Baixe o app para aproveitar ainda mais
Prévia do material em texto
5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD���� 5HVXPR� 2� SUHVHQWH� DUWLJR� H[SOLFLWD� GH� IRUPD� FUtWLFD� H� UHIOH[LYD� DV� HVSHFLILFLGDGHV� GR� H[HUFtFLR� GD� SVLFRORJLD� FOtQLFD�� QDV� VXDV� YHUWHQWHV� GH� GLDJQyVWLFR�H�GH�DFRPSDQKDPHQWR��GHILQLQGR� REMHFWR�� REMHFWLYRV��PpWRGRV� H� LQVWUXPHQWRV� HVSHFtILFRV�� )D]� DLQGD� XPD� UHYLVmR� KLVWyULFD� GD�HYROXomR�GHVWH�UDPR�GR�VDEHU��GHOLPLWDQ� GR�DV�IURQWHLUDV�FRP�DV�FLrQFLDV�TXH�OKH�VmR� SUy[LPDV� 3DODYUDV�&KDYH�� 3VLFRORJLD� &OtQLFD�� 3VLFR� WHUDSLD� GH� $SRLR�� 3VLFRWHUDSLD� GH� ,QVSLUDomR� 3VLFDQDOtWLFD��3VLFDQiOLVH� &OLQLFDO�3V\FKRORJ\�²�7KH�6HDUFK�IRU�DQ� LGHQWLW\ $EVWUDFW��7KH�FXUUHQW�SDSHU�H[SODLQV��IURP� D� FULWLFDO� DQG� UHIOH[LYH� SRLQW� RI� YLHZ� WKH� SDUWLFXODU� FRQFHSWV� RI� WKH� FOLQLFDO� SV\FKR� ORJ\� SUD[LV�� DW� WKH� OHYHO� RI� GLDJQRVLV� DQG� FRXQVHOOLQJ�� GHILQLQJ� REMHFWLYHV�� PHWKRGV� DQG� VSHFLILF� LQVWUXPHQWV�� $� KLVWRULFDO� UH� YLHZ� RI� WKH� HYROXWLRQ� RI� WKLV� GLVFLSOLQH� LV� PDGH��HVWDEOLVKLQJ� WKH�GLIIHUHQFHV�ZLWK� WKH� FORVH�VFLHQFHV� .H\�:RUGV�� &OLQLFDO� 3V\FKRORJ\�� 3V\FKRD� QDO\WLF�&RXQVHOOLQJ��3V\FKRDQDO\VLV�6XSSRU� WLYH��3V\FKRWKHUDS\��3V\FKRDQDO\VLV� 2� SUHVHQWH� DUWLJR� SDUWLX� GH� XPD� UHIOH[mR� GLUHFWDPHQWH� OLJDGD� j� SUiWLFD� GD� SVLFRORJLD� FOtQLFD� HP� HTXLSD� PXOWLGLVFLSOLQDU�� RQGH� VH� WRUQD� QHFHVViULR� H[SOLFLWDU� DV� IURQWHLUDV�� OLPLWHV� GH� DFWXDomR� H� HVSHFLILFLGDGHV� GHVWH� UDPR�GR�VDEHU��QD�VXD�FRPSOHPHQWDULGDGH�H� LQWHUDFomR�FRP�RXWUDV�GLVFLSOLQDV� $�3VLFRORJLD�&OtQLFD��QDVFLGD�QRV�DQRV����QRV� (8$��FRPHoRX�SRU�VH�DILUPDU�FRPR�DOWHUQDWL� YD�DR�PRGHOR�PpGLFR���SURSRQGR�VH�SURFXUDU� D� H[SOLFDomR� GRV� FRPSRUWDPHQWRV� YLVtYHLV� QXPD�QDWXUH]D�SVtTXLFD�LQYLVtYHO�H�FRP�XPD� LQWHULRULGDGH�PHWDIyULFD�� $� �KLVWyULD� � GD� � SVLFRORJLD� � FOtQLFD� � UHYHOD� � D�� DPELJXLGDGH� �GD� �VXD� �GHOLPLWDomR��2� WHUPR� FOtQLFD���TXH��HVWi��DVVRFLDGR��DR�GH��GRHQoD�� SRGH�VHU�WUDQVSRVWR�SDUD�RXWURV�GRPtQLRV��R� SURFHGLPHQWR� H� R� PpWRGR� VHUYHP� GH� EDVH� SDUD� XPD� QRYD� IRUPD� GH� DERUGDJHP� GH� IH� QyPHQRV�H�GH�REMHFWRV�EDVWDQWH�DIDVWDGRV�GD� SDWRORJLD��GR�VRIULPHQWR�RX�GR�FRQIOLWR�� $� 3VLFRORJLD� FOtQLFD� GHYH� FRQVLGHUDU�VH� XPD� DFWLYLGDGH� SUiWLFD� H� HP� VLPXOWkQHR�� XP� FRQMXQWR� GH� WHRULDV� H� PpWRGRV�� 