xvwr \ اiulfd

V
YD
WL
&
- RP
6 X
V
LW
H
X
W
D
FLy R UFL
Q\ \ R
S
Ç
HU
I
VS U
HF LF
D
ÊQGLFH
$JUDGHFLPLHQWRV
3UHVHQWDFLyQ
3UyORJR
ÇIULFD VXEVDKDULDQD
(FRQRPtD&RPHUFLR\5HODFLRQHVFRQOD8(
(O&RPHUFLR-XVWRFRQ
&DStWXOR
ÇIULFD'DWRVHFRQyPLFRV
$OJXQDVFLIUDVVREUH
\FXDQWLWDWLYRV
HO&RPHUFLR-XVWRHQÇIULFD
&DStWXOR 1XHYRVGHVDItRVGHOPRYLPLHQWR
GH&RPHUFLR-XVWR
3ULQFLSDOHVGHEDWHV
'DUODSDODEUDDOPRYLPLHQWRDIULFDQR
\SHUVSHFWLYDV
H[LVWHQWHVVREUH
'HVDUUROODUSUiFWLFDVGH
HO&-HQÇIULFD
&RPHUFLR-XVWRHQ6HQHJDO
&216(-2'(5('$&&,Î1
$QWRQLR6DQWDPDULD(GXDUGR%LGDUUDXW]DJD$UWXU&RORP.DL6FKUDGHU
75$'8&&,21(6(',&,Î1'(7(;726
&KULVWLDQ2OD\D6DUD/RVD0DUN-XGLW]/RXUGHV3RQFH5XWK)HUUHLUR&20&20VFFO\6(7(00DGULG
',6(f2
1RH/DYDGR\7RQL6iQFKH]3R\
0$48(7$&,Î1
6HUDIt²,QG~VWULD*UjILFD3XEOLFLWjULD6$
',675,%8&,Î1
6(7(0,FDULD(GLWRULDO
&21(/$32<2'(
‹6(7(0
%DUFHORQDGLFLHPEUHGH
'(3Î6,72/(*$/
%;;;;;
,035(62(13$3(/(&2/Î*,&2
/DUHVSRQVDELOLGDGGHODVRSLQLRQHVTXHVHH[SUHVDQFRUUHVSRQGHDVXVDXWRUHV
,035(6,Î1
Z
Z
V
HW
HP
R
UJ
4XLQWDQD
Z )272*5$)Ê$63257$'$<3257$'$6,17(5,25(6
7RQL6iQFKH]3R\
&DStWXOR /DQHFHVLGDGGHXQDQXHYDPLUDGDVREUHÇIULFD
8QYLDMHGHUHWRUQR
/DFHUWLILFDFLyQ
GHSURGXFWRV
/DHIHFWLYLGDGGH)/2HQODPHMRUDGH
DIULFDQRVGH&ODVFRQGLFLRQHVODERUDOHV
LY
DV
1RHPt%HUWRPHX
&225',1$&,Î1
,QIR
UPH
6(7(0
ZZZVHWHPRUJ7HO
&
\ RP
6
HU
LW ÇI
XD U
FL LF FL
yQ D
R
\ -X
S
HU
VW
VS
R
HF
W
(',7$
0
\ X
HO F pY
P DP H
X E WH
Q LD
G U
R H
P
R
V
(O&RPHUFLR-XVWR\ODVSODQWDFLRQHVFHUWLILFDGDV
(OOHJDGRGHOUpJLPHQGHODSDUWKHLG
&DStWXOR 6LPSRVLRVREUH&RPHUFLR-XVWRHQ&RWRQ~
%HQLQ$EULOGH
,QLFLDWLYDVGH
RUJDQL]DFLyQGHO
)RUR6RFLDO0XQGLDOGH1DLUREL
PRYLPLHQWR
$OJXQRVDSRUWHVVREUHHO&RPHUFLR-XVWR
GH&-DIULFDQR
/DVUHGHVDIULFDQDVGHSURGXFWRUHV
(QWUHYLVWDVD-RKQ.DQMDJDLOH\-RDQ.DUDQMD
&DUWDDOD&RPLVLyQ(XURSHDDOHUWDQGR
GHODVFRQVHFXHQFLDVGHORV(3$
$QH[RV 3XEOLFDFLRQHVVREUH&RPHUFLR-XVWRHQ(VSDxD
(QODFHVGH&RPHUFLR-XVWR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _
DJUDGHFLPLHQWRV
SUHVHQWDFLyQ
3UHVHQWDFLyQ
7HQpLVHQYXHVWUDVPDQRVHO,QIRUPHGH6(7(0WLWXODGR
´&RPHUFLR -XVWR \ ÇIULFD 6LWXDFLyQ \ SHUVSHFWLYDVµ FRQ HO
TXHSUHWHQGHPRVGDUFRQWLQXLGDGDODVDQWHULRUHVSXEOLFD
FLRQHVTXHDQDOL]DQHO&RPHUFLR-XVWRHQ(VSDxDHODERUDGDV
SRUQXHVWUDRUJDQL]DFLyQ\DYDQ]DUHQHODQiOLVLVSDUDTXH
VLUYDFRPRHOHPHQWRGHUHIOH[LyQ\GHEDWHDOPRYLPLHQWRGHO
&RPHUFLR-XVWRHQQXHVWURSDtV(QHVWDRFDVLyQHOHMHWHPi
WLFRHOHJLGRHVWiGHSOHQDDFWXDOLGDGÇIULFD
¢3RU TXp ÇIULFD" (Q SULPHU OXJDU SRUTXH UHVSRQGH D
QXHVWURLQWHUpVSRUSURIXQGL]DUHQHOLPSDFWRTXHWLHQH
HO &RPHUFLR -XVWR HQ HO 6XU \ HQ VHJXQGR OXJDU SRUTXH
ÇIULFDVLJXHVLHQGRXQFRQWLQHQWHSRFRFRQRFLGR$SHQDV
FRQRFHPRVODVFRQGLFLRQHVGHSURGXFFLyQ\YLGDHQSDt
VHVDIULFDQRV\VDEHPRVPX\SRFRVREUHHOLPSDFWRTXH
WLHQHHO&RPHUFLR-XVWRHQHOODV
$JUDGHFLPLHQWRV
/DV SHUVRQDV UHVSRQVDEOHV GH OD FRRUGLQDFLyQ GH HVWH
,QIRUPHTXHUHPRVGDUODVJUDFLDVDWRGDVODVSHUVRQDVH
LQVWLWXFLRQHVTXHKDQFRQWULEXLGRDTXHHVWDSXEOLFDFLyQ
VHDXQDUHDOLGDG
WUDQVSDUHQWH\PX\UHYHODGRUDKDTXHULGRFRPSDUWLU
VXWUDEDMRGHUHIOH[LyQ\UHYLVLyQHVWUDWpJLFDUHDOL]D
GRSRUHO&RPLWpGH3UR\HFWRV&3FRQHODUWtFXORGH
7L]LDQD&LFHUR
‡ (Q SULPHU OXJDU TXHUHPRV DJUDGHFHU ODV RUJDQL]D
FLRQHV DIULFDQDV TXH GtD D GtD WUDEDMDQ SDUD TXH HO
&RPHUFLR -XVWR HQ ÇIULFD VHD XQD UHDOLGDG \ XQ LQV
WUXPHQWR UHDOPHQWH SRWHQWH SDUD PHMRUDU ODV FRQ
GLFLRQHV GH YLGD GH ORV WUDEDMDGRUHV \ WUDEDMDGRUDV
DIULFDQRV +DQ TXHULGR FRPSDUWLU FRQ QRVRWURV VX
SURFHVRSDUDUHGHILQLUHO&RPHUFLR-XVWR\FRQVHJXLU
XQPD\RULPSDFWR(VHOFDVRGH(1'$7LHUV0RQGHGH
6HQHJDODWUDYpVGHODUWtFXORGH$EGRXUDKPDQH*XH\H
\HOFDVRGH(QYLURQPHQWDO0RQLWRULQJ*URXS(0*GH
6XGiIULFDFRQHODUWtFXORGH6WHSKHQ/DZ7DPELpQGH
OD 5HG $IULFDQD GH &- $)1 \ GH OD 5HG &RRSHUDFLyQ
SDUDHO&RPHUFLR-XVWRHQÇIULFD&2)7$DWUDYpVGH
ODV HQWUHYLVWDV \ FRODERUDFLyQ FRQ GDWRV HQ GLVWLQWRV
DUWtFXORV
‡ 1XHVWUR UHFRQRFLPLHQWR D ODV DXWRUDV $LQKRD 0DUtQ
(JRVFR]iEDO \ $OH[DQGUD 0LUDQGD TXH QRV KDQ SUH
VHQWDGR FRQ JUDQ FDSDFLGDG GH VtQWHVLV VXV WUDEDMRV
GH LQYHVWLJDFLyQ FRQ JUDQ SURIHVLRQDOLGDG \ FDSDFL
GDGGLYXOJDWLYD
‡ 4XHUtDPRV DJUDGHFHU HVSHFLDOPHQWH OD FRODERUDFLyQ
GH$QWRQLR6DQWDPDUtDGLUHFWRUGHO*UXSRGH(VWXGLRV
$IULFDQRVGHOD81$0VXLQWHUpV\DSRUWDFLRQHVWDQWR
HQ OD UHGDFFLyQ GHO SUyORJR FRPR HQ OD FRODERUD
FLyQ \ DSRUWDFLRQHV FRPR PLHPEUR GHO &RQVHMR GH
5HGDFFLyQ $Vt FRPR HO UHVWR GH FRQWULEXFLRQHVGHO
&RQVHMR IRUPDGR SRU (GXDUGR %LGDUUDXW]DJD $UWXU
&RORP\.DL6FKUDGHU
‡ 7DPELpQ TXHUHPRV DJUDGHFHU VX DSRUWDFLyQ D &70
$OWURPHUFDWR RUJDQL]DFLyQ LWDOLDQD TXH GH PDQHUD
‡ $ WRGDV ODV SHUVRQDV TXH WDQWR SURIHVLRQDOPHQWH
FRPR FRQ DSRUWDFLRQHV YROXQWDULDV KDQ FRQWULEXLGR
DODVWUDGXFFLRQHVUHYLVLRQHVGHWH[WRVE~VTXHGDGH
PDWHULDO JUiILFR \ VXJHUHQFLDV 4XHUHPRV DJUDGHFHU
GH IRUPD HVSHFLDO D 6DUD /RVD \ D WRGR HO HTXLSR GH
6(7(00DGULG\6(7(0&DWDOXQ\D
‡ $7RQL6iQFKH]SRUVXJUDQFDSDFLGDGFUHDWLYDSRUVX
SURIHVLRQDOLGDGGHGLFDFLyQ\SDFLHQFLDHQHOGLVHxR\
PDTXHWDFLyQ
‡ $,FDULD(GLWRULDOSRUODGLVWULEXFLyQGHHVWDSXEOLFD
FLyQ
‡ < SRU VXSXHVWR WDPELpQ TXHUHPRV DJUDGHFHU HO
DSR\R GH OD $JHQFLD &DWDODQD GH &RRSHUDFLy DO
'HVHQYROXSDPHQW \ OD $JHQFLD &DWDODQD GHO &RQVXP
GHOD*HQHUDOLWDWGH&DWDOXQ\DGHOD)XQGDFLyQ(URVNL
\ GHO 7ULRGRV %DQN TXH KDQ FUHtGR HQ HO LQWHUpV \ OD
SUR\HFFLyQ VRFLDO GH HVWH SUR\HFWR GH LQIRUPDFLyQ \
VHQVLELOL]DFLyQ
$QWHVGHHQWUDUHQHODQiOLVLVGHHVWHFRQWLQHQWHHQUHODFLyQ
FRQ HO &RPHUFLR -XVWR KHPRV FUHtGR QHFHVDULD XQD LQWUR
GXFFLyQ GHVGH XQD SHUVSHFWLYD KLVWyULFD H LQWHJUDO VREUH
ÇIULFD DVt FRPR VREUH ORV PHFDQLVPRV TXH KDFHQ TXH HO
FRPHUFLR LQWHUQDFLRQDO VHD LQMXVWR (Q HVWH VHQWLGR HO SUy
ORJRGH$QWRQLR6DQWDPDUtD'LUHFWRUGHO*UXSRGH(VWXGLRV
$IULFDQRV\GHO'RFWRUDGRHQ(VWXGLRV$IULFDQRVGH*($8$0
QRV UHFXHUGD OD QHFHVLGDG GH FDPELDU ODV UHJODV DFWXDOHV
GHOFRPHUFLRFRQÇIULFD\$LQKRD0DUWtQ(JRVFR]iEDOHFR
QRPLVWD HVSHFLDOL]DGD HQ &RPHUFLR \ (FRQRPtD $IULFDQD
SURSRQHHQHO&DStWXORXQEUHYHUHFRUULGRSRUODHFRQRPtD
DIULFDQD\ODVLWXDFLyQGHVXFRPHUFLRH[WHULRUHQJHQHUDO
6L ELHQ HVWD SXEOLFDFLyQ WLHQH XQ FDUiFWHU PD\RULWD
ULDPHQWH FXDOLWDWLYR HQ HVH SULPHU FDStWXOR KHPRV
UHFRJLGR DOJXQRV GDWRV FXDQWLWDWLYRV JHQHUDOHV VREUH
OD SUHVHQFLD \ HO SHVR UHODWLYR GH ORV SURGXFWRV GH
&RPHUFLR -XVWR SURFHGHQWHV GH ÇIULFD FRPHUFLDOL]DGRV
HQ (VSDxD \ (XURSD TXH QRV KDQ VLGR IDFLOLWDGRV SRU OD
&RRUGLQDGRUD (VWDWDO GH &RPHUFLR -XVWR&(&- \ SRU OD
$VRFLDFLyQGHO6HOORGH3URGXFWRVGH&RPHUFLR-XVWR
(O&DStWXORUHIOHMDORVSULQFLSDOHVGHEDWHV\SHUVSHFWLYDV
H[LVWHQWHV HQ WRUQR DO &RPHUFLR -XVWR HQ ÇIULFD FRPR
VRQ HO VXUJLPLHQWR GH ODV LQFLSLHQWHV UHGHV GH UHSUHVHQ
WDFLyQ FRQWLQHQWDO GH SURGXFWRUHV &RRSHUDFLyQ SDUD HO
&RPHUFLR -XVWR HQ ÇIULFD &2)7$ R OD 5HG GH &RPHUFLR
-XVWR $IULFDQR $)1 PRVWUDGDV HQ HO DUWtFXOR UHDOL]DGR
SRU 6(7(0 &DWDOXQ\D R ORV SURFHVRV SDUWLFLSDWLYRV GH
UHGHILQLFLyQ GH ORV FULWHULRV GH &RPHUFLR -XVWR TXH VH
HVWiQ GDQGR HQ 6HQHJDO GHVFULWRV HQ HO DUWtFXOR GH (1'$
7LHUV0RQGH6HQHJDODVtFRPRHOGHEDWHVREUHODVJUDQGHV
SODQWDFLRQHVFHUWLILFDGDVTXHQRVSODQWHDODRUJDQL]DFLyQ
1~ULD*RQ]iOH]9LOHOD
3UHVLGHQWDGHOD)HGHUDFLyQ6(7(0
VXGDIULFDQD (QYLURQPHQWDO 0RQLWRULQJ *URXS (0* TXH
WUDWD WHPDV FODYHV SDUD ÇIULFD H LQYLVLELOL]DGRV KDVWD
DKRUDFRPRHOSDSHOGHO&RPHUFLR-XVWRHQUHODFLyQFRQ
HOOHJDGRGHOUpJLPHQGHODSDUWKHLG
(Q HO &DStWXOR VH GHEDWH DFHUFD GH OD FHUWLILFDFLyQ GH
SURGXFWRVGH&RPHUFLR-XVWRHQHOFRQWH[WRDIULFDQR3DUD
HOOR FRQWDPRV FRQ HO UHVXPHQ GH XQ HVWXGLR UHDOL]DGR SRU
HO&RPLWpGH3UR\HFWRV&3GHODRUJDQL]DFLyQGH&RPHUFLR
-XVWRLWDOLDQD&70$OWURPHUFDWRVREUHODVGLILFXOWDGHVHQOD
YDORUDFLyQGHORVFULWHULRVpWLFRV\VROLGDULRVGHODVRUJDQL
]DFLRQHV DIULFDQDV FRQ ODV TXH FRODERUDQ 7DPELpQ FRQWD
PRV FRQ ORV UHVXOWDGRV GHO HVWXGLR FRPSDUDWLYR UHDOL]DGR
SRU$OH[DQGUD0LUDQGDGHOD8QLYHUVLGDGGH1DYDUUDHQHO
TXH D WUDYpV GH XQ HVWXGLR HVWDGtVWLFR PXHVWUD ODV OLPLWD
FLRQHV GH FHUWLILFDFLRQHV FRPR OD (852*$3 SDUD SURPRYHU
FRQGLFLRQHV ODERUDOHV GLJQDV HQ ODV SODQWDFLRQHV HQ FRQ
WUDVWHFRQODVFHUWLILFDFLRQHVGH&RPHUFLR-XVWR
$WUDYpVGHO&DStWXORVHTXLHUHUHIOHMDUODGLYHUVLGDG\HO
GLQDPLVPRGHODVRUJDQL]DFLRQHVDIULFDQDVTXHWUDEDMDQ
HQ &RPHUFLR -XVWR UHFRJLHQGR ORV WHPDV \ SURSXHVWDV
GHEDWLGRV HQ GLIHUHQWHV PRPHQWRV FODYH D OR ODUJR GHO
(QWUHHOORVGHVWDFDQHO6LPSRVLRGH&RPHUFLR-XVWR
HQ %HQLQ \ HO )RUR 6RFLDO 0XQGLDO GH 1DLUREL 7DPELpQ
VH GHVFULEHQ ODV SULQFLSDOHV UHGHV GHO PRYLPLHQWR GH
&RPHUFLR -XVWR DIULFDQR LQFRUSRUDQGR GLYHUVDV HQWUH
YLVWDV D VXV UHSUHVHQWDQWHV 3RU ~OWLPR VH LQFOX\H XQD
FDUWD GH (XURSHDQ )DLU 7UDGH $VVRFLDWLRQ ()7$ D OD
&RPLVLyQ (XURSHD WHQLHQGR HQ FXHQWD ODV SUHVHQWHV
QHJRFLDFLRQHV GH OD 8QLyQ (XURSHD FRQ ORV SDtVHV $&3
ÇIULFD&DULEH\3DFtILFR\VXVSRVLEOHVQHIDVWDVFRQVH
FXHQFLDV SDUD OD HFRQRPtD DIULFDQD FRPR PXHVWUD GHO
SDSHOGHLQFLGHQFLDGHOPRYLPLHQWRGH&RPHUFLR-XVWR
(QORVDQH[RVKHPRVUHIHUHQFLDGRODV~OWLPDVSXEOLFDFLR
QHVHQ(VSDxDVREUH&RPHUFLR-XVWR\WHPDVUHODFLRQD
GRVDVtFRPRORVHQODFHVGHVLWLRVZHEGHOPRYLPLHQWRGH
&RPHUFLR-XVWR
(QGHILQLWLYDFRQHOSUHVHQWHLQIRUPHKHPRVTXHULGRSODQWHDU
DOJXQRVGHORVWHPDVTXHFRQVLGHUDPRVFODYHVSDUDHOIXWXUR
GHO&RPHUFLR-XVWRQRVyORHQÇIULFDVLQRHQWRGRHOPXQGR
$OJXQRVGHORVDUWtFXORVUHIOHMDQODVOLPLWDFLRQHV\ORVUHWRVGHO
PRYLPLHQWRSHURDVXYH]PXHVWUDQODVDOWHUQDWLYDVSDUDXQ
&RPHUFLR-XVWRFRQÇIULFD\QRHQÇIULFDFRQVWUXLGRFRQMXQ
WDPHQWHFRQODVRUJDQL]DFLRQHVGHOPRYLPLHQWRDIULFDQR
2VLQYLWDPRVDIRUPDUSDUWHGHHVWHSURFHVRGHUHIOH[LyQ
HVSHUDQGRTXHHVWDVSiJLQDVVHDQGHYXHVWURLQWHUpV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _
3
Uy
OR
J
R
SUyORJR
(O SHQVDPLHQWR QHROLEHUDO TXH LPSUHJQD QXHVWUD
VRFLHGDG GH FRQVXPR FRQVLGHUD TXH HO OLEUH FRPHU
FLR HV XQD OH\ QDWXUDO SHUR QDGLH KD YLVWR KDVWD
DKRUDFRPHUFLDUDORVDQLPDOHVDVtTXHDOPHQRVFRPR
OH\ KDEUi TXH UHGXFLUOD DO iPELWR GHO FRPSRUWDPLHQWR
KXPDQR VLHQGR SRU WDQWR XQ IHQyPHQR VRFLDO TXH VLQ
OXJDU D GXGDV WLHQH DQWHFHGHQWHV PX\ OHMDQRV <D HQ
HO WHUFHU PLOHQLR DQWHV GH &ULVWR ODV FLYLOL]DFLRQHV GH
0HVRSRWDPLD HO ,QGR \ (JLSWR SUDFWLFDEDQ HO FRPHUFLR
GHELHQHVWUDtGRVGHVGHODUJDGLVWDQFLD/DSURSHQVLyQD
LQWHUFDPELDUELHQHVHVGHVGHOXHJRXQDGHELOLGDG\XQD
FRQVWDQWHGHOFRPSRUWDPLHQWRKXPDQRSHURQRKD\TXH
FRQIXQGLULQWHUFDPELRFRQFRPHUFLR
8QVHJXQGRSULQFLSLRHOHYDGRDFDWHJRUtDGHXQLYHUVDOHVHO
VXSXHVWRGHTXHHO FRPHUFLR UHSUHVHQWD XQD IXHQWH
GHELHQHVWDU\GHSURJUHVRSDUDWRGRVSRUORTXHVH
FRQVLGHUDTXHHVWDEOHFHUEDUUHUDVDODSUiFWLFDFRPHUFLDO
HV XQ DWUDVR \ VH FRUUHVSRQGH FRQ HO FRPSRUWDPLHQWR GH
SXHEORVTXHQRSURJUHVDQ(QHVWHHQIRTXHH[LVWHXQIXHUWH
FRPSRQHQWH GH SURSDJDQGD \ XQD IDOWD LQWHQFLRQDGD GH
PHPRULD1LVLTXLHUDHQORVPDQXDOHVGHHFRQRPtDVHHQVH
xDVHPHMDQWHLGHDSRUTXHVLELHQHVIDFWLEOHTXHDOQLYHOGH
ODVJUDQGHVFLIUDVGHORVLQWHUFDPELRVHQWUHSDtVHVSXHGD
H[LVWLU XQ MXHJR GH JDQDQFLDV PXWXDV HQWUH ORV GLYHUVRV
VHFWRUHVGHODSREODFLyQTXHSURGXFHGHQWURGHFDGDSDtV
VH JHQHUDQ HIHFWRV PX\ GLVWLQWRV HVWR HV XQRV SLHUGHQ \
RWURV JDQDQ DOJXQRV VH DUUXLQDQ \ RWURV VH HQULTXHFHQ
+DEUtD TXH UHDOL]DU XQ HVWXGLR FXLGDGRVR GH ORV HIHFWRV
GHVGHXQDSHUVSHFWLYDDPHGLRRODUJRSOD]RSDUDFRQRFHU
ORVYHUGDGHURVUHVXOWDGRVSDUDLQFOXVROOHJDUDVDEHUVLXQ
SDtV HQ FRQFUHWR QR DFDED SRU HPSREUHFHUVH GHVSXpV GH
XQODUJRSHULRGRGHLQWHQVRLQWHUFDPELRFRPHUFLDO
$XQTXH QL VLTXLHUD KDFH IDOWD VDEHU PXFKD KLVWRULD SDUD
YHUTXHHQPXFKRVFDVRVHOFRPHUFLRQRKDWUDtGR
HO SURJUHVR%DVWDPLUDUD+DLWtSDUDHQFRQWUDUDXQR
+DLWt
GHORVSDtVHVDFWXDOPHQWHPiVSREUHVGHOPXQGRTXHVLQ
HPEDUJRKDFHXQVLJORDSHQDVHUDODSURGXFWRUDGHD]~
FDU MR\D GHO FRORQLDOLVPR DQWLOODQR IUDQFpV 2WUR FDVR HV
*KDQDTXHFRPRFRORQLDEULWiQLFDOODPDGD&RVWDGH2UR
IXHODMR\DGHOFRORQLDOLVPREULWiQLFRHQÇIULFD2FFLGHQWDO
$QWRQLR6DQWDPDUtD
'LUHFWRUGHO*UXSRGH(VWXGLRV$IULFDQRV
\GHO'RFWRUDGRHQ(VWXGLRV$IULFDQRVGHOD8QLYHUVLGDG$XWyQRPDGH0DGULG
FX\DSURVSHULGDGVHEDVDEDHQODVSODQWDFLRQHVGHFDFDR
\ KR\ HQ GtD HV XQ SDtV HQWUH ORV ~OWLPRV SRU VXV ÊQGLFHV
GH 'HVDUUROOR +XPDQR DGHPiV GH WHQHU VHULRV SUREOH
PDVPHGLRDPELHQWDOHVSRUODVREUHH[SORWDFLyQGHOVXHOR
2 VLQ LU WDQ OHMRV HO SURJUHVLYR HPSREUHFLPLHQWR GH ORV
SHTXHxRVSURGXFWRUHVGHFDIp\FDFDRGH0HVRDPpULFD
\ÇIULFDTXHHQORVLQLFLRVGHOVLJOR;;FXEUtDQVXVQHFH
VLGDGHV DPSOLDPHQWH H LQFOXVR DKRUUDEDQ PLHQWUDV TXH
KR\HQGtDDSHQDVSXHGHQDOFDQ]DUODVXEVLVWHQFLD
(O SUHFLRHVODSDODEUDPiJLFDTXHVHSUHVHQWDFRPROD
FODYH GH HVWRV SURFHVRV 6HJ~Q HO SHQVDPLHQWR OLEHUDO HO
SUHFLR HV HO UHVXOWDGR OyJLFR GHO IXQFLRQDPLHQWR GHO PHU
FDGR \ VXUJH GH IRUPD WDQ QDWXUDO \ DEVWUDFWD FRPR HO
SURSLR PHUFDGR 6H SXHGH FRQYHQLU GH QXHYR TXH FRPR
PtQLPRHOSUHFLRHVUHVXOWDGRGHOFRPSRUWDPLHQWRKXPD
QR\pVWHKDYDULDGRPXFKRFRQHOWLHPSR\ODVFLUFXQVWDQ
FLDV+LVWyULFDPHQWHORVSUHFLRVVHKDQILMDGRGHDFXHUGR
FRQPHFDQLVPRVYDULDGRV/DVRFLHGDGGHFRQVXPRDFWXDO
ODQXHVWUDWLHQHXQVLVWHPDGHILMDUORVSUHFLRVTXHQRHV
HOPLVPRTXHHOGHODHFRQRPtDHQGyJHQDDIULFDQDGRQGH
VHDWLHQGHWDPELpQDFLHUWDVFRQVLGHUDFLRQHVVRFLDOHVDOD
KRUDGHILMDUHOSUHFLRGHXQELHQRXQVHUYLFLR
(QFDGDVHFWRUGHODSURGXFFLyQ\HOFRPHUFLRORVSUHFLRV
VHYDQILMDQGRVHJ~QVXVFRQGLFLRQHVHVSHFLILFDVDORODUJR
GHWRGDVODVWUDQVDFFLRQHVTXHYDQGHVGHHOSURGXFWRUHQ
RULJHQ KDVWD HO FRQVXPLGRU ILQDO QR VH HVWDEOHFHQ GH OD
PLVPD IRUPD \ FRQ ORV PLVPRV PHFDQLVPRV ORV SUHFLRV
SDUDHOFDIpTXHSDUDHOSHWUyOHRRORVGLYHUVRVSURGXFWRV
GHORVPHUFDGRVILQDQFLHURV&RQIUHFXHQFLDLQFOXVRH[LV
WHQYDULRVSUHFLRVSDUDHOPLVPRSURGXFWR
6LHQODIRUPDFLyQGHOSUHFLRXQRVVHHPSREUHFHQ\RWURV
ORJUDQEHQHILFLRVVHQRVSODQWHDTXHVHHVWiSURGXFLHQGR
XQDLQMXVWLFLD3DUDGHFLUORFODUDPHQWHHOSUHFLRSURYR
FDXQDLQMXVWLFLDTXHVHH[WLHQGHFRQHOFRPHUFLR
(QHVWRVGtDVWRGRVRtPRV\OHHPRVHQODSUHQVDODVTXHMDV
GHORVFRQVXPLGRUHVSRUHODXPHQWRGHORVSUHFLRVGHORV
DOLPHQWRVEiVLFRVFRPRFRQVHFXHQFLDGHODVH[SHFWDWLYDV
GH FRQVXPR JHQHUDGDV SRU HO FUHFLPLHQWR GHO XVR GH ORV
FDUEXUDQWHVEDVDGRVHQHOELRGLpVHO7DPELpQFRQRFHPRV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _
SUyORJR
SRU GLYHUVDV IXHQWHV ODV TXHMDV GH ORV DJULFXOWRUHV SRU
TXHORVQXHYRVSUHFLRVQRKDQVXSXHVWRXQEHQHILFLRSDUD
HOORV $O FRQWUDULR VH HVWiQ HQFDUHFLHQGR VXV LQVXPRV
VLQ UHFLELU QDGD TXH FRPSHQVH HVD VXELGD GH SUHFLRV (O
SURJUHVR WUDH EHQHILFLRV SDUD XQRV \ SHUMXLFLRV
SDUD RWURV (O SHQVDPLHQWR HFRQyPLFR OLEHUDO \D WLHQH
HODERUDGDXQDUHVSXHVWDDHVWHUHVSHFWRQRVHSXHGHLU
FRQWUD HO SURJUHVR DO VXUJLU DOWHUQDWLYDV VH LUi SURGX
FLHQGRODLQHYLWDEOHDGDSWDFLyQDODVQXHYDVFRQGLFLRQHV
3HUR ¢UHDOPHQWH VH JHQHUDQ DOWHUQDWLYDV \ VH SURGXFH
XQD DGDSWDFLyQ R OR TXH VXFHGH HQ UHDOLGDG HV TXH ORV
PDUJLQDGRV SLHUGHQ YR] HQ HVWRV SURFHVRV" /RV KDEL
WDQWHV GH +DLWt KDFH XQ VLJOR ORV SURGXFWRUHV GH FDIp GH
&HQWURDPpULFDHQHVWDGpFDGDRDOJXQRVGHORVFDPSHVL
QRVHXURSHRVGHQXHVWURVGtDVGHVDSDUHFHQVRFLDOPHQWH
&RPR\DQRVHOHVR\HVHSLHQVDTXHVHKDQDGDSWDGRSHUR
ODUHDOLGDGHVTXHKDQSDVDGRDFRQYHUWLUVHHQXQVHFWRU
PDUJLQDOGHHVRVTXHFODVLILFDGRVFRPRSREUHVKDEUiTXH
DWHQGHU FRQ RWURV PpWRGRV /RV GHVHFKRV VRFLDOHV
GHO FRPHUFLRSDVDQDFRQYHUWLUVHHQHO REMHWR GH ORV
SURJUDPDVGHUHGXFFLyQGHODSREUH]D
¢7LHQHVHQWLGRKDEODUGH&RPHUFLR-XVWR"¢3XHGH
HO FRPHUFLR VHU XQ SURFHVR GH LQWHUFDPELRV TXH JHQHUH
UHDOPHQWHEHQHILFLRVSDUDWRGRVORVTXHSDUWLFLSDQHQpO"
(VWRVUHVXOWDGRVGHSHQGHQXQDYH]PiVGHOFRPSRUWD
PLHQWR KXPDQR /RV SURGXFWRUHV GH FDIp SXHGHQ REWH
QHU PiV LQJUHVRV \ YLYLU XQ SRFR PHMRU SHUR ¢HVWDPRV
GLVSXHVWRVORVFRQVXPLGRUHVGHORVSDtVHVGHVDUUROODGRV
DFDPELDUQXHVWURFRPSRUWDPLHQWRKDELWXDOGHFRPSUDU
FDGDYH]PiVEDUDWRHQHVHSDUDtVRGHFRQVXPRPDVLYR
TXH FRQVWDQWHPHQWH QRV RIUHFHQ ORV PHGLRV GH SXEOLFL
GDG \ KDVWD QRV SURPHWHQ DOJXQRV GH QXHVWURV JREHU
QDQWHVFRPRVXPHMRUDSXHVWDSROtWLFD"
¢&XiQWDV YHFHV QRV VHQWLPRV HQJDxDGRV \ IUXVWUDGRV DO
FRPSUDU DOJR" ¢1R GHEHUtDPRV VHQWLU OD PLVPD VHQVDFLyQ
FXDQGR SDJDPRV XQ SUHFLR TXH QR SHUPLWH D ORV SURGXF
WRUHV YLYLU GLJQDPHQWH" (Q JHQHUDO QR QRV GHWHQHPRV D
SHQVDU HQ HOOR SHUR VL DOJXQD YH] OR KDFHPRV OOHJDPRV D
ODFRQFOXVLyQGHTXHDOJ~QLQWHUPHGLDULRVHOOHYDODPD\RU
SDUWHGHOEHQHILFLR\QRVGHVHQWHQGHPRVDQWHODSHUVSHFWL
YDGHQXHVWUDLQFDSDFLGDGSDUDVROXFLRQDUHOSUREOHPD
&DSDFLGDGHVODLGHDTXHQRVVXJLHUH$PDUW\D6HQSDUD
H[SOLFDU XQ HOHPHQWR FODYH SDUD UHVROYHU OD SREUH]D
6HJ~Q VXV HVWXGLRV HV OD IDOWD GH SRGHU \ OD LQFDSDFL
GDG SDUD DFFHGHU D ORV PHGLRV TXH SHUPLWHQ UHDOL]DU
DOJXQDV DFWLYLGDGHV EiVLFDV OR TXH LPSLGH D ORV SREUHV
VDOLUGHVXVLWXDFLyQDVXYH]HO%DQFR0XQGLDOSURSRQH
WUDQVSDUHQFLDSDUDPHMRUDUHOGHVDUUROORGHORVSDtVHV
SREUHV ¢3RU TXp QR SRGHPRV VHU QRVRWURV FDSDFHV GH
SDUWLFLSDUHQXQDUHGFRPHUFLDOTXHVHDWUDQVSDUHQWH\
QRSURYRTXHLQMXVWLFLDV"
&XDQGR FRPSUDPRV XQ SURGXFWR GH &RPHUFLR
-XVWR QXHVWUD DFFLyQ SDVD D FRQYHUWLUVH HQ XQ DFWR GH
LQWHUFDPELR HQWUDPRV HQ XQD UHG TXH HQ ORV SDtVHV GH
RULJHQFRQHFWDDVXYH]FRQORVPLOORQHVGHSURGXFWRUHV
TXHHQÇIULFD$PpULFD/DWLQD\$VLDOXFKDQSRUPDQWHQHU
VXVIRUPDVGHSURGXFFLyQHQODVTXHORVYDORUHVVRFLDOHV
OD VROLGDULGDG \ OD VXSHUYLYHQFLD GH WRGD VX FRPXQLGDG
VRQWDQWRRPiVLPSRUWDQWHVTXHHOEHQHILFLR$OUHPXQH
UDUVXWUDEDMRDGHFXDGDPHQWHSDVDPRVDIRUPDUSDUWH
GHWRGRXQPRYLPLHQWRGHGHIHQVDGHODHFRQRPtDVRFLDO
VROLGDULD TXH OXFKD DVRFLiQGRVH \ GHIHQGLpQGRVH GH OD
DJUHVLyQGHQRUPDVGHFRPHUFLRTXHORVHPSREUHFHQ
3HQVHPRVTXpQRVVXFHGHDQRVRWURVFXDQGRQRVDXPHQWDQ
HO VDODULR 3RU OR JHQHUDO SDVDPRV D FRQVXPLU PiV FXP
SOLHQGR QXHVWUR VXHxR GH YLYLU PHMRU 3DUD ORV PLOORQHV GH
SURGXFWRUHVGHORVSDtVHVHQYtDVGHVDUUROORHFRQyPLFRXQ
DXPHQWRGHVXVLQJUHVRVVLJQLILFDGHYROYHUDORVQLxRVDODV
HVFXHODV \D TXH QR HV QHFHVDULR VX WUDEDMR SHUR DGHPiV
OHV GDPRV XQD RSRUWXQLGDG GH IXWXUR WDPSRFR VHUi
QHFHVDULRGHVEUR]DUPiVWLHUUDVSDUDDXPHQWDUORVFXOWL
YRVSRUORWDQWRD\XGDPRVDSUHVHUYDU HO PHGLRWDP
ELpQOLEHUDUHPRVDODVPXMHUHVGHODVKRUDVH[WUDRUGL
QDULDVTXHGHEHQDSRUWDUHQODVSODQWDFLRQHVDGHPiVGHVX
WUDEDMRGRPpVWLFR\HQODSURGXFFLyQGHDOLPHQWRV
&XDQGRUHDOL]DPRVODFRPSUDGHXQELHQJDUDQWL]DGRSRU
XQDUHGGH&RPHUFLR-XVWRDEDQGRQDPRVODPD\RUSDUWH
GH ODV UHGHV DEVWUDFWDV GHO FRPHUFLR 0iV TXH ILMDUQRV
HQ OD DFFLyQ GH FRQVXPLU GHEHPRV VHU FRQVFLHQWHV GHO
YHUGDGHURDOFDQFHVRFLDOGHODFWRTXHUHDOL]DPRV\
ODFDSDFLGDGTXHWHQHPRVGHHMHUFHUPHGLDQWHHOSUHFLR
XQDDFFLyQGHHFRQRPtDVRFLDOVROLGDULD
(QHVWHQXHYRQ~PHURGHO,QIRUPHGH&RPHUFLR-XVWRGH
OD )HGHUDFLyQ 6(7(0 VH LQFOX\HQ GLYHUVRV FDStWXORV TXH
QRV KDEODQ SUHFLVDPHQWH GH OD OXFKD GH ODV RUJDQL]D
FLRQHV GH SURGXFWRUHV \ WUDEDMDGRUHV SRU REWHQHU XQD
UHPXQHUDFLyQVXILFLHQWH\SRGHUYLYLUGLJQDPHQWH
7UDEDMHPRVDVXODGRFRQQXHVWUDFDSDFLGDGGHSDUWLFLSDU\
GLIXQGLUHO&RPHUFLR-XVWR/DLQIRUPDFLyQHVXQHOHPHQ
WRFODYHSDUDSRGHUWRPDUGHFLVLRQHVODHODERUDFLyQGHHVWH
,QIRUPH GH &RPHUFLR -XVWR SUHWHQGH DSRUWDU LQIRUPDFLyQ
DGLFLRQDOTXHQRVSXHGHUHDILUPDUHQODFDSDFLGDGGHHMHU
FHUQXHVWURGHUHFKRDFRQVWUXLUXQDVRFLHGDGPiVMXVWD
0DGULGGHRFWXEUHGH
OR
&
DS
tW
X
(O&RPHUFLR-XVWRFRQ
ÇIULFD'DWRVHFRQyPLFRV
\FXDQWLWDWLYRV
>@ ÇIULFDVXEVDKDULDQD(FRQRPtD&RPHUFLR\5HODFLRQHVFRQOD8(
>SDJ@
SRU$,1+2$0$5Ê1(*26&2=Ç%$/
>@$OJXQDVFLIUDVVREUHHO&RPHUFLR-XVWRHQÇIULFD
SRU6(7(0&$7$/81<$
>SDJ@
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
&XDGURÇIULFD6XEVDKDULDQDUHSUHVHQWDHQWUH
HOGHOWRWDOGHODVH[SRUWDFLRQHVPXQGLDOHV
ÇIULFD6XEVDKDULDQD
(FRQRPtD&RPHUFLR\5HODFLRQHVFRQOD8(
$LQKRD0DUtQ(JRVFR]iEDO
'RFWRUDHQ&&(FRQyPLFDV3URIHVRUDGH(FRQRPtD$SOLFDGDHQOD8QLYHUVLGDG$QWRQLRGH1HEULMD
\PLHPEURGHO*UXSRGH(VWXGLRV$IULFDQRV*($GHOD8QLYHUVLGDG$XWyQRPDGH0DGULG
ÇIULFDHQ
ODHFRQRPtDPXQGLDO
(O PD\RU R PHQRU WDPDxR GH ODV HFRQRPtDV GH
ORV SDtVHV VH PLGH DFWXDOPHQWH HQ WpUPLQRV GH
3URGXFWR ,QWHULRU %UXWR 3,% /RV SDtVHV GH ÇIULFD
6XEVDKDULDQD UHSUHVHQWDQ HO GH OD SREODFLyQ
PXQGLDO \ VLQ HPEDUJR VXSRQHQ XQD PX\ SHTXHxD
SDUWHGHOWRWDOGHO3,%PXQGLDOFRQFUHWDPHQWHXQ
$VXPLHQGRGHVGHOXHJRODH[LVWHQFLDGHXQDPSOLRVHF
WRULQIRUPDOHQORVSDtVHVDIULFDQRVJHQHUDGRULPSRU
WDQWH GH ULTXH]D \ WUDEDMR \ TXH TXHGD VLQ HPEDUJR
IXHUDGHODVFLIUDVRILFLDOHVGHDFWLYLGDGHFRQyPLFDTXH
UHFRJHHO3,%ODVFLIUDVUHIOHMDQGHWRGDVIRUPDVXQD
PX\ UHGXFLGD SDUWLFLSDFLyQ GH ORV SDtVHV DIULFDQRV HQ
OD HFRQRPtD PXQGLDO 8Q DQiOLVLV PiV GHWDOODGR QRV
PRVWUDUtD DGHPiV OD SUHSRQGHUDQFLD HFRQyPLFD GH
GRV SDtVHV 6XGiIULFD \ 1LJHULD TXH JHQHUDQ FRQMXQ
WDPHQWH PiV GH OD PLWDG GHO WRWDO GHO 3,% GH ÇIULFD
6XEVDKDULDQD\UHVSHFWLYDPHQWH
(Q ORV SDtVHV DIULFDQRV OD DSRUWDFLyQ GH ORV GLIHUHQWHV
VHFWRUHV DO 3,% WRWDO HV UHODWLYDPHQWH KHWHURJpQHD
(O VHFWRU DJUtFROD SRU HMHPSOR HV PX\ LPSRUWDQWH HQ
SDtVHV FRPR *XLQHD%LVVDX GRQGH VXSRQH HO GHO
&XDGURÇIULFD6XEVDKDULDQDUHSUHVHQWD
DFWXDOPHQWHHOSRUFLHQWRGHO3,%PXQGLDOWRWDO
&5%.4%
฀
฀ ฀
฀
฀
฀
฀
฀
WRWDO GHO 3,% (WLRStD GRQGH DSRUWD HO R 7DQ]DQLD
(Q RWURV SDtVHV OD DSRUWDFLyQ GH OD DJULFXOWX
UD D OD SURGXFFLyQ WRWDO HV PHQRU FRPR 1LJHULD GH DSRUWDFLyQ DO 3,% R 6XGiIULFD 3RU RWUR ODGR
H[LVWH XQ FRQMXQWR GH SDtVHV SURGXFWRUHV GH SHWUyOHR
IXQGDPHQWDOPHQWH 1LJHULD HO PD\RU SURGXFWRUH[SRU
WDGRUGHOÇIULFD6XEVDKDULDQDMXQWRFRQ$QJROD*XLQHD
(FXDWRULDO 6XGiQ 5HS~EOLFD GHO &RQJR *DEyQ &KDG
&DPHU~Q&RVWDGH0DUILO\6DQWR7RPp\3UtQFLSH(VWRV
SDtVHVWLHQGHQDFUHFHUHFRQyPLFDPHQWHPiVUiSLGRTXH
HO UHVWR GHELGR D OD LPSRUWDQWH HVFDODGD GH ORV SUHFLRV
GHOFUXGRHQHOiPELWRLQWHUQDFLRQDO(QHVWDPLVPDOtQHD
VRQ UHFHSWRUHV GH IRUPD FUHFLHQWH GH LQYHUVLyQ H[WUDQ
MHUDTXHVHGLULJHVREUHWRGRDOVHFWRUHQHUJpWLFR
ÇIULFD\HOFRPHUFLR
LQWHUQDFLRQDO
(Q WpUPLQRV GH FRPHUFLR LQWHUQDFLRQDO WUDV XQD LPSRU
WDQWHFDtGDGHODVH[SRUWDFLRQHVDIULFDQDVHQODGpFDGD
GH ORV OD FXRWD FRPHUFLDO GH ÇIULFD 6XEVDKDULDQD HQ
WpUPLQRVPXQGLDOHVVHHQFXHQWUDHVWDQFDGDHQWRUQRDO
GHOWRWDOGHOYROXPHQPXQGLDOHQORV~OWLPRVDxRV
&5%.4% ฀
฀
฀ ฀
฀
฀
฀
(O SULQFLSDO VRFLR FRPHUFLDO GH ÇIULFD 6XEVDKDULDQD HV
OD 8QLyQ (XURSHD 8( HQ GRQGH VH FRQFHQWUDQ PiV
GH OD WHUFHUD SDUWH GHO WRWDO GH ORV SURGXFWRV H[SRU
WDGRV DO UHVWR GHO PXQGR 3DUD DOJXQRV SDtVHV FRPR
SRU HMHPSOR 6LHUUD /HRQD 5HS~EOLFD 'HPRFUiWLFD GHO
&RQJR 6H\FKHOOHV R 0R]DPELTXH OD 8( HV HO GHVWLQR GH
OD PD\RU SDUWH GH ODV YHQWDV HQ HO H[WHULRU FRQ PiV
GH WUHV FXDUWDV SDUWHV GH VXV H[SRUWDFLRQHV GLULJLGDV
D ORV PHUFDGRV HXURSHRV 7DO \ FRPR PXHVWUD HO FXD
GUR GRV SDtVHV 1LJHULD \ 6XGiIULFD VRQ ORV PD\RUHV
&XDGUR6XGiIULFD\1LJHULDVXSRQHQPiV
GHODPLWDGGHO3,%WRWDOGHÇIULFD6XEVDKDULDQD
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
H[SRUWDGRUHV TXH VXPDQ FRQMXQWDPHQWH FDVL HO GHO WRWDO H[SRUWDGR (O SULQFLSDO SURGXFWR H[SRUWDGR
D ORV PHUFDGRV HXURSHRV HV HO SHWUyOHR TXH VXSRQH
DSUR[LPDGDPHQWH XQD FXDUWD SDUWH GHO YDORU GH ODV
H[SRUWDFLRQHVDIULFDQDVD(XURSD'HHQWUHORVSURGXF
WRV DJUtFRODV GHVWDFDQ ODV H[SRUWDFLRQHV GH FDIp Wp
FDFDR\HVSHFLDV
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
ÇIULFD6XEVDKDULDQDFRPSUDDOD8(HVWiQUHODFLRQDGRV
VREUHWRGRFRQPDTXLQDULD\HTXLSRVGHWUDQVSRUWH
&XDGUR/D8(HVHOVRFLRFRPHUFLDO
PiVLPSRUWDQWHSDUDÇIULFD6XEVDKDULDQD
7LHQHQFRPRGHVWLQRRULJHQOD8(
‡ 6LHUUD/HRQDGHODVH[SRUWDFLRQHV
‡ 6H\FKHOOHVGHODVH[SRUWDFLRQHV
‡ 5'&RQJRGHODVH[SRUWDFLRQHV
‡ &DER9HUGHGHODVLPSRUWDFLRQHV
‡ *DEyQGHODVLPSRUWDFLRQHV
‡ 6XGiIULFDGHODVLPSRUWDFLRQHV
ÇIULFD6XEVDKDULDQDHVLJXDOPHQWHGHSHQGLHQWHHQJUDQ
PHGLGDGHODVLPSRUWDFLRQHVSURFHGHQWHVGHOD8(TXH
UHSUHVHQWDQ HQ WRUQR DO GHO WRWDO LPSRUWDGR SRU
ÇIULFD(VWDGHSHQGHQFLDHVDVLPpWULFDSXHVSDUDOD8(
ÇIULFD 6XEVDKDULDQD HV XQ VRFLR FRPHUFLDO GH UHGXFLGD
LPSRUWDQFLD (O SULQFLSDO SURGXFWR LPSRUWDGR GHVGH OD
8(VRQORVYHKtFXORVDPRWRU(OUHVWRGHSURGXFWRVTXH
&5%.4%฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
&XDGUR3ULQFLSDOHVH[SRUWDGRUHVSRUiUHDV\H[SRUWDFLRQHVDOD8(
(XURV
H[SRUWWRWDO 3ULQFLSDOHVSURGXFWRVH[SRUWDGRV
SDtVHV
WRWDOSDtV
ÇIULFDGHO2HVWH
²1LJHULD
&DFDR\GHULYDGRVPDGHUDV\FDXFKR
SOiWDQR
²&DPHU~Q
3HWUyOHR\GHULYDGRVPDGHUDV
\SOiWDQR
²*X(FXDWRULDO
3HWUyOHR\GHULYDGRV
²0DGDJDVFDU
3UHQGDVGHYHVWLUFUXVWiFHRV
²(WLRSLD
&DIpSLHOHV\FXHURV
²8JDQGD
3HVFDGRVFDIp
².HQLD
)ORUFRUWDGDOHJXPLQRVDVWp
²&RVWDGH0DUILO
3HWUyOHRGHULY\RWURVKLGURFDUE
ÇIULFD&HQWUDO
TXH PHQFLRQDU OD H[LVWHQFLD GH XQ SURFHVR DGLFLRQDO OD
($&(DVW$IULFDQ&RPPXQLW\
/RVPHUFDGRVLQWHUQRV\
ODVDJUXSDFLRQHVUHJLRQDOHV
7RGRV ORV SURFHVRV WLHQHQ HQWUH RWURV REMHWLYRV HO IRU
WDOHFLPLHQWR GH ORV OD]RV FRPHUFLDOHV HQWUH PLHPEURV
IXQGDPHQWDOPHQWHPHGLDQWHUHEDMDVDUDQFHODULDVTXHVH
FRQFHGHQXQRVDRWURV\TXHGHEHUtDWHQHUFRPRFRQVH
FXHQFLD XQ LQFUHPHQWR GHO FRPHUFLR LQWUDUUHJLRQDO 6LQ
HPEDUJR DXQTXH HO FRPHUFLR LQWUDUUHJLRQDO DIULFDQR HV
FUHFLHQWHVHPDQWLHQHHQWRUQRDXQGHPHGLD(VWH
SRUFHQWDMHHVPX\EDMRVREUHWRGRVLORFRPSDUDPRVFRQ
HOFRPHUFLRLQWUDUUHJLRQDOHQOD8(TXHHVWiHQWRUQRDO
GHO YROXPHQ WRWDO R HO GH $VLD HQ WRUQR DO R
FRPSDUDGRFRQORVSDtVHVODWLQRDPHULFDQRVFRQXQYROX
PHQGHFRPHUFLRLQWUDUUHJLRQDOHQWRUQRDO
/D IRUPDFLyQ GH SURFHVRV GH LQWHJUDFLyQ UHJLRQDO QR
HV XQ IHQyPHQR QRYHGRVR HQ ÇIULFD (O UHJLRQDOLVPR
DSDUHFHHQODGpFDGDGHORVFRPRSDUWHGHODHVWUD
WHJLD GH E~VTXHGD GH OD DXWRVXILFLHQFLD SDUD ORJUDU HO
FUHFLPLHQWR HFRQyPLFR \ HO GHVDUUROOR WUDV OD GHVFR
ORQL]DFLyQ GH ORV SDtVHV HXURSHRV \ HO IRUWDOHFLPLHQWR
GH YtQFXORV SROtWLFRV HQWUH ORV SDtVHV (Q OD DFWXDOLGDG
WRGRV ORV SDtVHV GH ÇIULFD 6XEVDKDULDQD IRUPDQ SDUWH
GHDOJ~QSURFHVRGHLQWHJUDFLyQUHJLRQDO\HVIUHFXHQWH
ODSHUWHQHQFLDVLPXOWiQHDDGLIHUHQWHVDJUXSDFLRQHV
(QWUH ORV PiV GH XQD GHFHQD GH SURFHVRV DFWXDOPHQ
WH HQ PDUFKD GHVWDFDQ HQ ÇIULFD GHO 2HVWH (&2:$6
(FRQRPLF &RPPXQLW\ RI :HVW $IULFDQ 6WDWHV TXH
FRH[LVWH FRQ 8(02$ 8QLRQ (FRQRPLTXH HW 0RQpWDLUH
2XHVW $IULFDLQH (Q ÇIULFD &HQWUDO (&&$6 (FRQRPLF
&RPPXQLW\ RI &HQWUDO $IULFDQ 6WDWHV VH VRODSD SRU
HMHPSOR FRQ OD &(0$& &RPPXQDXWH (FRQRPLTXH HW
0RQHWDLUH GH O·$IULTXH &HQWUDOH (Q ÇIULFD $XVWUDO HO
SURFHVR PiV LPSRUWDQWH HV 6$'& 6RXWKHUQ $IULFDQ
'HYHORSPHQW &RPPXQLW\ TXH D VX YH] HQJORED D RWUR
SURFHVR HO 6$&8 6RXWKHUQ $IULFDQ &XVWRPV 8QLRQ
0XFKRV GH ORV SDtVHV PLHPEURV GH ODV DQWHULRUHV
DJUXSDFLRQHV UHJLRQDOHV SHUWHQHFHQ DGHPiV D &20(6$
&RPPRQ 0DUNHW IRU (DVWHUQ DQG 6RXWKHUQ $IULFD TXH
DJUXSDDGHPiVDSDtVHVGHÇIULFDGHO(VWHGRQGHKDEUtD
(Q DOJXQDV DJUXSDFLRQHV H[LVWHQ LPSRUWDQWHV GHVHTXL
OLEULRV GHULYDGRV GHO GHVLJXDO SRGHU HFRQyPLFR HQWUH
SDtVHV (VWH VHUtD HO FDVR GH OD SUHSRQGHUDQFLD GH
6XGiIULFD HQ 6$'& SRU HMHPSOR 3DUD RWURV PLHPEURV
GHOJUXSRFRPR0R]DPELTXHHOGHVFHQVRSURJUHVLYRGH
ORVDUDQFHOHVLQWUD6$'&KDLQFUHPHQWDGRQRWDEOHPHQ
WHODHQWUDGDGHSURGXFWRVVXGDIULFDQRVHQGHWULPHQWR
GHOFRQVXPRGHSURGXFWRVGHOSDtV&RPRSDUWHGHXQD
HVWUDWHJLD GHIHQVLYD DQWH HVWD VLWXDFLyQ HO 0LQLVWHULR
GH ,QGXVWULD \ &RPHUFLR GH 0R]DPELTXH SXVR HQ PDU
FKDHQHOXQDFDPSDxDGHSURPRFLyQGHOFRQVXPR
GH SURGXFWRV ´PDGH LQ 0R]DPELTXHµ SDUD WUDWDU GH
FRQWUDUUHVWDUHOGRPLQLRGHORVSURGXFWRVVXGDIULFDQRV
HQHOPHUFDGRPR]DPELTXHxR
ÇIULFDGHO(VWH
([SRUWDFLRQHV
LQWUDUHJLRQDOHV
VREUHWRWDO
,PSRUWDFLRQHV
LQWUDUHJLRQDOHV
VREUHWRWDO
([SRUWDFLRQHV
KDFLDOD8(
VREUHWRWDO
,PSRUWDFLRQHV
GHVGHOD8(
VREUHWRWDO
&(0$&
&DUEyQGLDPDQWHVRUR
FHQWULIXJDGRUDV\VHFDGRUDVFHQWUtIXJDV
IHUURDOHDFLRQHVSODWLQR
&20(6$
($&
ÇIULFDGHO6XU
²6XGiIULFD
²$QJROD
3HWUyOHR\GHULYDGRVGLDPDQWHV
(&2:$6
²%RVWZDQD
'LDPDQWHV
6$'&
8(02$
7RWDOÇIULFD6XEVDKDULDQD
SDtVHV
&5%.4%฀
&XDGUR&RPHUFLRLQWUDDJUXSDFLRQHV\FRQOD8(PHGLD
฀
฀
&5%.4% ฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
(QGHILQLWLYDORVSURFHVRVUHJLRQDOHVQRHVWiQVLUYLHQGR
SDUD LQFHQWLYDU HO FRPHUFLR HQWUH SDtVHV DIULFDQRV \
UHGXFLUDVtODGHSHQGHQFLDFRPHUFLDODIULFDQDUHVSHFWR
D (XURSD /D PD\RU SDUWH GHO FRPHUFLR FRQWLQ~D GLUL
JLpQGRVH DO H[WHULRU VREUH WRGR D OD 8( \ VH PDQWLHQH
GH HVWD IRUPD XQ HVTXHPD GH UHODFLRQHV DVLPpWULFDV
GRQGHODVHFRQRPtDVDIULFDQDVVRQPXFKRPiVYXOQHUD
EOHV\HQRUPHPHQWHGHSHQGLHQWHVGHODVH[SRUWDFLRQHV
H LPSRUWDFLRQHV D ORV PHUFDGRV HXURSHRV /RV OD]RV
FRPHUFLDOHV TXH OD 8( KD PDQWHQLGR FRQ ORV SDtVHV GH
ÇIULFD 6XEVDKDULDQD GXUDQWH HO FRORQLDOLVPR \ SRVWH
ULRUPHQWH DQFODGDV D WUDYpV GH ODV FRQYHQFLRQHV GH
<DXQGp \ /RPp FRQVWLWX\HQ XQ PHFDQLVPR FODYH SDUD
HQWHQGHUODFRQWLQXLGDGGHODGHSHQGHQFLDFRPHUFLDOGH
ÇIULFDUHVSHFWRGHOD8(
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
PDQWHQHU DUDQFHOHV TXH SURWHJLHUDQ ORV SURGXFWRV
QDFLRQDOHV\FRPRIXHQWHGHUHFDXGDFLyQGHLPSXHVWRV
SDUDHO(VWDGR
$SDUWLUGHODxRHO$FXHUGRGH&RWRQ~KDVXVWLWXLGR
D ORV GH /RPp \ FRQVWLWX\H HO QXHYR PDUFR QRUPDWLYR
SDUD ODV UHODFLRQHV HQWUH OD 8( \ ÇIULFD 6XEVDKDULDQD
FRQXQKRUL]RQWHWHPSRUDOKDVWD
&XDGUR0DUFRWHPSRUDOGHODVUHODFLRQHV
HQWUHOD8(\ÇIULFD6XEVDKDULDQD
(OPDUFRGH
UHODFLRQHVFRQOD8(
GH/RPpDORV(3$V
/DV UHODFLRQHV HQWUH OD 8QLyQ (XURSHD \ ÇIULFD
6XEVDKDULDQD VH UHPRQWDQ D ORV RUtJHQHV GH OD SURSLD
8( HQ FRQ HO REMHWLYR GH JDUDQWL]DU HO FRPHUFLR
SUHIHUHQWH FRQ ODV FRORQLDV DIULFDQDV IXQGDPHQWDO
PHQWH GH )UDQFLD (O PDUFR KD HYROXFLRQDGR GHVGH
HQWRQFHV SULPHUR D WUDYpV GH ODV &RQYHQFLRQHV
<DXQGp \ SRVWHULRUPHQWH D WUDYpV GH ODV VXFHVLYDV
&RQYHQFLRQHVGH/RPp(OHVTXHPD/RPpIXHHVJULPLGR
GXUDQWHGpFDGDVSRUOD8(FRPRPRGHORGHUHODFLRQHV
D VHJXLU HQWUH SDtVHV GHVDUUROODGRV \ SDtVHV HQ YtDV
GH GHVDUUROOR HFRQyPLFR VREUH OD EDVH GH LQFOXLU XQ
HOHPHQWRDGLFLRQDODODD\XGDDOGHVDUUROORHVWRHVHO
FRPHUFLR
$Vt HQ VX DSDUWDGR FRPHUFLDO /RPp HVWDEOHFLy XQ
DFFHVR SUHIHUHQFLDO QR UHFtSURFR GH ORV SURGXFWRV
DIULFDQRV D ORV PHUFDGRV HXURSHRV (VWR VLJQLILFD TXH
ORV PHUFDGRV HXURSHRV VH HQFRQWUDEDQ OLEHUDOL]DGRV
HV GHFLU OLEUHV GH DUDQFHOHV \ FRQWLQJHQWHV ²FDQWLGD
GHVPi[LPDVGHLPSRUWDFLyQDODHQWUDGDGHODPD\RU
SDUWH GH SURGXFWRV SURFHGHQWHV GHO *UXSR $&3 SDtVHV
GH $VLD &DULEH \ 3DFtILFR PLHQWUDV TXH ORV SDtVHV $&3
QR WHQtDQ QLQJXQD REOLJDFLyQ GH IDFLOLWDU OD HQWUDGD
HQ VXV PHUFDGRV D ORV SURGXFWRV HXURSHRV \ SRGtDQ
¢4XpVRQORV(3$V"
/RV(3$VVRQHQGHILQLWLYDHOSLODUFRPHUFLDOGHO$FXHUGR
GH&RWRQ~\HOLQVWUXPHQWRIXQGDPHQWDOGHFRRSHUDFLyQ
FRPHUFLDOHQWUHOD8(\ORVSDtVHV$&36RQHVHQFLDOPHQ
WH DFXHUGRV GH OLEUH FRPHUFLR FRPSDWLEOHV FRQ ODV
UHJODVGHOD20&\TXHWLHQHQSRUREMHWLYRODUHGXFFLyQ
\ HUUDGLFDFLyQ GH OD SREUH]D HQ ORV $&3 \ OD LQVHUFLyQ
GH HVWRV SDtVHV HQ HO HQWRUQR HFRQyPLFR LQWHUQDFLRQDO
REMHWLYRVGHO$UWGHO$FXHUGRGH&RWRQ~
6XSRQHQ HQ GHILQLWLYD OD OLEHUDOL]DFLyQ GH ORV PHUFDGRV
DIULFDQRV D OD HQWUDGD GH SURGXFWRV HXURSHRV (VWR HV
WRGDXQDQRYHGDGSXHVWRTXHDSDUWLUGHVXHQWUDGDHQ
YLJRU ORV SDtVHV DIULFDQRV HVWDUiQ REOLJDGRV D HOLPLQDU
GH IRUPD SURJUHVLYD OD PD\RUtD GH ORV DUDQFHOHV \ FXR
WDVTXHDKRUDHQIUHQWDQORVSURGXFWRVHXURSHRVSDUDHO
DFFHVRDORVPHUFDGRVDIULFDQRV/RV(3$VLQWURGXFHQDVt
XQQXHYRHQIRTXHGHQRPLQDGRGHUHFLSURFLGDGFRPHUFLDO
\TXHVXSRQHXQJLURUDGLFDOHQODVUHODFLRQHVFRPHUFLD
OHV 8($&3 KDVWD DKRUD EDVDGDV IXQGDPHQWDOPHQWH HQ
FRQFHVLRQHVXQLODWHUDOHVQRUHFtSURFDV
'XUDQWHHOSURFHVRGHQHJRFLDFLRQHVVHKDQDELHUWRYDULRV
GHEDWHVVREUHODIRUPDHQODTXHVHHVWiQGHVDUUROODQGR
ODVQHJRFLDFLRQHVTXHOLGHUDGDVSRUOD&RPLVLyQ(XURSHD
\HQHVSHFLDOSRUOD'LUHFFLyQ*HQHUDOGHO&RPHUFLRHVWiQ
VLHQGR PX\ DJUHVLYDV OD YLDELOLGDG GH ORV SOD]RV SUHYLV
WRVHVWRHVODSXHVWDHQPDUFKDGHORV(3$VHQHQHURGHO
D SHVDU GH ORV UHWUDVRV GHQXQFLDGRV HQ ODV QHJR
FLDFLRQHVORVFRQWHQLGRVGHORVDFXHUGRVPXFKDVYHFHV
FRQ QRUPDWLYD PiV DOOi GH OR HVWULFWDPHQWH FRPHUFLDO \
UHODFLRQDGDFRQIDFLOLWDUODLQYHUVLyQHXURSHD\HODFFHVR
DODVFRQWUDWDFLRQHVS~EOLFDVGHORVJRELHUQRVDIULFDQRV
HQWUH RWURV WHPDV SROpPLFRV \ VREUH WRGR ORV HIHFWRV
TXH ORV (3$V SXGLHUDQ WHQHU VREUH OD UHGXFFLyQ GH OD
SREUH]DHQORVSDtVHVDIULFDQRVVREUHODEDVHGHHVWXGLRV
GHLPSDFWRFRQUHVXOWDGRVDPELYDOHQWHV
&5%.4% ฀
฀
฀
(O DSDUWDGR FRPHUFLDO GH &RWRQ~ VH UHILHUH HVSH
FtILFDPHQWH D OD QHFHVLGDG GH QHJRFLDU \ SRQHU HQ
PDUFKD $FXHUGRV GH $VRFLDFLyQ (FRQyPLFD (FRQRPLF
3DUWQHUVKLS $JUHHPHQWV (3$V HQWUH OD 8( \ GLIHUHQWHV
DJUXSDFLRQHV UHJLRQDOHV GHQWUR GHO JUXSR $&3 TXH
GHEHQHQWUDUHQYLJRUDFRPLHQ]RVGH
(Q HVWH VHQWLGR /D FDPSDxD 6723 (3$ ODQ]DGD SRU XQD
FRDOLFLyQ GH PiV GH XQ FHQWHQDU GH RUJDQL]DFLRQHV GH OD
VRFLHGDG FLYLO WDQWR HQ OD 8( FRPR HQ ORV $&3 KD EDVDGR
VX UHFKD]R WRWDO DO HQIRTXH HXURSHR VREUH ODV EDVH GH ODV
VLJXLHQWHVFUtWLFDVJHQHUDOHVLOD8(KDHMHUFLGRSUHVLRQHV
SROtWLFDV \ HFRQyPLFDV SDUD DSUHVXUDU ODV QHJRFLDFLRQHV
SDUDODILUPDGHORVQXHYRV$FXHUGRVVLQTXHKD\DVXILFLHQWH
SUHSDUDFLyQ LL OD 8( GHVR\H ODV TXHMDV GH ORV JRELHUQRV
GH ORV SDtVHV $&3 TXH KDQ PRVWUDGR UHLWHUDGDPHQWH VXV
UHVHUYDVDODHILFDFLDGHORV(3$V\QRVHHVWiSURSRQLHQGR
