$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

)UDQFLVFR-DYLHU%DUED5HJLGRU &DUWRJUDItDHOHVWXGLRGHORVPDSDV
/$&$572*5$)Ë$0$3$668(678',2<6887,/,'$'
)UDQFLVFR-DYLHU%DUED5HJLGRU
,(65tDGHO&DUPHQ$YGDGH%XUJRVVQ0XULHGDV
,1752'8&&,Ð1
/D&DUWRJUDItDHVODKHUUDPLHQWDGHODTXHQRVVHUYLPRVSDUDUHSUHVHQWDUPHGLDQWHPDSDVGLIHUHQWHVDVSHFWRVGH
ODVXSHUILFLHWHUUHVWUH\FRPSUHQGHHOFRQMXQWRGHHVWXGLRV\WpFQLFDVTXHLQWHUYLHQHQHQVXHVWDEOHFLPLHQWR
/D QHFHVLGDG GH HVWD KHUUDPLHQWD HQ ORV HVWXGLRV DPELHQWDOHV MXVWLILFD OD LQFOXVLyQ HQ HO GHVDUUROOR GH OD PDWHULD
&LHQFLDVGHOD7LHUUD\GHO0HGLR$PELHQWHORVFRQWHQLGRVPiVHOHPHQWDOHVTXHSHUPLWDQDORVDOXPQRVDGTXLULU
XQRVFRQRFLPLHQWRVPtQLPRVDOUHVSHFWR&RQHOILQGHDVHJXUDUXQDSXHVWDDOGtDVREUHHVWHWHPDGHOSURIHVRUDGR
GHGLFKDDVLJQDWXUDHVSRUORTXHVHSUHVHQWDHVWHGRFXPHQWRTXHQRGHEHVHUFRQVLGHUDGRVLQRFRPRXQSULPHU
FRQWDFWRFRQODPDWHULDHQGRQGHVyORVHDERUGDQORVDVSHFWRVFRQFHSWXDOHVPiVEiVLFRVTXHSXHGDQVHUYLUGH
SXQWRGHSDUWLGDSDUDXQDSURIXQGL]DFLyQSHUVRQDOHQHOWHPD
/$5(35(6(17$&,Ð1'(/$7,(55$
(OJORERWHUUiTXHRHVODPDQHUDPiVH[DFWDGHUHSUHVHQWDUOD7LHUUDSHURHVPHQRVSUiFWLFRTXHXQPDSD3RUHVWD
UD]yQ ORV FDUWyJUDIRV XWLOL]DQ GLVWLQWRV VLVWHPDV PDWHPiWLFRV GHQRPLQDGRV SUR\HFFLRQHV TXH VRQ UHGHV GH
PHULGLDQRV \ SDUDOHORV GLEXMDGDV VREUH XQD VXSHUILFLH SODQD SDUD LQWHQWDU WUDVODGDU XQD UHDOLGDG HVIpULFD D XQD
VXSHUILFLHSODQDHOPDSD
2WURSUREOHPDDOTXHVHHQIUHQWDQORVJHyJUDIRVHVUHSUHVHQWDUODJUDQH[WHQVLyQGHOD7LHUUDHQHOOLPLWDGRHVSDFLR
GH XQ PDSD UHVXHOWR PHGLDQWH OD XWLOL]DFLyQ GH XQD HVFDOD TXH SHUPLWH DPSOLDU R GLVPLQXLU XQD VXSHUILFLH
UHVSHWDQGRVXVSURSRUFLRQHV
/266,67(0$6'(352<(&&,Ð1
3HURWRGDUHSUHVHQWDFLyQGHOD7LHUUDVREUHXQPDSDFRQWLHQHFLHUWDVGHIRUPDFLRQHVGHODVXSHUILFLHTXHUHSURGXFH
\DTXHODIRUPDHVIpULFDHVXQDVXSHUILFLHJHRPpWULFDQRGHVDUUROODEOH3RUHVWHPRWLYRH[LVWHQGLYHUVRVVLVWHPDVGH
SUR\HFFLyQRPpWRGRVGHFRUUHVSRQGHQFLDHQWUHORVSXQWRVGHOJORERWHUUiTXHR\HOSODQR6HGLIHUHQFLDQWUHVWLSRV
EiVLFRV
3UR\HFFLRQHVFRQIRUPHVTXHUHSUHVHQWDQODHVIHUDUHVSHWDQGRODIRUPDSHURQRHOWDPDxR
3UR\HFFLRQHVHTXLYDOHQWHVTXHUHVSHWDQODVGLPHQVLRQHVGHODViUHDVSHURQRVXVIRUPDV
3UR\HFFLRQHVHTXLGLVWDQWHVTXHPDQWLHQHQODGLVWDQFLDUHDOHQWUHORVGLVWLQWRVSXQWRVGHOPDSD
1LQJXQDSUR\HFFLyQSXHGHVHUGHWRGRVORVWLSRVDODYH]/DVGLVWLQWDVXWLOLGDGHVGHFDGDWLSRGHPDSDGHWHUPLQDQ
ODHOHFFLyQGHXQRXRWURVLVWHPDDXQTXHQRUPDOPHQWHVHSUHILHUHHOFRQIRUPHSRUVHUHOTXHPHMRUUHSUHVHQWDOD
IRUPDUHDOGHORVFRQWLQHQWHV
$OJXQRVWLSRVGHSUR\HFFLRQHV
3UR\HFFLyQ FLOtQGULFD GH 0HUFDWRU
(Q HOOD OD VXSHUILFLH FLOtQGULFD HV
WDQJHQWHDOD7LHUUDSRUHOHFXDGRU/RV
PHULGLDQRV VH UHSUHVHQWDQ SRU UHFWDV
SDUDOHODV\HTXLGLVWDQWHVPLHQWUDVTXH
ORVSDUDOHORVUHSUHVHQWDGRVSRUUHFWDV
SHUSHQGLFXODUHV D ORV PHULGLDQRV VRQ
WDQWR PiV SUy[LPRV HQWUH Vt FXDQWR
PD\RU VHD OD ODWLWXG 5HSUHVHQWD
ILHOPHQWH ODV ]RQDV FiOLGDV SHUR
GHIRUPD \ DXPHQWD ODV GLVWDQFLDV HQ
ODV]RQDVWHPSODGDV\PiVD~QHQODV
IUtDV SRU OR TXH HV XQD SUR\HFFLyQ
FRQIRUPHILJXUD
)LJXUD0DSDSURGXFLGRPHGLDQWHSUR\HFFLyQFLOtQGULFDGH0HUFDWRU

3UR\HFFLyQFyQLFDGH/DPEHUW
7DPELpQ HV FRQIRUPH 8WLOL]D XQ FRQR WDQJHQWH D OD
VXSHUILFLH WHUUHVWUH \ VX HMH FRLQFLGH FRQ HO HMH GH OD
7LHUUD/RVPHULGLDQRVVRQOtQHDVUHFWDVFRQFXUUHQWHV\
ORV SDUDOHORV DUFRV FRQFpQWULFRV FHQWUDGRV HQ HO SXQWR
GHLQWHUVHFFLyQGHORVPHULGLDQRVILJXUD
)LJXUD $ OD GHUHFKD PDSD SURGXFLGR PHGLDQWH SUR\HFFLyQ
FyQLFDGH/DPEHUW

)LJXUD $ OD L]TXLHUGD PDSD SURGXFLGR PHGLDQWH SUR\HFFLyQ
SRODU

3UR\HFFLyQ3RODU
8WLOL]D XQ SODQR WDQJHQWH D ORV SRORV (Q HVWH FDVR VRQ
DFHUWDGDV ODV GLPHQVLRQHV HQ WRUQR DO 3ROR SHUR VH
GLVWRUVLRQDQFRQIRUPHQRVDOHMDPRVGHpOILJXUD

3UR\HFFLyQGH3HWHUV
6H WUDWD GH XQD SUR\HFFLyQ HTXLYDOHQWH \D
TXH SURFXUD GLVPLQXLU ODV GHIRUPDFLRQHV GH
ODV VXSHUILFLHV /RV WDPDxRV GH ODV PDVDV
FRQWLQHQWDOHVHVWiQELHQGHOLPLWDGRVSHURVXV
IRUPDV KDQ VLGR HQRUPHPHQWH GLVWRUVLRQDGDV
\ODVGLVWDQFLDVVRQPX\LPSUHFLVDVILJXUD
)LJXUD0DSDSURGXFLGRPHGLDQWHSUR\HFFLyQ
FLOtQGULFDGH0HUFDWRU
3UR\HFFLyQKRPRORVHQDGH*RRGH
3UR\HFFLyQ GLVFRQWLQXD HQ OD TXH OD 7LHUUD VH
UHSUHVHQWD HQ SDUWHV LUUHJXODUHV XQLGDV 6H
FRQVLJXHDVtPDQWHQHUODVHQVDFLyQGHHVIHUD\XQDGLVWRUVLyQPtQLPDGHODV]RQDVFRQWLQHQWDOHVILJXUD

)LJXUD3UR\HFFLyQKRPRORVHQDGH*RRGHSUR\HFFLyQGLVFRQWLQXDHQODTXHOD7LHUUDVHUHSUHVHQWDHQSDUWHVLUUHJXODUHV
XQLGDV6HFRQVLJXHDVtPDQWHQHUODVHQVDFLyQGHHVIHUD\XQDGLVWRUVLyQPtQLPDGHODV]RQDVFRQWLQHQWDOHV

/260$3$67232*5É),&26
&21&(372(,1)250$&,Ð148(5(&2*(1
&RPR UHSUHVHQWDFLRQHV TXH VRQ GH OD VXSHUILFLH GHO SODQHWD ORV PDSDV H[LJHQ XQD VHULH GHSULQFLSLRV\FULWHULRV
FRPXQHVTXHSHUPLWDQVXKRPRORJDFLyQFDUDDORVXVRVDTXHVRQGHVWLQDGRVFRPRHVHQWUHRWURVODJHVWLyQGHO
WHUULWRULR(QHOFDVRGHORVPDSDVWRSRJUiILFRVTXHFRQVWLWX\HQODUHIHUHQFLDSULPHUDGHHVHWHUULWRULRDOJXQRVGH
HVRV SULQFLSLRV LPSOLFDQ OD LQFOXVLyQ GH GLIHUHQWHV HOHPHQWRV GH UHSUHVHQWDFLyQ )LJXUD FXUYDV GH QLYHO
KLGURJUDItDYtDVGHFRPXQLFDFLyQGLYLVLRQHVDGPLQLVWUDWLYDVHWFHLQIRUPDFLRQHVPDUJLQDOHVWRGDVODVFXDOHVVH
HVWXGLDQDFRQWLQXDFLyQ

