Baixe o app para aproveitar ainda mais
Prévia do material em texto
2�EULJDGHLUR�p�XP�GRV�GRFHV�PDLV�DPDGRV�GR�%UDVLO��p�TXDVH LPSRVVtYHO�QyV�LUPRV�HP�XPD�IHVWD�GH�DQLYHUViULR�H�QmR�WHU EULJDGHLURV��DOpP�GH�VHU�WmR�VDERURVR��R�EULJDGHLUR�WDPEpP WHP�WUDQVIRUPDGR�D�YLGD�GH�PXLWDV�PXOKHUHV��R�EULJDGHLUR�WHP XP�SRGHU�HQRUPH�QDV�PmRV�GH�PXOKHUHV�HPSUHHQGHGRUDV��SRLV RV�FXVWRV�SDUD�ID]HU�XP�EULJDGHLUR�VmR�PXLWR�EDL[RV�H�HOH�p WmR�JRVWRVR�TXH�DR�YHQGr�ORV�QyV�FRQVHJXLPRV�XPD�DOWD PDUJHP�GH�OXFUR�DOpP�GH�YHU�R�VRUULVR�QR�URVWR�GRV�QRVVRV FOLHQWHV�DR�H[SHULPHQWDU�R�QRVVR�EULJDGHLUR� 0DV�TXDO�D�GLIHUHQoD�HQWUH�R�EULJDGHLUR�JRXUPHW�H�R WUDGLFLRQDO" 2�EULJDGHLUR�JRXUPHW�YHP�FRP�XPD�URXSDJHP�QRYD��WUD]HQGR PDLV�UHTXLQWH�H�TXDOLGDGH�DR�WUDGLFLRQDO��DOpP�GH�GDU�iJXD�QD ERFD� 2�EULJDGHLUR�JRXUPHW�XWLOL]D�LQJUHGLHQWHV�ILQRV�FRPR�D PDQWHLJD�IUDQFHVD��TXH�R�GHL[D�PDLV�DYHOXGDGR�H�WUD]�PDLV FRU�H�EULOKR��PXLWDV�UHFHLWDV�GR�EULJDGHLUR�JRXUPHW�VmR�IHLWDV FRP�FKRFRODWH�EHOJD��SRLV�p�XP�GRV�PHOKRUHV�FKRFRODWHV�GR PXQGR��RX�VHMD��R�EULJDGHLUR�JRXUPHW�p�DLQGD�PDLV�LUUHVLVWtYHO TXH�R�QRVVR�WUDGLFLRQDO� 8PD�GDV�SULQFLSDLV�GLIHUHQoDV�HQWUH�R�WUDGLFLRQDO�H�R�JRXUPHW HVWi�QDV�PmRV�GH�TXHP�ID]��SRLV�QmR�DGLDQWD�VDLU�PLVWXUDQGR LQJUHGLHQWHV�FDURV�VHP�WHU�XP�FRQKHFLPHQWR�SUpYLR�H�R HQVLQDPHQWR�QHFHVViULR�� 26&.�/m0�(045"�%&�#3*("%&*30 #3 *("%& * 30 �(063.&5 $OpP�GH�VHU�GHOLFLRVR�R�EULJDGHLUR�WHP�XP�SRGHU�FRPHUFLDO HQRUPH��H[LVWHP�PXLWDV�PXOKHUHV�TXH�JDQKDP�GH���D���PLO UHDLV�SRU�PrV�YHQGHQGR�EULJDGHLURV��4XDQGR�QyV�DSUHQGHPRV TXDO�R�PHOKRU�MHLWR�GH�YHQGHU��HVWUDWpJLDV�GH�PDUNHWLQJ�H SURSDJDQGD�H�FRQVHJXLPRV�ID]HU�XP�EULJDGHLUR�GH�TXDOLGDGH QmR�Ki�EROVR�TXH�UHVLVWD� 8PD�GDV�JUDQGHV�YDQWDJHQV�GHU�FRPHoDU�XP�QHJyFLR�GH EULJDGHLUR�p�TXH�R�LQYHVWLPHQWR�SDUD�FRPHoDU�p�PXLWR�EDL[R� QR�LQLFLR�QyV�SUHFLVDPRV�DSHQDV�GH�QRVVD�PmR�GH�REUD�H�FHUFD GH�5��������GH�LQYHVWLPHQWR��TXH�TXDQGR�IHLWR�FRP�TXDOLGDGH Mi�FRQVHJXLPRV�R�UHWRUQR�GR�LQYHVWLPHQWR�HP�PHQRV�GH���PrV� 4&3k�26&�7&/%&3�#3*("%&*30�s�-6$3"5*70 #3 *("%& * 30 �(063.