Baixe o app para aproveitar ainda mais
Prévia do material em texto
�� 3URGXomR�GH�PHODQLQD 1R�UHWtFXOR�HQGRSODVPiWLFR�WHP�UHWtFXOR�HQGRSODVPiWLFR�JUDQXODU�DEXQGDQWH�H�JROJL� EHP�GHVHQYROYLGR��'R�JROJL�VDHP�YHVtFXODV�FKHLDV�GH�WLURVLQDVH��SUp� PHODQRVVRPR���$�WLURVLQDVH�WHP�FRPR�VXEVWUDWR�D�WLURVLQD��$�WLURVLQDVH�WUDQVIRUPD�D� WLURVLQD�HP�PHODQLQD��7LURVLQD�FRP�WLURVLQDVH�Mi�p�XP�PHODQRVVRPR� !�9HVtFXOD�FKHLD�GH�WLURVLQDVH�ї�7LURVLQD�ї�7LURVLQDVH�WUDQVIRUPD�D�WLURVLQD�HP� PHODQLQD�����3Up�PHODQRVVRPR� YHVtFXOD�GH�WLURVLQDVH��HQ]LPD��� ���0HODQRVVRPR� 7LURVLQDVH���7LURVLQD��VXEVWUDWR��� �� *UkQXORV�GH�0HODQLQD� 0HODQLQD� $QLPDO�DOELQR��WHP�PHODQyFLWRV�PDV�QmR�WHP�WLURVLQDVH�DWLYD��SRUWDQWR�QmR�WHP� PHODQLQD��7HP�DOWHUDomR�JHQpWLFD�QR�FyGRQ�GD�WLURVLQDVH�� ͻ 1HYRV�PHODQRFLWtFRV��VmR�DV�SLQWDV��e�R�iFXPXOR�GH�PDODQyFLWRV�QD�SHOH��3RGH� VHU�GLWR�FRPR�XP�GHIHLWR�� ͻ 0HODQRVVRPR��YHVtFXOD�TXH�FRQWpP�D�WLURVLQD�H�VRIUH�SURFHVVR�GH�SROLPHUL]DomR�� 0HODQyFLWRV��FpOXOD�UHVSRQViYHO�SHOD�SURGXomR�GH�PHODQLQD� �� 2ULJHQV�HPEULROyJLFDV (SLGHUPH � VH�RULJLQDGD�HFWRGHUPH� 'HUPH � PHVRGHUPD�ODWHUDO�GD�VRPDWRSOHXUD 0HODQyFLWRV � FULVWD�QHXUDO� 4XHUDWLQyFLWRV � PHVRGHUPD�ODWHUDO� /DQJHUKDQV � PHVRGHUPD�ODWHUDO��"� 7LURVLQD � p�IRUPDGD�GH�DPLQRiFLGRV� �� 3HORV $�JOkQGXOD�VHEiFHD�H�D�JOkQGXOD�RGRUtIHUD�GHVHPERFDP�QR�HVSDoR�HQWUH�D� %DLQKD�(SLWHOLDO�,QWHUQD�H�R�3HOR��3RU�LVVR�TXH�D�%DLQKD�(SLWHOLDO�,QWHUQD�WHP� XP�HVSDoR��QmR�p�FRQWtQXD���SDUD�ODQoDU�D�VHFUHomR�SDUD�IRUD� ͻ &DPDGDV�GR�SHOR��GH�IRUD�SUD�GHQWUR�� FXWtFXOD���GXUD���FyUWH[��PHGXOD���PROH� )ROtFXOR�SLORVR� SRGH�VHU�VLPSOHV����SHOR�SRU�RULILFtR��RX�FRPSRVWR����RX���SHORV� SRU�RULILFtR� 4XHUDWLQD�GXUD�[�TXHUDWLQD�PROH� D�TXHUDWLQD�GXUD�WHP�PHQRV�TXHUDWRKLDOLQD�H�D� PROH�WHP�PDLV��4XDQWR�PDLV�TXHUDWRKLDOLQD�PDLV�PROH�IOH[tYHO�� )ROtFXOR�SLORVR�FRPXP�H�IROtFXOR�SLORVR�VHQVLWLYR��DPERV�VmR�LJXDLV��0DV�R� 6HQVLWLYR�WHP�FDYLGDGHV�GH�7HFLGR�&RQMXQWLYR�UHYHVWLGDV�SRU�HQGRWpOLR��FRP� VDQJXH��&KDPDGDV