3RGH� VHU� GHILQLGD�FRPR�D�VXE�GLVFLSOLQD�GD�SVLFRORJLD� TXH�WHP�FRPR�REMHFWLYR�R�HVWXGR��D�DYDOLDomR�� R�GLDJQyVWLFR��D�DMXGD�H�R� WUDWDPHQWR�GR�VR� IULPHQWR�SVtTXLFR��TXDOTXHU�TXH�VHMD�D�FDXVD� VXEMDFHQWH�� 2� PpWRGR� FOtQLFR� IRL� DSOLFDGR� D� RXWURV� RE� MHFWRV� SDUD� SURGX]LU� XP� FRQMXQWR� WHyULFR� FRHUHQWH� H� GLVWLQWR� GRV� GD� SVLFRORJLD� H[SHUL� PHQWDO�RX�GD�SVLFRORJLD�FRJQLWLYD� +DELWXDOPHQWH�� D� VLJQLILFDomR� TXH� VH� UHFR� QKHFH�QR�FRQFHLWR�GH�FOtQLFD�p�D�SUiWLFD�TXH� FRQVLVWH�QXPD�REVHUYDomR�VLQJXODU�H�FRQFUH� WD� GR� LQGLYLGXDO��� 7DPEpP� SDUD� *XLOODXPLQ� $�3VLFRORJLD�&OtQLFD�²�3URFXUD�GH�XPD�,GHQWLGDGH 6DQGUD�%ULWR �3VLFyORJD�&OtQLFD ����5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD �������� RV� WUDoRV� HVVHQFLDLV� TXH� FRQVWLWXHP� D�3VLFRORJLD�&OtQLFD�VmR�R�VHX�FDUiFWHU�GH�FR� QKHFLPHQWR�LQGLYLGXDO��FHQWUDGR�QR�FDVR�SVL� FROyJLFR�VLQJXODU��2�HVWXGR�GH�FDVR�FRQVWLWXL� DVVLP�� XPD� IRUPD� HVSHFtILFD� GH� DERUGDJHP� GRV� VXMHLWRV�� PpWRGR� SRU� H[FHOrQFLD� GD� SVL� FRORJLD�FOtQLFD� 'H� DFRUGR� FRP�0RLWD� ��������� R� WHUPR� FOt� QLFR� XVDGR� QD� H[SUHVVmR� 3VLFRORJLD� &OtQLFD� GHILQH�DSHQDV�XPD�VHQVLELOLGDGH�SDUWLFXODU�D� GRLV�QtYHLV�GD�HODERUDomR�FLHQWtILFD� � $R� QtYHO� GR� REMHFWR�� $� 3VLFRORJLD� &OtQLFD� LQWHUHVVD�VH�SHOR�VXMHLWR�HQTXDQWR�WDO��e�QHVWH� VHQWLGR� TXH� /DJDFKH� �������� D� GHILQH� FRPR� ´D� LQYHVWLJDomR� VLVWHPiWLFD� H� WmR� FRPSOHWD� TXDQWR�SRVVtYHO�GRV�FDVRV�LQGLYLGXDLVµ� � $R� QtYHO� GD�PHWRGRORJLD�� WUDWD�VH� GH� XP� SURFHVVR�GH�UHFROKD�GH�GDGRV�HP�TXH�VH�WRPD� VHPSUH� HP� FRQVLGHUDomR� R� FRQWH[WR� LQGLYL� GXDO�H�RULJLQDO�HP�TXH�R�FRPSRUWDPHQWR�RX� UHDFomR�VmR�REVHUYDGRV��(P�FOtQLFD��SDUWH�VH� VHPSUH�GR�SULQFtSLR�TXH�p�HVVH�FRQWH[WR�TXH� Gi�VHQWLGR�~WLO�DR�GDGR�UHFROKLGR� 2�PpWRGR� FOtQLFR� FRORFD�QRV� QXPD� YLD� GLIH� UHQWH� GH� DFHVVR� DR� UHDO�� HP� TXH� QmR� H[LVWH� D� SUHRFXSDomR� FRP� D� ´DVVHSVLD� ODERUDWRULDO� RX� D� ULJLGH]� GD� QRUPDOLGDGH� HVWDWtVWLFDµ�� QR� SURFHVVR�GH�UHFROKD�GH�GDGRV�H�FRQWUROR�GDV� YDULiYHLV� 'H�XP�SRQWR�GH�YLVWD�WHyULFR��)HGLGD��������� GL]�QRV�TXH�D�SUiWLFD�FOtQLFD�p�IHLWD�D�SDUWLU�GR� VLOrQFLR�GDV� WHRULDV��TXH�VHUYHP�SDUD�DUWLFX� ODU�H�RUGHQDU�DTXLOR�TXH�p�YLVtYHO��([LVWH�WDP� EpP� D� QHFHVVLGDGH� GH� XPD� OLQJXDJHP� TXH� p� LQHUHQWH� j� FRQVWLWXLomR� GH�XPD� YHUGDGHLUD� SHUFHSomR� FOtQLFD�� $� REVHUYDomR� FOtQLFD�SRGH� FRQVWLWXLU�VH� FRPR� XPD� OHLWXUD�� HQTXDQWR� DFWR�DQDOtWLFR�GH�HQXPHUDomR�GRV�VLQDLV�H�GH� FRPSUHHQVmR�GR�VXMHLWR�LQGLYLGXDO�� $� REVHUYDomR� GLUHFWD� GH� FDVRV� SVLFROyJLFRV� TXH� GHILQH� XPD� QRYD� DERUGDJHP� GD� 