&5 $0.0�7&/%&3�0�#3*("%&*30 8P�GRV�VHJUHGRV�SDUD�YHQGHU�R�EULJDGHLUR�p�D�HPEDODJHP��R YLVXDO�p�WXGR��H[LVWHP�PXLWRV�PRGHORV�GH�FDL[LQKDV�SDUD FRORFDU�YiULRV�EULJDGHLURV�MXQWRV�SDUD�SUHVHQWHDU��HVWD�p�XPD JUDQGH�HVWUDWpJLD�SDUD�QyV�FRQIHLWHLUDV��SRLV�DR�LQYpV�GH YHQGHU���EULJDGHLUR�SRU�SHVVRD��QyV�FRQVHJXLPRV�YHQGHU�PXLWRV SDUD�XPD�Vy�SHVVRD��DOpP�GR�YLVXDO�ILFDU�PXLWR�PDLV�ERQLWR�H YDORUL]DU�R�SUHoR�GR�GRFH��3DUD�YHQGHU�PDLV�p�LPSRUWDQWH�ID]HU HPEDODJHQV�GHFRUDGDV�GH�DFRUGR�FRP�DV�GDWDV FRPHPRUDWLYDV��4XH�QDPRUDGD�QmR�JRVWDULD�GH�JDQKD�XP FDL[D�GH�EULJDGHLURV�GH�SUHVHQWH�GR�QDPRUDGR" %ULJDGHLUR�GH�1XWHOOD� $GLFLRQH�DRV�LQJUHGLHQWHV�EiVLFRV� �����JUDPDV�GH�FKRFRODWH�DPDUJR������ �����JUDPDV�GH�FKRFRODWH�DR�OHLWH������ ������JUDPDV�GH�QXWHOOD� 1D�KRUD�GH�PRQWDU�R�EULJDGHLUR��XWLOL]H�D�VHJXLQWH�WpFQLFD� 0RGHOH�D�PDVVD�FRP�DV�PmRV�PROKDGDV�HP�iJXD�JHODGD� ID]HQGR�EROLQKDV� 3DVVH�R�FRQIHLWR�H�FRORTXH�QDV�IRUPLQKDV� 2�VHJUHGR�GDV�UHFHLWDV�HVWi�QD�FULDWLYLGDGH��HQWmR�DEXVH�GHOD WDPEpP�QD�KRUD�GH�FRQIHLWDU� 8P�GRV�VHJUHGRV�GR�EULJDGHLUR�p�R�SRQWR�FHUWR��HOH�p DOFDQoDGR�R�EULJDGHLUR�TXDQGR�GHVJUXGDU�GR�IXQGR�GD SDQHOD��HQWmR�HX�GHL[R�DSXUDU�SRU�PDLV���PLQXWRV�HP�IRJR EHP�EDL[R�DJRUD��VH�IRU�SDUD�FRPHU�FRP�FROKHU��DVVLP�TXH FRPHoDU�D�GHVJUXGDU�GHVOLJXH�H�VH�TXLVHU�GDU�XP�WRTXH HVSHFLDO��TXDQGR�HVWLYHU�PRUQR�DFUHVFHQWH�XPD�ODWD�GH�FUHPH GH�OHLWH��'HVWD�~OWLPD�PDQHLUD�GH�SUHSDUDU�ILFD�yWLPR�SDUD VHUYLU�HP�IHVWLQKDV�GHQWUR�GH�FRSLQKRV�GH�FDIp�FRP FROKHU]LQKD� 2XWUR�VHJUHGR�p�TXH�QD�KRUD�GH�HQURODU�R�EULJDGHLUR�QyV�QmR SRGHPRV�SDVVDU�PDQWHLJD�QD�PmR�SDUD�TXH�R�EULJDGHLUR�QmR ILTXH�FRP�JRVWR�DPDQWHLJDGR��QyV�GHYHPRV�FRORFDU�QRVVDV PmRV�HP�XPD�WLJHOD�FRP�iJXD�EHP�JHODGD�SDUD�TXH�R FKRFRODWH�QmR�JUXGH�QD�PmR��DVVLP�R�JRVWR�ILFD�LQLJXDOiYHO� "(03"�&6�706�5&�$0/5"3�"-(6."4�3&$&*5"4�%& #3*("%&*30�(063.&5�26&�70$t�/m0�10%&�$0/5"3�13" /*/(6s.��$0.#*/"/%0 #3 *("%& * 30 �(063.