Cerriheller Rusen PDF
Cerriheller Rusen PDF
Cerriheller Rusen PDF
!
^ _ _ ` 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
2DUWLJRGLVFXWHDVSRVLo}HVGH-|UQ5VHQHGH$JQHV
8 9 : ; < = >
+HOOHUVREUHFRQVFLrQFLDKLVWyULFDHVXDVLPSOLFDo}HVSRVVtYHLV
SDUDD'LGiWLFDGD+LVWyULD&RQVFLrQFLDKLVWyULFDpHQWHQGLGDFRPR
XPFRQMXQWRGHSURFHVVRVSDUDDWULEXLUVHQWLGRVHVLJQL¿FDGRV
TXDQWRDRWHPSRHTXHVHH[SUHVVDPHPGLIHUHQWHVFHQiULRV$
DUJXPHQWDomRVHGHVHQYROYHFRWHMDQGRDVREUDVHPTXH5VHQ
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-|UQ5VHQDQG$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
" # $
!
DERXWWLPHZKLFKH[SUHVVHVWKHPVHOYHVLQGLIIHUHQWVFHQDULRV
7KH DUJXPHQWDWLRQ LV GHYHORSHG FROODWLQJ WKH ZRUNV RI 5VHQ
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 : > G N J T P H G H L K J G K N Q R M S T P T M G N J T P Q G N J T P J S L K M G V Q
&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 S N N T P S N S ] P T S N N T P L N H S M G N J O P G L N T Z P S
"
!
Y G V M L N [ J T ] G L N ] T \ 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 S P G P Q
" "
!
$FDUDFWHUtVWLFDKXPDQLVWDGDSHUVSHFWLYDUVHQLDQDVREUH
D FRQVFLrQFLD KLVWyULFD HP VHQWLGR DPSOR RX VHMD FRPR
P S K T V M S K G Y S V J T H L M T P G T V J L \ G H L H S V L N H G S P S V L N S V J P S L N
FXOWXUDVSHUPLWHXPFRWHMDPHQWRFRPDSHUVSHFWLYDGH$JQHV
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 [ V H L P L K T Y ] P S S V N T N T Z P S T
"
!
FRQFOXVmRDSDUWLUGRVGHVD¿RVGDFRQVFLrQFLDKLVWyULFDGLDQWH
GDSyVPRGHUQLGDGH7UDWDVHGRPRGRJHQpWLFRGHSURGXomRGH
VHQWLGRHP5VHQHGDUHVSRQVDELOLGDGHSODQHWiULDHP+HOOHU
(PDPERVRVFRQFHLWRVVHYLVOXPEUDXPDSURMHomRHVSHUDQoRVD
GLDQWHGRIXWXURWHPDTXHFRQVLGHUDPRVHVVHQFLDOSDUDRHQVLQR
GHKLVWyULDHDFRQVWLWXLomRSUR¿VVLRQDOGHVHXVSURIHVVRUHV
§ T Z P L H S S \ \ S P J P L V N 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}HVGLYHUVDV6(9,//$7250(<
*5$1-21R%UDVLOVXDREUDpFRQKHFLGDSULQFLSDOPHQWH
] S \ L Y T Z G \ G L 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$57( § V S N S \ \ S P V L N K S [ V L [ V P G L S G V N J P [ G [ N S V L J P L H G T
PDU[LVWD)RLGLVFtSXODGH*/XFNiFVHPXGRXVHHPSDUD
D$XVWUiOLDHGHSRLVSDUDRV(VWDGRV8QLGRVFRQFRPLWDQWHPHQWH
DRVHXSURJUHVVLYRDIDVWDPHQWRSULPHLURGH0DU[HGHSRLVGR
SUySULR/XFNiFV(VVHGHVORFDPHQWRSRURXWURODGRWDPEpPVH
OLJDjVVXDVLQGDJDo}HVUDGLFDLVVREUHDOLEHUGDGHHDDXWRQRPLD
H G L V J S H L ] P T H [ T S P S ] P T H [ 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
WHRULDGDKLVWyULDHQJDMDGDQRVLGHDLVGHOLEHUGDGHLJXDOGDGHH
P L J S P V G H L H S Q
" ¢
!
