Motores Sobrealimentados

Anuncio
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
0RWRUHV6REUHDOLPHQWDGRV
(VWHDUWtFXORHVWDVDFDGRGH0(&$1,&$9LUWXDOODZHEGHORVHVWXGLDQWHVGHDXWRPRFLyQ
SDUDYHUPDVDUWLFXORVFRPRHVWHHQWUDHQZZZLHVSDQDHVPHFDQLFDYLUWXDO
$XWRU 'DQLPHJDQHER\
,QWURGXFFLyQ
(OXVRGHOWXUERHQORVPRWRUHVYLHQHGDGDSRUODQHFHVLGDGGHDXPHQWDUODSRWHQFLDVLQWHQHUTXHDXPHQWDU
ODFLOLQGUDGD$XPHQWDUODSRWHQFLDGHSHQGHGHODFDQWLGDGGHFRPEXVWLEOHTXHPDGRHQFDGDFLFORGHWUDEDMR
\GHOQXPHURGHUHYROXFLRQHV
3HURWDQWRHQPRWRUHV'LHVHOFRPRHQORVGHJDVROLQDSRUPXFKRTXHDXPHQWHPRVHOFRPEXVWLEOHTXH
KDFHPRVOOHJDUDOLQWHULRUGHODF iPDUDGHFRPEXVWL yQQRFRQVHJXLPRVDXPHQWDUVXSRWHQFLDVLHVWH
FRPEXVWLEOHQRHQFXHQWUDDLUHVXILFLHQWHSDUDTXHPDUVH
$VtSXHVVRORFRQVHJXLUHPRVDXPHQWDUODSRWHQFLDVLQYDULDUODFLOLQGUDGDQLHOU pJLPHQGHOPRWRUVL
FRQVHJXLPRVFRORFDUHQHOLQWHULRUGHOFLOLQGURXQYROXPHQGHDLUHPRWRUHV'LHVHORGHPH]FODDLUH\
JDVROLQDSDUDORVPRWRUHVGHJDVROLQDPD\RUTXHODTXHKDFHPRVHQWUDUHQXQDDVSLUDFL yQ
QRUPDOPRWRUHVDWPRVI pULFRV
(QDOJXQRVFDVRV\HQSD tVHVVLWXDGRVDJUDQGHVDOWLWXGHVRFRQFOLPDVPX\FDOXURVRVH[LVWHODQHFHVLGDG
GHFRPSHQVDUODGLPLQXFL yQGHODGHQVLGDGGHDLUHSURGXFLGDSRUXQDGLVPLQXFL yQGHODSUHVLyQRFDVLRQDGD
SRUODDOWLWXG\XQDGLPLQXFL yQGHODVPROpFXODVGHR[LJHQRSRUHODXPHQWRGHWHPSHUDWXUD3DUDWRGRVHOOROD
VREUHDOLPHQWDFL yQHVODVROXFLyQTXHSRGHPRVDSRUWDU
+D\GRVIDEULFDQWHVSULQFLSDOHVDODKRUDGHFRQVWUXLUWXUFRFRPSUHVRUHVTXHVRQ*DUUHW \NNN
WDPELpQHVWiQ ,+,0+, 0LWVXELVKL\+ROVHW
7XUERGHODPDUFD*DWWHW
/D6REUHDOLPHQWDFLyQHQPRWRUHVGHJDVROLQD
(QHOFDVRGHORVPRWRUHVGHJDVROLQDODVREUHDOLPHQWDFL yQSUHVHQWDXQSUREOHPDLQLFLDOTXHKDGHWHQHUVH
HQFXHQWD&RPRVHKDYLVWRHQODFRPEXVWL yQGHORVPRWRUHVGHJDVROLQDHOSUREOHPDTXHDFDUUHD
VREUHSDVDUXQDFLHUWDSUHVL yQGHFRPSUHVL yQSXHGHRFDVLRQDUSUREOHPDVGHSLFDGRELHQSRUDXWRHQFHQGLGR
RSRUGHWRQDFLyQ
(VWHSUREOHPDHVGHELGRDODXPHQWRGHWHPSHUDWXUDTXHVXIUHODPH]FODGHDLUH FRPEXVWLEOHGHQWURGHO
FLOLQGURHQODFDUUHUDGHFRPSUHVL yQGHOPRWRUTXHVHU iWDQWRPD\RUFXDQWRPD\RUVHDHOYROXPHQGHPH]FOD
SUHFLVDPHQWHHVORTXHSURYRFDODVREUHDOLPHQWDFL yQ
/DVROXFLyQSDUDHVWHSUREOHPDFRQVLVWHHQUHGXFLUODUHODFL yQGHFRPSUHVLyQSRUGHEDMRGHFRQHOILQGH
TXHQRDXPHQWHGHPDVLDGRODSUHVL yQ\FRQHOORODWHPSHUDWXUDGHODPH]FODTXHSXHGHSURYRFDUHO
DXWRHQFHQGLGRRODGHWRQDFL yQ
2WURSUREOHPDTXHKD\TXHVXPDUDHVWRVPRWRUHVORUHSUHVHQWDHODXPHQWRGHODVFDUJDVW pUPLFDV\
PHFiQLFDV'HELGRDTXHODVSUHVLRQHVGXUDQWHHOFLFORGHWUDEDMRHQXQPRWRUVREUHDOLPHQWDGRVRQ
PD\RUHVHVWRVHWUDGXFHHQXQRVHVIXHU]RVPHF iQLFRV\WpUPLFRVSRUSDUWHGHOPRWRUTXHKD\TXHWHQHUHQ
FXHQWDDODKRUDGHVXGLVH xR\FRQVWUXFFLyQUHIRU]DQGRODVSDUWHVPHF iQLFDVPDVSURFOLYHVDOGHVJDVWH\
PHMRUDQGRODUHIULJHUDFL yQGHOPRWRU
2WUDFRVDDWHQHUHQFXHQWDHVODYDULDFL yQHQHOGLDJUDPDGHGLVWULEXFL yQ$VtSDUDXQPRWRU
VREUHDOLPHQWDGRFXDQWRPD\RUVHDHO$((DYDQFHDODDSHUWXUDGHODY iOYXODGHHVFDSHWDQWRPHMRUVHU iHO
IXQFLRQDPLHQWRGHODWXUELQD
7DPELpQODUHJXODFLyQDODYDQFHGHOHQFHQGLGRGHEHGHVHUPXFKRPDVSUHFLVRHQXQPRWRU
VREUHDOLPHQWDGRSRUHVRVHKDFHQHFHVDULRXQPRWRUXQHQFHQGLGRVLQUXSWRUSRUORTXHHVPHMRUHOXVRGH
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
HQFHQGLGRVWUDQVLVWRUL]DGRVRHOHFWU yQLFRV
$GHPiVGHWRGRHOORODVREUHDOLPHQWDFL yQGHJDVROLQDKDGHWHQHUHQFXHQWDORVVLJXLHQWHVIDFWRUHV
%RPEDGHJDVROLQDGHPD\RUFDXGDO\SUHVL yQSRUORTXHVHRSWDJHQHUDOPHQWHSRUERPEDVHO pFWULFDV
4XHHQHOFLUFXLWRGHDGPLVL yQGHDLUHVHLQVWDOHXQEXHQILOWUDGR\TXHHVWHSHUIHFWDPHQWHHVWDQFR
$ILQGHRSWLPL]DUHOOOHQDGRGHOFLOLQGURVHSUHFLVDGHXQGLVSRVLWLYRLQWHUFRROHUTXHHQIU tHHODLUHTXHVH
KDFDOHQWDGRDOFRPSULPLUORSRUHOVLVWHPDGHVREUHDOLPHQWDFL yQDQWHVGHHQWUDUHQORVFLOLQGURVGHOPRWRU
/DULTXH]DGHODPH]FODTXHLQIOX\HGLUHFWDPHQWHHQODWHPSHUDWXUDGHORVJDVHVGHHVFDSHVLHOPRWRUHV
WXUERDOLPHQWDGR VHUHGXFLU iODULTXH]DDUHJtPHQHVEDMRV\HOHYDUDV tODWHPSHUDWXUDHQHOHVFDSHSDUD
IDYRUHFHUHOIXQFLRQDPLHQWRGHOD WXUELQDSRUHOFRQWUDULRVHHOHYDUDFRQUHJ tPHQHVDOWRVGLVPLQX\HQGROD
WHPSHUDWXUDGHHVFDSHDILQGHSURWHJHUODWXUELQD
(QHOHVFDSHODVHFFL yQGHODVFDQDOL]DFLRQHVXQDYH]VXSHUDGDODWXUELQDVHDJUDQGDSDUDUHGXFLUHQOD
PHGLGDGHORSRVLEOHODVFRQWUDSUHVLRQHVTXHVHRULJLQDQHQHVWHSXQWR$VLPLVPRDOSURGXFLUODWXUELQDXQD
GHVFRPSUHVLyQGHORVJDVHVGHHVFDSHORVPRWRUHVWXUERVRQPX\VLOHQFLRVRV
/DFRQWDPLQDFLyQTXHSURYRFDQORVPRWRUHVWXUERDOLPHQWDGRVGHJDVROLQDHVFRPSDUDEOHDODGHXQPRWRU