&5 %ROR�QR�SRWH�FRPR�QmR�DPDU�HVVD�GHOLFLD�TXH�WHP�VLGR�D�QRYD IHEUH�QR�PXQGR�GD�FRQIHLWDULD�QR�%UDVLO��D�PDVVD�TXH�XP�GLD QmR�ILFRX�WmR�IRILQKD�FRPR�R�HVSHUDGR�IRL�SDUD�XP�SRWLQKR�H LQWHUFDODGD�FRP�XP�GHOLFLRVR�UHFKHLR����7FKDUDQ��6XUJH�D LUUHVLVWtYHO�H�TXHULGLQKD�VREUHPHVD�TXH�WHP�IHLWR�D�FDEHoD�GH WRGRV��R�EROR�QR�SRWH� *RVWDU�GH�EROR�ID]�SDUWH�GRV�FRVWXPHV�GR�QRVVR�%UDVLO�TXH VHPSUH�IRL�XP�UDPR�PXLWR�OXFUDWLYR��XPD�YH]�TXH�XP�GRV VHJPHQWRV�GD�IUDQFKLVLQJ�TXH�PDLV�FUHVFH�QR�VHWRU�GH DOLPHQWRV�QRV�~OWLPRV�WHPSRV�p�H[DWDPHQWH�R�GH�IUDQTXLDV�GH ERORV�FDVHLURV�� #0-0�/0�105& �0�26&3*%*/)0�%0�.0.&/50 #0-0 �/0 � 105& 4&3k�26&�7&/%&3�#0-0�/0�105&�s�-6$3"5*70 0XLWD�JHQWH�HVWi�JDQKDQGR�XP�ERP�GLQKHLUR�YHQGHQGR�ERORV QR�SRWH�H�VH�YRFr�HVWi�SHQVDQGR�HP�PRQWDU�VHX�SUySULR QHJyFLR��FRP�XP�EDL[R�LQYHVWLPHQWR�H�RQGH�R�VHX�IDWXUDPHQWR Vy�GHSHQGHUi�GH�YRFr��ID]HU�EROR�QR�SRWH�SDUD�YHQGHU�p�D HVFROKD�FHUWD� $OpP�GR�EDL[tVVLPR�LQYHVWLPHQWR��RXWUD�YDQWDJHP�p�TXH�SUD TXHP�QmR�WHP�PXLWD�H[SHULrQFLD�HP�GHFRUDomR�GH�ERORV� PRQWi�OR�QR�SRWH�p�D�VROXomR�H�PDLV�IiFLO�LPSRVVtYHO��SRUTXH QmR�SUHFLVD�ILFDU�FHUWLQKR��SHOR�FRQWUiULR��LPSRUWDQWH�p�DSHQDV GHL[DU�DSDUHQWH�R�UHFKHLR�HQWUH�DV�FDPDGDV�GH�EROR��� +XXXPPPP� (�PDLV�R�EROR�QR�SRWH�p�XP�QHJRFLR�TXH�HVWi�OLYUH�GH�VHU VD]RQDO��SRLV�FDL�EHP�HP�TXDOTXHU�pSRFD�GR�DQR��QmR�p YHUGDGH"�(�EDL[tVVLPR�LQYHVWLPHQWR�LQLFLDO�SDUD�PRQWDU�R QHJyFLR�QRV�ID]�OLYUH�WDPEpP�GD�FULVH�ILQDQFHLUD�TXH�HVWDPRV YLYHQGR�HP�QRVVR�SDtV�FRQVLGHUDQGR�R�IDWR�GH�TXH EDVLFDPHQWH��ILFD�UHVWULWR�D�LQJUHGLHQWHV�H�HPEDODJHP� *DQKDU�GLQKHLUR�FRP�EROR�GH�SRWH�p�D�FRQFOXVmR�GH�TXH�HVVD p�XPD�IRQWH�GH�UHQGD�SUD�Oi�GH�YHUViWLO��$OpP�GD�YHQGD�QRUPDO GHVVD�GHOtFLD��YRFr�SRGH�DWp�WUDQVIRUPi�OD�HP�XP�SUHVHQWH� FRQWDQGR�FRP�VHX�YLVXDO�XP�EROR�QR�SRWH�FRP�XPD�ERD HPEDODJHP�H�GHFRUDGR�FRPR�VH�IRVVH�XP�SUHVHQWH�WHP�IHLWR FRP�TXH�PXLWDV�SHVVRDV�FRPSUHP�HVVD�JXORVHLPD�MXVWDPHQWH SDUD�LVVR��SUHVHQWHDU� $SHVDU�GH�UHFHQWH�QR�PHUFDGR��Mi�SRGHPRV�HQFRQWUDU�JUDQGHV HPSUHHQGHGRUDV�QHVVH�GRFH�UDPR��FRP�XP�SURGXWR