Apostila gestao do conhecimento

0 views
175 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
0
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Apostila gestao do conhecimento

  1. 1. A†‹…‡ 2UJDQL]DomR (VWUXWXUDV RUJDQL]DFLRQDLV XOWXUD RUJDQL]DFLRQDO ,QIOXrQFLD GD FXOWXUD RUJDQL]DFLRQDO QR SURFHVVR GH PXGDQoDV 6RFLHGDGH GR FRQKHFLPHQWR RQWH[WR KLVWyULFR $ (YROXomR GRV 6LVWHPDV GH ,QIRUPDomR H GRV 0RGHORV GH *HVWmR (PSUHVDULDO 1RYRV 0RGHORV GH *HVWmR H DV ,QIRUPDo}HV *HVWmR GR RQKHFLPHQWR 'DGR ,QIRUPDomR H RQKHFLPHQWR RQKHFLPHQWR 7iFLWR H RQKHFLPHQWR ([SOtFLWR 2V 7UrV 3LODUHV GD *HVWmR GR RQKHFLPHQWR DSLWDO ,QWHOHFWXDO $ FULDomR GR RQKHFLPHQWR QD (PSUHVD 'LVVHPLQDomR GR RQKHFLPHQWR 0DUNHWLQJ GR RQKHFLPHQWR 0HPyULD 2UJDQL]DFLRQDO *HVWmR GH RQWH~GR RPXQLGDGHV GH 3UiWLFDV RPSDUWLOKDGDV 3RUWDO RUSRUDWLYR *HVWmR GD ,QIRUPDomR ULDomR RUJDQL]DomR H UHFXSHUDomR GD LQIRUPDomR 4XHVW}HV pWLFDV H VRFLDLV HP VLVWHPDV GH LQIRUPDomR 'HVHQYROYLPHQWR GRV 6LVWHPDV GH ,QIRUPDomR 7HFQRORJLDV 'LVSRQtYHLV 'HPRFUDWL]DomR GRV PHLRV GH FRPXQLFDomR 8VR GDV QRYDV WHFQRORJLDV QDV HPSUHVDV 2WLPL]DomR GD WRPDGD GH GHFLVmR H D *HVWmR GR RQKHFLPHQWR 7RPDGD GH GHFLVmR H VLVWHPDV GH LQIRUPDomR 6LVWHPDV GH DSRLR j GHFLVmR 6LVWHPDV LQWHOLJHQWHV GH DSRLR j GHFLVmR 6LVWHPDV GH *HVWmR GR RQKHFLPHQWR
  2. 2. ͳ Ȃ ”‰ƒ‹œƒ­ ‘ „Œ‡–‹˜‘• †ƒ ƒ—Žƒǣ $R WpUPLQR YRFr GHYHUi VHU FDSD] GH RPSUHHQGHU FRQFHLWRV IXQGDPHQWDLV GH RUJDQL]DomR DV IRUPDV GH HVWUXWXUDomR KLHUiUTXLFD H FXOWXUD RUJDQL]DFLRQDO RPSUHHQGHU D LPSRUWkQFLD GR FRQKHFLPHQWR SDUD RV GLIHUHQWHV QtYHLV RUJDQL]DFLRQDLV ,GHQWLILFDU TXH WLSR GH LQIOXrQFLD SRVLWLYD RX QHJDWLYD
  3. 3. TXH D FXOWXUD RUJDQL]DFLRQDO SRGH WUD]HU DR PRGHOR GH JHVWmR ͳǤ ”‰ƒ‹œƒ­ ‘ (P VHQWLGR JHUDO RUJDQL]DomR p R PRGR HP TXH VH RUJDQL]D XP VLVWHPD IDFLOLWDQGR R DOFDQFH GH XP REMHWLYR e D IRUPD HVFROKLGD SDUD DUUDQMDU GLVSRU RX FODVVLILFDU REMHWRV GRFXPHQWRV H LQIRUPDo}HV 6HJXQGR 0RQWDQD S
  4. 4. RUJDQL]DU p R SURFHVVR GH UHXQLU UHFXUVRV ItVLFRV H KXPDQRV HVVHQFLDLV j FRQVHFXomR GRV REMHWLYRV GH XPD HPSUHVD $ HVWUXWXUD GH XPD RUJDQL]DomR p UHSUHVHQWDGD DWUDYpV GR VHX RUJDQRJUDPD (P $GPLQLVWUDomR RUJDQL]DomR WHP GRLV VHQWLGRV x RPELQDomR GH HVIRUoRV LQGLYLGXDLV TXH WHP SRU ILQDOLGDGH UHDOL]DU SURSyVLWRV FROHWLYRV ([HPSOR HPSUHVDV DVVRFLDo}HV yUJmRV GR JRYHUQR RX VHMD TXDOTXHU HQWLGDGH S~EOLFD RX SULYDGD 2X VHMD D RUJDQL]DomR HP XPD HPSUHVD GHWHUPLQD R TXH IDUi FDGD LQWHJUDQWH SDUD DOFDQoDU R REMHWLYR FROHWLYR GR JUXSR x 0RGR FRPR IRL HVWUXWXUDGR GLYLGLGR H VHTXHQFLDGR R WUDEDOKR 2X VHMD XP FRQMXQWR EHP GHWHUPLQDGR GH SURFHGLPHQWRV GLYLGLGRV H VHTHQFLDGRV JHUDOPHQWH HP XP RUJDQRJUDPD
  5. 5. QHFHVViULRV SDUD VH UHDOL]DU XP WUDEDOKR 6HJXQGR 0D[LPLDQR
  6. 6. XPD RUJDQL]DomR p XPD FRPELQDomR GH HVIRUoRV LQGLYLGXDLV TXH WHP SRU ILQDOLGDGH UHDOL]DU SURSyVLWRV FROHWLYRV 3RU PHLR GH XPD RUJDQL]DomR WRUQDVH SRVVtYHO SHUVHJXLU H DOFDQoDU REMHWLYRV TXH VHULDP LQDWLQJtYHLV SDUD XPD SHVVRD 8PD JUDQGH HPSUHVD RX XPD SHTXHQD RILFLQD XP ODERUDWyULR RX R FRUSR GH ERPEHLURV XP KRVSLWDO RX XPD HVFROD VmR WRGRV H[HPSORV GH RUJDQL]Do}HV $ RUJDQL]DomR p XPD HQWLGDGH VRFLDO FRQVFLHQWHPHQWH FRRUGHQDGD FRP XPD IURQWHLUD UHODWLYDPHQWH LGHQWLILFiYHO TXH IXQFLRQD QXPD EDVH UHODWLYDPHQWH FRQWtQXD SDUD DOFDQoDU XP REMHWLYR RX REMHWLYRV FRPXQV 8PD RUJDQL]DomR p FRQVWLWXtGD SRU SHVVRDV ± SDUD TXH HOD PXGH WDPEpP DV SHVVRDV WrP TXH PXGDU 1R HQWDQWR R VHU KXPDQR p ~QLFR H FRPR WDO FULD R VHX SUySULR SHQVDPHQWR LQGLYLGXDO TXHU SRU DQWHFLSDomR TXHU SRU UHDomR $ IRUPD FRPR HVWHV SHQVDPHQWRV H FRUUHVSRQGHQWHV Do}HV VH UHIOHWHP QR FRQWH[WR RUJDQL]DFLRQDO SRGHUi JDQKDU XPD GLPHQVmR WDO TXH WRUQD D UHDomR GR VLVWHPD LPSUHYLVtYHO 8PD RUJDQL]DomR p IRUPDGD SHOD VRPD GH SHVVRDV PiTXLQDV H RXWURV HTXLSDPHQWRV UHFXUVRV ILQDQFHLURV H RXWURV $ RUJDQL]DomR HQWmR p R UHVXOWDGR GD FRPELQDomR GH WRGRV HVWHV HOHPHQWRV RULHQWDGRV D XP REMHWLYR FRPXP 2UJDQL]DU FRPSUHHQGH DWULEXLU UHVSRQVDELOLGDGHV jV SHVVRDV H DWLYLGDGHV DRV yUJmRV XQLGDGHV DGPLQLVWUDWLYDV
  7. 7. $ IRUPD GH RUJDQL]DU HVWHV yUJmRV FKDPDVH GH GHSDUWDPHQWDOL]DomR
  8. 8. 'R JUHJR RUJDQRQ RUJDQL]DomR VLJQLILFD LQVWUXPHQWR XWHQVtOLR 'H DFRUGR %LOKLP
  9. 9. D RUJDQL]DomR p XPD HQWLGDGH VRFLDO FRQVFLHQWHPHQWH FRRUGHQDGD JR]DQGR GH IURQWHLUDV GHOLPLWDGDV TXH IXQFLRQDP QXPD EDVH UHODWLYDPHQWH FRQWtQXD WHQGR HP YLVWD D UHDOL]DomR GH REMHWLYRV FRPXQV 6REUHYLYrQFLD H FUHVFLPHQWR PHWDV H REMHWLYRV
  10. 10. p R TXH D PDLRULD DPELFLRQD 2EMHWLYRV TXH H[LJHP JUXSRV GH GXDV RX PDLV SHVVRDV TXH HVWDEHOHFHP HQWUH HOHV UHODo}HV GH FRRSHUDomR Do}HV IRUPDOPHQWH FRRUGHQDGDV H IXQo}HV GLIHUHQFLDGDV KLHUDUTXLFDPHQWH 2UJDQRJUDPD p XP JUiILFR TXH UHSUHVHQWD D HVWUXWXUD IRUPDO GH XPD RUJDQL]DomR UHGLWDVH D FULDomR GRV SULPHLURV RUJDQRJUDPDV DR QRUWHDPHULFDQR 'DQLHO 0FDOOXP DGPLQLVWUDGRU GH IHUURYLDV QR DQR GH 2V RUJDQRJUDPDV PRVWUDP FRPR HVWmR GLVSRVWDV XQLGDGHV IXQFLRQDLV D KLHUDUTXLD H DV UHODo}HV GH FRPXQLFDomR H[LVWHQWHV HQWUH HVWHV 2V yUJmRV RX GHSDUWDPHQWRV VmR XQLGDGHV DGPLQLVWUDWLYDV FRP IXQo}HV EHP GHILQLGDV ([HPSORV GH yUJmRV 7HVRXUDULD 'HSDUWDPHQWR GH RPSUDV 3RUWDULD %LEOLRWHFD 6HWRU GH 3URGXomR *HUrQFLD $GPLQLVWUDWLYD 'LUHWRULD 7pFQLFD 6HFUHWDULD HWF 2V yUJmRV SRVVXHP XP UHVSRQViYHO FXMR FDUJR SRGH VHU FKHIH VXSHUYLVRU JHUHQWH FRRUGHQDGRU GLUHWRU VHFUHWiULR JRYHUQDGRU SUHVLGHQWH HWF 1RUPDOPHQWH WHP FRODERUDGRUHV IXQFLRQiULRV
  11. 11. H HVSDoR ItVLFR GHILQLGR $ GHSDUWDPHQWDOL]DomR H RV RUJDQRJUDPDV TXH UHSUHVHQWDP JUDILFDPHQWH RV FRQFHLWRV GH GLYLVmR GR WUDEDOKR H VXDV UHODo}HV OHYDP HP FRQWD DV VHJXLQWHV FDUDFWHUtVWLFDV x D GLYLVmR GR WUDEDOKR PHGLDQWH R IUDFLRQDPHQWR GD RUJDQL]DomR HP XQLGDGHV GH GLUHomR Q~FOHRV FRQVHOKRV FRPLVV}HV JHUrQFLDV VXSHULQWHQGrQFLDV GHSDUWDPHQWRV VHo}HV VHUYLoRV VHWRUHV HWF x D UHODomR VXSHULRUVXERUGLQDGR R TXH GHL[D LPSOtFLWR RV SURFHGLPHQWRV UHODWLYRV j GHOHJDomR GH DXWRULGDGH H UHVSRQVDELOLGDGH x R WUDEDOKR GHVHQYROYLGR SHODV IUDo}HV RUJDQL]DFLRQDLV 'HSHQGHQGR GD WpFQLFD GH HODERUDomR DSOLFDGD R RUJDQRJUDPD SRGH HYLGHQFLDU DOpP GR WLSR GH WUDEDOKR GHVHQYROYLGR D
  12. 12. R GHWDOKDPHQWR GR WLSR GH WUDEDOKR E
  13. 13. RV FDUJRV H[LVWHQWHV F
  14. 14. RV QRPHV GRV WLWXODUHV GDV XQLGDGHV G
  15. 15. D TXDQWLGDGH GH SHVVRDV SRU XQLGDGH H
  16. 16. D UHODomR IXQFLRQDO DOpP GD UHODomR KLHUiUTXLFD x D DQiOLVH RUJDQL]DFLRQDO IDFLOLWDGD SRU XPD ERD HODERUDomR R TXH VLJQLILFD GL]HU RUJDQRJUDPD FRP OLQKDV EHP GHILQLGDV HVFODUHFLPHQWR GDV FRQYHQo}HV XWLOL]DGDV DEUHYLDo}HV H VLJODV PHGLDQWH XVR GH OHJHQGD FRORFDGD QD SUySULD IROKD GR JUiILFR IUHTHQWHPHQWH QR FDQWR LQIHULRU j GLUHLWD
  17. 17. $ )LJXUD DMXGD D FRPSUHHQGHU HVVHV FRQFHLWRV
  18. 18. )LJXUD (VTXHPD GDV UHODo}HV GR RUJDQRJUDPD 1XP RUJDQRJUDPD RV yUJmRV VmR GLVSRVWRV HP QtYHLV TXH UHSUHVHQWDP D KLHUDUTXLD H[LVWHQWH HQWUH HOHV (P XP RUJDQRJUDPD YHUWLFDO TXDQWR PDLV DOWR HVWLYHU R yUJmR PDLRU D DXWRULGDGH H D DEUDQJrQFLD GD DWLYLGDGH •–—†‘ †‡ ƒ•‘ ‡”†‡‹”‘ ”‡˜‘Ž—…‹‘ƒ ‡’”‡•ƒ ˆƒ‹Ž‹ƒ” $ IUDVH ³DTXL VRPRV WRGRV XPD IDPtOLD´ p GLWD FRP RUJXOKR QDV HPSUHVDV EUDVLOHLUDV PDV LVVR LPSOLFD PXLWDV YH]HV QmR Vy D VHJXUDQoD GR WUDEDOKR JDUDQWLGR DV UHODo}HV FRUGLDLV H SDWHUQDOLVWDV PDV HVSHFLDOPHQWH YtFLRV DGPLQLVWUDWLYRV GLItFHLV GH HUUDGLFDU 4XDQGR 5LFDUGR )UDQN 6HPOHU KHUGRX D HPSUHVD GR SDL D 6HPFR GD TXDO HUD R SULQFLSDO DFLRQLVWD HQFRQWURX PDLV SUREOHPDV GR TXH TXDOLGDGHV QHVVH WLSR GH UHODFLRQDPHQWR LQWHUQR HP TXH SUDWLFDPHQWH XP WHUoR GR TXDGUR GH SRXFR PDLV GH FHP IXQFLRQiULRV HUD IRUPDGR SRU IDPLOLDUHV RX OLJDGRV j IDPtOLD RPR DV PXGDQoDV TXH SURFXURX LQWURGX]LU QD 6HPFR IRUDP ERLFRWDGDV SUDWLFDPHQWH SRU GRLV DQRV HOH UHVROYHX WRPDU XPD PHGLGD GUiVWLFD H GHPLWLU WRGRV RV TXH HUDP GD IDPtOLD $R SURILVVLRQDOL]DU D HPSUHVD LQWURGX]LX QRYRV KiELWRV TXH PXGDUDP FRPSOHWDPHQWH R SHUILO GHVVH HPSUHHQGLPHQWR IXQGDGR Ki DQRV H TXH FRPHoRX FRPR XPD LQG~VWULD GH EDVH QD iUHD GH yOHRV YHJHWDLV 6HPOHU HOLPLQRX D UHYLVWD GRV IXQFLRQiULRV QD VDtGD GR H[SHGLHQWH H R FDUWmR GH SRQWR H[WLQJXLX QXPHURVRV FDUJRV H LQWURGX]LX D FRQVXOWD DRV IXQFLRQiULRV VREUH D SHUIRUPDQFH GRV JHUHQWHV D FRU GRV XQLIRUPHV H GDV VHo}HV GHQWUH RXWUDV SUiWLFDV TXH WUDQVIRUPDUDP D HPSUHVD H WDPEpP D +REDUW DGTXLULGD HP H TXH IDEULFD EDODQoDV HP H[HPSOR EHPVXFHGLGR GH PRGHUQL]DomR 1R GHSRLPHQWR D VHJXLU HOH UHODWD HVVD H[SHULrQFLD TXH FRQWUDULD SUHFRQFHLWRV DUUDLJDGRV QR PHLR HPSUHVDULDO
  19. 19. ƒ†‡ƒ†‘• ‘• –‡Ž‡ˆ‘‡• $ 6HPFR IRL IXQGDGD SRU YiULRV VyFLRV GHQWUH RV TXDLV PHX SDL HQJHQKHLUR TXH WLQKD XPD SDWHQWH QD iUHD GH yOHRV YHJHWDLV (P PHDGRV GRV DQRV GH R JRYHUQR LQLFLRX R SURJUDPD QDYDO EUDVLOHLUR PDV QD pSRFD QmR KDYLD IDEULFDQWHV VXILFLHQWHV GH HTXLSDPHQWRV H SRU LVVR D HPSUHVD GHL[RX RV yOHRV GH ODGR H FRPHoRX D IDEULFDU ERPEDV SDUD QDYLRV 2 IDWXUDPHQWR JLUDYD HP WRUQR GH 86 PLOK}HV SRU DQR H ILFRX DVVLP SRU PXLWR WHPSR 0HX SDL Mi QD IDL[D GRV DQRV TXHULD XP KHUGHLUR KRPHP H QD FDEHoD GHOH PHX GHVWLQR HUD D VXFHVVmR +DYLD XPD GLIHUHQoD GH LGDGH GH DQRV HQWUH HOH H PLP H SRUWDQWR XPD QHFHVVLGDGH ItVLFD SDUD HX HQWUDU QR QHJyFLR RPHFHL PXLWR FHGR FRP DQRV $ VXFHVVmR FRPHoRX HP H GXURX XQV WUrV DQRV VHQGR TXH GXUDQWH XP DQR H PHLR IRL GH IRUPD LQWHQVLYD 'HSRLV GH PXLWRV FRQWUDWHPSRV GHFLGL TXH D WUDQVLomR GH XPD HPSUHVD IDPLOLDU SDUD D SURILVVLRQDOL]DomR GHYHULD VHU IHLWD GH XPD Vy YH] 'HPLWLPRV WRGRV RV TXH HUDP GD IDPtOLD QXPD VH[WDIHLUD HP PDLR GH +DYLD HQRUPH GLIHUHQoD HQWUH R TXH PHX SDL ID]LD H R TXH HX DFKDYD TXH GHYHULD VHU IHLWR (OH HUD PXLWR PRGHUDGR QRV JDVWRV WLQKD FDGHDGR QRV WHOHIRQHV SUHRFXSDo}HV WtSLFDV GH XP IXQGDGRU ( ILTXHL FKRFDGR FRP D UHYLVWD IHLWD QRV IXQFLRQiULRV QR ILP GR H[SHGLHQWH VLQDO GD IDOWD GH FRQILDQoD HQWUH HPSUHVD H HPSUHJDGRV´ Ž‹‹ƒ†‘ •À„‘Ž‘• †‘ ’‘†‡” RP DOJXQV H[HFXWLYRV QRYRV FRPHFHL D PRVWUDU TXH HUD SRVVtYHO JHULU XPD HPSUHVD SRU RXWURV SDGU}HV GLIHUHQWHV GRV TXH HVWDYDP QR PHUFDGR )RL FXULRVR FRUUHU DWUiV GR FOLHQWH GHYLGR D XPD GXSOLFDWD DR PHVPR WHPSR TXH TXHUtDPRV UHDOL]DU XP SURJUDPD JHQHURVR FRP RV IXQFLRQiULRV 0LQKD SUHRFXSDomR HUD QmR ID]HU XP SURJUDPD SDWHUQDOLVWD HP TXH R SDWUmR GHVHPEROVD GLQKHLUR TXDQGR R HPSUHJDGR HVWi GRHQWH PDV GHPLWH SRU MXVWD FDXVD TXDQGR p GHVREHGHFLGR 1mR TXHULD QDGD GLVVR $EROLPRV R RUJDQRJUDPD RILFLDO GD HPSUHVD SRU VHU GHVQHFHVViULR H DFDEDPRV FRP WRGRV RV VtPERORV GH SRGHU H D JUDQGH KLHUDUTXLD H[LVWHQWH TXH GLILFXOWDYD D WRPDGD GH GHFLVmR 2 PDLRU REVWiFXOR j PXGDQoD QXPD HPSUHVD p D IDL[D JHUHQFLDO (P FDGD GHJUDX TXH VXELD R VXMHLWR DGTXLULD XPD VpULH GH QRYRV VtPERORV TXH OKH GDYD VHQVDomR GH SRGHU 2 HVWDFLRQDPHQWR SRU H[HPSOR FRPHoRX D VHU GH TXHP FKHJDVVH SULPHLUR 7LUDPRV DV SODTXLQKDV FRP R QRPH GRV JHUHQWHV H TXHVWLRQDPRV D QHFHVVLGDGH GH FDUWmR H VDOD GLIHUHQFLDGRV VHFUHWiULD H[FOXVLYD ͳǤͳǤ •–”—–—”ƒ• ”‰ƒ‹œƒ…‹‘ƒ‹• $ HVWUXWXUD RUJDQL]DFLRQDO GH XP QHJyFLR GHWHUPLQD D IRUPD SHOD TXDO DV DWLYLGDGHV GLYLGLGDV RUJDQL]DGDV H FRRUGHQDGDV e XP FRQMXQWR RUGHQDGR GH UHVSRQVDELOLGDGHV DXWRULGDGHV FRPXQLFDomR H GHFLV}HV GDV XQLGDGHV RUJDQL]DFLRQDLV GH XPD HPSUHVD 'HYH VHU GHOLQHDGD GH DFRUGR FRP RV REMHWLYRV H HVWUDWpJLDV HVWDEHOHFLGRV SHOD HPSUHVD H UHSUHVHQWD XPD IHUUDPHQWD EiVLFD SDUD DOFDQoDU DV VLWXDo}HV DOPHMDGDV SHOD HPSUHVD $ HVWUXWXUD RUJDQL]DFLRQDO SRGH VHU GLYLGLGD HP WUrV QtYHLV KLHUiUTXLFRV x (VWUDWpJLFR GHILQH DV PHWDV D ORQJR SUD]R x 7iWLFR JHUHQFLDO
  20. 20. GHILQH RV SURFHGLPHQWRV QHFHVViULRV D PpGLR SUD]R SDUD DWHQGHU DV PHWDV x 2SHUDFLRQDO UHDOL]D DV WDUHIDV