DWPRVIpULFRDXQTXHORV y[LGRVGHQLWUyJHQRVRQPDVLPSRUWDQWHVGHELGRDODVPD\RUHVWHPSHUDWXUDV
3DUWLFXODULGDGHVVHJ ~QHOVLVWHPDGHDOLPHQWDFL yQ
VHJ~QVHDHOVLVWHPDXWLOL]DGRSDUDVREUHDOLPHQWDUHOPRWRUGHJDVROLQDHOFRPSUHVRUSXHGHDVSLUDUDLUHD
WUDYpVGHOILOWURGHDLUH\HQYLDUORFRPSULPLGRKDFLDHOFDUEXUDGRURELHQDVSLUDUPH]FODGHDLUH JDVROLQD
SURFHGHQWHGHOFDUEXUDGRU\HQYLDUORGLUHFWDPHQWHDORVFLOLQGURV(QHOSULPHUFDVRHOFDUEXUDGRUVHVLW ~D
HQWUHHOWXUERFRPSUHVRU\HOFROHFWRUGHDGPLVL yQ\HOVLVWHPDUHFLEHHOQRPEUHGHFDUEXUDGRUVRSODGR
PLHQWUDVTXHHOVHJXQGRHOFDUEXUDGRUVHPRQWDDQWHVGHOWXUERGHQRPLQDQGRVHFDUEXUDGRUDVSLUDGR
/DVREUHDOLPHQWDFLyQHQORVPRWRUHV'LHVHO
(QHOFDVRGHORVPRWRUHV'LHVHOODVREUHDOLPHQWDFL yQQRHVXQDFDXVDGHSUREOHPDVVLQRWRGRORFRQWUDULR
HVEHQHILFLRVRSDUDXQUHQGLPLHQWRRSWLPRGHOPRWRU(OKHFKRGHXWLOL]DUVRODPHQWHDLUHHQHOSURFHVRGH
FRPSUHVLyQ\QRLQWURGXFLUHOFRPEXVWLEOHKDVWDHOPRPHQWRILQDOGHODFDUUHUDFRPSUHVL yQQRSXHGHFUHDU
SUREOHPDVGHSLFDGRHQHOPRWRU$OLQWURGXFLUXQH[FHVRGHDLUHHQHOFLOLQGURDXPHQWDODFRPSUHVL yQOR
TXHIDFLOLWDHOHQFHQGLGR\HOTXHPDGRFRPSOHWRGHOFRPEXVWLEOHLQ\HFWDGRORTXHVHWUDGXFHHQXQDXPHQWR
GHSRWHQFLDGHOPRWRU3RURWURODGRODPD\RUSUHVL yQGHHQWUDGDGHDLUHIDYRUHFHODH[SXOVL yQGHORVJDVHV
GHHVFDSH\HOOOHQDGRGHOFLOLQGURFRQDLUHIUHVFRFRQORTXHVHFRQVLJXHXQDXPHQWRGHOUHQGLPLHQWR
YROXPpWULFRRORTXHHVORPLVPRHOPRWRUUHVSLUDPHMRU
1RKD\TXHROYLGDUTXHWRGRHODLUHTXHHQWUDHQHOFLOLQGURGHOPRWRU'LHVHOKD\TXHFRPSULPLUORFXDQWRPDV
VHDHOYROXPHQGHDLUHGHDGPLVL yQPD\RUVHUiODSUHVLyQHQHOLQWHULRUGHORVFLOLQGURV(VWRWUDHFRPR
FRQVHFXHQFLDXQRVHVIXHU]RVPHF iQLFRVHQHOPRWRUTXHWLHQHQXQOLPLWHSDUDQRSRQHUHQSHOLJUROD
LQWHJULGDGGHORVHOHPHQWRVTXHIRUPDQHOPRWRU
/RVFRPSUHVRUHV
ODIRUPDGHFRQVHJXLUXQDXPHQWRGHODSUHVL yQGHODLUHQHFHVDULRSDUDODVREUHDOLPHQWDFL yQHVPHGLDQWHOD
XWLOL]DFLyQGHFRPSUHVRUHVHVWRVDVXYH]SXHGHQVHU WXUERFRPSUHVRUHV DFFLRQDGRVSRUORVJDVHVGH
HVFDSH\FRPSUHVRUHVGHPDQGRPHF iQLFR DFFLRQDGRVSRUHOFLJ HxDOPHGLDQWHSLxRQHVRFRUUHD
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
(OWXUERFRPSUHVRU
7LHQHODSDUWLFXODULGDGGHDSURYHFKDUODIXHU]DFRQODTXHVDOHQORVJDVHVGHHVFDSHSDUDLPSXOVDUXQD
WXUELQDFRORFDGDHQODVDOLGDGHOFROHFWRUGHHVFDSHGLFKDWXUELQDVHXQHPHGLDQWHXQHMHDXQFRPSUHVRU(O
FRPSUHVRUHVWDFRORFDGRHQODHQWUDGDGHOFROHFWRUGHDGPLVL yQFRQHOPRYLPLHQWRJLUDWRULRTXHOHWUDQVPLWH
ODWXUELQDDWUDY pVGHOHMHFRP~QHOFRPSUHVRUHOHYDODSUHVL yQGHODLUHTXHHQWUDDWUDY pVGHOILOWUR\
FRQVLJXHTXHPHMRUHODDOLPHQWDFL yQGHOPRWRU(OWXUERLPSXOVDGRSRUORVJDVHVGHHVFDSHDOFDQ]D
YHORFLGDGHVSRUHQFLPDGHODVUSPSRUWDQWRKD\TXHWHQHUPX\HQFXHQWDHOVLVWHPDGHHQJUDVH
GHORVFRMLQHWHVGRQGHDSR\DHOHMHFRP ~QGHORVURGHWHVGHODWXUELQD\HOFRPSUHVRU7DPEL pQKD\TXH
VDEHUTXHODVWHPSHUDWXUDVDODVTXHVHYDKDHVWDUVRPHWLGRHOWXUERHQVXFRQWDFWRFRQORVJDVHVGH
HVFDSHYDQDVHUPX\HOHYDGDVDOUHGHGRUGH ž&
&LFORVGHIXQFLRQDPLHQWRGHO7XUER
)XQFLRQDPLHQWRDUDOHQW t\FDUJDSDUFLDOLQIHULRU (QHVWDVFRQGLFLRQHVHOURGHWHGHODWXUELQDGHORVJDVHVGH
HVFDSHHVLPSXOVDGDSRUPHGLRGHODEDMDHQHUJ tDGHORVJDVHVGHHVFDSH\HODLUHIUHVFRDVSLUDGRSRUORV
FLOLQGURVQRVHU iSUHFRPSULPLGRSRUODWXUELQDGHOFRPSUHVRUVLPSOHDVSLUDFL yQGHOPRWRU
)XQFLRQDPLHQWRDFDUJDSDUFLDOPHGLD &XDQGRODSUHVL yQHQHOFROHFWRUGHDVSLUDFL yQHQWUHHOWXUER\ORV
FLOLQGURVVHDFHUFDODDWPRVI pULFDVHLPSXOVDODUXHGDGHODWXUELQDDXQU pJLPHQGHUHYROXFLRQHVPDV
HOHYDGR\HODLUHIUHVFRDVSLUDGRSRUHOURGHWHGHOFRPSUHVRUHVSUHFRPSULPLGR\FRQGXFLGRKDFLDORV
FLOLQGURVEDMRSUHVL yQDWPRVIpULFDROLJHUDPHQWHVXSHULRUDFWXDQGR\DHOWXUERHQVXIXQFL yQGH
VREUHDOLPHQWDFL yQGHOPRWRU
)XQFLRQDPLHQWRDFDUJDSDUFLDOVXSHULRU\SOHQDFDUJD (QHVWDIDVHFRQWLQXDDXPHQWDQGRODHQHUJ tDGHORV
JDVHVGHHVFDSHVREUHODWXUELQDGHOWXUER\VHDOFDQ]DUDHOYDORUP i[LPRGHSUHVLyQHQHOFROHFWRUGH
DGPLVLyQTXHGHEHVHUOLPLWDGDSRUXQVLVWHPDGHFRQWUROY iOYXODGHGHVFDUJD(QHVWDIDVHHODLUHIUHVFR
DVSLUDGRSRUHOURGHWHGHOFRPSUHVRUHVFRPSULPLGRDODP i[LPDSUHVLyQTXHQRGHEHVREUHSDVDUORVEDU
HQORVWXUERVQRUPDOHV\HQORVWXUERVGHJHRPHWU tDYDULDEOH
&RQVWLWXFLyQGHXQWXUERFRPSUHVRU
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
/RVHOHPHQWRVSULQFLSDOHVTXHIRUPDQXQWXUERVRQHO HMHFRP~Q TXHWLHQHHQVXVH[WUHPRVORV URGHWHVGHODWXUELQD\HO
FRPSUHVRU HVWHFRQMXQWRJLUDVREUHORV FRMLQHWHVGHDSR\R ORV
FXDOHVKDQGHWUDEDMDUHQFRQGLFLRQHVH[WUHPDV\TXHGHSHQGHQ