)LJXUD)UDJPHQWRGHXQPDSDWRSRJUiILFR
(/(0(1726'(5(35(6(17$&,Ð1
/DUHSUHVHQWDFLyQGHOUHOLHYH
(OUHOLHYHVHSXHGHUHSUHVHQWDUGHPRGRVGLIHUHQWHV
D 0HGLDQWHFXUYDVGHQLYHORLVRKLSVDV/DFXUYDGHQLYHOHVXQDOtQHDTXHXQHWRGRVORVSXQWRVGHXQD
FRWD GHWHUPLQDGD \ VH SXHGHQ REWHQHU FRUWDQGR HO WHUUHQR SRU SODQRV KRUL]RQWDOHV SDUDOHORV DO SODQR GH
FRPSDUDFLyQ 'H HVWH PRGR OD FXUYD GH QLYHO YLHQH D VHU OD SUR\HFFLyQ VREUH HO SODQR KRUL]RQWDO GH
UHIHUHQFLD GH OD LQWHUVHFFLyQ GHO WHUUHQR FRQ VXFHVLYRV SODQRV HTXLGLVWDQWHV \ SDUDOHORV D GLFKR SODQR GH
FRPSDUDFLyQ/DGLIHUHQFLDGHDOWXUDTXHWLHQHQORVSXQWRVGHGRVFXUYDVGHQLYHOFRQVHFXWLYDVVHFRQRFH
FRPRHTXLGLVWDQFLD(VHOPpWRGRPiVH[WHQGLGRHQODUHSUHVHQWDFLyQGHOUHOLHYH
E 0HGLDQWHWLQWDVKLSVRPpWULFDV6HXVDHQPDSDVDSHTXHxDHVFDOD\FRQVLVWHHQLUUHOOHQDQGRGHGLVWLQWRV
FRORUHV ODV ]RQDV FRPSUHQGLGDV HQWUH FXUYDV GH QLYHO GH FRWD HQWHUD ([LVWH XQ PRGHOR SDWUyQ XWLOL]DGR D
HVWRVHIHFWRVYHUGHVDPDULOORV\VLHQDVSDUDODVDOWXUDVPiVEDMDVORVYLROHWDVSDUDDOWXUDVPD\RUHV\ORV
EODQFRV SDUD ORV SLFRV PX\ DOWRV 3DUD HO PDU VH XVDQ WRQDOLGDGHV D]XOHV PiV RVFXUDV FXDQWR PiV
SURIXQGDVVHDQODVDJXDVUHSUHVHQWDGDV
F 0HGLDQWH VRPEUHDGRV 6XHOH LQFOXLUVH FRPR XQ FRPSOHPHQWR D ODV FXUYDV GH QLYHO R D ODV WLQWDV
KLSVRPpWULFDV6HVXHOHQXWLOL]DUGLYHUVDVWRQDOLGDGHVGHJULVHV\HOPpWRGRFRQVLVWHHQSUR\HFWDUGHVGHHO
1RURHVWHGHOPDSDXQKD]GHOX]\UHDOL]DUHOVRPEUHDGRTXHVHSUR\HFWDGDQGRPiVWRQDOLGDGGHJULVDOD
]RQDGHUHOLHYHPiVDEUXSWR
G 0HGLDQWH SXQWRV GH FRWD TXH VRQ SXQWRV GH DOWLWXG ELHQ FRQRFLGD VH UHSUHVHQWDQ FRPR XQ SXQWR FRQ
LQGLFDFLyQ HQ QHJUR GH VX FRWD (VWRV SXQWRV VXHOHQ VHU YpUWLFHV JHRGpVLFRV SLFRV GH ODV PRQWDxDV
FROODGRVFUXFHVGHFDPLQRVSXHQWHVWRUUHVGHLJOHVLDVHWF
5HSUHVHQWDFLyQGHODVDFWLYLGDGHVKXPDQDV
/DV DFWLYLGDGHV KXPDQDV VRQ ODV TXH QRUPDOPHQWH RULJLQDQ ORV FDPELRV PiV QRWDEOHV HQ HO WHUULWRULR 'H DKt OD
LPSRUWDQFLDGHVXUHSUHVHQWDFLyQTXHDGHPiVVLVHGLVSRQHGHODIHFKDGHODHGLFLyQGHOPDSDHVWHFRQVWLWX\HXQ

LPSRUWDQWHHOHPHQWRSDUDHODQiOLVLVKLVWyULFRGHHVDVPRGLILFDFLRQHV'HHQWUHODVDFWLYLGDGHVTXHQRUPDOPHQWHVH
UHSUHVHQWDQ\SDUDODVFXDOHVH[LVWHQ\DVLJQRVFRQYHQFLRQDOHVKRPRORJDGRVVHGHVWDFDQ
D 9tDV GH &RPXQLFDFLyQ /RV FRORUHV GH UHSUHVHQWDFLyQ VXHOHQ VHU HO URMR \ HO QHJUR $XWRSLVWDV DXWRYtDV
OtQHDV IpUUHDV FDxDGDV DHURSXHUWRV SXHUWRV WHOHVLOODV FLQWDV WUDQVSRUWDGRUDV PLQHUDV OtQHDV GH HQHUJtD
HOpFWULFDHWFVRQDOJXQRVGHORVHOHPHQWRVTXHVHHQFXHQWUDQHQHVWDFDWHJRUtD
E (GLILFDFLRQHV(OFRORUVXHOHVHUHOURMR6HGLVWLQJXHHQWUHHGLILFDFLRQHVDLVODGDV\Q~FOHRVSREODFLRQDOHVVL
ELHQ D JUDQ HVFDOD VH VXHOHQ UHSUHVHQWDU ODV FDOOHV SULQFLSDOHV \ ODV DJUXSDFLRQHV GH HGLILFDFLRQHV PiV
FRKHUHQWHVDSHTXHxDHVFDODVHUHFXUUHDOHPSOHRGHXQVLJQRFRQYHQFLRQDOSDUDUHSUHVHQWDUWRGRHOQ~FOHR
XUEDQR+D\VLJQRVFRQYHQFLRQDOHVSDUDFDWHGUDOHVLJOHVLDVHUPLWDVFHPHQWHULRVSDODFLRVFDVWLOORVWRUUHV
PXVHRVPROLQRVIDURVFRUUDOHVFDVDVDLVODGDVFHQWUDOHVHOpFWULFDVHWF
F 'LYLVLRQHV DGPLQLVWUDWLYDV 0HGLDQWH VLJQRV FRQYHQFLRQDOHV VH UHSUHVHQWDQ ORV OtPLWHV HQWUH 1DFLRQHV
&RPXQLGDGHV$XWyQRPDV3URYLQFLDV\7pUPLQRV0XQLFLSDOHV
5HSUHVHQWDFLyQGHKLGURJUDItD
1RUPDOPHQWHVHXWLOL]DHOFRORUD]XOSDUDVXUHSUHVHQWDFLyQTXHLQFOX\H
D +LGURJUDItD QDWXUDO ,QFOX\H OtQHD GH FRVWD OtQHD GH DOWLWXG FHUR PDULVPDV ODJRV ODJXQDV DOEXIHUDV
IXHQWHVQDWXUDOHVPDQDQWLDOHVSR]RVFXUVRVGHDJXDUtRVDUUR\RVHWF
E +LGURJUDItDDUWLILFLDO(VHOFDVRGHORVVLJQRVFRQYHQFLRQDOHVGHHPEDOVHV\SDQWDQRVHVWDQTXHVEDOVDVGH
ULHJR SLVFLIDFWRUtDV SLVFLQDV SR]RV IXHQWHV DUWLILFLDOHV DEUHYDGHURV VDOLQDV DFXHGXFWRV FDQDOHV
DFHTXLDVWXEHUtDVHWF
/D KLGURJUDItD SHUPDQHQWH FRQ DJXD WRGR HO DxR VH UHSUHVHQWD PHGLDQWH OtQHDV FRQWLQXDV \ OD KLGURJUDItD
LQWHUPLWHQWH FRQ DJXD GXUDQWH PHQRV GH VHLV PHVHV DO DxR VH UHSUHVHQWD FRQ OtQHDV GLVFRQWLQXDV $GHPiV
FXDQGR OD DQFKXUD GH ORV FXUVRV GH DJXD VRQ UHSUHVHQWDGRV D HVFDOD VH GLEXMDQ VXV RULOODV SHUR VL GHELGR DOD
HVFDODVXDQFKXUDHVLQIHULRUDOOtPLWHGHSHUFHSFLyQYLVXDOVHVLPEROL]DPHGLDQWHXQDOtQHDVHQFLOOD
,QFOXVRHOPHMRUFRQRFLPLHQWREDWLPpWULFRGHORVPDUHVODJRV\ODJXQDVVHVXHOHQLQFOXLUODVOtQHDVEDWLPpWULFDVGH
±PHWF
5HSUHVHQWDFLyQGHODYHJHWDFLyQ\ORVFXOWLYRV
6LELHQVHVXHOHXWLOL]DUHOFRORUYHUGHSDUDODYHJHWDFLyQ\ORVFXOWLYRVSDUDWLHUUDVGHODERUVXHOHXVDUVHHOFRORU
QHJUR1RREVWDQWHHOORFDEHUHFRQRFHUTXHORTXHVHDFDEDGHFRPHQWDUKDFHUHIHUHQFLDH[FOXVLYDPHQWHDOFDVR
GHPDSDVQRWHPiWLFRVVREUHYHJHWDFLyQVLQRSDUDODUHSUHVHQWDFLyQJHQpULFDGHpVWDHQORVPDSDVWRSRJUiILFRV
&DGD YH] VH WLHQH OD WHQGHQFLD D SRQHU PHQRV LQIRUPDFLyQ GH HVWH WLSR GH GDWRV HQ OD FDUWRJUDItD FRQYHQFLRQDO
GHELGRD
D ODUHDOL]DFLyQGHODFDUWRJUDItDSRUIRWRJUDPHWUtDSXHVPHGLDQWHpVWDQRVHGLVWLQJXHHOWLSRGHFXOWLYRRGH
DSURYHFKDPLHQWRGHOVXHOR
E FDPELRVGHDSURYHFKDPLHQWRGHXVRVGHOVXHORHQEUHYHVHVSDFLRVGHWLHPSR
F GHPDVLDGDLQIRUPDFLyQFDUWRJUiILFD
G PtQLPDVXSHUILFLHUHSUHVHQWDEOHPiVSUREOHPiWLFDFXDQWRVPiVFXOWLYRVKD\TXHUHSUHVHQWDUHQOD]RQD
$SHVDUGHHOORFDEHUHFRQRFHUTXHKD\VLJQRVFRQYHQFLRQDOHVHVSHFtILFRVSDUD
D %RVTXHV
E 0DWRUUDOHV
F 7HUUHQRVFODURV
G ÈUEROHVDLVODGRV
H &XOWLYRVDUEyUHRV
I &XOWLYRVGHUHJDGtR
J 7HUUHQRVLPSURGXFWLYRV
K 3DUTXHV\MDUGLQHV
5HSUHVHQWDFLyQGHODURWXODFLyQ\ODWRSRQLPLD
/D URWXODFLyQ LQFOX\H HO FRQMXQWR GH QRPEUHV \ Q~PHURV TXH DSDUHFHQ HQ HO PDSD $ VX YH] OD WRSRQLPLD HV OD
FLHQFLDTXHHVWXGLDHOFRQMXQWRGHQRPEUHVSURSLRVTXHDSDUHFHQHQHOPDSD
6HVXHOHQXWLOL]DUGLVWLQWRVFRORUHVJHQHUDOPHQWHHOQHJURFRQHOD]XOSDUDODKLGURORJtDGLPHQVLRQHV\WLSRVGH
OHWUDVURPDQLOODLWiOLFDEDVWyQHWF3DUDHYLWDUFRQIXVLRQHVVHLQWHQWDDSOLFDUODQRUPDGHQRURWXODUHOQRPEUH
GHODQWHGHOVLJQRFRQYHQFLRQDO\QRSRQHUORGHIRUPDLQYHUWLGDDODSRVLFLyQQRUPDOGHOPDSD
(QHOFDVRGH(VSDxDUHFLHQWHPHQWHKDQVXUJLGRDOJXQRVSUREOHPDVHQHOXVRGHORVWRSyQLPRVGHULYDGRVGHOD
XWLOL]DFLyQGHODVOHQJXDVFRRILFLDOHVHQDOJXQDV&RPXQLGDGHV$XWyQRPDV