GLIHUHQFLDGR��GH�TXDOLGDGH��IHLWR�FRP�PXLWR�FXLGDGR�H�DPRU HVVD�p�D�UHFHLWD�SHUIHLWD�SDUD�R�VXFHVVR�SURILVVLRQDO��VHP FRQWDU�QD�TXDOLGDGH�GH�YLGD�GH�WUDEDOKDU�SUD�VL�H�WHU�R�SRGHU GH�RUJDQL]DU�R�VHX�WHPSR�H�YLYHU�D�YLGD�FRPR�YRFr�VHPSUH VRQKRX�� 4&3k�26&�7&/%&3�#0-0�/0�105&�s�-6$3"5*70 #0-0 �/0 � 105& 0DVVD� ��FROKHUHV��VRSD��GH�Do~FDU ��FROKHUHV��VRSD��GH�IDULQKD�GH�WULJR ��RYRV�JUDQGHV ��FROKHU�VRSD�GH�H[WUDWR��RX�HVVrQFLD��GH�EDXQLOKD 3UHSDUR� %DWD�RV�RYRV�LQWHLURV�DWp�HVSXPDUHP�EHP�DGLFLRQH�DRV�SRXFRV R�Do~FDU�H�R�H[WUDWR�H�EDWD�DWp�IRUPDU�XP�PHUHQJXH��GHVOLJXH D�EDWHGHLUD� &RP�R�DX[tOLR�GH�XPD�SHQHLUD�Yi�PLVWXUDQGR�PXLWR GHOLFDGDPHQWH�D�IDULQKD�GH�WULJR��OHYH�D�DVVDU�D����&�SRU��� PLQXWRV��&RUWH�R�EROR�HP�GLVFRV��5HVHUYH� "(03"�&6�706�5&�$0/5"3�6."�3&$&*5"�%&�#0-0�/0�105& 26&�70$t�/m0�10%&�$0/5"3�13"�/*/(6s.� $0.#*/"/%0 #0-0 �/0 � 105& &DOGD� �[F�GH�Do~FDU ��OLWUR�GH�iJXD ��FROKHU�GH�HVVrQFLD�GH�EDXQLOKD��RX�GH�UXP�RX�FRQKDTXH� 3UHSDUR� 'HUUHWD�R�Do~FDU�DWp�FDUDPHOL]DU��GHVSHMH�D�iJXD�H�HVSHUH�HOD�GHUUHWHU�R�FDUDPHOR��GHVOLJXH�R�IRJR�H DFUHVFHQWH�XPD�GDV�EHELGDV��5HVHUYH���D�FDOGD�SRGH�VHU�JXDUGDGD�HP�JHODGHLUD�SRU�DWp����GLDV DFRQGLFLRQDGD�HP�UHFLSLHQWH�GH�YLGUR� &URFDQWH �[F�GH�Do~FDU �[F�GH�QR]HV 3UHSDUR� 1XPD�SDQHOD�FRORTXH�R�Do~FDU�H�DV�QR]HV��GHL[H�GHUUHWHU�WRGR�R�Do~FDU�DWp�FDUDPHOL]DU��'HVOLJXH�R�IRJR�H FRORTXH�QXP�SOiVWLFR�VLOLFRQDGR�RX�QXPD�DVVDGHLUD�XQWDGD�FRP�PDQWHLJD�SDUD�HVIULDU� $SyV�HVIULDU��SDVVH�QXP�SURFHVVDGRU�DWp�YLUDU�IDURID��5HVHUYH� &UHPH ��ODWD�GH�OHLWH�FRQGHQVDGR�FR]LQKR�SRU����PLQ��RX�GRFH�GH�OHLWH� �[F�GH�QR]HV�SLFDGDV ��JHPDV ��FROKHUHV�VRSD�GH�PDQWHLJD�WHPSHUDWXUD�DPELHQWH �F[�GH�FUHPH�GH�OHLWH 3UHSDUR� 0LVWXUH�WRGRV�RV�LQJUHGLHQWHV�QXPD�WLJHOD��H[FHWR�R�FUHPH�GH�OHLWH��/HYH�DR�IRJR�DWp�R�SRQWR�GH�GHVJUXGDU�GRIXQGR�GD�SDQHOD��DFUHVFHQWH�R�FUHPH�GH�OHLWH��(VSHUH�HVIULDU��5HVHUYH� "(03"�&6�706�5&�$0/5"3�6."�3&$&*5"�%&�#0-0�/0�105&�26&�70$t�/m0�10%&�$0/5"3�13"�/*/(6s.� $0.