Identificación de cadenas ligeras libres en suero y su aplicación en

+HPDWRORJtD
$UWtFXORGHUHYLVLyQ
,GHQWL¿FDFLyQGHFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQ
HQODVJDPPDSDWtDVPRQRFORQDOHV
1XQR0LJXHO%DUERVDGH&DUYDOKR0DUtD/XLVD0RUDLV6DUPHQWR&DPSRV
5(680(1
/DVJDPPDSDWtDVPRQRFORQDOHVHQJOREDQXQDPSOLRHVSHFWURGHGLIHUHQWHVHQWLGDGHVHQODVFXDOHVHOSLODUGHOGLDJQRVWLFR\GHVXVHJXL
PLHQWRHVODLGHQWL¿FDFLyQ\FDUDFWHUL]DFLyQGHODSURWHtQDPRQRFORQDOSURGXFLGDSRUXQFORQDQRUPDOGHFpOXODVSODVPiWLFDV(ODXPHQWR
GHORVQLYHOHVGHODVFDGHQDVOLJHUDVGHLQPXQRJOREXOLQDHVXQHYHQWRIUHFXHQWHHQHVWRVSDFLHQWHV5HFLHQWHPHQWHODLQWURGXFFLyQGHXQ
QXHYRLQPXQRHQVD\RVpULFRSDUDODGHWHUPLQDFLyQGHODVFDGHQDVOLJHUDVOLEUHVNDSSD\ODPEGDKDSURSRUFLRQDGRXQDQXHYDKHUUDPLHQWD
SDUDHOFULEDGRGLDJQRVWLFRSURQyVWLFR\VHJXLPLHQWRGHOPLHORPDP~OWLSOH\RWUDVGLVFUDVLDVGHFpOXODVSODVPiWLFDV(QHOSUHVHQWHGR
FXPHQWRUHYLVDPRVODELRORJtDGHODSURGXFFLyQGHODVFDGHQDVOLJHUDV\VXPHWDEROLVPRORVGLIHUHQWHVHQVD\RVSDUDODGHWHUPLQDFLyQGH
ODVPLVPDVDVtFRPRHOLQPXQRHQVD\RGHODVFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQ$OGtDGHKR\VHUHFRPLHQGDVXXWLOL]DFLyQ
HQWRGDVODVJDPPDSDWtDVPRQRFORQDOHVHQHOPRPHQWRGHOFULEDGRGLDJQyVWLFR\SURQyVWLFRVLHQGRDGHPiVVXXVRREOLJDWRULRHQOD
PRQLWRUL]DFLyQGHHQWLGDGHVFRPRHOPLHORPDP~OWLSOHQRVHFUHWRUROLJRHVFUHWRU\ODDPLORLGRVLVSULPDULD\HQWRGRVORVSDFLHQWHVSDUD
GH¿QLUHOFRQFHSWRGHUHVSXHVWDFRPSOHWDHVWULFWD
3DODEUDVFODYHFDGHQDVOLJHUDVOLEUHVJDPPDSDWtDVPRQRFORQDOHVPLHORPDP~OWLSOHDPLORLGRVLV
$%675$&7
0RQRFORQDOJDPPRSDWKLHVDUHFRPSULVHGRIZLGHUDQJHRIGLIIHUHQWLGHQWLWLHVLQZKLFKWKHGLDJQRVWLFEDFNERQHLVWKHGHWHFWLRQDQGFKD
UDFWHUL]DWLRQRIDPRQRFORQDOSURWHLQSURGXFHGE\DQDEQRUPDOSODVPDFHOO$OWHUHGLPPXQRJOREXOLQIUHHOLJKWFKDLQVDUHIUHTXHQWLQWKHVH
SDWLHQWVDQGUHFHQWO\WKHLQWURGXFWLRQRIDQHZDVVD\IRUWKHTXDQWL¿FDWLRQRIVHUXPIUHHOLJKWFKDLQVNDSSDDQGODPEGDKDVSURYHQWREHDQ
LPSRUWDQWWRROIRUWKHVFUHHQLQJGLDJQRVWLFSURJQRVWLFDQGIROORZXSRIPXOWLSOHP\HORPDDQGRWKHUSODVPDFHOOVG\VFUDVLDV,QWKHSUHVHQW
GRFXPHQWZHUHYLHZWKHELRORJ\RIWKHOLJKWFKDLQVSURGXFWLRQDQGUHQDOPHWDEROLVPWKHGLIIHUHQWWHFKQLTXHVDYDLODEOHIRUWKHPHDVXUHPHQW
RIOLJKWFKDLQVDQG¿QDOO\WKHVHUXPIUHHOLJKWFKDLQVLPPXQRDVVD\DQGLWVDSSOLFDWLRQV1RZDGD\VLWLVUHFRPPHQGHGLQDOOPRQRFORQDO
JDPPRSDWKLHVLQWKHVFUHHQLQJGLDJQRVWLFDQGSURJQRVWLFDQGLWVXVHLVDOVRPDQGDWRU\LQWKHPRQLWRULQJRIHQWLWLHVDV1RQVHFUHWRU\
PXOWLSOHP\HORPDDQG$/DP\ORLGRVLVDQGLQDOOSDWLHQWVZKRDFKLHYHGDFRPSOHWHUHVSRQVHLQRUGHUWRHYDOXDWHVWULFWFRPSOHWHUHVSRQVH
.H\ZRUGV)UHHOLJKWFKDLQVPRQRFORQDOJDPPRSDWKLHVPXOWLSOHP\HORPDDP\ORLGRVLV
(
OGHVDUUROORGHXQQXHYRHQVD\RSDUDODGHWHUPLQD
FLyQGHFDGHQDVOLJHUDVOLEUHVGHLQPXQRJOREXOLQD
HQ VXHUR V&// KD FDPELDGR HO DERUGDMH GHO
FULEDGR GLDJQyVWLFR SURQyVWLFR \ VHJXLPLHQWR GH ODV
JDPPDSDWtDVPRQRFORQDOHV*0/DV*0HQJOREDQXQ
7KH%LQGLQJ6LWH(VSDxD
&RUUHVSRQGHQFLD 10 %DUERVD GH &DUYDOKR 107KH %LQGLQJ
6LWH(VSDxD&DOOHV%DOPHVžž%DUFHORQD(V
SDxD&RUUHRHOHFWUyQLFRQXQREDUERVD#ELQGLQJVLWHHV
5HFLELGRDJRVWR$FHSWDGRVHSWLHPEUH
(VWHDUWtFXORGHEHFLWDUVHFRPR%DUERVDGH&DUYDOKR100RUDLV
6DUPHQWR&DPSRV 0/ ,GHQWL¿FDFLyQ GH FDGHQDV OLJHUDV OLEUHV
HQVXHUR\VXDSOLFDFLyQHQODVJDPPDSDWtDVPRQRFORQDOHV5HY
+HPDWRO0H[
ODUJRHVSHFWURGHGLIHUHQWHVHQWLGDGHVTXHYDQGHVGHODV
DVLQWRPiWLFDV JDPPDSDWtD PRQRFORQDO GH VLJQL¿FDGR
LQFLHUWR*06,\PLHORPDP~OWLSOHTXLHVFHQWH600
SDVDQGR SRU HO SRWHQFLDOPHQWH FXUDEOH SODVPRFLWRPD
VROLWDULRODPDFURJOREXOLQHPLDGH:DOGHQVWURP0:
KDVWDODVPiVDJUHVLYDVFRPRHOPLHORPDP~OWLSOH00
\ODDPLORLGRVLVSULPDULD$/)LJXUD
8QD*0VHGH¿QHFRPRXQWUDVWRUQROLQIRSUROLIHUDWLYR
GHODVFpOXODVSODVPiWLFDVOLQIRFLWR%FDUDFWHUL]DGRSRU
ODSURGXFFLyQGHXQDSURWHtQDPRQRFORQDO30/D30
SURGXFLGD SRU HVWH FORQ DQRUPDO GH FpOXODV SODVPiWLFDV
SXHGHHVWDUSUHVHQWHHQIRUPDGHLQPXQRJOREXOLQDFRPSOH
WDQRUPDOPHQWHDVRFLDGDDXQDFDGHQDOLJHUDNDSSDțR
ODPEGDȜHQIRUPDGHFDGHQDVOLJHUDV&/VDLVODGDVR
HQFDVRVUDURVHQIRUPDGHFDGHQDSHVDGDDVRFLDGDRQR
FRQODSURGXFFLyQGH&/V/DVLQPXQRJOREXOLQDVFRPSDU
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
%DUERVDGH&DUYDOKR10\0RUDLV6DUPHQWR&DPSRV0/
0DFURJOREXOLQHPLDGH
:DOGHQVWU|P
2WURV
3ODVPRFLWRPD
(QI
OLQIRSUROLIHUDWLYDV
$PLORLGRVLV
SULPDULD
004XLHVFHQWH
0LHORPDP~OWLSOH
(QI
GHSyVLWR
FDGHQDV
OLJHUDV
GHODERUDWRULRVLHQGRODVPiVFRPXQHVODHOHFWURIRUHVLV
GHSURWHtQDV3(HQVXHUR63(\HQRULQD83(SDUD
ODLGHQWL¿FDFLyQGHXQDEDQGDPRQRFORQDOODLQPXQR¿
MDFLyQ,)(HQVXHURV,)(\HQRULQDX,)(SDUDOD
FDUDFWHUL]DFLyQGHOD30FDGHQDVSHVDGD\OLJHUD\OD
GHWHUPLQDFLyQ QHIHORPpWULFD GH ODV FDGHQDV SHVDGD \
OLJHUDGHODLQPXQRJOREXOLQDHQVXHUR(QOD~OWLPDGp