$1É/,6,6'(/26(/(0(17260$5*,1$/(6'(/$&$572*5$)Ì$
/DLQIRUPDFLyQPDUJLQDOTXHDSRUWDOD&DUWRJUDItDHVODVLJXLHQWH
9 HVFDODJUiILFD
9 HVFDODQXPpULFD
9 HOLSVRLGHGHUHIHUHQFLD
9 WLSRGHSUR\HFFLyQ
9 GDWXPGHUHIHUHQFLD
9 RULJHQGHDOWLWXGHV
9 HTXLGLVWDQFLDGHODVFXUYDVGHQLYHO
9 DQDJUDPDGHODGHFOLQDFLyQ
9 FRQYHUJHQFLDGHPHULGLDQRV
9 WtWXORGHOPDSD
9 Q~PHURGHODKRMD
9 IHFKDGHODHGLFLyQ
9 IHFKDGHOYXHORIRWRJUDPpWULFR
9 HVTXHPDGHODGLVWULEXFLyQGHODVKRMDVFROLQGDQWHV
9 HVTXHPDGHODVGLYLVLRQHVDGPLQLVWUDWLYDVGHODKRMD\
9 XQDWDEODFRQORVVLJQRVFRQYHQFLRQDOHVGHODKRMD
$FRQWLQXDFLyQVHUHSDVDQVXFLQWDPHQWHDOJXQRVGHHVWRVHOHPHQWRV
/$(6&$/$'(/0$3$
3RU HVFDOD GH XQ PDSD VH HQWLHQGH OD UHODFLyQ GH SURSRUFLRQDOLGDG H[LVWHQWH HQWUH OD GLPHQVLyQ GH XQ HOHPHQWR
UHSUHVHQWDGR HQ OD FDUWRJUDItD \ OD GLPHQVLyQ GH HVH HOHPHQWR HQ OD UHDOLGDG HVWD SURSRUFLRQDOLGDG VH VXHOH
UHSUHVHQWDUGHGRVPDQHUDVGLIHUHQWHV
9 HVFDOD JUiILFD SRU PHGLR GH XQD UHSUHVHQWDFLyQ PHGLDQWH XQD UHFWD GLYLGLGD HQ SDUWHV LJXDOHV GHVGH VX
RULJHQHQODL]TXLHUGDDODGHUHFKD
FDGD VHJPHQWR TXHGD LGHQWLILFDGR
FRQXQDFLIUD\VXVXQLGDGHVPNP
ODHTXLYDOHQFLDHQODUHDOLGDGGHHVD
PHGLGD HQ HO SDSHO /D LQFOXVLyQ GH
HVWDHVFDODHVPX\~WLOSRUFXDQWRDO
UHSURGXFLU PHGLDQWH IRWRFRSLDV GHO
PDSDXQRVLHPSUHSXHGHFRQVHUYDU
OD LQIRUPDFLyQ GH OD GLPHQVLyQ GHO
WHUUHQRUHSUHVHQWDGR
9 HVFDODQXPpULFDSRUPHGLRGHXQD
IUDFFLyQ FX\R QXPHUDGRU HV OD
XQLGDG \ HO GHQRPLQDGRU OD
HTXLYDOHQFLD GH HVD PDJQLWXG HQ
XQLGDGHVGHODUHDOLGDG(MHPSORVGH
SUHVHQWDFLyQ VRQ

HWF
)LJXUD*HRLGH\HOLSVRLGH\VXVSRVLFLRQHVUHVSHFWLYDVFRQUHVSHFWRDODWLHUUDUHDO
(QUHODFLyQFRQODHVFDODSRGHPRVGLVWLQJXLUGRWLSRVEiVLFRVGHPDSDV
0DSDV D JUDQ HVFDOD KDVWD UHSUHVHQWDQ
FRQ JUDQ GHWDOOH OD UHDOLGDG DO UHSUHVHQWDUHQXQDVXSHUILFLH
FDUWRJUiILFD UHODWLYDPHQWH JUDQGH XQD UHGXFLGD ]RQD GH OD
VXSHUILFLHWHUUHVWUH
0DSDV D SHTXHxD HVFDOD VXSHULRUHV D
UHSUHVHQWDQ ]RQDV PX\ H[WHQVDV GH OD 7LHUUD HQ VXSHUILFLHV
FDUWRJUiILFDVPX\SHTXHxDV
)LJXUD*HRLGH\HOLSVRLGH
(/,362,'('(5()(5(1&,$
/D 7LHUUD QR HV HVIpULFD 6X IRUPD HV PiV SUy[LPD D XQD
VXSHUILFLH LQWHUPHGLD HQWUH OD GH XQD SHORWD GH I~WERO \ OD GH
UXJE\SHURYLHMD\GHVLQIODGDHQXQDSDODEUDDEROODGDHVHO

JHRLGH(VWDILJXUDHVODGHXQDVXSHUILFLHHTXLSRWHQFLDOSDUDODJUDYHGDGGHPRGRTXHHTXLYDOGUtDDODVXSHUILFLH
GHORVRFpDQRV\VHSURORQJDUtDLGHDOPHQWHSRUGHEDMRGHORVFRQWLQHQWHVHOHYiQGRVHFRQUHVSHFWRDODSRVLFLyQHQ
ORVRFpDQRVYHUILJXUD\
&RPRHVWHUULEOHPHQWHFRPSOLFDGRWUDWDUGHHQFRQWUDUFRRUGHQDGDVTXHVLJDQSXQWRDSXQWRODIRUPDGHOJHRLGHOD
JUDQ PD\RUtD GH ORV JHRItVLFRV D RSWDGR SRU WUDEDMDU FRQ XQD IRUPD VLPSOH HO HOLSVRLGH (V GHFLU XQD HVIHUD
DFKDWDGD HQ ORV SRORV /D ILJXUD PXHVWUD XQD UHFUHDFLyQ GH ODV
UHODFLRQHV GH ODV GRV IRUPDV PHQFLRQDGDV &RPR VH YH HQ HVWH
HVTXHPDHOHOLSVRLGHHVXQDPDQHUDGHDSUR[LPDFLyQGHODIRUPDUHDOGH
OD 7LHUUD SHUR VHJ~Q HO OXJDU FRQVLGHUDGR HVWD DSUR[LPDFLyQ SRGUi
VLWXDUVH ELHQ SRU HQFLPD ELHQ SRU GHEDMR GH OD YHUGDGHUD VXSHUILFLH
WHUUHVWUH
)LJXUD(O*HRLGHFRPRUHSUHVHQWDFLyQGHODIRUPDUHDOGHOD7LHUUDDSDUWLUGH
ODVPHGLGDVGHOFDPSRJUDYLWDFLRQDO
'H OR TXH DFDEDPRV GH YHU VXUJH XQD SULPHUD FRQVWDWDFLyQ FRPR HO
JHRLGH HV GH IRUPD LUUHJXODU OD GHILQLFLyQ GHO FHQWUR GH OD 7LHUUD HV
GLVFXWLEOH FRPR QR OR VHUtD HQ HO FDVR GH XQD HVIHUD \ SRU OR WDQWR
PXFKRVJHRItVLFRVGHUHQRPEUHKDQFRQVLGHUDGRFRPRXQDREOLJDFLyQHO
HQFRQWUDUXQFHQWURGHOD7LHUUDGLVWLQWRDORVGHVXVSUHGHFHVRUHV&DGDXQRSXHGHGHILQLUDSDUWLUGHVXFHQWURGH
OD7LHUUDXQHOLSVRLGHGLIHUHQWHHVGHFLUXQDVHFFLyQHOtSWLFDFRQXQJUDQHMH\XQFRHILFLHQWHGHDFKDWDPLHQWRPHMRU
DGDSWDGRVDOD]RQDHQODFXDOWUDEDMDQ
'HDKtVXUJHHOFRQFHSWRGHHOLSVRLGHGHUHIHUHQFLDXQVLVWHPDJHRGpVLFRTXHVHEDVDHQODGHILQLFLyQGHXQD
VXSHUILFLH PHGLD TXH UHSUHVHQWH XQD VXSHUILFLH WHUUHVWUH
7DEOD(OLSVRLGHVGH5HIHUHQFLD PHGLD LGHDO TXH VHUi HO HVIHURLGH R HO HOLSVRLGH GH
UHIHUHQFLD SDUD HO SDtV HO FRQWLQHQWH R LQFOXVR OD 7LHUUD
$FKDWDPLHQWR HQWHUD6HREWLHQHPHGLDQWHFiOFXORVDSDUWLUGHOJHRLGHGH
6HPL(MH 6HPL(MH
(OLSVRLGH
0D\RU 0HQRU UHIHUHQFLD \ VH UHDOL]DQ DSUR[LPDFLRQHV VXFHVLYDV SDUD OD
]RQDGHTXHVHWUDWH
,QWHUQDFLRQDO
GH R /RV YDORUHV GH DOJXQRV GH ORV HOLSVRLGHV GH UHIHUHQFLD VH
UHFRJHQHQOD7DEOD
,QWHUQDFLRQDO (Q (VSDxD VH KD DGRSWDGR HO GHQRPLQDGR (OLSVRLGH