QHFHVDULDPHQWHGHXQ FLUFXLWRGHHQJUDVH TXHORVOXEULFD
3RURWUDSDUWHHOWXUERVXIUHXQDFRQVWDQWHDFHOHUDFL yQD PHGLGD
TXHHOPRWRUVXEHGHUHYROXFLRQHV\FRPRQRKD\OLPLWHDOJXQRHQ
HOJLURGHODWXUELQDHPSXMDGDSRUORVJDVHVGHHVFDSHODSUHVL yQ
TXHDOFDQ]DHODLUHHQHOFROHFWRUGHDGPLVL yQVRPHWLGRDODDFFL yQ
GHOFRPSUHVRUSXHGHVHUWDOTXHVHDPDVXQLQFRQYHQLHQWHTXHXQD
YHQWDMDDODKRUDGHVREUHDOLPHQWDUHOPRWRU3RUORWDQWRVHKDFH
QHFHVDULRHOXVRGHXQ HOHPHQWRTXHQRVOLPLWHODSUHVL yQHQHO
FROHFWRUGHDGPLVL yQ(VWHHOHPHQWRVHOODPD YiOYXODGHGHVFDUJD R
YiOYXODZDVWHJDWH ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
5HJXODFLyQGHODSUHVLyQWXUER
3DUDHYLWDUHODXPHQWRH[FHVLYRGHYXHOWDVGHOD
WXUELQD\FRPSUHVRUFRPRFRQVHFXHQFLDGHXQD
PD\RUSUHVLyQGHORVJDVHVDPHGLGDTXHVH
DXPHQWHQODVUHYROXFLRQHVGHOPRWRUVHKDFH
QHFHVDULDXQDY iOYXODGHVHJXULGDGWDPEL pQ
OODPDGDYiOYXODGHGHVFDUJDRY iOYXODZDVWHJDWH
(VWDYiOYXODHVWiVLWXDGDHQGHULYDFL yQ\PDQGD
SDUWHGHORVJDVHVGHHVFDSHGLUHFWDPHQWHDOD
VDOLGDGHOHVFDSHVLQSDVDUSRUODWXUELQD
/DYiOYXODGHGHVFDUJDRZDVWHJDWH HVWDIRUPDGD
SRUXQDFiSVXODVHQVLEOHDODSUHVL yQFRPSXHVWD
SRUXQPXHOOHXQDF iPDUDGHSUHVLyQ\XQ
GLDIUDJPDRPHPEUDQD(OODGRRSXHVWRGHO
GLDIUDJPDHVWDSHUPDQHQWHPHQWHFRQGLFLRQDGRSRU
ODSUHVLyQGHOFROHFWRUGHDGPLVL yQDOHVWDU
FRQHFWDGRDOPLVPRSRUXQWXER&XDQGROD
SUHVLyQGHOFROHFWRUGHDGPLVL yQVXSHUDHOYDORU
Pi[LPRGHVHJXULGDGGHVY tDODPHPEUDQD\
FRPSULPHHOPXHOOHGHODY iOYXODGHVSHJDQGRODGH
VXDVLHQWR/RVJDVHVGHHVFDSHGHMDQGHSDVDU
HQWRQFHVSRUODWXUELQDGHOVREUHDOLPHQWDGRU
SDVDQSRUHOE\SDVVKDVWDTXHODSUHVL yQGH
DOLPHQWDFLyQGHVFLHQGH\ODY iOYXODVHFLHUUD
/DSUHVLyQPi[LPDDODTXHSXHGHWUDEDMDUHOWXUERODGHWHUPLQDHOIDEULFDQWH\SDUDHOORDMXVWDHOWDUDGRGHO
PXHOOHGHODYiOYXODGHGHVFDUJD(VWHWDUDGRGHEHSHUPDQHFHUILMRDPHQRVTXHVHTXLHUD
LQWHQFLRQDGDPHQWHPDQLSXODUODSUHVL yQGHWUDEDMRGHOWXUERFRPRVHKDKHFKRKDELWXDOPHQWH(QHOFDVRHQ
TXHODYiOYXODGHGHVFDUJDIDOODVHVHRULJLQDXQH[FHVRGHSUHVL yQVREUHODWXUELQDTXHODKDFHFRJHUFDGD
YH]PDVUHYROXFLRQHVORTXHSXHGHSURYRFDUTXHODOXEULFDFL yQVHDLQVXILFLHQWH\VHURPSDODSHO tFXODGH
HQJUDVHHQWUHHOHMHFRP ~Q\ORVFRMLQHWHVGRQGHVHDSR\D$XPHQWDQGRODWHPSHUDWXUDGHWRGRHOFRQMXQWR\
SURYRFDQGRTXHVHIXQGDQRJULSHQHVWRVFRPSRQHQWHV
(MHPSORSUDFWLFRGHPRGLILFDFLyQGHODSUHVLyQGH
VRSODGRGHOWXUER
&RPRHMHPSORFLWDPRVDTX tHOFRQRFLGRWXUER*DUUHW7
PRQWDGRHQHOFO iVLFR5HQDXOW*77XUERTXHWDQWRKD
GDGRTXHKDEODUSRUORI iFLOTXHHUDPRGLILFDUODSUHVL yQGH
VRSODGRGHOWXUERSDUDHOORVLPSOHPHQWHKDE tDTXH
DWRUQLOODUGHVDWRUQLOODUHOY iVWDJRGHODFWXDGRUGHOD
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
ZDVWHJDWH&XDQWRP iVFRUWRVHDHOY iVWDJRPiV
SUHVLyQVHQHFHVLWDSDUDDEULUODZDVWHJDWH\SRU
FRQVLJXLHQWHKD\P iVSUHVLyQGHWXUER
3DUDUHDOL]DUHVWDRSHUDFL yQSULPHURVHTXLWDEDHOFOLSTXH
PDQWLHQHHOYiVWDJRHQHOEUD]RGHODY iOYXOD$IORMDOD
WXHUFDPDQWHQLHQGRELHQVXMHWDOD]RQDURVFDGDSDUD
TXHQRJLUH\GDxHODPHPEUDQDGHOLQWHULRUGHODZDVWHJDWH
DKRUD\DVHSXHGHJLUDUHOY iVWDJRXVXDOPHQWHWLHQHGDGR
XQSXQWRSDUDHYLWDUTXHODJHQWHFDPELHHODMXVWHDV tTXH
KD\TXHWDOiGUDUORDQWHVGHJLUDUOR
7UHVYXHOWDVHQHOVHQWLGRGHODVDJXMDVGHOUHORMGHEHU tDQ
DXPHQWDUODSUHVL yQHQEDUSVLSHURHVXQDVXQWRGH
HQVD\R\HUURU&XDQGRILQDOPHQWHWHQJDVODSUHVL yQGH
VRSODGRGHVHDGDDSULHWDODWXHUFD\SRQHOFOLS
7HPSHUDWXUDGHIXQFLRQDPLHQWR
&RPRVHYHHQODILJXUDODVWHPSHUDWXUDVGH
IXQFLRQDPLHQWRHQXQWXUERVRQPX\GLIHUHQWHV
WHQLHQGRHQFXHQWDTXHODSDUWHGHORV
FRPSRQHQWHVTXHHVW iQHQFRQWDFWRFRQORVJDVHV
GHHVFDSHSXHGHQDOFDQ]DUWHPSHUDWXUDVPX\
DOWDVž&PLHQWUDVTXHORVTXHHVWDHQ
FRQWDFWRFRQHODLUHGHDVSLUDFL yQVRORDOFDQ]DQ
ž&
(VWDVGLIHUHQFLDVGHWHPSHUDWXUDFRQFHQWUDGDHQ
XQDPLVPDSLH]DHMHFRP ~QGHWHUPLQDQYDORUHV
GHGLODWDFLyQGLIHUHQWHVORTXHFRPSRUWDODV
GLILFXOWDGHVDODKRUDGHOGLVH xRGHXQWXUER\OD
HOHFFLyQGHORVPDWHULDOHVTXHVRSRUWHQHVWDV
FRQGLFLRQHVGHWUDEDMRDGYHUVDV
(OWXUERVHUHIULJHUDHQSDUWHDGHPDVGHSRUHO
DFHLWHGHHQJUDVHSRUHODLUHGHDVSLUDFL yQ
FHGLHQGRXQDGHWHUPLQDGDSDUWHGHVXFDORUDODLUH
TXHIXHU]DDSDVDUSRUHOURGHWHGHOFRPSUHVRU
(VWHFDOHQWDPLHQWRGHODLUHQRUHVXOWDQDGD
IDYRUDEOHSDUDHOPRWRU\DTXHQRVRORGLODWDHO
DLUHGHDGPLVLyQGHIRUPDTXHOHUHVWDGHQVLGDG\
FRQHOORULTXH]DHQR[LJHQRVLQRTXHDGHP iVXQ
DLUHGHPDVLDGRFDOLHQWHHQHOLQWHULRUGHOFLOLQGUR
GLILFXOWDODUHIULJHUDFL yQGHODFiPDUDGH
FRPEXVWLyQGXUDQWHHOEDUULGRDOHQWUDUHODLUHD
XQDWHPSHUDWXUDVXSHULRUDODGHOSURSLR
UHIULJHUDQWHOLTXLGR