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 L T H S V S K S N N G H L H S N
GHRXWURVLQGLYtGXRVWDPSRXFRGHSURMHWRVFROHWLYRV+(//(5
© ª ª ¬ ± Q 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 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¿UPDDSRVVLELOLGDGHH
QmRDQHFHVVLGDGHGRVRFLDOLVPRHYDORUL]DOLEHUGDGHLJXDOGDGH
S P L J S P V G H L H S G G H L N S Y S N ] 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 [ 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
-|UQ5VHQQDVFHXHGHVHQYROYHXVXDFDUUHLUDDFDGrPLFD
&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 T Q
$REUDGH5VHQGHPDLRUFRQKHFLPHQWRHGLIXVmRQR%UDVLO
pDWULORJLDHPTXHVLQWHWL]DVXDVFRQVLGHUDo}HVVREUHDWHRULD
GDKLVWyULD³5D]mR+LVWyULD´5h6(1³5HFRQVWUXomRGR
SDVVDGR´5h6(1DH³+LVWyULDYLYD´5h6(1E2V
\ 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 5VHQ 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-HLVPDQQVHJXQGR6DGGLIRUPDP
FRP5VHQRVSULQFLSDLVQRPHVGHVVDWUDMHWyULDLQWHOHFWXDOTXH
] 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
$FRQVFLrQFLDKLVWyULFDQHVVHJUXSRGHUHÀH[mRpGH¿QLGD
Y N S V J G H T L Y ] \ T K T Y T T K T V [ V J T H T N ] P T K S H G Y S V J T N Y S V J L G N
SHORVTXDLVLQGLYLGXDOHFROHWLYDPHQWHRSDVVDGRpDVVLPLODGR
HDYDOLDGRFRPRH[SHULrQFLDSHVVRDOHH[SHULrQFLDWUDQVPLWLGD
RSUHVHQWHpGHFLIUDGRFRPRFDPSRGDVGHFLV}HVHDo}HVHP
YLVWDGDVH[SHFWDWLYDVGH¿QLGDVSDUDRIXWXUR(PVXPDWUDWD
VHGRPRGRSHORTXDORVJUXSRVGmRVHQWLGRDRWHPSRHDJHP
GHDFRUGRFRPHVWHVHQWLGR2TXHH[SOLFDDSUR¿FXLGDGHGHVVH
FRQFHLWR QR HQIUHQWDPHQWR GDV GLYHUJrQFLDV LQWHUJHUDFLRQDLV
DVVLPFRPRDVTXHVW}HVGDFXOWXUDKLVWyULFDDOHPmHPIXQomR
H T S V P S V J L Y S V J T H T ] L N N L H T V L K G T V L \ P S S P S V J S L T M T \ T K L [ N J T
MXGHX5VHQTXDOL¿FDHVVDYLUDGDQDGLGiWLFDGD+LVWyULDFRPR
XP HOHPHQWR LQWHJUDQWH GD PXGDQoD GH SDUDGLJPD SHOD TXDO
R HVWXGR GD GLVFLSOLQD SDVVRX QD HQWmR$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 T
5h6(1S
&DUGRVRLQGLFDDLQGDTXHRFRQFHLWRGHFRQVFLrQFLD
KLVWyULFDpXPDUHIHUrQFLDIXQGDPHQWDOSDUDRWUDEDOKRGHUHÀH[mR
TXH5VHQGHVHQYROYHVREUHDSUySULDKLVWyULDDKLVWRULRJUD¿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 T N S H S N S V T \ S H S I P G L N