  21. 21. $ (VWUXWXUD 2UJDQL]DFLRQDO WHP DVSHFWRV IRUPDLV H L SHUFHELGR QR HVWXGR GH FDVR GD 6HPFR SODQHMDGRV HP RUJDQRJUDPDV H GRFXPHQWRV H RV DVSHFWRV LQIRUPDLV UHSUH UHODFLRQDPHQWRV QmR GRFXPHQWDGRV (PSUHVDV IDPLOLDUHV FRPR D 6HPFR WrP SRU KiELWR Q WHQGR FRPR SDUkPHWURV D H[SHULrQFLD H D IRUPDomR GH XPD DWLWXGH UDGLFDO GR MRYHP 5LFDUGR )UDQN 6HPOHU FRPR XP ³FKRTXH´ GH JHVWmR QHFHVViULR SDUD EXVFDU S VHX QHJyFLR 2 TXH 6HPOHU SRGH QRV HQVLQDU (OH DILUPD HP VHX G RUJDQRJUDPD RILFLDO GD HPSUHVD H PLQLPL]RX D KLHUDU TXH VHQGR XPD HPSUHVD IDPLOLDU RX QmR GH SHTXHQR HVWUXWXUDGDV SRU XP RUJDQRJUDPD 3DUD DEULUPRV R QR SURILVVLRQDLV HPSUHHQGHGRUHV HP XPD RUJDQL]DomR SUHFLVDPRV FRPSU HVWmR HVWUXWXUDGDV DV HPSUHVDV H FRPR D DGPLQLVWUDo JHVWmR HILFD] H HILFLHQWH (QWHQGHP RV HVWXGLRVRV TXH R SHQVDPHQWR DGPLQLVWUDW HYROXomR FRQVWDQWH GHVGH RV SULPHLURV HVWXGRV SURFXUDYDP DG PiTXLQD WRUQDQGRR DSHQDV XPD SHoD D PDLV SDVVDQGR SHOR H[FHVVR GH GH 5HODo}HV +XPDQDV H FKHJDQGR DR VpFXOR ;;, TXDQG GDV RUJDQL]Do}HV $R SHQVDU FRPR HVWUXWXUDU R QRVVR HPSUHHQGLPHQWR W FRQVLGHUDomR R IDWR GH TXH RV QHJyFLRV GLIHUHP XP G FRQFRUUHQWH GD 6HPFR QmR HOLPLQDVVH RV VtPERORV GH (VWUXWXUD UHFXUVRV KXPDQRV H IXQFLRQDPHQWR GLIHUHP PHVPR TXH DV RUJDQL] HVWXGR SURGX]DP R PHVPR SURGXWR RX SUHVWHP R PHVPR TXDQWLGDGH VHPHOKDQWH GH UHFXUVRV KXPDQRV H DWXHP H JHRJUiILFR $V SHVVRDV D WHFQRORJLD H DV VLWXDo}HV HPSUHHQGLPHQWR $V YDULiYHLV IXQGDPHQWDLV TXH FRPS}HP XPD RUJDQL]Do ORQJR GRV HVWXGRV DGPLQLVWUDWLYRV GH DERUGDJHQV TX TXHVW}HV RUJDQL]DFLRQDLV ,QLFLDOPHQWH WLYHPRV QD WHQWDWLYD GH DQiOLVH GR IHQ{PHQR RUJDQL]DFLRQDO $V FRPSUHHQVmR LQLFLDO IRUDP D (VFROD GH 5HODo}HV +XPD $ (VWUXWXUD 2UJDQL]DFLRQDO WHP DVSHFWRV IRUPDLV H LQIRUPDLV SHUFHELGR QR HVWXGR GH FDVR GD 6HPFR RQGH RV DVSHFWRV IRUPDLV HVWmR UHSUHVHQWDGRV H RJUDPDV H GRFXPHQWRV H RV DVSHFWRV LQIRUPDLV UHSUH UHODFLRQDPHQWRV QmR GRFXPHQWDGRV (PSUHVDV IDPLOLDUHV FRPR D 6HPFR WrP SRU KiELWR QDWXUDO FULDU D VXD HVWUXWXUD WHQGR FRPR SDUkPHWURV D H[SHULrQFLD H D IRUPDomR GH VHXV IDPLOLDUHV 2 TXH SDUHF XPD DWLWXGH UDGLFDO GR MRYHP 5LFDUGR )UDQN 6HPOHU j pSRFD KRMH SRGH VHU HQWHQGLGR FRPR XP ³FKRTXH´ GH JHVWmR QHFHVViULR SDUD EXVFDU SURILVVLRQDOLVPR H FUHVFLPHQWR HP 2 TXH 6HPOHU SRGH QRV HQVLQDU (OH DILUPD HP VHX GHSRLPHQWR TXH DEROLX RUJDQRJUDPD RILFLDO GD HPSUHVD H PLQLPL]RX D KLHUDUTXLD e LPSRUWDQWH HQWHQGHUPRV TXH VHQGR XPD HPSUHVD IDPLOLDU RX QmR GH SHTXHQR PpGLR RX JUDQGH SRUWH WRGDV VmR HVWUXWXUDGDV SRU XP RUJDQRJUDPD 3DUD DEULUPRV R QRVVR QHJyFLR RX VHUPRV HPSUHHQGHGRUHV HP XPD RUJDQL]DomR SUHFLVDPRV FRPSU HVWmR HVWUXWXUDGDV DV HPSUHVDV H FRPR D DGPLQLVWUDomR GH HPSUHVDV HYROXLX SDUD XPD (QWHQGHP RV HVWXGLRVRV TXH R SHQVDPHQWR DGPLQLVWUDWLYR p PDUFDGR SRU XPD FRQVWDQWH GHVGH RV SULPHLURV HVWXGRV SURFXUDYDP DGDSWDU R VHU KXPDQR j R DSHQDV XPD SHoD D PDLV SDVVDQGR SHOR H[FHVVR GH GH 5HODo}HV +XPDQDV H FKHJDQGR DR VpFXOR ;;, TXDQGR D LQFHUWH]D GRPLQD R FHQiULR $R SHQVDU FRPR HVWUXWXUDU R QRVVR HPSUHHQGLPHQWR WHPRV TXH OHYDU HP FRQVLGHUDomR R IDWR GH TXH RV QHJyFLRV GLIHUHP XP GRV RXWURV 7DOYH] D RUJDQL]DomR FRQFRUUHQWH GD 6HPFR QmR HOLPLQDVVH RV VtPERORV GH SRGHU FRPR IH] 5LFDUGR 6HPOHU XPDQRV H IXQFLRQDPHQWR GLIHUHP PHVPR TXH DV RUJDQL] HVWXGR SURGX]DP R PHVPR SURGXWR RX SUHVWHP R PHVPR VHUYLoR WHQKDP XPD TXDQWLGDGH VHPHOKDQWH GH UHFXUVRV KXPDQRV H DWXHP HP XP PHVPR DPELHQWH JHRJUiILFR $V SHVVRDV D WHFQRORJLD H DV VLWXDo}HV VmR R SDQR GH IXQGR GH TXDOTXHU $V YDULiYHLV IXQGDPHQWDLV TXH FRPS}HP XPD RUJDQL]DomR IRUDP REMHWR DR ORQJR GRV HVWXGRV DGPLQLVWUDWLYRV GH DERUGDJHQV TXH SURFXUDYDP VROXFLRQDU DV TXHVW}HV RUJDQL]DFLRQDLV ,QLFLDOPHQWH WLYHPRV QD iUHD D (VFROD OiVVLFD SULPHLUD WHQWDWLYD GH DQiOLVH GR IHQ{PHQR RUJDQL]DFLRQDO $V VXFHVVRUDV GHVWH PRGHOR GH FRPSUHHQVmR LQLFLDO IRUDP D (VFROD GH 5HODo}HV +XPDQDV H DV DERUGDJHQV $ (VWUXWXUD 2UJDQL]DFLRQDO WHP DVSHFWRV IRUPDLV H LQIRUPDLV FRQIRUPH RQGH RV DVSHFWRV IRUPDLV HVWmR UHSUHVHQWDGRV H RJUDPDV H GRFXPHQWRV H RV DVSHFWRV LQIRUPDLV UHSUHVHQWDP RV DWXUDO FULDU D VXD HVWUXWXUD VHXV IDPLOLDUHV 2 TXH SDUHFH j pSRFD KRMH SRGH VHU HQWHQGLGR URILVVLRQDOLVPR H FUHVFLPHQWR HP HSRLPHQWR TXH DEROLX R TXLD e LPSRUWDQWH HQWHQGHUPRV PpGLR RX JUDQGH SRUWH WRGDV VmR VVR QHJyFLR RX VHUPRV HPSUHHQGHGRUHV HP XPD RUJDQL]DomR SUHFLVDPRV FRPSUHHQGHU FRPR mR GH HPSUHVDV HYROXLX SDUD XPD LYR p PDUFDGR SRU XPD DSWDU R VHU KXPDQR j R DSHQDV XPD SHoD D PDLV SDVVDQGR SHOR H[FHVVR GH ]HOR GD (VFROD R D LQFHUWH]D GRPLQD R FHQiULR HPRV TXH OHYDU HP RV RXWURV 7DOYH] D RUJDQL]DomR SRGHU FRPR IH] 5LFDUGR 6HPOHU XPDQRV H IXQFLRQDPHQWR GLIHUHP PHVPR TXH DV RUJDQL]Do}HV HP VHUYLoR WHQKDP XPD P XP PHVPR DPELHQWH R R SDQR GH IXQGR GH TXDOTXHU mR IRUDP REMHWR DR H SURFXUDYDP VROXFLRQDU DV (VFROD OiVVLFD SULPHLUD VXFHVVRUDV GHVWH PRGHOR GH QDV H DV DERUGDJHQV
  22. 22. HVWUXWXUDOLVWD VLVWrPLFD H FRQWLQJHQFLDO 1HVVH FHQiULR GRLV QRPHV VH GHVWDFDP )UHGHULF 7DORU H +HQUL )DRO )UHGHULFN :LQVORZ 7DORU )UHGHULFN :LQVORZ 7DORU p
  23. 23. VHP G~YLGD D ILJXUD TXH PDLV VH GHVWDFRX QD KLVWyULD GD DGPLQLVWUDomR 3UHFXUVRU GD DGPLQLVWUDomR FLHQWtILFD 7DORU p ULJRURVDPHQWH DTXHOH TXH PDLV FRQWULEXLX SDUD D IRUPDomR GD WHFQRORJLD GH 2UJDQL]DomR 6LVWHPDV H 0pWRGRV SULQFLSDOPHQWH HP QtYHO GD LQVWUXPHQWDomR SDUD ILQV GH UDFLRQDOL]DomR GR WUDEDOKR RX VH YRFr SUHIHULU VLPSOLILFDomR GR WUDEDOKR )RQWH KWWSZZZPDQDJHFRPLPDJHVSLFWXUHB IUHGHULFNBZLQVORZBWDORUMSJ +HQUL )DRO +HQUL )DRO ±
  24. 24. HQJHQKHLUR IUDQFrV FRQWULEXLX GH IRUPD GLIHUHQWH GH 7DORU 3DUD HOH DGPLQLVWUDU p SUHYHU RUJDQL]DU FRPDQGDU FRRUGHQDU H FRQWURODU )RQWH KWWSZZZEL]FRORVWDWHHGXIDFXOWGHQQLVP 0DQDJHPHQW(YROXWLRQBILOHVLPDJHJLI 1D )LJXUD Ki XP HVTXHPD DFHUFD GD HYROXomR GHVVH FRQKHFLPHQWR QD iUHD )LJXUD (YROXomR GDV 7HRULDV $GPLQLVWUDWLYDV
  25. 25. ͳǤʹǤ —Ž–—”ƒ ”‰ƒ‹œƒ…‹‘ƒŽ 2XWUR LPSRUWDQWH DVSHFWR GD RUJDQL]DomR p D FXOWXUD RUJDQL]DFLRQDO TXH VH UHIHUH DR FRQMXQWR GH YDORUHV SULQFtSLRV H UHJUDV TXH SHUPHLD H FRPS}H D LGHQWLGDGH GD HPSUHVD 2UJDQL]Do}HV VmR IRUPDGDV SRU SHVVRDV TXH WrP GLIHUHQWHV IRUPDV GH DJLU SHQVDU H VHQWLU (VWDV FDUDFWHUtVWLFDV LQGLYLGXDLV UHSHUFXWHP QR WUDEDOKR H FRQVHTXHQWHPHQWH QDV UHODo}HV LQWHUSHVVRDLV $ FXOWXUD RUJDQL]DFLRQDO SRGH VHU FRQVLGHUDGD FRPR XP FRQMXQWR GH VLJQLILFDGRV DFHLWRV SHORV LQWHJUDQWHV GD RUJDQL]DomR H TXH VHUYHP GH EDVH SDUD WRPDGD GH GHFLV}HV FRWLGLDQDV 2 JHUHQFLDPHQWR GD FXOWXUD RUJDQL]DFLRQDO p XP PHFDQLVPR TXH OKH SHUPLWH REWHU FRQKHFLPHQWRV j PHGLGD TXH FRQVHJXH LGHQWLILFDU DV GHPDQGDV H[WHUQDV H GHVVD IRUPD UHVSRQGHU DGHTXDGDPHQWH jV PXGDQoDV TXH R PHVPR LPS}H (VWD DERUGDJHP FRQVWLWXL XP SURFHVVR VLVWHPiWLFR GH FROHWD GH GDGRV H LQIRUPDo}HV D VHUHP WUDQVIRUPDGRV HP FRQKHFLPHQWR HVWUDWpJLFR SDUD D RUJDQL]DomR RP EDVH HP HVWXGRV UHDOL]DGRV HP HPSUHVDV PH[LFDQDV IRL SHUFHELGD XPD UHODomR GLUHWD HQWUH D DGRomR GH QRYDV SUiWLFDV H FXOWXUD DILUPDQGR TXH WUDEDOKDGRUHV SUHFLVDP FRQYLYHU FRP D QRYLGDGH SDUD DVVLPLOiOD UHVXOWDQGR HP XPD PXGDQoD FXOWXUDO (P SURFHVVRV GH IXVmR DTXLVLomR LQFRUSRUDomR GH HPSUHVDV RX GHSDUWDPHQWRV D FXOWXUD WHP XP LPSDFWR LPSRUWDQWH HVSHFLDOPHQWH VH IRU GH kPELWR PXOWLQDFLRQDO SRLV DV GLILFXOGDGHV GH HQWHQGLPHQWR H FRPXQLFDomR QmR VH WUDWD GH LGLRPDV
  26. 26. FDXVDP RV DVVLP FKDPDGRV FKRTXHV FXOWXUDLV 2V FKRTXHV FXOWXUDLV VmR JHUDOPHQWH VXEHVWLPDGRV QD FRPSRVLomR GD HVWUDWpJLD GD RUJDQL]DomR H VHX LPSDFWR QD IRUPDomR GR FOLPD RUJDQL]DFLRQDO p GH H[WUHPD UHOHYkQFLD $ PDLRULD GRV DOWRV H[HFXWLYRV HVWi IDPLOLDUL]DGD FRP D OLQJXDJHP H DWLYLGDGHV TXH GmR YLVmR DRV VHXV QHJyFLRV FRPR SRU H[HPSOR HVWDEHOHFHU D HVWUDWpJLD REMHWLYRV H PHWDV H D GHVHQKDU SODQRV GH FRPR DWLQJLU HVWDV PHWDV DWUDYpV GH XPD VpULH GH REMHWLYRV GH FXUWR SUD]R 3RUpP WRGRV HVWHV HVIRUoRV SRGHP VHU EHP VXFHGLGRV RX IDOKDU GHYLGR D XP DVSHFWR EHP PDLV VXEMHWLYR H GLItFLO GH TXDQWLILFDU D FXOWXUD $ FXOWXUD GD VXD RUJDQL]DomR GHWHUPLQD TXmR GXUDPHQWH RX DOHJUHPHQWH VHXV HPSUHJDGRV WUDEDOKDP TXHP REWHUi RV FUpGLWRV SHOR R TXH H R TXDQWR D H[FHOrQFLD p UHFRPSHQVDGD 3RUWDQWR D ORQJR SUD]R D FXOWXUD WDPEpP DFDEDUi SRU GHWHUPLQDU VH VXD RUJDQL]DomR VREUHYLYHUi $ QRomR TXH DV RUJDQL]Do}HV HP VL GHWrP FXOWXUDV WHP VLGR SURSRVWD PDLV IUHTXHQWHPHQWH QRV ~OWLPRV DQRV 'H IDWR D SURSRVLomR TXH DV RUJDQL]Do}HV WHULDP SURSULHGDGHV FXOWXUDLV H[SUHVVDV D SDUWLU GH VLJQLILFDGRV YDORUHV H FUHQoDV WHP JDQKDGR FRUSR 3UHVXPHVH TXH D SDODYUD ³FXOWXUD´ p XP VLQDO HVWHQRJUiILFR SDUD ³YDORUHV QRUPDV FUHQoDV FRVWXPHV´ RX TXDOTXHU RXWUR WHUPR TXH FRQYHQLHQWHPHQWH VH HVFROKD GRV YDVWRV WH[WRV GD DQWURSRORJLD FXOWXUDO GLVSRQtYHLV 8PD GDV SULPHLUDV GHILQLo}HV GH FXOWXUD SRVWXOD FRPR ³$TXHOH WRGR FRPSOH[R TXH LQFOXL FRQKHFLPHQWR FUHQoD DUWH PRUDLV OHLV FRVWXPHV H TXDOTXHU RXWUD FDSDFLGDGH RX KiELWR DGTXLULGRV SHOR KRPHP FRPR PHPEUR GH XPD VRFLHGDGH´ $ PDLV UHFHQWH H PDLV VLPSOHV GHILQLomR YHP GH )HUUDUR
  27. 27. D VDEHU ³WXGR TXH DV SHVVRDV WrP SHQVDP H ID]HP FRPR PHPEURV GD VRFLHGDGH´ $ FXOWXUD RUJDQL]DFLRQDO HP VL VH GHILQH FRPR ³8P SDGUmR GH SUHVVXSRVWRV EiVLFRV FRPSDUWLOKDGRV RV TXDLV R JUXSR DGTXLULX j PHGLGD TXH UHVROYHX VHXV SUREOHPDV GH DGDSWDomR H[WHUQD H LQWHJUDomR LQWHUQD H TXH IXQFLRQD VXILFLHQWHPHQWH EHP SDUD VHU FRQVLGHUDGD YiOLGD 3RUWDQWR HVVD H[SHULrQFLD
  28. 28. SRGH VHU HQVLQDGD DRV QRYRV LQWHJUDQWHV FRPR IRUPD FRUUHWD GH SHUFHEHU SHQVDU H VHQWLUVH HP UHODomR D HVVHV SUREOHPDV´ $OJXQV GRV LQGLFDGRUHV GD FXOWXUD RUJDQL]DFLRQDO VmR x ,QLFLDWLYD LQGLYLGXDO 1tYHO GH UHVSRQVDELOLGDGH OLEHUGDGH H LQGHSHQGrQFLD GDV SHVVRDV x 7ROHUkQFLD DR ULVFR 1tYHO GH HQFRUDMDPHQWR GD DJUHVVLYLGDGH LQRYDomR H ULVFRV x 'LUHomR ODUH]D HP UHODomR DRV REMHWLYRV H H[SHFWDWLYDV GH GHVHPSHQKR x ,QWHJUDomR DSDFLGDGH GH DV XQLGDGHV WUDEDOKDUHP GH PDQHLUD FRRUGHQDGD x RQWDWRV JHUHQFLDLV 'LVSRVLomR GRV JHUHQWHV SDUD IRUQHFHU FRPXQLFDo}HV FODUDV DVVLVWrQFLD H DSRLR DRV VXERUGLQDGRV x RQWUROH 9ROXPH GH UHJUDV H UHJXODPHQWRV H GH VXSHUYLVmR GLUHWD TXH VH XVD SDUD VXSHUYLVLRQDU H FRQWURODU R FRPSRUWDPHQWR GRV HPSUHJDGRV x ,GHQWLGDGH *UDX GH LGHQWLILFDomR GDV SHVVRDV FRP D RUJDQL]DomR FRPR XP WRGR PDLV TXH FRP VHX JUXSR LPHGLDWR RX FROHJDV GH SURILVVmR x 6LVWHPD GH UHFRPSHQVD $VVRFLDomR HQWUH UHFRPSHQVDV H GHVHPSHQKR x 7ROHUkQFLD DR FRQIOLWR *UDX GH DEHUWXUD SDUD D PDQLIHVWDomR GH FRQIOLWRV H FUtWLFDV x 3DGU}HV GH FRPXQLFDomR *UDX GH UHVWULomR GDV FRPXQLFDo}HV DRV FDQDLV KLHUiUTXLFRV ͳǤʹǤͳǤ
  29. 29. ˆŽ—²…‹ƒ †ƒ …—Ž–—”ƒ ‘”‰ƒ‹œƒ…‹‘ƒŽ ‘ ’”‘…‡••‘ †‡ —†ƒ­ƒ• 'HYLGR DR IDWR TXH D FXOWXUD SURYr R FRQWH[WR RQGH DV SHVVRDV GD RUJDQL]DomR LQWHUSUHWDP RV HYHQWRV RV HVIRUoRV HP PXGiOD SRGHP VHU FRUURtGRV SRU SRWHQFLDLV DSHVDU GH EHP LQWHQFLRQDGRV SDVVRV HP IDOVR 3RU H[HPSOR HP XPD FRPSDQKLD FRP XPD FXOWXUD DOJR SDWHUQDOLVWD GHFLV}HV GD JHUrQFLD TXH YLVHP DOLYLDU R LPSDFWR GD WUDQVLomR SDUD RV HPSUHJDGRV SRGHP VHU HQWHQGLGDV FRPR HYLGrQFLDV TXH QDGD LUi UHDOPHQWH PXGDU 2XWUR H[HPSOR VHULD XPD HPSUHVD QD TXDO D DOWD JHUrQFLD WHQKD XPD ORQJD KLVWyULD HP QmR GHOHJDU GHFLV}HV LPSRUWDQWHV RX SLRU DLQGD RQGH R FRPLWr RSHUDFLRQDO SUHVVLRQDGR SHOD DOWD DGPLQLVWUDomR WRPH YLUWXDOPHQWH WRGDV DV GHFLV}HV HP EDVH FRQVHQVXDO XPD SUiWLFD TXH IUHTXHQWHPHQWH OHYD D DWUDVRV H LQGHFLV}HV 2 SODQHMDPHQWR GH PXGDQoDV GHYH VHU PHGLDGR SHOD FXOWXUD RUJDQL]DFLRQDO RX VHMD TXDQWR PDLV LPSRUWDQWH D DomR GH PXGDQoD IRU SDUD D HVWUDWpJLD PDLRU GHYH VHU VXD FRPSDWLELOLGDGH FRP D FXOWXUD GD RUJDQL]DomR 3RU H[HPSOR VH D HVWUDWpJLD GH PXGDQoD GD RUJDQL]DomR LQFOXLU XP SURFHVVR GH DFKDWDPHQWR GRZQVL]LQJ
  30. 30. HOD GHYH VHU DFRPSDQKDGD GH XP SURFHVVR GH GHOHJDomR GH DXWRULGDGH HPSRZHUPHQW
  31. 31. SHUPHiYHO SRU WRGD D RUJDQL]DomR GR FRQWUiULR FRUUHVH R ULVFR GH VH FULDU DSHQDV XPD SHTXHQD EXURFUDFLD FRP PHQRV QtYHLV LQWHUPHGLiULRV H PDLV DWLWXGHV QHJDWLYDV SRLV D WRPDGD GH GHFLV}HV FRQWLQXD FHQWUDOL]DGD QRV DOWRV QtYHLV GD KLHUDUTXLD VREUHFDUUHJDQGRD DLQGD PDLV 3DUD VH FULDU D GHOHJDomR GH DXWRULGDGH HP WRGD D RUJDQL]DomR WRUQDVH QHFHVViULR XPD WUDQVIRUPDomR FXOWXUDO VXILFLHQWHPHQWH IRUWH SDUD PXGDU RV SDUDGLJPDV GH FRQILDQoD DXWRQRPLD H FRPSDUWLOKDPHQWR GH LQIRUPDo}HV HQWUH D PDLRULD GRV LQGLYtGXRV (VWD PXGDQoD Vy VHUi SRVVtYHO VH KRXYHU D WUDQVIRUPDomR FXOWXUDO HP WRGD D RUJDQL]DomR FRPHoDQGR SHOD DOWD DGPLQLVWUDomR H SULQFLSDOPHQWH SHOR SULQFLSDO H[HFXWLYR ,QLFLDVH SRU DFUHGLWDU TXH DV SHVVRDV HP JHUDO SUHIHUHP VHU SHVVRDV EULOKDQWHV D FRPXQV HP VHX WUDEDOKR H TXH HODV Mi GHWpP R SRGHU QDWXUDOPHQWH FULDQGR VH HQWmR D EDVH FXOWXUDO DSURSULDGD SDUD SHUPLWLU HVWH SRGHU DIORUDU
