Portada ESPECIAL I OK - Comite Latinoamericano de Matematica
Anuncio
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
&LUFXODWLRQVDQGJHQHVLVLQWKHPDWKHPDWLFDOZRUNVSDFH
(OL]DEHWK0RQWR\D'HOJDGLOOR$UWXUR0HQD/RUFD
-DLPH0HQD/RUFD
5(680(1
3$/$%5$6&/$9(
(Q HVWH WUDEDMR VH SUHVHQWD XQ HVWXGLR GH FDVRV FRPR
SDUWHGHXQVHJXLPLHQWRGHODVSUiFWLFDVGHDXODGHSURIHVRUHV (VSDFLRGH7UDEDMR
GHEXWDQWHVUHDOL]DGRSRUORVDXWRUHV(QWUHRWURVDVSHFWRV
0DWHPiWLFR
KHPRVREVHUYDGRTXHHQWDOHVSUiFWLFDVHOÈOJHEUDLQWHUYLHQH *pQHVLV
HQORVRWURVGRPLQLRVDWDOSXQWRTXHHVRVSURIHVRUHVLQGXFHQ (VWXGLRGHFDVRV
DVXVDOXPQRVHQXQ(VSDFLRGH7UDEDMR0DWHPiWLFRHQHO
FXDOVLELHQVHSURGXFHQFLUFXODFLRQHVHQWUHORVFRPSRQHQWHV
GH ORV SODQRV FRJQLWLYR \ HSLVWHPROyJLFR TXH LQYROXFUDQ
ODVJpQHVLVLQVWUXPHQWDO\VHPLyWLFDODJpQHVLVGLVFXUVLYDHVWi
FDVLDXVHQWH3DUDHVWXGLDUODVLWXDFLyQREWHQHPRVLQIRUPDFLyQ
DGLFLRQDO D PRGR GH HQWHQGHU HO URO TXH MXHJD HO ÈOJHEUD
HQHOGHVDUUROORGHRWURVGRPLQLRVGHODPDWHPiWLFD/XHJR
SUHVHQWDPRVXQHMHPSORGHFyPRXQSURIHVRUGHEXWDQWHFRQ
HVDVFDUDFWHUtVWLFDVSXHGHLQIOXLUHQHO(VSDFLRGH7UDEDMR
0DWHPiWLFRSHUVRQDOGHVXVDOXPQRV
$%675$&7
.(<:25'6
,QWKLVSDSHUZHSUHVHQWDFDVHVWXG\DVSDUWRIDPRQLWRULQJRI
EHJLQQLQJWHDFKHUV¶FODVVURRPSUDFWLFHV$PRQJRWKHUDVSHFWV 0DWKHPDWLFDO:RUNLQJ
ZHKDYHREVHUYHGWKDWLQVXFKSUDFWLFHV$OJHEUDLQWHUYHQHV
6SDFH
LQ WKH RWKHU ILHOGV WR DQ H[WHQW WKDW WKH\ LQGXFH LQ WKHLU *HQHVHV
VWXGHQWVD0DWKHPDWLFDO:RUNLQJ6SDFHLQZKLFKDOWKRXJK &DVHVWXG\
FLUFXODWLRQVRFFXUEHWZHHQWKHFRPSRQHQWVRIWKHFRJQLWLYH
DQGHSLVWHPRORJLFDOSODQHVLQYROYHGLQWKHLQVWUXPHQWDODQG
VHPLRWLFJHQHVHVWKHGLVFXUVLYHJHQHVLVLVDOPRVWDEVHQW
,QRUGHUWRVWXG\WKHVLWXDWLRQZHREWDLQDGGLWLRQDOLQIRUPDWLRQ
LQVXFKDZD\WRXQGHUVWDQGWKHUROHSOD\HGE\DOJHEUDLQWKH
GHYHORSPHQWRIRWKHUILHOGVRIPDWKHPDWLFV:HWKHQSUHVHQWDQ
H[DPSOHRIKRZDEHJLQQLQJWHDFKHUZLWKWKRVHFKDUDFWHULVWLFV
FDQLQIOXHQFHWKHSHUVRQDO0DWKHPDWLFDO:RUNLQJ6SDFHRI
KLVKHUVWXGHQWV
5HOLPH ,5HFHSFLyQ(QHUR$FHSWDFLyQ'LFLHPEUH
'2,UHOLPH
OL
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
5(6802
1HVWHWUDEDOKRDSUHVHQWDVHXPHVWXGRGHFDVRVFRPRSDUWHGH
XPVHJXLPHQWRGDVSUiWLFDVGHDXODGHSURIHVVRUHVGHEXWDQWHV
UHDOL]DGRSHORVDXWRUHV(QWUHRXWURVDVSHFWRVREVHUYDPRVTXH
HPWDLVSUiWLFDVDÈOJHEUDLQWHUYpPQRVRXWURVGRPtQLRVDWDO
SRQWRGHTXHHVVHVSURIHVVRUHVLQGX]HPVHXVDOXQRVDXP(VSDoR
GH7UDEDOKR0DWHPiWLFRQRTXDOHPERUDVHMDPSURGX]LGDV
FLUFXODo}HV HQWUH RV FRPSRQHQWHV GRV SODQRV FRJQLWLYR
HHSLVWHPROyJLFRTXHHQYROYHPDVJrQHVHVLQVWUXPHQWDOH
VHPLyWLFDDJrQHVHGLVFXUVLYDHVWiTXDVHDXVHQWH3DUDHVWXGDU
DVLWXDomRREWLYHPRVLQIRUPDomRDGLFLRQDOSDUDSRGHUHQWHQGHUR
SDSHO TXH D ÈOJHEUD GHVHPSHQKD QR GHVHQYROYLPHQWR GH
RXWURVGRPtQLRVGDPDWHPiWLFD$VHJXLUDSUHVHQWDPRVXP
H[HPSOR GH FRPR XP SURIHVVRU GHEXWDQWH FRP HVVDV
FDUDFWHUtVWLFDV SRGH LQIOXHQFLDU R (VSDoR GH 7UDEDOKR
0DWHPiWLFRSHVVRDOGHVHXVDOXQRV
3$/$95$6&+$9(
(VSDoRGH7UDEDOKR
0DWHPiWLFR
*rQHVH
(VWXGRGHFDVRV
5e680e
0276&/e6
'DQVFHWDUWLFOHRQSUpVHQWHXQHpWXGHGHFDVGDQVOHFDGUH
G¶XQVXLYLGHVSUDWLTXHVGHFODVVHGHVHQVHLJQDQWVGpEXWDQWV
(VSDFHGH7UDYDLO
HIIHFWXpSDUOHVDXWHXUV1RXVDYRQVSXREVHUYHUHQWUHDXWUHV
0DWKpPDWLTXH
DVSHFWVTX¶HQ$OJqEUHG¶DXWUHVGRPDLQHVPDWKpPDWLTXHVVRQW
*HQqVHV
XWLOLVpVjWHOSRLQWTXHOHVHQVHLJQDQWVSRXVVHQWOHXUVpOqYHV
YHUVXQ(VSDFHGH7UDYDLO0DWKpPDWLTXHGDQVOHTXHOODJHQqVH eWXGHGHFDV
GLVFXUVLYHHVWSUHVTXHDEVHQWH3RXUpWXGLHUODVLWXDWLRQQRXV
XWLOLVRQVGHVGRQQpHVVXSSOpPHQWDLUHVSRXUFRPSUHQGUHOHU{OH
TXLMRXHO¶$OJqEUHGDQVOHGpYHORSSHPHQWG¶DXWUHVGRPDLQHV
GHV PDWKpPDWLTXHV 1RXV SUpVHQWRQV XQ H[HPSOH GH
O¶LQIOXHQFHG¶XQSURIHVVHXUGpEXWDQWD\DQWFHVFDUDFWpULVWLTXHV
VXUO¶(VSDFHGH7UDYDLO0DWKpPDWLTXHSHUVRQQHOGHVHVpOqYHV
,QWURGXFFLyQ
1
RVSURSXVLPRVKDFHUXQVHJXLPLHQWRSRUWUHVDxRVDSURIHVRUHVGHEXWDQWHV
HQDXODVHQDGHODQWH3'HVWRHVDPDHVWURVFRQDORVXPRGRVDxRVGH
VHUYLFLRHQVXDFWLYLGDGGHFODVHVFRPRSDUWHGHXQSUR\HFWRHQHOFXDO
QRVSUHJXQWDPRVSRUODVFRQFHSFLRQHVJHRPpWULFDV\DOJHEUDLFDVGHVDUUROODGDV
HQHODXOD
,QGDJDFLRQHVSUHYLDVVHxDODQTXHFRQIUHFXHQFLDORVSURIHVRUHVSULYLOHJLDQ
ODDOJRULWPLD\¶DOJHEUL]DQ·OD*HRPHWUtD\RWURVGRPLQLRVPDWHPiWLFRV(QHVWH
WUDEDMRPRVWUDUHPRVHYLGHQFLDVVREUHODWHQGHQFLDTXHODVFODVHVKDQLQGLFDGR
DHVWRVSURIHVRUHVVHOHVGLÀFXOWDKDFHUODDSURSLDGDWUDVSRVLFLyQGLGiFWLFDGH
ORVFRQWHQLGRVJHRPpWULFRV\DOJHEUDLFRVGHKHFKRSDUHFHQGLYLGLGRVHQWUHODV
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
H[LJHQFLDVGHVXLQVWLWXFLyQIRUPDGRUD\DTXHOODVTXHGHEHQSRQHUHQMXHJRHQ
VXHQVHxDQ]DRVLPSOHPHQWHPXHVWUDQGHVFRQRFLPLHQWRDFHUFDGHFyPR
WUDQVSRQHUDOJXQRVVDEHUHV
(VWXGLDPRVODFRPSOHMLGDGGHHVWDFXHVWLyQFRQSURIHVRUHVGHEXWDQWHVHQ
HOVLVWHPDHGXFDWLYRFKLOHQRSULQFLSDOPHQWHHQGRVHMHVGHQXHVWURLQWHUpV
