIDFWtYHO
QRPRPHQWRpRH[DJHURGDUHSUHVHQWDomRGRTXHGHYHULDRX
SRGHULDYLUDVHU VHMDGHVHMRVHMDPHGR SDUDDOpPGROLPLWH

Ÿ ƒ ƒ
            
                               !     

GD SODXVLELOLGDGH QR VHQWLGR GR LQpGLWR (PERUD LQYLiYHO QR


SUHVHQWHDXWRSLDWDPEpPSRGHRULHQWDUDo}HVTXHVHDFUHGLWH
TXHSURPRYDPSURJUHVVLYDPHQWHVXDDYLDELOLGDGH


Ú Õ Ñ Ò Ú Ø ß Ñ Ú Ø Î Ó Ô à Ï Ø Ú Î ã Î Ò Ð Ø Î Ö Ò Ð Ñ Ó Ù Ò Ó Ï Ð Ü  å Ø Ô × Ð Ú Î Ü ß Ñ Ú Ø Î Ò Ú Õ Ù

â â

Ü Ð Ò Ï Ð Ø Ô Õ Î Õ Ò Ù Ð Ø Õ Ò × Î × Õ Ò × Ð Ò Ó Î Ò Î Ô Ø Ò Î   Õ Ý á Î Ï Õ Ò Ò Ó Ø Î Ó Ñ   Õ

YLWDO GH RULHQWDU D H[LVWrQFLD KXPDQD SRU UHSUHVHQWDo}HV TXH


YmRSRUSULQFtSLRDOpPGRTXHpHPSLULFDPHQWHRFDVR8WRSLDV
IXQFLRQDPFRPRVRQKRVGDFRQVFLrQFLDKLVWyULFDVHPSUHTXHVH
WUDWDGHDUWLFXODUFRQVFLHQWHPHQWH GHVSHUWDV FRPRRULHQWDGRUDV
GRDJLUUHSUHVHQWDo}HVGHFLUFXQVWkQFLDVGHYLGDGHVHMiYHLV$V
XWRSLDVVmRSRLVRVVRQKRVTXHRVKRPHQVWrPGHVRQKDUFRP
WRGDDIRUoDGHVHXHVStULWRSDUDFRQYLYHUFRQVLJRPHVPRVHFRP
VHXPXQGRVREDFRQGLomRGDH[SHULrQFLDUDGLFDOGDOLPLWDomRGD
YLGD 5h6(1ES 

@ Æ ¥ à Ž   ¥ Ä ¥ ‘ ¦ ‘ ¤ ‘  ’  ‘  ¤ ¦ Ä   Ã Ä ¥ Å  Ä ¥ ¦ ‘ ¦ Æ ¥ à Ž Ç  ¥ ¦ Ä  

£ £

 ¤ Ã
  à ¦ ¥ ¥ ‘ ¦ ‘ ¤
¦  ¤ Ž  ¥ ¦

1RV DQRV  DLQGD HP SOHQD DPHDoD GH XPD JXHUUD
QXFOHDUHQWUHQRUWHDPHULFDQRVHVRYLpWLFRVDVpULHGHWHOHYLVmR
&RVPRVDEULXDVMDQHODVGRSHQVDPHQWRFLHQWt¿FRDPHLRELOKmRGH
WHUUiTXHRVTXHDVVLVWLUDPjVpULH$VpULHIRLFRQFHELGDHUHDOL]DGD
SRU$QQH 'UX\DQ H &DUO 6DJDQ HVWH WDPEpP R DSUHVHQWDGRU
GRVHSLVyGLRV1R~OWLPRGHOHV6DJDQD¿UPDYDVRPRVQyVTXH
UHVSRQGHPRV SHOD WHUUD QyV WHPRV D UHVSRQVDELOLGDGH FRPR
UHVXOWDQWHVGHWRGRRPRYLPHQWRHHYROXomRRULXQGRVGR&RVPRV
GHVREUHYLYHUHJDUDQWLUTXHDQRVVDHVSpFLHFRQWLQXHDEXVFDU
VXDV RULJHQV HP XPD FRQYLYrQFLD FDGD YH] PDLV VDXGiYHO H
HPSiWLFDFRPRVVHPHOKDQWHVDVGHPDLVIRUPDVGHYLGDHFRP
RSUySULRXQLYHUVR3DUHFHQRVTXHpHVVHRHVStULWRGDTXLORTXH
+HOOHUFKDPDGH³UHVSRQVDELOLGDGHSODQHWiULD´TXHVypSRVVtYHO
H S K T V N J P [ G P V T Y T H T S Y ] I J G K T S P S \ L J G ˜ G N J L H S ] P T H [ œ • T H S

VHQWLGRKLVWyULFRTXH5VHQEDWL]RXFRPR³JHQpWLFR´HTXH+HOOHU
N T \ [ K G T V L K T Y L [ J T ] G L Q

Ÿ ƒ "
            
                               !     