FDGDHOGHVDUUROORGHODSUXHEDHQVXHURSDUDODVFDGHQDV
OLJHUDVțOLEUH\ȜOLEUHKDDELHUWRXQDPSOLRDEDQLFRGH
DSUR[LPDFLRQHVGLDJQyVWLFDVPHMRUDQGRODVHQVLELOLGDG\
ODSUHFLVLyQHQODLGHQWL¿FDFLyQGHHVWRVSDGHFLPLHQWRV
7pFQLFDVSDUDODGHWHFFLyQGHFDGHQDVOLJHUDV
GHLQPXQRJOREXOLQD
)LJXUD'LVWULEXFLyQGHOGLDJQyVWLFRFOtQLFRHQSDFLHQWHV
FRQ XQD SURWHtQD PRQRFORQDO GHWHFWDGD %ODGp - .\OH 5$ 1RQ
6HFUHWRU\0\HORPD,PPXQRJOREXOLQ'0\HORPDDQG3ODVPD&HOO
/HXNHPLD+HP2QF&OLQ1$PHU
WHQXQDHVWUXFWXUDVLPpWULFDVHPHMDQWHFRQVWLWXLGDSRUGRV
FDGHQDVSHVDGDVįȖȝİLGpQWLFDVXQLGDVDGRVFDGHQDV
OLJHUDVțȜWDPELpQLGpQWLFDV/DVFDGHQDVTXHFRQVWLWX
\HQODLQPXQRJOREXOLQD,JVRQSURGXFLGDVSRUVHSDUDGR
HQHOUHWtFXORHQGRSODVPiWLFR\VHXQHQSRVWHULRUPHQWH
SDUDSURGXFLUODPROpFXODLQWDFWDGH,JVHFUHWDGDFRQMXQ
WDPHQWHFRQXQH[FHVRGH&/V(OH[FHVRGHSURGXFFLyQ
GH&/VHVGHDSUR[LPDGDPHQWHHQFRPSDUDFLyQFRQ
OD SURGXFFLyQ GH FDGHQDV SHVDGDV \ SHUPLWH OD FRUUHFWD
FRQIRUPDFLyQGHODSURWHtQD)LJXUD
/DHVWUDWHJLDSDUDHOFULEDGRGLDJQyVWLFR\VHJXLPLHQWR
GH*0\SRUORWDQWRSDUDODLGHQWL¿FDFLyQ\VHJXLPLHQWR
GHXQD30VHEDVDHQXQFRQMXQWRGHGLIHUHQWHVSUXHEDV
)LJXUD5HSUHVHQWDFLyQGHODSURGXFFLyQGHODVLQPXQRJOREXOLQDV
SRUODFpOXODSODVPiWLFD
/DV &/V GH ,J WDPELpQ FRQRFLGDV FRPR SURWHtQDV GH
%HQFH-RQHVVRQFRQVLGHUDGDVFRPRHOSULPHUPDUFDGRU
WXPRUDO\VRQQRUPDOPHQWHXWLOL]DGDVSDUDLGHQWL¿FDU\
PRQLWRUL]DU SDFLHQWHV FRQ WXPRUHV GH ODV FpOXODV % /D
SUXHEDRULJLQDOIXHSXEOLFDGDHQ7KH/DQFHWHQSRU
+HQU\%HQFH-RQHV\GHVGHHVRVWLHPSRVODRULQDIXHHO
PHGLRWUDGLFLRQDOPHQWHXWLOL]DGRSDUDVXGHWHUPLQDFLyQ
$FWXDOPHQWHODRULQDVLJXHWHQLHQGRVXSURWDJRQLVPRUH
FRPHQGiQGRVHVXDQiOLVLVSRUX3(RSRUX,)(HQDOJXQRV
SXQWRVHQFRQFUHWRGHODOJRULWPRDQDOtWLFR6LQHPEDUJR
ODVWpFQLFDVFRQYHQFLRQDOHVWDQWRHQVXHURFRPRHQRULQD
SUHVHQWDQDOJXQDVOLPLWDFLRQHV\DTXHVRQWpFQLFDVPX\
ODERULRVDV\SRFRVHQVLEOHVSDUDODGHWHUPLQDFLyQGH&/V
)LJXUD
/D63(HVODWpFQLFDHVWiQGDUSDUDHOFULEDGRGH*0
FRPRHO00\VHEDVDHQODYLVXDOL]DFLyQGHJHOHVHOHF
)LJXUD6HQVLELOLGDGGHODVGLVWLQWDVWpFQLFDVSDUDODGHWHFFLyQ
GH&/VHQVXHUR\RULQD
63(HOHFWURIRUHVLVGHSURWHtQDVHQVXHURțȜWRWDOGHWHUPLQDFLyQ
GHFDGHQDVGHLQPXQRJOREXOLQDț\ȜWRWDOHV&=(HOHFWURIRUHVLV
FDSLODU GH ]RQD V,)( LQPXQR¿MDFLyQ HQ VXHUR V)/& FDGHQDV
OLJHUDVOLEUHVț\ȜHQVXHUR83(3HOHFWURIRUHVLVGHSURWHtQDVHQ
RULQDX,)(LQPXQR¿MDFLyQHQRULQD
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
,GHQWL¿FDFLyQGHFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQHQODVJDPPDSDWtDVPRQRFORQDOHV
WURIRUpWLFRVGHDJDURVDXQDYH]TXHODVSURWHtQDVVpULFDV
KD\DQVLGRVHSDUDGDV¿MDGDV\WHxLGDV/DVHQVLELOLGDGGH
OD63(SDUDODGHWHFFLyQGH&/VVHVLW~DHQWUH
PJ/GHSHQGLHQGRGHVLOD30PLJUDRQRHQODUHJLyQ
GHODVSURWHtQDV%HWD(VWRVQLYHOHVVRQYHFHVVXSH
ULRUHVDODVFRQFHQWUDFLRQHVQRUPDOHVGHț\ȜSUHVHQWHV
HQVDQJUHDOHMiQGRVHGHXQYDORUySWLPRGHGHWHFFLyQ
/DV,)(DXQTXHDSUR[LPDGDPHQWHYHFHVPiVVHQVLEOH
PJ/TXHOD63(SRVHHODGHVYHQWDMDGHQRSHU
PLWLUFXDQWL¿FDULQPXQRJOREXOLQDVPRQRFORQDOHVGHELGR
DODSUHVHQFLDGHDQWLFXHUSRVSUHFLSLWDQWHV
'DGDVODVOLPLWDFLRQHVGHOD63(\GHODV,)(SDUDOD
GHWHFFLyQGH&/V\HOKHFKRGHTXHODV&/VVRQ¿OWUDGDV
SRUHOULxyQOD83(HVODWpFQLFDHOHJLGDSDUDODGHWHFFLyQ
GH&/V/D83(HVPXFKRPiVVHQVLEOHTXHOD63(XQDYH]
TXHODEDMDFRQFHQWUDFLyQGHSURWHtQDVWRWDOHVHQRULQDHQ
FRPSDUDFLyQFRQHOVXHURSHUPLWHODFRQFHQWUDFLyQGHOD
PXHVWUD\DVtLQFUHPHQWDUVXVHQVLELOLGDGSDUDODGHWHFFLyQ
GH&/V3RUHVWRHQRULQDVtVHSXHGHQGHWHFWDUQLYHOHVGH
&/VPJ/DXQTXHHQODUXWLQDFRP~QGHODERUD
WRULRVHUHSRUWHQOtPLWHVGHGHWHFFLyQGHDSUR[LPDGDPHQWH
PJ/1RREVWDQWHDXQTXHODGHWHFFLyQGH&/V
HQRULQDDOFDQFHXQDPHMRUVHQVLELOLGDGVXGHWHUPLQDFLyQ
VHYHDOWDPHQWHLQÀXHQFLDGDSRUODDFWLYLGDGUHQDOSRUOR
TXHPXFKRVSDFLHQWHVFRQ*0WHQGUiQ&/VLQGHWHFWDEOHV
HQRULQD$OPLVPRWLHPSRHOSURFHVRGHFRQFHQWUDFLyQ
GHODRULQDSXHGHFDXVDUODSpUGLGDGHSURWHtQDV\UHVXO
WDGRVGHIDOVRVSRVLWLYRV/DFXDQWL¿FDFLyQGHFDGHQDV
OLJHUDV OLEUHV HQ RULQD SRU QHIHORPHWUtD QR HV VHQVLEOH
SDUDODGHWHFFLyQGHSURWHtQDVPRQRFORQDOHV\QRHVWi
UHFRPHQGDGDSDUDHOGLDJQRVWLFR\PRQLWRUL]DFLyQGHHVWDV
HQIHUPHGDGHV
IUDJPHQWRVHQODRULQD/DYtDGHDEVRUFLyQPHJDOLQD
FXELOLQDHVPX\LPSRUWDQWH\HVWiGLVHxDGDSDUDHYLWDUOD
SpUGLGDGHJUDQGHVFDQWLGDGHVGHSURWHtQDVSRUODRULQD
(VXQSURFHVRPX\H¿FLHQWHTXHSXHGHSURFHVDUHQWUH
\JGHSURWHtQDGHEDMRSHVRPROHFXODUDOGtDORTXH
KDFHTXHHQFRQGLFLRQHVQRUPDOHVHQODVTXHXQLQGLYLGXR
VDQRSURGXFHDSUR[LPDGDPHQWHJGtDODVSURWHtQDV
QRSDVHQGHORVW~EXORVSUR[LPDOHV
&RPRUHVXOWDGRGHOPHWDEROLVPRUHQDOGHVFULWROD&//
țTXHVHSUHVHQWDFRPRXQPRQyPHURGHSHVRPROHFXODU
GHN'DSRVHHXQDFODUDPLHQWRUHQDOGH\WLHQH
XQ WLHPSR GH VHPLYLGD HQ VXHUR GH HQWUH DSHQDV \ KRUDV/D&//ȜIRUPDGtPHURVFRQXQSHVRPROHFXODU
GHN'DORTXHFRQOOHYDDXQDFODUDPLHQWRGH\
XQWLHPSRGHVHPLYLGDHQHOVXHURGHDKRUDV(Q
FRQGLFLRQHV QRUPDOHV PX\ SRFDV &/V SDVDQ D OD RULQD
SRU OR TXH VXV FRQFHQWUDFLRQHV WHQGUtDQ TXH DXPHQWDU
PXFKRKDVWDVDWXUDUORVPHFDQLVPRVGHUHDEVRUFLyQGHO
ULxyQ \ VHU HQWRQFHV GHWHFWDGDV HQ OD RULQD$GHPiV
HQHOW~EXORGLVWDOVHSURGXFHQJUDQGHVFDQWLGDGHVGHOD
SURWHtQDGH7DPP+RUVIDOOSUHVHQWHGHIRUPDDEXQGDQWH
HQ OD RULQD \ TXH D\XGDQ D HYLWDU LQIHFFLRQHV XULQDULDV
(VWDSURWHtQDWLHQHODFDSDFLGDGGHXQLUVHHVSHFt¿FDPHQWH
DODV&/VRULJLQDQGRFLOLQGURVFHURVRVTXHDPHQXGR
VH HQFXHQWUDQ HQ FDVRV GH IDOOR UHQDO DJXGR ULxyQ GH
PLHORPDHQSDFLHQWHVFRQPLHORPDP~OWLSOHGHFDGHQDV
OLJHUDV3RUORWDQWRHODFODUDPLHQWRUHQDOGLVPLQX\HODV
FRQFHQWUDFLRQHVGH&/VHQRULQD\HVWDVFRQFHQWUDFLRQHV
HQ RULQD R HQ VXHUR SXHGHQ QR VHU VLPLODUHV GXUDQWH OD
HYROXFLyQ GH OD HQIHUPHGDG )LJXUD 3RU RWUD SDUWH
GHELGRDOIXHUWHPHWDEROLVPRGHORVW~EXORVSUR[LPDOHV
GHVFULWRODFDQWLGDGGH&/VSUHVHQWHHQODRULQDHVPiV
GHSHQGLHQWHGHODIXQFLyQUHQDOTXHGHODVtQWHVLVWXPRUDO
,QÀXHQFLDGHOPHWDEROLVPRUHQDOHQORVHQVD\RV
GHFDGHQDVOLJHUDVGHLQPXQRJOREXOLQD
(QVD\RGHFDGHQDVOLJHUDVOLEUHVHQVXHUR
/D FRQFHQWUDFLyQ GH &/V HQ HO VXHUR GHSHQGH GH VXV
QLYHOHV GH SURGXFFLyQ SRU ODV &3 \ GHO DFODUDPLHQWR
UHQDO 'HELGR DO SHTXHxR WDPDxR GH ODV &/V VH ¿OWUDQ
OLEUHPHQWHSRUHOJORPpUXORUHQDO\SRVWHULRUPHQWHVRQ
UHDEVRUELGDVHQHOW~EXORSUR[LPDOGHODVQHIURQDVTXHVRQ
DSUR[LPDGDPHQWH[HQFDGDULxyQeVWDVFRQWLHQHQ
XQJORPpUXORTXHSHUPLWHOD¿OWUDFLyQGHODVPROpFXODV
FLUFXODQWHVHQHOVXHURDWUDYpVGHVXVSRURVN'D
\ VX SRVWHULRU UHDEVRUFLyQ VLQ VXIULU DOWHUDFLRQHV SRU
HMHPSOR OD DOE~PLQD VX DEVRUFLyQ \ GHJUDGDFLyQ HQ
ORVW~EXORVSUR[LPDOHVR¿QDOPHQWHVXH[FUHFLyQFRPR
(OHQVD\RGHFDGHQDVOLJHUDVOLEUHVHQVXHUR)UHHOLWHŠHV
XQHQVD\RQHIHORPpWULFRRWXUELGLPpWULFRTXHVHGLIHUHQFLD
GHORVRWURVHQVD\RVSUHYLDPHQWHPHQFLRQDGRVHQHOKHFKR
GHTXHORVDQWLFXHUSRVSROLFORQDOHVXVDGRVHQHOHQVD\R
SHUPLWHQ OD LGHQWL¿FDFLyQ GH ORV HStWRSRV GH OD FDGHQD
OLJHUDGHOD,J~QLFDPHQWHFXDQGRpVWDVHSUHVHQWDHQVX
IRUPDOLEUH)LJXUD(OHQVD\RSHUPLWHFXDQWL¿FDUDPEDV
HVWUXFWXUDV PRQRPpULFD \ GLPpULFD D FRQFHQWUDFLRQHV
PX\EDMDVPJ/\KDVLGRXWLOL]DGRSDUDGHWHUPLQDU
ORVQLYHOHVQRUPDOHVGH&/VHQLQGLYLGXRVVDQRVORTXH
KDVWDHQWRQFHVQRVHKDEtDSRGLGRUHDOL]DU/DGHWHFFLyQ
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
%DUERVDGH&DUYDOKR10\0RUDLV6DUPHQWR&DPSRV0/
)LJXUD(YROXFLyQGHODVFDGHQDVOLJHUDVOLEUHVHQVDQJUH\HQ
RULQDGXUDQWHODHYROXFLyQGHODHQIHUPHGDGHQXQSDFLHQWHKLSR
WpWLFRTXHGHVDUUROODXQWXPRUGHFpOXODV%$)DVHLQLFLDOGHOD
HQIHUPHGDG,QFUHPHQWRGHODFRQFHQWUDFLyQGHFDGHQDVOLJHUDV
OLEUHVHQVXHURGHELGRDODSUROLIHUDFLyQFORQDOGHFpOXODVSODVPi
WLFDV(QRULQDQRVHREVHUYDQFDPELRVGHELGRDXQDDGHFXDGD
IXQFLyQUHQDOTXHUHDEVRUEHODVFDGHQDVOLJHUDV¿OWUDGDV%&RQ
ODSURJUHVLyQGHODHQIHUPHGDG\ODFRQWtQXDSURGXFFLyQGHFDGH
QDVOLJHUDVOLEUHVHOPHFDQLVPRGHUHDEVRUFLyQUHQDOVHVDWXUD
DSDUHFLHQGRHQWRQFHVFDGHQDVOLJHUDVOLEUHVHQRULQDSURWHLQXULD
GH%HQFH-RQHV&'LVPLQXFLyQGHODFRQFHQWUDFLyQGHFDGHQDV
OLJHUDVOLEUHVHQRULQDGHELGDDODUHGXFFLyQGHODWDVDGH¿OWUDFLyQ
JORPHUXODU SURYRFDGD SRU OD QHIURWR[LFLGDG GH ODV PLVPDV (Q
FRQVHFXHQFLDKD\XQLQFUHPHQWRGHODFRQFHQWUDFLyQGHFDGHQDV
OLJHUDVOLEUHVHQVXHUR
)LJXUD'LDJUDPDGHODVPROpFXODVGHDQWLFXHUSRPRVWUDQGROD
HVWUXFWXUDGHODFDGHQDVSHVDGD\OLJHUD$FRQMXQWDPHQWHFRQ
FDGHQDVOLJHUDVOLEUHVț\Ȝ%
GHEDMDVFRQFHQWUDFLRQHVGH&/VVpULFDVSHUPLWHFDOFXODU
ODUDWLRțȜFX\DDOWHUDFLyQLGHQWL¿FDODPRQRFORQDOLGDG
5DQJRVGHGHWHFFLyQKHPDWROyJLFD\UHQDO
$XQTXH¿VLROyJLFDPHQWHODSURGXFFLyQGHțHQUHODFLyQ
FRQȜVHDGHGHELGRDODGLIHUHQFLDHQHOWDPDxR\
SRU FRQVHFXHQFLD DO DFODUDPLHQWR UHQDO GLIHUHQFLDO HQ
SHUVRQDVFRQIXQFLyQUHQDOQRUPDOODUDWLRțȜHQVXHUR
HV GH UDQJR GH FRQ FRQFHQWUDFLRQHV
SURPHGLR GH PJ/ SDUD ț UDQJR PJ/ \
PJ/SDUDȜUDQJRPJ/&XDGUR(VWRV
UDQJRVIXHURQGH¿QLGRVSRU.DW]PDQQ\VXVFRODERUDGRUHV
XWLOL]DQGRWDQWRVXHURVIUHVFRVFRPRFRQJHODGRVGH
GRQDQWHVGHVDQJUHFRQHGDGHVFRPSUHQGLGDVHQWUHORV
\ORVDxRVDVtFRPRVXHURVFRQJHODGRVGHGRQDQ
WHVFRQHGDGHVFRPSUHQGLGDVHQWUHORV\ORVDxRV
$XQTXHHOLQWHUYDORGHUHIHUHQFLDDSDUDODUDWLRțȜ
GHWHUPLQDGRKD\DVLGRGHVHKDGHFLGLGRXWLOL]DU
XQUDQJRTXHLQFOX\HUDWRGRVORVGRQDQWHVLQFUHPHQWDQGR
ODHVSHFL¿FLGDGGHOHQVD\R)UHHOLWHŠSDUDODGHWHFFLyQGH
XQD30GHD\FRQXQDGLVPLQXFLyQHQODVHQ
VLELOLGDGGHD'HHVWHPRGRSDFLHQWHVFRQXQD
UDWLR!FRQWLHQHQXQH[FHVRGH&/VțDVXPLpQGRVH
TXHpVWDHVODFDGHQDPRQRFORQDO\SDFLHQWHVFRQYDORUHV
FRQWLHQHQ XQ H[FHVR GH &/V Ȝ OXHJR OD FDGHQD
PRQRFORQDOHVODȜ
6LQHPEDUJRSXHGHQRFXUULULQFUHPHQWRVSROLFORQDOHV
UHVXOWDQWHVGHSURFHVRVLQIHFFLRVRVHLQÀDPDWRULRVRGH