S
S
M
ÉOJHEUD\*HRPHWUtD1XHVWUDVSULPHUDVREVHUYDFLRQHVGDQFXHQWDGHTXHHO
SURIHVRUWUDEDMDXQDJHRPHWUtD¶DOJHEUL]DGD·HVWRHVTXHFXDQGRpOSURSRQH
XQSUREOHPDHQ*HRPHWUtDUHFXUUHQWHPHQWHFDPELDDXQGRPLQLRDOJHEUDLFR
SDUDUHVROYHUOR\VHOLPLWDSRUHMHPSORDUHVROYHUXQVLVWHPDGHHFXDFLRQHV
FRUULHQGR HO ULHVJR GH REVWDFXOL]DU OD FRQVWUXFFLyQ GHO REMHWR PDWHPiWLFR
HQFXHVWLyQHQHOGRPLQLRJHRPpWULFR
1XHVWURPDUFRHVODWHRUtDGHO(VSDFLRGH7UDEDMR0DWHPiWLFR(70.X]QLDN
(OORQRVKDSHUPLWLGRVLWXDUHOSUREOHPDHQWpUPLQRVWHyULFRVSUHFLVRV\HQ
SDUWLFXODUDQDOL]DUFRQGHWHQFLyQHOUROTXHFXPSOHQORVGLVWLQWRVFRPSRQHQWHVGH
V
ORVSODQRVHSLVWHPROyJLFR\FRJQLWLYRGHO(VSDFLRGH7UDEDMR0DWHPiWLFR*HRPpWULFR
(70 *HQODFXHVWLyQ\FyPRHVWRVVHDGDSWDQHQXQGRPLQLRDOJHEUDLFR
FRQÀJXUDQGRXQ(VSDFLRGH7UDEDMR0DWHPiWLFR$OJHEUDLFR(70 $
$QWHFHGHQWHV7HyULFRV
+RXGHPHQW\.X]QLDN\.X]QLDNLGHQWLILFDQWUHVWLSRVGH
*HRPHWUtD*,*,,*,,,TXHFRH[LVWHQHQODHQVHxDQ]D\FX\DIXQFLyQHV
IDYRUHFHUTXHHODOXPQRFRQVWUX\DVXSURSLR(VSDFLRGH7UDEDMR*HRPpWULFR
(7*JXLDGRSRUHOGRFHQWH(QHVWHHVSDFLRORVSUREOHPDVJHRPpWULFRVWRPDQ
GLVWLQWDLQWHUSUHWDFLyQ\YDOLGH]GHSHQGLHQGRGHOSDUDGLJPDSUHVHQWH\GHOD
LQVWLWXFLyQHOHJLGD
$FWXDOPHQWHODWHRUtDFRQVLGHUDXQHVSDFLRGHWUDEDMRPDWHPiWLFR JOREDO
(70HOFXDOGHSHQGHGHOGRPLQLRPDWHPiWLFRDVtHO(7*HVDKRUD(70 *\
DGHPiVVHWLHQH(70 $SDUDHOÉOJHEUDHWF.X]QLDNGHHVWHPRGRHQ
HO(70VHFRQFLEHODUHÁH[LyQFRPRHOIUXWRGHXQDLQWHUDFFLyQHQWUHXQLQGLYLGXR
\ORVSUREOHPDVPDWHPiWLFRVJHRPpWULFRVDOJHEUDLFRVHWFHQXQDPELHQWH
RUJDQL]DGRSRU\SDUDHOPDWHPiWLFRJHyPHWUDDOJHEULVWDHWF PHGLDQWHOD
DUWLFXODFLyQGHGRVSODQRVXQRHSLVWHPROyJLFR\RWURFRJQLWLYR.X]QLDN
9HU)LJXUDGH.X]QLDN\5LFKDUGHQHVWH1~PHUR(VSHFLDO
(VWDPELpQGHHVDPDQHUDTXHXQLQGLYLGXRFRQILJXUDXQFRQVWUXFWR
WHyULFRDFHUFDGHXQREMHWR\RFRQWHQLGR$KRUDELHQXQDWDUHDGHWHUPLQDGD
SURSXHVWDSRUHOSURIHVRUDFWLYDXQDRYDULDVJpQHVLVHQHODOXPQRORTXH
VHSXHGHHYLGHQFLDUHQFLHUWDPHGLGDHQODFLUFXODFLyQ TXHVHUHDOL]DHQOD
FODVHHQWUHORVFRPSRQHQWHVGHORVSODQRV1XHVWUDKLSyWHVLVHVTXHODDFWLYDFLyQ
GHWRGDVODVJpQHVLVTXHVHSXHGHGHWHFWDUHQXQDFLUFXODFLyQDSURSLDGD
SHUPLWHTXHHOHVWXGLDQWHKDJDXQDFRQVWUXFFLyQVXILFLHQWHPHQWHFRPSOHWD
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
GHOREMHWRPDWHPiWLFREDMRHVWXGLR8QDWDUHDTXHVHOLPLWHDODJpQHVLV
VHPLyWLFDSRUHMHPSORSXHGHREVWUXLUORVDVSHFWRVRSHUDWLYRVTXHRIUHFH\R
UHTXLHUHHOFRQWHQLGRHQFXHVWLyQRODYDOLGDFLyQGHWDOREMHWR'HHVWDIRUPD
XQDFLUFXODFLyQTXHDFWLYDVRODPHQWHODVJpQHVLVVHPLyWLFDHLQVWUXPHQWDOVH
VLW~D~QLFDPHQWHHQHOSODQRYHUWLFDO´SURFHVRGHGHVFXEULPLHQWRµVHxDODGRHQ
OD)LJXUDGH.X]QLDN\5LFKDUGHQHVWH1~PHUR(VSHFLDO
3UHJXQWDGHLQYHVWLJDFLyQ\IRUPDGHDERUGDUHOHVWXGLR
&RPRVHGLMRDOLQLFLRVHKDFHQHFHVDULRHVWXGLDUODDSDUHQWHDOJHEUL]DFLyQGHOD
PDWHPiWLFDHQODVDXODV\HOSDUDGLJPDTXHHVWDWLHQGHDLQGXFLUHQHOHVWXGLDQWH
6HKDFHQHFHVDULRFDUDFWHUL]DUOD\YHUORVHOHPHQWRVTXHODFRQVWLWX\HQ3DUDHOOR
HQWpUPLQRVWHyULFRVVHUHTXLHUHFODULÀFDUHOUROTXHFXPSOHXQUHSUHVHQWDPHQ
SURSLDPHQWHDOJHEUDLFRHQORVGRPLQLRVJHRPpWULFRVXRWURVGLVWLQJXLHQGR
ELHQ FXiQGR VH HVWi HQ XQ GRPLQLR DOJHEUDLFR SURSLDPHQWH WDO (70 $
(VWR~OWLPRUHTXLULySRUVXSDUWHDKRQGDUHQODWHRUtDODVLGHDVGHDUWHIDFWR
VLPEyOLFR\GHJpQHVLVLQVWUXPHQWDO$VXYH]ORDQWHULRUOOHYyDSUHJXQWDUVH
DFHUFDGHOHIHFWRGHODDOJHEUL]DFLyQGHO(70LGyQHRGHXQSURIHVRUHQHO
(70SHUVRQDOGHORVDOXPQRVSDUDORFXDOVHHVWXGLyODJpQHVLVGLVFXUVLYDHQ
XQWUDEDMRJHRPpWULFRKDELWXDOHQDOXPQRV
(QHVWDLQYHVWLJDFLyQQRVSUHJXQWDPRVHQWpUPLQRVJHQHUDOHVSRUHO
SURFHVRGHWUDQVSRVLFLyQ&KHYDOODUGGHVSOHJDGRHQDXODSRUXQSURIHVRU
GHEXWDQWHHLQGDJDPRVFyPRVRQOOHYDGRVDODXODVXVSURSLRVFRQRFLPLHQWRV
J
S S
PDWHPiWLFRVHQXQSURFHVRGHHQVHxDQ]DHQ*HRPHWUtD\ÉOJHEUD1RVLQWHUHVD
DYHULJXDUTXpSULYLOHJLDRTXpGHMDGHKDFHUFXDQGRVHLQVHUWDHQXQDLQVWLWXFLyQ
HVFRODUTXHOHGHPDQGDQXHYDVUHVSRQVDELOLGDGHVUHVSHFWRGHODVFXDOHVKD
UHFLELGRHQIRUPDPiVELHQWHyULFDHOHPHQWRVHQVXLQVWLWXFLyQIRUPDGRUD
0iVSUHFLVDPHQWHQRVSUHJXQWDPRVFXiOHVVRQODVFRQFHSFLRQHVJHRPpWULFDV\
DOJHEUDLFDVGHVDUUROODGDVHQFODVHSRUXQSURIHVRUGHEXWDQWH
8QDKLSyWHVLV\DVXJHULGDHVTXHHOUHFXUVRKDELWXDODODDOJHEUL]DFLyQ
GHORVSUREOHPDVJHRPpWULFRVSRUORVSURIHVRUHVSRGUtDLPSHGLUTXHORVDOXPQRV
LQVWUXPHQWDOLFHQ UHFXUVRV SURSLDPHQWH JHRPpWULFRV \ FRQ HOOR REVWUXLU OD
JpQHVLVGLVFXUVLYD2WUDKLSyWHVLVHVTXHHOUHFXUVRDODJHRPHWUtDDQWHXQDVLWXDFLyQ
DOJHEUDLFDFRUUDSRUVXSDUWHHOULHVJRGHUHGXFLUVHDXQDYLVXDOL]DFLyQLFyQLFD
HQWDOFDVRSXHGHTXHODVLWXDFLyQDOJHEUDLFDQRVHHQODFHFRQODKHUUDPLHQWD
'RXDG\JHRPpWULFDORTXHREVWDFXOL]DUtDWDPELpQODIRUPDFLyQGHXQ
(70DSURSLDGRHQORVDOXPQRVRTXHODSUHJQDQFLDGHOtFRQRREVWDFXOLFHXQD
JpQHVLVGLVFXUVLYDFRUUHFWD
4XHHYHQWXDOPHQWHLQYROXFUDYDULRVREMHWRV
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