/RVPRWRUHVGHJDVROLQDHQORVFXDOHVODV
WHPSHUDWXUDVGHORVJDVHVGHHVFDSHVRQHQWUH
\ž&PiVDOWDVTXHHQORVPRWRUHVGLHVHO
VXHOHQLUHTXLSDGRVFRQFDUFDVDVFHQWUDOHV
UHIULJHUDGDVSRUDJXD&XDQGRHOPRWRUHVW iHQ
IXQFLRQDPLHQWRODFDUFDVDFHQWUDOVHLQWHJUDHQHO
FLUFXLWRGHUHIULJHUDFL yQGHOPRWRU7UDVSDUDUVHHO
PRWRUHOFDORUTXHTXHGDVHH[SXOVDXWLOL]DQGRXQ
SHTXHxRFLUFXLWRGHUHIULJHUDFL yQTXHIXQFLRQD
PHGLDQWHXQDERPEDHO pFWULFDGHDJXDFRQWURODGD
SRUXQWHUPRVWDWR
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
,QWHUFRROHU
3DUDHYLWDUHOSUREOHPDGHODLUHFDOHQWDGRDO
SDVDUSRUHOURGHWHFRPSUHVRUGHOWXUERVHKDQ
WHQLGRTXHLQFRUSRUDUVLVWHPDVGHHQIULDPLHQWR
GHODLUHDSDUWLUGH LQWHUFDPELDGRUHVGHFDORU
LQWHUFRROHU(OLQWHUFRROHUHVXQUDGLDGRUTXHHV
HQIULDGRSRUHODLUHTXHLQFLGHVREUHHOFRFKHHQ
VXPDUFKDQRUPDO3RUORWDQWRVHWUDWDGHXQ
LQWHUFDPELDGRUGHFDORUDLUHDLUHDGLIHUHQFLDGHO
VLVWHPDGHUHIULJHUDFL yQGHOPRWRUTXHVH
WUDWDUtDGHXQLQWHUFDPELDGRUDJXDDLUH
&RQHOLQWHUFRROHUVHFRQVLJXHUHIULJHUDUHODLUH
DSUR[LPDGDPHQWHXQGHVGH ƒƒ
KDVWDƒ ƒ (OUHVXOWDGRHVXQDQRWDEOH
PHMRUDGHODSRWHQFLD\GHOSDUPRWRUJUDFLDVDO
DXPHQWRGHODPDVDGHDLUHDSUR[LPDGDPHQWH
GHODO$GHPiVVHUHGXFHHOFRQVXPR
\ODFRQWDPLQDFLyQ
(OHQJUDVHGHOWXUER
&RPRHOWXUERHVWDVRPHWLGRDDOWDV
WHPSHUDWXUDVGHIXQFLRQDPLHQWRHOHQJUDVHGH
ORVFRMLQHWHVGHVOL]DQWHVHVPX\FRPSURPHWLGR
SRUVRPHWHUVHHODFHLWHDDOWDVWHPSHUDWXUDV\
GHVHTXLOLEULRVGLQ iPLFRVGHORVGRVURGHWHVHQ
FDVRGHTXHVHOHSHJXHQUHVWRVGHDFHLWHVR
FDUERQLOODVDODVSDOHWDVFXUYDVGHORVURGHWHV
DODEHVGHORVURGHWHVTXHSURGXFLU iQ
YLEUDFLRQHVFRQGLVWLQWDVIUHFXHQFLDVTXH
HQWUDQGRHQUHVRQDQFLDSXHGHQURPSHUOD
SHOtFXODGHHQJUDVHORTXHSURGXFLU i
PLFURJULSDMHV$GHP iVHOHMHGHOWXUERHVWD
VRPHWLGRHQWRGRPRPHQWRDDOWRVFRQWUDVWHV
GHWHPSHUDWXUDVHQGRQGHHOFDORUGHOH[WUHP y
FDOLHQWHVHWUDQVPLWHDOODGRPDVIUL yORTXH
DFHQW~DODVH[LJHQFLDVGHOXEULFDFL yQSRUTXHVH
SXHGHFDUERQL]DUHODFHLWHGHELHQGRVHXWLOL]DU
DFHLWHVKRPRORJDGRVSRUHO$3,\OD$&($SDUD
FDGDSDtVGRQGHVHXWLOLFHYLVLWDHVWD ZHE SDUD
VDEHUPDVVREUHDFHLWHV
6HUHFRPLHQGDGHVSX pVGHXQDXWLOL]DFL yQ
VHYHUDGHOPRWRUFRQUHFRUULGRVODUJRVDDOWDV
YHORFLGDGHVQRSDUDULQPHGLDWDPHQWHHOPRWRU
VLQRGHMDUORDUUDQFDGRDOUDOHQW tXQPtQLPRGH
VHJSDUDJDUDQWL]DUXQDOXEULFDFL yQ\
UHIULJHUDFLyQRSWLPDSDUDFXDQGRVHYXHOYD
DUUDQFDUGHQXHYR(OFRMLQHWHGHOODGRGHOD
WXUELQDSXHGHFDOHQWDUVHH[WUHPDGDPHQWHVLHO
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
PRWRUVHDSDJDLQPHGLDWHPDQWHGHVSXHVGHXQ
XVRLQWHQVLYRGHOPRWRU7HQLHQGRHQFXHQWD
TXHHODFHLWHGHOPRWRUDUGHD ž&SXHGH
FDUERQL]DUVHHOWXUER
(OHQJUDVHHQORVWXUERVGHJHRPHWU tDYDULDEOHHVPDVFRPSURPHWLGRDXQSRUTXHDGHPDVGHORV
URGDPLHQWRVWLHQHTXHOXEULFDUHOFRQMXQWRGHYDULOODV\SDODQFDVTXHVRQPRYLGDVSRUHOGHSUHVRU
QHXPDWLFRDOFRJHUVXFLHGDGHVEDUQLFHVSRUGHILFLHQWHFDOLGDGGHODFHLWHKDFHTXHVHDJDUURWHQODV
JXtDV\FRPSXHUWDV\HOWXUERGHMDGHWUDEDMDUFRUUHFWDPHQWHFRQSHUGLGDGHSRWHQFLDSRUSDUWHGHOPRWRU
5HFRPHQGDFLRQHVGHPDQWHQLPLHQWR\FXLGDGRSDUDORVWXUERFRPSUHVRUHV
(OWXUERFRPSUHVRUHVW iGLVHxDGRSDUDGXUDUORPLVPRTXHHOPRWRU1RSUHFLVDGHPDQWHQLPLHQWRHVSHFLDO
OLPLWiQGRVHVXVLQVSHFFLRQHVDXQDVFRPSUREDFLRQHVSHUL yGLFDV3DUDJDUDQWL]DUTXHODYLGD ~WLOGHO
WXUERFRPSUHVRUVHFRUUHVSRQGDFRQODGHOPRWRUGHEHQFXPSOLUVHGHIRUPDHVWULFWDODVVLJXLHQWHV
LQVWUXFFLRQHVGHPDQWHQLPLHQWRGHOPRWRUTXHSURSRUFLRQDHOIDEULFDQWH
,QWHUYDORVGHFDPELRGHDFHLWH
0DQWHQLPLHQWRGHOVLVWHPDGHILOWURGHDFHLWH
&RQWUROGHODSUHVL yQGHDFHLWH
0DQWHQLPLHQWRGHOVLVWHPDGHILOWURGHDLUH
(OGHWRGRVORVIDOORVTXHVHSURGXFHQHQWXUERFRPSUHVRUHVVHGHEHDODVVLJXLHQWHVFDXVDV
3HQHWUDFLyQGHFXHUSRVH[WUD xRVHQODWXUELQDRHQHOFRPSUHVRU
6XFLHGDGHQHODFHLWH
6XPLQLVWURGHDFHLWHSRFRDGHFXDGRSUHVL yQGHDFHLWHVLVWHPDGHILOWUR
$OWDVWHPSHUDWXUDVGHJDVHVGHHVFDSHGHILFLHQFLDVHQHOVLVWHPDGHHQFHQGLGRVLVWHPDGHDOLPHQWDFL yQ
(VWRVIDOORVVHSXHGHQHYLWDUFRQXQPDQWHQLPLHQWRIUHFXHQWH&XDQGRSRUHMHPSORVHHIHFW ~HHO
PDQWHQLPLHQWRGHOVLVWHPDGHILOWURGHDLUHVHGHEHWHQHUFXLGDGRGHTXHQRVHLQWURGX]FDQIUDJPHQWRVGH
PDWHULDOHQHOWXUERFRPSUHVRU
7XUERVGHJHRPHWUtDYDULDEOH97*
/RVWXUERVFRQYHQFLRQDOHVWLHQHQHO
LQFRQYHQLHQWHTXHDEDMDVUHYROXFLRQHVGHO
PRWRUHOURGHWHGHODWXUELQDDSHQDVHV
LPSXOVDGDSRUORVJDVHVGHHVFDSHSRUOR
TXHHOPRWRUVHFRPSRUWDFRPRVLIXHUD
DWPRVIpULFR8QDVROXFLyQSDUDHVWRHV
XWLOL]DUXQWXUERSHTXH xRGHEDMRVRSODGRTXH
HPSLHFHDFRPSULPLUHODLUHDVSLUDGRSRUHO
PRWRUGHVGHPX\EDMDVUHYROXFLRQHVSHUR