RXWUDVIRUPDVVHQGRTXHDFLrQFLDGDKLVWyULDQDGDPDLVpTXH
XPDIRUPDPHWRGL]DGDHDOWDPHQWHUDFLRQDOL]DGDGDTXHODUHODomR
HVVHQFLDOGRKRPHPFRPRWHPSR&$5'262S
]
5VHQHQIUHQWDUiRVGLOHPDVSRVWRVSHODSyVPRGHUQLGDGH
L P L T K L Y ] T H L M G N J O P G L S N [ L P S \ S ® V K G L N T K G L \ K T Y [ Y L ] T N J [ P L
SHUPHiYHOjFUtWLFDPDV¿UPHPHQWHHVWDEHOHFLGDHPWRUQRGD
UD]mRFRPRSULQFtSLR(VVDSRVWXUD¿FDEHPH[SUHVVDQDHStJUDIH
H S [ Y H T N N S [ N H T G N J S ¯ J T N ] [ Z \ G K L H T N V T ¾ P L N G \ V T K L \ T P H L N
GLVFXVV}HVVREUHDSyVPRGHUQLGDGHHQVHMDGRVSHORVDPSORV
HIHLWRVGDJOREDOL]DomRHQRH[DWRFRQWH[WRGDTXHGDGRPXUR
H S ¾ S P \ G Y ¿ ² ¡ N T V M T H L P L T ] P T H [ Y T V N J P T N ³ Q P S N S V J S S Y
XPD GDV REUDV GR SLQWRU *R\D HVVD IUDVH p HStJUDIH GR WH[WR
³&RQVFLHQWL]DomRKLVWyULFDIUHQWHjSyVPRGHUQLGDGH´5h6(1
2XWURDUWLJRGRDXWRUQXPFRQWH[WRSDUHFLGRp³$KLVWyULD
HQWUHDPRGHUQLGDGHHDSyVPRGHUQLGDGH´5h6(12
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
FRQMXQWRGHHQVDLRVGH5VHQSXEOLFDGRUHFHQWHPHQWHQR%UDVLO
5h6(1 Á
[ L V J T K P 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
5VHQUHMHLWDDVD¿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 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 J G K L S N ] S K 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
HSUHVHQWHQDUHFRQVWUXomRGRSDVVDGRTXHVHVXVWHQWDQHODV$R
DVVXPLUHVVDSHUVSHFWLYD5VHQUHFRQKHFHTXHRFRPSRQHQWH
SRpWLFRHUHWyULFRGDQDUUDWLYDKLVWyULFDFLHQWt¿FDHPERUDWHQKD
VLGRGHVSUHVWLJLDGRQDWUDMHWyULDGDGLVFLSOLQDDRORQJRGRVpFXOR
;;QmRpLQFRPSDWtYHOFRPDUHLYLQGLFDomRGHFLHQWL¿FLGDGHGD
+LVWyULD3HORFRQWUiULRUHVSRQGHUDRVGHVD¿RVDWXDLVjKLVWyULD
SDVVDSDUDRDXWRUSHODUHLQWHJUDomRWHyULFDHSUiWLFDGHVWDV
GLPHQV}HV
L
(P VtQWHVH WDQWR 5VHQ TXDQWR +HOOHU FRLQFLGHP QR
K T \ M G Y S V J T L L N ] S K J T N P S \ S L V J S N H L K P J G K L ] O N Y T H S P V L
N T Z P S T K T V M S K G Y S V J T P L K G T V L \ S N T Z P S T ] P T S J T ] T \ J G K T N T K G L \
GDPRGHUQLGDGH(VVHDFROKLPHQWRTXHID]DFHLWDUHLQFRUSRUDU
FUtWLFDVDRVSRVWXODGRVGDPRGHUQLGDGHQDVFLGRVHQWUHRXWUDV
WUDGLo}HV QR KXPDQLVPR QmR VLJQLILFD XP DEDQGRQR GDV
SUHWHQV}HV GH UDFLRQDOLGDGH GR FRQKHFLPHQWR WDPSRXFR GDV
" #
!