3RURWUDSDUWHFRQODVWDUHDVTXHSURSRQH\FRQHOGLVFXUVRTXHUHDOL]DHO
SURIHVRURHOFRQMXQWRGHSURIHVRUHVGHXQDLQVWLWXFLyQRORVWH[WRVHVFRODUHV
YDFRQVWLWX\HQGRSDXODWLQDPHQWHXQSDUDGLJPDHQVXFXUVRLQVWLWXFLyQHWFGH
FyPRVHUHSUHVHQWDFyPRVHRSHUD\FyPRVHYDOLGDHOWUDEDMRFRQHVHREMHWR
6L DFDVR VX HQVHxDQ]D VH OLPLWD D DOJXQDV GH ODV JpQHVLV HVWDUtD
LQVWLWX\HQGRXQSDUDGLJPDHQTXHORVREMHWRVPDWHPiWLFRVHVWiQHQDOJXQD
PHGLGDGLVWRUVLRQDGRV
(QDGLFLyQDORDQWHULRUHVSRVLEOHTXHHOSURIHVRUQRSXHGDDFWLYDUODJpQHVLV
GLVFXUVLYD3RUHMHPSORSRGUtDHQWHQGHUTXHHOSURFHVRGHSUXHEDFRUUHVSRQGH
H[FOXVLYDPHQWHDOPXQGRPDWHPiWLFR0RQWR\D'HOJDGLOOR\SRUWDQWRHV
LQQHFHVDULRSDUDORVDOXPQRVFRQTXLHQHVWUDEDMDRSRUHOFRQWUDULRLQWHQWDU
TXHVXVDOXPQRVUHPHGHQHQORTXHSXHGDQFRPRXQDWUDQVSRVLFLyQFRPSOHMD
GHUHDOL]DUORVXVRVGHORVPDWHPiWLFRVDOUHVSHFWR(QHVWRLQIOX\HDGHPiV
ODHVFDVDSUHVHQFLDGHSURFHVRVGHSUXHEDHQODVPHGLFLRQHVLQWHUQDFLRQDOHVTXH
WHQGHUtDWDPELpQDGLVPLQXLUDQWHHOSURIHVRU\HQHOSDUDGLJPDODUHOHYDQFLD
GHODJpQHVLVGLVFXUVLYD
+HPRVVHJXLGRGXUDQWHVHVLRQHVGHKRUDVDSURIHVRUHVGHEXWDQWHV
HQDXOD(QODWDEODVHPXHVWUDQDOJXQRVGHORVWHPDVWUDWDGRVSRUORVSURIHVRUHV
TXHQRVOOHYDURQDFDUDFWHUL]DUPHMRUORVSDUDGLJPDVGRPLQDQWHVHQFDGDFDVR\
QRVSHUPLWLHURQSDUDOHODPHQWHHVWDEOHFHURSUHFLVDUDVSHFWRVWHyULFRVGHO(70
TXHH[SOLFLWDUHPRVPiVDEDMR'HORVYLGHRVDQDOL]DGRVVHOHFFLRQDPRVGRVHQ
ORVFXDOHVDVSHFWRVUHOHYDQWHVGHO(70LGyQHRVLELHQFRLQFLGHQWHVFRQORVGHORV
RWURVSURIHVRUHVVHHYLGHQFLDQFRQPD\RUFODULGDG
7$%/$ ,
3URIHVRUHV'HEXWDQWHV
3URIHVRU
*pQHUR
1GHFODVHV
REVHUYDGDV
1LYHO
3'
)
0HGLR
3'
)
\
0HGLR
7HPDVWUDWDGRV
(70GHVDUUROODGR
6HPHMDQ]D
7HRUHPD
GH7DOHV
SURGXFWRV
QRWDEOHV
IUDFFLRQHV
DOJHEUDLFDV
&ODVHVREVHUYDGDV
FRQXQIXHUWH
SUHGRPLQLR
HQFRQWHQLGRV
DOJHEUDLFRV\
WUDWDPLHQWR
DOJHEUDLFR
)XQFLyQOLQHDO
)XQFLyQ
DItQ )XQFLyQ
YDORUDEVROXWR
5HVROXFLyQGH
(FXDFLRQHV
6LVWHPDVGH
(FXDFLRQHV
5HSDVR
&ODVHVREVHUYDGDV
VRORHQFRQWHQLGRV
DOJHEUDLFRV)XHUWH
SUHGRPLQLRGH
XQWUDWDPLHQWR
DOJHEUDLFR
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
0RVWUDUHPRVH[WUDFWRVGHODVJUDEDFLRQHV\ODSDXWDXVDGDSDUDH[DPLQDU
ODVFLUFXODFLRQHVTXHVHUHDOL]DQHQHO(70(VWDSDXWDSURFXUDLGHQWLÀFDUFyPR
VHYDQDFWLYDQGRODVJpQHVLVSRUODRODVWDUHDVTXHHOSURIHVRUSURSRQHHQVX
FODVH&RQHOREMHWRGHGHVFULELUODFLUFXODFLyQKHPRVURWXODGRFDGDFRPSRQHQWH
GHORVSODQRVFRPRVLJXH UHSUHVHQWDPHQDUWHIDFWRVUHIHUHQFLDO
$YLVXDOL]DFLyQ%FRQVWUXFFLyQ&SUXHED
&XHVWLRQDPLHQWRVWHyULFRV
$UWLFXODFLyQ\FLUFXODFLyQHQWUHFRPSRQHQWHVJpQHVLVLQVWUXPHQWDO
(QOD)LJXUDGHODLQWURGXFFLyQVHPXHVWUDHO(70FRQVXVSODQRVVXVFRPSRQHQWHV
\VXVJpQHVLVODVFXDOHVDUWLFXODQ\KDFHQHYROXFLRQDUORVSODQRVHSLVWHPROyJLFR\
FRJQLWLYR.X]QLDN3HQVDQGRHQHO(70LGyQHRXQDSURSXHVWDGHHQVHxDQ]D
SXHGHDFWLYDU\FRQWURODUHVWDVJpQHVLVHVGHFLUGHVDUUROODUXQDFLUFXODFLyQ
HVSHFtÀFD7DPELpQVHSXHGHDQDOL]DUODFLUFXODFLyQHQHO(70SHUVRQDOFRPRHQHO
UHIHUHQFLDO\HQHOLGyQHR
/DJpQHVLVLQVWUXPHQWDOGDFXHQWDGHFyPRXQDUWHIDFWR VHFRQYLHUWHHQXQ
LQVWUXPHQWR\GHHVWDIRUPDVHLQWHJUDDOKXPDQRSDUDFRQVWUXLUFRQRFLPLHQWR
PDWHPiWLFR$UWLJXHHO DUWHIDFWR 5DEDUGHOHVXQREMHWRPDWHULDO
RDEVWUDFWRGHVWLQDGRDGDUVXVWHQWRDODDFWLYLGDGGHOKRPEUHHQODHMHFXFLyQGH
XQFLHUWRWLSRGHWDUHDHOLQVWUXPHQWRHVORTXHXQVXMHWRFRQVWUX\HDSDUWLU
GHODUWHIDFWR/DJpQHVLVLQVWUXPHQWDO HVHOSURFHVRGHWUDQVIRUPDFLyQGHXQ
DUWHIDFWRHQLQVWUXPHQWR
(O SURFHVR GH LQVWUXPHQWDOL]DFLyQ VH DSR\D HQ XQ UHFRQRFLPLHQWR GH
ODV IXQFLRQHV GHO DUWHIDFWR \ OR FRQYLHUWH HQ XQD KHUUDPLHQWD PDWHPiWLFD
IXQFLRQDODOHVWXGLDQWHFRUUHVSRQGLHQWHPHQWHHOGH LQVWUXPHQWDFLyQGHODV
DFFLRQHVPDWHPiWLFDVSRUHOXVRGHODKHUUDPLHQWDLQYROXFUDODFRQVWUXFFLyQGH
HVTXHPDV PHQWDOHV SHUVRQDOHV \ OD DSURSLDFLyQ GH RWURV SUHH[LVWHQWHV SDUD
GHVDUUROODU \ HQWHQGHU GH PDQHUD HYHQWXDOPHQWH GLVWLQWD OD DFWLYLGDG
PDWHPiWLFD 7URXFKH /D LQVWUXPHQWDOL]DFLyQ SXHGH FRQGXFLU DO
HQULTXHFLPLHQWRGHODUWHIDFWRSRUXQPHMRUDSURYHFKDPLHQWRGHOPLVPRSHUR
WDPELpQDVXVXEXWLOL]DFLyQ$UWLJXH'HDOOtODLPSRUWDQFLDGHODSUHJXQWD
GHFyPRSRWHQFLDUHODUWHIDFWRSDUDTXHVHLQVWUXPHQWDOLFHHQORVSDUDGLJPDV
\DVtODVJpQHVLVKDJDQHYROXFLRQDUHO(70
(ODUWHIDFWRFRPRLQVWUXPHQWRWHyULFR
/RVDUWHIDFWRVSHUWHQHFHQDOSODQRHSLVWHPROyJLFR+RXGHPHQW.X]QLDN
.X]QLDN\FRUUHVSRQGHQDWRGRORTXHOHSHUPLWHDOXVXDULR
PDQLSXODUORVREMHWRVPDWHPiWLFRVRPHMRUGLFKRVXUHSUHVHQWDFLyQFRQOD
ÀQDOLGDGGHDERUGDUODWDUHDHQFRQFRUGDQFLDFRQODJpQHVLVGLVFXUVLYD
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
$KRUD ELHQ HQ HO HQIRTXH GH 5DEDUGHO ORV DUWHIDFWRV HVWiQ
UHODFLRQDGRVFRQVXVXVRV\QRGHEHQVHUFRQVLGHUDGRVFRPRHQWHVWUDQVSDUHQWHV
(QHVWHVHQWLGRORVLQVWUXPHQWRVVRQHQWLGDGHVPL[WDVIRUPDGDVSRUHOREMHWR
WpFQLFR DUWHIDFWR ²PDWHULDO R VLPEyOLFR² \ FRPSRQHQWHV FRJQLWLYDV DO
