acústica de la música

Anuncio
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
$&Ó67,&$'(/$0Ó6,&$
(QHVWHFXUVRVHSUHWHQGHRIUHFHUDOOHFWRUROHFWRUDXQDVQRFLRQHVEiVLFDVSHURFRPSOHWDVGHWRGRORTXHDFRQWHFHHQHO
PXQGR GH OD DF~VWLFD GH OD P~VLFD ,QWHQWD VHU XQD LQWURGXFFLyQ \ DFHUFDPLHQWR VXILFLHQWH SDUD FRPSUHQGHU HO PD\RU
QXPHURSRVLEOHGHIHQyPHQRVUHODFLRQDGRVFRQHODVSHFWRFLHQWtILFRGHODP~VLFD
(O OHFWRUD WLHQH HO GHEHU GH LQIRUPDUVH WDQWR FRPR SXHGD VREUH OD PDWHULD OLEURV GH WH[WR \ VLPLODUHV SDUD SRGHU DVt
FRQWUDVWDUODLQIRUPDFLyQTXHHQHVWHWUDEDMRVHOHRIUHFHTXHDXQSURFXUDQGRVHUORPDVSUHFLVD\YHUD]SRVLEOHSXHGH
TXHQRHVWpOLEUHGHHUURUHV
(VWRVDSXQWHVHVWiQWRPDGRVGHODDVLJQDWXUDGH$F~VWLFD0XVLFDOTXHLPSDUWtDHOSURIHVRU-HV~V$ORQVR0RUDOTHSG
HQHOFRQVHUYDWRULRGH%LOEDR³-XDQ&ULVyVWRPRGH$UULDJD´-HV~V$ORQVR0RUDOIXHIXQGDGRUGHODHVFXHODGHOXWKHUtDGH
%LOEDR
(O FXUVR FRQVWD GH FDStWXORV TXH DEDUFDQ WRGRV ORV FRQFHSWRV EiVLFRV \ DOJR PiV UHODFLRQDGRV FRQ OD PDWHULD
9HUHPRVFXiOHVODQDWXUDOH]DGHOVRQLGR\GHODP~VLFDFyPRVHWUDVPLWHFyPRODUHFLELPRV\SHUFLELPRVFyPRDIHFWD
HO HQWRUQR D OD WUDQVPLVLyQ GHO VRQLGR \ FRPR QR YHUHPRV FyPR VH KD GHVDUUROODGR OD P~VLFD HQ RFFLGHQWH FRQ VXV
HVFDODVSDUWLFXODUHVORVSUREOHPDVGHDILQDFLyQTXHVXUJHQHWF
/DKLVWRULDGHOGHVDUUROORFLHQWtILFRGHODDF~VWLFDTXHHQXQSULQFLSLRIXH~QLFDPHQWHPXVLFDOIXHDPSOLiQGRVHDWRGRHO
HVSHFWUR GH ODV YLEUDFLRQHV PHFiQLFDV HQ OD PHGLGD HQ TXH VH FRQRFtD PHMRU OD QDWXUDOH]D GH HVWRV IHQyPHQRV 6H
DPSOLDURQORVHVWXGLRVDORVGLIHUHQWHVPHGLRVHQORVTXHVHSXHGHQWUDVPLWLUODVRQGDVPHFiQLFDVDSDUHFLHQGRUDPDVGH
ODDF~VWLFDFRPRODVXEDFXDWLFDDF~VWLFDDUTXLWHFWyQLFDHWF
(O KHFKR GH FRPSUHQGHU TXH ORV VRQLGRV QR VRQ PiV TXH YLEUDFLRQHV WUDVPLWLGDV HQ XQ PHGLR PHFiQLFR DLUH DJXD
PDGHUDHWFQRVSXHGHKDFHUYHUORLQPHQVRTXHSXHGHVHUHVWHFDPSRGHLQYHVWLJDFLyQ\ORUHODFLRQDGRTXHHVWiFRQ
RWURVIHQyPHQRVGLIHUHQWHVGHODP~VLFDTXHWHQHPRVPX\FHUFD\TXHSHUFLELPRVDGLDULR
¢6HSRGUtDOOHJDUDGHFLUTXHHOVRQLGRGHXQULDFKXHORHVP~VLFD"/RTXHDOPHQRVVLHVFLHUWRHVTXHWLHQHPXFKRTXH
YHUFRQODDF~VWLFD\HVWRHVORTXHHVWXGLDUHPRVHQHVWHFXUVR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
,1752'8&&,Ï1
$F~VWLFDGHOD0~VLFD&RPELQDFLyQGHFLHQFLD\P~VLFD
2EMHWRGHHVWXGLR/DFDGHQDPXVLFDO
0HWRGRORJtD\PHGLRVHPSOHDGRVHQODLQYHVWLJDFLyQGHOD$0
3URFHVRKLVWyULFR'H3LWiJRUDVDOVLJOR;;,
029,0,(17269,%5$725,26
0RYLPLHQWRYLEUDWRULRDUPyQLFRVLPSOHPYDV
3ULQFLSLRGHVXSHUSRVLFLyQ
7HRUHPDGH)RXULHU0RYLPLHQWRYLEUDWRULRSHULyGLFRFRPSOHMR093&
/DVHULHDUPyQLFDQDWXUDO
/RVDUPyQLFRVFRQVHFXHQFLDVGHLQWHUpVPXVLFDO
0RYLPLHQWRYLEUDWRULRDPRUWLJXDGR
0RYLPLHQWRYLEUDWRULRIRU]DGR
0RGHORItVLFRGHOLQVWUXPHQWRPXVLFDO
&21&(3726%È6,&2687,/,=$'26(1$&867,&$086,&$/
6RQLGR\5XLGR&DUDFWHUtVWLFDVItVLFDV\SHUFHSWLYDV
(IHFWRGHOUXLGRHQODYLYHQFLDGHFRQWLQXLGDGODDOWXUDGHWRQR
)UHFXHQFLD\ODYLYHQFLDGHODDOWXUDGHWRQR
$PSOLWXGGHODSUHVLyQVRQRUD\YLYHQFLDGHODVRQRULGDG
8PEUDOGHDXGLFLyQ\XPEUDOGHGRORU
3HUFHSFLyQGHODSUHVLyQVRQRUD)21
)XHU]DVRQRUD621
3523,('$'(636,&2$&867,&$6
$OWXUDGHWRQRHLQWHQVLGDGVRQRUD
8PEUDOGHGLVFHUQLELOLGDGSDUDODDOWXUDGHWRQR
&RQGLFLRQHVGHGXUDFLyQSDUDODVVHxDOHVDF~VWLFDV\ODYLYHQFLDGHODDOWXUDGHWRQR
3ULQFLSLRGHLQGHWHUPLQDFLyQ
8PEUDOGHGLVFHUQLELOLGDGSDUDHOQLYHOVRQRUR
3XOVDFLRQHV\VRQLGRVGLIHUHQFLDOHV
&RQVWDQWHGHWLHPSRGHORtGR
(QPDVFDUDPLHQWR&RQVLGHUDFLRQHVGHLQWHUpVPXVLFDO
/$6(6&$/$6086,&$/(6(1/$7(25Ë$<(1/$5($/,'$'
,QWURGXFFLyQ
(OGLDSDVyQ
6LVWHPDJHQHUDWLYRGH3LWiJRUDV
6LVWHPDGH$ULVWyJHQHV=DUOLQR
/DHVFDODVHJ~QHOVLVWHPDGH+ROGHU
7HPSHUDPHQWRPHVRWyQLFRGHGHFRPD
7HPSHUDPHQWRPHVRWyQLFRGHGHFRPD
6LVWHPDHTXLWHPSHUDGRRLJXDO
7HPSHUDPHQWRVGHVLJXDOHV
&DXVDV\H[LJHQFLDVSDUDODFRQVWUXFFLyQGHHVFDODV9HQWDMDVHLQFRQYHQLHQWHV
3RVLEOHVGHVDUUROORVHQODVHVFDODV
&RQFHSWRGHO&(17
&21621$1&,$<',621$1&,$
&RLQFLGHQFLDGHDUPyQLFRVHQLQWHUYDORVPXVLFDOHV
$QFKXUDFUtWLFDGHEDQGD$&%
9DULDFLyQGHODFRQVRQDQFLDGHQWURGHOD$&%
(YDOXDFLyQGHODFRQVRQDQFLD
(QPDVFDUDPLHQWRWHPSRUDO
5(621$1&,$6
'HILQLFLyQGHUHVRQDQFLD
0DVDHIHFWLYD\ULJLGH]HIHFWLYD
)UHFXHQFLDVGHUHVRQDQFLD$GPLWDQFLDGHHQWUDGD\IXQFLyQGHWUDQVIHUHQFLD
)RUPDVJHQHUDOHVGHH[FLWDFLyQGHUHVRQDQFLDVPDQWHQLGDVHLQVWDQWiQHDV
&DUDFWHUL]DFLyQItVLFD\SHUFHSWLYDGHODVUHVRQDQFLDV
5HYLVLyQGHOPRGHORItVLFRGHORVLQVWUXPHQWRVPXVLFDOHV
$FRSODPLHQWRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
7,0%5(
&RQFHSWRGHWLPEUH
5pJLPHQWUDQVLWRULR
)RUPDQWHVGHODYR]
(VSDFLRGHWLPEUHV
029,0,(17221'8/$725,2
2QGDVWUDQVYHUVDOHV\ORQJLWXGLQDOHV
&DUDFWHUL]DFLyQGHODVRQGDVYHORFLGDGGHSURSDJDFLyQORQJLWXGGHRQGDQXPHURGHRQGDSHULRGRIUHFXHQFLDDPSOLWXG
3URSDJDFLyQGHOVRQLGRHQHODLUH
3HUWXUEDFLyQGHODVRQGDVVRQRUDVSRUORVREMHWRV
(IHFWR'RSSOHU
5HIOH[LyQUHIUDFFLyQDEVRUFLyQGLIXVLyQ\GLVSHUVLyQ
2QGDVHVWDFLRQDULDV,QWHUIHUHQFLDV
2,'2<$8',&,Ï1
2tGRH[WHUQRIXQFLyQDF~VWLFD
2tGRPHGLRWUDQVIRUPDFLyQDF~VWLFRPHFiQLFD
2tGRLQWHUQRDQiOLVLVGH)RXULHU
7HRUtDVGHOD/RFDOL]DFLyQ\OD3HULRGLFLGDG
$FWLYLGDGGHORVKHPLVIHULRVFHUHEUDOHV
,/86,21(6086,&$/(6
)XVLyQILVLyQ\FRKHUHQFLDWHPSRUDO
(/0(1726'($&867,&$'(6$/$6
([LJHQFLDVSDUDODEXHQDDF~VWLFDGHXQDVDOD
(FR\UHYHUEHUDFLyQ7LHPSRGHUHYHUEHUDFLyQ
6HQVDFLyQGHVRQLGRGLUHFWR
'LUHFFLyQGHUDGLDFLyQGHLQVWUXPHQWRVPXVLFDOHV
&ODULGDGWLHPSRGHGHFDLPLHQWRSULPDULR('7WLHPSRGHHOHYDFLyQ(7tQGLFHVGHLQYHUVLyQ
(MHPSORVGHVDODVGHFRQFLHUWRV
0HMRUDGHFRQGLFLRQHV\DGHFXDFLRQHVDF~VWLFDVGHODVVDODV
&/$6,),&$&,21'(/26,167580(1726086,&$/(6
,QVWUXPHQWRVPXVLFDOHVGHFXHUGDSHUFXWLGDSXOVDGD\SXQWHDGD
,QVWUXPHQWRVPXVLFDOHVGHYLHQWRHPERFDGXUDOHQJHWD\ERTXLOOD
,QVWUXPHQWRVPXVLFDOHVGHSHUFXVLyQEDUUDVSODFDVPHPEUDQDV
,1752'8&&,Ï1$/$(/(&752$&Ò67,&$
6LVWHPDVPHFiQLFRVGHDOPDFHQDPLHQWRGHODVHxD&RPLHQ]RKLVWyULFR
6LVWHPDVPDJQpWLFRVGHDOPDFHQDPLHQWR\UHSURGXFFLyQ
7UDQVGXFWRUHVDF~VWLFRV
/DHUDGLJLWDO$OPDFHQDPLHQWRGHGDWRV\FRQYHUWLGRUHV'$&\$'&
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
,1752'8&&,Ð1
$F~VWLFDGHOD0~VLFD&RPELQDFLyQGHFLHQFLD\P~VLFD
/D$F~VWLFDGHOD0~VLFDHVODFLHQFLDTXHHVWXGLDODQDWXUDOH]DGHOVRQLGR\GHODP~VLFD/DDXGLFLyQGHXQVRQLGRHVWi
OLJDGD D YLEUDFLRQHV /DV RQGDV PHFiQLFDV TXH HVWXGLDUHPRV HQ HVWH FXUVR VRQ QHFHVDULDV SDUD TXH VH SURGX]FD OD
FRPXQLFDFLyQVRQRUD/DVYLEUDFLRQHVVHSURGXFHQHQHOLQVWUXPHQWRREMHWRHOiVWLFR\VHSURSDJDQDWUDYpVGHOPHGLR
PHFiQLFR WDPELpQ HOiVWLFR DLUH DJXD ([LVWH XQD FDSWDFLyQ GH HVWDV RQGDV SRU SDUWH GHO RtGR GHVSXpV VRQ
WUDQVPLWLGDVDOFHUHEUR\pVWHLQWHUSUHWDORVGDWRVSURGXFLHQGRXQDYLYHQFLDPXVLFDO
(0,6,Ï1
75$60,6,Ï1
5(&(3&,Ï1
6LVWHPDYLEUDQWH
0HGLRDLUHDJXD
2tGRKXPDQR
PXVLFDO
,QVWUXPHQWR
$F~VWLFDGHVDODV
&HUHEUR
/D $F~VWLFD GH OD 0~VLFD KD VLGR GHVDUUROODGD SRU FLHQWtILFRV FRQ LQWHUpV PXVLFDO \ P~VLFRV FRQ LQWHUpV HQ HO PpWRGR
FLHQWtILFR(VXQDUDPDGHOD$F~VWLFDTXHSHUWHQHFHDOD)tVLFD\pVWDDODVFLHQFLDVGHODQDWXUDOH]D3RGHPRVLQFOXLU
WDPELpQ D OD $0 'HQWUR GH OD PXVLFRORJtD SRU OR TXH VH UHILHUH D OD SVLFRDF~VWLFD TXH HVWi GHQWUR GH ODV FLHQFLDV
KXPDQtVWLFDV/D$0WLHQHWUDEDMRVVREUHPHFiQLFDYLEUDFLRQDO\VREUHSHUFHSFLyQ\UHVSXHVWDGHOVHUKXPDQR
2EMHWRGHHVWXGLR/DFDGHQDPXVLFDO
6L FRQVLGHUDPRV WRGR OR TXH HVWi UHODFLRQDGR FRQ XQD YLYHQFLD PXVLFDO SRGHPRV GHVDUUROODU XQD FDGHQD HQ OD TXH
WHQGUHPRVFRPRSULPHUHVODEyQDOFRPSRVLWRUSRUHOSDSHOTXHOHFRUUHVSRQGHGHVSXpVODREUDHOLQWpUSUHWHLQVWUXPHQWR
VDODR\HQWH\VHSXHGHQDxDGLUFDGHQDVFRPRODJUDEDFLyQ\UHSURGXFFLyQGHODREUD
2%5$
,17e535(7(
,167580(172
6$/$
&20326,725
2<(17(
*5$%$&,Ï1
5(352'8&&,Ï1
(QWUH ORV GLIHUHQWHV HVODERQHV H[LVWH XQD LQWHUDFFLyQ 'HSHQGLHQGR GHO WLSR GH REUD WHQGUHPRV GLIHUHQWHV VDODV PiV R
PHQRVDGHFXDGDVSDUDVXHMHFXFLyQ([LVWHQVDODVFRPRFDWHGUDOHVLJOHVLDVHWFTXHQRDGPLWHQFXDOTXLHUWLSRGHREUD
6LFRQVHJXLPRVXQLQVWUXPHQWRFRQFUHWRFRQVXVRQRULGDG\GHWHUPLQDGDVFDUDFWHUtVWLFDVSXHGHFRPHQ]DUODFDGHQDHQHO
LQVWUXPHQWR6HSXHGHDGDSWDU\FRPSRQHUXQDREUDSDUDXQLQWpUSUHWHRSDUDXQLQVWUXPHQWRFRQFUHWRHWF
0HWRGRORJtD\PHGLRVHPSOHDGRVHQOD$F~VWLFDGHOD0~VLFD
(OPpWRGRHVXQSURFHGLPLHQWRFLHQWtILFRSDUDLQWHQWDUFRPSUHQGHUPHMRUORVIHQyPHQRVTXHQRVURGHDQ\WUDVPLWLUORVDODV
VXFHVLYDV JHQHUDFLRQHV 0HGLDQWH HO DQiOLVLV \ OD VtQWHVLV VH KDQ OOHJDGR D FRPSUHQGHU \ FRQRFHU JUDQ FDQWLGDG GH
IHQyPHQRV2WURVKDOOD]JRVVXUJHQGHIRUPDJHQXLQDLQWXLWLYDIRUWXLWDFDVXDOHWF
6XSRQJDPRVTXHTXHUHPRVPHMRUDUXQLQVWUXPHQWRPXVLFDOPHMRUDUFLHUWRVDUPyQLFRVHWF$QDOL]DPRVHO LQVWUXPHQWR
RULJLQDOGHVPHQX]iQGRORHQHOPD\RUQ~PHURGHSDUWHVSRVLEOHVLQYHVWLJDPRVpVWDVSRUVHSDUDGR\GHVSXpVKDFHPRVOD
VtQWHVLV UHFRQVWUXLPRV HO QXHYR LQVWUXPHQWR VXSXHVWDPHQWH PHMRUDGR +DEUi TXH WHQHU HQ FXHQWD FRPR QR OD
LQWHUUHODFLyQ TXH H[LVWH HQWUH ODV GLIHUHQWHV SDUWHV GHO LQVWUXPHQWR 0HGLDQWH HVWD HVSLUDO GH DQiOLVLVVtQWHVLV VH KD
DYDQ]DGRPXFKRHQODDF~VWLFD6HDQDOL]DXQSURFHVRPXVLFDOVHH[WUDHQFRQFOXVLRQHV\VLQWHWL]DPRVGHVSXpVODREUD
(QHVWRVSURFHVRVHVPX\LPSRUWDQWHODH[SHULPHQWDFLyQ3UiFWLFDPHQWHWRGDODLQYHVWLJDFLyQHVH[SHULPHQWDO
/RV FRQFHSWRV GH ORV TXH SDUWLPRV \ D ORV TXH WHQHPRV DFFHVR GLUHFWR VRQ SXUDPHQWH PXVLFDOHV R YLYpQFLDOHV 8Q
FRQFHSWRPXVLFDOTXHYLYHQFLDPRVQRVRWURVHVODDOWXUDGHWRQR\SRGHPRVSODQWHDUQRVSRUTXpXQWRQRHVPiVDJXGRR
DOWRTXHRWURHQWRQFHVDSDUHFHHOFRQFHSWRItVLFRGHIUHFXHQFLDTXHWLHQHTXHYHUFRQHOQžGHYHFHVTXHYLEUDHOVLVWHPD
SRUVHJXQGR/DVRQRULGDGHVRWURFRQFHSWRYLYHQFLDOTXHHVWiOLJDGRDOFRQFHSWRItVLFRGHSUHVLyQVRQRUD\DPSOLWXGGH
ODRQGD3RU~OWLPRWHQHPRVHOWLPEUHFRPRWHUFHUFRQFHSWRYLYHQFLDOTXHGHILQHXQDQRWDPXVLFDO\ORUHODFLRQDUHPRV
HQWUHRWURVFRQFHSWRVItVLFRVFRQODGLVWULEXFLyQGHDUPyQLFRV/DDOWXUDGHWRQRHVXQFRQFHSWRTXHH[SUHVDXQDYLYHQFLD
SHUVRQDOODIUHFXHQFLDHQFDPELRHVXQFRQFHSWRItVLFRPHGLEOHVLQQHFHVLGDGGHYLYHQFLDSURSLD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
8Q VRQLGR TXHGD DVt GHILQLGR FRQ HVWDV WUHV FDUDFWHUtVWLFDV R FRQFHSWRV YLYHQFLDOHV FDGD XQR GH ORV FXDOHV WLHQH VX
H[SOLFDFLyQPHGLDQWHVXFRUUHVSRQGLHQWHFRQFHSWRItVLFR
&RQFHSWRVYLYHQFLDOHV &RQFHSWRVItVLFRV
$OWXUDGHWRQR
)UHFXHQFLD
6RQRULGDG
$PSOLWXG3UHVLyQVRQRUD
7LPEUH 'LVWULEXFLyQGHDUPyQLFRVHWF
(VLPSRUWDQWHVHxDODUTXHH[LVWHQQRWDEOHVGLIHUHQFLDVHQWUHORTXHSHUFLELPRV\ORTXHVHSXHGHPHGLUHQXQVLVWHPD/RV
FRQFHSWRVWHQGUiQSXQWRVGHXQLyQFRP~QDVtFRPRGLYHUJHQFLDVTXHYHUHPRVDORODUJRGHOFXUVR
/RVPHGLRVSDUDHODQiOLVLVHPSOHDGRVHQDF~VWLFDVRQPLFUyIRQRVDFHOHUyPHWURVRGHWHFWRUHVGHYLEUDFLRQHVPDUWLOORV
WUDQVGXFWRUHV HWF FRQHFWDGRV D XQ DQDOL]DGRU GH HVSHFWUR /RV VLVWHPDV FRPR YHUHPRV VH SXHGHQ GHVFULELU HQ HO
HVSDFLRGHWLHPSRVRHQHOHVSDFLRGHIUHFXHQFLDVDPERVSHUIHFWDPHQWHYiOLGRVDXQTXHODPD\RUtDGHORVHVWXGLRVHQ
QXHVWUR FDVR ORV KDUHPRV HQ HO HVSDFLR GH IUHFXHQFLDV \D TXH pVWH QRV RIUHFH GDWRV PiV FRPSUHQVLEOHV VREUH OD
QDWXUDOH]DGHFDGDVRQLGRTXHDQDOL]DPRV&DGDHVSDFLRWHQGUiVXVYHQWDMDV\VXVLQFRQYHQLHQWHV
([LVWHXQDSDUDWRGHPHGLGDPX\LPSRUWDQWHDWHQHUHQFXHQWDTXHHVHORtGR&RQYLHQHFRQWUDVWDU\YHUVLORVKHFKRVTXH
HVWXGLDPRVYDQELHQDORtGRKXPDQR\DTXHHVDOILQ\DOFDERHOUHFHSWRU~OWLPRGHWRGRORTXHHVWXGLDPRVHQDF~VWLFD
3URFHVRKLVWyULFR'H3LWiJRUDVDOVLJOR;;
1RVUHPRQWDPRVDOVLJOR9DFHQHOTXH3LWiJRUDV\VXJUXSRUHFRUULyWRGRVORVFDPLQRVWDQWRWHUUHVWUHVFRPRGHOVDEHU\
HO FRQRFLPLHQWR (VWH VHxRU IXQGy XQD VHFWD TXH VLQ VHU UHOLJLRVD IXH FLHQWtILFD (O JUXSR WHQtD JUDQ LQWHUpV SRU ODV
PDWHPiWLFDVHVHQFLDGHOXQLYHUVRSHURWDPELpQSRUODP~VLFD+LFLHURQH[SHULPHQWRVFRQODVUHODFLRQHVGHORQJLWXGGHOD
FXHUGDWHQVLyQHWF\ORVVRQLGRVTXHSURYRFDEDQ/RVVRQLGRVDJUDGDEOHVHQWUHVLRDUPyQLFRVHVWDEDQUHODFLRQDGRVGH
IRUPDPDWHPiWLFDVHQFLOOD
(QWUH RWURV WDQWRV QRV HQFRQWUDPRV FRQ $ULVWyJHQHV DF TXLHQ GHVDUUROOy XQ VLVWHPD GH HVFDODV DVt FRPR
(UDWyVWHQHV TXH WDPELpQ KL]R VXV MXHJRV DOJRUtWPLFRV \ HVFDODV \ DGHPiV GH HVWR HO WLSR HUD FDPSHyQ ROtPSLFR \
JHyJUDIR&RPRFDVLWRGRVORVJULHJRVVDELDGHWRGR
3RGHPRVFHQWUDUQRVHQHOVLJOR;9,FRQ=DUOLQRXQFRPSRVLWRULWDOLDQR\WHyULFRPXVLFDOSUHRFXSDGRSRUODV
HVFDODV PXVLFDOHV 5HWRPR LGHDV GH $ULVWyJHQHV \ GHVDUUROOy HO VLVWHPD GH HVFDODV TXH VH FRQRFH SRU VX QRPEUH
$ULVWyJHQHV=DUOLQR
6HGDXQVDOWRFXDOLWDWLYRFRQ*DOLOHR*DOLOHLHQODLQYHVWLJDFLyQVREUHDF~VWLFD(VWHSHUVRQDMHUHYROXFLRQyHO
SHQVDPLHQWRFLHQWtILFRFRQVXPHFiQLFD\VXDVWURQRPtD6XSDGUHHUDXQEXHQP~VLFRGHODpSRFD\*DOLOHRVHSODQWHyOD
FXHVWLyQ GH OD DOWXUD GH WRQR GH TXp GHSHQGtD OD YLYHQFLD TXp VH VLHQWH \ YLR FRPR WHQtD UHODFLyQ FRQ HO Q~PHUR GH
YLEUDFLRQHVSRUVHJXQGRGHOVLVWHPDTXHYLEUD&XDQWDVPiVYLEUDFLRQHVSRUVHJXQGRPD\RUHVODDOWXUDGHWRQR
0DULQ0HUVHQQHHUDXQYHQGLGRDODLJOHVLD\QRWXYRSUREOHPDVFRPRHO³KHUHMH´GH*DOLOHR(UDPDWHPiWLFR
QDWXUDOLVWD HWF 3URIXQGL]y HQ ORV IHQyPHQRV YLEUDWRULRV GH FXHUGDV &RQVWUX\y FXHUGDV ODUJDV \ JUXHVDV FRQ WHQVLyQ
ORQJLWXGGHQVLGDGHVGLIHUHQWHV\SXGRFRQWDUODVYLEUDFLRQHV$OILQDOGLRFRQODIyUPXODTXHUHODFLRQDODYLEUDFLyQGHODV
FXHUGDVFRQVXORQJLWXGWHQVLyQHWF6HFRQVLJXLyODUHODFLyQHQWUHIUHFXHQFLD\DOWXUDGHWRQR
5REHUW+RRNHUHSURGXMRODVH[SHULHQFLDVGH0HUVHQQH\VLJXLyLQYHVWLJDQGRHQODIUHFXHQFLD\DOWXUDGHWRQR
-RVHSK6DYHXUVHPHWHHQHOHVWXGLRGHOWLPEUH\HQFXHQWUDODH[LVWHQFLDGHORVDUPyQLFRVQRVHJHQHUDXQ
VRORVRQLGRVLQRTXHDFRPSDxDQDpVWHVXVRFWDYDVTXLQWDVHWF$SDUHFHHOFRQFHSWRGHWLPEUH
/DJUDQJHGRWyDODFLHQFLDGHXQDVKHUUDPLHQWDVPDWHPiWLFDVSDUDWUDVODGDUDOSDSHOWRGDVODVYLEUDFLRQHV
LQFOXLGDVODVVRQRUDV
(UQHVW&KODGQLGHVFXEULyXQVLVWHPDPX\SUiFWLFRSDUDYHUFRPRYLEUDQODVWDSDVGHODVFDMDVDF~VWLFDVGH
UHVRQDQFLD GH ORV LQVWUXPHQWRV ORV GLIHUHQWHV PRGRV GH YLEUDFLyQ \ VXV IUHFXHQFLDV &RQ DUHQD ILQD \ XQ DUFR FRPR
H[FLWDGRUFRQVLJXLyGLEXMDUODVOtQHDVQRGDOHVGHODVSODFDV)LJ/DDUHQDVHTXHGDTXLHWDHQODVOtQHDVGHYLEUDFLyQQXOD
\VDOWDHQODV]RQDVHQODVTXHH[LVWHYLEUDFLyQ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
)RXULHU FRQVLJXLy HVWDEOHFHU XQD UHODFLyQ GH ODV YLEUDFLRQHV HQWUH HO HVSDFLR GH WLHPSRV \ HO HVSDFLR GH
IUHFXHQFLDV)LJ
)HOL[6DYDUWIXHXQLPSRUWDQWHSHUVRQDMHGHODpSRFDIXQGDGRUGHOHOHFWURPDJQHWLVPRWDPELpQKL]RJUDQGHV
FRVDVHQDF~VWLFDPXVLFDO/HLPSUHVLRQyODVRQRULGDGGHORVYLROLQHV6WUDGLYDUL*XDUQHULHWF4XHUtDWDSDVVXHOWDV\IXH
GRQGH-%9LOODXPHXQRGHORVPHMRUHVOXWKLHUHVTXHUHWRFDURQORVYLROLQHV6WUDGLYDUL\*XDUQHULSDUDGDUOHV
PiVVRQRULGDG6DYDUWH[SHULPHQWyFRQHVWRVYLROLQHV\FRQHOPpWRGRGH&KODGQLYLRTXHHQORVEXHQRVYLROLQHVDSDUHFtD
XQPRGRGHYLEUDFLyQFRQIRUPDGHDQLOOR)LJTXHQRDSDUHFtDHQORVYLROLQHVQRUPDOHV9LOODXPHIDOVLILFyVXVYLROLQHV\
ORVKL]RSDVDUSRU6WUDGLYDULGHVSXpVGHDILQDUODVWDSDV6DYDUWSHQVyHQFRQVWUXLUXQYLROtQGHOtQHDVPiVVHQFLOODVFRQ
IRUPDWUDSH]RLGDO)XHXQLQYHQWRFXULRVRDFHSWDEOHFRQMXLFLRVIDYRUDEOHVDXQTXHQRKDSDVDGRDODKLVWRULD&RQYHQFLy
D9LOODXPHSDUDFRQVWUXLUXQFRQWUDEDMRHQVXMXVWDPHGLGD\VRQDEDPHMRUDXQTXHHUDWDQJUDQGHTXHSDUDWRFDUORKDFtDQ
IDOWDGRVSHUVRQDV\HOLQVWUXPHQWRTXHGRHQGHVXVR
+HOPKROW]HVFRQVLGHUDGRFRPRHOSDGUHGHODDF~VWLFDPRGHUQD)XHItVLFRILVLyORJRPpGLFRHWF\P~VLFR
)XQGR OD ySWLFD ILVLROyJLFD &RQHFWy ORV DUPyQLFRV FRQ ODV YLYHQFLDV FHUHEUDOHV &RQWULEX\y FRQ PXFKRV DYDQFHV D OD
SVLFRDF~VWLFD(QIXQFLyQGHORVDUPyQLFRVGHVFULELyHOWLPEUHGHORVLQVWUXPHQWRVWDPELpQHVWXGLyVREUHODLQIOXHQFLDGH
ODVGLVRQDQFLDVHQHOFHUHEUR
/RUG5D\OHLJKHVHOSDGUHGHODDF~VWLFDPRGHUQDSDUDORVLQJOHVHV5DPDQXQKLQG~GHODFRORQLDEULWiQLFD
PX\GRWDGRSDUDODFLHQFLDFRPRWDQWRVRWURVKLQG~HVXQDYH]OLFHQFLDGRHQItVLFDVHHQDPRUyGHORVLQVWUXPHQWRVGH
DUFR/HLQWHUHVyODLQWHUDFFLyQDUFRFXHUGD\FXHUGDWDSDYtDSXHQWH\GHVDUUROOyXQVLVWHPDPHFiQLFRSDUDWRFDUHOYLROtQ
\OOHJyDGHVFXEULUODQRWDGHOORERXQDFRSODPLHQWRPX\IXHUWHHQWUHFXHUGD\WDSD
6DXQGHUVHOFXDOPXULyKDFHXQRVDxRVHPSH]yFRPRItVLFR GHUHQRPEUH\GHVSXpVVHSDVyDODP~VLFD(QFXDQWR
SXGRWUDQVIRUPyVXODERUDWRULRGH+DUZDUGHQXQRDGHFXDGRSDUDLQYHVWLJDUORVLQVWUXPHQWRVGHFXHUGD +L]RHVWXGLRV
VREUHFDMDVDF~VWLFDVGHUHVRQDQFLDODUHVSXHVWDDFLHUWDVIUHFXHQFLDVUHVRQDQFLDVGHODPDGHUDGHODFDYLGDGGHDLUH