#*/"/%0 #0-0 �/0 � 105& &UHPH�JDQDFKH �[F�GH�FKRFRODWH�PHLR�DPDUJR�SLFDGR ����F[�GH�FUHPH�GH�OHLWH 3UHSDUR� 'HUUHWD�R�FKRFRODWH�H�PLVWXUH�R�FUHPH�GH�OHLWH��(VSHUH�HVIULDU� 0RQWDJHP� 8PD�IDWLD�GH�PDVVD 5HJXH�VXDYHPHQWH�FRP�FDOGD�FRP�FXLGDGR�SDUD�QmR�HQFKDUFDU XPD�FDPDGD�GH�HVWURJRQRIH�GH�QR]HV XPD�FDPDGD�ILQD�GH�FURFDQWH XPD�IDWLD�GH�PDVVD UHSLWD�R�SURFHVVR�DFLPD�H�ILQDOL]H�FRP�R�JDQDFKH 'HFRUH�D�JRVWR��6XJLUR��FKDQWLOL�LQGXVWULDO�H�FUHPH�GH�OHLWH�8+7�SDUD�XP�SUD]R�GH�YDOLGDGH�PDLRU��RX�VHMD�DWp�� GLDV�HP�JHODGHLUD� "(03"�&6�706�5&�$0/5"3�6."�3&$&*5"�%&�#0-0�/0�105&�26&�70$t�/m0�10%&�$0/5"3�13"�/*/(6s.� $0.#*/"/%0 #0-0 �/0 � 105& 8PD�UHFHLWD�TXH�p�VXSHU�IiFLO�TXH�QmR�WHP�FRPR�QmR�ILFDU JRVWRVD��3RU�FXULRVLGDGH�SURFXUHL�VDEHU�D�RULJHP�GD�3DOKD ,WDOLDQD��DILQDO�VHUi�TXH�p�PHVPR�GD�,WiOLD"�(�D�UHVSRVWD�p�QmR� QD�YHUGDGH�p�XPD�YHUVmR�EUDVLOHLUD�GR�6DODPH�GH�&KRFRODWH� FULDGD�SRU�LPLJUDQWHV�TXH�QmR�WLQKDP�RV�LQJUHGLHQWHV�FRUUHWRV H�IL]HUDP�XVDQGR�QRVVR�GHOLFLRVR�EULJDGHLUR��H�WHPRV�TXH DJUDGHFHU�D�HOHV�SHOD�FULDomR�GHVVD�YHUVmR�TXH�GHX�VXSHU FHUWR�H�DJUDGD�WRGRV�TXH�GmR�D�SULPHLUD�PRUGLGD��-i�R EULJDGHLUR��IRL�FULDGR�HQWUH�DV�GpFDGDV�GH����H�����SDUD SURPRYHU�H�DUUHFDGDU�IXQGRV�SDUD�D�FDPSDQKD�SUHVLGHQFLDO GR�HQWmR�FDQGLGDWR��%ULJDGHLUR�(GXDUGR�*RPHV��4XH�GHOLFLD QmR�p�PHVPR"� 4*.1-&4 �."4�*33&4*45w7&- 1"-)" � * 5" - *"/" 4&3k�26&�7&/%&3�1"-)"�*5"-*"/"�s�-6$3"5*70 $VVLP�FRPR�RV�FXSFDNHV��EULJDGHLURV�JRXUPHW�H�ERORV�QR�SRWH� RXWUR�GRFH�TXH�ID]�PXLWR�VXFHVVR�GH�YHQGDV�p�D�3DOKD�,WDOLDQD� e�XP�GRFH�PXLWR�IiFLO�GH�ID]HU�H�p�yWLPR�SDUD�SUHVHQWHDU�RX YHQGHU�HP�FDL[DV�H�FHVWDV��9RFr�SRGH�XVDU�VDTXLQKRV�SOiVWLFRV H�ILWDV�SDUD�HPEDODU�H�YHQGHU��� 3RGH�WDPEpP�ID]HU�FDL[LQKDV�FRP�3DOKDV�,WDOLDQDV�SDUD SUHVHQWH� (�DILQDO�p�XP�yWLPR�QHJRFLR�SUD�TXHP�TXHU�PXGDU�GH�YLGD�VHP LQYHVWLU�PXLWR���� 9DPRV�D�UHFHLWD�WUDGLFLRQDO� ��ODWD�GH�OHLWH�FRQGHQVDGR ��FROKHU�GH�VRSD�GH�PDQWHLJD�H[WUD�VHP�VDO ���JUDPDV�GH�FKRFRODWH�HP�Sy�����FDFDX ½�SDFRWH�GH�ELVFRLWR�GH�PDLVHQD ����JUDPDV�GH�Do~FDU�SDUD�HQYROYHU�RV�GRFHV 