PRPHQWRGHPDQLSXODUDOUHSUHVHQWDPHQ3HLUFH.X]QLDNUHODFLRQDGRV
FRQVXVXVRVHVTXHPDVGHXVR²ODJpQHVLVVHPLyWLFD²
0iVD~QVHJ~QKHPRVSRGLGRFRPSUREDUDSDUWLUGHORVFDVRVDQDOL]DGRV
HQ HO HVWXGLR XQ UHSUHVHQWDPHQ TXH XQ HVWXGLDQWH LGHQWLILFD FRPR GHO
GRPLQLRDOJHEUDLFRDFWLYDODJpQHVLVLQVWUXPHQWDOLQLFLiQGRVHXQSURFHVRGH
LQVWUXPHQWDOL]DFLyQSDUDGDUFXHQWDGHXQDWDUHDJHRPpWULFD\ORVFDVRVTXHKHPRV
DQDOL]DGRGDQFXHQWDGHHOOR3RUHMHPSORRFXUUHFRQIUHFXHQFLDHQSUREOHPDVGH
FDUiFWHUJHRPpWULFRTXHVLDXQWUD]RGHVFRQRFLGRVHOHDVLJQDODYDULDEOH³[
³ ´
HOORLQGX]FDDWUDEDMDUHOSUREOHPDJHRPpWULFRHQHOGRPLQLRDOJHEUDLFRHVWR
SDUHFHUtDXQDPDQHUDGHREUDUQRVRORKDELWXDOVLQRDSURSLDGDVLQHPEDUJRVH
FRUUHHOULHVJRGHTXHHOSURIHVRUGHEXWDQWHREVWDFXOLFHHOGHVDUUROORJHRPpWULFR
(OFDVRGHORVSURIHVRUHVGHEXWDQWHV
$FRQWLQXDFLyQSUHVHQWDPRVHYLGHQFLDHQDXODGHGRVSURIHVRUDVGHEXWDQWHV3'
\3'FDGDXQDWLWXODGDHQXQDXQLYHUVLGDGFKLOHQDGLVWLQWDFRQWUDGLFLyQHQ
IRUPDFLyQGHSURIHVRUHVDPEDVFRQFRQWUDWRUHJXODUHQVXVUHVSHFWLYRVOLFHRV
/DVJUDEDFLRQHVVHUHDOL]DURQGXUDQWHORVDxRV\/DVFODVHVTXH
DQDOL]DPRVDTXtFRUUHVSRQGHQDXQDGH3'HQ*HRPHWUtDWHRUHPDGH7DOHV\
T
S
\
RWUDGH3'HQÉOJHEUDVLVWHPDGHHFXDFLRQHVOLQHDOHVUHDOL]DGDVDPEDVSDUD
DOXPQRVGHDxRVDxRGHOLFHR(VWRVGRVFDVRVUHVXOWDQVHUGLVWLQWLYRV
HQORVUHVSHFWLYRVGRPLQLRVGHLQWHUpVHQHVWDLQYHVWLJDFLyQ\PXHVWUDQFyPRXQ
SURIHVRUGHEXWDQWHLQVWUXPHQWDOL]DXQDWDUHDFRQVXVDOXPQRV
(QODVJUDEDFLRQHVVHLGHQWLÀFDURQHSLVRGLRV\WDUHDVTXHHQWUHJDURQORV
3'&RQSRVWHULRULGDGDHOORVHLGHQWLÀFDURQJpQHVLV\FLUFXODFLRQHVHQHO(70
SDUDVXUHVSHFWLYRDQiOLVLV
7HRUHPDGH7DOHV
3'WUDWyHOWHRUHPDGH7DOHVHQVXFODVHHLQWURGXMRHOWHPDPHGLDQWHHO
SUREOHPDGHEXVFDUXQDDOWXUDPHGLGDLQDFFHVLEOHGHXQDSLUiPLGHVLUYLpQGRVH
GHOODUJRGHXQEDVWyQ(VWHHSLVRGLRHVHOTXHVHPXHVWUDWUDQVFULWRYHUWDEOD,,
3RVWHULRUPHQWHKXERXQVHJXQGRHSLVRGLRTXHHMHPSOLÀFDODVLWXDFLyQFRQWUD]RV
GHVFRQRFLGRV\XQWHUFHURHQTXHVHPXHVWUDHOWHRUHPDJHQHUDO\HQHOFXDO
ODWDUHDHVGHWHUPLQDUHOWUD]RGHVFRQRFLGR
/DSUiFWLFDGHDXODGH3'PXHVWUDTXHSULYLOHJLDODILJXUDHQTXHVH
SUHVHQWDHOWHRUHPDHQORVWH[WRVHVFRODUHVKDELWXDOHVHQ&KLOH(OFHQWURGHOD
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
WDUHDTXHSURSXVRIXHGHWHUPLQDUHOYDORUGHXQDLQFyJQLWD\UHVROYHUELHQXQD
HFXDFLyQPRVWUDQGR´SDVRVµSDUDDSOLFDUHQIRUPDFRUUHFWDODDOJRULWPLDDVRFLDGD
FRQHVWRFDPELDHOSUREOHPDGHVGHHOGRPLQLRJHRPpWULFRDODOJHEUDLFR3'
XWLOL]DODFRPSRQHQWHYLVXDOL]DFLyQSDUDWUDQVLWDUDOUHIHUHQFLDOVLQDFWLYDUOD
JpQHVLVGLVFXUVLYDHQ*,R*,,
(QOD7DEOD,,PRVWUDPRVODSUHVHQWDFLyQGHODWDUHDDVRFLDGDVDOGHVDUUROOR
GHODFODVHGH3'
7$%/$ ,,
3UHVHQWDFLyQGHO7HRUHPDGH7DOHV\ODFLUFXODFLyQHQHO(70
7DUHD
7DUHDGHFODVH
'HWHUPLQDU
ODDOWXUDGH
XQDSLUiPLGH
PHGLDQWH
VHPHMDQ]DGH
WULiQJXORV
7DUHDJHQpULFD
&LUFXODFLyQ
'HVFULSFLyQ\
FDUDFWHUL]DFLyQGHO(7*
GHO3URIHVRU
5HODFLRQDOD VHPHMDQ]D
FRQODSURSRUFLRQDOLGDG
G
HVWXGLDGDODFODVHDQWHULRU
VHJ~Q3'
/RVREMHWRVTXHPHQFLRQD
VRQODSLUiPLGH\VX
DOWXUDSDUDGHWHUPLQDUOD
DOWXUDGHXQEDVWyQ
$
'HWHUPLQDU
ODPHGLGD
GHXQFDWHWR
PHGLDQWHOD
SURSRUFLRQDOLGDG
GHWULiQJXORV
(QODSL]DUUDVH UHSUHVHQWD
ODSLUiPLGH ''
PHGLDQWHHOGLEXMRGHXQ
WULiQJXORUHFWiQJXORDPDQR
DO]DGDQRXVDDUWHIDFWRVGH
PDQLSXODFLyQPXHVWUDGRV
WULiQJXORVUHFWiQJXORVVLQ
LQGLFDUTXHORVRQGRQGH
ORVFDWHWRVFRUUHVSRQGHQD
ODVRPEUDYHU,FROXPQD
VLJXLHQWH\DOWXUDGHXQD
SLUiPLGH\XQEDVWyQ
UHVSHFWLYDPHQWH
2EV3'QRMXVWLILFDOD
SLUiPLGH\WDPSRFRKDFH
UHODFLyQFRQODVHPHMDQ]D
HVWXGLDGDDQWHULRUPHQWH
2EVDQWHLQWHUYHQFLyQ
,UHVSRQGHTXHVt\TXHD
SDUWLUGHHVWDLGHDQDFHHO
WHRUHPD
5HOLPH9RO,'LFLHPEUHGH
,QWHUYHQFLRQHVGH
HVWXGLDQWHV
,8QHVWXGLDQWH
SUHJXQWDSRUODVRPEUD
TXHVHGHWHUPLQDUi
SXHVODFRQILJXUDFLyQ
''GLEXMDGDQRVH
UHODFLRQDGLUHFWDPHQWH
FRQORVREMHWRVUHDOHV
,8QHVWXGLDQWH
SUHJXQWDVLHVWRSHUPLWH
GHWHUPLQDUPHGLGDVGH
RWURVREMHWRV
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
(QODWDEODVRORKHPRVSXHVWRODWDUHDFRPRODSUHVHQWDODSURIHVRUD3'
VLQFRQWLQXDUFRQHOGHVDUUROOR\ODGHVFULSFLyQGHODFLUFXODFLyQODFXDOVH
HQFXHQWUDFRGLÀFDGDHQODVHJXQGDFROXPQDVHJ~QORVHxDODGRHQ (QOD
WUDQVFULSFLyQTXHVLJXHSRGHPRVFRQVWDWDUTXH3'FDPELDGHOPDUFRJHRPpWULFR
DODOJHEUDLFRQRKDFLHQGRODJpQHVLVDSURSLDGDSDUDPDQWHQHUDODOXPQRHQHO
(70 *$QWHODSULPHUDSUHJXQWDGHOHVWXGLDQWHTXHHYRFDXQDHFXDFLyQHOOD
SURPXHYHHOXVRGHOÉOJHEUDFRQHOREMHWRGHSODQWHDUXQDHFXDFLyQFDGDYH]
TXHWLHQHXQVHJPHQWRGHVFRQRFLGR(VWRHYLGHQFLDHOFDPELRHQHOHVSDFLRGH
WUDEDMR \DVtODWDUHDJHRPpWULFDHVXQDH[FXVDSDUDSDVDUDODVHFXDFLRQHV
FRPRVLIXHVHXQD´JHRPHWUtDDULWPHWL]DGDµSHUGLHQGRHOKRUL]RQWHODWDUHD
JHRPpWULFDHQVt$FRQWLQXDFLyQPRVWUDPRVFXiQGR3'FDPELDHOSUREOHPDGH
SURSRUFLRQDOLGDGDXQRGHVROXFLyQGHXQDHFXDFLyQGH(70 * D(70 $