  32. 32. (P XPD PXGDQoD DEUDQJHQWH FRPR HVWD WHP TXH VH FRQILDU QD MRUQDGD FRPR VH D MRUQDGD H R GHVWLQR IRVVHP XPD FRLVD Vy H LVWR Vy p SRVVtYHO VH DV SHVVRDV HP WRGD D RUJDQL]DomR HVWLYHUHP GLVSRVWDV D DEDQGRQDU FUHQoDV SHVVRDLV H LQVHJXUDQoDV 3DUD TXH DV SHVVRDV SRVVDP DEDQGRQDU FUHQoDV HODV SUHFLVDP DVVLPLODU TXH D PXGDQoD WUDUi XPD YDQWDJHP LQGLYLGXDO SRLV FRQVLGHUD XP DXPHQWR GH VXD DXWRQRPLD RX VHMD XP WUDEDOKR PDLV OLYUHPHQWH RUJDQL]DGR R TXH SURSRUFLRQD YLDV GH GHVFDUJD SVtTXLFDV PDLV DGDSWDGDV jV VXDV QHFHVVLGDGHV LQHUHQWHV ID]HQGR HQWmR TXH R WUDEDOKR VH WRUQH PDLV PRWLYDGRU H UHOD[DQWH 'HYH VH DEULU SRUWDQWR XP HVSDoR SDUD GLVFXVVmR HVSDoR GD SDODYUD
  33. 33. FRP DV SHVVRDV H ID]rODV VH VHQWLUHP SDUWH DWLYD H LPSRUWDQWH GDV PXGDQoDV 2X VHMD WUDQVIRUPDo}HV FXOWXUDLV VmR FRPSOH[DV H GHPRUDGDV SRUpP WHQWDWLYDV GH PXGDQoDV HIHWLYDV VHP D PXGDQoD GD FXOWXUD LQYDULDYHOPHQWH WURSHoDP GHPDQGDP PXLWR PDLV WHPSR RX IDOKDP 3RU RXWUR ODGR TXDQGR EHP FRQGX]LGDV SURYHHP R FRQWH[WR DGHTXDGR SDUD D FRQGXomR GD HVWUDWpJLD GD RUJDQL]DomR H SURSRUFLRQDP DRV LQGLYtGXRV PHQRU FDUJD SVtTXLFD H FRQVHTXHQWHPHQWH PHQRU VRIULPHQWR ‡‹–—”ƒ …‘’Ž‡‡–ƒ” ³$ LQIOXrQFLD GD XOWXUD 2UJDQL]DFLRQDO QRV 3URFHVVRV GH 0XGDQoD´ š‡”…À…‹‘• 7RPDQGR DOJXPD HPSUHVD GR TXDO YRFr FRQKHoD R IXQFLRQDPHQWR ϭ͘ 4XDO p D DWLYLGDGH ILP GD HPSUHVD Ϯ͘ RPR RV IXQFLRQiULRV HVWmR RUJDQL]DGRV QD HPSUHVD ϯ͘ 'HVFUHYD R RUJDQRJUDPD GD HPSUHVD H PDUTXH RQGH HVWmR RV QtYHLV KLHUiUTXLFRV GD RUJDQL]DomR ϰ͘ 'LJD TXDLV VmR DV PHWDV HVWDEHOHFLGDV SRU FDGD QtYHO RUJDQL]DFLRQDO DVR QmR WHQKD DFHVVR D HVWDV LQIRUPDo}HV IDoD VXSRVLo}HV 4XH LQIRUPDo}HV OHYDUDPLDP
  34. 34. D HPSUHVD D HVWDEHOHFHU HVWDV PHWDV (VWXGR GH DVR 6(02 ϱ͘ 1R HVWXGR GH FDVR 6(02 TXDLV IRUDP RV REVWiFXORV FXOWXUDLV HQFRQWUDGRV SHOR KHUGHLUR 4XH Do}HV IRUDP WRPDGDV SDUD FRQWRUQDU RV SUREOHPDV GD RUJDQL]DomR ϲ͘ %DVHDGR QRV LQGLFDGRUHV GH FXOWXUD RUJDQL]DFLRQDO TXH FRQVHOKRV SRGHULDP VHU GDGRV DR JHVWRU GD 6(02 SDUD TXH HOH SRVVD PHOKRUDU R UHODFLRQDPHQWR HQWUH RV IXQFLRQiULRV /LYUH ϳ͘ 2 TXH p FXOWXUD RUJDQL]DFLRQDO ϴ͘ 5HODWH XP FDVR RQGH D FXOWXUD RUJDQL]DFLRQDO WHYH SDSHO FUXFLDO QR SURFHVVR GH PXGDQoDV GH XPD HPSUHVD ϵ͘ LWH RV SUREOHPDV FXOWXUDLV HQIUHQWDGRV SHOD HTXLSH GH LPSOHPHQWDomR GD XUQD HOHWU{QLFD
  35. 35. ʹ Ȃ ‘…‹‡†ƒ†‡ †‘ …‘Š‡…‹‡–‘ „Œ‡–‹˜‘• †ƒ ƒ—Žƒǣ $R WpUPLQR YRFr GHYHUi VHU FDSD] GH 3HUFHEHU D FRUUHODomR HQWUH D HYROXomR GRV VLVWHPDV GH LQIRUPDomR H GRV PRGHORV GH JHVWmR HPSUHVDULDO 'LVWLQJXLU RV FRQFHLWRV GH 'DGRV ,QIRUPDomR H RQKHFLPHQWR 7LSRV GH FRQKHFLPHQWR ,PSRUWkQFLD GDV IHUUDPHQWDV FRPSXWDFLRQDLV GH JHVWmR GR FRQKHFLPHQWR SDUD D JHUDomR GH YDQWDJHP FRPSHWLWLYD ʹǤ ‘…‹‡†ƒ†‡ †‘ ‘Š‡…‹‡–‘ (VWH FDStWXOR H[SOLFD SRU TXH DWXDOPHQWH R FRQKHFLPHQWR p R SULQFLSDO LQVXPR GDV RUJDQL]Do}HV QD VRFLHGDGH DWXDO GH IRUPD TXH D VXD JHVWmR WRUQRXVH XPD YDQWDJHP FRPSHWLWLYD GHVWDFDQGR D LPSRUWkQFLD GD HYROXomR GD WHFQRORJLD GD LQIRUPDomR SDUD R GHVHQYROYLPHQWR GH QRYDV SUiWLFDV JHUHQFLDLV 8PD YH] HVWDEHOHFLGD D LPSRUWkQFLD GR FRQKHFLPHQWR SDUD DV RUJDQL]Do}HV FRQWHPSRUkQHDV VmR DSUHVHQWDGRV RV FRQFHLWRV EiVLFRV GH FRQKHFLPHQWR VHXV WLSRV R H[SOtFLWR H R WiFLWR $ UHDOL]DomR GH WDUHIDV H SURMHWRV LPS}H D LQWHUDomR HQWUH HVVDV GXDV HVIHUDV GH FRQKHFLPHQWR TXH SRGH VH GDU DWUDYpV GH TXDWUR SURFHVVRV VRFLDOL]DomR FRPELQDomR LQWHUQDOL]DomR H H[WHUQDOL]DomR ʹǤͳǤ ‘–‡š–‘ Š‹•–×”‹…‘ $V ~OWLPDV GXDV GpFDGDV GR VpFXOR ;; H RV DQRV VHJXLQWHV H[SHULPHQWDUDP XPD WUDQVIRUPDomR HP QtYHO PXQGLDO HP PXLWRV VHWRUHV GD VRFLHGDGH $YDQoRV FLHQWtILFRV H WHFQROyJLFRV IRUDP REWLGRV RV PHLRV GH WUDQVSRUWH H GH FRPXQLFDomR HYROXtUDP H D FRQVHTXHQWH GLPLQXLomR GDV GLVWkQFLDV FRQVROLGRX R IHQ{PHQR GD JOREDOL]DomR +RMH p SRVVtYHO FRQYHUVDU FRP XP DPLJR VHMD HOH XP YL]LQKR VHMD HOH XP PRUDGRU GR KHPLVIpULR RSRVWR 2V HIHLWRV GH XPD FULVH HFRQ{PLFD QD 5~VVLD VHQVLELOL]DP RV FLQFR FRQWLQHQWHV 2V SURGXWRV VmR YHQGLGRV HP XPD FLGDGH H HQWUHJXHV HP RXWUD $V PXGDQoDV RFRUULGDV QR SHUtRGR VmR IDFLOPHQWH SHUFHELGDV HQWUHWDQWR D SULQFLSDO PRGLILFDomR GR SDQRUDPD VRFLDO FXOWXUDO SROtWLFR H HFRQ{PLFR QD YLUDGD GR VpFXOR ;;, UHODFLRQDVH j LPSRUWkQFLD H j GLPHQVmR TXH R FRQKHFLPHQWR DWLQJLX IDWR TXH p FDXVD H FRQVHTXrQFLD GR GHVHQYROYLPHQWR GD WHFQRORJLD GD LQIRUPDomR IRUPDQGR XPD HVSpFLH GH FtUFXOR YLFLRVR 3RU XP ODGR D IOH[LELOLGDGH H R SRGHULR GDV QRYDV WHFQRORJLDV GD LQIRUPDomR 7,
  36. 36. WRUQDP R FRQKHFLPHQWR XPD GDV SULRULGDGHV HVWUDWpJLFDV GD RUJDQL]DomR 2V SURGXWRV GDV QRYDV LQG~VWULDV GH 7, VmR GLVSRVLWLYRV GH SURFHVVDPHQWR GH LQIRUPDomR RX R SUySULR SURFHVVDPHQWR 2 DYDQoR GD 7, DVVLP SHUPLWH TXH D LQIRUPDomR VH WUDQVIRUPH QR FHQWUR GR SURFHVVR SURGXWLYR $ JOREDOL]DomR WDPEpP JHURX XP QRYR FRQWH[WR SROtWLFR H HFRQ{PLFR HP TXH DV RUJDQL]Do}HV FRPSHWHP FRRSHUDP H VH FRPXQLFDP HP HVFDOD PXQGLDO DPSOLILFDQGR D FRQFRUUrQFLD H DV SRVVLELOLGDGHV DOpP GRV OLPLWHV JHRJUiILFRV $ LQRYDomR FRQWtQXD WRUQRXVH XP DVSHFWR YLWDO SDUD R VXFHVVR H D PDQXWHQomR GD HPSUHVD /RJR R PDLRU GHVDILR GDV RUJDQL]Do}HV p DGTXLULU D FRPSHWrQFLD QHFHVViULD SDUD WUDQVIRUPDU D $67(//6
  37. 37. LQIRUPDomR H R FRQKHFLPHQWR HP XP UHFXUVR HFRQ{PLFR HVWUDWpJLFR DWUDYpV GH LQRYDo}HV TXH GHYHP VHU DSUHVHQWDGDV HP LQWHUYDORV GH WHPSR FDGD YH] PHQRUHV 2 FtUFXOR YLFLRVR VH IHFKD TXDQGR R FRQKHFLPHQWR FHQWUR HVWUDWpJLFR GDV RUJDQL]Do}HV MXVWLILFD R DSULPRUDPHQWR GDV WHFQRORJLDV $V UHGHV IXQFLRQDP FRPR FDQDLV GH WUDQVPLVVmR GH LQIRUPDo}HV 2V OLPLWHV GH YROXPH GRV VLVWHPDV GH DUPD]HQDPHQWR DXPHQWDP UDSLGDPHQWH 2V EDQFRV GH GDGRV LQFRUSRUDP QRYDV IXQFLRQDOLGDGHV H DGTXLUHP PDLRU UREXVWH] H VHJXUDQoD DR ORQJR GR WHPSR $ HYROXomR WpFQLFD SUHFLVD DFRPSDQKDU D QHFHVVLGDGH GD JHUDomR PDQXWHQomR H GLVVHPLQDomR GR FRQKHFLPHQWR RUJDQL]DFLRQDO 1mR p j WRD TXH DWXDOPHQWH FRPSXWDGRUHV H UHGHV GLVSRQLELOL]DP YiULRV UHFXUVRV FRPR R FRUUHLR HOHWU{QLFR JURXSZDUH LQWUDQHWV H D LQWHUQHW DSWRV D LQGLFDU SHVVRDV FRP FRQKHFLPHQWR H LQWHUOLJDU LQGLYtGXRV TXH SUHFLVHP FRPSDUWLOKDU FRQKHFLPHQWR j GLVWkQFLD +i YiULRV LQGLFDGRUHV HFRQ{PLFRV GH TXH D VRFLHGDGH KRMH SRGH VHU FODVVLILFDGD FRPR XPD ³6RFLHGDGH GR RQKHFLPHQWR´ x $ LPSRUWkQFLD GD LQRYDomR WHFQROyJLFD SDUD R FUHVFLPHQWR HFRQ{PLFR H D FRPSHWLWLYLGDGH HPSUHVDULDO 1RV DQRV D LQRYDomR WHFQROyJLFD WHP VLGR UHVSRQViYHO SRU FHUFD GH GR FUHVFLPHQWR HFRQ{PLFR H SRU HQWUH H GRV JDQKRV GH SURGXWLYLGDGH 1R ILP GD GpFDGD R VHWRU GH DOWD WHFQRORJLD IRL UHVSRQViYHO SRU GR FUHVFLPHQWR GR 3,% QRUWHDPHULFDQR x 4XHGD GH SUHoRV H GD SDUWLFLSDomR QD HFRQRPLD GRV 5HFXUVRV 1DWXUDLV H $JULFXOWXUD (VWLPDVH TXH RV SUHoRV GRV UHFXUVRV QDWXUDLV WHQKDP FDtGR TXDVH HQWUH RV DQRV H RV H FHUFD GH DR DQR GHVGH DWp RV GLDV GH KRMH 1RV SDtVHV GHVHQYROYLGRV D SDUWLFLSDomR GD DJULFXOWXUD JLUD HP WRUQR GH D GR 3,% x (YROXomR GRV VHWRUHV GH LQIRUPiWLFD H WHOHFRPXQLFDo}HV (P KDYLD PDLV GH PLOK}HV GH FRPSXWDGRUHV H PDLV GH ELOK}HV GH FKLSV LQVWDODGRV HP GLYHUVRV WLSRV GH PiTXLQDV H HTXLSDPHQWRV (P QRV (8$ RV LQYHVWLPHQWRV HP WHOHFRPXQLFDo}HV H LQIRUPiWLFD FRUUHVSRQGLDP j PHWDGH GR LQYHVWLGR HP VHWRUHV WUDGLFLRQDLV 'H] DQRV GHSRLV RV YDORUHV VH LJXDODUDP (P R SDQRUDPD LQYHUWHXVH RV LQYHVWLPHQWRV QRV VHWRUHV GH LQIRUPiWLFD FKHJDUDP D FHUFD GH ELOK}HV GH GyODUHV FRUUHVSRQGHQGR DR GREUR GRV LQYHVWLPHQWRV QRV VHWRUHV WUDGLFLRQDLV x 2V LPSDFWRV HFRQ{PLFRV H VRFLDLV GRV QtYHLV GH HGXFDomR H TXDOLILFDomR SURILVVLRQDO (P RV RSHUiULRV GH SURGXomR GRV (8$ UHSUHVHQWDYDP GRV WUDEDOKDGRUHV FRQWUD TXH HUDP DGPLQLVWUDWLYRV WpFQLFRV H SURILVVLRQDLV OLEHUDLV RQGH VH HQTXDGUDP RV IXQFLRQiULRV FXMR UHVXOWDGR GH VHX WUDEDOKR WHP YDORU VHJXQGR VHX FRQWH~GR LQIRUPDWLYR (P HVWD FDWHJRULD UHSUHVHQWDYD GRV WUDEDOKDGRUHV DPHULFDQRV FRQWUD TXH HUDP RSHUiULRV (VWLPDVH TXH HP PHWDGH GD SRSXODomR DPHULFDQD HVWHMD HPSUHJDGD QD LQG~VWULD GD LQIRUPiWLFD RX HP VHWRUHV TXH XWLOL]DP LQWHQVDPHQWH D LQIRUPiWLFD 7$.$+$6+, '$9(13257 3586$. %HQV 7DQJtYHLV 3URGXWRV FRQFUHWRV SURGX]LGRV DWUDYpV GH LQG~VWULDV DJULFXOWXUD SHFXiULD RX H[WUDWLYLVPR %HQV ,QWDQJtYHLV %HQV QmRItVLFRV iUHD GH VHUYLoR LQG~VWULD GH HQWUHWHQLPHQWR SURSULHGDGH LQWHOHFWXDO HWF
  38. 38. 8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQ GHVHQYROYLPHQWR GH SURGXWRV H VXFHVVR RUJDQL]DFLRQD PRGHOR GH YDQWDJHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVH TXH RULHQWDP R JHVWRU QD DGRomR GH Do}HV FRQWULEXL FRPSHWLWLYLGDGH GD HPSUHVD )D]HQGR XPD DQiOLVH KLV SHUFHEHPRV TXH Ki XP SDGUmR HP WRUQR GDV JUDQGHV RQ GR WHPSR (P SOHQD HUD GR GHVHQYROYLPHQWR LQGXVWULD HPSUHVDV FRQVHJXLDP VHU FRPSHWLWLYDV SURGXomR 5HGX]LU FXVWRV SURGXWLYRV VLJQLILFDYD UHGXomR GR SUHoR ILQDO DR FOLHQWH DXPH FRQFRUUrQFLD 1HVVD pSRFD SRSXODUL]DUDP H RWLPL]DomR GD OLQKD GH SURGXomR FRP FRQWUROHV GR PDWHULDLV H IOX[RV RSHUDFLRQDLV RP R DXPHQWR GD RIHUWD H D DPSOD GLVVHPLQDomR GDV HPSUHVDV FRQFOXtUDP QD GpFDGD VHJX PDLV FRPSHWLWLYDV 2V JDQKRV GH FXVWRV SURSLFLDGRV GD ³SURGXomR HQ[XWD´ Mi QmR UHSUHVHQWDYDP PHOKRULD FRQVXPLGRU 4XDQGR R FOLHQWH WHP PDLV XP GLIHUHQFLDO TXH JHUDOPHQWH HVWi QD TXDOLGDGH GR SHUtRGR FDSLWDQHDGDV SHODV LQG~VWULDV MDSRQHVDV R PRPHQWR GH DSRJHX VREUHWXGR QD ILJXUD GH JUDQG PHOKRULD GD TXDOLGDGH D EXVFD GD H[FHOrQFLD RV FR Ϭ ϮϬ ϰϬ ϲϬ ϴϬ ϭϬϬ ϭϵϵϰ ϭϵϵϲ 8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQKHFLPHQWR SDUD R GHVHQYROYLPHQWR GH SURGXWRV H VXFHVVR RUJDQL]DFLRQDO SRGH VHU SHUFHELGR DWUDYpV JHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVHPSHQKR´ EiVLFRV TXH RULHQWDP R JHVWRU QD DGRomR GH Do}HV FRQWULEXLQGR SDUD R DXPHQWR GD FRPSHWLWLYLGDGH GD HPSUHVD )LJXUD $V RQGDV GH FRPSHWLWLYLGDGH )D]HQGR XPD DQiOLVH KLVWyULFD GD H[SORUDomR GHVVHV REMHWLYRV GH GHVHPSHQKR SHUFHEHPRV TXH Ki XP SDGUmR HP WRUQR GDV JUDQGHV RQGDV GH FRPSHWLWLYLGDGH DR ORQJR GR WHPSR (P SOHQD HUD GR GHVHQYROYLPHQWR LQGXVWULDO GXUDQWH D GpFDGD GH DV HPSUHVDV FRQVHJXLDP VHU FRPSHWLWLYDV TXDQGR IRFDYDP VXD DWHQomR QR FXVWR GD SURGXomR 5HGX]LU FXVWRV SURGXWLYRV ± PmRGHREUD SURFHVVRV PDWpULD VLJQLILFDYD UHGXomR GR SUHoR ILQDO DR FOLHQWH DXPHQWDQGR VXDV YDQWDJHQV VREUH D FRQFRUUrQFLD 1HVVD pSRFD SRSXODUL]DUDPVH DV SULQFLSDLV WpFQLFDV GH JHVWmR GH FXVWRV H RWLPL]DomR GD OLQKD GH SURGXomR FRP FRQWUROHV GR SURFHVVR JHVWmR GH HVWRTXHV H PDWHULDLV H IOX[RV RSHUDFLRQDLV RP R DXPHQWR GD RIHUWD H D DPSOD GLVVHPLQDomR GDV WpFQLFDV GH SURGXomR DV HPSUHVDV FRQFOXtUDP QD GpFDGD VHJXLQWH TXH DSHQDV UHGX]LU FXVWRV QmR DV WRUQDYDP PDLV FRPSHWLWLYDV 2V JDQKRV GH FXVWRV SURSLFLDGRV SRU DOWRV LQYHVWLPHQWRV QD EXVFD GD ³SURGXomR HQ[XWD´ Mi QmR UHSUHVHQWDYDP PHOKRULDV VLJQLILFDWLYDV QR SUHoR ILQDO DR FRQVXPLGRU 4XDQGR R FOLHQWH WHP PDLV RSo}HV FRP SRXFD YDULDomR GH FXVWR HOH EXVFD XP GLIHUHQFLDO TXH JHUDOPHQWH HVWi QD TXDOLGDGH GR SURGXWR RX GR VHUYLoR 1HVVH SHUtRGR FDSLWDQHDGDV SHODV LQG~VWULDV MDSRQHVDV R ³ERRP´ GD 4XDOLGDGH WHYH VHX PRPHQWR GH DSRJHX VREUHWXGR QD ILJXUD GH JUDQGHV WpFQLFDV H PHWRGRORJLDV GH PHOKRULD GD TXDOLGDGH D EXVFD GD H[FHOrQFLD RV FRQWUROHV HVWDWtVWLFRV D SROtWLFD GH ]HUR )LJXUD ([SRUWDo}HV QRV (8$ ϭϵϵϲ ϭϵϵϴ ϮϬϬϬ ϮϬϬϮ ϮϬϬϰ dĂŶŐşǀĞŝƐ /ŶƚĂŶŐşǀĞŝƐ 8P RXWUR LPSRUWDQWH LQGLFDGRU GD LPSRUWkQFLD GR FRQKHFLPHQWR SDUD R O SRGH VHU SHUFHELGR DWUDYpV GR JHP FRPSHWLWLYD EDVHDGR HP FLQFR ³REMHWLYRV GH GHVHPSHQKR´ EiVLFRV QGR SDUD R DXPHQWR GD WyULFD GD H[SORUDomR GHVVHV REMHWLYRV GH GHVHPSHQKR GDV GH FRPSHWLWLYLGDGH DR ORQJR O GXUDQWH D GpFDGD GH DV TXDQGR IRFDYDP VXD DWHQomR QR FXVWR GD REUD SURFHVVRV PDWpULDSULPD ± QWDQGR VXDV YDQWDJHQV VREUH D WpFQLFDV GH JHVWmR GH FXVWRV SURFHVVR JHVWmR GH HVWRTXHV H WpFQLFDV GH SURGXomR DV LQWH TXH DSHQDV UHGX]LU FXVWRV QmR DV WRUQDYDP SRU DOWRV LQYHVWLPHQWRV QD EXVFD V VLJQLILFDWLYDV QR SUHoR ILQDO DR RSo}HV FRP SRXFD YDULDomR GH FXVWR HOH EXVFD SURGXWR RX GR VHUYLoR 1HVVH ³ERRP´ GD 4XDOLGDGH WHYH VHX HV WpFQLFDV H PHWRGRORJLDV GH QWUROHV HVWDWtVWLFRV D SROtWLFD GH ]HUR dĂŶŐşǀĞŝƐ /ŶƚĂŶŐşǀĞŝƐ