GH +D\IRUGFX\DVFDUDFWHUtVWLFDVVHUHFRJHQHQOD7DEOD1R
REVWDQWH VH YLHQH FRQVWDWDQGR TXH GHVGH VH YLHQH
:*6 XWLOL]DQGRWDPELpQHQPXFKRVSDtVHVHOKRPRORJDGRSRUOD
$VRFLDFLyQ,QWHUQDFLRQDOGH*HRGHVLDTXHVHSDVyDOODPDU
HOLSVRLGHGH5HIHUHQFLD
7DEOD(OLSVRLGHVGH5HIHUHQFLD /D7DEODLOXVWUDORVSDUiPHWURV
GHORVGRVHOLSVRLGHV
(OLSVRLGH 5DGLR(FXDGRU5P 5DGLR3RODUUP $FKDWDPLHQWR
8QLyQ$VWURQyPLFD,QWHUQDFLRQDO
([LVWHQ SRU WDQWR GLIHUHQWHV
HOLSVRLGHV GH UHIHUHQFLD YiOLGRV
+D\IRUG SDUD XQD UHJLyQ GHWHUPLQDGD
&DGD XQR GH HOORV WLHQHQ FHQWURV
\ GLPHQVLRQHV GLIHUHQWHV \ ODV VXSHUILFLHV GHVFULWDV QR VRQ HTXLSDUDEOHV XQ SXQWR GDGR WHQGUi LQFOXVR
FRRUGHQDGDVGLIHUHQWHV1RREVWDQWHH[LVWHQIyUPXODVPDWHPiWLFDVTXHSHUPLWHQFRQYHUWLUXQVLVWHPDJHRGpVLFRHQ
RWUR FRQ UHVXOWDGRV YDULDEOHV HQ FXDQWR D OD SUHFLVLyQ DOFDQ]DGDV HQ IXQFLyQ GH TXH QRV HQFRQWUHPRV KDFLD HO
FHQWURRHQODSHULIHULDGHODVXSHUILFLHHVORTXHFDOFXODXQUHFHSWRU*36FXDQGRVHFDPELDHOGDWXP
352<(&&,Ð1&$572*5É),&$<'$780'(5()(5(1&,$
7LSRGHSUR\HFFLyQ\FRRUGHQDGDV
/DVSRVLFLRQHVHQHOSODQHWDVHGHILQHQHQUHODFLyQDXQVLVWHPDGHUHIHUHQFLDILMR(OVLVWHPDGHEHSHUPLWLUFRQRFHU
OD SRVLFLyQ LQHTXtYRFDPHQWH /RV GRV VLVWHPDV GH FRRUGHQDGDV PiV FRPXQHV VRQ &RRUGHQDGDV *HRJUiILFDV
ODWLWXG \ ORQJLWXG \ FRRUGHQDGDV 870 8QLYHUVDO 7UDQVYHUVD 0HUFDWRU (O VLVWHPD 870 SUHVHQWD XQD VHULH GH
YHQWDMDVSDUDORVXVXDULRVGH*36
• /DXQLGDGGHPHGLGDHVHOPHWUR
• 8QDXQLGDGWLHQHHOPLVPRYDORUHQFXDOTXLHUSDUWHGHOSODQHWD

(O6LVWHPDGH&RRUGHQDGDV870
/DSUR\HFFLyQ870HVXQDSUR\HFFLyQFRQIRUPH\HVODDGRSWDGDSRUODPD\RUtDGHORVSDtVHVGHOPXQGR(Q
JHQHUDOVHWUDWDGHXQVLVWHPDIiFLOGHXVDUVLELHQHOPRGHORHQTXHVHEDVDQHVDOJRDEVWUDFWRORFXDOLPSOLFDOD
QHFHVLGDGGHGDUXQDVEUHYHVLQGLFDFLRQHVDFRQWLQXDFLyQSDUDDPSOLDFLRQHV\SURIXQGL]DFLRQHVVREUHHOWHPDVH
VXJLHUHFRQVXOWDUODVUHIHUHQFLDVWDQWRELEOLRJUiILFDVFRPRHOHFWUyQLFDVTXHVHGDQDOILQDOGHHVWHGRFXPHQWR
(Q3ULQFLSLROD3UR\HFFLyQ870HVXQVLVWHPDFLOtQGULFRWUDQVYHUVRFRQIRUPHWDQJHQWHDO*ORERWHUUiTXHRDOR
ODUJR GH XQ PHULGLDQR TXH VH HOLJH FRPR PHULGLDQR GH RULJHQ 1R REVWDQWH HQ OXJDU GH SUR\HFWDU XQD UHG
LPDJLQDULD GH OtQHDV TXH VH FUX]DQ VREUH HO *ORER OD 870 SUR\HFWD VHFFLRQHV GHO PLVPR VREUH XQD VXSHUILFLH
SODQD&DGDXQDGHHVWDVVHFFLRQHVFRQVWLWX\HXQD³]RQD´H[LVWLHQGRXQWRWDOGHTXHFXEUHQWRGDOD7LHUUDHQWUH
ORV 1 \ ORV 6 ODV iUHDV SRODUHV QR DSDUHFHQ GHVFULWDV SRU HVWH VLVWHPD GHELpQGRVH DSOLFDU SDUD HOODV
SUR\HFFLRQHVSRODUHV&DGD]RQDWLHQHXQDH[WHQVLyQHQORQJLWXGGHGHDUFRGHVGHHOFHQWURGHOD7LHUUD
/RVSLODUHVEiVLFRVGHODFXDGUtFXODUHVXOWDQWH870VRQ
/RVKXVRVGHGHDPSOLWXGQXPHUDGRVGHODODSDUWLUGHOPHULGLDQRGHORQJLWXG*UHHQZLFK
HQHOVHQWLGR2HVWH(VWH
EDQGDVHVIpULFDVGHGHODWLWXGHQWUHORVSDUDOHORV±TXHVHDOIDEHWL]DQFRQOHWUDV
PD\~VFXODVGHVXUDQRUWHGHVGHOD&KDVWDOD;LQFOXLGDVH[FOX\HQGRODV&+,//f\2
'HODLQWHUVHFFLyQGHORVKXVRVFRQODVEDQGDVUHVXOWDQ[ WUDSHFLRVHVIHURtGLFRVGHGHORQJLWXGSRU
GHODWLWXGTXHUHFLEHQHOQRPEUHGH]RQDV\VHGHVLJQDQFDGDXQDGHHOODVSRUHOQ~PHURGHOKXVRVHJXLGRSRU
ODOHWUDGHODEDQGDQRKDELHQGRUHSHWLFLRQHV(VWDHVODFXDGUtFXODEiVLFD
(VSDxDHVWiHQODV]RQDVILJXUD
5\5SDUDODV,VODV&DQDULDV
6\7
6\7
6\7
)LJXUD'LYLVLyQHQKXVRVGHODVXSHUILFLHWHUUHVWUHHQODSUR\HFFLyQ870
8QD SRVLFLyQ GH 870 VH GHVFULEH D WUDYpV GH WUHV HOHPHQWRV OD ]RQD HQ OD TXH GLFKD SRVLFLyQ VH HQFXHQWUD HO
³HDVWLQJ´\HO³QRUWKLQJ´$VtHO³HDVWLQJ´VRQXQDPHGLGDHVWHRHVWH\FRUUHVSRQGHUtDJHQHUDOPHQWHDODORQJLWXG
HQWDQWRTXHHO³QRUWKLQJ´TXHVHFRUUHVSRQGHUtDFRQODODWLWXGHVXQDPHGLGDGHOQRUWHVXU\HQODVDSOLFDFLRQHV
WpFQLFDV GH OD SUR\HFFLyQ 870 OHYDQWDPLHQWRV WRSRJUiILFRV FRQVWUXFFLyQ GH PDSDV FRQVWLWX\HQ ODV
FRRUGHQDGDVUHFWDQJXODUHV;<XWLOL]DGDVHQVXFRUUHVSRQGLHQWHKXVR
• 3DUDORFDOL]DFLyQYHUWLFDO1RUWH6XUHORULJHQVHUiHO(FXDGRUODWLWXG
• 3DUDWHUPLQDUGHGHILQLUODV]RQDVOD]RQDHVWiFRPSUHQGLGDHQWUHHOPHULGLDQRGH*UHHQZLFKORQJLWXG
\HOPHULGLDQRGHORQJLWXG6XUHIHUHQFLDSDUDODVFRRUGHQDGDVKRUL]RQWDOHVVHUiSXHVHOPHULGLDQR
GHORQJLWXGFX\DFRRUGHQDGD;VHUi.PODV]RQDVPiVDORHVWHWHQGUiQFRRUGHQDGDV;PHQRUGH

.P\ODVPiVDOHVWHPD\RU/DOHWUD&FRUUHVSRQGHDODEDQGDTXHYDGHODWLWXG6XUKDVWD
ODWLWXG6XU/DVGHPiVVHVXFHGHQKDVWDOOHJDUDODEDQGDGHOHWUD;TXHFRPSUHQGHGHVGHODWLWXG
1RUWHKDVWDODWLWXG6XU
'HVLJQDFLyQGHXQSXQWRHQFRRUGHQDGDV870
(DVWLQJ$EVFLVDVHORULJHQGHODVDEVFLVDVVHHQFXHQWUDHQXQDUHFWDSDUDOHODDOPHULGLDQRFHQWUDODNPDO
RHVWHGHpVWHFRQHOORVHHYLWDQDEVFLVDVQHJDWLYDV&DGDKXVRWLHQHXQRVNPDODDOWXUDGHO(FXDGRU(QORV
PDSDVVHRPLWHQODVWUHV~OWLPDVFLIUDVFRUUHVSRQGLHQWHVVODVFHQWHQDVKPGHFHQDVGP\XQLGDGHV
P (VWDV GHEHQ FDOFXODUVH SDUD REWHQHU OD SRVLFLyQ GH XQ SXQWR GHQWUR GH XQ FXDGUDGR GH OD FXDGUtFXOD
NLORPpWULFDHOFXDO\DHVWiGHWHUPLQDGRSRUODVXQLGDGHVGHPLOODU
1RUWKLQJ2UGHQDGDVVXRULJHQVHVLW~DHQHO(FXDGRUSRUORTXHHQ(VSDxDODVRUGHQDGDVHPSLH]DQSRUXQ
VHJXLGR GH VHLV FLIUDV (Q ORV PDSDV VH RPLWHQ ODV WUHV ~OWLPDV FLIUDV FRUUHVSRQGLHQWHV D ODV FHQWHQDV
KP GHFHQDV GP \ XQLGDGHV P (VWDV GHEHQ FDOFXODUVH SDUD REWHQHU OD SRVLFLyQ GH XQ SXQWR GHQWUR GH XQ
FXDGUDGRGHODFXDGUtFXODNLORPpWULFDHOFXDO\DHVWiGHWHUPLQDGRSRUODVXQLGDGHVGHPLOODU
/DDOWXUDGHOSXQWRVHWRPDUiGHODVFXUYDVGHQLYHOGHOPDSDWRSRJUiILFR
6XEGLYLVLRQHVGHODFXDGUtFXOD870
+DVWDDTXtOD&XDGUtFXOD870HVWiGHILQLGDSRUPHULGLDQRV\SDUDOHORVTXHVRQOtQHDVJHRJUiILFDV(QDGHODQWHODV
VXEGLYLVLRQHV VH HVWDEOHFHQ GHQWUR GH FDGD KXVR SRU UHFWDV SDUDOHODV D ORV HMHV FRRUGHQDGRV GH OD VLJXLHQWH
IRUPD
6HGLYLGHFDGDKXVRHQFXDGUDGRVGH.PGHODGRDSDUWLUGHO(FXDGRUHMHGHODV;KDFLDHO
1RUWH\HO6XU\DSDUWLUGHOPHULGLDQRFHQWUDOHMHGHODV<KDFLDHO(VWH\HO2HVWH&DGDFXDGUDGRVH
GHVLJQDSRUXQDSDUHMDGHOHWUDVFRPELQDGDVGHPDQHUDTXHGHQWURGHXQiUHDGHGHORQJLWXGSRU
RWURVGHODWLWXGQRVHUHSLWHODGHQRPLQDFLyQGHXQFXDGUDGR
/DVFROXPQDVGHFXDGUDGRVVHURWXODQVREUH
HO (FXDGRU GH 2HVWH D (VWH D SDUWLU GHO
PHULGLDQRGHFRQGRVOHWUDVPD\~VFXODV
GHVGHOD$KDVWDOD=H[FOXLGDVODV&+,//
f\2FRQWDQGRFRQOHWUDV&RPRHODUFR
GHO (FXDGRU GH GH ORQJLWXG WLHQH XQ
GHVDUUROOR GH XQRV .P FDGD KXVR
FRPSUHQGH HQ HO (FXDGRU VHLV FXDGUDGRV
FRPSOHWRV GH .PV \ RWURV GRV
FXDGUDGRV SDUFLDOHV SRU OR TXH VH QHFHVLWDQ
RFKROHWUDVGHPRGRTXHGLFKDVOHWUDVVH
UHSLWHQ H[DFWDPHQWH FDGD WUHV KXVRV HV
GHFLUFDGDGHORQJLWXG
/RVFXDGUDGRVODWHUDOHVLQFRPSOHWRVGHFDGD
KXVR VH YDQ HVWUHFKDQGR D PHGLGD TXH
DXPHQWDODODWLWXG
/DV ILODV GH FXDGUDGRV VH URWXODQ FRQ
PD\~VFXODVFRQOHWUDVGHVGHOD$KDVWDOD
9 H[FOXLGDV ODV &+ , // f \ 2 (Q ORV
KXVRVLPSDUHVODOHWUD$URWXODORVFXDGUDGRV
MXQWR DO (FXDGRU PLHQWUDV TXH HQ ORV SDUHV
ORVFXDGUDGRVVHURWXODQFRQOD)
)LJXUD3RVLFLRQDPLHQWR870GHXQSXQWRGHODVXSHUILFLH
WHUUHVWUH
'HHVWDIRUPDUHVXOWDTXHGRVILODVGHFXDGUDGRVFRQOD
PLVPD OHWUD GHQWUR GH XQ PLVPR KXVR HVWiQ VHSDUDGDV
SRU .PGHVDUUROORDSUR[LPDGRGHGHODUFR
GHPHULGLDQRGHPRGRTXHODGHVLJQDFLyQFRPSOHWDGHXQFXDGUDGRVHUHSLWHFDGDGHODWLWXG3RUWDQWRGRV
FXDGUDGRVFRQODPLVPDGHVLJQDFLyQQRVHHQFXHQWUDQGHQWURGHXQiUHDGHGHODWLWXGSRUGHORQJLWXG