HWF&RQRFLyDOYLROLQLVWD-+HLIW]LOXVWUHHQHVDpSRFDTXLHQVHLQWHUHVySRUORVGHVFXEULPLHQWRVGHOFLHQWtILFR\HQWUHJLUD
\JLUDVHDFHUFDEDDOODERUDWRULRGH6DXQGHUVSDUDDQDOL]DUORVEXHQRVYLROLQHVTXHWHQtD&RQHFWDUORVSDUiPHWURVItVLFRV
FRQ OD FDOLGDG WRQDO GHO LQVWUXPHQWR HUD XQ LQWHUpV FRP~Q D ORV GRV /RV EXHQRV YLROLQHV WLHQHQ OD UHVRQDQFLD GH DLUH
SUy[LPDDO5(GHOYLROtQ\ODUHVRQDQFLDGHODPDGHUDFHUFDGHO/$6DXQGHUVIXQGyOD&DWJXW$FXVWLFDO6RFLHW\PHGLRHQ
EURPDV\DKRUDWLHQH\DVRFLRVHQWRGRHOPXQGR\HQWRGRVORVFDPSRVGHODDF~VWLFD
(QWUHORVGLVFtSXORV\GLVFtSXODVGHHVWHVHxRUHVWi&DUOLQ+XWFKLQVTXHVLJXLyLQYHVWLJDQGRVREUHODDF~VWLFDGHOYLROtQ\
VREUHODFRQVWUXFFLyQKDVWDSDVDGRVORVQRYHQWDDxRV(PSH]yFRPRELyORJDSHURVHLQWHUHVySRUODYLROD\VHFDPELy
&RQ6DXQGHUVHQHOODERUDWRULRDSUHQGLyDF~VWLFD\FRQ6DFRQL\RWURV/XWKHUtD&RQVWUX\yXQDIDPLOLDGHLQVWUXPHQWRV
GH FXHUGD \ DUFR VLJXLHQGR ORV FULWHULRV GH 6DXQGHUV +L]R EXHQRV YLROLQHV FRPSDUDGRV LQFOXVR FRQ ORV 6WUDGLYDUL $O
PpWRGRGH6DYDUWVHOHGHQRPLQDDKRUDGH+XWFKLQVSXHVHVWDVHxRUDORPHMRUy'HVSXpVGH6WUDGLYDUL\*XDUQHULQRVH
KDQFRQVWUXLGRLQVWUXPHQWRVTXHVXSHUHQHQFDOLGDGGHVRQLGRDORVTXHKLFLHURQHQVXGtDHVWRVJUDQGHVPDHVWURVVH
KDQFRSLDGRELHQSHURQDGDPiV(VWDSHUVRQDKDPDUFDGRHMHPSORFRQODFDOLGDGGHVXVLQVWUXPHQWRV
-RKDQ 6XQGEHUJLQYHVWLJy HQ HO UHDO LQVWLWXWR GH WHFQRORJtD GH (VWRFROPR HQ HOGHSDUWDPHQWRGH DF~VWLFD *XQDU )DQW
LQYHVWLJyVREUHODYR]KXPDQDKL]RVtQWHVLVPHFiQLFDVGHYR]\HOHFWUyQLFDV6XQGEHUJKL]RHOGRFWRUDGRVREUHWXERVGH
yUJDQRHVWXGLyFDQWR\DGDSWyODVLQYHVWLJDFLRQHVGH)DQWDODYR]KXPDQD'HVFXEULyHOIRUPDQWHGHORVFDQWDQWHV9LR
FRPRORVEXHQRVFDQWDQWHVDFHQW~DQ\DJUXSDQORVIRUPDQWHVUHVRQDQFLDVGHODYR]DOUHGHGRUGHK]IUHFXHQFLDD
OD FXDO OD RUTXHVWD WLHQH XQ GHFDLPLHQWR\ VHOHV SXHGH RtU ELHQ D HOORV $ ORV YLROLQHVVROLVWDVOHV SDVD DOJR SDUHFLGR
6XQGEHUJ MXQWR FRQ HO YLROLQLVWD /DUV )ULGHQ \ RWUR VXHFR $VNHQIHOW LQYHVWLJDURQ VREUH OD PXVLFDOLGDG /D YR] HV HO
LQVWUXPHQWR PiV XWLOL]DGR \ OD PXVLFDOLGDG WLHQH PXFKR TXH YHU FRQ OD YR] KXPDQD \D TXH HO RtGR HVWD SHUIHFWD \
SHUPDQHQWHPHQWHDGDSWDGRDHOOD
0DQIUHG&O\QHVHQ6\GQH\KDGHVDUUROODGRWUDEDMRVVREUHPXVLFDOLGDGH[SUHVLYLGDGHQODHMHFXFLyQHWF(VXQFRQFHUWLVWD
GHSLDQRFRQPXFKRLQWHUpVFLHQWtILFR+D\JUDQGLIHUHQFLDHQWUHODSRWHQFLDGHFRPXQLFDFLyQGHXQRV\RWURV'HVFULELy
GLQiPLFDVGLIHUHQWHVSDUDFDGDHPRFLyQ6HIXHFRQORVDERUtJHQHVDXVWUDOLDQRVDHVWXGLDUODVUHVSXHVWDVHPRFLRQDOHV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
DQWH ODV GLIHUHQWHV GLQiPLFDV \ YLR TXH QR HUDQ PX\ GLIHUHQWHV DO UHVWR GHO PXQGR ³FXOWR´ ([LVWHQ FDUDFWHUtVWLFDV PX\
FRQFUHWDVLQKHUHQWHVDODELRORJtDKXPDQD
)OHFKHU\3ROODUGWDPELpQHQ$XVWUDOLDLQYHVWLJDURQVREUHWXERVGHyUJDQR\VREUHSLDQRUHVSHFWLYDPHQWH/RWDU&UHPHU
FDWHGUiWLFRGHPHFiQLFDHQ%HUOtQXQDGHODVSULQFLSDOHVDXWRULGDGHVGHOVLJORHVWXGLyVREUHDF~VWLFDGHVDODV\GHPiV
-XUJHQ0H\HUVLJXHODOtQHDGH&UHPHUFRQDF~VWLFDGHVDODV/DVDODGHODILODUPyQLFDGH%HUOtQODDGHFXDURQHVWRVGRV
WLSRV
(ULF -DQVRQ HQ 6XHFLD KD LQYHVWLJDGR VREUH JXLWDUUDV \ YLROLQHV DF~VWLFD GH VDODV SLDQR YLHQWR HWF FRQ %HQDGH HQ
&OLYHODQG ,QYHVWLJy FRQ PpWRGRV SURSLRV GH PDQHUD H[FHSFLRQDO %HQDGH OOHYR SRU DOJ~Q WLHPSR ODV WHVLV GH -DQVRQ
)XQGRHQ&OLYHODQGXQJUXSRGHWUDEDMRFRQXQDPHWRGRORJtDPRGHUQD-DQVRQ\-HV~V$ORQVRGHVDUUROODURQHQ6XHFLDXQ
PpWRGRGHPHGLGDGHODDGPLWDQFLDGHORVLQVWUXPHQWRVPXVLFDOHV
7 5RVVLQJ FDWHGUiWLFR GH ItVLFD GH OD XQLYHUVLGDG GH 'HFDOV LQYHVWLJy VREUH SHUFXVLyQ \ WDQWDV RWUDV FRVDV PDV
ÒOWLPDPHQWHGHGLFDVXWLHPSRDODLQYHVWLJDFLyQVREUHFDPSDQDV
*:HLQUHLFKHQODXQLYHUVLGDGGH0LFKLJDQLQYHVWLJDVREUHP~VLFDDF~VWLFDSLDQRVDUFRHWF\PXFKRVLQYHVWLJDGRUHV
PiV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
029,0,(17269,%5$725,26
0RYLPLHQWRYLEUDWRULRDUPyQLFRVLPSOHPYDV
/RVVRQLGRV WLHQHQVX RULJHQ HQYLEUDFLRQHV 3DUDTXHH[LVWD ODVHxDO DF~VWLFD QHFHVLWDPRVXQVLVWHPD TXH LQGX]FDOD
YLEUDFLyQ (VWH VLVWHPD KD GH VHU HOiVWLFR HVWR HV TXH WHQJD XQD ULJLGH] \ FDSDFLGDG VXILFLHQWH FRPR SDUD SRGHU
UHFXSHUDUODSRVLFLyQGHHTXLOLEULRDQWHXQGHVSOD]DPLHQWRSURGXFLGRSRUXQDIXHU]DH[WHULRU(OVLVWHPDRVFLODQWHJHQHUD
FRPSUHVLRQHV \ GHSUHVLRQHVHQ OD PDWHULD R PHGLR TXH OR URGHD /DV VHxDOHV DF~VWLFDV VH SURSDJDQ D WUDYpV GH HVWH
PHGLRPHFiQLFR\HOiVWLFRDLUHDJXDPDGHUDHWF\VRQHVWDVYDULDFLRQHVGHSUHVLyQODVTXHOOHJDQDQXHVWURRtGR\
DFWLYDQWRGRHOFRPSOHMRDXGLWLYR8QRtGRKXPDQRVDQRHVFDSD]GHUHDFFLRQDUDIUHFXHQFLDVFRPSUHQGLGDVHQWUH\
RVFLODFLRQHVSRUVHJXQGR3RUGHEDMRGHHVWRVK]WHQHPRVORVLQIUDVRQLGRV\SRUHQFLPDGHORVK]HVWiQ
ORVXOWUDVRQLGRVTXHDXQTXHQRORVSHUFLEDPRVVRQYLEUDFLRQHVTXHSDUDELHQRSDUDPDOQRVDIHFWDQ
/RV LQVWUXPHQWRV PXVLFDOHV VRQ VLVWHPDV LGyQHRV SDUD SURGXFLU HVWDV YLEUDFLRQHV (VWRV LQVWUXPHQWRV WLHQHQ
FDUDFWHUtVWLFDVHVSHFLDOHVSDUDSURGXFLU\WUDVPLWLUORTXHHOP~VLFRTXLHUHH[SUHVDU
$SDUWLUGHXQSXQWRGHHTXLOLEULRVHSURGXFHXQPRYLPLHQWRSHULyGLFR6LHVPX\FRPSOHMRORLQWHQWDUHPRVH[SUHVDUHQ
WpUPLQRV PiV VHQFLOORV 6H EXVFDQ XQDV YLEUDFLRQHV EiVLFDV HOHPHQWDOHV \ VH FRQVWUX\HQ WRGDV ODV GHPiV D SDUWLU GH
HVWDV
(O PYDV HV OD EDVH SDUD FXDOTXLHU YLEUDFLyQ SHULyGLFD 6XSRQHPRV HO JLUR GH XQD SDUWtFXOD DOUHGHGRU GH XQD
FLUFXQIHUHQFLD/DSUR\HFFLyQGHHVWHSXQWRHQHOHMHYHUWLFDOSXHGHUHSUHVHQWDUODRVFLODFLyQGHXQDPDVDDFRSODGDDXQ
PXHOOH 6L UHSUHVHQWDPRV HVWD RVFLODFLyQ HQ HO WLHPSR DSDUHFH OR TXH FRQRFHPRV FRPR OD IXQFLyQ WULJRQRPpWULFD
VLQXVRLGDO R DUPyQLFR (Q OD ILJXUD WHQHPRV OD UHSUHVHQWDFLyQ HQ HO WLHPSR \ HQ IUHFXHQFLD GH XQ DUPyQLFR GH
IUHFXHQFLDI
(QHVWHFDVRXQDYLEUDFLyQFRPSOHWDYLHQHGDGDSRUHOSHULRGR7TXHGHILQLPRVFRPRHOWLHPSRTXHWDUGDHOVLVWHPDHQ
FRPSOHWDU XQ FLFOR /D IUHFXHQFLD VHUi HO Q~PHUR GH RVFLODFLRQHV TXH UHDOL]D HO VLVWHPD HQ XQD XQLGDG GH WLHPSR XQ
VHJXQGR /D IUHFXHQFLD HV HO LQYHUVR GHO SHULRGR 7 I 3RGHPRV GHFLU WDPELpQ HQ HVWH FDVR TXH HO VLVWHPD HVWD
SURGXFLHQGRXQVRQLGRRWRQRSXUR/RVLQVWUXPHQWRVPXVLFDOHVJHQHUDQYLEUDFLRQHVPXFKRPiVFRPSOHMDVTXHpVWDSHUR
FRQXQDVFXDQWDVGHHVWDVVHxDOHVVLQXVRLGDOHVVHSRGUiQFRPSRQHUGHPDQHUDVDWLVIDFWRULDWRGDVODVGHPiV
'HSHQGLHQGR GH ODV RVFLODFLRQHV TXH VH SURGX]FDQ HQ XQ VHJXQGR HO VRQLGR HPLWLGR WHQGUi XQD DOWXUD GH WRQR
GHWHUPLQDGDTXHFRPRYLPRVHVXQDYLYHQFLDSHUVRQDO/DPDJQLWXGItVLFDDVRFLDGDHVODIUHFXHQFLDTXHPHGLPRVHQ
KHUFLRVK]PDJQLWXGLQKHUHQWHDFXDOTXLHUYLEUDFLyQODSHUFLEDPRVRQR&XDQWRPD\RUVHDODIUHFXHQFLDGHOVLVWHPD
PD\RUVHUiODDOWXUDGHWRQR
/ODPDPRV DPSOLWXG GH RQGD DO Pi[LPR GHVSOD]DPLHQWR UHVSHFWR GHO SXQWR GH HTXLOLEULR /D HORQJDFLyQ HV HO
GHVSOD]DPLHQWRHQXQLQVWDQWHGHWHUPLQDGR/DVRQRULGDGHVRWUDYLYHQFLDQXHVWUDFX\RFRQFHSWRItVLFRDVRFLDGRHVOD
DPSOLWXG GH OD YLEUDFLyQ \ FRPR FRQVHFXHQFLD OD SUHVLyQ VRQRUD SURGXFLGD (O VLVWHPD PiV VHQFLOOR TXH SRGDPRV
LPDJLQDUFDSD]GHSURGXFLURVFLODFLRQHVHVHOFRPSXHVWRSRUXQDPDVDDFRSODGDDXQPXHOOHFRQXQDULJLGH]GDGD(Q
HVWHVLVWHPDODIUHFXHQFLDYLHQHGHWHUPLQDGD~QLFDPHQWHSRUODPDVD\ODULJLGH]GHOPXHOOHFXDQWRPD\RUHVODULJLGH]
PD\RUHVODIUHFXHQFLD\FXDQWRPHQRUHVODPDVDDVRFLDGDPD\RUHVODIUHFXHQFLD+D\TXHVHxDODUTXHHQHVWHVLVWHPD
VHQFLOORODPDVD\ODULJLGH]HVWiQGHVDFRSODGDVORTXHTXLHUHGHFLUTXHSRGHPRVPRGLILFDUXQDFDUDFWHUtVWLFDVLQTXH
YDUtHODRWUD(QODPDGHUDHVWRQRRFXUULUi
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
1RVLQWHUHVDPXFKRFRQWURODUODIUHFXHQFLDGHORVGLIHUHQWHVVLVWHPDVTXHVHUiQORVLQVWUXPHQWRVPXVLFDOHVHQQXHVWUR
FDVRFXHUGDVWXERVPHPEUDQDVHWFODIUHFXHQFLDODGHILQHQODJHRPHWUtDPDVD\ULJLGH]RWHQVLyQGHODVSDUWHVTXH
VRQVXVFHSWLEOHVGHYLEUDU&XDQWRPD\RUVHDODWHQVLyQPD\RUVHUiODIUHFXHQFLD\FXDQWRPHQRUVHDODORQJLWXGGHOWXERR
FXHUGDWHQGUHPRVPD\RUIUHFXHQFLD(QODVFXHUGDVODPDVDDFW~DHQODPLVPDGLUHFFLyQTXHHQHOVLVWHPDPXHOOHPDVD
FXDQWDPHQRVPDVDWHQJDXQDFXHUGDPD\RUIUHFXHQFLDQRVGDUi
3ULQFLSLRGHVXSHUSRVLFLyQ
(VWHSULQFLSLRQRVGLFHTXHGRVRQGDVFXDOHVTXLHUDFRQODVTXHWUDEDMDUHPRVVHFRPSRUWDQGHIRUPDOLQHDOHVWRHVODV
SRGUHPRVVXPDUHQFDVRGHTXHFRQIOX\DQHQDOJ~QSXQWRGHOHVSDFLR'RVRQGDVTXHYLDMDQDORODUJRGHXQDFXHUGDHQ
VHQWLGRVRSXHVWRVVLVHFUX]DQVXPDUDQVXVDPSOLWXGHV
'RVRQGDVVLQXVRLGDOHVGHIUHFXHQFLDI\I VHVXPDQ\QRVGDXQDRQGDUHVXOWDQWHTXHVHUiXQPRYLPLHQWRYLEUDWRULR
SHULyGLFR FRPSOHMR 093& 7HQGUHPRV HQ FDGD SXQWR OD VXPD GH ODV GRV RQGDV /D QXHYD IUHFXHQFLD GH OD RQGD
UHVXOWDQWHVHUiI\SDUDFXDOHVTXLHUDGRVRQGDVGHIUHFXHQFLDVI\IODRQGDUHVXOWDQWHWHQGUiXQDIUHFXHQFLDGDGDSRU
IR =
( I − I ) (P − Q )
GRQGHP\QVRQQ~PHURVHQWHURVHLQGLYLVLEOHVHQWUHVLWDOTXHII PQ
3RGHPRVYHUFRPRHMHPSORHOFDVRHQHOTXHODVIUHFXHQFLDVGHODVGRVRQGDVVHDQI\IGRQGHP \Q HQWRQFHVOD
IUHFXHQFLDUHVXOWDQWHVHUiLJXDODI
I II I
3DUDI\IODVXPDQRVTXHGDI II I
3DUDI\IP \Q ODVXPDQRVGDDOJRVRUSUHQGHQWHI II IXQDIUHFXHQFLDTXHHVODPLWDGGHODPiVEDMD
GHODVIUHFXHQFLDVHVFRJLGDV
7HRUHPDGH)RXULHU
(VWHWHRUHPDVHUHILHUHDORVPRYLPLHQWRVYLEUDWRULRVSHULyGLFRVFRPSOHMRV093&/DSHULRGLFLGDGGHODVVHxDOHVHVOR
TXHKDFHTXHODVSHUFLEDPRVFRQXQDDOWXUDGHWRQRGHILQLGD1XHVWURFHUHEURSHUFLEHXQDDOWXUDGHWRQRGHILQLGDVLDO
WtPSDQROOHJDXQDVHFXHQFLDSHULyGLFDGHSXOVRVRYDULDFLRQHVGHSUHVLyQ+DFHIDOWDXQDSHULRGLFLGDGHQODVHxDOSDUD
WHQHUXQDDOWXUDGHWRQRGHILQLGD
6LWHQHPRVXQ093&GHIUHFXHQFLDIVLHPSUHHVSRVLEOHGHVFRPSRQHUORHQXQDVXPDGHPYDVGHIUHFXHQFLDVII
IIIIHWF\GHDPSOLWXGHVYDULDEOHVGHIRUPDTXHVXPDGRVWRGRVQRVGHQHO093&3RGHPRVYHUGRVHMHPSORV
GHDQiOLVLVGH)RXULHUHQODRQGDGHGLHQWHGHVLHUUD\ODRQGDFXDGUDGD
2QGDGHGLHQWHGHVLHUUD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
2QGDFXDGUDGD
&DGDVRQLGRPXVLFDOSURGXFLGRSRUXQLQVWUXPHQWRVHFRPSRQHGHXQDVHULHGHVRQLGRV(VWRVVRQLGRVVRQODVGLIHUHQWHV
IRUPDVQDWXUDOHVGHYLEUDUGHHVHLQVWUXPHQWRRIXHQWHFXHUGDV\HQPXFKRVFDVRVDIRUWXQDGDPHQWHVHDVHPHMDQDOR
TXH GHQRPLQDPRV VHULH DUPyQLFD QDWXUDO 3DUD FDGD IUHFXHQFLD IXQGDPHQWDO I H[LVWHQ WRGRV VXV P~OWLSORV R XQRV
FXDQWRVGHHOORVFX\DVXPDQRVGDXQDIXQFLyQHQHOWLHPSRGHIRUPDFRPSOHMD\ SHULyGLFDGHIUHFXHQFLDI3RUHVWH
PRWLYRHVPiVIiFLOFRPSUHQGHU\DQDOL]DUODVHxDOVLXWLOL]DPRVODUHSUHVHQWDFLyQHQHOHVSDFLRGHIUHFXHQFLDV(QHVWD
UHSUHVHQWDFLyQ DSDUHFHQ GHVJORVDGRV WRGRV ORV DUPyQLFRV GH ORV TXH VH FRPSRQH OD VHxDO R VRQLGR FRPSOHMR /D
UHSUHVHQWDFLyQ HQ HO HVSDFLR GH WLHPSRV QRV GD LQIRUPDFLyQ GH FRPR HYROXFLRQD OD VHxDO VX WUDQVLWRULR GH DWDTXH \
GHFDLPLHQWRDPSOLWXGGHODRQGDHWF
/DVHULHDUPyQLFDQDWXUDO
8QDVHxDOSHULyGLFDHVXQDVHULHDUPyQLFDSRGHPRVGHFLUTXHVRQORPLVPRVRORTXHODVHxDOSHULyGLFDODUHSUHVHQWDPRV
HQHOHVSDFLRGHWLHPSRV\ODVHULHDUPyQLFDHQHOHVSDFLRGHIUHFXHQFLDV7HQGUHPRVSDUDWRGDVHxDOSHULyGLFDXQSULPHU
DUPyQLFRIXQGDPHQWDOGHIUHFXHQFLDITXHQRVGDODYLYHQFLDGHODDOWXUDGHWRQR\WRGRVORVGHPiVDUPyQLFRVP~OWLSORV
GHHVDIUHFXHQFLDIXQGDPHQWDOTXHUHIXHU]DQODVHQVDFLyQGHDOWXUDGHWRQR
IIIIIIIII««I«
&XDOTXLHUVRQLGRVHUiXQDFRPELQDFLyQGHHVWRVDUPyQLFRV(ORtGRHVFDSD]GHGLVFHUQLUORVGLIHUHQWHVDUPyQLFRVUHDOL]D
HODQiOLVLVGH)RXULHU\HOFHUHEURVHTXHGDFRQHOIXQGDPHQWDOSDUDFDOFXODUODDOWXUDGHWRQR(OUHVWRGHORVDUPyQLFRV
UHIXHU]DQODVHQVDFLyQGHDOWXUDGHWRQR\QRVGDUiQHOWLPEUHFDUDFWHUtVWLFRGHOLQVWUXPHQWR([LVWHQFDVRVHVSHFLDOHVGH
RtGRVPX\ILQRV\DFRVWXPEUDGRVTXHSXHGHQOOHJDUDGHWHFWDUKDVWDFLQFRDUPyQLFRVHQXQDQRWDRVRQLGR3XHGHRFXUULU
TXHHOIXQGDPHQWDOWHQJDDPSOLWXGQXOD\DXQDVtODDOWXUDGHWRQRTXHYLYHQFLHPRVVHDODGHHVHVXSXHVWRIXQGDPHQWDO
VRQLGRVGLIHUHQFLDOHV
/RVDUPyQLFRV&RQVHFXHQFLDVGHLQWHUpVPXVLFDO
Vamos a poner etiquetas o nombres a los diferentes armónicos de la serie armónica natural:
'2'262/'20,62//$'25(0,)$62//$ɖ/$6,'2
0P00P
IIIIIIIIIIIIIIII
&XDOTXLHUQRWDTXHSRGDPRVREWHQHUGHXQLQVWUXPHQWRQRVYDOHFRPRHMHPSOR3RGHPRVH[SHULPHQWDUODH[LVWHQFLDGH
ORVDUPyQLFRVHQFXDOTXLHUFXHUGDXQDJXLWDUUDYLROtQDUSDSLDQRHWF6XSRQJDPRVTXHGDPRVXQ'2HVWDVHUiOD
IUHFXHQFLD IXQGDPHQWDO 6L VRPRV FDSDFHV GH HVFXFKDU HO VHJXQGR DUPyQLFR ±UR]DQGR OD FXHUGD MXVWR HQ OD PLWDG
PLHQWUDVVHSXOVDYHPRVFRPRHVXQDRFWDYDGHO'2HOVHJXQGRDUPyQLFRVHUiHO'2
(OWHUFHUDUPyQLFRTXHHVFXFKDPRVUR]DQGRDXQWHUFLRODFXHUGD\SXOVDQGRHVXQDMXVWDGHO'2QXHVWURIHVHO
62/
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(OFXDUWRDUPyQLFRIFRUUHVSRQGHDRWUDRFWDYDVXSHULRUGHO'2HQQXHVWURFDVRHO'23RGHPRVFRQFOXLUHQWRQFHV
TXH PXOWLSOLFDQGR SRU GRV OD IUHFXHQFLD GH XQD QRWD FRQVHJXLPRV XQD RFWDYD DVFHQGHQWH \ GLYLGLHQGR SRU GRV XQD
IUHFXHQFLDREWHQHPRVXQDRFWDYDGHVFHQGHQWH
(OLQWHUYDORTXHH[LVWHHQWUHHOFXDUWRDUPyQLFR\HOTXLQWRHVXQD0D\RUGH'2SDVDPRVD0,
(OVH[WRDUPyQLFRIHVHOGREOHGHISRUORTXHVHUiXQDRFWDYDGHHVWH62/
8QDRFWDYDGHOIHVHOIHOGREOHGHIUHFXHQFLDSRUORTXHHORFWDYRDUPyQLFRHVHO'2
(OžDUPyQLFRHVHOWULSOHGHOI\HVWDUHODFLyQHVODPLVPDTXHH[LVWHHQWUHI\ISRUORTXHREVHUYDQGRHOLQWHUYDOR
HQWUHHVWRVGRVSRGHPRVGHGXFLUHOTXHKD\HQWUHI\ITXHVHUiXQDPiVXQDXQDWHQHPRV SDUDHVWHž
DUPyQLFRXQ5(
(OIHVHOGREOHGHIOXHJRVHUiXQ0,
7HQHPRVSDUDHOIORPLVPRUHVSHFWRGHODUPyQLFRI62/
(OIHVHOWULSOHGHI\DSOLFDPRVODPLVPDQRUPDGHODOXHJRSDUDHOIWHQHPRVXQ6,
(O~OWLPRGHORVDUPyQLFRVTXHUHSUHVHQWDPRVDTXtHVHOITXHHVODRFWDYDGHOI
/DVGHPiVHWLTXHWDVODVSRQHPRVSRUDSUR[LPDFLyQ'LVSRQHPRV~QLFDPHQWHGHHWLTXHWDV'25(0,)$62/
/$6,\VXVDOWHUDFLRQHV\HQODVHULHDUPyQLFDQDWXUDODSDUHFHQDOJXQRVLQWHUYDORVTXHQRFRUUHVSRQGHQDQLQJXQRGHORV
TXHFRQRFHPRVHQODP~VLFDRFFLGHQWDO
(QWUH HO I \ HO I WHQHPRV XQ LQWHUYDOR TXH HV XQ SRFR PiV SHTXHxR TXH XQD P SHUR QR OOHJD D VHU XQD 0 \
HQFRQWUDPRV TXH HQ OD QRWDFLyQ PXVLFDO RFFLGHQWDO QR H[LVWH QDGD SDUHFLGR D HVWR (OHJLPRV FRPR QRPEUH SDUD HVH
DUPyQLFRODQRWDPXVLFDOPiVFHUFDQD/$
(VWHVLVWHPDQRHVPX\YiOLGRSXHVHQORVDUPyQLFRVPX\VXSHULRUHVDSDUHFHQFRVDVUDUDVFRPRTXHORVDUPyQLFRVI\
IWLHQHQODPLVPDHWLTXHWD(VWDVLWXDFLyQVXUJHGHODQHFHVLGDGGHSRQHUOHQRPEUHDWRGDODVHULHDUPyQLFD
(QUHDOLGDGODVHULHDUPyQLFDQDWXUDOHVXQIHQyPHQRGHODQDWXUDOH]DTXHDSDUHFHHQODVFXHUGDVVRQVXVPRGRVGH
YLEUDFLyQ \ TXH YLR 3LWiJRUDV SRU SULPHUD YH] HQ VXV HVWXGLRV VREUH ORV IHQyPHQRV DF~VWLFRV eO \ VXV GLVFtSXORV
H[SHULPHQWDURQ FRQ FXHUGDV GH ORQJLWXGHV \ WHQVLRQHV YDULDEOHV 9LHURQ FRPR XQD FXHUGD FRQ XQD ORQJLWXG \ WHQVLyQ
GHWHUPLQDGDVSXHGHSURGXFLUXQDVHULHGHVRQLGRVDUPyQLFRVTXHSRGHPRVHVFXFKDUSXOVDQGRODFXHUGD\UR]DQGRFRQ
XQGHGRHQSXQWRVTXHGLYLGHQODFXHUGDHQSDUWHVLJXDOHVHWF(VWRVVRQLGRVDUPyQLFRVž\žHUDQSDUD3LWiJRUDV
PX\DJUDGDEOHVDORtGRFXDQGRVRQDEDQDOXQtVRQRSRUORTXHGHFLGLyWRPDQGRWDPELpQORVFRQRFLPLHQWRVTXHOOHJDURQ
GH RULHQWH TXH ODP~VLFD FRPSXHVWD KDEUtD GH EDVDUVH HQ HO LQWHUYDOR TXH VXUJH GH HVWRV DUPyQLFRVOD  MXVWD /DV
IUHFXHQFLDV GH ORV VXFHVLYRV DUPyQLFRV TXH GD XQD FXHUGD VLJXHQ FDVL H[DFWDPHQWH ORV FULWHULRV GH OD VHULH DUPyQLFD
QDWXUDO FRQ IUHFXHQFLDV P~OWLSOR GH XQD IUHFXHQFLD IXQGDPHQWDO /DV UHVRQDQFLDV R PRGRV GH YLEUDFLyQ GH FXDOTXLHU
VLVWHPD TXH YLEUH VH OODPDQ SURSLDPHQWH SDUFLDOHV \ VHUiQ OODPDGRV DUPyQLFRV ~QLFDPHQWH FXDQGR FXPSODQ OD
SURSLHGDGGHPXOWLSOLFLGDGUHVSHFWRGHODIUHFXHQFLDIXQGDPHQWDO6LWHQHPRVODIRUWXQDGHGLVSRQHUGHXQVLVWHPDFX\RV
PRGRV GH YLEUDFLyQ VH DMXVWDQ D OD VHULH DUPyQLFD QDWXUDO WHQGUHPRV XQD DOWXUD GH WRQR PX\ GHILQLGD TXH HV
SUHFLVDPHQWH OR TXH QHFHVLWDPRV SDUD KDFHU P~VLFD /RV DUPyQLFRV TXH DFRPSDxDQ D OD IXQGDPHQWDO UHIXHU]DQ OD
YLYHQFLDGHODDOWXUDGHWRQRSHUFLELGD
/DH[SHULPHQWDFLyQItVLFDGHORVDUPyQLFRVHVHORULJHQGHODVHVFDODVRFFLGHQWDOHV\DOJXQDVRULHQWDOHVWDO\FRPRVH
FRQRFHQKR\HQGtD/DVHULHDUPyQLFDQDWXUDODSDUHFHWDPELpQHQORVWXERVVRQRURVDVtFRPRHQODYR]KXPDQDSRUOR
TXHQXHVWURRtGRHVWDPX\DFRVWXPEUDGRDWUDWDUFRQWRGRVHVWRVDUPyQLFRVHLQWHUYDORV
/DV OH\HV GH OD DUPRQtD WUDGLFLRQDO VH EDVDQ WDPELpQ HQ OD VHULH DUPyQLFD \ VXV LQWHUYDORV /D H[LVWHQFLD GH HVWRV
DUPyQLFRVLQFLGHHQODYLYHQFLDWtPEULFDHQODVFRQVRQDQFLDV\GLVRQDQFLDVTXHVHSXHGDQSURGXFLUHWF(OWLPEUHGHXQ
LQVWUXPHQWRORGDHQVXPD\RUSDUWHODGLVWULEXFLyQGHHVWRVSDUFLDOHVRDUPyQLFRV
0RYLPLHQWRYLEUDWRULRDPRUWLJXDGR
8QDVHxDOVLQXVRLGDOSXUDHVXQDDEVWUDFFLyQPDWHPiWLFDTXHHQODUHDOLGDGGLItFLOPHQWHVHYDDGDU\DTXHKDEUtDGH