DOWHUQDWLYDVUD]RQDEOHVDORV(3$VLLLOD8(VXEHVWLPDORV
FRVWHV ILQDQFLHURV GH ORV (3$ \D TXH HVWRV QR SXHGHQ VHU
FRPSHQVDGRVFRPRDILUPDOD8(VLQD\XGDILQDQFLHUDDGL
FLRQDOLYQRHVWiGHPRVWUDGRTXHODOLEHUDOL]DFLyQFRPHU
FLDO FRQGX]FD DXWRPiWLFDPHQWH DO GHVDUUROOR Y ORV (3$V
VREUHFDUJDQ OD DJHQGD FRPHUFLDO DIULFDQD \ GHELOLWDQ VX
FDSDFLGDGLQVWLWXFLRQDOGHQHJRFLDUDGHPiVHQHOPDUFRGH
OD20&\ILQDOPHQWHYLTXHOD8(HVWiSULRUL]DQGRODDJHQGD
GHOOLEUHFRPHUFLRHLQYHUVLyQVREUHORVREMHWLYRVGHUHGXF
FLyQGHODSREUH]D\GHVDUUROORVRVWHQLEOHGHORVSDtVHV
%LEOLRJUDItD
%DQFR0XQGLDO :RUOG'HYHORSPHQW
,QGLFDWRUV%DQFR0XQGLDO:DVKLQJWRQ'&
%LGDXUUDW]DJD$XUUH(\0DUtQ(JRVFR]iEDO
$,QWHJUDFLyQ5HJLRQDO$IULFDQD\
1XHYDV5HODFLRQHVFRQOD8QLyQ(XURSHDFRPR
,QVWUXPHQWRVGH'HVDUUROOR(QÇIULFDHQHO
+RUL]RQWH/D&DWDUDWD0DGULG
&RPLVLyQ(FRQyPLFDSDUDÇIULFDGH1DFLRQHV
8QLGDV 'HYHORSPHQWVLQ,QWUD$IULFDQ
7UDGH&RPLVLyQ(FRQyPLFDSDUDÇIULFDGH1DFLRQHV
8QLGDV$GGLV$EHED
(85267$7(87UDGHZLWK$&3&RXQWULHV
6WDWLVWLFVLQIRFXV&RPLVLyQ(XURSHD%UXVHODV
.HHW'(FRQRPLF3DUWQHUVKLS$JUHHPHQWV
(3$V5HVSRQVHVWRWKH(82IIHQVLYHDJDLQVW$&3
'HYHORSPHQWDO5HJLRQV7UDQVQDWLRQDO,QVWLWXWH
ÇPVWHUGDPKWWSZZZWQLRUJUHSRUWVDOWUHJ
HSDVSGI
0DUtQ(JRVFR]iEDO$ /RV$FXHUGRVGH
$VRFLDFLyQ(FRQyPLFD(3$VGHOD8QLyQ(XURSHDFRQ
ÇIULFD6XEVDKDULDQD7HPDVDFWRUHVGHEDWHV\UHFR
PHQGDFLRQHVSDUD(VSDxD'RFXPHQWRGH7UDEDMR
)XQGDFLyQ$OWHUQDWLYDV\)XQGDFLyQ&DUROLQD0DGULG
81&7$'+DQGERRNRI6WDWLVWLFV
+DQGERRNRI6WDWLVWLFV
81&7$'
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
$OJXQDVFLIUDVVREUH
HO&RPHUFLR-XVWRHQÇIULFD
2UJDQL]DFLRQHVSURGXFWRUDVGH&RPHUFLR-XVWRFHUWLILFDGDVSRUSDtV
6(7(0&DWDOXQ\D
(O &RPHUFLR -XVWR &- DIULFDQR FRQ (XURSD FRPHQ]y
VX GHVDUUROOR HQ OD GpFDGD GH ORV \ XQRV DxRV PDV
WDUGH FRQ (VSDxD $FWXDOPHQWH PXFKDV GH ODV FRRSH
UDWLYDV\DVRFLDFLRQHVGH&RPHUFLR-XVWRGHOFRQWLQHQWH
IRUPDQSDUWHGHODVSULQFLSDOHVRUJDQL]DFLRQHVLQWHUQD
FLRQDOHVGH&-
‡ +R\PiVGHDVRFLDFLRQHVDIULFDQDVVRQPLHPEURVGH
OD $VRFLDFLyQ ,QWHUQDFLRQDO GH &RPHUFLR -XVWR ,)$7
UHSUHVHQWDQGRDPLOHVGHSURGXFWRUHV\SURGXFWRUDV
HVSHFLDOPHQWH PXMHUHV HQ SDtVHV /DV PXMHUHV VRQ
ODVSURGXFWRUDV\DJHQWHVFODYHWDQWRHQODSURGXFFLyQ
DJUDULDGHSURGXFWRVGHDOLPHQWDFLyQFRPRHQODSUR
GXFFLyQGHDUWHVDQtD1RREVWDQWHHVHQODHODERUDFLyQ
GHDUWHVDQtDVGRQGHVHHQFXHQWUDQFRRSHUDWLYDVPL[
WDVRIRUPDGDVtQWHJUDPHQWHSRUPXMHUHVTXHSHUPL
WHQVXHPDQFLSDFLyQHFRQyPLFDVRFLDO\SROtWLFD
‡ +D\ DVRFLDFLRQHV R XQLRQHV GH FRRSHUDWLYDV
SURGXFWRUDV FHUWLILFDGDV SRU )DLUWUDGH /DEHOOLQJ
2UJDQL]DWLRQV ,QWHUQDWLRQDO )/2 FRQ XQD WHQGHQFLD
DODO]D\DTXHVXQ~PHURHVWiFUHFLHQGRDXQULWPRGHO
DQXDO UHSUHVHQWDQGR D FLHQWRV GH PLOHV GH SUR
GXFWRUHVDJURDOLPHQWDULRV3RUHMHPSORVyORXQDGHODV
XQLRQHVGHFRRSHUDWLYDV.1&8&RRSHUDWLYDGHFDIpHQ
7DQ]DQLD FXHQWD FRQ DVRFLDFLRQHV GH SULPHU QLYHO
UHSUHVHQWDQGRDXQRVVRFLRVIDPLOLDV
‡ ([LVWH XQ WRWDO GH RUJDQL]DFLRQHV \ FRRSHUDWLYDV
TXH VRQ SURYHHGRUDV GH LPSRUWDGRUDV PLHPEURV GH
OD$VRFLDFLyQ(XURSHDGH&RPHUFLR-XVWR()7$
)UXWR GHO FUHFLPLHQWR HQ HO Q~PHUR GH RUJDQL]DFLRQHV
VH FUHy HQ OD UHSUHVHQWDFLyQ GH ,)$7 HQ ÇIULFD
&RRSHUDFLyQ SDUD HO &- HQ ÇIULFD &2)7$ &RRSHUDWLRQ
IRU)DLU7UDGHLQ$IULFDXQDUHGGHRUJDQL]DFLRQHVSUR
GXFWRUDV GH &- WUDEDMDQGR SDUD HOLPLQDU OD SREUH]D D
WUDYpV GH HVWD KHUUDPLHQWD SDUD HO GHVDUUROOR 7DPELpQ
HQVHFRQVWLWX\yLPSXOVDGDSRU)/2OD5HG$IULFDQD
GH&RPHUFLR-XVWR$)1$IULFDQ)DLU7UDGH1HWZRUNXQD
UHGTXHDJUXSDDODVFRRSHUDWLYDVGHSHTXHxRVSURGXF
WRUHVGHSURGXFWRVDJURDOLPHQWDULRVGH&RPHUFLR-XVWR
VHDQ pVWRV FHUWLILFDGRV R QR SRU )/2 \ TXH SUHWHQGH
FUHDU HVSDFLRV GH LQWHUFDPELR GH RSLQLRQHV \ H[SHULHQ
FLDV HQWUH ODV GLIHUHQWHV FRRSHUDWLYDV SDUD TXH SXHGDQ
GHEDWLU\SRQHUVROXFLyQDVXVSUREOHPDV
'HO WRWDO GH DVRFLDFLRQHV GH SURGXFWRUHV FHUWLIL
FDGDV SRU )/2 LQWHUQDFLRQDOPHQWH VRQ DIULFDQDV
WRGDV PLHPEURV GH $)1 UHSUHVHQWDQGR SRU OR WDQWR
XQ GHO WRWDO 'H HQWUH HOODV SURYLHQHQ GH ÇIULFD
$XVWUDO\VRQHVSHFtILFDPHQWHVXGDIULFDQDV(VGHFLU
XQ GH WRGDV ODV RUJDQL]DFLRQHV FHUWLILFDGDV SRU
)/2HQÇIULFDSURYLHQHQGH6XGiIULFD3RUWLSRGHRUJD
QL]DFLyQ VRQ SODQWDFLRQHV KLUHG ODERXU HVWDWHV VRQ SODQWDFLRQHV PX\ JUDQGHV FRQ GLYHUVRV SURGXFWRV
KLUHG ODERXU PXOWLHVWDWHV VRQ DVRFLDFLRQHV GH
SHTXHxRV SURGXFWRUHV GH VHJXQGR QLYHO \ VRQ DVR
FLDFLRQHV GH SHTXHxRV SURGXFWRUHV GH SULPHU QLYHO
(VWDV ~OWLPDV D SHVDU GH VHU VyOR DVRFLDFLRQHV GH
SHTXHxRV SURGXFWRUHV UHSUHVHQWDQ D SHUVRQDV
PLHQWUDV TXH ODV SODQWDFLRQHV UHSUHVHQWDQ D WUDEDMDGRUHV
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
2UJDQL]DFLRQHVSURGXFWRUDVHQSDtVHV
&RVWD5LFD
1LFDUDJXD
+RQGXUDV
%HOLFH
(O6DOYDGRU
*XDWHPDOD
*KDQD
%XUNLQD)DVR
&DPHU~Q
5HS~EOLFD'HPRFUiWLFD
GHO&RQJR
6UL/DQND
1HSDO
7DLODQGLD
&KLQD
/DRV
,QGRQHVLD
9LHWQDP
7LPRU2ULHQWDO
)LOLSLQDV
3DS~D1XHYD*XLQHD
5HS~EOLFD'RPLQLFDQD
&XED
+DLWt
0pMLFR
3DQDPi
5HS~EOLFDGH=LPEDEXH
0DOL
3DNLVWiQ
,QGLD
&5%.4% ฀
฀
฀ ฀
฀
฀
฀
฀
&RORPELD
(FXDGRU
3HU~
&KLOH
9HQH]XHOD
%UDVLO
%ROLYLD
3DUDJXD\
$UJHQWLQD
7~QH]
0DUUXHFRV
=DPELD
0DODZL
5XDQGD
%HQtQ
&RVWDGH0DUILO
6HQHJDO
7RJR
(JLSWR
(WLRSLD
.HQLD
0R]DPELTXH
1DPLELD
8JDQGD
7DQ]DQLD
ÇIULFDGHO6XU
,VODV&RPRUDV
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
/RVSURGXFWRV
DIULFDQRVGH&ÇIULFD HV XQ FRQWLQHQWH FRQ XQD JUDQ YDULHGDG GH SUR
GXFWRV PXFKRV GH HOORV VRQ GH DUWHVDQtD SRU HMHPSOR
PDGHUDV EDWLNV R FHVWDV FUHDGRV SRU DUWHVDQRV \
DUWLVWDVFRPRHOHPHQWRFXOWXUDOGHVXVSXHEORV$OJXQRV
GH HVWRV SURGXFWRV FRPR ODV FHVWDV NLNR\ HQ .HQ\D
VH HQFXHQWUDQ DPHQD]DGRV SRU HPSUHVDV TXH TXLHUHQ
FUHDU PDUFDV SURSLDV \ WHQHU OD SURSLHGDG LQWHOHFWXDO
GH DUWHVDQtDV TXH VRQ SDWULPRQLR FXOWXUDO GH HVWRV
SXHEORV$SHVDUGHTXHVHHVWiQWRPDQGRPHGLGDVSDUD
LPSHGLUORD~QIDOWDXQDPD\RULPSOLFDFLyQSRUSDUWHGH
ORVJRELHUQRV\GHRWURVDFWRUHV
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
‡ /D IUXWD IUHVFD GH RULJHQ DIULFDQR SURYLHQH GH
6XGiIULFD*KDQD(JLSWR\%XUNLQD)DVR/DLPSRUWDQ
6XL]DH,WDOLDHOGH*KDQD5HLQR8QLGRHO
DSUR[LPDGDPHQWH GH 6XGiIULFD \ +RODQGD HO DSUR[LPDGDPHQWHGH6XGiIULFD
‡ 5HVSHFWR D OD IUXWD VHFD GH RULJHQ DIULFDQR HO SURYLHQH GH 6XGiIULFD \ OD LPSRUWD HQ XQ HO
5HLQR8QLGR
/DSUHVHQFLD
GHO&-DIULFDQRHQ(VSDxD
(Q (VSDxD ODV RUJDQL]DFLRQHV GH &RPHUFLR $OWHUQDWLYR
2&$·VLPSRUWDQSURGXFWRVGHXQDWUHLQWHQDGHFRRSH
UDWLYDV DIULFDQDV GLVWULEXLGDV SRU SDtVHV GLIHUHQWHV
GHO FRQWLQHQWH /RV DUWtFXORV WUDGLFLRQDOHV TXH YLHQHQ
FRPHUFLDOL]DQGR ODV RUJDQL]DFLRQHV GH &RPHUFLR -XVWR
HQ(VSDxDVRQORVGHDOLPHQWDFLyQFRPRHOFDIpHOWpHO
FDFDR\ORVGHDUWHVDQtDFRPRDUWtFXORVGHPDGHUD\
EDWLNVHQWUHRWURV
฀
฀
฀
฀ ฀
&RRSHUDWLYDVGH&-DIULFDQDVFRQODVTXHVH
FRPHUFLDOL]DGHVGHODV2UJDQL]DFLRQHVGH&-HVSDxRODV
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀ ฀
฀
฀
3RU OR TXH UHVSHFWD D SURGXFWRV DJURDOLPHQWDULRV SUH
GRPLQDQHOFDIpHOWpHOFDFDR\HQPHQRUPHGLGDRWURV
SURGXFWRV DJUtFRODV FRPR HO FKXWQH\
FKXWQH\ HO DOJRGyQ ORV
IUXWRVVHFRVORVSOiWDQRV\RWUDVIUXWDVIUHVFDV7RGRV
HOORV FXHQWDQ FRQ OD FHUWLILFDFLyQ )/2 \ VH KD LQLFLDGR OD
FHUWLILFDFLyQ GH RWURV QXHYRV FRPR OD FHUYH]D ORV EDOR
QHVGHI~WEROODVWHODVGHDOJRGyQODVEHELGDVGHWpIUtR
\ OHFKH HO YLQR \ ODV IORUHV (VSHFLDOPHQWH ODV IORUHV \ HO
DOJRGyQGH&-VRQSURGXFWRVTXHSURYLHQHQPD\RULWDULD
PHQWH GH ÇIULFD FRQFUHWDPHQWH HO DOJRGyQ VLQ SURFHVDU
VXSRQHHO
$OJXQRV GDWRV UHODWLYRV D ORV SURGXFWRV LPSRUWDGRV GH
ÇIULFD
‡ /RV SOiWDQRV FHUWLILFDGRV GH &- SURFHGHQ GH
*KDQD6RQLPSRUWDGDVSRU+RODQGD\UHSUHVHQWDQ
DSUR[LPDGDPHQWHXQGHOWRWDOGHODVLPSRUWD
FLRQHV PXQGLDOHV GH SOiWDQRV GH &- FHUWLILFDGRV
SRU)/2
‡ (O FDFDR DIULFDQR FHUWLILFDGR TXH LPSRUWD (XURSD
SURYLHQH GH *KDQD HQ XQ DSUR[LPDGDPHQWH \
GH&DPHU~QHQXQ\HVLPSRUWDGRSULQFLSDOPHQWH
SRU+RODQGD
‡ (O FDIp DIULFDQR FHUWLILFDGR SURYLHQH GH 7DQ]DQLD
5XDQGD (WLRStD &DPHU~Q \ 5HS~EOLFD 'HPRFUiWLFD
GHO &RQJR /RV PD\RUHV SDtVHV LPSRUWDGRUHV VRQ
((88\+RODQGDTXHUHSUHVHQWDQXQ\XQUHV
SHFWLYDPHQWH GHO WRWDO GH VXV LPSRUWDFLRQHV GH FDIp
GH&RPHUFLR-XVWR
&5%.4% ฀
฀
฀ ฀
฀
฀
฀
฀ ฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
/DYHQWDWRWDOGHSURGXFWRVGH&-HQ(VSDxDHQIXH
GHXQRVPLOORQHVGHHXURV\ODSUR\HFFLyQSDUD
VHJ~Q HO $QXDULR &- HUD GH PLOORQHV 6HJ~Q
GDWRV GH OD &(&- HO YROXPHQ GH FRPSUD GH SURGXFWRV
DIULFDQRV HQ HO DxR DVFLHQGH D PiV GH PLOOyQ GH
HXURV UHSUHVHQWDQGR DSUR[LPDGDPHQWH XQ GHO
WRWDO 3RU RWUR ODGR HO YROXPHQ WRWDO GH YHQWDV GH SUR
GXFWRV FHUWLILFDGRV SRU )/2 HQ DVFLHQGH D FDVL PLOORQHVSDUDWRGRVORVSURGXFWRVLQGHSHQGLHQWHPHQWH
GHORULJHQ
&DIp \ FDFDR VRQ ORV ~QLFRV SURGXFWRV GH SURFHGHQFLD
DIULFDQD TXH ODV LPSRUWDGRUDV HVSDxRODV SRQHQ HQ HO
PHUFDGR FRQ VHOOR )/2 6HJ~Q VH SXHGH DSUHFLDU HQ
HO FXDGUR HO FDIp FHUWLILFDGR SRU ODV LPSRUWDGRUDV
HVSDxRODV TXH FRPHUFLDQ FRQ ÇIULFD UHSUHVHQWD XQ
GHOWRWDOGHOFDIpFHUWLILFDGRYHQGLGRHQ(VSDxD(Q
UHODFLyQ DO FDFDR UHSUHVHQWD XQ VREUH HO WRWDO GH
FDFDRFHUWLILFDGRYHQGLGR
HO&-FRQÇIULFD'DWRVHFRQyPLFRV\FXDQWLWDWLYRV
(QHOFDVRGHOFDIpVRQSRUFHQWDMHVUHIHULGRVDPH]FODV
GHFDIpGHGLVWLQWRVRUtJHQHVEOHQGV3URYLHQHQPD\R
ULWDULDPHQWHGH8JDQGD\HQPHQRUPHGLGDGH7DQ]DQLD
(OFDFDRDIULFDQRFHUWLILFDGRTXHVHLPSRUWDHQ(VSDxD
SURYLHQHHQXQGH*KDQD
฀
฀ (O &RPHUFLR -XVWR HQ (VSDxD ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
3URFHGHQFLD
7RWDOYHQWDV
.J
&DIp
8JDQGD%UDVLO\*XDWHPDOD
&DIp
&RVWD5LFD%UDVLO\8JDQGD
&DIp
%UDVLO&RORPELD3HU~\8JDQGD
&DIp
3HU~\7DQ]DQLD
&DIp
*XDWHPDOD\8JDQGD
&DIp
*XDWHPDOD8JDQGD\1LFDUDJXD
&DIp
8JDQGD7DQ]DQLD\1LFDUDJXD
´%OHQGVµGHRWUDVSURFHGHQFLDV
7RWDO
&DFDR
3URFHGHQFLD
&DFDR
*KDQD
(FXDGRU3HU~
5HS~EOLFD'RPLQLFDQD\&RVWD5LFD
7RWDOHV
&5%.4%
฀
฀ ฀
฀
฀
฀
SURFHGHQWH
GHÇIULFD
฀
&5%.4%
฀
฀
฀
SURFHGHQWHGH
RWUDVUHJLRQHV
GH8JDQGD
%OHQGYDULDEOH
7DQ]DQLD
8JDQGD
8JDQGD
8JDQGD
7DQ]DQLD
7RWDOYHQWDV
.J
SURFHGHQWH
GHÇIULFD
฀
฀ ฀
฀
฀
฀
฀
฀
GH8JDQGD
฀
฀
฀
฀
฀
฀ ฀
9HQWDVGHSURGXFWRVFHUWLILFDGRVSURFHGHQWHVGHÇIULFDHQHO
´%OHQGVµR
0H]FODVGH&DIp
&XDGUR&DFDRGH&-FHUWLILFDGRYHQGLGR
HQ(VSDxDSRUSURFHGHQFLD
฀
฀
฀
&XDGUR&DIpGH&-FHUWLILFDGRYHQGLGR
HQ(VSDxDSRUSURFHGHQFLD
SURFHGHQWHGH
RWUDVUHJLRQHV
([LVWH SXHV SRVLELOLGDG GH LQFUHPHQWDU OD SUHVHQFLD GH
SURGXFWRV DIULFDQRV GH &- HQ (VSDxD TXH SDVD SRU
LQFUHPHQWDU HO Q~PHUR GH RUJDQL]DFLRQHV SURGXFWR
UDV HQ ÇIULFD FRQ ODV TXH FRQWDFWDU \ OD YDULHGDG \ HO
YROXPHQGHORVSURGXFWRVGH&-TXHSRGHPRVLPSRUWDU
GLUHFWDPHQWH
HQYtR GH PHUFDQFtD GH ODV RUJDQL]DFLRQHV GHVSXpV GH
XQDSUHILQDQFLDFLyQ
1R REVWDQWH ODV UHODFLRQHV \ HO YROXPHQ GH FRPSUD VH
LQFUHPHQWDQ DQXDOPHQWH \ H[LVWH XQD FUHFLHQWH PHMRUD
HQODFRRUGLQDFLyQ\FRQRFLPLHQWRPXWXR
(Q UHODFLyQ D ODV WHQGHQFLDV HO FDIp GH YDULHGDG
UREXVWDGHRULJHQDIULFDQRHVPX\XWLOL]DGRHQ(VSDxD
SDUDPH]FODVGHFDIpV0XFKDVHPSUHVDV\RUJDQL]D
FLRQHV FRPHUFLDOL]DQ DFWXDOPHQWH VyOR LQGLUHFWDPHQ
WHFRQFDIpDIULFDQRSHURWLHQHQLQWHQFLyQGHKDFHUOR
GLUHFWDPHQWH (Q VX PD\RU SRUFHQWDMH HV FDIp GH
YDULHGDG UREXVWD FRQ SUHIHUHQFLDV HQ OD GHWHUPLQD
FLyQGHORULJHQ8JDQGD\7DQ]DQLDPD\RULWDULDPHQWH
\ HQ HO FXOWLYR RUJiQLFR \ HFROyJLFR DXQTXH WDPELpQ
VH LPSRUWD FDIp GH YDULHGDG $UiELFD GH (WLRStD \
7DQ]DQLD
$OJXQDV HPSUHVDV \ RUJDQL]DFLRQHV VXEUD\DQ GLILFXO
WDGHVLGLRPiWLFDV\GHWLSRORJtVWLFRDVtFRPRHOGLItFLO
DFFHVR D 1XHYDV 7HFQRORJtDV GH OD &RPXQLFDFLyQ
7,&·V /DV LPSRUWDGRUDV SRU VX SDUWH VXEUD\DQ
ODV GLILFXOWDGHV GH ORV SURGXFWRUHV SDUD FXEULU ORV
FRVWHV GH OD FHUWLILFDFLyQ RUJiQLFD FULWHULRV GHQWUR
GH OD FHUWLILFDFLyQ GH &- \ FLHUWDV GHELOLGDGHV GH
ODV RUJDQL]DFLRQHV GH SURGXFWRUHV SRU HMHPSOR ODV
LPSRUWDGRUDV SXHGHQ TXHGDUVH VLQ UHVSXHVWD QL
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
OR
&
DS
tW
X
3ULQFLSDOHVGHEDWHV
\SHUVSHFWLYDV
H[LVWHQWHVVREUHHO
&RPHUFLR-XVWRHQÇIULFD
>@1XHYRVGHVDItRVGHOPRYLPLHQWRGH&RPHUFLR-XVWR
'DUODSDODEUDDOPRYLPLHQWRDIULFDQR
SRU6$5$/26$<12(0Ê%(5720(8
>SiJ@
>@'HVDUUROODUSUiFWLFDVGH&RPHUFLR-XVWRHQ6HQHJDO
SRU$%'285$+0$1(*8(<(
>SiJ@
>@(O&RPHUFLR-XVWR\ODVSODQWDFLRQHVFHUWLILFDGDV
(OOHJDGRGHOUpJLPHQGHODSDUWKHLG
SRU67(3+(1/$:
>SiJ@
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
/D KHWHURJHQHLGDG GH ODV HFRQRPtDV DIULFDQDV HQ
WDPDxR\GRWDFLyQGHUHFXUVRVWLHQGHDOLPLWDUHOYDORU
DQDOtWLFR GH ORV GDWRV UHJLRQDOHV DJUHJDGRV (Q OR TXH
VH UHILHUH D ODV H[SRUWDFLRQHV GH PHUFDQFtDV OODPD OD
DWHQFLyQ HO JUDGR HQ TXH HO FRPHUFLR DIULFDQR VH FRQ
FHQWUDHQXQDVSRFDVHFRQRPtDVJUDQGHV(QVyOR
WUHVSDtVHV6XGiIULFD$UJHOLD\1LJHULDUHDOL]DURQFDVL
OD PLWDG GH WRGDV ODV H[SRUWDFLRQHV GH PHUFDQFtDV \
VHLV SDtVHV DFDSDUDURQ GRV WHUFLRV GHO WRWDO (Q OR TXH
UHVSHFWD D ODV H[SRUWDFLRQHV GH VHUYLFLRV FRPHUFLDOHV
ODFRQFHQWUDFLyQHVD~QPD\RUTXHSDUDODVPHUFDQFtDV
\DTXHVyORWUHVSDtVHV(JLSWR6XGiIULFD\0DUUXHFRV
VXPDURQPiVGHODPLWDGGHOWRWDOUHJLRQDOHQ
1XHYRVGHVDItRVGHO
PRYLPLHQWRGH&RPHUFLR-XVWR
'DUODSDODEUDDOPRYLPLHQWRDIULFDQR
6DUD/RVD ,QYHVWLJDGRUDHVSHFLDOL]DGDHQ(VWXGLRV$IULFDQLVWDV
1RHPt%HUWRPHX &RRUGLQDGRUDGHOGHSDUWDPHQWRGH(VWXGLRVGH6(7(0&DWDOXQ\D
(O SUHVHQWH DUWtFXOR SUHWHQGH VHUYLU GH LQWURGXFFLyQ
D ORV GHEDWHV PiV UHOHYDQWHV D ORV TXH VH HQIUHQWD HO
PRYLPLHQWRGH&RPHUFLR-XVWRHQÇIULFDDFWXDOPHQWH
0XFKRV GH ORV DQiOLVLV \ GDWRV XWLOL]DGRV WRPDQ FRPR
UHIHUHQFLD XQ HVWXGLR UHDOL]DGR GXUDQWH SRU 6(7(0
&DWDOXQ\DHQFRODERUDFLyQFRQ*(5$)5,&$(OREMHWLYRGHO
PLVPRHVSRUXQODGRFRQRFHUPHMRUODUHDOLGDGDIULFDQD
HQ UHODFLyQ D OD SURGXFFLyQ \ H[SRUWDFLyQ GH SURGXFWRV
DJURDOLPHQWDULRV GH &RPHUFLR -XVWR &- HVSHFLDOPHQWH
HOFDIp\SRURWURFRQRFHUPiVDIRQGRHOPRYLPLHQWRGH
&RPHUFLR -XVWR HQ ÇIULFD \ DSRUWDU H[SOLFDFLRQHV VREUH
ODV VXSXHVWDV GLILFXOWDGHV \ REVWiFXORV FRQVWDWDGRV SRU
ODV LPSRUWDGRUDV HXURSHDV HQ VX UHODFLyQ FRPHUFLDO FRQ
DVRFLDFLRQHVGHSURGXFWRUHVGH&-DIULFDQR
(VWHWUDEDMRTXLHUHDVXYH]LQFRUSRUDUODYLVLyQREWHQLGD
GH ORV HQFXHQWURV \ GHEDWHV FRQ ORV DFWRUHV DIULFDQRV \
FRQFUHWDPHQWHFRQUHVSRQVDEOHV\UHSUHVHQWDQWHVGHODV
PD\RUHVXQLRQHVGHFRRSHUDWLYDVSURGXFWRUDVGHFDIpHQ
7DQ]DQLD DVt FRPR YDULDV FRRSHUDWLYDV \ RUJDQL]DFLRQHV
GHEDVH
GHEDVH3ULPDU\6RFLHWLHV
PLHPEURVGHHVWDVXQLRQHV
(O3HVRGHÇIULFDHQ
HO&RPHUFLR-XVWR(OFDVR
GHOFDIpDIULFDQRGH&-
(QHOFRQWH[WRGHOFRPHUFLRFRQYHQFLRQDOODVH[SRUWDFLR
QHV LQWHUQDFLRQDOHV GH SURGXFWRV DIULFDQRV UHSUHVHQWD
URQ HQ XQ GHO YROXPHQ WRWDO GH H[SRUWDFLRQHV
PXQGLDOHV \ ODV LPSRUWDFLRQHV GH PHUFDQFtDV XQ GHOYROXPHQWRWDOPXQGLDOORTXHGHPXHVWUDHOSRFRSHVR
TXH ÇIULFD WLHQH HQ HO FRPHUFLR LQWHUQDFLRQDO /D UHSUH
VHQWDFLyQ GHO FRPHUFLR DIULFDQR UHVSHFWR GHO WRWDO KD
VXIULGR XQD WHQGHQFLD GHFUHFLHQWH HQ ODV ~OWLPDV GpFD
GDV\DTXHHUDGHOHQORVSULPHURVDxRVGHOGHFHQLR
GH 6H H[SOLFD HQ SDUWH SRU OD HYROXFLyQ DGYHUVD
GH OD UHODFLyQ UHDO GH LQWHUFDPELR 55, GHULYDGD GH XQD
HVWUXFWXUDHFRQyPLFDEDVDGDHQODH[SRUWDFLyQGHXQRV
SRFRV SURGXFWRV EiVLFRV FX\R SUHFLR VH GHWHULRUy D
SDUWLU GH PHGLDGRV GH ORV VHWHQWD $ ILQDOHV GH ORV DxRV
QRYHQWD ORV QLYHOHV GH 55, HUDQ LQIHULRUHV HQ XQ D
ORVUHJLVWUDGRVHQORVSULPHURVDxRVGHODGpFDGDGHORV
VHWHQWDSDUDHOFRQMXQWRGHOÇIULFDVXEVDKDULDQD
/D SURSRUFLyQ TXH UHSUHVHQWD HO FRPHUFLR LQWHULRU DIULFD
QR GHSHQGH PXFKR GH OD HYROXFLyQ GHO SUHFLR GHO SHWUyOHR
\D TXH ORV SURGXFWRV GH ODV LQGXVWULDV H[WUDFWLYDV WLHQHQ
PHQRVSHVRHQHOFRPHUFLRLQWUDUUHJLRQDOTXHHQHOFRPHU
FLR H[WUDUUHJLRQDO GH ÇIULFD 6H FDOFXOD TXH OD SURSRUFLyQ
LQWUDUUHJLRQDO GHO FRPHUFLR GH PDQXIDFWXUDV \ SURGXFWRV
DJURSHFXDULRVDOUHGHGRUGHOHVPXFKRPD\RUTXHHQ
HOFDVRGHORVSURGXFWRVGHODVLQGXVWULDVH[WUDFWLYDV
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀ ฀
฀ ฀
฀ ฀
฀
฀ ฀
฀
฀
฀
฀
฀ ฀
฀
฀ ฀ ฀
฀
฀
฀ ฀ ฀
฀ ฀ ฀
฀ ฀ ฀
฀ ฀
฀ ฀
฀
฀
฀ ฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀ ฀
฀ ฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
/RV SURGXFWRV VREUH ORV FXDOHV VH DSR\D OD HFRQRPtD
GHPXFKRVSDtVHVDIULFDQRVVRQVREUHWRGRHOFDIpHO
D]~FDU HO DOJRGyQ HO FDFDR HO SOiWDQR \ RWURV IUXWRV
WURSLFDOHV < HO FDIp HV XQR GH ORV SURGXFWRV HVWUHOOD
GH ODV H[SRUWDFLRQHV DIULFDQDV D SHVDU GH OD FRP
SHWHQFLD GH ORV SDtVHV DVLiWLFRV \ GH $PpULFD /DWLQD
(Q FLIUDV KDEODPRV GH XQD SURGXFFLyQ GH XQRV PLOORQHV GH VDFRV DQXDOHV TXH HTXLYDOHQ DO GHO YROXPHQ PXQGLDO /RV SDtVHV FRQ OD PD\RU WUDGL
FLyQ SURGXFWRUD VRQ (WLRStD 8JDQGD &RVWD GH 0DUILO
7DQ]DQLD .HQLD &DPHU~Q \ &RQJR VREUH WRGR HQ OD
FDOLGDGUREXVWD
6HJ~Q OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GH &DIp KDFH DxRVODSURGXFFLyQDIULFDQDOOHJDEDDPLOORQHVGH
VDFRV DQXDOHV HV GHFLU HO GH OD SURGXFFLyQ PXQ
GLDO \ UHSUHVHQWDED XQ GHO YROXPHQ GH H[SRU
WDFLRQHV PXQGLDOHV GHO FDIp 6HJ~Q ORV ~OWLPRV GDWRV
REWHQLGRV OD SURGXFFLyQ KD EDMDGR D PLOORQHV GH
VDFRVDQXDOHVHQGHOWRWDO\DPLOORQHV
GHVDFRVHQGHOWRWDO
7UDV HO VHFWRU H[WUDFWLYR R HQ FRPELQDFLyQ FRQ pVWH
VHJ~QORVSDtVHVODDJULFXOWXUDHVODEDVHGHODVHFRQR
PtDVDIULFDQDVUHSUHVHQWDQGRXQGHO3,%3URGXFWR
,QWHULRU %UXWR GH ORV 30$ 3DtVHV 0HQRV $YDQ]DGRV
\ HO GH ORV SDtVHV GH UHQWD PHGLD $GHPiV RFXSD
HQWUHHO\HOGHODPDQRGHREUDGHHVWRVSDtVHV
\ODVH[SRUWDFLRQHVGHSURGXFWRVDJUtFRODVUHSUHVHQWDQ
KDVWD HO GH VXV LQJUHVRV 6L FRQVLGHUDPRV DGLFLR
QDOPHQWH TXH PXFKRV SDtVHV DIULFDQRV GHSHQGHQ HQ
JUDQSDUWHGHOFRPHUFLRGHXQRVSRFRVSURGXFWRVFRPR
HV HO FDVR GH 8JDQGD (WLRStD \ 7DQ]DQLD TXH GHSHQ
GHQ HQ PiV GH XQ GH OD H[SRUWDFLyQ GH XQ ~QLFR
SURGXFWR HO FDIp VREUH HO WRWDO GH VXV LQJUHVRV GH
H[SRUWDFLyQ SRGHPRV IiFLOPHQWH GDUQRV FXHQWD GH OD
IUDJLOLGDG GH VXV HFRQRPtDV IUHQWH D ODV IOXFWXDFLRQHV
FDPELRV\HVSHFXODFLRQHVGHORVPHUFDGRVJOREDOHV
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
(OPHUFDGRGH&DIp$UiELFR&RPSDUDFLyQ&-\3UHFLRVGH,QWHUFDPELREROVD1XHYD<RUN
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
&5%.4% ฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
/DV SROtWLFDV GH OLEHUDOL]DFLyQ \ ORV 3ODQHV GH $MXVWH
(VWUXFWXUDO GHO %DQFR 0XQGLDO %0 \ GHO )RQGR
0RQHWDULR ,QWHUQDFLRQDO )0, VRQ HQ EXHQD PHGLGD
UHVSRQVDEOHVGHHVWDEDMDGDHQODSURGXFFLyQDIULFDQD
\DTXHHOVHUYLFLRGHH[WHQVLyQDJUDULD\VHJXLPLHQWRGH
ODSURGXFFLyQGHOFDIpDQWHVEDMRFRQWUROGHO(VWDGRKD
VLGRSULYDWL]DGRRHOLPLQDGR/RVJUXSRVSURGXFWRUHVVH
KDQHQFRQWUDGRDVtGHVSURWHJLGRVORTXHVHKDUHIOHMDGR
GLUHFWDPHQWHHQODFDOLGDGGHOSURGXFWR1RREVWDQWHHO
GHWHULRURGHODFDOLGDG\FDQWLGDGGHOSURGXFWRHVPXO
WLFDXVDO (QWUH ODV FDXVDV HV IXQGDPHQWDO GHVWDFDU HO
GLItFLODFFHVRDIXHQWHVGHILQDQFLDFLyQDVtFRPRODFULVLV
VXIULGDSRUHOSUHFLRGHOFDIpILMDGRHQODVEROVDVLQWHU
QDFLRQDOHVTXHKDFDtGRXQGHVGH
9HDPRVEUHYHPHQWHHOFDVRGH8JDQGDVHJXQGRSUR
GXFWRUDIULFDQRGHFDIpGHOFRQWLQHQWH\UHVSRQVDEOH
GHO GH OD SURGXFFLyQ PXQGLDO /D HFRQRPtD GH
HVWH SDtV VH DSR\D HQ JUDQ PHGLGD HQ OD SURGXFFLyQ
GHO FDIp \ VHJ~Q OD FRWL]DFLyQ HQWUH HO \ HO
GH ORV LQJUHVRV GH H[SRUWDFLyQ GHO SDtV GHSHQ
GHQ GH HVWH FXOWLYR (O SDtV KD YLYLGR HQ ORV ~OWLPRV
DxRV OD OLEHUDOL]DFLyQ GHO VHFWRU GHO FDIp VLQ DSR\R
QL SROtWLFDV JXEHUQDPHQWDOHV TXH IDFLOLWDUDQ D ODV
FRRSHUDWLYDVXQDWUDQVLFLyQH[LWRVDDOOLEUHPHUFDGR
'H ODV PiV GH WUHLQWD FRRSHUDWLYDV SURGXFWRUDV GH
FDIp DIULFDQDV FHUWLILFDGDV SRU )DLU 7UDGH /DEHOOLQJ
2UJDQL]DWLRQ )/2 D LQLFLRV GH ORV HUDQ GH
8JDQGD \ DFWXDOPHQWH VH KDQ UHGXFLGR D &DVL
WRGDV ODV FRRSHUDWLYDV GH 8JDQGD KDQ UHFLELGR OR
TXH )/2&HUW OODPD XQD FRUUHFWLYH DFWLRQ HV GHFLU
QR FXPSOtDQ FRQ DOJXQRV GH ORV SUHUUHTXLVLWRV GH
OD FHUWLILFDFLyQ VHJ~Q ORV HVWiQGDUHV \ FULWHULRV GHO
FHUWLILFDGRU (O FDVR GH 8JDQGD HV VLJQLILFDWLYR SRU
HO UiSLGR GHFUHFLPLHQWR GHO PHUFDGR GH &- HQ XQ
FRQWH[WR GH UHHVWUXFWXUDFLyQ GHO VLVWHPD HFRQy
PLFR QDFLRQDO HQ EDVH D FULWHULRV GH OLEHUDOL]DFLyQ
HFRQyPLFD TXH GHPXHVWUD TXH PLHQWUDV VH VLJDQ
DSOLFDQGR ORV FULWHULRV GH &- VLQ WHQHU HQ FXHQWD OD
FR\XQWXUD VRFLRHFRQyPLFD GHO SDtV HO GHVDUUROOR GH
FRRSHUDWLYDVFHUWLILFDGDVQRVHUiIiFLO
(QJHQHUDOHOPRGRGHSURGXFFLyQDJUtFRODHQODPD\RU
SDUWH GH ÇIULFD VH EDVD HQ JUDQ PHGLGD HQ HO WUDEDMR
GH SHTXHxRV JUXSRV SURGXFWRUHV (Q HVWDV SHTXHxDV
ILQFDV IDPLOLDUHV FRH[LVWH PXFKDV YHFHV OD SURGXFFLyQ
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
DJUtFROD GHGLFDGD D OD H[SRUWDFLyQ \ OD DJULFXOWXUD GH
VXEVLVWHQFLD TXH SHUPLWH D OD IDPLOLD SURGXFLU SDUWH
GH OR TXH FRQVXPH %XHQD SDUWH GH HVWRV JUXSRV SUR
GXFWRUHV DIULFDQRV WUDEDMDQ GH PDQHUD RUJDQL]DGD HQ
FRRSHUDWLYDV SRUTXH WUDEDMDU XQLGRV OHV D\XGD HQ OD
ILMDFLyQGHSUHFLRVIUHQWHDORVFDPELRV\RVFLODFLRQHVGH
ORVPHUFDGRVLQWHUQDFLRQDOHV
8QD SHTXHxD SDUWH GH OD SURGXFFLyQ DJUtFROD DIULFDQD
HV YHQGLGD HQ ORV FLUFXLWRV GH &- OR TXH SHUPLWH D ORV
JUXSRV SURGXFWRUHV HVWDEOHFHU UHODFLRQHV PiV GLUHF
WDV \ GH DFXHUGR FRQ ODV QHFHVLGDGHV GH ODV RUJDQL]D
FLRQHV LPSRUWDGRUDV \ GLVWULEXLGRUDV GH ORV SDtVHV GHO
1RUWH (V LPSRUWDQWH GHVWDFDU TXH PX\ SRFRV JUXSRV
SURGXFWRUHV ORJUDQ YHQGHU WRGD VX SURGXFFLyQ HQ HO
PHUFDGR GH &- SRUTXH QR KD\ VXILFLHQWH GHPDQGD
SRU OR TXH HQ HO PHMRU GH ORV FDVRV FRQVLJXHQ FRORFDU
HQ GLFKR PHUFDGR HQWUH XQ \ XQ GHO WRWDO GH VX
SURGXFFLyQ PLHQWUDV TXH HO UHVWR OR YHQGHQ HQ ORV
FLUFXLWRV FRQYHQFLRQDOHV \ HQ DOJXQRV FDVRV GHQWUR
GH OD FDWHJRUtD GH FDIpV GH FDOLGDG \ JRXUPHW D EXHQ
SUHFLR(VWRVLJQLILFDTXHEXHQDSDUWHGHVXSURGXFFLyQ
HV YHQGLGD HQ HO PHUFDGR FRQYHQFLRQDO SRU PiV TXH
UHVSRQGD D ORV FULWHULRV GH SURGXFFLyQ GHO &- SRU OR
TXH VH SXHGH FRQFOXLU TXH HQ HO PRGR GH SURGXFFLyQ
DJUtFRODDIULFDQDHQODDFWXDOLGDGQRVHGLVWLQJDFODUD
PHQWHHQWUHSURGXFFLyQGH&-\SURGXFFLyQFRQYHQFLR
QDO \ HQ DOJXQRV FDVRV ODV HVWUXFWXUDV RUJDQL]DWLYDV
VHVXSHUSRQHQ
(O &- FRPR IRUPD GH HQWHQGHU HO FRPHUFLR FRQ UD]R
QDPLHQWRV GH FRQWHQLGR VRFLDO \ SROtWLFR VXUJH RUL
JLQDULDPHQWH HQ ORV SDtVHV QyUGLFRV SHUR UHFRJH ORV
LQWHUHVHV\FXHVWLRQDPLHQWRVGHORVJUXSRVSURGXFWRUHV
GHO6XUIUHQWHDXQDVUHJODVGHOFRPHUFLRLQWHUQDFLRQDO
LQMXVWDV(VWDQXHYDIRUPDGHFRPHUFLRUHSUHVHQWDXQ
UHSODQWHDPLHQWRVREUHODHFRQRPtD\ODOyJLFDPHUFDQWLO
SDUD TXH QR HVWp GLVRFLDGD GH OD OyJLFD KXPDQD SODQ
WHDPLHQWR TXH \D HVWDED SUHVHQWH HQ ÇIULFD LQFOXVR HQ
ODHUDSUHFRORQLDO
1R REVWDQWH HO PRYLPLHQWR GHO &- SUHWHQGH FRUUHJLU
ODVGHVLJXDOGDGHVH[LVWHQWHVHQODVUHODFLRQHVFRPHU
FLDOHVLQWHUQDFLRQDOHVDSR\iQGRVHHQODSDUWLFLSDFLyQ
GHODVSHUVRQDV\FRPXQLGDGHVHQVXHPSRGHUDPLHQ
WR HQ OD WUDQVSDUHQFLD ODV FXHVWLRQHV GH JpQHUR \
OD VRVWHQLELOLGDG HFROyJLFD 7RGDV HVWDV FXHVWLRQHV
PHUHFHQ XQD UHIOH[LyQ UHVSHFWR D OD UHDOLGDG HVSH
FtILFD DIULFDQD VREUH WRGR FRQVLGHUDQGR TXH VRQ
FRQFHSWRV TXH QDFHQ HQ (XURSD FRQ XQ FRPSRQHQWH
FXOWXUDO FODUDPHQWH RFFLGHQWDO (O UHWR DFWXDO GH ODV
UHGHVDIULFDQDVGHSURPRFLyQGHO&-HVYHUFyPRVH
YLYH VH VLHQWH \ VH DGDSWD HVWH LGHDULR D OD UHDOLGDG
DIULFDQD
3DUD HQWHQGHU OD FRQFHSFLyQ GHO FRPHUFLR HQ ÇIULFD
\ VXV UHODFLRQHV FRPHUFLDOHV FRQ RWURV SDtVHV \
FRQWLQHQWHV KDEUtD TXH GHWHQHUVH D DQDOL]DU HO VLV
WHPD FRPHUFLDO DIULFDQR DQWHV GH OD FRORQL]DFLyQ
(OOR VREUHSDVD ORV OtPLWHV GHO SUHVHQWH DUWtFXOR SRU
OR TXH VRODPHQWH GHVWDFDPRV TXH H[LVWtD HQ DOJXQRV
LPSHULRV GHO ÇIULFD RFFLGHQWDO XQ VLVWHPD FRPHUFLDO
OODPDGR ´WURFµ TXH WHQtD XQ FRQWHQLGR VRFLDO \ HFR
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
$ SHVDU GHO JUDQ SRWHQFLDO GH ORV SURGXFWRV SURYH
QLHQWHV GHO ÇIULFD VXEVDKDULDQD KD\ SRFR YROXPHQ GH
LPSRUWDFLRQHVGH&-TXHOOHJDQDOPHUFDGRGHORVSDtVHV
LPSRUWDGRUHVGHO1RUWHFRPSDUDWLYDPHQWHFRQORVTXH
SURYLHQHQ GH $PpULFD /DWLQD 3RU HMHPSOR GHO WRWDO
PXQGLDO GH RUJDQL]DFLRQHV SURGXFWRUDV GH FDIp FHUWL
ILFDGDV SRU )/2 VRQ ODWLQRDPHULFDQDV \ WDQ
VyORHOVRQDIULFDQDV
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
&HUWLILFDFLRQHV
QyPLFR LPSRUWDQWH (UD XQ VLVWHPD GH LQWHUFDPELR
TXH QR DVSLUDED D OD DFXPXODFLyQ GH FDSLWDO VLQR
D OD QHFHVLGDG GH YLYLU HQ DUPRQtD FRQ HO HQWRU
QR VRFLDO \ PHGLRDPELHQWDO /D SURGXFFLyQ HVWDED
RULHQWDGD D OD VDWLVIDFFLyQ GH QHFHVLGDGHV \ QR D OD
DFXPXODFLyQOXFUDWLYDLJXDOTXHHQPXFKRVVLVWHPDV
SUHLQGXVWULDOHV 1R REVWDQWH PXFKRV LQYHVWLJDGRUHV
FRQVLGHUDQ TXH HVWD OyJLFD SHUVLVWH HQ PXFKRV FRQ
WH[WRV UXUDOHV DFWXDOHV GHO ÇIULFD VXEVDKDULDQD /D
OyJLFDGHVXEVLVWHQFLDIUHQWHDODGHPD[LPL]DFLyQGH
EHQHILFLRV SXHGH D\XGDU D HQWHQGHU ODV HVWUDWHJLDV
GH PXFKDV SHUVRQDV SURGXFWRUDV HQ ÇIULFD TXH QR
SDVDQSRUHODXPHQWRGHODSURGXFWLYLGDGVLQRSRUOD
PLQLPL]DFLyQGHULHVJRV (QODDFWXDOLGDGFRH[LVWHQHQHOFRQWLQHQWHDIULFDQROyJL
FDVGHLQWHUFDPELRVFRPHUFLDOHV\HVWUXFWXUDVSURGXF
WLYDV TXH KDQ FDPELDGR UDGLFDOPHQWH FRQ RWUDV OyJLFDV
PHUFDQWLOHV´WUDGLFLRQDOHVµ
'HODVPXMHUHVFDPSHVLQDV
DODFHUWLILFDFLyQ2UJDQL]DFLyQ
\IXQFLRQDPLHQWR
/D SURGXFFLyQ DJUtFROD DIULFDQD WDQWR GH SURGXF
WRV FRQYHQFLRQDOHV FRPR GH &- VH DUWLFXOD D YDULRV
QLYHOHV /D UHDOLGDG HV PX\ GLVWLQWD VHJ~Q HO WLSR GH
SURGXFWRV SXHV KD\ DOJXQRV FRPR HO Wp TXH VLJXHQ
SURGXFLpQGRVH PD\RULWDULDPHQWH HQ JUDQGHV SODQ
WDFLRQHV (Q HO FDVR GHO FDIp TXH HV HQ HO TXH QRV
KHPRV FHQWUDGR FRQ PiV GHWDOOH H[LVWHQ QLYHOHV
(Q 7DQ]DQLD SRU HMHPSOR DO LJXDO TXH HQ RWURV SDtVHV
DIULFDQRV HO SULPHU QLYHO OR RFXSDQ ODV SHUVRQDV
FDPSHVLQDV DJUXSDGDV HQ Q~FOHRV IDPLOLDUHV GH
SURGXFFLyQ TXH D VX YH] VH MXQWDQ HQ Q~FOHRV PiV
JUDQGHV R FRPXQLGDGHV TXH FRUUHVSRQGHQ HQ OD
PD\RUtD GH ORV FDVRV D XQ SXHEOR FRQVWLWX\HQGR XQD
FRRSHUDWLYD R 3ULPDU\ 6RFLHW\
6RFLHW\ (O VHJXQGR QLYHO HQ
OD SURGXFFLyQ DJUtFROD GH FDIp HQ 7DQ]DQLD OR IRUPDQ
ODV XQLRQHV GH FRRSHUDWLYDV TXH DJUXSDQ D YDULDV
3ULPDU\ 6RFLHWLHV GH SHTXHxRV SURGXFWRUHV (VWDV
8QLRQHVGHFRRSHUDWLYDVVRQODVTXHUHFLEHQODFHUWLIL
FDFLyQGHSURGXFWR\DVHDRUJiQLFDEDMRORVFULWHULRV
GH(852*$3RGH&RPHUFLR-XVWR
(Q ÇIULFD RSHUDQ HQ JHQHUDO HPSUHVDV FHUWLILFD
GRUDV LQWHUQDFLRQDOHV FRPR 9(5,7$6 \ 7$</256
2) +$552*$7( 3HUR UHFLHQWHPHQWH KDQ QDFLGR
DOJXQDV FHUWLILFDGRUDV TXH DFW~DQ D QLYHO PiV
ORFDO FRPR 7DQ&HUW HQ 7DQ]DQLD 8JR&HUW HQ
8JDQGD R $IUL&HUW HQ .HQLD (VWD ~OWLPD WLHQH
XQ UHFRQRFLPLHQWR LQWHUQDFLRQDO D WUDYpV GH OD
(852*$3 /DV FHUWLILFDGRUDV FLWDGDV HVWiQ JHQH
UDOPHQWH ILQDQFLDGDV SRU GRQDQWHV R SURJUDPDV
YLQFXODGRVDOGHVDUUROORHVWUDWpJLFRFRPRORHVKR\
HOFDIpRUJiQLFREDMRODH[LJHQFLDGHODVSROtWLFDVGH
OD 8( HQ PDWHULD GH FDOLGDG \ GH GHUHFKRV KXPD
QRV 1R REVWDQWH HVWDV HPSUHVDV FHUWLILFDGRUDV
WUDEDMDQ HVSHFLDOPHQWH FRQ HO FDIp \ HQ FRQFUHWR
HQVXYDULHGDGRUJiQLFDSHURWDPELpQKDFHQRWUDV
FHUWLILFDFLRQHV FRPR SRU HMHPSOR $IUL&HUW TXH
FHUWLILFDIORUHVIUXWDV\KRUWDOL]DV
(Q OD ]RQD GHO ÇIULFD 2ULHQWDO H[LVWHQ RWUDV LQL
FLDWLYDV FRPR (323$ ([SRUWDFLyQ GH 3URGXFWRV
2UJiQLFRV GH ÇIULFD XQ SUR\HFWR TXH \D IXQFLRQD
HQ8JDQGD\7DQ]DQLD(VWDVLQLFLDWLYDVLPSOHPHQ
WDQ XQ RUJDQLVPR GH FHUWLILFDFLyQ FRQ HO REMHWLYR
GH FRQVHJXLU HVWUXFWXUDV ORFDOHV GH FHUWLILFDFLyQ
HQ DPERV SDtVHV 7DPELpQ FRQWHPSOD HOHPHQWRV
UHJLRQDOHV GH FDSDFLWDFLyQ HQ YDULRV DVSHFWRV
WDQWR D QLYHO QDFLRQDO FRPR UHJLRQDO GD DSR\R D
WUDYpV GH DVLVWHQFLDV WpFQLFDV \ GH RUJDQL]DFLyQ
SDUD RUJDQLVPRV ORFDOHV 7LHQHQ FRPR REMHWLYR
TXH OD RUJDQL]DFLyQ ORFDO HVWp HQ FRQGLFLRQHV GH
KDFHUFHUWLILFDFLRQHVHQHOSOD]RGHDxRV\RWUDV
DFWLYLGDGHV TXH PHMRUHQ ODV FRQGLFLRQHV GH YLGD
RUJDQL]DWLYD GH OD JHQWH 7DPELpQ SXHGH D\XGDU D
FUHDUXQDDSHUWXUDDOPHUFDGRGRPpVWLFR
(Q OR TXH UHVSHFWD D OD &HUWLILFDFLyQ 3DUWLFLSDWLYD \
GH&-XQDLQLFLDWLYDFRQFUHWDHVODTXHKDLQLFLDGROD
RUJDQL]DFLyQVHQHJDOHVD(1'$ DWUDYpVGHXQSUR
FHVR SDUWLFLSDWLYR FRQ XQDV RUJDQL]DFLRQHV FRQ
MXQWDPHQWHFRQHODSR\RGHOJRELHUQR\XQJUXSRGH
FRQVXOWDQDFLRQDOTXHLQWHQWDHVWDEOHFHUXQRVFULWH
ULRVGH&-SDUDODUHDOLGDGVHQHJDOHVD/DH[SHULHQ
FLD GH (1'$ HV GH JUDQ LQWHUpV SDUD RWUDV UHJLRQHV
DIULFDQDV \ SRGUtD FUHDU YtQFXORV \ RSRUWXQLGDGHV
SDUD WUDEDMDU FRQMXQWDPHQWH KDFLD XQ VLVWHPD GH
FHUWLILFDFLyQDIULFDQR\DVtKDFHUIUHQWHDODVGLILFXO
WDGHVLPSXHVWDVSRUORVHVWiQGDUHVGHO1RUWH
/DVFRRSHUDWLYDV
FDIHWDOHUDVGH7DQ]DQLD
0XFKRV SURGXFWRUHV HQ 7DQ]DQLD GHVDUUROODQ VXV DFWL
YLGDGHV SURGXFWLYDV GH IRUPD LQGLYLGXDO R IDPLOLDU \ HV
HOSURGXFWRUGHFDIpRVXIDPLOLDTXLHQGHFLGHHOWLSRGH
FDIpDSURGXFLU\ODFDQWLGDG/DDFWLYLGDGFRPHUFLDOVH
GHVDUUROOD GH IRUPD FROHFWLYD HVSHFLDOPHQWH D WUDYpV
GHDVRFLDFLRQHVRXQLRQHVTXHFDQDOL]DQORVLQWHUHVHVGH
VXVPLHPEURVKDFLDODYHQWD
/D GLIHUHQFLD HQWUH HVWDU DVRFLDGR R QR D OD FRRSHUD
WLYD HV TXH VyOR ORV SULPHURV VH EHQHILFLDQ GH ORV SUH
PLRV VRFLDOHV GHO &RPHUFLR -XVWR SXHGHQ SDUWLFLSDU
HQ ODV DVDPEOHDV R VHU PLHPEURV HOHFWRV GH OD MXQWD
0D\RULWDULDPHQWH ORV VRFLRV VRQ ORV SDGUHV GH IDPLOLD
VyOR HQ DOJXQDV RFDVLRQHV VRQ ODV PXMHUHV D SHVDU GH
TXHKDELWXDOPHQWHVRQHOODVODVTXHDVHJXUDQODFRVHFKD
\ODHQWUHJDQDODVFRRSHUDWLYDV(VWHKHFKRKDFHTXHODV
PXMHUHVSXHGDQFRQVWDUFRPRQRVRFLDV\HOORKDWUDtGR
PiVGHXQSUREOHPDHQODVLQVSHFFLRQHVGHFHUWLILFDFLyQ
GH)/2(VWDVLQVSHFFLRQHVVXEUD\DQTXHH[LVWHGHPDVLD
GD FRPSUD GH FDIp D VXSXHVWRV QR VRFLRV \ TXH HOOR LUtD
HQ FRQWUD GH ORV FULWHULRV GH &- (Q DOJXQDV RFDVLRQHV
HVWRKDFRPSRUWDGR´PHGLGDVFRUUHFWLYDVµSRUSDUWHGH
ORVLQVSHFWRUHVORTXHLPSOLFDODLPSRVLELOLGDGGHYHQGHU
HOSURGXFWRFHUWLILFDGRFRPR&-GXUDQWHXQSHULRGR
/D HVWUXFWXUD GH ODV FRRSHUDWLYDV UHSURGXFH HQ JUDQ
PHGLGDODHVWUXFWXUDRUJDQL]DWLYDGHORVSXHEORVUXUD
OHV HQ 7DQ]DQLD /DV LQVWLWXFLRQHV VRQ YLWDOHV SDUD OD
PHMRUDGHODVFRQGLFLRQHVGHYLGDHQHQWRUQRVUXUDOHV$
PHQXGR OD SREODFLyQ UXUDO FXHQWD FRQ RWUDV LQVWLWXFLR
QHV GH UHSUHVHQWDFLyQ SDUDOHODV FRPR ORV &RQVHMRV GH
$QFLDQRV D PRGR GH HVSDFLR GH SDUWLFLSDFLyQ DXQTXH
QR KRPRJpQHR QL UHSUHVHQWDQGR LJXDOGDG GH LQWHUHVHV
/RVDQFLDQRVGHOSXHEORWUDGLFLRQDOPHQWHWLHQHQHOSDSHO
GHJDUDQWL]DUHOUHVSHWRDORVYDORUHVWUDGLFLRQDOHVTXH
DVHJXUDQ OD FRKHVLyQ VRFLDO (Q ODV FRRSHUDWLYDV OD
PD\RUSDUWHGHODVGHFLVLRQHVVRQWRPDGDVSRUODMXQWD
TXH HVWi FRPSXHVWD SRU XQD UHSUHVHQWDFLyQ HOHJLGD
SRU ORV VRFLRV HQ DVDPEOHD eVWR SRGUtD SDUHFHU SRFR
UHSUHVHQWDWLYR1RREVWDQWHHVWDVHVWUXFWXUDVGHSRGHU
HQODVFRRSHUDWLYDVGHEDVHQRVRQHVWiWLFDV'HKHFKR
FDGDYH]KD\XQPD\RUQ~PHURGHPXMHUHV\JHQWHMRYHQ
HQODVMXQWDVDVtFRPRHQODJHVWLyQGHODVFRRSHUDWLYDV
RFRPLWpVHQFDUJiQGRVHGHORVDVSHFWRVPiVWpFQLFRV
/DYHQWDGHOFDIpHQHOPHUFDGRGH&-SUHWHQGHFRQWULEXLU
D ORV SURFHVRV GH GHVDUUROOR FRPXQLWDULR /RV EHQHILFLRV
RSUHPLRVVRFLDOHVGHODYHQWDHQHOPHUFDGRGH&-RWRU
JDGRV D ODV FRRSHUDWLYDV VRQ XWLOL]DGRV SDUD PHMRUDU ODV
FRQGLFLRQHV GH YLGD GH ORV PLHPEURV GH ODV FRRSHUDWLYDV
\ GH ODV FRPXQLGDGHV HQ JHQHUDO /DV 3ULPDU\ 6RFLHWLHV
36 WLHQHQ WRWDO DXWRQRPtD HQ FXDQWR DO XVR GH HVWRV
SUHPLRV \ QR H[LVWH XQ FyGLJR GH FRQGXFWD QL XQ PHFD
QLVPR GH FRQWURO 7DPSRFR H[LVWH XQD FRRUGLQDFLyQ R
FRQVHQVRSRUSDUWHGHODVXQLRQHVGHFRRSHUDWLYDVVREUH
FyPRODV36GHEHQXWLOL]DUORVSUHPLRVVXSRQLHQGRTXHODV
FRPXQLGDGHVGHSURGXFWRUHVVRQODVTXHGHEHQGHWHFWDU
ODV SULRULGDGHV HQ ODV FXDOHV LQYHUWLU ORV SUHPLRV GH &-
6LQ HPEDUJR H[LVWHQ DFWLYLGDGHV TXH VXHOHQ VHU ODV PiV
HOHJLGDVFRPRHVHOFDVRGHOD8QLyQ1DFLRQDO.LOLPDQMDUR
.1&8 TXH VHJ~Q VX GLUHFWRU 5D\PRQG .LPDUR XVDQ HO
SUHPLRVRFLDOHQVXSDUDILQDQFLDUEHFDVHVFRODUHV
/DDILOLDFLyQDODVFRRSHUDWLYDVGHFDIpSXHGHUHSUHVHQWDU
GHHVWDIRUPDXQLQVWUXPHQWRGHHPSRGHUDPLHQWR
฀
฀
฀
QD ฀
฀
฀ ฀
฀
฀
฀
฀
฀ &HPDQRVGHHFRQRPLDGDIDPtOLDUXUDODIULFD
฀
฀
฀
฀
฀
฀
฀
฀
฀ /D RWUD ÇIULFD $XWRJHVWLyQ \ DSDxR IUHQWH
DOPHUFDGRJOREDO ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
6DIHW\DQG(QYLURQPHQW
6DIHW\DQG(QYLURQPHQW฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ 4XDOLW\ +HDOWK
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
/D YHQWD \ FRPHUFLDOL]DFLyQ GHO FDIp HQ 7DQ]DQLD VH
KDFH SRU VXEDVWD XQD YH] SRU VHPDQD HQ OD FLXGDG GH
0RVKL (VWi UHJXODGD SRU XQ RUJDQLVPR JXEHUQDPHQWDO
HO 7DQ]DQLD &RIIHH %RDUG (O VLVWHPD GH VXEDVWD FUHD
YDULDV YHQWDMDV FRPHUFLDOHV SDUD ODV XQLRQHV GH FRR
SHUDWLYDV HQ FRQFUHWR SDUD DTXHOODV TXH GLVSRQHQ GH
OLFHQFLDGHH[SRUWDFLyQ\GHXQGHSDUWDPHQWRSDUDHOOR
/DVXEDVWDRIUHFHDJUXSRVSURGXFWRUHVXQDJUDQFDQ
WLGDGGHLQIRUPDFLyQFRPHUFLDO\DTXHSXHGHQREVHUYDU
HO WLSR GH FDIp OD FDQWLGDG \ HO SUHFLR DO TXH ORV FRP
SUDGRUHV DGTXLHUHQ VX FDIp 6REUH WRGR HQ HO FDVR GHO
&-HOVLVWHPDGHVXEDVWDSHUPLWHDODVXQLRQHVGHFRR
SHUDWLYDV UHFRPSUDUVH VX SURSLR FDIp SDUD FXEULU ODV
GHPDQGDV TXH OHV VROLFLWDQ GLUHFWDPHQWH ORV FRPSUD
GRUHVSULQFLSDOPHQWHHXURSHRV\DVtLQIOXHQFLDUDODO]D
SXMDQGRSRUVXSURSLRFDIp'HHVWDPDQHUDORVPHMRUHV
SUHFLRVTXHRIUHFHQORVPHUFDGRVHVSHFLDOHVFRPRHO&-
SXHGHQHPSXMDUDODO]DHOSUHFLRGHOUHVWRGHOFDIp