HVWRWLHQHXQLQFRQYHQLHQWH\HVTXHDDOWDV
UHYROXFLRQHVGHOPRWRUHOWXUERGHEDMR
VRSODGRQRWLHQHFDSDFLGDGVXILFLHQWHSDUD
FRPSULPLUWRGRHODLUHTXHQHFHVLWDHOPRWRU
SRUORWDQWRODSRWHQFLDTXHJDQDPRVDEDMDV
UHYROXFLRQHVODSHUGHPRVDDOWDV
UHYROXFLRQHV3DUDFRUUHJLUHVWH
LQFRQYHQLHQWHVHKDEXVFDGRODVROXFL yQGH
GRWDUDXQDPLVPDPDTXLQDVRSODQWHOD
FDSDFLGDGGHFRPSULPLUHODLUHFRQHILFDFLD
WDQWRDEDMDVUHYROXFLRQHVFRPRDDOWDVSDUD
HOORVHKDQGHVDUUROODGRORV
WXUERFRPSUHVRUHVGHJHRPHWU tDYDULDEOH
)XQFLRQDPLHQWR
(OWXUER97**HRPHWU tD9DULDEOHVH
GLIHUHQFLDGHOWXUERFRQYHQFLRQDOHQOD
XWLOL]DFLyQGHXQSODWRRFRURQDHQHOTXHYDQ
PRQWDGRVXQRVDODEHVP yYLOHVTXHSXHGHQ
VHURULHQWDGRVWRGRVDODYH]XQ iQJXOR
GHWHUPLQDGRPHGLDQWHXQPHFDQLVPRGH
YDULOOD\SDODQFDVHPSXMDGRVSRUXQDF iSVXOD
QHXPiWLFDSDUHFLGDDODTXHXVDOD YiOYXOD
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
ZDVWHJDWH
3DUDFRQVHJXLUODP i[LPDFRPSUHVL yQGHODLUH
DEDMDVUSPGHEHQFHUUDUVHORVDODEHV\D
TXHGLVPLQX\HQGRODVHFFL yQHQWUHHOORV
DXPHQWDODYHORFLGDGGHORVJDVHVGHHVFDSH
TXHLQFLGHQFRQPD\RUIXHU]DVREUHODV
SDOHWDVGHOURGHWHGHODWXUELQDPHQRU
6HFFLyQ PD\RUYHORFLGDG&XDQGRHOPRWRU
DXPHQWDGHUSP\DXPHQWDODSUHVL yQGH
VRSODGRHQHOFROHFWRUGHDGPLVL yQODFiSVXOD
QHXPiWLFDORGHWHFWDDWUDY pVGHXQWXER
FRQHFWDGRGLUHFWDPHQWHDOFROHFWRUGH
DGPLVLyQ\ORWUDQVIRUPDHQXQPRYLPLHQWR
TXHHPSXMDHOVLVWHPDGHPDQGRGHORV
DODEHVSDUDTXHHVWRVVHPXHYDQDXQD
SRVLFLyQGHDSHUWXUDTXHKDFHGLVPLQXLUOD
YHORFLGDGGHORVJDVHVGHHVFDSHTXHLQFLGHQ
VREUHODWXUELQDPD\RUVHFFL yQ PHQRU
YHORFLGDG
/RVDODEHVYDQLQVHUWDGRVVREUHXQDFRURQD
VHJ~QVHYHHQHOGLEXMRSXGLHQGRUHJXODUVH
HOYiVWDJRURVFDGRGHXQL yQD ODFiSVXOD
QHXPiWLFDSDUDTXHORVDODEHVDEUDQDQWHV y
GHVSXpV6LORVDODEHVHVW iQHQDSHUWXUD
Pi[LPDLQGLFDTXHKD\XQDDYHU tD\DTXHOD
Pi[LPDLQFOLQDFLyQODDGRSWDQSDUDODIXQFL yQ
GHHPHUJHQFLD
/DVSRVLFLRQHVIXQGDPHQWDOHVTXHSXHGHQDGRSWDUORVDODEHVVHGHVFULEHQHQHOVLJXLHQWHJUiILFR
(QODILJXUDGHODL]TXLHUGD YHPRVFRPRORVDODEHVDGRSWDQXQDSRVLFL yQFHUUDGDTXHDSHQDVGHMDHVSDFLR
SDUDHOSDVRGHORVJDVHVGHHVFDSH(VWDSRVLFL yQODDGRSWDHOWXUERFXDQGRHOPRWRUJLUDDEDMDV
UHYROXFLRQHV\ODYHORFLGDGGHORVJDVHVGHHVFDSHHVEDMD&RQHOORVHFRQVLJXHDFHOHUDUODYHORFLGDGGHORV
JDVHVGHHVFDSHDOSDVDUSRUHOHVWUHFKRHVSDFLRTXHTXHGDHQWUHORVDODEHVTXHKDFHLQFLGLUFRQPD\RU
IXHU]DORVJDVHVVREUHODWXUELQD7DPEL pQDGRSWDQORVDODEHVHVWDSRVLFL yQFXDQGRVHH[LJHDOPRWRUODV
Pi[LPDVSUHVWDFLRQHVSDUWLHQGRGHXQDYHORFLGDGEDMDRUHODWLYDPHQWHEDMDORTXHSURYRFDTXHHOPRWRU
SXHGDDFHOHUDUGHXQDIRUPDWDQU iSLGDFRPRHOFRQGXFWRUOHH[LJHSRUHMHPSORHQXQDGHODQWDPLHQWRRXQD
DFHOHUDFLyQEUXVFDGHODXWRP yYLO
(QODILJXUDGHOFHQWUR ORVDODEHVWRPDQXQDSRVLFL yQPDVDELHUWDTXHVHFRUUHVSRQGHDXQIXQFLRQDPLHQWR
GHOPRWRUFRQXQU pJLPHQGHUHYROXFLRQHVPHGLR\PDUFKDQRUPDOHQHVWHFDVRHOWXUER97*VHFRPSRUWDU tD
FRPRXQWXUERFRQYHQFLRQDO/DVSDOHWDVDGRSWDQXQDSRVLFL yQLQWHUPHGLDTXHQRLQWHUILHUHQHQHOSDVRGH
ORVJDVHVGHHVFDSHTXHLQFLGHQVLQYDULDUVXYHORFLGDGVREUHODWXUELQD
(QODILJXUDGHODGHUHFKD ORVDODEHVDGRSWDQXQDSRVLFL yQPX\DELHUWDGHELGRDTXHHOPRWRUJLUDDPXFKDV
UHYROXFLRQHVORVJDVHVGHHVFDSHHQWUDQDPXFKDYHORFLGDGHQHOWXUERKDFLHQGRJLUDUODWXUELQDPX\
GHSULVD/DSRVLFL yQPX\DELHUWDGHORVDODEHVKDFHQGHIUHQRDORVJDVHVGHHVFDSHSRUORTXHVHOLPLWDOD
YHORFLGDGGHODWXUELQD(QHVWHFDVRODSRVLFL yQGHORVDODEHVKDFHQODIXQFL yQTXHUHDOL]DEDODY iOYXOD
ZDVWHJDWHHQORVWXUERVFRQYHQFLRQDOHVHVGHFLUODGHOLPLWDUODYHORFLGDGGHODWXUELQDFXDQGRHOPRWRUJLUD
DDOWDVUHYROXFLRQHV\KD\XQDSUHVL yQPX\DOWDHQHOFROHFWRUGHDGPLVL yQHVWRH[SOLFDSRUTXHORVWXUERV
97*QRWLHQHQY iOYXODZDVWHJDWH
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
6LORVDODEHVHVW iQHQDSHUWXUDP i[LPDLQGLFDTXHKD\XQDDYHU tD\DTXHODPi[LPDLQFOLQDFLyQOD
DGRSWDQSDUDODIXQFL yQGHHPHUJHQFLD
(OIXQFLRQDPLHQWRTXHKHPRVYLVWRSDUDHO7XUER97*HVWH yULFR\DTXHHOFRQWUROGHODF iSVXODPDQRPHWULFD
ORPLVPRTXHHQORVWXUERVFRQYHQFLRQDOHVPDVPRGHUQRVVHKDFHPHGLDQWHXQDJHVWL yQHOHFWUyQLFDTXHVH
HQFDUJDGHUHJXODUODSUHVL yQTXHOOHJDDODFiSVXODPDQRPHWULFDHQORVWXUERV97*\DODY iOYXODZDVWHJDWH
HQORVWXUERVFRQYHQFLRQDOHVHQWRGRVORVP iUJHQHVGHIXQFLRQDPLHQWRGHOPRWRU\WHQLHQGRHQFXHQWDRWURV
IDFWRUHVFRPRVRQODWHPSHUDWXUDGHODLUHGHDGPLVL yQODSUHVLyQDWPRVIpULFDDOWLWXGVREUHHOQLYHOGHOPDU\
ODVH[LJHQFLDVGHOFRQGXFWRU
/DVYHQWDMDV GHOWXUERFRPSUHVRU97*YLHQHQGDGDVSRUTXHVHFRQVLJXHXQIXQFLRQDPLHQWRPDVSURJUHVLYR