FRQWLQXDUVLHPSUHFRQODPLVPDDPSOLWXG\H[LVWLUGHVGHVLHPSUH3RGHPRVHQFXDOTXLHUFDVRJHQHUDUHOpFWULFDPHQWHHVWD
VHxDOVLQXVRLGDOPHGLDQWHXQJHQHUDGRUGHRQGDV
(OUR]DPLHQWRFRQHODLUH\HOUR]DPLHQWRLQWHUQRGHOVLVWHPDODPDWHULDGHODTXHVHFRPSRQHKDFHQTXHODYLEUDFLyQ
WHQJDFDGDYH]PHQRVDPSOLWXGHOVRQLGRVHDWHQ~D\DOILQDOGHVDSDUHFH(VWRRFXUUHSRUHMHPSORDOSHUFXWLUXQDFXHUGD
GHSLDQRRSXOVDUXQDGHJXLWDUUD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(Q OD )LJ DSDUHFH XQD VHxDO VLQXVRLGDO LGHDO UHSUHVHQWDGD HQ HO WLHPSR FRQ VX FRUUHVSRQGLHQWH UHSUHVHQWDFLyQ HQ HO
HVSDFLRGHIUHFXHQFLDV(QXQPRYLPLHQWRYLEUDWRULRDPRUWLJXDGRODVLQXVRLGHGHFDHGHIRUPDH[SRQHQFLDO\DXQTXHQRVH
PDQWLHQHGHOWRGRSHULyGLFDVHSXHGHUHDOL]DUHODQiOLVLVGH)RXULHU\SRGHPRVYHUHQOD)LJFRPRHVVXJUiILFDHQHO
HVSDFLR GH IUHFXHQFLDV 3RGHPRV YHU XQD IUHFXHQFLD FHQWUDO SUHGRPLQDQWH \ MXQWR FRQ pVWD DSDUHFHQ DOUHGHGRU XQDV
IUHFXHQFLDVGHDPSOLWXGGHFUHFLHQWH/DVHxDODPRUWLJXDGDHVODVXPDGHWRGDVHVDVIUHFXHQFLDVODFHQWUDO\WRGDVODV
TXHDSDUHFHQDORVODGRV
6LHOGHFDLPLHQWRGHODVHxDOHVPX\OHQWRSRFDVSpUGLGDVSRUIULFFLyQODJUiILFDGHODUHSUHVHQWDFLyQHQIUHFXHQFLDWHQGUi
XQSLFRPDVDFXVDGRSRFDVIUHFXHQFLDVFHUFDFRPRHQOD)LJ
(QXQVLVWHPDTXHWLHQHPXFKDVSpUGLGDVGHHQHUJtDWDQWRLQWHUQDVFRPRSRUUR]DPLHQWRVFRQHODLUHODDPRUWLJXDFLyQ
VHUiJUDQGH\HOGHFDLPLHQWRGHODVHxDODF~VWLFDVHSURGXFLUiHQXQLQWHUYDORGHWLHPSRSHTXHxR/DJUiILFDHQHOHVSDFLR
GH IUHFXHQFLDV SUHVHQWDUi XQD ILJXUD FRQ PD\RU DQFKXUDGH EDQGD % WHQHPRV XQD IUHFXHQFLD FHQWUDO\ XQD FDQWLGDG
FRQVLGHUDEOHGHIUHFXHQFLDVDORVODGRVGHDPSOLWXGQRPXFKRPiVSHTXHxD/DDOWXUDGHWRQRTXHSHUFLELPRVQRVHUiHQ
HVWHFDVRPX\GHILQLGD
/D DQFKXUD GH EDQGD % II HV OD GLIHUHQFLD HQWUH ODV IUHFXHQFLDV TXH
DSDUHFHQVLEDMDPRVG%ODDPSOLWXGPi[LPDGHODIUHFXHQFLDFHQWUDOI8QD
DQFKXUDGHEDQGDSHTXHxDQRVKDEODGHXQVLVWHPDFRQSRFDVSpUGLGDVXQ
VRQLGR TXH VH PDQWLHQH EDVWDQWH \ XQD DOWXUD GH WRQR ELHQ GHILQLGD 6L HO
VLVWHPDWLHQHXQDDQFKXUDGHEDQGDJUDQGHTXLHUHGHFLUTXHWLHQHPXFKDV
SpUGLGDV GH HQHUJtD VH DPRUWLJXD PX\ UiSLGR (O VRQLGR TXH SURGX]FD
WHQGUi XQD DOWXUD GH WRQR QR WDQ GHILQLGD 8Q VLVWHPD TXH WLHQH XQD
DQFKXUDGHEDQGDDPSOLDVHUiFDSD]GHUHVSRQGHUDXQUDQJRPD\RUGH
IUHFXHQFLDV/DVJUiILFDVHQHOHVSDFLRGHIUHFXHQFLDVSRGHPRVHQWHQGHUODV
DVt QRV GDQ XQD LGHD GH FyPR UHVSRQGH HO VLVWHPD D ODV GLIHUHQWHV
IUHFXHQFLDV5HSUHVHQWDQODDGPLWDQFLDGHOVLVWHPD
3RGHPRVGHILQLUWDPELpQHOIDFWRUGHFDOLGDG4 I%8QVRQLGRPX\DPRUWLJXDGRTXHGHFDHUiSLGRDOWXUDGHWRQRSRFR
GHILQLGDWHQGUiXQIDFWRUGHFDOLGDGEDMR8QVRQLGRTXHVHPDQWLHQHPiVWLHPSRFRQDPRUWLJXDFLyQSHTXHxD\FRQDOWXUD
GHWRQRGHILQLGDWHQGUiXQIDFWRUGHFDOLGDGDOWR
4=
I
I − I
3DUDXQDDQFKXUDGHEDQGDGHWHUPLQDGDHOVLVWHPDGHPD\RUIUHFXHQFLDWHQGUiXQIDFWRUGHFDOLGDGPD\RU
0RYLPLHQWRYLEUDWRULRIRU]DGR
&RPRKHPRVYLVWRODVIULFFLRQHVHOUR]DPLHQWRFRQHODLUH\WDPELpQODHQHUJtDWUDVPLWLGDDODFDMDDUPyQLFDDPRUWLJXDQ
ODFXHUGD\HOVRQLGRRODYLEUDFLyQVHGHVYDQHFH6LTXHUHPRVPDQWHQHUFRQVWDQWHODDPSOLWXGGHHVWHVRQLGRWHQHPRV
TXHVXPLQLVWUDUDOVLVWHPDODPLVPDFDQWLGDGGHHQHUJtDPHFiQLFDTXHODTXHSLHUGH
([LVWHQGRVPHFDQLVPRVPHGLDQWHORVFXDOHVWUDQVIRUPDPRVODHQHUJtDPHFiQLFDHQHQHUJtDDF~VWLFDGHIRUPDFRQVWDQWH
\FRQWLQXD(OPHFDQLVPRGHDUFR\HOPHFDQLVPRGHYLHQWR
(Q HO PHFDQLVPR GH DUFR WUDQVIRUPDPRV
XQ PRYLPLHQWR FRQWLQXR GHO DUFR HQ
SHTXHxRV PRYLPLHQWRV DOWHUQRV (O DUFR
MXQWR FRQ OD UHVLQD DxDGLGD D ODV FHUGDV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
IRUPDXQDVXSHUILFLHFRQXQDOWRFRHILFLHQWHGHUR]DPLHQWRTXHFRQVLJXHDUUDVWUDUODFXHUGD/DWHQVLyQGHODFXHUGDKDFH
TXH HQ XQ PRPHQWR GDGR pVWD VDOWH KDFLD VX SXQWR GH HTXLOLEULR SHUR HO DUFR HQ VX PRYLPLHQWR DVFHQGHQWH YXHOYH D
OOHYDUVHODFXHUGDSRUGHODQWHKDVWDHOSXQWRGHPi[LPDWHQVLyQ\FRQVHJXLPRVDVtXQDSXOVDFLyQSHULyGLFDGHODFXHUGD
(OPHFDQLVPRGHYLHQWRVHSURGXFHHQXQHVWUHFKDPLHQWRGHOWXERSRUGRQGHFLUFXODHODLUH(OWHRUHPDGH%HUQRXOOLQRV
GLFHTXHXQIOXMRGHDLUHTXHHVWiREOLJDGRDSDVDUSRUXQD]RQDPiVHVWUHFKDDXPHQWDUiVXYHORFLGDGGHSDVR\FUHDUi
XQDGHSUHVLyQHQHVD]RQDHVWUHFKDVHFUHDXQYDFtR(QHOSDVRHVWUHFKRODYHORFLGDGDXPHQWD\GLVPLQX\HODSUHVLyQ
/DGHSUHVLyQTXHVHJHQHUDKDFHTXHODVSDUHGHVWLHQGDQDFHUUDUVHSHURODHODVWLFLGDGGHOPDWHULDO\HOQXHYRDLUHTXH
OOHJD HPSXMDQ OD PHPEUDQD KDFLD VX VLWLR 6H JHQHUD RWUD GHSUHVLyQ \ HV DVt FRPR XQ VRSOR FRQWLQXR SRGHPRV
WUDQVIRUPDUORHQXQDYLEUDFLyQ(VWHPHFDQLVPRVHSURGXFHHQDOJXQRVLQVWUXPHQWRVPXVLFDOHVHQODVFDxDVFRPRHO
FODULQHWHIDJRWRERHHQORVODELRVGHXQWURPSHWLVWDHQODVFXHUGDVYRFDOHVHWF6HSURGXFHHQWRGRVORVLQVWUXPHQWRV
GHOHQJHWD(QORVLQVWUXPHQWRVGHELVHOHOPHFDQLVPRGHJHQHUDFLyQGHYLEUDFLRQHVHVGLIHUHQWH(OWHRUHPDGH%HUQRXOOL
WDPELpQVHDSOLFDDODVDODVGHXQDYLyQODFXUYDWXUDGHODODHVODTXHKDFHTXHVHJHQHUHXQDGHSUHVLyQHQODSDUWH
VXSHULRUGHODOD\XQDIXHU]DDVFHQGHQWH/RVEDUFRVGHYHODDYDQ]DQFRQWUDHOYLHQWRJUDFLDVDHVWHPLVPRIHQyPHQR
%HUQRXOOLGLMRTXHVHPDQWHQtDFRQVWDQWHODVXPDGHODSUHVLyQ\GHODYHORFLGDGSRUORTXHVLXQRGHORVYDORUHVDXPHQWD
HORWURGLVPLQX\H3SUHVLyQ9YHORFLGDGGHODLUHȡGHQVLGDGGHODLUH
3òȡ9 FRQVWDQWH
0RGHORItVLFRGHOLQVWUXPHQWRPXVLFDO
/DVLPSOLILFDFLyQPiVEiVLFDTXHKDFHPRVGHXQLQVWUXPHQWRPXVLFDOHVXQVLVWHPDFRQVWLWXLGRSRUXQDIXHQWH\XQILOWUR
),/752
)8(17(
(Q HO FDVR QXHVWUR OD IXHQWH VHUi WRGR DTXHOOR TXH JHQHUH XQD YLEUDFLyQ FRQ XQD DOWXUD GH WRQR GHILQLGD FRPR ODV
FXHUGDVGHOSLDQR\HOILOWURVHUiODSDUWHGHOLQVWUXPHQWRTXHVHHQFDUJDGHDPSOLILFDUHVHVRQLGRJHQHUDGRFRPROD
FDMDGHXQYLROtQODWDSDDUPyQLFDGHOSLDQRHWF
8QD FXHUGD HV XQ VLVWHPD TXH WLHQH PX\ SRFDV SpUGLGDV SRU UR]DPLHQWRV SRU OR TXH VHUi XQ VLVWHPD TXH
SURGX]FDUHVRQDQFLDVFRQXQIDFWRUGHFDOLGDGPX\DOWRUHVRQDQFLDVPX\SLFXGDV\DUPyQLFDVHQFRQVHFXHQFLDQRVGDUi
XQD DOWXUD GH WRQR PX\ GHILQLGD &XDQGR HVFXFKDPRV HO VRQLGR TXH SURGXFH XQD JXLWDUUD R XQ YLROtQ QR HVWDPRV
HVFXFKDQGR HO VRQLGR SURGXFLGR SRU ODV FXHUGDV 6L FRORFDPRV HQ WHQVLyQ XQD FXHUGD HQ XQD PHVD GH FHPHQWR \ OD
SXOVDPRVODFXHUGDHPLWLUiXQVRQLGRFRQXQDDOWXUDGHWRQRGHILQLGDSHURQRFRQVHJXLUHPRVHVFXFKDUDSHQDVQDGDDQR
VHUTXHQRVDFHUTXHPRVPXFKRDpVWDODFXHUGDSRUVLVRODPXHYHPX\SRFRDLUH\ODSUHVLyQDF~VWLFDTXHJHQHUDHV
PX\ GpELO QHFHVLWDPRV GH RWUR VLVWHPD TXH DPSOLILTXH HVDV YLEUDFLRQHV TXH SURGXFH (VWD IXQFLyQ OD KDFH OD WDSD
DUPyQLFDGHOSLDQRRODFDMDGHUHVRQDQFLDGHOYLROtQ/DIXHQWHSURGXFHPXFKRVDUPyQLFRVFRQDPSOLWXGPX\SHTXHxD
TXHSDVDQDWUDYpVGHOSXHQWHDOILOWURXQVLVWHPDTXHWLHQHUHVRQDQFLDVQRWDQSLFXGDVDSRGHUVHUHVSDFLDGDVSHURFRQ
DPSOLWXGRDGPLWDQFLDJUDQGH\FDSD]GHJHQHUDUVXILFLHQWHSUHVLyQVRQRUD
'H WRGRVORV DUPyQLFRV TXHSURGXFHOD IXHQWH \ TXH SDVDQ DO ILOWUR DIRUWXQDGDPHQWH QR WRGRV HOORV VHDPSOLILFDQVROR
DTXHOODVIUHFXHQFLDVDODVTXHODFDMDGHUHVRQDQFLDHVFDSD]GHUHVSRQGHU/RTXHKDFHODFDMDGHUHVRQDQFLDRWDSD
DUPyQLFDGHXQLQVWUXPHQWRHVILOWUDUORVDUPyQLFRVTXHOHOOHJDQGHODFXHUGDRIXHQWHDPSOLILFDQGRXQRV\DWHQXDQGR
RWURV(OILOWURHVHQJUDQSDUWHORTXHGDHOWLPEUHFDUDFWHUtVWLFRDORVLQVWUXPHQWRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/RV EXHQRV LQVWUXPHQWRV WLHQHQ FDMDV DUPyQLFDV FRQ UHVRQDQFLDV OLPSLDV DOWDV \ VHSDUDGDV SDUD DPSOLILFDU PXFKR XQ
Q~PHURUHGXFLGRGHDUPyQLFRVGHODIXHQWHORTXHOHFRQILHUHDOVRQLGRXQDFODULGDGTXHQRWHQGUtDVLWRGRVORVDUPyQLFRV
TXH OH OOHJDQ IXHUDQ DPSOLILFDGRV (O H[FHVR GH DUPyQLFRV DPSOLILFDGRV KDFH TXH HO WLPEUH GHO LQVWUXPHQWR VHD PiV
iVSHUR
/DVHSDUDFLyQHQWUHIXHQWH\ILOWURDYHFHVQRHVPX\FODUD(QORVLQVWUXPHQWRVGHYLHQWRPHWDOODIXHQWHSXHGHQVHUORV
ODELRVGHOLQWpUSUHWH\HQORVGHYLHQWRPDGHUDOD OHQJHWD(QWUHIXHQWH\ILOWURH[LVWHXQDLQWHUDFFLyQ/DYLEUDFLyQTXH
JHQHUDQ ORV ODELRV R OD OHQJHWD QR WLHQH XQD DOWXUD GH WRQR GHILQLGD pVWD VH FRQVLJXH FRQ OD ORQJLWXG YLEUDQWH GH OD
FROXPQDGHDLUHSRUORTXHHVWHHVSDFLRKXHFRGHOLPLWDGRSRUODORQJLWXGGHOWXERWDPELpQVHUiSDUWHGHODIXHQWH
/RV VLVWHPDV TXH IXQFLRQDQFRPR ILOWUR WLHQHQ D FLHUWDV IUHFXHQFLDV XQDV UHVRQDQFLDV FRQ PXFKD DGPLWDQFLD \PXFKD
VXSHUILFLHORTXHTXLHUHGHFLUTXHVLOOHJDQGHODIXHQWHHVDVIUHFXHQFLDVFRQPX\SRFDIXHU]DODTXHOOHJDGHODVFXHUGDV
HVVXILFLHQWHHOVLVWHPDDGTXLHUHPXFKDYHORFLGDGHVWRVXSRQHPXFKDDPSOLWXGGHYLEUDFLyQTXHVHWUDGXFHHQSUHVLyQ
VRQRUDVXILFLHQWHSDUDODDXGLFLyQPXVLFDO
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&21&(3726%É6,&2687,/,=$'26(1$&Ó67,&$
6RQLGR\UXLGR&DUDFWHUtVWLFDVItVLFDV\SHUFHSWLYDV
%DMRHOSXQWRGHYLVWDYLYHQFLDOXQ VRQLGRHVXQDVHxDODF~VWLFDPXVLFDOFRQXQD DOWXUDGHWRQRGHILQLGD8QP~VLFR
SRGUtDVLWXDUHVHVRQLGRHQXQSHQWDJUDPDRHQXQDHVFDOD(OUXLGRQRSRGHPRVVLWXDUORHQXQDHVFDODPXVLFDOHVXQD
VHxDODF~VWLFDTXHQRWLHQHDOWXUDGHWRQRGHILQLGD(QWUHXQUXLGRSXUR\XQVRQLGRSXURWHQHPRVVHxDOHVLQWHUPHGLDV
TXHVHUiQHOOHQJXDMHFRQHOTXHVHFRQVWUX\HODP~VLFD
(OVRQLGR±DOWXUDGHWRQRGHILQLGDHVWDOLJDGRItVLFDPHQWHDODSHULRGLFLGDG/DVHxDOTXHREVHUYDPRVHQHOWLHPSRWLHQH
XQDHVWUXFWXUDTXHVHUHSLWH(VWDSHULRGLFLGDGTXHOOHJDDOWtPSDQRHVORTXHKDFHTXHODDOWXUDGHWRQRVHDHQQXHVWUR
FHUHEURGHILQLGD(QXQUXLGRQRWHQHPRVQLQJ~QWLSRGHSHULRGLFLGDG(VXQDVHxDODSHULyGLFD
'HVGHHOSXQWRGHYLVWDItVLFRHOVRQLGR\HOUXLGRVHGLIHUHQFLDQHQODFDQWLGDGGHIUHFXHQFLDVTXHWLHQHQXQR\RWUR8Q
VRQLGRWLHQHXQDIUHFXHQFLDIXQGDPHQWDO\XQQ~PHURGHWHUPLQDGRGHSDUFLDOHVTXHVHDMXVWDQDODVHULHDUPyQLFDQDWXUDO
OR TXH KDFH TXH PXVLFDOPHQWH SRGDPRV VLWXDU XQ VRQLGR HQ HO SHQWDJUDPD /D QRWD OD REWHQHPRV GH OD IUHFXHQFLD
IXQGDPHQWDO \ HO UHVWR GH SDUFLDOHV UHIXHU]DQ OD VHQVDFLyQ GH DOWXUD GH WRQR GH HVWD QRWD (O UXLGR DSDUHFHUtD HQ ODV
JUiILFDVFRPRXQFRQWLQXRGHIUHFXHQFLDV
8QVRQLGRSXURFRQWLHQHXQDVRODIUHFXHQFLD(QHORWURH[WUHPRWHQHPRVHOUXLGRSXUREODQFRFRPRXQDVHxDOFRQWRGRHO
UDQJRFRQWLQXRGHIUHFXHQFLDV\WRGDVFRQODPLVPDDPSOLWXG
(O VHU KXPDQR HV FDSD] GH SHUFLELU XQ UDQJR GH IUHFXHQFLDV HQWUH \ +] ([LVWHQ WDPELpQ LQIUDVRQLGRV \
XOWUDVRQLGRV TXH RWURV DQLPDOHV SXHGHQ SHUFLELU \ TXH GH DOJXQD IRUPD WDPELpQ QRV DIHFWDQ D QRVRWURV DXQTXH QR
WHQJDPRVSHUFHSFLyQDF~VWLFDGHHOORV
/ODPDUHPRVUXLGRURVDDDTXpOFX\DDPSOLWXGGHFDHG%SRURFWDYDGHHVWDIRUPDVHFRQVLJXHODPLVPDHQHUJtDHQFDGD
RFWDYD 7DPELpQ VH XWLOL]DQ HQ ORV HVWXGLRV UXLGRV HQ XQDGHWHUPLQDGD EDQGD GH IUHFXHQFLD EDQGDV GH UXLGR EODQFR R
URVD8QDH[SORVLyQHVXQDVHxDODF~VWLFDDSHULyGLFDFRQXQDGXUDFLyQWHPSRUDOPX\FRUWD±GHOWDGH'LUDFTXHVHSHUFLEH
FRPRXQUXLGRVLQDOWXUDGHWRQRGHILQLGD
(IHFWRGHOUXLGRHQODYLYHQFLDGHFRQWLQXLGDGGHORVWRQRV
(Q FXDOTXLHU DFWLYLGDG PXVLFDO HO UXLGR H[LVWH /RV LQVWUXPHQWRV HPLWHQ XQD FRPSRQHQWH GH UXLGR DVt FRPR OD VDOD R
DXGLWRULRODVVLOODVSHUVRQDVTXHWRVHQODWLGRVGHOFRUD]yQUHVSLUDFLRQHVHWF
&LHUWRVLQYHVWLJDGRUHVFRPR3ORPSVHSUHRFXSDURQSRUHVWHWHPD\VHSODQWHDURQVLHOUXLGRWHQtDRQRDOJXQDIXQFLyQHQ
ODVDXGLFLRQHVPXVLFDOHV
6LHVFXFKDPRVXQDEDQGDGHUXLGREODQFRHQWUH\K]\VLPXOWiQHDPHQWHXQWRQRDVFHQGHQWH
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(QHOHMHPSORVRQRURVHREVHUYDUtDFRPRHOWRQRDVFHQGHQWHORYLYHQFLDPRVFRQWLQXRFXDQGRHQWUDHQODEDQGDGHUXLGR
)tVLFDPHQWH QR H[LVWH FRQWLQXLGDG HQ HO WRQR SHUR OD SDUWH DXGLWLYD GHO FHUHEUR OD JHQHUD UHFRQVWUX\H HO WRQR FRQ OD
IUHFXHQFLDFRQWHQLGDHQHOUXLGRTXHUHFLEH
(QXQDVDODHOVRQLGROOHJDDOR\HQWHGHIRUPDGLUHFWD\WDPELpQGHIRUPDUHIOHMDGD/RVVRQLGRVGLUHFWRV\ORVUHIOHMDGRV
VHHVFXFKDQDODYH]7RGDHVWDPH]FODGHIUHFXHQFLDVDOILQDOVHFRQYLHUWHHQUXLGR(VWHUXLGRDPELHQWDORVXDXVHQFLD
HQXQDVDODDEVRUEHQWHRVHFDSHUPLWLUiQHMHFXWDUREUDVGHPHQRURPD\RUUDSLGH](OFHUHEURUHFRQVWUX\HODVQRWDV
UHFLELGDVFRQHOUXLGRDPELHQWDO\HOWRQRVHPDQWLHQHORTXHHQDOJXQRVFDVRVQRVHUiQDGDDJUDGDEOH
/DYR]KXPDQD\ORVLQVWUXPHQWRVHQJHQHUDOSXHGHQ SURGXFLUORTXHVHGHQRPLQDYLEUDWRTXHHVXQDPRGXODFLyQHQ
IUHFXHQFLDGHODQRWDTXHVHHVWDHMHFXWDQGRDXPHQWD\GLVPLQX\HODIUHFXHQFLDFRQHVWRORTXHKDFHPRVHVDXPHQWDU
ODEDQGDGHIUHFXHQFLDGHHVWHPRGRHOWLPEUHGHOLQVWUXPHQWRHVPDVULFRHQDUPyQLFRV(OYLEUDWRFRQOOHYDWDPELpQXQD
PRGXODFLyQHQODDPSOLWXGSRUHIHFWRGHOILOWUR
6L KDFHPRV HO H[SHULPHQWRDQWHULRU FRQ ORV LQWHUYDORV GH UXLGR SRGHPRVYHU TXH HO FHUHEUR HV FDSD] GH UHFRQVWUXLU OD
DOWXUDGHWRQR\ODVHQVDFLyQGHYLEUDWR/RPLVPRRFXUUHVLODPRGXODFLyQHVHQODDPSOLWXGHOFHUHEURWLHQHFDSDFLGDGGH
UHFRQVWUXLUFRQHOUXLGREODQFRTXHUHFLEHWRGDODVHxDODF~VWLFDFRQODVFDUDFWHUtVWLFDVRULJLQDOHV
)UHFXHQFLD\YLYHQFLDGHODDOWXUDGHWRQR
/RTXHHQWHQGHPRVSRUDOWXUDGHWRQRGHXQDQRWDPXVLFDOHVXQFRQFHSWRYLYHQFLDO/DDOWXUDGHWRQRODDVRFLDPRVD
ODIUHFXHQFLDTXHHVXQFRQFHSWRItVLFR/DPDVDODULJLGH]GHOVLVWHPDODVGLPHQVLRQHVJHRPpWULFDVHWFKDFHQTXHHO
Q~PHURGHYLEUDFLRQHVSRUVHJXQGRTXHVHJHQHUDQVHDPD\RURPHQRU6HYLRFRPRODDOWXUDGHWRQRHVWDEDUHODFLRQDGD
FRQHOQ~PHURGHRVFLODFLRQHVSRUVHJXQGRGHOVLVWHPD/DIUHFXHQFLDHVGHKHFKRHOQ~PHURGHRVFLODFLRQHVRFLFORVSRU
XQLGDGGHWLHPSR±HQQXHVWURFDVRXQVHJXQGRTXHUHDOL]DXQVLVWHPDDPD\RUIUHFXHQFLDPD\RUDOWXUDGHWRQRDJXGR
\ D PHQRU IUHFXHQFLD PHQRU DOWXUD GH WRQR JUDYH /RV VLVWHPDV TXH VRQ FDSDFHV GH YLEUDU FRQ XQ Q~PHUR DOWR GH
RVFLODFLRQHVSRUVHJXQGRPXFKDULJLGH]RWHQVLyQSRFDPDVDRORQJLWXGQRVGDQVRQLGRVDJXGRVXQDDOWXUDGHWRQR
DOWD8QWRQRJUDYHORGDUiXQVLVWHPDTXHVHPXHYHDIUHFXHQFLDVEDMDVSRFDULJLGH]RWHQVLyQORQJLWXGRPDVDJUDQGH
/DXQLGDGGHPHGLGDGHODIUHFXHQFLDHVHO+HUW]R+HUFLR+]TXHVHUiHOQXPHURGHRVFLODFLRQHVRFLFORVSRUVHJXQGR
FXHUGDWXERHWF
/DUHODFLyQHQWUHHOFRQFHSWRItVLFR\HOYLYHQFLDORPXVLFDOQRKDVLGRVLHPSUHODPLVPD$ORODUJRGHORVDxRVKDLGR
YDULDQGRGHXQSDtVDRWUR(QODpSRFDEDUURFDVHFRQVLGHUyXQDDILQDFLyQGH+]SDUDHO/$GHVSXpVVHHVWDEOHFLy
HQ+]+R\HQGtDH[LVWHXQGLDSDVyQGHILQLGRDXQTXHQRVLHPSUHVHVLJXHHVWHFULWHULR
)UHFXHQFLD
9LYHQFLD
+]/$
$OJXQDVRUTXHVWDVDILQDQXQSRFRSRUHQFLPDGHHVWDFLIUDK]/$EULOODQWHLQFOXVRVHOOHJDDYHFHVKDVWD+]
SDUDFRQVHJXLUPDVEULOODQWH]\VRQRULGDGHQSHUMXLFLRGHORVFDQWDQWHVTXHQRSXHGHQFRQODVDOWXUDVGHWRQRTXHUHVXOWDQ
HQODVQRWDVPiVDJXGDV
6RQRULGDG\DPSOLWXGGHODSUHVLyQVRQRUD
/D YLYHQFLD GH XQ VRQLGR VH SURGXFH FXDQGR D QXHVWURV RtGRV OOHJDQ YDULDFLRQHV GH SUHVLyQ UHVSHFWR GH OD SUHVLyQ
DWPRVIpULFD TXH SRGHPRV FRQVLGHUDU HVWDEOH \ TXH HVWi SURYRFDGD SRU HO SHVR GH WRGD OD PDVD GH DLUH TXH URGHD DO
SODQHWD (VWDV YDULDFLRQHV GH SUHVLyQ VH SURGXFHQ FXDQGR FXDOTXLHU VLVWHPD VXVFHSWLEOH GH YLEUDU OR KDFH \ PXHYH OD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
PDVDGHDLUHTXHORURGHD8QDIXHU]DH[WHULRUHMHUFLGDVREUHXQVLVWHPDHOiVWLFRORGHVSOD]DGHVXSXQWRGHHTXLOLEULR\
HVWDHODVWLFLGDGKDFHTXHHOVLVWHPDWLHQGDDUHWRUQDUDVXSRVLFLyQGHHTXLOLEULRVLHOVLVWHPDQRWLHQHPXFKDVSpUGLGDVGH
HQHUJtD\QRWLHQHH[FHVLYDDPRUWLJXDFLyQVHSURGXFLUiQODVYLEUDFLRQHV/DVXSHUILFLHGHQXHVWURVLVWHPDHPSXMDHODLUH
FLUFXQGDQWH FUHDQGR XQD VREUHSUHVLyQ \ GHVSXpV XQD GHSUHVLyQ DVt VH JHQHUDQ VXFHVLYDPHQWH HQ HO WLHPSR
VREUHSUHVLRQHV\GHSUHVLRQHVFRQODPLVPDIUHFXHQFLDDODTXHRVFLODHOVLVWHPD/DPDVDGHDLUHHQSURPHGLRQRFDPELD
GHSRVLFLyQSHURHPSXMDDOTXHWLHQHDOUHGHGRUDVtODVYLEUDFLRQHVTXHVHSURGXFHQHQXQLQVWUXPHQWR VHSURSDJDQD
WUDYpVGHOPHGLRPDWHULDOTXHHQQXHVWURFDVRHVHODLUH\TXHWDPELpQHVHOiVWLFR3RGHPRVLPDJLQDUXQDVSLH]DVPX\
MXQWDVXQLGDVDOVXHORPHGLDQWHPXHOOHVVLHPSXMDPRVODSULPHUDGHHOODVpVWDHPSXMDUiDVXYHFLQD\UHWRUQDUiDVX
SRVLFLyQGHHTXLOLEULR'HHVWDPDQHUDODYLEUDFLyQTXHVHSURGXFHHQODSULPHUDSLH]DVH³FRSLD´DWUDYpVGHWRGDVHOODV\
OOHJDKDVWDOD~OWLPD(ODLUHDOILQDOGHOSURFHVRHMHUFHXQDIXHU]DRVFLODQWHVREUHHOWtPSDQR\pVWHYLEUDFRQHOPLVPR
SDWUyQTXHODRULJLQDO
&XDQWRPD\RUVHDHOGHVSOD]DPLHQWRGHODVYLEUDFLRQHVGHOVLVWHPD\PD\RUODVXSHUILFLHYLEUDQWHHQFRQWDFWRFRQHODLUH
PD\RUVHUiODSUHVLyQHMHUFLGDVREUHpVWH\PD\RUWDPELpQODSUHVLyQTXHHMHUFHHODLUHFHUFDQRVREUHQXHVWURWtPSDQR
(VWRVHWUDGXFHHQPD\RUSUHVLyQVRQRUDRVRQRULGDG
3RGHPRVGHFLUHQWRQFHVTXHODYLYHQFLDGHODVRQRULGDGHVWiOLJDGDDODDPSOLWXGGHHVWDVYDULDFLRQHVGHODSUHVLyQ\TXH
pVWDVGHSHQGHQGHODDPSOLWXGGHYLEUDFLyQ\GHODVXSHUILFLHGHOVLVWHPD
(Q WpUPLQRV ItVLFRV OD SUHVLyQ HV OD IXHU]D HMHUFLGD SRU XQLGDG GH VXSHUILFLH (Q HO VLVWHPD 0.6 PHWUR NLORJUDPR