/DUHODFLyQHQWUHODV8QLRQHVGHFRRSHUDWLYDV\ODVFRR
SHUDWLYDV GH EDVH TXH ODV LQWHJUDQ /DV XQLRQHV VRQ ODV
TXH WLHQHQ UHODFLyQ FRQ HO H[WHULRU KDFHQ OD FRPHUFLD
OL]DFLyQ H LQIRUPDQ D ORVODV SURGXFWRUHVDV /D FRRU
GLQDFLyQ H[LVWHQWH VH FHQWUD HQ OD ORJtVWLFD GH OD YHQWD
GHOFDIp8QRGHORVPRWLYRVGHHOORHVTXHORVSHTXHxRV
SURGXFWRUHV DXQTXH FRQWULEX\HQ HFRQyPLFDPHQWH D
PDQWHQHUODHVWUXFWXUDGHODVXQLRQHVGHFRRSHUDWLYDV
QRVHLQYROXFUDQPXFKRHQODYLGDGHODVPLVPDV
(Q 7DQ]DQLD ORV RUJDQLVPRV \ SURJUDPDV SDUDHVWDWD
OHV SDUD HO PXQGR UXUDO VH UHPRQWDQ D FDVL PHGLR VLJOR
DWUiVSHURODUHDOLGDGGHOPXQGRUXUDOQRKDFDPELDGR
PXFKR'HVSXpVGHORVSODQHVGHDMXVWHHVWUXFWXUDOIUD
FDVDGRVDKRUDOHWRFDHOWXUQRDORV3ODQHV(VWUDWpJLFRV
GH 5HGXFFLyQ GH OD 3REUH]D MXQWR DO UHVWR GH SROtWLFDV
SDUD IDYRUHFHU HO ORJUR GH ORV 2EMHWLYRV GH 'HVDUUROOR
GHO0LOHQLR2'0
(Q HVWH SDtV MXQWR FRQ RWURV SURJUDPDV GH GHVDUUROOR
GHOJRELHUQRH[LVWHQSURJUDPDVGHSURPRFLyQGHOGHVD
UUROORUXUDO\SURGXFFLyQGHFDIHWDOHV6XVREMHWLYRVWLH
QHQXQDFREHUWXUDQDFLRQDO\HQWUHHOORVVHHQFXHQWUDQ
‡ )RUWDOHFHU D PiV GH JUXSRV GH SURGXFWRUHV HQ
OD IRUPXODFLyQ GH SROtWLFDV LGHQWLILFDFLyQ GH RSRUWX
QLGDGHVGHPHUFDGR\QHJRFLDFLRQHVGHSUHFLRV
‡ 0HMRUDU OD HILFLHQFLD GHO VLVWHPD D WUDYpV GH OD
DVLVWHQFLD GHO JRELHUQR HQ OD UDFLRQDOL]DFLyQ GH
SROtWLFDV GH UHJXODFLyQ H[LVWHQWHV GH WDVDFLyQ \
RWURV
‡ 0HMRUDU ODV LQIUDHVWUXFWXUDV SDUD OD FRQVWUXFFLyQ \
UHKDELOLWDFLyQ GH NP GH YtDV UXUDOHV NP GH
YtDVGHDFFHVRDORVPHUFDGRV\PHUFDGRVDWUD
YpVGHIDFLOLWDUODILQDQFLDFLyQ
‡ )RUWDOHFHUODFDSDFLGDGGHO0LQLVWHULRGH&RRSHUDWLYDV
SDUDKDFHUODFROHFWD\RUGHQDUODGLVHPLQDGDLQIRU
PDFLyQGHOPHUFDGRDJUDULR
‡ $\XGDU D ORV JUXSRV GH SURGXFWRUHV \ RUJDQL]DFLR
QHV GH EDVH D ORV LQWHUPHGLDULRV FRPHUFLDOHV \ D
ORVSURFHVDGRUHVSDUDTXHDFFHGDQDOLQYHQWDULRGHO
FDSLWDOGHORVEDQFRVDODKRUDGHUHDOL]DUDFWLYLGDGHV
FRPHUFLDOHV
‡ (VWDEOHFHU XQ IXHUWH YtQFXOR YHUWLFDO \ KRUL]RQWDO
HQWUH JUXSRV GH SURGXFWRUHV 2UJDQL]DFLRQHV GH
%DVH SURFHVDGRUHV \ ODV FDGHQDV ORFDOHV GH PHU
FDGRV\H[SRUWDFLyQ
2WURVSURJUDPDVSDUHFLGRVHVWiQVLHQGRDSR\DGRVDQLYHO
GH ODV FRRSHUDWLYDV SURGXFWRUDV SRU 2UJDQL]DFLRQHV GH
&RPHUFLR $OWHUQDWLYR 2&$·V \ 21*'V FRPR 7:,1 \ )DLU
7UDGH 2ULJLQDO FRQ HO REMHWLYR GH FDSDFLWDU HQ DVSHFWRV
FRPHUFLDOHV D ODV FRRSHUDWLYDV SURGXFWRUDV GH FDIp
$GHPiV GH WRGR HOOR VH SUHFLVD XQD PD\RU FRRUGLQDFLyQ
HQWUHORVDFWRUHVS~EOLFRV\SULYDGRV
5HOHYDQFLDGHO&-HQ
ÇIULFDSUHJXQWDVUHWRV
\OLPLWDFLRQHVGHVGHOD
YLVLyQGHO6XU
3DUD LQWHQWDU HYDOXDU OD YHUGDGHUD UHOHYDQFLD GHO
&- HQ ÇIULFD KD\ TXH FHQWUDUVH HQ VX SRWHQFLDOL
GDG SDUD UHSUHVHQWDU XQD DOWHUQDWLYD DO FRPHUFLR
LQWHUQDFLRQDO FRQYHQFLRQDO SDUD JUXSRV SURGXF
WRUHV DJUtFRODV \ DUWHVDQDOHV GH DFXHUGR FRQ ORV
SULQFLSLRV GHO &- pVWH LPSOLFD XQD ´UHODFLyQ FRPHU
FLDO TXH DSXHVWD SRU HO GHVDUUROOR VRVWHQLEOH GH
ORVODV SURGXFWRUHVDV H[FOXLGRV R GHVDYHQWDMDGRV
D WUDYpV GH PHMRUDU ODV FRQGLFLRQHV FRPHUFLDOHV GH
GLFKRVSURGXFWRUHVµ _&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
+D KDELGR GLYHUVDV LQLFLDWLYDV SDUD SRQHU HQ FRP~Q
OD WUD\HFWRULD \ ODV QHFHVLGDGHV GHO &- HQ HO FRQ
WLQHQWH DIULFDQR FRPR OD RUJDQL]DFLyQ GHO 3ULPHU
6LPSRVLRVREUH&-HQÇIULFD UHDOL]DGRHQ%HQLQHQ
DEULOGH
$FWXDOPHQWH HO PRYLPLHQWR GH &- HVWi VRPHWLGR D
YDULDV FUtWLFDV \ GXGDV IXQGDPHQWDOPHQWH GHVGH
ODV RUJDQL]DFLRQHV TXH UHSUHVHQWDQ D ORV JUXSRV
SURGXFWRUHV GHO 6XU \ QR VRODPHQWH D QLYHO DIUL
FDQR VLQR D QLYHO JOREDO 8QD GH HVWDV FUtWLFDV HV
OD UHODWLYD D OD YHUWLFDOLGDG GH ODV UHODFLRQHV HQWUH
DFWRUHV GH &- TXH FDVL H[FOXVLYDPHQWH H[LVWHQ HQ HO
VHQWLGR 6XU1RUWH (VWH WLSR GH RULHQWDFLyQ SDUHFH
QRFRQVLGHUDURQRGHMDUHVSDFLRDODHPHUJHQFLDGH
ODVUHODFLRQHV6XU6XU(QHVWHVHQWLGRODFUHDFLyQ\
HO GHVDUUROOR GH PHUFDGRV ORFDOHV HQ ÇIULFD DSDUHFH
FRPRXQSULPHUSDVRSDUDUHGLUHFFLRQDUODVUHODFLR
QHVHQWUHDFWRUHVGHO&-
2WUD OLPLWDFLyQ GHO &- HQ ÇIULFD HV OD LGHQWLILFDFLyQ IUH
FXHQWHSRUSDUWHGHORVJUXSRVSURGXFWRUHVHQWUH&-\
SUHFLRMXVWR(VQHFHVDULRUHSHQVDUORTXHÇIULFDTXLHUH
FRPRPRGHORGH&-DVtFRPRORVLPSDFWRVGHVHDGRVHQ
HOGHVDUUROORORFDOVRVWHQLEOH(VEDVWDQWHSUREDEOHTXH
OD GLILFXOWDG SRU SDUWH GH HVWRV JUXSRV GH HQWHQGHU \
DSURSLDUVHGHORVFULWHULRVGHO&-VXUMDGHODDSOLFDFLyQ
GHXQPRGHORHQHOFXDOORVDFWRUHVGHO6XUQRKDQSDU
WLFLSDGR QL FRQWULEXLGR D VX HODERUDFLyQ 'H KHFKR HQ
OD PD\RUtD GH ORV FDVRV ORV DFWRUHV GHO 6XU VH KDQ LGR
DGDSWDQGRDHVWHPRGHOR´LPSRUWDGRµSRUODQHFHVLGDG
GHDSURYHFKDUODVRSRUWXQLGDGHVTXHRIUHFHHOPHUFDGR
\ODYHQWDDXQPHMRUSUHFLR
)UHQWH D ODV P~OWLSOHV H[LJHQFLDV GH ORV FRQVXPLGRUHV
GHO1RUWHHQFXDQWRDODFDOLGDGGHORVSURGXFWRVGHODV
DJHQFLDV GH FHUWLILFDFLyQ HQ FXDQWR DO UHVSHWR GH ORV
HVWiQGDUHV\DVHDSRUSDUWHGHODVHPSUHVDVLPSRUWDGR
UDVWRVWDGRUDVHWFHVWRVJUXSRVGHO6XUVHHQFXHQWUDQ
LQHYLWDEOHPHQWH HQ XQD VLWXDFLyQ GH SUHVLyQ H LPSRWHQ
FLD SRU OR TXH KDFHQ RtU VX SUHRFXSDFLyQ \ H[SUHVDQ GH
PDQHUD FUHFLHQWH OD QHFHVLGDG GH TXH VXV GLILFXOWDGHV \
QHFHVLGDGHVVHDQFRQVLGHUDGDV
'XUDQWH\ODVUHGHVGHRUJDQL]DFLRQHVSURGXF
WRUDVDIULFDQDV$)1\GH$PpULFD/DWLQD&/$&SODQWHD
URQODQHFHVLGDGGHUHYLVDUORVFRVWHVHOHYDGRVHQPDWHULD
GH FHUWLILFDFLyQ D )DLU 7UDGH /DEHOOLQJ 2UJDQL]DWLRQ )/2
TXH WDPSRFR OHV JDUDQWL]D OD SRVLELOLGDG GH YHQGHU HO
SURGXFWR XQD YH] FHUWLILFDGR (O FRVWH HOHYDGR OD IDOWD
GH FDQDOHV VLPpWULFRV HQ ODV HVWUXFWXUDV GH SRGHU DVt
FRPRHQORVLQVWUXPHQWRVGHGLIXVLyQGHODLQIRUPDFLyQHQ
RUJDQLVPRV FRPR )/2 SDUHFHQ FRQWUDVWDU FRQ HO LGHDULR
VXSXHVWDPHQWHWUDQVIRUPDGRU\GHPRFUiWLFR\GHVROLGD
ULGDGGHODVLQLFLDWLYDVTXHSURPXHYHQHO&-/DVSURSXHV
WDV GH ORV SHTXHxRV SURGXFWRUHV IXHURQ HVSHFLDOPHQWH
H[LWRVDVHQFXDQWRDODUHYLVLyQGHODVRVWHQLELOLGDGHFRQy
PLFDLPSXHVWDSRUHOUHTXHULPLHQWRRUJiQLFRGHO&-
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀ ฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
$GHPiV KD\ TXH VHxDODU TXH OD YLVLyQ GH ORV SHTXHxRV
SURGXFWRUHV GHO 6XU FRPR ´EHQHILFLDULRVµ GH ODV SUiF
WLFDVGH&-GHVGHHOSXQWRGHYLVWDGHORVFRQVXPLGRUHV
GHO 1RUWH QR D\XGD D UHGXFLU HO FRPSRQHQWH GH DVLV
WHQFLDOLVPR \ SDWHUQDOLVPR LQKHUHQWH D PXFKDV GH ODV
SUiFWLFDV GH &RRSHUDFLyQ ,QWHUQDFLRQDO DO 'HVDUUROOR
(VWD YLVLyQ QR D\XGD D OD FRQVWUXFFLyQ GH XQD HVWUXF
WXUD SDUWLFLSDWLYD LJXDOLWDULD \ GHPRFUiWLFD TXH HQ ORV
yUJDQRVGHWRPDGHGHFLVLRQHVWDQWRHQODVHVWUXFWXUDV
GHODVFRRSHUDWLYDVIUHQWHDVXVXQLRQHVFRPRGHpVWDV
HQORVRUJDQLVPRVFHUWLILFDGRUHVSXHGHVHUXQIDFWRUGH
HPSRGHUDPLHQWR
3HUR IUHQWH D HVWD PXOWLWXG GH DFWRUHV KDFH IDOWD
YHU FRPR VH SODQWHDQ ORV FRQFHSWRV GH SDUWLFLSDFLyQ
HPSRGHUDPLHQWR HQIRTXH GH JpQHUR HWF 7RGRV HVWRV
FRQFHSWRV VH FUX]DQ HQ OD LQWHUDFFLyQ GH WDO IRUPD
TXHHOGLVFXUVRWHyULFRKDGHWHQHUXQDDSOLFDFLyQUHDO
DO FRQWH[WR SDUD TXH VHD GXUDGHUD 3RU HVWD UD]yQ
HV LQGLVSHQVDEOH IRPHQWDU FDQDOHV \ PHFDQLVPRV GH
SDUWLFLSDFLyQ TXH SHUPLWDQ FRQVWUXLU GHVGH DEDMR
FRQVLGHUDQGRODUHDOLGDGKLVWyULFD\VRFLRFXOWXUDOGHOD
JHQWH6LELHQHVYHUGDGTXHHOLGHDULRGHORVFRQFHSWRV
GH &- SRGUtD WHQHU XQ FDUiFWHU XQLYHUVDO VX DSOLFDEL
OLGDG WLHQH TXH LQFRUSRUDU OD DGDSWDFLyQ DO FRQWH[WR
HVSHFtILFR
(O &RPHUFLR -XVWR FRPR LQVWUXPHQWR SDUD FRPED
WLU ODV GHVLJXDOGDGHV 1RUWH6XU GHEHUtD IRFDOL]DUVH
HQ ODV HVWUDWHJLDV SDUD UHIRU]DU ODV FDSDFLGDGHV GH
ORV SHTXHxRV SURGXFWRUHVDV \ VXV RUJDQL]DFLRQHV
7DPELpQ WHQGUtD TXH WUDEDMDU SDUD PHMRUDU HO DFFHVR
HTXLWDWLYR D ORV UHFXUVRV QDWXUDOHV SURGXFWLYRV \ D OD
WHFQRORJtD DVt FRPR SHQVDU PDQHUDV SDUD PHMRUDU HO
DFFHVRDORVVHUYLFLRVILQDQFLHURV\DORVPHUFDGRV3RU
WDQWR ODV LQVWLWXFLRQHV \ HVSHFLDOPHQWH ORV JRELHUQRV
DIULFDQRV GHEHUtDQ HVWDU FRRUGLQDGRV H LQFRUSRUDU
ORV SULQFLSLRV SROtWLFRV GHO &- HQ VXV QHJRFLDFLRQHV
FRQ OD 8( HQ HO PDUFR GH ORV $FXHUGRV GH $VRFLDFLyQ
(FRQyPLFD (3$ \ GH OD 20& 'HEHUtDQ DVLPLVPR GDU
YLVLELOLGDGDO&-FRPRPRWRUGHOGHVDUUROORORFDOLQFRU
SRUiQGROR HQ OtQHDV GH SROtWLFDV S~EOLFDV DO VHUYLFLR GH
ODJHQWH
&RQFOXVLRQHV
(VLQQHJDEOHTXHHOPRYLPLHQWRGH&-KDQDFLGRFRQODV
PHMRUHV LQWHQFLRQHV \ TXH GHVGH VX FUHDFLyQ SXHGH
UHSUHVHQWDU XQ SRWHQWH LQVWUXPHQWR GH GHVDUUROOR
SDUDODVRUJDQL]DFLRQHVSURGXFWRUDVGHO6XUDWUDYpV
GHODDSOLFDFLyQGHOSULQFLSLR´7UDGHQRW$LGµJUDFLDVD
ORVYDORUHVTXHSURPXHYHFRPRODLJXDOGDGGHJpQHUR
OD SDUWLFLSDFLyQ HO HPSRGHUDPLHQWR OD VRVWHQLELOLGDG
PHGLRDPELHQWDO HWF < HV LQQHJDEOH TXH HO &- HV PiV
DSURSLDGR TXH HO FRPHUFLR FRQYHQFLRQDO SRU DEDUFDU
ODV P~OWLSOHV GLPHQVLRQHV GH OD YLGD KXPDQD PiV DOOi
GH XQD PHUD SHUVSHFWLYD HFRQyPLFD 1R REVWDQWH ODV
EXHQDVLGHDVVRQGLItFLOHVGHDSOLFDU\ODVLPSOLFDFLRQHV
\SUiFWLFDVGHO&-FRPRHQFXDOTXLHURWURiPELWRSXH
GHQ FRQOOHYDU SUREOHPDV FRQWUDGLFFLRQHV GHELOLGDGHV
\IDOORV
3HUR FUHHPRV TXH D SHVDU GH ORV OtPLWHV \ SUREOHPDV
GHVWDFDGRV HV QHFHVDULR H[SRQHU QXHVWUD SRVWXUD
&UHHPRVTXHHO&-WLHQHPXFKDVSHUVSHFWLYDVSRVLWLYDV
\HVSHUDQ]DGRUDVSDUDHOIXWXUR\HVWDPRVFRQYHQFLGRV
GHTXHHOPRPHQWRGHUHGHILQLFLyQDODVUHDOLGDGHVHVSH
FtILFDV GH ORV SULQFLSLRV \ FULWHULRV GHO &- TXH VH HVWi
YLYLHQGRVyORSXHGHVHUSRVLWLYR\HVWLPXODQWHSDUDTXH
HOPRYLPLHQWRFUH]FDVHFRQVROLGH\VHDD~QPiVSDUWL
FLSDWLYRMXVWR\VRVWHQLEOH
3RU HMHPSOR HO VLVWHPD GH IXQFLRQDPLHQWR \ ODV UHOD
FLRQHV TXH H[LVWHQ HQWUH ODV FRRSHUDWLYDV GH EDVH
SULPHU QLYHO R 3ULPDU\ 6RFLHWLHV \ ODV 8QLRQHV GH
FRRSHUDWLYDVQRHVXQVLVWHPDDXWyFWRQR\HQGpPLFR
VLQR TXH HV HO UHVXOWDGR GH OD RUJDQL]DFLyQ LPSXHVWD
SDUD PHMRUDU OD HILFLHQFLD HQ OD H[SRUWDFLyQ PDVLYD
GH PDWHULDV SULPDV KDFLD HO 1RUWH DSR\DGD HQ XQD
HVWUXFWXUD PX\ MHUiUTXLFD 3HUR HO KHFKR GH TXH ODV
FRRSHUDWLYDV Vt UHIOHMHQ HVWUXFWXUDV PiV WUDGLFLRQD
OHV\DXWyFWRQDVGHRUJDQL]DFLyQHVXQLQFHQWLYRSDUD
TXHQD]FDXQWpUPLQRPHGLRHQWUHHVWRVGRVPRGHORV
\SDUDTXHORVDFWRUHVLQYROXFUDGRVEXVTXHQDOWHUQD
WLYDV SDUWLFLSDWLYDV \ GHPRFUiWLFDV GHQWUR GH HVWDV
HVWUXFWXUDV SDUD DSURSLiUVHODV GH OD IRUPD PiV
DGHFXDGD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
2WUR DVSHFWR SRVLWLYR TXH SRGHPRV GHVWDFDU VHUtD SRU
HMHPSORODIXQFLyQGHODVLQFLSLHQWHVUHGHVGHUHSUHVHQ
WDFLyQ GH SURGXFWRUHV D QLYHO FRQWLQHQWDO FRPR &2)7$
R$)1TXHGHGLFDGDVDODSR\R\DODFDSDFLWDFLyQGHORV
SURGXFWRUHVGH&-SXHGHQHMHUFHUXQFRQWUDSXQWRDODV
HVWUXFWXUDVDYHFHVMHUiUTXLFDVGHODVXQLRQHVGHFRR
SHUDWLYDV/DH[LVWHQFLDGHXQDUHGIXHUWHLQWHUQDFLRQDO
SHUR SDUWLFLSDWLYD SXHGH MXJDU XQ SDSHO GHWHUPLQDQWH
D OD KRUD GH IDYRUHFHU ORV GHEDWHV VREUH ORV FULWHULRV
%LEOLRJUDItD
$GHGHM$GHED\R´3ROLWLTXHVG·DMXVWHPHQW
VWXFWXUHOHQ$IULTXHµHQ5HYLVWD,QWHUQDFLRQDOGH
&LHQFLDV6RFLDOHV
6HWHP (O&RPHUFLR-XVWRHQ(VSDxD
,FDULD(GLWRULDO
%DIIHV-RKQ´7DQ]DQLD·VFRIIHHVHFWRU
FRQVWUDLQWVDQGFKDOOHQJHLQDJOREDOHQYLURQPHQWµ
HQ$IULFD:RUNLQJ3DSHU6HULHV
'LRXI(O+DGML´/·20&HWOHV$3(
SHXYHQWLOVUHQGUHOHFRPPHUFHSOXVpTXLWDEOH
SRXUO·$IULTXH"µ&HQWUH,QWHUQDWLRQDOSRXUOH
'pYHORSSHPHQW'XUDEOH*LQHEUD
'XERLV3DEOR´20&&RPPLWWHHRQWUDGH
DQGGHYHORSPHQW&RIIHHLQWKHODVW\HDUVµ
,QIRUPH*LQHEUD
),'$´(UUDGLFDFLyQGHODSREUH]DUXUDOGHVD
ItRV\RSRUWXQLGDGHVµHQ&DSLWXOR),'$
/DWRXFKH6HUJH /DRWUDÇIULFD$XWRJHVWLyQ
\DSDxRIUHQWHDOPHUFDGRJOREDO(G2R]HEDS
1DWKDQVRQ-HDQ0LFKHO´/DVXVSHQVLRQ
GHVQpJRFLDWLRQVGH'2+$PDUTXHXQSUHPLHUSDV
YHUVGHVUpJOHVGpGLpHVDXGpYHORSSHPHQWHWDX[
GURLWVµHQ(YDOXDWLRQGHODSDXYUHWpUXUDOH$IULTXH
RULHQWDOHHWFHQWUDOH),'$
ORFDOHVGHRUJDQL]DFLyQ\GHHFRQRPtDVRFLDO(VWRVFUL
WHULRV XQD YH] GHVDUUROODGRV \ DGRSWDGRV SRU ORV SUR
GXFWRUHV \ ODV SURGXFWRUDV D QLYHO ORFDO SRGUiQ HQWUDU
FRQWRGRVXSHVR\OHJLWLPLGDGHQORVHVSDFLRVGHGHEDWH
GHO1RUWH\UHWRPDUHOFRPSRQHQWHGHSUHVLyQHLQFLGHQ
FLDSROtWLFDIUHQWHDVXVSURSLRVJRELHUQRVHQHO6XUSDUD
PHMRUDU ODV FRQGLFLRQHV GH ORV DFXHUGRV FRPHUFLDOHV
H[LVWHQWHV
1HJUDR-RVp &HPDQRVGHHFRQRPLDGD
IDPLOLDUXUDODIULFDQD&ROHFFLyQ,GHQWLGDGHV(G
3URPpGLD
2,& 5DSSRUWVXUOHPDUFKpGXFDIpGH
O·RUJDQLVDWLRQLQWHUQDWLRQDOHGXFDIp2UJDQL]DFLyQ
,QWHUQDFLRQDOGHO&DIp/RQGUHV
2,& 5HVXPHQGHOLQIRUPHGHVDUUROORVRVWHQL
EOHHQÇIULFDDXVWUDOGHODRUJDQL]DFLyQLQWHUQDFLR
QDOGHGHFDI
QDOGHGHFDI2,&/RQGUHV
7DQ]DQLD&RIIHH8SGDWH5HSRUW 7DQ]DQLD
8QLWHG5HSXEOLFRIFRIIHH*OREDO$JULFXOWXUH
,QIRUPDWLRQ1HWZRUN1DLUREL
ZZZHIWDIDLUWUDGHRUJ
ZZZHDIFDRUJLQGH[DVS
ZZZIDLUWUDGHQHW
ZZZIDLUWUDGHDIULFDRUJV\QWKHVHSKS
ZZZHTXDOH[FKDQJHFRP
ZZZJGUFRUJLFPVSDQLVKILGDKWPO
ZZZZWRRUJVSDQLVKUHVBVVWDWLVBVLWVBVLWVB
E\UHJLRQBVKWP
ZZZLFRRUJ
ZZZIRUXPFDIHFRP
ZZZPD[KDYHODDUFRPIUIRUXPSKS
ZZZHXURVXURUJ()7$D]XFDUKWPO
ZZZVHOORFRPHUFLRMXVWRRUJHVSURGXFWRVSKS"LG _&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'HVDUUROODUSUiFWLFDVGH
&RPHUFLR-XVWRHQ6HQHJDO
$EGRXUDKPDQH*XH\H
฀
(1'$7LHUV0RQGH6HQHJDO
'HVGH VX FUHDFLyQ HQ HQ 'DNDU (1'$ 70 0HGLR
$PELHQWH 'HVDUUROOR \ $FFLyQ 7HUFHU 0XQGR HVWi
FRPSURPHWLGD FRQ ORV JUXSRV GH EDVH HQ OD E~VTXHGD
\ SXHVWD HQ PDUFKD GH XQ GHVDUUROOR DOWHUQDWLYR (1'$
WRPD FRPR OtQHD SULQFLSDO GH DFWXDFLyQ OD OXFKD FRQWUD
ODSREUH]D6XFRPSURPLVRMXQWRDORVPiVYXOQHUDEOHV
DSDUWLUGHVXVH[SHULHQFLDV\HQIXQFLyQGHVXVREMHWL
YRV HVWi HQFDPLQDGR D SURPRYHU XQ PXQGR VROLGDULR
\ HQ SD] UHVSHWXRVR FRQ ORV GHUHFKRV FRQ OD MXVWLFLD
VRFLDO\FRQODGLYHUVLGDGFXOWXUDOGRQGHORVUHFXUVRVVH
UHSDUWDQGHIRUPDMXVWD\VHDQDGPLQLVWUDGRVWHQLHQGR
HQFXHQWDHOLQWHUpVGHWRGDVODVJHQHUDFLRQHV
6XDFWXDFLyQHQGLVWLQWRVFRQWLQHQWHVHQHOiPELWRUXUDO
\ XUEDQR HVWi PDUFDGD SRU XQD LQTXLHWXG SHUVLVWHQWH
XQLUUHIOH[LyQ\DFFLRQHVFRQFUHWDVHQHOWHUUHQR\SUR
PRYHUODH[SUHVLyQGHORVSXQWRVGHYLVWDGHO6XUVREUH
ODVJUDQGHVFXHVWLRQHVGHOGHVDUUROOR
(OLQWHUpVGH(1'$SRUHO&RPHUFLR-XVWR&-VHHQPDU
FD GHQWUR GH HVWD E~VTXHGD GH DOWHUQDWLYDV \ SRQH GH
PDQLILHVWRODVGLIHUHQWHVIDFHWDVTXHFRQIRUPDQODVLQ
JXODULGDGGHVXDFWXDFLyQ
(Q6HQHJDO(1'$DFRPSDxDGHVGHKDFHDxRVDORVJUXSRV
DJULFXOWRUHVGH'LHQGHUHQODV]RQDVGHORV1LD\HVHQXQ
SURFHVRGHSURGXFFLyQDJUtFRODELROyJLFD\HQODUHJLyQGH
.RXVVDQDUDOVXGHVWHGHOSDtVDORVSURGXFWRUHV\WUDQV
IRUPDGRUHVGHDOJRGyQ\GHIRQLRELROyJLFRV\MXVWRV
/RVDxRVGHSURGXFFLyQGHHVIXHU]RVGLDULRVSDUDHQIUHQ
WDUVH D ORV UHTXLVLWRV UHODFLRQDGRV FRQ HO PHUFDGR ELROy
JLFR\ODVGLILFXOWDGHVHQFRQWUDGDVSRUORVSURGXFWRUHVHQ
VXV WUiPLWHV GH FHUWLILFDFLRQHV KDQ SHUPLWLGR XQ DYDQFH
UHDO HQ HVWD E~VTXHGD GH DOWHUQDWLYDV /D )HGHUDFLyQ
<DNDDU1LDQL:XOOLTXHIRUPDSDUWHGH(1'$HQOD]RQDGH
.RXVVDQDU HV OD SULPHUD DVRFLDFLyQ SURGXFWRUD GH DOJR
GyQELROyJLFR\MXVWRGH6HQHJDO\FRQVWDWDTXHVXHQWUDGD
HQORVWUiPLWHVGHFHUWLILFDFLyQGH&-KDWHQLGRXQLPSDFWR
SRVLWLYRVREUHVXRUJDQL]DFLyQVRFLDO
(QWUHWDQWR\FRQWUDULDPHQWHDORTXHVHSRGtDHVSHUDU
ORV SHTXHxRV JUXSRV GH SURGXFWRUHV FRPSURPHWLGRV
FRQ (1'$ WHQtDQ OD VHQVDFLyQ GH TXH OD H[SHULHQFLD GHO
&- TXH KDEtDQ YLYLGR KDVWD HO PRPHQWR WRGDYtD QR OHV
SHUPLWtDWHQHUFRPSUHQVLyQGHORVFLUFXLWRVQLLQIOXHQFLD
VREUH ODV FRQGLFLRQHV GH DFFHVR D ORV PHUFDGRV &RPR
(1'$ HVWDEDQ FRQYHQFLGRV GH TXH ODV FXHVWLRQHV GH
IRQGR HVWDEDQ PX\ SUHVHQWHV \ TXH GHVSXpV GH WRGRV
DTXHOORVDxRVGHWUDEDMRVHQFLOODPHQWHKDEtDQOOHJDGRDO
FHQWURGHOSUREOHPD
(O SURFHVR GH ©GHVDUUROODU SUiFWLFDV GH &-ª DFWXDO
PHQWHHQPDUFKDHQ6HQHJDOSRULQLFLDWLYDGH(1'$\GH
VXV FRODERUDGRUHV VXIULy UHWUDVRV GHVGH VX LQLFLR HQ
QRYLHPEUHGH
$SURYHFKDQGR OD RSRUWXQLGDG GHO ©'DNDU ª PDQL
IHVWDFLyQ LQWHUQDFLRQDO GHGLFDGD D OD HFRQRPtD VRFLDO
\ VROLGDULD RUJDQL]DGD SRU OD 5HG ,QWHUFRQWLQHQWDO GH
3URPRFLyQ GH OD (FRQRPtD 6RFLDO \ 6ROLGDULD 5,3(66
GHODFXDO(1'$HVPLHPEUR(1'$KDEtDRUJDQL]DGRXQ
WDOOHU GH UHIOH[LyQ VREUH HVWD WHPiWLFD FRQ HO REMHWLYR
GHFRPSDUWLUORVLQWHUURJDQWHV\ODVSUHRFXSDFLRQHVGH
ORVSURGXFWRUHVFRQORVTXHWUDEDMDMXQWRDXQJUXSRGH
H[SHUWRV \ RUJDQL]DFLRQHV GHO 1RUWH \ GHO 6XU UHXQLGDV
HQ'DNDUSDUDHVWHJUDQDFRQWHFLPLHQWR
/RV LQWHUFDPELRV IXHURQ SURGXFWLYRV SXVLHURQ FOD
UDPHQWH GH PDQLILHVWR TXH QR WRGRV ORV SDUWLFLSDQWHV
WHQtDQ OD PLVPD SHUFHSFLyQ QL ODV PLVPDV H[SHFWDWLYDV
฀
฀
฀
฀
฀
฀ ฀
UHVSHFWRDO&-\TXHODIDOWDGHXQDGHILQLFLyQUHFRQRFLGD
SRU WRGRV FUHy FRQIXVLyQ D QLYHO GH ORV GLIHUHQWHV DFWR
UHV &ODUDPHQWH DOJXQDV SUiFWLFDV VH GHILQtDQ FRPR GH
&-\VHSODQWHDEDXQSUREOHPDGHFLUFXODFLyQGHODLQIRU
PDFLyQ UHIHULGD D ORV PRGHORV GH DGKHVLyQ HQ HVWH WLSR
GH FRPHUFLR GH VX FRQWURO \ VX YHULILFDFLyQ 3RU ~OWLPR
GLIHUHQWHV WHVWLPRQLRV GHMDEDQ HQWUHYHU TXH ORV FRVWHV
GH FHUWLILFDFLyQ UHVXOWDEDQ WDQ HOHYDGRV TXH OD PD\RUtD
GH ORV SURGXFWRUHV DIULFDQRV QR SRGtDQ DVXPLUORV 3RU
RWUR ODGR ORV SURGXFWRV GH &- TXHGDEDQ SUiFWLFDPHQWH
GHVWLQDGRVVyORDORVPHUFDGRVGHO1RUWH
/D FRQVWDWDFLyQ UHVXOWDQWH GH HVWRV LQWHUFDPELRV IXH
WDMDQWH HO &- WDO \ FRPR IXQFLRQDED QR IDYRUHFtD D ORV
SHTXHxRV SURGXFWRUHV HVSHFLDOPHQWH D ORV DIULFDQRV
TXH GHEtDQ VHU ORV SULQFLSDOHV EHQHILFLDULRV 7DPSRFR
EHQHILFLDED D ORV FRQVXPLGRUHV ORFDOHV TXH QR WHQtDQ
DFFHVR D ORV SURGXFWRV $GHPiV HPSH]y D VXUJLU XQ
WHPRU HO GH YHU DO &- DOHMDUVH GH VXV REMHWLYRV \ VXIULU
ORVPLVPRVIDOORVTXHORVDWULEXLGRVDOFRPHUFLRFRQYHQ
FLRQDODFHUFiQGRVHDODVJUDQGHVHPSUHVDVTXHSULRUL
]DQODE~VTXHGDGHOEHQHILFLR
$ SHVDU GH WRGR GH HVDV KRUDV GH GHEDWH VXUJLy XQD
FRQYLFFLyQPX\IXHUWHHO&RPHUFLR-XVWRWDQWRSRUVXV
REMHWLYRV FRPR SRU ODV DFWXDFLRQHV DGRSWDGDV SRGUtD
FRQVWLWXLU XQD DOWHUQDWLYD DO HPSREUHFLPLHQWR GH ORV
SURGXFWRUHV DIULFDQRV VL HVWXYLHUD ELHQ DSOLFDGR /D
FRQYLFFLyQ GH (1'$ \ GH ODV RUJDQL]DFLRQHV FRQ ODV TXH
WUDEDMDVDOtDUHIRU]DGDVHWUDWDEDGHSURIXQGL]DUFRQ
ODD\XGDGHODFRRSHUDWLYD&RQVHMR7XNNLVRFLRHXURSHR
HQ XQD QXHYD SUiFWLFD GH &- TXH LQFRUSRUDVH QXHYDV
IRUPDVGHLQWHUFDPELR
/DLPSOLFDFLyQGHXQD
JUDQGLYHUVLGDGGHDFWRUHV
+DEtD QDFLGR XQ SURFHVR EDVDGR HQ OD E~VTXHGD GH
DFWXDFLyQ \ HQ OD JHVWLyQ SDUWLFLSDWLYD 6X REMHWLYR
UHYLVDU HO FRQFHSWR GH &- FRQ ORV FRODERUDGRUHV ORFD
OHV \ GHVDUUROODU SUiFWLFDV SRUWDGRUDV GH GHVDUUROOR
GXUDGHUR SDUD ODV SREODFLRQHV GH 6HQHJDO SHUPLWLHQGR
YDORUDUORVUHFXUVRV\ORVPHGLRVORFDOHVGHSURGXFFLyQ
DVtFRPRODVGHPDQGDVGHORVSDtVHVGHO6XUDIDYRUGH
XQDVQXHYDVSUiFWLFDVPiVMXVWDVHQHOFRPHUFLRLQWHU
QDFLRQDO
(OSURFHVRHPSH]ySRUXQDQiOLVLVGHODVLWXDFLyQGHORV
DFWRUHV GH &- HQ 6HQHJDO LQYLWiQGROHV D XQD VHULH GH
HQFXHQWURV RUJDQL]DGRV HQ 7KLHV 0ERXU \ 'DNDU FRQ
YLVWDVDUHSODQWHDUODSUREOHPiWLFDGHO&-HQVXJORED
OLGDG
$GHPiV GH ODV RUJDQL]DFLRQHV GH EDVH FRQ ODV TXH \D
WUDEDMDEDQ ODV HQWLGDGHV GH (1'$ XQ FLHUWR Q~PH
UR GH DJUXSDFLRQHV \ DVRFLDFLRQHV GH *,( *UXSR
GH ,QWHUpV (VSDxRO HQ 3REODFLyQ 'HVDUUROOR \ 6DOXG
5HSURGXFWLYD \ GH RWUDV RUJDQL]DFLRQHV \ RUJDQLV
PRVHVWDWDOHVGHFLGLHURQWRPDUSDUWHHQHVWHSURFH
VRHPHUJHQWH
6H FRQVWLWX\y XQ JUXSR TXH TXHGDED DELHUWR OODPDGR
´*UXSRGH&RQFHUWDFLyQµTXHGHVGHHQWRQFHVVHHQFDU
JDGHODUHIOH[LyQ\WRPDGHGHFLVLRQHV+R\GtDFHUFDGH
FXDUHQWDRUJDQL]DFLRQHVIRUPDQSDUWHGHODVDFWXDFLR
QHVHQFXUVR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
5HVXOWDGRVLPSRUWDQWHV
DQLYHOQDFLRQDO
7UDV YDULRV PHVHV GH WUDEDMR GRV LPSRUWDQWHV LQV
WUXPHQWRV KDQ SRGLGR VHU HODERUDGRV SRU HO *UXSR GH
&RQFHUWDFLyQ UHDJUXSDQGR D (1'$ 7XNNL DOJXQRV SUR
GXFWRUHV\WUDQVIRUPDGRUHV21*\YDULDVDVRFLDFLRQHV
DVtFRPRDORVFRQVXPLGRUHV\HVWUXFWXUDVHVWDWDOHVD
QLYHO QDFLRQDO 6H WUDWD GH XQD SODWDIRUPD GH YDORUHV \
XQDGHFODUDFLyQGHFRPSURPLVRFRQHO&-
)UXWRGHXQWUDEDMRGHDFXHUGR\GHUHIOH[LyQSURIXQGD
VREUHORVYDORUHVTXHHVWiQHQODEDVHGHQXHVWURFRP
SURPLVR OD UHGDFFLyQ GH HVWD 3ODWDIRUPD GH 9DORUHV
SHUPLWHHQWHQGHUPHMRUORVYDORUHVGHO&-WDO\FRPRVH
HQWLHQGHQHQ6HQHJDOHLQWHJUDUODYLVLyQTXHORVDFWRUHV
QDFLRQDOHVSLHQVDQDSRUWDUDOGHEDWHVREUHHVWHWLSRGH
FRPHUFLR /D 3ODWDIRUPD DERUGD FXHVWLRQHV VRFLDOHV
GHPHGLRDPELHQWHHFRQyPLFDV\pWLFDV\KDFHEDODQFH
VREUHLGHDVHVHQFLDOHVFRPRODVGHSUHFLRMXVWRODFXHV
WLyQGHOWUDEDMRLQIDQWLO\ODGHJpQHURRODXWLOL]DFLyQGH
ORVSUHPLRVVRFLDOHVSDUDHOGHVDUUROORFRPXQLWDULR
(Q UHODFLyQ D OD FXHVWLyQ GHO ©WUDEDMRª GH ORV QLxRV \
QLxDV OD GHFODUDFLyQ VHQHJDOHVD PHQFLRQD TXH VH WUDWD
GH DEROLU OD H[SORWDFLyQ LQIDQWLO \ ODV SHRUHV IRUPDV GH
WUDEDMR SHUR UHFRQRFH TXH VH SXHGH WROHUDU HO WUDEDMR
GHORVQLxRV\GHODVQLxDVHQHOPDUFRGHODD\XGDIDPL
OLDU GHO DSUHQGL]DMH \R GH OD IRUPDFLyQ VRFLRFXOWXUDO
EDMRJDUDQWtDVHVSHFtILFDV9HU$QH[R,,,
5HIHUHQWH D OD FXHVWLyQ GHO SUHFLR MXVWR ORV GLIHUHQWHV
DFWRUHVKDQDILUPDGRTXHVXILMDFLyQGHEHUtDVHUGLULJLGD
SRU ORV SULQFLSLRV GH WUDQVSDUHQFLD \ GH FRPXQLFDFLyQ
DFXHUGRHQWUHORVDFWRUHV4XHGHEHQWHQHUVHHQFXHQWD
ORV FRVWHV GH QRUPDOL]DFLyQFHUWLILFDFLyQ GH ORV SURGXF
WRV\VHUILMDGRVHQIXQFLyQGHORVIDFWRUHVGHSURGXFFLyQ
\ GH ORV EHQHILFLRV HVSHUDGRV SRU FDGD PLHPEUR GH OD
FDGHQD GH SURGXFFLyQ (VWR FRQOOHYD SXHV GHILQLU ORV
PiUJHQHVGHFDGDDFWRUGHODFDGHQDGLVSRQHUGHKHUUD
PLHQWDVPHWRGROyJLFDVSDUDWHQHUXQEXHQFRQRFLPLHQWR
GH ORV GLIHUHQWHV FRVWHV FRQVLGHUDU ODV IOXFWXDFLRQHV GH
ORVSUHFLRV\UHGXFLUORVLQWHUPHGLDULRV
8Q SUHFLR MXVWR VHUtD DQWH WRGR XQ SUHFLR TXH VHD MXV
WLILFDEOH HQ IXQFLyQ GH ORV FRVWHV GH FDGD XQR GH ORV
DFWRUHVLQYROXFUDGRVORTXHLPSOLFDWHQHUHQFXHQWDORV
FRVWHV VRFLDOHV PHGLRDPELHQWDOHV \ GH ORV PHGLRV GH
SURGXFFLyQ $Vt VHUtD QHFHVDULDPHQWH HO UHVXOWDGR GH
XQDFXHUGRFRQVWDQWHDWRGRVORVQLYHOHVGHODFDGHQDGH
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
SURGXFFLyQDOJRTXHYDFRQWUDORVSULQFLSLRVGHOD20&
6XILMDFLyQQHFHVLWDUtDFUHDUXQDUHODFLyQGHSUR[LPLGDG
HQWUHWRGRVORVDFWRUHVGHXQDPLVPDFDGHQD
(Q UHODFLyQ D ORV SUHPLRV R LQFHQWLYRV GHO &- DVXPLGRV
SRUORVFRQVXPLGRUHVKDQVLGRLQVWDXUDGRVSDUDD\XGDU
D ORV SURGXFWRUHV \ UHGXFLU ODV GHVLJXDOGDGHV VRFLDOHV
/DV FXHVWLRQHV HYRFDGDV GXUDQWH ODV GLIHUHQWHV VHVLR
QHVGHWUDEDMROOHYDURQDSODQWHDUVHODVVLJXLHQWHVFXHV
WLRQHV¢SRUTXpORVSUHPLRVQRVHDWULEX\HQDWRGRVORV
DFWRUHV GH OD FDGHQD GH SURGXFFLyQ" ¢&yPR JDUDQWL]DU
TXH ORV SUHPLRV HVWiQ FRUUHFWDPHQWH UHSDUWLGRV HQWUH
ODVSHUVRQDVSURGXFWRUDV"¢&yPRGHEHQXWLOL]DUVH"
$OJXQDVUHVSXHVWDV\DKDQVLGRIRUPXODGDVVLELHQHQFLHU
WDVFXHVWLRQHVWRGDYtDVHGHEHSURIXQGL]DU8QSULQFLSLRTXH
KDVLGRHVWDEOHFLGRHVTXHORVSUHPLRVSXHGHQVHUDWULEXL
GRVWDQWRDORVJUXSRVSURGXFWRUHVFRPRDORVDUWHVDQRVR
WUDQVIRUPDGRUHV TXH VRQ WDPELpQ DFWRUHV GHO GHVDUUROOR
VRFLDO ORFDO 'HEHQ VHU JHVWLRQDGRV GH IRUPD WUDQVSD
UHQWH \ ORV EHQHILFLDULRV GH ORV SUHPLRV GHEHQ PDQWHQHU
LQIRUPDGRV D ORV FRQVXPLGRUHV GH VX XWLOL]DFLyQ \ GH VX
LPSDFWR(VQHFHVDULRFUHDUXQPHFDQLVPRGHVHJXLPLHQWR
GHO UHFRUULGR GH ORV SUHPLRV TXH GHEHUiQ VHU JHVWLRQDGRV
GHPDQHUDDXWyQRPDGHPRFUiWLFD\WUDQVSDUHQWHSRUODV
RUJDQL]DFLRQHVSURGXFWRUDVSDUDVHUYLUDOLQWHUpVFROHFWLYR
)LQDOPHQWH VH KD FRQVLGHUDGR TXH ORV SUHPLRV GHEtDQ VHU
PDQWHQLGRVEDMRFRQWURO\UHHYDOXDGRVFDGDDxRDVtFRPR
HOSUHFLRPtQLPRHQHOTXHHVWpQLQFOXLGRV
)UXWRGHXQDxRGHLQYHVWLJDFLyQ\DFFLyQHQWUHGLIHUHQ
WHV DFWRUHV GH &- HQWLGDGHV GH (1'$ 7HUFHU 0XQGR
FRRSHUDWLYD &RQVHMR 7XNNL SURGXFWRUHV DUWHVDQRV
WUDQVIRUPDGRUHV FRQVXPLGRUHV HVWUXFWXUDV HVWDWD
OHV RUJDQL]DFLRQHV GH DSR\R QDFH OD 'HFODUDFLyQ GH
&RPSURPLVR FRQ HO &- TXH FRQVWLWX\H XQ FRQMXQWR GH
SULQFLSLRVJHQHUDOHVTXHVRQODEDVHGHOFRPSURPLVRGH
ORVGLIHUHQWHVDFWRUHVGHO&RPHUFLR-XVWRHQ6HQHJDO
&RQ HO REMHWLYR GH SURPRYHU ORV YDORUHV ORFDOHV DIUL
FDQRV GHQWUR \ KDFLD HO &- \ FRQFHELGD SDUD VHU XQD
KHUUDPLHQWDTXHSHUPLWDXQDPHMRUDGHODMXVWLFLDHVWD
GHFODUDFLyQ FRQWLHQH FLQFR FRPSURPLVRV SULPRUGLDOHV
XQFRPSURPLVRFRQHO&-XQDEDVHpWLFDXQFRPSURPL
VRVRFLDOXQFRPSURPLVRFRQHOPHGLRDPELHQWH\XQDV
SUiFWLFDVHFRQyPLFDV
'LFKD GHFODUDFLyQ KD VLGR GDGD D FRQRFHU \ YDOLGDGD
D QLYHO QDFLRQDO HQ RFWXEUH DQWH OD SUHVHQFLD GH
ORV UHSUHVHQWDQWHV GH ORV 0LQLVWHULRV GH &RPHUFLR
,QGXVWULD \ $UWHVDQDGR DVt FRPR HO GH 6DOXG \ 3UH
YHQFLyQ 0pGLFD -XVWR GHVSXpV VH KD SUHVHQWDGR D
QLYHO DIULFDQR H LQWHUQDFLRQDO GXUDQWH HO 6,$2 6DOyQ
,QWHUQDFLRQDO GH $UWHVDQLD GH 2XDJDGRXJRX \ HQ HO
)RUR 6RFLDO 0XQGLDO )60 GH 1DLUREL HQ HQHUR 'HVGH HQWRQFHV HO SURFHVR VHQHJDOpV FXHQWD FRQ XQD
FLHUWD DXGLHQFLD \ FRQVWLWX\H XQ HOHPHQWR PRWRU GH XQ
SURFHVRUHJLRQDOOOHYDGRDFDERSRUXQ´JUXSRDIULFDQRµ
FRQVWLWXLGR HQ 2XDJDGRXJRX SDUD OD FUHDFLyQ GH XQD
3ODWDIRUPD$IULFDQDGH&-
3XHVWDHQPDUFKDGH
SURGXFFLRQHVSLORWR©MXVWDVª
\GHXQVLVWHPDGHJDUDQWtD
/RV GLIHUHQWHV DFWRUHV FRQVWLWX\HQWHV GHO SURFHVR LQL
FLDGRHQ6HQHJDOVHGLULJHQKR\KDFLDXQDVHJXQGDIDVH
GHODLQLFLDWLYDGHVDUUROODUSUiFWLFDVGH&-HQ6HQHJDO
(VWD IDVH GHEHUtD SHUPLWLU D ORV GLIHUHQWHV DFWRUHV
ORFDOHV VHQHJDOHVHV SURGXFWRUHV WUDQVIRUPDGRUHV
LQVWLWXFLRQHV DVRFLDFLRQHV FUHDU KHUUDPLHQWDV GH
LPSODQWDFLyQGHO&-TXHUHVSRQGDQDVXVQHFHVLGDGHV\
SRVLELOLGDGHV
(O SURFHVR HQ PDUFKD VH DSR\DUi VREUH XQ WUDEDMR
DUWLFXODGR HQ FXDWUR JUXSRV GH DFWLYLGDGHV GLYLVLyQ GH
DOJRGyQ\WH[WLOSURGXFFLyQ\WUDVIRUPDFLyQGHORVSUR
GXFWRV DJUtFRODV FXOWXUD \ YDORUL]DFLyQ GH ODV SODQWDV
PHGLFLQDOHV\UHFLFODMHVROGDGRUHV\HPSOHRVGHOIXHJR
< VH OOHYDUi D FDER FRQ GLIHUHQWHV DFWRUHV GHO WUDEDMR
GH FDPSR SURGXFWRUHV WUDVIRUPDGRUHV FRRUGL
QDGRV SRU HQWLGDGHV YLQFXODGDV D (1'$ TXH WUDEDMDQ
GHVGH KDFH DxRV VREUH HVWDV WHPiWLFDV HVSHFtILFDV 6H
HQFDUJDUiQGHLQLFLDUXQWUDEDMRSDUDODGHILQLFLyQGHXQ
PDUFRPHWRGROyJLFRDWUDYpVGHFXDWURSUR\HFWRVSLORWR
GH SURGXFFLyQ GH HVWDEOHFHU XQ VLVWHPD GH JDUDQWtD
FRQXQDLQVWLWXFLyQGHFRQWURODQLYHOQDFLRQDO\ODDGRS
FLyQGHXQVHOORGHUHFRQRFLPLHQWR
(OWUDEDMRGHORVSUy[LPRVDxRVGHEHUtDFRQGXFLUKDFLD
XQD FHUWLILFDFLyQ GH SURFHVRV \ DFWRUHV SUHVHQWHV HQ
WRGDV ODV HWDSDV GH OD SURGXFFLyQ GHVGH OD PDWHULD
SULPD DO SURGXFWR DFDEDGR \ TXH SHUPLWD UHXQLU D ORV
QXHYRV VRFLRV FRQ HO ILQ GH SDVDU GH XQD GLQiPLFD TXH
LPSOLFD XQ *UXSR GH &RQFHUWDFLyQ D OD FRQVWLWXFLyQ GH
XQDSODWDIRUPDQDFLRQDO
&RPHUFLR-XVWRKDFLD
XQDFHUWLILFDFLyQDIULFDQD
8QDVLJXLHQWHIDVHWHQGUiFRPRREMHWLYRSRGHULQIOXLUVREUH
ODV SROtWLFDV S~EOLFDV VH GHGLFDUi D WUDEDMDU OD D\XGD GH
ORV(VWDGRVSDUDHOGHVDUUROORGHO&-\DDVHJXUDUHODSR\R
HQ HO PDUFR GH ODV RUJDQL]DFLRQHV VXEUHJLRQDOHV SDUD
OD SXHVWD HQ PDUFKD GH GLVSRVLWLYRV \ PHFDQLVPRV TXH
SHUPLWDQ D\XGDU D ODV SHTXHxDV HPSUHVDV HQ WHPDV GH
DFFHVRDORVFUpGLWRVILVFDOL]DFLyQ\WDULIDVDGXDQHUDV
$ORODUJRGHHVWDIDVH(1'$VHJXLUiFRQVXODERUSDUD
UHIRU]DU ORV LQWHUFDPELRV \ ORV DFXHUGRV HQWUH LQLFLD
WLYDV QDFLRQDOHV D QLYHO UHJLRQDO \ FRQWLQHQWDO FRQVL
GHUDQGR TXH HV LPSRUWDQWH UHIRU]DU HO 6XU SDUD SRGHU
KDFHUVHRtUPHMRUWDPELpQHQHO1RUWH
6H WUDWDUi GH UHIOH[LRQDU FRQ DFWRUHV FRPR &2)7$ ,)$7
)DFHVGR%UDVLOHQWUHRWURVVREUHODVSRVLELOLGDGHVGHGHVD
UUROODUVLVWHPDVGHFHUWLILFDFLyQORFDOHVDIULFDQRVGHDFXHU
GRFRQODVUHDOLGDGHV\FRQGLFLRQHVH[LVWHQWHVGHDFHUFDUORV
GLIHUHQWHVSURFHVRVGHVDUUROODGRVHQHO6XUSDUDGHPRVWUDU
TXH VHUtD SRVLEOH LQVWDXUDU UHODFLRQHV LJXDOLWDULDV D QLYHO
6XU6XU\6XU1RUWHHLQWHQWDUGDUDHVWRVSURFHVRVXQFLHU
WRLPSDFWRHQPDWHULDGHFRPHUFLRLQWHUQDFLRQDO
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'RFXPHQWR$QH[R, ² 3UHVHQWDFLyQGH(1'$ 7LHUV0RQGH
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'RFXPHQWR$QH[R,,
'HFODUDFLyQGHFRPSURPLVRFRQHO&RPHUFLR-XVWRHQ6HQHJDO
3UHiPEXOR
(VWDGHFODUDFLyQHVHOUHVXOWDGRGHXQDxRGHLQYHVWL
JDFLyQ \ DFFLyQ FRQ (1'$ 70 \ VXV FRODERUDGRUHV GH
EDVH TXH VRQ SRU XQ ODGR ORV JUXSRV SURGXFWRUHV
DUWHVDQRV \ WUDQVIRUPDGRUHV \ SRU HO RWUR OD FRR
SHUDWLYD &RQVHMR 7XNNL ODV HVWUXFWXUDV HVWDWDOHV GH
6HQHJDOHQFDUJDGDVGHHVWHVHFWRURUJDQL]DFLRQHVQR
JXEHUQDPHQWDOHV TXH IDFLOLWDQ XQ PDUFR GH WUDEDMR \
DFRPSDxDPLHQWR\ORVFRQVXPLGRUHV\SHUVRQDVLQWH
UHVDGDVHQHOPRYLPLHQWRGH&RPHUFLR-XVWR
(VWD GHFODUDFLyQ HVWDEOHFH XQ FRQMXQWR GH SULQFLSLRV
JHQHUDOHVTXHHVWiQHQODEDVHGHOFRPSURPLVRGHORV
GLIHUHQWHVDFWRUHVGHO&RPHUFLR-XVWR&-
6HFRQVWLWX\HDOUHGHGRUGHXQDSODWDIRUPDGHYDORUHV
DIULFDQRV \ XQLYHUVDOHV DUWLFXODGD DOUHGHGRU GH YDOR
UHVVRFLDOHVPHGLRDPELHQWDOHVHFRQyPLFRV\pWLFRV
(VWD GHFODUDFLyQ HVWi FRQFHELGD SDUD WUDQVPLWLU HO
FRQFHSWRVHQHJDOpV\DIULFDQRGHO&RPHUFLR-XVWR
1XHVWURFRPSURPLVR
FRQHO&RPHUFLR-XVWR
(VWD GHFODUDFLyQ TXLHUH SURPRYHU ORV YDORUHV ORFDOHV
DIULFDQRVGHQWUR\KDFLDHO&-
'HEHVHUXQDKHUUDPLHQWDSDUDPHMRUDUODVUHODFLRQHV
1RUWH6XU
7HPiWLFDVGHLQWHUYHQFLyQ
&RQWULEXLUDORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLRHLUPiVDOOi
'HVDUUROORGXUDGHURHQPHGLRXUEDQR
‡ &LXGDGHV\SROtWLFDVXUEDQDV
‡ $JXD\VDQHDPLHQWR
‡ *HVWLyQGHORVUHVLGXRV
'HVDUUROORKXPDQR
‡ 6DOXGFRPXQLWDULD
‡ (GXFDFLyQDOWHUQDWLYD
‡ ,QIDQFLD\MXYHQWXGHQGLILFXOWDG
'HVDUUROORGXUDGHURHQPHGLRUXUDO
‡ $JULFXOWXUD\GHVDUUROORUXUDO
‡ (QHUJtD\GHVDUUROORGXUDGHURDODUJRSOD]R
‡ *HVWLyQFRQFHUWDGDGHORVHVSDFLRV
5HIXHU]RGHODVRFLHGDGFLYLO
‡ 5HIXHU]RGHODVFDSDFLGDGHVGHODVSREODFLR
QHVGHVIDYRUHFLGDV\VREUHWRGRGHODVPXMH
UHV\ORVMyYHQHV
‡ $FFHVRDODV17,&1XHYDV7HFQRORJtDVGH
,QIRUPDFLyQ\&RPXQLFDFLyQ
‡ 6ROLGDULGDG6XU6XU\1RUWH6XU
&5%.4% ฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
/RVILUPDQWHVGHHVWDGHFODUDFLyQVHFRPSURPHWHQD
‡ 3URPRYHUHOFRQVXPR\ORVLQWHUFDPELRVFRPHUFLD
OHVORFDOHVUHJLRQDOHVHLQWHUQDFLRQDOHVVLHPSUHTXH
VHDQUHVSHWDGRVORVYDORUHVGHHVWDGHFODUDFLyQ
‡ $GRSWDU ORV WpUPLQRV GH LQWHUFDPELRV LJXDOLWDULRV
SDUDSURPRYHUHOGHVDUUROORORFDODODUJRSOD]R
‡ 3URPRYHU SUiFWLFDV TXH QR SHUMXGLTXHQ HO PHGLR
DPELHQWH
‡ $VHJXUDUODFRPXQLFDFLyQODWUDQVSDUHQFLD\ODGHPR
‡
FUDFLDHQHOFRQMXQWRGHODVUHODFLRQHVHQWUHDFWRUHV
(VWD GHFODUDFLyQ HVWi FRQFHELGD D SDUWLU GH SULQFLSLRV
pWLFRV IXQGDPHQWDOHV TXH VRQ DSOLFDEOHV D FRPSURPLVRV
VRFLDOHVPHGLRDPELHQWDOHV\HQODVSUiFWLFDVHFRQyPLFDV
8QDEDVHpWLFD
‡ 5HVSHWDUDOVHUKXPDQRHQWRGDVVXVGLPHQVLRQHV
‡ (OLPLQDUFXDOTXLHUIRUPDGHGLVFULPLQDFLyQ
‡ 5HVSHWDUORVYDORUHV\SUiFWLFDVVRFLRFXOWXUDOHVGH
ORVDFWRUHV\FRODERUDGRUHV
‡ (OLPLQDU OD H[SORWDFLyQ LQIDQWLO \ ODV SHRUHV IRUPDV
GHWUDEDMR
‡ 3URPRYHU XQ PDUFR GH LQWHUFDPELR EDVDGR HQ
YDORUHVFRPXQHVHQWUHDFWRUHVGHO&-
‡ 5HVSHWDU ORV FRPSURPLVRV GH OD 'HFODUDFLyQ ORV
PDUFRV PHWRGROyJLFRV \ ORV DFXHUGRV FHUUDGRV
HQWUHFRODERUDGRUHV
1XHVWURFRPSURPLVRVRFLDO
‡ )DYRUHFHUODVROLGDULGDGHQWUHWRGRVORVDFWRUHVGHO
GHVDUUROORORFDO
‡ 3HUPLWLUDODVSHUVRQDVSURGXFWRUDV\WUDQVIRUPD
GRUDVYLYLUGHVXWUDEDMRGLJQDPHQWH
‡ 5HIRU]DUHODFFHVRDORVVHUYLFLRVGHEDVH
‡ $VHJXUDUHOUHIXHU]RGHODVFDSDFLGDGHVWpFQLFDV\
RUJDQL]DWLYDV GH ORV SURGXFWRUHV XWLOL]DQGR HVSH
FLDOPHQWHODVOHQJXDVORFDOHV
‡ )DYRUHFHU OD IRUPDFLyQ \ OD EXHQD RUJDQL]DFLyQ GH
ORVDFWRUHVGH&-
1XHVWURFRPSURPLVR
FRQHOPHGLRDPELHQWH
‡ 3UHVHUYDU \ YDORUDU ORV UHFXUVRV QDWXUDOHV SDUD
XQDH[SORWDFLyQUDFLRQDODVtFRPRHOUHVSHWRGHORV
FRQRFLPLHQWRVORFDOHV
‡ 3URWHJHUHOSDWULPRQLRJHQpWLFR
‡ 'HVDUUROODU PRGRV GH SURGXFFLyQ VDQRV \ GXUDGH
URV\XQDEXHQDJHVWLyQGHORVUHVLGXRV
‡ 3URPRYHUEXHQDVSUiFWLFDVDJURHFROyJLFDV\OXFKDU
FRQWUD OD XWLOL]DFLyQ GH 2UJDQLVPRV *HQpWLFDPHQWH
0RGLILFDGRV2*0
3UiFWLFDVHFRQyPLFDV
‡ 'HVDUUROODUFDGHQDVORFDOHV
‡ 3URPRYHUODWUDQVIRUPDFLyQSDUDFUHDUYDORUDxD
GLGR
‡ 3URPRYHU LQWHUFDPELRV 6XU6XU \ HO GHVDUUROOR GH
XQPHUFDGRORFDO
‡ 3URPRYHUPHFDQLVPRVSDUDIDYRUHFHUHODFFHVRGH
ORVFRQVXPLGRUHVGHVIDYRUHFLGRVGHO6XUDORVSUR
GXFWRVGH&-
‡ *DUDQWL]DU OD WUD]DELOLGDG GHO SURFHVR HV GHFLU
SRGHUGDULQIRUPDFLyQVREUHHORULJHQ\HOLWLQHUDULR
GHHVWRVSURGXFWRV
‡ )LMDUSUHFLRVMXVWRVDWUDYpVGHOFRQYHQLRWHQLHQGR
HQFXHQWDIDFWRUHVGHSURGXFFLyQ\ORVOtPLWHVSUR
SLRVGHFDGDPLHPEURGHODFDGHQDGHSURGXFFLyQ
‡ )DYRUHFHUODFRQFHVLyQGH©SUHPLRVGHGHVDUUROORª
DORVSURGXFWRUHV\WUDQVIRUPDGRUHVTXHJHVWLRQHQ
VX HFRQRPtD GH PDQHUD DXWyQRPD GHPRFUiWLFD \
WUDQVSDUHQWHEDMRODSHUVSHFWLYDGHOLQWHUpVFROHF
WLYR
‡ )DYRUHFHUHOSULQFLSLRGHSUHILQDQFLDFLyQGHODSUR
GXFFLyQ
‡ )DYRUHFHUODVUHODFLRQHVFRPHUFLDOHVDODUJRSOD]R
฀
฀
฀
฀ ฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'RFXPHQWR$QH[R,,,
3ODWDIRUPDGHYDORUHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'RFXPHQWR$QH[R,9
2XDJDGRXJRX©$UWHVDQDGRDIULFDQR\&-ª
7DOOHUGHO\GHQRYLHPEUHGH6HVLyQGHFODXVXUD
6RFLDOHV
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
)RUPDFLyQVRFLRFXOWXUDOGHORVQLxRVDSUHQGL]DMHHVFXHODHGXFDFLyQ 6ROLGDULGDGHQWUHWRGRVORVDFWRUHVSURGXFWRUHV21*HVWUXFWXUDVHVWDWDOHV
1RGLVFULPLQDFLyQpWQLFDUHOLJLRVDGHJpQHURGHHGDG
7UDQVSDUHQFLD
'HPRFUDFLD
$FFHVRDORVVHUYLFLRVGHEDVHVDOXGHGXFDFLyQ
*pQHUR
3URPRFLyQGHODVOHQJXDVORFDOHV
5HIXHU]RGHODVFDSDFLGDGHVWpFQLFDVHVWDEOHFLGDVSRUORVSURGXFWRUHV
5HVSHWDUODVQRUPDVGHWUDEDMR
0HGLRDPELHQWDOHV
‡
‡
‡
‡
‡
‡
‡
‡
‡
6HQVLELOL]DFLyQHGXFDFLyQGHEDVH
3UHVHUYDFLyQ\YDORUL]DFLyQGHORVUHFXUVRVQDWXUDOHVH[SORWDFLyQUDFLRQDO
9DORUDFLyQGHORVFRQRFLPLHQWRVORFDOHVHQODJHVWLyQGHORVUHFXUVRVQDWXUDOHV
3URPRFLyQGHPRGRVGHSURGXFFLyQSURSLRV\DODUJRSOD]R
%XHQDVSUiFWLFDVGHJHVWLyQGHORVUHVLGXRV
5HVSHWRGHOFyGLJRGHPHGLRDPELHQWH\GHODVFRQYHQFLRQHVLQWHUQDFLRQDOHV