&RRUGHQDGDV
/DVFRRUGHQDGDVWLHQHQHOVLJXLHQWHIRUPDWRVRQXQQ~PHURLPSDUGHFLIUDV&RPLHQ]DQSRUODVKRUL]RQWDOHV\ODV
YHUWLFDOHV VLHPSUH WLHQHQ XQD FLIUD PiV ¢3RU TXp" 3RUTXH WDO \ FRPR HVWiQ WRPDGDV ODV UHIHUHQFLDV ODV
FRRUGHQDGDV³<´YDQDVHUSRUORJHQHUDO
PiV JUDQGHV \D TXH GLVWDUiQ PiV GHO
RULJHQ UHFRUGHPRV TXH HV HO (FXDGRU
SRU OR TXH OD Pi[LPD GLVWDQFLD VHUtD OD
ORQJLWXG GH XQ DUFR GH FRQ HO UDGLR
GH OD 7LHUUD (Q UHDOLGDG HV XQ SRTXLWR
PHQRV SRUTXH OD 7LHUUD QR HV
H[DFWDPHQWH XQD HVIHUD (Q UHVXPHQ
QXQFD YDQ D VXSHUDU ORV .P
FLIUDV VL PLGLpUDPRV HQ NP /DV
FRRUGHQDGDV³;´SRURWUDSDUWHQRYDQD
VXSHUDU QXQFD VLHPSUH TXH QRV
PRYDPRVGHQWURGHOD]RQDTXHXVDPRV
FRPRUHIHUHQFLD.P(QUHDOLGDGOD
ORQJLWXGKRUL]RQWDOPi[LPDGHXQD]RQD
TXHVHGDHQHOHFXDGRUHVGHXQRV
.PSRUORTXHQXQFDXWLOL]DUtDPRVPiV
GHFLIUDVVLPLGLpUDPRVHQNP
)LJXUD¢&yPRVHH[SUHVDQODVFRRUGHQDGDV870"8QD=RQD870VHOHHVLHPSUHGHL]TXLHUGDDGHUHFKDSDDGDUHOYDORU
GHO(DVWLQJ\GHDUULEDDEDMRSDUDGDUHOYDORUGHOQRUWKLQJHOORTXLHUHGHFLUTXHHOYDORUGHOHDVWLQJFRUUHVSRQGHDODGLVWDQFLD
KDFLDHO(VWHGHVGHODHVTXLQDLQIHULRUL]TXLHUGDGHODFXDGUtFXOD870\HOYDORUGHOQRUWKLQJVLHPSUHHVODGLVWDQFLDKDFLDHO
1RUWHDO(FXDGRUHQHOKHPLVIHULRQRUWH&XDQWRVPiVGtJLWRVXWLOLFHPRVDHQODVFRRUGHQDGDVPHQRUVHUiHOiUHDUHSUHVHQWDGD
1RUPDOPHQWHHOiUHDTXHUHJLVWUDQORV*36FRLQFLGHFRQHOYDORUGHPHWURFXDGUDGR\DTXHXVDQVHLVGtJLWRVSDUDHOHDVWLQJ\
VLHWHSDUDHOQRUWKLQJ Q~PHURLPSDU
3UHFLVLyQ
/D SUHFLVLyQ HQ OD GHILQLFLyQ GH OD SRVLFLyQ HV IXQFLyQ GHO Q~PHUR GH GtJLWRV (Q OD 7DEOD VH PXHVWUDQ XQRV
HMHPSORVDOUHVSHFWR
7DEOD/DSUHFLVLyQHQODVFRRUGHQDGDV870
&225'(1$'$6 =21$ 0(7526$/(67( 0(7526$/1257( 35(&,6,Ð1P
870
7 7
7 7
7 7
7 7
7 7
'DWXPGHUHIHUHQFLD
3DUDFUHDUXQPDSDTXHUHSUHVHQWHODVGLIHUHQWHViUHDVGHOJORERWHUUiTXHRKDVLGRQHFHVDULRDSOLFDUGLIHUHQWHV
PRGHORVPDWHPiWLFRVTXHVHDQFDSDFHVHQSULPHUOXJDUGHUHSUHVHQWDUGHODPHMRUIRUPDSRVLEOHODIRUPDGHOD
7LHUUDSDUDHOORVHGHILQHQORVOODPDGRVHOLSVRLGHV&RPROD7LHUUDQRHVXQDHVIHUDQLXQRYRLGHSHUIHFWRKDVLGR
QHFHVDULRGHILQLUGLIHUHQWHVHOLSVRLGHV
8QDYH]TXHKD\DPRVVLGRFDSD]GHGHILQLUODIRUPDGHOD7LHUUDFRQXQHOLSVRLGHQHFHVLWDUHPRVFUHDURWURPRGHOR
PDWHPiWLFRTXHQRVSHUPLWDUHSUHVHQWDUXQSXQWRFRQFUHWRHQXQPDSDFRQVXVYDORUHVGHFRRUGHQDGDV$HVWH
PRGHORPDWHPiWLFROHOODPDPRVGDWXP$KRUDKD\TXHGHVWDFDUTXHXQGDWXPWLHQHTXHHVWDUQHFHVDULDPHQWH
UHIHULGR D XQ HOLSVRLGH HQ SDUWLFXODU FRQRFLGR FRPR HO HOLSVRLGH GH UHIHUHQFLD /D FRQFOXVLyQ REYLD HV TXH
H[LVWHQGLIHUHQWHVGDWXPVVLVHXVDQGLIHUHQWHVHOLSVRLGHVGHUHIHUHQFLD
3DUDGHILQLUXQGDWXPVHQHFHVLWDDGHPiVGHILQLUHOOODPDGRSXQWRIXQGDPHQWDO6HWUDWDGHXQOXJDURVLWLRSUHFLVR
XQDWRUUHHQODFLXGDGDOHPDQDGH3RWVGDPSDUDHOFDVRGHOGDWXP(XURSHDQ\DTXHHVWHSXQWRVHHQFXHQWUD
HQODQRUPDODOJHRLGH\DOHOLSVRLGHTXHVHXVDFRPRUHIHUHQFLDXRULJHQSDUDGHILQLUHOUHVWRGHORVSXQWRVGHO
PDSD&XDQGRVHGHILQHQHOUHVWRGHORVSXQWRVVHSXHGHFRQVLGHUDUDGHPiVGLIHUHQWHVWLSRVGHSUR\HFFLRQHVGHOD
VXSHUILFLHFXUYDGHOD7LHUUDHQXQPDSDSODQR3RUWDQWRXQPDSDSRGUtDGHFLUVHTXHVHFRQVWUX\HFRQVLGHUDQGRHO

HOLSVRLGHHOWLSRGHSUR\HFFLyQ\HOGDWXP(VWRKDFHTXHXQPLVPRPDSDVHSXHGDFRQVWUXLUGHPXFKDVIRUPDV
GLVWLQWDV\WRGDVHOODVVRQYiOLGDV
(OKHFKRPiVGHVWDFDEOHHVTXHFRPRFRQVHFXHQFLDGHWRGRORDQWHULRU810,602/8*$5SXHGHVHUH[SUHVDGR
SRUGLVWLQWRVYDORUHVGHFRRUGHQDGDVVLVLPSOHPHQWHVHFRQVLGHUDQGRVGDWXPVGLVWLQWRV
/RV 'DWXPV DIHFWDQ WDQWR OD SRVLFLyQ H[SUHVDGD HQ /DWLWXG/RQJLWXG FRRUGHQDGDV DQJXODUHV FRPR ORV VLVWHPDV
ORFDOHVGHFXDGULFXOD870%ULWLVK1DWLRQDO*ULGHWFFRRUGHQDGDVUHFWDQJXODUHV
¢&yPRQRVDIHFWDHVWR"
6LWHQHPRVGRVFDUWDVGHODPLVPD]RQD\KDQVLGRGLEXMDGDVFRQGLIHUHQWHVGDWXPVHQWRQFHVODODWLWXG\ORQJLWXG
GHOPLVPROXJDUHVSUREDEOHTXHVHDGLIHUHQWHXQDGHRWUD(Q$XVWUDOLDODGLIHUHQFLDHQWUHXQDSRVLFLyQHQODFDUWD
FRQGDWXP$*'\RWUDFRQGDWXP:*6SXHGHOOHJDUDVHUGHKDVWDPHWURV£(VWDSRGUtDVHUODGLIHUHQFLD
HQWUHSDVDUFHUFDGHXQDVLPDRGHPHWHUVHGLUHFWDPHQWHHQHOOD
(VQHFHVDULRDSOLFDUFLHUWDVFRUUHFFLRQHVFXDQGRVHSUHWHQGHGLEXMDUODSRVLFLyQGHXQDFRRUGHQDGDVREUHXQPDSD
TXH XVD XQ GDWXP GLIHUHQWH DO TXH HVWiQ H[SUHVDGDV GLFKDV FRRUGHQDGDV \D TXH GH RWUR PRGR ORV REMHWRV TXH
FUHHPRV SRGUtDQ HPSOD]DUVH HQ XQ OXJDU HTXLYRFDGR /RV SURJUDPDV SDUD HO PDQHMR GH PDSDV VRQ FDSDFHV GH
HIHFWXDUHVWDVFRUUHFFLRQHVTXHHQODPD\RUtDGHORVFDVRVQRVRQPiVTXHVLPSOHVFRQYHUVLRQHVGHVGHXQGDWXP
DRWUR
+D\TXHFRPSUREDUORVGDWXPVFXLGDGRVDPHQWH7RGDVODVODWLWXGHV\ORQJLWXGHVXVDGDVSDUDODQDYHJDFLyQGHEHQ
HVWDUH[SUHVDGDVHQHOPLVPRGDWXPFRQHOTXHVHGLVHxRHOPDSDTXHVHHVWiXVDQGR1RVLHPSUHVHFRPHWHUiQ
ORVPLVPRVHUURUHVDYHFHVVRQPD\RUHV\RWUDVYHFHVVHUiQPHQRUHV
¢&yPRVHDYHULJXDQODVFRRUGHQDGDV870GHXQDSRVLFLyQVREUHXQPDSD"
3DUDIDFLOLWDUODWDUHDORVPDSDV870LQFRUSRUDQXQDFXDGUtFXODNLORPpWULFDLPSUHVDHQORVERUGHVGHOPDSDHQOD
TXH DSDUHFH OD QXPHUDFLyQ GH ODV FRRUGHQDGDV HQ LQFUHPHQWRV GH PHWURV
(O GLIHUHQWH WDPDxR GH ORV Q~PHURV REHGHFH D XQ FyGLJR PLOLWDU SDUD GHQRPLQDU ODV
SRVLFLRQHV 870 GHO FXDO YDPRV D SUHVFLQGLU DTXt /D SRVLFLyQ LQGLFDGD HQ HO PDSD SRU XQD IOHFKD VH HQFXHQWUD
GHQWURGHOFXDGURTXHHPSLH]DHQSRUHO(VWH\SRUSRUHO1RUWH3XHVELHQFRQD\XGDGHXQ
HVFDOtPHWURKD\TXHPHGLUODGLVWDQFLDHQPHWURVGHVGHGLFKDSRVLFLyQKDVWDFDGDXQRGHORVHMHVPiVSUy[LPRV\
DxDGLUOD D OD QXPHUDFLyQ
FRUUHVSRQGLHQWH D ORV
PLVPRV (O UHVXOWDGR HQ
QXHVWUR HMHPSOR VHUtD (
\1
)LJXUD5HSUHVHQWDFLyQGHOD
SRVLFLyQGHXQSXQWRGHOD
VXSHUILFLHWHUUHVWUHHQIRUPDWRV
/DW/RQJ\870