XQDFODUDPLHQWRUHQDOUHGXFLGR$XQTXHODXWLOL]DFLyQGHXQ
LQWHUYDORGHFRQ¿DQ]DGHPLQLPLFHODDSDULFLyQGH
UDWLRVDOWHUDGDVHQFDVRVGHDFWLYDFLyQSROLFORQDOGHFpOXODV
%HVWRVUHVXOWDGRVGHEHQVHULQWHUSUHWDGRVGHDFXHUGRFRQ
VXFRQWH[WRFOtQLFR(QHOFRQWH[WRGHKLSHUJDPPDJOREXOL
QHPLDRGHODLQVX¿FLHQFLDUHQDOODVFRQFHQWUDFLRQHVGHț
\ȜHQVXHURDXPHQWDQSXGLHQGRUHSHUFXWLUHQXQDOLJHUD
DOWHUDFLyQGHODUDWLRțȜ\UHVXOWDUHQIDOVRVSRVLWLYRVVL
VHFRQVLGHUDHOUDQJR³KHPDWROyJLFR´GHUHIHUHQFLD
(QXQHVWXGLRGHFULEDGRGH*0HQDSUR[LPDGDPHQ
WHSDFLHQWHVUHDOL]DGRSRU+LOO\VXVFRODERUDGRUHV
ODLQVX¿FLHQFLDUHQDOIXHODFDXVDGHXQDWDVDGHUHVXOWDGRV
IDOVRVSRVLWLYRVGHSDUDODPRQRFORQDOLGDGGHWHUPLQDGD
SRUODUDWLRțȜ2WURHVWXGLRKDGHPRVWUDGRWDPELpQXQ
LQFUHPHQWRGHIDOVRVSRVLWLYRVFRUUHODFLRQDGRFRQODGLVPL
QXFLyQGHODWDVDGH¿OWUDFLyQJORPHUXODUH*)5ODVWDVDV
GHIDOVRVSRVLWLYRVIXHURQGH\FRQH*)5
! P/PLQP P/PLQP \ P/
PLQPUHVSHFWLYDPHQWH3DUDREYLDUHVWHSUREOHPD
VHKDYDOLGDGRXQUDQJRUHQDOSDUDV&//YHUVXV
HOUDQJR³KHPDWROyJLFR´GHUHIHUHQFLDHQXQSREODFLyQGH
SDFLHQWHVFRQLQVX¿FLHQFLDUHQDOGLiOLVLVGHSHQGLHQWHV\
*0(VWHUDQJRDOWHUQDWLYRLQFUHPHQWyODHVSHFL¿FLGDGGHO
HQVD\RSDUDHOGLDJQyVWLFRGH*0HQHVWHFRQWH[WRFOtQLFR
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
,GHQWL¿FDFLyQGHFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQHQODVJDPPDSDWtDVPRQRFORQDOHV
&XDGUR&RQFHQWUDFLRQHV\UDQJRVGHUHIHUHQFLDGHODVFDGHQDVOLJHUDVOLEUHVʃ\ʄHQVXHUR
6XHURQRUPDO
&RQFHQWUDFLyQPHGLD
&RQFHQWUDFLyQPHGLDQD
5DQJRGHSHUFHQWLO
.DSSDțOLEUH
PJ/
PJ/
PJ/
ODPEGDȜOLEUH
PJ/
PJ/
PJ/
0HGLD
0HGLDQD
5DQJRGHUHIHUHQFLDKHPDWROyJLFR
5DQJRGHUHIHUHQFLDUHQDO
5DWLRțȜ
ΎZĂŶŐŽƌĞĐŽŵĞŶĚĂĚŽĞŶƉĂĐŝĞŶƚĞƐĐŽŶĚŝƐĨƵŶĐŝſŶƌĞŶĂů͘
Ϯϰ
GHDPDQWHQLHQGRODVHQVLELOLGDGDSDUD
DPERVJUXSRV
/LPLWDFLRQHVGHOHQVD\RGHFDGHQDVOLJHUDVOLEUHVHQVXHUR
6LELHQODLQWURGXFFLyQGHOHQVD\RGHV&//KDVLJQL¿FDGR
XQJUDQDYDQFHFOtQLFRHVLPSRUWDQWHTXHHOXVXDULRVHD
FRQVFLHQWH GH ODV OLPLWDFLRQHV TXH pVWH SXHGH SUHVHQWDU
8QDGHODVSULPHUDVOLPLWDFLRQHVSUHYLDPHQWHGHVFULWDVHQ
ODELEOLRJUDItDVRQODVYDULDFLRQHVGHORWHDORWH
GHO DQWLVXHUR GH &/V SROLFORQDOHV TXH SXHGHQ GDU OXJDU
D XQD LQPXQRUUHDFWLYLGDG YDULDEOH \ FX\D FRQVHFXHQFLD
SXHGHJHQHUDUFLHUWDVGLIHUHQFLDVHQORVUHVXOWDGRV3RU
RWUDSDUWHDOJXQDVPXHVWUDVFRQ&/VPRQRFORQDOHVQRVH
GLOX\HQGHIRUPDOLQHDUHQSDUWLFXODUODFDGHQDOLJHUDțOR
TXHSXHGHOOHYDUDXQDVXEHVWLPDFLyQGHORVYDORUHVUHDOHV
HQHOFDVRGHTXHQRVHWHQJDQHQFXHQWDPiVGLOXFLRQHV
2WURIHQyPHQRREVHUYDGRHVHOH[FHVRGHDQWtJHQRWtSLFR
HQODVWpFQLFDVQHIHORPpWULFDVWXUELGLPpWULFDV\TXHSXHGH
OOHYDUWDPELpQDIDOVRVYDORUHVGLVPLQXLGRVVLHQGRHVHQFLDO
HQHVWRVFDVRVUHDOL]DUGLOXFLRQHVH[WUDHQWRGDVODVPXHV
WUDVFOtQLFDPHQWHVRVSHFKRVDV7DPELpQHVSRVLEOHTXHVH
REVHUYHXQDVREUHVWLPDFLyQGHUHVXOWDGRVGHELGDDODSROL
PHUL]DFLyQGHODV&/VORTXHSXHGHOOHYDUDXQLQFUHPHQWR
HQVXFRQFHQWUDFLyQGHKDVWDYHFHV)LQDOPHQWHSXHGH
WDPELpQRFXUULUTXHFLHUWDVDOWHUDFLRQHVHQODVHFXHQFLDGH
ORVDPLQRiFLGRVGHODFDGHQDOLJHUDKDJDQTXHORVHStWRSRV
GHMHQGHVHUUHFRQRFLGRVSRUORVUHDFWLYRVGHV&//6LQHP
EDUJRODVQXHYDVUHFRPHQGDFLRQHVSRUSDUWHGHOIDEULFDQWH
KDQHOLPLQDGRHOH[FHVRGHDQWtJHQRFRPROLPLWDFLyQXQD
YH]TXHODPRQLWRUL]DFLyQFRQV&//QRHVWiUHFRPHQGDGDHQ
SDFLHQWHVFRQXQD30FXDQWL¿FDEOHSRU63(ODQROLQHDOLGDG
GHțHVXQDGHVYHQWDMDPHQRVLPSRUWDQWH
$SOLFDFLyQGHOHQVD\RGHFDGHQDVOLJHUDVOLEUHVHQVXHUR
3DUDFDGDXQDGHODVGLVWLQWDVHQWLGDGHVGH*0ODGHWHU
PLQDFLyQGHLQPXQRJOREXOLQDVFLUFXODQWHVKDVLGRHOSLODU
GHOGLDJQyVWLFRGHELGRDODPSOLRHVSHFWURGHVXVSUHVHQ
WDFLRQHV WDQWR ELROyJLFDV FRPR FOtQLFDV ,GHQWL¿FDU XQD
30SXHGHVHUWULYLDOHQDOJXQRVFDVRVSHURSXHGHUHTXHULU
GLIHUHQWHVDSUR[LPDFLRQHVHQRWURV
5HFLHQWHPHQWH HO JUXSR GH WUDEDMR LQWHUQDFLRQDO
SDUDHOPLHORPDP~OWLSOH,0:*KDUHFRPHQGDGROD
XWLOL]DFLyQ GHO HQVD\R GH V&// HQ HVWDV SDWRORJtDV 6RQYDULDVODVVLWXDFLRQHVFOtQLFDVTXHSXHGHQOOHYDUD
XQDDOWHUDFLyQHQODFRQFHQWUDFLyQGH&/Vț\ȜLQFOX
\HQGRODLQPXQRGHSUHVLyQODHVWLPXODFLyQGHOVLVWHPD
LQPXQLWDULRHODFODUDPLHQWRUHQDOGLVPLQXLGR\FRPR
KDVLGRDQWHULRUPHQWHPHQFLRQDGRORVWUDVWRUQRVSUR
OLIHUDWLYRVGHFpOXODVSODVPiWLFDVPRQRFORQDOHV
6LQHPEDUJRVXSULQFLSDODSOLFDFLyQFOtQLFDHVHQSD
FLHQWHVFRQ*0
8WLOL]DFLyQGHODSUXHEDGHFDGHQDVOLJHUDVOLEUHVHQVXHUR
HQHOFULEDGRGH*0
(V LQGLVFXWLEOH TXH XQ H[FHVR GH V&// R XQD UDWLR țȜ
DOWHUDGD HQ VXHUR HV FRP~Q D FDVL WRGRV ORV WUDVWRUQRV
SODVPDSUROLIHUDWLYRV &XDGUR 'DGR TXH HO HQVD\R
FXDQWLWDWLYR GH ODV V&// HV UHODWLYDPHQWH QXHYR ORV
EHQH¿FLRV GH VX XWLOL]DFLyQ HQ HO FULEDGR GH *0 KDQ
VLGRDPSOLDPHQWHHVWXGLDGRVFRPELQDQGR\FRPSDUDQGR
GLIHUHQWHVHVWUDWHJLDV'XUDQWHORV~OWLPRVDxRVKDQVLGR