)DYRUHFHUODSDUWLFLSDFLyQGHDFWRUHVGHO&-HQORVGHEDWHVLQWHUQDFLRQDOHV
3URPRFLyQGHODDJULFXOWXUDELROyJLFD
3URWHFFLyQGHOSDWULPRQLRJHQpWLFR
(FRQyPLFRV
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
3UHFLRMXVWR
'XUDFLyQHQODUHODFLyQFRPHUFLDO
7UD]DELOLGDGVHJXLPLHQWRGHOUHFRUULGRGHOSURGXFWRWUDQVSDUHQFLD
3UHILQDQFLDFLyQGHODSURGXFFLyQ
4XHHOFRPSUDGRUVHKDJDFDUJRGHORVSUHFLRVGHFHUWLILFDFLyQ\H[SRUWDFLyQ
3RVLFLRQDPLHQWRHQUHODFLyQDODVUHJODVGHOD20&
5HGLVWULEXFLyQMXVWD\GHPRFUiWLFDGHORVSUHPLRV
3URGXFWRVGHFDOLGDGGHQRPLQDFLyQGHRULJHQFRQWURODGD
'HVDUUROORGHFDGHQDVGHWUDQVIRUPDFLyQORFDOHVFUHDFLyQGHYDORUDxDGLGR
,QIRUPDFLyQVREUHORVFXUVRVGHORVPHUFDGRV
3URPRFLyQGHORVLQWHUFDPELRV6XU6XU
&RQGLFLRQHVGHDFFHVRDODILQDQFLDFLyQSDUDORVSUR\HFWRVGHGHVDUUROOR
eWLFRV
‡
‡
‡
‡
‡
‡
‡
‡
3URPRFLyQGHXQPDUFRGHLQWHUFDPELRVSDUDYDORUHVFRPXQHV6XU6XU
7UDQVSDUHQFLD
'HPRFUDFLD
6ROLGDULGDG
/XFKDFRQWUDODH[SORWDFLyQ
5HVSHWRDODVFRQYHQFLRQHVQDFLRQDOHVHLQWHUQDFLRQDOHV
5HVSRQVDELOLGDGHVFRPSDUWLGDVHQWUHSURGXFWRU\FRPSUDGRUUHVSHWRGHORVFRPSURPLVRV
+RPRJHQHL]DFLyQGHODVUHJODVGHFRQWUDWDFLyQ
฀ (QQHJULWD฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀
฀
฀
'XUDQWHODFHOHEUDFLyQGHOVLPSRVLRDIULFDQRGH&-
GH&RWRQ~HQDEULOGHVHWRPyODGHFLVLyQGH
RUJDQL]DU ODV VHJXQGDV -RUQDGDV GH 2XDJDGRXJRX
VREUHHOWHPD´$UWHVDQDGR$IULFDQR\&-µ
(VWDV -RUQDGDV HQ ODV TXH SDUWLFLSy XQ JUXSR UHV
WULQJLGR GH RUJDQLVPRV DIULFDQRV LPSOLFDGRV HQ HO
GHVDUUROORGHO&-KDQUHYHODGRTXHORVGHEDWHV\ODV
LQWHUYHQFLRQHV FRQILUPDEDQ ODV FRQFOXVLRQHV HODER
UDGDVDQWHULRUPHQWHHQ&RWRQ~(VGHFLU
‡ (Q HO ÇIULFD IUDQFyIRQD \ DQJOyIRQD H[LVWHQ LQL
FLDWLYDV GH RUJDQL]DFLyQ HQ UHG GH ORV DFWRUHV
GHO &- SHUR VH FRQRFHQ SRFR HQWUH HOODV /RV
HYHQWRV RUJDQL]DGRV HQ HO PDUFR GHO 6,$2 6DOyQ ,QWHUQDFLRQDO GH OD $UWHVDQtD EDMR HO
WHPD©$UWHVDQDGR$IULFDQR\&-ª\HQSDUWLFX
ODU HVWRV WDOOHUHV KDQ SHUPLWLGR D HVWDV UHGHV
FRQRFHUVHPHMRU
‡ (V QHFHVDULR TXH HVWDV UHGHV VH HVWUXFWXUHQ
\ VH FRQVWLWX\DQ FRPR XQD IHGHUDFLyQ D QLYHO
QDFLRQDO\FRQWLQHQWDOSDUDKDFHUVHRtUSRUVXV
VRFLRVGHO1RUWH
‡ (O&-HVXQFRQFHSWRHPHUJHQWHDQLYHOGHORVPHU
FDGRVGHO1RUWH/RVDIULFDQRVGHEHQUHDSURSLDUVH
GHOFRQFHSWRGH&RPHUFLR-XVWR\DGDSWDUODVPR
GDOLGDGHVGHSXHVWDHQPDUFKDDVXVUHDOLGDGHV
‡ 3DUD HQIUHQWDU ODV H[LJHQFLDV GH ORV PHUFDGRV
GH&-HQWpUPLQRVGHFDOLGDGUHJXODULGDG\SOD
]RV ODV HVWUXFWXUDV GH DFRPSDxDPLHQWR H[LV
WHQWHVGHEHQVHUUHIRU]DGDVHQVLQHUJLDFRQODV
GLIHUHQWHVLQLFLDWLYDVGHODUHJLyQ
‡ (O&-GHEHSULRUL]DUODPD[LPL]DFLyQGHODWUDQV
IRUPDFLyQ D QLYHO ORFDO SDUD DXPHQWDU HO GHVD
UUROORGHOYDORUDxDGLGRHQÇIULFD
‡ /DV SREODFLRQHV DIULFDQDV WLHQHQ GHUHFKR DO
DFFHVR D ORV SURGXFWRV ORFDOHV GH FDOLGDG
DFWXDOPHQWH GHGLFDGRV D ORV PHUFDGRV GHO
1RUWH(OGHVDUUROORGHXQ&-6XU6XUFRQWULEXL
UiDHOORGHPDQHUDVLJQLILFDWLYD
‡ /DV SUiFWLFDV GH &- GHEHQ PDQWHQHUVH YLQFXOD
GDVFRQODVGHRWURVLQWHJUDQWHVGHODHFRQRPtD
VRFLDO\VROLGDULD
(OJUXSRUHVWULQJLGRUHFRPLHQGD
‡ &UHDU D QLYHO QDFLRQDO PDUFRV GH FRQFHUWDFLyQ
GHQRPLQDGRV ©,QLFLDWLYDV 1DFLRQDOHVª TXH DJUX
SHQ DO FRQMXQWR GH ORV DFWRUHV LQYROXFUDGRV HQ HO
&- HV GHFLU ODV RUJDQL]DFLRQHV GH SURGXFWRUHV
ODVRUJDQL]DFLRQHVGHSURIHVLRQDOHVODVHVWUXFWX
UDV GH DFRPSDxDPLHQWR ORV SRGHUHV S~EOLFRV \
FRQVWLWXLUJUXSRVGHWUDEDMRSRUFDGHQDVGHSUR
GXFFLyQHQHOVHQRGHHVWDVLQLFLDWLYDVQDFLRQDOHV
‡ 2UJDQL]DUHQFXHQWURVSHULyGLFRVSRUFDGHQDVD
QLYHOUHJLRQDO\HQXQDVHJXQGDIDVHDQLYHOFRQ
WLQHQWDO
‡ 'HILQLU XQD YLVLyQ DIULFDQD GHO &- \ FRQFUHWDUOD
DWUDYpVGHUHIHUHQFLDVDIULFDQDVDVtFRPRWUD
EDMDU SDUD VX UHFRQRFLPLHQWR SRU SDUWH GH ORV
DFWRUHVGHODVUHGHVGH&-GHO1RUWH
‡ 2SHUDUSDUDHOUHFRQRFLPLHQWRGHO&-SRUSDUWH
GHORVSRGHUHVS~EOLFRV\ODVLQVWLWXFLRQHVUHJLR
QDOHVHLQWHUQDFLRQDOHV
(OJUXSRUHVWULQJLGRVHPRYLOL]DUiSDUD
‡ &RPXQLFDUHLQWHUFDPELDUODVUHIOH[LRQHVGHED
WHV\FRQFOXVLRQHVGHODV6HJXQGDV-RUQDGDVGH
2XDJDGRXJRXDWUDYpVGH
² /DSXHVWDHQPDUFKDGHXQIRURHOHFWUyQLFR
² /D SURPRFLyQ GH OD WHPiWLFD DO )RUR 6RFLDO
0XQGLDOGH1DLUREL
² /D RUJDQL]DFLyQ GH HQFXHQWURV SDUD FRQ
FUHWDUORVSURJUHVRV
‡ (ODERUDU ODV PRGDOLGDGHV GH SXHVWD HQ PDUFKD
GH PDUFRV GH FRQFHUWDFLyQ D QLYHO QDFLRQDO \
UHJLRQDO D SDUWLU GH XQD PHWRGRORJtD \ GH XQRV
SULQFLSLRVGHIXQFLRQDPLHQWRFRPXQHV
‡ 2UJDQL]DUXQWDOOHUGHODQ]DPLHQWRTXHSHUPLWLUi
² )LQDOL]DUODPHWRGRORJtD
² 9DOLGDU ORV SODQHV GH DFFLyQ \ ORV SUHVX
SXHVWRVSRULQLFLDWLYDV\SDtVHV
5HDOL]DGRHQ28$*$'28*28
GH1RYLHPEUHGH
/RVRUJDQL]DGRUHV
(7+1,.25*
7(&+'(9
(OJUXSRUHVWULQJLGR
5,3(66
(1'$706HQHJDO
(48,7$72877RJR
:$)1*KDQD%XUNLQD)DVR
6$&(%HQLQ
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'RFXPHQWR$QH[R9
'RFXPHQWRGHVtQWHVLVVREUHORVWHPDVGHGHEDWH
7DOOHUGH0ERXU6HQHJDOGHMXOLRGH
6tQWHVLVGHOJUXSRGHUHIOH[LyQ
VREUHSUHFLRMXVWR
3ULQFLSLRVSDUDILMDUXQSUHFLRMXVWR
‡ 7UDQVSDUHQFLD
‡ &RPXQLFDFLyQ\FRQFHUWDFLyQHQWUHORVDFWRUHV
‡ 1RHVSHFXODFLyQ
(O SUHFLR MXVWR GHEH WHQHU HQ FXHQWD ORV FRVWHV GH
QRUPDOL]DFLyQ\FHUWLILFDFLyQGHORVSURGXFWRV'HEH
VHUILMDGRHQIXQFLyQGHIDFWRUHVGHSURGXFFLyQFRV
WHV GH PDQR GH REUD JDVWRV ILMRV FRQGLFLRQDQWHV
HPEDODMHWUDQVSRUWH\GHORVEHQHILFLRVHVSHUDGRV
SRUFDGDPLHPEURGHODFDGHQDGHSURGXFFLyQ
(VWRKDFHQHFHVDULR
‡ 'HILQLUORVOtPLWHVGHFDGDDFWRUGHODFDGHQD
‡ 'LVSRQHU GH KHUUDPLHQWDV PHWRGROyJLFDV SDUD
XQEXHQFRQRFLPLHQWRGHORVGLIHUHQWHVFRVWHV
‡ 7HQHU HQ FXHQWD ODV IOXFWXDFLRQHV GH ORV SUHFLRV
PDQWHQHUFLHUWDIOH[LELOLGDG
‡ 5HGXFLUORVLQWHUPHGLDULRV
(O SUHFLR MXVWR VREUH WRGR HQ UHODFLyQ DO FRQVXPLGRU
ILQDOGHEHWHQHUHQFXHQWDODUHODFLyQFDOLGDGSUHFLR
(OSUHFLRMXVWRHVDQWHWRGRXQSUHFLRMXVWLILFDEOHHQ
IXQFLyQGHORVJDVWRVORTXHLPSOLFDQHFHVDULDPHQWH
XQD FRQFHUWDFLyQ FRQVWDQWH D WRGRV ORV QLYHOHV GH
OD FDGHQD DOJR TXH FRQWUDGLFH ORV SULQFLSLRV GH OD
20&(VWRQHFHVLWDFUHDUXQDUHODFLyQGHSUR[LPL
GDGHQWUHWRGRVORVDFWRUHVGHXQDPLVPDFDGHQD
6tQWHVLVGHOJUXSRGH
UHIOH[LyQVREUHWUDEDMRLQIDQWLO
'HILQLFLRQHV
‡ 1LxRV\QLxDV GHDDxRV
‡ 7UDEDMR DFWLYLGDGTXHJHQHUDLQJUHVRV
‡ $SUHQGL]DMH DGTXLVLFLyQ GH FRPSHWHQFLDV D
WUDYpVGHODSUiFWLFD\ODIRUPDFLyQSDUDHMHUFHU
XQDSURIHVLyQ
‡ 'HUHFKRV GH ORV QLxRV \ GH ODV QLxDV GHVDUUR
OOR SHUVRQDO DFFHVR D OD HGXFDFLyQ GH EDVH D
OD VDOXG KLJLHQH SUHYHQFLyQ DWHQFLyQ PpGLFD
VHJXULGDG\DORFLR
‡ (GXFDFLyQ FRQMXQWR GH YDORUHV HQVHxDGRV DO
QLxR \ D OD QLxD SDUD IRUPDU VX SHUVRQDOLGDG \
SHUPLWLUOHLQWHJUDUVHHQODVRFLHGDG
6H WUDWD HQWRQFHV GH HOLPLQDU OD H[SORWDFLyQ LQIDQ
WLO \ ODV SHRUHV IRUPDV GH WUDEDMR 6LQ HPEDUJR
VH SXHGH WROHUDU HO WUDEDMR GH ORV QLxRV \ GH ODV
QLxDV HQ HO PDUFR IDPLOLDU R HO DSUHQGL]DMH EDMR ODV
VLJXLHQWHVJDUDQWtDV
‡ 5HVSHWR GH ORV GHUHFKRV GHO QLxR \ GH OD QLxD
7UDWDGRVLQWHUQDFLRQDOHV
‡ 3ULRUL]DUODHGXFDFLyQGHOQLxR\GHODQLxD
‡ 5HVSHWDUODVQRUPDVGHOD2UJDQL]DFLyQ,QW HUQD
FLRQDOGHO7UDEDMR2,7
6tQWHVLVGHOJUXSRGHWUDEDMRVREUH
ODXWLOL]DFLyQGHORVSUHPLRVGH&-
SDUDHOGHVDUUROOR
/RV SUHPLRV KDQ VLGR LQVWDXUDGRV SRU ORV SDtVHV GHO
1RUWHSDUDD\XGDUDORVSURGXFWRUHVGHO6XUDUHGXFLU
ODV GHVLJXDOGDGHV VRFLDOHV 6RQ DVXPLGRV SRU HO FRQ
VXPLGRU6XVFLWDQXQFLHUWRQ~PHURGHSUHJXQWDV
¢&yPRLPDJLQDUORVSUHPLRVHQORVLQWHUFDPELRV
6XU6XU"
¢&yPRDVHJXUDUVHTXHORVSUHPLRVOOHJDQHIHFWL
YDPHQWHDORVSURGXFWRUHV"
¢3RU TXp ORV SUHPLRV QR VH UHSDUWHQ D WRGRV ORV
DFWRUHVGHODFDGHQDGHSURGXFFLyQ"
¢&yPRXWLOL]DUORVSUHPLRV"
¢&XiOSXHGHVHUODGXUDELOLGDGGHORVSUHPLRV"
$OJXQDVUHVSXHVWDVKDQVLGRIRUPXODGDV
(VWDFXHVWLyQWLHQHTXHVHUSURIXQGL]DGDDSHVDU
GH TXH VH FRQVLGHUH TXH ORV SUHPLRV GHEHQ VHU
LQWHJUDGRV HQ HO SUHFLR PtQLPR VHD FXDO VHD HO
FRPSUDGRU GHO SURGXFWR (QWRQFHV SUHFLR PtQL
PR SUHFLRMXVWRSUHPLRV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
/RV SUHPLRV GHEHQ VHU JHVWLRQDGRV GH PDQHUD
WUDQVSDUHQWH \ VX XWLOL]DFLyQ GHEH GLIHUHQFLDUVH
GHO UHVWR GH ORV SUHPLRV /RV EHQHILFLDULRV GH ORV
SUHPLRVGHEHQPDQWHQHULQIRUPDGRVDORVFRQVX
PLGRUHV GH VX XWLOL]DFLyQ (VWR LPSOLFD XQ PHFD
QLVPRGHWUD]DELOLGDGVHJXLPLHQWRGHOUHFRUULGR
GHORVSUHPLRV
/RV SUHPLRV GHEHQ OOHJDU D ORV WUDQVIRUPDGRUHV
DUWHVDQDOHV TXH QHFHVLWDQ GHVDUUROODUVH SDUD
VHU FRPSHWLWLYRV (OORV WDPELpQ VRQ DFWRUHV GHO
GHVDUUROORVRFLDOORFDO
/RV SUHPLRV GHEHQ JHVWLRQDUVH GH PDQHUD DX
WyQRPDGHPRFUiWLFD\WUDQVSDUHQWHSRUSDUWH
GH ODV RUJDQL]DFLRQHV GH SURGXFWRUHV SDUD
VHUYLU DO LQWHUpV FROHFWLYR 3XHGHQ VHUYLU SDUD
UHIRU]DU ODV FDSDFLGDGHV GH ORV SURGXFWRUHV
\R VHU XWLOL]DGRV HQ SUR\HFWRV GH GHVDUUROOR
SRU HMHPSOR FUHDFLyQ GH LQIUDHVWUXFWXUDV FR
PXQLWDULDV (Q QLQJ~Q FDVR SXHGHQ VHUYLU D
LQWHUHVHVSHUVRQDOHV
/RV SUHPLRV DG YLWDH DHWHUQDP SXHGHQ JHQH
UDU DXWRPDWLVPRH[SHFWDFLyQ SRU SDUWH GH ODV
SREODFLRQHV\SXHGHQFRQVWLWXLUREVWiFXORVSDUD
HOGHVDUUROOR8QRGHORVREMHWLYRVGHORVSUHPLRV
HV HVWLPXODU OD SURGXFFLyQ SDUD JHQHUDU VXIL
FLHQWHV EHQHILFLRV SDUD SHUPLWLU D OD RUJDQL]D
FLyQ DVHJXUDU PiV DGHODQWH VX IXQFLRQDPLHQWR
VLQ ORV SUHPLRV /RV SUHPLRV SXHGHQ VHU PDQWH
QLGRV EDMR FRQWURO GHEHQ VHU UHHYDOXDGRV FDGD
DxRDVtFRPRHOSUHFLRPtQLPRTXHORVLQFOX\H
3RUHVWDUD]yQKHPRVVXEUD\DGRDOJXQRVSULQFLSLRV
‡ (GXFDFLyQ\IRUPDFLyQLJXDOLWDULDGHKRPEUHV\
PXMHUHV
‡ 'HPRFUDFLD
‡ ,JXDOGDGKRPEUHPXMHU
6tQWHVLVGHOJUXSRGHWUDEDMR
VREUHODFXHVWLyQGHJpQHUR
7UDEDMRLQIDQWLO
‡ (OLPLQDU OD H[SORWDFLyQ LQIDQWLO \ ODV SHRUHV IRU
PDVGHWUDEDMR
‡ 7ROHUDU HO WUDEDMR GH ORV QLxRV SDUD OD D\XGD
IDPLOLDU\HODSUHQGL]DMHEDMRFLHUWDVJDUDQWtDV
/DV PXMHUHV JHQHUDOPHQWH IRUPDQ SDUWH GH ODV
FDSDVPiVGHVIDYRUHFLGDVGHODSREODFLyQ6XDFFH
VRDOWUDEDMR\DODWRPDGHGHFLVLRQHVVRQDPHQXGR
UHJXODGRVSRUQRUPDVVRFLDOHVYLQFXODQWHV
6LQ HPEDUJR QR VH WUDWD GH SRQHU HQ FXHVWLyQ
FLHUWRV IXQFLRQDPLHQWRV VRFLDOHV D YHFHV DFHSWD
GRVSRUODVPLVPDVPXMHUHVVLQRGHSHUPLWLUDODV
TXH OR GHVHHQ DFFHGHU DO PHUFDGR HFRQyPLFR \ D
OD WRPD GH UHVSRQVDELOLGDGHV D WUDYpV GH HVWUXF
WXUDV GHPRFUiWLFDV LJXDOLWDULDV VLQ VXIULU GLVFUL
PLQDFLyQ
5HGDFFLyQGHORVFXDWURWHPDVGHGHEDWH
3UHFLRMXVWR
‡ 6XSRQHXQDIRUPDOL]DFLyQGHORVFRPSURPLVRVGH
ORVDFWRUHV
‡ 1HFHVLWDXQDEXHQDRUJDQL]DFLyQSRUSDUWHGH
FDGD DFWRU \ HQWUH ORV DFWRUHV TXH VH FRQYLHU
WHQHQFRODERUDGRUHV\PDQWLHQHQUHODFLRQHVGH
FRQILDQ]D
‡ 6HEDVDHQODFRQFHUWDFLyQUHJXODU\HTXLOLEUD
GDEDVDGDHQODGHILQLFLyQGHWRGRVORVHOHPHQWRV
TXH GHWHUPLQDQ ORV SUHFLRV GH XQ SURGXFWR HQ
FDGDHWDSDGHODFDGHQDGHSURGXFFLyQ
3UHPLRV
‡ 'HEHQVHULQWHJUDGRVHQHOSUHFLRGHYHQWD
‡ 3XHGHQ VHU DWULEXLGRV D ORV SURGXFWRUHV \ D ORV
WUDQVIRUPDGRUHV
‡ 'HEHQ VHU JHVWLRQDGRV GH PDQHUD DXWyQRPD
WUDQVSDUHQWH \ GHPRFUiWLFD SRU OD RUJDQL]DFLyQ
SDUDVHUYLUDOLQWHUpVFROHFWLYR
‡ 6XLPSDFWRGHEHVHUFRPXQLFDGRUHWRUQRDOFRQ
VXPLGRU\HYDOXDGRSDUDPHGLUVXSHUWLQHQFLD
*pQHUR
‡ )DYRUHFHUODSDUWLFLSDFLyQGHODVPXMHUHVDWRGRV
ORVQLYHOHVGHODVHVWUXFWXUDV
‡ $GRSWDU HO SULQFLSLR GH WUDEDMR LJXDO VDODULR
LJXDO
‡ )DYRUHFHUHODFFHVRDODLQIRUPDFLyQ\ODVHQVLEL
OL]DFLyQ
‡ )DYRUHFHU OD IRUPDFLyQ LJXDOLWDULD GH PXMHUHV \
KRPEUHV\VXDFFHVRDODHGXFDFLyQ
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
฀
฀
(O&RPHUFLR-XVWR\
ODVSODQWDFLRQHVFHUWLILFDGDV
(OOHJDGRGHOUpJLPHQGHODSDUWKHLG
฀
6WHSKHQ/DZ
/D H[SDQVLyQ GH OD FRORQL]DFLyQ HXURSHD HQ 6XGiIULFD
IXH SDUD OD PD\RUtD XQ DVXQWR DWUR] \ VX REMHWLYR
SULQFLSDO HUD HO GH FRQVHJXLU WLHUUD FXOWLYDEOH $PSOLDV
H[WHQVLRQHV GH WHUUHQRV IXHURQ DUUHEDWDGRV D SXQWD
GH SLVWROD \ ORV KDELWDQWHV RULJLQDULRV D SHVDU GH VX
OXFKD \ UHVLVWHQFLD DFDEDURQ WHQLHQGR TXH HVFRJHU
HQWUH KXLU R KDFHUVH SHRQHV $ ILQDOHV GHO 6LJOR ;,; OD
IXHU]DPLOLWDUIXHUHHPSOD]DGDSRUSURFHVRVOHJDOHV/D
'XUDQWH WRGR HO VLJOR ;; OD SROtWLFD JXEHUQDPHQWDO VH
EDVDED HQ HO UHIXHU]R GHO VHFWRU DJUtFROD EODQFR SUR
SRUFLRQDQGR XQD DPSOLD JDPD GH PHGLGDV GH DSR\R
LQFOX\HQGR VXEVLGLRV \ FUpGLWRV VXEVLGLDGRV SDUD OD
FRPSUD \ HO GHVDUUROOR GH SODQWDFLRQHV SDUD LQIUDHV
WUXFWXUDV GH PDUNHWLQJ
PDUNHWLQJ HQ SURSLHGDG H[FOXVLYDPHQ
WH GH FRRSHUDWLYDV EODQFDV SURWHFFLyQ GH SUHFLRV
LQYHVWLJDFLyQ \ H[WHQVLyQ DJUtFROD VXEYHQFLRQDGDV SRU
HO (VWDGR PDUNHWLQJ
PDUNHWLQJ FRQWURODGR \ VXEVLGLRV GH H[SRU
WDFLyQ SDUD SURGXFWRV DJUtFRODV (VWDV PHGLGDV GLHURQ
฀
FRPRUHVXOWDGRODFUHDFLyQGHXQVHFWRUDJUtFRODEODQFR
DOWDPHQWH FDSLWDOL]DGR \ DJUDYDURQ OD PDUJLQDFLyQ GH
ODVUHVWDQWHVFRPXQLGDGHVDJUtFRODVQHJUDVUHVWDQWHV
฀
/D KLVWRULD UHFLHQWH GH 6XGiIULFD VH FRQRFH UHODWLYD
PHQWHELHQHQWRGRHOPXQGRFRQODDSDULFLyQGH1HOVRQ
0DQGHOD FRPR XQ LFRQR GH OXFKD \ GH UHFRQFLOLDFLyQ
+DELWXDOPHQWH VH FUHH TXH OD KLVWRULD GHO DSDUWKHLG
DSDUWKHLG HQ
6XGiIULFD KD VLGR XQ IHQyPHQR UHFLHQWH (Q UHDOLGDG
VXVUDtFHVVHHQFXHQWUDQVLJORVDWUiVHQHOSULQFLSLRGH
ODFRORQL]DFLyQ(OOHJDGRKLVWyULFRTXHKDGHMDGRHQHVWH
SDtV HV LPSRUWDQWH (Q PiV GH FLHQ DxRV GHVSXpV
GH TXH ORV H[SORUDGRUHV SRUWXJXHVHV KXELHVHQ HQFRQ
WUDGRXQDUXWDQDYDOYLDEOHKDFLDHO(VWHORVKRODQGHVHV
HVWDEOHFLHURQ OD SULPHUD FRORQLD HXURSHD HQ ÇIULFD GHO
6XU HQ OD ]RQD TXH KR\ UHFLEH HO QRPEUH GH &LXGDG GHO
&DER3URQWRODFRORQLDFUHFLy\ODQHFHVLGDGGHWLHUUDV
GHODEUDQ]D\ODSRVLELOLGDGGHHQFRQWUDUPLQHUDOHVKL]R
HQWUDUHQFRQIOLFWRDORVFRORQL]DGRUHVFRQORVSDVWRUHV
LQGtJHQDV ORV FXDOHV IXHURQ DVHVLQDGRV SHUVHJXLGRV R
HVFODYL]DGRV(OGHVHRGHWLHUUDVSRUSDUWHGHORVFRORQL
]DGRUHVDXPHQWyFRQHOGHVFXEULPLHQWRGHORVSULPHURV
GLDPDQWHV GHVSXpV GH TXH ORV EULWiQLFRV GHUURFDUDQ
D ORV KRODQGHVHV HQ \ FRQ HO KDOOD]JR GH RUR HQ HO
LQWHULRUGHOSDtVHVWHGHVHRVLJXLyLQWHQVLILFiQGRVH
/H\GH7LHUUDVGHGLYLGtD6XGiIULFDHQiUHDVEODQ
FDVGHSURSLHGDGSULYDGD\iUHDVQHJUDVGHSURSLHGDG
FRPXQLWDULD DGPLQLVWUDGDV SRU OtGHUHV WUDGLFLRQDOHV
$XQTXH OD SREODFLyQ QHJUD FRQVWLWXtD XQ GHO WRWDO
GHO SDtV ODV iUHDV FRPXQLWDULDV VyOR FXEUtDQ HO GHO WHUULWRULR 6H DSUREDURQ OH\HV SRVWHULRUHV SDUD
HYLWDUTXHORVDIULFDQRVSXGLHUDQSRVHHUWLHUUDVHQODV
]RQDVDJUtFRODVEODQFDV\SDUDHYLWDUTXHORVJUDQMHURV
EODQFRV DUUHQGDUDQ WLHUUDV D ORV WUDEDMDGRUHV DXWyF
WRQRV$ODSREODFLyQQHJUDVHOHSHUPLWtDYLYLUHQiUHDV
EODQFDV VyOR VL SRGtD GHPRVWUDU TXH WHQtD WUDEDMR HQ
HVDV]RQDV$ODVIDPLOLDVTXHYLYtDQGHODHFRQRPtDGH
VXEVLVWHQFLD HQ iUHDV FRPXQLWDULDV VXSHUSREODGDV VH
ODVWDVDEDSRUORTXHWHQtDQTXHHQWUDUHQODHFRQRPtD
IRUPDO SDUD SDJDU ODV WDVDV YHQGLHQGR VX PDQR GH
REUD TXH HUD OD ~QLFD RSFLyQ GLVSRQLEOH (VWDV OH\HV
QR HUDQ VRODPHQWH UDFLVWDV VLQR TXH WDPELpQ IXHURQ
GLVHxDGDV SDUD SURSRUFLRQDU XQD DEXQGDQWH IXHQWH
GH PDQR GH REUD SDUD HO FUHFLPLHQWR GH OD HFRQRPtD
DJUtFRODPLQHUDHLQGXVWULDOHQ6XGiIULFD(OUHVXOWDGR
IXH XQ GHVPDQWHODPLHQWR VLVWHPiWLFR GH OD FODVH GH
SHTXHxRVDJULFXOWRUHVQHJURV
/DV FDSDFLGDGHV \ ULTXH]DV TXH HVWDV SROtWLFDV FUHD
URQ VH HQFXHQWUDQ D~Q KR\ HQ GtD /DV SODQWDFLRQHV
GH GXHxRV EODQFRV VRQ QHJRFLRV ELHQ GHVDUUROODGRV
FRQ XQ DFFHVR UHODWLYDPHQWH IiFLO DO FDSLWDO \ D ORV
PHUFDGRV /DV FRRSHUDWLYDV RULJLQDOPHQWH GH VRFLRV
EODQFRV R ELHQ VH KDQ WUDQVIRUPDGR HQ HPSUHVDV R
KDQYHQGLGRVXVDFWLYRVDHPSUHVDVFDSLWDOLVWDV\KDQ
GLVWULEXLGR ODV JDQDQFLDV HQWUH VXV PLHPEURV /RV
DJULFXOWRUHV QHJURV HPHUJHQWHV QR KDQ REWHQLGR XQ
QLYHO VLJQLILFDWLYR GH DFFHVR QL GH FRQWURO VREUH HVWDV
HPSUHVDV
฀
8QDEUHYHKLVWRULDGHOD
DJULFXOWXUDHQ6XGiIULFD
฀
฀
฀
(0*(QYLURQPHQWDO0RQLWRULQJ*URXS*UXSRGH0RQLWRUHR0HGLRDPELHQWDO&LXGDGGHO&DER
'HVSXpV GH ODV SULPHUDV HOHFFLRQHV GHPRFUiWLFDV HQ
OD PD\RU SDUWH GHO WHUULWRULR FXOWLYDEOH HUD FRPR
WRGDYtD OR HV SURSLHGDG GH DJULFXOWRUHV EODQFRV SUR
SLHWDULRV GH SODQWDFLRQHV UHODWLYDPHQWH H[WHQVDV 1R
VRUSUHQGHSRUWDQWRTXHODGHODSURSLHGDGHQHOVHFWRU
DJUtFROD VHD GH JUDQ SULRULGDG SDUD HO JRELHUQR FRQ HO
UHWR DGLFLRQDO GH ORJUDU HVWD WUDQVIRUPDFLyQ VLQ TXH
DIHFWH DO GHVDUUROOR GH OD HFRQRPtD QL D OD VREHUDQtD
DOLPHQWDULDGHOSDtV\VLQFDXVDULPSDFWRVHQODVRVWHQL
ELOLGDGPHGLRDPELHQWDO
(O UHWR SDUD HO &RPHUFLR -XVWR HQ 6XGiIULFD HV DGDS
WDUVH D HVWRV LPSHUDWLYRV GH GHVDUUROOR PiV DPSOLRV \
HMHUFHUOLGHUD]JRGDQGRHMHPSORVGHEXHQDVSUiFWLFDV\
DOLFLHQWHVDORVSURSLHWDULRVGHSODQWDFLRQHVSDUDWUDQV
IRUPDUVH $ FRQWLQXDFLyQ YHUHPRV DOJXQRV GH HVWRV
GHWDOOHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
(O FOLPD UHODWLYDPHQWH VHFR GH 6XGiIULFD VXV SUHFLSL
WDFLRQHV LQHVWDEOHV \ VXV FDUDFWHUtVWLFDV JHRJUiILFDV
KDFHQ TXH VyOR HO GHO WHUULWRULR SXHGD VHU XVDGR
SDUD HO FXOWLYR 6LQ HPEDUJR OD DJULFXOWXUD FRQWULEX\H
GHPDQHUDVLJQLILFDWLYDDODHFRQRPtDHOVHFWRUSULPD
ULRDJUtFRODSURGXFHDOUHGHGRUGHOGHO3,%GHOSDtV
\ FUHD FDVL XQ GHO HPSOHR $GHPiV WLHQH IXHUWHV
LQWHUUHODFLRQHV FRQ RWURV VHFWRUHV GH OD HFRQRPtD \
HO VHFWRU DJURLQGXVWULDO FRQWULEX\H FRQ DOUHGHGRU GH
XQDO3,%\FRQXQDOWRWDOGHODVH[SRUWDFLRQHV
GH 6XGiIULFD (V XQ SDtV DXWRVXILFLHQWH HQ OD PD\RUtD
GHSURGXFWRVDJUtFRODV\HVXQH[SRUWDGRUQHWRGHDOL
PHQWRV /DV H[SRUWDFLRQHV DJUtFRODV \ JDQDGHUDV VLJ
QLILFDWLYDV LQFOX\HQ D]~FDU PDt] FDFDKXHWHV FDUQH
XYDFtWULFRVIUXWDVVXEWURSLFDOHV\GHiUEROHVGHKRMD
FDGXFDYLQRWDEDFRODQD\DOJRGyQ(OPDt]HVHOFXO
WLYRPiVSURGXFLGRHQOD]RQD\HVODIXHQWHEiVLFDGH
FDUERKLGUDWRVSDUDODPD\RUtDGHODSREODFLyQ
+DVWD ODV SULPHUDV HOHFFLRQHV GHPRFUiWLFDV HQ
6XGiIULFD VXV H[SRUWDFLRQHV D ORV PHUFDGRV GH ORV
SDtVHV GHO 1RUWH VXIUtDQ ORV HIHFWRV GH ODV VDQFLRQHV
YLJHQWHVFRQWUDHOSDtV'HVSXpVGHVHUHDYLYyHO
LQWHUpVHQORVSURGXFWRVGH6XGiIULFDHQHOH[WUDQMHUR
\ DGHPiV GH OD HOLPLQDFLyQ GH ODV VDQFLRQHV DOJXQRV
PHUFDGRVEXVFDURQDFWLYDPHQWHDSR\DUDOD´QXHYDµ
6XGiIULFD 3RU FRQVLJXLHQWH ORV SURGXFWRV DOLPHQWL
FLRVGHORVDJULFXOWRUHVQHJURVHPHUJHQWHVDTXLHQHV
VH OHV KDEtD LPSHGLGR DQWHULRUPHQWH HO DFFHVR D OD
WLHUUD \ D ORV PHUFDGRV \ GH ODV SODQWDFLRQHV FRQ
SRVWXUDV PiV SURJUHVLVWDV KDFLD ORV GHUHFKRV GH ORV
WUDEDMDGRUHV \ VXV FRQGLFLRQHV ODERUDOHV UHVXOWDEDQ
FDGDYH]PiVFRWL]DGDV+DEtDOOHJDGRODKRUDGHO&R
PHUFLR-XVWR
9LVWDV ODV FRQH[LRQHV KLVWyULFDV FRQ ORV 3DtVHV %DMRV
\ HO 5HLQR 8QLGR QR HV VRUSUHQGHQWH TXH pVWRV HVWX
YLHUDQ HQWUH ORV SULPHURV SDtVHV TXH LQLFLDURQ HO
&RPHUFLR -XVWR FRQ ORV SURGXFWRUHV GH OD ]RQD $
FRPLHQ]RV GH ORV OD 2UJDQL]DFLyQ GH &RPHUFLR
-XVWR)72)DLU7UDGH2UJDQLVDWLH1HGHUODQGVHPSH]y
D FRPSUDU SHTXHxDV FDQWLGDGHV GH YLQR Wp URRLERV
FRQVHUYDV \ RWUDV PHUFDQFtDV D ORV SURGXFWRUHV TXH
FXPSOtDQ FRQ GHWHUPLQDGRV FULWHULRV GH ´MXVWLFLDµ /D
UHODFLyQ FRQ ORV SHTXHxRV SURGXFWRUHV TXH FXOWLYDQ
SDVDVGH(NVWHHQVNXLOFRPHQ]yHQ/RVVXSHUPHU
FDGRV GHO 5HLQR 8QLGR SRU HMHPSOR :DLWURVH \ 7HVFR
FRPHQ]DURQ D HVWDEOHFHU UHODFLRQHV FRPHUFLDOHV FRQ
SURGXFWRUHV GH YLQR \ IUXWD TXH SRGtDQ GHPRVWUDU
SUiFWLFDV pWLFDV R XQ JUDGR GH SDUWLFLSDFLyQ HFRQy
PLFD REUHUD HQ OD HPSUHVD /D SUHVLyQ VREUH HVWRV
SURGXFWRUHV SDUD TXH FRQVLJXLHUDQ OD FHUWLILFDFLyQ GH
)/2 )DLU 7UDGH /DEHOOLQJ 2UJDQL]DWLRQV ,QWHUQDWLRQDO
FUHFLy DO PLVPR WLHPSR TXH OD GHPDQGD GH SURGXFWRV
GH&RPHUFLR-XVWR
(Q GLFLHPEUH GH VyOR QXHYH SURGXFWRUHV VXGD
IULFDQRV FRQVWDEDQ HQ HO UHJLVWUR GH )/2 ORV FXDOHV
SURGXFtDQ FtWULFRV IUXWDV H[yWLFDV IUXWDV GH ]RQD
WHPSODGD \ Wp URRLERV 3HUR DO FDER GH WUHV DxRV \D
KDEtD FHUWLILFDFLRQHV (O Q~PHUR H[DFWR DFWXDO GH
FHUWLILFDFLRQHV GH )/2 HV GLItFLO GH GHWHUPLQDU D FDXVD
GHO JUDQ Q~PHUR GH QXHYDV VROLFLWXGHV \ XQDV FXDQ
WDV D ODV TXH VH OHV KD UHWLUDGR OD FHUWLILFDFLyQ SHUR
VH HVWLPD TXH KD\ XQRV SURGXFWRUHV GH )/2 GH ORV
FXDOHVWUHVVRQRUJDQL]DFLRQHVGHSHTXHxRVDJULFXOWR
UHV (VWDV WUHV FRRSHUDWLYDV DFWXDOPHQWH SURGXFHQ Wp
URRLERV\XYDVSDVDV\YHQGHQFDVLWRGDVXFRVHFKDHQ
HO PHUFDGR GHO &RPHUFLR -XVWR 3RU HVR VXV LQJUHVRV
GHSHQGHQ PD\RULWDULDPHQWH GH XQDV UHODFLRQHV GH
&RPHUFLR-XVWRVHJXUDV\GXUDGHUDV/RVSURGXFWRUHV
UHVWDQWHV VRQ GHILQLGRV SRU )/2 FRPR JUDQGHV H[SOR
WDFLRQHVRSODQWDFLRQHVFRQPDQRGHREUDFRQWUDWDGD
6LQHPEDUJRVHGHEHUtDREVHUYDUTXHHQWUHpVWDVKD\
XQDV FXDQWDV ILQFDV TXH DXQTXH HVWiQ HVWUXFWXUDGDV
FRPR SODQWDFLRQHV VRQ HQWHUDPHQWH SURSLHGDG GH ORV
WUDEDMDGRUHV $OJXQDV SODQWDFLRQHV VRQ PiV GHSHQ
GLHQWHV TXH RWUDV GHO PHUFDGR GHO &RPHUFLR -XVWR
SHUR OD PD\RUtD WLHQHQ RWURV PHUFDGRV DOWHUQDWLYRV
SDUDVXVSURGXFWRV
฀
(OFUHFLPLHQWRGHO&RPHU
FLR-XVWRHQODDJULFXOWXUD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
(OFUHFLPLHQWRUiSLGRGHO&RPHUFLR-XVWRHQ6XGiIULFDQR
VHKDGDGRVyORSRUVXUHSHQWLQDGLVSRQLELOLGDGFRPRXQ
SDtV SURGXFWRU GH &RPHUFLR -XVWR VLQR WDPELpQ SRU OD
GHPDQGD FDGD YH] PD\RU GH ORV PHUFDGRV GH ORV SDtVHV
GHO1RUWHGHSURGXFWRVFHUWLILFDGRVGH&RPHUFLR-XVWR\
SRUODFDSDFLGDGGHODVILQFDVVXGDIULFDQDVSDUDSURGX
FLUJUDQGHVFDQWLGDGHVGHSURGXFWRVGHDOWDFDOLGDG
)/2HQ6XGiIULFD
6XGiIULFDVHVLW~DDODFDEH]DFRQODPD\RUFDQWLGDGGH
FRPHUFLDOL]DFLyQGHXYDGH&RPHUFLR-XVWR/DVRUJD
QL]DFLRQHVSURGXFWRUDVFHUWLILFDGDVSDUDODXYDSURGX
FHQ DOUHGHGRU GH WRQHODGDV VHJXLGDV SRU &KLOH
FRQ WRQHODGDV \ GDQ HPSOHR D XQRV WUD
EDMDGRUHV /RV PD\RUHV PHUFDGRV GH YLQR GH &RPHUFLR
-XVWRGH6XGiIULFDVRQ5HLQR8QLGR\$OHPDQLD
'H ORV SURGXFWRUHV GH IUXWD IUHVFD FHUWLILFDGRV SRU
)/2 HQ HO PXQGR VRQ GH 6XGiIULFD 3URGXFHQ IUXWDV
GH]RQDWHPSODGDFRPRPDQ]DQDV\FtWULFRV/DVH[SRU
WDFLRQHVYDQSULQFLSDOPHQWHDO5HLQR8QLGRWRQHOD
GDV HQ \ D 3DtVHV %DMRV WRQHODGDV HQ 'RV GH ORV SURGXFWRUHV WDPELpQ YHQGHQ ]XPRV &XDWUR
RUJDQL]DFLRQHVSURGXFWRUDVFXHQWDQFRQDJXDFDWHFHU
WLILFDGR 0p[LFR HO PD\RU SURGXFWRU GH DJXDFDWH HQ HO
PXQGR WLHQH VyOR XQ SURGXFWRU FHUWLILFDGR SRU )/2 \
UHFLHQWHPHQWHVHKDDSUREDGRODVROLFLWXGGHXQDRUJD
QL]DFLyQSURGXFWRUDGHSLxDV
$FWXDOPHQWHVyORKD\XQSURGXFWRUGHIUXWDVVHFDVXQD
FRRSHUDWLYD GH SHTXHxRV DJULFXOWRUHV TXH SURGXFHQ
SDVDVVHFDGDVDOVRO
/DPD\RUSDUWHGHOWpURRLERVXQDSODQWDDXWyFWRQDFHU
WLILFDGRSRU)/2SURYLHQHGHGRVFRRSHUDWLYDVGHSHTXH
xRVSURGXFWRUHV6LQHPEDUJRDOJXQDVSODQWDFLRQHVTXH
RULJLQDOPHQWH HVWDEDQ FHUWLILFDGDV SDUD OD XYD WDPELpQ
FXOWLYDQ HVWD SODQWD \ KDQ FRPHQ]DGR D FRPHUFLDOL]DUOD
&RQIRUPHFRQODVQRUPDVGH)/2ORVSURGXFWRUHVFHUWL
ILFDGRVVRQLQVSHFFLRQDGRVSHULyGLFDPHQWH3HURPXFKDV
YHFHVORVLQVSHFWRUHVGH)/2OOHJDEDQGHRWUDVSDUWHVGHO
PXQGR VLQ FRQRFLPLHQWR GH ODV OHQJXDV GH OD ]RQD QL GH
ODSROtWLFDQLODKLVWRULDRODFXOWXUDORFDOHV\UHDOL]DEDQ
LQVSHFFLRQHVHQXQSDUGHGtDV$IRUWXQDGDPHQWHODIRU
PDFLyQGHLQVSHFWRUHVGHOD]RQDKDSHUPLWLGRSRQHUILQ
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
)/2HQHOUHVWRGHÇIULFD
8QWRWDOGHSDtVHVDIULFDQRVVXPLQLVWUDQDOPHUFDGR
SURGXFWRV FHUWLILFDGRV SRU )/2 \ 6XGiIULFD HV HO SDtV
GHO FRQWLQHQWH FRQ PD\RU Q~PHUR GH SURGXFWRUHV
&RPSDUDGR FRQ ORV DSUR[LPDGDPHQWH SURGXFWRUHV
FHUWLILFDGRVSRU)/2HQ6XGiIULFD.HQLDFXHQWDFRQ
\7DQ]DQLDFRQ6LQHPEDUJRHQWpUPLQRVGHFDQWLGDG
GH EHQHILFLDULRV 6XGiIULFD SUREDEOHPHQWH VH VLW~D XQ
SRFRPiVDEDMRHQODHVFDOD\ORVEHQHILFLDULRVGLUHFWRV
GHO&RPHUFLR-XVWRTXL]iOOHJXHQDVXPDUDOJRPHQRVGH
PLOIDPLOLDV/DVFRRSHUDWLYDVGHSHTXHxRVSURGXFWRUHV
UHSUHVHQWDQ D HQWUH \ PLHPEURV FDGD XQD \ ODV
SODQWDFLRQHV GDQ HPSOHR D HQWUH \ WUDEDMDGRUHV
SHUPDQHQWHV \ D PXFKRV WUDEDMDGRUHV WHPSRUDOHV
HQ HO PRPHQWR GH PiV WUDEDMR GXUDQWH OD FRVHFKD (Q
FRPSDUDFLyQVyORXQDGHODVFRRSHUDWLYDVSURGXFWRUDV
GH FDIp GH 7DQ]DQLD WLHQH SRU HMHPSOR PiV GH PLHPEURVLQGLYLGXDOHVGHSHTXHxRVSURGXFWRUHV
/RVSURGXFWRVGH6XGiIULFDHQ
(VSDxD
/DLQLFLDWLYDHVSDxRODGHFHUWLILFDFLyQGH&RPHUFLR-XVWR
OD $VRFLDFLyQ GHO 6HOOR GH 3URGXFWRV GH &RPHUFLR -XVWR
DFWXDOPHQWH \ SRU HO PRPHQWR FHUWLILFD FDIp FDFDR WH
D]~FDU\EDORQHV'DGRTXHORVFOLPDVGHORVGRVSDtVHV\
QXHVWURVSURGXFWRVDJUtFRODVVRQEDVWDQWHVLPLODUHVHV
SUREDEOH TXH HO PHUFDGR SRWHQFLDO SDUD ORV SURGXFWRV
GH)/2VHDUHODWLYDPHQWHOLPLWDGR3RUHMHPSORHVGLItFLO
TXH(VSDxDVHFRQYLHUWDHQXQDLPSRUWDQWHLPSRUWDGRUD
GH YLQRV \ IUXWDV GH 6XGiIULFD DXQTXH IXHUDQ FHUWLIL
FDGRV SRU )/2 6LQ HPEDUJR SXHGH KDEHU XQ PHUFDGR
SRWHQFLDOSDUDODIUXWDIXHUDGHWHPSRUDGD\SDUDHOWp
URRLERV\VXVYDULHGDGHVGHQDUDQMDFDQHODHWF
5HWRVSDUDHO&RPHUFLR
-XVWRHQ6XGiIULFD
(OSDSHOGHO&RPHUFLR-XVWRHQ
UHODFLyQDOOHJDGRGHODSDUWKHLG
)/2KDOOHJDGRDGRPLQDUHOVLVWHPDGHO&RPHUFLR-XVWR
HQORVSURGXFWRVDJUtFRODVHQ6XGiIULFD/DFHUWLILFDFLyQ
)/2 \ OD JDUDQWtD TXH RIUHFH IDFLOLWD TXH ORV FRQVXPL
GRUHV HVFRMDQ XQ SURGXFWR GH &RPHUFLR -XVWR \ TXH
ORV FRPHUFLDQWHV DPSOtHQ HO PHUFDGR 6LQ HPEDUJR OD
SRVLFLyQ GRPLQDQWH GH )/2 KD H[LJLGR XQ JUDQ QLYHO GH
HVWDQGDUL]DFLyQ <D VHDQ ORV SURGXFWRUHV GH 6UL /DQND
R GH &RORPELD GHEHQ FXPSOLU ORV PLVPRV FULWHULRV \
HO VLVWHPD SHUPLWH VyOR XQD IOH[LELOLGDG OLPLWDGD SDUD
WRPDU HQ FXHQWD ORV GLVWLQWRV FRQWH[WRV SRU SDtV (O
&RPHUFLR-XVWRHVPiVTXHXQDIRUPDGHUHGLVWULEXFLyQ
HFRQyPLFD7LHQHWDPELpQHOREMHWLYRSROtWLFRGHMXVWLFLD
HFRQyPLFD \ VRFLDO \ GH VRVWHQLELOLGDG DPELHQWDO (Q
6XGiIULFDHVWRKL]RTXHVHLQWHQWDUDQDGDSWDUORVFULWH
ULRVJHQHUDOHVGH)/2SDUDVHTXHDGHFXDUDQDODOXFKD
GHOSDtVSRUODVRVWHQLELOLGDGHFRQyPLFD\DPELHQWDO
(O FUHFLPLHQWR GH OD SURGXFFLyQ GH &RPHUFLR -XVWR HQ
6XGiIULFD KD VXSHUDGR FODUDPHQWH HO TXH )/2 SXHGH
PDQHMDU$OJXQRVSURGXFWRUHV\RUJDQL]DFLRQHVGHDSR
\RFRPHQ]DURQDFXHVWLRQDUHOULJRUGHODVLQVSHFFLRQHV
GH )/2 \ SODQWHDEDQ OD SRVLELOLGDG GH TXH HO DXPHQWR
H[SRQHQFLDO HQ HO ULWPR GH FHUWLILFDFLyQ YHQtD D H[SHQ
VDV GH ORV REMHWLYRV \ YDORUHV GHO &RPHUFLR -XVWR (O
KHFKR GH TXH OD OHJLVODFLyQ ODERUDO SRVWDSDUWKHLG
DSDUWKHLG VHD
GH FDUiFWHU SURJUHVLVWD KD FRPSRUWDGR TXH UHVXOWDUD
UHODWLYDPHQWH IiFLO TXH ODV H[SORWDFLRQHV TXH FXPSOtDQ
ODVOH\HVWDPELpQFXPSOLHUDQORVFULWHULRVGH)/2/RTXH
SRQHHQFXHVWLyQHOSDSHOGHO&RPHUFLR-XVWRHQIRPHQ
WDUODWUDQVIRUPDFLyQVRFLDO\HOGHVDUUROORGHOSDtV(Q
ODV 21* ORV SURGXFWRUHV \ RWURV LPSOLFDGRV VH
UHXQLHURQ SDUD RUJDQL]DU XQD FDPSDxD GH SUHVLyQ TXH
FRQVLJXLy TXH )/2 LQFOX\HUD XQ ´FULWHULR HVSHFLDOµ SDUD
ORVSURGXFWRUHVGH6XGiIULFDGHDFXHUGRFRQHOFXDO)/2
VyORFHUWLILFDUtDH[SORWDFLRQHVGHPDQRGHREUDFRQWUD
฀
D HVWD SUiFWLFD $FWXDOPHQWH HO FRRUGLQDGRU GH ODV LQV
SHFFLRQHV HQ OD ]RQD GH 6XGiIULFD SXHGH FRQWDU FRQ XQ
HTXLSRGHDOPHQRVFLQFRLQVSHFWRUHVGH)/2IRUPDGRVHQ
6XGiIULFD (VWRV LQVSHFWRUHV WDPELpQ HVWiQ FDOLILFDGRV
SDUD LQVSHFFLRQDU D FRPHUFLDQWHV \ DFWXDOPHQWH KD\ H[SRUWDGRUHVFHUWLILFDGRVHQ6XGiIULFD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
WDGD TXH WXYLHUDQ XQD SDUWLFLSDFLyQ HFRQyPLFD GH ORV
WUDEDMDGRUHV HQ OD SURSLHGDG GH OD PLVPD XQD LPSRU
WDQWHSDUWLFLSDFLyQGHHOORVHQODJHVWLyQ\XQSURJUDPD
GHWUDQVIHUHQFLDGHFDSDFLGDGHV
(O UiSLGR FUHFLPLHQWR GHO &RPHUFLR -XVWR WXYR RWUDV
LPSOLFDFLRQHVQHJDWLYDV$OJXQRVSURGXFWRUHVTXHKDEtDQ
REWHQLGRODFHUWLILFDFLyQLQLFLDOOXHJRWXYLHURQGLILFXOWDGHV
SDUD FXPSOLU ORV FULWHULRV HQ VX VHJXQGD R WHUFHUD LQV
SHFFLyQ (Q DOJXQDV SODQWDFLRQHV OD FRQVWLWXFLyQ GH ODV
MXQWDVUHVXOWyPiVFRPSOLFDGDGHORTXHVHFUHtD/RVWUD
EDMDGRUHVGHODVILQFDVGHEtDQDSUHQGHUDGHVHQYROYHUVH
HQ ODV UHXQLRQHV \ D UHVSRQVDELOL]DUVH GH ORV SUHPLRV
VRFLDOHV1RVLHPSUHHQWHQGtDQSRUTXpORVFRQVXPLGRUHV
HXURSHRV TXHUtDQ SDJDUOHV SUHPLRV VRFLDOHV \ SRU TXp
KDEtD WDQWDV UHJODV VREUH FyPR VH SRGtDQ JDVWDU )/2
GHVLJQy D XQ UHVSRQVDEOH /LDVRQ 2IILFHU SDUD DVLVWLU D
ORVSURGXFWRUHVFRQORVFULWHULRVTXHH[LJtDQ
7DPELpQ VH FXHVWLRQy OD UHSUHVHQWDFLyQ HVFDVD GH ORV
SHTXHxRV SURGXFWRUHV $ GLIHUHQFLD GHO SDWUyQ H[LV
WHQWH HQ RWUDV SDUWHV GHO PXQGR ODV FHUWLILFDFLRQHV
HQ 6XGiIULFD HVWiQ GRPLQDGDV SRU ODV SODQWDFLRQHV GH
PDQR GH REUD FRQWUDWDGD (Q SDUWH HVWR HV XQ OHJDGR
GHO DSDUWKHLG TXH GHVWUX\y OD FODVH DIULFDQD DJUtFROD
UXUDO D IDYRU GH JUDQGHV ILQFDV GH SURSLHWDULRV EODQ
FRV2WUDFXHVWLyQSODQWHDGDIXHSRUTXpHOVLVWHPDGHO
&RPHUFLR-XVWR)/2QRVHHVIRU]DEDPiVHQIDFLOLWDUHO
DFFHVR DO PHUFDGR D ORV SHTXHxRV SURGXFWRUHV HQ YH]
GHFRQIRUPDUVHFRQFRQWDFWDUFRQSODQWDFLRQHVGHSUR
SLHWDULRVEODQFRVTXHHQODPD\RUtDGHFDVRV\DWHQtDQ
IiFLODFFHVRDOPHUFDGR
(Q HVWH FRQWH[WR GRV QXHYDV RUJDQL]DFLRQHV VXUJLHURQ
SDUD LQWHQWDU LQIOXHQFLDU HQ HO GHVDUUROOR GHO &RPHUFLR
-XVWR HQ 6XGiIULFD OD )XQGDFLyQ GH &RPHUFLR -XVWR
GH 6XGiIULFD XQD DVRFLDFLyQ TXH UHSUHVHQWD D WRGRV
ORV SDUWLFLSDQWHV GHO PRYLPLHQWR GHO &RPHUFLR -XVWR
HQ 6XGiIULFD \ OD $VRFLDFLyQ SDUD OD -XVWLFLD HQ HO
&RPHUFLR XQ FRPLWp GH RUJDQL]DFLRQHV GH SHTXHxRV
SURGXFWRUHV \ RUJDQLVPRV FRQMXQWRV 6REUH ODV GRV
KDEODUHPRVPiVDGHODQWH
(PSRGHUDPLHQWRHFRQyPLFRGHOD
SREODFLyQQHJUD
(Q HO JRELHUQR GH 6XGiIULFD DSUREy HO %URDG
%DVHG %ODFN (FRQRPLF (PSRZHUPHQW $FW (VWR LPSODQWy
PHFDQLVPRV PHGLDQWH ORV FXDOHV HO SDtV SRGUtD HPSH]DU
฀
฀
฀
฀
฀
฀ ฀
฀ ฀ ฀
฀
฀ ฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
D UHFWLILFDU ODV LQMXVWLFLDV ´HFRQyPLFDVµ GHO SDVDGR
DXPHQWDQGRODSUHVHQFLDGHODSREODFLyQQHJUDHQODJHV
WLyQSDUWLFLSDFLyQ\FRQWUROGHODHFRQRPtD\UHGXFLHQGR
ODV GHVLJXDOGDGHV HQ LQJUHVRV (O FRQFHSWR GH %ODFN
(FRQRPLF (PSRZHUPHQW
(PSRZHUPHQW %(( (PSRGHUDPLHQWR HFR
QyPLFR GH OD SREODFLyQ QHJUD WLHQH DOJXQDV VLPLOLWXGHV
FRQHO&RPHUFLR-XVWRVREUHWRGRHQHOVHQWLGRGHTXHVX
REMHWLYRHVVRFLRHFRQyPLFR\TXHUHFRQRFHTXHORVQHJR
FLRV GH SURSLHWDULRV QHJURV QR FRPSLWHQ HQ LJXDOGDG GH
FRQGLFLRQHVFRQORVGHSURSLHWDULRVGHUD]DEODQFD&RPR
HOVLVWHPDIRUPDOGHPRQLWRUHRGH&RPHUFLR-XVWR)/2
WDPELpQ LQFOX\H XQ VLVWHPD GH UHJXODFLyQ \ YHULILFDFLyQ
SHURDGLIHUHQFLDGH)/2OD%((QRSDJDSUHPLRV
3DUD OD PD\RUtD GH ORV QHJRFLRV REVHUYDU ODV GLUHF
WULFHV \ REMHWLYRV GH OD %(( HV YROXQWDULR $O PLVPR
WLHPSR HO JRELHUQR RIUHFH LPSRUWDQWHV LQFHQWLYRV D
WUDYpVGHVXSROtWLFDGHFRPSUDV$QWHVGHYHQGHUSUR
GXFWRV R VHUYLFLRV D FXDOTXLHU DGPLQLVWUDFLyQ S~EOLFD
ODV HPSUHVDV GHEHQ UHOOHQDU HO FXHVWLRQDULR GH %((
(Q EDVH D OD LQIRUPDFLyQ UHFDEDGD VH DVLJQDQ SXQWRV
VHJ~QODPHGLGDHQTXHD+D\DSHUVRQDVGHUD]DQHJUD
TXH SDUWLFLSDQ HFRQyPLFDPHQWH E +D\D SHUVRQDV GH
UD]DQHJUDTXHSDUWLFLSDQHQODJHVWLyQ\JHUHQFLDF6H
IRUPDDORVWUDEDMDGRUHVGHUD]DQHJUD\GODHPSUHVD
DSRUWDDOHPSRGHUDPLHQWRGHODSREODFLyQQHJUDDWUD
YpVGHODLQYHUVLyQVRFLDOFRUSRUDWLYD\RWUDVLQLFLDWLYDV
0LHQWUDVHQHOSDVDGRORVFRQWUDWRVGHOJRELHUQRLEDQD
ODV HPSUHVDV TXH RIUHFtDQ HO PHQRU SUHFLR \ OD PD\RU
FDOLGDG DKRUD WDPELpQ VH FRQVLGHUDQ ORV DVSHFWRV GH
%((\DSRUWDQSXQWRVHQODVOLFLWDFLRQHV
$ SULQFLSLRV GHO XQ JUXSR GH 21* \ SURGXFWRUHV
FHUWLILFDGRV SUHVLRQy D )/2 SDUD TXH HODERUDUD XQD
LQWHUSUHWDFLyQ ´HVSHFLDOµ GH OD QRUPD (O &RPHUFLR
-XVWR DXPHQWD HO SRWHQFLDO GH GHVDUUROOR DGHFXDGD D
OD VLWXDFLyQ VXGDIULFDQD GH PDQR GH REUD FRQWUDWDGD
SDUD FRRUGLQDU HO &RPHUFLR -XVWR FRQ ODV SROtWLFDV
GH %%( GHO SDtV \ SDUD DVHJXUDU TXH OD SDUWLFLSDFLyQ
HFRQyPLFD GH ORV WUDEDMDGRUHV GH ODV SODQWDFLRQHV GH
&RPHUFLR-XVWRFHUWLILFDGDVJR]DUDGHODSURWHFFLyQGH
OD /H\ GH (PSUHVDV 6XGDIULFDQDV (Q MXOLR GH )/2
SXEOLFy HO ERUUDGRU ILQDO TXH FRQWHQtD HVHQFLDOPHQWH
WUHV QXHYRV FULWHULRV SULQFLSDOHV SDUD OD GHILQLFLyQ
VXGDIULFDQDGHODQRUPDTXHVRQ
‡ 3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODSURSLHGDGGHO
QHJRFLRTXHH[FHGDHO/DSURSRUFLyQGHOHV
HOPtQLPRSDUDTXHXQDFFLRQLVWDWHQJDFLHUWRVGHUH
FKRVHQODGLUHFFLyQ\DGPLQLVWUDFLyQGHODHPSUHVD
HQWUHHOORVODUHSUHVHQWDFLyQHQODMXQWD/DQRUPDQR
HVSHFLILFD ORV PHFDQLVPRV D WUDYpV GH ORV FXDOHV VH
OOHJXHDHVWDSDUWLFLSDFLyQGHO
‡ $SRUWDFLyQLPSRUWDQWHGHORVWUDEDMDGRUHVDODJHV
WLyQ GH OD HPSUHVD ,JXDOPHQWH OD QRUPD QR GHILQH
FyPRGHEHLPSOHPHQWDUVH
‡ 3URJUDPDYHULILFDEOHGHWUDQVIHUHQFLDGHKDELOLGDGHV
\GHGHVDUUROORGHFDSDFLGDGHV
)/2H[LJLyTXHHVWRVFULWHULRVVHDSOLFDUDQDWRGDVODV
QXHYDV FHUWLILFDFLRQHV PLHQWUDV TXH ORV SURGXFWRUHV
\D FHUWLILFDGRV TXH HQ HVH PRPHQWR QR ORV FXP
SOLHVHQ WHQGUtDQ XQ SOD]R GH WUHV DxRV SDUD OOHJDU D
FXPSOLUORV
$ILQDOHVGHORVDVHVRUHVGH)/2&HUWFRPHQ]DURQ
D HVWXGLDU FyPR VH HVWDEDQ LQWHUSUHWDQGR HVWRV FULWH
ULRV\VLODPD\RUSDUWHGHORVSURGXFWRUHVDFUHGLWDGRV
FRQVHJXLUtDQFXPSOLUORVDQWHVGHODIHFKDOtPLWHGHMXOLR
GH (O HVWXGLR VH UHDOL]y HQ SDUWH SRUTXH )/2 GHV
FXEULy TXH OD IDOWD GH XQD RULHQWDFLyQ FODUD HQ DSOLFDU
ORV FULWHULRV FRPSOLFDED HO WUDEDMR GH DVHVRUDPLHQWR
UHDOL]DGR SRU ORV LQVSHFWRUHV D OD KRUD GH D\XGDUOHV D
FXPSOLUORV 2WUD UD]yQ HUD HO FRQIOLFWR HQWUH ORV FULWH
ULRVGH)/2\ORVGH%((eVWRVSRUHMHPSORGDQPXFKR
PHQRV SHVR D OD SDUWLFLSDFLyQ HFRQyPLFD \ PXFKR
PiV DO GHVDUUROOR GH OD HPSUHVD \ GH ODV FDSDFLGDGHV
0LHQWUDVTXHORVFULWHULRVGH)/2H[LJHQODSDUWLFLSDFLyQ
HFRQyPLFDGHORVWUDEDMDGRUHVOD%((KDEODGHODSDUWL
FLSDFLyQGHODSREODFLyQQHJUD(ODUJXPHQWRFHQWUDOGH
)/2HVTXHVXVFULWHULRVQRGHEHQHVWDUHQFRQIOLFWRFRQ
OD OHJLVODFLyQ GH OD ]RQD R JHQHUDU GLILFXOWDGHV FRQIX
VLyQ R FRPSOHMLGDG LQQHFHVDULD 8QD FRQFOXVLyQ LQWHUH
VDQWHGHOHVWXGLRFLWDGRHVTXHPLHQWUDVTXHHOGH
ORV SURGXFWRUHV GH 6XGiIULFD WHQtDQ SUR\HFWRV GH %((
TXH LPSOLFDEDQ D VXV WUDEDMDGRUHV \ OD SREODFLyQ ORFDO
HQPX\SRFRVFDVRVORVWUDEDMDGRUHVWHQtDQXQSDUWLFL