3DVVR�j�3DVVR� ���(P�XPD�SDQHOD�DLQGD�FRP�R�IRJR�GHVOLJDGR�FRORTXH�R�OHLWH FRQGHQVDGR��FKRFRODWH�HP�Sy�H�PDQWHLJD�H�PLVWXUH� ���/LJXH�R�IRJR�H�PH[D�DWp�TXH�ILTXH�EHP�FUHPRVR�H�TXH�VHMD SRVVtYHO�YHU�R�IXQGR�GD�SDQHOD��SRQWR�GH�EULJDGHLUR�PHVPR� ���5HWLUH�GR�IRJR�H�DGLFLRQH�DV�ERODFKDV�SLFDGDV�DRV�SRXFRV QHVVH�EULJDGHLUR�H�PLVWXUH�EHP� ���1XPD�IRUPD�XQWDGD�FRP�PDQWHLJD�RX�IRUUDGD�FRP�SDSHO PDQWHLJD��FRORTXH�R�GRFH�H�SUHVVLRQH�DWp�TXH�D�PDVVD�ILTXH EHP�FRPSDFWDGD� ���/HYH�SDUD�JHODU�SRU�SHOR�PHQRV���KRUDV�RX�DWp�TXH�ILTXH EHP�ILUPH� ���5HWLUH�GD�IRUPD�H�FRUWH�HP�TXDGUDGRV�RX�QR�WDPDQKR�TXH SUHIHULU� ���3DVVH�RV�GRFHV�Mi�FRUWDGRV�QR�Do~FDU��LVVR�YDL�DMXGDU�R�VHX GRFH�D�ILFDU�PDLV�ILUPH�H�PDLV�IiFLO�GH�HPEDODU� (VVD�IRL�D�UHFHLWD�GD�3DOKD�WUDGLFLRQDO��SDUD�RV�tQWLPRV�UVUVUV�� PDV�KRMH�HP�GLD�Mi�WHPRV�GLYHUVDV�UHFHLWDV�GH�YiULRV�VDERUHV GLIHUHQWHV��8VH�D�FULDWLYLGDGH�H�GHOLFLH�VH���� 3&$&*5"�53"%*$*0/"- 1"-)" � * 5" - *"/" 8P�GRV�VHJUHGRV�SDUD�YHQGHU�D�SDOKD�LWDOLDQD�p�D�HPEDODJHP��R�YLVXDO�p�WXGR��H[LVWHP�PXLWRV�PRGHORV�GH HPEDODJHQV�SDUD�FRORFDU�D�SDOKD�SDUD�SUHVHQWHDU��HVWD�p�XPD�JUDQGH�HVWUDWpJLD�SDUD�QyV�FRQIHLWHLUDV��QyV GHYHPRV�FDSULFKDU�QD�HPEDODJHP��SRLV�DOpP�GR�YLVXDO�ILFDU�PXLWR�PDLV�ERQLWR��R�SUHoR�GR�GRFH�p�YDORUL]DGR� 3DUD�YHQGHU�PDLV�p�LPSRUWDQWH�ID]HU�HPEDODJHQV�GHFRUDGDV�GH�DFRUGR�FRP�DV�GDWDV�FRPHPRUDWLYDV��4XHP QmR�JRVWDULD�GH�JDQKDU�XPD�SDOKD�LWDOLDQD�GH�SUHVHQWH" $0.0�7&/%&3�"�1"-)"�*5"-*"/" 1"-)" � * 5" - *"/" 2�%URZQLH��FRPR�QmR�VHU�Im�GHVVD�VREUHPHVD"�1mR�p�PHVPR PHQLQDV"�+RMH�YDPRV�DSUHQGHU�XP�SRXFR�PDLV�VREUH�HVVD UHFHLWD� 2ULJLQDO�GRV�(VWDGRV�8QLGRV�HVVD�PDUDYLOKD�p�IDPRVD�QR PXQGR�LQWHLUR�QmR�VH�VDEH�DR�FHUWR�TXDQGR�IRL�UHDOPHQWH LQYHQWDGR��PDV�VDEHPRV�TXH�HOH�DSDUHFHX�SDUD�R�PXQGR�QR FRPHoR�GR�VpFXOR���� (�HQWUH�DV�GLYHUVDV�KLVWyULDV�VREUH�FRPR�IRL�FULDGR��D�PDLV IDPRVD�p�GH�XPD�GRQD�GH�FDVD�TXH�HP�XP�GLD�FRPXP�DR ID]HU�R�WUDGLFLRQDO�EROR�GH�FKRFRODWH�SHUFHEH�DR�UHWLUD�OR�GR IRUQR�TXH�KDYLD�VH�HVTXHFLGR�GH�FRORFDU�IHUPHQWR�QD H[HFXomR�GD�UHFHLWD��PDV�SDUD�QmR�GHVSHUGLoDU�RV