£ £ £
FRQVFLrQFLDKLVWyULFDQmRpGLIHUHQWHKiSHORPHQRVGRLVJUDQGHV
JUXSRV GH LQWHUSUHWDomR XP TXH HVWDEHOHFH D FRQVFLrQFLD
KLVWyULFDFRPRUHFXUVRHVFDVVRDRTXDOVHSRGHDFHGHUPHGLDQWH
GHWHUPLQDGDVFRQGLo}HVHHVIRUoRVHRXWURTXHFRQVLGHUDTXHD
FRQVFLrQFLDKLVWyULFDpXPDFRQVWDQWHDQWURSROyJLFDXPDFRQGLomR
H L S ¯ G N J V K G L M [ Y L V L Q É
-|UQ5VHQH$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 S P S V 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
$REUD³8PDWHRULDGDKLVWyULD´HPTXHVHWUDEDOKDRFRQFHLWR
T V N K G V K G L M G N J O P G K L S Y Z [ N K L H L T P Y [ \ L T H S [ Y L J S T P G L
GD KLVWyULD p SRQWR GH LQÀH[mR QD REUD GH +HOOHU$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
$VVLPHODUHÀHWHQXPVHQWLGRSUy[LPRDRGH+DQQDK$UHQGW
TXHWDPEpPGHOLQHRXVXDFUtWLFDD0DU[DSDUWLUGRLPSHGLPHQWR
DR1RYRTXHSRGHULDVHGHVGREUDUGHVHXSHQVDPHQWR+HOOHU
LGHQWL¿FDTXHDVLGHLDVGHSURJUHVVRHGHOHLVJHUDLVGDKLVWyULDVmR
XPDFULDomRGDFLYLOL]DomRPRGHUQDQR¿QDOGRVpFXOR;9,,,QmR
XPDOyJLFDXQLYHUVDOTXHVHDSOLTXHDTXDOTXHUWHPSR*5$1-2
S,VVRQmRVLJQL¿FDTXHDQRomRGHSURJUHVVRVHMD
$ORQJDUHÀH[mRVREUHRV
H S N K L P J L H L H S N [ L J S T P G L H L M G N J O P G L Q Ì
HVWiJLRVGDFRQVFLrQFLDKLVWyULFDQDSULPHLUDSDUWHGH³8PDWHRULD
GDKLVWyULD´QmRWHPXP¿PHPVLPHVPDSRLVpDEDVHSDUD
VHXSUySULRSURMHWRGHSUHVHQWHHGHIXWXUR1DREUDGH5VHQ
RFRQFHLWRGHFRQVFLrQFLDKLVWyULFDWHPXPFDUiWHUWUDQVYHUVDO
RFXSDQGRXPHVSDoRSULYLOHJLDGRHQWUHRXWURVFRQFHLWRVFKDYH
HPERUD Yi VRIUHQGR SHTXHQDV RULHQWDo}HV H DMXVWHV DR ORQJR
H T ] P T K S N N T H S H G I \ T T K T Y T [ J P T N L [ J T P S N S K T Y H G S P S V J S N
K T V J S ¯ J T N N T K G T ] T \ J G K T N S K [ \ J [ P L G N Q
3DUD$JQHV+HOOHUFRQVFLrQFLDKLVWyULFDpD³>@UHVSRVWDj
SHUJXQWDµ'HRQGHYLHPRVRTXHVRPRVHSDUDRQGHYDPRV¶´
+(//(5S3DUD-|UQ5VHQDFRQVFLrQFLDKLVWyULFD
SRGHVHUGH¿QLGDFRPR³>@DVXPDGDVRSHUDo}HVPHQWDLVFRP
DV TXDLV RV KRPHQV LQWHUSUHWDP VXD H[SHULrQFLD GD HYROXomR
+HOOHUGH¿QHSURJUHVVRFRPRWRGRWLSRGHDomRFXMRVUHVXOWDGRVVmRVHPSUH
Í
" $
!