SDFLyQSRUHQFLPDGHO\HQPX\SRFRVORVWUDEDMD
GRUHVHVWDEDQLPSOLFDGRVHQODJHVWLyQGHODHPSUHVD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
(QEDVHDHVWDVFRQFOXVLRQHV)/2SURSXVRODUHYRFDFLyQ
GH OD LQWHUSUHWDFLyQ HVSHFLDO GH OD QRUPD \ OD LPSOH
PHQWDFLyQ GH XQD ´SROtWLFD GH FHUWLILFDFLyQµ SDUD )/2
&HUWTXHRULHQWDVHODLQWHUSUHWDFLyQ\ODLPSOHPHQWDFLyQ
GHODQRUPDHQORVGLIHUHQWHVVHFWRUHVDJUtFRODV(QMXOLR
GH ORV SURGXFWRUHV FRPHUFLDQWHV \ RWURV LQWHUH
VDGRV VH UHXQLHURQ SDUD GLVFXWLU OD QXHYD SURSXHVWD GH
)/2 \ VH RSWy SRU PDQWHQHU ORV SULQFLSLRV RULJLQDOHV /D
PD\RUtD GH ORV LPSOLFDGRV FUHtDQ TXH HO FULWHULR GHO QR GHEtD UHODMDUVH $XQTXH PXFKRV GH HOORV QR FXPSOtDQ
FRQHOFULWHULRKDEtDQDYDQ]DGRPXFKR\QRTXHUtDQYHU
VXV HVIXHU]RV PLQDGRV SRU XQD UHODMDFLyQ GH OD QRUPD
SDUD ORV QXHYRV SDUWLFLSDQWHV 'H KHFKR DOJXQRV RSLQD
URQTXHQRVyORVHGHEHUtDDSOLFDUDORVSURGXFWRUHVVLQR
WDPELpQ D ORV QLYHOHV PiV DOWRV GH OD FDGHQD GH YDORU
LQWHUPHGLDULRVGLVWULEXLGRUHVHWF(QODUHXQLyQVHDFRU
GyODSUHVHQWDFLyQGHHVWRVSXQWRVGHYLVWDD)/2\)/2
&HUWSHURKDVWDHOPRPHQWRQRVHKDDYDQ]DGRPiV
3ODQWDFLRQHVYVSHTXHxRVSURGXFWRUHV
'DGR TXH KD\ SRFRV SHTXHxRV SURGXFWRUHV R H[SOR
WDFLRQHV HQ PDQRV GH ORV WUDEDMDGRUHV QR KD\ PXFKR
VRODSDPLHQWRRFRPSHWHQFLDFRQODVSODQWDFLRQHVSRUHO
PHUFDGR6LQHPEDUJRDPHGLGDTXHFUH]FDHO&RPHUFLR
-XVWRHVWDFXHVWLyQVXUJLUi(OFDVRGHOWpURRLERVHVXQ
FODURHMHPSOR
8QRGHORVSULPHURVSURGXFWRUHVHQREWHQHUODDFUHGLWD
FLyQGH)/2IXHOD&RRSHUDWLYD+HLYHOGHQIRUPDGD
SRU PiV GH SHTXHxRV SURGXFWRUHV TXH WUDEDMDEDQ OD
WLHUUD HQ OD ]RQD URFRVD GH 6XLG %RNNHYHOG 3UHYLR D OD
FUHDFLyQGHODFRRSHUDWLYDFDGDSHTXHxRSURGXFWRUFXO
WLYDEDWDQWRFRPRSRGtDHQFRPSHWHQFLDFRQVXVYHFLQRV
7DPELpQ FRPSHWtDQ FRQ ODV SODQWDFLRQHV GH Wp URRLERV
PiV´HILFLHQWHVµTXHHQJHQHUDOSDJDEDQVDODULRVEDMRV
\ WHQtDQ DFFHVR D WLHUUDV PiV IpUWLOHV HQ ODV ]RQDV PiV
OOXYLRVDV \ SRGtDQ H[WHUQDOL]DU PXFKRV GH VXV FRVWHV
3DUD ORV SHTXHxRV SURGXFWRUHV GH 6XLG %RNNHYHOG HO
FXOWLYRGHODSODQWDHUDXQDDFWLYLGDGPDUJLQDO\HOFDP
SHVLQDGR \ VXV IDPLOLDV VREUHYLYtDQ FRPR SRGtDQ /RV
SUREOHPDVXVXDOHVGHSREUH]DHUDQHYLGHQWHV
(QOD´:XSSHUWKDO7HD$VVRFLDWLRQµTXHUHSUHVHQ
WDDPiVGHSHTXHxRVSURGXFWRUHVWDPELpQREWXYR
OD FHUWLILFDFLyQ GH )/2 SDUD HO Wp URRLERV 3RU SULPHUD
YH] ORV SURGXFWRUHV GH Wp URRLERV D SHTXHxD HVFDOD
WXYLHURQDFFHVRDXQPHUFDGRHQHOFXDOQRGHEtDQFRP
SHWLU FRQ ODV SODQWDFLRQHV \ GRQGH SRGtDQ FRQVHJXLU XQ
SUHFLR MXVWR SRU VX SURGXFWR 1R VyOR VH JDQDED PiV
GLQHUR HQ OD FRPXQLGDG VLQR TXH ORV FDPSHVLQRV WDP
ELpQDSUHQGtDQDWUDEDMDUMXQWRV\DSR\DUVHPXWXDPHQ
WH (O FXOWLYR UHVXOWy HFRQyPLFDPHQWH PiV VRVWHQLEOH \
HVSHUDEDQYHUFUHFHUVXVQHJRFLRV\PHMRUDUVXVYLGDV
3RFR GHVSXpV DOJXQDV JUDQGHV SODQWDFLRQHV GH ORV YD
OOHVPiVIpUWLOHVREWXYLHURQODFHUWLILFDFLyQGH&RPHUFLR
-XVWR SDUD SURGXFLU XYD $OJXQRV GH HOORV WDPELpQ FXO
WLYDEDQ Wp URRLERV DXQTXH OR FRQVLGHUDEDQ PiV FRPR
XQDDFWLYLGDGGHWHPSRUDGDEDMD1RREVWDQWHDPHGLGD
TXH DXPHQWDED OD GHPDQGD GH Wp URRLERV GH &RPHUFLR
-XVWRHVWLPXODGDSRUHOp[LWRGHOPDUNHWLQJGHODSODQWD
SURGXFLGDSRUORVSHTXHxRVSURGXFWRUHVHVWHPHUFDGR
UHVXOWDED PiV DWUDFWLYR SDUD ODV SODQWDFLRQHV <D TXH
FRQWDEDQ FRQ OD FHUWLILFDFLyQ GH )/2 TXH OHV FXEUtD ORV
FULWHULRVRUJDQL]DFLRQDOHVH[LJLGRVSRUHO&-OHVIXHIiFLO
DODVSODQWDFLRQHVDJUHJDUWpURRLERVDVXOLVWDGHSUR
GXFWRVFHUWLILFDGRVSRU)/2
/RV SHTXHxRV SURGXFWRUHV YROYLHURQ D HQFRQWUDUVH
HQ HO SXQWR GH SDUWLGD (VWDEDQ EDMR OD SUHVLyQ GH ORV
FRPHUFLDQWHVTXHOHVGHFtDQTXHHOSUHFLRGHOSURGXFWR
HUDGHPDVLDGRDOWR\TXHHOGHODVSODQWDFLRQHVHUDPiV
EDUDWR/RVSHTXHxRVSURGXFWRUHVWXYLHURQTXHGDUPiV
\PiVGHVXVUHFXUVRVOLPLWDGRVSDUDSURWHJHUHOSHTXH
xROXJDUTXHVHKDEtDQKHFKRHQHOPHUFDGR(PSH]DEDQ
DFXHVWLRQDUVHHOREMHWLYRGHO&RPHUFLR-XVWR
$FWXDOPHQWH ORV SHTXHxRV SURGXFWRUHV KDQ FRPXQLFD
GR VX SUHRFXSDFLyQ D )/2 YDULDV YHFHV UHFRPHQGDQGR
TXH VH LPSRQJD XQD PRUDWRULD HQ OD FHUWLILFDFLyQ GH
QXHYRVSURGXFWRUHVGHWpURRLERVSURSXHVWDTXH)/2QR
KD DSUREDGR 1R REVWDQWH WDQWR OD )76$ $VRFLDFLyQ GH
&RPHUFLR -XVWR GH 6XGiIULFD FRPR OD $),7 $VRFLDFLyQ
SDUD OD -XVWLFLD HQ HO &RPHUFLR KDQ DGRSWDGR SRVLFLR
QHV SROtWLFDV TXH SLGHQ TXH VH SURWHMDQ ORV PHUFDGRV
SDUD ORV SURGXFWRUHV GH SHTXHxD HVFDOD \ TXH VyOR VH
DEUDQ D ORV SURGXFWRUHV GH JUDQ HVFDOD HQ ORV FDVRV
HQ TXH ORV SURGXFWRUHV GH SHTXHxD HVFDOD QR SXHGDQ
FXEULUODGHPDQGDGHSURGXFWRV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
&RQVWUX\HQGR´2UJDQLVPRV
&RQMXQWRVµIXQFLRQDOHV
&RPR \D VH KD GLFKR DQWHULRUPHQWH ORV SURGXFWRUHV
VXGDIULFDQRV VRQ HQ VX PD\RUtD SODQWDFLRQHV (Q HVWRV
FDVRV )/2 H[LJH DO SURGXFWRU TXH HVWDEOH]FD XQD RU
JDQL]DFLyQ OHJDOPHQWH LQGHSHQGLHQWH FRQRFLGD FRPR
2UJDQLVPR &RQMXQWR -RLQW
-RLQW %RG\
%RG\ TXH HVWp IRUPDGD
SRU WUDEDMDGRUHV \ GLUHFFLyQ GH IRUPD FRQMXQWD (O 2U
JDQLVPR &RQMXQWR UHFLEH HO SUHPLR VRFLDO GHO &RPHUFLR
-XVWR\GHFLGHFyPRVHGHEHJDVWDU
(O SURFHVR GH FHUWLILFDFLyQ GH )/2 SHUPLWH TXH XQD
SODQWDFLyQ VHD FHUWLILFDGD \ TXH VH FRPHUFLH VLQ QHFH
VLGDG GH FRQVXOWD FRQ ORV WUDEDMDGRUHV \ QRUPDOPHQWH
VXFHGH TXH OD SULPHUD YH] TXH ORV WUDEDMDGRUHV R\HQ
KDEODU GHO &RPHUFLR -XVWR HV FXDQGR OD GLUHFFLyQ GH
OD SODQWDFLyQ OHV GLFH TXH GHEHQ IRUPDU XQ 2UJDQLVPR
&RQMXQWR SRUTXH HO SUHPLR VRFLDO KD OOHJDGR /DV QRU
PDV H[LJHQ TXH ORV WUDEDMDGRUHV GH ODV SODQWDFLRQHV
WHQJDQ XQD UHSUHVHQWDFLyQ PD\RULWDULD HQ HO JRELHUQR
GHO 2UJDQLVPR &RQMXQWR \ HQ ODV HVWUXFWXUDV SDUD OD
WRPD GH GHFLVLRQHV SHUR FUHDU \ OOHYDU XQ 2UJDQLVPR
&RQMXQWR QR HV XQD WDUHD IiFLO SDUD ORV WUDEDMDGRUHV
GH ODV SODQWDFLRQHV JHQHUDOPHQWH SRFR IRUPDGRV \ D
YHFHVHVODGLUHFFLyQTXLHQWLHQHODLQLFLDWLYD\FRQWLQ~D
GRPLQDQGR HO SURFHVR LQFOXVR FXDQGR OR KDFH FRQ EXH
QDVLQWHQFLRQHV
$OJXQRV 2UJDQLVPRV &RQMXQWRV WLHQHQ SUREOHPDV SDUD
FRQVHJXLUDGHFXDUVHDODVH[LJHQFLDVGH)/2UHODWLYDVD
OD GRFXPHQWDFLyQ \ D RWURV SURFHVRV EXURFUiWLFRV (V
FODUDPHQWHMXVWLILFDEOHTXHVHUHTXLHUDXQDFRQVWLWXFLyQ
OHJDOSURFHGLPLHQWRVDGHFXDGRVGXUDQWHODVUHXQLRQHV
DFWDV GH ODV UHXQLRQHV HWF 6LQ HPEDUJR SDUD PXFKRV
WUDEDMDGRUHV DJUtFRODV VRQ QRFLRQHV GHVFRQRFLGDV
,QFOXVRVLQRORVRQORVWUDEDMDGRUHVQRVLHPSUHHQWLHQ
GHQ SRU TXp HVWRV SURFHGLPLHQWRV EXURFUiWLFRV GHEHQ
VHUVHJXLGRV\SRUTXpHOGLQHURGHORVSUHPLRVQRSXHGH
VHU VLPSOHPHQWH GLVWULEXLGR HQWUH ORV WUDEDMDGRUHV
$XQTXH HQ JHQHUDO HVWiQ DJUDGHFLGRV SRU ORV IRQGRV
GH ORV TXH VDEHQ KDFHU EXHQ XVR QR QHFHVDULDPHQWH
HQWLHQGHQ GH GyQGH SURYLHQH HVH GLQHUR R SRU TXp ORV
FRQVXPLGRUHV GH (XURSD \ GH ORV (VWDGRV 8QLGRV TXH
QXQFD KDQ FRQRFLGR TXLHUHQ FRPSUDU VXV SURGXFWRV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
7DPSRFRWLHQHQXQDLGHDFODUDGHTXpHVORTXHHVSHUDQ
D FDPELR ORV FRQVXPLGRUHV 1R KD\ FRQVWDQFLD GH TXH
ORV WUDEDMDGRUHV GH ODV SODQWDFLRQHV FHUWLILFDGDV SRU
)/2HQ6XGiIULFDVHFRQVLGHUHQSDUWHGHXQPRYLPLHQWR
JOREDOSHQVDGRSDUDOOHYDUDOPXQGRKDFLDXQPRGHORGH
FRPHUFLRPiVMXVWR
([LVWHQWDPELpQRWURVSUREOHPDV/DHOHFFLyQGHWUDED
MDGRUHVHQHO2UJDQLVPR&RQMXQWRQRHVVLHPSUHXQSUR
FHVR WRWDOPHQWH WUDQVSDUHQWH \ HTXLWDWLYR (Q OD SODQ
WDFLyQWtSLFDVXUDIULFDQDQRVLHPSUHKD\XQDGLVWLQFLyQ
FODUD HQWUH WUDEDMDGRU \ GLUHFFLyQ $OJXQRV WUDEDMDGR
UHVVRQGHVLJQDGRVSDUDVXSHUYLVDUDRWURVSXHVWRTXH
HVWiQPiVIRUPDGRVDOIDEHWL]DGRV\VHJXURVGHVtPLV
PRV OR TXH OHV KDFH WHQHU PiV SXQWRV SDUD TXH VH OHV
HOLMDSDUDIRUPDUSDUWHGHODVFRPLVLRQHVGHO2UJDQLVPR
&RQMXQWR (O SRFR FRQRFLPLHQWR GHO &RPHUFLR -XVWR SRU
SDUWHGHORVWUDEDMDGRUHVIDFLOLWDTXHODGLUHFFLyQGHOD
SODQWDFLyQ LQIOX\D HQ OD HOHFFLyQ GH WUDEDMDGRUHV D ODV
FRPLVLRQHVTXHHVORTXHKDELWXDOPHQWHVXFHGH$~QHQ
ORV FDVRV HQ GRQGH ODV LQWHQFLRQHV GH OD GLUHFFLyQ VRQ
EXHQDVQRVRQODVSUiFWLFDVTXHHOVLVWHPDGHO&RPHUFLR
-XVWRGHEHUtDSURPRYHU
(QDOJXQRVSDtVHVHOSDSHOGHORVVLQGLFDWRVGHWUDEDMD
GRUHV DJUtFRODV HV LPSRUWDQWH SDUD OD FRQVWUXFFLyQ GH
ODVROLGDULGDGSROtWLFD\ODIRUPDFLyQGHORVWUDEDMDGRUHV
VREUH VXV GHUHFKRV < ORV FULWHULRV GHO &RPHUFLR -XVWR
H[LJHQ TXH OD GLUHFFLyQ SHUPLWD HO OLEUH HMHUFLFLR GHO
GHUHFKRDODVLQGLFDOL]DFLyQ6LQHPEDUJRHQ6XGiIULFD
HO DSR\R SURSRUFLRQDGR SRU ORV VLQGLFDWRV UXUDOHV HV
LQVLJQLILFDQWH \ XQ WUDEDMDGRU DJUtFROD WLHQH TXH VHU
PX\YDOLHQWHSDUDH[SUHVDUVHHQFRQWUDGHODGLUHFFLyQ
TXHOHSDJDHOVXHOGR
/DVSODQWDFLRQHVVXGDIULFDQDVVHFDUDFWHUL]DQWDPELpQ
SRUWHQHUXQDJUDQFDQWLGDGGHWUDEDMDGRUHVWHPSRUD
OHVTXHWpFQLFDPHQWHGHEHUtDQEHQHILFLDUVHWDPELpQGHO
&RPHUFLR -XVWR \ GHEHUtDQ HVWDU UHSUHVHQWDGRV HQ ODV
HVWUXFWXUDVGHO2UJDQLVPR&RQMXQWR6LQHPEDUJRGDGD
VX LQFRQVWDQWH FRQH[LyQ FRQ ODV HPSUHVDV QR VLHPSUH
HVIiFLO0XFKRVYLYHQOHMRVGHGRQGHWUDEDMDQ\QRQHFH
VDULDPHQWH WUDEDMDQ FDGD DxR HQ OD PLVPD SODQWDFLyQ
,QWHJUDU D ORV WUDEDMDGRUHV WHPSRUDOHV HV XQ SURFHVR
FRPSOLFDGR\GLItFLO
)UHQWHDOOLPLWDGRFRPSURPLVRFRQHO&RPHUFLR-XVWRGH
ORV WUDEDMDGRUHV DJUtFRODV FRQWUDWDGRV \D TXH WLHQHQ
XQ WUDEDMR WDQWR VL HO SURSLHWDULR YHQGH D WUDYpV GHO
&RPHUFLR -XVWR FRPR VL QR ORV SHTXHxRV SURGXFWRUHV
WLHQHQ PXFKR PiV LQWHUpV GLUHFWR HQ HO &RPHUFLR -XVWR
/DV WUHV RUJDQL]DFLRQHV GH SHTXHxRV SURGXFWRUHV FHU
WLILFDGDV SRU )/2 HQ 6XGiIULFD VRQ FDVL FRPSOHWDPHQWH
GHSHQGLHQWHV GHO PHUFDGR GHO &RPHUFLR -XVWR $XQTXH
SXHGH KDEHU DOJ~Q PLHPEUR TXH QR FRPSUHQGD GHO WRGR
HO&RPHUFLR-XVWRHQJHQHUDOWLHQHQFODURTXHSDUDFRQ
VHUYDU\DXPHQWDUVXDFFHVRDHVWHPHUFDGRQHFHVLWDQ
GHVDUUROODUVXFRPSUHQVLyQGHTXpPRWLYDDORVFRQVXPL
GRUHVDFRPSUDUVXVSURGXFWRV/DVWUHVRUJDQL]DFLRQHV
KDQHQYLDGRGHOHJDFLRQHVDOH[WUDQMHURSDUDHQFRQWUDUVH
FRQ ORV SULQFLSDOHV FRPHUFLDQWHV \ REVHUYDU FyPR VH
HPSDTXHWDQFRPHUFLDOL]DQ\H[SRQHQVXVSURGXFWRV
GRVGHQWURGHOSDtV&RPRSDtVSURGXFWRUH[LVWHHOUHWR
GHDVHJXUDUTXHORVSURGXFWRUHV\´EHQHILFLDULRVµHVWpQ
LQYROXFUDGRV HQ HO &RPHUFLR -XVWR QR VRODPHQWH SDUD
FRQVHJXLU XQ PHMRU DFFHVR DO PHUFDGR VLQR WDPELpQ
SDUDTXHHQWLHQGDQ\FRPSDUWDQORVYDORUHVVRFLDOHVGHO
&RPHUFLR-XVWR(OEHQHILFLRPiVGLUHFWR\WDQJLEOHHVHO
GLQHUR \D VHD D WUDYpV GH SUHFLRV MXVWRV R GH SUHPLRV
VRFLDOHV 6LQ HPEDUJR VH WUDWD R GHEHUtD WUDWDUVH GH
DOJRPiVTXHGHOGLQHUR\DTXHHVXQVLVWHPDGHFRPHU
FLREDVDGRHQORVYDORUHV\QRHQHOSUHFLR
&RQVWUX\HQGRXQPRYLPLHQWRGH
&RPHUFLR-XVWRHQ6XGiIULFD
'RVRUJDQL]DFLRQHV&RPHUFLR-XVWRGH6XGiIULFD)76$
\OD$VRFLDFLyQSDUDOD-XVWLFLDHQHO&RPHUFLR$),7VH
KDQFUHDGRFRQHODPSOLRREMHWLYRGHIRUWDOHFHUORVYDOR
UHV GHQWUR GHO VLVWHPD GHO &RPHUFLR -XVWR \ FRQVWUXLU
XQD FRQFLHQFLD PiV IXHUWH GHO &RPHUFLR -XVWR FRPR
PRYLPLHQWR /DV GRV RUJDQL]DFLRQHV VLUYHQ FRPR IRURV
HQ ORV TXH VH SXHGHQ SODQWHDU SUREOHPDV \ SUHRFXSD
FLRQHV\GHEDWLUORV
'HQWUR GHO VLVWHPD GH &RPHUFLR -XVWR 6XGiIULFD HV
DFWXDOPHQWHXQSDtVH[FOXVLYDPHQWHSURGXFWRUDXQTXH
WDPELpQ VH SODQWHD FRPHUFLDOL]DU SURGXFWRV FHUWLILFD
)76$ IXH HO UHVXOWDGR GH XQD VHULH GH HQFXHQWURV
RUJDQL]DGRV SRU )/2 SDUD GLVFXWLU HO GHVDUUROOR GHO
&RPHUFLR-XVWRHQHOSDtV$SDUWHGHDFWXDUFRPRIRUR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
SDUDWRGRVORVGHEDWHVGH&RPHUFLR-XVWRHQHOSDtV\
XQ SXQWR GH FRPXQLFDFLyQ FHQWUDO SDUD )/2 HQ WRUQR
D DVXQWRV VRFLDOHV OD )76$ WDPELpQ LQLFLy FRQ OD LGHD
GHOOHJDUDVHUXQD,QLFLDWLYD1DFLRQDOGH)/2$XQTXH
QR KD KDELGR XQ DQiOLVLV H[KDXVWLYR GHO PHUFDGR
SRWHQFLDO VH FRPSDUWtD OD LGHD GH TXH ORV SURGXFWRV
FHUWLILFDGRV SRU )/2 VH YHQGHUtDQ UD]RQDEOHPHQWH
ELHQ ORFDOPHQWH \ TXH ORV FRQVXPLGRUHV GH 6XGiIULFD
DSR\DUtDQ D HVWRV SURGXFWRV FXOWLYDGRV HQ OD ]RQD
$GHPiV OD )76$ WLHQH HO REMHWLYR GH SURSRUFLRQDU
IRUPDFLyQ DVHVRUDPLHQWR WpFQLFR \ RWUDV IRUPDV GH
DSR\RDORVSURGXFWRUHV
(Q FDPELR HQ $),7 VyOR ODV RUJDQL]DFLRQHV GH SHTXH
xRVSURGXFWRUHVSXHGHQVHUPLHPEURVGHORVRUJDQLV
PRVFRQMXQWRVSHURQRWLHQHQTXHHVWDUFHUWLILFDGDV
SRU)/2(VHOUHVXOWDGRGHODFRQFLHQFLDGHTXHDXQ
TXH HVWH JUXSR HVWDED IRUPDGR SRU ORV EHQHILFLDULRV
SULQFLSDOHV GHO VLVWHPD GHO &RPHUFLR -XVWR HUDQ ORV
DFWRUHV PHQRV HPSRGHUDGRV GHQWUR GH HVWH VLVWHPD
6H SHQVDED TXH D WUDYpV GH OD FUHDFLyQ GH XQD UHG
GH LJXDOHV SRGUtDQ FUHDU VXV SURSLDV RSRUWXQLGDGHV
GH IRUPDFLyQ \ FDSDFLWDFLyQ DVt FRPR UHXQLUVH SDUD
WUDWDU ORV DFRQWHFLPLHQWRV SROtWLFRV GHQWUR GH )/2 \
GHO &RPHUFLR -XVWR HQ JHQHUDO (Q WpUPLQRV GH FRQV
WUXFFLyQGHFDSDFLGDGHV$),7KDRUJDQL]DGRGLYHUVRV
WDOOHUHV GH IRUPDFLyQ SDUD VXV PLHPEURV ORV FXDOHV
VH FHQWUDQ HQ DSUHQGHU \ FRPSDUWLU HQWUH LJXDOHV
DVt FRPR HQ WHQHU DSRUWDFLRQHV SRU SDUWH GH ORV
H[SHUWRV (Q FXDQWR D WUDWDU SURFHVRV SROtWLFRV $),7
KD HQYLDGR D UHSUHVHQWDQWHV D ORV HQFXHQWURV GH OD
5HGGH&RPHUFLR-XVWR$IULFDQR$)1KDSDUWLFLSDGR
HQ ORV GHEDWHV VREUH FULWHULRV PHGLRDPELHQWDOHV KD
FRPXQLFDGRVXVSURSXHVWDVD)/2\KDRUJDQL]DGRXQ
GHEDWH DQWHV GH ODV UHXQLRQHV QDFLRQDOHV GH OD )76$
(QWUH ODV SRVWXUDV DGRSWDGDV SRU OD $),7 HVWiQ ODV
VLJXLHQWHV
‡ $VHJXUDU TXH QR VH GHELOLWH HO UHTXHULPLHQWR GH TXH
PiV GHO GH OD SDUWLFLSDFLyQ HFRQyPLFD GH ODV
SODQWDFLRQHV FRQ PDQR GH REUD FRQWUDWDGD HVWp HQ
PDQRVGHORVWUDEDMDGRUHV
‡ 4XH ORV SHTXHxRV SURGXFWRUHV FHUWLILFDGRV QR VHDQ
IRU]DGRVDFRPSHWLUFRQODVSODQWDFLRQHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
‡ 4XH ORV FULWHULRV PHGLRDPELHQWDOHV GH )/2 VHDQ ORV
DGHFXDGRV\IRPHQWHQXQDEXHQDJHVWLyQDPELHQWDO
‡ 4XH PiV RUJDQL]DFLRQHV GH SHTXHxRV SURGXFWRUHV
REWHQJDQFHUWLILFDFLyQGH&RPHUFLR-XVWR
(OIXWXUR
+D\ XQD VHULH GH LQLFLDWLYDV TXH WUDWDQ DOJXQRV GH ORV
UHWRV FRPHQWDGRV HQ OD VHFFLyQ DQWHULRU 7RGDV VH
UHODFLRQDQ FRQ OD FRQVWUXFFLyQ \ HO IRUWDOHFLPLHQWR GHO
&RPHUFLR -XVWR FRPR XQ PRYLPLHQWR VRFLDO EDVDGR HQ
ORVYDORUHVQRVyORFRPRXQDRSRUWXQLGDGSDUDTXHXQ
Q~PHUR VHOHFFLRQDGR GH SURGXFWRUHV WHQJD XQ PHMRU
DFFHVR DO PHUFDGR R D TXH KD\D PHMRUHV FRQGLFLRQHV
SDUD WUDEDMDGRUHV GH ODV SODQWDFLRQHV +D\ iUHDV
FODYHTXHQHFHVLWDQVHUWUDWDGDVTXHVRQHOGHVDUUROOR
GH XQ PHUFDGR ORFDO SDUD ORV SURGXFWRV GH &RPHUFLR
-XVWR OD FDSDFLWDFLyQ GH ORV EHQHILFLDULRV SHTXHxRV
JUDQMHURV \ WUDEDMDGRUHV GH ODV SODQWDFLRQHV \ OD
PHMRUD GH OD SRVLFLyQ GH ORV SURGXFWRUHV ORFDOHV HQ ORV
SURFHVRVGHWRPDGHGHFLVLRQHVGH)/2
8QPHUFDGRGH&RPHUFLR-XVWRORFDO
WDPELpQ HO HQFDUJR GH XQ HVWXGLR GH YLDELOLGDG GHO HWL
TXHWDMHGH&RPHUFLR-XVWRHQ6XGiIULFD
$FWXDOPHQWHQRKD\PHUFDGRSDUDSURGXFWRVDJUtFRODV
UHJXODGRVSRUHO&RPHUFLR-XVWRHQ6XGiIULFD\DXQTXH
QR KD KDELGR QLQJXQD LQYHVWLJDFLyQ GH PHUFDGR LPSRU
WDQWH ORV SURGXFWRUHV WLHQHQ OD VHQVDFLyQ GH TXH HO
PHUFDGR ORFDO UHDFFLRQDUi ELHQ DQWH ORV SURGXFWRV GH
&RPHUFLR-XVWRQRVyORFRQRULJHQHQSURGXFWRUHVORFD
OHV VLQR WDPELpQ GH RWURV SDLVHV DIULFDQRV \ GH RWURV
FRQWLQHQWHV &RPHUFLR -XVWR GH 6XGiIULFD )76$ KD
DFHSWDGR HO HQFDUJR GH ORV SURGXFWRUHV FRPHUFLDQWHV
\RWURVDFWRUHVGHSHUVHJXLUODSRVLELOLGDGGHRUJDQL]DU
XQD LQLFLDWLYD QDFLRQDO $OJXQRV HPSUHVDULRV \D KDQ
SHGLGRSHUPLVRRD\XGDD)76$SDUDSRGHUFRPHQ]DUD
FRPHUFLDUORVSURGXFWRVGH&RPHUFLR-XVWRORFDOPHQWH
6LQ HPEDUJR HO SURFHVR SDUD HVWDEOHFHU XQD LQLFLDWLYD
QDFLRQDOGH)/2QRHVVLPSOH\VHFRPSOLFDSRUHOKHFKR
GH TXH OD )76$ QR WLHQH D~Q SHUVRQDO \ HO WUDEDMR GHO
RUJDQLVPRHVWiVLHQGROOHYDGRDFDERSRUPLHPEURVGH
OD MXQWD TXH VH KDQ RIUHFLGR YROXQWDULRV 6LQ HPEDUJR
ODE~VTXHGDGHXQ'LUHFWRU(MHFXWLYRDWLHPSRFRPSOHWR
\ RWUR WLSR GH SHUVRQDO HVWi HQ FDPLQR FRPR OR HVWi
/D -XQWD GH OD )76$ KD WHQLGR HQ FXHQWD GLIHUHQWHV
PRGHORV GH LQLFLDWLYDV QDFLRQDOHV \ GLIHUHQWHV YtDV
GH JDUDQWtD SDUD HYLWDU ORV FRQIOLFWRV GH LQWHUpV
HQWUH SURGXFWRUHV FRPHUFLDQWHV \ FXOWLYDGRUHV FRQ
OLFHQFLDV $FWXDOPHQWH VH SUHYp TXH OD )76$ VH TXHGH
FRPR SODWDIRUPD SROtWLFD GH WRGRV ORV GHSRVLWDULRV GH
&RPHUFLR -XVWR \ TXH VH HVWDEOH]FD XQD RUJDQL]DFLyQ
VLQ iQLPR GH OXFUR OODPDGD ,QLFLDWLYD GH (WLTXHWDGR GH
&RPHUFLR -XVWR GH 6XGiIULFD )7/,6$ /D -XQWD GH OD
)7/,6$ VHUi VHOHFFLRQDGD SRU OD GH OD )76$ SHUR HVWD
Ui FRPSXHVWD SRU SHUVRQDV TXH QR WHQJDQ XQ LQWHUpV
FRPHUFLDO GLUHFWR HQ HO &RPHUFLR -XVWR /RV PHUFDGRV
GH &RPHUFLR -XVWR HQ 0pMLFR \ %UDVLO HVWiQ HQ XQD
SRVLFLyQ VLPLODU D OD GH 6XGiIULFD VLHQGR SURGXFWRUHV
\ FRQVXPLGRUHV SRWHQFLDOHV DO PLVPR WLHPSR %UDVLO
WLHQH GLHFLQXHYH SURGXFWRUHV FHUWLILFDGRV SRU )/2 \
DFWXDOPHQWH HVWi RUJDQL]DQGR XQD ,QLFLDWLYD 1DFLRQDO
GH(WLTXHWDMH0pMLFRWLHQHSURGXFWRUHVFHUWLILFDGRV
SRU)/2\SXVLHURQHQPDUFKDVX,QLFLDWLYD1DFLRQDOGH
(WLTXHWDMHHQ
&RQVWUXLUFDSDFLGDGHV
/D FDSDFLGDG GH ORV ´2UJDQLVPRV &RQMXQWRV GH -XQWDµ
-RLQW%RG\SDUDIXQFLRQDUGHIRUPDHILFLHQWH\HIHFWL
YDHVXQWHPDGHSUHRFXSDFLyQLPSRUWDQWH<DTXHORV
WUDEDMDGRUHV GH ODV SODQWDFLRQHV QR WLHQHQ OD FDSDFL
GDG SDUD JHVWLRQDU HVWDV LQVWLWXFLRQHV HVWDUiQ VLHP
SUHGRPLQDGRVSRUODVGHFLVLRQHVGHGLUHFFLyQ\VXFXO
WXUDRUJDQL]DFLRQDO(QWUHORVWUDEDMDGRUHVFRQHVFDVD
HGXFDFLyQKD\XQDQHFHVLGDGHQRUPHGHDOIDEHWL]DFLyQ
\ XQD IDOWD GH QRFLRQHV HOHPHQWDOHV GH FiOFXOR \ KDEL
OLGDGHV EiVLFDV FRPR WpFQLFDV SDUD OOHYDU UHXQLRQHV
3HUR LQFOXVR HQ ORV 2UJDQLVPRV &RQMXQWRV FRQ JHQWH
FRQ ODV KDELOLGDGHV QHFHVDULDV HQ ORV &RPLWpV QR
VLHPSUH HVWiQ VHJXURV GH FRPSUHQGHU HO VLVWHPD GHO
&RPHUFLR -XVWR (O HQWUHQDPLHQWR GH KDELOLGDGHV GHEH
LU DFRPSDxDGR GH SURFHVRV TXH FRQOOHYHQ D XQ PHMRU
FRQRFLPLHQWR GHO &RPHUFLR -XVWR \ TXH SURSRUFLRQHQ
FRQILDQ]DSDUDDFWXDU6LQHPEDUJRODLQVWUXFFLyQ\HO
DSR\RQRGHEHUtDQOLPLWDUVHDWUDEDMDGRUHVGHSODQWD
FLRQHVSXHVWRTXHDYHFHVHVODGLUHFFLyQGHODJUDQMD
TXLHQ QR FRPSUHQGH R PDOLQWHUSUHWD ORV REMHWLYRV GHO
&RPHUFLR-XVWR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
฀฀฀฀
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
'XUDQWHXQRVDxRV)/2KDHPSOHDGRDPHGLDMRUQDGDD
XQ2ILFLDOGH(QODFH/LDVRQ2IILFHUVHQWUHSURGXFWRUHV
FRQXQSUHVXSXHVWROLPLWDGRSDUDGDUFXDOTXLHUWLSRGH
DSR\RUHTXHULGR\SRVLEOH+DVWDODIHFKDHVWRKDLQFOXL
GR XQD LQVWUXFFLyQ SHUVRQDOL]DGD FRQ OD GLUHFFLyQ \ ORV
WUDEDMDGRUHV R SDUWLFLSDU HQ WDOOHUHV FRQ JUXSRV PiV
JUDQGHV GH SODQWDFLRQHV FHUWLILFDGDV (O SURJUDPD GHO
2ILFLDOGH(QODFHLQWHQWDLQFOXLUFRPRPtQLPRGRVYLVLWDV
DO DxR D ODV SODQWDFLRQHV FHUWLILFDGDV SHUIHFWDPHQWH
FRRUGLQDGR SDUD FRLQFLGLU FRQ ODV SUHSDUDFLRQHV SDUD
ODV SUHLQVSHFFLRQHV GH ORV SURGXFWRUHV \ SDUD DVLVWLU
D OD LPSOHPHQWDFLyQ GH FXDOTXLHU DFFLyQ FRUUHFWLYD
PDUFDGDGHVSXpVGHODVLQVSHFFLRQHV0LHQWUDVTXHORV
SURGXFWRUHVDSUHFLDQHVWDDSRUWDFLyQDGLFLRQDOODJUDQ
FDQWLGDG GH WUDEDMR GHO 2ILFLDO HV DSHQDV PDQHMDEOH \
VHUiPD\RUFXDQGRVHLQFUHPHQWHQODVFHUWLILFDFLRQHV
([LVWHQ RWUDV LQVWLWXFLRQHV FDSDFHV GH GDU DSR\R /D
)76$ WLHQH OD UHVSRQVDELOLGDG GH SURSRUFLRQDU DSR\R D
ORV SURGXFWRUHV SHUR QR KD WHQLGR ORV IRQGRV QHFHVD
ULRVSDUDHOOR6LQHPEDUJRKDQVLGRFDSDFHVGHDFWXDU
FRPR XQ IRFR GH GHEDWH \ GLVFXVLyQ HVSHFLDOPHQWH HQ
WHPDV WpFQLFRV \ VH KD IRUPDGR XQ Q~PHUR GH JUXSRV
GH WUDEDMR FRQ XQ LQWHUpV HVSHFtILFR FRPR SRU HMHP
SOR GLVFXWLU HO SUHFLR GHO YLQR GH &RPHUFLR -XVWR /DV
5HXQLRQHV *HQHUDOHV $QXDOHV GH OD )76$ VRQ ORV SXQWRV
SULQFLSDOHV HQ ORV TXH ORV SURGXFWRUHV GH WRGR HO SDtV
VH FRQRFHQ HQWUH Vt \ WDPELpQ WLHQHQ OD SRVLELOLGDG GH
FRQRFHUDORVFRPHUFLDQWHVODV21*ORVLQYHUVRUHV\HO
SHUVRQDOGH)/2
$),7 KD OOHYDGR D FDER YDULRV WDOOHUHV GH IRUPDFLyQ
SDUD VXV PLHPEURV GXUDQWH ORV GRV ~OWLPRV DxRV 6X
HQYHUJDGXUD VH KD YLVWR UHVWULQJLGD SRU OD OLPLWDFLyQ
GH IRQGRV DXQTXH HVWD VLWXDFLyQ KD PHMRUDGR UHFLHQ
WHPHQWH $),7 FRQVLGHUD OD FDSDFLWDFLyQ QR VRODPHQWH
FRPR KDELOLGDGHV WpFQLFDV \ GH FRPSUHQVLyQ VLQR
WDPELpQ FRPR XQD FXHVWLyQ GH FRQILDQ]D \ GH VHQWLGR
GH SURSLHGDG HQWUH ORV EHQHILFLDULRV 6H FHQWUDQ SXHV
HQ FRPSDUWLU FRQRFLPLHQWRV HQWUH WRGRV HQ OD PHGLGD
GHORSRVLEOH\XVDUHOFRQRFLPLHQWRGHXQH[SHUWRVLVH
UHTXLHUH/RVSODQHVSDUDHOIXWXURLQFOX\HQXQSURJUD
PD GH LQVWUXFFLyQ PiV DPSOLR \ HO DSR\R D ODV YLVLWDV
HQWUH PLHPEURV 7pFQLFDPHQWH HO DSR\R D ORV SUR
GXFWRUHV GH )/2 HVWi OLPLWDGR D DTXHOORV TXH \D HVWiQ
FHUWLILFDGRV $),7 QR WLHQH WDOHV UHVWULFFLRQHV \ SXHGH
TXH VHD FDSD] GH SURSRUFLRQDU DSR\R D SURGXFWRUHV
VROLFLWDQWHV\DDTXHOORVTXHDVSLUDQDWHQHUHOFHUWLIL
FDGRGH&RPHUFLR-XVWR
7RPDGHGHFLVLRQHV
(V XQD DQRPDOtD HO KHFKR GH TXH HQ HVWH VLVWHPD GH
&RPHUFLR -XVWR )/2 GH PLOORQHV GH GyODUHV FUHDGR
SDUD EHQHILFLDU D ORV SHTXHxRV SURGXFWRUHV \ WUDEDMD
GRUHV GH SODQWDFLRQHV HVWRV GRV JUXSRV VHDQ ORV SHRU
UHSUHVHQWDGRV HQ HO JRELHUQR GHO VLVWHPD \ HQ OD WRPD
GHGHFLVLRQHV/DFUHFLHQWHEXURFUDWL]DFLyQGHOJRELHUQR
GHO &RPHUFLR -XVWR D WUDYpV GH )/2 \ )/2&HUW SXHGH
SURSRUFLRQDU DOJXQDV YHQWDMDV SDUD ORV FRQVXPLGRUHV
\ FRPHUFLDQWHV \ SXHGH OOHYDU D XQ PHMRU SURFHVR \ D
PD\RUHV YRO~PHQHV GH FRPHUFLDOL]DFLyQ 3HUR HVWDV
PHMRUDV HQ HO VLVWHPD QR VH WUDGXFHQ QHFHVDULDPHQWH
HQ YHQWDMDV SDUD ORV SURGXFWRUHV /D FRPXQLFDFLyQ \
OD FRQVXOWD HQWUH %RQQ \ ORV SURGXFWRUHV VREUH WHPDV
WpFQLFRV \ SROtWLFRV GHO &RPHUFLR -XVWR VXHOH VHU DUWL
ILFLDO\FDVLQXQFDPX\SDUWLFLSDWLYD3RUWDQWRKD\XQD
FUHFLHQWH QHFHVLGDG GH UHGHV TXH OHV UHSUHVHQWHQ HQ
ORV GHEDWHV SROtWLFRV GHO &RPHUFLR -XVWR 7DQWR OD )76$
FRPROD$),7UHSUHVHQWDQHVWHSDSHOHQFLHUWDH[WHQVLyQ
\VHHQFDUJDQGHLQFUHPHQWDUODLQIOXHQFLDGHORVEHQH
ILFLDULRVGHO&RPHUFLR-XVWR
$FWRUHVFODYHHQHO
&RPHUFLR-XVWRHQ6XGiIULFD
/D$VRFLDFLyQSDUDOD-XVWLFLDHQHO
&RPHUFLR$),7
(VWD UHG TXH VLUYH H[FOXVLYDPHQWH D RUJDQL]DFLRQHV
GH SHTXHxRV JUDQMHURV \ D RUJDQLVPRV GH -XQWD VH
HVWDEOHFLy HQ PD\R GH (O REMHWLYR GH OD $),7 HV
SURSRUFLRQDU XQ IRUR D VXV PLHPEURV FRQ HO REMHWLYR
GH DSUHQGHU LQWHUFDPELDU H[SHULHQFLDV \ FRPSDUWLU
FRQRFLPLHQWRV H LQIRUPDFLyQ DVt FRPR KDFHU GH JUXSR
GHSUHVLyQ\DERJDUSRUXQDUHSUHVHQWDFLyQPiVIXHUWH
HQHOVLVWHPDGHO&RPHUFLR-XVWR
$VRFLDFLyQGH&RPHUFLR-XVWRGH
$UWHVDQtDGH6XGiIULFD)$&6$
ZZZIDLUWRXULVPVDRUJ]D
'DGR TXH HO &RPHUFLR -XVWR GH SURGXFWRV DUWHVDQRV
QR HVWDED UHJXODGR )$&6$ IXH FUHDGD SRU XQ JUXSR
GH FRPHUFLDOHV SDUD SURPRYHU HO &RPHUFLR -XVWR HQ
6XGiIULFD EHQHILFLDU D ORV SURGXFWRUHV GH DUWHVDQtDV
\ DSR\DU ORV HVIXHU]RV GHO %URDG%DVHG (FRQRPLF
(PSRZHUPHQW %(( (VWi DELHUWR D DUWHVDQRV DJHQ
WHV LQWHUPHGLDULRV \ RUJDQLVPRV GHO VHFWRU GH OD
DUWHVDQtD
&RPHUFLR-XVWRGH6XGiIULFD)76$
ZZZIDLUWUDGHRUJ]D
&RPHUFLR-XVWRHQHO7XULVPRHQ
6XGiIULFD)776$
´3URGXFW%XVLQHVV8QLWµGH)/23%8
(O&RPHUFLR-XVWRGH6XGiIULFDIXHIXQGDGRIRUPDOPHQWHHQ
PD\R GH FRPR XQ IRUR SDUD WRGRV ORV DFWRUHV LQYROX
FUDGRVHQHO&RPHUFLR-XVWRHQ6XGiIULFD$GHPiVGHSUR
PRYHUHOHWLTXHWDMHGHO&RPHUFLR-XVWRGHSURYHHUDSR\RD
ORVSURGXFWRUHVGHO&RPHUFLR-XVWR\GHDFWXDUFRPRSXQWR
SULPDULRGHHQODFHFRQ)/2HVWDPELpQHOSULQFLSDOFRQGXF
WRUGHOGHVDUUROORGHWRGRVORVPHUFDGRVGHO&RPHUFLR-XVWR
\ GHO HVWDEOHFLPLHQWR GH XQD LQLFLDWLYD ORFDO SDUD PDQWHQHU
ORVGHUHFKRVGHODPDUFDGH)/2HQ6XGiIULFD
)776$ IXQGDGD HQ HV DFWXDOPHQWH HO ~QLFR
RUJDQLVPR HQ HO PXQGR TXH RIUHFH FHUWLILFDFLRQHV GH
&RPHUFLR -XVWR LQGHSHQGLHQWHV SDUD ORV SURGXFWRV
\ RSHUDGRUHV WXUtVWLFRV +D FHUWLILFDGR D PiV GH QHJRFLRV TXH FXPSOtDQ ORV FULWHULRV GH HVWiQGDUHV
ODERUDOHV GH DGTXLVLFLyQ FRUSRUDFLyQ GH FLXGDGDQtD
\ GH LPSDFWR PHGLR DPELHQWDO )776$ RIUHFH WDPELpQ
DSR\R \ FDSDFLWDFLyQ SDUD VXV HVWDEOHFLPLHQWRV FHU
WLILFDGRV
/RV SURGXFWRUHV TXH FRQVLGHUDQ OD SRVLELOLGDG GH VROL
FLWDUODFHUWLILFDFLyQGH&RPHUFLR-XVWRWLHQHQDYHFHV
EDVWDQWHV SUHJXQWDV ¢4Xp SXHGH KDFHU HO &RPHUFLR
-XVWR SRU Pt" ¢&XiOHV VRQ ORV HVWiQGDUHV \ UHTXLVLWRV
GHO&RPHUFLR-XVWR"¢9HQGHUtDPiVVLREWXYLHUDODFHUWL
ILFDFLyQHFROyJLFD"¢&yPRGHERUHOOHQDUORVIRUPXODULRV"
¢&yPR HVWDEOH]FR XQ 2UJDQLVPR GH -XQWD" ¢&yPR QRV
SUHSDUDPRV SDUD ODV LQVSHFFLRQHV" $XQTXH )/2 SUR
SRUFLRQDGRFXPHQWRVHQORVFXDOHVVHH[SOLFDWRGRHVWR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
$SR\RJXEHUQDPHQWDO
+D\ XQ Q~PHUR GH LQVWLWXFLRQHV IXHUD GHO VLVWHPD IRU
PDO GH )/2 \ GHO &RPHUFLR -XVWR FX\RV YDORUHV \ REMH
WLYRV HVWiQ DOLQHDGRV FRQ HO &RPHUFLR -XVWR \ TXH VRQ
FDSDFHV GH SURSRUFLRQDU DSR\R D ORV SURGXFWRUHV GH
&RPHUFLR-XVWR7DQWRHOJRELHUQRORFDOFRPRHOSURYLQ
FLDOGH6XGiIULFDWLHQHQSURJUDPDVTXHSXHGHQSURSRU
FLRQDU FDSLWDO SDUD SUR\HFWRV TXH DSR\HQ HO GHVDUUROOR
GHORVDJULFXOWRUHV´HPHUJHQWHVµ\TXHWHQJDQXQFRP
SRQHQWH GH GHVDUUROOR VRFLDO 6LQ HPEDUJR HO SURFHVR
GH DFFHVR D HVWDV VXEYHQFLRQHV HV ODUJR \ WHGLRVR \
QRUPDOPHQWH VH QHFHVLWD D\XGD GH FRQRFHGRUHV GH ODV
OH\HV \ GH 21* (O DFFHVR D PHMRUHV PHUFDGRV HV XQR
GHORVIDFWRUHVSHURHOKHFKRGHTXHVHDQPHUFDGRVGH
&RPHUFLR-XVWRRQRQRHVUHOHYDQWHSDUDHOORV
$OJXQDV GH ODV DXWRULGDGHV ORFDOHV PiV SRGHURVDV WLH
QHQ XQD RILFLQD DFWLYD $JHQGD /RFDO \ HQ &LXGDG GHO
&DER HQ SDUWLFXODU VH KDQ LQWHUHVDGR HQ HO &RPHUFLR
-XVWRFRPRXQFDPLQRSDUDGHVDUUROODUXQDSROtWLFDGH
DGTXLVLFLyQ TXH VLJXH ORV YDORUHV GHO &RPHUFLR -XVWR
$XQTXH&LXGDGGHO&DERQRSURSRUFLRQDXQDSR\RGLUHF
WR DO SURGXFWRU VH HQFDUJD SRU HMHPSOR GH ORV FRVWHV
GHFRQIHUHQFLDV\GHLPSUHVLyQ
/RV QHJRFLRV GH WXULVPR GH &RPHUFLR -XVWR SXHGHQ
VROLFLWDU HO SURJUDPD VXEYHQFLRQDGR SRU HO JRELHUQR
7RXULVP(QWHUSULVHTXHSURSRUFLRQDIRQGRVDSHTXHxDV
\PHGLDQDVHPSUHVDV$XQTXHHVWHIRQGRQRHVHVSHFt
ILFR SDUD SUR\HFWRV GH &RPHUFLR -XVWR KD\ XQD EXHQD
FRUUHVSRQGHQFLD HQWUH ORV SULQFLSLRV GHO &RPHUFLR
-XVWR \ ORV FULWHULRV DSOLFDGRV SRU HO JRELHUQR 2WUR
PpWRGR GH DFFHVR DO DSR\R GHO JRELHUQR HV D WUDYpV
GH OD FRODERUDFLyQ FRQ LQLFLDWLYDV HVSHFtILFDV GH GHVD
UUROOR 3RU HMHPSOR ORV FXOWLYDGRUHV GH Wp GH URRLERV
21* DXWRULGDGHV SURYLQFLDOHV \ ORFDOHV KDQ FRRSHUDGR
HQODViUHDVGHFXOWLYRGHWpSDUDHVWDEOHFHUXQD´5XWD
GHO 3DWULPRQLR GH 5RRLERVµ SDUD VDFDU SURYHFKR GHO
FUHFLHQWH &RPHUFLR -XVWR \ HFRWXULVPR HQ HO iUHD (Q
HVWH FDVR HO DSR\R QR VH GLULJH D ORV SURGXFWRUHV GH
&RPHUFLR-XVWRFRPRWDOHVSHURVHOHVYHFRPRGHSRVL
WDULRVHQHOGLVHxRGHOSUR\HFWR\HQODLPSOHPHQWDFLyQ
\ VH EHQHILFLDQ GHO FRPHUFLR LQFUHPHQWDGR WDO \ FRPR
ORKDFHODHFRQRPtDFRQYHQFLRQDO8QEHQHILFLRGHULYDGR
HVODHVWUHFKDUHODFLyQHQWUHODSREODFLyQLQYROXFUDGD\
VXVDXWRULGDGHVORFDOHV
(O JRELHUQR FHQWUDO WLHQH XQD JUDQ FDQWLGDG GH SUR
JUDPDV TXH D SHVDU GH VHU EXURFUiWLFRV HVWiQ ELHQ
HVWDEOHFLGRV SDUD SURPRYHU OD UHIRUPD DJUDULD \ SDUD
VXEYHQFLRQDUODWUDQVIRUPDFLyQHQHOVHFWRUDJUtFROD
(O SURJUDPD GH OD 5HGLVWULEXFLyQ GH OD 7LHUUD SDUD
HO 'HVDUUROOR $JUtFROD /5$' SURSRUFLRQD VXEYHQ
FLRQHV D DJULFXOWRUHV QHJURV HPHUJHQWHV GH HQWUH
5 XQRV \ 5 XQRV \
WDPELpQ KDFH FRQWULEXFLRQHV ILQDQFLHUDV GH DO PHQRV
5 XQRV KDVWD XQ Pi[LPR GH 5
XQRV &XDQWR PiV FRQWULEX\H HO DJULFXOWRU
PiV VXEYHQFLyQ UHFLEH (O UHVXOWDGR KD VLGR TXH OD
SREODFLyQQHJUDUHODWLYDPHQWHULFDQRUPDOPHQWHFRQ
RWUDV IXHQWHV GH LQJUHVRV KD DFFHGLGR FRQ p[LWR D
HVWDVVXEYHQFLRQHVSHURHOEHQHILFLRSDUDORVSREUHV
KDVLGRPDUJLQDO
2WURSURJUDPDRIUHFHIRQGRVSDUDORVTXHTXLHUHQFRP
SUDUSURSLHGDGHVSRUSULPHUDYH](VKDELWXDOTXHXQD
FDQWLGDG GH IDPLOLDV XWLOLFH HVWRV IRQGRV SDUD FRPSUDU
WLHUUDVGHIRUPDFROHFWLYD
(O 3URJUDPD GH 5HVWLWXFLyQ GH OD 7LHUUD DWLHQGH ODV
QHFHVLGDGHV GH FRPXQLGDGHV \ JUXSRV GH IDPLOLDV TXH
SXHGHQGHPRVWUDUGHIRUPDYiOLGDXQDUHFODPDFLyQKLV
WyULFDVREUHXQDWLHUUDDODTXHGHMDURQGHWHQHUDFFHVR
GHELGRDODVOH\HV\SROtWLFDVUDFLDOHVGHOSHULRGRGH
฀
DOJXQRV SURGXFWRUHV OR FRQVLGHUDQ LJXDOPHQWH XQ WHPD
GLItFLO \ FRPSOHMR 3RU HVWD UD]yQ )/2 WLHQH XQD 8QLGDG
GH1HJRFLRVGHO3URGXFWRU3%8FRQEDVHHQ%RQQ\GD
WUDEDMRDORVRILFLDOHVGHHQODFHGHOD]RQD$FWXDOPHQWH
)/2WLHQHXQGLUHFWRUUHJLRQDOSDUD6XGiIULFD\KDFRQ
WUDWDGRDXQRILFLDOGHHQODFHSDUDYLVLWDUDORVSURGXF
WRUHVGDUIRUPDFLyQHWF$XQTXHHVXQUHFXUVRYDOLRVR
QR KD SRGLGR VDWLVIDFHU WRGDV ODV QHFHVLGDGHV GH ORV
SURGXFWRUHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
SULQFLSDOHVGHEDWHV\SHUVSHFWLYDVH[LVWHQWHVVREUHHO&-HQÇIULFD
D8QDYH]TXHODUHFODPDFLyQKDVLGRDSUREDGDHO
JRELHUQR FRPSUD OD WLHUUD \ OD HQWUHJD D OD FRPXQLGDG
GHPDQGDQWHEDMRFLHUWDVFRQGLFLRQHVDGHFXDGDVGHOXVR
\GHOPDQWHQLPLHQWRGHORVUHFXUVRV
([LVWH XQ Q~PHUR GH SODQWDFLRQHV FHUWLILFDGDV SRU )/2
HQ 6XGiIULFD TXH VH KDQ EHQHILFLDGR GH SURJUDPDV GH
VXEYHQFLRQHV HQ ORV TXH DQWLJXRV WUDEDMDGRUHV GH ODV
SODQWDFLRQHV KDQ FRQVHJXLGR UHFXUVRV SDUD FRPSUDU
XQD FDQWLGDG VLJQLILFDQWH GH DFFLRQHV HQ OD HPSUHVD \
DVtSRGHUVHUDOPLVPRWLHPSRFRSURSLHWDULRV\HPSOHD
GRV7DPELpQKD\SODQWDFLRQHVTXHDKRUDVRQSURSLHGDG
GH OD FRPXQLGDG GHVSXpV GH KDEHU UHFODPDGR HVWD
WLHUUD FRQ p[LWR 6H FRQVLGHUD XQD YHQWDMD HO KHFKR GH
TXHORVWUDEDMDGRUHVGHODVSODQWDFLRQHV\ORVPLHPEURV
GH ODV FRPXQLGDGHV GH WUDEDMDGRUHV GH SODQWDFLRQHV
FRPSUHQ DFFLRQHV GH XQ QHJRFLR HQ PDUFKD PHMRU TXH
HPSH]DU GH FHUR HQ XQ DPELHQWH FRPSHWLWLYR \ D YHFHV
KRVWLO(QDOJXQRVFDVRVHODQWLJXRSURSLHWDULRGHODWLH
UUDVHTXHGDFRPRGLUHFWRUGHODSODQWDFLyQ
$ SHVDU GH HVWRV SURJUDPDV SDUD HO DSR\R SROtWLFR \
ILQDQFLHUR VH FULWLFD HO EDMR QLYHO GH DSR\R SUiFWLFR
D ORV QXHYRV SURGXFWRUHV QHJURV HPHUJHQWHV /RV
'HSDUWDPHQWRV *XEHUQDPHQWDOHV SDUDHVWDWDOHV \ 21*
RIUHFHQIRUPDFLyQHQWHPDVFRPRPDUNHWLQJUHTXLVLWRV
SDUDODH[SRUWDFLyQRSFLRQHVSDUDFHUWLILFDFLRQHVHFR
OyJLFDV\GH&RPHUFLR-XVWRHWF6LQHPEDUJRDPHQXGR
ORVSUREOHPDVDORVTXHVHHQIUHQWDQORVQXHYRVSHTXH
xRV SURGXFWRUHV QR HVWiQ UHODFLRQDGRV VRODPHQWH FRQ
ODIDOWDGHFDSDFLWDFLyQ
OR
&
DS
tW
X
/DFHUWLILFDFLyQGH
SURGXFWRVDIULFDQRV
GH&RPHUFLR-XVWR
>@/DQHFHVLGDGGHXQDQXHYDPLUDGDVREUHÇIULFD
8QYLDMHGHUHWRUQR
SRU7,=,$1$&,&(52
>SiJ@
>@ /DHIHFWLYLGDGGH)/2HQODPHMRUDGHODVFRQGLFLRQHVODERUDOHV
>SiJ@
SRU$/(;$1'5$0(63,126$
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
/DQHFHVLGDGGHXQD
QXHYDPLUDGDVREUHÇIULFD
8QYLDMHGHUHWRUQR
7L]LDQD&LFHUR
&RPLWDWR3URJHWWL&3GH&70$OWURPHUFDWR
(QRFWXEUHGHHQHOPDUFRGHXQVHPLQDULRGH()7$
2UJDQL]DFLyQ (XURSHD GH &RPHUFLR -XVWR (XURSHDQ
)DLU7UDGH$VVRFLDWLRQVREUHHOWHPD´ÇIULFD\&RPHUFLR
-XVWRµ YDULDV 2UJDQL]DFLRQHV GH &RPHUFLR $OWHUQDWLYR
(XURSHDV2&$·VFRQVWDWDURQXQGHWHULRURHQODVUHOD
FLRQHV FRPHUFLDOHV FRQ ODV RUJDQL]DFLRQHV SURGXFWRUDV
DIULFDQDV 0XFKDV GH ODV RUJDQL]DFLRQHV GH &RPHUFLR
-XVWR &- DIULFDQDV QR FXPSOtDQ D PHGLR SOD]R ORV
HVWiQGDUHV SULPRUGLDOPHQWH FRPHUFLDOHV H[LJLGRV SRU
ODV LPSRUWDGRUDV HXURSHDV FRPR FULWHULRV FRUUHVSRQ
GLHQWHVDRUJDQL]DFLRQHVGH&-
(OSUHVHQWHWH[WRHVHOUHVXPHQGHORVSULQFLSDOHVUHVXO
WDGRVGHGLFKRHVWXGLRUHDOL]DGRSRUHO*UXSR3UR\HFWRV
&3GH&70$OWURPHUFDWRGXUDQWHHOSHUtRGRMXOLR
DEULO (O HQIRTXH KD VLGR XQ DQiOLVLV DQWURSROyJLFR
VREUHODUHODFLyQHQWUHHO&-\ODVRFLHGDGGHÇIULFD
/DUHIOH[LyQGHO&3FRQVWLWX\HVyORXQDSDUWHGHXQWUD
EDMR PiV DPSOLR TXH HO FRQVRUFLR &70 HVWi OOHYDQGR D
FDERFRQHOREMHWLYRGHGLVHxDUHQHOHOXQDHVWUD
฀
(Q HO FDVR GH &70$OWURPHUFDWR VH HYLGHQFLDED TXH
HQWUH \ XQ WRWDO GH RUJDQL]DFLRQHV DIUL
FDQDV HQWUDURQ FRPR FRQWUDSDUWHV FRPHUFLDOHV \ HQ HO
PLVPRSHUtRGRVDOLHURQ(OJUXSRHQFDUJDGRGHKDFHU
ODV YDORUDFLRQHV VREUH ORV FULWHULRV pWLFRV \ VROLGDULRV
&3 &RPLWDWR 3URJHWWL
3URJHWWL YDORUy VyOR QHJDWLYDPHQWH D
XQGHODVRUJDQL]DFLRQHVGHSURGXFWRUHVDIULFDQRV
/RVPRWLYRVGHHVWDYDORUDFLyQHUDQVREUHWRGRFRPHU
FLDOHV \ UHODWLYRV D FXHVWLRQHV HVWUXFWXUDOHV WDQWR GH
ODVRUJDQL]DFLRQHVFRPRGHOSDtV
/DGLILFXOWDGHQFRQWUDGDHQODDSOLFDFLyQGHORVFULWHULRV
pWLFRVDVtFRPRODFRQVWDWDFLyQGHTXHLQFOXVRHQHO&-
ÇIULFD DSDUHFH FRPR XQ FRQWLQHQWH PDUJLQDGR OOHYy DO
&3DODUHDOL]DFLyQGHXQHVWXGLRSDUDSURIXQGL]DUVREUH
ODVSRVLEOHVFDXVDV&RQXQDSHUVSHFWLYDQXHYD\DXWR
FUtWLFD SODQWHDQGR OD QHFHVLGDG GH DGDSWDFLyQ GH ORV
FULWHULRVDORVSURGXFWRUHVHQOXJDUGHORVSURGXFWRUHV
DORVFULWHULRV
฀
฀
฀
฀ ฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀ ฀
฀ ฀
฀ ฀
฀
฀
฀ ฀
฀
฀ ฀
฀ ฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀ ฀
฀
฀ 8QLWj &RRSHUD]LRQH 3URGXWWRUL
3URGXWWRUL฀ ฀
฀ ฀
฀
฀
฀
฀
฀ ฀
฀
฀ ฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀ ฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀ SDUWQHUV฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀ ฀ ฀
฀ ฀
฀
฀
฀
฀ ฀ ฀
฀ ฀ ฀
฀
฀ $JLFHV $VVRFLD]LRQH
$VVHPEOHD*HQHUDOH,WDOLDQDGHO&RPPHUFLR(TXRH6ROLGDOH
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
WHJLD TXH SHUPLWD PHMRUDU \ DXPHQWDU ODV UHODFLRQHV
FRQ ORV SURGXFWRUHV DIULFDQRV HQ HO iPELWR GHO &- (O
DQiOLVLVSUHVHQWDGRDTXtUHSURGXFHSRUWDQWRHOSXQWR
GHYLVWDGH&3\QRHOGHOFRQVRUFLR&70HQJHQHUDO
&3GH&70VXVFRQFOXVLRQHV\SRUORWDQWRHOUHVXPHQ
TXHKDFHPRVHQHVWHDUWtFXOR
3XQWRGHSDUWLGD
/RVSULQFLSDOHVREVWiFXORVHQFRQWUDGRVSDUDODFRPHU
FLDOL]DFLyQ GH SURGXFWRV DIULFDQRV GHVWDFDGRV HQ HO
PDUFR ()7$ VRQ VREUH WRGR FRPHUFLDOHV \ FRLQFLGHQ HQ
EXHQDPHGLGDFRQORVGHOLQHDGRVSRUHO8&3GH&70
(OSXQWRGHSDUWLGDGHODUHIOH[LyQGHO&3KDVLGRODFRQV
WDWDFLyQSRUXQODGRGHODVGLILFXOWDGHVWDQWRSDUD&70