VHJXQGRODIXHU]DODPHGLPRVHQ1HZWRQV1Z\ODSUHVLyQODPHGLPRVHQ3DVFDOHV3DOXHJRXQ3DVFDOHVXQDIXHU]D
GHXQ1HZWRQDSOLFDGDVREUHXQPHWURFXDGUDGR
)XHU]D PDVD[DFHOHUDFLyQJUDYHGDG .J[PV 1ZPiVRPHQRVpVWDHVODIXHU]DTXHWHQHPRVTXHKDFHU
SDUDVRVWHQHUXQDPDVDGHXQNLORJUDPR8Q3DVFDOVHUiODSUHVLyQTXHHMHUFHXQDIXHU]DGH.JJUDPRVVREUH
P
/DVSUHVLRQHVVRQRUDVPtQLPDVTXHSXHGHQHPSH]DUDLPSUHVLRQDUHORtGRKXPDQRHOVLVWHPDDXGLWLYRFRPSOHWRFRQOD
FRQVHFXHQWH YLYHQFLD VRQ GHO RUGHQ GH 3D TXH HV OD SUHVLyQ TXH HMHUFHQ GRV PLOpVLPDV GH JUDPR VREUH XQ
PHWURFXDGUDGR[JUFP8QDSUHVLyQVREUHHOWtPSDQRWDQSHTXHxDHVFDSD]GHJHQHUDUXQDYLYHQFLDDF~VWLFDHQ
HOFHUHEUR/DPD\RUGHODVSUHVLRQHVTXHHVFDSD]GHVRSRUWDUHORtGRKXPDQRHVYHFHVPD\RURPiVGHO
RUGHQGH3DLQFOXVR3DDIUHFXHQFLDVPX\EDMDV
(VWDVFLIUDVWDQH[WUDxDVGHPDQHMDUVHSXHGHQWUDQVIRUPDUPHGLDQWHODIXQFLyQORJDUtWPLFD3RUGHILQLFLyQORJ[EHVHO
Q~PHUR DO TXH KHPRV GH HOHYDU OD EDVH [ GHO ORJDULWPR SDUD TXH QRV GH HO QXPHUR E GHO FXDO TXHUHPRV FDOFXODU HO
ORJDULWPRHQHVWHFDVRXWLOL]DPRVORJDULWPRVHQEDVH1XHVWURRtGRWUDEDMDGHPDQHUDSDUHFLGDDFRPRORKDFHOD
IXQFLyQORJDUtWPLFD
/RJ \DTXH /RJ \DTXH /RJ ³ /RJ ³ /D GHILQLFLyQ GHO EHOLR HV OD VLJXLHQWH HV HO ORJDULWPR GHO FRFLHQWH HQWUH OD LQWHQVLGDG D PHGLU , \ XQD LQWHQVLGDG GH
UHIHUHQFLD,EHO ORJ,,GHFLEHO ORJ,, ORJ33\DTXH, 3
'HILQLPRVHO1LYHOGH3UHVLyQ6RQRUDFRPR
136 G% = ORJ
3
3
+HPRVHVWDEOHFLGRQXHVWUDUHIHUHQFLD3 3DFRPRODPtQLPDVHxDODXGLEOHD+]'HHVWDPDQHUDPHGLDQWH
ORJDULWPRVWUDQVIRUPDPRVXQDVFLIUDVFRPSOHMDVHQRWUDVPiVPDQHMDEOHV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3UHVLyQVRQRUD
33DG%
8PEUDOGHDXGLFLyQ
6XVXUURGHKRMDV
&RQYHUVDFLyQPX\EDMD &RQYHUVDFLyQHQYR]EDMD
+DELWDFLyQGHYLYLHQGD &RQYHUVDFLyQQRUPDO
&RQYHUVDFLyQDQLPDGD 7UDILFRGHFDOOH 7UDILFRSHVDGR &RPSUHVRU
7DOOHUGHFKDSHDGR
$YLyQGHVSHJDQGR
8PEUDOGHGRORU 0i[LPDSUHVLyQ 6H VDEH TXH ORV SHRUHV JROSHV SDUD HO RtGR VRQ ORV LQVWDQWiQHRV\ DGHPiV GH DOWD IUHFXHQFLD FRPR PDUWLOOD]RV VREUH
PHWDOTXHD~QQRVLHQGRPX\IXHUWHVDODUJRSOD]RSXHGHQGDxDUPX\VHULDPHQWHHORtGR/RVP~VLFRVGHODVRUTXHVWDV
HVWiQVRPHWLGRVDSLFRVGHSUHVLyQVRQRUDGH\ G%\QRDFDEDQFRQGDxRVDSUHFLDEOHVQLURWXUDV7DOYH]OD
UHVSXHVWD VHD TXH DO RtGR GHO P~VLFR OOHJDQ SRFDV IUHFXHQFLDV VRQLGRV \ DUPRQtDV \ QR UXLGRV FRQ XQ HVSHFWUR PX\
DPSOLRGHIUHFXHQFLDV1RHVORPLVPRHVWDUVRPHWLGRDXQUXLGREODQFRGHG%TXHDXQDRUTXHVWDOLPSLDGHG%
3HUFHSFLyQGHODSUHVLyQVRQRUD)21
9DPRVDYHUFRPRYDULDODVHQVDFLyQGHVRQRULGDGFRQODIUHFXHQFLD1RHVORPLVPRHVFXFKDUXQVRQLGRGHK]\
G%TXHRWURGHK]\G%ODYLYHQFLDTXHWHQGUHPRVGHODVRQRULGDGVHUiGLIHUHQWHHQORVGRVFDVRVDXQTXHODSUHVLyQ
VRQRUDVHDODPLVPD8QRQRVSDUHFHUiPXFKRPiVVRQRURTXHHORWURHOJUDYHDSHQDVORSHUFLELUHPRV(OHVWtPXORItVLFR
TXHQRVOOHJDHVHOPLVPRHQORVGRVFDVRVODSUHVLyQVRQRUDVREUHHOWtPSDQRHVODPLVPDSHURQXHVWURRtGRHVPiV
VHQVLEOHDIUHFXHQFLDVDOWDVTXHDEDMDV\ORVG%D+]QRVSDUHFHUiQPXFKRPiVVRQRURVTXHORVG%D+]
(ORtGRKXPDQRWLHQHVXPi[LPRGHVHQVLELOLGDGHQWUH\+]
/RV HVWXGLRV VH KDQ UHDOL]DGR FRQ WRQRV SXURV \ PHGLDQWH
HVWDGtVWLFDVVHOOHJyDODVLJXLHQWHWDEODGRQGHDSDUHFHQODV
OtQHDVTXHQRVGDQODPLVPDVHQVDFLyQGHVRQRULGDGVRQODV
TXHOODPDPRVOtQHDVLVyIRQDVTXHPHGLUHPRVHQ)21HV/D
PiV EDMD GH ODV OtQHDV HQ HO JUiILFR H[SUHVD HO YHUGDGHUR
XPEUDO GH DXGLFLyQ SDUD ODV GLIHUHQWHV IUHFXHQFLDV $ +] (O XPEUDO HV G% SHUR VHJ~Q GHVPLQX\H OD IUHFXHQFLD
KD\ TXH DXPHQWDU HO QLYHO GH SUHVLyQ VRQRUD SDUD OOHJDU D
SHUFLELU HO VRQLGR $ IUHFXHQFLDV FHUFDQDV D ORV +] HO XPEUDO GH DXGLFLyQ HV LQFOXVR PHQRU GH G% HVWR
TXLHUHGHFLUTXHHVFXFKDPRVVRQLGRVGHPHQRVGH
3D(Q+]FRLQFLGHQG%V\)21HV$+]GHEHPRV
DXPHQWDU KDVWD DOJR PiV GH G% OD SUHVLyQ VRQRUD SDUD
SHUFLELUVRQLGRDOJXQR/DFXUYDGH)21SHQRVGLFHTXH
WDQWRDK]FRPRDK]HVRVGHFLEHOLRVTXHPDUFDOD
WDEODQRVGDUiQODPLVPDVHQVDFLyQGHVRQRULGDG
3RGHPRVYHUFRPRHOXPEUDOGHGRORUDK]SXHGHVHUGHG%PLHQWUDVTXHD+]SRGHPRVVRSRUWDUKDVWD
\G%$HVDPLVPDIUHFXHQFLDGH+]\DG%QXHVWURRtGR\FHUHEURQRVHUiQFDSDFHVGHSHUFLELUVHQVDFLyQ
VRQRUDDOJXQD
(O WDPDxR GHO RtGR LQIOX\H HQ OD VHQVLELOLGDG TXH SUHVHQWD pVWH D FLHUWDV IUHFXHQFLDV (O QXHVWUR HV XQ VLVWHPD
UHODWLYDPHQWHSHTXHxRTXHUHVSRQGHPHMRUDIUHFXHQFLDVDOWDV/DVFXUYDVLVyIRQDVWLHQHQVXLPSRUWDQFLDGHVGHHOSXQWR
GHYLVWDPXVLFDO(QORVDSDUDWRVGHP~VLFDHOpFWULFRVGHKDFHDxRVQRVHWHQtDHQFXHQWDHVWHIHQyPHQR\HOGHVFHQVR
GHYROXPHQVHKDFLDSRULJXDOHQG%HQWRGDVODVIUHFXHQFLDVHVWRVXSRQHTXHDYRO~PHQHVPX\EDMRVODVIUHFXHQFLDV
K] VRQ ODV ~QLFDV TXH HO RtGR SHUFLEH \ HO VRQLGR TXH VH HVFXFKDED HUD HO FDUDFWHUtVWLFR \ PHWiOLFR GH ODV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
UDGLRV DQWLJXDV $ YROXPHQ DOWR ODV OtQHDV LVyIRQDV VRQ FDVL SDUDOHODV SRU OR TXH QR VH SURGXFH WDQWD GLIHUHQFLD GH
SHUFHSFLyQ HQWUH EDMDV \ DOWDV IUHFXHQFLDV (O ³ORXGQHVV´ HQ ORV DPSOLILFDGRUHV D YROXPHQ EDMR FRPSHQVD HQ EDMDV
IUHFXHQFLDVHVWHIHQyPHQR
3RGHPRVYHUWDPELpQTXHODVFXUYDVLVyIRQDVHVWiQPiVMXQWDVHQODVIUHFXHQFLDVJUDYHV\PiVVHSDUDGDVHQODVDJXGDV
SRUORTXHKDUiIDOWDXQDPD\RUYDULDFLyQHQG%DDOWDVIUHFXHQFLDVTXHDEDMDVSDUDSHUFLELUFDPELRVHQODVRQRULGDG
/RV LQVWUXPHQWRV GH DOJXQD PDQHUD FRPSHQVDQ HVWRV IHQyPHQRV \ DO
WRFDUPiVIXHUWHORVDUPyQLFRVVXSHULRUHVFUHFHQPiVTXHHOIXQGDPHQWDO
JUDYHSRUORTXHHOWLPEUHGHOLQVWUXPHQWRQRYDUtDPXFKR(QORVDSDUDWRV
GHPHGLGDWHQHPRVWUHVWLSRVGHGHFLEHOLRV$%\&/RVG%$GHVFXHQWDQ
OR TXH HO RtGR KXPDQR GHMD GH RtU \ QR FRQVLGHUDQ DTXHOODV SUHVLRQHV
VRQRUDV TXH QR SHUFLELPRV DXQTXH HVWpQ SUHVHQWHV HQ HODPELHQWH /RV
G%& QRV PHGLUiQ WRGDV ODV SUHVLRQHV VRQRUDV UHDOHV TXH KD\ HQ HO
DPELHQWHTXHVRQODVTXHSHUFLEHHORtGRDYROXPHQDOWR/DVGLIHUHQWHV
FXUYDV GH SRQGHUDFLyQ VH XWLOL]DQ FXDQGR TXHUHPRV PHGLU SUHVLRQHV D
EDMRYROXPHQG%$YROXPHQPHGLRG%%\YROXPHQDOWRG%&
)XHU]DVRQRUD621
1R VDEHPRV QDGD VREUH FXiQWDV YHFHV HV PiV IXHUWH XQ VRQLGR FRPSDUDGR FRQ RWUR 6H SXHGHQ KDFHU SUXHEDV
DXPHQWDQGRODVRQRULGDGGHGLIHUHQWHVWRQRVSXURV\SUHJXQWDQGRDODJHQWHGHHVWDPDQHUDREWHQHPRVXQJUDILFRTXH
UHSUHVHQWDFXiQWDVYHFHVHVPiVIXHUWHXQVRQLGRTXHRWUR3RGHPRVYHUFRPRHOGREOHGHIRQHVQRVXSRQHQHOGREOHGH
VRQRULGDG7HQHPRVTXHWHQHUHQFXHQWDWDPELpQTXHXQLQFUHPHQWRGHDG%HVGLIHUHQWHDXQRGHDG%$
YRO~PHQHVDOWRVXQFDPELRGHG%VXSRQHPXFKRPiVFDPELRGHVRQRULGDGTXHORVG%DPX\EDMRYROXPHQVRQRUR
8Q621HVSRUGHILQLFLyQDN+]XQVRQLGRGH )21HV(OGREOHGH
IXHUWH VHUi XQ VRQLGR GH 621HV OR TXH VXSRQHQ XQRV )21HV
$XPHQWDUHQXQRVR)21HVVXSRQHGREODUHQIXHU]DHOVRQLGR&DGD
FDPELRGHPDWL]HQHOOHQJXDMHPXVLFDOVXHOHVXSRQHUGREODUODVRQRULGDG
SSSSSSPSPIIIIIII/RV621HVORVSRGUHPRVVXPDUSHURSDUDTXH
HVWR VHD SRVLEOH ORV VRQLGRV TXH VH VXPDQ KDQ GH HVWDU VHSDUDGRV HQ
IUHFXHQFLD DO PHQRV XQ LQWHUYDOR PD\RU TXH OD DQFKXUD FUtWLFD GH EDQGD
$&%TXHYHUHPRVHQSUy[LPRVFDStWXORV
/RVLQVWUXPHQWRVGHXQDRUTXHVWDTXHWRFDQXQDPLVPDPHORGtDSURGXFHQ
ODV PLVPDV IUHFXHQFLDV 6L HVWR VH SURGXFH DO VXPDU OD VRQRULGDG GH GRV YLROLQHV SULPHURV QR WHQGUHPRV HO GREOH GH
VRQRULGDGWDQVRORFRQVHJXLPRVG%PiVGHVRQLGR6LSRQHPRVRWUDIXHQWHLJXDORWURVGRVYLROLQHV\WRFDQORVFXDWUR
WHQGUHPRV RWURV G% PiV \ VL TXHUHPRV FRQVHJXLU ORV G% QHFHVDULRV SDUD GREODU OD VRQRULGDG GH XQ VROR YLROtQ
WHQGUHPRVTXHDxDGLURWUDIXHQWHLJXDORWURVFXDWURYLROLQHVPiV3DUDREWHQHUHOGREOHGHVRQRULGDGFRQLQVWUXPHQWRV
TXHHVWpQWRFDQGRODPLVPDPHORGtDWHQGUHPRVTXHSDVDUGHXQRDRFKRLQVWUXPHQWRV
G%
G%G% G%G% G%G% G%
G%
G%
G%
G%
G% G%
G%
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3523,('$'(636,&2$&Ó67,&$6
$OWXUDGHWRQRHLQWHQVLGDGVRQRUD
1XHVWURVLVWHPDDXGLWLYRFRPRKHPRVYLVWR\DWLHQHSDUDFDGDIUHFXHQFLDXQDFDSDFLGDGGHUHVSXHVWDGLIHUHQWH9LPRV
FRPRSRUVXWDPDxR\FDUDFWHUtVWLFDVILVLROyJLFDVUHVSRQGHPHMRUDIUHFXHQFLDVFRPSUHQGLGDVHQWUHORV\+]
7UDEDMDUHPRV FRQ XQ WRQR SXUR \YHUHPRVORTXH SDVD VLLQFUHPHQWDPRVODVRQRULGDGGH HVD VHxDO SHUFLELUHPRV XQD
YDULDFLyQGHODDOWXUDGHWRQR\VLQHPEDUJRPHGLFLRQHVItVLFDVQRVGLFHQTXHODIUHFXHQFLDGHODVHxDOQRKDYDULDGR/D
WDEOD\HOJUDILFRQRVPXHVWUDQTXHRFXUUHSDUDODVGLIHUHQWHVIUHFXHQFLDV
G%
K] K]K]
6L DXPHQWDPRV HQ G% OD SUHVLyQ VRQRUD GH XQ WRQR SXUR GH EDMD IUHFXHQFLD QRV SDUHFHUi TXH OD DOWXUD GH WRQR
GLVPLQX\H\WHQGUtDPRVTXHVXELUODIUHFXHQFLDFHUFDGHXQSDUDSHUFLELUODPLVPDVHQVDFLyQGHDOWXUDGHWRQRTXHDO
SULQFLSLR6HJ~QDXPHQWDPRVHOYROXPHQVRQRURODVHQVDFLyQVHDFHQW~D\SHUFLELPRVXQDDOWXUDGHWRQRDXQPiVEDMD
DXQTXHHOVLVWHPDItVLFRVLJDHPLWLHQGRODPLVPDIUHFXHQFLD&RQORVVRQLGRVDJXGRVSDVDORFRQWUDULRVLDXPHQWDPRVHQ
G%ODVRQRULGDGORSHUFLELPRVPiVDJXGR\WHQGUtDPRVTXHEDMDUXQODIUHFXHQFLDGHODVHxDOSDUDTXHODDOWXUDGH
WRQRQRVSDUHFLHUDODPLVPDTXHDOSULQFLSLR/RVWRQRVSXURVJUDYHVPX\IXHUWHVQRVSDUHFHTXHVXHQDQPiVJUDYHVGH
ORTXHVRQ\ORVWRQRVSXURVDJXGRVPX\IXHUWHVQRVSDUHFHTXHVXHQDQPiVDJXGRVGHORTXHVRQ
(QXQLQVWUXPHQWRPXVLFDOMXQWRDOIXQGDPHQWDODSDUHFHQPXFKRVDUPyQLFRVGHDOWDIUHFXHQFLDTXHFRPSHQVDQHOHIHFWR\
QRORVHQWLUHPRVWDQDFXVDGRFRPRDSDUHFHHQODVJUiILFDV
8PEUDOGHGLVFHUQLELOLGDGSDUDODDOWXUDGHWRQR
(VWHXPEUDOORGHILQLPRVFRPRODPtQLPDYDULDFLyQHQIUHFXHQFLDQHFHVDULDHQXQVRQLGRSDUDSHUFLELUFDPELRDOJXQRHQOD
DOWXUDGHWRQR6LYDULDPRVK]HVSUREDEOHTXHQRQRWHPRVFDPELRSHURXQDYDULDFLyQGHK]SXHGHTXHVL
GHSHQGLHQGR GHOD IUHFXHQFLD GHOVRQLGRSXURHQFXHVWLyQ 1XHVWUR RtGR HV PiV VHQVLEOH D ODVIUHFXHQFLDVFHUFDQDVD
K] \ PHQRV VHQVLEOH D ODV EDMDV IUHFXHQFLDV \ D IUHFXHQFLDV PX\ DOWDV 3HTXHxDV YDULDFLRQHV HQ K] ODV
QRWDUHPRVVLQHPEDUJRSDUDDSUHFLDUFDPELRDOJXQRHQODDOWXUDGHWRQRDEDMDVIUHFXHQFLDVQHFHVLWDUHPRVXQDYDULDFLyQ
PD\RUGHODIUHFXHQFLD
9DPRVDYHUHQTXHPRPHQWRVRPRVFDSDFHVGHSHUFLELUXQFDPELRHQODDOWXUDGHWRQR(VWRQRVSXHGHVHUYLUSDUDVDEHU
FXDQWRKDEUHPRVGHDILQDUSDUDTXHHOS~EOLFRQRORQRWH&XDQGRHOWRQRHVEDMRQHFHVLWDPRVYDULDUPiVODIUHFXHQFLD
SDUDSHUFLELUXQDYDULDFLyQHQODDOWXUDGHWRQR
I+] G%G%
I+] G%G%
8QVRQLGRSXURGHK]\G%QHFHVLWDGHXQDYDULDFLyQHQODIUHFXHQFLDGHXQPiVGHPHGLRWRQRSDUDTXH
VHDPRVFDSDFHVGHDSUHFLDUXQFDPELRHQODDOWXUDGHWRQR(VWHPLVPRVRQLGRGHK]VLORHVFXFKDPRVPiVIXHUWH
G%ODYDULDFLyQQHFHVDULDVHUiPHQRUWDQVRORFRQQRWDUHPRVFDPELRDXQDVtYDPRVDYHUFRPRHVWDYDULDFLyQGHO
WHUFLR GH WRQR HV GHPDVLDGR JUDQGH (O RtGR HV PHQRV VHQVLEOH FXDQGR ORV VRQLGRV TXH OH OOHJDQ WLHQHQ SRFD
VRQRULGDG(QUHDOLGDGVtTXHVRPRVFDSDFHVGHDSUHFLDUORVFDPELRVGHPHGLRWRQRHQODVQRWDVJUDYHVGHXQSLDQR/R
TXHVXFHGHHVTXHHVWHHIHFWRVRODPHQWHRFXUUHFXDQGRHVFXFKDPRVWRQRVSXURV\HQODUHDOLGDGGHORVLQVWUXPHQWRV
PXVLFDOHV HVWR QXQFD RFXUUH /D QRWD 6, GH XQ SLDQR WLHQH XQ IXQGDPHQWDO GH K] SHUR QRV YD D OOHJDU
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
DFRPSDxDGD GH WRGD VX VHULH DUPyQLFD GH IUHFXHQFLDV PiV DOWDV \ VRQ HVWRV DUPyQLFRV ORV TXH QRV YDQ D D\XGDU D
SHUFLELUORVFDPELRVGHPHGLRWRQRTXHVHSURGXFHQ
$PHGLGDTXHDXPHQWDODIUHFXHQFLDHORtGRSHUFLEHPHMRUORVFDPELRV\HQHVWHFDVRODPi[LPDVHQVLELOLGDGVHSURGXFH
DOUHGHGRU GH ORV K] GRQGH D QDGD TXH YDUtH XQ OD IUHFXHQFLD OR QRWDUHPRV /DV SHTXHxDV YDULDFLRQHV VH
QRWDQXQYLEUDWRXQDPDODDILQDFLyQHWFHVWRKDFHTXHORVLQVWUXPHQWRVTXHWHQJDQHVWDVIUHFXHQFLDVHQVXWHVLWXUD
VHDQPX\H[SUHVLYRV\UHTXLHUDQGHPiVSUHFLVLyQ
(QODSUiFWLFDPXVLFDOUHDOVHREVHUYDTXHXQDYDULDFLyQGHXQHVXQXPEUDOYiOLGR$SDUWLUGHHVWHYDORUVHSHUFLEHQ
FDPELRV 3RU GHEDMR GH HVWH XPEUDO QR VH DSUHFLD FDPELR DOJXQR HQ OD DILQDFLyQ 8Q HV XQ WHUFLR GH OD FRPD
VLQWyQLFD (Q OD P~VLFD LQIRUPDWL]DGD IUHFXHQFLyPHWURV GLJLWDOHV SURJUDPDV GH VRQLGR SDUD RUGHQDGRUHV \ GHPiV
LQVWUXPHQWRV PXVLFDOHV HOHFWUyQLFRV ORV VDOWRV TXH VH KDFHQ HQ IUHFXHQFLD VRQ GH HQ 0HQRV GH HVWR QR
PHUHFHODSHQD\DTXHQRQRWDPRVFDPELR\VDOWRVPD\RUHVFUHDUtDQGLVFRQWLQXLGDGHVSHUFHSWLEOHVHQODDOWXUDGHWRQR
&RQGLFLRQHVGHGXUDFLyQSDUDXQDVHxDODF~VWLFD\ODYLYHQFLDGHODDOWXUDGHWRQR
7HQHPRVXQDVHxDOVLQXVRLGDOSXUD\YDPRVDYHUFXiOHVHOWLHPSRPtQLPRTXHKDGHGXUDUHVWDVHxDOSDUDTXHSRGDPRV
SHUFLELUELHQODDOWXUDGHWRQR6LODVHxDOTXHQRVOOHJDHVXQSXOVRPX\FRUWRQXHVWURFHUHEURQRVHUiFDSD]GHUHFRQRFHU
VXDOWXUDGHWRQR/DH[SHULPHQWDFLyQQRVGLFHTXHHOWLHPSRPtQLPRTXHKDGHGXUDUXQDVHxDOHVGHPV&XDQWRPiV
GXUHODVHxDOPHMRUSHUFLELUHPRVVXDOWXUDGHWRQR
PVFXDUWRGHVHJXQGRVRQPiVTXHVXILFLHQWHV(QHOPHWUyQRPRGH0HW]HOW VXQDQHJUDYDOHXQVHJXQGROD
FRUFKHDPHGLRODVHPLFRUFKHDYDOH\DXQFXDUWRGHVHJXQGRPVODIXVDXQRFWDYRGHVHJXQGR\ODVHPLIXVDXQ
GLHFLVHLVDYRGHVHJXQGRTXHVRQPV/DDOWXUDGHWRQRGHHVWDVQRWDVTXHVHGDQHQDOJXQRVSDVDMHVQRVHUiIiFLO
GHUHFRQRFHU
8QVRQLGRODUJR\XQRFRUWRLQIHULRUDGHVHJXQGRGHODPLVPDVRQRULGDGQRVHSHUFLEHQLJXDOGHVRQRURV$SDUWLU
GHHVWHWLHPSRVHSHUFLEHQFRQODPLVPDVRQRULGDG
8PEUDOGHGLVFHUQLELOLGDGSDUDHOQLYHOVRQRUR
3RGHPRV GHILQLUOR FRPR HO K] K] K]
PtQLPR FDPELR QHFHVDULR HQOD G% SUHVLyQ VRQRUD SDUD SHUFLELU G% YDULDFLyQ DOJXQD HQ OD YLYHQFLD G% GHODVRQRULGDG
G% G% 8QVRQLGRGHG%\K]GHIUHFXHQFLDQHFHVLWDXQDYDULDFLyQHQODSUHVLyQVRQRUDGHG%SDUDTXHSRGDPRVQRWDU
FDPELRDOJXQR3DUDHVWHPLVPRVRQLGRSHURDG%FRQTXHVXEDPRVG%\DSHUFLELPRVXQFDPELRHQODVRQRULGDG
&XDQWRPD\RUVHDODDOWXUDGHWRQRPHQRUYDULDFLyQQHFHVLWDPRVSDUDHQWHUDUQRVGHTXHKDKDELGRFDPELRDOJXQR\DTXH
HO RtGR HV PiV VHQVLEOH D HVWDV IUHFXHQFLDV DOWDV $ YRO~PHQHV VRQRURV DOWRV ODV YDULDFLRQHV QHFHVDULDV VRQ WDPELpQ
PHQRUHV(QORVSURJUDPDVGHRUGHQDGRU\DSDUDWRVHOHFWUyQLFRVGHGLFDGRVDODP~VLFDVHKDFHQVDOWRVHQODSUHVLyQ
VRQRUDGHG%\DQRVRWURVQRVSDUHFHUiTXHHODXPHQWRGHYROXPHQHVFRQWLQXR(VWHGDWRHVXQSRFRPHQRUTXHOD
PtQLPDGHODVYDULDFLRQHVTXHVRPRVFDSDFHVGHGHWHFWDUG%
3XOVDFLRQHVREDWLGRV\VRQLGRVGLIHUHQFLDOHV
6L HVFXFKDPRV VLPXOWiQHDPHQWH GRV VRQLGRV PX\ SUy[LPRV HQ IUHFXHQFLD SHUFLELUHPRV EDWLGRV R SXOVDFLRQHV (VWRV
EDWLGRV VRQ XQD PRGXODFLyQ HQ OD DPSOLWXG GH OD SUHVLyQ VRQRUD \ VH HVFXFKDUiQ WDQWRV EDWLGRV SRU VHJXQGR FRPR
GLIHUHQFLDGHKHUFLRVH[LVWDHQWUHORVGRVVRQLGRV
K]\K]QRVGDUiQEDWLGRVSRUVHJXQGR
K]\K]QRVGDUiQEDWLGRVSRUVHJXQGR
(Q HVWH VHJXQGR FDVR HO Q~PHUR GH EDWLGRV HV WDQ DOWR TXH OD VHQVDFLyQ TXH QRV OOHJD HV GH XQ VRQLGR iVSHUR \
GLVRQDQWH/DGLVRQDQFLDHVWiPX\OLJDGDDODIRUPDFLyQGHEDWLGRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6LTXHUHPRVDILQDUXQYLROtQORKDFHPRVWRFDQGRVLPXOWiQHDPHQWH
GRVFXHUGDVSRUHMHPSORHO/$\HO0,$OWRFDUGREOHVFXHUGDV
VHSDUDGDV SRU XQ LQWHUYDOR GH XQD  YHPRV FRPR HO WHUFHU
DUPyQLFR GHO /$ FRLQFLGH FRQ HO VHJXQGR DUPyQLFR GHO 0, \ OR
TXH EXVFDUHPRV HV TXH HVWRV DUPyQLFRV WHQJDQ H[DFWDPHQWH OD
PLVPD IUHFXHQFLD 0RYLHQGR OD FODYLMD GH DILQDGR YDULDPRV OD
IUHFXHQFLDGHO0,KDVWDTXHHVFXFKDPRVXQVRQLGRFODUR\OLPSLR
GHVDSDUHFHQ ORV EDWLGRV \ HV HQWRQFHV FXDQGR FRLQFLGH OD
IUHFXHQFLD\ODSURSRUFLyQHQWUHHO/$\HO0,HVGHXQLQWHUYDORGHMXVWD/DPLVPDRSHUDFLyQVHUHDOL]DFRQODV
GHPiVFXHUGDVGHOYLROtQTXHDILQDPRVUHVSHFWRGHODUHIHUHQFLDLQLFLDOGHO/$PiVRSRUWXQDK]K]HWF
VHQ$VHQ% [VHQ>$%@[FRV>$%@$ ʌIW% ʌIW
VHQʌWVHQʌW [VHQʌW[FRVʌW
ORTXHSHUFLELPRVHQHVWHFDVRGHGRVVRQLGRVGH\K]HVXQVRQLGRFRPSXHVWRGRQGHODDOWXUDGHWRQRODGDOD
SDUWHVHQRLGDOFRQK]LQWHUPHGLR\DSDUHFHPRGXODGDHQDPSOLWXGSRUODSDUWHFRVHQRLGDOGHIUHFXHQFLD+](VWR
VXSRQHXQSHULRGRGHODPRGXODFLyQGH7 VHJXQGRORTXHQRVGDORVGRVEDWLGRVSRUVHJXQGR
(Q XQ SLDQR ODV FXHUGDV QR VRQ H[DFWDPHQWH DUPyQLFDV SUHVHQWDQ XQD SHTXHxD LQDUPRQLFLGDG OR TXH KDFH TXH HO
VHJXQGR³DUPyQLFR´HQHVWHFDVRSDUFLDOGHFDGDQRWDVHDXQSRFRPD\RUGHOGREOHGHOIXQGDPHQWDO\ORVVXSHULRUHV
WDPELpQVRQPD\RUHV$ODKRUDGHDILQDUODVRFWDYDVKDUHPRVFRLQFLGLUHOVHJXQGRDUPyQLFRGHODSULPHUDQRWDFRQHO
IXQGDPHQWDO GH OD VHJXQGD QRWD  SRU OR TXH FXDQGR ODV IUHFXHQFLDV GH ORV DUPyQLFRV VHDQ H[DFWDPHQWH LJXDOHV OD
VHJXQGD QRWD VHUi XQ SRFR PD\RU TXH OD RFWDYD
PDWHPiWLFDPHQWHH[DFWDGHI/DDILQDFLyQGHXQSLDQR
HV XQ FRPSURPLVR HQWUH XQ QXPHUR GH EDWLGRV TXH QR
PROHVWH PXFKR \ XQD VHQVDFLyQ GH RFWDYD QRUPDO /DV
FXHUGDV GH ORV SLDQRV GH SDUHG VRQ ODV TXH PiV
SUREOHPDV GH LQDUPRQLFLGDG SUHVHQWDQ /RV SLDQRV GH
JUDQ FROD WLHQHQ SUHFLVDPHQWH VHPHMDQWHV GLPHQVLRQHV
SDUDPRQWDUFXHUGDVPiVODUJDV\ILQDVHQODVTXHHVWRV