>3'@ ³&ODURVtSRUTXHDORPHMRUQRVRORORSRGHPRVKDFHUSDUDHOFDVRGH
ODSLUiPLGHRVHDGHDKtQDFLyHOWHRUHPD3HURSRUHMHPSOR\RSRGUtD
VDEHUFXiQWRPLGHXQHGLILFLR\TXLHURVDEHUFXiQWRPLGHODVRPEUDTXH
SUR\HFWDHVHHGLILFLRRODVRPEUDTXHSUR\HFWDXQiUEROHQWRQFHV
YDPRVDYHUPiVHMHUFLFLRVGHDSOLFDFLyQSRUTXHDGHPiVQRVRORVH
DSOLFDHOWHRUHPDGH7DOHVSDUDHOWULiQJXOR/RYDPRVDYHUWDPELpQ
SDUDFXDQGRODVUHFWDVVRQSDUDOHODVFXDQGRKD\GRVUHFWDVVHFDQWHV
3HURODLGHDHVTXHHQWLHQGDQTXHHOWHRUHPDGH7DOHVWLHQHTXHYHU
FRQODGRVSURSRUFLRQDOHVHQWRQFHVHVRHVORTXHQRVRWURVYDPRVD
LUEXVFDQGRFXiOHVVRQORVODGRVSURSRUFLRQDOHV´
>$@ $3'³&RQHOXQRVXSRQJRTXHVHYHULILFDFRQHO¢TXpVHKDFH"´
>3'@ ³(Q HO FDVR SRU HMHPSOR GH TXH IXHUD XQ PH GLHUD [ HVWDUtD
PXOWLSOLFDQGR¢FyPRSDVDUtDSDUDGHVSHMDUODHFXDFLyQ"´
>$@ ³'LYLGLHQGRSHURSURIHTXHGDUtD[HO[VLHPSUHWLHQHTXHTXHGDUVROR«
³
´
>3'@ ³&ODURSRUTXHORTXHTXHUHPRVVDEHUHVODLQFyJQLWD´
6HREVHUYDTXH3'WLHQHXQGLVFXUVRIUHQWHDOWHRUHPDGH7DOHVTXHQRDFWLYD
0iVSUHFLVDPHQWH3'QRDFWLYDODJpQHVLVGLVFXUVLYD\ODKLSyWHVLVGHOWHRUHPD
TXHGDUHOHJDGDDOGLEXMRDORLFyQLFRKDEODGHODGRVSURSRUFLRQDOHVSHUR
VHFHQWUDHQSODQWHDUODHFXDFLyQ\GHVSHMDUOD³[
³ ´VREUHWRGRHQHMHPSORVHQORV
FXDOHVEDVWDEDXVDUODSURSRUFLRQDOLGDGSDUDGHWHUPLQDUHOWUD]RGHVFRQRFLGR\
ODHFXDFLyQQRHUDQHFHVDULD3'DFWLYDODJpQHVLVLQVWUXPHQWDOVLQHPEDUJR
SRVWXODPRVTXHDSHVDUGHTXHODHFXDFLyQVHDXQDUWHIDFWRVLPEyOLFRHQHO
GRPLQLRGHOD*HRPHWUtDDOQRVHUDTXHOODLQVWUXPHQWDOL]DGDJHRPpWULFDPHQWH
8QDILJXUDGHWUHVGLPHQVLRQHVHVWUDEDMDGDHQGRVGLPHQVLRQHV'XYDO
(VGHFLUUHSUHVHQWDPHQDUWHIDFWRVUHIHUHQFLDO$YLVXDOL]DFLyQ%FRQVWUXFFLyQ&SUXHED
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
RFXUUHTXHODWDUHDLQLFLDOFDPELDGHGRPLQLR\GHHVHPRGRQRVHGHVDUUROODQL
VHH[SORWDHO(70DSURSLDGR
(QWpUPLQRVJOREDOHVHQODFODVHGH3'VHREVHUYDXQDFLUFXODFLyQ$%
HQHO(70DFWLYDGDSRUODVJpQHVLVLQVWUXPHQWDO\VHPLyWLFDSHURQRREWLHQHXQ
GHVDUUROORGHOGRPLQLRGHOD*HRPHWUtDGDGRTXHVXFHQWURGHLQWHUpVHVUHVROYHU
HFXDFLRQHV
)LJXUDVJHRPpWULFDVSURWRWtSLFDV\ODDOJHEUL]DFLyQGHOD*HRPHWUtD
(QORVWH[WRVHVFRODUHVFKLOHQRVHQODVFODVHV\HQODVHYDOXDFLRQHVGHPHGLFLyQ
DODFDOLGDGGHODHGXFDFLyQQDFLRQDOVHXVDQÀJXUDVSURWRWtSLFDVDVRFLDGDVD
WHRUHPDVFOiVLFRV3RUHMHPSORODTXHDSDUHFHHQOD)LJXUDTXHDSDUHFHPiV
DEDMRHVXQDGHHOODV
(VLQWHUHVDQWHQRWDUTXHWDQWRODH[SUHVLyQ´WHRUHPDGH7DOHVµFRPROD
ILJXUD SURWRWtSLFD GH HVWH \ OD HFXDFLyQ FRUUHVSRQGLHQWH IXQFLRQDQ FRPR
UHSUHVHQWiPHQHVGHOWHRUHPD\VHUHTXLHUHGHXQDDUWLFXODFLyQGHODVWUHV
JpQHVLVSDUDVXFRPSUHQVLyQFRUUHFWDHQHO(70 *$SDUWLUGHORVWUDEDMRVGH
'XYDOHVQDWXUDOSHQVDUTXHODÀJXUDSURWRWtSLFDIXQFLRQDFRPRtFRQRPiVDXQ
VLODWDUHDVHDOJHEUL]D\ODJpQHVLVGLVFXUVLYDHVEORTXHDGDSRUHVWR~OWLPR
&RQHOREMHWRGHHQWHQGHUPHMRUORTXHYHQtDQVXJLULHQGRORVYLGHRVGH
DXODVVHUHDOL]yXQHVWXGLRDGLFLRQDOFRQODD\XGDGHXQWHVLVWD0HULQR
(VWHHVWXGLRGDFXHQWDGHXQDVSHFWRGHO(70SHUVRQDOGHYHLQWHHVWXGLDQWHV
HQWUH\DxRVTXHKDQVLGRVRPHWLGRVDXQSURFHVRGHHQVHxDQ]DFRPRHO
TXHHYLGHQFLDEDQORV3'
6HSUHVHQWyHOGLEXMRGHXQWULiQJXORLVyVFHOHV$%&GHEDVH$%(OWULiQJXOR
LQFOX\HXQVHJPHQWR'(GRQGH'HVWiVREUH$&\(
( VREUH %&HOFXDOHVYLVXDO
\FODUDPHQWHQRSDUDOHORDODEDVH6HGDQODVPHGLGDVGH$' '&\ $%\VH
SUHJXQWDVLHVSRVLEOHGHWHUPLQDUODORQJLWXGGHOWUD]R(+GRQGH+HVHOSXQWR
+
GHLQWHUVHFFLyQGH'( FRQODDOWXUDGHOWULiQJXORWUD]DGDGHVGH&
$QWHHOSUREOHPDHOGHORVHVWXGLDQWHVSURFHGLyDFDOFXODUORVYDORUHV
GHORVVHJPHQWRVFRQORVYDORUHVDVLJQDGRVDORVWUD]RVHQHOGLEXMRXWLOL]DQGRHO
WHRUHPDGH7DOHV/RVUHVWDQWHVVHxDODQTXHIDOWDWHQHULQIRUPDFLyQDGLFLRQDO
GHHVWRVVyORHODÀUPDTXHORTXHIDOWDHVXQDFRQGLFLyQHOSDUDOHOLVPR
/DWDUHDIXHSODQLILFDGDGHWDOIRUPDTXHQRVLHQGRXQDDFWLYLGDGWtSLFD
HYLGHQFLDUDORTXHHVWiEDPRVVXSRQLHQGRTXHRFXUULUtDHVWRHVTXHORVHVWXGLDQWHV
YLVXDOL]DUtDQODÀJXUDSURWRWtSLFD\ODVFRUUHVSRQGLHQWHVSURSLHGDGHVFRPRXQ
WRGRVLQYHULILFDUVXVGLIHUHQWHVDVSHFWRV²FRPRHQHOFDVRDQWHVGHVFULWR
HQHOFXDOODKLSyWHVLVGHSDUDOHOLVPRGHOWHRUHPDQRHVWiSUHVHQWHSDUDXQJUDQ
SRUFHQWDMHGHORVHVWXGLDQWHV²
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
6LVWHPDGHHFXDFLRQHV
3'DERUGDHOSUREOHPDGHUHVROYHUVLVWHPDVGHHFXDFLRQHVOLQHDOHVFRQGRV
LQFyJQLWDV(OFDVRHVDSDUHQWHPHQWHLQYHUVRDODQWHULRU\DTXHDSHVDUGH
TXHODLQVWLWXFLyQVXJLHUHUHVROYHUHVWRVVLVWHPDVHQIRUPDJHRPpWULFDFDPELD
GHGRPLQLR3'UHVXHOYHHOVLVWHPDHQODIRUPDHQTXHHVWRVVLVWHPDVVRQWUDWDGRV
HQWH[WRVHVFRODUHVRÀFLDOHVSHURQRDGYLHUWHTXHUHDOL]DXQDJHQHUDOL]DFLyQ
LQDSURSLDGDTXHYHUHPRVDFRQWLQXDFLyQ
(O HVSDFLR GH WUDEDMR GH 3' WLHQH XQD IXHUWH YLQFXODFLyQ HQWUH ODV
FRPSRQHQWHV YLVXDOL]DFLyQ\DUWHIDFWR/DFODVHVHLQLFLDSULPHUHSLVRGLR
H[SOLFDQGRTXpHVODVROXFLyQGHXQVLVWHPDGHHFXDFLRQHVOLQHDOHVHVFULWDVHQ
OHQJXDMHVLPEyOLFRYtDVXVWLWXFLyQGHODVHFXDFLRQHV\YHULÀFDFLyQGHODLJXDOGDG