FRPRSDUDORVRWURVLPSRUWDGRUHVGH&-GHHVWDEOHFHU
UHODFLRQHV FRPHUFLDOHV D ODUJR SOD]R FRQ ORV SURGXFWR
UHV DIULFDQRV \ SRU RWUR OD XVXDO IDOWD GH FRUUHVSRQ
GHQFLDHQWUHORVLQGLFDGRUHVXWLOL]DGRVSRU&70&3HQ
OD YDORUDFLyQ GH ODV RUJDQL]DFLRQHV \ ODV UHDOLGDGHV GH
RUJDQL]DFLyQ\SURGXFFLyQHQFRQWUDGDVHQÇIULFD
'XUDQWH OD UHDOL]DFLyQ GHO HVWXGLR VH KD FRQVWDWDGR OD
QHFHVLGDGGHGLIHUHQFLDUGRVQLYHOHVXQDSDUWHDQDOtWLFD
\ DXWRFUtWLFD \ RWUD SURSRVLWLYD 3RU XQ ODGR OD FRP
SUHQVLyQ GH XQD UHDOLGDG DIULFDQD FRPSOHMD D PHQXGR
VLPSOLILFDGD GHVFULWD \ YDORUDGD D SDUWLU GH FRQFHSWRV
VXUJLGRVHQHO1RUWHHQXQDUHODFLyQIXQGDPHQWDOPHQWH
DVLPpWULFD\SRURWURODGRODDGHFXDFLyQGHORVFULWH
ULRVGH&-\VXDSOLFDFLyQDODUHDOLGDGDIULFDQD
3UREOHPiWLFDVFRPHUFLDOHV
‡
‡
‡
‡
‡
3UHFLRVHOHYDGRVGHH[SRUWDFLyQ
3UREOHPDVGHFRPXQLFDFLyQ\WUDQVSRUWHLQWHUQRV
3UREOHPDVGHFDOLGDG
5HWUDVRVHQORVHQYtRV
3UREOHPDV HVWUXFWXUDOHV GH RUJDQL]DFLyQ \ GH ODV
GLQiPLFDVLQWHUQDVGHORVJUXSRV
‡ 3UHVHQFLD GH SHTXHxRV SURGXFWRUHV GLVSHUVRV HQ
HO WHUULWRULR \ DXVHQFLD GH JUDQGHV \ PHGLDQDV
HPSUHVDV
‡ &RQIOLFWRVHQHOSDtV
(OSULPHUQLYHOWLHQHFRPRREMHWLYRXQDFHUFDPLHQWRDOD
UHDOLGDG \ SRWHQFLDOLGDG GHO &- HQ ÇIULFD LQFRUSRUDQGR
ODVUHIOH[LRQHVSURYHQLHQWHVGHODVRUJDQL]DFLRQHVGH&-
DIULFDQDV (O REMHWLYR GHO QLYHO SURSRVLWLYR HV IDYRUHFHU
XQD QXHYD OHFWXUD GH ORV LQVWUXPHQWRV \ FDWHJRUtDV GH
DQiOLVLV GHO &- D SDUWLU GH ORV FRQRFLPLHQWRV DGTXLUL
GRV HQ HO SULPHU QLYHO FRPR XQ YLDMH GH UHWRUQR KDFLD
´QRVRWURVµD\XGDQGRDFRQVWUXLUXQDPLUDGDDGDSWDGD
DODGHFRGLILFDFLyQGHFRQWH[WRV\UHDOLGDGHVFRPSOHMDV
(Q SULPHU OXJDU VH HQXQFLDQ \ DQDOL]DQ ODV ´GLILFXOWD
GHVµ HQFRQWUDGDV HQ ODV UHODFLRQHV GH &- FRQ ORV SUR
GXFWRUHVDIULFDQRVSDUDSRGHUHQWHQGHUORVREVWiFXORV
FRQFUHWRV D ORV TXH QRV HQIUHQWDPRV (VWDV SUREOHPi
WLFDV VRQ SRU XQ ODGR FRPHUFLDOHV \ SRU RWUR pWLFDV
(V GHFLU TXH VH UHILHUHQ D OD GLVWDQFLD H[LVWHQWH HQWUH
ORVFULWHULRVGHYDORUDFLyQDSOLFDGRVGHVGHHO1RUWH\ODV
HVSHFLILFLGDGHV \ SDUWLFXODULGDGHV GHO FRQWH[WR DIULFD
QR/DFRQVLGHUDFLyQGHHVWDVSUREOHPiWLFDVFRQVWLWX\H
OD EDVH D SDUWLU GH OD FXDO VH HVWUXFWXUD HO ,QIRUPH GHO
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
/RV PRWLYRV GH OD HVFDVD SUHVHQFLD GH ORV SURGXFWRUHV
DIULFDQRV HQ HO iPELWR GHO &- VRQ VREUH WRGR FRPHU
FLDOHV \ VH LPSRQH OD SULRULGDG HQ QXHVWUD RSLQLyQ GH
UHIOH[LRQDU HVWUDWpJLFDPHQWH VREUH OD HVSHFLILFLGDG GHO
&- IUHQWH DO PHUFDGR FRQYHQFLRQDO (O DQiOLVLV GH ODV
GLILFXOWDGHVSUHVHQWHVHQODUHODFLyQFRQÇIULFDSHUPLWH
SRQHU HQ HYLGHQFLD GHQWUR GHO &- XQD FRQWUDGLFFLyQ
FDGDYH]PiVGLItFLOGHFRQFLOLDU(VGHFLUOOHJDUDFRP
SDJLQDUORVSULQFLSLRVIXQGDGRUHVGHO&-FRQODVQHFHVL
GDGHVGHORVODVFRQVXPLGRUHVDV\GHODVFHQWUDOHVGH
LPSRUWDFLyQDPHQXGRFHUFDQDVDODVGHOPHUFDGRFRQ
YHQFLRQDOGHWHQHUSURGXFWRVHQWLHPSRVSUHHVWDEOHFL
GRVHQJUDQGHVFDQWLGDGHV\DSUHFLRVFRPSHWLWLYRV
/D FXHVWLyQ HV FyPR FRQVWUXLU XQD UHODFLyQ FRQ ÇIULFD
HQ OD TXH ORV FULWHULRV FRPHUFLDOHV VHDQ GLVWLQWRV D ORV
SURSXHVWRV DUULED FDSDFHV GH PRGLILFDU OD PLUDGD TXH
WRGDYtD KR\ GHILQH D ÇIULFD HQ WpUPLQRV GH IDOWDV LQHIL
FLHQFLDV\YDFtRVDSDUWLUGHORVFRQWH[WRVGHSURGXFFLyQ
\ QR D SDUWLU GH ODV H[LJHQFLDV GH ORV FRQVXPLGRUHV \
DFWRUHVGHO1RUWH
6LSRUXQODGRSRGHPRVHPSH]DUXQDUHIOH[LyQVREUH
WRGDV ODV FDUHQFLDV DIULFDQDV VREUH WRGR FRPHU
FLDOHV SRU HO RWUR WDPELpQ HV SRVLEOH OHHU GHWUiV
GH HOODV HO H[FHVR HQ HO YROXPHQ GH SHGLGRV GH ODV
2UJDQL]DFLRQHV GH &RPHUFLR -XVWR )72 VLJODV HQ
LQJOpV D ODV FRQWUDSDUWHV GHO 6XU 6RQ GHPDQGDV TXH
HQPXFKRVFDVRVORVSURGXFWRUHVDIULFDQRVQRORJUDQ
VDWLVIDFHU TXHGDQGR IXHUD GHO FLUFXLWR GH &RPHUFLR
-XVWRRLQFLGLHQGRHQHOORGHPDQHUDPX\UHGXFLGD'H
ORV GDWRV GLVSRQLEOHV UHVXOWD TXH ORV SURGXFWRUHV GH
$PpULFD /DWLQD \ $VLD SDUHFHQ UHVSRQGHU FRQ PD\RU
IDFLOLGDG D ORV HVWiQGDUHV FRPHUFLDOHV UHTXHULGRV (Q
XQD GLQiPLFD FRPR OD GHVFULWD DTXt ÇIULFD VLHPSUH
TXHGDUiFRPRXQDFWRUPDUJLQDO
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
OD FRPXQLGDG ORFDO SHUVRQDV LQGLYLGXDOHV FRPR H[
FRRSHUDQWHV PLVLRQHURV OtGHUHV ORFDOHV HPSUHVD
ULRVRSHUVRQDVUHODFLRQDGDVFRQLQVWLWXFLRQHVFRPR
21*LJOHVLDVORFDOHVHO(VWDGR
VHWUDGXFHHQSUHRFXSDFLyQSRUSDUWHGHO&3DFHUFD
GHODVSRVLEOHVGHULYDFLRQHVIXWXUDVGHORVSUR\HFWRV
\ HQ FRQVHFXHQFLD VREUH OD QHFHVLGDG GH XQVHJXL
PLHQWRDODUJRSOD]R
‡ 7LSRORJtD GH ODV RUJDQL]DFLRQHV2UJDQL]DFLRQHV
LQIRUPDOHV GH EDVH FUHDGDV D SDUWLU GH UHODFLRQHV
FRQ RWUDV SHUVRQDV IDPLOLDUHV YHFLQGDULR TXH
SUHVHQWDQ PRGDOLGDGHV GH JHVWLyQ GLIHUHQWHV D ODV
RFFLGHQWDOHV \ RUJDQL]DFLRQHV GH VHJXQGR QLYHO TXH
WLHQHQ OD IXQFLyQ GH LQWHUPHGLDULRV \ TXH D PHQXGR
JHVWLRQDQWRGDVODVLQIRUPDFLRQHV\HOGLQHURHQUHOD
FLyQDORVSURGXFWRUHVGHEDVH
‡ *HVWLyQ DGPLQLVWUDWLYD(VFRP~QHQFRQWUDUHQWUH
ODV RUJDQL]DFLRQHV FRQWUDSDUWHV OD DXVHQFLD GH
GRFXPHQWRVHVFULWRVTXHUHVSRQGDQDQXHVWUDVH[L
JHQFLDV SRU HMHPSOR XQD HYDOXDFLyQ HFRQyPLFD TXH
QRHVWpEDVDGDH[FOXVLYDPHQWHHQHOGLQHURVLQRTXH
‡ /LGHUD]JR SDUWLFLSDFLyQ \ SURFHVRV GH WRPD
GH GHFLVLRQHV 6H KD HQFRQWUDGR HQ ODV RUJDQL]D
FLRQHV XQD PD\RUtD GH OLGHUD]JRV IXHUWHV UHODFLRQHV
MHUiUTXLFDV\SURFHVRVGHGHFLVLyQHQDSDULHQFLDSRFR
GHPRFUiWLFRV (Q SDUWLFXODU VL LQWHQWDPRV WUDGXFLU
ORV HOHPHQWRV UHFXUUHQWHV GH ODV HYDOXDFLRQHV GHO &3
HQUHODFLyQDORVFULWHULRVGH&-HQFRQWUDPRV
&HQWUDOL]DFLyQ HQ OD WRPD GH GHFLVLRQHV SRFDV
SHUVRQDV D YHFHV XQD ~QLFD SHUVRQD WLHQHQ ORV
FDUJRVPiVGHVWDFDGRV
'HOHJDFLyQ HQ ORV OtGHUHV R HQ ODV SHUVRQDV UHFR
QRFLGDV FRPR ODV PiV FRPSHWHQWHV GH WRGDV
ODV IXQFLRQHV UHODFLRQDGDV FRQ OD DFWLYLGDG GH
FRPHUFLDOL]DFLyQ OD JHVWLyQ DGPLQLVWUDWLYD OD
VXEGLYLVLyQ GH ODV yUGHQHV HQWUH JUXSRV GH EDVH
OD FRPXQLFDFLyQ \ OD JHVWLyQ GH ODV UHODFLRQHV
LQWHUQDV\H[WHUQDV
(VFDVD SDUWLFLSDFLyQ \R UHSUHVHQWDWLYLGDG GH OD
EDVH HQ ORV SURFHVRV GH WRPD GH GHFLVLRQHV DVt
FRPRHQODJHVWLyQDGPLQLVWUDWLYD
(VWDFHQWUDOL]DFLyQGHODVLQIRUPDFLRQHV\GHODDFWL
YLGDG SURGXFWLYD SRU SDUWH GH SHUVRQDV LQGLYLGXDOHV
3UREOHPiWLFDVpWLFDV
/DV FUtWLFDV HQFRQWUDGDV HQ HO WUDEDMR GH HYDOXDFLyQ
pWLFD GH ORV SURGXFWRUHV DIULFDQRV HVWiQ UHODFLRQDGDV
PD\RULWDULDPHQWHFRQFXDWURiUHDV
฀
฀
฀
฀
‡ ,QSXWV H[WHUQRV YHUVXV SURFHVRV LQWHUQRV /D
PD\RUtD GH RUJDQL]DFLRQHV GH SURGXFWRUHV KDQ
QDFLGR SRU ´LQSXWVµ H[WHUQRV D OD RUJDQL]DFLyQ R D
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
WRPH HQ FXHQWD ODV UHODFLRQHV SHUVRQDOHV DVt FRPR
RWUDVYHQWDMDV
&UHHPRV~WLOFRPSOHPHQWDUHVWDVHFFLyQGHGLFDGDDODV
SUREOHPiWLFDV pWLFDV HQFRQWUDGDV D OD KRUD GH HYDOXDU
ODVUHODFLRQHVFRPHUFLDOHVFRQORVDFWRUHVGH&-DIULFD
QRV FRQ DOJXQRV HMHPSORV GH ORV FULWHULRV SURSXHVWRV
SRU OD $*,&(6 $VDPEOHD *HQHUDO ,WDOLDQD GHO &- SDUD
HVWDHYDOXDFLyQ\VXDSOLFDFLyQDYHFHVFRQWUDGLFWRULD
HQORVFRQWH[WRVUHDOHV
1RUHFXUULUDOWUDEDMRLQIDQWLO\QRH[SORWDUHOWUDEDMRGHORVPHQRUHV
GHDFXHUGRDODFRQYHQFLyQLQWHUQDFLRQDOGHORVGHUHFKRVGHODLQIDQFLD
/DSURGXFFLyQGHFDFDRHQ*KDQDHVJHQHUDOPHQWHIDPLOLDUHOFDEH]DGHIDPLOLDPRYLOL]DDWRGRVORV
PLHPEURVLQFOXLGRVFODUDPHQWHORVQLxRV(QODVSODQWDFLRQHVHOWUDEDMRGHORVQLxRVHVPX\FRUULHQWH
\HVXQDQHFHVLGDGHFRQyPLFDDGHPiVGHVHUSDUWHIXQGDPHQWDOGHVXSURFHVRGHFUHFLPLHQWR
/DUHODFLyQHQWUHORVSDGUHVGHOQLxR\HOMHIHGHOWDOOHUHVXQDUHODFLyQGHFRQILDQ]D´\RWHHQWUHJR
DPLKLMR\TXLHURTXHVHDFRPRW~µ6HGHEHUtDLQWHQWDUUHRUJDQL]DUWRGRpVWRRPHMRUEXVFDUOD
PDQHUDGHUHIRU]DUORHQWUHYLVWDFRQ/'LqQH6HQHJDO
3DJDUXQSUHFLRMXVWRTXHJDUDQWLFHXQDJDQDQFLDMXVWD(OSUHFLRMXVWRSDUDHO
SURGXFWRUHVHOSUHFLRDFRUGDGRFRQpOHQEDVHDOFRVWHGHODVPDWHULDVSULPDV
HOWUDEDMRORFDO\ODUHGLVWULEXLFLyQGLJQD\UHJXODUSDUDFDGDSURGXFWRU
(OFRQFHSWRGHSUHFLRMXVWRSXHGHJHQHUDUXQDSURIXQGDFRQIXVLyQ(OSUHFLRMXVWRVHEDVDHQODLGHD
GH DVHJXUDU XQ QLYHO GH YLGD FRUUHFWR D ORV SURGXFWRUHV \ GH FXEULU ORV FRVWHV OR TXH VLJQLILFD XQ
FRQFHSWR YDJR \ DOWDPHQWH FXHVWLRQDEOH (V LPSRVLEOH GHWHFWDU LQGLFDGRUHV FXDQWLWDWLYRV TXH SHU
PLWDQ PHGLU HVWRV FRQFHSWRV D FDXVD GH ODV YDULDFLRQHV HQWUH SURGXFWRUHV DVt TXH FDGD IyUPXOD
DGRSWDGD SDUD GHILQLU XQ SUHFLR MXVWR SXHGH VHU UHYRFDGD (O SXQWR FODYH GHO SUHFLR \ GH ODV
UHODFLRQHVGHPHUFDGRGHEHUtDVHUODRSRUWXQLGDGGHGDUEHQHILFLRVDORVSURGXFWRUHVFRQUHVSHFWR
DRWUDVDOWHUQDWLYDVPiVTXHDODHYDOXDFLyQGHVLVRQMXVWRVRQR
(OKHFKRGHTXHHO&-JDUDQWLFHXQSUHFLRPtQLPRDORVFDPSHVLQRVODJDUDQWtDGHXQSUHFLRPtQLPRHV
PX\LPSRUWDQWHFXDQGRHOSUHFLRGHPHUFDGRHVEDMR\SDJXHXQSUHPLRVLHOSUHFLRGHPHUFDGRHVPiV
DOWRTXHHOSUHFLRPtQLPRGHO&-HVSUREDEOHPHQWHHODVSHFWRPiVFRQRFLGRGHO&-3HURHVWRVDVSHFWRV
WLHQHQ XQ LPSDFWR LQIHULRU D RWUR EHQHILFLR UHODFLRQDGR FRQ HO SUHFLR SRU XQ HIHFWR GH SUHVLyQ DO DO]D
VREUHODGHPDQGDGHSURGXFWRVGH&-HQODVVXEDVWDVS~EOLFDVHO&-D\XGDDDXPHQWDUHOSUHFLRTXH
WRGRVORVFRPHUFLDQWHVSDJDQDORVFDPSHVLQRV$OJXQDVFRRSHUDWLYDVGHFDPSHVLQRVKDQFDOFXODGRXQ
DXPHQWRGHOSUHFLRDOUHGHGRUGHO(VWXGLRGHLPSDFWRHQ7DQ]DQLD\*KDQD
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
*DUDQWL]DUFRQGLFLRQHVGHWUDEDMRTXHUHVSHWHQORVGHUHFKRVGHORVWUDEDMDGRUHV
HVWLSXODGRVSRUODVFRQYHQFLRQHVGHOD2,72UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR
4XLpQHIHFW~DWUDEDMRVDJUtFRODVRDUWHVDQDOHVFRPRDXWyQRPRGLItFLOPHQWHVHUHFRQRFHHQODFDWH
JRUtDGH´WUDEDMDGRUµFRQGHUHFKRVHVWDEOHFLGRVSRUOH\RVHJXULGDGVRFLDO(QHVWDFDWHJRUtDHQODV
HYDOXDFLRQHV GHO &3 &70 VH HQFXHQWUDQ D PHQXGR ~QLFDPHQWH ORV HPSOHDGRV GH RUJDQL]DFLRQHV
PiVHVWUXFWXUDGDVPDUNHWLQJDGPLQLVWUDFLyQGHHPSUHVDVHWF
5RVH$EXKDHPLJUDGRGHVGH%ROJDWDQJDUHJLyQGHODIURQWHUDQRUWHGH*KDQDD$FFUDFXDQGRHUDQLxD
&RQRWUDVPXMHUHVYHFLQDVKDFRQVWLWXLGRXQJUXSRLQIRUPDOSDUDODSURGXFFLyQGHFHVWDVGHSDMDDSR
\DGDVSRUODRUJDQL]DFLyQGHPDUNHWLQJ*(75$'($SHVDUGHWDQWRVDxRVYLYLGRVHQODFDSLWDO5RVH$EX
PDUNHWLQJ
KDEODVRODPHQWHHQVXLGLRPDGHRULJHQ(OWUDEDMRGHWUHQ]DUFHVWDVORKDFHHQFDVDHQHOWLHPSRTXHOH
TXHGDGHVSXpVGHFXPSOLURWURVWUDEDMRVGRPpVWLFRV/DWUDGXFFLyQGHOWUDEDMRGHVDUUROODGRHQWpUPL
QRVGHGLQHURQRHVQLDXWRPiWLFDQLVLPSOHGHFDOFXODU
5HVSHWDUHOPHGLRDPELHQWH\SURPRYHUXQGHVDUUROORVRVWHQLEOH
/D SURGXFFLyQ GH FDFDR HQ *KDQD LPSOLFD OD GHVWUXFFLyQ SURJUHVLYD GH ODV IORUHVWDV ORFDOHV &DGD YH]
TXH HPSLH]D OD H[SORWDFLyQ GH XQD ]RQD GHO SDtV VH YHULILFD XQD IXHUWH HPLJUDFLyQ LQWHUQD KDFLD HVWD
]RQD/RVFDPSHVLQRVGHOOXJDUDILUPDQTXHORVLQPLJUDQWHVDSUHQGHQHOWUDEDMRGHOFDFDRGHVSXpVGH
XQR R GRV DxRV /D ]RQD GH 6HIZL :LDVR 6XGRHVWH GHO SDtV HQ OD :HVWHUQ 5HJLRQ HV SUiFWLFDPHQWH OD
~OWLPDHQODTXHVHKDSODQWDGRFDFDRPiVRPHQRVKDFHXQRVDxRV(OYLFHSUHVLGHQWHGHOD3ULPDU\
6RFLHW\GH$PDILpFHUFDGH6HIZL:LDVRDILUPDED´0HDFXHUGRGHTXHFXDQGRHUDQLxRDTXtKDEtDWLJUHV
\OHRSDUGRVD~QKDEtDQERVTXHVDQWHVGHTXHVHFRUWDUDQSDUDHOFDFDRµ
&XDQGRWHUPLQDODSURGXFFLyQGHFDFDRGHVSXpVGHXQRVDxRVTXHGDXQWHUUHQRHPSREUHFLGR\
SRFRSURGXFWLYR(QDOJXQDVUHJLRQHVGHOSDtVGHVSXpVGHOFDFDRVHLQWHQWDHOFXOWLYRGHFDFDKXHWHDFHL
WHGHSDOPDXRWURVSURGXFWRV6HJ~QXQHVWXGLRVRGHOOXJDUODGHOFDFDRQRHVXQDSURGXFFLyQELROyJLFD
\GDGRTXHQRKD\QLQJ~QFRQWUROGHODVSURGXFFLRQHVORVFDPSHVLQRVDxDGHQSHVWLFLGDVTXHHOJRELHUQR
GLVWULEX\H JUDWXLWDPHQWH /RV FXOWLYRV GH FDFDR VRQ PRVDLFRV GH SHTXHxRV ORWHV GH WLHUUD GH DOJXQDV
KHFWiUHDVGRQGHWRGRVXWLOL]DQSURGXFWRVTXtPLFRV
WHQFLDGHPXFKRVFRQWH[WRVGHYDORUHV\WUDGLFLRQHVPX\
DQWLJXDV FUHHPRV LPSRUWDQWH WRPDU FRQFLHQFLD GH ORV
OtPLWHV\SUR\HFFLRQHVLPSOtFLWDVDQLYHOGHOLPDJLQDULR
FLyQ\SROtWLFDJHQHUDOGHO&-SHQVHPRVSRUHMHPSORHQ
OD WHQGHQFLD GH VXERUGLQDU HO SURGXFWRU DO SURGXFWR \
ORVFULWHULRVFRPHUFLDOHVUHODFLRQDGRV
(QXQDQiOLVLVTXHVHSURSRQHUHIOH[LRQDUVREUHODUHOD
FLyQHQWUH&-\ÇIULFDHVQHFHVDULRWRPDUGLVWDQFLDFRQ
HOILQGHFRQVLGHUDUFRPRREMHWRGHUHIOH[LyQMXVWDPHQWH
HVWDV LPiJHQHV \ FDWHJRUtDV TXH D GLIHUHQWHV QLYHOHV
VHHQFXHQWUDQHQODVSUHPLVDVGHO&-WDO\FRPRKDVLGR
FRQFHELGRHQ2FFLGHQWH
(Q XQD YLVLyQ FRPSDUDWLYD \ SDUD HYLWDU HO ULHVJR GH
´DIULFDQL]DFLyQµ GH ÇIULFD WHQHPRV TXH VXEUD\DU TXH
PXFKDV GH ODV FRQVLGHUDFLRQHV H[SXHVWDV DTXt WLHQHQ
IXHUWHV UHSHUFXVLRQHV WDPELpQ HQ RWUDV UHDOLGDGHV GH
$VLDR$PpULFD/DWLQD6LPLUDPRVWUDQVYHUVDOPHQWHORV
FRQWH[WRV GH ORV SURGXFWRUHV DVt FRPR ODV WLSRORJtDV
GH ODV RUJDQL]DFLRQHV HQFRQWUDPRV GH KHFKR PXFKDV
FRUUHVSRQGHQFLDV\DILQLGDGHVTXHQRVOOHYDQDIRUPXODU
OD KLSyWHVLV QR GH XQD HVSHFLILFLGDG DIULFDQD VLQR PiV
ELHQGHODLGHQWLILFDFLyQGHHOHPHQWRVFRPXQHVSUHVHQ
WHVHQGLIHUHQWHPHGLGDHQORVGLYHUVRVFRQWLQHQWHV
,QWHQWDQGRKDOODUSRVLELOLGDGHVFRQFUHWDVGHHQFXHQWUR
\FUHFLPLHQWRHQODUHODFLyQHQWUH&-\ÇIULFDSURSRQH
PRV DTXt XQD YH] H[SORUDGRV ORV OtPLWHV GH HVWD UHOD
FLyQXQYLDMHGHUHWRUQR/DGLILFXOWDGDOKDEODUGHORWUR
TXHHVWRGDYtDPD\RUVLHVWHRWURHV´ÇIULFDµQRVOOHYD
D IRFDOL]DU OD PLUDGD VREUH HO QRVRWURV WDPELpQ \ HQ
SDUWLFXODUVREUHODFDSDFLGDGGHO&-GHUHVSRQGHUDODV
SUHJXQWDV TXH SODQWHD ÇIULFD KR\ 6L SRU XQ ODGR HVWR
LPSOLFD DVXPLU XQD DFWLWXG GH DSHUWXUD \ VXVSHQVLyQ
GHOMXLFLRVREUHVROXFLRQHVVRFLDOHV\RUJDQL]DWLYDVSRFR
IDPLOLDUHVSDUDQRVRWURVSRUHORWURQRVSDUHFHLPSRU
WDQWH SRQHU HQ GLVFXVLyQ HO DFWXDO SURFHVR GH HYDOXD
(V LPSRUWDQWH GHVWDFDU TXH HO PRQLWRUHR \ OD HYDOXD
FLyQ TXH VH DSOLFDQ D ODV RUJDQL]DFLRQHV GH SURGXFWR
UHV DIULFDQRV QR VH HIHFW~DQ GH OD PLVPD PDQHUD FRQ
ODV LPSRUWDGRUDV \ GLVWULEXLGRUDV GH &- GHO 1RUWH ODV
7LHQGDVGH&-%RWWHJKHGHOPRQGR%G0RODVFRRSHUD
WLYDVVRFLDOHVODVDVRFLDFLRQHVHWF(VWDGLIHUHQFLDHQHO
FRQWUROGHORVGLVWLQWRVDFWRUHVGH&-WDO\FRPRKDVLGR
(VWDKLSyWHVLVD~QQRKDVLGRFRQILUPDGDSRUHOUHVSRQVDEOHGHODVHGHORFDOGH.XDSD.RNRRTXHVRVWLHQH
TXHHQ*KDQDHVPX\IUHFXHQWHODXWLOL]DFLyQGHIHUWLOL]DQWHVRUJiQLFRV'HPRPHQWRQRSDUHFHTXH.XDSD
.RNRRVHSODQWHHHOSUREOHPDGHFyPRFRQYHUWLUORVWHUULWRULRVDFWXDOPHQWHXWLOL]DGRVHQODSURGXFFLyQGH
FDFDRSDUDSURGXFLUHFROyJLFDPHQWH
/RTXHFUHHPRVVDEHU
GHÇIULFD
&XDQGR KDEODPRV GH R SHQVDPRV HQ ÇIULFD SUHYDOHFHQ
JHQHUDOPHQWHGRVWLSRORJtDVGHLPDJLQDULRVSRUXQODGR
HO TXH VH UHILHUH D OD SREUH]D OD H[FOXVLyQ HO UHWUDVR
GH XQ FRQWLQHQWH TXH SDUHFH GHVWLQDGR D QR DOFDQ]DU
ORV SDUiPHWURV GHVHDGRV GH XQ GHVDUUROOR SDUHFLGR DO
QXHVWUR\SRURWURHOGHXQPXQGRDUFDLFRTXHFRQVHU
YDUDVJRVGHOPXQGRUXUDO\FDPSHVLQRULWPRVQDWXUD
OHVWUDGLFLRQHVDQFHVWUDOHV\YDORUHVTXHQRVUHFXHUGDQ
ODHGDGGHRUR\QRVKDEODQGHXQOXJDUD~QLQFRQWDPL
QDGRHQPXFKRVDVSHFWRV
(OSDWKRVDPHQXGRDVRFLDGRDORVGRVLPDJLQDULRVHVGH
SHQD \ FRQPLVHUDFLyQ HQ HO SULPHU FDVR \ GH HQYLGLD \
DGPLUDFLyQSRUDOJRSHUGLGRHQHOVHJXQGR6LQTXHUHUGH
QLQJXQD PDQHUD VXEHVWLPDU ODV GUDPiWLFDV FRQGLFLRQHV
GHYLGDTXHVHHQFXHQWUDQHQÇIULFDDVtFRPRODSHUVLV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
GHQXQFLDGRPXFKDVYHFHVSRUORVSHTXHxRVSURGXFWRUHV
GHO6XUQRVRODPHQWHGHPXHVWUDXQDGHVLJXDOGDGHQODV
H[LJHQFLDV VLQR TXH DGHPiV LPSLGH XQD FRPSDUDFLyQ
TXHSRGUtDVHUPX\LQVWUXFWLYD(VGHFLUTXHPXFKDVGH
ODVGLQiPLFDVHQFRQWUDGDVHQODVFRQWUDSDUWHVGHO6XU\
´FULWLFDGDVµ R VDQFLRQDGDV VH HQFRQWUDUtDQ SUREDEOH
PHQWHHQODVRUJDQL]DFLRQHVGH&-GHO1RUWHORTXHSHU
PLWLUtD UHODWLYL]DU ORV SUREOHPDV HTXLYRFDGDPHQWH FRQ
VLGHUDGRVFRQVHFXHQFLDGHXQDHVSHFLILFLGDGDIULFDQD
/D HYDOXDFLyQ GHO &3 VH UHILHUH GH KHFKR D ORV DFWRUHV
TXH VLJXHQ HO SURGXFWR KDVWD HO SUHFLR )2% )UHH RQ
%RDUGHVGHFLUTXHFRQVLGHUDORVFRVWHVKDVWDHOSXHU
WRGHVDOLGD6HUtDVXPDPHQWHLQWHUHVDQWHODHYDOXDFLyQ
GH WRGR HO WUD\HFWR LQFOX\HQGR WDPELpQ ODV RUJDQL]D
FLRQHVGHO1RUWH\ODVWLHQGDVGH&RPHUFLR-XVWRORTXH
SHUPLWLUtDUHVWDEOHFHUODVLPHWUtDHQODVUHODFLRQHV
9LDMHGHUHWRUQR
/D SUHJXQWD TXH VXUJH DO GHFRGLILFDU ORV FULWHULRV
SUHVHQWHV HQ HO &- LQWHQWiQGROR DMXVWDU D XQD QXHYD
PLUDGD VREUH ÇIULFD HV OD VLJXLHQWH ¢TXp SXHGH SHGLU
HO &RPHUFLR -XVWR D ÇIULFD" 2 PHMRU GLFKR ¢TXp SXHGH
HVSHUDUÇIULFDGHO&RPHUFLR-XVWR"
/D PHWiIRUD GH HVWH ´YLDMH GH UHWRUQRµ HV OR TXH QRV
SHUPLWHDUWLFXODUSURSXHVWDVFRQFUHWDVDGRVQLYHOHV
‡ PHWRGROyJLFR FRQFLHUQH SULQFLSDOPHQWH DO WUDEDMR
GHUHYLVLyQGHORVLQGLFDGRUHVGHHYDOXDFLyQORVLQVWUX
PHQWRVXWLOL]DGRVODSHUVSHFWLYDDVXPLGDKDVWDDKRUD
‡ SROtWLFRFRQFLHUQHDOSDSHO\ODVSRWHQFLDOLGDGHVGHO&-
HQJHQHUDO\UHSUHVHQWDODEDVHGHODGHILQLFLyQGHQXH
YDVOtQHDVHVWUDWpJLFDV\SHUVSHFWLYDVDODUJRSOD]R
1LYHOPHWRGROyJLFR
(O HVIXHU]R GH FRQWH[WXDOL]DFLyQ SURSXHVWR DTXt QR
LPSOLFDODDFHSWDFLyQGHFXDOTXLHUSUiFWLFDHQFRQWUDGD
LQYRFDQGR XQ UHODWLYLVPR FXOWXUDO DEVROXWR /D DGTXL
VLFLyQ GH XQD PLUDGD DGDSWDGD LPSOLFD QR WDQWR XQD
DQXODFLyQ GH ORV FULWHULRV HQ FXDQWR D OD FRQVLGHUDFLyQ
HQ OD VHG GH HYDOXDFLyQ VLQR LQFRUSRUDU PiV YDULDEOHV
GH YDORUDFLyQ GH ODV RUJDQL]DFLRQHV TXH LQWHUYHQGUtDQ
HQORVSURFHVRVGHWUDQVIRUPDFLyQ
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
&RPR UHVXPHQ GHVWDFDPRV DTXt DOJXQDV LQGLFDFLRQHV
SDUDHOWUDEDMRGHHYDOXDFLyQ\REVHUYDFLyQGHO&3
‡ 3UHFLR MXVWRHODVSHFWRGHOGLQHURHVVRODPHQWHXQR
GH ORV HOHPHQWRV TXH FRPSRQHQ OD HYDOXDFLyQ HFRQy
PLFDGHXQDUHODFLyQ/DGLVWULEXFLyQGHOYDORUQRFRQ
WLHQHGHSRUVtWRGDVODVLQIRUPDFLRQHVSDUDHYDOXDUORV
EHQHILFLRVSDUDORVSURGXFWRUHVQLORVWpUPLQRVGHXQD
UHODFLyQ (V QHFHVDULR DGTXLULU LQIRUPDFLRQHV VREUH HO
WLSRGHUHODFLyQHQWUHORVSURGXFWRUHVHQWUHSURGXF
WRUHV \ OD RUJDQL]DFLyQ GHO PDUNHWLQJ
PDUNHWLQJ DVt FRPR VREUH
RWURVWHPDVGHODVUHGHVVREUHODH[LVWHQFLDGHRWURV
EHQHILFLRVHQWpUPLQRVSRUHMHPSORGHVHUYLFLRVHWF
‡ /DHYDOXDFLyQGHFyPRVHXWLOL]DHOGLQHURGDGRSRUHO
&- HQ WpUPLQRV GH SUHILQDQFLDFLyQ R )73 QR WLHQH HQ
FXHQWD ODV SULRULGDGHV D PHQXGR GLIHUHQWHV GH ODV
QXHVWUDV GHILQLGDV SRU RWURV iPELWRV /RV JDVWRV
GH WLSR FHUHPRQLDO UHODFLRQDGRV FRQ ILHVWDV HYHQWRV
UHOLJLRVRV IXQHUDOHV SDUD QRVRWURV SRFR ´UDFLR
QDOHVµ VREUH WRGR HQ FRQWH[WRV GH SREUH]D SXHGHQ
WHQHUXQDIXQFLyQLPSRUWDQWHSDUDORVLQGLYLGXRVTXH
LQYLHUWHQPXFKDVHQHUJtDVHQHOPDQWHQLPLHQWRGHODV
UHODFLRQHVFRQORVYLYRV\ORVPXHUWRV
‡ (Q OD HYDOXDFLyQ GHO JUDGR GH SDUWLFLSDFLyQ HQ ORV
SURFHVRV GH WRPD GH GHFLVLyQ\GHODH[LVWHQFLD
GH SUiFWLFDV GHPRFUiWLFDV HQ ODV RUJDQL]DFLRQHV
FRQWUDSDUWHV HV LPSRUWDQWH LQWHQWDU FRPSUHQGHU HO
IXQFLRQDPLHQWRUHDO\ODVUHODFLRQHVHQWUHPLHPEURV
GDQGRDORVDVSHFWRVIRUPDOHVLQGLFDGRVHQORVHVWD
WXWRVXRWURVGRFXPHQWRVXQYDORUVRODPHQWHLQGLFD
WLYR(VLPSRUWDQWHDGHPiVFRPSUHQGHUHOSDSHO\OD
SRVLFLyQ VRFLDO GH ORV SUHVLGHQWHV X RWUDV SHUVRQDV
TXHGHVHPSHxDQXQSDSHOGHOLGHUD]JRHQODFRPXQL
GDGDODFXDOSHUWHQHFHQDVtFRPRODSHUFHSFLyQTXH
GHHOORVWLHQHQORVLQGLYLGXRVGHOJUXSRFRQVLGHUDQGR
WDPELpQODKLVWRULDIDPLOLDU\SHUVRQDO
‡ /DVMHUDUTXtDVVRQPX\KDELWXDOHVHQDOJXQDVVRFLH
GDGHV eVWR QR VLJQLILFD OD DFHSWDFLyQ GH IRUPDV GH
GHVLJXDOGDG VLQR HO HVIXHU]R GH HQWHQGHU ORV SURFH
VRVGLQiPLFRV\ODWUDQVIRUPDFLyQTXHVHHVWiOOHYDQ
GRDFDERYDORUDQGRODVRUJDQL]DFLRQHVTXHHPSXMDQ
DO FDPELR VRFLDO H LQWHQWDQGR QR UHLQWHUSUHWDU ODV
QHFHVLGDGHVGHODVSHUVRQDV
฀
‡ 2EVHUYDU HO IXQFLRQDPLHQWR UHDO GH ODV RUJD
QL]DFLRQHV HQ YH] GH OR IRUPDO (VWR SHUPLWLUtD
WDPELpQ FRPSUHQGHU PHMRU OD VRVWHQLELOLGDG GH ODV
LQLFLDWLYDV H[DPLQDGDV GLVWLQJXLU HQWUH RUJDQL]D
FLRQHV ´HVWpULOHVµ FRQ UHODFLyQ D ODV ´SURGXFWLYDVµ
HV GHFLU TXH IDYRUH]FDQ HO HPSRGHUDPLHQWR GH ORV
PLHPEURV\TXHQRGHSHQGDQGHOOtGHUGHOPRPHQWR
RGHOSURGXFWR
‡ /RV JUXSRV GH EDVH FRQVWLWXLGRV VREUH XQD EDVH
IDPLOLDU VRQ IRUPDGRV D PHQXGR SRU GLIHUHQWHV
XQLGDGHVGHSURGXFFLyQDXQTXHODXQLGDGGRPpVWLFD
SXHGDVHUODPLVPD
‡ /DILJXUDGHOLQWHUPHGLDULRVREUHWRGRHQHOFDVRGH
ODDUWHVDQtDSXHGHWHQHUFRQQRWDFLRQHVSRVLWLYDVHQ
XQ FRQWH[WR HQ HO TXH FDGD XQR WHQJD XQ SDSHO ELHQ
GHILQLGR (V QHFHVDULR HYDOXDU HO SDSHO GHVDUUROODGR
ODSHUFHSFLyQGHORVSURGXFWRUHV\HOWLSRGHUHODFLyQ
HVWDEOHFLGD DVt FRPR HO FRQWH[WR JHQHUDO HQ HO TXH
VHHVWDEOHFHQORVVHUYLFLRVRIUHFLGRV\ODVUHODFLRQHV
TXHSXHGHJHQHUDU
‡ 1R VH KD GHWHFWDGR FRQIOLFWLYLGDG X RSRVLFLyQ GLUHF
WD HQWUH LQGLYLGXRV \ FROHFWLYLGDG /RV EHQHILFLRV
LQGLYLGXDOHV D PHQXGR HQFXHQWUDQ HQ ODV IRUPDV GH
UHGLVWULEXFLyQORFDOXQDPDQHUDSDUDLQFRUSRUDUVHD
ODGLPHQVLyQFROHFWLYD
‡ /DYR]´VHUYLFLRV VRFLDOHVRIUHFLGRVDORVSURGXF
WRUHVDORVVRFLRV\RDODVFRPXQLGDGHVµSRUPiV
TXH VHD PX\ LPSRUWDQWH SDUD HO &- GHEHQ WHQHU HQ
FXHQWD ORV ILQHV GH OD RUJDQL]DFLyQ \ OD SUHVHQFLD
SRVLEOH HQ XQ PLVPR FRQWH[WR GH RWUDV UHDOLGDGHV
TXHRIUH]FDQVHUYLFLRVVLPLODUHV
‡ (Q OD HYDOXDFLyQ GHO Q~PHUR GH PXMHUHV LQYROXFUD
GDV HQ ODV RUJDQL]DFLRQHV KD\ TXH FRQVLGHUDU WDP
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
ELpQ RWURV IDFWRUHV FRPR HO HVWDGR FLYLO OD HGDG OD
IDPLOLDGHRULJHQHOOXJDUGHUHVLGHQFLDORVGHUHFKRV
\ PRGDOLGDGHV GH DFFHVR D OD WLHUUD ODV QRUPDV GH
KHUHQFLDHOJUDGRGHDSRUWDFLyQODERUDOHQODSDUFHOD
GHOPDULGR
‡ (Q OD HYDOXDFLyQ GHO HPSRGHUDPLHQWR GH ODV
PXMHUHVKD\TXHFRQVLGHUDUHODXPHQWRHQFDQWL
GDG\FDOLGDGGHODSDUWLFLSDFLyQGHODVPXMHUHVHQ
ODV GHFLVLRQHV SROtWLFDV OD DGRSFLyQ HQ HO iPELWR
GH SROtWLFDV S~EOLFDV GH UHSUHVHQWDFLRQHV FDSD
FHV GH YLVLELOL]DU ORV HOHPHQWRV GH GLVFULPLQDFLyQ
KDFLDODVPXMHUHVODYLROHQFLDGRPpVWLFDODH[FOX
VLyQ GH ORV HVSDFLRV S~EOLFRV \ GHO FRQWURO GH ORV
UHFXUVRVHWF\ODIRUPDFLyQGHQXHYDVVXEMHWLYL
GDGHVSROtWLFDVHQWRUQRDLQVWDQFLDVPiVRPHQRV
HVSHFtILFDV ‡ /D HYDOXDFLyQ GH OD SHUWHQHQFLD pWQLFD GH ORV
SURGXFWRUHV HV LQIOXHQFLDGD HQ SDUWH SRU XQD
FRQFHSFLyQ HWQRFpQWULFD /D pWQLFD FRPR FRQ
FHSWRRFFLGHQWDOFULVWDOL]DGR\UHODFLRQDGRFRQXQ
LGLRPD \ WHUULWRULR FRQVWLWX\H VRODPHQWH XQR GH
ORV HOHPHQWRV TXH GHILQHQ OD LGHQWLGDG \ ORV KRUL
]RQWHV GH XQ JUXSR \ QR QHFHVDULDPHQWH HO PiV
LPSRUWDQWH
‡ (O WUDEDMR GH ORV PHQRUHV H[FOXLGD FXDOTXLHU
IRUPDGHH[SORWDFLyQYLROHQFLD\PDUJLQDFLyQIRUPD
SDUWHHQODVPDQHUDV\HQHOWLHPSRVHJ~QORVFDVRV
DQDOL]DGRV GH XQ SURFHVR GH HGXFDFLyQ \ VRFLDOL]D
FLyQGHORVQLxRVHQVXFRQWH[WRDGHPiVGHWHQHUXQD
IXQFLyQHFRQyPLFDHVSHFtILFD
‡ &DSDFLGDGGHDGDSWDUORVLQVWUXPHQWRV GH DQiOL
VLVVHJ~QHOJUXSR\FRQWH[WRFRQVLGHUDGR
1LYHOSROtWLFR
3DUD OD GHILQLFLyQ GH XQD HVWUDWHJLD TXH FRQWULEX\D DO
UHIXHU]R \ IRPHQWR GH ODV UHODFLRQHV GHO &- HQ ÇIULFD
&70SUHYpHVSDFLRVGHWUDEDMRFRQMXQWRHQWUHGLIHUHQWHV
iUHDVGHOJUXSRFRRUGLQDGDVSRUHO8&3(O8&3DSRUWD
Ui VX H[SHULHQFLD HQ OD DFWLYLGDG FRPHUFLDO GH UHODFLyQ
\FRRSHUDFLyQFRQODVRUJDQL]DFLRQHVDIULFDQDVDWUDYpV
GH OD DFWXDOL]DFLyQ GH OD SULPHUD IDVH GH OD (VWUDWHJLD
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
ÇIULFD HODERUDGD HQ GLFLHPEUH GH $GHPiV GH XQ
UHVXPHQ GH ORV SULPHURV UHVXOWDGRV REWHQLGRV VHUiQ
H[DPLQDGDV ODV FRQWULEXFLRQHV \ UHIOH[LRQHV D~Q HQ
FXUVR D QLYHO GH ()7$ \ HO DQiOLVLV GHO &3 )LQDOPHQWH HO
&RQVHMR GH $GPLQLVWUDFLyQ GH &70 GHEDWLUi \ DSUREDUi
ODHVWUDWHJLDHODERUDGDTXHVHSUHVHQWDUiDOD$VDPEOHD
GH6RFLRVHQQRYLHPEUHGH
'HODQiOLVLVGHO&3KDQVXUJLGRDOJXQDVLQGLFDFLRQHVTXH
UHIOHMDQ OD SHUVSHFWLYD \ HO SXQWR GH YLVWD HVSHFtILFR
GHO &3 $~Q DVt QRV SDUHFH LQWHUHVDQWH H[SRQHU DTXt
DOJXQDVGHHVWDVUHIOH[LRQHVSRUPiVTXHQRVHDQQHFH
VDULDPHQWHSDUWHGHODHVWUDWHJLDILQDOTXHHOJUXSR&70
HVWiGHVDUUROODQGR
‡ $SR\R D ORV FLUFXLWRV GH LQWHUFDPELR LQWHUQRV FRQ
WLQHQWDO QDFLRQDO UHJLRQDO 6XU6XU TXH SRGUtDQ
VHU FRPSOHPHQWDULRV DO FRPHUFLR 1RUWH6XU (VWH
GHVSOD]DPLHQWRGHEHUtDFRLQFLGLUFRQODH[LJHQFLDGH
HVWUDWHJLDVTXHEXVTXHQODVREHUDQtDDOLPHQWDULD
‡ )DYRUHFHU OD SRVLELOLGDG GH TXH ODV RUJDQL]DFLRQHV
ORFDOHV REWHQJDQ FUpGLWRV FRQ LQWHUHVHV DVHTXLEOHV
(V LPSRUWDQWH DGHPiV HYDOXDU VL ODV RUJDQL]DFLRQHV
GHSURGXFWRUHVSUHYpQIRUPDVGHPLFURFUpGLWRSDUD
VXVPLHPEURV
‡ /OHJDUDXQDYLVLyQFRPSDUWLGDGHOFRQFHSWR\VLJQL
ILFDGRGHO&RPHUFLR-XVWRDWUDYpVGHXQDFRPSDUD
FLyQFRQODVRUJDQL]DFLRQHVFRQWUDSDUWHVDIULFDQDV
‡ )RPHQWDU OD FRODERUDFLyQ HQWUH DFWRUHVGH GLPHQ
VLRQHV SDUHFLGDV SDUD FRQVWLWXLU UHODFLRQHV GLIH
UHQFLDGDV FRQ ORV SURGXFWRUHV VHJ~Q VX FDSDFLGDG
SURGXFWLYD \ RUJDQL]DWLYD DGHPiV GH OD WLSRORJtD GHO
SURGXFWRDUWHVDQtDSURGXFWRVWUDQVIRUPDGRVSUR
GXFWRVFRORQLDOHV
7LHQGDVGH&-²SHTXHxRVSURGXFWRUHV
*UXSR&702UJDQL]DFLRQHVGH&-GHO1RUWHGLVWUL
EXLGRUHV ² IHGHUDFLRQHV GH FRRSHUDWLYDV HPSUH
VDVRWUDV
‡ %XVFDU XQ PHFDQLVPR TXH SHUPLWD UHODFLRQDUVH
FRQ ORV JUXSRV GH EDVH D PHQXGR LQIRUPDOHV PX\
H[WHQGLGRVHQÇIULFD(QHOFDVRGHODVRUJDQL]DFLRQHV
GH PDUNHWLQJ HYDOXDGDV QHJDWLYDPHQWH SRU HMHPSOR
KDEUtD TXH SRQHU HO DFHQWR HQ FRQVHUYDU OD UHODFLyQ
FRQORVJUXSRVGHEDVHTXHHVWiQGHWUiV
‡ 'DU VRSRUWH D IRUPDV RUJDQL]DWLYDV ORFDOHV \ D ODV
UHGHVGHHFRQRPtDVROLGDULD
‡ 'DUYDORUDORVPRGHORVHPSUHVDULDOHVTXHUHSUHVHQ
WDQKtEULGRVHQWUHORLQGLYLGXDO\ORFROHFWLYRKDFLHQ
GRODGLVWLQFLyQHQWUHODVUHDOLGDGHVQDFLGDVGHLQSXWV
H[WHUQRVSHURDSDUWLUGHHVWtPXORVGHLQGLYLGXRVTXH
WLHQHQXQLQWHUpVFROHFWLYR
‡ 9DORUDFLyQ GH H[SHULHQFLDV GH EDVH WDPELpQ LQIRU
PDOHVTXHEXVFDQRSHUDUFDPELRVHQORVSXHEORVHQ
ORVTXHKR\D~QSUHYDOHFHXQPRGHORGHGHFLVLyQPX\
MHUiUTXLFR7DPELpQKD\TXHYDORUDUODVRUJDQL]DFLR
QHV GH PXMHUHV SRU ODV FDUDFWHUtVWLFDV TXH SUHVHQ
WDQVROLGDULGDGPXWXD\VHQWLPLHQWRGHSHUWHQHQFLD
DO JUXSR SURFHVR GH HPSRGHUDPLHQWR UHLQVHUFLyQ
GH ORV EHQHILFLRV HQ HO Q~FOHR IDPLOLDU ILDELOLGDG HQ
ODGHYROXFLyQGHORVFUpGLWRV\ODVDVRFLDFLRQHVGH
SURGXFWRUHVTXHVHDQGHLQVSLUDFLyQVLQGLFDO
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
&RQVLGHUDFLRQHVILQDOHV
8QDGHODVSULQFLSDOHVFRQFOXVLRQHVTXHHPHUJHQGHHVWH
DQiOLVLV HV OD QHFHVLGDG GH SURIXQGL]DU HQ HO FRQWH[WR
DIULFDQR HQ VX FRQMXQWR \ UHIRUPXODU ORV DVSHFWRV \
FODYHV GH OHFWXUD TXH VRQ XWLOL]DGRV SRU ODV 2&$·V HQ
VXUHODFLyQFRQODVRUJDQL]DFLRQHVDIULFDQDV(VLPSRU
WDQWH WDPELpQ SURIXQGL]DU HQ ODV SUREOHPiWLFDV PDFUR
TXHVRQOHJDGRGHORVSURFHVRVKLVWyULFRVHFRQyPLFRV\
SROtWLFRVSURWDJRQL]DGRVSRUÇIULFD
(QUHODFLyQDORVFULWHULRVUHTXHULGRVSRUHO&-UHODWLYRV
DODSDUWLFLSDFLyQUHSUHVHQWDWLYLGDGGHPRFUDFLD\SUH
FLRMXVWRVyORSRUFLWDUDOJXQRVpVWRVHVWiQHVWUHFKD
PHQWH FRQHFWDGRV FRQ HO IXQFLRQDPLHQWR GH OD HVWUXF
WXUD VRFLDO OD FRQFHSFLyQ GH OD HFRQRPtD HQ WpUPLQRV
QR H[FOXVLYDPHQWH PRQHWDULRV OD H[LVWHQFLD GH UHGHV \
PRGDOLGDGHVRUJDQL]DWLYDVORFDOHV\XQDFRQFHSFLyQGH
OR LQGLYLGXDO \ OR FROHFWLYR DUWLFXODGD \ FRQHFWDGD D ODV
UHGHVIDPLOLDUHVGHYHFLQGDULRHWF
/D RULHQWDFLyQ GHO PRYLPLHQWR DIULFDQR GH &- HVWi
HVWUHFKDPHQWHFRQHFWDGDDOGHVDUUROORORFDOFRQSHUV
SHFWLYDV GH FDPELR UHJLRQDO VXEUHJLRQDO \ 6XU6XU
TXH FRPSOHPHQWDQ VX GLPHQVLyQ LQWHUQDFLRQDO (V XQD
RULHQWDFLyQ TXH SDUWH GH HVFXFKDU DFWLYDPHQWH D ODV
SRWHQFLDOLGDGHV RIUHFLGDV HQ ORV FRQWH[WRV ORFDOHV DO
HPSRGHUDPLHQWR D OD LQFOXVLyQ GH WRGRV ORV DFWRUHV
LQFOX\HQGR ORV HVWDWDOHV D OD VREHUDQtD DOLPHQWDULD \
DODVXERUGLQDFLyQGHO&-DXQDVHULHGHFDPELRVHQODV
RUJDQL]DFLRQHVLQWHUQDFLRQDOHVGHFRPHUFLR
(Q ÇIULFD VH KD LQLFLDGR XQ SURFHVR GH GLVFXVLyQ VREUH
OD FRQVWUXFFLyQ GH PRGHORV \ SURSXHVWDV GH &- TXH
UHVSRQGDQ PiV DO FRQWH[WR ORFDO (V LPSRUWDQWH DKRUD
TXHHVWHSURFHVRWDPELpQVHGHVDUUROOHHQHO1RUWHTXH
DWUDYLHVHVXUHFRUULGRSROtWLFR\WDPELpQFRPHUFLDO4XH
UHFXSHUH DOJXQDV ILQDOLGDGHV \ GLUHFWULFHV GHO &- SDUD
TXH ORV FULWHULRV VH DMXVWHQ D ORV SURGXFWRUHV \ QR D
OD LQYHUVD ,QLFLDU SXHV OD GLVFXVLyQ GH DOJXQDV GH ODV
FRQVLGHUDFLRQHV H LPSHUDWLYRV pWLFRV GH ORV TXH VRPRV
SRUWDGRUHVHQHO1RUWH
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
/DHIHFWLYLGDGGH)/2
HQODPHMRUDGHODVFRQGLFLRQHVODERUDOHV
$OH[DQGUD0(VSLQRVD
8QLYHUVLGDG3~EOLFDGH1DYDUUD
(O REMHWLYR GH HVWH HVWXGLR HV FXHVWLRQDU VL ORV WUDED
MDGRUHV GH ODV H[SORWDFLRQHV DGKHULGDV D )DLUWUDGH
/DEHOOLQJ 2UJDQL]DWLRQV ,QWHUQDWLRQDO )/2 REWLHQHQ
JDQDQFLDVVRFLDOHVUHOHYDQWHVRVLHQFDPELRODVFRQGL
FLRQHV ODERUDOHV GH HVWRV WUDEDMDGRUHV VRQ VHPHMDQWHV
DODVGLVIUXWDGDVSRUORVWUDEDMDGRUHVGHFXDOTXLHURWUD
ILQFD(VWHHVXQDVSHFWRUHOHYDQWHHQHODQiOLVLVGHFXDO
TXLHUSROtWLFDVXHIHFWLYLGDG0XFKRPiVHQXQDVSHFWR
WDQVHQVLEOHFRPRODMXVWLFLDVRFLDOTXHSDUHFHGHILQLUHO
PLVPRILQTXHMXVWLILFDODH[LVWHQFLDGH)/2
&RQVLGHUHPRV TXH )/2 HV HIHFWLYR HQ PDWHULD ODERUDO
HQ HO VHQWLGR GH TXH PHMRUD ODV FRQGLFLRQHV GH WUDEDMR
GHIRUPDUHOHYDQWH1RVTXHGDXQDFXHVWLyQLQWHUHVDQWH
TXH FDOLEUDU HQ TXp PHGLGD HV HIHFWLYR )/2 HQ OD FRQ
VHFXFLyQ GH VXV REMHWLYRV < HQ FRPSDUDFLyQ FRQ RWURV
RUJDQLVPRV LQWHUQDFLRQDOHV TXH LPSOHPHQWDQ SROtWLFDV
VHPHMDQWHV&RQHVWHILQFRPSDUDUHPRVODVFRQGLFLRQHV
GH WUDEDMR GH GRV HPSUHVDV DGKHULGDV D )/2 FRQ ODV
FRQGLFLRQHVGHWUDEDMRGLVIUXWDGDVSRUORVWUDEDMDGRUHV
GHXQDH[SORWDFLyQFHUWLILFDGDSRU(XUHS*$3
(Q SRFDV OtQHDV HQ PDWHULD ODERUDO )/2 UHFRQRFH D ODV
&RQYHQFLRQHVGHOD2,7FRPRODDXWRULGDGHQPDWHULDGH
FRQGLFLRQHVODERUDOHV\HVSHUDTXHWRGRVORVSURGXFWR
UHVWRPHQPHGLGDVKDFLDODPHMRUDGHODVFRQGLFLRQHVGH
WUDEDMR TXH DVHJXUHQ TXH WRGRV ORV WUDEDMDGRUHV FRP
SDUWDQ ORV EHQHILFLRV GHO &RPHUFLR -XVWR (QWUH HVWRV
FULWHULRV VH LQFOX\HQ H[LJHQFLDV UHODWLYDV D ORV VDODULRV
DODSURWHFFLyQVRFLDODODGHPRFUDWL]DFLyQ\MXVWLFLDHQ
ODV UHODFLRQHV ODERUDOHV \ SRU VXSXHVWR PHGLGDV UHOD
FLRQDGDVFRQODVHJXULGDG\ODKLJLHQHHQHOWUDEDMR
(Q FDPELR HQ HO FHUWLILFDGR (XUHS*$3 SXHVWR TXH
UHVSRQGHDODQHFHVLGDGGHJDUDQWL]DUODVHJXULGDGDOL
PHQWDULDODVH[LJHQFLDVHQPDWHULDVRFLDODSHQDVH[LV
WHQ 6LQ HPEDUJR FRPSDUWH FRQ )/2 OD SUHRFXSDFLyQ
SRU OD VHJXULGDG \ OD KLJLHQH HQ HO WUDEDMR H[LJLHQGR
TXH ODV H[SORWDFLRQHV FHUWLILFDGDV FXPSODQ XQD VHULH
GH UHTXLVLWRV HQ HVWD PDWHULD VHPHMDQWHV D ORV H[LJL
GDVSRU)/2
)DUPDSLQH *KDQD /LPLWHG )*/ HVWi IRUPDGD SRU FRRSHUDWLYDV TXH DJUXSDQ D SHTXHxRV SURGXFWRUHV
\ GRV H[SRUWDGRUDV GH WDPDxR PHGLR 3RU RWUR ODGR
%RPDUWV /LPHWHG HVWi IRUPDGD SRU XQD JUDQ SODQWD
FLyQSHURFRPSUDSDUWHGHODSURGXFFLyQDSHTXHxRV
SURGXFWRUHV $PEDV HPSUHVDV HVWiQ FHUWLILFDGDV SRU
(XUHS*$3\VDWLVIDFHQORVUHTXLVLWRVH[LJLGRVSRU)/2
)DUPDSLQHGLVIUXWHQGHFRQGLFLRQHVGHWUDEDMRPHMRUHV
TXHODVGHORVWUDEDMDGRUHVGHODVGHPiVILQFDV3RURWUR
ODGRVHGHEHGDUTXHORVWUDEDMDGRUHVGH39/)DUPVTXH
SRVHH VyOR HO FHUWLILFDGR (XUHS*$3 JRFHQ GH JDUDQWtDV
UHODFLRQDGDV FRQ OD VDOXG \ OD VHJXULGDG RFXSDFLRQDO
VXSHULRUHV D ODV GHFODUDGDV SRU ORV WUDEDMDGRUHV GH
*DQQDW)DUPVTXHQRSRVHHHVWHFHUWLILFDGR
39/ )DUPV FRQ DOJR PiV GH KHFWiUHDV HQ FXOWLYR
WUDEDMD FRQ SHTXHxRV SURGXFWRUHV FXOWLYDQGR SLxD D
SHTXHxDHVFDOD3RVHHHOFHUWLILFDGR(XUHS*DS\JDUDQWL
]DTXHWRGRVVXVSHTXHxRVSURGXFWRUHVWUDEDMDQEDMRORV
FULWHULRV (XUHS*$3 *DQQDW )DUPV /WG FDUHFH GH FXDO
TXLHU WLSR GH FHUWLILFDFLyQ DXQTXH WUDWD GH VDWLVIDFHU
ORVFULWHULRV(XUHS*$3\GHORJUDUHQWUDUHQHOSURJUDPD
+D]DUG$QDO\VLVDQG&ULWLFDO&RQWURO3RLQW+$&&3
/LEHUWDGGHWUDEDMR\DVRFLDFLyQ
)LQDOPHQWH HQ *KDQD HO VHFWRU GH OD SLxD GHVWLQDGD
D OD H[SRUWDFLyQ QR HV QL PXFKR PHQRV XQD H[SRUWD
FLyQ WUDGLFLRQDO (Q *KDQD DSHQDV H[SRUWDED WRQHODGDV GH SLxD PLHQWUDV TXH HQ VXSHUy ODV PLO WRQHODGDV 3RU OR WDQWR HV XQ VHFWRU VLQ ODVWUHV GHO
SDVDGRFX\DVFRQGLFLRQHVODERUDOHVREVHUYDGDVQRVRQ
FRQVHFXHQFLDVKHUHGDGDVGHOSDVDGR
/RVGDWRV
5HVXOWDGRV
/DPXHVWUDVHREWLHQHGHHQWUHYLVWDVGLUHFWDVDWUD
EDMDGRUHV GH FXDWUR HPSUHVDV H[SRUWDGRUDV GH SLxD
GH *KDQD /DV HQFXHVWDV IXHURQ UHDOL]DGD HQ DJRVWR
GH SRU HO ,66(5 ,QVWLWXWH RI 6RFLDO 6WDWLVWLFV DQG
(FRQRPLF 5HVHDUFK /HJRQ HQ FRODERUDFLyQ FRQ HO ,'6
,QVWLWXWHRI'HYHORSPHQW6WXGLHV6XVVH[
'DGRVORVUHTXLVLWRVH[LJLGRVSRUFDGDXQRGHORVFHUWLIL
FDGRVVHGHEHHVSHUDUTXHORVWUDEDMDGRUHVGHODVILQFDV
TXH VDWLVIDFHQ ORV FULWHULRV H[LJLGRV SRU )/2 %RPDUWV \
8QR GH ORV GHUHFKRV HQ ORV TXH )/2 SRQH HVSHFLDO DWHQ
FLyQHVHQHOGHUHFKRDODOLEUHDVRFLDFLyQ\ODQHJRFLDFLyQ
FROHFWLYD(VWHKHFKRVHUHIOHMDHQODREOLJDFLyQGHTXHORV
WUDEDMDGRUHVIRUPHQSDUWHDFWLYDHQODJHVWLyQGHODSULPD
REWHQLGD GHO &RPHUFLR -XVWR 3RU HOOR HV XQ UHTXLVLWR TXH
ORV WUDEDMDGRUHV HVWpQ RUJDQL]DGRV TXH ORV VLQGLFDWRV \
ORV UHSUHVHQWDQWHV HOHJLGRV WHQJDQ DFFHVR D ORV WUDEDMD
GRUHVHQHOOXJDUGHWUDEDMR\DODQHJRFLDFLyQFROHFWLYD
&XDGUR6LQGLFDOL]DFLyQ
)*/\
%RPDUWV
*DQQDW
39/
$ILOLDFLyQ
&RQYHQLRFROHFWLYR
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
/DV FXDWUR HPSUHVDV DSDUHFHQ DJUXSDGDV HQ WUHV
JUXSRV SURGXFWRUHV TXH VDWLVIDFHQ ORV FULWHULRV GH
(XUHS*$3 \ GH )/2 %RPDUWV \ )DPDSLQH SURGXFWRUHV
TXHVDWLVIDFHQORVFULWHULRVGH(XUHS*$339/)DUPV\
SURGXFWRUHV TXH QR VDWLVIDFHQ ORV FULWHULRV H[LJLGRV QL
SRU)/2\QLSRU(XUHS*$3*DQQDW)DUPV
฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀ ฀
฀
฀ ฀
฀ ฀
฀฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀ ฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
(OFXDGURPXHVWUDGLIHUHQFLDVUHOHYDQWHVHQHOQLYHOGH
VLQGLFDOL]DFLyQ \ HQ Q~PHUR GH WUDEDMDGRUHV FXELHUWR
SRU XQ FRQYHQLR FROHFWLYR HQWUH HPSUHVDV DGKHULGDV D
)/2\ODVTXHQRORHVWiQ
&RQGLFLRQHVGHWUDEDMR\VDODULRV
MXVWRV
2WUR FULWHULR TXH GHEHQ VDWLVIDFHU ODV HPSUHVDV SDUWL
FLSDQWHV HQ )/2 HV TXH WRGRV ORV WUDEDMDGRUHV GHEHUiQ