4XHPHQVLQDKLVWyULDSULQFLSDOPHQWHQDHVFRODHVWiHQYROYLGR
HP UHODo}HV WHPSRUDLV FRPSOH[DV &RPR FLGDGmR SURFXUD
FRPSUHHQGHUVHXPXQGRSRVLFLRQDUVHDJLUSROLWLFDPHQWHWRPDU
GHFLV}HVGHRUGHPSHVVRDO'HRXWURODGRpHGXFDGRUWUDEDOKD
FRP MRYHQV TXH VmR PXLWR GLYHUVRV (OHPHQWRV GH IXWXUR GH
HVSHUDQoDGHWUDGLomRHGHUHQRYDomRHQYROYHPVXDVHVFROKDV
SUR¿VVLRQDLV 3RU ¿P p XP HGXFDGRU TXH HQVLQD KLVWyULD D
RUJDQL]DomR GR WUDEDOKR SHGDJyJLFR HVSHFt¿FR GR HQVLQR GH
KLVWyULDWDPEpPSDVVDSHODVIRUPDVFRPRFDGDSURIHVVRUFRPELQD
VHXVUHIHUHQFLDLVWHyULFRPHWRGROyJLFRVVXDVH[SHULrQFLDVFRP
RVHVWXGDQWHVHVXDVXWRSLDVSROtWLFRHGXFDFLRQDLVHQWUHRXWURV
S \ S Y S V J T N Q

§ Š L \   V K G L H T ] P T — S J T Y T H S P V T S L P S K [ N L H L K T V Š [ N • T H L

FRQVFLrQFLDKLVWyULFDHVWDEHOHFHPWDQWRSDUD+HOOHUTXDQWRSDUD
5VHQXPDWDUHIDGXSODDFRPSUHHQVmRGDSyVPRGHUQLGDGH
SRU XP ODGR H D SURSRVLomR GH XP PRGR GH RULHQWDUVH QHOD
6XSHUDGDVWRGDVDVGRXWULQDVTXHSURS}HPGHDOJXPPRGRD
VXVSHQVmR GR MXt]R D SDUWLU GD DGHVmR D TXDOTXHU FyGLJR TXH
N S T Š S P S œ L K T Y T ˜ I \ G H T ] T P S N J L P Š T P L T [ L K G Y L H T J S Y ] T T [ H L

KLVWRULFLGDGHDHV¿QJHVHS}HXPDYH]PDLVGLDQWHGHQyVHHP
HVSHFLDOGLDQWHGHTXHPSUHWHQGHHQVLQDUKLVWyULDQDHVFRODHP
TXHDVGHPDQGDVVRFLDLVGHGLYHUVRVJUXSRVRXWURUDH[FOXtGRV
GDVQDUUDWLYDVR¿FLDLVVHID]HPRXYLUHSDUDDVTXDLVSRUYH]HV
DKLVWRULRJUD¿DDFDGrPLFDQmRSRVVXLWRGDVDVUHVSRVWDV
2 HVWiJLR TXH VXUJH QD DWXDOLGDGH VHJXQGR +HOOHU p D
JHQHUDOLGDGH UHÀHWLGD HQTXDQWR WDUHID TXHU GL]HU D FRQGLomR
KXPDQDHPERUDDFHVVtYHODWRGRVWHPVLGRUHVWULQJLGDSHODV
QRVVDV SUySULDV Do}HV FRPR HVSpFLH D XPD SDUWH DSHQDV GD
KXPDQLGDGH$VVLP D JHQHUDOLGDGH UHÀHWLGD Vy H[LVWH FRPR
SURMHWRTXHVHFRQVWUyLHVHUHFRQVWLWXLFRQWLQXDPHQWH&DUDFWHUL]D
HVWHHVWiJLRGHFRQVFLrQFLDGHTXHDUD]mRQmRpDEVROXWDVHP
YDORUHV H TXH RV YDORUHV GHYHP VHU FRQVWUXtGRV QR GLiORJR H
VHPLPSRVLomRGHSUHVVXSRVWRVTXHQmRSRVVDPVHUGLVFXWLGRV
EHPFRPRRGHVHMRGHFRQVWUXLUFRQGLo}HVGHYLGDHPFRPXP
UHVSHLWDQGRDVGLIHUHQoDV$UD]mRDVVLPFRPRDYHUGDGHQmR
p DEVROXWD QHP LQDFHVVtYHO FROHWLYDPHQWH DR ¿FDU HQFHUUDGD

Ÿ ƒ Ÿ
            
                               !     