GHOPRWRUVREUHDOLPHQWDGR$GLIHUHQFLDGHORVSULPHURVPRWRUHVGRWDGRVFRQWXUERFRPSUHVRUFRQYHQFLRQDO
GRQGHKDELDXQJUDQVDOWRGHSRWHQFLDGHEDMDVUHYROXFLRQHVDDOWDVHOFRPSRUWDPLHQWRKDGHMDGRGHVHU
EUXVFRSDUDFRQVHJXLUXQDFXUYDGHSRWHQFLDPX\SURJUHVLYDFRQJUDQFDQWLGDGGHSDUGHVGHPX\SRFDV
YXHOWDV\PDQWHQLGRGXUDQWHXQDDPSOLD]RQDGHOQ ž GHUHYROXFLRQHVGHOPRWRU
(OLQFRQYHQLHQWH TXHSUHVHQWDHVWHVLVWHPDHVVXPD\RUFRPSOHMLGDG\SRUWDQWRSUHFLRFRQUHVSHFWRDXQ
WXUERFRPSUHVRUFRQYHQFLRQDO$V tFRPRHOVLVWHPDGHHQJUDVHTXHQHFHVLWDXVDUDFHLWHVGHPD\RUFDOLGDG\
FDPELRVPDVIUHFXHQWHV
+DVWDDKRUDHOWXUERFRPSUHVRU97*V yORVHSXHGHXWLOL]DUHQPRWRUHV'LHVHO\DTXHHQORVGHJDVROLQDOD
WHPSHUDWXUDGHORVJDVHVGHHVFDSHHVGHPDVLDGRDOWD ž&PDVDOWDSDUDDGPLWLUVLVWHPDVFRPR
pVWRV
*HVWLyQHOHFWUyQLFDGHODSUHVLyQGHOWXUER
&RQODXWLOL]DFLyQGHODJHVWLyQHOHFWUyQLFDWDQWRHQORVPRWRUHVGHJDVROLQDFRPRHQORV'LHVHOODUHJXODFL yQ
GHOFRQWUROGHODSUHVL yQGHOWXUER\DQRVHGHMDHQPDQRVGHXQDY iOYXODGHDFFLRQDPLHQWRPHF iQLFRFRPR
HVODYiOYXODZDVWHJDWHTXHHVWDVRPHWLGDDDOWDVWHPSHUDWXUDV\VXVFRPSRQHQWHVFRPRVRQHOPXHOOH\OD
PHPEUDQDVXIUHQGHIRUPDFLRQHV\GHVJDVWHVTXHLQIOX\HQHQXQPDOFRQWUROGHODSUHVL yQGHOWXUERDGHPDV
TXHQRWLHQHQHQFXHQWDIDFWRUHVWDQLPSRUWDQWHVSDUDHOEXHQIXQFLRQDPLHQWRGHOPRWRUFRPRVRQODDOWLWXG\
ODWHPSHUDWXUDDPELHQWH
3DUDGHVFULELUFRPRIXQFLRQDXQ
VLVWHPDGHUHJXODFL yQGHODSUHVLyQ
WXUERWHQHPRVXQHVTXHPDTXH
SHUWHQHFHDXQPRWRU'LHVHO7'LGH
9RONVZDJHQHQHOTXHVHYHQWRGRV
ORVHOHPHQWRVTXHLQWHUYLHQHQHQHO
FRQWUROGHODSUHVL yQGHOWXUER/D
*HVWLyQ(OHFWUyQLFD'LHVHO('&
(OHFWURQLF'LHVHO&RQWUROLQWHUSRQHXQD
HOHFWURYiOYXODGHFRQWUROGHODSUHVL yQ
HQWUHHOFROHFWRUGHDGPLVL yQ\OD
YiOYXODZDVWHJDWHTXHFRQWURODHQ
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
WRGRPRPHQWRODSUHVL yQTXHOOHJDDOD
YiOYXODZDVWHJDWH&RPRVHYHHO
FLUFXLWRGHFRQWUROGHODSUHVL yQGHO
WXUERHVVLPLODUDXQFLUFXLWRGHFRQWURO
FRQYHQFLRQDOFRQOD ~QLFDGLIHUHQFLDGH
ODLQFRUSRUDFLyQGHODHOHFWURY iOYXODGH
FRQWURO
/DVFDUDFWHUtVWLFDVSULQFLSDOHVGHHVWH
VLVWHPDVRQ
3HUPLWHVREUHSDVDUHOYDORUP i[LPR
GHODSUHVLyQGHO WXUER
7LHQHFRUWHGHLQ\HFFL yQD DOWDV
UHYROXFLRQHV
3URSRUFLRQDXQDEXHQDUHVSXHVWDDO
DFHOHUDGRUHQWRGRHOPDUJHQGH
UHYROXFLRQHV
/DYHORFLGDGGHOWXUERFRPSUHVRU
SXHGHVXELUKDVWDODVUSP
/DHOHFWURYiOYXODGHFRQWURO VHFRPSRUWDFRPRXQDOODYHGH
SDVRTXHGHMDSDVDUPDVRPHQRVSUHVL yQKDFLDODYiOYXOD
ZDVWHJDWH(VWDFRPDQGDGDSRUOD(&8XQLGDGGHFRQWUROTXH
PHGLDQWHLPSXOVRVHO pFWULFRVSURYRFDVXDSHUWXUDRFLHUUH
&XDQGRHOPRWRUJLUDDEDMDV\PHGLDVUHYROXFLRQHVOD
HOHFWURYDOYXODGHFRQWUROGHMDSDVDUODSUHVL yQTXHKD\HQHO
FROHFWRUGHDGPLVL yQSRUVXHQWUDGDDODVDOLGD
GLUHFWDPHQWHKDFLDODY iOYXODZDVWHJDWHFX\DPHPEUDQDHV
HPSXMDGDSDUDSURYRFDUVXDSHUWXUDSHURHVWRQRVHSURGXFLU i
KDVWDTXHODSUHVL yQGHVRSODGRGHOWXUERVHDVXILFLHQWHSDUD
YHQFHUODIXHU]DGHOPXHOOH&XDQGRODVUHYROXFLRQHVGHOPRWRU
VRQDOWDVODSUHVL yQTXHOHOOHJDDODY iOYXODZDVWHJDWHHVPX\
DOWDVXILFLHQWHSDUDYHQFHUODIXHU]DGHVXPXHOOH\DEULUOD
YiOYXODSDUDGHULYDUORVJDVHVGHHVFDSHSRUHOE\SDVVEDMDOD
SUHVLyQGHVRSODGRGHOWXUER&XDQGROD(&8FRQVLGHUDTXHOD
SUHVLyQHQHOFROHFWRUGHDGPLVL yQSXHGHVREUHSDVDUORV
PDUJHQHVGHIXQFLRQDPLHQWRQRUPDOHVELHQSRUFLUFXODUHQ
DOWLWXGDOWDWHPSHUDWXUDDPELHQWHRSRUXQDVROLFLWXGGHO
FRQGXFWRUGHDOWDVSUHVWDFLRQHVDFHOHUDFLRQHVIXHUWHVVLQTXH
HVWRSRQJDHQULHVJRHOEXHQIXQFLRQDPLHQWRGHOPRWRUOD(&8
SXHGHPRGLILFDUHOYDORUGHODSUHVL yQWXUERTXHOOHJDDOD
YiOYXODZDVWHJDWHFRUWDQGRHOSDVRGHODSUHVL yQPHGLDQWHOD
HOHFWURYiOYXODGHFRQWUROFHUUDQGRHOSDVR\DEULHQGRHO
SDVRDOSRQLHQGRDV tHQFRQWDFWRODY iOYXODZDVWDJDWH
FRQODSUHVLyQDWPRVIpULFDTXHODPDQWHQGU iFHUUDGD\DVtVH
DXPHQWDODSUHVL yQGHVRSODGRGHOWXUER
3DUDTXHTXHGHFODURORTXHKDFHODHOHFWURY iOYXODGHFRQWURO
HQVXIXQFLRQDPLHQWRHVHQJD xDUDODYiOYXODZDVWHJDWH
GHVYLDQGRSDUWHGHODSUHVL yQGHOWXUERSDUDTXHHVWDQRDFWX p
/DHOHFWURYiOYXODGHFRQWUROHVJREHUQDGDSRUOD(&8XQLGDG
GHFRQWUROFRQHFWDQGRDPDVDXQRGHVXVWHUPLQDOHVHO pFWULFRV
FRQXQDIUHFXHQFLDILMDGRQGHODDPSOLWXGGHODVH xDOGHWHUPLQD
FXDQGRGHEHDEULUODY iOYXODSDUDDXPHQWDUODSUHVL yQGH
VRSODGRGHOWXUERHQHOFROHFWRUGHDGPLVL yQ/D(&8SDUD
FDOFXODUFXDQGRGHEHDEULURFHUUDUODHOHFWURY iOYXODGHFRQWURO
WLHQHHQFXHQWDODSUHVL yQHQHOFROHFWRUGHDGPLVL yQSRUPHGLR
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
GHOVHQVRUGHSUHVL yQWXUERTXHYLHQHLQFRUSRUDGRHQODPLVPD