QXPpULFD3HURHOFHQWURGHODFODVHFRQVLVWHHQGHWHUPLQDUGLFKDVROXFLyQ
PHGLDQWHHO´PpWRGRJUiÀFRµLHVROXFLRQDUHOVLVWHPDFRQXQWUDWDPLHQWR
QHWDPHQWHJHRPpWULFRGLEXMDUODVJUiILFDVGHODVHFXDFLRQHVLQYROXFUDGDV
DQDOL]DUVLH[LVWHQRQRVROXFLRQHVGHSHQGLHQGRGHODLQWHUVHFFLyQHYHQWXDOGH
ODVJUiÀFDV)LJXUD
$FRQWLQXDFLyQHOH[WUDFWRGHFXDQGR3'EXVFDODVROXFLyQFRQHOPpWRGR
JHRPpWULFR
>3'@ $ ORV HVWXGLDQWHV ³¢&XiO HV HO SURFHGLPLHQWR" /R SULPHUR TXH
GHEHPRVKDFHUSDUDHQFRQWUDUODVVROXFLRQHVHVJUDILFDUODVHFXDFLRQHV
3DVR Q~PHUR XQR HQWRQFHV JUDILFDU /R TXH YDPRV D WUDEDMDU DKRUD
VRQVRODPHQWHFRQUHFWDV(VRHVORTXHKHPRVYLVWRKDVWDHOPRPHQWR
DVtTXHYDPRVDJUDILFDUVRODPHQWHUHFWDV'HVSXpVFRQHOSDVRGHO
WLHPSR YDPRV D LU DYDQ]DQGR HQ RWUDV IXQFLRQHV 3DVR Q~PHUR XQR
HQWRQFHVJUDILFDUFDGDUHFWDHQHOSODQRFDUWHVLDQR´
>3'@ ³<XQDYH]TXH\DWHQHPRVJUDILFDGDVODVUHFWDVKDOODPRVHOSXQWR
GRQGHVHLQWHUVHFWDQODVUHFWDV+DOODPRVHOSXQWRGHLQWHUVHFFLyQGHODV
UHFWDV´
>$@ $3' ³¢9LHQHRWURSDVR"´
>3'@ ³(VTXHQRKD\PiVSDVRV´
>$@ ³¢(VRHUDWRGR"´
>3'@ ³6tHVRHVWRGR5HFXHUGHQTXHJUiILFDPHQWHHUDHQFRQWUDUHOSXQWRGH
LQWHUVHFFLyQ\VHUiODVROXFLyQDDPEDVHFXDFLRQHV´
&RQHVWDWDUHD\VXSURFHGHU3'DUWLFXODORVFRPSRQHQWHVYLVXDOL]DFLyQ\
DUWHIDFWRSDUDOOHJDUDOUHIHUHQFLDOGHO(70 *&DEHGHVWDFDUDQLYHOGHDUWHIDFWR
TXHSDUDHVWDDFWLYLGDGORVHVWXGLDQWHVGHEtDQWUDEDMDUFRQXQDKRMDGHSDSHO
PLOLPHWUDGRORTXHVXJLHUHSUHFLVLyQHQODHVFDODGHORVHMHV\SRUHQGHHQOD
VROXFLyQGHOVLVWHPD
>3'@ $ORVDOXPQRV³$~QQRYDPRVDXVDUODKRMDPLOLPHWUDGDDVtTXH
VDTXHQFXDGHUQRVOiSLFHV\SUHVWHQDWHQFLyQ´
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
$FRQWLQXDFLyQODSURIHVRUDPXHVWUDXQDSUHVHQWDFLyQVLPLODUDODGHOD
)LJXUDFRQODLQWHQFLyQGHH[SOLFDUHOPpWRGR\ÀQDOL]DFRPRVLJXH
>3'@ $ORVDOXPQRV³$WHQFLyQHVLPSRUWDQWH(VWHPpWRGRQRHVVLHPSUH
~WLO WRWDOPHQWH SRUTXH D YHFHV QRV YDPRV D HQFRQWUDU TXH HO SXQWR
GHLQWHUVHFFLyQYDDVHUV~SHUGLItFLOGHGHWHUPLQDU\QRVHYDDYHU
FODUDPHQWHHQDOJXQRVFDVRV´
>3'@ ³$OJUDILFDUXQVLVWHPDGHHFXDFLRQHVOLQHDOHVFRQGRVLQFyJQLWDVVH
³
SXHGHQREVHUYDUWUHVFDVRV/RLPSRUWDQWHHVTXHVHSDQTXHFXDQGR
JUDILFDPRVUHFWDVRFXUUHQWUHVFDVRV3XHGHRFXUULUTXHODVUHFWDV
VHDQ VHFDQWHV R VHD VH FRUWHQ HQ XQ SXQWR VHDQ SDUDOHODV R TXH
FRLQFLGDQODVGRV´
/RDQWHULRUHVSUHVHQWDGRHQWH[WRV&I)LJXUDHQORVFXDOHVKD\
REVHUYDFLRQHVPiVH[SOtFLWDVGHOGRPLQLRRSHUWLQHQFLDGHOPpWRGRJHRPpWULFR
DOXGLGRHVGHFLUVHLQGLFDH[SUHVDPHQWHTXHHVXQPpWRGRSDUDDOJXQRVFDVRV\
TXHSRUHOORVHUHTXLHUHGHRWURVTXHSRVWHULRUPHQWHVHGHVDUUROODQ
)LJXUD3UHVHQWDFLyQKDELWXDOHQXQWH[WRHVFRODU6HJXQGR0HGLR
(VFODURTXHUHVROYHUHOVLVWHPDHVXQDWDUHDDOJHEUDLFD\TXHUHFXUULU
DODVROXFLyQJHRPpWULFDHVXQSURFHVRGHYLVXDOL]DFLyQGHHVWDWDUHD$VtOD
JpQHVLVVHPLyWLFDFRUUHVSRQGHD(70 $ \QRDXQDJpQHVLVÀJXUDOHQ(70 */RV
SXQWRVtFRQRVJHRPpWULFRVQRVRQVROXFLyQGHOVLVWHPDVLQRTXHFRUUHVSRQGHQ
DXQDDSUR[LPDFLyQ\ODH[LVWHQFLDGHODVVROXFLRQHVGHSHQGHGHOVLVWHPD
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
QXPpULFRHQTXHHVWiQSODQWHDGDVODVHFXDFLRQHV&RPRYHPRVXQDYH]
ILQDOL]DGRHOWUDWDPLHQWRJUiILFR\HOSURFHVRGHYLVXDOL]DFLyQHOHVWXGLDQWH
SXHGHGHWHUPLQDUODYLDELOLGDGGHODVROXFLyQ(VGHFLUVHSURGXFHFLUFXODFLyQ
R SURFHVRHQHO(70 $ HQWUHODVJpQHVLVLQVWUXPHQWDO\VHPLyWLFDSHURQRODKD\
HQODJpQHVLVGLVFXUVLYDQLGHODVRWUDVFRQHVWD~OWLPD3RUORWDQWRHOWUDEDMR
SHUPDQHFHHQHOSODQRYHUWLFDO´SURFHVRGHGHVFXEULPLHQWRµGHO(70 $SHURQRVH
DFWLYDHOSURFHVRGHYDOLGDFLyQYHU)LJXUDGH.X]QLDN\5LFKDUGHQ
HVWH1~PHUR(VSHFLDOWDQWRHQHO(70 $FRPRHO(70 *3DUDDFWLYDUODJpQHVLV
GLVFXUVLYDHQHO(70 *SRUHMHPSORKDEUtDVLGRFRQYHQLHQWHLQFOXLUDOJ~QWLSRGH
DUJXPHQWDFLyQJHRPpWULFDDSDUWLUGHODVVLWXDFLRQHVUHSUHVHQWDGDVHQOD)LJXUD
(QHOSULPHUSiUUDIRGHODWUDQVFULSFLyQ3'QRUHDOL]DODJpQHVLVVHPLyWLFD
DSURSLDGDHQÉOJHEUD\DTXHFRQIXQGHHOSXQWRFRPRtFRQRJHRPpWULFRFRQHO
SDURUGHQDGRTXHDSUR[LPDDODVROXFLyQ$VtHOPpWRGRJHRPpWULFRTXHGyD
QLYHOGHDUWHIDFWRTXHQRIXHLQVWUXPHQWDOL]DGR
&RQFOXVLRQHV
/DWHRUtD(70KDPRVWUDGRVHUXQDKHUUDPLHQWD~WLOSDUDDQDOL]DUFRQFDWHJRUtDV
IHFXQGDV GLYHUVRV SURFHVRV TXH VXE\DFHQ D ORV DSUHQGL]DMHV \ DO SURFHVR
GHWUDQVSRVLFLyQHQSDUWLFXODUHVFRQYHQLHQWHSDUDSRQHUDWHQFLyQHQOD
DUWLFXODFLyQGHORV¶SDUDGLJPDV·VHQVXODWRVREUHORVFXDOHVVHEDVDODIRUPDFLyQ
GLVFLSOLQDULDGHXQSURIHVRU\ORVTXHSRQHHQMXHJRHQVXHQVHxDQ]D
5HVSHFWRGHODXWLOL]DFLyQGHOÉOJHEUDHQRWURVGRPLQLRVODVHYLGHQFLDV
PRVWUDGDV\RWUDVSRGUtDQWDOYH]VHUFRQVLGHUDGDVFRPRIXQGDPHQWRGH
ODKLSyWHVLVGHTXHDTXHOORQRGHEHUtDRFXUULU\ODGHTXHKDEUtDTXHHYLWDUOD
DOJHEUL]DFLyQ$KRUDELHQVDELGRHVHOUROLPSRUWDQWHUROTXHKDFXPSOLGRHO
ÉOJHEUDHQHOGHVDUUROORGHOD0DWHPiWLFD\HOORQRVRORFRPRKHUUDPLHQWDGH
FiOFXORVLQRWDPELpQFRPRPRGHORDVHJXLU0HQD/RUFD0HQD/RUFD0RUDOHV
0RQWR\D'DGRTXHHVHUROQRKDYDULDGRVXEVWDQWLYDPHQWHHVLPSRUWDQWH