HPPXQGRVSDUWLFXODUHVPDVVLPUHODFLRQDORXVHMDFRQVWUXtGD
VREUHRDOLFHUFHGRVFRQVHQVRVSRVVtYHLVRXVHJXQGR5VHQ
² P L K G T V L \ ³ V T N S V J G H T H T K L P I J S P L P ‹ [ Y S V J L J G ˜ T G V H G N N T K G I ˜ S \ H L

FLHQWL¿FLGDGH 5h6(1  S   &RP D FRQVFLrQFLD GH


TXHDUD]mRWDPEpPSURGX]LXGRPLQDomRQRYDVGHSHQGrQFLDV
HLQVHQVDWH]HSRUWDQWRORQJHGHXPFXOWRDFUtWLFRjFLrQFLDp
SRVVtYHO LGHQWL¿FDU QR PRGR JHQpWLFR GH SURGXomR GH VHQWLGR
DOJXQVHOHPHQWRVFRPXQVFRPDVSHFWRVFDURVjFLHQWL¿FLGDGHD
KLVWRULFLGDGHHDSURYLVRULHGDGHGRVFRQKHFLPHQWRVHHQXQFLDGRV
L Š T P œ L H T Y S \ M T P L P ‹ [ Y S V J T S T H G I \ T ‹ T T [ G V J S P N [ Z — S J G ˜ G H L H S V L

GH¿QLomRGRVFRQVHQVRVSRVVtYHLV2TXH+HOOHUSRGHDSRUWDU
QXPWRPPDLVSROtWLFRpTXHWRGRHVVHDSDUDWRID]VHQWLGRQD
SHUVSHFWLYD GH SURGX]LU FRQVHQVRV TXH HYLWHP R VRIULPHQWR H
Y L ¯ G Y G  S Y L Š S \ G K G H L H S ] T N N š ˜ S \ Q

R P L J L › N S H S [ Y L ] S P N ] S K J G ˜ L L T Y S N Y T J S Y ] T S N ] S P L V œ T N L

HFLHQWHFpWLFDGHVXDIUiJLOFRQGLomRGHSHQGHQWHGRVVXFHVVRVH
FRQVHQVRVFRQVWUXtGRVFRPSUHHQVmRHPTXHVHQRWDPDLVXPD
YH]DLQÀXrQFLDGDFRQFHSomRGHSROtWLFDHGHPLODJUHGH$UHQGW
(PERUDWDOSHQVDGRUDHYLWHRXVRGDSDODYUD³XWRSLD´HQWHQGHPRV
TXH HOD QmR UHFXVD D QHFHVViULD HVSHUDQoD GH TXH IXWXURV
SRVVtYHLVVHPSUHSRGHPVHUFRQVWUXtGRVDRPHVPRWHPSRHP
TXH VH SUHVHUYDP DTXHOHV DVSHFWRV GR PXQGR TXH DLQGD QRV
VmR FDURV (VWD QHFHVVLGDGH GH SUHVHUYDomR VH H[SUHVVD
SRUH[HPSORQDUHFXVDGH+HOOHUHPH[FOXLUDGHPRFUDFLDHD
] \ [ P L \ G H L H S H S N S [ ] S V N L Y S V J T Q

'LDQWH GRV GHVD¿RV GD SyVPRGHUQLGDGH WDPEpP 5VHQ


EXVFD VXDV UHVSRVWDV (P VHXV WH[WRV SXEOLFDGRV QR %UDVLO
UHVSHFWLYDPHQWHHPHUHDOL]DXPEDODQoRSDUHFLGR
S V J P S L ] S P N G N J   V K G L H L ] T N N G Z G \ G H L H S H L P L  • T V L ˆ G N J O P G L S

DV HQFUX]LOKDGDV GR SHQVDPHQWR SyVPRGHUQR $OpP GLVVR


SRVWXODPRV TXH R FRQFHLWR GH PRGR JHQpWLFR GH SURGXomR GH
VHQWLGR KLVWyULFR VHMD HTXLYDOHQWH HP JUDQGH SDUWH j LGHLD
KHOOHULDQDGHFRQVFLrQFLDGDJHQHUDOLGDGHUHÀHWLGDFRPRWDUHIDRX
P S N ] T V N L Z G \ G H L H S ] \ L V S J I P G L Q ™ S P K S Z S › N S L G V K T P ] T P L œ • T H L K P š J G K L