SUREOHPDVGHLQDUPRQLFLGDGHVVRQPHQRVDFXVDGRV
6L OD GLIHUHQFLD GH KHUFLRV DXPHQWD HQWUH ORV VRQLGRV TXH HVFXFKDPRV VLPXOWiQHDPHQWH QR WHQGUHPRV XQ QXPHUR GH
EDWLGRVFRQFUHWR&RQGHWHUPLQDGRVLQWHUYDORVGHIUHFXHQFLDVDSDUHFHUiQORVVRQLGRVGLIHUHQFLDOHVGHVFXELHUWRVSRUXQ
YLROLQLVWDOODPDGR7DUWLQL\XQRUJDQLVWD6DUJHVRQLGRVSVtTXLFRVRWRQRVGHFRPELQDFLyQ(QHVWHFDVRSHUFLELUHPRVXQ
³VRQLGR´ GH IUHFXHQFLD I TXH UHVXOWD VHU OD GLIHUHQFLD HQWUH ORV GRV VRQLGRV I \ I I II (VWH IHQyPHQR VHUi PiV
HYLGHQWH FXDQGR ODV GRV IUHFXHQFLDV I \ I SHUWHQH]FDQ D OD VHULH DUPyQLFD TXH UHVXOWD GHO VRQLGR GLIHUHQFLDO I 'RV
VRQLGRVGHIUHFXHQFLDVI\IQRVGDQXQVRQLGRGLIHUHQFLDOGHIUHFXHQFLDI
(VWHIHQyPHQRGHORVVRQLGRVGLIHUHQFLDOHVVHXWLOL]yHQVXGtDHQODFRQVWUXFFLyQGHyUJDQRV(OVRQLGRPiVJUDYHTXH
SRGHPRV HVFXFKDU WLHQH XQD IUHFXHQFLD GH XQRV K] \ OR GDUi XQ WXER GH ORQJLWXG DSUR[LPDGD GH P 6L QR VH
GLVSRQHGHVLWLRRPDWHULDOSRGHPRVJHQHUDUFRQWXERVPiVFRUWRVWRGDODVHULHDUPyQLFDPHQRVODIXQGDPHQWDOVL
PGHWXERGDQK]XQWXERGHPQRVGDUiXQVRQLGRGHK]\WRGDVXVHULHDUPyQLFDK]K]K]HWF\
PHGLDQWHGLIHUHQWHVWXERVSRGHPRVJHQHUDUODVHULHDUPyQLFDTXHFRUUHVSRQGHDODIUHFXHQFLDIXQGDPHQWDOGHK]\
DXQTXH QR HVWp ItVLFDPHQWH SUHVHQWH HVWD QRWD VXSHUSRVLFLyQ GH RQGDV HO FHUHEUR OD UHFRQVWUX\H 7HQGUHPRV OD
VHQVDFLyQGHHVFXFKDUHVWHVRQLGRJUDYHSHURORSHUFLELUHPRVFRPRXQURQURQHREDVWDQWHSREUHHQVRQRULGDG
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&RQVWDQWHGHWLHPSRGHORtGR
(QHVWHDSDUWDGRYHUHPRVFXiQWRWLHPSRQHFHVLWDHORtGRSDUDUHODMDUVH\SHUFLELUVHSDUDGDVGRVVHxDOHVDF~VWLFDVTXHOH
OOHJDQ FRQVHFXWLYDV 6L JROSHDPRV DOJ~Q PDWHULDO PXFKDV YHFHV SRU VHJXQGR HV SRVLEOH TXH RLJDPRV WRGR FRPR XQ
VRQLGRFDVLFRQWLQXR
(OLQWHUYDORHQHOWLHPSRHQHOFXDOFRPLHQ]DDQRVHUSRVLEOHGLVFULPLQDU
VHxDOHV R SXOVRV FRQVHFXWLYRV VHUi HVWD FRQVWDQWH GH WLHPSR GH OD TXH
KDEODPRV6HVLW~DHQWUH\PVORTXHVXSRQHHQWUH\JROSHV
SRU VHJXQGR 3RGHPRV FRQVLGHUDU XQ WLHPSR HVWiQGDU GH PV (VWH
WLHPSRVHUiHOQHFHVDULRSDUDTXHHOVLVWHPDDXGLWLYRVHUHODMHGHVSXpVGH
RtU XQD VHxDO \ SHUFLEDPRV OD VLJXLHQWH VHxDO FRPR GLIHUHQWH (VWD
FRQVWDQWH WLHQH PXFKD LPSRUWDQFLD D OD KRUD GH GLVHxDU VDODV DF~VWLFDV
/RV VRQLGRV TXH JHQHUDQ ORV LQVWUXPHQWRV QRV OOHJDQ GLUHFWDPHQWH SHUR
WDPELpQ QRV OOHJDUiQ ORV VRQLGRV UHIOHMDGRV HQ ODV GLIHUHQWHV SDUHGHV \
VXSHUILFLHVSODQDVGHODVDOD(VWRVVRQLGRVUHIOHMDGRVTXHOOHJDQDQXHVWURVRtGRVORKDFHQHQXQWLHPSRTXHGHSHQGHUi
GHODVGLPHQVLRQHVGHODVDOD\VHUiPX\FRQYHQLHQWHTXHHOWLHPSRHVWHQRVXSHUHORVPV6LXQVRQLGROOHJDSHDOGH
PVQRRLUHPRVHVDVHJXQGDVHxDOGLIHUHQFLDGDSHURUHIRU]DUiDODSULPHUDORTXHFUHDUiHOHIHFWRGHODUHYHUEHUDFLyQ
/RTXHOOHJXHHQORVSULPHURVPVTXHGDHQPDVFDUDGR\QRUHIXHU]DDOSULPHUVRQLGR6LORVVRQLGRVUHIOHMDGRVOOHJDQD
QXHVWURVRtGRVGHVSXpVGHPVHPSH]DUHPRVDSHUFLELUORTXHOODPDPRVHFR
(QPDVFDUDPLHQWR&RQVLGHUDFLRQHVGHLQWHUpVPXVLFDO
'HILQLPRVHOHQPDVFDUDPLHQWRFRPRODDQXODFLyQGHXQVRQLGRSRUODPD\RULQWHQVLGDGVRQRUDGHRWUR(VWHIHQyPHQR
SXHGHVHUFUtWLFRHQRUTXHVWDV\EDQGDVGRQGHHOHTXLOLEULRHQWUHLQVWUXPHQWRVTXHWLHQHQPX\GLIHUHQWHVVRQRULGDGHVHV
FUXFLDO$VLVWLUDXQFRQFLHUWRHQHOFXDODOJXQRGHORVLQVWUXPHQWRVLQWHJUDQWHVTXHGDHQPDVFDUDGRVRORHVEXHQRHQHO
~QLFR\GHVDIRUWXQDGRFDVRHQHOTXHHOLQVWUXPHQWLVWDHQPDVFDUDGRWRTXHPDO
9DPRV D VXSRQHU XQ WRQR HQPDVFDUDGRU GH K]
TXHHVWiD\G%SRUHQFLPDGHVXXPEUDO
GH DXGLFLyQ /D JUiILFD QRV PXHVWUD ODV FXUYDV GH
SXQWRVGHOVRQLGRHQPDVFDUDGR1RVGLFHQFXDQWRVG%
WHQHPRVTXHHOHYDUHVWHWRQRHQPDVFDUDGRSRUHQFLPD
GHVXXPEUDOGHDXGLFLyQSDUDTXHSRGDPRVSHUFLELUOR
$ G% YHPRV FRPR ~QLFDPHQWH ORV WRQRV GH
IUHFXHQFLD SDUHFLGD TXHGDQ XQ SRFR HQPDVFDUDGRV
1RV EDVWD FRQ HOHYDU D G% HO WRQR HQPDVFDUDGR
SDUDSHUFLELUOR/DVIUHFXHQFLDVWDQWRDOWDVFRPREDMDV
VHRLUiQFRQFXDOTXLHULQWHQVLGDGVRQRUD
6LDXPHQWDPRVODVRQRULGDGGHOWRQRHQPDVFDUDGRUOD
FRVD FDPELD $ G% VH HPSLH]DQ D HQPDVFDUDU XQ
SRFRODVDOWDVIUHFXHQFLDV6LVXELPRVDG%HOWRQRHQPDVFDUDGRUVHSXHGHREVHUYDUFRPRORVWRQRVGHIUHFXHQFLD
DOWDTXHGDQPX\HQPDVFDUDGRVPLHQWUDVTXHORVJUDYHVDSHQDVVHHQPDVFDUDQ3RGHPRVUHVXPLUHOIHQyPHQRFRQODV
VLJXLHQWHVSDODEUDV
(OHIHFWRHVPi[LPRSDUDVRQLGRVFRQIUHFXHQFLDVSUy[LPDVDODVGHOVRQLGRHQPDVFDUDGRU
(OHIHFWRHVPtQLPRSDUDVRQLGRVGHEDMDIUHFXHQFLD
&RQLQWHQVLGDGVRQRUDHOHYDGDVHHQPDVFDUDQPXFKRPiVODVIUHFXHQFLDVDOWDV\PXFKDVPiVIUHFXHQFLDVTXH
FRQXQQLYHOGHSUHVLyQVRQRUDEDMDGHOVRQLGRHQPDVFDUDGRU
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/$6(6&$/$6086,&$/(6(1/$7(25,$
<(1/$5($/,'$'
,QWURGXFFLyQ
+HPRVGHILQLGRXQVRQLGRFRPRXQDVHxDODF~VWLFDFRQDOWXUDGHWRQRGHILQLGDTXHSRGHPRVVLWXDUHQXQDHVFDODPXVLFDO
&XDQGRKDEODPRVGHHVFDODVPXVLFDOHVQRVUHIHULPRVDXQDVHULHGHVRQLGRVGLVWULEXLGRVHQHOLQWHUYDORGHRFWDYD([LVWH
XQDSHULRGLFLGDGHQODYLYHQFLDGHODDOWXUDGHWRQRGHHVWHLQWHUYDOR\TXHItVLFDPHQWHVHUHILHUHDGRVVRQLGRVTXHWLHQHQ
IUHFXHQFLDVFRQXQDUHODFLyQGHDHVWRHVXQDGHODVIUHFXHQFLDVHVHOGREOHGHODRWUD/RTXHYDPRVDKDFHUHV
GLYLGLUHVWDRFWDYDHQGLIHUHQWHVSDUWHVRLQWHUYDORVPiVSHTXHxRV\ORTXHRFXUUDHQXQDRFWDYDORSRGUHPRVWUDVODGDUD
ODVGHPiV
([LVWHQGLIHUHQWHVPDQHUDVHQRFFLGHQWHGHGLYLGLUHVWDRFWDYDGLIHUHQWHVVLVWHPDVTXHQRWLHQHQJUDQGHVGLIHUHQFLDV
HQWUH VL DXQTXH VXILFLHQWHV FRPR SDUD TXH HO RtGR KXPDQR ODV SXHGD DSUHFLDU (Q OD UHDOLGDG PXVLFDO LQWHUYLHQHQ ODV
FDUDFWHUtVWLFDV GH ORV LQVWUXPHQWRV FRVWXPEUHV FXOWXUDOHV DVSHFWRV GH WLSR SVLFROyJLFR HWF 7RGRV ORV VLVWHPDV GH
HVFDODVVHEDVDQHQODYLYHQFLDGHORVDUPyQLFRV\HQODVUHODFLRQHVGHIUHFXHQFLDTXHH[LVWHQHQWUHDOJXQRVGHHOORV
/RV SULQFLSLRV GH ODV HVFDODV VH UHPRQWDQ PXFKRV VLJORV DWUiV \ VH GHVDUUROODURQ HQ FLYLOL]DFLRQHV FRPR OD FKLQD OD
DUPHQLD HWF /RV SULPHURV HVWXGLRV GH ORV TXH WHQHPRV FRQRFLPLHQWR ORV KLFLHURQ 3LWiJRUDV \ VX JUXSR (VWRV
DSDVLRQDGRVSRUODVFLHQFLDVWDQWRItVLFDVFRPRHVSLULWXDOHVDQDOL]DURQFXHUGDVHQWHQVLyQ\HVWXGLDURQFyPRSXOVDQGR\
UR]DQGR OD FXHUGD HQ SXQWRV TXH OD GLYLGHQ HQ SDUWHV LJXDOHV HWF DSDUHFtDQ OR TXH KR\ FRQRFHPRV FRPR
DUPyQLFRV5HODFLRQDURQYLYHQFLDVGHDOWXUDGHWRQRDJUDGDEOHVFRQUHODFLRQHVVHQFLOODVGHODFXHUGD
6LWRPDPRVORVLQWHUYDORVTXHIRUPDQORVDUPyQLFRVHQWUHVLHLQWHQWDPRVGLYLGLUODRFWDYDQRVHQFRQWUDPRVFRQDOJXQRV
SUREOHPDV
'2'262/'20,62//$'25(
0P 0
IIIIIIIII
3DUDWUDEDMDUFRQODVIUHFXHQFLDVWHQHPRVTXHWHQHUHQFXHQWDXQSULQFLSLREiVLFR&DGDLQWHUYDORPXVLFDOWLHQHDVRFLDGR
XQQ~PHURTXHYLHQHGDGRSRUODUHODFLyQTXHH[LVWHHQWUHODVIUHFXHQFLDVFRUUHVSRQGLHQWHVDODVQRWDVTXHIRUPDQHO
LQWHUYDOR 6L WHQHPRV HQ FXHQWD OD VHULH DUPyQLFD QDWXUDO GH DUULED SRGHPRV YHU SH TXH HO LQWHUYDOR HQWUH HO ž \ ž
DUPyQLFRHVXQDMXVWDGH'2D62/\HOQXPHURDVRFLDGRDODTXLQWDVHUiODGLYLVLyQHQWUHODVIUHFXHQFLDVGHODVGRV
QRWDVPD\RUHQWUHPHQRUII 3URFHGHPRVLJXDOSDUDHOUHVWRGHLQWHUYDORVP0,62/62/0, II HWF
7HQHPRV TXH WHQHU HQ FXHQWD WDPELpQ TXH XQD VXPD PXVLFDO GH LQWHUYDORV FRUUHVSRQGH D XQD PXOWLSOLFDFLyQ GH ORV
Q~PHURVDVRFLDGRV\XQDUHVWDGHLQWHUYDORVODUHDOL]DUHPRVPHGLDQWHXQDGLYLVLyQGHHVWRV
3DUWLPRV GH OD VHULH DUPyQLFD \ QRV HQFRQWUDPRV FRQ TXH QR SRGHPRV GLYLGLU QXHVWUD RFWDYD HQ SDUWHV LJXDOHV TXH
FRLQFLGDQFRQORVLQWHUYDORVTXHDSDUHFHQHQHVWDVHULH7UHV0DXQTXHPXVLFDOPHQWHFRPSRQJDQXQDRFWDYDQROOHJDQ
DODRFWDYD\FXDWURPVHSDVDQ6HLV0WDPELpQVHSDVDQGHOD \ORVGHPiVLQWHUYDORV  0 P 0 000 "
[[ PPPP " [[[ !
000000 " [[[[[ !
(OGLDSDVyQ
3DUWLPRVSRUFRQYHQLRGHO/$SDUDDILQDUORVLQVWUXPHQWRVPXVLFDOHVHQODVRUTXHVWDVHQORVFRQVHUYDWRULRVHQFDVD
HWF7HQHPRVTXHGHILQLUXQDIUHFXHQFLDSDUDHVWH/$/$HQDOJXQRVSDtVHV(QXQSULQFLSLRHQODpSRFDEDUURFDVH
GHFLGLySRUXQDQLPLGDGHQWUHP~VLFRVFRPSRVLWRUHV\FRQVWUXFWRUHVGHILQLUHO/$FRPRODDOWXUDGHWRQRTXHGDXQVRQLGR
GH+]SHURHQVHJXLGDHPSH]DURQDVXELUHVWDDOWXUDGHWRQRSDUDREWHQHUGHFDGDLQVWUXPHQWRPiVEULOOR\VRQRULGDG
+R\HQGtDGHVSXpVGHSDVDUSRUORV+]ILQDOPHQWHVHFRQVLGHUDDFHSWDGRHO/$ +]
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(QODVRUTXHVWDVVHYDORUDODEULOODQWH]SRUORTXHVHKDOOHJDGRDDILQDUKDVWDD\K]ORFXDOHUDLQDFHSWDEOHSDUD
ORVFDQWDQWHVTXHWHQtDQTXHIRU]DUPXFKtVLPRODYR](VPX\FRP~QHQHVWRVGtDVDILQDUHQ+]\DYHFHVKDVWDHQOR
TXH VH GHQRPLQD HO /$ EULOODQWH GH +] /RV LQVWUXPHQWRV EDUURFRV TXH VH FRQVHUYDQ KR\ HQ GtD SRU VXV
FDUDFWHUtVWLFDVVHVLJXHQDILQDQGRHQ+]
6LVWHPDSHQWDWyQLFR
/DFXOWXUDFKLQDDQWHULRUDODJULHJDLQYHVWLJy\GHVFXEULyPRGRVRHVFDODVEDVDGDVHQHOLQWHUYDORGHMXVWDGHUHODFLyQ
FRPRORKLFLHUD3LWiJRUDVSRVWHULRUPHQWH0HGLDQWHFXDWURVDOWRVGHHVWHLQWHUYDORFRQVLJXLHURQGLYLGLUODRFWDYD\FUHDU
XQDHVFDODGHFLQFRWRQRV
$%&'($
WRQRWRQRWRQR\òWRQRWRQR\ò
6LVWHPDJHQHUDWLYRGH3LWiJRUDV
3LWiJRUDV\VXJUXSRGHHVWXGLRVRVYLHURQFRPRWDPELpQORKLFLHUDQRWURVHVWXGLRVRVGHRWUDVFXOWXUDVTXHXQDPLVPD
ORQJLWXG GH FXHUGD WHQVD SURGXFH VRQLGRV GLYHUVRV VLQ PiV TXH GLYLGLU OD FXHUGD HQ SDUWHV LJXDOHV \ SXOVDU OD FXHUGD
UR]DQGR FRQ XQ GHGR HQ HVRV SXQWRV TXH GLYLGHQ OD FXHUGD HQ SDUWHV LJXDOHV \ TXH VH OODPDQ QRGRV (VWRV VRQLGRV
WRFDGRVDODYH]VHYLYpQFLDQPX\DUPRQLRVRVVREUHWRGRDTXHOTXHVXUJtDDOGLYLGLUODFXHUGDHQWUHVSDUWHVORTXHKR\
FRQRFHPRVFRPRHOWHUFHUDUPyQLFR\HOTXHVHHVFXFKDDOGLYLGLUODFXHUGDSRUODPLWDGVHJXQGRDUPyQLFR(VWHJUXSR
GHDSDVLRQDGRVSRUODVPDWHPiWLFDVFRPSUHQGLyTXHORVVRQLGRVFRQVHFXWLYRVTXHDSDUHFtDQHQODFXHUGDDUPyQLFRV
PDQWHQtDQ HQWUH VL UHODFLRQHV PDWHPiWLFDV VHQFLOODV 'HILQLHURQ PDWHPiWLFDPHQWH HO LQWHUYDOR PXVLFDO \ SXVLHURQ HO
Pi[LPRHPSHxRHQORVGRVLQWHUYDORVGHUHODFLRQHV\ORVTXHKR\FRQRFHPRVFRPRMXVWD\MXVWD$SDUWLUGH
HVWDVUHODFLRQHVVXUJHODHVFDODGH3LWiJRUDV6HGHILQLyHOWRQRSLWDJyULFRFRPRODGLIHUHQFLDTXHH[LVWHHQWUHOD\OD
· \ HO VHPLWRQR SLWDJyULFR FRPR HO LQWHUYDOR TXH TXHGD DO UHVWDUOH GRV WRQRV D OD 
· · /DHVFDODGH3LWiJRUDVWDPELpQVXUJHVLKDFHPRVVHLVVDOWRVGHLQWHUYDORGHGHUD]yQ
)$'262/5(/$0,6,
3DUWLPRVGHXQDIUHFXHQFLDGHUHIHUHQFLDSDUDHO'2TXHOODPDPRVIHQWRQFHVODIUHFXHQFLDGHO62/VHUi[ITXHSDUD
QRVRWURVHVXQD/DIUHFXHQFLDGHO5(XQDTXLQWDGHO62/HV[[I [ISHURpVWDHVXQDIUHFXHQFLDTXHHVWi
XQD RFWDYD SRU HQFLPD GH OD QRWD TXH QHFHVLWDPRV QRVRWURV HO 5( TXH VLJXH DO '2 /R TXH KDUHPRV HV EDMDU OD
IUHFXHQFLDGHHVWH5(XQDRFWDYDGLYLGLHQGRHQWUH[I[ [I3DUDREWHQHUHO0,KDFHPRVFXDWURVDOWRVGH
[I [ISHURHVWDIUHFXHQFLDTXHGDGRVRFWDYDVSRUHQFLPDGHODQRWDTXHEXVFDPRVSRUORTXHGLYLGLPRVGRV
YHFHVSRU[[[I [I/DIUHFXHQFLDGHO)$ODREWHQHPRVPHGLDQWHXQVDOWRGHVFHQGHQWHGHKDFLD
DWUiVGHVGHHO'2SRUORTXHWHQGUHPRVTXHGLYLGLUIHQWUHQRVTXHGD[ISHURXQDRFWDYDSRUGHEDMRGHVXWRQR
7HQHPRVSDUDHO)$[[I [I\DVtVXFHVLYDPHQWHSDUDWRGDVODVQRWDV
/DHVFDODTXHREWHQHPRVHVODWRQDOLGDGGH'20D\RUSLWDJyULFDFX\DHVWUXFWXUDWWVWWWWVWVHUHSHWLUiHQWRGRVORV
GHPiVVLVWHPDV\HVHOTXHVHKDHVWDEOHFLGRSUREDEOHPHQWHKHUHGDGRGHOPRGRJULHJRRWHWUDFRUGRSLWDJyULFR
'25(0,)$62//$6,'2
IIIIIIII
WRQRWRQRVHPLWRQRWRQRWRQRWRQRVHPLWRQR
7HQHPRVXQDHVFDODFRQFLQFRWRQRV\GRVVHPLWRQRVGLDWyQLFRV0,)$\6,'26LDXQWRQROHTXLWDPRVHVWHVHPLWRQR
GLDWyQLFR REWHQHPRV HOVHPLWRQR FURPiWLFR TXH QRV GDUiWRGDV ODV DOWHUDFLRQHV '25(ɶ HWF (O LQWHUYDOR TXH H[LVWH
HQWUHGRVQRWDVFRQVHFXWLYDVORFDOFXODPRVGLYLGLHQGRVXVIUHFXHQFLDVGH5(D0,WHQHPRV0,5( II GH
0, D )$ WHQHPRV )$0, II HWF 3RGHPRV YHU FRPR XQ WRQR SLWDJyULFR HV XQ LQWHUYDOR TXH WLHQH
DVRFLDGRHOQXPHUR ORTXHVXSRQHXQDXPHQWRHQIUHFXHQFLDGHO
7RQR3LWDJyULFR 6HPLWRQRGLDWyQLFR 6HPLWRQRFURPiWLFR· /87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
9DPRVDYHUFRPRTXHGDODDILQDFLyQHQHOVLVWHPDSLWDJyULFR/D~QLFDQRWDTXHQRFDPELDQXQFD\TXHHVWiILMDGDSRU
FRQYHQLRHVHO/$ +]$SDUWLUGHpVWD\PHGLDQWHODVUHODFLRQHVTXHH[LVWHQHQWUHODVGLIHUHQWHVQRWDVREWHQHPRVODV
IUHFXHQFLDVFRUUHVSRQGLHQWHVDODVGHPiVQRWDV
&RPR/$ '2[HQWRQFHVWHQHPRVTXH
'2 /$[ ['2 +]
$SDUWLUGHHVWDIUHFXHQFLDGHO'2SRGHPRVFDOFXODUWRGDVODVGHPiVQRWDV
5( '2[ [ +]
0, '2[ [ +]WDPELpQSRGHPRVFDOFXODUORFRPR0, 5([
/DIUHFXHQFLDGHO)$ '2[ [ +]
/DIUHFXHQFLDGHO62/ '2[\DOVHUXQWRQRGHVFHQGLHQWHGHO/$WDPELpQHV
62/ /$[ [ +]
6, '2[RWDPELpQ6, /$[ +]
(O'2HVXQDRFWDYDGHO'2SRUORTXHVHUi'2 '2[ [ +]
6LTXHUHPRVFDOFXODUODVIUHFXHQFLDVGHODVRWUDVRFWDYDVVRORWHQHPRVTXHPXOWLSOLFDUVXFHVLYDPHQWHSRUyGLYLGLUHQWUH
ODVGLIHUHQWHVIUHFXHQFLDVGHODVQRWDVFRUUHVSRQGLHQWHV/$ +]/$ +]/$ +]/$ +]/$ +]
'2 5( 0, )$ 62/
/$
6,
RFWDYD
RYWDYD
(VWDDILQDFLyQYDPX\ELHQVLORTXHTXHUHPRVLQWHUSUHWDUHVXQDPHORGtDGHWRQRVFRQVHFXWLYRVVXHQDPX\DJUDGDEOHDO
RtGRSHURHQHOPRPHQWRHQTXHLQWHUSUHWDPRVDOJ~QWLSRGHDUPRQtDVLWRFDPRVDFRUGHVDSDUHFHQDOJXQRVSUREOHPDV
(QHODFRUGHGH0FRPRYHPRVHQHOJUiILFRODIUHFXHQFLDGHO0,UHVSHFWRGHODGHO'2HVGH HVWR
KDFHTXHHOFXDUWRDUPyQLFRGHO0,TXHVHUiHO0, I[ I +]QRFRLQFLGDFRQHOTXLQWRDUPyQLFRGHO
'2TXHKDEUiGHVHUWDPELpQHO0, I +](QHVWHFDVRVHHVFXFKDQDOJRPiVGHFXDWUREDWLGRVRSXOVDFLRQHV
0,0,6,0,
'2'262/'20,
IIIII
I
I
(VWDSHTXHxDGLIHUHQFLDHQWUHORVDUPyQLFRVGHXQD\RWUDQRWDHVVXILFLHQWHFRPRSDUDDSUHFLDUXQQ~PHURGHEDWLGRV\
YLYHQFLDUHVWHDFRUGHFRPRGHVDILQDGRPDVDXQVLVHLQWHUSUHWDHQXQLQVWUXPHQWRGHPHFDQLVPRPDQWHQLGRFRPRSXHGH
VHUXQyUJDQR
/RVP~VLFRV\FLHQWtILFRVGHODpSRFDVHHPSHxDURQHQFRUUHJLUHVWHSUREOHPD\VXUJLHURQDVtRWURVVLVWHPDV\HVFDODV
WHPSHUDGDVTXHFRUUHJtDQSDUWHGHORVSUREOHPDVSHURDSDUHFtDQRWURV«
6LVWHPDGH$ULVWyJHQHV=DUOLQR
$ULVWyJHQHVIXHHOSUHFXUVRUGHHVWHVLVWHPDTXHSHUIHFFLRQySRVWHULRUPHQWH=DUOLQR(QVXGtD$ULVWyJHQHVWRPyFRPR
EDVHHOLQWHUYDORTXHDSDUHFHHQWUHORVDUPyQLFRVFXDUWR\TXLQWR\TXHKR\HQGtDFRQRFHPRVFRPRXQD0D\RU/RV
DUPyQLFRVFXDUWRTXLQWR\VH[WRIRUPDQXQDFRUGHPD\RUFRQXQDMXVWDSHURDSDUHFHWDPELpQOD0\VLHOVLVWHPDVH
EDVDHQHVWRVDUPyQLFRVHVGHVXSRQHUTXHORVSUREOHPDVGHDILQDFLyQTXHGDEDHOVLVWHPDGH3LWiJRUDVGHVDSDUHFHUiQ
(OFRHILFLHQWHDVRFLDGRDOD0HV\HOTXHFRUUHVSRQGHDODPHQRUHVFRPRVHSXHGHYHUHQODVHULHDUPyQLFD
QDWXUDO
3DUDJHQHUDUWRGRVORVWRQRVTXHWHQGUiQXHVWUDHVFDODRWRQDOLGDGPD\RUWRPDPRVWUHVDFRUGHVPD\RUHVXQRFHQWUDO
'20,62/\DSDUWLUGHpVWHWRPDPRVRWURDFRUGHPD\RUSRUHQFLPD62/6,5(\RWURPiVSRUGHEDMRGHOFHQWUDO)$
/$'27HQHPRVWHUFHUDVPD\RUHVPHQRUHV\TXLQWDVTXHJXDUGDQODVSURSRUFLRQHVTXHFRQRFHPRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
)$/$'20,62/6,5(
[[I[IIII[I[[I
3DUDREWHQHUODIUHFXHQFLDGHODVGLIHUHQWHVQRWDVSDUWLPRVGHODFRUGHPD\RUFRPSXHVWRSRUORVDUPyQLFRVFXDUWRTXLQWR
\VH[WRGHODVHULHDUPyQLFDQDWXUDOII\I/DIUHFXHQFLDGHO6,ODREWHQHPRVPXOWLSOLFDQGRODIUHFXHQFLDGHO62/I
SRUHOQXPHURDVRFLDGRFRQOD0\QRVTXHGD6, [I/DVGHPiVQRWDVODVREWHQHPRVGHIRUPDVLPLODUSRU
HMHPSOR/$ [I\DTXHHO/$HVXQDPHQRUGHVFHQGHQWHDSDUWLUGHO'2'HVSXpVGHVLPSOLILFDUORVFRHILFLHQWHV
WHQHPRVTXHWUDVODGDUFDGDIUHFXHQFLDDQXHVWUDRFWDYD'LYLGLUHPRVHQWUHGRVSDUDEDMDUXQDRFWDYDWDQWDVYHFHVFRPR
VHDQQHFHVDULDVKDVWDREWHQHUFRHILFLHQWHVSDUDODVQRWDVFRPSUHQGLGRVHQWUH\
/DUHODFLyQTXHJXDUGDQODVVLHWHQRWDVHV
'25(0,)$62//$6,'2
IIIIIIII
WRQRJUDQGH WRQRSHTXHxRVGLDWyQLFRWJUDQGHWSHTXHxRWJUDQGHVGLDWyQLFR
(Q HVWH VLVWHPD DSDUHFHQ WRQRV JUDQGHV \ SHTXHxRV TXH FRPSOLFDQ XQ SRFR HO DVXQWR GH OD DILQDFLyQ /RV DFRUGHV
PD\RUHVHQHVWHVLVWHPDHVWiQPX\FRQVHJXLGRV\SHUIHFWDPHQWHDILQDGRVSHURVXUJHQRWURVSUREOHPDV/DHQWUH'2\
62/ HV SHUIHFWD SHUR VL WRPDPRV OD TXLQWD 5(/$ HO FRHILFLHQWH TXH REWHQHPRV HV PHQRU
/$5( II PHQRUTXHXQDTXLQWDMXVWDHVWHDFRUGHVRQDUiGHVDILQDGR
(QHVWHVLVWHPDDSDUHFHXQFULWHULRSDUDORVVHPLWRQRVGLIHUHQWHDOSLWDJyULFR(QHOSLWDJyULFRHOVHPLWRQRGLDWyQLFRHV
PHQRUTXHHOFURPiWLFRPLHQWUDVTXHHQHVWHVLVWHPDSHUIHFFLRQDGRSRVWHULRUPHQWHSRU'HOH]HQQHWHQHPRVXQVHPLWRQR
GLDWyQLFREDVWDQWHJUDQGH\ORVVHPLWRQRVFURPiWLFRVTXHDSDUHFHQVRQPHQRUHVTXHHOGLDWyQLFR
6HPLWRQRGLDWyQLFR 6HPLWRQRFURPiWLFRJUDQGH
6HPLWRQRFURPiWLFRSHTXHxR
7RQRJUDQGH 7RQRSHTXHxR /DYHUVLyQLQLFLDOGH=DUOLQRFRQVLGHUDEDXQVRORVHPLWRQRFURPiWLFRFRPRODGLIHUHQFLDHQWUHXQD0D\RU\XQDPHQRU
\ D SDUWLU GH DTXt REWHQtD GRV VHPLWRQRV GLDWyQLFRV XQR JUDQGH
\RWURSHTXHxR /DYHUVLyQGH'HOH]HQQHHVPiVHTXLOLEUDGD\DTXH
ORVWUHVVHPLWRQRVTXHDSDUHFHQVRQPiVSDUHFLGRVTXHORVLQLFLDOPHQWHFRQVLGHUDGRVGHO\GH=DUOLQR
