0HWRGRORJLD )DFLOLW\ 0DQDJHPHQW DSOLFDGD DR (VW¼GLR GR 'UDJ¾R
M
$ JHVW¾R GH LQVWDODÂÐHV DVVXPH DWXDOPHQWH XPD LPSRUW½QFLD VLJQLƬFDWLYD SDUD DV RUJDQL]DÂÐHV 'HYLGR DRV FXVWRV DVVRFLDGRV » H[SORUD¾R H PDQXWHQ¾R GRV HGLIÈFLRV D JHVW¾R GDV LQVWDODÂÐHV Q¾R SRGH VHU UHDOL]DGD GH PRGR LPSURYLVDGR H FDVXDO $SUHVHQWD VH QHVWH DUWLJR XPD PHWRGRORJLD SDUD D DQ¼OLVH GR GHVHPSHQKR GR VLVWHPD GH JHVW¾R GH PDQXWHQ¾R DSOLFDGD DR (VW¼GLR GR 'UDJ¾R 3RUWR HP 3RUWXJDO
1XQR 5LEHLUR 5LFDUGR &DUYDOKR H -RVÄ 3LQWR )DULD 'HSDUWDPHQWR GH (QJHQKDULD &LYLO ,6(3 ,33 0HVWUH HP (QJHQKDULD &LYLO QXQRULEHLUR #JPDLO FRP 3RUWR(VW¼GLR 6$ 'HSDUWDPHQWR GH (QJHQKDULD H 0DQXWHQ¾R ULFDUGR FDUYDOKR#IFSRUWR SW 'HSDUWDPHQWR GH (QJHQKDULD &LYLO ,6(3 ,33 MSI#LVHS LSS SW
D 3DUWH
4
ARTIGO CIENTÍFICO
121 122
,1752'8¢ 2
2 )$&,/,7< 0$1$*(0(17 Ǔ)0ǔ $VSHWRV *HUDLV 2 )0 SRGH VHU GHƬQLGR FRPR D LQWHJUD¾R GRV SURFHVVRV GHQWUR GH XPD RUJDQL ]D¾R SDUD PDQWHU H GHVHQYROYHU RV VHUYLÂRV DFRUGDGRV TXH DSRLDP H PHOKRUDP D HƬF¼FLD GDV DWLYLGDGHV SULP¼ULDV GH FDGD RUJDQL]D¾R 'H DFRUGR FRP RV UHVXOWD GRV GH DOJXQV HVWXGRV LQWHUQDFLRQDLV D GLVWULEXL¾R GH FXVWRV DR ORQJR GR FLFOR GH YLGD GRV HGLIÈFLRV PRVWUD HP PÄGLD RV VHJXLQWHV YDORUHV HP HVWXGRV H SURMH WRV QD IDVH GH FRQVWUX¾R H QD IDVH GH H[SORUD¾R H PDQXWHQ¾R > @ 3RU LVVR Ä GH H[WUHPD LPSRUW½QFLD DERUGDU H PRQLWRUL]DU LQGLFDGRUHV DSOLFDGRV DRV SURFHVVRV GH JHVW¾R H PDQXWHQ¾R
5HOYDGR
6XSRUWHV GH FRPXQLFD¾R &RQWUROR GH DFHVVR
0DWHULDO GHVSRUWLYR
JXDV H HVJRWRV
&RPXQLFDÂÐHV H VRP 6HJXUDQÂD
&RQVWUX¾R &LYLO
,QVWDODÂÐHV 0HF½QLFDV
'DV SULQFLSDLV YDQWDJHQV GR PRGH OR GHVHQYROYLGR GHVWDFDP VH D UHGX
,QVWDODÂÐHV HOÄWULFDV
¾R GH FXVWRV R DXPHQWR GD HƬFLÅQFLD HQHUJÄWLFD H R SODQHDPHQWR D ORQJR SUD]R GD PDQXWHQ¾R VHQGR TXH DV
%DQFDGD
SULQFLSDLV GHVYDQWDJHQV DGYÄP GD DLQ
3DUTXHV
GD SRXFD LQIRUPD¾R QHVWD PDWÄULD H SHOR IDFWR GH Q¾R KDYHU LQGLFDGRUHV
*U¼ƬFR 'LVWULEXL¾R GRV FXVWRV GH FRQVWUX¾R
GHVHQYROYLGRV DSHQDV SDUD HVW¼GLRV GH IXWHERO
0DWHULDO GHVSRUWLYR
2 OHYDQWDPHQWR GRV GDGRV XWLOL ]DGRV QR SUHVHQWH DUWLJR IRL UHDOL]D GR GXUDQWH XP HVW¼JLR QD 3RUWR(V
5HOYDGR
W¼GLR TXH ID] SDUWH GRV UHTXLVLWRV
%DQFDGD
&RQVWUX¾R &LYLO
3DUTXHV
GD XQLGDGH FXUULFXODU ',35( SDUD D REWHQ¾R GR JUDX GH 0HVWUH HP (Q JHQKDULD &LYLO
JHVWRUD GR (VW¼GLR GR 'UDJ¾R
,QVWDODÂÐHV 0HF½QLFDV
3RUWR (VW¼GLR *HVW¾R H ([SORUD¾R GH (TXLSDPHQWRV 'HVSRUWLYRV 6 $ HQWLGDGH
,QVWDODÂÐHV HOÄWULFDV