] O N › Y T H S P V L L T ] L ] S \ ] T \ š J G K T S N T K G L \ H L M G N J O P G L ­ H S N \ T K L Y S V J T

GRSDUDGLJPDVHPDEDQGRQDUDSRVVLELOLGDGHGHUD]mRHYHUGDGH

Ÿ ƒ ¢
            
                               !     

PDVWDPEpPVHPQHJDURSDSHOGRQmRUDFLRQDODIHWLYRH¿FFLRQDO
2PRGRJHQpWLFRGHJHUDomRGHVHQWLGRKLVWyULFRUH~QHDV
FRQGLo}HV SDUD D RULHQWDomR WHPSRUDO GR VXMHLWR QR FRQWH[WR
] O N › Y T H S P V T Q U V J S V H S S L K S G J L L Y [ H L V œ L K T Y T T K T Y ] T V S V J S

HVVHQFLDOGRWHPSRFRPSUHHQGHHDVVLPLODDKLVWRULFLGDGHGH
WRGR GLVFXUVR H GH WRGD LQVWLWXLomR FRPR FRQGLo}HV GD OHLWXUD
GRPXQGRHGHVXDHVFULWXUD5HWLFHQWHDTXDOTXHUVLVWHPDTXH
HVWDEHOHoD R PRQRSyOLR GD SURGXomR GH YHUGDGHV DEVROXWDV
UHVLVWHWDPEpPjFRQIXVmRHjGHVRULHQWDomRTXHUHVXOWDPWDQWR
GDQHJDomRGDSRVVLELOLGDGHGHYHUGDGHTXDQWRGDIUDJPHQWDomR
GDPHVPDSDUDFDGDPLFURFRVPRLGHQWLWiULRHVSDoRVLVRODGRV
HPTXHDVYHUGDGHVSULYDGDVHQFRQWUDPYDOLGDGHFLUFXQVFULWD
(QWUHWDQWR5VHQQmRHVWHQGHVXDVFRQVLGHUDo}HVVREUHRIXWXUR
RXDXWRSLDGHIRUPDWmRLQFLVLYDTXDQWR+HOOHUTXHUHLWHUDHP
VXDWHRULDGDKLVWyULDTXHVHXSRQWRGHYLVWDpDRODGRGRVTXH
PDLVVRIUHP$OpPGLVVRHODFRQYLGDRVOHLWRUHVDVHPRELOL]DUHP
GDPHVPDIRUPDHH[SUHVVDVXDSUR¿VVmRGHIpVREUHXPPXQGR
PHOKRUGRTXHKRMH³QRVVRVpFXORQmRKiGHWHUPLQDUGRPHVPR
PRGR YHUJRQKRVR FRPR FRPHoRX H GHVHQURORXVH´ +(//(5
S 

8 ¤  ¤  Å  Ä ¥ ¦ Ã

$5(1'7 +DQQDK
Ý   Õ Î Ó á Õ !

                          

&RPSDQKLDGDV/HWUDV
$66,6$UWKXU
! Ó Ù Î Ø Ñ Ô Ü Õ × Ó   Õ Ý

"    #     $    % #     & ' #   (   

*RLkQLD(GLWRUDGD8)*
%$&=.2 %URQLVODZ 8WRSLD ,Q (1&,&/23e',$ (LQDXGL /LVERD
$QWKURSRV+RPHPYS
%$520 :LOOLDP &DUORV &LSULDQL )   *   +    $    % #    +    +  ,  +  

$  SHVTXLVDV QD SyVJUDGXDomR EUDVLOHLUD   


   % #  +  -

â
. / 0

Ý Þ Ø Ò Ò Ð Ü Ô Î   Õ æ 1 Ð Ò Ô Ü Î × Õ Ð Ù × Ó Ú Î   Õ é 2 Ü Õ ý Ü Î Ù Î × Ð à Ò Ö

*UDGXDomR HP (GXFDomR 8QLYHUVLGDGH (VWDGXDO GH 3RQWD *URVVD


3RQWD*URVVD

Ÿ ƒ °
            
                               !     