WUDEDMDUEDMRFRQGLFLRQHVGHHPSOHRMXVWDV6HHQWLHQGH
SRU WDO TXH ORV WUDEDMDGRUHV SHUFLEDQ VDODULRV LJXDOHV
R PiV DOWRV TXH HO VDODULR PtQLPR VHxDODGR HQ ODV OH\HV
QDFLRQDOHV\ORVDFXHUGRVDOUHVSHFWR$GHPiVWRGRVORV
HPSOHDGRV R WUDEDMDGRUHV GHEHUiQ ILUPDU FRQWUDWRV \
VHOHVUHPXQHUDUiGHXQDIRUPDUHJXODU\DFRUGDGD
&XDGUR&RQGLFLRQHVFRQWUDFWXDOHV
)*/\
%RPDUWV
*DQQDW
39/
)LMRV
&RQFRQWUDWR
&RQFRQWUDWRHVFULWR
3OXULHPSOHDGRV
(Q HO FXDGUR VH REVHUYD TXH %RPDUWV \ )DUPDSLQH
SUHVHQWDQ GLIHUHQFLDV SRUFHQWXDOHV UHOHYDQWHV UHODWL
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
YDPHQWH D ODV GHPiV HPSUHVDV HQ WRGRV ORV HStJUDIHV
HQ IDYRU GH XQ HPSOHR PiV HVWDEOH \ FRQ JDUDQWtDV /D
VLWXDFLyQ GH ORV WUDEDMDGRUHV HQ ODV GHPiV HPSUHVDV
HV GLItFLO GH GLOXFLGDU \D TXH 39/ HV OD HPSUHVD FRQ
PHQRUSRUFHQWDMHGHWUDEDMDGRUHVILMRV\TXHFRQPD\RU
IUHFXHQFLDQRIRUPDOL]DQLQJ~QWLSRGHFRQWUDWRFRQORV
WUDEDMDGRUHV(QFDPELRSUHVHQWDHOPHQRUSRUFHQWDMH
GH WUDEDMDGRUHV SOXULHPSOHDGRV OR FXDO LQGLFD TXH HO
VDODULRSHUFLELGRHVVXILFLHQWH
&XDGUR&RQGLFLRQHVHFRQyPLFDV
)*/\
%RPDUWV
*DQQDW
39/
6DODULR) FpGLV
2WUDVUHPXQHUDFLRQHV
6DODULRQRPHQVXDO
5HWUDVRHQHOSDJR
'HVWDMR
6DODULRPHGLR
HQFpGLV
(VWH ~OWLPR SXQWR OD VXILFLHQFLD HQ HO VDODULR SHUFLELGR
DSDUHFHUHIOHMDGRHQHOFXDGUR39/HVODHPSUHVDFRQ
HO VDODULR PHGLR PiV DOWR \ FRQ HO PHQRU SRUFHQWDMH GH
WUDEDMDGRUHV TXH FREUDQ R PHQRV FpGLV \ OD
TXH FRQ PD\RU IUHFXHQFLD UHDOL]D SDJRV DGLFLRQDOHV
SDJDGHQDYLGDGSRUHMHPSORDVXVWUDEDMDGRUHV
(Q FDPELR *DQQDW )DUPV HV OD TXH SUHVHQWD HO PD\RU
SRUFHQWDMH GH WUDEDMDGRUHV TXH SHUFLEHQ XQD UHPX
QHUDFLyQ LQIHULRU D FpGLV \ FRQ PHQRU VDODULR
PHGLR TXH FRQ PHQRU IUHFXHQFLD UHDOL]D SDJRV DGLFLR
QDOHV\HVODHPSUHVDFRQHOPD\RUSRUFHQWDMHGHWUD
EDMDGRUHV TXH QR SHUFLEHQ XQ VDODULR PHQVXDO (O ~QLFR
SXQWRSRVLWLYRHQHOTXH*DQQDWGHVWDFDHVODSURQWLWXG
HQHOSDJR
/D VLWXDFLyQ GH ORV WUDEDMDGRUHV GH %RPDUW \ )DPDSLQH
HVGLItFLOGHHYDOXDUSRUTXHVLELHQJR]DQGHPD\RUHVWD
ELOLGDG HQ OD UHPXQHUDFLyQ WDPELpQ SUHVHQWD SRUFHQ
WDMHV HOHYDGRV GH WUDEDMDGRUHV FRQ XQ VDODULR LQIHULRU
D FpGLV \ TXH SHUFLEHQ HVWD UHPXQHUDFLyQ FRQ
UHWUDVR
)*/\
%RPDUWV
*DQQDW
39/
(QIHUPHGDG
'tDVLQDFWLYRV
'HVFDQVRVHPDQDO
)HVWLYRVQDFLRQDOHV
)HVWLYRVORFDOHV
(VWH UHVXOWDGR SRGUtD LQGLFDU TXH ORV WUDEDMDGRUHV GH
)DUPDSLQH\%RPDUWVSHUFLEHQUHPXQHUDFLRQHVLQIHULR
UHVDODVFRQVLGHUDGDVMXVWDV
&XDGUR&REHUWXUD
฀
2WUR HOHPHQWR TXH D\XGD D FRPSUHQGHU ODV GLIHUHQFLDV
VDODULDOHV H[SHULPHQWDGDV HQWUH ODV HPSUHVDV \ TXH
DGHPiVUHIOHMDQODFDOLGDGGHOHPSOHRVRQODVGHGXFFLR
QHV SUDFWLFDGDV (O FXDGUR VLJXLHQWH PXHVWUD TXH VRQ
ODV HPSUHVDV )/2 ODV TXH SUHVHQWDQ XQ PD\RU SRUFHQ
WDMHGHWUDEDMDGRUHVTXHSUDFWLFDQDOJ~QWLSRGHGHGXF
FLyQGHWLSRVRFLDO
&XDGUR'HGXFFLRQHV
)*/\
%RPDUWV
*DQQDW
39/
'HGXFFLRQHVWRWDO
661,7
-XELODFLyQRWURV
-XELODFLyQHPSUHVD
6DOXG
'HVHPSOHR
&XDGUR&RQGLFLRQHVVRFLDOHV
(O FXDGUR QRV D\XGDUi D FRPSUHQGHU HQ SDUWH ODV
FDXVDV GH HVWDV GLIHUHQFLDV (Q SULPHU OXJDU HO GH WUDEDMDGRUHV SHUFLEHQ FRPSHQVDFLyQ HQ FDVR GH
HQIHUPHGDGVLWUDEDMDQSDUDXQDHPSUHVD)/2\HO
GLVIUXWDQ GH GHVFDQVR VHPDQDO UHPXQHUDGR (O ~QLFR
HOHPHQWR TXH MXHJD HQ FRQWUD GH OD PHMRU FDOLGDG HQ HO
HPSOHRGHORVWUDEDMDGRUHVGHHPSUHVDV)/2HVODFRP
SHQVDFLyQSRUGtDVLQDFWLYRVGtDVHQORVTXHHVWpFQLFD
PHQWHLPSRVLEOHWUDEDMDUFX\RSRUFHQWDMHHVLQIHULRUDO
GHODVGHPiVHPSUHVDV
฀
6L EDMR ORV HStJUDIHV DQWHULRUHV QR TXHGD FODUR VL ODV
HPSUHVDV )/2 JDUDQWL]DQ PHMRUHV FRQGLFLRQHV GH WUD
EDMR HO FXDGUR PXHVWUD TXH OD FREHUWXUD GH HVWRV
WUDEDMDGRUHVHQFRQVLGHUDEOHPHQWHVXSHULRUDODGHODV
GHPiVHPSUHVDV
)*/\
%RPDUWV
*DQQDW
39/
$FFLGHQWHGHWUDEDMR
,QYDOLGH]
%DMDSHUPLVR
%DMDSRUPDWHUQLGDG
'DGR TXH HV KDELWXDO HQ ÇIULFD TXH ORV WUDEDMDGRUHV
FRQWULEX\DQDVLVWHPDVLQIRUPDOHVGHSURWHFFLyQVRFLDO
VH SXHGH SHQVDU TXH HVWH PHQRU SRUFHQWDMH GH LQGL
YLGXRV HQ HO VLVWHPD RILFLDO VH GHEH D TXH SUHILHUHQ OD
FREHUWXUDGHHVWRVVLVWHPDVLQIRUPDOHV
6LQHPEDUJRHOFXDGURLQGLFDTXHHOSRUFHQWDMHGHWUD
EDMDGRUHVGH*DQQDW)DUPV\39/TXHFRQWULEX\HQDORV
GRVVLVWHPDVPiVSRSXODUHVHO6868\HO(6868QRHV
VXSHULRURUHOHYDQWHPHQWHVXSHULRU
&XDGUR&RQWULEXFLRQHVLQIRUPDOHV
)*/\
%RPDUWV
*DQQDW
39/
6XVX
(VXVX
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀ ฀
฀ ฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
)LQDOPHQWHHOFXDGURLQGLFDTXHHOSRUFHQWDMHGHWUD
EDMDGRUHVTXHWLHQHQSDUWHRODWRWDOLGDGGHVXVJDVWRV
PpGLFRV SDJDGRV HV VXSHULRU D HVWH SRUFHQWDMH HQ OD
GHPiVHPSUHVDV<HVPiVHQHOFDVRGH*DQQDW)DUPV
HVWD PHQRU FREHUWXUD VH SXHGH VHU FRQVHFXHQFLD GH
TXHORVWUDEDMDGRUHVWLHQHQDFFHVRDXQDFOtQLFDSURSLD
1RREVWDQWHHOORQRVHGDHQHOFDVRGH39/
ODFHUWLILFDFLyQGHSURGXFWRVDIULFDQRVGH&-
3RU OR WDQWR GHEHUtDPRV HQFRQWUDU VHPHMDQ]DV HQ ODV
UHVSXHVWDV GH ORV WUDEDMDGRUHV GH 39/ \ HQ ODV GH ORV
GH HPSUHVDV DGKHULGDV D )/2 R DO PHQRV TXH ORV WUD
EDMDGRUHV GH 39/ WUDEDMHQ HQ HQWRUQRV PiV VHJXURV \
VDOXGDEOHVTXHORVWUDEDMDGRUHVGH*DQQDW)DUP
&XDGUR6HJXULGDG\6DOXGRFXSDFLRQDO
)*/\
%RPDUWV
*DQQDW
39/
0DQLSXODSURGXFWRV
TXtPLFRV
9HVWLPHQWD
)RUPDFLyQHQVDOXG
)RUPDFLyQHQVHJXULGDG
&XDGUR$VLVWHQFLDVDQLWDULD
)*/\
%RPDUWV
*DQQDW
39/
*DVWRVPpGLFRVWRWDO
*DVWRVPpGLFRVSDUWH
&OtQLFDHQODHPSUHVD
6DOXG2FXSDFLRQDO
*DUDQWL]DUODVDOXGRFXSDFLRQDO\VHJXULGDGGHORVWUD
EDMDGRUHVHVXQDH[LJHQFLDFRP~QWDQWRSDUDDGKHULUVH
D )/2 FRPR SDUD REWHQHU HO FHUWLILFDGR (XUHS*$3 (Q
DPERV FDVRV VH H[LJH OD VHQVLELOL]DFLyQ \ IRUPDFLyQ GH
ORVWUDEDMDGRUHVHQPDWHULDGHULHVJRVODERUDOHV\VDOXG
RFXSDFLRQDO OD H[LVWHQFLD GH LQVWDODFLRQHV DSURSLDGDV
GH SULPHURV DX[LOLRV \ HO XVR GH YHVWLPHQWD \ HTXLSRV
DGHFXDGRVGHWUDEDMRHQWUHRWURVUHTXLVLWRV
(Q VHJXQGR OXJDU ODV FRQGLFLRQHV HFRQyPLFDV GH ODV
HPSUHVDVDGKHULGDVD)/2QRSDUHFHQVHUPHMRUHV<HO
SXQWRPiVQHJDWLYRHVWiHQHOSRUFHQWDMHGHWUDEDMDGR
UHV TXH SHUFLEHQ VX UHPXQHUDFLyQ FRQ UHWUDVR 6REUH
HVWD FXHVWLyQ KD\ TXH FXHVWLRQDUVH VL ODV FREHUWXUDV
SUHVWDGDV H LQFOXVR VL ODV GHGXFFLRQHV SUDFWLFDGDV QR
VRQXQVREUHVXHOGRDWHQHUHQFXHQWD0iVD~QFXDQGR
ODHQFXHVWDQRSUHFLVDVLHVXQVDODULREUXWRRQHWR
5HVXOWDVRUSUHQGHQWHTXHHOSRUFHQWDMHGHWUDEDMDGRUHV
GH39/TXHGHFODUDQUHFLELUURSDDGHFXDGDHVLQIHULRUDO
SRUFHQWDMH VREUH HVWH PLVPR FRQFHSWR SDUD ORV WUDED
MDGRUHVGHODVRWUDVHPSUHVDV6LQHPEDUJRHOFXDGUR
PXHVWUD TXH QR KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH 39/
\*DQQDW)DUPVHQODIRUPDFLyQGHORVWUDEDMDGRUHVHQ
VHJXULGDG \ VDOXG RFXSDFLRQDO PLHQWUDV TXH ORV WUDED
MDGRUHV GH ODV ILQFDV DGKHULGDV D )/2 GHFODUDQ UHFLELU
HQPD\RUPHGLGDIRUPDFLyQHQHVWDPDWHULD
5HIOH[LRQHVVREUHHOSDSHO
GH&RPHUFLR-XVWRHQODV
FRQGLFLRQHVODERUDOHVGHORV
WUDEDMDGRUHV
/RV UHVXOWDGRV REWHQLGRV PXHVWUDQ FODUDPHQWH TXH ORV
WUDEDMDGRUHVGHODVHPSUHVDVDGKHULGDVD)/2JR]DQGH
FRQGLFLRQHV GH WUDEDMR PHMRUHV FRQ OD ~QLFD H[FHSFLyQ
GH OD UHPXQHUDFLyQ ,QFOXVLYH HQ DTXHOOR FDVRV HQ ORV
TXH 39/ GHEHUtD GDU UHVXOWDGRV WDQ EXHQRV FRPR ORV
REVHUYDGRVSDUD%RPDUWV\)DUPDSLQH
(Q HVWH VHQWLGR )/2 HV HIHFWLYD HQ OD FRQVHFXFLyQ GH
VX REMHWLYR GH ORJUDU XQD PHMRUD VLJQLILFDWLYD HQ ODV
FRQGLFLRQHVGHWUDEDMR(QFDPELR(XUHS*$3SDUHFHQR
VHU HIHFWLYD FRQWURODQGR TXH ODV HPSUHVDV FHUWLILFDGDV
FXPSODQ FRQ OD H[LJHQFLDV HQ PDWHULD GH VHJXULGDG \
VDOXGODERUDO/RFXDOQRVOOHYDQRVyORDYDORUDUORVILQHV
SHUVHJXLGRVVLQRWDPELpQVXHIHFWLYLGDG
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
฀
6REUH HVWRV SXQWRV HV QHFHVDULR DFODUDU DOJXQRV
DVSHFWRV (Q SULPHU OXJDU QR WRGDV ODV H[SORWDFLRQHV
GH%RPDUWV\)DUPDSLQHVHDMXVWDQDORVFULWHULRVH[L
JLGRVSRU)/2\SRU(XUHS*$3(VWRLPSOLFDXQVHVJRHQ
FRQWUDGHODHIHFWLYLGDGGH)/2FRQGDWRVTXHQRGLVFUL
PLQDQVLHOHQFXHVWDGRWUDEDMDSDUDXQRXRWURWLSRGH
H[SORWDFLyQ
฀
)LQDOPHQWH ORV UHVXOWDGRV SXHGHQ VHUYLU SDUD FHQWUDU
HOGHEDWHUHODWLYRDODRSRUWXQLGDGGHODSROtWLFDOOHYDGD
D FDER )/2 6L ELHQ HV FLHUWR TXH )/2 FHQWUD XQD SDUWH
FRQVLGHUDEOH GH VXV HVIXHU]RV HQ FRQVHJXLU TXH ODV
HPSUHVDVDGKHULGDVVHDQUHQWDEOHV\HVWpQLQWHUQDFLR
QDOL]DGDVWDPELpQKD\TXHWHQHUHQFXHQWDVXHIHFWLYL
GDG HQ FRQVHJXLU ORV GHPiV REMHWLYRV \ OD LQWHUDFFLyQ
HQWUHDPERV
/D LQWHUDFFLyQ HQWUH DPERV REMHWLYRV HVWi HQ OD PLVPD
OyJLFD TXH PXHYH D )/2 D LPSOLFDU D ODV HPSUHVDV HQ
IRUPDV GH UHODFLRQHV HFRQyPLFDV SURSLDV GHO PXQGR
GHVDUUROODGR 6LQ HPEDUJR KD\ TXH SUHJXQWDUVH VL ODV
IRUPDV GH HQWHQGHU ODV UHODFLRQHV ODERUDOHV \ OD SUH
RFXSDFLyQSRUODFDOLGDGGHYLGDGHORVWUDEDMDGRUHVQR
HV WDPELpQ XQD GH HVWDV IRUPDV GH UHODFLyQ HFRQyPLFD
SURSLDV GHO PXQGR GHVDUUROODGR < OD UHVSXHVWD SDUHFH
EDVWDQWHREYLD
(QSDUWLFXODUOODPDQODDWHQFLyQORVGRVVLVWHPDVLQIRU
PDOHV GH FREHUWXUD HO 6868 \ HO (6868 $PERV VRQ
VLVWHPDVSURSLRVRSDUDHQWHQGHUQRVQRFRQWDPLQDGRV
FXOWXUDOPHQWH SRU QXHVWUD IRUPD GH HQWHQGHU OD SUR
WHFFLyQ VRFLDO 6LQ HPEDUJR DPERV VRQ VLPSOHPHQWH
VLVWHPDV GH DKRUUR TXH ORV WHyULFRV GH OD HFRQRPtD
QHROLEHUDO PiV UHFDOFLWUDQWH DSR\DQ VLQ SDOLDWLYRV ([
WUDxDLURQtD
%LEOLRJUDItD
$FKXRQMHL3HWHUHWDO $QDO\VLVRIWKH
*KDQDLDQ)UHVK)UXLWVDQG9HJHWDEOHV,QGXVWU\
*KDQD3ULYDWH²3XEOLF3DUWQHUVKLS)RRG,QGXVWU\
'HYHORSPHQW3URJUDP86$,'
'DQLHORX0RUJDQH&KULVWRSKH5DYU\ ¶7KH
ULVHRI*KDQD·VSLQHDSSOHLQGXVWU\)URPVXFFHVV
IXOWDNHRIIWRVXVWDLQDEOHH[SDQVLRQ·ÇIULFD5HJLRQ
:RUNLQJ3DSHU6HULHV
'DQQVRQ$QJHOD&KXPD(]HGLQPD7RP
:DPEXD%HUQDUG%DVKDVKD-RKDQQ.LUVWHQ
.XUW6DWRULXV¶6WUHQJWKHQLQJIDUPDJUL
EXVLQHVVOLQNDJHVLQÇIULFD·$*6)2FDVLRQDO3DSHU
.RVW\DO&RQVWDQWLQ¶/HFRPPHUFHpTXLWDEOH
SRUWHVHVIUXLWV·0D[+DYHODDU)DLU7UDGH([SUHVV
1RYHPEHU²
0LQLVWU\RI0DQSRZHU<RXWK(PSOR\PHQW
1DWLRQDO6RFLDO3URWHFWLRQ6WUDWHJ\
1DWLRQDO6RFLDO3URWHFWLRQ6WUDWHJ\
,QYHVWLQJLQ3HRSOH*RYHUQPHQWRI*KDQD
7DNDQH7VXWRPX¶6PDOOKROGHUVDQGQRQ
WUDGLWLRQDOH[SRUWVXQGHUHFRQRPLFOLEHUDOL]DWLRQ
7KHFDVHRISLQHDSSOHVLQ*KDQD·ÇIULFDQ6WXG\
0RQRJUDSKV²
86$,'7KH5HODWLRQVKLSRI7KLUG3DUW\
&HUWLILFDWLRQ73&WR6DQLWDU\3K\WRVDQLWDU\636
0HDVXUHVDQGWKH,QWHUQDWLRQDO$JUL²)RRG7UDGH
)LQDO5HSRUW8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO
'HYHORSPHQW
86$,'7UDGHDQG,QYHVWPHQW3URJUDPIRU
D&RPSHWLWLYH([SRUW(FRQRP\7LSFHH6HPL
$QQXDO3URJUHVV5HSRUW8QLWHG6WDWHV$JHQF\IRU
,QWHUQDWLRQDO'HYHORSPHQW
<HERDK*RGIUHG¶7KH)DUPDSLQHPRGHO$
FRRSHUDWLYHPDUNHWLQJVWUDWHJ\DQGDPDUNHW
EDVHGGHYHORSPHQWDSSURDFKLQ6XE6DKDUDQ
ÇIULFD·&KRLFHV²
OR
&
DS
tW
X
,QLFLDWLYDVGH
RUJDQL]DFLyQGHO
PRYLPLHQWRGH
&RPHUFLR-XVWRDIULFDQR
>@6LPSRVLRVREUH&RPHUFLR-XVWRHQ&RWRQ~
%HQLQ$EULOGH
>SiJ@
>@ (O&RPHUFLR-XVWRHQHO)RUR6RFLDO0XQGLDOGH1DLUREL
>SiJ@
>@ /DVUHGHVDIULFDQDVGHSURGXFWRUHV
>SiJ@
>@ (QWUHYLVWDVD-RKQ.DQMDJDLOH\-RDQ.DUDQMD
>SiJ@
>@ &DUWDDOD&RPLVLyQ(XURSHDDOHUWDQGR
GHODVFRQVHFXHQFLDVGHORV(3$
>SiJ@
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
6LPSRVLRVREUH
&RPHUFLR-XVWRHQ&RWRQ~
%HQLQ$EULOGH
7L]LDQD&LFHUR
0LHPEURGHO&RPLWDWR3URJHWWL&3GH&70$OWURPHUFDWRGHVGHHO
'HO DO GH DEULO GH VH OOHYy D FDER HQ &RWRQ~
%HQLQ HO 6LPSRVLR $IULFDQR VREUH &RPHUFLR -XVWR &-
ZZZIDLUWUDGHDIULFDRUJ RUJDQL]DGR SRU HO 3ROR GH
6RFLR(FRQRPtD 6ROLGDULD :66( HO 7DOOHU GH &RPHUFLR
-XVWR)DLU7UDGH:RUNVKRS\OD21**5$3$'\DSR\DGR
SRU GLIHUHQWHV RUJDQL]DFLRQHV \ UHGHV DIULFDQDV GH &-
HQWLGDGHVGHLQYHVWLJDFLyQRUJDQL]DFLRQHVFDPSHVLQDV\
RWURVFROHFWLYRV(QHOPDUFRGHO6LPSRVLRVHKDODQ]DGR
XQIRURYLUWXDOFRQHOWtWXOR5HSHQVDUHO&RPHUFLR-XVWR
HQÇIULFD
FLRQDO QR HVWDUtD WDQWR HQ HO SUHFLR MXVWR VLQR HQ OD
HVWDELOLGDGJDUDQWL]DGDSDUDORVSURGXFWRVDJUtFRODV
HQ OD HQWUHJD \ UHSDUWLFLyQ GHO )DLU 7UDGH 3UHPLXP
3UHPLR 6RFLDO OD SUHILQDQFLDFLyQ OD WLSRORJtD GH
ODV UHODFLRQHV HVWDEOHFLGDV ORV VHUYLFLRV RIUHFLGRV
OD WUDQVPLVLyQ GH LQIRUPDFLRQHV OD WUDQVSDUHQFLD
\ OD SRVLELOLGDG SDUD ORV SURGXFWRUHV GH FUHFHU \
HQIUHQWDUVH DO PHUFDGR FRQYHQFLRQDO FRQ PHMRUHV
LQVWUXPHQWRV\FRQRFLPLHQWRV6HJ~Q0LFKHO%XLVVRQ
´HOGHEDWHVREUHORTXHHVHOSUHFLRMXVWRHVXQSRFR
LQ~WLOSRUTXHDPHQXGRHVODIDPLOLDODTXHFRQWULEX\H
D OD SURGXFFLyQ TXH HQWRQFHV QR FRUUHVSRQGH D ODV
UHJODVGHPHUFDGR\WRGRHVWRHQXQDUHGHFRQyPL
FD TXH SRU HVHQFLD QR VH EDVD HQ HO GLQHUR \ TXH HV
PD\RULWDULDPHQWH LQIRUPDO /D FXHVWLyQ D~Q YD PiV
DOOi FXDQGR VH WUDWD HO WHPD GH ODV QHFHVLGDGHV GHO
FRQVXPRORFDOGHFRPLGD\GHSURGXFWRVDUWHVDQDOHV
(O&RPHUFLR-XVWRFRQVLGHUDHOSDSHOGHORVLQWHUFDP
ELRV GH ELHQHV VREUH ODUJDV GLVWDQFLDV HQ RSRVLFLyQ
D XQ PHUFDGR PiV ORFDO TXH LPSOLFD HO GHVDUUROOR GH
RWURWLSRGHVROLGDULGDG\RIUHFHXQDPHMRUUHVSXHVWD
HQWpUPLQRVGHGHVDUUROORµ
(OPRYLPLHQWRVHEDVDHQODKLSyWHVLVGHTXHHOFRPHUFLR
LQWHUQDFLRQDO SRGUtD VHU XQ LQVWUXPHQWR GHWHUPLQDQWH
SDUD HOLPLQDU OD SREUH]D VL ODV UHJODV TXH OR JRELHU
QDQ QR IXHUDQ GHVSURSyVLWRV TXH DGHPiV VH DSOLFDQ
GH PDQHUD LQMXVWD $Vt HV QHFHVDULR \ XUJHQWH EXVFDU
DOWHUQDWLYDV D HVWH PRGHOR GH FRPHUFLR LQWHUQDFLRQDO
SDUD SURPRYHU XQ GHVDUUROOR VRVWHQLEOH HQ ÇIULFD (Q
HVWH FRQWH[WR HO &- UHSUHVHQWD ´XQD RSRUWXQLGDG SRU
H[SORUDUFRPRPRGHORFRQYLVWDVDLQVWDXUDUUHODFLRQHV
FRPHUFLDOHV MXVWDV \ PiV HTXLOLEUDGDV \ SDUD XQ GHVD
UUROOR KXPDQR VRVWHQLEOHµ 'H KHFKR OD SHUVSHFWLYD HV
XQ&-SHQVDGRHQHVWUHFKDUHODFLyQFRQORVPHFDQLVPRV
GHGHVDUUROORTXHSXHGHJHQHUDU\HVWLPXODU
฀
/RVVLJXLHQWHVVRQDOJXQRVGHORVWpUPLQRVFODYHTXHKDQ
VLGRWUDWDGRV
‡ 3UHFLRMXVWR/DFXHVWLyQHVPX\FRPSOHMD\GHSHQ
GHGHODUHDOLGDG\GHOFRQWH[WRGHFDGDSURGXFWRU/D
HVSHFLILFLGDG GHO &- HQ UHODFLyQ DO PHUFDGR FRQYHQ
฀ (OHFWURQLF )RUXP RQ WKH WKHPH ´5HWKLQNLQJ )DLU 7UDGH LQ
$IULFDµ ฀
฀
฀
฀
฀
฀
฀
฀
฀
‡ ,QWHUFDPELR 6XU6XU (Q ORV GRFXPHQWRV VREUH HO
SURJUDPD D VHJXLU GHVWDFD OD SURSXHVWD GH EXVFDU
VROXFLRQHV QR LPSRUWDGDV \ OD QHFHVLGDG GH DVRFLDU D
ORV DFWRUHV HVWDWDOHV HQ HO FDPLQR GHO &- DILUPDQGR OD
H[LJHQFLD GH ´UHSHQVDU HO &- \ HO GHVDUUROOR HQ ÇIULFD
SRUXQODGRHQEDVHDXQLQWHUFDPELRGHH[SHULHQFLDV\
DQiOLVLVGHORV~OWLPRVDxRV\SRURWURDWUDYpVGHOD
XWLOL]DFLyQGHOSRWHQFLDOGHLQWHUFDPELR6XU6XUDVtFRPR
HQWUHSDtVHVDIULFDQRVHQODGLUHFFLyQGHORVSURFHVRVGH
LQWHJUDFLyQ UHJLRQDO \ QDFLRQDO HQ FXUVRµ (V GHFLU XQ
&- GLULJLGR PD\RULWDULDPHQWH D ORV LQWHUFDPELRV 6XU
6XU \ HVWUHFKDPHQWH UHODFLRQDGR FRQ OD QHFHVLGDG GH
IDYRUHFHU SURFHVRV GH GHVDUUROOR ORFDO VRVWHQLEOH TXH
YD\DQ PiV DOOi GHO PRGHOR FHQWUDGR VRODPHQWH HQ OD
UHODFLyQ1RUWH6XUHQHOFXDODYHFHVFKRFDQH[LJHQFLDV
\OyJLFDVGLIHUHQWHVRGLItFLOHVGHFRQFLOLDU
‡ &RQVXPR LQWHUQR \ VREHUDQtD DOLPHQWDULD (VWH
WHPD VH FRQVLGHUD HQ YDULRV iPELWRV FRPR XQD
FXHVWLyQ LQGLVSHQVDEOH SDUD HO &- HQ ÇIULFD ´
´$QWHV
GHDQDOL]DUHO&-HQWUHHO1RUWH\HO6XUHVQHFHVDULR
UHDOL]DU SUHYLDPHQWH XQD UHIOH[LyQ LQWHUQD eVWR QRV
OOHYD DO DVXQWR GH OD UHQWD PHGLD GH ORV DIULFDQRV
3RUTXH OD FXHVWLyQ HV pVWD QRVRWURV QHFHVLWDPRV
SRGHUFRPSUDUORVSURGXFWRVTXHSURGXFLPRVDQWHV
GH SRGHU H[SRUWDUORVµ +D\ TXH WHQGHU D OD WUDQV
IRUPDFLyQLQVLWXGHORVSURGXFWRVSDUDDGDSWDUORVD
ORVFULWHULRVGHFRQVXPRORFDO
‡ %~VTXHGD GH FRODERUDFLRQHV \ UHIXHU]R GH ODV
UHGHV DIULFDQDV HQ HO SURSLR FRQWLQHQWH DQWHV TXH
HQODVUHGHVGHUHODFLyQ1RUWH6XU
฀ 6\QWKqVH GX 6\PSRVLXP $IULFDLQ GX &RPPHUFH (TXLWDEOH ฀
฀ ฀
฀
‡ 1HFHVLGDGGHXQDGHILQLFLyQORFDOGHO&-SDUDHYL
WDUTXHVHJHQHUHXQSURFHVRGHVHOHFFLyQDIDYRUGH
ODVUHDOLGDGHVSURGXFWLYDVTXHUHVSRQGHQPD\RULWD
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
ULDPHQWH D FULWHULRV ´RFFLGHQWDOHVµ (Q HVWH VHQWLGR
HV QHFHVDULR EXVFDU LQVWUXPHQWRV TXH IDYRUH]FDQ
ODFRQVWUXFFLyQGHXQDUHODFLyQVLPpWULFDHQWUHSUR
GXFWRUHV
‡ (Q YDULRV GRFXPHQWRV KD VLGR VXEUD\DGR TXH
OD FHUWLILFDFLyQ FRPR SRU HMHPSOR HO VHOOR )/2
)DLUWUDGH/DEHOOLQJ2UJDQL]DWLRQV,QWHUQDWLRQDOQR
FRQVWLWX\H VRODPHQWH XQ VLVWHPD GH JDUDQWtD HQ HO
&- VLQR TXH H[LVWH HO ULHVJR GH TXH OOHJXH D VHU XQ
LQVWUXPHQWR GH H[FOXVLyQ 6H KD SURSXHVWR OD FRQV
WLWXFLyQ GH SODWDIRUPDV QDFLRQDOHV R VXEUHJLRQDOHV
GH&-FRPRXQRGHORVPDUFRVSRVLEOHVSDUDOOHYDUD
FDERORVGHEDWHV\HQFRQWUDUVROXFLRQHVVREUHHVWH
WHPD
‡ 3DSHO DFWLYR GH ORV PLJUDQWHV FRPR PHGLDGRUHV HQ
OD FRPXQLFDFLyQ HQWUH SURGXFWRUHV \ FRQVXPLGRUHV
6HJ~Q $KR 7HWH %HQLVVDQ GH OD )HGHUDFLyQ 7RJROHVD
GH 21* ORV PLJUDQWHV TXH KDQ DGTXLULGR XQ FRQRFL
PLHQWR VREUH HO &- ´SRGUtDQ LQIRUPDU D ORV SURGXF
WRUHV ORFDOHV VREUH ORV JXVWRV GH ORV FRQVXPLGRUHV
GH PDQHUD TXH ORV SURGXFWRV H[SRUWDGRV SXHGDQ
WHQHUXQPHMRULPSDFWRH[SOLFDUDQLYHOORFDOHOIXQ
FLRQDPLHQWRGHO&RPHUFLR-XVWR\HMHUFHUHOSDSHOGH
PHGLDGRUHVGHFRPXQLFDFLyQµ
‡ (O &- WHQGUtD TXH LQVHUWDUVH HQ GLQiPLFDV GH LQWH
JUDFLyQ UHJLRQDO \ GH QHJRFLDFLyQ FRPHUFLDO
GHQWUR GH ORV $FXHUGRV GH $VRFLDFLyQ (FRQyPLFD
(3$ SRU VXV VLJODV HQ LQJOpV GH OD 8QLyQ (XURSHD
\ GH OD 20& UHIRU]DQGR OD FDSDFLGDG GH FRQWURO \
QHJRFLDFLyQHQORTXHDWDxHDORVSURGXFWRV\H[LJLHQ
GRXQDPRUDWRULDGHODVQHJRFLDFLRQHVHQFXUVRSDUD
HYDOXDU HO LPSDFWR GH ODV SROtWLFDV OLEHUDOHV VREUH HO
GHVDUUROOR
3URSXHVWDVGHDFFLyQ
$SDUWLUGHODVUHIOH[LRQHVH[SXHVWDVKDQVLGRLGHQWLILFD
GDVODVVLJXLHQWHVOtQHDVSDUDXQSODQGHDFFLyQ
‡ 2EWHQHUYDULDVUHIHUHQFLDVGHLQWHUFDPELR\UHIRU]DU
ORV\DH[LVWHQWHV&2)7$)RURHOHFWUyQLFRVLWLRZHE
)RUR6RFLDO0XQGLDO
GH1DLUREL
$OJXQRVDSRUWHVVREUHHO&RPHUFLR-XVWR
‡ ,QYROXFUDU D ORV DFWRUHV S~EOLFRV \ WUDEDMDU HQ XQ
$QXDULRGHORVDFWRUHVSRUSDtVHV
‡ 'HVDUUROODU FDQDOHV GH GLVWULEXFLyQ GH SURGXFWRV GH
&- HQ ÇIULFD 5HIRU]DU ODV FRQH[LRQHV HQWUH SURGXF
WRUHVGLVWULEXLGRUHV\FOLHQWHV
‡ 5HIRU]DU OD FDSDFLGDG GH ORV DFWRUHV GHO &- VREUH
WRGR HQ UHODFLyQ D OD FDOLGDG \ DO GHVDUUROOR GH LQV
WUXPHQWRV WpFQLFRV (VWDEOHFHU SDUD HOOR XQD UHG GH
H[SHUWRVDIULFDQRVHQ&-\XQJUXSRWpFQLFR
‡ 6HQVLELOL]DUHLQIRUPDUVREUHHO&-HQÇIULFD5HDOL]DU
XQDVtQWHVLVGHODVSUiFWLFDVH[LVWHQWHV\GHEDWLUODV
/D RULHQWDFLyQ GHO PRYLPLHQWR DIULFDQR SODQWHD XQ &-
HVWUHFKDPHQWH FRQHFWDGR FRQ HO GHVDUUROOR ORFDO FRQ
SHUVSHFWLYDV GH LQWHUFDPELR FRPHUFLDO VXEUHJLRQDO \
6XU6XU \ FRPSOHPHQWDULDV D OD GLPHQVLyQ LQWHUQDFLR
QDO8QPRGHOREDVDGRHQODFRQVLGHUDFLyQGHODVSRWHQ
FLDOLGDGHVTXHRIUHFHQORVFRQWH[WRVORFDOHV\TXHRSHUD
FRQ OD IXHUWH LQWHQFLyQ GH PRGLILFDU ORV HVWLORV GH YLGD
GHORVFRQVXPLGRUHVGHO1RUWH\GHO6XUSDUDTXHHOLMDQ
RSFLRQHV GH &RQVXPR 5HVSRQVDEOH \ PiV UHVSHWXRVDV
FRQHOPHGLRDPELHQWH
/RV FDPELRV D QLYHO GH HVWUXFWXUDV \ RUJDQL]DFLRQHV
LQWHUQDFLRQDOHVWLHQHQTXHLUPiVDOOiGHFXHVWLRQHVFRPR
ORVPHFDQLVPRVGHFHUWLILFDFLyQSRUHMHPSOR\SURYRFDU
WDPELpQXQDUHIOH[LyQVREUHQXHVWURVPRGHORVGHFRQVX
PRFRPRFRQGLFLyQLQGLVSHQVDEOHSDUDUHSHQVDUHO&-HQ
HO1RUWH\VXUHODFLyQFRQORVSURGXFWRUHVGHO6XU
(O 6LPSRVLR KD SHUPLWLGR GDU YLVLELOLGDG D XQ PRYLPLHQWR
DIULFDQR TXH KD FRPHQ]DGR XQ SURFHVR GH UHIRUPXODFLyQ
\ UHGHILQLFLyQ GHO &- GHVGH FRQWH[WRV ORFDOHV \ TXH SXHGH
RIUHFHUWDPELpQHQODUHDOLGDGGHO&-GHO1RUWHGLIHUHQWHV
FRQWULEXFLRQHV\RSRUWXQLGDGHVGHFUHFLPLHQWRPXWXR
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
฀
฀
6(7(0&DWDOXQ\D
(O )RUR 6RFLDO 0XQGLDO )60 GH VH OOHYy D FDER HQ
HOHVWDGLRGHSRUWLYR0RL.DVDUDQLGH1DLURELIXHUDGHO
FHQWUR GH OD FLXGDG 6H HVWLPD TXH DSUR[LPDGDPHQWH
SHUVRQDVSDUWLFLSDURQHQHVWHHYHQWR
FRQ OD SRFD SUHVHQFLD GH WDOOHUHV GH &RPHUFLR -XVWR
HQ)RURVDQWHULRUHV3DUWLFLSDURQRUJDQL]DFLRQHVGH&-
LQWHUQDFLRQDOHVUHGHVGHSURGXFWRUHV21*\UHSUHVHQ
WDQWHVJXEHUQDPHQWDOHV%UDVLO
/DPDUFKDLQDXJXUDOGHO)RURVDOLyGHOVXEXUELRPiVJUDQGH
GH ÇIULFD GHO (VWH HO .LEHUD FRQ XQD SREODFLyQ GH SHUVRQDVSURFODPDQGRHOOHPD´2WURPXQGRHVSRVLEOHµ
$ FRQWLQXDFLyQ SUHVHQWDPRV XQD UHODFLyQ GH ORV WHPDV
PiVUHOHYDQWHVTXHVHWUDWDURQHQGLFKRVWDOOHUHV
(O VHJXQGR GtD GH WDOOHUHV XQD SURWHVWD GH XQDV SHUVRQDV GH ORV VXEXUELRV SHGtDQ HQWUDU HQ HO (VWDGLR
.DVDUDQLREOLJDQGRDDEULUODVSXHUWDV´+DEpLVYHQLGRD
.LEHUD\KDEpLVYLVWRODSHRUSDUWHGHQXHVWUDSREUH]D
$KRUD QRVRWURV TXHUHPRV YHQLU DTXt DO )RUR \ YHU OD
PHMRUSDUWHGHQRVRWURVµ
(O&RPHUFLR-XVWRGHQWURGHO)60VHYLQFXODFRQODHFR
QRPtDVRFLDO\VROLGDULD\FRQOD5HG,QWHUFRQWLQHQWDOGH
3URPRFLyQ GH OD (FRQRPtD 6RFLDO \ 6ROLGDULD 5,3(66
'HQWURGHORVHMHVWHPiWLFRVGHO)RUR6RFLDO0XQGLDOHO
&-VHHQPDUFDGHQWURGHOD(FRQRPtD$OWHUQDWLYDVLHP
SUH TXH VH UHODFLRQH FRQ OD (FRQRPtD 6ROLGDULD FRPR
IUXWRGHODRUJDQL]DFLyQGHWUDEDMDGRUHV\WUDEDMDGRUDV
HQ OD FRQVWUXFFLyQ GH QXHYDV SUiFWLFDV HFRQyPLFDV \
VRFLDOHVHQWRGDODFDGHQDGHSURGXFFLyQ\GLVWULEXFLyQ
7DOOHUHVGH&RPHUFLR-XVWRTXHVH
OOHYDURQDFDERGXUDQWHHO)RUR6RFLDO
0XQGLDOHQ1DLUREL
DOGHHQHURGH
$ OR ODUJR GH ORV GtDV HQ TXH WUDQVFXUULy HO )RUR ORV
GHEDWHV VREUH &RPHUFLR -XVWR VH IXHURQ GDQGR FRQ
PD\RUSURIXQGLGDGHQXQWRWDOGHWDOOHUHVHVSHFtILFRV
(VWR VH YDORUy PX\ SRVLWLYDPHQWH \D TXH FRQWUDVWD
9HQWDMDV\UHWRVGHODVRUJDQL]DFLRQHVDIULFDQDV
TXHHQWUDQHQODUHGGH&RPHUFLR-XVWR
2UJDQL]DGRUHV84$0&56''
8QLYHUVLGDGGH4XpEHFHQ0RQWUHDO
/RV DVSHFWRV SULQFLSDOHV TXH VH FRPHQWDURQ HQ HVWH
WDOOHUIXHURQORVVLJXLHQWHV
/D QHFHVLGDG GH GHVDUUROODU PHUFDGRV ORFDOHV \ UHJLR
QDOHV SDUD PHMRUDU ODV UHODFLRQHV FRPHUFLDOHV 6XU6XU
\ GH DUWLFXODUVH FRQ PRYLPLHQWRV FRPR OD HFRQRPtD
VRFLDO\VROLGDULD
7DPELpQ VH HQIDWL]y OD QHFHVLGDG GH YLQFXODU HO &RPHUFLR
-XVWRFRQHOGHVDUUROORVRVWHQLEOH\HOGHVDUUROORORFDO6H
LGHQWLILFDURQ GLILFXOWDGHV SDUD GHILQLU GLFKD UHODFLyQ \D
TXHpVWDVHKDEtDFHQWUDGRKDVWDDKRUDHVWULFWDPHQWHHQ
OD HODERUDFLyQ GH FULWHULRV PHGLRDPELHQWDOHV HQ OD SUR
GXFFLyQ6HFRQVLGHUyTXH\DHVKRUDGHFDPELDUODSHUV
SHFWLYD\VHUFUtWLFRVFRQODVFRQVHFXHQFLDVGHXQPRGHOR
GHFUHFLPLHQWR\ELHQHVWDUHFRQyPLFRTXHQRQRVSHUPLWH
DOFDQ]DUXQPRGHORGHGHVDUUROORVRFLDO\GHHTXLGDG
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
(O&RPHUFLR-XVWRQHFHVLWDUtDXQDUHIOH[LyQSDUDLQFRU
SRUDUFULWHULRVGHGHVDUUROORVRVWHQLEOH\QRVyORPHGLR
DPELHQWDOHV&DEUtDYDORUDUWDPELpQFyPRORVFULWHULRV
GHVRVWHQLELOLGDGSXHGHQVHUDOJRPiVTXHUHTXLVLWRVGH
SURGXFFLyQSDUDOOHJDUDDSR\DUDORVJUXSRVPDUJLQD
OL]DGRVSRWHQFLDQGRHOGHVDUUROORDQLYHOORFDO
¢(VSRVLEOHGHVDUUROODUXQDFHUWLILFDFLyQ
$IULFDQDSDUDORVSURGXFWRVGH&RPHUFLR-XVWR"
2UJDQL]DGRUHV(1'$70$VRFLDFLyQ'HVDUUROOR
0HGLRDPELHQWDO'DNDU
&RQHFWDQGRDORVSURGXFWRUHVHQÇIULFD
2UJDQL]DGRUHV&2)7$&RRSHUDFLyQSDUDHO
&RPHUFLR-XVWRHQÇIULFD
(O GHEDWH HQ HVWH WDOOHU VH FHQWUy HQ OD DGHFXDFLyQ GH
XQD FHUWLILFDFLyQ GH SURGXFWRV TXH LQFRUSRUH FULWHULRV
PiVDUUDLJDGRVDODVSURSLDVUHDOLGDGHVGHOFRQWLQHQWH
DIULFDQR 6H YDORUy TXH DXQTXH IXHVH GLItFLO GH LPSOH
PHQWDUHVLPSUHVFLQGLEOHSDUDDVHJXUDUTXHORVFULWH
ULRVGH&RPHUFLR-XVWRDFUHGLWHQ\UHVSRQGDQDSURFH
VRVGHWUDQVIRUPDFLyQ3DUDHOORVHSODQWHyODQHFHVLGDG
GHHODERUDUGHPDQHUDSDUWLFLSDWLYDXQ&yGLJRR&DUWD
GH 9DORUHV 6H SUHVHQWy OD LQLFLDWLYD VHQHJDOHVD TXH D
SDUWLU GH XQ SURFHVR SDUWLFLSDWLYR FRQ XQDV RUJDQL
]DFLRQHV\WDPELpQFRQODLPSOLFDFLyQGHOJRELHUQRFUHy
XQ JUXSR GH FRQVXOWD GH iPELWR QDFLRQDO SDUD YDOLGDU
FULWHULRVGH&RPHUFLR-XVWRDQLYHOGHOSURSLRSDtV
+DFLDXQDSHUVSHFWLYD$IULFDQD
HQHO&RPHUFLR-XVWR
2UJDQL]DGRUHV&($1&DPHU~Q
/DH[SHULHQFLDEUDVLOHxDHQHO&RPHUFLR-XVWR
2UJDQL]DGRUHV)%(6)RUR%UDVLOHxRGH
(FRQRPtD6RFLDO
(Q HVWH WDOOHU VH HQIDWL]y TXH HO &RPHUFLR -XVWR KD GH
WHQHUXQDOtQHDGHGHQXQFLD\SUHVLyQDORVJRELHUQRVWDQWR
GHO6XUFRPRGHO1RUWHVREUHWRGRHQUHODFLyQDODVQHJR
FLDFLRQHV UHJLRQDOHV GH ORV (3$ $FXHUGRV GH $VRFLDFLyQ
(FRQyPLFDFRQOD8(SDUDTXHHVWRVDFXHUGRVLQFRUSRUHQ
SUiFWLFDVPiVSURWHFFLRQLVWDV\QRIDYRUH]FDQODFRPSH
WHQFLDHQWUHSDtVHV(O&RPHUFLR-XVWRRSXHVWDPHQWHDORV
(3$ GHEHUtD LQFHQWLYDU ODV UHODFLRQHV FRPHUFLDOHV HQWUH
SDtVHV GHO 6XU \ QR UHSURGXFLU OD SRFD YLVLELOLGDG TXH
ÇIULFDWLHQHDFWXDOPHQWHHQHOFRPHUFLRFRQYHQFLRQDO
(QHVWHWDOOHUVHSUHVHQWyODH[SHULHQFLDEUDVLOHxDGHUHOD
FLRQDUODHFRQRPtDVROLGDULD\HO&RPHUFLR-XVWR(QWUHORV
SDUWLFLSDQWHVKDEtDUHSUHVHQWDQWHVGHOJRELHUQRGH%UDVLO
GHOPRYLPLHQWRGHORV6LQ7LHUUD\GHORVSURGXFWRUHV
/D SRVLELOLGDG GH KDFHU FUHFHU HO PHUFDGR HQ HO
6XUSDUDORVSURGXFWRVGH&RPHUFLR-XVWR
2UJDQL]DGRUHV(1'$70$VRFLDFLyQ'HVDUUROOR
0HGLRDPELHQWDO'DNDU
(Q HO WUDQVFXUVR GH HVWH WDOOHU VH FRQVLGHUy TXH H[LVWH XQ
SRWHQFLDOSDUDORVSURGXFWRVGH&RPHUFLR-XVWRHQHO6XU
VREUHWRGRVLVHFXHQWDFRQODSDUWLFLSDFLyQGHORVJRELHUQRV
\ OD DSXHVWD SRU OD FRPSUD S~EOLFD pWLFD 1R REVWDQWH ORV
GHVDItRVTXHVHLGHQWLILFDURQSDVDQSRUUHGXFLUODIDOWDGH
LQWHUpVHQODFHUWLILFDFLyQGH&RPHUFLR-XVWRHQÇIULFD\SRU
ODFUHDFLyQGHOD]RVFRQRUJDQL]DFLRQHVLQWHUQDFLRQDOHV
(OGHEDWHHQHVWHFDVRVHFHQWUyHQORVUHWRVQHFHVDULRV
SDUD FRQVHJXLU XQD PD\RU LQWHUUHODFLyQ HQWUH ORV SUR
GXFWRUHV HQ ÇIULFD \ VXV UHGHV GH UHSUHVHQWDFLyQ 3DUD
HOORVHFRQVLGHUyQHFHVDULRTXHUHGHVFRPR&2)7$H,)$7
VHH[SDQGLHUDQ\WXYLHUDQPiVSUHVHQFLDIXHUDGHÇIULFD
2ULHQWDO SDUD DEDUFDU WRGR HO FRQWLQHQWH 7DPELpQ VH
YDORUy FRPR LPSUHVFLQGLEOH OD SURPRFLyQ GHO &RPHUFLR
-XVWR HQ ÇIULFD \ JOREDOPHQWH PHMRUDQGR OD LQIUDHV
WUXFWXUD\ODFRPXQLFDFLyQGHODVUHGHVGHSURGXFWRUHV
7DPELpQVHFRQVLGHUyQHFHVDULRIRUWDOHFHU\DXPHQWDUODV
DFWLYLGDGHVGHSUHVLyQSROtWLFD\FDPSDxDVHQODVTXHVRQ
LPSUHVFLQGLEOHVHOWUDEDMRHQUHG$VtFRPRFDSLWDOL]DUODV
RSRUWXQLGDGHVH[LVWHQWHVFRQHOILQGHDVHJXUDUODFDSD
FLGDGGHOPHUFDGR6XU6XUQRVRORHQÇIULFDVLQRWDPELpQ
FRQRWUDVUHJLRQHVFRPR$VLDXRWURVSDtVHVGHO6XU
7DPELpQ VH VXEUD\D OD LPSRUWDQFLD GH TXH HO &RPHUFLR
-XVWR OOHJXH D WHQHU XQ LPSDFWR HQ HO GHVDUUROOR ORFDO \
FRPXQLWDULRSDUDORTXHVHFRQVLGHUDLPSRUWDQWHUHGHILQLU
HOPRYLPLHQWRGHO&-\DEULUHOGHEDWHDWRGRVORVDFWRUHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
$OJXQRV GH ORV DVSHFWRV SULQFLSDOHV TXH VH PHQFLRQD
URQIXHURQODLPSRUWDQFLDGHDVRFLDUVHFRQHOJRELHUQR
SDUD SURPRFLRQDU HO &RPHUFLR -XVWR IRPHQWDQGR OD
FRPSUDS~EOLFDpWLFD\HOGHVDUUROORJXEHUQDPHQWDOGH
XQ VLVWHPD GH SUHFLRV MXVWRV HQ HO SURFHVR GH SURGXF
FLyQLQWHJUiQGRORHQWRGDVODVUHJLRQHVGHOSDtVDSHVDU
GHVXVUHVSHFWLYDVSHFXOLDULGDGHV
7DPELpQ VH UHPDUFy TXH VH GHEHUtDQ LQFRUSRUDU HQ
HO &RPHUFLR -XVWR ODV FRRSHUDWLYDV GH SURGXFWRUHV R
IiEULFDVDXWRJHVWLRQDGDVWUDQVIRUPDGRUHVGHPDWHULD
SULPDDVHJXUDQGRSUHFLRVMXVWRVDORVWUDEDMDGRUHVD
ORODUJRGHODFDGHQDGHWUDQVIRUPDFLyQ\GLVWULEXFLyQ
(Q HO ~OWLPR GtD GH DFWLYLGDGHV HO GH HQHUR GH VHOOHYyDFDERXQWDOOHUSDUDUHXQLUORVDVSHFWRVFRPX
QHV GH WRGRV ORV WDOOHUHV UHODFLRQDGRV FRQ HO &RPHUFLR
-XVWR (Q HO GHEDWH VDOLHURQ DOJXQRV QXHYRV WHPDV
FRPRODFRQVWDWDFLyQGHTXHHO´6XUµQRHVKRPRJpQHR
\TXHSRWHQFLDUODFUHDFLyQGHPHUFDGRV6XU6XUSRGtD
UHSURGXFLU SRORV KHJHPyQLFRV 7DPELpQ VH FRQVWDWy OD
HVFDVD LQIRUPDFLyQ DFHUFD GH ORV VHUYLFLRV GLVSRQLEOHV
\ ODV FHUWLILFDFLRQHV GH &RPHUFLR -XVWR \ VREUH HO IXQ
FLRQDPLHQWRGHOIRQGRVRFLDOGH)/28QDGHODVUD]RQHV
TXHH[SOLFDUtDHVWDVLWXDFLyQHVHOKHFKRTXHODVLQLFLDWL
YDVGHSURPRFLyQGHO&RPHUFLR-XVWRHQÇIULFDKDQVLGR
LPSXOVDGDVSRURUJDQL]DFLRQHVGHO1RUWH
HQFRQFUHWRSDUDHOFRPHUFLR(QWUHHOODVVHHQFXHQWUDHO
ULHVJRGHODVHFRQRPtDVDIULFDQDVGHTXHGDUHQFHUUDGDV
HQHOHVTXHPDGHODSURGXFFLyQGHPDWHULDVSULPDVSUR
FHVDGDVGHVSXpVHQOD8(UHSHUFXWLHQGRQHJDWLYDPHQWH
HQ OD LQGXVWULDOL]DFLyQ GH ÇIULFD 7DPELpQ FRPSRUWDUtDQ
ODSpUGLGDWRWDOGHORVLQJUHVRVREWHQLGRVSRUODVEDUUH
UDV\DUDQFHOHVDODVLPSRUWDFLRQHVORFXDOSXHGHWUDGX
FLUVH HQ UHGXFFLyQ GHO JDVWR S~EOLFR \ SRU FRQVLJXLHQWH
HQ UHGXFFLyQ GHO ELHQHVWDU VRFLDO \ HQ XQ DXPHQWR GH OD
SULYDWL]DFLyQGHGHWHUPLQDGRVVHFWRUHV
6HVXEUD\yWDPELpQODQHFHVLGDGGHFRQVHJXLUXQPD\RU
LPSDFWRHQODSUHVLyQSROtWLFDDORVJRELHUQRVDIULFDQRV
SDUD TXH UHGX]FDQ VX DSR\R DO OLEUH FRPHUFLR \ UHFR
QR]FDQ HO &RPHUFLR -XVWR OD H[LJHQFLD GH XQ ´SUHFLR
MXVWRµFRPRXQDHVWUDWHJLDHQODVQHJRFLDFLRQHVGHORV
DFXHUGRVHFRQyPLFRVLQWHUQDFLRQDOHV
(QOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLRDOJXQRVSDtVHV
DIULFDQRVKDEtDQOOHJDGRDXQDFXHUGRVREUHORVSUHFLRV
SDUD ORV SURGXFWRV GH HVWD UHJLyQ (Q ORV WDOOHUHV GHO
)60 ODV RUJDQL]DFLRQHV GH &RPHUFLR -XVWR \ HFRQRPtD
VRFLDOVXEUD\DURQGRVDVSHFWRV3RUXQODGRTXHFXDQ
GR VH KDEOD GH ODV FRQVHFXHQFLDV GH ORV (3$ KD\ TXH
WHQHU HQ FXHQWD D ORV SHTXHxRV SURGXFWRUHV \ SRU OR
WDQWR LQFRUSRUDUORV HQ ORV SURFHVRV GH QHJRFLDFLRQHV
FRQOD8(DOPLVPRQLYHOTXHODVJUDQGHVFRUSRUDFLRQHV
3RU RWUR TXH OD SURSXHVWD UHFLHQWH GH OD 8( GH FHUWL
ILFDFLyQ ,62 SDUD HO &RPHUFLR -XVWR FUHD OD QHFHVLGDG
XUJHQWH GH FRQVHQVXDU XQ HVWiQGDU DOWR HQ UHODFLyQ D
ORV FULWHULRV VRFLDOHV \ PHGLRDPELHQWDOHV SDUD HYLWDU
XQDFHUWLILFDFLyQPHQRVH[LJHQWHSDUDHPSUHVDV\PXO
WLQDFLRQDOHVFRPRODTXHSRGUtDVXSRQHUXQD,62
3RU ~OWLPR VH UHPDUFy OD QHFHVLGDG GH KDFHU OOHJDU
HO &RPHUFLR -XVWR GH PDQHUD PiV DPSOLD D XQ PD\RU
QXPHURGHSREODFLyQVREUHWRGRWUDEDMDQGRHQORVFLQ
WXURQHVGHPLVHULDRVXEXUELRVGHODVJUDQGHVFDSLWDOHV
DIULFDQDVFRPRVHULDHOFDVRGHO.LEHUDHQ1DLUREL
7DOOHUHVVREUHORV(3$
7DPELpQGXUDQWHHO)RUR6RFLDO0XQGLDOVHOOHYDURQDFDER
XQ WRWDO GH WDOOHUHV VREUH ORV $FXHUGRV (FRQyPLFRV
HQWUHOD8(\ORVSDtVHVGHÇIULFD&DULEH\3DFtILFR(3$\
VXVFRQVHFXHQFLDVQHJDWLYDVSDUDODHFRQRPtDDIULFDQD
฀
฀
฀
฀ ฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
/DVUHGHVDIULFDQDV
GHSURGXFWRUHV
&RRSHUDWLRQIRU)DLU
7UDGHLQ$IULFD&2)7$
6LJQLILFD&RRSHUDFLyQSDUDHO&RPHUFLR-XVWRHQÇIULFD
\HQJOREDWUHVIDFHWDV
6(7(0&DWDOXQ\D
$IULFDQ)DLUWUDGH1HWZRUN
$)1
6HWUDWDGHXQDUHGDIULFDQDFUHDGDHQTXHDJUX
SD D FRRSHUDWLYDV \ RUJDQL]DFLRQHV SURGXFWRUDV GH
&RPHUFLR-XVWR&-HQÇIULFDSDUDTXHSXHGDQGHED
WLUFRPSDUWLUSUREOHPDV\EXVFDUVROXFLRQHVFRPXQHV
IRPHQWDQGRHOLQWHUFDPELRGHRSLQLRQHV\H[SHULHQFLDV
HQWUH ODV GLIHUHQWHV FRRSHUDWLYDV $FWXDOPHQWH FXHQWD
FRQ RUJDQL]DFLRQHV HQ SDtVHV DIULFDQRV FHUWLIL
FDGDVSRU)/2TXHFRPHUFLDOL]DQWRGRWLSRGHSURGXF
WRV FDIp FDFDR IUXWRV WURSLFDOHV DUUR] Wp DOJRGyQ
HWF 'HVGH VH HQFXHQWUD HQ XQ LQWHUHVDQWH
SURFHVRGHFRQVWLWXFLyQGHUHGHVSRUUHJLRQHV²HVWH\
RHVWHGHÇIULFDHQRFWXEUHGH\ÇIULFD$XVWUDOHO
SDVDGR RFWXEUH GH ² TXH IDFLOLWDQ HO WUDEDMR GH OD
UHGJOREDOSDUDWRGDÇIULFD$)1WLHQHVXVHGHHQ0RVKL
7DQ]DQLD \ FXHQWD FRQ XQD HVWUXFWXUD D~Q MRYHQ VLQ
UHFXUVRV VXILFLHQWHV SDUD UHSUHVHQWDU OD FRPSOHMLGDG
GHOFRQWLQHQWH
‡ (QSULPHUOXJDU&2)7$HVXQDUHGGHRUJDQL]DFLRQHV
GHSURGXFWRUHVGH&-HQÇIULFDTXHWUDEDMDSDUDHOL
PLQDUODSREUH]DPHGLDQWHHO&-
FtILFDVGHFDGDUHJLyQ\SUR
GXFWR(QVXSODQHVWUDWpJLFR
$)1 VH SURSRQH
WUHVREMHWLYRVSULRULWDULRV
‡ $XPHQWDU OD UHSUHVHQWD
FLyQ \ OD SDUWLFLSDFLyQ GH SURGXFWRUHVDV \ WUDED
MDGRUHVDV GH &- DIULFDQRV WDQWR HQ $)1 FRPR HQ HO
PRYLPLHQWRJOREDOGH&-
‡ 5HIRU]DU \ DXPHQWDU HO VHQWLPLHQWR GH LGHQWLILFDFLyQ
FRQ $)1 SRU SDUWH GH SURGXFWRUHVDV \ WUDEDMDGR
UHVDV D WUDYpV GH OD UHDOL]DFLyQ GH DFWLYLGDGHV \ OD
PHMRUDGHODVHVWUXFWXUDVGHFRRUGLQDFLyQHQUHGHV
‡ 0HMRUDUODFRPXQLFDFLyQHQWUH$)1ODVUHGHVORFDOHV
JUXSRV SURGXFWRUHV WUDEDMDGRUHV \ WUDEDMDGRUDV
UHGHV FRQWLQHQWDOHV ODV RUJDQL]DFLRQHV GH FHUWLILFD
FLyQGH&-21*GHDSR\R\WRGDVODVSHUVRQDVUHGHV
RLQVWLWXFLRQHVFRPSURPHWLGDVFRQHO&-
(O REMHWLYR JHQHUDO \ D ODUJR SOD]R GH $)1 HV VLWXDUVH
HQWUHODVUHGHVGH&-PiVIXHUWHVGHOPXQGRHQFXDQWR
D GHVDUUROOR GH DFWLYLGDGHV \ UHSUHVHQWDWLYLGDG GH VXV
PLHPEURV&RQHVWHREMHWLYRVXGHWHUPLQDFLyQHVORJUDU
DXPHQWDU \ PHMRUDU OD HILFDFLD \ HO SRGHU HIHFWLYR HQ
FDGD XQD GH ODV UHJLRQHV DVt FRPR HQ HO FRQMXQWR GHO
FRQWLQHQWH'HKHFKRSDUDHODxRVHSURSXVRFUHDU
QXHYDVUHGHVORFDOHVHQODVUHJLRQHVGHO6XU\GHO1RUWH
GHÇIULFD
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀ ฀ ฀
฀
฀
฀
฀
฀
฀
฀ ฀
฀
฀
฀
‡ &2)7$WDPELpQHVXQDUHGGHRUJDQL]DFLRQHVGHEDVH
TXHSUHWHQGHJHQHUDUXQFUHFLPLHQWRGHO&-SDUDVXV
RUJDQL]DFLRQHVVRFLDVDIULFDQDVDQLYHOGHFDGDSDtV
\ GHO FRQWLQHQWH HQ JHQHUDO (V XQ IRUR TXH RIUHFH
RSRUWXQLGDGHVUHJLRQDOHVDVXVPLHPEURVTXHSHUVL
JXHQREMHWLYRV\DVSLUDFLRQHVFRPXQHVHQHO&-
&2)7$ FRQVLGHUD HO &- FRPR XQ PRGHOR HFRQyPLFR YLDEOH
HQ FRQVWDQWH DFWXDOL]DFLyQ SDUWLFLSDWLYR \ RULHQWDGR D
FRQVHJXLU OD WUDQVIRUPDFLyQ UXUDO XQ PHFDQLVPR SUiFWL
FR GH UHGXFFLyQ GH OD SREUH]D HQ ÇIULFD 3RWHQFLDOPHQWH
WLHQHODFDSDFLGDGGHIRPHQWDUHOGHVDUUROORGHSHTXHxDV
\PLFURHPSUHVDVTXHIDFLOLWDQODFUHDFLyQGHHPSOHR\OD
HQWUDGDGHLQJUHVRVHQODVFRPXQLGDGHVUXUDOHVDIULFDQDV
(Q ORV FRPLHQ]RV GH ,)$7 HQ XQDV FXDWUR RUJDQL
]DFLRQHV DIULFDQDV VH LQVFULELHURQ FRPR PLHPEURV GH
ODUHG(OHQFXHQWURGH$UXVKDHQSURSLFLyVHJ~QOD
SURSLD &2)7$ XQ tPSHWX SDUD OD FUHDFLyQ GH SODWDIRU
PDV VXEUHJLRQDOHV FRPR .()$7 HQ .HQLD \ RWUDV LQL
FLDWLYDVVLPLODUHVHQHOÇIULFDRFFLGHQWDO$FWXDOPHQWHOD
UHGFXHQWDFRQRUJDQL]DFLRQHVPLHPEURV\FUHFHGH
PDQHUD UiSLGD (QWUH VXV PLHPEURV H[LVWHQ GLIHUHQWHV
WLSRVGHRUJDQL]DFLRQHVFRRSHUDWLYDVJUXSRVGHDSR\R
\ SUR\HFWRV FRPXQLWDULRV TXH UHSUHVHQWDQ D PLOHV GH
$)1HVPX\FRQVFLHQWHGHTXHODGLYHUVLGDGGHORVDFWR
UHVSURGXFWRUHVGH&-HQÇIULFDH[LJHOOHYDUDFDERSUR
JUDPDV GH DSR\R HILFDFHV \ FRPSOHWRV TXH IDYRUH]FDQ
OD LQFOXVLyQ VRFLDO \ OD FDSDFLWDFLyQ GH VXV PLHPEURV \
TXH HVWpQ GLULJLGRV D VDWLVIDFHU ODV QHFHVLGDGHV HVSH