SURSXHVWDV GLIHUHQWHV DSUR[LPDFLRQHV DO FULEDGR \ DO
GLDJQyVWLFRTXHYDQGHVGHODXWLOL]DFLyQGH83(X,)(
FRQMXQWDPHQWHFRQ63(V,)(V&//63(V,)(
V&//63(V&//\63(FRQMXQWDPHQWHFRQHO
KLVWRULDOFOtQLFRGHOSDFLHQWH/DHOLPLQDFLyQGHODRULQD
FRPRPHGLRGHDQiOLVLVKDJHQHUDGRDOJXQDFRQWURYHUVLD
LQLFLDOPHQWH VLQ HPEDUJR YDULRV HVWXGLRV \D KDQ YDOL
GDGRVXVXVWLWXFLyQ\DFWXDOPHQWHHO,0:*OD
UHFRPLHQGDHQHOFULEDGR\GLDJQyVWLFRGH*0GLVWLQWDV
GHOD$/3DUDUHVSRQGHUDODFXHVWLyQGHVLVHSXHGHQ
UHHPSOD]DUODVSUXHEDVHQRULQDHQHOGLDJQyVWLFRGH*0
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
%DUERVDGH&DUYDOKR10\0RUDLV6DUPHQWR&DPSRV0/
&XDGUR3RUFHQWDMHGHUDWLRVțȜDOWHUDGRVHQGLIHUHQWHVHQWLGDGHV
GHJDPPDSDWtDVPRQRFORQDOHV
GH5DWLRțȜ
DOWHUDGR
5HIHUHQFLD
ELEOLRJUi¿FD
*06,
00TXLHVFHQWH
00VLQWRPiWLFR
00QRVHFUHWRU
$/
3ODVPRFLWRPD
0DFURJOREOLQHPLD GH
:DOGHVWU|P
00%HQFH-RQHV
OLQIRSUROLIHUDWLYRVPRQRFORQDOHVSDWROyJLFRVGLVWLQWRVGH
$/3DUDHOFULEDGRGHSDFLHQWHVFRQ$/VHKDREVHUYDGR
TXHHQWUH\GHORVFDVRVVHSXHGHQGDUUHVXOWDGRV
QHJDWLYRVHQWRGDVODVSUXHEDVHQVXHUR\HQHVWRVFDVRV
DGHPiVGHODVGHWHUPLQDFLRQHVHQVXHURWDPELpQHVQHFH
VDULRHOHVWXGLR83(HQRULQDGHKRUDV$VtHOKHFKR
GHDxDGLUODVV&//DODEDWHUtDGHSUXHEDVXWLOL]DGDVHQHO
FULEDGRDXPHQWDODVHQVLELOLGDGSDUDODGHWHFFLyQGHODV
*0DGHPiVGHHOLPLQDUODQHFHVLGDGGHRULQDHQWRGRVORV
SDFLHQWHVFRQH[FHSFLyQGHORVFDVRVHQTXHH[LVWDXQD
VRVSHFKDFOtQLFDGH$/3DUD¿QDOL]DUXQGLDJQyVWLFR
GH*0ODVUHFRPHQGDFLRQHVDFWXDOHVGHO,0:*SRVWXODQ
TXHVLJXHVLHQGRHVHQFLDOVROLFLWDUWDPELpQHOHVWXGLRHQ
RULQDGHKRUDV83(X,)(HQWRGRVORVSDFLHQWHV
8WLOL]DFLyQGHOWHVWGHFDGHQDVOLJHUDVOLEUHVHQVXHURHQHO
SURQyVWLFRGH*0
.DW]PDQQ\VXVFRODERUDGRUHVKDQUHDOL]DGRUHFLHQWH
PHQWHXQHVWXGLRHQSDFLHQWHV>00Q 00
TXLHVFHQWHQ *06,Q SODVPRFLWRPDQ SODVPRFLWRPDH[WUDPHGXODUQ 0:Q $/
Q HQIHUPHGDGGHGHSyVLWRGH&/VQ VtQGURPH
32(06Q @HQORVFXDOHVVHKDQSUDFWLFDGRODVFXDWUR
SUXHEDVHVWiQGDU63(83(V,)(X,)(PiVV&//(Q
HVHHVWXGLRVHFRPSUREyODVHQVLELOLGDGGHFDGDXQDGHODV
SUXHEDVSDUDODGHWHFFLyQGH*0HQFDVRV\QLQJXQD
GHODVWpFQLFDVGHODERUDWRULRUHDOL]DGDVKDVHUYLGRFRPR
KHUUDPLHQWD~QLFDGHGLDJQyVWLFR/DFRPELQDFLyQGHODV
FLQFRWpFQLFDVHQVXHUR\RULQDKDUHVXOWDGRDOWHUDGDHQ
GHORVSDFLHQWHVHQSDFLHQWHVQRIXHUHJLVWUDGD
QLQJXQD DOWHUDFLyQ HQ QLQJXQD GH ODV FLQFR WpFQLFDV GH
ODERUDWRULR>$/GHODWRWDOLGDGGHSDFLHQWHVFRQ
$/SODVPRFLWRPDH[WUDPHGXODUSODVPRFLWR
PDHQIHUPHGDGGHGHSRVLWRGH&/V
VtQGURPHGH32(06@8WLOL]DQGRXQDHVWUDWHJLD
EDVDGDHQ63(V)/&VHKDSRGLGRLGHQWL¿FDUGH
ORVSDFLHQWHVFRQ00\GHORVSDFLHQWHVFRQ600
$XQTXH QR VH KD\DQ LGHQWL¿FDGR SDFLHQWHV *06,
XWLOL]DQGR63(V)/&FRPRWpFQLFDVGHFULEDGRHVWRV
SDFLHQWHVSUHVHQWDEDQXQD30J/\XQDUDWLRV&//
QRUPDOORTXHVLJQL¿FDTXHHVWRVSDFLHQWHVVHHQFXHQWUDQ
HQHOHVWUDWRGHEDMRULHVJRGHSURJUHVLyQ\SRUORWDQWRQR
UHTXLHUHQLQWHUYHQFLyQPpGLFD
/DUHFRPHQGDFLyQDFWXDOGHO,0:*HVTXHVHXWLOLFHQ
ODVV&//FRQMXQWDPHQWHFRQ63(\V,)(SXHVWRTXHHVWH
DERUGDMHHVVX¿FLHQWHSDUDLGHQWL¿FDUWRGRVORVWUDVWRUQRV
(OYDORUSUHGLFWLYRGHODVV&//VHH[WLHQGHDODPD\RUtD
GHODV*0\DXQTXHWRGDYtDQRHVWpFODUDODUHODFLyQHQ
WUHV&//\SDWRJHQLFLGDGKD\LQGLFLRVGHTXHORVQLYHOHV
HOHYDGRVGH&/VSXHGHQHVWDUUHODFLRQDGRVFRQWUDQVORFD
FLRQHV,J+\FRQXQDFDUJDWXPRUDOHOHYDGD/D*06,
HVOD*0PiVFRP~QFRQXQDSUHYDOHQFLDGHOHQ
LQGLYLGXRVFRQPiVGHDxRV\GHORVFXDOHVSURJUHVD
DDOJXQDHQIHUPHGDGVLJQL¿FDWLYDFRPROD$/R00HQ
DxR(QWUH\GHORVSDFLHQWHVWLHQHQYDORUHV
DOWHUDGRVGHV&//HQHOPRPHQWRGHOGLDJQyVWLFR\VHKD
GHPRVWUDGRTXHHVWRVLQGLYLGXRVSUHVHQWDQXQPD\RUULHV
JRGHSURJUHVLyQD00VLQWRPiWLFR(OPRGHORFOiVLFR
GH HVWUDWL¿FDFLyQ GH ULHVJR SDUD HVWRV SDFLHQWHV XWLOL]D
FRPRSDUiPHWURVHOWDPDxRGHOD3030!JG/\
HOWLSRGHFDGHQDSHVDGDGHODLQPXQRJOREXOLQDGLIHUHQWH
GHO,J*&XDQGRVHDxDGHODUDWLRțȜFRPRXQIDFWRUGH
ULHVJRSDUDODSURJUHVLyQDDxRVSDUDSDFLHQWHVFRQ
RIDFWRUHVGHULHVJRDOWHUDGRVHOULHVJRGHSURJUHVLyQ
HVGHO\UHVSHFWLYDPHQWH'DGRTXHOD
HVWUDWL¿FDFLyQGHOJUDGRGHULHVJRSRUJUXSRVFRQWULEX\H
DO PHMRU VHJXLPLHQWR GH HVWRV SDFLHQWHV UHFLHQWHPHQWH
HOFRQVHQVRGHOJUXSRLQWHUQDFLRQDOSDUDORVIDFWRUHVGH
ULHVJR GH SURJUHVLyQ UHFRPHQGy TXH ORV SDFLHQWHV GH
EDMRULHVJRVHDQVHJXLGRVDORVPHVHVGHOGLDJQyVWLFRVL
SHUPDQHFHQHVWDEOHV\SRVWHULRUPHQWHFDGDGRVRWUHV
DxRV R FXDQGR H[LVWD DOJXQD VLQWRPDWRORJtD UHODFLRQD
GD3DFLHQWHVFRQULHVJRLQWHUPHGLRRDOWRGHEHUiQVHU
VHJXLGRVDORVPHVHV\SRVWHULRUPHQWHGHIRUPDDQXDO
DORODUJRGHVXYLGD
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
,GHQWL¿FDFLyQGHFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQHQODVJDPPDSDWtDVPRQRFORQDOHV
(O00DVLQWRPiWLFRRTXLHVFHQWHVHFDUDFWHUL]DSRU
SUHVHQWDUWRGRVORVFULWHULRVGLDJQyVWLFRVGHO00SHUR
VLQ SUHVHQWDU VLQWRPDWRORJtD (V WDO \ FRPR OD *06,