$/7,78'(6
(Q (VSDxD HO RULJHQGHDOWLWXGHVGHWRGDVODVFXHUYDVGHQLYHOWLHQHTXHYHUFRQXQFHURDEVROXWRVLWXDGRHQOD
FRVWDGH$OLFDQWH/DUD]yQKD\TXHVLWXDUODHQHOKHFKRGHTXHHVHHVHOSXQWRGRQGHODRVFLODFLyQPDUHDOHVOD
PiVEDMDGHWRGDODSHQtQVXOD
(Q FXDQWR D OD HTXLGLVWDQFLD GH ODV FXUYDV GH QLYHO UHSUHVHQWD OD GLIHUHQFLD GH DOWLWXG HQWUH FDGD GRV FXUYDV
FRQVHFXWLYDV 'HSHQGLHQGR GH ORV WLSRV GH PDSDV GH TXH VH WUDWH OD HTXLGLVWDQFLD HV GLIHUHQWH YHU DWUiV
³3URGXFFLyQ&DUWRJUiILFDGH(VSDxD´
'(&/,1$&,Ð10$*1e7,&$
(ODQDJUDPDGHODGHFOLQDFLyQTXHILJXUDHQODEDVHGHOPDSDWRSRJUiILFDQRVLQGLFDHOYDORUTXHHQODIHFKDTXHVH
LQGLFDWHQtDHVWHSDUiPHWURGLIHUHQFLDHQJUDGRV\PLQXWRVHQWUHORVHMHVJHRJUiILFR\PDJQpWLFRWHUUHVWUHV&RPR
WDPELpQ VH LQGLFD HO YDORU GH OD YDULDFLyQ DQXDO GH HVWH SDUiPHWUR VH SXHGH FDOFXODU DO GtD GH KR\ TXH HVH
SDUiPHWURSXHGDWHQHU

&219(5*(1&,$'(0(5,',$126
(VHOiQJXORTXHIRUPDQHOQRUWHJHRJUiILFR\HOQRUWHGHODFXDGUtFXODGHOSXQWR$VLWXDFLyQDFWXDO\VHUHSUHVHQWD
FRPRZ7DPELpQVHOHFRQRFHFRPR³FRQYHUJHQFLDGHFXDGUtFXOD´
/DFRQYHUJHQFLDODSRGHPRVKDOODUGHGRVIRUPDV
3DUWLHQGRGHFRRUGHQDGDVJHRJUiILFDV
3DUWLHQGRGHFRRUGHQDGDV870
3DUWLHQGRGHFRRUGHQDGDVJHRJUiILFDV
'H OD ILJXUD SRGHPRV GHGXFLU TXH 31& HV OD
WDQJHQWH DO PHULGLDQR GH 3 \ 37 OD WDQJHQWH DO
SDUDOHOR VH GHGXFH TXH DPEDV FXUYDV R VXV
WDQJHQWHV IRUPDQ FRQ ORV HMHV GHO VLVWHPD
UHFWDQJXODUHOiQJXORγGHILQLGR
3DUD FDOFXODU γ XWLOL]DQGR HO SDUDOHOR ODWLWXG ϕ
QRUPDO HQ 3 DO PHULGLDQR GDGR KDUHPRV XVR GH OD
IyUPXOD
γ³ ;,,S±;,,,S&
&RQYHUJHQFLDGHPHULGLDQRVHQVHJXQGRV
S ∆λ′′
)LJXUD&RQYHUJHQFLDGHPHULGLDQRV
/RV FRHILFLHQWHV R IXQFLRQHV ;,, \ ;,,, HVWiQ
WDEXODGRVXVDQGROD7$%/$,,,HQIXQFLyQGHODϕ
GHPLQXWRHQPLQXWRVH[DJHVLPDOFRQODVGLIHUHQFLDV
´FRUUHVSRQGLHQWHVDODIXQFLyQ;,,
/D ϕ VH REWLHQH SRU LQWHUSRODFLyQ LQYHUVD HQ OD
FROXPQDGHYDORUHVGHOFRHILFLHQWH,GHODV7$%/$6
,\,,HQWUDQGRFRQHOYDORUGHODRUGHQDGD\GHO
SXQWR GDGR & HVWi WDEXODGR PHGLDQWH XQ JUiILFR GH HVFDOHUD HQ pO VH HQWUD SRU OD L]TXLHUGD FRQ ³∆λ´
HQFRQWUiQGRVHODFRUUHFFLyQDODGHUHFKDHQGHFLPDOHVGHVHJXQGR/DVIXQFLRQHVWDEXODGDVQRHVWiQDIHFWDGDVGHO
IDFWRUGHUHGXFFLyQGHHVFDOD.
6HJ~QODSUHFLVLyQTXHTXHUDPRVREWHQHUGHEHPRVWHQHUHQFXHQWDORVVLJXLHQWHVGHFLPDOHV
3UHFLVLyQ S S S S
P
P
P
P
3DUWLHQGRGHFRRUGHQDGDV870
6HWUDWDGHREWHQHUODVFRQYHUJHQFLDGHPHULGLDQRVγDSDUWLUGHODVFRRUGHQDGDVUHFWDQJXODUHV[\DEVROXWDVR
UHIHULGDVDOPHULGLDQRFHQWUDO\DO(FXDGRU6HFDOFXODSULPHURϕODWLWXGGHOSXQWRSRULQWHUSRODFLyQLQYHUVDHQOD
FROXPQD GH OD IXQFLyQ , HQWUDQGR FRQ OD RUGHQDGD < GHO SXQWR FRQVLGHUDGR /DV IyUPXODV SDUD FDOFXODU OD
FRQYHUJHQFLDHQIXQFLyQGHODVFRRUGHQDGDVUHFWDQJXODUHVUHIHULGDVDOPHULGLDQRFHQWUDOGHOKXVRVRQ
γ³ ;9T±;9,T) &RQYHUJHQFLDGHPHULGLDQRVHQVHJXQGRV
T [′
/RVFRHILFLHQWHVRIXQFLRQHV;9\;9,HVWiQWDEXODGRVHQIXQFLyQGHODϕGHPLQXWRHQPLQXWRVH[DJHVLPDO
FRQODVGLIHUHQFLDV´FRUUHVSRQGLHQWHVDODIXQFLyQ;9/DϕVHREWLHQHSRULQWHUSRODFLyQLQYHUVDHQODFROXPQD
GHYDORUHVGHOFRHILFLHQWH,GHODV7$%/$6,<,,HQWUDQGRFRQHOYDORUGHODRUGHQDGD\GHOSXQWRGDGR)

/RViQJXORVPHGLGRVHQHOHOLSVRLGHHVWiQUHIHULGRVDOQRUWHJHRJUiILFR1*FX\DUHSUHVHQWDFLyQHQODSUR\HFFLyQ870YLHQHGDGDSRUXQD
OtQHDFXUYDWUDQVIRUPDGDGHOPHULGLDQRTXHSDVDSRUGLFKRYpUWLFHHQHOHOLSVRLGH\FX\DFRQFDYLGDGHQODSUR\HFFLyQHVKDFLDHOPHULGLDQR
FHQWUDOGHOKXVRTXHVHWUDWH'HELGRDTXHODFXDGUtFXOD870QRVGDVLHPSUHUHFWDVSDUDOHODVFRPRQRUWHGHFXDGUtFXOD\ORViQJXORVHQOD
SUR\HFFLyQKD\TXHUHIHULUORVDHVHQRUWHHQFDGDSXQWRKDEUiTXHFRQVLGHUDUHOiQJXORTXHIRUPDODWUDQVIRUPDGDGHOPHULGLDQRFRQODGLUHFFLyQ
GHOQRUWH8701&YDORUTXHFRQVWLWX\HODFRQYHUJHQFLDGHPHULGLDQRV6HGHILQHSRUWDQWRFRPRWDOHOiQJXORTXHIRUPDODWUDQVIRUPDGDGHO
PHULGLDQRTXHSDVDSRUHOYpUWLFHFRQGLUHFFLyQDO1*FRQODGLUHFFLyQGHOQRUWHFXDGUtFXODR870SDUDOHODDOPHULGLDQRFHQWUDOGHOKXVRHQ
GLFKRSXQWRWH[WRWRPDGRGHKWWSZZZSURWHFFLRQFLYLORUJYDGHPHFXPYGPKWP