VHLRV�YHQRVRV��$OpP�GLVVR�WHP�7HUPLQDo}HV�1HUYRVDV��WiWHLV�� TXH�OKHV�FRQIHUHP�VHQVLELOLGDGH� 3HORV�GH�VHUHV�KXPDQRV�H�DQLPDLV� RV�SHORV�GRV�VHUHV�KXPDQRV�VmR�VLPSOHV�� HQTXDQWR�GR�DQLPDLV�VmR�FRPSRVWRV��3RGHP�WHU�SHORV�DFHVVyULRV��H�XP�SHOR� SULQFLSDO��2V�SHORV�FRPSRVWRV�VmR�YiULRV�SHORV�VDLQGR�SRU�XP�~QLFR�RULItFLR��1D� OkPLQD�p�SRVVtYHO�YHU�YiULRV�IROtFXORV�SLORVRV��PDV�WRGRV�VDHP�SRU�XP�~QLFR�³SRUR´�� �� *OkQGXODV *O��6HEiFHD��VHFUHWD�JRUGXUD�QR�HVSDoR�GH�GHVFRQWLQXLGDGH�GD�EDLQKD�HSLWHOLDO� LQWHUQD��HQWUH�R�SHOR�H�EDLQKD�HSLWHOLDO�LQHUQD��4XH�QmR�FKHJD�QD�VXSHUItFLH���7HP� FRPR�IXQomR�GH�LPSHUPHDELOL]DomR�GD�HSLGHUPH��$9(�12�7(0�*/Æ1'8/$� 6(%È&($��HOD�SRVVXL�JOkQGXODV�XURSLJLDQDV��TXH�GHVHPSHQKDP�D�PHVPD�IXQomR� *O��2GRUtIHUD� WDPEpP�FKDPDGD�GH�VXGRUtSDUD�DSyFULQD��([SHOH�RGRUHV�H�FKHLURV�� 5HVXPR�+LVWRORJLD�� 3� 1mR�p�H[FUHWDGD�MXQWR�FRP�D�VXD�VHFUHomR�� *O��6XGRUtSDUD� GHVHPERFD�HQWUH�R�SHOR�H�D�EDLQKD�HSLWHOLDO��3DUWH�GD�JOkQGXOD�p� VHFUHWDGD�MXQWR�FRP�D�VHFUHomR��7HUPRUUHJXODomR� �� 'HUPH &DPDGD�SDSLODU��WHF��&RQMXQWLYR�IURX[R�PXLWR�YDVFXODUL]DGR�FRPS}H�DV�SDSLODV� GpUPLFDV�TXH�VmR�LQYDJLQDo}HV�GD�GHUPH�QD�EDVH�GD�HSLGHUPH�� &DPDGD�UHWLFXODU� WHF��&RQMXQWLYR�GHQVR�QmR�PRGHODGR��HVSHVVD�H�PDLV�GLVWDQWH� GD�HSLGHPH� +LSRGHUPH� WHF��&RQMXQWLYR�IURX[R�TXH�FRP�IUHTXrQFLD�DFXPXOD�WHF��$GLSRVR��1mR� ID]�SDUWH�GD�SHOH��ILFD�DEDL[R�GD�GHUPH� �� 3HQD (VWUXWXUDV�GD�SHQD�� &iODPR� EDVH�GD�SHQD��HQWHUUDGD�GHQWUR�GR�IROtFXOR�GD�SHQD��TXH�H[LVWH� WHF�FRQMXQWLYR�YDVFXODUL]DGR�H�LQHUYDGR��2V�YDVRV�H�QHUYRV�HQWUDP�SHOR� XPELJR�SUR[LPDO�H�GLVWDO� ͻ 5DTXH� VDL�GR�FDOiPR�H�GHOD�SDUWHP�SURMHo}HV�FKDPDGDV�GH�TXHUDWLQDV�� FKDPDGDV�GH�EDUED�� ͻ %DUEDV� WHP�RULJHP�QD�UDTXH�H�GHODV�SDUWHP�DV�EiUEXODV�TXH�SRVVXHP� SHTXHQRV�JDQFKRV�TXH�VH�OLJDP�i�EiUEXODV�GH�RXWUDV�EDUEDV�� ͻ �� &DVFR 3RVVXL���FDPDGDV�� &DPDGD�ODPHODU��LQWHUQD�� OLJD�R�FDVFR�DR�WHFLGR�FRQMXQWLYR�DGMDVFHQWH�H�DR� SHULyVWHR�GD�IDODQJH�GLVWDO�� ͻ &DPDGD�PpGLD� IRUPDGD�SRU�TXHUDWLQD�WXEXODU�H�LQWHUWXEXODU��DVVLP�FRPR�D� VROD�GR�FDVFR�� ͻ &DPDGD�H[WHUQD� SRVVXL�TXHUDWLQD�PXLWR�GHOJDGD��H[WUHPDPHQWH�GXUD�GHYLGR� D�DXVrQFXD�GH�TXHUDWRKLDOLQD�� ͻ &yULR�/DPHODU�SULPiULR�H�VHFXQGiULR� e�R�WHFLGR�FRQMXQWLYR�TXH�ILFD�HQWUH�DV� OkPLQDV�SULPiULDV�H�VHFXQGiULDV�6Ï�(0�(48,126��2V�RXWURV�DQLPDLV�Vy�SRVVXHP� OkPLQDV�SULPiULDV�� (VWUDWR�WHFWyULR� &DPDGD�H[WHUQD�GR�FDVR��IHLWR�GH�TXHUDWLQD�GXUD� �� &KLIUH�[�FRUQR &RUQR��SURMHomR�FyUQHD�TXH�HQYROYH�R�SURFHVVR�yVVHR�GR�RVVR�IURQWDO��TXH�HP�VHX� FUHVFLPHQWR�LQGX]LGR�SHOR�ERWmR�FyUQHR��e�UHYHVWLGR�SRU�HSLGHUPH�VHP� TXHUDWRKLDOLQD��1mR�p�WURFDGR�DR�ORQJR�GD�YLGD�� &KLIUH��FUHVFH�R�RVVR�H�D�SHOH�DFRPSDQKD��e�VD]RQDO��FUHVFH��DPDGXUHFH�H�FDL�� GHYLGR�DR�HVWUDQJXODPHQWR�GRV�YDVRV�VDQJXtQHRV�GR�FKLIUH��&KLIUH�PDGXUR�QmR�WHP� YHOR��SHOH�TXH�UHYHVWH�R�FKLIUH���ILFD�Vy�R�RVVR�H[SRVWR��DWp�FDLU�� �� &DSLODUHV 7LSRV�GH�FDSLODUHV� &RQWtQXRV� DSHQDV�XPD�FDPDGD�GH�FpOXODV�HSLWHOLDLV��)RUPDGR�JHUDOPHQWH� SHOD�MXQomR�GH�GXDV�FpOXODV��6mR�IRUWHPHQWH�XQLGRV�SRU�FDXVD�GRV� GHVPRVVRPRV�H�GXDV�]{QXODV�GH�RFOXVmR��XPD�PDLV�LQWHUQD�H�RXWUD�PDLV� H[WHUQD���$�]{QXOD�GH�RFOXVmR�LPSHGH�D�SDVVDJHP�GH�VXEVWkQFLDV�SRU�HQWUH�DV� FpOXODV��p�PDLV�VHOHWLYD�� ͻ )HQHVWUDGRV� 7HP�GLkPHWUR�FRQVWDQWH��WDPEpP�SRVVXHP�]{QXOD�GH�RFOXVmR� PDV�SRVVXL�SRURV�SRU�WRGD�VXD�VXSHUItFLH�TXH�DWUDYHVVDP�WRWDOPHQWH�D�FpOXOD�� ͻ 6LQXVRLGHV� 1mR�SRVVXL�GLkPHWUR�FRQVWDQWH��3RVVXHP�PXLWDV�IHQHVWUDV� �IHQGDV��SRU�WRGD�VXD�VXSHUItFLH��$�XQLmR�HQWUH�DV�FpOXODV�VmR�IUDFDV�H�p�R�PDLV� DEXQGDQWH�HP�yUJmRV�KHPDWRSRpWLFRV�H�QR�ItJDGR� ͻ ���� 9DVRV�VDQJXtQHRV 7~QLFD�,QWLPD� (QGRWpOLR�VLPSOHV�SDYLPHQWRVR��WHFLGR�FRQMXQWLYR��OLPLWDQWH�HOiVWLFD� H[WHUQD��7~QLFD�0pGLD� P~VFXOR�OLVR��WHFLGR�FRQMXQWLYR��ILEUDV�HOiVWLFDV���PDLV�YLVtYHO� HP�DUWpULDV���7~QLFD�$GYHQWtFLD� WHFLGR�FRQMXQWLYR�IURX[R��P~VFXOR�OLVR��Vy�HP�YHLDV� GH�JUDQGH�FDOLEUH���9HLD�FDYD� GHULYDGD�GH�YiULDV�YHLDV��VXEFDUGLQDO��VXSUDFDUGLQDO�� YHLD�UHQDO�H�KHSiWLFD�GR�HPEULmR��H�TXDVH�QDGD�GD�YHLD�FDUGLQDO�HP�VL��$UWpULD�DRUWD�� VH�GHULYD�GD�DRUWD�PHVPR��TXH�p�R�SULPHLUR�JUDQGH�YDVR�TXH�VH�IRUPD��([LVWHP� GXDV�DRUWDV�QR�SHUtRGR�HPEULRQiULR��$V�GXDV�VH�MXQWDP�H�IRUPDP�XPD�Vy� ��� &RUDomR� &RQVWLWXLomR�GDV�9DOYDV� 