XQDHQWLGDGSUHPDOLJQDTXHVHGLIHUHQFLDHQHOULHVJRGH
SURJUHVLyQD00VLQWRPiWLFRR$/TXHHVGHDODxR
GXUDQWHORVSULPHURVDxRV8QDUDWLRțȜDOWHUDGD
R!VLJQL¿FDXQPD\RUULHVJRGHSURJUHVLyQ\HV
LQGHSHQGLHQWHGHORVSDUiPHWURVKDVWDDKRUDXWLOL]DGRV
SDUDFODVL¿FDUHVWRVSDFLHQWHV&0!JG/\&3HQ02
!/DLQFRUSRUDFLyQGHODUDWLRțȜHQHOPRGHOR
GHULHVJRXWLOL]DQGRORVWUHVIDFWRUHVVHWUDGXFHHQXQD
SURJUHVLyQHQDxRVGH\SDUDORVJUXSRV
GHDOWRPHGLR\EDMRULHVJRUHVSHFWLYDPHQWH 3DUDHVWD
HQWLGDG ODV DFWXDOHV JXtDV UHFRPLHQGDQ VHJXLPLHQWR D
ORV PHVHV GH VX GLDJQyVWLFR LQLFLDO VL SHUPDQHFH
HVWDEOHFDGDPHVHVGXUDQWHXQDxR\SRVWHULRUPHQ
WHVLFRQWLQ~DHVWDEOHVHSXHGHQDODUJDUDLQWHUYDORVGH
DPHVHV(QSDFLHQWHVFRQ00DFWLYRGHQXHYR
GLDJQyVWLFRVRQYDULRVORVHVWXGLRVTXHKDQGHPRVWUDGR
TXHORVYDORUHVEDVDOHVGHV&//VRQSURQyVWLFRSDUDOD
VXSHUYLYHQFLD(O00DFWLYRVHFDUDFWHUL]DSRUOD
H[LVWHQFLDGHVLQWRPDWRORJtDGDxRRUJiQLFR\HVLQGH
SHQGLHQWHGHODFDQWLGDGGHOD30RGHODLQ¿OWUDFLyQGH
&3HQ02(QHOPRPHQWRGHOGLDJQyVWLFRGH
ORVSDFLHQWHVSUHVHQWDQXQFRFLHQWHțȜDOWHUDGR\
VHKDFRQ¿UPDGRTXHORVSDFLHQWHVFRQXQDUDWLRLQIHULRU
DRVXSHULRUDWLHQHQSHRUSURQyVWLFR3RUHVWH
PRWLYRVHKDVXJHULGRTXHHVWHSDUiPHWURVHDDxDGLGRDO
VLVWHPDGHFODVL¿FDFLyQGHO,66,QWHUQDWLRQDO6WDJLQJ
6\VWHP TXH DFWXDOPHQWH XVD FRPR SDUiPHWURV OD ȕ
PLFURJOREXOLQD\ODDOE~PLQD
(Q$/DGHORVSDFLHQWHVSUHVHQWDQXQDUDWLR
țȜOLEUHDOWHUDGDDOPRPHQWRGHOGLDJQyVWLFR(Q
HVWH FDVR DO FRQWUDULR GH ODV GHPiV *0 XQD UDWLR țȜ
DOWHUDGD QR KD GHPRVWUDGR QLQJXQD DSRUWDFLyQ VREUH HO
SURQyVWLFRSHURVLVHKDUHODFLRQDGRFRQYDORUHVDOWHUDGRV
GHODVFDGHQDVOLJHUDVOLEUHVPRQRFORQDOHVLQYROXFUDGDV
L&/(QXQHVWXGLRUHDOL]DGRHQSDFLHQWHVFRQ$/
FRQWUDVSODQWHDXWyORJRGHFpOXODVSURJHQLWRUDVGHVDQJUH
SHULIpULFD7$63(VHKDREVHUYDGRXQULHVJRGHPXHUWH
VLJQL¿FDWLYDPHQWHPD\RUHQSDFLHQWHVFRQDOWRVYDORUHV
EDVDOHVL&/!PJ/GHV&//KD]DUGUDWLRGH
S/RVQLYHOHVEDVDOHVGHODL&/HQODHQIHUPHGDG
VH KDQ UHODFLRQDGR FRQ XQD PD\RU DIHFWDFLyQ RUJiQLFD
\ HQ FRQVHFXHQFLD FRQ HVWDGRV PiV DYDQ]DGRV GH OD
HQIHUPHGDG
8WLOL]DFLyQGHODSUXHEDGHFDGHQDVOLJHUDVOLEUHVHQVXHUR
HQODPRQLWRUL]DFLyQGH*0
/DXWLOLGDGGHV&//HQODPRQLWRUL]DFLyQHVWiUHFRQRFLGD\
HVUHFRPHQGDGD~QLFDPHQWHHQSDFLHQWHVFRQ$/00ROL
JRVHFUHWRUQRVHFUHWRU\HQWRGRVORVSDFLHQWHVDOPRPHQWR
GHGHWHUPLQDUODUHVSXHVWDFRPSOHWDHVWULFWDSHQGLHQWHGH
YDOLGDFLyQGH¿QLWLYD\DxDGLGDHQDORVFULWHULRVGH
UHVSXHVWDSDUDHO00SRUHO,0:*
(QSDFLHQWHVFRQ$/VHUHFRPLHQGDODUHDOL]DFLyQGH
PHGLFLRQHVVHULDGDVGHV&//ODVFXDOHVVHFRUUHODFLRQDQ
FRQ OD VXSHUYLYHQFLD OLEUH GH SURJUHVLyQ VXSHUYLYHQFLD
JOREDO\FRQODUHVSXHVWDRUJiQLFD\KHPDWROyJLFD
3RUHVWRVPRWLYRVODSUXHEDGHODVV&//KDVLGRLQFRU
SRUDGD D ORV FULWHULRV GH UHVSXHVWD SDUD$/ TXH HVWiQ
SDUFLDOPHQWHYDOLGDGRVSRU/DFKPDQ6DQFKRUDZDOD\3D
OODGLQL/DFKPDQ\VXVFRODERUDGRUHVIXHURQORVSULPHURV
HQFRUUHODFLRQDUFDPELRVHQODVV&//FRQVXSHUYLYHQFLD
JOREDOGHPRVWUDQGRTXHDTXHOORVSDFLHQWHVTXHDOFDQ]DQ
XQDUHGXFFLyQGHV&//!HQODFDGHQDLQYROXFUDGD
L&//PRQRFORQDOWHQtDQXQDPD\RUSUREDELOLGDGGH
YLYLU GXUDQWH PiV WLHPSR 'LVSHQ]LHUL \ VXV FRODER
UDGRUHVKDQYHUL¿FDGRSRVWHULRUPHQWHTXHXQDUHGXFFLyQ
GHOHQODL&//QRHUDSUHGLFWLYRGHVXSHUYLYHQFLD
JOREDOSHURVLQHPEDUJRHVWHJUDGRGHUHGXFFLyQHQOD
L&//SURGXFtDXQDPHMRUDHQODWDVDGHUHVSXHVWDWDQWR
KHPDWROyJLFDFRPRRUJiQLFD(Q$/ODHYDOXDFLyQGHOD
UHVSXHVWDXWLOL]DQGRODVV&//HVPiVLPSRUWDQWHTXHOD
,)(XQDYH]TXHVHKDREVHUYDGRXQDPHMRUHYROXFLyQHQ
SDFLHQWHVTXHSRVHHQXQDUDWLRțȜQRUPDOH,)(SRVLWLYD
TXH HQ SDFLHQWHV FRQ XQD ,)( QHJDWLYD \ XQD UDWLR țȜ
DOWHUDGD
(QFXDQWRDO00QRVHFUHWRUXROLJRVHFUHWRUGDGRTXH
ODV WpFQLFDV WUDGLFLRQDOPHQWH XWLOL]DGDV HQ ODERUDWRULR
WDQWRHQVXHURFRPRHQRULQDQRSHUPLWHQVXGHWHFFLyQOD
GHWHUPLQDFLyQGHV&//HVIXQGDPHQWDOSDUDHOVHJXLPLHQ
WRGHHVWRVSDFLHQWHV+DVWDPX\UHFLHQWHPHQWHHODVSLUDGR
GH02HUDXQUHTXLVLWRSDUDODPRQLWRUL]DFLyQGHHVWRV
SDFLHQWHVFRQWRGRVORVLQFRQYHQLHQWHVTXHDSRUWDDOWUD
WDUVHGHXQDWpFQLFDLQYDVLYD6LQHPEDUJRODLQWURGXFFLyQ
GHODVV&//SHUPLWHDKRUDTXHSRUORPHQRVHQGH
HVWRVSDFLHQWHVVHSXHGDKDFHUXQVHJXLPLHQWRULJXURVR
GHODUHVSXHVWDDOWUDWDPLHQWRVLQUHFXUULUDDVSLUDGRVGH
PHGXODyVHDIUHFXHQWHV
3RU~OWLPRVHUHFRPLHQGDODXWLOL]DFLyQGHODVV&//
HQWRGRVORVSDFLHQWHVSDUDODHYDOXDUODUHVSXHVWDFRP
SOHWD HVWULFWD (VWH FRQFHSWR GH UHVSXHVWD H[LJH DSDUWH
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
%DUERVDGH&DUYDOKR10\0RUDLV6DUPHQWR&DPSRV0/
GH OD QHJDWLYL]DFLyQ GH OD ,)( HQ VXHUR \ RULQD \ GH OD
DXVHQFLDGH&3PRQRFORQDOHVHQ02ODQRUPDOL]DFLyQ
GHODUDWLRțȜ
&21&/86,Ï1
(QUHVXPHQVRQFXDWURODVSULQFLSDOHVDSOLFDFLRQHVSDUD
HOHQVD\RGHV&//HQHOGLDJQRVWLFR\PDQHMRGHO00\
WUDVWRUQRVUHODFLRQDGRV