WHPSRUDOGHVHXPXQGRHGHVLPHVPRVGHIRUPDWDOTXHSRVVDP
RULHQWDULQWHQFLRQDOPHQWHVXDYLGDSUiWLFDQRWHPSR´5h6(1
S+HOOHULQWHUHVVDGDHPFRQVWUXLUSURSRVWDVGHDomR
SDUD D KXPDQLGDGH H 5VHQ SUHRFXSDGR FRP RV UXPRV GD
KLVWRULRJUD¿DWUDWDPGDPHVPDFRLVDRIHQ{PHQRFXOWXUDOSHOR
TXDOSHVVRDVHJUXSRVGmRVHQWLGRDRWHPSRHDVLPHVPRVQR
WHPSR2FRQWH~GRGHVVDVUHVSRVWDVpFRQVWUXtGRSRU+HOOHUH
5VHQFRPHVWUDWpJLDVHFRPVXEVWkQFLDVGLVWLQWDV5VHQEXVFD
QDFDUDFWHUL]DomRGDFRQVFLrQFLDKLVWyULFDXPDHVWUXWXUDGHWLSRV
LGHDLVSURJUHVVLYDPHQWHPDLVFRPSOH[RVHQTXDQWRDHVWUDWpJLD
H S S \ \ S P J S Y L S P K T Y L K T V K S G J [ L \ G L T L ] L P J G P H S P S S P V K G L N L
FHQiULRVKLVWyULFRVTXHHPERUDSUHVRVDXPDVHTXrQFLDFDQ{QLFD
DVVRFLDGDjJUDQGHQDUUDWLYDGDKLVWyULDRFLGHQWDOSUHWHQGHVHU
VLJQL¿FDWLYDSDUDDOpPGRVFDVRVSDUWLFXODUHV
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
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 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 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 L N L V J G H S Y T K P I J G K L N Q
(P5VHQDFRQVFLrQFLDKLVWyULFDDSDUHFHSULPHLUDPHQWH
GHVDJUHJDGD HP TXDWUR WLSRV WUDGLFLRQDO H[HPSODU FUtWLFR H
JHQpWLFR0HVPRDGYHUWLQGRTXHVHWUDWDPGHLGHDLVHQmRGH
XPDWD[RQRPLDGHFRQVFLrQFLDVHQFRQWUiYHLVHPSLULFDPHQWHIRL
" $
!
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 T H T N J G ] T N Z I N G K T N
GHSDVVDGRHSUHVHQWHWRUQDRWHPSRDEVWUDWRDRHOHJHUVLWXDo}HV
XQLYHUVDLVHPTXHHPJHUDOVHUHSHWHPSULQFtSLRVQRVTXDLVR
" $ "
!
SDVVDGRpWRPDGRFRPRH[HPSORSDUDVLJQL¿FDURSUHVHQWHHR
IXWXURFUtWLFRDQDUUDWLYDQHJDRVIXQGDPHQWRVHDVFRQGLo}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 L J T P S N ¿ K T \ S J G G H L H S ë G V H G H [ T Â ] 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
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[DPGHXVDUGHIRUPDGHVLJXDORVTXDWURPRGRVGHJHUDomR
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
" $
!
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
] 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
FDGD XP GHOHV &XPSUH D¿UPDU DLQGD TXH R TXDGUR JHUDO GRV
" $ ¢
!
S N J P [
$LGHLDGHJHQHUDOLGDGHQmRUHÀHWLGDSRGHVHUSHQVDGDFRPR
J [ P L Z I N G K L ] L P L T Y T H T J P L H G K G T V L \ H S S P L T H S N S V J G H T
GH5VHQ&RPRWDOVREUHYLYHQDFRQWHPSRUDQHLGDGHVHPSUH
TXHDOJXPIDWRUGDFXOWXUDKLVWyULFDGHVDSDUHFHGRKRUL]RQWHGH
HOHPHQWRVKLVWyULFRVLVWRpSDVVDGHVSHUFHELGRpWRPDGRFRPR
IRUDGDKLVWyULDLVHQWRGHKLVWRULFLGDGHVHPWHPSR2WUDGLFLRQDO
HVWiOLJDGRDDOJXPDIRUPDGHQDUUDWLYDGHRULJHPTXHHVWUXWXUD
RUGHQV H FRPSRUWDPHQWRV PHVPR GHQWUR GDV VRFLHGDGHV
XPH[HPSORSRGHULD
Y T H S P V L N S ] O N Y T H S P V L N Q î + / ( ( / ï / . /
VHUR³GHVFREULPHQWRGR%UDVLOSHORVSRUWXJXHVHV´PLWRGHRULJHP
TXHSHUPLWHRUGHQDUQRVSHODFRQGLomRHXURSHLD$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
SRUTXHRWH[WRIXQGDQWHQmRpSDVVtYHOGHLQWHUSUHWDomRQmRp
UHODWLYL]iYHOHOHHQFDUQDSULQFtSLRVXQLYHUVDLV$SHVDUGLVVRRX
H[DWDPHQWHSRULVVRDDomRLQGLYLGXDORXFROHWLYDpGLVFXWtYHO
" $ °
!