(&8\TXHUHFLEHODSUHVL yQD WUDYpVGHXQWXERFRQHFWDGR
DOFROHFWRUGHDGPLVL yQ7DPELpQWLHQHHQFXHQWDODWHPSHUDWXUD
GHODLUHHQHOFROHFWRUGHDGPLVL yQSRUPHGLRGHXQVHQVRUGH
WHPSHUDWXUDHOQ ž GHUSPGHOPRWRU\ODDOWLWXGSRUPHGLR
GHXQVHQVRUTXHDYHFHVHVWDLQFRUSRUDGRHQODPLVPD(&8\
RWUDVIXHUD
(QHOHVTXHPDGHODGHUHFKD
WHQHPRVHOFLUFXLWRGHDGPLVL yQ\
HVFDSHGHXQPRWRU'LHVHOGH
LQ\HFFLyQGLUHFWD7'LTXHXWLOL]D
XQWXUERFRPSUHVRUGHJHRPHWU tD
YDULDEOH97*&RPRVHYHHQHO
HVTXHPD\DQRDSDUHFHOD
YiOYXODGHGHVFDUJDRZDVWHJDWH
VLQHPEDUJRODHOHFWURY iOYXODGH
FRQWUROGHODSUHVL yQWXUERVL
HVWD\GHHOODVDOHXQWXERTXHYD
GLUHFWDPHQWHDOWXUERFRPSUHVRU
$XQTXHQRVHYHGRQGHYDHQ
FRQFUHWRHOWXERHVWDFRQHFWDGR
DODFiSVXODQHXPiWLFDR
DFWXDGRUQž HQHOSULPHU
GLEXMR(OIXQFLRQDPLHQWRGHO
FRQWUROGHODSUHVL yQGHOWXUERHV
PX\VLPLODUDOHVWXGLDGR
DQWHULRUPHQWHODGLIHUHQFLDHV
TXHODYiOYXODZDVWHJDWHVH
VXVWLWX\HSRUODF iSVXOD
QHXPiWLFDDPEDVWLHQHQXQ
IXQFLRQDPLHQWRSDUHFLGRPLHQWUDV
XQDDEUHRFLHUUDXQDY iOYXODOD
RWUDPXHYHXQPHFDQLVPRGH
DFFLRQDPLHQWRGHDODEHV
(QHVWHFDVRHOVHQVRUGHDOWLWXG
HVWDIXHUDGHOD(&8XQLGDGGH
FRQWURO
2WUDIRUPDGHFRQWURODUODSUHVL yQGHVRSODGRGHOWXUER
+DVWDDKRUDKHPRVYLVWRFRPRVHXVDEDODSUHVL yQUHLQDQWHHQHO
FROHFWRUGHDGPLVL yQSDUDDFWXDUVREUHODY iOYXODZDVWHJDWHGHORV
WXUERVFRQYHQFLRQDOHV\HQODF iSVXODQHXPiWLFDHQORVWXUERVGH
JHRPHWUtDYDULDEOH+D\RWURVLVWHPDGHFRQWUROGHODSUHVL yQGHO
WXUERILJXUDGHODGHUHFKDTXHXWLOL]DXQDERPEDGHYDF tRHOpFWULFD
TXHJHQHUDXQDGHSUHVL yQR YDFtRTXHDFW~DVREUHODYiOYXOD
ZDVWHJDWHDWUDYpVGHODHOHFWURY iOYXODGHFRQWURORDFWXDGRUGH
SUHVLyQGHVREUHDOLPHQWDFL yQ(QODILJXUDGHDEDMRYHPRVHO
HVTXHPDGHDGPLVL yQHVFDSH\DOLPHQWDFL yQGHXQPRWRU'LHVHO
&RPPRQ5DLODVtFRPRVXJHVWL yQHOHFWUyQLFD(OWXUERYDGLVSXHVWR
GHIRUPDVLPLODUDORYLVWRDQWHULRUPHQWHQRHVWDHOLQWHUFRROHUSHUR
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
QRVHYHQLQJ~QWXERTXHOOHYHODSUHVL yQUHLQDQWHHQHOFROHFWRUGH
DGPLVLyQKDFLDODYiOYXODZDVWHJDWHDWUDY pVGHODHOHFWURY iOYXODGH
FRQWURO6LDSDUHFHFRPRQRYHGDGODERPEDGHYDF tRTXHVHFRQHFWD
DWUDYpVGHXQWXERFRQODHOHFWURY iOYXODGHFRQWURODFWXDGRUGH
SUHVLyQ\RWURVHOHPHQWRVDFWXDGRUHVTXHVRQDFFLRQDGRVSRUYDFL y
FRPRODYiOYXOD(*5UHFLUFXODFL yQGHJDVHVGHHVFDSH(VWH
VLVWHPDGHFRQWUROGHODSUHVL yQGHOWXUERWLHQHODYHQWDMDIUHQWHDORV
DQWHULRUPHQWHHVWXGLDGRVGHQRGHSHQGHUGHODSUHVL yQTXHKD\HQ
HOFROHFWRUGHDGPLVL yQTXHHQFDVRGHURWXUDGHOWXERTXHWUDQVPLWH
GLFKDSUHVLyQDGHPDVGHIXQFLRQDUPDOHOVLVWHPDGHFRQWUROGHO
WXUERVHSHUGHUtDSDUWHGHODLUHFRPSULPLGRSRUHOWXUERTXHWLHQH
TXHHQWUDUHQORVFLOLQGURV\GLVPLQX\HODSRWHQFLDGHOPRWRU
VHQVLEOHPHQWH
&RPSUHVRUHVGHDFFLRQDPLHQWRPHFiQLFR
(OFRPSUHVRUGHDFFLRQDPLHQWRPHF iQLFRWDPELpQ
OODPDGRFRPSUHVRUYROXP pWULFRQRHVQLQJXQD
QRYHGDG\DTXHVHYLHQHXVDQGRGHVGHKDFHPXFKR
WLHPSR9RONVZDJHQ\DXWLOL]DEDXQFRPSUHVRU
FHQWULIXJRLQYHQWDGRHQ)UDQFLDHQ)RUG\
7R\RWDHPSOHDEDQXQFRPSUHVRUGHWLSR5RRWV
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
LQYHQWDGRHQ
/RVFRPSUHVRUHVYROXP pWULFRVVRQERPEDVGHDLUH
(VWHPHFDQLVPRSXHGHSURGXFLUI iFLOPHQWHXQ
PDVGHSRWHQFLDTXHORVPRWRUHVDWPRVI pULFRVGHO
PLVPRWDPDxR/RVDQWLJXRVFRPSUHVRUHVSURGXF tDQ
XQUXLGRFRQVLGHUDEOHSHURORVDFWXDOHVVRQPXFKR
PDVVLOHQFLRVRV
&RPRRFXUUHFRQORVDOWHUQDGRUHVORVFRPSUHVRUHV
YROXPpWULFRVVRQDFFLRQDGRVSRUHOFLJ HxDO
JHQHUDOPHQWHSRUXQDFRUUHDSHURHQRFDVLRQHVSRU
XQDFDGHQDRFRQMXQWRGHHQJUDQDMHV*LUDQDXQD
YHORFLGDGGHDUSPSRUORWDQWRVRQ
PXFKRPDVOHQWRVTXHORVWXUERFRPSUHVRUHV/D
SUHVLyQGHVREUHDOLPHQWDFL yQHVWDOLPLWDGDSRUOD
YHORFLGDGGHOPRWRUQRKDFHIDOWDY iOYXODGH
GHVFDUJDFRPRHQORVWXUERFRPSUHVRUHV
'HELGRDVXIRUPDGHDFFLRQDPLHQWRRIUHFHXQPD\RUSDUPRWRUDEDMDVUSPTXHXQWXUERFRPSUHVRU2WUD
YHQWDMDGHOFRPSUHVRUIUHQWHDOWXUERFRPSUHVRUHVTXHWLHQHXQDUHVSXHVWDPDVU iSLGDQRWLHQHHOUHWDUGR
GHOWXUER/DGHVYHQWDMDSULQFLSDOGHOFRPSUHVRUHVTXHUREDSRWHQFLDDOPRWRUGHELGRDVXDFFLRQDPLHQWR
PHFiQLFR\HVWDSHUGLGDDXPHQWDDPHGLGDTXHVXEHHOU pJLPHQGHJLURGHOPRWRUSRUORTXHQRIDFLOLWDXQ
UHQGLPLHQWRHILFD]GHOPRWRU
([LVWHQGRVWLSRVGHFRPSUHVRUHVHOGHGHVSOD]DPLHQWRSRVLWLYR\HOGLQ iPLFR
(OFRPSUHVRUGHGHVSOD]DPLHQWRSRVLWLYR PRYLOL]DODPLVPDFDQWLGDGGHDLUHHQFDGDUHYROXFL yQ
LQGHSHQGLHQWHPHQWHGHODYHORFLGDG&XDQWRPDVU iSLGRJLUDPDVDLUHERPEHD(OFRPSUHVRUGH
GHVSOD]DPLHQWRPDVSRSXODUHVHOGHWLSR5RRWVGHQRPLQDGRFRPSUHVRUGHO yEXORV(QHVWHFDVRXQSDUGH