LQJUHGLHQWHV�UHVROYHX�VHUYLU�DVVLP�PHVPR�HP�IDWLDV�SODQDV� 1mR�VDEHPRV�XPD�RULJHP�FHUWD�SDUD�R�%URZQLH��H SURYDYHOPHQWH�MDPDLV�LUHPRV�VDEHU�TXHP�R�LQYHQWRX��PDV�p SRVVtYHO�SHUFHEHU�TXH�DR�ORQJR�GRV�DQRV�R�%URZQLH�SDVVRX�SRU DOJXPDV�HYROXo}HV��SULQFLSDOPHQWH�QD�TXDQWLGDGH�GH FKRFRODWH�TXH�DXPHQWRX�D�FDGD�QRYD�UHFHLWD� %&-*$*04".&/5&�*33&4*45w7&- #308/ * & 2�EURZQLH�WUDGLFLRQDO�p�IHLWR�FRP�DSHQDV���LQJUHGLHQWHV� Do~FDU��FKRFRODWH��PDQWHLJD��IDULQKD�H�RYRV��3RUpP��FRP WHPSR��RXWURV�LQJUHGLHQWHV�FRPR�QR]HV�H�FDVWDQKDV�IRUDP VHQGR�DGLFLRQDGRV�j�UHFHLWD��R�TXH�R�WRUQD�DLQGD�PDLV JRVWRVR��8P�yWLPR�DFRPSDQKDPHQWR�SDUD�R�EURZQLH�p�R VRUYHWH��TXH�IRUPD�XPD�FRPELQDomR�SHUIHLWD�GH�GDU�iJXD�QD ERFD� 4XHP�FKHJRX�DWp�DTXL�TXHUHQGR�VDEHU�FRPR�ID]HU�EURZQLH SDUD�YHQGHU���QmR�SUHFLVD�WHU�PXLWR�GLQKHLUR�SDUD�LQYHVWLU��YRFr SRGH�XVDU�DTXLOR�TXH�YRFr�WHP�HP�FDVD�WHP�H�D�UXD�VHUi�VHX SRQWR�GH�YHQGDV��%DVWD�HPEDODU�VHXV�SURGXWRV��DFRPRGDU�HP XPD�FHVWD�RX�XPD�YDVLOKD�JUDQGH�TXH�IDFLOLWH�D�VXD�ORFRPRomR H�PmRV�D�REUD� (�SUD�TXHP�TXHUH�WUDEDOKDU�FRP�HQFRPHQGDV�D�FULDWLYLGDGH QHVVH�FDVR�YDL�IDODU�PDLV�DOWR��9RFr�SRGHUi�ID]HU�EURZQLHV�H SHUVRQDOL]D�ORV�FRP�VDTXLQKRV��FDL[LQKDV�GH�SDSHO�H�DWp PHVPR�ODWDV��GDQGR�DVVLP�XP�WRTXH�GH�YDORUL]DomR�DR SURGXWR��6HXV�FOLHQWHV�QHVVH�FDVR�SRGHP�VHU�SHVVRDV�TXH�YmR UHDOL]DU�IHVWDV�GH�DQLYHUViULR��FKi�GH�EHEr��FDVDPHQWR��SRGHUi ID]HU�QR�IRUPDWR�GH�OHPEUDQFLQKDV�SDUD�YHQGHU��NLWV�SDUD�R QDWDO�H�PXLWR�PDLV� 4&3k�26&�7&/%&3�#308/*&�s�-6$3"5*70 #308/ * & 2�PDLV�FRPXP�p�XWLOL]DU�R�SUySULR�ERFD�D�ERFD�SDUD�LU GLYXOJDQGR�RV�VHXV�QRYRV�SURGXWRV��SRUWDQWR�RV�YL]LQKRV�H DPLJRV�YmR�IDODQGR�SDUD�RXWUDV�SHVVRDV��PDLV�JHQWH�YDL FRQKHFHQGR�VHXV�EURZQLHV�H�DVVLP�p�SRVVtYHO�JHUDU�DV SULPHLUDV�YHQGDV��8P�RXWUR�FDPLQKR�PXLWR�HILFLHQWH�p�XVDU�DV UHGHV�VRFLDLV�H�HVVH�WLSR�GH�GLYXOJDomR�FRVWXPD�JHUDU�XP GHVWDTXH�PDLRU�DLQGD��PDV�p�SUHFLVR�LU�SHQVDQGR�GHVGH�R LQLFLR�QD�PDQHLUD�FRPR�SUHWHQGH�WUDEDOKDU�D�ORQJR�SUD]R�FRP