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
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 T P Y L 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 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 T P Y L N H G N J G V J L N
QRVHVWiJLRVGDSDUWLFXODULGDGHUHÀHWLGDHPJHQHUDOLGDGHFXMRV
Y T H S \ T N N T L P S V L N K S V 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
UHÀHWLGDFRQWH[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 L H T S Y [ V 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 S P S V J S Y S V J S H T N Y T H T N H S S P L T H S N S V J G H T M G N J O P G K T
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 T J S \ H T § Z G N Y T P S ] P S N S V J L
T K T V 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 T
" $ ½
!
SURFHVVRVTXHVRIUHPRVHQWUHJDUVHjYLROrQFLDPDUJLQDOL]DomR
SDWRORJL]DomRIXQGDPHQWDOLVPRVPtVWLFRUHOLJLRVRV
+HOOHUSURS}HTXHRHVWiJLRDWXDOGHFRQVFLrQFLD KLVWyULFD
VHMD SHQVDGRFRQVWUXtGR FRPR 5HVSRQVDELOLGDGH 3ODQHWiULD R
TXHVypSRVVtYHODEDQGRQDQGRDLGHLDGHTXHRIXWXURIRLSUp
HVWDEHOHFLGRHSRUWDQWROLPLWDQRVVDVDo}HV¿ORVR¿DGDKLVWyULD
HDGRWDQGRRIXWXURFRPRSURMHWRFRPHVSDoRSDUDDSOXUDOLGDGHD
LQFHUWH]DHRFRPSURPLVVRWHRULDGDKLVWyULD+HOOHUDFUHGLWDTXH
VXDUHÀH[mRVREUHFRQVFLrQFLDKLVWyULFDSUHSDUDSDUDDSURSRVWD
PDLRUXPSURMHWRTXHpVRFLDOLVWDSRUTXHEDVHDGRHPOLEHUGDGH
G [ L \ H L H S S P L J S P V G H L H S ê S V T V L ] P T H [ T T [ V T K L ] G J L \ ± Q §
SDUWLUGDtSDUDHODVHUiSRVVtYHODWULEXLUVHQWLGRjKLVWyULDSRU
PHLRGDKLVWRULRJUD¿DFRPEDVHQRVYDORUHVFRPRVTXDLVQRV
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 T L K J [ L \
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 [ T H S V T T N [ 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 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 L 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 L Z S P Y L N ± S T Z P G L T H S ] P T ] T P
WLSRGHWHRULDGDKLVWyULDQmRJDUDQWLUiRr[LWRGRVLGHDLVPDV
N [ N J S V J L P I L ] S P N S S P L V 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
(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 T N T Z P S T N ] P T K S N N T N
H S L J P G Z [ G 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 S \ \ S P ] S P Y G J S L
L ] P T ¯ G Y L T K T Y [ J T ] G L N ] T \ 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 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 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
$PpOLRUHUO¶pJDOLWpGHVFKDQFHVGHWRXVOHVpOqYHV/HVSUpSDUHUDX
PLHX[DXPRQGHGHSOXVHQSOXVFRPSOH[HTXLOHVHQWRXUH/HXU
GRQQHUXQVHQVFULWLTXHUpHO
eXPDVHPHQWLQKDTXHHXPHVLQWRQDREULJDomRGHSODQWDU^ULVRV`
6H LVVR YDL LQÀXHQFLDU RX QmR FRPR R HVSDoR p FXUWR HX QmR
FRQVLJRSHUFHEHUPDVHXFRQVLJRSHUFHEHUDYDQoRVPHVPRTXH
Ò Ð Î Ò Õ ã Ü Ð Õ Ú Õ Ñ Ô Ð × Õ Ù Ð Ò Ù Õ Ý
>0HOKRUDU@DUHODomRGHOHVFRPRHQVLQR3RUTXHRDOXQRGH(-$
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
" $ $
!
(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
(P5VHQHVVDFRQFHSomRGHXPIXWXURDEHUWRTXHFRQVLGHUD
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 5VHQ 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 [ J [ P T Q § ] P T S T H T [ 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
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
$XWRSLDSRUVXDYH]YDLDOpPGRTXHpYLVWRFRPRIDFWtYHO
QRPRPHQWRpRH[DJHURGDUHSUHVHQWDomRGRTXHGHYHULDRX
SRGHULDYLUDVHUVHMDGHVHMRVHMDPHGRSDUDDOpPGROLPLWH
!