  39. 39. HUUR D SDGURQL]DomR GH SURFHVVRV SUHFRQL]DGD SRU QRUPDV FRPR D ,62 H VLPLODUHV PHOKRUDUDP QmR Vy D HILFiFLD GRV SURFHVVRV LQWHUQRV PDV SULQFLSDOPHQWH SURSLFLDUDP PHOKRULD H FRQILDELOLGDGH DRV SURGXWRV H VHUYLoRV GH IRUPD SHUFHSWtYHO DR FRQVXPLGRU ILQDO /RJR D 4XDOLGDGH VH WRUQRX XPD SUiWLFD FRQVWDQWH H FRPXP HP WRGDV DV HPSUHVDV SHUGHQGR HQWmR R VHX FDUiWHU GLIHUHQFLDGRU SDUD VH WRUQDU FRQGLomR PtQLPD SDUD VH LQJUHVVDU HP GHWHUPLQDGRV PHUFDGRV DOWDPHQWH FRPSHWLWLYRV 2V FRQVXPLGRUHV Mi QmR VH FRQWHQWDYDP HP WHU R PHOKRU SUHoR H D PHOKRU TXDOLGDGH R GLIHUHQFLDO FRPSHWLWLYR H[LJLD RXWUD GLPHQVmR TXH QmR SRGHULD PDLV VH DWHU DRV DVSHFWRV SURGXWLYRV 2 DGYHQWR GD WHFQRORJLD VREUHWXGR GH FRPXQLFDomR H GH LQIRUPDomR IRPHQWRX XPD QRYD SRVVLELOLGDGH GH H[SORUDomR GH GLIHUHQFLDO FRPSHWLWLYR R 7HPSR $V HPSUHVDV TXH EXVFDYDP VH GLIHUHQFLDU GD FRQFRUUrQFLD SDVVDUDP D VH YDOHU GD WHFQRORJLD SDUD DWUDLU FOLHQWHV TXH WHQGR j GLVSRVLomR SURGXWRV H VHUYLoRV FRP R PHVPR SDGUmR GH SUHoRV H QtYHLV GH TXDOLGDGH DFHLWiYHLV HVFROKLDP DTXHODV HPSUHVDV TXH SXGHVVHP HQWUHJDU H[HFXWDU GHVHQYROYHU H LPSOHPHQWDU PDLV UiSLGR $ WHFQRORJLD SHUPLWLX D UHGXomR GRV FLFORV SURGXWLYRV GR WHPSR HQWUH D FULDomR H R ODQoDPHQWR GH SURGXWRV QR PHUFDGR H R FLFOR JHUDO HQWUH D SURGXomR H R FRQVXPR (VVD IRL D W{QLFD TXH PRYLPHQWRX DV HPSUHVDV GXUDQWH D GpFDGD GH 0XLWDV HPSUHVDV SXGHUDP UHGX]LU RX HOLPLQDU LQWHUPHGLiULRV SHUPLWLQGR R DFHVVR FDGD YH] PDLV GLUHWR DR FRQVXPLGRU $ LQIRUPDomR VH WRUQRX HQWmR IRUWH HOHPHQWR GH FRPSHWLWLYLGDGH WDQWR SDUD PHOKRUDU D HILFiFLD LQWHUQD TXDQWR SDUD SURPRYHU QRYRV VHUYLoRV SDUD R FOLHQWH RP R WHPSR R DFHVVR j WHFQRORJLD IRL VH WRUQDQGR FDGD YH] PDLV IiFLO QHXWUDOL]DQGR D YDQWDJHP GR WHPSR GDV HPSUHVDV GH SRQWD 0DV HOD QmR Vy FRQWLQXRX WHQGR SDSHO IXQGDPHQWDO FRPR HOHPHQWR GH WUDQVIRUPDomR GDV RUJDQL]Do}HV FRPR WURX[H XPD QRYD IRUPD GH H[SORUDomR TXH YLYHQFLRX R VHX iSLFH FRP R DGYHQWR H R FUHVFLPHQWR GD ,QWHUQHW TXH SRU VXD YH] SURSLFLRX R FUHVFLPHQWR GH HPSUHVDV FRP RX VHP EDVH WHFQROyJLFD IRFDGDV HP VHUYLoRV $VVLP D GpFDGD GH YHP VH FDUDFWHUL]DQGR FRPR D GpFDGD GRV VHUYLoRV *UDQGHV RUJDQL]Do}HV HVWmR DSUHQGHQGR D DWHQGHU jV QHFHVVLGDGHV HVSHFtILFDV GH VHXV FOLHQWHV SRU PHLR GD SUHVWDomR GH VHUYLoRV HVSHFLDOL]DGRV (VWD p D GpFDGD GD )OH[LELOLGDGH GD FDSDFLGDGH GH DGHTXDU D RUJDQL]DomR j UHDOLGDGH PXWiYHO H GLQkPLFD GR PHUFDGR H GH XVDU D WHFQRORJLD SDUD FRQKHFHU PHOKRU FDGD FOLHQWH RX VHJPHQWR HVSHFtILFR GH IRUPD D DWHQGHU jV VXDV QHFHVVLGDGHV SDUWLFXODUHV H ~QLFDV RP D WHFQRORJLD GH 50 SRU H[HPSOR SRGHVH SUDWLFDU R FKDPDGR PDUNHWLQJ RQHWRRQH HVSHFtILFDV 6HU FRPSHWLWLYR HP )OH[LELOLGDGH DLQGD VLJQLILFD VHU FRPSHWLWLYR HP WHFQRORJLD 2 TXH HVSHUDPRV SDUD D SUy[LPD GpFDGD 3DUWLQGR GR SUHVVXSRVWR TXH D WHFQRORJLD QmR GLIHUHQFLDUi PDLV DV RUJDQL]Do}HV SRLV UDSLGDPHQWH HOD HVWi VH WRUQDQGR XPD FRPPRGLW H TXH R PHUFDGR WHUi VXDV GHPDQGDV VDWLVIHLWDV VHUi FRPSHWLWLYD D HPSUHVD TXH SXGHU VH DQWHFLSDU jV QHFHVVLGDGHV GR PHUFDGR H VH SRVVtYHO FULDU DV QHFHVVLGDGHV IXWXUDV GH VHXV FRQVXPLGRUHV 3DUD LVVR R IXQGDPHQWR EiVLFR QmR HVWi PDLV QD WHFQRORJLD QDV ILQDQoDV RX QD SURGXomR $ FDSDFLGDGH FULDWLYD H LQRYDGRUD HVWi QDV SHVVRDV $ SUy[LPD RQGD TXH Mi FRPHoRX HQFRQWUDUi QDV SHVVRDV R JUDQGH HOHPHQWR GH FRPSHWLWLYLGDGH $V KDELOLGDGHV GH LPDJLQDU R TXH QmR H[LVWH FULDU R TXH QLQJXpP WHP HQFRQWUDU H H[SORUDU QLFKRV GH RSRUWXQLGDGH D RXVDGLD HP SURSRU QRYRV SDUDGLJPDV D GHWHUPLQDomR HP HVWDEHOHFHU QRYRV SDGU}HV H D YLVmR SDUD GHWHFWDU WHQGrQFLDV VmR FDUDFWHUtVWLFDV LQHUHQWHPHQWH KXPDQDV XVWRPHU 5HODWLRQVKLS 0DQDJHPHQW *HVWmR GH 5HODFLRQDPHQWR FRP R OLHQWH
  40. 40. 3RUWDQWR DV RUJDQL]Do}HV QmR SRGHP PDLV HVSHUDU TXH RV SURGXWRV H SUiWLFDV TXH IL]HUDP VXFHVVR QR SDVVDGR SRVVDP PDQWrODV YLiYHLV QR IXWXUR 2 FLFOR GH GHVHQYROYLPHQWR GH SURGXWRV H VXD LQWURGXomR QR PHUFDGR GXUD FDGD YH] PHQRV WHPSR +RMH DWLYLGDGHV EDVHDGDV QR FRQKHFLPHQWR FRPR R LQFUHPHQWR GD TXDOLGDGH YDORU ERP DWHQGLPHQWR LQRYDomR H YHORFLGDGH GH FKHJDGD QR PHUFDGR VmR PXLWR PDLV LPSRUWDQWHV TXH R WUDEDOKR GH SURGXomR HP VL 6mR PXLWRV RV VLQDLV GH FRPR R FRQKHFLPHQWR YHP JDQKDQGR LPSRUWkQFLD HFRQ{PLFD H HVWUDWpJLFD QR PXQGR JOREDOL]DGR /RJR DV SUiWLFDV GH *HVWmR GR RQKHFLPHQWR VmR IXQGDPHQWDLV SDUD R DXPHQWR GD FRPSHWLWLYLGDGH H GD SURGXWLYLGDGH GDV RUJDQL]Do}HV (QWUHWDQWR DQWHV GH DSUHVHQWDU DOJXQV FRQFHLWRV UHODFLRQDGRV j *HVWmR GR RQKHFLPHQWR FRQYpP GHILQLU FRP PDLV FODUH]D R TXH p FRQKHFLPHQWR ʹǤʹǤ ˜‘Ž—­ ‘ †‘• ‹•–‡ƒ• †‡
  41. 41. ˆ‘”ƒ­ ‘ ‡ †‘• ‘†‡Ž‘• †‡ ‡•– ‘ ’”‡•ƒ”‹ƒŽ 2 LQtFLR GD LPSODQWDomR GRV VLVWHPDV GH LQIRUPDomR LQIRUPDWL]DGRV IRL PDUFDGR SHOD VLPSOLFLGDGH GRV GDGRV LQIRUPDo}HV PpWRGRV H WpFQLFDV WDPEpP SHOD OLPLWDomR GR VLVWHPD H LQHILFLrQFLD $ SULPHLUD JHUDomR GRV 6LVWHPDV GH ,QIRUPDomR HUD RULHQWDGD j RSHUDomR DXWRPDWL]DGD DWUDYpV GH JUDQGHV FRPSXWDGRUHV H GHSRLV PLJUDGD SDUD PLFURFRPSXWDGRUHV 1DV HPSUHVDV VXUJLUDP VLVWHPDV HVSHFLDOLVWDV GHVWLQDGRV D H[HFXWDUHP XPD GHWHUPLQDGD WDUHID FRPR SRU H[HPSOR XP VLVWHPD GH IROKD GH SDJDPHQWR 2V VLVWHPDV IRUQHFLDP LQIRUPDo}HV SDUD XP GHWHUPLQDGR VHWRU GD HPSUHVD H LVVR UHSUHVHQWDYD XP JUDQGH DYDQoR 2 DSULPRUDPHQWR GRV VLVWHPDV GH LQIRUPDomR RFRUUHX SDUDOHODPHQWH DR GHVHQYROYLPHQWR GDV WHFQRORJLDV GH LQIRUPiWLFD H WHOHFRPXQLFDo}HV RP R DGYHQWR GDV UHGHV H GD HYROXomR GD FDSDFLGDGH GH SURFHVVDPHQWR H DUPD]HQDPHQWR FRPSXWDFLRQDO QRYRV VLVWHPDV TXH SHUPLWLDP XPD PDLRU LQWHJUDomR GDV iUHDV HPSUHVDULDLV H GLVSRQLELOLGDGH GH GDGRV DWp HQWmR GLVSHUVRV HQWUH RV YiULRV VLVWHPDV HVSHFLDOLVWDV RP R DYDQoR H GLVVHPLQDomR GRV VLVWHPDV GH LQIRUPDomR DV RUJDQL]Do}HV HQWUDUDP HP XPD HUD GLJLWDO RQGH R WUDEDOKR FRODERUDWLYR H HP HTXLSH SDVVRX D SUHYDOHFHU GHYLGR j IDFLOLGDGH GH FRPXQLFDomR H WURFD GH LQIRUPDo}HV 2 HPSRZHUPHQW RX GHOHJDomR GH DXWRULGDGH
  42. 42. SDVVRX D YLJRUDU GDQGR D XVXiULRV GH VLVWHPDV PDLRUHV LQIRUPDo}HV H FRQVHTXHQWHPHQWH SRQWRV GH YLVWDV GLIHUHQFLDGRV SDUD WRPDU GHFLV}HV 2 DFKDWDPHQWR p RXWUR IDWRU LPSRUWDQWH TXH RFRUUH GHYLGR j UHGXomR GH FDUJRV Mi TXH DOJXQV VLVWHPDV FRQVHJXHP H[HFXWDU WDUHIDV GH PDQHLUD PDLV UiSLGD H HILFD] 2 JUDQGH Q~PHUR GH LQIRUPDo}HV OHYRX DLQGD D XPD GHVFHQWUDOL]DomR H PDLRU IOH[LELOLGDGH GH Do}HV H DWp PHVPR D ORFDOL]DomR DWUDYpV SRU H[HPSOR GDV UHGHV TXH SHUPLWLDP FRQH[mR H IOX[R FRQWtQXR GH LQIRUPDo}HV HP SRQWRV GLVWDQWHV
  43. 43. )LJXUD 8P WtSLFR PDLQIUDPH DQWLJR KWWSZZZQHDFRP
  44. 44. $ LPSODQWDomR GH VLVWHPDV GH LQIRUPDomR WURX[H JUDQGHV LPSDFWRV QDV RUJDQL]Do}HV 3RGHVH GL]HU TXH D FXOWXUD GD HPSUHVD PXLWDV YH]HV PXGD HP IXQomR GD LPSODQWDomR GHVWHV VLVWHPDV XPD YH] TXH GLYHUVDV URWLQDV H SURFHVVRV VmR DOWHUDGRV SDUD TXH KDMD R UHVXOWDGR HVSHUDGR $OpP GLVVR D DXWRPDWL]DomR SURSRUFLRQDGD SHORV VLVWHPDV GH LQIRUPDomR WURX[H DOWHUDo}HV QD PDQHLUD GH WUDEDOKDU GDV SHVVRDV 7DPEpP RFRUUHX HOLPLQDomR GH SRVWRV GH WUDEDOKR GHYLGR j DXWRPDomR GH SURFHVVRV H UHHQJHQKDULD 0XLWRV IXQFLRQiULRV IRUDP VXEVWLWXtGRV HP IXQomR GD QmR DGHTXDomR jV QRYDV IHUUDPHQWDV H WHFQRORJLDV DGRWDGDV RQIRUPH PHQFLRQDGR DFLPD DV SULQFLSDLV WUDQVIRUPDo}HV VRIULGDV SHOD RUJDQL]DomR FRP D DXWRPDWL]DomR GRV VLVWHPDV GH LQIRUPDomR IRUDP x $FKDWDPHQWR GD HVWUXWXUD RUJDQL]DFLRQDO 'RZQVL]LQJ
  45. 45. x 'HVFHQWUDOL]DomR GR FRQKHFLPHQWR x )OH[LELOLGDGH QDV DWLYLGDGHV x ,QGHSHQGrQFLD GH ORFDOL]DomR x %DL[RV FXVWRV GH WUDQVDomR H FRRUGHQDomR x 'HOHJDomR GH SRGHU (PSRZHUPHQW
  46. 46. H x 7UDEDOKR FRODERUDWLYR H HP HTXLSH $WXDOPHQWH RV VLVWHPDV GH LQIRUPDomR HVWmR LPSXOVLRQDQGR WDQWR DV RSHUDo}HV GLiULDV EHP FRPR D HVWUDWpJLD RUJDQL]DFLRQDO 3RGHURVRV FRPSXWDGRUHV VRIWZDUHV H UHGHV LQFOXVLYH D ,QWHUQHW WrP DMXGDGR DV RUJDQL]Do}HV D VH WRUQDUHP PDLV IOH[tYHLV HOLPLQDU QtYHLV GH JHUrQFLD GHVYLQFXODU R WUDEDOKR GD ORFDOL]DomR FRRUGHQDUVH FRP FOLHQWHV 50 p XP H[HPSOR
  47. 47. H IRUQHFHGRUHV UHHVWUXWXUDU IOX[RV GH WUDEDOKR FRQIHULQGR QRYRV SRGHUHV DRV WUDEDOKDGRUHV GH OLQKD H WDPEpP RV JHUHQWHV 6LVWHPDV GH LQIRUPDomR RX WHFQRORJLD GD LQIRUPDomR
  48. 48. RIHUHFHP DRV JHUHQWHV IHUUDPHQWDV SDUD SODQHMDU ID]HU SUHYLV}HV H PRQLWRUDU RV QHJyFLRV FRP PDLRU SUHFLVmR (OHV WUD]HP DV VHJXLQWHV YDQWDJHQV 5HFXSHUDomR H DWXDOL]DomR GDV LQIRUPDo}HV GH PDQHLUD PDLV HILFD] H UiSLGD $UPD]HQDPHQWR GDV LQIRUPDo}HV HP PHQRU HVSDoR GR TXH QR VLVWHPD PDQXDO SDSHO
  49. 49. 9iULRV XVXiULRV SRGHP FRPSDUWLOKDU R PHVPR GDGR H XWLOL]iOR HP GLIHUHQWHV WDUHIDV RQWUROH GH UHGXQGkQFLD GDV LQIRUPDo}HV )RUoDU D XWLOL]DomR GH SDGURQL]DomR RQWUROH GH DFHVVR VHJXUDQoD
  50. 50. 'HILQLomR GH UHJUDV GH ,QWHJULGDGH UHVWULo}HV GH FRQVLVWrQFLD
  51. 51. H VmR XWLOL]DGRV QDV GLYHUVDV iUHDV 0DUNHWLQJ 9HQGDV 5+ 3URGXomR )LQDQFHLUD 4XDOLGDGH
  52. 52. GDV HPSUHVDV FRPpUFLR LQG~VWULDV RX 21*¶V 6LVWHPDV GH LQIRUPDomR QRV QHJyFLRV FRPSHWLWLYRV DWXDLV VXUJHP FRPR XPD VROXomR RUJDQL]DFLRQDO H DGPLQLVWUDWLYD EDVHDGR QR DOLQKDPHQWR GH GDGRV GH XPD GHWHUPLQDGD HPSUHVD DVVRFLDGD WDPEpP j WHFQRORJLD GH LQIRUPDomR H FRPXQLFDomR QmR Vy GHQWUR GHOD PDV HP FRQH[mR FRP R PXQGR 'HVWD IRUPD SRGHVH FRPXQLFDU RX GHVFRQWUDLU FRP RXWUDV SHVVRDV H FRODERUDU SDUD TXH R WUDEDOKR GR RXWUR VHMD IHLWR GD PHOKRU PDQHLUD $OpP GLVVR p SRVVtYHO DFHVVDU D TXDOTXHU WLSR GH LQIRUPDomR KRUDV SRU GLD HP DVSHFWRV ORFDLV RX WDPEpP GD HFRQRPLD JOREDO R TXH IDFLOLWD D UHDOL]DomR GH WUDQVDo}HV GH QHJyFLRV HQWUH SHVVRDV GH GLIHUHQWHV HPSUHVDV H UDPRV $VVLP RV QHJyFLRV DWXDLV YmR WHQGR XP QRYR GHVHQKR RUJDQL]DFLRQDO FRPR SRU H[HPSOR DV RUJDQL]Do}HV VH WRUQDP DFKDWDGDV FRP PHQRV QtYHLV KLHUiUTXLFRV GH RFXSDomR D PRELOLGDGH GH XPD SHVVRD SRGHU WUDEDOKDU HP VXD FDVD H QmR PDLV SUHFLVDQGR VH ORFRPRYHU DWp R DPELHQWH ItVLFR GH WUDEDOKR R TXH GHPRQVWUD D IOH[LELOLGDGH FUHVFHQWH GD HPSUHVD RFRUUHQGR D SDUWLU GHVVHV DVSHFWRV FLWDGRV D UHRUJDQL]DomR GRV IOX[RV H SURFHVVRV GH WUDEDOKR H HP DVSHFWR PDFUR D UHGHILQLomR GDV IURQWHLUDV RUJDQL]DFLRQDLV 2V VLVWHPDV GH LQIRUPDomR IDFLOLWDP YiULDV DWLYLGDGHV GD RUJDQL]DomR FRPR SURFHVVDPHQWR GRV GDGRV GD HPSUHVD 637CV
  53. 53. FULDP EDQFRV GH GDGRV TXH DX[LOLDP YHQGDV H R UHODFLRQDPHQWR FRP R FOLHQWH 50
  54. 54. IDFLOLWDP DV UHODo}HV GDV FDGHLDV SURGXWLYDV 60
  55. 55. SURSRUFLRQDP XPD PDLRU GLQkPLFD GR IXQFLRQDPHQWR GD RUJDQL]DomR R TXH p GH H[WUHPD LPSRUWkQFLD QR DWXDO PHUFDGR FRPSHWLWLYR $OpP GH DX[LOLDUHP H DJLOL]DUHP D WRPDGD GH GHFLV}HV HVWUDWpJLFDV GD RUJDQL]DomR ʹǤ͵Ǥ ‘˜‘• ‘†‡Ž‘• †‡ ‡•– ‘ ‡ ƒ•
  56. 56. ˆ‘”ƒ­Ù‡• 8P QRYR SDUDGLJPD SURGXWLYR GHFRUUHQWH GDV WUDQVIRUPDo}HV VyFLRWpFQLFDV GDV HPSUHVDV SHOD LQWHUFHVVmR GR QRYR SDGUmR WHFQROyJLFR EDVHDGR QD PLFURHOHWU{QLFD H QDV WHFQRORJLDV GD LQIRUPDomR FRP R QRYR SDGUmR GH JHVWmR EDVHDGR QDV H[SHULrQFLDV MDSRQHVDV VXHFDV H DOHPmV FXMR PRGHOR FRQFUHWR PDLV DYDQoDGR p R GR WRRWLVPR RP R WRRWLVPR GHVHQYROYHUDPVH HPSUHVDV FRP HQRUPH FDSDFLGDGH GH DEVRUYHU LQRYDo}HV WDQWR DV UHVXOWDQWHV GR HVIRUoR LQWHUQR HP SHVTXLVD H GHVHQYROYLPHQWR FRPR DV DGTXLULGDV GH WHUFHLURV 0DV RQGH UHVLGLULD D GLIHUHQoD HVSHFtILFD HQWUH HVVDV HPSUHVDV H DV GHPDLV 3URFHGLPHQWRV RUJDQL]DFLRQDLV H FRQKHFLPHQWRV FLHQWtILFRV DSOLFiYHLV DRV SURFHVVRV SURGXWLYRV VHPSUH IRUDP IRUWHPHQWH GHVHQYROYLGRV QDV XQLYHUVLGDGHV H HPSUHVDV GRV SDtVHV RFLGHQWDLV $GPLQLVWUDGRUHV HQJHQKHLURV H FDSLWDOLVWDV MDSRQHVHV QmR VmR H QmR IRUDP
  57. 57. PDLV FRPSHWHQWHV GR TXH RV VHXV KRPyORJRV DWXDQGR HP HPSUHVDV QR 2FLGHQWH %UHYH H LQGR ORJR DR SRQWR DSDUHQWHPHQWH XP SHFXOLDU DPELHQWH GH FRRSHUDomR HQWUH FDSLWDO H WUDEDOKR D TXH 7RRWLVPR PRGR GH RUJDQL]DomR SURGXWLYD EDVHDGR HP x $ PHFDQL]DomR IOH[tYHO SURGX]LU VRPHQWH R QHFHVViULR FRQWUDULDQGR R IRUGLVPR TXH SURGX]LD R Pi[LPR SRVVtYHO H HVWRFDYD R H[FHGHQWH x 3URFHVVR GH PXOWLIXQFLRQDOL]DomR GH VXD PmRGHREUD QmR SRGLD VHU HVSHFLDOL]DGD HP IXQo}HV ~QLFDV H UHVWULWDV FRPR D IRUGLVWD x RQWUROH GH TXDOLGDGH WRWDO FRQWUROH GH TXDOLGDGH SRU WRGRV RV SRQWRV GR SURFHVVR SURGXWLYR x 6LVWHPD MXVW LQ WLPH SURGX]LU R QHFHVViULR QD TXDQWLGDGH QHFHVViULD H QR PRPHQWR QHFHVViULR x 3HUVRQDOL]DomR GRV SURGXWRV RQWUROH YLVXDO VXSHUYLVRU GH HWDSDV SURGXWLYDV