/D GLIHUHQFLD TXH KD\ HQWUH HO WRQR JUDQGH \ HO WRQR SHTXHxR VH GHQRPLQD &RPD VLQWyQLFD \ SRGHPRV FDOFXODUOD
GLYLGLHQGRHOWRQRPD\RUHQWUHHOPHQRU &RPR\DVDEHPRVHORtGRKXPDQRHVFDSD]
GHGLVFHUQLUYDULDFLRQHVHQIUHFXHQFLDGHOSRUORTXHHVWDFRPDVLQWyQLFDVHUiXQDFDQWLGDGDWHQHUHQFXHQWD
'25(0,)$62//$6,
RFWDYD RFWDYD (QHOVLVWHPDSLWDJyULFRWRGRVORVWRQRVVRQLJXDOHVPLHQWUDVTXHHQHVWHVLVWHPDGH$ULVWyJHQHV=DUOLQRDSDUHFHQGRV
WRQRVGLIHUHQWHVTXHKDFHQTXHXQDYH]DILQDGRHOLQVWUXPHQWRPXVLFDOODVREUDVKDQGHFRPSRQHUVHSDUDHVDWRQDOLGDG
HQODTXHVHDILQD\VLTXLVLpUDPRVWUDVSRQHUODVPHORGtDVWRGDODDILQDFLyQVHWUDVWRFDUtD\ORTXHDQWHVHUDQDFRUGHV
SHUIHFWRVFRQVXVUHODFLRQHVDUPyQLFDVVHWUDQVIRUPDUiQDKRUDHQDFRUGHVGHVDILQDGRV3RUHMHPSORODWRQDOLGDGGH5(
0D\RU
5(0,)$62//$6,'25(
/RTXHHQODWRQDOLGDGGH'20D\RUHVXQDFRUGHPD\RU'20,62/HQHVWDWRQDOLGDGVHFRQYLHUWHHQ5()$/$\FRPR
KHPRVYLVWRDQWHVHVWDTXLQWDQRVRQDUiPX\DUPyQLFD/DGLIHUHQFLDHQWUHODVGRVTXLQWDV HVRWUDYH]
OD FRPD VLQWyQLFD (O VHJXQGR DUPyQLFR GHO /$ HV [I I I XQ SRFR PDV SHTXHxR TXH HO WHUFHU
DUPyQLFRGHO5(TXHHVIFRQORFXDODSDUHFHUiQEDWLGRVHQWUHHVWRVGRVDUPyQLFRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DHVFDODVHJ~QHOVLVWHPDGH+ROGHU
(VWH WHyULFR PXVLFDO LQJOHV LGHy XQD HVWUXFWXUD WRPDQGR FRPR EDVH OD DILQDFLyQ SLWDJyULFD $QDOL]DQGR HO
VLVWHPDGH3LWiJRUDVDVLJQyDFDGDWRQRFRPDVDOVHPLWRQRGLDWyQLFROHDVLJQRFRPDV\FLQFRDOVHPLWRQRFURPiWLFR
/DRFWDYDFRQVWDGHFLQFRWRQRV\GRVVHPLWRQRVGLDWyQLFRVSRUORTXHQRVVDOHQ[[ FRPDVGH+ROGHU3RGHPRV
HQWRQFHVGLYLGLUODRFWDYDHQSDUWHV\WHQGUHPRVXQDDILQDFLyQFDVLLJXDODODGH3LWiJRUDVSHURHVWDYH]VLQWHQHUHQ
FXHQWDQLQJ~QFULWHULREDVDGRHQORVDUPyQLFRV
3DUDREWHQHUHOYDORUGHODFRPDGH+ROGHUTXHVHUiXQDGHHVDVSDUWHVKDFHPRVORVLJXLHQWHGLYLGLPRVHOLQWHUYDOR
GHRFWDYDIIHQLQWHUYDORVSHTXHxRVVLOODPDPRVKDOLQWHUYDORUHSUHVHQWDGRSRUHVWDFRPDQRVTXHGD
YHFHV
I[K[K[[K II[K IVLPSOLILFDQGRK K ¥
K (VWHVHUiHOQ~PHURSRUHOTXHWHQHPRVTXHPXOWLSOLFDUFDGDIUHFXHQFLDSDUDVXELUXQDFRPDGH+ROGHU\REWHQHUDVtWRGD
ODHVFDOD
'2ɶ6,'26,5(ɶ'25(0,ɶ5()$ɶ0,)$
/DVDILQDFLRQHVGHODVGLIHUHQWHVQRWDVHQHVWHVLVWHPDTXHGDQFDVLH[DFWDVDODVGH3LWiJRUDV
'25(0,)$62//$6,
RFWDYD
7HPSHUDPHQWRPHVRWyQLFRGHôGHFRPD
/RV WHPSHUDPHQWRV PHVRWyQLFRV VH FDUDFWHUL]DQ SRU OD GLVPLQXFLyQ GH WRGDV ODV  HQ XQD FLHUWD FDQWLGDG LJXDO SDUD
WRGDV'HSHQGLHQGRGHODFDQWLGDGDFRUWDGDXQRVDFRUGHVTXHGDUiQPiVSDUHFLGRVDORVMXVWRVTXHRWURV+HPRVYLVWR
FRPRHQ3LWiJRUDVODMXVWDHVGHSHURHVWHPpWRGRQRVGDXQDV0D\RUHVTXHQRVRQPX\EXHQDV6LKDFHPRV
VDOWRVGHMXVWDQRVDSDUHFHQWRGDVODVQRWDVFRQVXVDOWHUDFLRQHVSHURQRVHQFRQWUDPRVFRQXQDIUHFXHQFLD I I \ SRGHPRV YHU FRPR HQ HVWRV VDOWRV GH  KHPRV VXELGR VLHWH RFWDYDV SRU OR TXH OD IUHFXHQFLD D OD TXH
KHPRVGHOOHJDUKDGHVHUI/DGLIHUHQFLDHQWUHHOODVHVODFRPDSLWDJyULFD
0,ɶ±6,ɶ±)$±'2±62/±5(±/$±0,±6,±)$'262/5((VWH~OWLPR5(GHEHUtDVHULJXDODO0,ɶ
9DPRVDFRQVLGHUDUDKRUDORVVDOWRVGH'2D0,
'262/5(/$0, I
/RVDUPyQLFRVGHO'2VRQ
'2'262/'20,
IIIII
/DQRWDIXQGDPHQWDO0,TXHDSDUHFHGHVSXpVGHFXDWURVDOWRVGHHVYHFHVODIUHFXHQFLDGHO'2\SRURWUD
SDUWHWHQHPRVTXHHOTXLQWRDUPyQLFRGHO'2WDPELpQHVXQ0,SHURFRQXQDIUHFXHQFLDTXHHVYHFHVODGHO'2(VWD
SHTXHxD GLIHUHQFLD HV VXILFLHQWH FRPR SDUD TXH HO DFRUGH '20, VXHQH GHVDILQDGR 8QD IRUPD GH VROXFLRQDU HVWR HV
KDFHUVDOWRVGHXQSRFRPDVSHTXHxRVGHPDQHUDTXHHQFXDWURGHHVWRVVDOWRVOOHJiUDPRVDO0, ['2
'LYLGLPRVHOLQWHUYDORGHIDIHQFXDWURSDUWHV
I[6[6[6[6 I6[I I6 6 ¥
6 /87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3RGHPRVREWHQHUODPLVPDFDQWLGDGSDUDODTXLQWDPHVRWyQLFDGHóGHFRPDFDOFXODQGRFXDQWRYDOHODGLIHUHQFLDHQWUH
ORVGRV0,TXHDSDUHFHQ
II ODFRPDVLQWyQLFD
(VHVWDFDQWLGDGODTXHGLYLGLUHPRVHQFXDWURSDUWHVóGHFRPD\HVWHFXDUWRGHFRPDHVORTXHWHQHPRVTXH³UHVWDU´D
ODGH3LWiJRUDVSDUDREWHQHUODPHVRWyQLFDGHODTXHKDEODPRV
¥ 5HVXHOWR \D HO SUREOHPD GH ODV  0 DSDUHFH RWUR DO ILQDO GHO FDPLQR 6L KDFHPRV DKRUD VDOWRV FRQ HVWD  PiV
SHTXHxDQRVYDPRVDXQDIUHFXHQFLDGHIHVWRVXSRQHTXHHO~OWLPRVDOWRTXHKDGHKDFHUVHSDUDTXHODVIUHFXHQFLDV
GHORV5(ɶFRUUHVSRQGLHQWHVVHDQODPLVPDKDGHVHUPX\JUDQGH(QVDOWRVGHOOHJDPRVDI I
\HQRWURVDOWRPDVKHPRVGHOOHJDUDI/DGLIHUHQFLDTXHH[LVWHHQWUHHVWDVGRVIUHFXHQFLDVHVXQDTXLQWDGHPDVLDGR
JUDQGH
II (VWRQRVYDDJHQHUDUXQDVHULHGHDFRUGHVPX\H[WUDxRVHQORVTXHHOVRQLGRVHURPSH\TXHVHFRQRFHFRPRODTXLQWD
GHOORER(VWHWHPSHUDPHQWRVHDWULEX\HD=DUOLQR([LVWHQRWURVGHGHFRPDDWULEXLGRD6DOLQDVTXHIDYRUHFHODV
PHQRUHV\RWURVWHPSHUDPHQWRVFRPRHOGHGHFRPDLQWHUPHGLRVHQWUHHVWRVGRV
7HPSHUDPHQWRGH6LOEHUPDQQPHVRWyQLFRGHGHFRPD
/D FKDSX]D LQYROXQWDULD \ QR GHVHDGD TXH VXSRQtD HO WHPSHUDPHQWR GH ó GH FRPD KL]R TXH DOJXQRV WHyULFRV GH OD
DILQDFLyQFRPR6LOEHUPDQQR:HUFNPHLVWHURSWDVHQSRURWUDVVROXFLRQHV6LVHKDFHQVDOWRVGHTXLQWDQRWDQSHTXHxRV
FRPRORVGHVLQRXQSRTXLWRPD\RUHVSDUDTXHHOXOWLPRGHORVVDOWRVQRVHDWDQJUDQGHHOSUREOHPDGHORVDFRUGHVGHO
ORERSXHGHVROXFLRQDUVH8QDEXHQDRSFLyQSRGUtDVHUDFRUWDUODVTXLQWDVGHODFRPDVLQWyQLFDDVtVHVDFULILFDQXQ
SRFR ODV  0 SHUIHFWDV SHUR VH HYLWD OD TXLQWD GHO ORER IDPRVD TXH GHVDJUDGDED D ORV RUJDQLVWDV (O DSDxR HUD FDVL
LPSHUFHSWLEOH\GHWRGRVORVVLVWHPDVGHDILQDFLyQVHSXHGHFRQVLGHUDUTXHHVHOPiVPXVLFDO\HOPiVHTXLOLEUDGRGH
WRGRV$OJXQRVWHyULFRV\RUJDQLVWDVFUHtDQTXHHOGHGHFRPDHUDDXQPiVPXVLFDO
¥HVODFDQWLGDGTXHTXLWDUHPRVDODMXVWDSDUDREWHQHUOD
¥ (O~OWLPRVDOWRGHQRTXHGDWDQJUDQGH DSDUHFHQDOJXQRVEDWLGRVSHURQRWDQWRVFRPRHQ
HOWHPSHUDPHQWRGH6DOLQDV/DTXLQWDWHPSODGDGH%DFKTXHREWHQHPRVHVXQPDVSHTXHxDTXHODGH3LWiJRUDV
HVPHQRUGHOGLVFHUQLEOHSRUORTXHODGLIHUHQFLDDSHQDVVHQRWDUDDODKRUDGHDILQDU\ORVDFRUGHVGDUiQEDWLGRVTXH
FDVLQRORVDSUHFLDUHPRV
(OLQWHUYDORGH0DSDUHFHFRQFXDWURVDOWRVGHWHPSODGDDVFHQGHQWHV\GRVRFWDYDVGHVFHQGHQWHVODIUHFXHQFLDTXH
REWHQHPRVDVtUHVSHFWRGHOD0DUPyQLFDHVXQPD\RUDFHSWDEOHSDUDTXHHODFRUGHVXHQHELHQ
'HORVDFRUGHVSULQFLSDOHVTXHWHQHPRVGRFHPD\RUHV\GRFHPHQRUHVSDUDHOWHPSHUDPHQWRGHGHFRPD
DFRUGHVVRQPX\EXHQRVGXGRVRV\PDORV5HVXOWDVHUHOVLVWHPDPiVHTXLOLEUDGR(OWHPSHUDPHQWRGH3LWiJRUDVFRQ
VXVVDOWRVGHSHUIHFWDQRVGDDFRUGHVPX\EXHQRVGXGRVRV\PDORV(QORVWHPSHUDPHQWRVGH$ULVWyJHQHV
=DUOLQRRGH5DPRV3DUHMDFDVLLGpQWLFRVGHWRGRVORVDFRUGHVVRQSHUIHFWRVQRUPDOHV\PX\PDORV
6LVWHPDHTXLWHPSHUDGRRWHPSHUDPHQWRLJXDO
6H FUHH TXH IXH )UDQFLVFR 6DOLQDV RUJDQLVWD \ WHyULFR XQR GH ORV SUHFXUVRUHV GH HVWH WHPSHUDPHQWR (Q ORV
DQWHULRUHV VLVWHPDV VH KDFHQ GLVWLQFLRQHV HQWUH XQ 5(ɶ \ XQ '2 (Q UHDOLGDG QR VRQ OD PLVPD QRWD \ HVWH KHFKR
DFDUUHDEDSUREOHPDVDORVFRQVWUXFWRUHVGHLQVWUXPHQWRVGHWHFODFODYHV\yUJDQRVSHURVREUHWRGRDORVFRQVWUXFWRUHV
GHLQVWUXPHQWRVGHFXHUGDFRQWUDVWHV(VWRVSUREOHPDVVHVROXFLRQDURQPHGLDQWHXQFRPSURPLVRHTXLOLEUDGR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6HKDQFRQVWUXLGRDORODUJRGHODKLVWRULDWHFODGRVFRQWRGDVODVQRWDVXQDWHFODSDUDHO5(E\RWUDSDUDHO'2SHURHVWR
VXSRQtDXQJUDQHVIXHU]RGHDSUHQGL]DMH\GHFRQVWUXFFLyQTXHVHUHVROYLyFRQORVVLVWHPDVGHDILQDFLyQHTXLWHPSHUDGRV
(QHVWHWHPSHUDPHQWRORTXHVHKDFHHVGLVWULEXLUHQWUHODVTXLQWDVODFRPDSLWDJyULFD
'LYLGLPRVODRFWDYDHQGRFHLQWHUYDORVGRFHVHPLWRQRVH[DFWDPHQWHLJXDOHV1HFHVLWDPRVSDUDHVWRXQQ~PHURWDOTXH
PXOWLSOLFDGRGRFHYHFHVQRVGpHOLQWHUYDORGHRFWDYD
I[6[6[6[6[6[6[6[6[6[6[6[6 I6I I6 6 ¥6 /DVIUHFXHQFLDVSDUDODVGLIHUHQWHVQRWDV\DOWHUDFLRQHVODVFDOFXODPRVPXOWLSOLFDQGRHO/$SRUHOQ~PHURDVRFLDGRDHVWH
VHPLWRQRHTXLWHPSHUDGR
/$ 6,ɶ [ +]6, [ +]
'2 [ +]'2 +]
'2 [ +]5( [ +]
HWF
'2 I0, 6[I IHVWRHVXQD0TXHQRFRQFXHUGDFRQODTXHDSDUHFHHQODVHULHDUPyQLFDQDWXUDOSRUORTXHHQ
XQLQVWUXPHQWRDVtDILQDGRWHQGUHPRVDFRUGHVTXHGDUiQEDWLGRV\VRQDUiDOJRGHVDILQDGRDXQTXHVHDHOWHPSHUDPHQWR
PiV SDUHFLGR DOSLWDJyULFR \SURSRUFLRQD EXHQDV PHORGtDV 2FXUUH OR PLVPR FRQ ODTXLQWD 62/ 6 [ I IQR
FRLQFLGHFRQI ISHURVHOHSDUHFHPXFKR
'2'25(5(0,)$)$62/62//$/$6,'2
5(E0,E62/E/$E6,E
7HPSHUDPHQWRVGHVLJXDOHV
([LVWHQ RWUR WLSR GH WHPSHUDPHQWRV HQ ORV TXH OD FDQWLGDG TXH VH GLVPLQX\H D FDGD TXLQWD HV GLIHUHQWH 6H WUDWD GH
GLVWULEXLU OD FRPD SLWDJyULFD GH IRUPD LUUHJXODU HQWUH ODV TXLQWDV 8QD SRVLELOLGDG HV GHMDU ODV  FURPiWLFDV MXVWDV \
GLVPLQXLU ODV  GLDWyQLFDV 7LHQHQ LPSRUWDQFLD HQWUH RWURV PXFKRV ORV WHPSHUDPHQWRV GH :HUFNPHLVWHU (Q HO PiV
FRQRFLGRGHóGHFRPDVHGLVWULEX\HODFRPDSLWDJyULFDHQWUHFXDWUR'R6RO6RO5H5H/D\6L)D
&DXVDV\H[LJHQFLDVSDUDODFRQVWUXFFLyQGHHVFDODV9HQWDMDVHLQFRQYHQLHQWHV
6L VXHQDQ YDULDV QRWDV D OD YH] XQ DFRUGH OR TXH H[LJLPRV HV TXH QR VH DSUHFLH XQ H[FHVLYR Q~PHUR GH EDWLGRV 6L
WRFDPRV VLPXOWiQHDPHQWH DPERV VRQLGRV HVFXFKDUHPRV OD VHULH DUPyQLFD QDWXUDO GH ORV GRV D OD YH] /R TXH PiV
DSUHFLDPRVHVTXHH[LVWDXQDPi[LPDFRLQFLGHQFLDHQWUHHVWRVDUPyQLFRV
(O VLVWHPD GH $ULVWyJHQHV=DUOLQR QRV GD DFRUGHV OLPSLRV PiV R PHQRV FDVL WRGRV DVt FRPR HO WHPSHUDPHQWR GH
6LOEHUPDQQWDPELpQGDEXHQRVDFRUGHV
(OVLVWHPDGH3LWiJRUDVQRGDEXHQRVDFRUGHVSHURRIUHFHXQDVPHORGtDVTXHORVP~VLFRVSUHILHUHQORVLQWHUYDORVVRQ
PiV PXVLFDOHV HVFXFKDGRV PHOyGLFDPHQWH DGHPiV HVWH VLVWHPD WLHQH OD YHQWDMD GH QR TXHGDU DOWHUDGR IUHQWH D OD
WUDVSRVLFLyQGHODREUDGHXQDWRQDOLGDGDRWUDHQFDPELRHQHOVLVWHPDGH$ULVWyJHQHV=DUOLQRXQDWUDVSRVLFLyQQRVRQDUi
LJXDO DO FRQWHQHU WRQRV GH GLIHUHQWH WDPDxR (VWR DOJXQRV FRPSRVLWRUHV SXULVWDV OR SUHILHUHQ \ OHV SDUHFH ELHQ /RV
WHPSHUDPHQWRVPHVRWyQLFRVRIUHFHQODSRVLELOLGDGGHWHQHUWRQDOLGDGHVFRQH[SUHVLYLGDGHVGLIHUHQWHVORTXHQRRFXUUH
FRQHOWHPSHUDPHQWRLJXDOHQHOTXHWRGDVODVWRQDOLGDGHVVRQH[SUHVLYDPHQWHLJXDOHVFRQORTXHVHSLHUGHODSRVLELOLGDG
GHFRPSRQHUSDUDFDGDWRQDOLGDGEXVFDQGRHPRFLRQHV\H[SUHVLYLGDGHVFRQFUHWDV
/DV HVFDODV HVWiQ OLJDGDV HQ WRGDV ODV FXOWXUDV D OD H[LVWHQFLD GH OD VHULH DUPyQLFD GH FDGD VRQLGR TXH JHQHUD FDGD
LQVWUXPHQWR\FRPRQRDQXHVWUDYR]TXHHVFDSD]GHJHQHUDUWDPELpQXQDVHULHDUPyQLFDSDUDFDGDIXQGDPHQWDOTXH
HPLWLPRV 6L KLFLpUDPRV P~VLFD FRQ VRQLGRV SXURV VLQ DUPyQLFRV HO VHQWLGR GH HVFDOD PXVLFDO FDPELDUtD \D TXH QR
HQWUDUtDQ HQ HO MXHJR ORV DUPyQLFRV VXSHULRUHV TXH VRQ ORV TXH QRV SXHGHQ GDU EDWLGRV FRQVRQDQFLDV GLVRQDQFLDV R
GHVDILQDFLRQHV (O FRQFHSWR GH RFWDYD WDPELpQ GHVDSDUHFHUtD \ WHQGUtDPRV OLEHUWDG DEVROXWD SDUD GLYLGLU FXDOTXLHU
LQWHUYDORHQWDQWDVSDUWHVFRPRTXLVLpUDPRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(QXQDHQFXHVWDKHFKDDP~VLFRVVREUHODVSUHIHUHQFLDVGHORVGLIHUHQWHVLQWHUYDORVVHYLRFXDOHVVRQORVTXHPiVJXVWDQ
SRUWHUPLQRPHGLR
3UHIHULGD$ULVWyJHQHV=DUOLQR3LWiJRUDV(TXLWHPSHUDGD
0
0


(OSLDQRHVXQLQVWUXPHQWRFRPSOHMRGHDILQDU\DTXHSDUDFDGDQRWDWHQHPRVQRXQDVLQRYDULDVFXHUGDVTXHVXHQDQDOD
YH]\DGHPiVH[LVWHODSUREOHPiWLFDGHODLQDUPRQLFLGDGGHODVFXHUGDVRFWDYDVGLODWDGDV/DVHQVDFLyQTXHQRVGDQODV
QRWDV GH XQ SLDQR HV TXH HVWiQ XQ SRFR PiV DOWDV GH OR TXH QRV SRGUtD GDU XQ DQDOL]DGRU SRU HO KHFKR GH VHU ORV
DUPyQLFRVVXSHULRUHVXQSRFRPiVDOWRVGHORQRUPDO8QSLDQRSXHGHHVWDUDILQDGRFRQXQ/$ +]\QRVSXHGH
GDUODVHQVDFLyQGHHVFXFKDUORLJXDOTXHXQGLDSDVyQSXURGH+](OSLDQRHVWiDILQDGRXQSRFRSRUGHEDMRSDUD
FRPSHQVDUHVWDLQDUPRQLFLGDGGHODVFXHUGDV6LQRVDFRVWXPEUDPRVDWRFDUHOSLDQRQRVDFRVWXPEUDUHPRVWDPELpQD
ODVRFWDYDVGLODWDGDV
&LHUWDVHVFDODVGHOWHPSHUDPHQWRGHGHFRPDPHVRWyQLFRHVWiQPX\FHUFDGHODVSLWDJyULFDV,QWHUSUHWDUXQDPHORGtD
FRQ OD HVFDOD GH 3LWiJRUDV HV PX\ QDWXUDO /D DILQDFLyQ HQ ORV LQVWUXPHQWRV GH HQWRQDFLyQ OLEUH GHSHQGHUi GH FDGD
LQWpUSUHWH GH VX JXVWR VX SHUVRQDOLGDG HWF (O HVWDGR GH iQLPR LQIOXLUi WDPELpQ HQ OD DILQDFLyQ HQ GtDV GH DOHJUtD R
HXIRULDVHWLHQGHDDILQDUXQSRFRSRUHQFLPDGHORQRUPDO\HQPRPHQWRVGHSUHVLYRVVHDILQDDODEDMD/RVLQWHUYDORV
GLODWDGRVHQHOSLDQROHGDQPiVHPRWLYLGDGDODREUD/DVPHORGtDVTXHGDQPHMRUFRQXQDDILQDFLyQH[SUHVLYDTXHGLODWH
XQSRFRORVLQWHUYDORVFRPROD0SLWDJyULFDTXHHVXQSRFRPD\RUTXHODMXVWDGH=DUOLQR
Al etiquetar la serie armónica natural encontrábamos dificultades con el séptimo armónico. El intervalo entre el
sexto y el séptimo armónico es algo menor que una 3ª m pero sin llegar a ser una 2ª M y se tiene que
encontrar la nota musical que más se acerque a la frecuencia real de este armónico séptimo 7f:
'2'262/'20,62//$'25(
0P0
IIIIIIIII
6,ɶDULVWRJpQLFR '2[[[[ I
/$DULVWRJpQLFR '2[[[[[ I
/$
'25(0,)$62//$6,'2
IIIIIIII
6,E
(VWD~OWLPDQRWD/$DULVWRJpQLFRVHDFHUFDPiVDODIUHFXHQFLDUHDOGHODUPyQLFR
3RVLEOHVGHVDUUROORVHQODVHVFDODV
%XVRQLDOLJXDOTXHPXFKRVRWURVPiVHQGLIHUHQWHVWUDGLFLRQHVPXVLFDOHVGHVDUUROOyHVFDODV\FRQVWUX\y
LQVWUXPHQWRVFRQWHUFLRVGHWRQR(QHVWHVLVWHPDODRFWDYDVHGLYLGHHQVHLVWRQRV\FDGDWRQRHQWUHVSDUWHVSRUORTXH
QRVTXHGDOD³RFWDYD´GLYLGLGDHQSDUWHV(VWHP~VLFRFRPSXVRREUDVSDUDHVWHWLSRGHDILQDFLyQ
W[I [IW ¥W $ORLV+DEDQRVHFRQIRUPDEDFRQHVWR\IXHXQSRFRPiVOHMRVDOFRPSRQHUP~VLFDFRQFXDUWRVGHWRQR(VWH
WLSRGHP~VLFDHVIUHFXHQWHHQODFXOWXUDKLQG~E~OJDUD\SUREDEOHPHQWHRWUDV(VWHP~VLFRGLYLGLyOD³RFWDYD´WDPELpQHQ
VHLVWRQRVSHURDKRUDFDGDWRQRHQFXDWURSDUWHVSRUORTXHQRVTXHGDQHQWRWDOSDUWHVSDUDXQD³RFWDYD´
W[I [IW ¥W /87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&RQFHSWRGH&HQW
(O &HQW DSDUHFH FRQ OD P~VLFD HOHFWUyQLFD \ ORV DSDUDWRV GH DILQDFLyQ (V XQD EXHQD PHGLGD SDUD FRPSDUDU ODV
IUHFXHQFLDVGHORVGLIHUHQWHVWHPSHUDPHQWRV\DILQDFLRQHV(QPXFKRVFDVRVODVGLIHUHQFLDVVRQWDQSHTXHxDVTXHHV
QHFHVDULDXQDXQLGDGGHPHGLGDFRPRODGHO&HQW6HDVLJQDDFDGDVHPLWRQRHTXLWHPSHUDGRFHQWVDVtODRFWDYD
FRQVWDGHSDUWHVRFHQWV\HOYDORUSDUDFDGD XQRGHHVWRVFHQWVORSRGHPRVFDOFXODUFRPRKHPRVKHFKRKDVWD
DKRUD
F[I [I&(17 ¥ 8QDHTXLWHPSHUDGDFRQVLHWHVHPLWRQRVWLHQHFHQWV8QWRQRHTXLWHPSHUDGRFHQWVHWF8QLQWHUYDORFXDOTXLHUD
,WLHQHXQQ~PHURQGHFHQWVTXHFDOFXODPRVGHODVLJXLHQWHPDQHUD
, FQF ¥, ¥Q
WRPDPRVORJDULWPRVHQDPEDVSDUWHVGHODLJXDOGDG
ORJ, ORJ¥QORJ, Q[ORJ¥ODUDt]VDOHGLYLGLHQGRGHOORJDULWPR
ORJ, Q[ORJQQžGHFHQWV [ORJ,ORJ
3RGHPRVFDOFXODUFXDQWRVFHQWVWLHQHQDOJXQRVLQWHUYDORVFRPROD0SLWDJyULFDRODFRPDVLQWyQLFD
0SLWDJyULFD [ORJORJ FHQWV
&RPDVLQWyQLFD [ORJORJ FHQWV
(OPtQLPRGHWHFWDEOHGH [ORJORJ FHQWV
/DMXVWD [ORJORJ FHQWV
/D0DULVWRJpQLFD [ORJORJ FHQWVHWF
,QWHUYDOR
(TXLWHPSHUDGD 3LWiJRUDV
$ULVWyJHQHV
P 0 WRQRSHTXHxR
0 

/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&21621$1&,$<',621$1&,$
&RLQFLGHQFLDGHDUPyQLFRVHQLQWHUYDORVPXVLFDOHV
%DMR HO SXQWR GH YLVWD PXVLFDO ORV FRQFHSWRV GH FRQVRQDQFLD \ GLVRQDQFLD WLHQHQ PXFKD LPSRUWDQFLD 1RVRWURV QRV
OLPLWDUHPRVDHVWXGLDUORVDVSHFWRVPiVEiVLFRV\VHQFLOORVTXHORVGHWHUPLQDQ
8Q LQWHUYDOR R XQ DFRUGH GH GRV QRWDV R VRQLGRV OR FRQVLGHUDUHPRV FRQVRQDQWH VL QR VXHQD iVSHUR \ QRV SDUHFH
DJUDGDEOH \ VHUi GLVRQDQWH FXDQGR VXHQH iVSHUR \ GH DOJXQD PDQHUD QRV SDUH]FD TXH ORV VRQLGRV IULFFLRQDQ /DV
FRQVRQDQFLDVVH DVRFLDQ D HVWDGRV UHODMDGRVR SURGXFHQHVD VHQVDFLyQ\ ODVGLVRQDQFLDV SURGXFHQFLHUWD WHQVLyQ8Q
LQWHQWRSDUDH[SORUDUORVDVSHFWRVGHODFRQVRQDQFLD\GLVRQDQFLDVHKL]RDWUDYpVGHH[SHULPHQWRVHQFRLQFLGHQFLDGH
DUPyQLFRV
7LQGDOOREVHUYyTXHHUDEXHQRTXHKXELHVHFRLQFLGHQFLDGHDUPyQLFRV\YLRTXHORVLQWHUYDORVFRQVRQDQWHV
HQJHQHUDOHUDQDTXHOORVTXHWHQtDQUHODFLRQHVVHQFLOODVGHIUHFXHQFLDV
/DUHODFLyQGHRFWDYDMXVWDII HVODPiVFRQVRQDQWHGHWRGDVKD\XQDFRLQFLGHQFLDPi[LPDGHDUPyQLFRV\HVSRU
HVWRSRUORTXHODVQRWDVTXHWLHQHQXQLQWHUYDORGHRFWDYDQRVVXHQDQPX\SDUHFLGDV/DUHODFLyQGHMXVWDHVII HQHVWHLQWHUYDORFRLQFLGHQPXFKRVDUPyQLFRVSHURDSDUHFHQDOJXQRVQXHYRVTXHQRHVWDEDQHQOD
(OLQWHUYDORGHMXVWDHVII (OGH0D\RUDULVWRJpQLFDHVII /D0D\RUDULVWRJpQLFDHVII /DPHQRUHVII /DVFRQVRQDQFLDVSHUIHFWDVVRQORVLQWHUYDORVGH\
&RQVRQDQFLDVLPSHUIHFWDVVHFRQVLGHUDQOD00PP
/DVGLVRQDQFLDVTXHWHQHPRVHQWUHORVLQWHUYDORVVRQOD0PP\0
/DVXPDGHOGHQRPLQDGRU\GHOQXPHUDGRUGHOQ~PHURDVRFLDGRDOLQWHUYDORVHKDFHPD\RUFXDQWRPiVGLVRQDQWHHVHO
LQWHUYDORHQFXHVWLyQeVWDHVODUHJODTXHSHQVy7LQGDOOSHURHQDOJXQRVFDVRVIDOODFRPRHQODDXPHQWDGD'2)$
8QWUtWRQRHVXQDVHPLFRQVRQDQFLDTXHHQHOVLVWHPDGH$ULVWyJHQHVWLHQHHOYDORUGHI[[ \
VHJ~QODWHRUtDGH7LQGDOOWHQGUtDTXHVHUXQLQWHUYDORPiVGLVRQDQWHTXHXQDP(QHOVLVWHPDGH3LWiJRUDVOD0