Ú Õ Ñ Ò Ú Ø ß Ñ Ú Ø Î Ó Ô à Ï Ø Ú Î ã Î Ò Ð Ø Î Ö Ò Ð Ñ Ó Ù Ò Ó Ï Ð Ü å Ø Ô × Ð Ú Î Ü ß Ñ Ú Ø Î Ò Ú Õ Ù
â â
Ü Ð Ò Ï Ð Ø Ô Õ Î Õ Ò Ù Ð Ø Õ Ò × Î × Õ Ò × Ð Ò Ó Î Ò Î Ô Ø Ò Î Õ Ý á Î Ï Õ Ò Ò Ó Ø Î Ó Ñ Õ
@ Æ ¥ Ã ¥ Ä ¥ ¦ ¤ ¤ ¦ Ä Ã Ä ¥ Å Ä ¥ ¦ ¦ Æ ¥ Ã Ç ¥ ¦ Ä
£ £
¤ Ã
à ¦ ¥ ¥ ¦ ¤
¦ ¤
¥ ¦
1RV DQRV DLQGD HP SOHQD DPHDoD GH XPD JXHUUD
QXFOHDUHQWUHQRUWHDPHULFDQRVHVRYLpWLFRVDVpULHGHWHOHYLVmR
&RVPRVDEULXDVMDQHODVGRSHQVDPHQWRFLHQWt¿FRDPHLRELOKmRGH
WHUUiTXHRVTXHDVVLVWLUDPjVpULH$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 [ T H S
VHQWLGRKLVWyULFRTXH5VHQEDWL]RXFRPR³JHQpWLFR´HTXH+HOOHU
N T \ [ K G T V L K T Y L [ J T ] G L Q
"
!
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
§ 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 [ N T H L
FRQVFLrQFLDKLVWyULFDHVWDEHOHFHPWDQWRSDUD+HOOHUTXDQWRSDUD
5VHQXPDWDUHIDGXSODDFRPSUHHQVmRGDSyVPRGHUQLGDGH
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 S P S L K T Y T I \ G H T ] T P S N J L P 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$UD]mRDVVLPFRPRDYHUGDGHQmR
p DEVROXWD QHP LQDFHVVtYHO FROHWLYDPHQWH DR ¿FDU HQFHUUDGD
!
HPPXQGRVSDUWLFXODUHVPDVVLPUHODFLRQDORXVHMDFRQVWUXtGD
VREUHRDOLFHUFHGRVFRQVHQVRVSRVVtYHLVRXVHJXQGR5VHQ
² P L K G T V L \ ³ V T N S V J G H T H T K L P I J S P L P [ Y S V J L J G T G V H G N N T K G I S \ H L
GH¿QLomRGRVFRQVHQVRVSRVVtYHLV2TXH+HOOHUSRGHDSRUWDU
QXPWRPPDLVSROtWLFRpTXHWRGRHVVHDSDUDWRID]VHQWLGRQD
SHUVSHFWLYD GH SURGX]LU FRQVHQVRV TXH HYLWHP R VRIULPHQWR H
Y L ¯ G Y G S Y L S \ G K G H L H S ] T N N S \ Q
R P L J L N S H S [ Y L ] S P N ] S K J G L L T Y S N Y T J S Y ] T S N ] S P L V T N L
HFLHQWHFpWLFDGHVXDIUiJLOFRQGLomRGHSHQGHQWHGRVVXFHVVRVH
FRQVHQVRVFRQVWUXtGRVFRPSUHHQVmRHPTXHVHQRWDPDLVXPD
YH]DLQÀXrQFLDGDFRQFHSomRGHSROtWLFDHGHPLODJUHGH$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
] O N Y T H S P V L L T ] L ] S \ ] T \ 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
¢
!
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 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
(QWUHWDQWR5VHQQmRHVWHQGHVXDVFRQVLGHUDo}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 ) * + $ % # + + , +
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
°
!
&$5'2622OGLPDU3DUDXPDGH¿QLomRGHGLGiWLFDGDKLVWyULD 3
6mR3DXORYQS
4
# # 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
@ # + + , + $ % # +
-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
»
!
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
O
&XULWLEDYQSMDQGH]
P
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
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
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
#