  58. 58. GHVLJQDPRV ³HQJDMDPHQWR SURDWLYR´ GR FRQMXQWR H HP WRGRV RV QtYHLV GR FRUSR GH SURILVVLRQDLV DOL HPSUHJDGRV TXH FRQVWLWXL D HVVrQFLD H[SOLFDWLYD GLIHUHQFLDGRUD 1DTXHODV VLWXDo}HV FRQWH[WXDLV GH FRRSHUDWLYDV UHODo}HV VyFLRWpFQLFDV IRUDP DGDSWDWLYDPHQWH DSOLFDGRV PpWRGRV H WHFQRORJLDV LQLFLDOPHQWH GHVHQYROYLGRV HP HPSUHVDV RFLGHQWDLV RV TXDLV DOL SURGX]LUDP UHVXOWDGRV WmR PDLV HOHYDGRV GR TXH RV DOFDQoDGRV QDV HPSUHVDV RQGH HVVHV PpWRGRV H WHFQRORJLDV KDYLDP VLGR FULDGRV ODUR TXH DV RXWUDV QRWiYHLV FDUDFWHUtVWLFDV JHUDLV GR SRYR MDSRQrV QmR GHYHP VHU QHJOLJHQFLDGDV H WDPSRXFR R IDWR GH TXH VRXEHUDP XWLOL]DU DV YDQWDJHQV TXH R SUySULR VXFHVVR LQLFLDO p FDSD] GH SURGX]LU GLQDPLFDPHQWH 0DV D TXHVWmR GDV LQIRUPDo}HV QmR VH UHVWULQJH D HVVHV XVRV LQWHUQDOL]DGRV SRLV FRPR DV HPSUHVDV DWXDP QXP PHUFDGR FRP RXWURV FRQFRUUHQWHV D LQWHOLJrQFLD LQIRUPDFLRQDO p HOHPHQWR FUXFLDO SDUD R HVWDEHOHFLPHQWR GH VXDV HVWUDWpJLDV GHIHQVLYDV H RIHQVLYDV TXH REMHWLYDP FUHVFHU H VH SHUHQL]DU $OpP GLVVR DV HPSUHVDV ID]HP SDUWH GR VLVWHPD SURGXWLYR H D VXD FRPSHWLWLYLGDGH GHSHQGH VLVWHPLFDPHQWH GD SHUIRUPDQFH GRV GHPDLV DJHQWHV ² RXWUDV HPSUHVDV RUJDQLVPRV S~EOLFRV QmRJRYHUQDPHQWDLV H GRV FLGDGmRV ² FXMDV PRELOL]Do}HV H HVWDEHOHFLPHQWR H DFHVVLELOLGDGH GH EDVHV GH GDGRV JHQpULFRV p WDPEpP HVVHQFLDO SDUD R GHVHPSHQKR FRQMXQWR GD VRFLHGDGH
  59. 59. $XOD ,QWURGXomR j JHVWmR GR FRQKHFLPHQWRSGI š‡”…À…‹‘• 'LJD FRP VXDV SDODYUDV TXDLV DV SULQFLSDLV GLIHUHQoDV HQWUH D VRFLHGDGH GR FRQKHFLPHQWR H D VRFLHGDGH LQGXVWULDO LWH FDVRV HP TXH RV LQGLFDGRUHV GD VRFLHGDGH GR FRQKHFLPHQWR VH WRUQDUDP HYLGHQWHV SDUD D VRFLHGDGH EUDVLOHLUD 6XSRQKD TXH XP DPLJR VHX ± QmR DOXQR GD DVWHOR %UDQFR ± TXHLUD HQWHQGHU D UHODomR HQWUH D HYROXomR GD WHFQRORJLD GH LQIRUPDomR H D FRPSHWLWLYLGDGH GH HPSUHVDV 5HGLMD DOJXPDV OLQKDV WUDoDQGR XP SDUDOHOR HQWUH D HYROXomR GD WHFQRORJLD H GRV PRGHORV GH JHVWmR ([SOLTXH GH TXH IRUPD D DXWRPDWL]DomR GRV VLVWHPDV GH LQIRUPDomR LPSOLFDUDP HP D $FKDWDPHQWR 'RZQVL]LQJ
  60. 60. GDV HVWUXWXUDV RUJDQL]DFLRQDLV E 'HVFHQWUDOL]DomR GR FRQKHFLPHQWR F )OH[LELOLGDGH QDV DWLYLGDGHV G ,QGHSHQGrQFLD GH ORFDOL]DomR H %DL[RV FXVWRV GH WUDQVDomR H FRRUGHQDomR I 'HOHJDomR GH SRGHU (PSRZHUPHQW
  61. 61. J 7UDEDOKR FRODERUDWLYR H HP HTXLSH ([SOLTXH RV TXDWUR SURFHVVRV GH WUDQVIRUPDomR GH LQIRUPDomR HP FRQKHFLPHQWR ± FRPSDUDomR FRQVHTrQFLDV FRQH[}HV H FRQYHUVDomR LWH XP H[HPSOR GH SURGXWR LQRYDGRU SHUFHELGR FRPR QRYR SHOR PHUFDGR
  62. 62. 2 TXH R WRUQD GLIHUHQWH GH VHXV FRQFRUUHQWHV RQKHFLPHQWR GH TXH iUHDV GD FLrQFLD IRUDP XWLOL]DGRV SDUD GHVHQYROYrOR
  63. 63. ͵ Ȃ ‡•– ‘ †‘ ‘Š‡…‹‡–‘ „Œ‡–‹˜‘• †ƒ ƒ—Žƒǣ $R WpUPLQR YRFr GHYHUi VHU FDSD] GH 3HUFHEHU D LPSRUWkQFLD GR FRQKHFLPHQWR SDUD D JHUDomR GH YDORUHV RUJDQL]DFLRQDLV RPSUHHQGHU GH TXH IRUPDV R FRQKHFLPHQWR HVWi GLIXVR QDV HPSUHVDV H FRPR HOH SHUPHLD RV SURFHVVRV GH QHJyFLR ,PSRUWkQFLD GDV IHUUDPHQWDV FRPSXWDFLRQDLV GH JHVWmR GR FRQKHFLPHQWR SDUD D GLVVHPLQDomR GH FRQKHFLPHQWR H SRWHQFLDOL]DomR GH DWLYRV LQWDQJtYHLV ͵Ǥ ‡•– ‘ †‘ ‘Š‡…‹‡–‘ $ FUHVFHQWH LPSRUWkQFLD GR FRQKHFLPHQWR QR GLDDGLD GDV RUJDQL]Do}HV OHYRX DV HPSUHVDV D GHVHQYROYHUHP UHFXUVRV TXH IDFLOLWHP H HVWLPXOHP D JHVWmR GHVVH LQVXPR $VVLP SDVVRX D VHU DGRWDGR HP ODUJD HVFDOD R WHUPR *HVWmR GR RQKHFLPHQWR *
  64. 64. (PERUD VXD IXQomR VHMD LQWXLWLYD LVWR p DGPLQLVWUDU R FRQKHFLPHQWR GD RUJDQL]DomR QD SUiWLFD R FRQMXQWR GH DWLYLGDGHV TXH FRPSUHHQGH D * p WmR FRPSOH[D TXH VH HQFRQWUDP QD OLWHUDWXUD GLYHUVDV GHILQLo}HV SDUD D H[SUHVVmR RQIRUPH UHODWDGR XP FKHIH GD iUHD GH ,QWHOLJrQFLD $UWLILFLDO GH XPD LQVWLWXLomR QRUWHDPHULFDQD FRPHQWRX DWUDYpV GH HPDLO HVFULWR HP D IRUPD SHOD TXDO VHX JUXSR FRPHoRX D OHYDU HP FRQWD D TXHVWmR GR FRQKHFLPHQWR RPHoDPRV D SHQVDU HP WHUPRV GH FULDomR DSUHQGL]DGR FRPSDUWLOKDPHQWR WUDQVIHUrQFLD
  65. 65. H R XVR RX D DODYDQFDJHP GR FRQKHFLPHQWR FRPR XP FRQMXQWR GH SURFHVVRV H GLQkPLFDV VRFLDLV TXH SUHFLVDYD VHU DGPLQLVWUDGR @ 'HSRLV YLPRV TXH QmR SRGHUtDPRV GHVFUHYHU WXGR DTXLOR GH XPD PDQHLUD PHOKRU TXH *HVWmR GR RQKHFLPHQWR 69(,% S
  66. 66. 'HVWD IRUPD SRGHVH GL]HU TXH VmR DWLYLGDGHV EiVLFDV GH * D LGHQWLILFDomR DTXLVLomR GHVHQYROYLPHQWR GLVVHPLQDomR XWLOL]DomR H SUHVHUYDomR GR FRQKHFLPHQWR 'DV GHILQLo}HV H[LVWHQWHV QD OLWHUDWXUD VREUH * WRGDV DEDUFDP VHPSUH D GLVVHPLQDomR GR FRQKHFLPHQWR SRU WRGD D RUJDQL]DomR R TXH SUHVVXS}H R HQYROYLPHQWR GRV SURFHVVRV GH FDSWXUD H GH DUPD]HQDPHQWR $VVLP XPD GHILQLomR VDWLVIDWyULD SDUD D * TXH UHIOHWH EHP R IRFR GHVWH WUDEDOKR p HVWD *HVWmR GR RQKHFLPHQWR p D GLVFLSOLQD TXH DGPLQLVWUD R FRQMXQWR GH SURFHGLPHQWRV SUiWLFDV H IHUUDPHQWDV TXH YLVDP FDSWXUDU DUPD]HQDU H GLVVHPLQDU R FRQKHFLPHQWR GHQWUH RV IXQFLRQiULRV GD RUJDQL]DomR DSURYHLWDQGR RV UHFXUVRV WHFQROyJLFRV H[LVWHQWHV $ GLVVHPLQDomR GR FRQKHFLPHQWR GHYH RFRUUHU SRU HQWUH RV GLIHUHQWHV QtYHLV KLHUiUTXLFRV GD RUJDQL]DomR (VWH FRQKHFLPHQWR TXH SHUPHLD D RUJDQL]DomR HQFRQWUDVH VRE GXDV IRUPDV GLVWLQWDV FRQKHFLPHQWR WiFLWR H FRQKHFLPHQWR H[SOtFLWR ͵ǤͳǤ ƒ†‘ǡ
  67. 67. ˆ‘”ƒ­ ‘ ‡ ‘Š‡…‹‡–‘ (P FRQYHUVDV LQIRUPDLV p PXLWR FRPXP XVDU H[SUHVV}HV FRPR GDGR LQIRUPDomR H VDEHGRULD FRPR VLQ{QLPRV GH FRQKHFLPHQWR 1R HQWDQWR YiULRV DXWRUHV GLVWLQJXHP R VLJQLILFDGR GH FDGD XP GHVVHV WHUPRV 'H WRGRV RV WHUPRV FRP TXH WUDEDOKDP 'DYHQSRUW H 3UXVDN
  68. 68. DILUPDP TXH FRQKHFLPHQWR SRGH LQFOXLU RV FRQFHLWRV GH VDEHGRULD H LQVLJKW PDV GLIHUHQFLDVH GH GDGRV H LQIRUPDo}HV 'DGRV VmR XP FRQMXQWR GH IDWRV GLVWLQWRV H REMHWLYRV UHODWLYRV D HYHQWRV 2 H[HPSOR GRV DXWRUHV EDVHLDVH QR DEDVWHFLPHQWR GH XP DXWRPyYHO IHLWR SRU
  69. 69. XP FRQVXPLGRU $ GDWD GD FRPSUD RV OLWURV GH JDVROLQD FRQVXPLGRV H R YDORU SDJR VmR GDGRV UHODWLYRV j YHQGD $V LQIRUPDo}HV VmR GDGRV GRWDGRV GH UHOHYkQFLD H SURSyVLWR FDSD]HV GH H[HUFHU DOJXP LPSDFWR VREUH R MXOJDPHQWR RX FRPSRUWDPHQWR GH TXHP DV UHFHEH (P UHVXPR GDGRV WRUQDPVH LQIRUPDo}HV TXDQGR R VHX FULDGRU OKHV DFUHVFHQWD VLJQLILFDGR 1R H[HPSOR DQWHULRU XPD WDEHOD FRP D TXDQWLGDGH GH OLWURV GH JDVROLQD YHQGLGDV QXP DQR GLYLGLGD PrV D PrV LQIRUPD TXDO R SHUtRGR HP TXH R FRQVXPR GH FRPEXVWtYHO IRL PDLV DOWR H DTXHOH HP TXH IRL PDLV EDL[R -i R FRQKHFLPHQWR p XPD PLVWXUD IOXLGD GH H[SHULrQFLD FRQGHQVDGD YDORUHV LQIRUPDomR FRQWH[WXDO H LQVLJKW H[SHULPHQWDGR D TXDO SURSRUFLRQD XPD HVWUXWXUD SDUD D DYDOLDomR H LQFRUSRUDomR GH QRYDV H[SHULrQFLDV H LQIRUPDo}HV (OH WHP RULJHP H p DSOLFDGR QD PHQWH GRV FRQKHFHGRUHV 1DV RUJDQL]Do}HV HOH FRVWXPD HVWDU HPEXWLGR QmR Vy HP GRFXPHQWRV RX UHSRVLWyULRV PDV WDPEpP HP URWLQDV SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV '$9(13257 3586$. S
  70. 70. 2 FRQKHFLPHQWR p XPD LQIRUPDomR WUDQVIRUPDGD DWUDYpV GH TXDWUR SURFHVVRV x RPSDUDomR GH TXH IRUPD DV LQIRUPDo}HV UHODWLYDV D HVWD VLWXDomR VH FRPSDUDP D RXWUDV VLWXDo}HV FRQKHFLGDV x RQVHTXrQFLDV TXH LPSOLFDo}HV HVWDV LQIRUPDo}HV WUD]HP SDUD DV GHFLV}HV H WRPDGDV GH DomR x RQH[}HV TXDLV DV UHODo}HV GHVWH QRYR FRQKHFLPHQWR FRP R FRQKHFLPHQWR Mi DFXPXODGR x RQYHUVDomR R TXH DV RXWUDV SHVVRDV SHQVDP GHVWD LQIRUPDomR 2V FRQFHLWRV GH GDGRV LQIRUPDomR H FRQKHFLPHQWR HVWmR HP XPD HVSpFLH GH ³HVFDOD GR VDEHU´ R GDGR VHULD R HOHPHQWR XQLWiULR D LQIRUPDomR p XP GDGR FRP UHOHYkQFLD H SURSyVLWR H R FRQKHFLPHQWR p XP MXt]R GH YDORU IRUPDGR HP FRQMXQWR SHOD LQIRUPDomR H SHOD H[SHULrQFLD GR LQGLYtGXR 'DGRV LQIRUPDomR H FRQKHFLPHQWR WDPEpP SRGHP VHU YLVXDOL]DGRV HP XPD ³KLHUDUTXLD GR HQWHQGLPHQWR´ FXMD RUGHP p VHPHOKDQWH jTXHOD GHILQLGD SHOD ³HVFDOD GR VDEHU´ PDV FRP D SUHVHQoD GH XPD QRYD FDWHJRULD D VDEHGRULD DFLPD GR FRQKHFLPHQWR (VVD KLHUDUTXLD IRL GHVHQYROYLGD GHSRLV TXH IRUDP DQDOLVDGDV RXWUDV FRQFHLWXDo}HV GH FRQKHFLPHQWR WDPEpP PXLWR VLPLODUHV HQWUH VL SULQFLSDOPHQWH QR TXH WDQJH j GLIHUHQFLDomR HQWUH GDGRV LQIRUPDomR H FRQKHFLPHQWR 6RE D DQiOLVH GD VDEHGRULD HQYROYLGD GDGRV VmR VtPERORV VHP VLJQLILFDGR H VHP FRQWH[WR LQIRUPDo}HV VmR GDGRV FRP VLJQLILFDGR HVWDEHOHFLGR SRU FRQH[}HV UHODFLRQDLV HQWUH VL R FRQKHFLPHQWR p XP FRQMXQWR GH LQIRUPDo}HV RUJDQL]DGR VRE SDGU}HV GH VLJQLILFDGR GHILQLGRV SRU SURFHVVRV UHSHWLGRV VXJHULQGR SUHYLVLELOLGDGH H SRU LVVR SRGH IRUQHFHU UHVSRVWDV D SHUJXQWDV VREUH FRPR UHDOL]DU GHWHUPLQDGRV SURFHGLPHQWRV SRU ILP D VDEHGRULD p UHSUHVHQWDGD SHORV SULQFtSLRV IXQGDPHQWDLV DRV TXDLV HVWmR HQUDL]DGRV RV SDGU}HV TXH GHILQHP R FRQKHFLPHQWR H[HPSOLILFDVH SHORV YDORUHV PRUDO H LQVLJKWV GR LQGLYtGXR HQYROYH D FULDWLYLGDGH H R SRGHU LQRYDWLYR H GLIHUHVH GRV RXWURV HOHPHQWRV GD ³KLHUDUTXLD GR HQWHQGLPHQWR´ SRU VHU PDLV HILFD] RX VHMD DR VHU XVDGD VXEHQWHQGHVH TXH D GHFLVmR WRPDGD p D PHOKRU FRLVD D VH ID]HU HQTXDQWR D XWLOL]DomR GH GDGRV LQIRUPDo}HV H FRQKHFLPHQWR LPSOLFD DSHQDV XPD DMXGD j GHFLVmR FRUUHWD $ HVFDOD GD ³KLHUDUTXLD GR HQWHQGLPHQWR´ SRGH VHU DQDOLVDGD VRE WUrV DVSHFWRV
  71. 71. x 3HUFHSomR H GLVFHUQLPHQWR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PDLV HVWUXWXUDGR p R HQWHQGLPHQWR QHFHVViULR SDUD UHFRQKHFrOR x RQWH[WR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PHQRU D LQGHSHQGrQFLD GR FRQWH[WR SDUD R HQWHQGLPHQWR GDGRV GHVFRQWH[WXDOL]DGRV QmR WrP R PHQRU VLJQLILFDGR RX LPSRUWkQFLD
  72. 72. x 'HWHFomR GH UXtGR TXDQWR PDLRU R QtYHO QD KLHUDUTXLD PDLV GLItFLO p D GHWHFomR GH UXtGR GDGRV VmR PXLWR PHQRV FRPSOH[RV TXH LQIRUPDo}HV FRQKHFLPHQWR H VDEHGRULD GDt D IDFLOLGDGH GH VH FRUULJLUHP HUURV H IDOKDV
  73. 73. ͵ǤʹǤ ‘Š‡…‹‡–‘ ž…‹–‘ ‡ ‘Š‡…‹‡–‘ š’ŽÀ…‹–‘ 2 FRQKHFLPHQWR H[SOtFLWR p IiFLO GH VH DUWLFXODU H GH VH H[SUHVVDU HP WHUPRV FODURV 3RGH VHU UHSUHVHQWDGR DWUDYpV GH GRFXPHQWRV WH[WRV UHODWyULRV WDEHODV SURJUDPDV GH FRPSXWDGRU H SRUWDQWR p GH VLPSOHV FRPSDUWLOKDPHQWR (P FRQWUDSDUWLGD R FRQKHFLPHQWR WiFLWR FRQVLVWH GH KDELOLGDGHV WpFQLFDV R WLSR GH GHVWUH]D LQIRUPDO H GH GLItFLO HVSHFLILFDomR LQFRUSRUDGD DR WHUPR NQRZKRZ H WDPEpP DEUDQJH PRGHORV PHQWDLV FUHQoDV H SHUVSHFWLYDV WmR DUUDLJDGDV TXH VmR WLGDV FRPR DOJR FHUWR QmR VXMHLWDV D IiFLO PDQLIHVWDomR 5HIHUHVH j H[SHULrQFLD LQGLYLGXDO GH VH OLGDU FRP FHUWDV VLWXDo}HV H p GLItFLO GH VHU FRPSDUWLOKDGR e DSUHQGLGR SRU SHUtRGRV H[WHQVRV GH H[SHULrQFLDV H FXPSULPHQWR GH WDUHIDV GXUDQWH RV TXDLV R LQGLYtGXR GHVHQYROYH XP VHQWLGR H XPD FDSDFLGDGH GH ID]HU MXOJDPHQWRV LQWXLWLYRV 2 FRQKHFLPHQWR WiFLWR FRUUHVSRQGH FODUDPHQWH j ³PLVWXUD IOXLGD GH H[SHULrQFLD FRQGHQVDGD YDORUHV LQIRUPDomR FRQWH[WXDO H LQVLJKW H[SHULPHQWDGR´ HQTXDQWR R H[SOtFLWR UHIHUHVH DRV ³GRFXPHQWRV´ ³UHSRVLWyULRV´ H QR FDVR GH LQVWLWXLo}HV ³URWLQDV SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV´ ͵Ǥ͵Ǥ • ”²• ‹Žƒ”‡• †ƒ ‡•– ‘ †‘ ‘Š‡…‹‡–‘ *HVWmR GR FRQKHFLPHQWR WHP WUrV SLODUHV RX FRPR FRVWXPR IDODU WUrV ¶V TXH FRPSUHHQGHP RQVXOWDU RPSDUWLOKDU H RODERUDU (VVHV WUrV SLODUHV DWXDP GH PDQHLUD WUDQVYHUVDO H[LJLQGR D DWXDomR HP WUrV GLPHQV}HV )HUUDPHQWDV RX PHFDQLVPRV
  74. 74. XOWXUD H DSLWDO +XPDQR ,QIRUPDomR p XP EHP GLQkPLFR TXH SRVVXL XP YDORU DVVRFLDGR 7RGD LQIRUPDomR SRVVXL XP FLFOR GH YLGD GHVGH R LQVWDQWH HP IRL JHUDGD SDVVDQGR SRU VXD RUJDQL]DomR DUPD]HQDPHQWR GLVWULEXLomR H XWLOL]DomR DWp R LQVWDQWH QR TXDO HYHQWXDOPHQWH SHUGH VHX YDORU H SRGH VHU GHVFDUWDGD TXDQGR HQWmR VH ILQDOL]D FLFOR 8P IDWRU FUtWLFR SDUD R VXFHVVR GH HPSUHVDV p VXD KDELOLGDGH GH PDQLSXODU H XWLOL]DU WRGR DUWHIDWR GH LQIRUPDomR GLVSRQtYHO 'H DFRUGR FRP SHVTXLVD GR *DUWQHU *URXS ³(QWHUSULVH RQWHQW 0DQDJHPHQW (0
  75. 75. ZLOO EH RQH RI WKH NH DSSOLFDWLRQ VRIWZDUH DUHDV GXULQJ WKH QH[W ILYH HDUV´ $XVWLQ @ $OpP GLVVR Ki XPD WHQGrQFLD GDV HPSUHVDV GRWDUHP R DPELHQWH GH WUDEDOKR GH HOHYDGR GHVHPSHQKR LH +LJK 3HUIRUPDQFH :RUNSODFH +3
  76. 76. SHUPLWLQGR RV SURILVVLRQDLV GH LQIRUPDomR 3,
  77. 77. H[SORUDUHP GDGRV GHVHQYROYHUHP SURFHVVRV H SURGXWRV LQRYDGRUHV H DWHQGHUHP D VROLFLWDo}HV H GHPDQGDV GH FOLHQWHV H IRUQHFHGRUHV GH PRGR HILFLHQWH (VWH WLSR GH VROXomR SRVVLELOLWD RV 3,¶V ORFDOL]DUHP GH PDQHLUD HIHWLYD FRQWH~GR DUWHIDWRV H SHVVRDV EHP FRPR GLVSRUHP GH PHFDQLVPRV GH FRPXQLFDomR H FRODERUDomR HIHWLYRV $OLDGR D LVWR HVWi D QHFHVVLGDGH GH LQFRUSRUDU PHFDQLVPRV GH LQWHJUDomR GH DSOLFDo}HV jV LPSOHPHQWDo}HV GH JHVWmR GH FRQKHFLPHQWR 1HVVH VHQWLGR DV IXQFLRQDOLGDGHV GD JHVWmR GR FRQKHFLPHQWR RX .0 .QRZOHGJH 0DQDJHPHQW