‡ 7DPELpQ HV OD UHG UHJLRQDO DIULFDQD GH ,QWHUQDWLRQDO
)HGHUDWLRQ IRU $OWHUQDWLYH 7UDGH ,)$7 RUJDQLVPR
TXH UHJLVWUD RUJDQL]DFLRQHV GH &- GH WRGR HO PXQGR
&2)7$ FXHQWD FRQ PLHPEURV UHJLVWUDGRV SRU )/2
DXQTXHRWURVSUHILHUHQSHUPDQHFHUVyORFRPRPLHP
EURV GH &2)7$ \ QR GH ,)$7 7DPELpQ H[LVWHQ PXFKRV
SHTXHxRVSURGXFWRUHVTXHQRVRQFDSDFHVGHFXPSOLU
FRQ ORV FULWHULRV H[LJLGRV SRU ,)$7 SHUR TXH UHFLEHQ
DSR\RFRPRPLHPEURVGHODUHG
SHUVRQDVDUWHVDQDVWUDEDMDGRUDV\SURGXFWRUDV(VWDV
RUJDQL]DFLRQHV HVWiQ UHSDUWLGDV HQ SDtVHV GH WRGR
HO FRQWLQHQWH DIULFDQR \ DEDUFDQ XQD DPSOLD JDPD GH
SURGXFWRV SULQFLSDOPHQWH GH DUWHVDQtD DXQTXH ~OWL
PDPHQWH WDPELpQ ORV SURGXFWRUHV GH PDWHULDV SULPDV
\ GH DOLPHQWDFLyQ HQWUH HOORV SURGXFWRUHV GH Wp FDIp
YDLQLOODIUXWRVVHFRV\PLHOKDQPRVWUDGRXQFUHFLHQWH
LQWHUpVSRUIRUPDUSDUWHGHODUHG
฀
฀
฀
฀
฀
฀
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
6XVREMHWLYRVVRQ
(VWDEOHFHUVHFRPROREE\GHSUHVLyQSROtWLFDPHGLDQ
WH OD UHDOL]DFLyQ GH WDOOHUHV \ VHPLQDULRV MXQWR FRQ
GHOHJDFLRQHV UHJLRQDOHV DOLDQ]DV FRQ RWUDV UHGHV
UHJLRQDOHVGH,)$7\RWUDVRUJDQL]DFLRQHVPHGLRVGH
FRPXQLFDFLyQ HWF VREUH FXHVWLRQHV HVSHFtILFDV R
JHQHUDOHVYLQFXODGDVDO&-HQÇIULFD
)DFLOLWDU HO PDUNHWLQJ SDUD HO GHVDUUROOR GH SURGXF
WRV IDFLOLWDU LQIRUPDFLyQ GH PHUFDGR FUHDU XQD UHG
FRP~QZHESDUWLFLSDUGHPDQHUDFRQMXQWDHQIHULDV
UHJLRQDOHV H LQWHUQDFLRQDOHV RUJDQL]DU H[SRVLFLRQHV
UHJLRQDOHVGHFRPHUFLRFRQVROLGDUSHGLGRVGHFRPSUD
\FRRUGLQDUYLVLWDVHQWUHHTXLSRVGHFRPSUD
5HLPSXOVDUODIRUPDFLyQHQKDELOLGDGHVODIRUPDFLyQ
HQJHVWLyQ\JHUHQFLDHOLQWHUFDPELRGHDSUHQGL]DMHV
HOGHVDUUROOR\HOGLVHxRGHSURGXFWRV\HOGHVDUUROOR
GHODFDSDFLGDGGHSURGXFFLyQ
&RQWULEXLU D OD SURPRFLyQ GHO &- PHGLDQWH HO LQFUH
PHQWR GHO Q~PHUR GH PLHPEURV GH OD UHG \ HO LQWHU
FDPELR GH LQIRUPDFLyQ SDUD VHQVLELOL]DU D OD SREOD
FLyQVREUHORVSULQFLSLRV\ODVSUiFWLFDVGHO&-
(MHUFHU GH OREE\ DQWH ORV JRELHUQRV QDFLRQDOHV OD
8QLyQ $IULFDQD OD 8( OD 1HZ (FRQRPLF 3DUWQHUVKLS
IRU $IULFDQ 'HYHORSPHQW 1(3$' OD 20& HO $*2$
\ FDSLWDOL]DU ODV RSRUWXQLGDGHV SUHVHQWDGDV SRU
RWUDV LQLFLDWLYDV PXOWLODWHUDOHV R FXHUSRV GLSORPi
WLFRV FRPR HO $FXHUGR GH &RWRQ~ HO $*2$ OD 1(3$'
\ RWURV SDUD IRPHQWDU XQ FRQWH[WR TXH IDFLOLWH HO
DFFHVRDOPHUFDGRGHORVSURGXFWRVDIULFDQRVGH&-
6L VH ORJUDQ HVWRV REMHWLYRV \ ODV UHGHV DIULFDQDV GH
SURGXFWRUHV VH VLHQWHQ LGHQWLILFDGDV FRQ ODV LGHDV HQ
ODV TXH VH EDVDQ WDQWR &2)7$ FRPR $)1 \ SDUWLFLSDQ
VXSDSHOHQHOHVFHQDULRLQWHUQDFLRQDOGHO&-SXHGHVHU
IXQGDPHQWDO 3XHGHQ OOHJDU D VHU XQ yUJDQR GH SRGHU
SROtWLFR UHDO HILFD] \ PX\ UHSUHVHQWDWLYR GH ODV SULRUL
GDGHV \ QHFHVLGDGHV GH ORV SHTXHxRV SURGXFWRUHV GHO
6XU TXLHQHV GH HVWD IRUPD ORJUDUtDQ WHQHU XQ SDSHO
FHQWUDOHQODWRPDGHGHFLVLRQHVDQLYHOJOREDOGHOPRYL
PLHQWR /D DFWXDO IDVH GH FUHDFLyQ \ UHGHILQLFLyQ GH
ORV REMHWLYRV LQWHUQRV GHWHUPLQDFLyQ GH SULRULGDGHV H
LGHQWLILFDFLyQ GH SXQWRV GpELOHV SXHGH VHU XQ PRPHQWR
PX\IUXFWtIHUR\HVWLPXODQWHWDQWRSDUD$)1FRPRSDUD
&2)7$HVWUXFWXUDVWRGDYtDMyYHQHV\HQIDVHGHHVWUXF
WXUDFLyQ (Q OD DFWXDOLGDG DPEDV RUJDQL]DFLRQHV HVWiQ
LQLFLDQGR XQ SURFHVR GH DSR\R PXWXR SDUD WUDEDMDU
FRQMXQWDPHQWH HQ OD GHIHQVD GH VXV LQWHUHVHV \ ORV GH
ODV SHUVRQDV SURGXFWRUDV \ WUDEDMDGRUDV DIULFDQDV D
WUDYpVGHO&-
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
(QWUHYLVWDVD-RKQ.DQMDJDLOH
\-RDQ.DUDQMD
-RKQ.DQMDJDLOH
'LUHFWRUGH([SRUWDFLyQGH.DJHUD&RRSHUDWLYH8QLRQ/WG.&8
\PLHPEURGHOD-XQWD'LUHFWLYDGH$IULFDQ)DLUWUDGH1HWZRUN$)1
-RDQ.DUDQMD
'LUHFWRUDGH&2)7$&RRSHUDFLyQSRUHO&RPHUFLR-XVWRHQÇIULFD
UHGGHRUJDQL]DFLRQHVSURGXFWRUDVGHÇIULFDTXHWUDEDMDSDUDHOLPLQDUODSREUH]DPHGLDQWHHO&-
(QWUHYLVWDD-RKQ.DQMDJDLOH
.&8 SHUWHQHFH D $IULFDQ )DLUWUDGH 1HWZRUN
$)1 GH FX\D -XQWD 'LUHFWLYD HV XVWHG PLHP
EUR+iEOHQRVGHODUHG\GHVXWUDEDMRHQHOOD
$)1 HV XQ IRUR TXH DJUXSD D SHTXHxRV SURGXFWRUHV GH
ÇIULFDSDUDTXHSXHGDQWUDWDUVXVSUREOHPDVGLVFXWLUORV
\ EXVFDU XQD VROXFLyQ HQWUH WRGRV .&8 FRPR PLHPEUR
GH OD UHG FRPSDUWH LQIRUPDFLyQ VREUH &RPHUFLR -XVWR
FRQODVGHPiVRUJDQL]DFLRQHVVRFLDV\HQDOJXQRVFDVRV
OHVVLUYHGHSODWDIRUPDH[SRUWDGRUDFRPRHVHOFDVRGH
8VDPEDUD &RRSHUDWLYH 8QLRQ $VLPLVPR $)1 RUJDQL]D
WDOOHUHV \ PHVDV UHGRQGDV VREUH SROtWLFDV GH &RPHUFLR
-XVWRSDUDVXVPLHPEURV\OHVDVHVRUDSDUDTXHSURGX]
FDQGHPDQHUDVRVWHQLEOH\FRQFULWHULRVMXVWRV
(QVXRSLQLyQ¢FXiOKDVLGRHOLPSDFWRGH$)1
HQORVSHTXHxRVSURGXFWRUHVDIULFDQRVGHVGHVX
FUHDFLyQ"
*UDFLDV D $IULFDQ )DLUWUDGH 1HWZRUN ODV RUJDQL]DFLRQHV
GH SHTXHxRV SURGXFWRUHV GH ÇIULFD DFWXDPRV FRPR XQD
VRODYR]GHQWURGHOPRYLPLHQWRGH&RPHUFLR-XVWR$QWHV
GH VX FUHDFLyQ QR QRV FRQRFtDPRV HQWUH QRVRWUDV SHUR
DKRUDKHPRVFRQVHJXLGRSRVLFLRQDUQRV\SDUWLFLSDUHQOD
FUHDFLyQGHSROtWLFDVGH&RPHUFLR-XVWR8QLGRVQRVPDQ
WHQHPRVHQSLHGLYLGLGRVSUREDEOHPHQWHFDHUtDPRV
'HOWRWDOGHVXSURGXFFLyQ¢TXpSRUFHQWDMHYHQGH
DO&RPHUFLR-XVWR"
.&8YHQGHXQGHVXFDIpFHUFDGHWRQHOD
GDV DO PHUFDGR GH &RPHUFLR -XVWR FRQFUHWDPHQWH
D$OHPDQLDHO5HLQR8QLGR+RODQGD%pOJLFD\6XL]D
\ H[SRUWD XQ DO PHUFDGR FRQYHQFLRQDO 6LQ
HPEDUJR WRGR HO FDIp TXH SURGXFLPRV LQFOXLGR HO
GHVWLQDGR DO PHUFDGR MXVWR VH YHQGH HQ OD VXEDV
WD S~EOLFD TXH FDGD VHPDQD WLHQH OXJDU HQ 0RVKL
\ GRQGH HVWiQ UHSUHVHQWDGDV WRGDV ODV JUDQGHV
PXOWLQDFLRQDOHV (Q HVD VXEDVWD VDELHQGR SUHYLD
PHQWHFXiQWRFDIpQHFHVLWDPRVSDUDVHUYLUDQXHV
WURV FOLHQWHV
SXMDPRV SRU
QXHVWUR SUR
SLR SURGXFWR
\ OR FRPSUD
PRV SDUD OXHJR
H[SRUWDUOR $Vt
HVFRPRIXQFLR
QD OD FRPSUD
YHQWDGHFDIpHQ
7DQ]DQLD \ HV
XQD PDQHUD GH
KDFHU TXH ORV
SUHFLRV GHO FDIp
YD\DQDODO]D
฀
฀
฀
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
¢$ TXp DFWLYLGDGHV VH GHVWLQD HO SUHPLR VRFLDO
GHO&RPHUFLR-XVWR"
(OSUHPLRVRFLDOVHUHSDUWHHQWUHODVVRFLHGDGHVSUL
PDULDV TXH FRQIRUPDQ .&8 \ FDGD XQD GH HOODV GHFLGH
HQ$VDPEOHD*HQHUDODTXpGHVWLQDHOGLQHURGHDFXHUGR
FRQ VXV QHFHVLGDGHV TXH SXHGHQ LU GHVGH ODV iUHDV GH
HGXFDFLyQ \ VDOXG DO PDQWHQLPLHQWR GH ORV DOPDFHQHV
GH FDIp R OD UHSDUDFLyQ GH ODV FDUUHWHUDV GH DFFHVR D
pVWRV $VLPLVPR HO SUHPLR VRFLDO SXHGH GHVWLQDUVH DO
SDJRGHODVFXRWDVGHHVFRODUL]DFLyQGHORVQLxRVKXpU
IDQRVGHODFRPXQLGDG
(QWUHYLVWDD-RDQ.DUDQMD
¢3RGUtD GHFLUQRV FRQ FXiQWDV RUJDQL]DFLRQHV
VRFLDVFXHQWD&2)7$"
$FWXDOPHQWH OD UHG FXHQWD FRQ RUJDQL]DFLRQHV \
FUHFHGHPDQHUDUiSLGD(QWUHQXHVWURVPLHPEURVH[LV
WHQ GLIHUHQWHV WLSRV GH RUJDQL]DFLRQHV FRRSHUDWLYDV
JUXSRV GH DSR\R \ SUR\HFWRV FRPXQLWDULRV TXH UHSUH
VHQWDQDPLOHVGHDUWHVDQRVWUDEDMDGRUHV\SURGXFWR
UHV(VWDVRUJDQL]DFLRQHVHVWiQUHSDUWLGDVHQSDtVHV
GH WRGR HO FRQWLQHQWH DIULFDQR \ DEDUFDQ XQD DPSOLD
JDPD GH SURGXFWRV SULQFLSDOPHQWH GH DUWHVDQtD DXQ
TXH ~OWLPDPHQWH WDPELpQ ORV SURGXFWRUHV GH PDWHULDV
SULPDV\GHDOLPHQWDFLyQHQWUHHOORVSURGXFWRUHVGHWp
FDIp YDLQLOOD IUXWD VHFD \ PLHO KDQ PRVWUDGR XQ FUH
FLHQWHLQWHUpVSRUIRUPDUSDUWHGHODUHG
(QHOFRQWH[WRGHVXUHG¢TXpLPSDFWRKDWHQL
GRHO&RPHUFLR-XVWRHQÇIULFD"
(VWi FODUR TXH HO &RPHUFLR -XVWR QR HV XQ VLVWHPD
SHUIHFWR SHUR GDGDV QXHVWUDV FLUFXQVWDQFLDV RIUHFH
XQD PDQHUD GH UHGXFLU OD SREUH]D \ HPSRGHUDU D ORV
SURGXFWRUHV (Q &2)7$ HVWDPRV FRQYHQFLGRV GH TXH OD
DSOLFDFLyQ GH ORV SULQFLSLRV GH &RPHUFLR -XVWR SXHGH
FRQOOHYDUXQDPHMRUDVRVWHQLEOHGHODFDOLGDGGHYLGDGH
ORVSURGXFWRUHVDIULFDQRVGHVIDYRUHFLGRV
/RV ORJURV GHO &RPHUFLR -XVWR VRQ HO UHVXOWDGR GH XQD
VHULHGHIDFWRUHV
‡ 0HMRUHVSUHFLRVSDUDQXHVWURVSURGXFWRUHV
‡ $SR\R D OD PHMRUD GH OD FDSDFLGDG GH QXHVWURV SUR
GXFWRUHV
‡ 0HMRUDFFHVRDORVPHUFDGRV
‡ 'HVDUUROORFRPXQLWDULRSRUSDUWHGHQXHVWURVVRFLRV
‡ 0HMRUHVUHODFLRQHVFRPHUFLDOHVFRQORVFRPSUDGRUHV
GH &RPHUFLR -XVWR TXH WLHQHQ LQWHUpV HQ KDFHU FUH
FHUVXYROXPHQGHQHJRFLR
8QHVWXGLRTXHKHPRVOOHYDGRDFDERLQGLFDTXHODVYHQ
WDVGHQXHVWURVVRFLRVDVFLHQGHQDPiVGHPLOORQHVGH
GyODUHV HVWDGRXQLGHQVHV FDGD DxR \ VXVWHQWDQ D PLOHV
GHIDPLOLDV
¢&XiOHVHOSDSHOGHODVPXMHUHVDIULFDQDVFRPR
SURGXFWRUDVGHQWURGHOPRYLPLHQWRGH&RPHUFLR
-XVWRHQHOFRQWLQHQWH"¢&yPRORJUDHPSRGHUDU
ODVHO&RPHUFLR-XVWR"
/DVPXMHUHVDIULFDQDVWLHQHQXQSDSHOLPSRUWDQWHHQHO
PRYLPLHQWR 3ULQFLSDOPHQWH VRQ HOODV TXLHQHV SURGX
FHQ \ HQ PXFKRV FDVRV VRQ ODV PiV PDUJLQDGDV HQ OD
FRPXQLGDG DIULFDQD (O &RPHUFLR -XVWR DSR\D OD OXFKD
FRQWUD OD GLVFULPLQDFLyQ GH ODV PXMHUHV SHUPLWLpQGROHV
WHQHUDFFHVRDLQJUHVRVHFRQyPLFRVLJXDOHVDORVGHVXV
FRPSDxHURV
(QÇIULFDODVPXMHUHVPXFKDVYHFHVQRWLHQHQHOPLVPR
DFFHVRDODHGXFDFLyQ\ODLQIRUPDFLyQTXHORVKRPEUHV
/D LJXDOGDG TXH SURPXHYH HO &RPHUFLR -XVWR ODV KD
D\XGDGR D DSUHQGHU QXHYDV KDELOLGDGHV \ D FRQVHJXLU
UHFXUVRVSDUDVXVIDPLOLDV\VXVFRPXQLGDGHV
/DVPXMHUHVWDPELpQGHVHPSHxDQFDGDYH]PiVIXQFLRQHV
GHOLGHUD]JRGHQWURGHOPRYLPLHQWR\\RVR\EXHQHMHPSOR
GHHOOR7DPELpQHQQXHVWUD-XQWD'LUHFWLYDFRQWDPRVFRQ
RWUDPXMHUTXHRFXSDHOFDUJRGH6HFUHWDULD\UHSUHVHQWD
ORVLQWHUHVHVGHODVSURGXFWRUDVDIULFDQDV$VLPLVPRXQD
GHQXHVWUDVVRFLDVGH.HQLDHVWiHQOD-XQWD'LUHFWLYDGH
,)$72UJDQL]DFLyQ,QWHUQDFLRQDOGH&RPHUFLR-XVWR
(Q FXDQWR D OD SURSLHGDG LQWHOHFWXDO ¢FXiOHV
VRQ ORV SUREOHPDV TXH WLHQHQ TXH DIURQWDU ORV
SURGXFWRUHV \ FyPR HVWi UHDFFLRQDQGR &2)7$
FRPRUHG"
(QHOiPELWRGHODSURSLHGDGLQWHOHFWXDO\ODVPDUFDVUHJLV
WUDGDVKD\PXFKRTXHKDFHU/RVSURGXFWRUHVDIULFDQRVQR
WLHQHQFDSDFLGDGSDUDSURWHJHUVXVSURGXFWRV\VXSDWUL
PRQLR FXOWXUDO IUHQWH D ODV FRUSRUDFLRQHV LQWHUQDFLRQDOHV
TXHUHJLVWUDQPDUFDVFRPHUFLDOHV\FRQHOORLPSLGHQTXH
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
ORVDUWHVDQRVGHSURGXFWRVFXOWXUDOHVWHQJDQDFFHVRDORV
PHUFDGRV(VWHDxR&2)7$HQFRODERUDFLyQFRQ7UDLGFUDIW
3/& \ 7UDLGFUDIW ([FKDQJH KD LQWHUSXHVWR XQD GHPDQGD
SDUDLPSHGLUTXHXQDHPSUHVDFRQVHGHHQHO5HLQR8QLGR
UHJLVWUDUD XQD PDUFD SDUD XQ WHMLGR WUDGLFLRQDO GHO ÇIULFD
RULHQWDO HO NLNR\ (O UHJLVWUR GH GLFKD PDUFD KDEUtD LPSH
GLGR HO DFFHVR GH ORV SURGXFWRUHV DIULFDQRV GH NLNR\ DO
PHUFDGREULWiQLFR7RGDYtDTXHGDPXFKRSRUKDFHUFRPR
SRUHMHPSORLQYROXFUDUDORVJRELHUQRVHQODSURWHFFLyQGHO
SDWULPRQLRFXOWXUDO\GHORVSURGXFWRVDIULFDQRVIUHQWHDVX
H[SORWDFLyQSRUSDUWHGHSRGHURVDVFRUSRUDFLRQHVLQWHUQD
FLRQDOHV&2)7$WDPELpQTXLHUHIRUPDUDVXVVRFLRV\VRFLDV
HQWHPDVGHSURSLHGDGLQWHOHFWXDO\PDUFDVUHJLVWUDGDV
¢&XiOHV VRQ ORV UHWRV TXH VH OHV SUHVHQWDQ
DFWXDOPHQWH FRPR UHG \ FXiOHV VRQ ORV DVSHFWRV
HQORVTXHWHQGUiQTXHLQFLGLUPiVHQHOIXWXUR"
&RPRUHG&2)7$FRQWULEX\HDHODERUDUVROXFLRQHVSDUD
DOJXQRV GH ORV UHWRV TXH QXHVWURV VRFLRV ODV RUJDQL]D
FLRQHV GH SURGXFWRUHV WLHQHQ TXH DIURQWDU HQ VX GtD
D GtD &XDQGR GHVDUUROODPRV QXHVWUR SODQ HVWUDWpJLFR
&2)7$UHDOL]yXQDHYDOXDFLyQJHQHUDOGHODVQHFHVLGDGHV
GHQXHVWURVVRFLRV\VHLGHQWLILFDURQDOJXQRVSUREOHPDV
FRPXQHV TXH VLUYHQ GH EDVH D OD HODERUDFLyQ GH QXHV
WURVSURJUDPDV
‡ /DIDOWDGHFRODERUDFLyQLPSLGHODUHVROXFLyQHILFD]GH
SUREOHPDV FRPXQHV \ TXH ORV PLHPEURV FRPSDUWDQ
PRGHORV GH VROXFLyQ &2)7$ KD IDFLOLWDGR OD FUHDFLyQ
GHXQIRURGHGHEDWH\FRPXQLFDFLyQTXHD\XGDDORV
VRFLRVDHQWHQGHUVHPHMRU\PHMRUDODVUHODFLRQHVGH
WUDEDMRFRP~QHQWUHRUJDQL]DFLRQHV
‡ /D UHDOL]DFLyQ GH SODQHV GH HPSUHVD \ SODQHV GH HIL
FLHQFLD SURGXFWLYD PHMRUD OD KDELOLGDG GH QXHVWURV
PLHPEURV SDUD FRPSHWLU PHMRU HQ GLVWLQWRV PHUFD
GRV &2)7$ KD GLVHxDGR XQ SURJUDPD GH IRUPDFLyQ
SDUD DFWXDOL]DU ODV KDELOLGDGHV HPSUHVDULDOHV WUD
WDQGRWHPDVFRPR
² )RUPDFLyQHQILMDUSUHFLRV\FDOFXODUFRVWHV
² 3ODQHVGH(PSUHVD
² 6LVWHPDVGHFRQWUROLQWHUQR
² *HVWLyQGHFDOLGDG
‡ /D LQQRYDFLyQ \ OD FDOLGDG GHO SURGXFWR TXH DIHFWD
D OD FRPSHWLWLYLGDG GH ORV SURGXFWRV GH QXHVWURV
PLHPEURVKDQVLGRDERUGDGDVSRU&2)7$PHGLDQWH
² /D RUJDQL]DFLyQ GH WDOOHUHV \ RWUR WLSR GH IRUPD
FLyQVREUHHOGHVDUUROORGHSURGXFWRV
² /D UHFRSLODFLyQ \ GLIXVLyQ GH LQIRUPDFLyQ VREUH HO
PHUFDGRFRPRSRUHMHPSORHVWXGLRVGHPHUFDGR
\GHWHQGHQFLDV
² /DFUHDFLyQGHXQDUHGGHGLVHxDGRUHVFRPSHWHQ
WHVTXHSXHGDQUHXQLUVHFRQQXHVWURVPLHPEURV\
DSR\DUOHV
‡ (ODFFHVRGLUHFWRDOPHUFDGRJUDFLDVDODSDUWLFLSDFLyQ
FRQMXQWDHQIHULDVFRPHUFLDOHV\ODRUJDQL]DFLyQGHYLVL
WDVDFRPSUDGRUHVIDFLOLWDHOHQFXHQWURGHORVPLHPEURV
FRQORVFRPSUDGRUHVSDUDLQFUHPHQWDUVXVYHQWDV
‡ (O DFFHVR D XQD ILQDQFLDFLyQ DVHTXLEOH JUDFLDV DO
DSR\R SRU SDUWH GH OD VRFLHGDG 6KDUHG ,QWHUHVW TXH
SURSRUFLRQD SUHILQDQFLDFLyQ FRQ WLSRV GH LQWHUpV
EDMR \ SUpVWDPRV D ORV PLHPEURV HPSOHDQGR ORV
DFWLYRVGHOQHJRFLRFRPRJDUDQWtD
(VWRVVRQORVUHWRVDORVTXHVHHQIUHQWDQQXHVWURVVRFLRV
\ QRVRWURV WUDEDMDPRV SDUD VXSHUDUORV (Q FXDQWR D
&2)7$FRPRUHGORVGRVGHVDItRVSULQFLSDOHVVRQSRUXQ
ODGRHOIRUWDOHFLPLHQWRGHQXHVWURVLVWHPDGHPRQLWRUHR
SDUD FRQVROLGDU QXHVWUD FUHGLELOLGDG VLQ TXH HO VLVWHPD
UHVXOWHGHPDVLDGRFDURSDUDORVSURGXFWRUHV\SRURWUR
JDUDQWL]DU QXHVWUD VRVWHQLELOLGDG 1RV ILQDQFLDPRV HQ
JUDQPHGLGDDWUDYpVGHFRQWUDSDUWHV\FRQVWDQWHPHQWH
QHFHVLWDPRV UHFDXGDU IRQGRV SDUD SRGHU OOHYDU D FDER
QXHVWUDV DFWLYLGDGHV 1RV JXVWDUtD FUHDU VROXFLRQHV TXH
QRVSHUPLWDQVHUPiVVRVWHQLEOHV
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _&$3Ê78/2 _
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
&DUWDDOD&RPLVLyQ(XURSHDDOHUWDQGR
GHODVFRQVHFXHQFLDVGHORV(3$
$FXHUGRVGH$VRFLDFLyQ(FRQyPLFDGHOD8(
FRQORVSDtVHV$&3&DUWDHQYLDGDSRU
RUJDQL]DFLRQHVFRPHUFLDOHVDIULFDQDV\HXURSHDV
$QWHODSUHVLyQGHOD&RPLVLyQ(XURSHDSDUDTXHVHILUPHQORV(3$FRPSDxtDV\DVRFLDFLR
QHV GH FRPHUFLR HQ (XURSD \ ÇIULFD OD PD\RUtD GH HOODV GH &RPHUFLR -XVWR KDQ GLULJLGR XQD
FDUWDDORVFRPLVDULRVHXURSHRVGH&RPHUFLR\'HVDUUROORSDUDDOHUWDUGHODVFRQVHFXHQFLDV
GH HVWRV DFXHUGRV HQ ORV SDtVHV PiV SREUHV \ H[SUHVDU VX SUHRFXSDFLyQ DQWH OD DPHQD]D
DQXQFLDGDSRUOD8(GHLQFUHPHQWDUHOLPSRUWHGHODVWDULIDVDUDQFHODULDVDODLPSRUWDFLyQVL
HVWRVQXHYRVDFXHUGRVFRPHUFLDOHVQRVHFRQFUHWDQSDUDILQDOHVGH
0iVLQIRUPDFLyQHQ)DLU7UDGH$GYRFDF\2IILFHKWWSZZZIDLUWUDGHDGYRFDF\RUJODWHVWQHZVKWPO
KWWSZZZIDLUWUDGHDGYRFDF\RUJODWHVWQHZVKWPO
\7UDLGFUDIWZZZWUDLGFUDIWFRXN
LQLFLDWLYDVGHRUJDQL]DFLyQGHOPRYLPLHQWRGH&-DIULFDQR
&RPR H[SRUWDGRUHV GH SDtVHV $&3 H LPSRUWDGRUHV HQ SDtVHV GH OD 8( PXFKRV GH QXHVWURV
QHJRFLRVVHYHUtDQGLUHFWDPHQWHDIHFWDGRVSRUODVXELGDGHORVDUDQFHOHVSDUDODVLPSRUWD
FLRQHVSURFHGHQWHVGHHVWRVSDtVHV/DDPHQD]DSRWHQFLDOGHODVXELGDGHORVDUDQFHOHVSRGUtD
HVWDUDIHFWDQGR\DRPX\SURQWRDODVGHFLVLRQHVGHORVLPSRUWDGRUHVVREUHORVFRQWUDWRV
SDUD HO HQ VHFWRUHV FRQ SOD]RV GH HQWUHJD ODUJRV (VWR SRGUtD SRQHU HQ SHOLJUR OD SDU
WLFLSDFLyQ GH ODV H[SRUWDFLRQHV GH SDtVHV $&3 HQ HO PHUFDGR HXURSHR ²FRQVWUXLGD D OR ODUJR
GHGpFDGDV²FRQORVFRQVLJXLHQWHVLPSDFWRVQHJDWLYRVHQORVWUDEDMDGRUHVGHORVSDtVHV$&3
FRPRSRUHMHPSORODVSHUVRQDVHPSOHDGDVHQHOVHFWRUKRUWLFXOWRUGH.HQLD
&RQVLGHUDPRVSURIXQGDPHQWHLQMXVWRTXHOD8(REOLJXHDORVSDtVHVPiVSREUHVGHOPXQGRD
HVFRJHUHQWUHOLEHUDOL]DUVXVPHUFDGRVGRPpVWLFRVEDMRSUHVLyQ²FRQORVULHVJRVTXHFRQOOH
YDSDUDODVHFRQRPtDVQDFLRQDOHV\UHJLRQDOHV²RDUULHVJDUVXVXEVLVWHQFLDHQORVVHFWRUHV
GLULJLGRVDODH[SRUWDFLyQVLVXEHQODVWDULIDVGHH[SRUWDFLyQDOD8(
/D 8( \ VXV (VWDGRV PLHPEURV KDQ DILUPDGR UHSHWLGDPHQWH TXH WRGR DFXHUGR FRPHUFLDO
HQWUHOD8(\ORVSDtVHV$&3GHEHSULRUL]DUHOGHVDUUROOR\ODHUUDGLFDFLyQGHODSREUH]D/HV
KDFHPRVXQOODPDPLHQWRSDUDTXHPDQWHQJDQHVWHFRPSURPLVRFRQ
/DHOLPLQDFLyQGHODSUHVLyQWHPSRUDODODVQHJRFLDFLRQHVFRQORVSDtVHV$&3JDUDQWL]DQ
GRTXHODVWDULIDVQRVHUiQLQFUHPHQWDGDVDSDUWLUGHHQHURGHVLORVSDtVHVQRHVWiQ
GLVSXHVWRVDILUPDUORV(3$
8QDPHWLFXORVDHYDOXDFLyQGHORVWH[WRVSURSXHVWRVHQORV(3$MXQWRFRQSURSXHVWDVDOWHUQD
WLYDVFRPRHO*63SDUDDVHJXUDUTXHODVQHFHVLGDGHVGHGHVDUUROORGHORVSDtVHV$&3VHYHDQ
JDUDQWL]DGDVGHPDQHUDFHQWUDOHQFXDOTXLHUQXHYRUpJLPHQFRPHUFLDOHQWUHOD8(\$&3
6LQFHUDPHQWH
3DXO&KDQGOHU
7HVRUHURGH()7$\-HIH(MHFXWLYRGH7UDLGFUDIW
3LHUUH0DJQH
3UHVLGHQWHGHOD$VRFLDFLyQSDUDOD,QG~VWULDHQÇIULFD
GHRFWXEUHGH
(VWLPDGRVFRPLVDULRV0DQGHOVRQ\0LFKHO
&RPRFRPSDxtDVLQYROXFUDGDVHQODDFWLYLGDGFRPHUFLDOHQWUHOD8(\ORVSDtVHVGHÇIULFDHO
&DULEH\HO3DFtILFR$&3FRPSDUWLPRVXQLQWHUpVFRPHUFLDOFRP~QHQHOGHVDUUROORHFRQy
PLFRVRVWHQLEOHGHGLFKRVSDtVHV3RUHOORQRVJXVWDUtDSODQWHDUVHULDVSUHRFXSDFLRQHVVREUH
ODVDFWXDOHVQHJRFLDFLRQHVGHORV$FXHUGRVGH$VRFLDFLyQ(FRQyPLFD(3$\ORVSRWHQFLDOHV
LPSDFWRVQHJDWLYRVTXHSXHGDQWHQHUHQODVHFRQRPtDVGHORVSDtVHV$&3
$OJXQRVHVWXGLRVGHODV1DFLRQHV8QLGDVHQWUHRWURVVXJLHUHQTXHORVSODQHVGHOD8(UHV
SHFWRDORV(3$SRQGUtDQHQSHOLJURPLOORQHVGHSXHVWRVGHWUDEDMRHQORVVHFWRUHVDJUtFRODV
\PDQXIDFWXUHURVGHORVSDtVHV$&3\UHGXFLUtDQORVLQJUHVRVDUDQFHODULRVVREUHODLPSRUWD
FLyQHQWUHXQ\XQHQSDtVHVFRPR*DPELD6HQHJDO\*KDQD(VWRVSODQHVOLPLWDUtDQ
WDPELpQ OD SRVLELOLGDG GH TXH ORV SDtVHV $&3 LQWURGX]FDQ UHJXODFLRQHV SURGHVDUUROOR HQ
iUHDVFRPRORVVHUYLFLRV\ODSURSLHGDGLQWHOHFWXDO7DOHVSHUVSHFWLYDVFDXVDQXQDHQRUPH
SUHRFXSDFLyQ D RILFLDOHV JXEHUQDPHQWDOHV HPSUHVDULRV FDPSHVLQRV \ FRQVXPLGRUHV GH
PXFKRVGHHVWRVSDtVHV
(VWDPRV SDUWLFXODUPHQWH FRQVWHUQDGRV DO VDEHU TXH D SHVDU GH OD H[LVWHQFLD GH GLFKDV
DUJXPHQWDFLRQHV \ KHFKRV VH VLJXHQ HMHUFLHQGR IXHUWHV SUHVLRQHV VREUH ORV QHJRFLDGRUHV
GHORVSDtVHV$&3SDUDTXHORV(3$HVWpQILUPDGRVDILQDOHVGHDxRFRQODDPHQD]DGHSHUGHU
HODFFHVRSUHIHUHQFLDODOPHUFDGRGHOD8(
33
,PSRUWDGRUDVGHO5HLQR8QLGR
6XQ.LQJ)ORZHUV/WG
:RUOG)ORZHUV/WG
:HDOPRRU/WG
$VRFLDFLyQGH&RPHUFLRGHO
5HLQR8QLGR8.7UDGH
$VVRFLDWLRQ
)UHVK3URGXFH&RQVRUWLXP
5HGHV\RUJDQL]DFLRQHVHXURSHDV
GH&RPHUFLR-XVWR
&DIHGLUHFW3OF5HLQR8QLGR
)DLUWUDGH)RXQGDWLRQ5HLQR
8QLGR
7URSLFDO:KROHIRRGV)XOZHOO
0LOO5HLQR8QLGR
6KDUHG,QWHUHVW5HLQR8QLGR
6KDUHG(DUWK5HLQR8QLGR
3HRSOH7UHH5HLQR8QLGR
,'($6(VSDxD
*(3$$OHPDQLD
(=$$XVWULD
&70$OWURPHUFDWR,WDOLD
2[IDP)DLUWUDGH%pOJLFD
2[IDP::%pOJLFD
2[IDP0DJDVLQVGX0RQGH
%pOJLFD
2[IDP*%2[IDP$FWLYLWLHV
/WG5HLQR8QLGR
7UDLGFUDIW5HLQR8QLGR
7HDUFUDIW5HLQR8QLGR
7ZLQ7UDGLQJ5HLQR8QLGR
%ULWLVK$VVRFLDWLRQIRU)DLU
7UDGH6KRSV5HLQR8QLGR
$VRFLDFLRQHVHXURSHDVGH
&RPHUFLR-XVWR
,QWHUQDWLRQDO)DLU7UDGH
$VVRFLDWLRQ,)$7(XURSH
ERDUG
(XURSHDQ)DLU7UDGH
$VVRFLDWLRQ()7$
,QGXVWULDDIULFDQD
$IULFDQ,QGXVWULDO$VVRFLDWLRQ
$,$3DQÇIULFD
)pGpUDWLRQ1DWLRQDOH
GHV,QGXVWULHVGH
O·$JUR$OLPHQWDLUHHWGH
7UDQVIRUPDWLRQGX%XUNLQD
),$%%XUNLQD)DVR
.HQ\D)LVK3URFHVVRUV
([SRUWHUV$VVRFLDWLRQ.HQLD
5HGHVDIULFDQDVGHSURGXFWRUHV
$IULFDQ)DLUWUDGH1HWZRUN
$)1
7KH&RRSHUDWLRQIRU)DLU
7UDGHLQ$IULFD&2)7$
&&0LQLVWURV(XURSHRVGH
&RPHUFLR\'HVDUUROOR
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _$1(;2 _
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _$1(;2 _
SXEOLFDFLRQHVVREUH&-HQ(VSDxD
SXEOLFDFLRQHVVREUH&-HQ(VSDxD
$
Q
H[
R
)(51$1'2)(51Ç1'(=68&+$&685
',&,(0%5(
3XEOLFDFLRQHVVREUH
&RPHUFLR-XVWRHQ(VSDxD
;$9,(50217$*87<(67+(59,9$6
¢$GyQGHYDHOFRPHUFLR
MXVWR"0RGHORV
\H[SHULHQFLDV
&RQ HVWH OLEUR HGLWDGR SRU (G
,FDULD ORV DXWRUHV TXLHUHQ SUR
IXQGL]DUHQHOGHEDWHVREUHFXiO
HV OD VLWXDFLyQ DFWXDO GHO PRYL
PLHQWR GHO &RPHUFLR -XVWR HQ HO
HVWDGR HVSDxRO \ ORV UHWRV TXH HQIUHQWD D OD YH] TXH
SUHVHQWDQ H[SHULHQFLDV FRQFUHWDV 'HILHQGHQ XQ &RPHUFLR
-XVWR TXH UHFKD]D VHU XQ LQVWUXPHQWR GH PDUNHWLQJ
HPSUHVDULDOGHOLPSLH]DGHLPDJHQGHPXOWLQDFLRQDOHV\GH
JUDQGHVVXSHUILFLHV\TXHDSXHVWDSRUFDPELDUODVLQMXVWDV
UHJODVGHOMXHJRTXHDIHFWDQWDQWRDO1RUWHFRPRDO6XU
-26(3+(8*(1(67,*/,7=
&RPHUFLRMXVWRSDUDWRGRV
(O1REHO-RVHSK(6WLJOLW]VRVWLHQH
HQHVWHOLEURHGLWDGRSRU7DXUXV
TXH HQ FLHUWDV FLUFXQVWDQFLDV
ODV SROtWLFDV \ ODV QHJRFLDFLRQHV
FRPHUFLDOHV TXH UHGXFHQ DUDQ
FHOHV \ RWUDV EDUUHUDV FRPHU
FLDOHVHQELHQHV\VHUYLFLRVQRVyORLQFUH
PHQWDQ ORV IOXMRV GH FRPHUFLR \ GH LQYHUVLyQ VLQR TXH
SXHGHQ DXPHQWDU HO GHVDUUROOR HFRQyPLFR \ HO ELHQHVWDU
GHODSREODFLyQ
6(7(0&$7$/81<$-81<
6(7(00$'5,'129,(0%5(
(O&RPHUFLR-XVWRHQOD
&RPXQLGDGGH0DGULG
3RU SULPHUD YH] \ FRQ DSR\R \
ILQDQFLDFLyQ GH OD &RQVHMHUtD GH
,QPLJUDFLyQ$JHQFLD5HJLRQDOSDUD
OD,QPLJUDFLyQ\OD&RRSHUDFLyQGH
OD &RPXQLGDG GH 0DGULG 6(7(0
0DGULG KD SXEOLFDGR HVWH DQXD
ULR DXWRQyPLFR HQ HO TXH VH GD
D FRQRFHU OD WUD\HFWRULD GHO &RPHUFLR -XVWR GH ORV
~OWLPRV FLQFR DxRV (VWi GLYLGLGR HQ WUHV FDStWXORV HQ ORV
TXH VH LQFOX\HQ XQ DQiOLVLV FXDQWLWDWLYR XQ HVWXGLR GH
PHUFDGRDUWtFXORVVREUHODFHUWLILFDFLyQGHSURGXFWRVGHO
&RPHUFLR-XVWR\VREUHHOLPSDFWRGHHVWDKHUUDPLHQWDGH
GHVDUUROOR HQ SDtVHV GH /DWLQRDPpULFD \ &DULEH HQ ,QGLD
(FXDGRU\1HSDO
(O&RPHUo-XVWD&DWDOXQ\D
,QIRUPH
(VWD VHJXQGD HGLFLyQ GHO LQIRU
PH VREUH HO &RPHUFLR -XVWR HQ
&DWDOXQ\D DSRUWD GDWRV VREUH
OD VLWXDFLyQ GHO PRYLPLHQWR HQ OD
FRPXQLGDG DXWyQRPD DVt FRPR
OD HYROXFLyQ TXH pVWH KD YLYLGR
HQ ORV ~OWLPRV DxRV (O LQIRUPH HVWi GLYLGLGR
HQFDStWXORV(QHOSULPHURVHDSRUWDQGDWRVVREUHODV
YHQWDV GH &- HQ ORV ~OWLPRV DxRV (O VHJXQGR DSRUWD
UHIOH[LRQHVGHVGHXQSXQWRGHYLVWDVRFLDOSDUDHQWHQGHU
ODVLWXDFLyQGHO&RPHUFLR-XVWR\6ROLGDULRHQ&DWDOXQ\D
(Q HO WHUFHUR VH H[SORUD HO SDSHO GH OD )LHVWD GHO
&RPHUFLR-XVWRFRPRXQDGHODVSULQFLSDOHVDFWLYLGDGHV
GH VHQVLELOL]DFLyQ VREUH HO &- HQ HO WHUULWRULR FDWDOiQ <
HQHOFXDUWRVHGDDFRQRFHUODVLWXDFLyQ\SHUVSHFWLYDV
GHO&RPHUFLR-XVWRHQHOVHFWRUGHOYHQGLQJ
6REHUDQtDDOLPHQWDULD
2EMHWLYRSROtWLFRGHOD
FRRSHUDFLyQDOGHVDUUROOR
HQ]RQDVUXUDOHV
(VWH OLEUR HGLWDGR SRU (G
,FDULD H[SOLFD FRPR ´OD SREUH
]D HVWUXFWXUDO GHO PHGLR UXUDO
DEDUFD WRGRV ORV iPELWRV GH
OD YLGD GH VXV KDELWDQWHV \ GHMD D ORV
VHFWRUHV FDPSHVLQRV D H[SHQVDV GH XQ PHUFDGR TXH
VHJ~QHOSHQVDPLHQWR´QHROLEHUDOµOHVGDUiODVRSRUWXQL
GDGHVTXHOHVIDOWDQµ;DYLHU0RQWDJXWFRQWULEX\HDHVWH
OLEUR FRQ XQ DUWtFXOR FUtWLFR VREUH HO &RPHUFLR -XVWR \
VX UHODFLyQ FRQ OD 6REHUDQtD $OLPHQWDULD \ DUJXPHQWD
DOUHVSHWRTXH´HO&RPHUFLR-XVWRQDFLyKDFHDxRVSDUD
LQGLFDUXQDIRUPDGHHQIUHQWDUVHDODVLQMXVWDVUHODFLR
QHVFRPHUFLDOHVHQWUHHO1RUWH\HO6XUµ
6(7(0&2081,7$79$/(1&,$1$
-81,2
,QIRUPHGH&RPHUFLR
-XVWRHQOD&RPXQLGDG
9DOHQFLDQD
(VWH SULPHU LQIRUPH VREUH HO
&RPHUFLR-XVWRHQOD&RPXQLGDG
9DOHQFLDQD SUHWHQGH GDU DOJX
QDV OXFHV VREUH OD VLWXDFLyQ GHO
PRYLPLHQWR HQ OD FRPXQLGDG $Vt KDFH
XQD DSUR[LPDFLyQ D OD KLVWRULD GHO &- \ VX RULJHQ SDUD GHV
SXpVFHQWUDUVHHQODHYROXFLyQHFRQyPLFDGHOPRYLPLHQWRHQ
(VSDxD\OD&RPXQLGDG9DOHQFLDQD7DPELpQVHDSRUWDODYLVLyQ
GHDOJXQRVSURGXFWRUHV\VHDQDOL]DEUHYHPHQWHHORULJHQGH
ORVSULQFLSDOHVSURGXFWRVGH&-(QORVFDStWXORV\VHH[SR
QHQ ORV VLVWHPDV GH FHUWLILFDFLyQ GH SURGXFWRV \ OD UHODFLyQ
HQWUHHO&-\ODFRPSUDS~EOLFDpWLFDUHVSHFWLYDPHQWH
6(7(0-8/,2
(O&RPHUFLR-XVWR
HQ(VSDxD
6HJXQGR $QXDULR VREUH &- HQ
(VSDxD &RQWLHQH XQ HOHQFR GH
HVWUDWHJLDV GHO FRPHUFLR LQWHU
QDFLRQDO DVt FRPR DQiOLVLV GH
YHQWDV \ UHIOH[LRQHV VREUH ORV
SURFHVRV GH FHUWLILFDFLyQ GH
SURGXFWRV ,QFOX\H DGHPiV
YDULDV DSRUWDFLRQHV GH SURGXFWRUHV GHO
6XUVREUHHOLPSDFWRGHO&RPHUFLR-XVWRHQVXHQWRUQR
2WUDVSXEOLFDFLRQHV
LQWHUQDFLRQDOHV
&+5,67,$1-$&48,$83$5Ê6
/HVFRXOLVVHVGXFRPPHU
FHpTXLWDEOH0HQVRQJHVHW
YpULWpVVXUXQSHWLWEXVLQHVV
TXLPRQWH/DVLQWHULRULGDGHVGHO
&RPHUFLR-XVWR0HQWLUDV\YHUGD
GHVVREUHXQSHTXHxRQHJRFLRTXH
YDHQDXPHQWR0LOOHHWXQHQXLWV
3DUtV
(VWH UHGDFWRU GH /H 0RQGH 'L
SORPDWLTXH DQDOL]D ORV DVSHFWRV PiV FRQ
WURYHUWLGRV GHO VLVWHPD GH FHUWLILFDFLyQ SDUWLHQGR GH
OD FHUWLILFDFLyQ )/20D[ +DYHODDU SUHVHQWH HQ YHLQWH
SDtVHV GHO 1RUWH \ OtGHU PXQGLDO GHO &RPHUFLR -XVWR <
HV TXH QRV HQFRQWUDPRV HQ XQ PRPHQWR HQ TXH HVWH
FRQFHSWR GH &RPHUFLR -XVWR HPSLH]D D FDODU HQWUH ORV
FRQVXPLGRUHV/DVJUDQGHVHPSUHVDVGLVWULEXLGRUDVGH
DOLPHQWRV\VHUYLFLRVHPSLH]DQDGDUVHFXHQWDGHTXHXQ
SURGXFWR HWLTXHWDGR EDMR HVWH HStJUDIH HV UHQWDEOH \D
TXHVXVREUHSUHFLRVHMXVWLILFDHQQRPEUHGHODMXVWLFLD
VRFLDO ¢3HUR FyPR VDEHU TXH GHWHUPLQDGR SURGXFWR VH
DMXVWDDORVFULWHULRVGH&RPHUFLR-XVWR"
)$,575$'(0(',$)/2,)$71(:6$1'
()7$
%XVLQHVV8QXVXDO6XFFHVVHV
DQG&KDOOHQJHVRI)DLU7UDGH
1HJRFLRLQXVXDOe[LWRV\
5HWRVGHO&RPHUFLR-XVWR
/DV FXDWUR RUJDQL]DFLRQHV SLR
QHUDVGH&RPHUFLR-XVWRDQLYHO
LQWHUQDFLRQDO GLIXQGHQ D WUDYpV
GH HVWH OLEUR ORV p[LWRV LPSDFWRV \ FDPELRV
GHULYDGRV GH VX WUDEDMR 6H EDVDQ HQ H[SHULHQFLDV FRQ
SHTXHxRV SURGXFWRUHV GH DUUR] FDIp \ DOJRGyQ SDUD
GHPRVWUDU TXH ODV UHODFLRQHV GH &RPHUFLR -XVWR VRQ
IDFWLEOHV \ JHQHUDQ SRFR D SRFR XQ PRGHOR GH QHJRFLR
PiV UHVSRQVDEOH \ FRPSURPHWLGR FRQ ODV QHFHVLGDGHV
HLQWHUHVHVGHO6XU
_
_
_
_&RPHUFLR-XVWR\ÇIULFD6LWXDFLyQ\SHUVSHFWLYDV,QIRUPH _$1(;2 _
Q
H[
R
HQODFHVGH&-
5(',17(51$&,21$/'(35202&,Î1
'(/$(&2120Ê$62&,$/<62/,'$5,$5,3(66
$
ZZZULSHVVQHW
&225',1$'25$(67$7$/'(&20(5&,2-8672(63$f$&(&-
(8523($1)$,575$'($662&,$7,21()7$
LQFOX\HQGR VX LQIRUPH DQXDO DVt FRPR OD OLVWD GH
,17(51$7,21$/)$,575$'($662&,$7,21,)$7
ZZZLIDWRUJ
\R GLVWULEXLGRUDV GH SURGXFWRV GH &RPHUFLR -XVWR HQ
(VSDxDDVtFRPRODVWLHQGDVGH&RPHUFLR-XVWR
)$,575$'(/$%(//,1*25*$1,=$7,216,17(51$7,21$/)/2,17
ZZZIDLUWUDGHQHW
(V OD RUJDQL]DFLyQ LQWHUQDFLRQDO UHVSRQVDEOH GH OD
'HILQLFLyQ \ GH OD &HUWLILFDFLyQ GH ORV (VWiQGDUHV GHO
&RPHUFLR -XVWR 3HUPLWH TXH PiV GH XQ PLOOyQ GH
SURGXFWRUHV \ SHUVRQDV TXH GHSHQGHQ GH HOORV HQ SDtVHV VH EHQHILFLHQ GHO &RPHUFLR -XVWR FRQ HO VHOOR
)/2 JDUDQWL]D TXH WRGRV ORV SURGXFWRV TXH VH YHQGHQ
FRQ HO 6HOOR GH &RPHUFLR -XVWR HQ FXDOTXLHU SDUWH
GHO PXQGR \ TXH VH FRPHUFLDOL]DQ SRU XQD ,QLFLDWLYD
1DFLRQDO VRQ SURGXFLGRV FRQIRUPH D ORV (VWiQGDUHV
GH &RPHUFLR -XVWR \ TXH FRQWULEX\HQ DO GHVDUUROOR GH
SURGXFWRUHV \ WUDEDMDGRUHV GHVIDYRUHFLGRV (O VLWLR
ZHE FRQWLHQH HQWUH RWUDV LQIRUPDFLRQHV VREUH ORV
SURFHVRVGHFHUWLILFDFLyQ\ORVHVWiQGDUHVUHTXHULGRV
$62&,$&,Î1'(/6(//2'(352'8&726'(&20(5&,2-8672
(63$f$$63&-
ZZZVHOORFRPHUFLRMXVWRRUJ
/D $VRFLDFLyQ GHO 6HOOR GH 3URGXFWRV GH &RPHUFLR
-XVWR LQWHJUDGD HQ )/2 ´VH FRQVWLWX\H FRQ OD ILQDOL
GDG GH SURPRFLRQDU OD FHUWLILFDFLyQ GH SURGXFWRV GH
&RPHUFLR -XVWR \ VX FRQVXPR \ FRQ HOOR FRQWULEXLU D
DPSOLDUHOLPSDFWRGHO&RPHUFLR-XVWRµ
,)$7 HV OD $VRFLDFLyQ ,QWHUQDFLRQDO GH &RPHUFLR -XVWR
ODUHGJOREDOGH2UJDQL]DFLRQHVGH&-/DPLVLyQGH,)$7
HV FRQWULEXLU D OD PHMRUD GH ORV SURGXFWRUHV GHVIDYR
UHFLGRVPHGLDQWHODSURPRFLyQGHO&-\ODOXFKDSRUXQD
PD\RU HTXLGDG HQ ORV LQWHUFDPELRV FRPHUFLDOHV 0iV
GH RUJDQL]DFLRQHV GH SDtVHV IRUPDQ OD EDVH GH
ODUHG$SUR[LPDGDPHQWHHOGHORVPLHPEURVHVWiQ
HQHO6XU$VLDHO2ULHQWH0HGLRÇIULFD\6XGDPpULFD
/D (FRQRPtD 6RFLDO \ 6ROLGDULD GHVLJQD D XQ FRQMXQWR GH
DFWLYLGDGHV HFRQyPLFDV FRQ ILQDOLGDG VRFLDO TXH SDUWLFL
SDQHQODFRQVWUXFFLyQGHXQDQXHYDPDQHUDGHYLYLU\GH
SHQVDU OD HFRQRPtD D WUDYpV GH GHFHQDV GH PLOODUHV GH
SUR\HFWRVHQSDtVHVGHO1RUWH\GHO6XU5,3(66FRQWULEX\H
D FUHDU XQD PHMRU FRKHVLyQ GH SUiFWLFDV HQ HVWH PDUFR
GHHFRQRPtDVRFLDO\VROLGDULDUHIRU]DQGRGLQiPLFDVPiV
MXVWDV GH LQWHUFDPELR LQWHUFRQWLQHQWDO \ FULWLFDQGR HO
PRGHORGHOQHROLEHUDOLVPR'HOPLVPRPRGRSUHWHQGHIRU
WDOHFHUHOSRGHUGHDFWXDFLyQGHORVDFWRUHVPiVGHVIDYR
UHFLGRV FRRSHUDWLYDV DUWHVDQDOHV \ DUWtVWLFDV PXWXDOL
GDGHVGHFUpGLWRDKRUUR3<0(V\PLFURHPSUHVDVSUR
GXFWRUHVFDPSHVLQRVFRRSHUDWLYDVDJUtFRODVVLQGLFDWRV
DJUXSDFLRQHV \ DVRFLDFLRQHV GH PXMHUHV DVRFLDFLRQHV
GHLQPLJUDQWHVJUXSRVGHSUHQVD\UDGLRVFRPXQLWDULDV
21*VGHOGHVDUUROORORFDOGHOPHGLRDPELHQWHHWFDVR
FLDFLRQHV GH FRPHUFLDQWHV \ HPSUHVDULRV LQVWLWXFLRQHV
GHLQYHVWLJDFLyQ\GHFDSDFLWDFLyQHWF
75$'(2%6(59$725<,167,787(
)25$*5,&8/785($1'75$'(32/,&<,$73
ZZZWUDGHREVHUYDWRU\RUJ
/D,$73WUDEDMDFRQRUJDQL]DFLRQHVGHWRGRHOPXQGRSDUD
DQDOL]DU GH TXp PDQHUD ORV DFXHUGRV VREUH FRPHUFLR
LQWHUQDFLRQDODIHFWDQDODVSROtWLFDVDOLPHQWLFLDV\DJUtFR
ODVGHORVSHTXHxRVSURGXFWRUHV'HILHQGHODVLQLFLDWLYDV
GH&RPHUFLR-XVWRHQDUDVGHOUHVSHWRSRUORVGHUHFKRV
KXPDQRVHOPHGLRDPELHQWHHOFXPSOLPLHQWRGHODOHJLVOD
FLyQODERUDO\ODGHPRFUDFLDGHODVLQVWLWXFLRQHV
)$,575$'(,167,787()7,
ZZZIDLUWUDGHLQVWLWXWHRUJ
(O)DLU7UDGH,QVWLWXWHHVXQDLQVWLWXFLyQYLUWXDOTXHVLUYH
FRPRIXHQWHHQODFH\EDVHGHGDWRVSDUDHOLQWHUFDPELR
\ OD E~VTXHGD GH LQIRUPDFLyQ VREUH &RPHUFLR -XVWR
3UHWHQGH LQFUHPHQWDU DVt OD YLVLELOLGDG GH ODV RUJDQL]D
FLRQHV FRPSURPHWLGDV FRQ HO &RPHUFLR -XVWR DVt FRPR
OD DFFHVLELOLGDG D VXV SUR\HFWRV 'H KHFKR FXDOTXLHU
LQWHUQDXWD SXHGH DFODUDU DTXt VXV GXGDV DSRUWDU QXH
YDV LGHDV R LQFOXLU VXV SURSLDV RSLQLRQHV VREUH HO WHPD
GHGHEDWHHO&RPHUFLR-XVWR
&225',1$'25$/$7,12$0(5,&$1$<'(/&$5,%('(3(48(f26
352'8&725(6'(&20(5&,2-8672&/$&
ZZZFODFFRPHUFLRMXVWRRUJ
´/D &/$& HV XQD LQVWDQFLD JUHPLDO GH UHSUHVHQWDFLyQ
FRRUGLQDFLyQLQWHUFDPELR\FRODERUDFLyQSDUDHOIRU
WDOHFLPLHQWRGHODVRUJDQL]DFLRQHVGHWLSRFRRSHUDWLYR
GH SHTXHxRV SURGXFWRUHV GH $PpULFD /DWLQD \ GHO
&DULEH HQ HO PDUFR GHO &RPHUFLR -XVWRµ $FWXDOPHQWH
HVWi IRUPDGD SRU RUJDQL]DFLRQHV GH SHTXHxRV
SURGXFWRUHV GH XQD YHLQWHQD GH SDtVHV GH OD UHJLyQ
OR TXH VH WUDGXFH HQ PiV GH IDPLOLDV DILOLD
GDV \ HQ PiV GH XQ PLOOyQ GH SHUVRQDV LQYROXFUDGDV
/D DUWLFXODFLyQ GH OD &/$& KD SHUPLWLGR DXPHQWDU
VLJQLILFDWLYDPHQWH OD SUHVHQFLD YLVLELOLGDG H LQIOXHQ
FLD GH HVWRV SHTXHxRV SURGXFWRUHV HQ OD HVFHQD GHO
&RPHUFLR-XVWRLQWHUQDFLRQDO
1(7:25.2)(8523($1:25/'6+2361(:6
Z
ZZZZRUOGVKRSVRUJ
1(:6 HV OD UHG GH DVRFLDFLRQHV QDFLRQDOHV GH WLHQ
GDV GH &RPHUFLR -XVWR HQ SDtVHV GH (XURSD (VWDV
WLHQGDV RIUHFHQ SURGXFWRV GH &- \ KDFHQ FDPSDxDV
D IDYRU GH XQ VLVWHPD FRPHUFLDO PXQGLDO PiV MXVWR
1(:6UHSUHVHQWDDSUR[LPDGDPHQWHDWLHQGDV\D
YROXQWDULRVTXHFRODERUDQFRQHVWDVWLHQGDV
),1(
ZZZIDLUWUDGHDGYRFDF\RUJ
(O),1(QDFHHQFRPRUHVXOWDGRGHODXQLyQGH)/2
,)$7 1(:6 \ ()7$ ODV FXDWUR SULQFLSDOHV IHGHUDFLRQHV
HXURSHDVHLQWHUQDFLRQDOHVGHO&RPHUFLR-XVWRFRQHOILQ
GH PHMRUDU OD FRRSHUDFLyQ HQWUH HOODV 6H ULJH D WUDYpV
GH XQ FRPSURPLVR DFWLYR GH DSR\R D ORV SURGXFWRUHV
GH VHQVLELOL]DFLyQ GH OD RSLQLyQ S~EOLFD \ GH OD UHDOL]D
FLyQGHFDPSDxDVHQIDYRUGHFDPELRVHQODVQRUPDV\
SUiFWLFDVGHOFRPHUFLRLQWHUQDFLRQDOFRQYHQFLRQDO
5HGHVDIULFDQDV
&223(5$7,21)25)$,575$'(,1$)5,&$&2)7$
$)5,&$)$,575$'(1(7:25.$)1
(VXQDSODWDIRUPDUHJLRQDOGHOD,QWHUQDWLRQDO)HGHUDWLRQ
IRU $OWHUQDWLYH 7UDGH ,)$7 SDUD PLHPEURV $IULFDQRV
TXH SHUVLJXHQ REMHWLYRV \ DVSLUDFLRQHV FRPXQHV HQ HO
&RPHUFLR-XVWR
)XH FUHDGD HQ SDUD DJUXSDU D ODV FRRSHUDWLYDV
GH SHTXHxRV SURGXFWRUHV GH FDIp DIULFDQRV \ IRPHQ
WDU HO LQWHUFDPELR GH RSLQLRQHV \ H[SHULHQFLDV HQWUH
HOODV (V XQD UHG GRQGH SRGHU GHEDWLU FRPSDUWLU
SUREOHPDV \ EXVFDU VROXFLRQHV GH IRUPD FRQMXQWD
$FWXDOPHQWH FXHQWD FRQ RUJDQL]DFLRQHV FHUWLILFD
GDVSRU)/2GHSDtVHVDIULFDQRVTXHFRPHUFLDOL]DQ
WRGRWLSRGHSURGXFWRVFDIpFDFDRIUXWRVWURSLFDOHV
DUUR] Wp DOJRGyQ HWF (O SUR\HFWR HV DPELFLRVR \
WLHQH XQ REMHWLYR FODUR FRORFDUVH HQWUH ODV UHGHV GH
&RPHUFLR-XVWRPiVIXHUWHVGHOPXQGR
ZZZFRIWDRUJ
)$,575$'(6287+$)5,&$)76$
ZZZIDLUWUDGHRUJ]D
&UHDGDHQHVWDDVRFLDFLyQFRQVWLWX\HXQIRUR\XQD
KHUUDPLHQWDGHSUHVLyQSROtWLFDTXHGHILHQGHODVQHFHVL
GDGHV\SULRULGDGHVGHORVSHTXHxRVSURGXFWRUHVGHODV
FRPXQLGDGHVUXUDOHVGHÇIULFD
ZZZDIULFDIDLUWUDGHQHW
Z
Z
Z
V
HW
HP
R
UJ
V
R
0
\ X
HO F pY
P DP H
X E WH
Q LD
G U
R H
P
$
$ P
YGD DU
7 D
DP & 5RP QWH
DU RP HU 6
DQ SR R (
WH VW 'R 7(
HO QD 0
#
D OO
VH
R
WH
P
R
UJ
6
3 (
DVH 7(
7 R 0
DQ ) * GH $
GD UD /R Q
OX QD V% GD
FL G D OX
D# D V
LOL Ft
VH RV D
WH
P
R
UJ
6
& (
pVD 7(
7 U 0
DU ) $X $
DJ =D JX U
RQ UD VWR DJ
# JR] y
VH D Q
WH P
R
UJ
6
% (
LVE 7(
7 H 0
) /D FD %DU JXD &D
WD FH UG WD
OX OR D OX
Q\ QD Q
\D
D# VH
WH
P
R
UJ
6
3 (
L]D 7(
7 UU 0
H[ & R (
WU iF [
HP H  WU
DG UHV SOD HP
QW
XU D DG
D#
X
VH
UD
WH
P
R
UJ
6
6 (
DQ 7(
7 9L 0
HX ) 9 FHQ +
VN LWR WH H
DG UL G J
L# D H3 R
VH * D~ +D
WH DV O L]
P
WH H
R
D
L]
UJ
6
* (
D]W 7(
7 D 0
) PE P 0D LGH 0D
DG GU G
UL LG UL
G# G
VH WH
P
R
UJ
6
2 (
OLWH 7(
7 0
) 1
QD 3DP
DI
ID S
DU
UU OR
UR
RD QD
,
D
# UX
VH
xD
WH
P
R
UJ
6
' (
RFH 7(
7 / 0
UL ) LJH 5
RM /R U
D# J R LR
U
VH Rx MD
WH R
P R
UJ
6
9 (
3L DO 7(
QW HQ 0
7 RU F ) 9 'R LDQ &R
VH DO P D P
X
WH qQ LQJ
Q
P FL R
LW
FY D DW
# VH

WH
P
R
UJ
6(7(0HVXQDIHGHUDFLyQGH21*
SDUDHO'HVDUUROORQDFLGDHQ
TXH FHQWUD VX ODERU LQGHSHQGLHQWH
HQ OD FRQFLHQFLDFLyQ GH QXHVWUD
VRFLHGDG VREUH ODV GHVLJXDOGDGHV
1RUWH6XUODGHQXQFLDGHVXVFDX
VDV\ODSURPRFLyQGHWUDQVIRUPD
FLRQHVSHUVRQDOHV\FROHFWLYDVSD
UD FRQVHJXLU XQ PXQGR PiV MXVWR
\VROLGDULR
6(7(0 HVWi FRQVWLWXLGD SRU RUJDQL]DFLRQHV
DXWRQyPLFDV \ QXHVWURV FDPSRV GH DFWXDFLyQ
SUHIHUHQWHVVRQ
‡ /DHGXFDFLyQ\ODIRUPDFLyQSDUDOD
VROLGDULGDGLQWHUQDFLRQDO
‡ /DUHDOL]DFLyQGHFDPSDxDVGHGHQXQFLD
\PRYLOL]DFLyQVRFLDO
‡ /DGLIXVLyQ\FRPHUFLDOL]DFLyQGHSURGXFWRV
GH&RPHUFLR-XVWR
6(7(0 HV PLHPEUR GH OD &RRUGLQDGRUD GH 21*
SDUDHO'HVDUUROOR&21*'(GHOD&RRUGLQDGRUD
(VWDWDO GH &RPHUFLR -XVWR &(&- \ GH OD
$VRFLDFLyQ (VSDxROD GHO 6HOOR GH 3URGXFWRV GH
&RPHUFLR-XVWR$63&-$GHPiVOLGHUDHQ(VSDxD
OD &DPSDxD 5RSD /LPSLD HO 3URJUDPD HO %XHQ
&DIpHVEXHQRSDUDWRGRV\OD&DPSDxD)LQDQ]DV
pWLFDVSDUDHO'HVDUUROOR
UP
DF
Z
Ly
Z
Q
Z
V
HW
HP
R
UJ
LQ
IR
0
\ X
HO F pY
P DP H
W
X E H
Q LD
G U
R H
R
V
P
&RQHODSR\RGH