YDOH WDPELpQ PX\ GLVRQDQWH VHJ~Q 7LQGDOO (VWH LQWHUYDOR SLWDJyULFR VXHQD XQ SRFR GHVDILQDGR SHUR QR HV PiV
GLVRQDQWHTXHXQDP
/DWHRUtDGH+HOPKROW]SXVRODVFRVDVHQRUGHQUHEXVFyHQODUHDOLGDG\IXHDOIRQGRGHODFXHVWLyQ/D
FDXVDGHODGLVRQDQFLDHVVHJ~Q+HOPKROW]HOQ~PHURGHEDWLGRVTXHVHSURGXFHQHQWUHORVDUPyQLFRVGHXQD\RWUDQRWD
TXHVHHMHFXWDQVLPXOWiQHDPHQWH8QDFRUGHHVWiFRPSXHVWRGHYDULDVQRWDV\FDGDQRWDTXHHPHUJHGHOLQVWUXPHQWROR
KDFHDFRPSDxDGDGHWRGDODVHULHGHDUPyQLFRVTXHSXHGHJHQHUDUODFXHUGD6LORVDUPyQLFRVGHDPEDVQRWDVHVWiQ
PX\FHUFDQRVHQIUHFXHQFLDVHSURGXFHQEDWLGRVTXHSHUFLELPRVFRPRXQDVHQVDFLyQGHGLVRQDQFLD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(QORVVRQLGRVJUDYHVVHSURGXFHQEDWLGRVHQWUHORVGRVIXQGDPHQWDOHVGHXQLQWHUYDORGH0HVWRQRRFXUUHVLVXELPRV
XQDVFXDQWDVRFWDYDVHVHPLVPRLQWHUYDORDXQTXHVRQDUiDOJRiVSHUR
/$ +]6, [ +]QRVGDQEDWLGRV
/$ +]6, [ +]SRGHPRVHVFXFKDUEDWLGRV"
/DVFXHUGDVGHOSLDQRWLHQHQSHTXHxDVLQDUPRQLFLGDGHVTXHKDFHQTXHORVSDUFLDOHVGHpVWDVQRVHDQH[DFWDPHQWHHO
GREOHWULSOHHWFGHODIUHFXHQFLDIXQGDPHQWDO&XDQGRVHDILQDXQSLDQRSRURFWDYDVVHWLHQHQHQFXHQWDHVHVHJXQGR
³DUPyQLFR´TXHHVXQSRFRPD\RUTXHI\ODVRFWDYDVTXHGDQXQSRFRPD\RUHVGHORPDWHPiWLFDPHQWHFRUUHFWR
$QFKXUDFUtWLFDGHEDQGD$&%
3ORPS\RWURVDPLJRVFUHDURQHOFRQFHSWRGHOD$&%SDUDHORtGR\HVWRQRVYDOHSDUDSRGHUHQWHQGHUWRGRORUHODWLYRDODV
GLVRQDQFLDV
6XSRQHPRVXQVRQLGRSXURFXDOTXLHUDGHIUHFXHQFLDIYDPRVDYHUHQTXHPRPHQWRRWURVRQLGRHVFXFKDGRMXQWRDHVWH
SULPHURVXHQDiVSHUR7UDEDMDPRVFRQVRQLGRVSXURV\ORVYDPRVMXQWDQGRHQIUHFXHQFLDKDVWDTXHORVVRQLGRVHPSLH]DQ
DSURGXFLUVHQVDFLyQGHDVSHUH]DHQWUHVt/DGLVWDQFLDPtQLPDDQWHVGHTXHDSDUH]FDQIULFFLRQHVVHUiOD$QFKXUD&UtWLFD
GH%DQGD$&%(ODQiOLVLVORKDFHPRVHQWRGDODJDPDGHIUHFXHQFLDV\FRQPXFKRVR\HQWHV$OILQDOVHREWLHQHQORV
VLJXLHQWHVUHVXOWDGRVDSUR[LPDGRVSDUDOD$&%
6LIK]$&% K]
6LI!K]$&% P
8QVRQLGRGH+]WLHQHXQD$&%GHK]OLEUDRWURGH+]\HOLQWHUYDORTXHKD\HQWUHHOORVHVGHXQDTXH
SRGHPRVFDOFXODUGLYLGLHQGRODVUHVSHFWLYDVIUHFXHQFLDV PD\RUTXHXQDRFWDYD6LOHTXLWDPRVODQRVTXHGD
HOLQWHUYDORTXHSDVDGHOD 3DUDXQVRQLGRGH+]$&% +]WDPELpQHOTXHOLEUDUiFRQpO
VHUiHOGH+]\HQWUHORVGRVIRUPDQXQLQWHUYDORGH 8QVRQLGRGH+]$&% K]WLHQHFRPR
IURQWHUD D RWUR GH +] \ IRUPDQ XQ LQWHUYDOR GH  \D TXH &RQ HO GH +] OLEUDUi HO GH +]
WHQHPRVXQD\VLFRQVLGHUDPRVHOVRQLGRGH+]OLEUDHOGH+]TXHIRUPDQXQD0 \SRU~OWLPRHOVRQLGRGH+]OLEUDFRQRWURGH+]FRQHOTXHIRUPDXQLQWHUYDORGHP \DSDUWLU
GHDTXtHOLQWHUYDORHVWHVHPDQWLHQH\ORTXHLUiFDPELDQGRVHUiHOQ~PHURGH+]TXHKD\HQODDQFKXUDFULWLFDGHEDQGD
GHORVVRQLGRVHQFXHVWLyQ/D$&%HVDSDUWLUGH+]ODTXLQWDSDUWHGHODIUHFXHQFLDFRQVLGHUDGD
I$&% I[$&% I±I$&% I
+DVWDORV+]ORVDUPyQLFRVTXHVHHQFXHQWUHQDXQDGLVWDQFLDPHQRUGH+]VHUiQGLVRQDQWHV\DSDUWLUGHHVWRV
+] ORV LQWHUYDORV PHQRUHV GH XQD  P VHUiQ GLVRQDQWHV /DV GLVRQDQFLDV HQ ORV DFRUGHV DSDUHFHQ HQWUH ORV
GLIHUHQWHVDUPyQLFRVTXHLQWHUYLHQHQHQODVVHULHVDUPyQLFDVQDWXUDOHVGHODVQRWDVTXHFRPSRQHQHODFRUGH
(QODVRFWDYDVEDMDVODVIUHFXHQFLDVJUDYHVHOIXQGDPHQWDOHVGLVRQDQWHFRQDOJXQRVGHORVFRPSRQHQWHVGHVXVHULH
DUPyQLFD 8QD QRWD GH XQ SLDQR GH +] XQ /$ WLHQH DUPyQLFRV FRQ IUHFXHQFLDV +] HWF 6L
FDOFXODPRVOD$&%GH+]YHPRVFRPRHOTXHOLEUDHVHOVRQLGRGH+]FRQORTXHHOVHJXQGRDUPyQLFRGHODQRWD
HVWiGHQWURGHOD$&%\ODGLVRQDQFLDHVDSUHFLDEOHHQODQRWDPLVPD
8QDFRUGHGH0HVGLVRQDQWHDXQTXHODOyJLFDQRVGLJDORFRQWUDULR\D
TXHORVIXQGDPHQWDOHVGHODVGRVQRWDVHVWiQVXILFLHQWHPHQWHVHSDUDGRV
HQIUHFXHQFLDFRPRSDUDQRJHQHUDUIULFFLRQHV6LQHPEDUJRVLDQDOL]DPRV
HQGHWDOOHORVDUPyQLFRVGHDPEDVQRWDVYHPRVFRPRHOIXQGDPHQWDOGHOD
VHJXQGDQRWDHVWDPX\FHUFDGHOVHJXQGRDUPyQLFRGHODSULPHUDQRWD
(Q JHQHUDO ORVDUPyQLFRV VXSHULRUHV GH XQVRQLGR D SDUWLU GHO ž WLHQHQLQWHUYDORV LQIHULRUHV D XQD  P \ JHQHUDUiQ
IULFFLRQHVSHURODDPSOLWXGGHHVWRVHVVXILFLHQWHPHQWHSHTXHxDFRPRSDUDTXHVHDSUHFLHQPX\SRFR6RORIULFFLRQDUiQ
ORVDUPyQLFRVTXHWHQJDQVXILFLHQWHDPSOLWXG\HVWDDPSOLWXGKDGHVHUSDUHFLGDHQWUHHOODV
8Q EXHQ LQVWUXPHQWR LQWHUHVD TXH WHQJD XQ ILOWUR PX\ GLIHUHQFLDGR FRQ SRFDV UHVRQDQFLDV GH DPSOLWXG FRQVLGHUDEOH \
VHSDUDGDVDOPHQRVOD$&%FRQHVWRFRQVHJXLPRVEXHQDVRQRULGDG\XQWLPEUHFODUR\OLPSLR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
9DPRVDFDOFXODUODVIUHFXHQFLDVGHDOJXQDVQRWDV\VX$&%
'25(0,)$62//$6,'2
3LWiJRUDV
$ULVWyJHQHV
5(DULVWRJpQLFR /$[[[[[ +]
$&% P OLEUDODQRWDGHIUHFXHQFLD+]XQ)$
6,ɶSLWDJyULFR /$[[[ +]
$&% +]OLEUDODQRWDGHIUHFXHQFLD+]
FRQXQLQWHUYDOR VHUiXQD0PiVRPHQRVXQ/$+]
62/ɶDULVWRJpQLFR /$[[[[ +]
$&% +]OLEUDODQRWDGHIUHFXHQFLD+]
XQSRFRPiVTXHXQDXQ5(ɶ
'2HTXLWHPSHUDGR /$[[[¥ +]
$&% +]OLEUDODQRWDGHIUHFXHQFLD+]
HVXQSRFRPHQRVGHXQDP6,
9DULDFLyQGHODFRQVRQDQFLDGHQWURGHOD$&%
(OTXHGRVIUHFXHQFLDVVHSDUDGDVOD$&%SURGX]FDQRQRDVSHUH]DVHVDOJRVXEMHWLYR3DUDDOJXQRVP~VLFRVORVWRQRV
OLEUDUiQ\SDUDRWURVQR(VWHOtPLWHHVXQSRFRDPELJXR$KRUDYDPRVDYHUTXHSDVDFXDQGRGRVWRQRVHVWiQGHQWURGHOD
$&%FDOFXODGD
&XDQGRODVGRVIUHFXHQFLDVVHHQFXHQWUDQDXQDGLVWDQFLDTXHHVXQFXDUWRGHOD$&%FRQVLGHUDGDHQWRQFHVODDVSHUH]D
TXH VH SURGXFH HV Pi[LPD \ YD GLVPLQX\HQGR VHJ~Q VH DFHUFDQ ORV WRQRV KDVWD TXH FRLQFLGHQ 3ORPS \ VX FXDGULOOD
FXDQWLILFDURQWRGRVHVWRVUHVXOWDGRVHQODVLJXLHQWHWDEOD
)UDFFLyQ$&%;&RQVRQDQFLD<$&%
Pi[DVSHUH]DDXVHQFLDGHIULFFLyQ
6LWHQHPRVXQVRQLGRGH+]$&% +]HQWRQFHVOLEUDUDHOVRQLGRGH+]$XQFXDUWRGHOD$&%VHSURGXFHOD
Pi[LPDDVSHUH]DD+]GHOVRQLGRGH+]SRUORTXHORVGRVVRQLGRVGH\+]WHQGUiQDVSHUH]DPi[LPD\
HQWUHHOORVH[LVWHXQLQWHUYDORGH XQD0
/RV EXHQRV LQVWUXPHQWRV VH FDUDFWHUL]DQ SRU XQ WLPEUH OLPSLR XQ VRQLGR FULVWDOLQR VLQ IULFFLRQHV H[WUDxDV /RV EXHQRV
YLROLQHVSRUHMHPSORWLHQHQXQDFDMDDUPyQLFDILOWURTXHHYLWDDPSOLILFDUDUPyQLFRVPX\MXQWRVGHQWURGHOD$&%WLHQHQ
ODVUHVRQDQFLDVVHSDUDGDVDOPHQRVOD$&%DVtVHHOLPLQDQORVDUPyQLFRVTXHSXGLHUDQFDXVDUDOJXQDIULFFLyQ6LODFDMD
GHUHVRQDQFLDDPSOLILFDWRGRVORVDUPyQLFRVTXHOHOOHJDQGHODFXHUGDHOWLPEUHUHVXOWDiVSHUR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(YDOXDFLyQGHODFRQVRQDQFLD
9DPRVDYHUFRPRVHFRPSRUWDXQDMXVWDHQODVHJXQGDRFWDYD&RQVLGHUDPRV~QLFDPHQWHORVSULPHURVDUPyQLFRV
GHFDGDQRWD\VXSRQGUHPRVORTXHQRHVFLHUWRTXHWRGRVORVDUPyQLFRVWLHQHQODPLVPDDPSOLWXG
RFW+]
+]
'2'262/'20,62//$'2
RFW
62/5(6,
(OIXQGDPHQWDO'2 +]OLEUDFRQRWURVRQLGRGH+]\DTXHOD$&% +]HQWRQFHVIULFFLRQDFRQHOIXQGDPHQWDO
GHODVHJXQGDQRWD62/ +]\FRQHOVHJXQGRDUPyQLFRGHODSULPHUDQRWD'2 +]
,QWHUYDOR$&%IUDF$&%II$&%&RQWULEXFLyQDVSHUH]DFRQVRQDQFLD
'262/
+]
+]
'2'2
62/'2
+]
± 62/62/
+]
'262/
+]
7HQHPRVHQWUHORVUHVSHFWLYRVDUPyQLFRVTXHIULFFLRQDQHQWUHVtVHLVFDVRVFRPRHOSULPHURVLHWHFRPRHOVHJXQGR\
QXHYHFRPRHOFXDUWR\VXPDQGRWRGDVODVFRQWULEXFLRQHVSDUDODDVSHUH]DREWHQHPRVSDUDHVWHLQWHUYDORGH
MXVWDHQODVHJXQGDRFWDYD6LKDFHPRVORPLVPRHQODFXDUWDRFWDYDREWHQHPRVXQDFRQWULEXFLyQDODDVSHUH]DGH
(QODPHGLGDHQTXHVXELPRVHQ\HQIUHFXHQFLDORVLQWHUYDORVVRQPHQRVGLVRQDQWHVRPiVFRQVRQDQWHV
(QODFXDUWDRFWDYDHOSULPHU'2GHIUHFXHQFLD+]HVHO'2\WHQHPRVODVLJXLHQWHWDEODSDUDORVDUPyQLFRV\VX
FRQWULEXFLyQDODDVSHUH]DORVSULPHURVDUPyQLFRVOLEUDQWRGRVHQWUHVtVLHQGRORVGRVSULPHURVTXHIULFFLRQDQHO'2\HO
5(
,QWHUYDOR$&%IIUDF$&%II$&%&RQWULEXFLyQDODDVSHUH]D
'25(II±II 5(0,II±II <DVtFRQWRGRVORVTXHQROLEUDQOD$&%WRWDOSDUDFRQVHJXLUXQQ~PHURTXHQRVGLFHORiVSHURRGLVRQDQWHTXHHVHVWH
DFRUGH $O ILQDO VH FRQVLJXH XQD WDEOD FRQ ORV GDWRV VREUH OD FRQVRQDQFLD GH ORV GLIHUHQWHV DFRUGHV HQ GRV RFWDYDV
GLVWLQWDV
P0P0-DX-P0P0-
2FWDYD
2FWDYD
&XUYDVXSHULRURFWDYD
&XUYDLQIHULRURFWDYD
3RU OD WHRUtD GH 7LQGDOO HVWH IHQyPHQR GH ORV
LQWHUYDORVQRHVH[SOLFDEOH7DOYH]VHSXHGHH[SOLFDU
PHMRUSRUODWHRUtDGHEDWLGRVGH+HOPKROW]/D0\
ODPVRQGLVRQDQWHVSXHVJHQHUDQLQWHUYDORVGH0
\ P HQWUH ORV DUPyQLFRV VHJXQGRV GH OD SULPHUD
QRWD\ODIXQGDPHQWDOGHODVHJXQGD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DVRFWDYDVDOWDVGDQPiVFRQVRQDQFLDVTXHODVEDMDVDOVHUODVIUHFXHQFLDVPD\RUHV\JHQHUDUVHPHQRVEDWLGRV(QOD
RFWDYDODPQRTXHGDIXHUDGHOD$&%DXQTXHVXHQDELHQ\OLEUDEDVWDQWH'2 +]\0, +]QROLEUDQHVWDV
IUHFXHQFLDVIXQGDPHQWDOHVSHURORVGHPiVDUPyQLFRVVt
6HSXHGHQHVWXGLDUWDPELpQWRGRWLSRGHDFRUGHVIRUPDGRVSRUWUHVRPiVQRWDV\ODGLQiPLFDVHUiODPLVPDTXHHQHO
FDVRGHGRVQRWDV6HSXHGHYHUODVHSDUDFLyQHQWUHORVDUPyQLFRVGHODVGLIHUHQWHVQRWDVORPXFKRRSRFRTXHIULFFLRQDQ
HQWUHVt\GHHVWDPDQHUDHYDOXDUORFRQVRQDQWHVR GLVRQDQWHVTXHVRQORVGLIHUHQWHVDFRUGHVPD\RUHV\PHQRUHV(O
DFRUGHGH'2PD\RU'20,62/HVPiVFRQVRQDQWHTXHHODFRUGHGH'2PHQRU'20,ɶ62/
6LHVWXGLDPRVORTXHRFXUUHFRQODVGLIHUHQWHVHVFDODV\DILQDFLRQHVYHPRVFRPRHQODHVFDODGH3LWiJRUDVODVUHODFLRQHV
TXHDSDUHFHQGDQDFRUGHVHQORVTXHORVGLIHUHQWHVDUPyQLFRVGHXQDQRWDVHHQFXHQWUDQFHUFDGHORVDUPyQLFRVGHODV
RWUDVQRWDV\JHQHUDQEDWLGRV\GLVRQDQFLDVVREUHWRGRHQOD0D\RU
/DGLVRQDQFLDSXHGHDSDUHFHUVLQTXHDSUHFLHPRVXQQ~PHURGHEDWLGRVFRQFUHWRVRORQHFHVLWDPRVTXHGRVWRQRVSXURV
HVWpQ OR VXILFLHQWHPHQWH FHUFD HQ IUHFXHQFLD +] R P 6L MXQWDPRV HVWRV WRQRV R VRQLGRV ORV EDWLGRV VRQ
DSUHFLDEOHV\ODGLVRQDQFLDHVHYLGHQWH
&RQ XQ RUGHQDGRU SRGHPRV MXJDU FRQ WRGDV HVWDV FRVDV \ FUHDU P~VLFD HOHFWUyQLFD HYLWDQGR GLVRQDQFLDV H[WUDxDV R
JHQHUDUODV DFWXDQGR VREUH ORV DUPyQLFRV DUWLILFLDOHV GH FDGD QRWD DXQTXH HVWR SXHGH FUHDU IHQyPHQRV H[WUDxRV GH
LQDUPRQLFLGDGHV\SpUGLGDGHVHQVDFLyQGHDOWXUDGHWRQR\DTXHODDOWXUDGHWRQRGHILQLGDVRORODSHUFLELPRVVLORVWRQRV
TXHQRVOOHJDQVRQDUPyQLFRVHQWUHVL
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
5(621$1&,$6
'HILQLFLyQGHUHVRQDQFLD
%DMRHOSXQWRGHYLVWDDF~VWLFRODVUHVRQDQFLDVVRQHOHMHFHQWUDOGHOHVWXGLRGHORVLQVWUXPHQWRVPXVLFDOHV\GHODDF~VWLFD
GHODP~VLFD8QLQVWUXPHQWRWHQGUiXQWLPEUHGHWHUPLQDGRHQWUHRWUDVFRVDVHQIXQFLyQGHODVUHVRQDQFLDVTXHWHQJD
(VWDVUHVRQDQFLDVWLHQHQVXEDVHHQODVIRUPDVQDWXUDOHVGHYLEUDUGHOVLVWHPD\YLHQHQGHWHUPLQDGDVSRUODJHRPHWUtD
GHOLQVWUXPHQWRIRUPD\WDPDxR\SRUODVFDUDFWHUtVWLFDVGHOPDWHULDOFRQHOTXHHVWDFRQVWUXLGR3RGHPRVGHILQLUODV
UHVRQDQFLDVFRPRORVPi[LPRVYLEUDFLRQDOHVGHOVLVWHPDIUHQWHDXQDIXHU]DSHULyGLFDH[WHULRUVXPLQLVWUDGD
&DGDVLVWHPDHOiVWLFRHPSH]DQGRSRUHOPiVVHQFLOORTXHHVFDSD]GHRVFLODUIRUPDGRSRUXQPXHOOH\XQDPDVDWLHQH
VXV ³PDQHUDV GH PRYHUVH´ XQRV PRGRV GH YLEUDFLyQ QDWXUDOHV D FLHUWDV IUHFXHQFLDV TXH GHSHQGHUiQ GH ODV
FDUDFWHUtVWLFDVGHOVLVWHPD(QHOFDVRGHOPXHOOHODPDVDDVRFLDGD\ODULJLGH]GHOPXHOOH/RVVLVWHPDVPiVVLPSOHV
WLHQHQPRGRVGHYLEUDFLyQVHQFLOORV\DPHGLGDTXHORVVLVWHPDVVHFRPSOLFDQORVPRGRVGHYLEUDFLyQORKDUiQWDPELpQ
3RGHPRVGHFLUTXHODJHRPHWUtD\ORVPDWHULDOHVGHXQVLVWHPDGHILQHQVXVIRUPDVQDWXUDOHVGHPRYHUVH\GHYLEUDU
/RV VLVWHPDV HOiVWLFRV YLEUDQ VL ORV GHVSOD]DPRV GH VX SXQWR GH HTXLOLEULR (Q HO FDVR TXH QRV RFXSD ORV VLVWHPDV
WDPELpQYLEUDUiQVLVHOHVVXPLQLVWUDXQDIXHU]DH[WHUQDSHULyGLFDXRVFLODQWHFRPRORHVODYLEUDFLyQTXHOHOOHJDDOD
FDMDDUPyQLFDGHVGHODVFXHUGDVDWUDYpVGHOSXHQWH3DUDTXHH[LVWDODUHVRQDQFLDWLHQHTXHH[LVWLUXQPRGRGHYLEUDFLyQ
QDWXUDOTXHHQXQVLVWHPDHVXQDIRUPDGHYLEUDFLyQGHWRGDVVXVSDUWHVDXQDGHWHUPLQDGDIUHFXHQFLDI1RVKDFHIDOWD
WDPELpQ OD IXHU]D H[WHULRU VLQXVRLGDO SHULyGLFD HQ SULQFLSLR FRQ XQD IUHFXHQFLD FXDOTXLHUD FXDQGR OD IUHFXHQFLD GH OD
IXHU]D H[WHULRU FRLQFLGHFRQ I WHQGUHPRV XQ Pi[LPRYLEUDFLRQDO GHO VLVWHPD\ GLUHPRV TXHHOVLVWHPDKD HQWUDGRHQ
UHVRQDQFLD(QHVWHPRPHQWRHOVLVWHPDDOFDQ]DODPi[LPDYHORFLGDGFRQODPtQLPDIXHU]DVXPLQLVWUDGD
/DDGPLWDQFLDVHGHILQHFRPRODUHODFLyQHQWUHODYHORFLGDGTXHDOFDQ]DHOVLVWHPD\ODIXHU]D
VXPLQLVWUDGDDOPLVPR$ 9)(QODUHVRQDQFLDVHSURGXFHXQPi[LPRGHODYHORFLGDGDQWHXQ
HVWLPXORH[WHULRUVHSURGXFHXQPi[LPRHQODDGPLWDQFLD/DYHORFLGDGTXHDOFDQ]DHOVLVWHPD
HVXQGDWRLPSRUWDQWH\DTXHDPD\RUYHORFLGDGPDQWHQLHQGRODIUHFXHQFLDWHQGUHPRVPD\RU
DPSOLWXG\HQFRQVHFXHQFLDPD\RUSUHVLyQVRQRUDPiVVRQLGR/DDGPLWDQFLDTXHGHSHQGH
GHODIUHFXHQFLDVHSXHGHHQWHQGHUFRPRODFDSDFLGDGTXHWLHQHHOVLVWHPDGHPRYHUVHDQWH
XQD IXHU]D RVFLODQWH H[WHULRU DSOLFDGD 6L D XQ VLVWHPD OH SURSRUFLRQDPRV D XQD IUHFXHQFLD
GHWHUPLQDGDXQDIXHU]DJUDQGH\ODYHORFLGDGTXHDOFDQ]DQODVGLIHUHQWHVSDUWHVHVSHTXHxD
HQWRQFHV OD DGPLWDQFLD GHO VLVWHPD D HVD IUHFXHQFLD HV SHTXHxD /D LPSHGDQFLD VH GHILQH
FRPRHOLQYHUVRGHODDGPLWDQFLD&XDQWRPD\RUHVODDGPLWDQFLDPHQRUHVODLPSHGDQFLD
(QORVLQVWUXPHQWRVPXVLFDOHVHVWHIHQyPHQRWLHQHXQDJUDQLPSRUWDQFLD/DVUHVRQDQFLDVVRQODHVHQFLDGHOVRQLGR\GHO
WLPEUHTXHSHUFLELPRV6RQODVTXHKDFHQSRVLEOHTXHHOILOWURFDMDRWDSDDUPyQLFDVHDFDSD]GHPRYHUDLUHVXILFLHQWH
FRPRSDUDSRGHUVHUHVFXFKDGDVODVYLEUDFLRQHVTXHOOHJDQGHODIXHQWHORVDUPyQLFRVGHODFXHUGD&RPRVDEHPRVOD
IXHQWHHVFDSD]GHWUDVPLWLUDOILOWURPX\SRFDHQHUJtDSHURpVWDHVVXILFLHQWHFRPRSDUDSRQHUHQPDUFKDODVUHVRQDQFLDV
GHOILOWUR\REWHQHPRVDVtHOVRQLGRFRPSOHMRTXHOOHJDIHOL]PHQWHKDVWDQXHVWURVRtGRV
)UHFXHQFLDVGHUHVRQDQFLD
7RGRV ORV VLVWHPDV TXH SRGDPRV LPDJLQDU TXH WHQJDQ FDSDFLGDG SDUD YLEUDU SRU OD
HODVWLFLGDG GH VXV PDWHULDOHV WHQGUiQ XQDV PDQHUDV QDWXUDOHV GH PRYHUVH (O VLVWHPD PiV
VHQFLOOR FRPSXHVWR SRU XQD PDVD \ XQ PXHOOH VH PXHYH GH XQD VROD PDQHUD (O VLVWHPD
HVWH WLHQH XQD ~QLFD IUHFXHQFLD GH UHVRQDQFLD TXH YLHQH GHWHUPLQDGD SRU OD ULJLGH] V GHO
PXHOOH \ OD PDVD P DFRSODGD DO PXHOOH 6ROR RVFLOD D HVWD IUHFXHQFLD FRQ PD\RU R PHQRU
DPSOLWXGGHSHQGLHQGRGHODFDQWLGDGGHHQHUJtDVXPLQLVWUDGD
I $ =
Π
V
P
6LHVWLUDPRVHOPXHOOHpVWHWLUDFRQXQDIXHU]DSURSRUFLRQDODOGHVSOD]DPLHQWRGHODPDVDGHVGHVXSXQWRGHHTXLOLEULR\
SURSRUFLRQDOWDPELpQDODFRQVWDQWHGHUHFXSHUDFLyQGHOPXHOOHRULJLGH]VHVWDIXHU]DDFHOHUDODPDVD\HOPXHOOHWLHQGH
D UHFXSHUDU VX SRVLFLyQ GH HTXLOLEULR /D LQHUFLD KDFH TXH HO VLVWHPD VXSHUH HVWH SXQWR SURGXFLpQGRVH OD RVFLODFLyQ
'HSHQGLHQGRGHOPHQRURPD\RUFRHILFLHQWHGHDPRUWLJXDFLyQGHWRGRHOVLVWHPDODVRVFLODFLRQHVVHPDQWHQGUiQPiVR
PHQRVHQHOWLHPSR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/RV VLVWHPDV TXHHVWXGLDPRV HQ DF~VWLFDVRQ DOJRPiV FRPSOHMRVTXH HVWHVLVWHPDIRUPDGR SRU ODPDVD \ HOPXHOOH
6HJ~QVHYDQFRPSOLFDQGRHVWRVVLVWHPDVJHRPpWULFD\HVWUXFWXUDOPHQWHORVPRGRVQDWXUDOHVGHYLEUDFLyQWDPELpQVHYDQ
KDFLHQGRPiVFRPSOHMRV(VWDVIUHFXHQFLDVGHYLEUDFLyQVHSXHGHQFDOFXODUPDWHPiWLFDPHQWHFRQRFLHQGRFRPRDFW~DQ
ODVIXHU]DVLQWHUQDV\FDOFXODQGRODHFXDFLyQGLIHUHQFLDOGHOPRYLPLHQWR
)UHFXHQFLDVGHUHVRQDQFLDHQFXHUGDV
(OVLJXLHQWHVLVWHPDTXHHVWXGLDUHPRVFRQFDSDFLGDGGHJHQHUDUYLEUDFLRQHVHVODFXHUGDHQWHQVLyQ&RPRKHPRVYLVWR
HQ FDStWXORV DQWHULRUHV 3LWiJRUDV VH SHUFDWy GH ORV GLIHUHQWHV PRGRV GH YLEUDFLyQ GH ODV FXHUGDV TXH KR\ HQ GtD
FRQRFHPRVFRPRDUPyQLFRV\TXHVHFRUUHVSRQGHQFRQODVHULHDUPyQLFDQDWXUDO3LWiJRUDV\VXFXDGULOODH[SHULPHQWDURQ
FRQODWHQVLyQHMHUFLGDPHGLDQWHSHVRV\ORQJLWXGHVGLIHUHQWHVREVHUYDQGRFRPRHOVLVWHPDRIUHFtDGLIHUHQWHVIUHFXHQFLDV
I Q =
Q
/
7
ρ OLQ
(QHVWDIyUPXODDSDUHFHQWUHVIDFWRUHVTXHGHWHUPLQDQODVIUHFXHQFLDVGHYLEUDFLyQGHOD
FXHUGD OD ORQJLWXG GH FXHUGD YLEUDQWH / R ³WLUR´ OD WHQVLyQ DSOLFDGD 7 \ OD GHQVLGDG
OLQHDOȡ/TXHQRVLQGLFDODPDVDGHODFXHUGDSRUXQLGDGGHORQJLWXGNLORJUDPRVSRUFDGD
PHWUR(OQ~PHURQWRPDORVYDORUHVHWF&RQQ REWHQHPRVODIUHFXHQFLD
IXQGDPHQWDO \ FRQ Q HWF ORV GHPiV DUPyQLFRV VXSHULRUHV 6L OD FXHUGD VH FRPSRUWD GH PDQHUD LGHDO ODV
IUHFXHQFLDVGHUHVRQDQFLDUHDOHVGHORVGLIHUHQWHVPRGRVGHYLEUDFLyQVHDMXVWDQDODVHULHDUPyQLFDQDWXUDOIIIII
HWF6LHQGRIODIUHFXHQFLDIXQGDPHQWDOTXHGHSHQGHGHODWHQVLyQODORQJLWXGGHFXHUGDYLEUDQWH\ODGHQVLGDGOLQHDO
6LTXHUHPRVDILQDUXQDFXHUGDGHWHUPLQDGDORTXHKDFHPRVHVDXPHQWDURGLVPLQXLUODWHQVLyQGHODPLVPDPHGLDQWHHO
PHFDQLVPRGHODFODYLMD8QDXPHQWRGHODWHQVLyQQRVGDPD\RUIUHFXHQFLDPD\RUDOWXUDGHWRQR\FRQXQDGLVPLQXFLyQ
GHODWHQVLyQREWHQHPRVXQDIUHFXHQFLDPHQRUXQDDOWXUDGHWRQRPHQRU8QDORQJLWXGGHFXHUGDYLEUDQWHPHQRUQRVGDUi
PD\RUDOWXUDGHWRQR\YLFHYHUVDKHFKRTXHSRGHPRVFRPSUREDUFRQORVWUDVWHVGHXQDJXLWDUUD
(OIDEULFDQWHFRQWURODODGHQVLGDGOLQHDOGHODFXHUGDPHGLDQWHGLIHUHQWHVHQWRUFKDGRVGDWRTXHJHQHUDOPHQWHQRRIUHFHQ
SHURVHSXHGHFDOFXODUSHVDQGR\PLGLHQGRODFXHUGDHQFXHVWLyQ
)UHFXHQFLDVGHUHVRQDQFLDHQWXERV
'HQWUR GH ODV GLIHUHQWHV FODVHV GH WXERV R FROXPQDV GH DLUH WHQHPRV GRV TXH DF~VWLFDPHQWH QRV LQWHUHVDQ ORV WXERV