  78. 78. SRGHP VHU SURYLGDV SRU PHLR GH ZHE VHUYLFHV QXPD DUTXLWHWXUD RULHQWDGD D VHUYLoRV
  79. 79. DEH GHVWDFDU TXH XP GLIHUHQFLDO GH JHVWmR p DOFDQoDGR TXDQGR RV JHVWRUHV GH XPD HPSUHVD GLVS}HP GH PHFDQLVPRV GH DFHVVR D TXDOTXHU DUWHIDWR GH LQIRUPDomR GH PDQHLUD FRQWtQXD H FXVWRPL]DGD QXP FXUWR LQWHUYDOR GH WHPSR DVVHJXUDQGR R XVR HIHWLYR GH LQIRUPDo}HV SHUWLQHQWHV D ZHE RUJDQL]DFLRQDO VLVWHPDV GH LQIRUPDomR QD LQWUDQHW GD RUJDQL]DomR
  80. 80. H ZHE JOREDO $OpP GLVVR D LQVWLWXLomR SRGH SURYHU GLIHUHQWHV QtYHLV GH DFHVVR H YLVLELOLGDGH jV LQIRUPDo}HV GHSHQGHQGR GDV QHFHVVLGDGHV GR XVXiULR H HP FRQIRUPLGDGH FRP D KLHUDUTXLD GH DFHVVR D LQIRUPDomR GD LQVWLWXLomR 1RWH TXH D FDSDFLGDGH GH FRPSDUWLOKDU R HQWHQGLPHQWR RX FRQVFLrQFLD FULDU FRQKHFLPHQWR SURPRYHQGR D DSUHQGL]DJHP RUJDQL]DFLRQDO H SURYHU VXSRUWH j FRODERUDomR SHUPLWH WUDQVIRUPDU LQIRUPDomR HP YDQWDJHP RSHUDFLRQDO SDUD HPSUHVD QXP PHUFDGR FRPSHWLWLYR 1HVVH VHQWLGR Ki XPD FRQVWDQWH SUHRFXSDomR HP WUDQVIRUPDU GDGRV HP LQIRUPDomR H FRQKHFLPHQWR GH PRGR D SURPRYHU XP HQWHQGLPHQWR RX FRQVFLrQFLD JHUDO GH XPD LQVWLWXLomR EHP FRPR GLVSRQLELOL]DU R UHVXOWDGR GHVWH SURFHVVR DRV JHVWRUHV SRU PHLR SRU H[HPSOR GH XP SRUWDO FRUSRUDWLYR SHUPLWLQGR D JHVWmR GH WRGD LQIRUPDomR RUJDQL]DFLRQDO FRQIRUPH LOXVWUDGR QD )LJXUD )LJXUD 3LUkPLGH GR FRQKHFLPHQWR 9DOH UHVVDOWDU TXH D DGPLQLVWUDomR GH XPD LQVWLWXLomR SRGH ID]HU XVR GD WHFQRORJLD GD LQIRUPDomR QR VXSRUWH D FULDomR H FRPSDUWLOKDPHQWR GH FRQKHFLPHQWR SRVVLELOLWDQGR WRPDGD GH GHFLVmR GH IRUPD HILFLHQWH H VHJXUD (VWD QHFHVVLGDGH WHP VH WRUQDGR QXP GHVDILR GHYLGR DR FUHVFLPHQWR FRQWtQXR GR YROXPH GH DUWHIDWRV GH LQIRUPDomR $OpP GLVVR JUDQGH SDUWH GDV HPSUHVDV DWXD GH IRUPD FHQWUDGD QR FRQKHFLPHQWR FRP RV 3,¶V QHFHVVLWDQGR WHU DFHVVR D XPD DPSOD YDULHGDGH GH FRQWH~GR (VVD FRQVWDQWH EXVFD SRU LQIRUPDomR VH MXVWLILFD SHOD GHPDQGD SRU RWLPL]DomR GH UHFXUVRV H DJLOLGDGH GD JHVWmR 1HVVH VHQWLGR XP DPELHQWH GH JHVWmR GR FRQKHFLPHQWR TXH LQFOXL FXOWXUD H IHUUDPHQWDV
  81. 81. GHYH SURYHU VXSRUWH jV DWLYLGDGHV GH JHVWmR GR FRQKHFLPHQWR GH PDQHLUD VLVWHPiWLFD DOpP GD LQWHJUDomR GH DSOLFDo}HV SHUPLWLQGR LGHQWLILFDU JHUHQFLDU H FRPSDUWLOKDU WRGRV RV DUWHIDWRV GH LQIRUPDomR ,VWR LQFOXL EDQFRV GH GDGRV GRFXPHQWRV SURFHGLPHQWRV H SROtWLFDV EHP FRPR TXDOTXHU RXWUR FRQWH~GR FyGLJR DUWHIDWR HWF
  82. 82. e LPSRUWDQWH REVHUYDU D FRQYHUJrQFLD GH JHVWmR GH FRQWH~GR SRUWDLV H DPELHQWHV FRODERUDWLYRV UHVXOWDQWHV GH XP DPELHQWH GH WUDEDOKR TXH UHTXHU LQWHUDWLYLGDGH FHQWUDGD HP WHFQRORJLD 1HVVH VHQWLGR R FRQKHFLPHQWR GH XPD LQVWLWXLomR SRGH VHU HQFRQWUDGR HP JUDQGHV PDVVDV GH LQIRUPDo}HV QmR HVWUXWXUDGDV RQVLGHUDVH TXH D LQIRUPDomR QmR HVWUXWXUDGD SRGH VHU HPSUHJDGD SDUD REVHUYDomR GH
  83. 83. HYHQWRV WHQGrQFLDV DQRPDOLDV
  84. 84. QRV GDGRV GH XPD YDULHGDGH GH DSOLFDo}HV $TXL D JHVWmR GR FRQKHFLPHQWR SRGH VHU XWLOL]DGD SDUD EXVFDU RUJDQL]DU H H[WUDLU LQIRUPDomR GH P~OWLSODV IRQWHV +i XPD WHQGrQFLD GH XQLILFDU RV HVIRUoRV GH %XVLQHVV ,QWHOOLJHQFH %,
  85. 85. H .0 RQGH VH SRGH WHU DQiOLVH GH GDGRV H WH[WR RFRUUHQGR GH PDQHLUD LQGLVWLQWD $ rQIDVH HP .0 FRQWXGR OHYD HP FRQWD RV GDGRV HVWUXWXUDGRV EHP FRPR RV GDGRV QmR HVWUXWXUDGRV TXH FRPS}HP PDLV GH GDV LQIRUPDo}HV H[LVWHQWHV 0XLWR DOpP GDV TXHVW}HV WHFQROyJLFDV HVWi D LPSRUWkQFLD GR GDGR FDSWXUDGR e IXQGDPHQWDO DVVHJXUDU D SURFHGrQFLD GDV LQIRUPDo}HV H SRU PHLR GH XP SURFHVVR GH JHVWmR GH SHVVRDV LGHQWLILFDU TXHP VmR RV FRODERUDGRUHV ± LQWHUQRV HRX H[WHUQRV ± PDLV DGHTXDGRV SDUD UHVSRQGHU jV GHPDQGDV GD RUJDQL]DomR e SUHFLVR LGHQWLILFDU H YDORUL]DU DV SHVVRDV TXH FRPS}HP R FDSLWDO LQWHOHFWXDO GD RUJDQL]DomR ([LVWHP GLYHUVDV HVWUDWpJLDV SURSRVWDV SDUD D UHDOL]DomR GD *HVWmR GR RQKHFLPHQWR WDQWR DERUGDJHQV WHyULFDV FRPR HVWXGRV EDVHDGRV HP FDVRV SUiWLFRV 6HUmR DSUHVHQWDGDV GXDV IRUPDV GDGD D VXD UHOHYkQFLD $ SULPHLUD ID] D GLVWLQomR HQWUH HVWUDWpJLDV GH FRGLILFDomR YHUVXV SHUVRQDOL]DomR $ VHJXQGD EDVHDGD QD *HVWmR GR DSLWDO ,QWHOHFWXDO FRQFDWHQD GXDV DERUGDJHQV EDVWDQWH VLPLODUHV H DSUHVHQWD SURSRVWDV SDUD R QtYHO GH DOWD JHUrQFLD 3RU ILP DSUHVHQWDVH XPD SURSRVWD PDLV WHyULFD TXH VXJHUH D FRQYHUVmR GR FRQKHFLPHQWR WiFLWR HP H[SOtFLWR H YLFHYHUVD VHJXLQGR XP SURFHVVR HP HVSLUDO ͵Ǥ͵ǤͳǤ ‘†‹ˆ‹…ƒ­ ‘ ‡”•‘ƒŽ‹œƒ­ ‘ 'XDV HVWUDWpJLDV SDUD D TXHVWmR GH *HVWmR GR RQKHFLPHQWR .QRZOHGJH 0DQDJHPHQW .0
  86. 86. SRGHP VHU SRQWXDGDV VHJXQGR HVWXGRV GH HPSUHVDV GH FRQVXOWRULD RGLILFDomR ± RQGH R FRQKHFLPHQWR p FXLGDGRVDPHQWH FRGLILFDGR H DUPD]HQDGR HP EDQFRV GH GDGRV RQGH SRGH VHU DFHVVDGR H XWLOL]DGR SRU TXDOTXHU SHVVRD GHQWUR GD HPSUHVD 2 FRQKHFLPHQWR p H[WUDtGR GRV LQGLYtGXRV TXH R GHVHQYROYHUDP UHSUHVHQWDGR H UHXWLOL]DGR FRP YiULRV SURSyVLWRV (VWD DERUGDJHP SHUPLWH DRV LQGLYtGXRV D EXVFD H D UHFXSHUDomR GH FRQKHFLPHQWR FRGLILFDGR VHP TXH HVWHV WHQKDP FRQWDWR FRP D SHVVRD TXH R GHVHQYROYHX RULJLQDOPHQWH $ JHVWmR GH FRQWH~GRV VH HQTXDGUD QR SDSHO GH JHUHQFLDU R FRQKHFLPHQWR FRGLILFDGR DSRLDQGR WRGR R SURFHVVR GH DUPD]HQDPHQWR H UHFXSHUDomR GR FRQKHFLPHQWR 3HUVRQDOL]DomR ± R FRQKHFLPHQWR HVWi IRUWHPHQWH OLJDGR j SHVVRD TXH R GHVHQYROYHX H p FRPSDUWLOKDGR SULQFLSDOPHQWH DWUDYpV GH LQWHUDomR SHUVRQWR SHUVRQ 2 SULQFLSDO SURSyVLWR GD XWLOL]DomR GH 7HFQRORJLD GH ,QIRUPDomR QHVWH FDVR p IDFLOLWDU D GLVVHPLQDomR GR FRQKHFLPHQWR HQWUH DV SHVVRDV QmR DUPD]HQiOR 2 IRFR p R GLiORJR HQWUH RV LQGLYtGXRV H QmR RV REMHWRV GH FRQKHFLPHQWR ORFDOL]DGRV HP UHSRVLWyULRV GH LQIRUPDo}HV (VWD DERUGDJHP WDPEpP SRGH ODQoDU PmR GD JHVWmR GH FRQWH~GRV FRP R REMHWLYR GH UHFXSHUDU LQIRUPDo}HV VREUH TXHP ID] R TXr *HUDOPHQWH QDV RUJDQL]Do}HV HVWDV GXDV DERUGDJHQV FRQYLYHP PDV XPD SUHGRPLQD VREUH D RXWUD 1R SULPHLUR FDVR R FRQKHFLPHQWR p FRGLILFDGR XWLOL]DQGRVH D DERUGDJHP GH SHRSOHWRGRFXPHQWV RX VHMD R FRQKHFLPHQWR p ³H[WUDtGR´ GD SHVVRD TXH R GHVHQYROYHX VHSDUDGR GR FRQWH[WR HP TXH IRL FULDGR H UHXWLOL]DGR SDUD RXWURV SURSyVLWRV ,VWR IDFLOLWD D UHFXSHUDomR GR FRQKHFLPHQWR FRGLILFDGR VHP D QHFHVVLGDGH GH FRQWDWR FRP D SHVVRD TXH R FULRX
  87. 87. RPR H[HPSOR p FLWDGD D HPSUHVD GH FRQVXOWRULD (UQVW RXQJ TXH UHPRYH R FRQWH[WR GD LQIRUPDomR GHVHQYROYHQGR NQRZOHGJH REMHFWV TXH XWLOL]D XPD DERUGDJHP GH *HVWmR GR RQKHFLPHQWR FRP TXDWUR IDVHV *HUDomR H DUPD]HQDQGR HOHWURQLFDPHQWH HP XP UHSRVLWyULR FRPSDUWLOKDGR 5HSUHVHQWDomR RGLILFDomR $SOLFDomR $ $FFHQWXUH GHILQH *HVWmR GR RQKHFLPHQWR FRPR XP SURFHVVR GH VHLV IDVHV 2EWHU ULDU 6LQWHWL]DU RPSDUWLOKDU 8VDU SDUD DWLQJLU PHWDV RUJDQL]DFLRQDLV (VWDEHOHFHU XP DPELHQWH TXH HVWLPXOH R FRPSDUWLOKDPHQWR GR FRQKHFLPHQWR $ 6HJXQGD HVWUDWpJLD SURSRVWD IRFD QR GLiORJR HQWUH LQGLYtGXRV QmR HP NQRZOHGJH REMHFWV HP XP EDQFR GH GDGRV 2 FRQKHFLPHQWR QmR p FRGLILFDGR H SURYDYHOPHQWH QmR SRGHULD VHU
  88. 88. p WUDQVIHULGR HP VHVV}HV GH EUDLQVWRUPLQJV H HP FRQYHUVDV LQGLYLGXDLV 3DUD SRU HP SUiWLFD HVWD HVWUDWpJLD HPSUHVDV FRPR D %DLQ LQYHVWHP SHVDGDPHQWH HP FRQVWUXLU UHGHV GH SHVVRDV 2 FRQKHFLPHQWR p FRPSDUWLOKDGR QmR DSHQDV HP UHXQL}HV IDFH D IDFH PDV YLD HPDLO H YLGHRFRQIHUrQFLDV 3RGHVH FRQVWDWDU TXH HPSUHVDV TXH XWLOL]DP HVWUDWpJLDV GH *HVWmR GR RQKHFLPHQWR GH IRUPD HILFD] HVWmR IRFDGDV SUHGRPLQDQWHPHQWH HP XPD GDV HVWUDWpJLDV H XWLOL]DP D RXWUD SDUD GDU DSRLR j SULQFLSDO (PSUHVDV TXH WHQWDP VHJXLU DV GXDV HVWUDWpJLDV DR PHVPR WHPSR DFDEDP SRU HQIUHQWDU SUREOHPDV FRPR WHU GH OLGDU FRP XP PL[ GH SHVVRDV TXH WDQWR HQJORED SHVVRDV DOWDPHQWH FULDWLYDV FRPR DTXHODV FRP JUDQGH FDSDFLGDGH WpFQLFD R TXH DFDED SRU FULDU FRQIOLWRV GH LQWHUHVVH GHQWUR GD HPSUHVD $ (VWUDWpJLD RPSHWLWLYD GHYH JXLDU D HVWUDWpJLD GH *HVWmR GR RQKHFLPHQWR (PSUHVDV TXH IRUQHFHP DOWD TXDOLGDGH FRQILDELOLGDGH H YHORFLGDGH GH LPSOHPHQWDomR GH VROXo}HV GHYHP VHJXLU D HVWUDWpJLD GH FRGLILFDomR H UHXWLOL]DomR GH FRQKHFLPHQWR (P RSRVLomR SDUD FRPSDQKLDV TXH SRVVXHP FRPR GLIHUHQFLDLV D FULDWLYLGDGH ,QRYDomR H VROXo}HV GH DOWR QtYHO GH FRPSOH[LGDGH p PDLV LQGLFDGD D VHJXQGD RSomR RX VHMD D HVWUDWpJLD GH SHUVRQDOL]DomR 3DUD TXH VHMD HILFD] D HVWUDWpJLD GH *HVWmR GR RQKHFLPHQWR p QHFHVViULR FULDU LQFHQWLYRV UHDLV TXH SRVVDP HVWLPXODU D FRQWULEXLomR GDV SHVVRDV 1D DERUGDJHP GH FRGLILFDomR RV JHUHQWHV SUHFLVDP GHVHQYROYHU XP PRGHOR TXH YLVH D HVWLPXODU DV SHVVRDV D H[WHUQDOL]DU VHX FRQKHFLPHQWR H FRPSDUWLOKiOR HP XP UHSRVLWyULR FRPXP 1D DERUGDJHP GH SHUVRQDOL]DomR p QHFHVViULR HVWLPXODU DV SHVVRDV D LQWHUDJLUHP H FRPSDUWLOKDUHP FRQKHFLPHQWR XPDV FRP DV RXWUDV ͵ǤͶǤ ƒ’‹–ƒŽ
  89. 89. –‡Ž‡…–—ƒŽ 8P DVSHFWR IXQGDPHQWDO SDUD D JHVWmR GR FRQKHFLPHQWR p R FDSLWDO LQWHOHFWXDO DSLWDO LQWHOHFWXDO p D SRVVH GH FRQKHFLPHQWR H[SHULrQFLD DSOLFDGD WHFQRORJLD NQRZOHGJH REMHFWV VmR PyGXORV GH LQIRUPDomR HJ JXLDV GH HQWUHYLVWDV FURQRJUDPDV GH WUDEDOKR GDGRV GH EHQFKPDUN H DQiOLVHV GH VHJPHQWDomR GH PHUFDGR
  90. 90. RUJDQL]DFLRQDO UHODFLRQDPHQWR FRP FOLHQWHV H KDELOLGDGHV SURILVVLRQDLV TXH SURSRUFLRQHP j RUJDQL]DomR XPD YDQWDJHP FRPSHWLWLYD QR PHUFDGR 2 FDSLWDO LQWHOHFWXDO SRGH VHU GHFRPSRVWR HP GRLV JUDQGHV JUXSRV R FDSLWDO KXPDQR H R FDSLWDO HVWUXWXUDO $OJXPDV GHILQLo}HV WUD]HP R FDSLWDO GR FOLHQWH FRPR XP RXWUR JUXSR 2XWUDV R WUD]HP FRPR LQWHJUDQWH GR FDSLWDO HVWUXWXUDO DSLWDO LQWHOHFWXDO RX FRQKHFLPHQWR p TXDOTXHU FRLVD YDORUL]DGD SHOD RUJDQL]DomR TXH HVWHMD FRQWLGD QDV SHVVRDV RX VHMD GHULYDGD GH SURFHVVRV GH VLVWHPDV H GD FXOWXUD RUJDQL]DFLRQDO ± FRQKHFLPHQWR H KDELOLGDGHV LQGLYLGXDLV QRUPDV H YDORUHV EDVHV GH GDGRV PHWRGRORJLDV VRIWZDUH NQRZKRZ OLFHQoDV PDUFDV H VHJUHGRV FRPHUFLDLV SDUD FLWDU DOJXQV 8PD GLVWLQomR LPSRUWDQWH HQWUH FDSLWDO LQWHOHFWXDO H R TXH WUDGLFLRQDOPHQWH WHP VLGR FRQVLGHUDGR JHUDGRU GH YDORU QDV RUJDQL]Do}HV ± RV DWLYRV ItVLFRV ³WDQJtYHLV´ ± p TXH HOH QHP VHPSUH p SURSULHGDGH GD RUJDQL]DomR ,VVR VLJQLILFD TXH REWHU EHQHItFLRV GR FRQKHFLPHQWR RX GR FDSLWDO LQWHOHFWXDO SRGH VHU FRQVLGHUDGR FRPR DOXJDGR DUUHQGDGR RX HPSUHVWDGR 3DUD R SUHVLGHQWH H 22 GD $PHULFDQ 6NDQGLD XPD FRPSDQKLD GH VHJXURV VHGLDGD QD 6XpFLD FKHJD PHVPR D VXJHULU TXH JUDQGH SDUWH GR FDSLWDO LQWHOHFWXDO GH XPD RUJDQL]DomR p REWLGR YROXQWDULDPHQWH QR GLDDGLD 2 YDORU JHUDGR UHVXOWD GH DWRV DUELWUiULRV SRU SDUWH GRV LQGLYtGXRV DVVLP R SURFHVVR GH H[WUDLU HVVH YDORU GHYH VHU JHULGR PXLWR GLIHUHQWHPHQWH GR SURFHVVR GRV DWLYRV WDQJtYHLV 2 FDSLWDO KXPDQR LQFOXL WRGD FDSDFLGDGH FRQKHFLPHQWR KDELOLGDGH H H[SHULrQFLD LQGLYLGXDLV GRV HPSUHJDGRV H JHUHQWHV DOpP GD FULDWLYLGDGH H LQRYDomR RUJDQL]DFLRQDLV -i R FDSLWDO HVWUXWXUDO p R DUFDERXoR H D LQIUDHVWUXWXUD TXH DSRLDP R FDSLWDO KXPDQR ,QFOXLVH Dt WRGD HVWUXWXUD WHFQROyJLFD XWLOL]DGD FRPR VXSRUWH DR FRQKHFLPHQWR LQWHOHFWXDO 3DUWH GR TXH SHUWHQFH j FDWHJRULD GH FDSLWDO HVWUXWXUDO HVWi UHODFLRQDGD DRV GLUHLWRV OHJDLV GH SURSULHGDGH WHFQRORJLDV LQYHQo}HV GDGDV H SXEOLFDo}HV 2 FDSLWDO HVWUXWXUDO LQFOXL DLQGD D LPDJHP GD HPSUHVD RV FRQFHLWRV RUJDQL]DFLRQDLV H D GRFXPHQWDomR 2V VLVWHPDV GH JHVWmR GR FRQWH~GR FRPS}HP R FDSLWDO HVWUXWXUDO DR SDVVR TXH RIHUHFHP D HVWUXWXUD SDUD D JHUrQFLD GH RXWURV WLSRV GH FDSLWDO HVWUXWXUDO FRPR SRU H[HPSOR GRFXPHQWRV PDQXDLV FyGLJRIRQWH HWF )LQDOPHQWH R FDSLWDO GH FOLHQWH p R YDORU GH XPD HPSUHVD SDUD DV SHVVRDV FRP DV TXDLV ID] QHJyFLRV LQFOXLQGR R YDORU GRV UHODFLRQDPHQWRV FRP RV IRUQHFHGRUHV ͵ǤͶǤͳǤ …”‹ƒ­ ‘ †‘ ‘Š‡…‹‡–‘ ƒ ’”‡•ƒ 6mR DSRQWDGDV GH] HVWUDWpJLDV SDUD *HVWmR GR RQKHFLPHQWR SDUD DXPHQWDU D DJUHJDomR GH YDORU SDUD D RUJDQL]DomR (VWD EXVFD SHOD PHOKRULD GD WUDQVIHUrQFLD GH FRQKHFLPHQWR HQWUH DV WUrV IDPtOLDV GH UHFXUVRV LQWDQJtYHLV WHP R LQWXLWR GH DXPHQWDU D FDSDFLGDGH GH DJLU GDV SHVVRDV GH GHQWUR H IRUD GD RUJDQL]DomR (VWDV WUrV IDPtOLDV GH UHFXUVRV LQWDQJtYHLV VmR HVWUXWXUD H[WHUQD HVWUXWXUD LQWHUQD H FRPSHWrQFLD LQGLYLGXDO 2 FDSLWDO LQWHOHFWXDO GD HPSUHVD SRGH VHU GLYLGLGR HP WUrV iUHDV FDSLWDO KXPDQR FDSLWDO GR FOLHQWH H FDSLWDO HVWUXWXUDO $ HVWUXWXUD H[WHUQD FRQVLVWH HP XP FRQMXQWR GH UHODo}HV LQWDQJtYHLV FRP FRQVXPLGRUHV H IRUQHFHGRUHV TXH FRPS}HP D LPDJHP GD HPSUHVD 2 FDSLWDO GR FOLHQWH p R YDORU GDV UHODo}HV FRP SHVVRDV H RUJDQL]Do}HV SDUD DV TXDLV VH YHQGH (VWH UHFXUVR p UHSUHVHQWDGR SRU DOJXQV DWLYRV TXH DSHVDU GH LQWDQJtYHLV SRGHP VHU YDORUDGRV FRP PDLV IDFLOLGDGH FRPR SRU H[HPSOR PDUFDV H IDWLDV GH PHUFDGR $ HVWUXWXUD LQWHUQD p FRPSRVWD SHODV SDWHQWHV REWLGDV FRQFHLWRV PRGHORV VLVWHPDV H RXWURV SURFHVVRV H IHUUDPHQWDV PDLV RX PHQRV H[SOtFLWRV (VWD HVWUXWXUD p