URWRUHVHQIRUPDGHRFKRVFRQHFWDGRVDUXHGDVGHQWDGDVTXHJLUDQDODPLVPDYHORFLGDGSHURHQVHQWLGRV
FRQWUDULRVERPEHDQ\FRPSULPHQHODLUHFRQMXQWDPHQWH(VWHFRPSUHVRUPDVTXHFRPSULPLUHODLUHORTXH
KDFHHVLPSXOVDUOR
/RVURWRUHVVHDSR\DQHQXQRV
FRMLQHWHV(QYLVWDGHTXHQXQFD
VHWRFDQHQWUHVLQRVH
GHVJDVWDQ(QRFDVLRQHVORV
OyEXORVVRQKHOLFRLGDOHV\HQ
RWUDVGHFRUWHUHFWR
(VWDYHUVLyQVHQFLOODFRQURWRUHV
GHGRViODEHVRULJLQDXQD
SUHVLyQUHODWLYDPHQWHEDMD\
DGHPiVODFUHDPX\GHVSDFLRDO
DXPHQWDUHOUpJLPHQGHJLUR
/DSRWHQFLDDEVRUELGDVHVLW ~D
SDUDXQDVREUHSUHVL yQGH
EDUHV\SDVRPi[LPRGHDLUHHQ
&9
(OUHQGLPLHQWRGHOFRPSUHVRU
5RRWVQRHVPX\DOWR\DGHP iV
HPSHRUDFRQHODXPHQWRGHO
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
UpJLPHQGHJLUR
/DFDSDFLGDGGHVXPLQLVWURV yOR
VXSHUDHOHQXQDJDPDPX\
OLPLWDGD(ODLUHFRPSULPLGRVH
FDOLHQWDH[WUDRUGLQDULDPHQWH
/RVFRPSUHVRUHVGHO yEXORVWLHQGHQDSXOVDUDEDMDV
YHORFLGDGHVQRREVWDQWHORVGHURWRUHVKHOLFRLGDOHV
WLHQGHQDFRQWUDUUHVWDUDOP i[LPRGLFKDVSXOVDFLRQHV
/RVURWRUHVSXHGHQWHQHUGRVRWUHVO yEXOR8QURWRUGH
WUHVOyEXORVWLHQGHDSXOVDU PHQRVTXHXQRGHGRV(O
URWRUGHWUHVOyEXORVGDPHMRUHVUHVXOWDGRVJUDFLDVD
XQDPD\RUFRPSOHMLGDGHQVXFRQVWUXFFL yQSDUD
PRYHUVHVyORQHFHVLWDEDUREDUDOPRWRUFDEDOORVGH
SRWHQFLDSDUDFRQVHJXLUEDUHVGHSUHVL yQ
&XDQGRHOPRWRUQRHVWDVRPHWLGRDXQDJUDQFDUJDHO
YDFLyGHOFROHFWRUGHDGPLVL yQJLUDORVURWRUHVFRPRXQ
PROLQRGHYLHQWRUREDQGRSRUWDQWRPHQRVSRWHQFLDGHO
PRWRU
/RVFRPSUHVRUHVXWLOL]DGRVSRU
9RONVZDJHQOODPDGRV
FRPSUHVRUFHQWULIXJRRFDUJDGRU
*SUHVHQWDQXQDIRUPDGHVXV
FiPDUDVVLPLODUDHVWDOHWUD/DV
SLH]DVDORMDGDVHQVXLQWHULRUVH
GHVSOD]DQHQXQ PRYLPLHQWR
H[FpQWULFRFRPRHOGHXQKXOD KRS6HFDUDFWHUL]DSRUXQ
HOHPHQWRGHVSOD]DEOHGLVSXHVWR
H[FpQWULFDPHQWHFRQHVWUXFWXUD
HVSLUDOHQDPERVODGRVHVSLUDV
PyYLOHVTXHGDOXJDUMXQWRFRQ
ODVFDUFDVDVFiUWHUILMRWDPELpQ
HQHVSLUDODFiPDUDVGHYROXPHQ
YDULDEOH'HMyGHXWOL]DUVHHQOD
GpFDGDGHORVSRUVXV
SUREOHPDVGHOXEULFDFL yQ\
HVWDQTXHLGDG
)XQFLRQDPLHQWRGHOFRPSUHVRU*
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
0RWRUHVVREUHDOLPHQWDGRV
3iJLQD GH
2WURFRPSUHVRUGHGHVSOD]DPLHQWRSRVLWLYRHVHOGHDVSDVHOFXDOFRPSULPHHODLUHTXHDORMDHQVXFDUFDVD
DQWHVGHREOLJDUORDVDOLU(VWDERPEDVHXWLOL]DFRQPD\RUIUHFXHQFLDHQPRWRUHVSHTXH xRVFRQXQDSUHVL yQ
GHVREUHDOLPHQWDFL yQHOHYDGD
'HELGRDTXHORVFRPSUHVRUHVQRIXQFLRQDQSRUOD
DFFLyQGHORVJDVHVGHHVFDSHQRVHFDOLHQWDQSRUOR
TXHODOXEULFDFLyQQRFRQVWLWX\HXQSUREOHPDWDQ
LPSRUWDQWHFRPRRFXUUHHQORVWXUERFRPSUHVRUHV'H
KHFKRODVXQLGDGHVGHFRPSUHVRUHVGHOWLSR5RRWVVH
OXEULFDQFRQVXSURSLRVXPLQLVWURGHDFHLWH6$(GH
HQJUDQDMHVHOPLVPRTXHHOGHODFDMDGHFDPELRVHO
FXDOQRWLHQHXQLQWHUYDORGHFDPELRGHDFHLWH
HVSHFLILFR/RVFRPSUHVRUHVVRQPDTXLQDVPX\
ILDEOHVVLELHQODVXFLHGDGHVVXJUDQHQHPLJR/DV
IXJDVGHYDFLyGHOODGRGHODDGPLVL yQDWUDHQHO
SROYRHOFXDOSXHGHDUUXLQDUHOFRPSUHVRU/DVIXJDV
GHDLUHGHOODGRGHVDOLGDGHOFRPSUHVRUGLVPLQX\HQHO
UHQGLPLHQWRGHOPRWRU3RURWUDSDUWHODVIXJDVGH
YDFLySXHGHQFRQIXQGLUDODFRPSXWDGRUD(&8
KDFLHQGRTXHODPH]FODUHVXOWHGHPDVLDGRSREUH
$GHPiVXQDIXJDHQHOODGRGHODSUHVL yQDXPHQWDHQ
H[FHVRODULTXH]DGHODPH]FOD(OVHQVRUGHR[LJHQR
VRQGD/DPEGDGHHVWRVVLVWHPDVFDSDFHVGHUHJXODU
ODULTXH]DGHODPH]FODGHDLUH\FRPEXVWLEOH
DQDOL]DQGRODVFDUDFWHU tVWLFDVGHOJDVTXHPDGRVROR
SXHGHLQWURGXFLUFRUUHFFLRQHVPHQRUHVHQODPH]FOD\
QRSXHGHFRQWUDUUHVWDUHOHIHFWRGHXQDIXJD
LPSRUWDQWH/DVIXJDVVXHOHQHVWDUDFRPSD xDGDVGH
XQVRQLGRVLOELGRTXHFDEHORFDOL]DUI iFLOPHQWH
HVFXFKDQGRVXSURFHGHQFLD
8QFRPSUHVRUGLQ iPLFR HVVLPLODUDXQWXUERFRPSUHVRU6XVDOLGDDXPHQWDSURSRUFLRQDOPHQWHDOFXDGUDGR
GHVXYHORFLGDG'HHVWDPDQHUDVLHOPRWRUJLUDGRVYHFHVPDVU iSLGRODVDOLGDGHSUHVL yQGHOFRPSUHVRU
VHFXDGULSOLFD3RUHVWDUD] yQHVWHFRPSUHVRUIXQFLRQDGHIRUPDRSWLPDDUHJ tPHQHVHOHYDGRVSHURWLHQH
XQPHQRUUHQGLPLHQWRDUDOHQW t/DVWUHVWLSRVGHFRPSUHVRUHVGLQ iPLFRVVRQHOFHQWULIXJRHOGHIOXMRD[LDO\
HOGHRQGDGHSUHVL yQ(OFRPSUHVRUFHQWULIXJRHVLJXDOTXHXQWXUERFRPSUHVRUSHURVHDFWLYDPHGLDQWHHO
FLJHxDO\QRSRUODDFFL yQGHORVJDVHVGHHVFDSH(OFRPSUHVRUGHIOXMRD[LDOQRUHVXOWDPX\XVXDOGHELGRD
VXFRVWHGHIDEULFDFL yQ(OFRPSUHVRUGHRQGDGHSUHVL yQVHXVDIXQGDPHQWDOPHQWHHQPRWRUHVGHGRV
WLHPSRV
$XWRU 'DQLPHJDQHER\
(VWHDUWtFXORHVWDVDFDGRGH0(&$1,&$9LUWXDOODZHEGHORVHVWXGLDQWHVGHDXWRPRFLyQ
SDUDYHUPDVDUWLFXORVFRPRHVWHHQWUDHQZZZLHVSDQDHVPHFDQLFDYLUWXDO
ILOH&?'DQLFDUSHWD?'UHDPZHDYHU?0(&$1,&$9LUWXDO?703S[TWYRSKWP
Descargar