(QHOFULEDGR\GLDJQyVWLFRFRQMXQWDPHQWHFRQ63(
\V,)(HQWRGDVODV*0GLVWLQWDVGHOD$/
(QHOSURQyVWLFRGHWRGDVODV*0
(QODPRQLWRUL]DFLyQGHODUHVSXHVWDDXQWUDWDPLHQWR
HQSDFLHQWHVFRQ$/\00QRVHFUHWRU
(Q WRGRV ORV SDFLHQWHV TXH KD\DQ DOFDQ]DGR XQD
UHVSXHVWD FRPSOHWD DO WUDWDPLHQWR SDUD GH¿QLU OD
UHVSXHVWDFRPSOHWDHVWULFWDSHQGLHQWHGHYDOLGDFLyQ
GH¿QLWLYD
5()(5(1&,$6
.HUHQ')3URFHGXUHVIRUWKHHYDOXDWLRQRIPRQRFORQDOLPPX
QRJOREXOLQV$UFK3DWKRO/DE0HG
%HQFH-RQHV+3DSHUVRQFKHPLFDOSDWKRORJ\3UHIDFHGE\
WKH*XOVWRQLDQ/HFWXUHVUHDGDWWKH5R\DO&ROOHJHRI3K\VL
FLDQV7KH/DQFHW
%UDGZHOO$5&DUU6PLWK+'0HDG*37DQJ/;HWDO+LJKO\
VHQVLWLYHDXWRPDWHGLPPXQRDVVD\IRULPPXQRJOREXOLQIUHH
OLJKWFKDLQVLQVHUXPDQGXULQH&OLQ&KHP
%UDGZHOO$56HUXP)UHH/LJKW&KDLQ$QDO\VLVSOXV+HY\OLWH
DHG%LUPLQJKDP7KH%LQGLQJ6LWH
.DW]PDQQ-$&ODUN5-$EUDKDP56%U\DQW6HWDO6HUXP
UHIHUHQFH LQWHUYDOV DQG GLDJQRVWLF UDQJHV IRU IUHH NDSSD
DQG IUHH ODPEGD LPPXQRJOREXOLQ OLJKW FKDLQV UHODWLYH VHQ
VLWLYLW\ IRU GHWHFWLRQ RI PRQRFORQDO OLJKW FKDLQV &OLQ &KHP
+XWFKLVRQ&$%DVQD\DNH.&RFNZHOO36HUXPIUHHOLJKWFKDLQ
DVVHVVPHQWLQPRQRFORQDOJDPPRSDWK\DQGNLGQH\GLVHDVH
1DW5HY1HSKURO
/LQGVWHGW*/XQGEHUJ3/RVVRIWXEXODUSURWHLQXULDSDWWHUQGX
ULQJXULQHFRQFHQWUDWLRQZLWKDFRPPHUFLDOPHPEUDQH¿OWHUFHOO
0LQLFRQŠ%V\VWHP&OLQLFD&KLPLFD$FWD
+DUULVRQ++7KH³ODGGHUOLJKWFKDLQ´RU³SVHXGRROLJRFORQDO´
SDWWHUQLQXULQDU\LPPXQR¿[DWLRQHOHFWURSKRUHVLV,)(VWXGLHV
DGLVWLQFWLYH,)(SDWWHUQDQGDQH[SODQDWRU\K\SRWKHVLVUHODWLQJ
LWWRIUHHSRO\FORQDOOLJKWFKDLQV&OLQ&KHP
+HVV 33 0DVWURSDROR :7KRPSVRQ *' /HYLQVRQ 66 ,Q
WHUIHUHQFHRISRO\FORQDOIUHHOLJKWFKDLQVZLWKLGHQWL¿FDWLRQRI
%HQFH-RQHVSURWHLQV&OLQ&KHP
%UDGZHOO$5&DUU6PLWK+'0HDG*3+DUYH\7&'UD\VRQ
076HUXPWHVWIRUDVVHVVPHQWRISDWLHQWVZLWK%HQFH-RQHV
P\HORPD/DQFHW
'LVSHQ]LHUL$=KDQJ/.DW]PDQQ-$6Q\GHU0HWDO$SSUDL
VDORILPPXQRJOREXOLQIUHHOLJKWFKDLQDVDPDUNHURIUHVSRQVH
%ORRG
%UDGZHOO$56HUXPIUHHOLJKWFKDLQPHDVXUHPHQWVPRYHWR
FHQWHUVWDJH&OLQ&KHP
'LVSHQ]LHUL$.\OH50HUOLQL*0LJXHO-6HWDO,QWHUQDWLRQDO
0\HORPD:RUNLQJ*URXSJXLGHOLQHVIRUVHUXPIUHHOLJKWFKDLQ
DQDO\VLVLQPXOWLSOHP\HORPDDQGUHODWHGGLVRUGHUV/HXNHPLD
5XVVR/%DNULV*&RPSHU:5HQDOKDQGOLQJRIDOEXPLQ$
FULWLFDOUHYLHZRIEDVLFFRQFHSWVDQGSHUVSHFWLYH$PHULFDQ
-RXUQDORI.LGQH\'LVHDVHV
0DDFN7-RKQVRQ9.DX67)LJXHLUHGR-6LJXOHP'5HQDO
¿OWUDWLRQWUDQVSRUWDQGPHWDEROLVPRIORZPROHFXODUZHLJKW
SURWHLQVDUHYLHZ.LGQH\,QW
:RFKQHU5'6WUREHU::DOGPDQQ7$7KHUROHRIWKHNLGQH\
LQWKHFDWDEROLVPRI%HQFH-RQHVSURWHLQVDQGLPPXQRJOREXOLQ
IUDJPHQWV-([S0HG
6DQGHUV 3: %RRNHU %% %LVKRS -% &KHXQJ +& 0HFKD
QLVPVRILQWUDQHSKURQDOSURWHLQDFHRXVFDVWIRUPDWLRQE\ORZ
PROHFXODUZHLJKWSURWHLQV-&OLQ,QYHVW
<LQJ:=6DQGHUV3:0DSSLQJWKHELQGLQJGRPDLQRILPPX
QRJOREXOLQOLJKWFKDLQVIRU7DPP+RUVIDOOSURWHLQ$P-3DWKRO
6DQGHUV 3: %RRNHU %% 3DWKRELRORJ\ RI FDVW QHSKUR
SDWK\ IURP KXPDQ %HQFH -RQHV SURWHLQV - &OLQ ,QYHVW
+RIIPDQ8)UHHLPPXQRJOREXOLQOLJKWFKDLQLQSDWLHQWVZLWK
UKHXPDWLFGLVHDVHV=5KHXPDWRO6XSSO
+XWFKLVRQ&$+DUGLQJ6+HZLQV30HDG*3HWDO4XDQWL
WDWLYHDVVHVVPHQWRIVHUXPDQGXULQDU\SRO\FORQDOIUHHOLJKW
FKDLQVLQSDWLHQWVZLWKFKURQLFNLGQH\GLVHDVH&OLQ-$P6RF
1HSKURO
+LOO3*)RUV\WK-05DL%0D\QH66HUXPIUHHOLJKWFKDLQVDQ
DOWHUQDWLYHWRWKHXULQH%HQFH-RQHVSURWHLQVVFUHHQLQJWHVWIRU
PRQRFORQDOJDPPRSDWKLHV&OLQ&KHP
9HUPHHUVFK39DQ+RRYHOV/'HOIRUJH00DULsQ*%RVVX\W
;'LDJQRVWLFSHUIRUPDQFHRIVHUXPIUHHOLJKWFKDLQPHDVX
UHPHQWLQSDWLHQWVVXVSHFWHGRIDPRQRFORQDO%FHOOGLVRUGHU
%U-+DHPDWRO
+XWFKLVRQ&$3ODQW7'UD\VRQ0&RFNZHOO3HWDO6HUXP
IUHHOLJKWFKDLQPHDVXUHPHQWDLGVWKHGLDJQRVLVRIP\HORPD
LQSDWLHQWVZLWKVHYHUHUHQDOIDLOXUH%0&1HSKURO
7DWH -5 0ROOHH 3 'LPHVNL * &DUWHU$& *LOO '$QDO\WLFDO
SHUIRUPDQFHRIVHUXPIUHHOLJKWFKDLQDVVD\GXULQJPRQLWRULQJ
RI SDWLHQWV ZLWK PRQRFORQDO OLJKWFKDLQ GLVHDVHV &OLQ &KLP
$FWD
'DYDO 6 7ULGRQ$ 0D]HURQ 1 5LVWRUL - (YUDUG % 5LVN RI
DQWLJHQH[FHVVLQVHUXPIUHHOLJKWFKDLQPHDVXUHPHQWV&OLQ
&KHP
.DW]PDQQ -$ 6FUHHQLQJ SDQHOV IRU PRQRFORQDO JDPPRSD
WKLHVWLPHWRFKDQJH&OLQ%LRFKHP5HY
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH
,GHQWL¿FDFLyQGHFDGHQDVOLJHUDVOLEUHVHQVXHUR\VXDSOLFDFLyQHQODVJDPPDSDWtDVPRQRFORQDOHV
.DW]PDQQ -$$EUDKDP 56 'LVSHQ]LHUL$ /XVW -$ .\OH
5$ 'LDJQRVWLF SHUIRUPDQFH RI TXDQWLWDWLYH NDSSD DQG
ODPEGDIUHHOLJKWFKDLQDVVD\VLQFOLQLFDOSUDFWLFH&OLQ&KHP
.DW]PDQQ-$.\OH5$%HQVRQ-/DUVRQ'56Q\GHU05/XVW
-$5DMNXPDU69'LVSHQ]LHUL$6FUHHQLQJSDQHOVIRUGHWHFWLRQ
RI PRQRFORQDO JDPPRSDWKLHV &OLQ &KHP 5DMNXPDU69.\OH5$7KHUQHDX700HOWRQ/-%UDGZHOO$5
&ODUN 5- /DUVRQ '5 3OHYDN 0) 'LVSHQ]LHUL$ .DW]PDQQ
-$6HUXPIUHHOLJKWFKDLQUDWLRLVDQLQGHSHQGHQWULVNIDFWRU
IRUSURJUHVVLRQLQPRQRFORQDOJDPPRSDWK\RIXQGHWHUPLQHG