  91. 91. FULDGD SHORV HPSUHJDGRV H p GH SURSULHGDGH GD RUJDQL]DomR (QWUHWDQWR D RUJDQL]DomR SRGH SRVVXLU OHJDOPHQWH DSHQDV XPD SHTXHQD SDUWH GHVWHV UHFXUVRV $V UHGHV GH UHODFLRQDPHQWRV H D FXOWXUD RUJDQL]DFLRQDO VmR DOJXQV H[HPSORV GH SHoDV GH FRQKHFLPHQWR VREUH RV TXDLV D RUJDQL]DomR QmR SRVVXL XP FRQWUROH IRUPDO 2 FDSLWDO HVWUXWXUDO GD HPSUHVD FRPR UHVXOWDQWH GR FRQKHFLPHQWR UHWLGR H TXH SRGH VHU WUDQVIRUPDGR HP SURSULHGDGH SHOD RUJDQL]DomR $ FRPSHWrQFLD LQGLYLGXDO FRQVLVWH QD FDSDFLGDGH GR FRUSR WpFQLFR H DGPLQLVWUDWLYR GD RUJDQL]DomR 2 FDSLWDO KXPDQR SRGH VHU GHILQLGR FRPR R FRQKHFLPHQWR TXH UHVLGH QD PHQWH GRV HPSUHJDGRV H TXH p UHOHYDQWH SDUD RV REMHWLYRV GD RUJDQL]DomR e IRUPDGR H GHVHQYROYLGR TXDQGR DV SHVVRDV TXH WUDEDOKDP QD RUJDQL]DomR GHYRWDP WHPSR H WDOHQWR D DWLYLGDGHV TXH UHVXOWDP HP ,QRYDomR $ FRPSHWrQFLD GR IXQFLRQiULR SRGH VHU GHVHQYROYLGD DWUDYpV GD VXD LQWHUDomR FRP RXWURV IXQFLRQiULRV R TXH VXJHUH TXH HVWH DWLYR WHQKD RULJHP QDV UHODo}HV VRFLDLV GHQWUR H IRUD GD HPSUHVD 2 WUDEDOKR URWLQHLUR TXH SRGH VHU IDFLOPHQWH DXWRPDWL]DGR QmR p IRQWH GH FDSLWDO KXPDQR SRLV QmR VXSUH VHX SULQFLSDO REMHWLYR D ,QRYDomR $V GH] HVWUDWpJLDV SURSRVWDV VmR 7UDQVIHUrQFLD GH FRQKHFLPHQWR HQWUH LQGLYtGXRV 7UDQVIHUrQFLD GH FRQKHFLPHQWR GRV LQGLYtGXRV SDUD D HVWUXWXUD H[WHUQD 7UDQVIHUrQFLD GH FRQKHFLPHQWR GD HVWUXWXUD H[WHUQD SDUD RV LQGLYtGXRV 7UDQVIHUrQFLD GH FRQKHFLPHQWR GD FRPSHWrQFLD LQGLYLGXDO SDUD D HVWUXWXUD LQWHUQD 7UDQVIHUrQFLD GH FRQKHFLPHQWR GD HVWUXWXUD LQWHUQD SDUD D FRPSHWrQFLD LQGLYLGXDO 7UDQVIHUrQFLD GH FRQKHFLPHQWR QD HVWUXWXUD H[WHUQD 7UDQVIHUrQFLD GH FRQKHFLPHQWR GD HVWUXWXUD H[WHUQD SDUD D LQWHUQD 7UDQVIHUrQFLD GH FRQKHFLPHQWR GD HVWUXWXUD LQWHUQD SDUD D H[WHUQD 7UDQVIHUrQFLD GH FRQKHFLPHQWR QD HVWUXWXUD LQWHUQD 0D[LPL]DU D DJUHJDomR GH YDORU YLVmR JOREDO e HVVHQFLDO SDUD D *HVWmR GR FDSLWDO LQWHOHFWXDO TXH VH GHILQD TXDO VXD XWLOLGDGH H FRPR WUDQVIRUPiOR HP YDORU UHDO SDUD D HPSUHVD H DSUHVHQWD DOJXQV SULQFtSLRV SDUD D *HVWmR GR RQKHFLPHQWR GRV TXDLV SRGHP VHU GHVWDFDGRV RV VHJXLQWHV x 6RPHQWH DSyV UHFRQKHFHU TXH RV FDSLWDLV KXPDQRV H GR FOLHQWH SRVVXHP XPD QDWXUH]D FRPSDUWLOKDGD DV HPSUHVDV SRGHP JHUHQFLDU H OXFUDU FRP HVWHV DWLYRV x 3DUD JHUDU FDSLWDO KXPDQR D HPSUHVD SUHFLVD HVWLPXODU R WUDEDOKR HP JUXSR FRPXQLGDGHV GH SUiWLFD H RXWUDV IRUPDV VRFLDLV GH DSUHQGL]DGR x $V RUJDQL]Do}HV FUHVFHP HP WRUQR GH WDOHQWRV H KDELOLGDGHV TXH VmR HVFDVVRV H LQHUHQWHV jV SHVVRDV 3DUD JHUHQFLDU H GHVHQYROYHU R FDSLWDO KXPDQR HPSUHVDV GHYHP UHFRQKHFHU TXH SHVVRDV FRP HVWDV FDUDFWHUtVWLFDV VmR DWLYRV D VHUHP PDQWLGRV x 2 FDSLWDO HVWUXWXUDO p R PDLV IiFLO GH VHU JHUHQFLDGR PDV p R TXH PHQRV LPSRUWD SDUD RV FRQVXPLGRUHV x 2V FDSLWDLV KXPDQR HVWUXWXUDO H GR FOLHQWH WUDEDOKDP MXQWRV 1mR p VXILFLHQWH LQYHVWLU HP SHVVRDV HP VLVWHPDV RX QRV FOLHQWHV VHSDUDGDPHQWH ͵ǤͶǤʹǤ ‹••‡‹ƒ­ ‘ †‘ ‘Š‡…‹‡–‘ 8P GRV SULQFLSDLV GHVDILRV GD *HVWmR GR RQKHFLPHQWR p H[DWDPHQWH FDSWXUDU R FRQKHFLPHQWR WiFLWR 3RU QmR VHU OyJLFD H HVWUXWXUDOPHQWH GRFXPHQWDGR p GLItFLO VXD PDQXWHQomR (OH GHYH VHU GLVVHPLQDGR HQWUH RV PHPEURV GD RUJDQL]DomR SRUTXH UHSUHVHQWD LGHLDV TXH IRUDP SODQHMDGDV GHFLV}HV TXH IRUDP WRPDGDV PRWLYRV TXH
  92. 92. OHYDUDP DR YHWR GH RXWUDV GHFLV}HV RSo}HV H HVFROKDV GLDQWH GH LPSDVVHV HP GHWHUPLQDGRV SURMHWRV H RXWUDV LQIRUPDo}HV HVVHQFLDLV e PDLV GR TXH QHFHVViULR LGHQWLILFDU TXDLV SDUWHV GR FRQKHFLPHQWR WiFLWR GRV LQGLYtGXRV SRVVXHP PDLRU VLJQLILFDGR HVWUDWpJLFR SDUD TXH JUDGDWLYDPHQWH VHMDP FULDGRV H DMXVWDGRV RV SURFHVVRV DGHTXDGRV SDUD FDSWXUiORV H LQFRUSRUDGRV j 0HPyULD 2UJDQL]DFLRQDO 8PD GDV VROXo}HV SRVVtYHLV SDUD HVWH SUREOHPD p WUDQVIRUPDU R FRQKHFLPHQWR WiFLWR HP H[SOtFLWR GH PRGR TXH HOH SRVVD VHU UHJLVWUDGR H GRFXPHQWDGR IDFLOPHQWH 3RUpP QmR p VRPHQWH HVVD WUDQVIRUPDomR GH FRQKHFLPHQWR WiFLWR HP H[SOtFLWR TXH p SRVVtYHO GH RFRUUHU $ H[LVWrQFLD GH GXDV FODVVHV GH FRQKHFLPHQWR VXJHUH TXDWUR PRGDOLGDGHV GH WUDQVPLVVmR H FULDomR GH FRQKHFLPHQWR WDPEpP GHILQLGDV SRU 1RQDND H 7DNHXFKL
  93. 93. DSUHVHQWDGDV D VHJXLU x 6RFLDOL]DomR WiFLWR SDUD WiFLWR
  94. 94. FRQVLVWH QD WUDQVPLVVmR GLUHWD GH FRQKHFLPHQWRV WiFLWRV 2FRUUH HP JHUDO DWUDYpV GH REVHUYDomR LPLWDomR H SUiWLFD 6mR FRPSDUWLOKDGRV PRGHORV PHQWDLV SRQWRV GH YLVWD H[SHULrQFLDV ([HPSOR XP DSUHQGL] TXH REVHUYD R WUDEDOKR GR FKHIH GXUDQWH PHVHV H GHSRLV DWXD GH IRUPD VHPHOKDQWH j GH VHX PHVWUH x RPELQDomR H[SOtFLWR SDUD H[SOtFLWR
  95. 95. RFRUUH TXDQGR Ki FRPELQDomR GH YiULRV FRQKHFLPHQWRV H[SOtFLWRV SDUD D IRUPDomR GH XP QRYR WRGR ([HPSOR JHUHQWH GH FRQWURODGRULD TXH FROHWD LQIRUPDo}HV GD RUJDQL]DomR H DSUHVHQWDDV VRE D IRUPD GH UHODWyULRV ILQDQFHLURV x ([WHUQDOL]DomR WiFLWR SDUD H[SOtFLWR
  96. 96. SDGUmR HP TXH QRYR FRQKHFLPHQWR H[SOtFLWR p JHUDGR DWUDYpV GD IRUPDOL]DomR GH XP FRQKHFLPHQWR WiFLWR DSUHVHQWDGR GH IRUPD FDWHJRUL]DGD H FRQWH[WXDOL]DGD ([HPSOR R PHVPR JHUHQWH GH FRQWURODGRULD GR LWHP DQWHULRU PDV TXH HP YH] GH FRPSLODU XP UHODWyULR ILQDQFHLUR GHVHQYROYH XPD GRFXPHQWDomR LQRYDGRUD VREUH FRQWUROH RUoDPHQWiULR EDVHDGD HP VXD H[SHULrQFLD FRQTXLVWDGD DSyV DQRV GH WUDEDOKR 2XWUR H[HPSOR DV PHOKRUHV SUiWLFDV VmR VHOHFLRQDGDV GHQWUR GR XQLYHUVR LQIRUPDO GD RUJDQL]DomR H HQWmR GRFXPHQWDGDV x ,QWHUQDOL]DomR H[SOtFLWR SDUD WiFLWR
  97. 97. FRQVLVWH QD XWLOL]DomR GH FRQKHFLPHQWRV H[SOtFLWRV SDUD D DPSOLDomR H[WHQVmR H UHIRUPXODomR GR FRQKHFLPHQWR WiFLWR GRV LQGLYtGXRV ([HPSOR XP DOXQR VHPSUH LQFRUSRUD R TXH DSUHQGH HP GRFXPHQWRV PDQXDLV H WUHLQDPHQWRV DR VHX FRQKHFLPHQWR WiFLWR LVWR p j VXD H[SHULrQFLD GH YLGD SRVVLELOLWDQGR R VXUJLPHQWR GH LQVLJKWV FDSD]HV GH JHUDU QRYRV FRQKHFLPHQWRV 1XPD RUJDQL]DomR FULDGRUD GH FRQKHFLPHQWR RV TXDWUR SURFHVVRV LQWHUDJHP GLQDPLFDPHQWH IRUPDQGR R TXH 1RQDND H 7DNHXFKL
  98. 98. FKDPDP GH HVSLUDO GR FRQKHFLPHQWR XPD HVSpFLH GH FLFOR GH YLGD HP TXH R FRQKHFLPHQWR SDVVD SRU WRGRV RV TXDWUR SDGU}HV GH FRQYHUVmR VHJXLQGR R HVTXHPD PRVWUDGR DEDL[R
  99. 99. )LJXUD (VSLUDO GR RQKHFLPHQWR ,QGHSHQGHQWH GH TXDOTXHU FDWHJRUL]DomR PDLV LPSRUWDQWH p R PRGR FRPR D RUJDQL]DomR SURPRYH H HVWLPXOD VHXV IXQFLRQiULRV D FRQVWUXLU H FRPSDUWLOKDU FRQKHFLPHQWR $ JHVWmR GR FRQKHFLPHQWR p XP UHFXUVR YDOLRVR SDUD DV FRPSDQKLDV 3RU LVVR GHYHVH SULRUL]DU D FULDomR H D LPSOHPHQWDomR GH SURFHVVRV TXH RUJDQL]HP H VLVWHPDWL]HP D FDSDFLGDGH GD FRPSDQKLD GH FDSWXUDU DUPD]HQDU JHUDU FULDU DQDOLVDU WUDGX]LU FRPSDUWLOKDU H IRUQHFHU D LQIRUPDomR H[DWD GH PDQHLUD UiSLGD H SUHFLVD (VWHV PHFDQLVPRV H SURFHVVRV GHYHP VHU HODERUDGRV SDUD DVVHJXUDU TXH D HPSUHVD DXPHQWH R YDORU GH XP GRV PDLV LPSRUWDQWHV UHFXUVRV FRPSHWLWLYRV QRV GLDV GH KRMH ± R FRQKHFLPHQWR 2 FRQKHFLPHQWR p XP EHP LQWDQJtYHO e XPD FRPELQDomR GH GDGRV TXH WUDWDGRV H FRQWH[WXDOL]DGRV IRUQHFHP VROXo}HV HVVHQFLDLV QR SURFHVVR GH WRPDGD GH GHFLV}HV HP WRGRV RV QtYHLV GH XPD FRUSRUDomR $V LQIRUPDo}HV QDYHJDP QDV iUHDV GH YHQGDV PDUNHWLQJ SXEOLFLGDGH VHUYLoRV RSHUDo}HV H DGPLQLVWUDomR GDV FRPSDQKLDV FRODERUDQGR FRP Do}HV HVWUDWpJLFDV H FULDQGR RSRUWXQLGDGHV GH QHJyFLRV ,PDJLQH D iUHD GH XPD HPSUHVD RQGH R FRQKHFLPHQWR p SURYHQLHQWH ~QLFD H H[FOXVLYDPHQWH GD PHQWH GH VHX JHVWRU 'LJDPRV TXH HVWH FRODERUDGRU GHL[H D FRPSDQKLD 3URYDYHOPHQWH YRFr Mi YLX LVVR GH SHUWR RX RXYLX GL]HU TXH DFRQWHFHX FRUUHWR /HYDQGR HP FRQVLGHUDomR TXH YLYHPRV HP XPD HFRQRPLD EDVHDGD QD LQIRUPDomR H R VXFHVVR GDV FRUSRUDo}HV GHSHQGH PXLWR GD FDSDFLGDGH GH JHVWmR GR FRQKHFLPHQWR H GD PDQXWHQomR GD LQWHOLJrQFLD RUJDQL]DFLRQDO p HVVHQFLDO TXH DV HPSUHVDV EXVTXHP D FULDomR GH XP PHFDQLVPR SDUD JHUHQFLDU HVWH FRQKHFLPHQWR RUJDQL]DFLRQDO DVR FRQWUiULR FRPR QR H[HPSOR DFLPD D IDOWD GH XPD ~QLFD SHoD LUi FRPSURPHWHU RV UHVXOWDGRV H JHUDU XP LPSDFWR QHJDWLYR QR GHVHPSHQKR GH GHWHUPLQDGD iUHD RX DWp GD FRPSDQKLD LQWHLUD ͵ǤͶǤ͵Ǥ ƒ”‡–‹‰ †‘ ‘Š‡…‹‡–‘ RPR UHVSRVWD jV DPHDoDV H QHFHVVLGDGHV FRPSHWLWLYDV GDV HPSUHVDV GXUDQWH RV ~OWLPRV TXLQ]H DQRV YLPRV HYROXLU H H[SDQGLU ODUJDPHQWH DV DWLYLGDGHV GH PDUNHWLQJ
  100. 100. $R ORQJR GRV ~OWLPRV DQRV YLPRV R PDUNHWLQJ DEVRUYHU QRYDV IXQo}HV FRQFHLWRV WHFQRORJLDV H SUiWLFDV LQFRUSRUDQGR VHJXLGDV LQRYDo}HV RP WRGRV RV GHVDILRV GH DSRLDU DV HVWUDWpJLDV FRPSHWLWLYDV DX[LOLDU D DGDSWDomR GD FRPSDQKLD DR DPELHQWH FDGD YH] PDLV JOREDOL]DGR H H[WUHPDPHQWH FRPSHWLWLYR H DWHQGHU DV GHPDQGDV FUHVFHQWHV SRU FRQKHFLPHQWR HUD GH VH HVSHUDU TXH D JHVWmR GR FRQKHFLPHQWR SURYRFDVVH PXGDQoDV HP WRGRV RV QtYHLV GD HPSUHVD FRQWXGR PXLWRV GH QyV DLQGD VH SHUJXQWD (P TXH PHGLGD R PDUNHWLQJ VHUi DIHWDGR SHOD JHVWmR GR FRQKHFLPHQWR RPR DV IXQo}HV GH PDUNHWLQJ SRGHULDP DSRLDU DV HVWUDWpJLDV GH FRQKHFLPHQWR GDV FRUSRUDo}HV 4XDO D H[SHFWDWLYD GD HPSUHVD GR FRQKHFLPHQWR HP UHODomR DR PDUNHWLQJ H TXDO RV QRYRV GHVDILRV TXH D JHVWmR GR FRQKHFLPHQWR LPS}H D HVWD iUHD 1HVWHV ~OWLPRV DQRV IDODPRV VREUH PDUNHWLQJ GH UHODFLRQDPHQWR PDUNHWLQJ GH PDVVD PDUNHWLQJ GH SURGXWR PDUNHWLQJ GH PDUFD PDUNHWLQJ GH VHJPHQWDomR PDUNHWLQJ GH FOLHQWHV PDUNHWLQJ GH DILQLGDGH PDUNHWLQJ GLUHWR RQH WR RQH PDUNHWLQJ H WDQWRV RXWURV RP PDLV IUHTXrQFLD JHVWRUHV DGPLWHP R DSRLR GD JHVWmR FRQKHFLPHQWR DR PDUNHWLQJ 1R HQWDQWR SRXFRV VH DWUHYHP D UHFRQKHFHU TXH D JHVWmR GR FRQKHFLPHQWR SRVVD VH EHQHILFLDU GDV DWLYLGDGHV GH PDUNHWLQJ VHQGR DV GLVFXVV}HV HP WRUQR GR TXH R PDUNHWLQJ SRGH ID]HU SDUD DSRLDU D HVWUDWpJLD GH JHVWmR GR FRQKHFLPHQWR DLQGD UDUD H LQFRPXP RQILUPDQGR TXH D iUHD GH PDUNHWLQJ DOpP GH VH EHQHILFLDU GD JHVWmR GR FRQKHFLPHQWR SRGH WDPEpP DMXGiOD WHQKR SHUFHELGR VLQDLV VXWLV GH XP QRYR PDUNHWLQJ VXUJLU 8P PDUNHWLQJ QmR Vy GH SURGXWR PDV WDPEpP GH FRQKHFLPHQWR FDUDFWHUL]DQGR XPD WHQGrQFLD LQFLSLHQWH PDV FUHVFHQWH 7DO FRPR RXWUDV WHQGrQFLDV GR SDVVDGR XP QRYR GHVDILR DRV SURILVVLRQDLV R PDUNHWLQJ GR FRQKHFLPHQWR WDPEpP VHUi LQFRUSRUDGR SHOD iUHD GH PDUNHWLQJ TXH SDVVDUi D VH HQYROYHU H FRPSURPHWHUVH FRP D JHVWmR GR FRQKHFLPHQWR (VWD LGHLD HPHUJLX GH UHIOH[}HV H SRGH VHU FRQILUPDGD D SDUWLU GD GHILQLomR GH 3KLOLS .RWOHU VREUH PDUNHWLQJ 3KLOLS .RWOHU DILUPD TXH R PDUNHWLQJ p D DUWH GH GHVFREULU RSRUWXQLGDGHV GHVHQYROYrODV H OXFUDU FRP HODV $ IUDVH DGDSWDGD DRV SURSyVLWRV GD JHVWmR GR FRQKHFLPHQWR SRXFR DOWHUDGD HP VXD HVVrQFLD SRGHULD ILFDU DVVLP 2 PDUNHWLQJ p D DUWH GH GHVFREULU RSRUWXQLGDGHV SDUD DSOLFDomR H XVR GR FRQKHFLPHQWR GHVHQYROYrODV H OXFUDU FRP HODV 1HVWH FRQWH[WR VXUJH D LPSRUWkQFLD GHVWH ³QRYR PDUNHWLQJ´ H D QHFHVVLGDGH GH QRYDV IXQo}HV TXH LUmR VXSRUWiOR (VWD DILUPDWLYD DGDSWDGD IDFLOLWRX VHQVLYHOPHQWH D FRQFOXVmR GH TXH D iUHD GH PDUNHWLQJ SRGHULD DX[LOLDU DV HVWUDWpJLDV GH JHVWmR GR FRQKHFLPHQWR QDV FRPSDQKLDV 'HVGH HQWmR LQLFLRXVH XP WUDEDOKR GH UHODFLRQDPHQWR GH DOJXQV WUDEDOKRV UHOHYDQWHV j JHVWmR GR FRQKHFLPHQWR FRPR D JHVWmR GH GHPDQGD H RIHUWD GR FRQKHFLPHQWR HVWUXWXUDU H RUJDQL]DU DV HQWUHJDV GH FRQKHFLPHQWR DRV FOLHQWHV HODERUDU HVWUDWpJLDV PHUFDGROyJLFDV SDUD R FRQKHFLPHQWR WRUQDU YLVtYHO D GLIHUHQFLDomR SRU FRPSHWrQFLDV H FDSLWDO LQWHOHFWXDO HQWUH RXWUDV DRV VHUYLoRV H[HFXWDGRV SHOD iUHD GH PDUNHWLQJ 2V UHVXOWDGRV UHODFLRQDGRV j DWLYLGDGH GH PDUNHWLQJ FRPR D GHVFREHUWD GH QHFHVVLGDGHV QmR DWHQGLGDV RIHUWD H FRPXQLFDomR GRV GLIHUHQFLDLV GR FRQKHFLPHQWR PHGLomR H DYDOLDomR GH RSRUWXQLGDGHV UHVXOWDGRV D SDUWLU GR FRQKHFLPHQWR H HWF« TXDQGR REWLGDV H HQWUHJXHV jV HTXLSHV GH JHVWmR GR FRQKHFLPHQWR VmR H[WUHPDPHQWH LPSRUWDQWHV DR VXFHVVR GRV SURJUDPDV RQFOXt WDPEpP TXH D H[HFXomR GH PXLWDV GHVWDV DWULEXLo}HV LQHUHQWHV DR PDUNHWLQJ SRGHULDP ILUPDU D iUHD GH PDUNHWLQJ FRPR XP LPSRUWDQWH DOLDGR GD JHVWmR GR FRQKHFLPHQWR QDV HPSUHVDV $ HVWH JUDQGH FRQMXQWR GH DWLYLGDGHV H[HFXWDGDV SHOD iUHD GH PDUNHWLQJ GH DSRLR j JHVWmR GR FRQKHFLPHQWR DTXL FKDPDGD GH PDUNHWLQJ GR FRQKHFLPHQWR RX PDUNHWLQJ GH FRPSHWrQFLDV FRPR SUHIHULU
  101. 101. (VWD LGHLD