3VLFR� ORJLD�&OtQLFD�LPS}H�D�GHVFULomR�GH�XPD�QRYD� FDVXtVWLFD�� 2� FDVR� SVLFROyJLFR� LPSOLFD� XPD� QRYD�FRQFHSomR�TXH�VHSDUD�D�GRHQoD�GDV�GH� WHUPLQDo}HV� FRPSRUWDPHQWDLV� H� DGDSWDWLYDV� TXH� GHOD� DGYrP� H� SHUPLWH� FRQIHULU� DR� FRP� SRUWDPHQWR� XP� YDORU� GH� H[SUHVVmR� XQtYRFD� HP�VL�PHVPR��� 'H� DFRUGR� FRP�0DUTXHV� ��������� ´D� LGHQWL� GDGH�GH�XP�3VLFyORJR�&OtQLFR�GHILQH�VH�SHOR� GRPtQLR�GH�WHRULDV��WpFQLFDV�H�PpWRGRV�FRP� SDWtYHLV�HQWUH�VL��FXMR�REMHFWLYR�p�WHQWDU�DWLQJLU� D�´YHUGDGHµ�SVLFROyJLFD�GR�VXMHLWR�REVHUYDGR� SDUD�VH�SRGHU��GLUHFWD�RX�LQGLUHFWDPHQWH��HQ� FHWDU�XP�SURFHVVR�GH�LQWHUYHQomRµ� ´2� HVVHQFLDO� GR� WUDEDOKR� HP� 3VLFRORJLD� &Ot� QLFD� FRQVLVWH� HP� H[SOLFLWDU�� SDUD� ILQV� YiULRV�� DTXLOR�TXH�FDUDFWHUL]D�R�VHU�SVLFROyJLFR��3DUD� WDO�p�HVVHQFLDO�SRVVXLU�XP�VyOLGR�H�FODUR�TXD� GUR�GH�UHIHUrQFLD�WHyULFR�TXH�FRQILUD�VHQWLGR� DR�TXH�REVHUYDPRV��EHP�FRPR�XP�FRQMXQWR� GH�HVWUDWpJLDV��WDPEpP�FODUDPHQWH�GHILQLGDV�� TXH� SHUPLWDP� DFHGHU� DR� FRQKHFLPHQWR� TXH� VH�SHUVHJXH���'H�DFRUGR�FRP�$Q]LHX���������D� SVLFRORJLD�FOtQLFD�p�XPD�SVLFRORJLD�LQGLYLGXDO� H�VRFLDO��QRUPDO�H�SDWROyJLFD�TXH�VH�UHIHUH�D� WRGR� R� FLFOR� GH� YLGD�� FXPSULQGR� R� SVLFyORJR� FOtQLFR�HVVHQFLDOPHQWH�WUrV�IXQo}HV��GH�GLDJ� 6DQGUD�%ULWR 5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD���� QyVWLFR�� GH� IRUPDomR� H� GH� SHULWR� TXH� OHYD� R� SRQWR� GH� YLVWD� SVLFROyJLFR� D� RXWURV� HVSHFLD� OLVWDV� $� H[SODQDomR� WHyULFD� GDV� GLIHUHQWHV� YHUWHQ� WHV� GD� SVLFRORJLD� FOtQLFD� OHYD�QRV� j� UHIOH[mR� LQHYLWiYHO�VREUH�R�SDSHO�GR�SVLFyORJR��QD�DF� WXDOLGDGH��$V�UDPLILFDo}HV�GD�FOtQLFD�VHUYHP� GLIHUHQWHV� IXQo}HV� H� SRGHP� VHU� H[HUFLGDV� QXPD� HQRUPH� YDULHGDGH� GH� VHWWLQJV� GLIH� UHQFLDGRV�� &RQVRDQWH� RV� ORFDLV� GH� WUDEDOKR�� DV� SRSXODo}HV�� DV� FRQFHSo}HV� WHyULFDV� GR� SVLFyORJR�� H� FRQVHTXHQWH� JUHOKD� GH� OHLWXUD� GD� UHDOLGDGH�� DV� VXDV� SUiWLFDV� SRGHP� YDULDU� HQRUPHPHQWH��2�GHVHQYROYLPHQWR�GD�SVLFR� ORJLD� FOtQLFD� H� R� VHX� FUHVFLPHQWR� HQTXDQWR� FLrQFLD�GHSHQGH�JUDQGHPHQWH�GD�FDSDFLGDGH� GH�QRV�DEULUPRV�D�QRYRV�GHVDILRV��GDQGR�FRQ� WD� GDV� SRVVLELOLGDGHV� H[SDQVLYDV� GR�PRGHOR� WHyULFR� GH� UHIHUrQFLD�� TXH� PXLWR� HYROXLX�� D� SDU� FRP� DV� WUDQVIRUPDo}HV� VRFLDLV� GHVGH� D� VXD�IXQGDomR� $OJXQV�DXWRUHV�DVVLQDODP�XPD�GLIHUHQoD�FOiV� VLFD�HQWUH�D�FOtQLFD�GH�´PmRV�QXDVµ�H�D�FOtQLFD� LQVWUXPHQWDO���TXH�VH�DSRLD�HP�LQVWUXPHQWRV� SXUDPHQWH�SVLFROyJLFRV��SUHSDUDGRV�H�HODER� UDGRV�SDUD�DFHGHU�DR�VXMHLWR��$�3VLFRORJLD�&Ot� QLFD�UHFRUUH��D�SDU�FRP�RXWURV�SURFHVVRV��DR� HVWXGR�LQWHQVLYR�GRV�VXMHLWRV�H�DRV�WHVWHV��HQ� WUHYLVWD�� REVHUYDomR� H� KLVWyULD� SHVVRDO� FRPR� LQVWUXPHQWRV���� $� DFWLYLGDGH� GR� SVLFyORJR� FOtQLFR� SRGH� VHU� XPD� DFWLYLGDGH� WHUDSrXWLFD�� PDV�R�FDPSR�GD�SVLFRORJLD�FOtQLFD�p�PDLV�YDV� WR�GR�TXH�R�GD�SVLFRSDWRORJLD�H�GR�WUDWDPHQWR� GH�SUREOHPDV�PHQWDLV�LGHQWLILFDGRV��� 36,&2/2*,$�&/Ì1,&$�(�36,&$1É/,6( (PERUD� D� SVLFDQiOLVH� H� D� SVLFRORJLD� FOtQLFD� VHMDP� GXDV� GLVFLSOLQDV� GLVWLQWDV�� D� UHODomR� HQWUH�DPEDV� WHP�XPD�KLVWyULD�TXH� UHPRQWD� DRV� IXQGDGRUHV��$Q]LHX���������� OHPEUD�TXH� D� SVLFDQiOLVH� VXUJLX� RSRUWXQDPHQWH� SDUD� SUHVWDU�VHUYLoR�j�SVLFRORJLD�HP�GRLV�SODQRV��R� GH�XPD�FDXomR�WHyULFD�H�R�GH�XP�H[HPSOR�GH� SUiWLFD��(P�FRQWUDSDUWLGD�D�SVLFRORJLD�VHUYLX� GH� YHtFXOR� SDUD� D� SURSDJDomR� GD� SVLFDQiOLVH� QXP� PHLR� PXLWR� UHWLFHQWH� D� HVVH� UHVSHLWR�� (VWD� WURFD� LQVWLWXFLRQDO� H� SROtWLFD� IRL� DFRP� SDQKDGD� SRU� WUDQVSRVLo}HV� GH� FRQFHLWRV� H� SUREOHPiWLFDV�� SURYHQLHQWHV�� D� PDLRU� SDUWH� GDV� YH]HV� GD� SVLFDQiOLVH�� PDV� D� SVLFRORJLD� FOtQLFD� WDPEpP� SHUPLWLX� TXH� RV� DQDOLVWDV� VH� LQWHUHVVDVVHP� SRU� REMHFWRV� GR� GRPtQLR� GH�LQWHUYHQomR�GRV�SVLFyORJRV�FOtQLFRV��FRPR� VHMDP�DV�GLILFXOGDGHV�HVFRODUHV��D�LQWHUDFomR� SUHFRFH��D�SVLFRORJLD�GH�JUXSRV��HWF� $� SVLFDQiOLVH�� SHOD� FULDomR� GH� XPD� WHRULD� H[SOLFDWLYD� GDV� SHUWXUEDo}HV� PHQWDLV�� PDV� WDPEpP� GH� XPD� WHRULD� JHUDO� GR� SVLTXLVPR�� WHP� LQWHUHVVH� HQTXDQWR� PpWRGR� WHUDSrXWLFR� H�GRXWULQD��4XHU�SRU�UD]}HV�KLVWyULFDV��SDSHO� GRV�SVLFDQDOLVWDV�QD�SVLFRORJLD�FOtQLFD���TXHU� HSLVWHPROyJLFDV� �LQWHUHVVH� GRV� FRQFHLWRV�� GDV� WHRULDV� H� GDV� SUiWLFDV� SVLFDQDOtWLFDV��� D� SVLFDQiOLVH� FRQVWLWXLX�XPD� IRQWH� GH� LQVSLUD� omR�SDUD�D�SVLFRORJLD�FOtQLFD��$VVLP��VHJXQGR� /DJDFKH� �������� D� SVLFDQiOLVH� WURX[H� XPD� SVLFRORJLD� FRQFUHWD� GD� SHVVRD� H� GD� FRQGXWD�� $�VXD�LQIOXrQFLD�ID]�VH�VHQWLU�DWp�QDV�WpFQLFDV�� FRPR�SRU�H[HPSOR�R�JUDQGH�GHVHQYROYLPHQWR� $�3VLFRORJLD�&OtQLFD�²�3URFXUD�GH�XPD�,GHQWLGDGH ����5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD GD�PHWRGRORJLD�SURMHFWLYD��$�SVLFRORJLD�FOtQL� FD� IUDQFHVD�GHYH�PXLWDV�GDV� VXDV�SRVLo}HV�j� SVLFDQiOLVH��PHVPR�TXDQGR�GHOD�VH�GHPDUFD� IUDQFDPHQWH��� $�SVLFRORJLD�FOtQLFD�SDUHFH�WHU�WLGR�HQWUHWDQWR� DOJXPDV� GLILFXOGDGHV� HP� FRQVWLWXLU� RV� VHXV� SUySULRV� FRQKHFLPHQWRV�� (OD� DFWXRX� FRPR� DV� RXWUDV� FLrQFLDV� HPStULFDV�� WRUQDQGR�VH� QXPD�FLrQFLD�DSOLFDGD��LVWR�p��XPD�GLVFLSOLQD� TXH�DSOLFD�QR�VHX�SURFHGLPHQWR�RV�FRQFHLWRV� H� RV� SULQFtSLRV� GH� XPD� RXWUD� GLVFLSOLQD� �D� SVLFDQiOLVH�� HP� TXH� R� FDPSR� GH� DFWXDomR�� D� H[SHULrQFLD�� RV�PpWRGRV� H� RV� REMHFWRV� VmR� GLVWLQWRV�GRV�VHXV� 6H�D�SVLFRORJLD� FOtQLFD�QmR� VH� FRQIXQGH�FRP� D�SVLFDQiOLVH��HOD�SRGH�VHU�OKH�KLVWRULFDPHQWH� GHYHGRUD�GH�DOJXPDV�GDV�VXDV�SUREOHPiWLFDV� H� GRV� VHXV� PpWRGRV�� $� SVLFDQiOLVH� DSDUHFH� HQWmR�FRPR�XP�FRUSR�GH�FRQKHFLPHQWRV�FXMD� YDOLGDomR� DVVHQWD� QD� WUDQVIHUrQFLD��PDV� TXH� QR� TXDGUR� GD� SVLFRORJLD� FOtQLFD� p� XWLOL]DGR� FRPR� XP� FRQMXQWR� GH� OHLV� TXH� SHUPLWHP� H[SOLFDU�DOJXQV�IHQyPHQRV�� 1D�SUiWLFD�FOtQLFD�WHP�TXH�KDYHU�D�SRVVLELOLGD� GH�GH�FRQVWUXLU�XP�SURFHVVR�GH�FRQKHFLPHQ� WR�YHUGDGHLUR��RQGH�VH�LQVFUHYHUi��QXPD�IDVH� SRVWHULRU��D�UHODomR� (GXDUGR� 6i� ��������� GHVLJQD� DVVLP� R� H[HU� FtFLR� GD� 3VLFRORJLD� &OtQLFD�� ´����� R� HVVHQFLDO� GR� PHX� WUDEDOKR� ID]�VH� FRP� SHVVRDV� TXH� PH� SURFXUDP� HP� IXQomR� GD� GRU� GRV� VHXV� GHVHQFRQWURV� LQWHULRUHV� H�� FRPLJR�� WHQWDP� HQFRQWUDU�VH�SHUDQWH�D�GRU�GD�FRQVFLrQFLD�GH� VL�SUySULRVµ��� &RP�R�WUDEDOKR�FOtQLFR�SUHWHQGH�VH�SURPRYHU� DV� FDSDFLGDGHV� GR� VXMHLWR�� WHQGR� HP� YLVWD� D� VXD�SRVWHULRU�DSOLFDomR�jV�GLILFXOGDGHV�GR�GLD� D�GLD��GH�PRGR�D�TXH�R�VXMHLWR�SRVVD�IXQFLR� QDU�QD�VRFLHGDGH�GH�XPD�IRUPD�PDLV�VHJXUD� H�HVWiYHO��3DUD�LVVR��p�QHFHVViULR�FULDU�XP�HV� SDoR�RQGH�DV�DQJ~VWLDV�GR�VXMHLWR�SRVVDP�VHU� FRQWLGDV�H�RQGH�RV�VHXV�SURFHVVRV�GHIHQVLYRV� VHMDP�LQWHUSUHWDGRV� $�36,&27(5$3,$�'(�$32,2 2�FDPSR�GD�3VLFRWHUDSLD�p�LPHQVR��DJUXSDQ� GR� PpWRGRV� YDULDGRV�� TXH� UHSRXVDP� VREUH� SUHVVXSRVWRV� PXLWR� GLIHUHQWHV�� 