HVWiWDEXODGRPHGLDQWHXQJUiILFRGHHVFDOHUDHQpOVHHQWUDSRUODL]TXLHUGDFRQ³T´HQFRQWUiQGRVHODFRUUHFFLyQD
ODGHUHFKDHQGHFLPDOHVGHVHJXQGR/DVIXQFLRQHVWDEXODGDVHVWiQGLYLGLGDVSRUHOIDFWRUGHUHGXFFLyQGHHVFDOD
.QSRUTXHpVWHDIHFWDDORVGDWRV[\6HJ~QODSUHFLVLyQTXHTXHUDPRVREWHQHUGHEHPRVWHQHUHQFXHQWDORV
VLJXLHQWHVGHFLPDOHV
3UHFLVLyQ T T T T
´
´
´
´
/$352'8&&,Ð1&$572*5É),&$(1(63$f$
(/,167,7872*(2*5É),&21$&,21$/,*1
$OJXQDVGHODVSURGXFFLRQHVDFWXDOHVGHHVWHRUJDQLVPRFUHDGRHQVRQ
9 0DSDGH(VSDxDDHVFDOD8VDWLQWDVKLSVRPpWULFDVHQXQDSUR\HFFLyQ/DPEHUW
9 0DSDGH(VSDxDDHVFDOD8VDWLQWDVKLSVRPpWULFDVHQXQDSUR\HFFLyQ/DPEHUW
9 0DSDVSURYLQFLDOHVDHVFDOD(PSOHDSUR\HFFLyQ870
9 0DSD7RSRJUiILFR1DFLRQDODHVFDOD(PSH]yDSXEOLFDUVHHQ+RMDGH0DGULG\VHWHUPLQy
HQ'HVGHODSULPHUDHGLFLyQDOD~OWLPDVHKDQSURGXFLGRGLYHUVRVFDPELRV
$QWHVGHVHXVDEDODSUR\HFFLyQSROLpGULFDDKRUDOD870
(OHOLSVRLGHGHUHIHUHQFLDHUDHOGH6WUXYHDKRUDHOGH+D\IRUG
(ORULJHQGHORQJLWXGHVHUDHOREVHUYDWRULRDVWURQyPLFRGH0DGULGDKRUDHOGH*UHHQZLFK
(OGDWXPHUD0DGULGSDUDHOHOLSVRLGH6WUXYHDKRUD3RVWGDPSDUDHO+D\IRUG
2ULJHQGHDOWLWXGHVKR\VHHQFXHQWUDHQHOQLYHOPHGLRGHOPDUHQ$OLFDQWH
(TXLGLVWDQFLDGHODVFXUYDVGHQLYHOYHLQWHPHWURV
&DPELRVHQORVVLJQRVFRQYHQFLRQDOHVGLEXMRGHDJXDV\HQODURWXODFLyQ+DFLDDSDUHFHHO
VRPEUHDGRGHODVKRMDV
(YROXFLyQGHODWRPDGHGDWRVSRUWRSRJUDItDFOiVLFDDOPpWRGRGHODIRWRJUDPHWUtD
9 0DSD7RSRJUiILFR1DFLRQDODHVFDOD&DGDKRMDVHGLYLGHHQKRMDVGHHVFDOD
QRPEUiQGRVH FDGD XQRGHHVWRVFXDUWRVFRQHOQ~PHURGHODKRMDDHVFDODVHJXLGRGHQ~PHURV
URPDQRV,,,,,,\,96HFRPHQ]yFRQOD+RMDGH*HURQDHQ/DVFDUDFWHUtVWLFDVGHHVWDHGLFLyQVRQ
SUR\HFFLyQ870
(OHOLSVRLGHGHUHIHUHQFLDGH+D\IRUG
(ORULJHQGHORQJLWXGHV*UHHQZLFK
(OGDWXP3RVWGDP
2ULJHQGHDOWLWXGHVQLYHOPHGLRGHOPDUHQ$OLFDQWH
(TXLGLVWDQFLDGHODVFXUYDVGHQLYHOGLH]PHWURV
&DUWRJUDItDUHDOL]DGDSRUIRWRJUDPHWUtD
352'8&&,Ð1&$572*5É),&$'(275$6(17,'$'(6
&DEH UHVHxDU OD FDSDFLGDG JHQHUDGRUD GHO 6HUYLFLR *HRJUiILFR GHO (MpUFLWR OD FDUWRJUDItD D HVFDOD HV
HTXLSDUDEOH D OD GHO ,*1 GHO ,QVWLWXWR *HROyJLFR \ 0LQHUR FRQ SURGXFFLyQ WHPiWLFD SURSLD GHO 0LQLVWHULR GH
(FRQRPtD\+DFLHQGD0DSD7RSRJUiILFR3DUFHODULRR&DWDVWURGHO0LQLVWHULRGH$JULFXOWXUD3HVFD\$OLPHQWDFLyQ
FRQSURGXFFLyQWHPiWLFDSURSLDGHO0LQLVWHULRGH)RPHQWRFRQSURGXFFLyQWHPiWLFDSURSLDGHODV&RPXQLGDGHV
$XWyQRPDV SURGXFFLRQHV D HVFDODV D GH ORV $\XQWDPLHQWRV SODQRV SREODFLRQDOHV D HVFDODV
D
/267,326'(0$3$60$3$67(0É7,&26
/RVFULWHULRVGHVXFODVLILFDFLyQQRVSHUPLWHQUHFRQRFHUORVVLJXLHQWHVWLSRVGHPDSDV
SRUVXH[WHQVLyQ*HQHUDOHVGHJUDQH[WHQVLyQ\SDUWLFXODUHVGHSHTXHxDH[WHQVLyQ
SRUVXHVFDOD*HRJUiILFRVHVFDODVPHQRUHVGH\WRSRJUiILFRVHVFDODVPD\RUHVGH
SRUILQDOLGDG0DSDVWHPiWLFRVWUDWDQGHGHVFULELUXQDVHULHGHIHQyPHQRVTXHVXFHGHQVREUHHVDSDUWHGH
ODVXSHUILFLHWHUUHVWUH\0DSDVWRSRJUiILFRVGDDFRQRFHUHOWHUUHQRUHSUHVHQWDQGRWRGRVORVGHWDOOHVHVOD
UHSUHVHQWDFLyQPiVSHUIHFWDGHODVXSHUILFLHWHUUHVWUH

&RQ HVWRV PDSDV VH SUHWHQGH OD UHSUHVHQWDFLyQ FDUWRJUiILFD GH WHPDV FRQFUHWRV GHMDQGR HQ VHJXQGR SODQR OD
UHSUHVHQWDFLyQGHOWHUULWRULR$OJXQRVGHORVH[LVWHQWHVVRQ
0DSDVWHPiWLFRVGHJHRORJtDEiVLFD 0DSDGHYLHQWRV
0DSDJHROyJLFR 0DSDGHHYDSRWUDQVSLUDFLyQ
0DSDGHO&XDWHUQDULR 0DSDGHFRQIRUWFOLPiWLFR
0DSD7HFWyQLFR
0DSDVWHPiWLFRVGHUHFXUVRV
0DSDGHOLQHDFLRQHV
0DSDGHURFDVLQGXVWULDOHV
0DSDPRUIRHVWUXFWXUDO
0DSDGHVXVWDQFLDVPLQHUDOHVQR
0DSDOLWROyJLFR
HQHUJpWLFDV
0DSDVWHPiWLFRVJHRPRUIROyJLFRV 0DSDGHVXVWDQFLDVPLQHUDOHV
0DSDJHRPRUIROyJLFR HQHUJpWLFDV
0DSDGHGHVOL]DPLHQWRVGHPDVDV 0DSDGHDJXDVPLQHUDOHV
0DSDGHGHSyVLWRV 0DSDGHYHJHWDFLyQ\FXOWLYRV
0DSDGH]RQDVOLWRUDOHV 0DSDGHDJXDVWHUPDOHV
0DSDKLSVRPpWULFR 0DSDGHUHFXUVRVJHRWpUPLFRV
0DSDGHSHQGLHQWHV 0DSDGHUHFXUVRVKLGUiXOLFRV
0DSDGHODGHUDV 0DSDGHUHFXUVRVHyOLFRV
0DSDGH8QLGDGHVJHRPRUIROyJLFDV 0DSDGHUHFXUVRVVRODUHV
0DSDGH3XQWRVGH,QWHUpV*HROyJLFR
0DSDVWHPiWLFRVHGDIROyJLFRV
0DSDHVSHOHROyJLFR
0DSDGHVXHORV
0DSDDUTXHROyJLFR
0DSDGHFRQWDPLQDFLyQGHVXHORV
0DSDGHiUHDVUHFUHDWLYDV
0DSDGHHURVLyQ
0DSDVWHPiWLFRVGHULHVJRV
0DSDVWHPiWLFRVKLGUROyJLFRV
0DSDGHLQXQGDFLRQHV
0DSDKLGURJUiILFR
0DSDGHYXOQHUDELOLGDG
0DSDGHFXHQFDVKLGURJUiILFDV
0DSDGHFDtGDVJUDYLWDFLRQDOHV
0DSDGHFDOLGDGGHDJXDVVXSHUILFLDOHV
0DSDGHVXEVLGHQFLD\KXQGLPLHQWRV
0DSDGHGHQVLGDGGHFXHQFDV
0DSDGHDUFLOODVH[SDQVLYDV
0DSDGHORQJLWXGGHFDXFHV
0DSDGHHYROXFLyQOLWRUDO
0DSDGHREVWiFXORVGHGUHQDMH
0DSDGHVLVPLFLGDG
0DSDVWHPiWLFRVKLGURJHROyJLFRV 0DSDGHWVXQDPLV
0DSDGHXQLGDGHVKLGURJHROyJLFDV 0DSDGHULHVJRYROFiQLFR
0DSDSLH]RPpWULFR 0DSDGHFDtGDGHPHWHRULWRV
0DSDKLGURTXtPLFR 0DSD GH IOXFWXDFLRQHV GHO QLYHO GHO
0DSDGHLQWUXVLyQPDULQD PDU
0DSDGHSHUPHDELOLGDG\HVFRUUHQWtD
0DSDVWHPiWLFRVGHDSOLFDFLyQ
0DSDVWHPiWLFRVJHRWpFQLFRV 0DSDGHFXHQFDVYLVXDOHV
0DSDGHIRUPDFLRQHVVXSHUILFLDOHV 0DSDGHSDLVDMH
0DSDGH]RQDFLyQJHRWpFQLFD 0DSDGHLPSDFWRV
0DSDGHDSWLWXGSDUDODFLPHQWDFLyQ 0DSDGHH[SORWDFLyQ
0DSDGHULSDELOLGDG 0DSDGHUHFXSHUDFLyQ
0DSDGHiULGRV\URFDVGHFRQVWUXFFLyQ 0DSDRFHDQRJUiILFR
0DSDGHOLPLWDFLyQGHXVRV 0DSDJHRItVLFR
0DSDGHRULHQWDFLyQDOYHUWLGR