  102. 102. HVWi DFLPD GH WXGR EDVHDGD QR SULQFtSLR GH TXH D JHVWmR GR FRQKHFLPHQWR JHUDUi GHPDQGDV DOJXPDV DLQGD GHVFRQKHFLGDV
  103. 103. Vy DWHQGLGDV SRU XPD IXQomR GR PDUNHWLQJ $FUHGLWDVH TXH PXLWR HP EUHYH DQWHV PHVPR GH QRV HVSHFLDOL]DUPRV QR DVVXQWR HVWDUHPRV RXYLQGR IDODU HP QRVVDV FRPSDQKLDV VREUH R PDUNHWLQJ GR FRQKHFLPHQWR PHVPR TXH HOH FRQTXLVWH RXWUR QRPH
  104. 104. ƒ• ‘ “—‡ ˜‡ ƒ •‡” ƒ”‡–‹‰ †‘ …‘Š‡…‹‡–‘ǫ 2 PDUNHWLQJ GR FRQKHFLPHQWR p DWLYLGDGH TXH FRQVLGHUD D YHQGD QmR Vy GR UHVXOWDGR GR VDEHU SURGXWRV H VHUYLoRV
  105. 105. PDV D YHQGD GR SUySULR FRQKHFLPHQWR H GR PRGR FRPR HOH p FULDGR DODYDQFDGR SURGX]LGR FRPSDUWLOKDGR XWLOL]DGR HPEDODGR H HQWUHJXH SHODV HPSUHVDV H[WUDLQGR SURYHLWR GRV SRVVtYHLV GLIHUHQFLDLV TXH FHUFDP VXD JHVWmR H GR PRGR FRPR HOHV VmR SHUFHELGRV H YDORUL]DGRV SHOR PHUFDGR (VWH PDUNHWLQJ GH FRPSHWrQFLDV VH SUHIHULU
  106. 106. DFLPD GH WXGR VHJXLUi D WHQGrQFLD GH YDORU GR VDEHU $R FRQWUiULR GRV SURGXWRV H VHUYLoRV R PDUNHWLQJ GR FRQKHFLPHQWR HP VHXV WUDEDOKRV FRQVLGHUDUi H HQIDWL]DUi R FRQKHFLPHQWR H R FDSLWDO LQWHOHFWXDO H VH HPSHQKDUi HP WRUQi±ORV HYLGHQWHV H WUDQVSDUHQWHV DR S~EOLFR DOYR GH LQWHUHVVH 'HQWUR GHVVHV YiULRV FDVRV DLQGD TXH VXWLV S{GHVH LGHQWLILFDU D VtQWHVH GHVWD WHQGrQFLD TXH GHVDEURFKD $ 5HQDXOW SRU H[HPSOR HP XPD GH VXDV FDPSDQKDV UHFHQWHV YHLFXORX HP DOJXPDV UHYLVWDV R VHJXLQWH DQ~QFLR IiEULFDV HP DQRV 1mR p Vy QDV HVWUDGDV TXH R GHVHPSHQKR GD 5HQDXOW LPSUHVVLRQD 2 DQ~QFLR H[LEH XP FDUUR 5HQDXOW HP SHUVSHFWLYD FRP DOJXQV URE{V GD IiEULFD
  107. 107. $ 8QLWHG HQIDWL]DQGR D YDVWD H[SHULrQFLD GH VHXV SLORWRV YHLFXORX WDPEpP UHFHQWHPHQWH D VHJXLQWH PHQVDJHP 3LORWRV FRP PXLWD TXLORPHWUDJHP DYL}HV FRP SRXFD $ 6HPS 7RVKLED SRVVXL YiULRV H[HPSORV 1RWHERRNV 7RVKLED 2 ~QLFR ODQoDPHQWR QRVVR TXH D FRQFRUUrQFLD FRQVHJXH S{U QR EROVR 2X 2V QRVVRV MDSRQHVHV VmR PHOKRUHV TXH RV GD FRQFRUUrQFLD $ PDLRULD GDV HPSUHVDV DSOLFD R PDUNHWLQJ IRFDGR HP VHXV SURGXWRV H VHUYLoRV 8P QRYR PL[ GH PDUNHWLQJ GHYH HPHUJLU IRFDQGR WDPEpP R FRQKHFLPHQWR H R FDSLWDO LQWHOHFWXDO (VWH PL[ GH PDUNHWLQJ DWp HQWmR FRPSRVWR SRU TXDWUR 3V 3URGXWR 3UHoR 3UDoD 3URPRomR
  108. 108. SRGHULD LQFRUSRUDU XP QRYR 3 2 3 GH 3RWHQFLDO ,QWHOHFWXDO )D]HQGR RX QmR SDUWH GR IDPRVR PL[ HVWH TXLQWR 3 FRQTXLVWDUi D DWHQomR GR PDUNHWLQJ QRV SUy[LPRV DQRV H VREUH HOH FRQFHQWUDUmR DV SURPHVVDV GH VXFHVVR DGD YH] PDLV REVHUYDPVH DQ~QFLRV GDV HPSUHVDV QD WHQWDWLYD GH LGHQWLILFDU VLQDLV RX HYLGrQFLDV GR PDUNHWLQJ GR FRQKHFLPHQWR (PERUD WXGR TXH WHQKD FRQVHJXLGR VHMDP LQLFLDWLYDV LVRODGDV VXWLV H HPEULRQiULDV HODV UHYHODP XPD FHUWD HVSRQWDQHLGDGH HP GLUHomR DR WHPD $LQGD TXH VXWLOPHQWH LQWHQFLRQDO RX QmR HPSUHVDV FRPR D +3 7RVKLED %UDVWHPS 5HQDXOW 6HPS 7RVKLED H DOJXPDV RXWUDV DWUDYpV GH VXDV DJrQFLDV GH SXEOLFLGDGH VH DQWHFLSDP UHYHODQGR R PDUNHWLQJ GR FRQKHFLPHQWR FRPR XPD WHQGrQFLD 2 PDUNHWLQJ GR FRQKHFLPHQWR GHYHUi DVVLP DLQGD TXH OHQWDPHQWH VH FRQFHQWUDU HP WRUQDU WUDQVSDUHQWH H UHYHODU DWUDYpV GH FDPSDQKDV H LQLFLDWLYDV RV FRQKHFLPHQWRV GH YDORU H R SRWHQFLDO LQWHOHFWXDO GD HPSUHVD DWUDLQGR FOLHQWHV LQYHVWLGRUHV SDUFHLURV WDOHQWRV LQYHVWLGRUHV H SURJUHVVR FRPR FRQVHTXrQFLD )LJXHLUHGR
  109. 109. DSRQWD DOJXPDV IXQo}HV GR PDUNHWLQJ GR FRQKHFLPHQWR $QDOLVDU H PRQLWRUDU FRQVWDQWHPHQWH R PHUFDGR HP EXVFD GH RSRUWXQLGDGHV SDUD DSOLFDomR GR FRQKHFLPHQWR 2 PDUNHWLQJ GR FRQKHFLPHQWR EDVHDGR HP VHXV DWLYRV LQWHOHFWXDLV H QD VXD FDSDFLGDGH GH DWXDomR H GH HQWUHJD GR VHX SRWHQFLDO LQWHOHFWXDO GHYH DQDOLVDU H
  110. 110. PRQLWRUDU FRQVWDQWHPHQWH R PHUFDGR HP EXVFD GH RSRUWXQLGDGHV SDUD DSOLFDomR H XVR GH VXDV FRPSHWrQFLDV H GH VHXV DWLYRV LQWDQJtYHLV $ GLVSRQLELOL]DomR GHVVHV DWLYRV DR PHUFDGR DWUDYpV GRV SURGXWRV H VHUYLoRV FULDGRV D SDUWLU GHOHV GHSHQGH IXQGDPHQWDOPHQWH GHVVD FDSDFLGDGH GH DQiOLVH H LGHQWLILFDomR GDV RSRUWXQLGDGHV TXH WDPEpP p XPD IXQomR GR PDUNHWLQJ 4XDQGR DV RSRUWXQLGDGHV HQFRQWUDGDV HVWmR YLQFXODGDV j JHUDomR GH UHFHLWDV H VmR FRHUHQWHV FRP DV FRPSHWrQFLDV HVVHQFLDLV GD FRPSDQKLD FRP VXD SURSRVLomR GH YDORU H YLVmR D HPSUHVD HQWUD HP DomR H VH GLVS}H D FRPELQDU XPD VpULH GH DWLYRV LQWHOHFWXDLV HVSHFtILFRV FRQKHFLPHQWRV
  111. 111. SDUD DWHQGHU D HVWDV GHPDQGDV HVWUDWpJLFDV IUHTXHQWHPHQWH YLQFXODGDV j PRELOL]DomR HPEDODJHP H HQWUHJD GH FRQKHFLPHQWRV ODVVLILFDU H TXDOLILFDU RV DWLYRV LQWDQJtYHLV 4XDOTXHU TXH VHMD R DWLYR LQWDQJtYHO LGHQWLILFDGR HOH SUHFLVD VHU FODVVLILFDGR TXDOLILFDGR H DYDOLDGR j OX] GD HVWUDWpJLD GD RUJDQL]DomR $ HPSUHVD HQWUH RXWUDV FRLVDV GHYH DYDOLDU VH RV DWLYRV LQWDQJtYHLV VRPDP H DJUHJDP YDORU j SURGXomR GH EHQV VHUYLoRV H SURGXWRV VH DSyLDP D SURSRVLomR GH YDORU GD FRPSDQKLD VH VmR SRVLWLYRV j DWXDomR HPSUHVDULDO VH VmR SHUFHELGRV H YDORUL]DGRV SHORV FOLHQWHV VH JHUDP RX SRGHULDP JHUDU QRYRV SURGXWRV H UHVXOWDGRV VH FRQWULEXHP RX SRGHULDP FRQWULEXLU HIHWLYDPHQWH DRV UHVXOWDGRV HWF $ SDUWLU GHVWD DQiOLVH D HPSUHVD GHVFREUH D UHOHYkQFLD GRV DWLYRV LQWDQJtYHLV SURPRYH VHX DOLQKDPHQWR HVWUDWpJLFR H SODQHMD XPD DomR HIHWLYD SDUD VXD XWLOL]DomR HP EHQHItFLR GRV QHJyFLRV H GD HPSUHVD $OLQKDPHQWR PHUFDGROyJLFR GR FDSLWDO LQWHOHFWXDO $ FULDomR DSHQDV GRV DWLYRV LQWDQJtYHLV SRGH QmR VHU VXILFLHQWH SDUD JHUDU RV UHWRUQRV HVSHUDGRV (P DPELHQWHV GH KLSHUFRPSHWLWLYLGDGH FRPR R QRVVR p QHFHVViULR GDUOKHV IRFR H SRVLFLRQDPHQWR PHUFDGROyJLFR SDUD TXH VHMDP SHUFHELGRV UHFRQKHFLGRV H YDORUL]DGRV H[WHUQDPHQWH R TXH FKDPR GH DOLQKDPHQWR PHUFDGROyJLFR GR FDSLWDO LQWHOHFWXDO $ HPSUHVD WHP DVVLP TXH GHVFREULU D PHOKRU PDQHLUD GH LGHQWLILFDU H FRPXQLFDU D FRQWULEXLomR TXH VH WHP D RIHUHFHU DR S~EOLFR H PHUFDGR DOYRV D SDUWLU GRV VHXV DWLYRV LQWDQJtYHLV SURGX]LQGR FRHUrQFLD HQWUH D RIHUWD GH VXD FDSDFLGDGH LQWHOHFWXDO H R TXH p SURFXUDGR RX YDORUL]DGR SHOR PHUFDGR GHPDQGD
  112. 112. 3RVLFLRQDPHQWR GRV DWLYRV LQWHOHFWXDLV SDUD D HQWUHJD GH SURGXWRV H VHUYLoRV LQRYDGRUHV $ PDWHULDOL]DomR UHVXOWDQWH GRV DWLYRV LQWDQJtYHLV p FDUDFWHUL]DGD SHOD SURGXomR GH YDORU DRV FRQVXPLGRUHV H UHVXOWD QD HQWUHJD GH SURGXWRV H VHUYLoRV LQRYDGRUHV $ HPSUHVD GHYH SRVLFLRQDU DGHTXDGDPHQWH VHXV DWLYRV H GLIHUHQFLDLV LQWHOHFWXDLV QR PHUFDGR FRPXQLFDQGR DR PXQGR H[WHUQR WRGR R SRWHQFLDO DVVRFLDGR D HOHV H HYLGHQFLDQGR FRPR HVWHV DWLYRV D WRUQDP XPD HPSUHVD GLIHUHQWHPHQWH H[FOXVLYD $ FRPXQLFDomR FRP R PHUFDGR p SRUWDQWR IXQGDPHQWDO H[LVWLQGR PXLWDV PDQHLUDV GLIHUHQWHV GH GL]HU R TXH VDEH GH FRPXQLFDU R SRWHQFLDO LQWHOHFWXDO GH FRPSDUWLOKDU D YLVmR GH IXWXUR GH LQIRUPDU R FRPSURPLVVR FRP D YDQJXDUGD H WRGD FDSDFLGDGH LQWHOHFWXDO FDSD] GH FULDU YDORU DR PHUFDGR ( PDLV x 7RUQDU WUDQVSDUHQWHV DR S~EOLFRDOYR RV DWLYRV LQWHOHFWXDLV PDLV YDORUL]DGRV SHOR PHUFDGR H FOLHQWHV RX TXH IDULDP D GLIHUHQoD HQWUH HOHV x 'LYXOJDU RV GLIHUHQFLDLV FRPSHWLWLYRV EDVHDGRV QD FRPSHWrQFLD H QR FRQKHFLPHQWR GRV WDOHQWRV GD HPSUHVD x 3XEOLFDU GLIHUHQFLDLV LQWHOHFWXDLV TXH SRGHULDP DWUDLU WDOHQWRV LQYHVWLGRUHV FOLHQWHV SDUFHLURV H GHVSHUWDU DWHQomR GR PHUFDGR
  113. 113. x 7RUQDU YLVtYHO DR PHUFDGR R YDORU DVVRFLDGR jV FRPSHWrQFLDV HVVHQFLDLV GD HPSUHVD x (QIDWL]DU R FRQKHFLPHQWR FROHWLYR RUJDQL]DFLRQDO DGPLUiYHO H GH DOWR YDORU UHTXHULGR SHOR PHUFDGR x (YLGHQFLDU DR PHUFDGR D FRQWULEXLomR GR FDSLWDO LQWHOHFWXDO GDV SHVVRDV DR VXFHVVR GD HPSUHVD x 9LQFXODU H FRPXQLFDU DR S~EOLFR H[WHUQR D UHDO FRQWULEXLomR GRV DWLYRV LQWDQJtYHLV QR DOFDQFH GRV UHVXOWDGRV ILQDQFHLURV QD REWHQomR GDV PHOKRULDV GH SURFHVVRV QD VDWLVIDomR H ILGHOL]DomR GH FOLHQWHV QR GHVHQYROYLPHQWR GH VROXo}HV GH YDQJXDUGD H GD LQRYDomR QD REWHQomR GD FULDWLYLGDGH QD UHWHQomR H DWUDomR GRV UHFXUVRV KXPDQRV HWF x 0RVWUDU DRV FRPSUDGRUHV SRWHQFLDLV LQYHVWLGRUHV H WDOHQWRV TXH VH TXHUHP DWUDLU LQGLFDGRUHV UHODFLRQDGRV j TXDOLGDGH GR FDSLWDO LQWHOHFWXDO GD HPSUHVD H FRPR HOHV UHVXOWDP HP HILFLrQFLD FRPSHWrQFLD FUHVFLPHQWR DOFDQFH GH UHVXOWDGRV FDSDFLGDGH GH LQYHQomR H FULDWLYLGDGH VDWLVIDomR GRV FOLHQWHV WUDQVIHUrQFLD H XVR GR FRQKHFLPHQWR TXDOLGDGH GDV VROXo}HV LQWHQVLGDGH GH UHODFLRQDPHQWRV UHJLVWUR GH SDWHQWHV LQWHQVLGDGH GH SHVTXLVDV H DSOLFDomR HILFiFLD GHVHQYROYLPHQWR WpFQLFR DGDSWDomR TXDOLGDGH GH SURGXWRV H VHUYLoRV FDSDFLGDGH GH DSUHQGL]DGR H LQRYDomR FULDomR GH QRYRV SURGXWRV YDORUL]DomR GD FRPSDQKLD QR PHUFDGR FDSDFLGDGH OXFUDWLYD H GH QHJyFLRV HQWUH RXWURV x 'LYXOJDU RV GLIHUHQFLDLV EDVHDGRV QRV DWLYRV LQWHOHFWXDLV H VXD SURSRVLomR GH YDORU H x RQVWUXLU FDPSDQKDV TXH HYLGHQFLHP D TXDOLGDGH GRV DWLYRV LQWHOHFWXDLV LQWDQJtYHLV PDLV HVWUDWpJLFRV GD HPSUHVD FRQVLGHUDQGR DV SUHWHQV}HV FRPSHWLWLYDV GH LQRYDomR GH HYROXomR SDUWLFLSDomR QR PHUFDGR SURGXomR H FULDomR GH SURGXWRV SUHVWDomR GH VHUYLoRV HWF ͵ǤͷǤ ‡×”‹ƒ ”‰ƒ‹œƒ…‹‘ƒŽ 1DV RUJDQL]Do}HV R FRQKHFLPHQWR QmR HVWi HPEXWLGR DSHQDV HP GRFXPHQWRV RX UHSRVLWyULRV PDV WDPEpP HP URWLQDV SURFHVVRV SUiWLFDV H QRUPDV RUJDQL]DFLRQDLV (VWD REVHUYDomR GHVFUHYH GH IRUPD VXFLQWD XP GRV JUDQGHV SUREOHPDV GDV RUJDQL]Do}HV DWXDLV (P XP FRQWH[WR GLQkPLFR TXH SULRUL]D D SURGXWLYLGDGH PXLWDV GDV YH]HV DV RUJDQL]Do}HV FKHJDP D UHFRQKHFHU R YDORU GD FULDomR H GLVVHPLQDomR GR FRQKHFLPHQWR PDV QmR SHUFHEHP TXH VHXV REMHWLYRV YDORUHV H HVWUDWpJLDV LPSHGHP D DSOLFDomR GD *HVWmR GR RQKHFLPHQWR (VWXGRV LQGLFDP D LPSRUWkQFLD GH XP DPELHQWH TXH SHUPLWD R FRPSDUWLOKDPHQWR GH LQIRUPDo}HV FRQKHFLPHQWRV H YLYrQFLDV FRPR DSRLR j VROXomR GH SUREOHPDV FDGD YH] PDLV FRPSOH[RV H TXH SRVVLELOLWH D UHXWLOL]DomR GH FRQKHFLPHQWRV DUWHIDWRV H SURGXWRV DQWHULRUPHQWH JHUDGRV 0DLV TXH GLVVHPLQDU R FRQKHFLPHQWR JHUDGR DV RUJDQL]Do}HV QHFHVVLWDP GH UHGHV VRFLDLV SDUWLQGR GH XP PDSHDPHQWR GDV FRPSHWrQFLDV RQKHFHQGR DV KDELOLGDGHV GD RUJDQL]DomR R VHJXQGR SDVVR p VDEHU FRPR DERUGiODV HQYROYrODV QDV UHVROXo}HV GRV SUREOHPDV (VWH HQYROYLPHQWR GHVGH TXH DVVXPLGR SRU DPEDV DV SDUWHV SRVVLELOLWD j RUJDQL]DomR UHVSRVWDV PDLV UiSLGDV jV PXGDQoDV H SUREOHPDV DOpP GH SURYHU R DSUHQGL]DGR RUJDQL]DFLRQDO H HVWLPXODU D FULDWLYLGDGH GRV HQYROYLGRV (PERUD QRV ~OWLPRV DQRV WHQKD FUHVFLGR R LQYHVWLPHQWR QR DSRLR j *HVWmR GR RQKHFLPHQWR DWUDYpV GH VLVWHPDV GH LQIRUPDomR H QRYDV PHWRGRORJLDV D DSOLFDomR GHVWH IHUUDPHQWDO DLQGD p SUREOHPiWLFD (QWH DV GLILFXOGDGHV DSUHVHQWDGDV HVWmR R LPSDFWR VREUH D SURGXWLYLGDGH GRV HQYROYLGRV D GLILFXOGDGH GDV RUJDQL]Do}HV HP
  114. 114. LQWHJUDU VXDV HVWUDWpJLDV jV SUiWLFDV GH *HVWmR GR RQKHFLPHQWR $ IDOWD GH HVFODUHFLPHQWR VREUH D IRUPD FRPR HVWDV HVWUDWpJLDV VHUmR DWHQGLGDV SHORV VLVWHPDV GH *HVWmR GR RQKHFLPHQWR H D IDOWD GH PDWHULDLV TXH PRVWUHP FRPR VH DSOLFDP QD SUiWLFD RV FRQFHLWRV WDPEpP LQWHUIHUHP QD DSOLFDomR GH WDLV VLVWHPDV QDV RUJDQL]Do}HV $V RUJDQL]Do}HV LQWHQVLYDV HP FRQKHFLPHQWR FRPR DV HPSUHVDV GH GHVHQYROYLPHQWR GH VRIWZDUH PHUHFHP XPD SURIXQGD DQiOLVH SRU VRIUHUHP FRQVWDQWHV PXGDQoDV OLJDGDV DR QHJyFLR HQYROYHQGR GLIHUHQWHV SHVVRDV H DIHWDQGR jV GLYHUVDV IDVHV GR GHVHQYROYLPHQWR H VREUHWXGR HQYROYHQGR GLIHUHQWHV REMHWLYRV H WLSRV GH FRQKHFLPHQWR $ *HVWmR GR RQKHFLPHQWR QHVWDV RUJDQL]Do}HV OHYDULD j UHGXomR GH WHPSR GH FXVWRV H DR DXPHQWR GD TXDOLGDGH UHGX]LQGR HUURV H R UHWUDEDOKR DOFDQoDQGR R VXFHVVR D SDUWLU GH LQIRUPDo}HV GRV SURMHWRV DQWHULRUHV (QWUHWDQWR QR FHQiULR DWXDO REVHUYDVH TXH DV HTXLSHV GH 7, DGTXLUHP YDORUHV LQGLYLGXDLV QmR FRPSDUWLOKDP H UHSHWHP RV PHVPRV HUURV GH SURMHWRV DQWHULRUHV $V DERUGDJHQV XWLOL]DGDV SDUD PHOKRULD GH SURFHVVR FRPR R 00 QmR GHILQHP H[SOLFLWDPHQWH FRPR LPSODQWDU HIHWLYDPHQWH D JHVWmR GR FRQKHFLPHQWR HPERUD VXJLUD HVWD DWLYLGDGH FRPR XPD ERD SUiWLFD 2 DSUHQGL]DGR DWUDYpV GD SUiWLFD VHP VH DWHU D H[SHULrQFLDV DQWHULRUHV SRGH VHU XP ULVFR SDUD R SURMHWR OHYDQGR D HUURV H UHWUDEDOKR (QWUHWDQWR LVVR p FRPXP HQWUH HVWDV RUJDQL]Do}HV $ IDOWD GH XP KLVWyULFR GR SURMHWR R IDWR GH SDUWLFLSDQWHV GR SURMHWR SRVVXtUHP FRQKHFLPHQWR LQGLYLGXDO H QmR R H[SOLFLWDUHP WDPEpP VmR SUREOHPiWLFRV 3DUD REWHU ERQV UHVXOWDGRV DV RUJDQL]Do}HV GHYHP ID]HU XPD DQiOLVH SURIXQGD HP VHXV SUREOHPDV HVWDEHOHFHU VHXV REMHWLYRV H HVWUDWpJLDV DQWHV GH LPSOHPHQWDU VHX VLVWHPD GH *HVWmR GR RQKHFLPHQWR $ 0HPyULD 2UJDQL]DFLRQDO 02

×