RV�GRFHV� $�IRUPD�PDLV�EDUDWD�GH�FRPHoDU�YHQGHU�EURZQLH�p�VDLU�QDV UXDV�FRP�XPD�FHVWD�RIHUHFHQGR�VHXV�SURGXWRV��(P�XPD SUDFLQKD��QD�SRUWD�GH�HVFRODV��QD�IHLUD�OLYUH�GH�VXD�FLGDGH�RX PHVPR�HP�UXDV�EHP�PRYLPHQWDGDV�p�SRVVtYHO�JHUDU�ERQV UHVXOWDGRV� 4&3k�26&�7&/%&3�#308/*&�s�-6$3"5*70 #308/ * & 9DPRV�D�UHFHLWD�WUDGLFLRQDO� ,QJUHGLHQWHV ��RYRV ��EDUUDV�GH�FKRFRODWH�PHLR�DPDUJR ��FROKHUHV��VRSD��GH�PDUJDULQD ����[tFDUD��FKi��GH�DFKRFRODWDGR�HP�Sy ��[tFDUDV��FKi��GH�Do~FDU ������[tFDUDV��FKi��GH�IDULQKD�GH�WULJR &RPR�ID]HU GHUUHWD�R�FKRFRODWH�QR�PLFURRQGDV�SRU�FHUFD�GH���PLQXWRV� &RORTXH�RV�RYRV�H�R�Do~FDU�HP�XPD�SDQHOD�IRUD�GR�IRJR�H PLVWXUH�EHP�DWp�ILFDU�KRPRJrQHR� $FUHVFHQWH�R�FKRFRODWH�GHUUHWLGR�j�PLVWXUD�GH�RYRV�H�Do~FDU�H PLVWXUH� /HYH�DR�IRJR��PH[HQGR�VHPSUH� $FUHVFHQWH�D�IDULQKD��D�PDUJDULQD��R�FKRFRODWH�HP�Sy�H FRQWLQXH�PH[HQGR� 0H[D�DWp�FRPHoDU�D�IHUYHU�H�VROWDU�GD�SDQHOD� &RORTXH�D�PLVWXUD�HP�XPD�IRUPD�XQWDGD�H�HQIDULQKDGD�H�OHYH DR�IRUQR�PpGLR�SRU�DSUR[LPDGDPHQWH����PLQXWRV� 3URQWLQKR��HVSHUH�HVIULDU�H�GHJXVWH�HVWD�PDUDYLOKD� 3&$&*5"�53"%*$*0/"- #308/ * & 8P�GRV�VHJUHGRV�SDUD�YHQGHU�D�EURZQLH�p�D�HPEDODJHP��R�YLVXDO�p�WXGR��H[LVWHP�PXLWRV�PRGHORV�GH HPEDODJHQV�SDUD�FRORFDU�R�EURZQLH�SDUD�SUHVHQWHDU��HVWD�p�XPD�JUDQGH�HVWUDWpJLD�SDUD�QyV�FRQIHLWHLUDV� QyV�GHYHPRV�FDSULFKDU�QD�HPEDODJHP��SRLV�DOpP�GR�YLVXDO�ILFDU�PXLWR�PDLV�ERQLWR��R�SUHoR�GR�GRFH�pYDORUL]DGR��3DUD�YHQGHU�PDLV�p�LPSRUWDQWH�ID]HU�HPEDODJHQV�GHFRUDGDV�GH�DFRUGR�FRP�DV�GDWDV FRPHPRUDWLYDV��4XHP�QmR�JRVWDULD�GH�JDQKDU�XP�EURZQLH�GH�SUHVHQWH" $0.0�7&/%&3�0�#308/*& #308/ * & 6H�YRFr�GHVHMD�FRQKHFHU�PDLV�VREUH�R�EULJDGHLUR�JRXUPHW��D�SDOKD�LWDOLDQD��R�EURZQLH��EROR�QR�SRWH�H�FRPR OXFUDU�YHQGHQGR�GRFHV��$MJRVF�"RVJ��H�&DGDVWUH�VH�$JRUD�PHVPR��Mi�H[LVWHP�PXLWDV�PXOKHUHV�TXH�JDQKDP GH���D���PLO�UHDLV�SRU�PrV�YHQGHQGR�GRFHV��FKHJRX�D�VXD�KRUD��GH�WHU�XPD�XPD�UHQGD�H[WUD�RX�DWp�YLYHU YHQGHQGR�GRFHV�H�WUDEDOKDQGR�QR�FRQIRUWR�GR�VHX�ODU��9HMR�YRFr�Oi�GHQWUR� %0$&�(063.&5 $)&(06 �" � 46" �)03" �
Compartilhar