LQFOXLUFXDQGRFRUUHVSRQGHHOUHFXUVRDOUHJLVWURDOJHEUDLFRHWF/DFXHVWLyQDO
UHVSHFWRQRVSDUHFHHVFyPRKDFHUORDQWHULRUGHPRGRTXHQREORTXHHODVJpQHVLV
$GHPiVKHPRVPRVWUDGRTXHVHUtDGHVHDEOHTXHORVSURIHVRUHVDUWLFXODUDQ
LQWHQFLRQDGDPHQWHHOSODQRHSLVWHPROyJLFRFRQHOSODQRFRJQLWLYRGHPDQHUD
GHSURPRYHUODFRQVWUXFFLyQGHXQ(70DGHFXDGRHQVXVDOXPQRV
/RVFDVRVSUHVHQWDGRVDTXtPXHVWUDQFODUDPHQWHTXHQLQJXQRGHORV
SURFHVRVDQWHULRUHVVHOOHYDDFDERHQORVSURIHVRUHVGHEXWDQWHVHVWXGLDGRV/D
IRUPDFLyQLQLFLDOGHORVSURIHVRUHVGHEHUtDSRQHUDWHQFLyQH[SOtFLWD\HVSHFLDO
DHVWDPDWHULDQRVSDUHFHDGHPiVTXHHOHVWXGLRDTXtSUHVHQWDGRHQWUHJD
HOHPHQWRVDGLFLRQDOHVSDUDLQFRUSRUDUDHVDIRUPDFLyQ
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
$JUHJDPRVDFRQWLQXDFLyQDOJXQDVFRQFOXVLRQHVTXHSXHGHQVHUYLUGHJXtD
SDUDWHQHUEXHQp[LWRHQODFRQVWUXFFLyQFRUUHVSRQGLHQWH
3DUDHOORHVQHFHVDULRFRPSUHQGHUORVPHFDQLVPRV\ORVSURFHVRVSRUORV
FXDOHVVRQFRQFHELGRVORVDUWHIDFWRVPDWHULDOHVRVLPEyOLFRVSDUDSURSRUFLRQDU
D\XGDUHDODO JHyPHWUD RDOJHEULVWD«$GHPiVVHGHEHQDQDOL]DU\FRPSUHQGHUORV
VLJQLÀFDGRVHQVXVGRPLQLRVPDWHPiWLFRV$VtHOUROGHOSURIHVRUHVIXQGDPHQWDO
SDUDTXHSRWHQFLHXQWUDEDMRJHRPpWULFRGHOHVWXGLDQWH\QRXQRTXHVHUHGX]FD
D´DOJHEUL]DFLyQµ\SDUDH[SOLFLWDUHO(70TXHVHGHVHDGHVDUUROODU(YLGHQFLDV
FRQRWUR3'PXHVWUDQTXHHQODHQVHxDQ]DGHOD3UREDELOLGDGHVRFXUUHXQ
SUREOHPD VLPLODU DO TXH KHPRV FRPSUREDGR HQ OD *HRPHWUtD OD GLIHUHQFLD
HVTXHODYDOLGDFLyQDSDUHQWHYDSRUXQSURFHVRGHH[SHULPHQWDFLyQSHUR
UHDOPHQWHTXHGDDQLYHOGH´FRPSUREDFLyQGHIyUPXODµSUHYLDPHQWHSUHVHQWDGD
SRUHOSURIHVRUGHEXWDQWH
*pQHVLVLQVWUXPHQWDOXQFDPELRGHHVSDFLRGHWUDEDMR
(QORVFDVRVGH3'\3'ODVWDUHDVSRUHOORVSURSXHVWDVIXHURQDERUGDGDV
FRQXQDUWHIDFWRVLPEyOLFRHOFXDOQRWXYRODJpQHVLVDSURSLDGDSDUDDSR\DU
HOHVSDFLRGHWUDEDMRPDWHPiWLFRRULJLQDOORTXHUHGXQGDHQLQHÀFLHQFLDHQHO
XVRGHHVHDUWHIDFWRDSHVDUGHVXSRWHQFLDOLGDGHVGHFLUVLODVJpQHVLVGHO(70
QRVHDUWLFXODQDSURSLDGDPHQWHHQHOGRPLQLRDVRFLDGRDODWDUHDSXHGHQJHQHUDU
TXHVHFDPELHGHGRPLQLRGHELGRDTXHHODUWHIDFWRQRVHKDLQVWUXPHQWDOL]DGR\
QRVHSXHGHHVSHUDUTXHHOHVWXGLDQWHHQULTXH]FDHOLQVWUXPHQWRYtDODFRPSRQHQWH
UHIHUHQFLDO(QDOJXQRVFDVRVHVWHFDPELRGHGRPLQLRSXHGHVHUVLQUHWRUQR
FRQHVWRHOHVSDFLRGHWUDEDMRSHUVRQDOQRVHGHVDUUROODHQWRGDVXGLPHQVLyQ
*pQHVLVVHPLyWLFDHOUHSUHVHQWDPHQ
$QiORJDPHQWHDORDQWHULRUWHQHPRVTXHHOUHSUHVHQWDPHQGHSHQGHGHOGRPLQLR
TXHVHGHVHDGHVDUUROODU\GHODDSURSLDGDJpQHVLVVHPLyWLFD(QHOFDVRGH3'
ODYLVXDOL]DFLyQGHXQSXQWRHQXQGRPLQLRDOJHEUDLFRRJHRPpWULFRGLÀHUHGH
DFXHUGRDODJpQHVLVVHPLyWLFDGHOHVSDFLRGHWUDEDMR(Q0RQWR\D\D
VHKDEtDHYLGHQFLDGRTXHODLQDSURSLDGDJpQHVLVGLVFXUVLYDJHQHUDEDGLÀFXOWDGHV
HQVXVXWLOL]DGRUHV
3RURWUDSDUWHHOSURIHVRUGHEXWDQWHSRWHQFLDILJXUDVSURWRWtSLFDVTXH
FRQIXQGHQRDOPHQRVJHQHUDQREVWiFXORVGLGiFWLFRVHOSUREOHPDVHRULJLQDFXDQGR
ODVUHSUHVHQWDFLRQHVWUDWDGDVGHVGHXQSXQWRGHYLVWDJUiÀFRQRLQWHQFLRQDQOD
FLUFXODFLyQSRUHOUHIHUHQFLDO8QDDSURSLDGDFLUFXODFLyQHQWUHODVJpQHVLVHQVXV
GRPLQLRVHVSHFtÀFRV\FODULGDGUHVSHFWRGHOSDUDGLJPDTXHVHHVWiGHVDUUROODQGR
SRWHQFLDQHO(70SHUVRQDO8QDIRUPDGHDFWLYDUODJpQHVLVGLVFXUVLYDRGH
PDQWHQHUVHHQiPELWRJHRPpWULFRSRGUtDVHUDWUDYpVGHOPDQHMRVHPiQWLFR
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
GHODVH[SUHVLRQHVHQORVWHRUHPDVFOiVLFRVSRUHMHPSORUHVSHFWRGHOWHRUHPDGH
7DOHVOHHUODVSURSRUFLRQHVTXHVHJHQHUDQ\KDFHUORPLVPRFXDQGRVHSODQWHD
ODHFXDFLyQTXHHVXWLOL]DGDSDUDGHWHUPLQDUXQRGHHOORV1RSURSRQHPRVSRU
FLHUWRTXHQRVHXWLOLFHQODVHFXDFLRQHVODLGHDHVQRSODQWHDUODHFXDFLyQ
\OXHJRVLPSOHPHQWHUHHPSOD]DU´ORVQ~PHURVµGHORVWUD]RVFRQRFLGRV\XVDU
ODLQFyJQLWD [ VLQRTXHODHFXDFLyQDUUDVWUHORVVLJQLILFDGRVHQHOOHQJXDMH
\ODQRWDFLyQ\DVtODVIUDFFLRQHVVHDQXQPRGHORGHODSURSRUFLyQTXHDUURMD
HOWHRUHPD
/DHYLGHQFLDGHPXHVWUDTXHORVHVWXGLDQWHVYLVXDOL]DURQ\XVDURQHO
PHFDQLVPR GH LFRQLFLGDG GHO SDUDOHOLVPR SRU HMHPSOR \ FRQ EDVH HQ
HOORUHDOL]DURQVXVSURGXFFLRQHV(QJHQHUDOVXUHIHUHQFLDOHVGpELOGDGRTXHQR
FRQVLGHUDKLSyWHVLVUHTXHULGDVSDUDTXHVHFXPSODXQDGHWHUPLQDGDSURSLHGDG
/DJpQHVLVGLVFXUVLYD
(OPDUFRWHyULFR(70DFRJHODVLGHDVVHPLyWLFDVGH'XYDO\HQSDUWLFXODUHO
PHFDQLVPRGHLFRQLFLGDGPHGLDQWHODJpQHVLVVHPLyWLFDSHURHVSHFLÀFDDGHPiV
RWUDVJpQHVLVODLQVWUXPHQWDO\ODGLVFXUVLYD1XHVWURHVWXGLRFRQÀUPDODHYLGHQFLD
GHTXHHOSURFHVRGHYLVXDOL]DFLyQHVIXQGDPHQWDOHQGHWHUPLQDGDVWDUHDV
PDWHPiWLFDV 'XYDO SHUR PXHVWUD DGHPiV TXH XQD GHWHUPLQDGD
JpQHVLVSXHGHHVWDUFRPSOLFDQGRXREVWDFXOL]DQGRODFRQVWUXFFLyQGHOREMHWR
PDWHPiWLFR8QDJpQHVLVVHPLyWLFD´GHIHFWXRVDµUHGXQGDHQTXHVHXWLOLFHQ
DUJXPHQWRVLQFRPSOHWRVSRUIDOWDREORTXHRGHODJpQHVLVGLVFXUVLYDFUHiQGRVHDVt
XQSDUDGLJPDHQTXHODJpQHVLVGLVFXUVLYDQRH[LVWHRVHUHGXFHDTXHHOSURFHVR
DOJHEUDLFRIXHELHQKHFKR
/DWUDQVSRVLFLyQ\HOFXUUtFXOR