7HQGR� HP� FRQWD�TXH�R�H[HUFtFLR�GD�3VLFRORJLD�&OtQLFD�p� PXLWR�YDVWR�H�KHWHURJpQHR��DEDUFDQGR�YiULDV� HVFRODV� H� UHVSHFWLYRV� PpWRGRV� GH� LQWHUYHQ� omR��GHEUXoDPR�QRV�VREUH�DV�HVSHFLILFLGDGHV� GD�SVLFRWHUDSLD�GH�DSRLR��QDTXLOR�TXH�WHP�GH� VLQJXODU� H� TXH�� QDWXUDOPHQWH�� D� FDUDFWHUL]D�� HQTXDQWR� FRUSR� WHyULFR� GHILQLGR� H� PRGHOR� GH� LQWHUYHQomR� HVSHFtILFR�� 2� FDPSR� GD� 3VL� FRWHUDSLD� GH� DSRLR� GH� LQVSLUDomR� DQDOtWLFD� GHVHQYROYHX�VH�D�SDUWLU�GD� WUDGLomR�DQDOtWLFD� LQDXJXUDGD�SRU�)UHXG��1R� VHX� FHQWUR� HVWi� R� SDSHO�GR�LQFRQVFLHQWH�QR�GHVHQYROYLPHQWR�GH� FRQIOLWRV� H� SHUWXUEDo}HV�� $WUDYpV� GR� GHVHQ� YROYLPHQWR�FXLGDGRVR�GD�UHODomR�WHUDSrXWLFD�� GHQWUR�GH�XP�VHWWLQJ�GHILQLGR��SRGHUi�DOFDQ� oDU�VH�D�UHVROXomR�GR�FRQIOLWR��� 2� WHUPR� SVLFRWHUDSLD� UH~QH� R� FRQMXQWR� GRV� PpWRGRV� FRGLILFDGRV�� VXVWHQWDGRV� SRU� XPD� WHRULD� FLHQWtILFD� H� XPD� YDOLGDomR� GRV� UHVXO� WDGRV� TXH� SURFXUDP�� DWUDYpV� GH� PHLRV� SVL� 6DQGUD�%ULWR 5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD���� FROyJLFRV�� SHUPLWLU� TXH� R� VXMHLWR�PRGLILTXH� DOJXQV�GRV�VHXV�FRPSRUWDPHQWRV�RX�SHQVD� PHQWRV�GH�IRUPD�EHQpILFD�SDUD�VL�� 1D� SVLFRWHUDSLD� p� IXQGDPHQWDO� D� FRQYLFomR� GH�TXH�RV� VXMHLWRV�� DWUDYpV�GRV�PHFDQLVPRV� GH� GHIHVD�� UHOHJDP� SDUD� R� LQFRQVFLHQWH� R� PDWHULDO� TXH� QmR� SRGHP� WROHUDU�� 0HVPR� DIDVWDQGR� GR� kPELWR� GD� FRQVFLrQFLD� SUREOH� PDV�FUXFLDLV�QmR�UHVROYLGRV��DV�QHFHVVLGDGHV� LQVDWLVIHLWDV�FRQWLQXDP�D�LQWHUYLU��2�SURFHVVR� FOtQLFR� HQFRUDMD� R� VXMHLWR� D� YDORUL]DU� R�PD� WHULDO� LQFRQVFLHQWH� H� D� UHVROYHU� RV� FRQIOLWRV� FRQWLGRV�QHOH� 1D� SVLFRWHUDSLD� GH� DSRLR�� R� SVLFRWHUDSHXWD� EDVHDQGR�VH� QD� FRPSUHHQVmR� GLQkPLFD� GD� SUREOHPiWLFD� GR� SDFLHQWH� H� QD� WRPDGD� HP� FRQVLGHUDomR� GD� VXD� WUDQVIHUrQFLD� DWUDYpV� GD� FRQWUD� WUDQVIHUrQFLD� TXH� HVWH� LQGX]� HP� VL��DFHLWD�UHQXQFLDU�D�WHQWDU�D�VXD�HOXFLGDomR�� LQDFHVVtYHO�DR�VHX�SDFLHQWH�SRU� WRGD�D�HVSp� FLH� GH� UD]}HV� TXH� OKH� VmR� SUySULDV�� H� WHQWD� UHIRUoDU�RV�VHXV�PHFDQLVPRV�GHIHQVLYRV��QR� VHQWLGR� GR� UHVWDEHOHFLPHQWR� GR� VHX� HTXLOt� EULR�KDELWXDO�� $� SVLFRWHUDSLD� GH� DSRLR� p� XP� HPSUHHQGL� PHQWR� GLQkPLFR�� OLPLWDGR� QR� WHPSR�� TXH� SHUVHJXH� REMHFWLYRV� SUHFLVRV� H� SRVVXL� LQGL� FDo}HV�GHILQLGDV�TXH�WrP�HP�FRQVLGHUDomR�D� IRUoD�GR�HJR�GR�SDFLHQWH��/RQJH�GH�FRQVWLWXLU� XPD�HVSpFLH�GH�´SHTXHQD�SVLFRWHUDSLDµ��HOD� VDWLVID]�H[LJrQFLDV�HOHYDGDV��TXH�YLVDP�D�PR� GLILFDomR� DFWLYD� GR� HTXLOtEULR� SVLFR�DIHFWLYR�� FRPR�IRQWH�GR�GHVDSDUHFLPHQWR�GD�DQJ~VWLD� H�GRV�VLQWRPDV�TXH�D�DFRPSDQKDP��� (GXDUGR� 