R
GHSHQGLHQGRHQPRGHOR
R
GHSHQGLHQGRHQPRGHOR
/DSXHUWDGHOKRUQRGHEHHVWDUFHUUDGD\WRGRVORVFRQWUROHVGHEHQHVWDUFRQILJXUDGRVFRUUHFWDPHQWHSDUDTXHHO
FLFORIXQFLRQHDSURSLDGDPHQWH
&yPRSRVSRQHUHOLQLFLRGHODOLPSLH]D
3UHVLRQHHOERWyQ
6HOI&OHDQ
XQDYH]SDUD
XQWLHPSRGHOLPSLH]DGHKRUDVRGRV
YHFHVSDUDXQWLHPSRGHOLPSLH]DGH
KRUDV
6HUHFRPLHQGDXQWLHPSRGHDXWROLPSLH]D
GHKRUDVSDUDOLPSLDUSHTXHxRV
GHUUDPHVFRQWHQLGRV3DUDXQKRUQRVXFLR
VHUHFRPLHQGDXQWLHPSRGHDXWROLPSLH]D
GHKRUDVRPiV
6LVHQHFHVLWDXQWLHPSRGLVWLQWRDODV
KRUDVRDODVKRUDVXWLOLFHORVERWRQHV
QXPpULFRVHQDOJXQRVPRGHORVRORV
ERWRQHV
R
²
GH
+RXU
+RUD\
0LQ
0LQ
HQDOJXQRVPRGHORVHLQJUHVHHOWLHPSR
GHOLPSLH]DGHVHDGR
8VWHGSXHGHFDPELDUHOWLHPSRGHOLPSLH]D
HQFXDOTXLHUPRPHQWRHQWUH\KRUDV
GHSHQGLHQGRGHFXiQVXFLRHVWpVXKRUQR
3UHVLRQHHOERWyQ
'HOD\6WDUW
8WLOL]DQGRORVERWRQHVQXPpULFRVHQ
DOJXQRVPRGHORVRORVERWRQHV
R
²
GH
+RXU
+RUD\
0LQ
0LQHQDOJXQRV
PRGHORVLQJUHVHODKRUDGHOGtDDODFXDO
GHVHDTXHFRPLHQFHHOFLFORGHOLPSLH]D
3UHVLRQHHOERWyQ
6WDUW
/DSXHUWDVHEORTXHDDXWRPiWLFDPHQWH/D
SDQWDOODPRVWUDUiODKRUDGHLQLFLR1RVHUi
SRVLEOHDEULUODSXHUWDGHOKRUQRKDVWDTXHOD
WHPSHUDWXUDVHDLQIHULRUDODWHPSHUDWXUDGH
EORTXHR\VHDSDJXHODOX]
/2&.('
&XDQGRVHDSDJXHODOX]
/2&.('
SRGUiDEULU
ODSXHUWDGHOKRUQR
127$
(QORVPRGHORVFRQFRQWUROHVGH
ERWRQHVSDUDDPERVKRUQRVSXHGHFRQILJXUDU
XQDOLPSLH]DGHPRUDGDHQDPERVKRUQRVDO
PLVPRWLHPSR(OVHJXQGRKRUQRFRQILJXUDGR
GHPRUDUiDXWRPiWLFDPHQWHHOFRPLHQ]RGHOD
OLPSLH]DKDVWDTXHWHUPLQHHOFLFORGHOLPSLH]D
GHOSULPHUKRUQR
3DUDUHFRUGDUHOWLHPSRGHLQLFLRGHOVHJXQGR
KRUQRFRQILJXUDGRSUHVLRQHHOERWyQ
'HOD\
6WDUW
5HWUDVDULQLFLRHQORVFRQWUROHVSDUDHO
VHJXQGRKRUQR
'HVSXpVGHXQFLFORGHOLPSLH]D
(VSRVLEOHTXHREVHUYHDOJXQDVFHQL]DV
EODQFDVHQHOKRUQR/tPSLHODVFRQXQSDxR
K~PHGRGHVSXpVGHTXHHOKRUQRVHHQIUtH
6LODVPDQFKDVEODQFDVSHUPDQHFHQ
UHPXpYDODVFRQXQHVWURSDMRGHDFHUROOHQR
GHMDEyQ\HQMXDJXHJHQHURVDPHQWHFRQXQD
PH]FODGHYLQDJUH\DJXD
(VWRVGHSyVLWRVVRQXVXDOPHQWHUHVLGXRVGHVDO
TXHHOFLFORGHOLPSLH]DQRSXHGHHOLPLQDU
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFOR
GHOLPSLH]DUHSLWDHOFLFOR
■
8VWHGQRSXHGHFRQILJXUDUHOKRUQR
SDUDFRFFLyQKDVWDTXHHOKRUQRHVWpOR
VXILFLHQWHPHQWHIUtRFRPRSDUDTXHOD
SXHUWDVHGHVEORTXHH
■
6LORVSDUULOODVVHYXHOYHQGLItFLOHVGHGHVOL]DU
OLPSLHORVVRSRUWHVGHODVSDUULOODVFRQDFHLWH
GHFRFLQD
*($SSOLDQFHVFRP