&RPRTXHGDGLFKRORVSODQRVFRJQLWLYR\HSLVWHPROyJLFRGHO(70VHSXHGHQ
UHODFLRQDU\DUWLFXODUDSURSLDGDPHQWHSDUDJHQHUDUFLUFXODFLRQHVHQHO(70
GHPRGRGHDFWLYDUODVJpQHVLV\FRQHOORGHVDUUROODUHOGRPLQLREDMRHVWXGLR\
JHQHUDUXQ(70SHUVRQDODSURSLDGRHQHODOXPQR6HUtDGHHVSHUDUSRUWDQWR
TXHODHQVHxDQ]DRUJDQL]DUDHOFRQRFLPLHQWRGHPRGRTXHHOSURFHVRGH
WUDQVSRVLFLyQDFWLYDUDDTXHOODVJpQHVLV$OUHVSHFWRKDEUtDTXHWHQHUHVSHFLDO
FXLGDGRHQDFWLYDUODJpQHVLVGLVFXUVLYD(VLQPHGLDWRHQWRQFHVTXHSRUWDQWROD
WUDQVSRVLFLyQGHHVWDGHEHVHUXQWHPDHQODIRUPDFLyQLQLFLDO\FRQWLQXD
1XHVWURHVWXGLRGHSURIHVRUHVGHEXWDQWHVPXHVWUDVLQHPEDUJRHYLGHQFLDV
HQFRQWUDULR3RUXQDSDUWHHOUHFXUVRKDELWXDODODDOJHEUL]DFLyQGHXQSUREOHPD
JHRPpWULFR SXHGH LPSHGLU TXH ORV DOXPQRV LQVWUXPHQWDOLFHQ UHFXUVRV
SURSLDPHQWHJHRPpWULFRV\FRQHOORREVWUXLUODJpQHVLVGLVFXUVLYD/DGLUHFFLyQ
FRQWUDULDHVWRHVHOUHFXUVRDODJHRPHWUtDDQWHXQDVLWXDFLyQDOJHEUDLFD
5HOLPH9RO,'LFLHPEUHGH
(OL]DEHWK0RQWR\D 'HOJDGLOOR$UWXUR0HQD /RUFD-DLPH0HQD /RUFD
FRUUH SRU VX SDUWH HO ULHVJR GH UHGXFLUVH D XQD YLVXDOL]DFLyQ LFyQLFD HQ
WDOFDVRSXHGHTXHODVLWXDFLyQDOJHEUDLFDQRVHHQODFHFRQODKHUUDPLHQWD
'RXDG\ JHRPpWULFD OR TXH REVWDFXOL]D OD IRUPDFLyQ GH XQ (70
DSURSLDGR HQ ORV DOXPQRV R TXH OD SUHJQDQFLD GHO tFRQR REVWDFXOLFH XQD
JpQHVLVGLVFXUVLYDFRUUHFWD
/DFRQVHFXHQFLDLQPHGLDWDGHORDQWHULRUHVTXHHQHOFDVRGHORV
SURIHVRUHVHVWXGLDGRVHOSURFHVRGHWUDQVSRVLFLyQDSDUWDRLQFOXVRLPSLGHXQ
IXQFLRQDPLHQWRDSURSLDGRGHO(70\SRUWDQWRVHREVWDFXOL]DODFRQVWUXFFLyQGHO
FRQRFLPLHQWRPDWHPiWLFRGHVHDGR
'HDOOtQXHVWURFRQYHQFLPLHQWRGHTXHODVLQVWLWXFLRQHVIRUPDGRUDVSRGUtDQ
EHQHILFLDUVHJUDQGHPHQWHGHODLQFOXVLyQGHODWHRUtDGH(VSDFLRGH7UDEDMR
0DWHPiWLFRHQVXVFXUUtFXORV
5HFRQRFLPLHQWR
(VWHWUDEDMRKDVLGRILQDQFLDGRSDUFLDOPHQWHDWUDYpVGHO3UR\HFWRGH
LQYHVWLJDFLyQGHO)RQGR1DFLRQDO'HVDUUROOR&LHQWtILFR\7HFQROyJLFR
)21'(&<7&KLOH
5HIHUHQFLDV%LEOLRJUiÀFDV
$UWLJXH0/HDUQLQJPDWKHPDWLFVLQD&$6HQYLURQPHQW7KH*HQHVLVRID5HIOHFWLRQ
DERXW LQVWUXPHQWDWLRQ DQG WKH 'LDOHFWLFV EHWZHHQ7HFKQLFDO DQG &RQFHSWXDO:RUN
,QWHUQDWLRQDO-RXUQDORI&RPSXWHUVIRU0DWKHPDWLFDO/HDUQLQJ &KHYDOODUG< /DWUDQVSRVLWLRQ'LGDFWLTXH GXVDYRLUVDYDQWDXVDYRLUHQVHLJQp
*UHQREOH)UDQFH/D3HQVpH6DXYDJH
'RXDG\5-HX[GHFDGUHVHWGLDOHFWLTXHRXWLOREMHW 5HFKHUFKHVHQ'LGDFWLTXHGHV
0DWKpPDWLTXHV 'XYDO 5 /HV &RQGLWLRQV &RJQLWLYHV GH O¶$SSUHQWLVVDJH GH OD *pRPpWULH
'pYHORSSHPHQWGHOD9LVXDOLVDWLRQ'LIIpUHQFLDWLRQGHV5DLVRQQHPHQWVHW&RRUGLQDWLRQGH
OHXUV)RQFWLRQQHPHQWV $QQDOHVGH'LGDFWLTXHHWGH6FLHQFHV&RJQLWLYHV
+RXGHPHQW&.X]QLDN$$XWRXUVGHVVWUDWpJLHVXWLOLVpHVSRXUIRUPHUOHVPDvWUHV
GXSUHPLHUGHJUpHQPDWKpPDWLTXHV 5HFKHUFKHVHQ'LGDFWLTXHGHV0DWKpPDWLTXHV +RXGHPHQW&.X]QLDN$3DUDGLJPHVJpRPpWULTXHVHWHQVHLJQHPHQWGHOD
JpRPpWULH $QQDOHVGH'LGDFWLTXHHWGH6FLHQFHV&RJQLWLYHV .X]QLDN$ 3DUDGLJPHVHWHVSDFHVGHWUDYDLOJpRPpWULTXHV1RWHSRXUO¶KDELOLWDWLRQ
jGLULJHUGHVUHFKHUFKHV3DULV)UDQFH,5(0GH3DULV
5HOLPH9RO,'LFLHPEUHGH
&LUFXODFLRQHV\JpQHVLVHQHOHVSDFLRGHWUDEDMRPDWHPiWLFR
.X]QLDN$/¶(VSDFHGH7UDYDLO0DWKpPDWLTXHHWVHV*HQqVHV $QQDOHVGH'LGDFWLTXH
HWGH6FLHQFHV&RJQLWLYHV .X]QLDN$ 5LFKDUG 3 (VSDFLRV GH 7UDEDMR 0DWHPiWLFR 3XQWRV GH YLVWD \
SHUVSHFWLYDV 5HYLVWD/DWLQRDPHULFDQDGH0DWHPiWLFD(GXFDWLYD(VWH1~PHUR(VSHFLDO
O
0HQD/RUFD$0HQD/RUFD-0RUDOHV$0RQWR\D'HOJDGLOOR($FHUFDGHOD
QRFLyQGHHVSDFLRGHWUDEDMRDOJHEUDLFR7HUFHU6LPSRVLR(VSDFLRGH7UDEDMR0DWHPiWLFR
8QLYHUVLGDGGH0RQWUHDO&DQDGiDOGHQRYLHPEUH
0HULQR5(VWXGLRGHODDUWLFXODFLyQHQWUHYLVXDOL]DFLyQ\UD]RQDPLHQWR7UDEDMR)LQDO
0DJtVWHUHQ'LGiFWLFDGHOD0DWHPiWLFDQRSXEOLFDGR3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH
9DOSDUDtVR&KLOH
0RQWR\D 'HOJDGLOOR ( eWXGH GH OD WUDQVIRUPDWLRQ GHV FRQQDLVVDQFHV JpRPpWULTXHV
GDQVODIRUPDWLRQXQLYHUVLWDLUHGHVSURIHVVHXUVGHO\FpHGHPDWKpPDWLTXHVDX&KLOL
7HVLVGRFWRUDOQRSXEOLFDGD8QLYHUVLWp'HQLV'LGHURW3DUtV)UDQFLD
3HLUFH& (FULWVVXUOHVLJQH 3DULV)UDQFH6HXLO
5DEDUGHO3 /HV+RPPHVHWOHV7HFKQRORJLHV8QHDSSURFKHFRJQLWLYHGHVLQVWUXPHQWV
FRQWHPSRUDLQV3DULV)UDQFH$UPDQG&ROLQ
7URXFKH / 8QH DSSURFKH LQVWUXPHQWDOH GH O¶DSSUHQWLVVDJH GHV PDWKpPDWLTXHV GDQV
GHV HQYLURQQHPHQWV GH FDOFXODWULFH V\PEROLTXH (Q ' *XLQ HW /7URXFKH (GV
&DOFXODWULFHV6\PEROLTXHV7UDQVIRUPHUXQRXWLOGXWUDYDLOLQIRUPDWLTXHXQSUREOqPH
GLGDFWLTXH SS *UHQREOH)UDQFH/D3HQVpH6DXYDJH
$XWRUHV
(OL]DEHWK0RQWR\D 'HOJDGLOOR
,0$3RQWLÀFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR&KLOH38&9 HPRQWR\D#XFYFO
$UWXUR0HQD /RUFD
&,$( ,0$3RQWLÀFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR&KLOH38&9
DUWXURPHQD#XFYFO
-DLPH0HQD /RUFD
,0$ 3RQWLÀFLD8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVR&KLOH38&9 MPHQD#XFYFO
5HOLPH9RO,'LFLHPEUHGH