6i� GHVFUHYH� DVVLP� D� HVVrQFLD� GD� SVLFRWHUDSLD�� ´XPD� 3VLFRWHUDSLD� UHSURGX]� XP�SHUFXUVR�RQWRJHQpWLFR�GXP�VHU�KXPDQR� HP�VRIULPHQWR��DWp�j�RXVDGLD�GH�VH�SURFXUDU� HP� VL�� QLQJXpP� VH� FXUDUi�� SRUWDQWR�� QHP� MDPDLV� VH� LUi� DWp� jV� ~OWLPDV� FRQVHTXrQFLDV� GXP� SHQVDPHQWR�� PDV� VRPHQWH� DWp� DR� OX� JDU�GHSRLV�GR�TXDO�VH�p�FDSD]�GH�DSUHQGHU�D� SHQVDU�FRP�R�SHQVDPHQWR��XPD�SVLFRWHUDSLD� QmR�WUDWD�PDV�DMXGD�D�FUHVFHUµ��� 'H�DFRUGR�FRP�$JXLUUH�����������TXH�DGRSWD� XP� HQIRTXH� SVLFDQDOtWLFR�� R� SULQFLSDO� LQV� WUXPHQWR� GH� WUDEDOKR� GR� SVLFyORJR� p� D� VXD� SHVVRD�� GDt� TXH� D� IRUPDomR� GH� XPD� DWLWXGH� FOtQLFD�� HQTXDQWR� SRVVLELOLGDGH� GH� VH� FR� ORFDU� QR� SDSHO� SURILVVLRQDO� GHQWUR� GH� XP� GHWHUPLQDGR� HQTXDGUDPHQWR�� PDQWHQGR� D� HPSDWLD�FRP�R�FOLHQWH��DVVHQWH�HP� WUrV� IDF� WRUHV�IXQGDPHQWDLV��D�SUySULD�SVLFRWHUDSLD��R� FRQKHFLPHQWR� WHyULFR�H�D�SUiWLFD�FOtQLFD�VX� SHUYLVLRQDGD��2V�DXWRUHV�VDOLHQWDP�D�OLJDomR� HVWUHLWD� HQWUH� RV� WUrV� IDFWRUHV�� ´RV� FRQKHFL� PHQWRV�WHyULFRV�Vy�SRGHP�VHU�LQWHUQDOL]DGRV� H� SURFHVVDGRV� QXPD� SVLFRWHUDSLD� SHVVRDO� TXH�WRUQH�SRVVtYHO�R�FRQKHFLPHQWR�GR�PXQ� GR�LQWHUQR�H�D�XWLOL]DomR�GH�UHFXUVRV�SHVVRDLV� QD�LQYHVWLJDomR�H�FRPSUHHQVmR�GRV�SURFHVVRV� SVtTXLFRV��$�VXSHUYLVmR��SRU�VXD�YH]��SURFXUD� IDFLOLWDU�D�LQWHJUDomR�GHVWHV�GRLV�DVSHFWRV�QD� SUiWLFD�FOtQLFDµ��� 2� SVLFyORJR� FOtQLFR� FRPR� PHPEUR� GH� XPD� HTXLSD�PXOWLGLVFLSOLQDU�QR�kPELWR�GD�VD~GH� PHQWDO� WHP�FRPR�IXQomR�FRQWULEXLU�SDUD�RV� REMHFWLYRV�GR�JUXSR�TXH�SRGHP�RUJDQL]DU�VH� $�3VLFRORJLD�&OtQLFD�²�3URFXUD�GH�XPD�,GHQWLGDGH ����5HYLVWD�GR�6HUYLoR�GH�3VLTXLDWULD�GR�+RVSLWDO�)HUQDQGR�)RQVHFD IXQGDPHQWDOPHQWH�HP�FLQFR�iUHDV�GLVWLQWDV�� GLDJQyVWLFR��WUDWDPHQWR�� HQVLQR� H� WUHLQR�� LQ� YHVWLJDomR�H�SUHYHQomR� $R� QtYHO� GR� GLDJQyVWLFR� H� GR� WUDWDPHQWR� R� SVLFyORJR�p�FKDPDGR�D�LQWHUYLU�SRU�XP�ODGR�� DWUDYpV�GR�H[DPH�SVLFROyJLFR�SDUD�R�TXDO�XWL� OL]D�HQWUHYLVWDV�H�EDWHULDV�GH�WHVWHV�SVLFROyJL� FRV�� GLVSRQGR�GH� WpFQLFDV�~QLFDV� FDSD]HV�GH� FRQWULEXLU� GH� IRUPD�RULJLQDO� SDUD� R� WUDEDOKR� FOtQLFR� H�� SRU� RXWUR� ODGR�� DWUDYpV� GDV� SVLFR� WHUDSLDV����� $� 3VLFRORJLD� FOtQLFD�� QDVFLGD� GD� SUiWLFD� FRP� GRHQWHV�HP�VRIULPHQWR��H�UHFXVDQGR�D�H[WUH� PD�REMHFWLYDomR�LQGX]LGD�SHOR�PpWRGR�FLHQWt� ILFR�� WHQWD� SURGX]LU� FRQKHFLPHQWRV� TXH� UHV� SHLWDP�VLPXOWDQHDPHQWH�D�VLQJXODULGDGH�GRV� VXMHLWRV� H� R� ULJRU� FLHQWtILFR�� 