&$5'2622OGLPDU3DUDXPDGH¿QLomRGHGLGiWLFDGDKLVWyULD   3    

6mR3DXORYQS
4

#       #    5    % #  

&(55, /XLV )HUQDQGR 2V FRQFHLWRV GH FRQVFLrQFLD KLVWyULFD H RV


GHVD¿RVGD'LGiWLFDGD+LVWyULD 3RQWD   3       5    % #          

*URVVDYS
&+$8Ë0DULOHQD1RWDVVREUHXWRSLD 6mR3DXORY 6  ,  +    6     # 

SMXO'LVSRQtYHOHPKWWSFLHQFLDHFXOWXUDEYVEUSGI
â :

. / .  .

Ú Ø Ú 7 å 8 9 Ñ Ò Ï Ð 7 Î 9 8 9 Ñ Ò Ý Ï × Ý Ú Ð Ò Ò Õ Ð Ù ! ; < Ó á Ý ; 9 8 Ý

'8$57(1HZWRQ$SHVTXLVDHDIRUPDomRGHLQWHOHFWXDLVFUtWLFRVQD
)ORULDQySROLVYQS
Ï à Ò Ö ý Ü Î × Ó Î   Õ Ð Ù Ð × Ó Ú Î   Õ Ý =

 #    +   3 

MDQMXQ'LVSRQtYHOHPKWWSVSHULRGLFRVXIVFEULQGH[
:

. / . /  . . . 0

Ï Û Ï 7 Ï Ð Ü Ò Ï Ð Ú Ô Ø å Î 7 Î Ü Ô Ø Ú á Ð 7 å Ø Ð > 7 9 Ý Ú Ð Ò Ò Õ Ð Ù ! × Ð ? Ý ; 9 Ý

*$'$0(5 +DQV*HRUJ 3UREOHPDV HSLVWHPROyJLFRV GDV FLrQFLDV


KXPDQDV ,Q BBBBBB 
Ý A Ø Õ × Ð

@  #         +    +  ,  +   $    % #  + 

-DQHLUR(GLWRUDGD)XQGDomR*HW~OLR9DUJDV
*5$1-2 0DULD +HOHQD %LWWHQFRXUW "     5     #
 )LORVR¿D PRUDO H
HGXFDomR3HWUySROLV9R]HV
*8,0$5­(6 *OHQ\ 7HUH]LQKD 'XUR 2UJ  "    +         #    

+ $JQHV+HOOHUHPSHUVSHFWLYD3RUWR$OHJUH(',38&56
        -

+(//(5$JQHV B      #     5    % #  
5LRGH-DQHLUR3D]H7HUUD
.

< < ; Ý

+(//(5$JQHV)e+(5)HUHQF
Ý A Ø Õ

" +     C D     E   +   %  F     #  

GH-DQHLUR&LYLOL]DomR%UDVLOHLUD
.8+1 7KRPDV $ HVWUXWXUD GDV UHYROXo}HV FLHQWt¿FDV
Ý   Õ Î Ó á Õ !

3HUVSHFWLYD
/$9,//(&KULVWLDQ(PHGXFDomRKLVWyULFDDPHPyULDQmRYDOHDUD]mR
&XULWLEDYS
G

  +  C D      3    

257(*$)UDQFLVFR%LRSROtWLFDVGDVD~GHUHÀH[}HVDSDUWLUGH0LFKHO
)RXFDXOW$JQHV+HOOHUH+DQQDK$UHQGW %RWXFDWXYQ H    # I  + 

SVHWIHY'LVSRQtYHOHPKWWSZZZVFLHOREUVFLHOR
SKS"SLG 6 VFULSW VFLBDEVWUDFW WOQJ SW!
 . . . 0

Ú Ð Ò Ò Õ Ð Ù ! × Ð ? Ý ; 9 Ý

Ÿ ƒ »
            
                               !     