8P�HL[R�FHQWUDO�GR�WHFLGR�FRQMXQWLYR�UHYHVWLGR�SRU� HQGRFiUGLR��&pOXODV�GH�3XUNLQMH� VmR�FpOXODV�PXVFXODUHV�HVSHFLDOL]DGDV�QD� FRQGXomR�GR�LPSXOVR�QHUYRVR�TXH�IRUPDP�R�IHL[H�DWULRYHQWULFXODU��6H�ORFDOL]DP�QD� SRUomR�VXEHQGRFiUGLFD��ORJR�DEDL[R�GR�HQGRFiUGLR�� &RPSRQHQWHV�GR�HVTXHOHWR�ILEURVR�GR�FRUDomR�� $QpLV�ILEURVRV��WUtJRQR�ILEURVR�H�VHSWR�PHPEUDQRVR��7HP�FRPR�IXQomR�D� LQVHUomR�GDV�YiOYXODV��H�SULQFLSDOPHQWH�VHSDUDU�DV�ILEUDV�PXVFXODUHV�GR�iWULR�H� GR�YHQWUtFXOR�SDUD�TXH�RV�GRLV�VH�FRQWUDLDP��HP�PRPHQWRV�GLIHUHQWHV�� ͻ ���� (PEULRORJLD�GR�FRUDomR &RUDomR�VH�IRUPD�QR�PHVRGHUPD�FDUGLRJHQLFR��TXH�VH�HQFRQWUD�D�IUHQWH�GD�SODFD� SUp�FRUGDO�RX�PHPEUDQD�RURIDUtQJHD��IRUPD�XP�FRUDomR�HP�IRUPD�GH�DOoD�TXH�FRP� R�IHFKDPHQWR�YHQWUDO�HOH�VHGREUD�H�RV�GRLV�SURORQJDPHQWRV�GHVVD�DOoD�VH�IXQGHP� IRUPDQGR�GRLV�WXERV��QD�UHJLmR�GD�DOoD�YmR�VDLU�RV�YDVRV�DUWHLUDLV��TXH�FRUHP�SHOR� GRUVR�SDUDOHOR��ODWHUDOPHQWH�D�QRWRFRUGD��DRUWDV�GRUVDLV��H�YmR�VH�DSUR[LPDQGR�DWp� VH�IXQGLUHP�SUD�IRUPDU�XPD�DRUWD�Vy��TXH�GHSRLV�VH�GLYLGH�H�IRUPD�D�DRUWD�SXOPRQDU� H�DRUWD�YHUGDGHLUD��2�WXER�IRUPD�GXDV�JUDQGHV�FDYLGDGHV��FRP�D�DSUR[LPDomR�GRV� GRLV�FR[LQV�VH�IXQGH��6H�IRUPD�Vy�XP�DWULR�H�VR�XP�YHQWULFXOR��D�VHSWDomR�GR� YHQWULFXOR�VH�Gi�GH�EDL[R�SUD�FLPD�DWp�D�VHSDUDomR��(�R�iWULR�YHP�GH�FLPD�SUD�EDL[R�� DQWHV�GD�SDVVDJHP��IRUDPH�SULPiULR��GHVDSDUHFHU��FRPHoD�D�VXUJLU�RXWUR�EXUDFR��R� IRUDPH�VHFXQGiULR���WHP�TXH�WHU�D�FRPXQLFDomR�GR�DWULR�GLUHLWR�H�DWULR�GLUHLWR��H�Vy� VHSDUD�QR�QDVFLPHQWR��e�IRUPDGR�XP�VHJXQGR�VHSWR�VHFXQGiULR�TXH�TXDVH�FREUH�R� IRUDPH�VHFXQGiULR��H�DR�QDVFHU�H�UHVSLUDU�D�SUHVVmR�GR�ODGR�HVTXHUGR�LQWHQVLILFD��H� VH�IHFKD�R�IRUDPH�VHFXQGiULR� )HFKRX�R�SULPiULR�ILFD�R�VHFXQGiULR�DEHUWR�
Compartilhar