2� LQWHUHVVH� GRV� SVLFyORJRV� FOtQLFRV� GHVORFD�VH� QR� VHQWLGR� GD� GLYHUVLILFDomR�GDV� LQWHUYHQo}HV��GRV�PpWRGRV� GH�UHFROKD�H�GH�WUDWDPHQWR�GDV�LQIRUPDo}HV�H� GDV�SURGXo}HV�WHyULFDV��UHQXQFLDQGR�j�DGHVmR� D�PRGHORV�~QLFRV�H�GRJPiWLFRV�� %,%/,2*5$),$ ���5RGULJXHV�9��H�*RQoDOYHV�/����������$�EDQKD�GD� FREUD��'��4XL[RWH��/LVERD������ ���0RLWD� 9�� $� DQJ~VWLD� FRPR� FRQFHLWR� RSHUDWyULR� QD�WpFQLFD�SURMHFWLYD�GH�5RUVFKDFK��������$QiOLVH� 3VLFROyJLFD����,9�������� ���3HGLQLHOOL� -�/�� ,QWURGXomR�j�3VLFRORJLD�&OtQLFD�� &OLPHSVL��/LVERD������ ��� )HGLGD� 3�� 3HUFHSWLRQ� HW� &RPSUpKHQVLRQ� &OL� QLTXH� HQ� 3V\FKRORJLH�� %XOOHWLQ� GH� 3V\FKRORJLH�� ������(GLomR�HVSHFLDO��SS���������� ��� *XLOODXPLQ� -�� /D� 6LJQLILFDWLRQ� 6FLHQWLILTXH� GH� OD�3V\FKRORJLH�&OLQLTXH��%XOOHWLQ�GH�3V\FKRORJLH�� ������(GLomR�(VSHFLDO��SS�������� ��� /DJDFKH� '�� $� XQLGDGH� GD� 3VLFRORJLD�� (GLo}HV� ����/LVERD������� ��� 0DUTXHV� 0�(�� 'R� GHVHMR� GH� VDEHU� DR� VDEHU� GR� GHVHMR�� FRQWULEXWRV� SDUD� D� FDUDFWHUL]DomR� GD� VLWXDomR� SURMHFWLYD�� $QiOLVH� 3VLFROyJLFD�� ������ ��;,,,����������� ��� $Q]LHX� '�� 3RVVLELOLWpV� HW� /LPLWHV� GHV� UHFRXUV� DX[�SRLQWV�GH�YXH�SV\FKDQDO\WLTXHV�SDU�OH�SV\FKR� ORJXH�FOLQLFLHQµ��&RQH[LRQV������������������ ��� &KDEHUW� &�� $� 3VLFRSDWRORJLD� j� SURYD� QR�5RUV� FKDFK��&OLPHSVL��/LVERD������� ����)UHHPDQ�)��7HRULD�H�3UiWLFD�GRV�7HVWHV�3VLFR� OyJLFRV�� /LVERD�� )XQGDomR� &DORXVWH� *XOEHQNLDQ�� ����� ���� &KLODQG� &�� /·HQWUHWLHQ� &OLQLTXH�� ������ 38)�� 3DULV� ���� $Q]LHX� '�� /HV� PpWKRGHV� SURMHFWLYHV�� 3DULV�� 38)������� ���� 6i� (�� $VSHFWRV� 3VLFROyJLFRV� GD� GRU�� 5HYLVWD� 3RUWXJXHVD�GH�5HXPDWRORJLD��������YRO����Q���� ���� 0F/RXJKLQJ� %�� 'HYHORSLQJ� 3V\FKRG\QDPLF� &RXQVHOOLQJ��������6DJH�SXEOLFDWLRQV��/RQGRQ� ����3HUURW�(���'UH\IXV�&���6FKQHLGHU�3�� �6WDQIID� FKHU�0�� $� 6XSHUYLVmR� GD�3VLFRWHUDSLD�� &OLPHSVL�� /LVERD������� ���� 6i� (�� $FWDV� GR� &RQJUHVVR� GD� 6RFLHGDGH� 3RU� WXJXHVD� GH� 3VLFRORJLD� &OtQLFD�� ������ 1mR� SXEOL� FDGR� ����$JXLUUH�$�0��HW�DO��$�IRUPDomR�GD�DWLWXGH�FOt� QLFD�QR�HVWDJLiULR�GH�3VLFRORJLD��������3VLFRORJLD� 863��9RO������Q��� ����%OD\D��2�SDSHO�GR�SVLFyORJR�FOtQLFR�QD�HTXLSD� SVLTXLiWULFD��%ROHWLP�GH�3VLTXLDWULD��������9RO��� 6DQGUD�%ULWR
Compartilhar