6XSRUWHV GH FRPXQLFD¾R
',35( s 'LVVHUWD¾R 3URMHWR 5HODWÎULR GH (VW¼JLR GR 0HVWUDGR HP (QJHQKDULD &LYLO GR ,6(3 ,33
JXDV H HVJRWRV &RQWUROR GH DFHVVR
&RPXQLFDÂÐHV H VRP
*U¼ƬFR 'LVWULEXL¾R GRV FXVWRV GH PDQXWHQ¾R s DQRV
6HJXUDQÂD
0DWHULDO GHVSRUWLYR
6XSRUWHV GH FRPXQLFD¾R
5HOYDGR
6HJXUDQÂD
&RQVWUX¾R &LYLO ,QVWDODÂÐHV 0HF½QLFDV ,QVWDODÂÐHV HOÄWULFDV
,QVWDODÂÐHV 0HF½QLFDV
6HJXUDQÂD
JXDV H HVJRWRV
&RPXQLFDÂÐHV H VRP
3DUTXHV
,QVWDODÂÐHV HOÄWULFDV
&RQWUROR GH DFHVVR
ARTIGO CIENTÍFICO
&RQWUROR GH DFHVVR
%DQFDGD
JXDV H HVJRWRV
6
0DWHULDO GHVSRUWLYR
&RQVWUX¾R &LYLO
6XSRUWHV GH FRPXQLFD¾R
&RPXQLFDÂÐHV H VRP
5HOYDGR
3DUTXHV
%DQFDGD
*U¼ƬFR 'LVWULEXL¾R GRV FXVWRV GH VXEVWLWXL¾R RX JUDQGH LQWHUYHQ¾R s DQRV
*U¼ƬFR $Q¼OLVH GH FXVWR GD YLGD ÕWLO
LY ,QGLFDGRUHV GH HƬFLÅQFLD GD PDQXWHQ¾R WÅP FRPR SULQFLSDO IXQ¾R SHUFHEHU
1RV JU¼ƬFRV D DSUHVHQWDP VH D GLV
TXDO D HƬFLÅQFLD GD JHVW¾R GD PDQXWHQ¾R UHDOL]DGD SHOD RUJDQL]D¾R
WULEXL¾R GRV FXVWRV GH FRQVWUX¾R FXVWRV GH PDQXWHQ¾R FXVWRV GH VXEV WLWXL¾R RX JUDQGH LQWHUYHQ¾R H SRU
4XDGUR ,,, ,QGLFDGRUHV GH (ƬFLÅQFLD GD 0DQXWHQ¾R 6
'HVSHVD $QXDO HP 0DQXWHQ¾R UHD
6
'HVSHVD $QXDO HP 0DQXWHQ¾R 8WHQWHV 'L¼ULRV
6
'HVSHVD $QXDO HP 0DQXWHQ¾R 8WHQWHV 2FDVLRQDLV
6
ÕOWLPR D GLVWULEXL¾R GD DQ¼OLVH GH FXV WR GD YLGD ÕWLO &RPR VH YHULƬFD QR JU¼ƬFR R SODQR GH LQYHVWLPHQWR QRV SULPHLURV DQRV Ä TXDVH FRQVWDQWH UHVXOWDGR GH $0( s &XVWRV $QXDLV GH 0DQXWHQ¾R %3, s ¨QGLFH GH 'HVHPSHQKR GH 0DQXWHQ¾R )$& \ s &RHƬFLHQWH GD ,QVWDOD¾R
$0( 0(, %3, )$& \
D JUDQGH PDLRULD GRV HOHPHQWRV HVWDU DLQGD GHQWUR GR SHUÈRGR GH JDUDQWLD GD HGLƬFD¾R $WUDYÄV GHVWH SODQR GH LQYHVWLPHQ
3ODQR GH ,QYHVWLPHQWR HP 0DQXWHQ¾R SDUD $QRV
WR REWHPRV RV YDORUHV GR :Q 4XDGUR
&RP EDVH QRV VXEVLVWHPDV IRL FULDGR XP SODQR GH LQYHVWLPHQWR SDUD XP SHUÈR
$ UHIHUHQWH DR SHVR GR HOHPHQWR QR
GR GH DQRV FDOFXODQGR VH R YDORU SUHYLVWR HP PLOKDUHV GH HXURV JDVWRV DQXDO
HGLIÈFLR (VWHV YDORUHV V¾R GHWHUPLQDGRV
PHQWH HP PDQXWHQ¾R FODVVLƬFDGR FRPR FXVWR QD IDVH GH PDQXWHQ¾R H WDPEÄP
SHOD SHUFHQWDJHP GH FDGD HOHPHQWR QD
SDUD DV JUDQGHV LQWHUYHQÂÐHV FODVVLƬFDGR FRPR FXVWRV GH VXEVWLWXL¾R 6RPDQGR
DQ¼OLVH GH FXVWR GD YLGD ÕWLO TXH QRV LQ
OKH D FDGD HOHPHQWR R FXVWR QD IDVH GH FRQVWUX¾R REWÅP VH D DQ¼OLVH GH FXVWR GD
GLFD R VRPDWÎULR GRV FXVWRV GH FRQVWUX
YLGD ÕWLO
¾R PDQXWHQ¾R H VXEVWLWXL¾R M
b b b b b b b b b b
0DQXWHQ¾R SRU DQR *U¼ƬFR 3ODQR GH ,QYHVWLPHQWR HP 0DQXWHQ¾R SDUD R (VW¼GLR GR 'UDJ¾R s DQRV