3$5$1È 6HFUHWDULD GH (VWDGR GD (GXFDomR )  #   #  J   +  # #  +    #  

SDUD R HQVLQR GH KLVWyULD QRV DQRV ¿QDLV GR (QVLQR )XQGDPHQWDO H
&XULWLED6((''LVSRQtYHOHPKWWSZZZ
G

       K L    M

HGXFDGRUHVGLDDGLDSUJRYEUDUTXLYRV)LOHGLUHWUL]HVGFHBKLVWSGI!
 0 . 0

Ú Ð Ò Ò Õ Ð Ù Õ Ó Ô Ý ; 9 Ý

5h6(1-|UQ&RQVFLHQWL]DomRKLVWyULFDIUHQWHjSyVPRGHUQLGDGHD

N

Ø Ò Ô à Ü Ø Î Ñ Î Ð Ü Î × Î ç Ñ Õ å Î Ø Ñ Ô Ü Î Ñ Ò Ï Î Ü ß Ñ Ú Ø Î è Ý

5    % #   - O     P          

&XULWLEDYQSMDQGH]
5h6(1 -|UQ  2ULHQWDo}HV HQWUH R RQWHP H R 6     #  I  J       

DPDQKm3HWUySROLV9R]HV
BBBBBB'LGiWLFDGDKLVWyULDSDVVDGRSUHVHQWHHSHUVSHFWLYDVDSDUWLU
3RQWD*URVVDYQS
G

× Õ Ú Î Ò Õ Î á Ð Ù  Õ Ý =

# * Q     +    3 

Ó á Ý 7 × Ð ? Ý ; 9 9 8 Ý

BBBBBB +LVWyULD HQWUH D PRGHUQLGDGH D SyVPRGHUQLGDGH 5    % #   -

O
&XULWLEDYQSMDQGH]
    P          

BBBBBB  7HRULD GD +LVWyULD ,,, IRUPDV H IXQo}HV GR 5    % #   3  3 

FRQKHFLPHQWRKLVWyULFR%UDVtOLD(GLWRUDGD8QLYHUVLGDGHGH%UDVtOLD
; 9 9 R ã Ý

BBBBBB
â
N

Ý S Ð Õ Ü Ø Î × Î Ø Ò Ô à Ü Ø Î ! Õ Ò Ó Ñ × Î Ù Ð Ñ Ô Õ Ò × Î Ú Ø ß Ñ Ú Ø Î

  J D  5    % #  + 

+LVWyULFD%UDVtOLD(GLWRUD8Q%
BBBBBB
N

Ý S Ð Õ Ü Ø Î × Î Ø Ò Ô à Ü Ø Î T T ! Õ Ò Ï Ü Ø Ñ Ú ä Ï Ø Õ Ò

  +     #  C D          

GDSHVTXLVDKLVWyULFD%UDVtOLD(GLWRUD8Q%D
6$'',5DIDHO'LGiWLFDGDKLVWyULDQD$OHPDQKDHQR%UDVLOFRQVLGHUDo}HV
VREUHRDPELHQWHGHVXUJLPHQWRGD1HX*HVFKLFKWVGLGDNWLNQD$OHPDQKD
HRVGHVD¿RVGDQRYDGLGiWLFDGDKLVWyULDQR%UDVLO &DWDOmRY @    

QSMXOGH]
6(9,//$6HUJLR+LVWRULD\SRVWPRGHUQLGDGHOGLDJQyVWLFRGHÈJQHV
0XUFLDQS'LVSRQtYHOHPKWWS
N

Ð á á Ð Ü Ý

)     

UHYLVWDVXPHVGDLPRQDUWLFOHYLHZ)LOH!$FHVVRHPRXW
.

; 9 9 Ý

Ÿ ƒ ½
            
                               !     

6,/9$9DQGHt3LQWRGD&RWLGLDQRH¿ORVR¿DQRHQVLQRPpGLRPHGLDo}HV
,Q 5(81,­2 $18$/ '$ $13(G   &D[DPEX $QDLV
&D[DPEX$VVRFLDomR 1DFLRQDO GH 3HVTXLVD H 3yV*UDGXDomR HP
(GXFDomR'LVSRQtYHOHPKWWSZZZDQSHGRUJEUUHXQLRHV
â :

. . . / .  . . . 0

Ô Ð  Ô Õ Ò 7 ý Ô R 7 ý Ô R R Ø Ñ Ô Ý Ü Ô Ý Ú Ð Ò Ò Õ Ð Ù ! × Ð ? Ý ; 9 Ý

7250(< 6LPRQ )URP ³UDWLRQDO XWRSLD´ WR ³ZLOOWRXWRSLD´ RQ WKH


³SRVWPRGHUQ´WXUQLQWKHUHFHQWZRUNRI$JQHV+HOOHU 0XUFLD )     

Q  S   'LVSRQtYHO HP KWWSHSULQWVQRWWLQJKDP


DFXN!$FHVVRHPGH]

A Ð Ú Ð ã Ø × Õ Ð Ù Î ý Õ Ò Ô Õ × Ð ; 9 8 Ý

 .

Ï Ü Õ å Î × Õ Ð Ù Ó Ñ Û Õ × Ð ; 9 R Ý

Ÿ ƒ #

You might also like