VLJQL¿FDQFH%ORRG
'LVSHQ]LHUL$.\OH5$.DW]PDQQ-$7KHUQHDX70/DUVRQ'
%HQVRQ-&ODUN5-0HOWRQ/-*HUW]0$.XPDU6.)RQVHFD
5-HOLQHN')5DMNXPDU69,PPXQRJOREXOLQIUHHOLJKWFKDLQ
UDWLRLVDQLQGHSHQGHQWULVNIDFWRUIRUSURJUHVVLRQRIVPROGHULQJ
DV\PSWRPDWLFPXOWLSOHP\HORPD%ORRG
.DQJ66XK-/HH+<RRQ+/HH:&OLQLFDOXVHIXOQHVVRI
IUHHOLJKWFKDLQFRQFHQWUDWLRQDVDWXPRUPDUNHULQPXOWLSOH
P\HORPD$QQ+HPDWRO
6QR]HN &/+ .DW]PDQQ -$ .\OH 5$ 'LVSHQ]LHUL$ HW DO
3URJQRVWLFYDOXHRIWKHVHUXPIUHHOLJKWFKDLQUDWLRLQQHZO\
GLDJQRVHGP\HORPDSURSRVHGLQFRUSRUDWLRQLQWRWKHLQWHUQD
WLRQDOVWDJLQJV\VWHP/HXNHPLD
.DW]PDQQ-$'LVSHQ]LHUL$.\OH5$6Q\GHU05HWDO(OLPL
QDWLRQRIWKHQHHGIRUXULQHVWXGLHVLQWKHVFUHHQLQJDOJRULWKP
IRUPRQRFORQDOJDPPRSDWKLHVE\XVLQJVHUXPLPPXQR¿[DWLRQ
DQGIUHHOLJKWFKDLQDVVD\V0D\R&OLQ3URF
'UD\VRQ07DQJ/;'UHZ50HDG*3&DUU6PLWK+%UDG
ZHOO$56HUXPIUHHOLJKWFKDLQPHDVXUHPHQWVIRULGHQWLI\LQJ
DQGPRQLWRULQJSDWLHQWVZLWKQRQVHFUHWRU\PXOWLSOHP\HORPD
%ORRG
$EUDKDP56&ODUN5-%U\DQW6&/\PS-)/DUVRQ7.\OH
5$.DW]PDQQ-$&RUUHODWLRQRIVHUXPLPPXQRJOREXOLQIUHH
OLJKWFKDLQTXDQWL¿FDWLRQZLWKXULQDU\%HQFH-RQHVSURWHLQLQ
OLJKWFKDLQP\HORPD&OLQ&KHP
$EUDKDP 56 .DW]PDQQ -$ &ODUN 5- %UDGZHOO$5 HW DO
4XDQWLWDWLYHDQDO\VLVRIVHUXPIUHHOLJKWFKDLQV$QHZPDUNHU
IRUWKHGLDJQRVWLFHYDOXDWLRQRISULPDU\V\VWHPLFDP\ORLGRVLV
$P-&OLQ3DWKRO
'LQJOL'.\OH5$5DMNXPDU691RZDNRZVNL*6HWDO,P
PXQRJOREXOLQIUHHOLJKWFKDLQVDQGVROLWDU\SODVPDF\WRPDRI
ERQH%ORRG
3DOODGLQL*5XVVR3%RVRQL79HUJD/HWDO,GHQWL¿FDWLRQRI
DP\ORLGRJHQLFOLJKWFKDLQVUHTXLUHVWKHFRPELQDWLRQRIVHUXP
IUHHOLJKWFKDLQDVVD\ZLWKLPPXQR¿[DWLRQRIVHUXPDQGXULQH
&OLQ&KHP
%DNVKL1$*XOEUDQVRQ5*DUVWND'%UDGZHOO$5.HUHQ')
6HUXPIUHHOLJKWFKDLQ)/&PHDVXUHPHQWFDQDLGFDSLOODU\
]RQH HOHFWURSKRUHVLV LQ GHWHFWLQJ VXEWOH )/&SURGXFLQJ 0
SURWHLQV$P-&OLQ3DWKRO
$EDGLH-0%DQNVRQ''$VVHVVPHQWRIVHUXPIUHHOLJKWFKDLQ
DVVD\VIRUSODVPDFHOOGLVRUGHUVFUHHQLQJLQD9HWHUDQV$IIDLUV
SRSXODWLRQ$QQ&OLQ/DE6FL
3LHKOHU$3*XOEUDQGVHQ1.LHUXOI38UGDO34XDQWLWDWLRQRI
VHUXPIUHHOLJKWFKDLQVLQFRPELQDWLRQZLWKSURWHLQHOHFWURSKR
UHVLVDQGFOLQLFDOLQIRUPDWLRQIRUGLDJQRVLQJPXOWLSOHP\HORPD
LQDJHQHUDOKRVSLWDOSRSXODWLRQ&OLQ&KHP
.XPDU6)RQVHFD5'LVSHQ]LHUL$.DW]PDQQ-$HWDO+LJK
,QFLGHQFHRI,J+7UDQVORFDWLRQVLQ0RQRFORQDO*DPPRSDWKLHV
ZLWK$EQRUPDO)UHH/LJKW&KDLQ/HYHOV$6+$QQXDO0HHWLQJ
$EVWUDFWV
'LVSHQ]LHUL $ /DF\ 04 .DW]PDQQ -$ 5DMNXPDU 69 HW
DO$EVROXWH YDOXHV RI LPPXQRJOREXOLQ IUHH OLJKW FKDLQV DUH
SURJQRVWLF LQ SDWLHQWV ZLWK SULPDU\ V\VWHPLF DP\ORLGRVLV
XQGHUJRLQJSHULSKHUDOEORRGVWHPFHOOWUDQVSODQWDWLRQ%ORRG
9DQ5KHH)%ROHMDFN9+ROOPLJ.3LQHGD5RPDQ0HWDO
+LJKVHUXPIUHHOLJKWFKDLQOHYHOVDQGWKHLUUDSLGUHGXFWLRQLQ
UHVSRQVHWRWKHUDS\GH¿QHDQDJJUHVVLYHPXOWLSOHP\HORPD
VXEW\SHZLWKSRRUSURJQRVLV%ORRG
.\OH 5$ 7KHUQHDX 70 5DMNXPDU 69 /DUVRQ '5 HW DO
3UHYDOHQFH RI PRQRFORQDO JDPPRSDWK\ RI XQGHWHUPLQHG
VLJQL¿FDQFH1(QJO-0HG
.\OH5$5DMNXPDU690RQRFORQDOJDPPRSDWK\RIXQGHWHU
PLQHGVLJQL¿FDQFH%U-+DHPDWRO
.\OH 5$ 5HPVWHLQ ('7KHUQHDX70 'LVSHQ]LHUL$ HW DO
&OLQLFDOFRXUVHDQGSURJQRVLVRIVPROGHULQJDV\PSWRPDWLF
PXOWLSOHP\HORPD1(QJO-0HG
.\OH5$'XULH%*05DMNXPDU69/DQGJUHQ2HWDO0RQR
FORQDOJDPPRSDWK\RIXQGHWHUPLQHGVLJQL¿FDQFH0*86DQG
VPROGHULQJDV\PSWRPDWLFPXOWLSOHP\HORPD,0:*FRQVHQ
VXVSHUVSHFWLYHVULVNIDFWRUVIRUSURJUHVVLRQDQGJXLGHOLQHV
IRUPRQLWRULQJDQGPDQDJHPHQW/HXNHPLD
.\UWVRQLV09DVVLODNRSRXORV73.DIDVL16DFKDQDV6HWDO
3URJQRVWLFYDOXHRIVHUXPIUHHOLJKWFKDLQUDWLRDWGLDJQRVLVLQ
PXOWLSOHP\HORPD%U-+DHPDWRO
.\UWVRQLV00DOWH]DV'7]HQRX7.RXOLHULV(%UDGZHOO$5
6WDJLQJ6\VWHPVDQG3URJQRVWLF)DFWRUVDVD*XLGHWR7KHUD
SHXWLF'HFLVLRQVLQ0XOWLSOH0\HORPD6HPLQDUVLQ+HPDWRORJ\
&ULWHULD IRU WKH FODVVLILFDWLRQ RI PRQRFORQDO JDPPRSD
WKLHV PXOWLSOH P\HORPD DQG UHODWHG GLVRUGHUV D UHSRUW RI
WKH ,QWHUQDWLRQDO 0\HORPD :RUNLQJ *URXS %U - +DHPDWRO
/DFKPDQQ+-*DOOLPRUH5*LOOPRUH-'&DUU6PLWK+'HWDO
2XWFRPHLQV\VWHPLF$/DP\ORLGRVLVLQUHODWLRQWRFKDQJHVLQ
FRQFHQWUDWLRQRIFLUFXODWLQJIUHHLPPXQRJOREXOLQOLJKWFKDLQV
IROORZLQJFKHPRWKHUDS\%U-+DHPDWRO
'XULH%*0+DURXVVHDX-0LJXHO-6%ODGp-HWDO,QWHUQDWLR
QDOXQLIRUPUHVSRQVHFULWHULDIRUPXOWLSOHP\HORPD/HXNHPLD
&RKHQ$'=KRX3&KRX-7HUX\D)HOGVWHLQ-HWDO5LVNDGDS
WHGDXWRORJRXVVWHPFHOOWUDQVSODQWDWLRQZLWKDGMXYDQWGH[DPH
WKDVRQHWKDOLGRPLGHIRUV\VWHPLFOLJKWFKDLQDP\ORLGRVLV
UHVXOWVRIDSKDVH,,WULDO%U-+DHPDWRO
*HUW]0$&RPHQ]R5)DON5+)HUPDQG-3HWDO'H¿QLWLRQ
RIRUJDQLQYROYHPHQWDQGWUHDWPHQWUHVSRQVHLQLPPXQRJ
OREXOLQ OLJKW FKDLQ DP\ORLGRVLV $/ D FRQVHQVXV RSLQLRQ
IURP WKH WK ,QWHUQDWLRQDO 6\PSRVLXP RQ $P\ORLG DQG
$P\ORLGRVLV7RXUV)UDQFH$SULO$P-+HPDWRO
5HYLVWDGH+HPDWRORJtD9ROXPHQQ~PRFWXEUHGLFLHPEUH