0DSDVWHPiWLFRVFOLPDWROyJLFRV
0DSDPHWHRUROyJLFRV
0DSDSOXYLRPpWULFR
0DSDWHUPRPpWULFR

&2168/7$6'(,17(5e6
$ FRQWLQXDFLyQ VH UHFRJHQ DOJXQDV UHIHUHQFLDV GH FRQVXOWD LQWHUHVDQWH SDUD FRPSOHWDU R GHVDUUROODU SDUWH GH ORV
FRQWHQLGRV UHFRJLGRV HQ ODV SiJLQDV DQWHULRUHV DVt FRPR SDUD DERUGDU RWURV TXH SRU OD QDWXUDOH]D GH HVWH
GRFXPHQWRQRKDQSRGLGRVHUUHFRJLGRVRSRUWXQDPHQWH
$GHPiV GH ORV PDWHULDOHV GH WLSR ELEOLRJUiILFR VH UHFRJHQ HQODFHV GH tQGROH HOHFWUyQLFD TXH SRU OD SURFHGHQFLD
QDWXUDOH]DGHORVFRQWHQLGRVUHFRJLGRVUHOHYDQFLDRFDOLGDGGHORVPLVPRVSDUHFHREOLJDGRVXLQFOXVLyQHQHVWH
FDStWXORILQDO
%,%/,2*5$)Ì$
'H 6DQ -RVp-- *DUFtD- \ /ySH]0 ,QWURGXFFLyQ D ODV FLHQFLDV TXH HVWXGLDQ OD JHRPHWUtD GH OD
VXSHUILFLHWHUUHVWUH%HOOLVFR(GLF7pFQLFDV\&LHQWtILFDVS
'RPtQJXH]0 \ %HOGD0 7RSRJUDItD \ 6LVWHPDV GH ,QIRUPDFLyQ *HRJUiILFD (G 81(' S 6H
UHFRPLHQGDQGHHVWHWH[WRORVWUHVSULPHURVFDStWXORV
3HxD-/ 6iQFKH]0 \ /R]DQR 09 8WLOL]DFLyQ GHO 0DSD 7RSRJUiILFR HQ *HRJUDItD )tVLFD (Q ,9
&XUVRGH*HRJUDItD)tVLFD8QLYHUVLGDGGH9HUDQRGH7HUXHO7HUXHO
(VWHEDQH]-\3X\RO5,QWHUSUHWDFLyQGHOPDSDWRSRJUiILFR(GLWRULDO7HEDU)ORUHV0DGULG
6DQWDPDUtD-$SXQWHVGH&DUWRJUDItD\3UR\HFFLRQHV&DUWRJUiILFDV6HUY3XEOLF8QLYGH/D5LRMD
S

(1/$&(6(/(&75Ð1,&26
KWWSDOPH]SQWLFPHFHVaMPDF(62B*HR7,(55$+WPO5HSUHVHQWDFLRQKWP 6REUH ORV VLVWHPDV GH
SUR\HFFLyQGHOD7LHUUD
KWWSUHFXUVRVJDEULHORUWL]FRPLQGH[DVS",QIR D 6REUH OD FRQYHUVLyQ GH FRRUGHQDGDV JHRJUiILFDV HQ 870 \
YLFHYHUVD
KWWSZZZJYDHVLFY*/26$5,2+70*ORVDULRGHWpUPLQRVFDUWRJUiILFRV
KWWSZZZLJPFO3UR\HFFLRQBXWPKWPO6REUHOD3UR\HFFLyQ0HUFDWRUODVFRRUGHQDGDV870\VXDSOLFDFLyQDOFDVR
GH&KLOH
KWWSZZZXDPHVSHUVRQDOBSGLFLHQFLDVFDVDGR*(25('7RSRSUDFKWP ,QLFLDFLyQ DO HVWXGLR GH ORV PDSDV
WRSRJUiILFRV 6yOR IXQFLRQDQ GRV GH ORV HQODFHV SURSXHVWRV &RRUGHQDGDV 870 \ FDUWRJUDItD GHO WHUULWRULR
HVSDxROKLSHUYtQFXORHQPDSD0X\EiVLFR
KWWSZHEVGHPDVLDGRFRPJHRFRQFHSWRVJHRGHVLDKWP 6REUH VLVWHPDV JHRGpVLFRV FDPELRV GH FRRUGHQDGDV
HWF
KWWSZHEVGHPDVLDGRFRPJHRFRQFHSWRVJORVDULRKWPO*ORVDULRGHWpUPLQRVXVXDOHVHQJHRGHVLD
KWWSZZZSURWHFFLRQFLYLORUJYDGHPHFXPYGPKWP2WURJORVDULRPiVVREUHWpUPLQRVFDUWRJUiILFRV

$1(;2,
5(680(1'(/$6&$5$&7(5Ì67,&$6'(/$352<(&&,Ð1870
720$'2'(6DQWDPDUtD-$SXQWHVGH&DUWRJUDItD\3UR\HFFLRQHV&DUWRJUiILFDV6HUY3XEOLF8QLYGH/D5LRMDS

3UR\HFFLyQ 8QLYHUVDO7UDQVYHUVD0HUFDWRU870+XVRVGHGHDPSOLWXG
6LVWHPDGHUHIHUHQFLDJHRGpVLFRM'O 2ULJHQGHORQJLWXGHV0HULGLDQRFHQWUDOGHFDGDKXVR
2ULJHQGHODWLWXGHV(FXDGRU
6LVWHPDGHUHIHUHQFLDSODQD;< (MHGHFRRUGHQDGDVWUDQVIRUPDGDUHFWDGHOPHULGLDQRFHQWUDOGHO
KXVR
(MHGHDEVFLVDVWUDQVIRUPDGDUHFWDGHO(FXDGRU
6LVWHPDGHUHIHUHQFLDSODQRFRQYHQFLRQDO; 2EWHQLGRSRUWUDVODFLyQGHOVLVWHPDDQWHULRUGDQGRDORULJHQGHO
< PLVPRODVFRRUGHQDGDV; P< P
)DFWRUGHUHGXFFLyQGHHVFDOD .R

1XPHUDFLyQGHORVKXVRV 'HODODSDUWLUGHODQWLPHULGLDQRGH*UHHQZLFK\KDFLDHO(VWH
6XSHUILFLHGHUHIHUHQFLD (OLSVRLGHLQWHUQDFLRQDOGH+D\IRUGFRQSDUiPHWURVIXQGDPHQWDOHV
VHPLHMHPD\RUD P
DSODVWDPLHQWR

$1(;2,,
(-(03/2'(9$/25'(81$&225'(1$'$870

/D]RQDVHH[WLHQGHGHVGH:D $TXtVHKDQXVDGRGtJLWRVTXH
PHULGLDQRGH*UHHQZLFKFRQHO LQGLFDTXHHVWHFXDGUDGRGHP
PHULGLDQRHQHOFHQWUR(VWHYDORU GHODGRQRSXQWRHVWiDNPDO
GHEHREWHQHUVHREVHUYDQGRXQPDSD 2HVWHGHOPHULGLDQR
FHQWUDOGHOD]RQD
'LVWDQFLDKDFLDHO
1~PHURGHOD (VWH

=RQD870
6

/HWUDGHOD%DQGDGH 'LVWDQFLDKDFLDHO

ODWLWXG870 1RUWH

/DUHJLyQ³6´VHH[WLHQGHGHVGH1 $TXtVHKDQXVDGRGtJLWRVVLHPSUH
D1VHREWLHQHGHOPDSD$ XQGtJLWRPiVTXHODGLVWDQFLDTXH
HIHFWRVSUiFWLFRVVLUYHSDUDLQGLFDU VHxDODDO(VWHHLQGLFDTXHHVWH
UiSLGDPHQWHHQTXpKHPLVIHULR ³FXDGUDGR´QRSXQWRHVWiDNP
HVWDPRV\DTXHSRUHQFLPDGH³0´ DO1RUWHGHO(FXDGRU
HVWDPRVHQHO1RUWH

$1(;2,,,
(-(5&,&,26<$&7,9,'$'(6'(5(&$3,78/$&,Ð1
'HILQHORVVLJXLHQWHVFRQFHSWRV
3UR\HFFLyQFDUWRJUiILFD
3UR\HFFLyQFRQIRUPH
3UR\HFFLyQHTXLYDOHQWH
3UR\HFFLyQHTXLGLVWDQWH
(VFDOD
0DSDWRSRJUiILFR
&XUYDVGHQLYHO
¢4XpGLIHUHQFLDVKD\HQWUHORVVLJXLHQWHVWUHVWLSRVGHSUR\HFFLRQHV"

¢4XpDVSHFWRVGHVWDFDUtDVHQHOPDSDTXHHPSOHDODSUR\HFFLyQ3HWHUV"

&RPSDUDODVFDUDFWHUtVWLFDVGHODVVLJXLHQWHVSUR\HFFLRQHV

2EVHUYD OD SURSRUFLyQ GH WDPDxR TXH KD\ HQWUH *URHQODQGLD \ 6XGDPpULFD HQ ORV VLJXLHQWHV SODQLVIHULRV
&RPSUXHEDHQXQJORERWHUUiTXHRFXiOHVODUHDO¢4XpWLSRGHSUR\HFFLyQHVODTXHUHVSHWDHOWDPDxRUHDOGHORV
FRQWLQHQWHV"
2EVHUYD$PpULFDHQDPERVSODQLVIHULRV\FRPSUXHEDHQHOJORERWHUUiTXHRHQFXiOGHHOODVVXIRUPDHVWiPiV
GHIRUPDGD¢4XpWLSRGHSUR\HFFLyQHVODTXHUHVSHWDODIRUPDGHORVFRQWLQHQWHV"
¢&yPRVHUHSUHVHQWDODHVFDODQXPpULFD"¢<ODHVFDODJUiILFD"¢(QTXpVHSDUHFHQ\HQTXpVHGLIHUHQFLDQOD
HVFDODJUiILFD\ODHVFDODQXPpULFD"
/DV HVFDODV JUDQGHV ¢UHSUHVHQWDQ HVSDFLRV JUDQGHV R SHTXHxRV" /DV HVFDODV SHTXHxDV ¢UHSUHVHQWDQ
HVSDFLRVJUDQGHVRSHTXHxRV"
¢$TXpGLVWDQFLDHVWDUiQHQODUHDOLGDGGRVSXQWRVVLWXDGRVDPPHQXQPDSDDHVFDOD"¢<HQXQR
DHVFDOD"¢<HQXQRDHVFDOD"
5HDOL]DODVVLJXLHQWHVDFWLYLGDGHVFRQODKRMDGHO0DSD7RSRJUiILFR1DFLRQDOGHWXORFDOLGDG
&DOFXODODGLVWDQFLDHQWUHORVSXQWRV$\%
&DOFXODODGLIHUHQFLDGHDOWLWXGHQWUHORVSXQWRV%\&
&DOFXODODVXSHUILFLHGHOWULiQJXORTXHIRUPDQORVSXQWRV$%\&
5HDOL]DHOSHUILOWRSRJUiILFRHQWUHORVSXQWRV$\%
&RPSOHWDODVDFWLYLGDGHVVXHOWDVGHORVPDSDVTXHVHWHDGMXQWDQ


$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Copyright:

Available Formats

$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Copyright:

Available Formats

)UDQFLVFR-DYLHU%DUED5HJLGRU &DUWRJUDItDHOHVWXGLRGHORVPDSDV

)DFWRUGHUHGXFFLyQGHHVFDOD .R

You might also like

$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Copyright:

Available Formats

$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

$&$572 5$) Ë$0$3$668 (678',2 6887,/,'$') Udqflvfr-Dylhu%Dued5Hjlgru, 1752'8&&,Ð1

Uploaded by

Copyright:

Available Formats

)UDQFLVFR-DYLHU%DUED5HJLGRU &DUWRJUDItDHOHVWXGLRGHORVPDSDV

)DFWRUGHUHGXFFLyQGHHVFDOD .R 

You might also like

)UDQFLVFR-DYLHU%DUED5HJLGRU &DUWRJUDItDHOHVWXGLRGHORVPDSDV

)DFWRUGHUHGXFFLyQGHHVFDOD .R