$ELHUWRV$ELHUWRV \ ORV &HUUDGRV$ELHUWRV /RV WXERV WLHQHQ XQRV PRGRV GH YLEUDFLyQ FX\DV IUHFXHQFLDV YLHQHQ
GHWHUPLQDGDV~QLFDPHQWHSRUODORQJLWXGGHOWXER\SRUORTXHHODLUHVHHQFXHQWUHHQFDGDH[WUHPRHOGLiPHWURLQIOX\HHQ
RWURVSDUiPHWURVTXHYHUHPRVQRHVORPLVPRTXHHOH[WUHPRHVWpFHUUDGRRDELHUWR(QXQH[WUHPRFHUUDGRHODLUHVH
HQFXHQWUDFRQXQDSDUHG\HQHVHSXQWRVHIRUPDXQSXQWRQRGDO]RQDGHPi[LPDSUHVLyQ\YHORFLGDGQXODPLHQWUDVTXH
HQ HO H[WUHPR DELHUWR HO DLUH VH HQFXHQWUD FRQ XQ PHGLR SDUHFLGR FRQ DOJXQD GLIHUHQFLD GH GHQVLGDG DTXt WHQHPRV
SUHVLyQPtQLPD\YHORFLGDGPi[LPD(QODHPERFDGXUDGHOFODULQHWHVHIRUPDXQPi[LPRGHSUHVLyQ\YHORFLGDGQXODVH
FRQVLGHUDFHUUDGRSRUODIRUPDGHODERTXLOOD\SRUFyPRHQWUDHODLUH
$ELHUWR$ELHUWR I =
Q&
/
&HUUDGR$ELHUWR I =
Q − &
/
/DVIUHFXHQFLDVGHORVPRGRVODVREWHQHPRVVXVWLWX\HQGRQSRUHWF
/D IyUPXOD SDUD OD IUHFXHQFLD OD REWHQHPRV GH XQD GH ODV IyUPXODV JHQHUDOHV SDUD ODV RQGDV TXH QRV LQGLFD TXH OD
IUHFXHQFLDYLHQH GDGD SRU UHODFLyQ HQWUHODYHORFLGDG GHSURSDJDFLyQ GH OD SHUWXUEDFLyQ HQ HVHPHGLR \OD ORQJLWXG GH
RQGD
I =
&
λ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3DUD FDOFXODU ODV GLIHUHQWHV IUHFXHQFLDV GH ORV PRGRV GH YLEUDFLyQ WHQHPRV TXH YHU FXDQWDV ORQJLWXGHV GH WXER VH
QHFHVLWDQSDUDTXHVHIRUPHXQDORQJLWXGGHRQGD(QHVWHFDVRFDGDORQJLWXGGHRQGDHVODGLVWDQFLDHQWUHWUHVSXQWRV
QRGDOHVRWUHVFUHVWDV9DPRVDYHUTXHSDVDFRQHOžPRGRGHYLEUDFLyQGHOWXER$ELHUWR$ELHUWR8QDORQJLWXGGHRQGD
VHIRUPDHQGRVORQJLWXGHVGHWXERSRUORTXHȜ /(QHOžPRGRGHYLEUDFLyQODORQJLWXGGHRQGDVHIRUPDHQXQD
ORQJLWXGGHWXER(QHOWHUFHURXQDORQJLWXGGHRQGDVHIRUPDHQGHODORQJLWXGGHOWXERSRUORTXHVRORWHQHPRVTXH
VXVWLWXLUȜSRU/SRU/\SRU/QRVTXHGD
I=
&
/
I=
& &
&
=
=
= I / /
/
I=
&
&
=
= I
/
/
(Q HO ž PRGR GHO WXER &HUUDGR$ELHUWR OD ORQJLWXG GH RQGD VH HVWDEOHFH HQ FXDWUR ORQJLWXGHV GH WXER HQ HO ž PRGR
QHFHVLWDGHORQJLWXGGHWXERHQHOžPRGRQHFHVLWDGHWXERSRUORTXHODVIUHFXHQFLDVTXHGDQ
I=
&
/
I=
&
&
=
= I /
/
I=
&
&
=
= I /
/
(QHOWXER$$FRPRRFXUUHHQODIODXWDWUDYHVHUDRHQHOW[LVWXVHIRUPDQPRGRVGHYLEUDFLyQFRQWRGDVODVIUHFXHQFLDV
P~OWLSORGHODIXQGDPHQWDOIIIORVPLVPRVTXHHQODVHULHDUPyQLFDQDWXUDOPLHQWUDVTXHHQORV&$IODXWDGH3DQ
FODULQHWHHWFVRORVHIRUPDQORVPRGRVTXHFRUUHVSRQGHQDODVIUHFXHQFLDVLPSDUHVGHODVHULHDUPyQLFDQDWXUDOII
I (VWH KHFKR OR SRGHPRV H[SHULPHQWDU REWHQLHQGR ORV GLIHUHQWHV DUPyQLFRV GH XQD IODXWD WURPSHWD WRGD OD VHULH
DUPyQLFD IODXWD GH SDQ ORVLPSDUHV RFXDOTXLHUDGH ORVLQVWUXPHQWRV GHYLHQWR DXPHQWDPRV OD IXHU]DGH VRSODGR\
DSDUHFHQORVDUPyQLFRVFRQORVFRUUHVSRQGLHQWHVLQWHUYDORVGHODVHULHDUPyQLFDQDWXUDO
)UHFXHQFLDVGHUHVRQDQFLDHQWDEODV\SODFDV
8QDWDEODGHPDWHULDOHOiVWLFRWDPELpQWLHQHVXVPRGRVGHYLEUDFLyQQDWXUDOHVDGHWHUPLQDGDVIUHFXHQFLDVTXHVHSXHGHQ
FDOFXODUFRQRFLHQGRODVFDUDFWHUtVWLFDVJHRPpWULFDV\ODVLQWHUQDVGHOPDWHULDO8QDSODFDUHFWDQJXODUFX\DORQJLWXGVHDDO
PHQRV YHFHV PD\RU TXH VX DQFKXUD VH SXHGH FRQVLGHUDU FRPR XQD WDEOD XQLGLPHQVLRQDO /DV IUHFXHQFLDV VHUiQ
SURSRUFLRQDOHV DO HVSHVRU K GH OD WDEOD \ D OD UDt] FXDGUDGD GHO PyGXOR GH <RXQJ ( GH OD PDGHUD H LQYHUVDPHQWH
SURSRUFLRQDOHV DO FXDGUDGR GH OD ORQJLWXG / \ D OD UDt] FXDGUDGD GH OD GHQVLGDG Ȣ 3DUD OD IUHFXHQFLD IXQGDPHQWDO
WHQHPRV
I ≈
K
/
(
ρ
(QHVWDIyUPXOD(HVHOPyGXORGH<RXQJTXHQRVGDXQDLGHDGHORTXHFXHVWDHVWLUDU\HQFRJHUHOPDWHULDO\ȡHVOD
GHQVLGDGYROXPpWULFDGHOPDWHULDONLORJUDPRVSRUXQLGDGGHYROXPHQ(QXQDWDEOD/LEUH/LEUHWHQHPRVXQRVPRGRVGH
YLEUDFLyQFRQSXQWRVQRGDOHVHQORVTXHODYHORFLGDGHVQXOD\]RQDVHQODVTXHODYHORFLGDGGHYLEUDFLyQHVPi[LPD
6L OD WDEOD WLHQH XQD DQFKXUD QR GHVSUHFLDEOH IUHQWH D OD ORQJLWXG WHQHPRV XQD SODFD FRQ PRGRV GH YLEUDFLyQ HQ GRV
GLPHQVLRQHV(QHVWHFDVRODV]RQDVGHYLEUDFLyQQXODVHUiQOtQHDV\ORVPRGRVGHYLEUDFLyQIRUPDQILJXUDVVHQFLOODV
/DVWDSDV\IRQGRVGHXQYLROtQHQWUDQHQ
HVWDFDWHJRUtDGHVLVWHPDV/RVPRGRVGH
YLEUDFLyQ \ ODV IUHFXHQFLDV DVRFLDGDV
YLHQHQ GHWHUPLQDGDV SRU ODV GLPHQVLRQHV
GH ODV SODFDV ODV FDUDFWHUtVWLFDV GH OD
PDGHUDPyGXORGH<RXQJ\GHQVLGDGORV
GLIHUHQWHV DERYHGDGRV \ ORV HVSHVRUHV TXH HO OXWKLHU TXLHUD GDUOHV /RV PRGRV \ GH WDSDV \ IRQGRV VH
FRQVLGHUDQHQWUHRWURVPXFKRVIDFWRUHVPX\LPSRUWDQWHVHLQIOX\HQWHVHQODFDOLGDGWRQDOGHOLQVWUXPHQWRHQVDPEODGR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
0DVDHIHFWLYD\5LJLGH]HIHFWLYD)DFWRUGHFDOLGDG\)XQFLyQGHWUDQVIHUHQFLD
(QORVVLVWHPDVPXVLFDOHVSRGHPRVXWLOL]DUHVWRVGRVFRQFHSWRV\FRPSDUDUDVtFDGDSXQWRGHOVLVWHPDFRQHOPRGHOR
VLPSOLILFDGRTXHFRQRFHPRVGHPXHOOH\PDVD
8QHOHPHQWRGHPDVDPVLWXDGRHQHOSXQWRDWLHQHSDUDXQDGHWHUPLQDGDUHVRQDQFLDXQDDPSOLWXG<DQRVRWURVYDPRV
DFDOFXODUODPDVDHIHFWLYDSDUDHVHSXQWRPHGLDQWHXQDIRUPXOD(OFRQFHSWRGHPDVDHIHFWLYDVHSXHGHDSOLFDUDWRGRV
ORVVLVWHPDV\DFDGDPRGRGHYLEUDFLyQGLIHUHQWH &RQVLGHUDPRVXQDFXHUGDTXHGLYLGLPRVHQSHTXHxDVPDVDVFDGD
FXDO FRQ VX DPSOLWXG GH YLEUDFLyQ FRUUHVSRQGLHQWH 0XOWLSOLFDPRV FDGD PDVD HOHPHQWR GH PQ SRU HO FXDGUDGR GH VX
DPSOLWXG<Q\VXPDPRV/DPDVDHIHFWLYDHQHOSXQWRDVHUi
0H =
ΣPQ<Q <D 'H OD IRUPXOD VH SXHGH YHU TXH DTXHOORV SXQWRV VLWXDGRV HQ XQ Pi[LPR YLEUDFLRQDO GH XQD UHVRQDQFLD GHWHUPLQDGD
WHQGUiQDPSOLWXGPi[LPD\SRUFRQVLJXLHQWH0DVDHIHFWLYDPtQLPD\ORVSXQWRVVLWXDGRVHQXQDOtQHDRSXQWRQRGDOWLHQHQ
DPSOLWXGQXOD\0DVDHIHFWLYDLQILQLWD(OVLVWHPDORGLYLGLPRVHQWURFLWRV\FRQVLGHUDPRVHOFRPSRUWDPLHQWRGHFDGDSXQWR
FRPRHOGHXQPXHOOHFRQVXPDVD\VXULJLGH]
&XDQWDPHQRVPDVDHIHFWLYDWHQJDHVHSXQWRPiVIiFLOVHUiPRYHUORFRQSRFDIXHU]D6LDSOLFDPRVHVWHFRQFHSWRDODV
WDEODVDUPyQLFDVHVHQHVWRVSXQWRVHQORVTXHVHUiFRQYHQLHQWHVLWXDUHOSXHQWHGHOLQVWUXPHQWRTXHHVHOLQWHUPHGLDULR
DWUDYpVGHOFXDOSDVDQDODFDMDRWDEODDUPyQLFDWRGDVODVYLEUDFLRQHVGHODVFXHUGDV
$O H[FLWDU HO VLVWHPD HQ HO SXQWR $ ORV PRGRV \ VXHQDQ PXFKR \ HO
PRGRQRDSDUHFH6LJROSHDPRVHQHOSXQWR%HOSULPHUPRGRVXHQDXQ
SRFR PHQRV VXHQD EDVWDQWH \ QDGD \ DSDUHFHQ WDPELpQ 6L
JROSHDPRV OD FXHUGD PiV FHUFD GHO SXHQWH SXQWR & VH SRWHQFLDQ FDGD YH]
PRGRVGHYLEUDFLyQPiVDOWRV
/DULJLGH]HIHFWLYDVHSXHGHFDOFXODUWDPELpQPHGLDQWHXQDIRUPXODDOJRFRPSOLFDGD\QRVGDUiXQDLGHDGHODULJLGH]TXH
WLHQHQFDGDSXQWRDLVODGRGHOVLVWHPD(QFDGDSXQWRGHOVLVWHPDODIUHFXHQFLDGHYLEUDFLyQHVODPLVPDSRUORTXHOD
UHODFLyQ6H0HVHPDQWLHQH
&RQVLGHUDPRVHOFDVRGHODWDEODGHDUPRQtDGHXQSLDQR&HUFDGHODOtQHDQRGDOGHO
PRGR IXQGDPHQWDO OD PDVD HIHFWLYD HV PX\ JUDQGH SRU OR TXH OD ULJLGH] HIHFWLYD
WDPELpQVHUiJUDQGH\DTXHODIUHFXHQFLDGHPRGRQRKDGHFDPELDU\I§¥6H0H
SDUDODDGPLWDQFLDWHQHPRV$ ¥6H0H\ODLPSHGDQFLD= ¥6H0HWLHQHXQYDORUPX\
JUDQGHSRUORTXHHOVLVWHPDHVGLItFLOGHPRYHUHQHVWRVSXQWRV\QRWLHQHPXFKR
VHQWLGR SRQHU HO SXHQWH HQ HVWRV SXQWRV R OtQHDV QRGDOHV (O SXHQWH GHO SLDQR OR
VLWXDUHPRV HQ HO Pi[LPR GH DPSOLWXG YLEUDFLRQDO GHO PRGR IXQGDPHQWDO \ PHMRU
HVWDUiFRORFDGRFXDQWRVPiVPi[LPRVFRLQFLGDQFRQODXELFDFLyQGHOSXHQWHSXHVDVt
FRQVHJXLUHPRVH[FLWDUXQPD\RUQ~PHURGHUHVRQDQFLDV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
)RUPDVJHQHUDOHVGHH[FLWDFLyQGHODVUHVRQDQFLDV0DQWHQLGDVHLQVWDQWiQHDV
+D\TXHEXVFDUPHFDQLVPRVSDUDPDQWHQHUODYLEUDFLyQGHOVLVWHPDGXUDQWHHOWLHPSRTXHTXHUDPRV6HWUDWDGHEXVFDU
PHFDQLVPRVTXHWUDQVIRUPHQXQPRYLPLHQWRFRQWLQXRHQXQRSHULyGLFRRVFLODQWH/RVPiVLPSRUWDQWHVTXHYLPRVHQORV
SULPHURVFDStWXORVVRQHOPHFDQLVPRGHDUFR\HOGHYLHQWR&RPRYLPRVXQDXPHQWRGHODYHORFLGDGGHODLUHHQXQFDQDO
HVWUHFKRLQGXFHXQDGLVPLQXFLyQGHODSUHVLyQ3ULQFLSLRGH%HUQRXOOLVHDFHUFDQODVODPLQDVODELRVRSHVWDxDV\JUDFLDV
DODHODVWLFLGDGGHORVPDWHULDOHVVHSURGXFHODYLEUDFLyQ
(QORVLQVWUXPHQWRVGHDUFRHVPX\LPSRUWDQWHHOWDPDxRGHORVGLHQWHVGHHVWDSHTXHxDVLHUUDTXHVHUiQODVHVFDPDV
GHODVFULQHVGHODUFRMXQWRFRQODUHVLQDTXH³PXHUGH´ODVFXHUGDV(ODJDUUH\HOJUDQRGHHVWDVUHVLQDVHVXQIDFWRU
LPSRUWDQWHSDUDREWHQHUGHODFXHUGDDUPyQLFRVPiVULFRV/DILQXUDGHORVSHORVFRQORVTXHVHHQFHUGDHODUFRWDPELpQ
VHUiLPSRUWDQWH3DUDDUFRVGHFRQWUDEDMRXWLOL]DUHPRVSHORPiVJUXHVR\JUDQRGHUHVLQDPD\RU\DTXHODVIUHFXHQFLDV
TXH TXHUHPRV REWHQHU GH ODV FXHUGDV GH XQ FRQWUDEDMR VRQ PiV EDMDV \ QHFHVLWDPRV XQD VLHUUD FRQ GLHQWHV PiV
JUDQGHV
/DSHUWXUEDFLyQJHQHUDGDHQXQSXQWRGHODFXHUGDSRUHODUFRVHGHVSOD]D
SRUWRGDODFXHUGDDXQDYHORFLGDGLJXDOD¥7ȡ/([LVWHXQD]RQDySWLPD
GH WUDEDMR GHO DUFR VREUH OD FXHUGD HQ UHODFLyQ FRQ HO SXHQWH TXH
GHSHQGHUi GH OD IXHU]D TXH VH HMHUFH FRQ HO DUFR VREUH OD FXHUGD 6L
WRFDPRVGHPDVLDGROHMRVGHOSXHQWHHOSURSLRDUFRDPRUWLJXD\DWHQ~DODV
YLEUDFLRQHVGHODFXHUGD\HOVRQLGRVHHPSREUHFH&XDQWRPiVFHUFDGHO
SXHQWHWRTXHPRVPiVIXHU]DWHQHPRVTXHVXPLQLVWUDU
(Q ORV LQVWUXPHQWRV GH YLHQWR ODV OHQJHWDV R ORV ODELRV TXH JHQHUDQ OD
YLEUDFLyQ FXPSOHQ XQD IXQFLyQ PX\ LPSRUWDQWH /DV UHVRQDQFLDV TXH VH
JHQHUDQ HQ ORV WXERV R FROXPQDV GH DLUH FRUUHVSRQGLHQWHV WLHQHQ
IUHFXHQFLDVGHWHUPLQDGDVSRUODORQJLWXGGHHVWRVWXERV\ODVOHQJHWDVTXH
WUDEDMDQEDMRHOHIHFWRGH%HUQRXOOLYLEUDUiQDXQDIUHFXHQFLDLJXDODODGHOD
UHVRQDQFLD TXH VH SRQH HQPDUFKD 6H SURGXFH XQD UHDOLPHQWDFLyQ (V
GHYLWDOLPSRUWDQFLDWHQHUXQDOHQJHWDDGHFXDGDSDUDFDGDWXER/DVFDxDVSDUDXQFODULQHWHWHQRUVHUiQPDVGXUDVTXH
ODV TXH QHFHVLWD XQ FODULQHWH EDMR (Q ORV LQVWUXPHQWRV GH ERTXLOOD SDVD DOJR SDUHFLGR FRQ ORV ODELRV /DV QRWDV PiV
JUDYHVVHGDQFRQORVODELRVPDVUHODMDGRV\DPHGLGDTXHDXPHQWDHOWRQRRIUHFXHQFLDKD\TXHWHQVDUORVODELRVSDUD
TXHHVDUHVRQDQFLD\HVDQRWDSXHGDQJHQHUDUVH
([LVWHRWURPHFDQLVPRGHYLHQWRGHELVHOTXHVHGDHQODVIODXWDV\WXERVGHyUJDQR(QHVWH
FDVRHOIOXMRGHDLUHTXHVDOHGHODERFDRSRUWDYHQWRFRPLHQ]DDRVFLODU\VLVHHQFXHQWUDFRQ
XQELVHOILQRVHURPSH\VHJHQHUDQXQDVWXUEXOHQFLDVTXHVHUiQODVTXHSRQHQHQPDUFKDODV
UHVRQDQFLDVGHOWXER&RQSRFDYHORFLGDGGHOYLHQWRVHJHQHUDQWXUEXOHQFLDVGHWDPDxRJUDQGH
DGHFXDGDV SDUD ODV UHVRQDQFLDV GH EDMD IUHFXHQFLD HQ FDPELR SDUD ODV DOWDV IUHFXHQFLDV
QHFHVLWDPRV YHORFLGDG PD\RU GHO YLHQWR SDUD JHQHUDU WXUEXOHQFLDV SHTXHxDV TXH SRQGUiQ HQ
PDUFKDODVUHVRQDQFLDVGHDOWDIUHFXHQFLD
([LVWH RWUD IRUPD GH H[FLWDU ODV UHVRQDQFLDV GH XQ VLVWHPD WDQ LPSRUWDQWH FRPR ODV TXH KHPRV YLVWR TXH VRQ ODV
LQVWDQWiQHDV(QHVWHJUXSRSRGHPRVLQFOXLUODSHUFXVLyQ\HOSXQWHDGRRSXOVDGRGHORVVLVWHPDV6LGDPRVXQJROSHHQ
XQD FXHUGD R XQD WDEOD JHQHUDPRV XQD SHUWXUEDFLyQ HQ HO VLVWHPD TXH SRQH HQ PDUFKD ODV GLIHUHQWHV UHVRQDQFLDV
6XPLQLVWUDUXQJROSHHVVHPHMDQWHDVXPLQLVWUDUXQHVSHFWURFRQWLQXRGHIUHFXHQFLDVRUXLGREODQFR(VPX\LPSRUWDQWHOD
]RQD GH LPSDFWR R SXQWHDGR \D TXH GHSHQGHUi GH HVWR HO TXH XQDV UHVRQDQFLDV VH DFWLYHQ \ RWUDV QR (Q JHQHUDO
EXVFDUHPRV DTXHOORV OXJDUHV TXH VHDQ Pi[LPR YLEUDFLRQDO SDUD XQ Q~PHUR JUDQGH GH UHVRQDQFLDV GH HVWD IRUPD HO
WLPEUHILQDOGHOLQVWUXPHQWRVHUiPiVULFRDOWHQHUPiVFRPSRQHQWHVRDUPyQLFRV
6LJROSHDPRVHQXQDGHWHUPLQDGD]RQDH[FLWDPRVORVPRGRVTXHWLHQHQHQHVD]RQDXQPi[LPR
GH YLEUDFLyQ (Q ODV WDEODV OLEUHV ODV HVTXLQDV VRQ ]RQDV GH Pi[LPR SDUD FDVL WRGDV ODV
UHVRQDQFLDV*ROSHDQGRHQHVWD]RQDHOVRQLGRVHUiPiVEULOODQWH8QDFXHUGDSRGHPRVSHUFXWLUOD
R SXOVDUOD FHUFD GHO SXHQWH R OHMRV 3XOVDQGR HQ PHGLR GH OD FXHUGD SRQHPRV HQ PDUFKD OD
SULPHUDGHODVUHVRQDQFLDV\HOVRQLGRVHUiPiVRVFXUR\GXOFHPLHQWUDVTXHVLSXOVDPRVFHUFD
GHOSXHQWHDFWLYDPRVUHVRQDQFLDVPiVDOWDV\HOVRQLGRTXHFRQVHJXLPRVHVPiVEULOODQWH
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(OWLHPSRGHFRQWDFWRWDPELpQHVXQIDFWRUTXHKHPRV
GH WHQHU HQ FXHQWD /RV PDWHULDOHV GXURV WLHQHQ XQ
WLHPSRGHFRQWDFWRPHQRU\DTXHVRQPiVUtJLGRV\VH
GHIRUPDQ PHQRV /D SULPHUD FRQVHFXHQFLD HV TXH XQ
VLVWHPD DVt H[FLWDGR UHFLEH XQ Q~PHUR GH IUHFXHQFLDV
PD\RU\VHSRQHQHQPDUFKDUHVRQDQFLDVPDVDOWDVHO
VRQLGRJHQHUDGRHVPiVPHWiOLFR
6L JROSHDPRV FRQ XQ PDWHULDO EODQGR HO WLHPSR GH
FRQWDFWRHVPD\RUKD\PiVGHIRUPDFLyQ6HSRQHQHQ
PDUFKD FRQ PiV IDFLOLGDG ODV UHVRQDQFLDV PiV JUDYHV
ODVSULPHUDV\HOVRQLGRHVPiVRVFXURPHQRVEULOODQWHPiVVXDYH/RVPDFLOORVGHXQSLDQRRODVEDTXHWDVGHXQD
PDULPEDHVWiQFRQVWUXLGRVFRQGLIHUHQWHVPDWHULDOHVPiVRPHQRVGXURVGHSHQGLHQGRGHOFDUiFWHUTXHTXHUDPRVGDUDO
VRQLGRILQDO(QODVUHYLVLRQHVTXHVHKDFHQDXQSLDQRVHWLHQHHQFXHQWDHVWR\HQFDVRGHHVWDUDSHOPD]DGRHOILHOWUR
TXH UHFXEUH ORV PDFLOORV VH SXHGH DKXHFDU R FDPELDU SRU FRPSOHWR 6L KDQ SDVDGR PXFKRV DxRV \ HVWH ILHOWUR HVWi
H[FHVLYDPHQWHFRPSDFWRHOVRQLGRUHVXOWDQWHHVH[FHVLYDPHQWHPHWiOLFR
&DUDFWHUL]DFLyQItVLFD\SHUFHSWLYDGHODVUHVRQDQFLDV
&XDQGR HVFXFKDPRV XQ LQVWUXPHQWR PXVLFDO QRV OOHJD LQIRUPDFLyQ VREUH PXFKDV GH ODV UHVRQDQFLDV TXH WLHQH HVH
LQVWUXPHQWR(QODVFXHUGDVVHDFWLYDQFDVLWRGDVODVUHVRQDQFLDVODVHULHDUPyQLFDQDWXUDO(VWDVYLEUDFLRQHVSDVDQDOD
FDMDDUPyQLFD\SRQHQHQPDUFKDODVUHVRQDQFLDVFRUUHVSRQGLHQWHVGHOILOWUR/RTXHQRVOOHJDDQRVRWURVHVODVXPDGH
WRGRVORVDUPyQLFRVGHODFXHUGDTXHODFDMDKDVLGRFDSD]GHDPSOLILFDU
6LDLVODPRVXQDVRODUHVRQDQFLDHQXQVLVWHPDVXIUHFXHQFLDIVHUiXQRGHORVIDFWRUHVLPSRUWDQWHVSDUDFDUDFWHUL]DUDOD
UHVRQDQFLD7HQHPRVWDPELpQHOFRQFHSWRGHDGPLWDQFLDTXHYLHQHGHWHUPLQDGRSRUODIRUPXOD
$ =
9
=
)
6H 0 H
I I
+ − 4
I
I
/RV LQVWUXPHQWRV \ VLVWHPDV HQ JHQHUDO UHVSRQGHQ D ODV YLEUDFLRQHV (Q HVWH FDVR WHQHPRV XQ Pi[LPR HQ I 6L OD
IUHFXHQFLDGHODIXHU]DH[WHULRU)FRLQFLGHFRQODIUHFXHQFLDGHUHVRQDQFLDI IHQWRQFHVWHQHPRVSDUDODDGPLWDQFLDHO
YDORUPi[LPR
$PD[ =
4
GRQGH4 I%% II$QFKXUDGH%DQGD
6H 0 H
/DUHVRQDQFLDODWHQHPRVSHUIHFWDPHQWHGHILQLGDFRQORVWUHVYDORUHV^I$PD[4`HVWiSHUIHFWDPHQWHHVSHFLILFDGDWDQWR
HQHOGRPLQLRGHODIUHFXHQFLDFRPRHQHOGHOWLHPSR3RGHPRVYHUFRPRHQGRVVLVWHPDVFRQODPLVPDDQFKXUDGHEDQGD
%DTXHOFX\DIUHFXHQFLDGHUHVRQDQFLDVHDPD\RUWHQGUiPD\RUIDFWRUGHFDOLGDG
(OIDFWRUGHFDOLGDG4QRVGDXQDLGHDGHORTXHVHPDQWLHQHHOVLVWHPDRVFLODQGR6LKD\PXFKDVSpUGLGDVGHHQHUJtDHO
WRQRVHPDQWLHQHSRFR\HOIDFWRUGHFDOLGDGHVEDMR6LHOVLVWHPDWLHQHSRFDVSpUGLGDVSRUUR]DPLHQWRLQWHUQRRH[WHUQRHO
WRQRVHPDQWLHQHPiVWLHPSR\HOIDFWRUGHFDOLGDGHVDOWR6L4HVPX\DOWRHQXQDUHVRQDQFLDHQWRQFHVHOVLVWHPDGDUi
XQWRQRPX\GHILQLGR\GHPD\RUGXUDFLyQ/DFXHUGDQRVGDXQDDOWXUDGHWRQRPX\GHILQLGDJUDFLDVDODDUPRQLFLGDG
IUHFXHQFLDVGHUHVRQDQFLDP~OWLSORVGHODIXQGDPHQWDO\GHFDHOHQWDPHQWHWLHQH4DOWD(VWHIDFWRUGHFDOLGDGWDPELpQ
QRVGDXQDPHGLGDGHOQ~PHURGHYLEUDFLRQHVTXHKDQGHWUDQVFXUULUSDUDTXHVHSURGX]FDXQGHWHUPLQDGRGHFDLPLHQWR
6LODDGPLWDQFLDHVJUDQGH$ 9)\ODVXSHUILFLHGHFRQWDFWRFRQHODLUHGHQXHVWUDWDEODDUPyQLFDHVJUDQGHHQWRQFHV
WHQGUHPRV PXFKD VRQRULGDG \D TXH OD YHORFLGDG GH YLEUDFLyQ HV JUDQGH \ HVWR FRQVLJXH SURGXFLU XQD PD\RU SUHVLyQ
VRQRUD/DYHORFLGDGGHYLEUDFLyQHVWiGLUHFWDPHQWHUHODFLRQDGDFRQODSUHVLyQVRQRUDPHGLDQWHODIRUPXOD39 ȡ&GRQGH
3HVODSUHVLyQ9YHORFLGDGGHODVSDUWtFXODVȡGHQVLGDGGHODLUH\&YHORFLGDGGHSURSDJDFLyQGHOVRQLGRHQHODLUH
(QODVFXHUGDVODDGPLWDQFLDHVLQYHUVDPHQWHSURSRUFLRQDODODUDt]FXDGUDGDGHODWHQVLyQ\ODGHQVLGDGOLQHDO $=
9
∝
\ODLPSHGDQFLD= $
)
7ρ O
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
GH HVWD IyUPXOD SRGHPRV YHU TXH OD IXHU]D VXPLQLVWUDGD SRU OD FXHUGD D OD WDSD HV SURSRUFLRQDO D OD LPSHGDQFLD R DO
LQYHUVRGHODDGPLWDQFLD = ∝ ) ∝ 7ρ O (VWDIyUPXODQRVGDXQDSLVWDGHORTXHVXSRQHPRQWDUHQXQLQVWUXPHQWRXQDVFXHUGDVPX\ILQDVSRFDGHQVLGDG\SRFD
WHQVLyQSDUDXQDIUHFXHQFLDGDGDORTXHLPSOLFDSRFDIXHU]DVXPLQLVWUDGDDODFDMD\SRUFRQVLJXLHQWHSRFRVRQLGR6L
TXHUHPRV PiV VRQLGR KDEUHPRV GH DXPHQWDU OD GHQVLGDG OLQHDO GH OD FXHUGD GH HVWD IRUPD DXPHQWDUi OD WHQVLyQ \
WDPELpQODIXHU]DVXPLQLVWUDGDSHURKDEUiTXHWHQHUFXLGDGRFRQODWHQVLyQH[FHVLYDTXHVRSRUWDHOLQVWUXPHQWR([LVWLUi
XQDWHQVLyQySWLPDSDUDFDGDLQVWUXPHQWR8QH[FHVRGHWHQVLyQSXHGHFDUJDUGHPDVLDGRHOLQVWUXPHQWR\SXHGHTXHQR
UHVSRQGDELHQSRUORTXHWHQGUHPRVXQVRQLGRPiVSREUH
5HYLVLyQGHOPRGHORItVLFRGHOLQVWUXPHQWRPXVLFDO
6HSXHGHQFRQVLGHUDUWRGRFRPRXQFRQMXQWRGHIHQyPHQRVTXHYDQDFRQWULEXLUDOVRQLGRILQDOGHOLQVWUXPHQWRRWLPEUH
TXHQRVRWURVSHUFLELPRV$XQTXHHOLQVWUXPHQWRHQUHDOLGDGVHD~QLFDPHQWHODIXHQWH\HOILOWURWDPELpQYDQDFRQWULEXLUDO
WLPEUH OD IRUPD HQ OD TXH ODV UHVRQDQFLDV GH OD IXHQWH VRQ H[FLWDGDV \ FRQWULEXLUiQ WDPELpQ D HVWH WLPEUH ILQDO GHO
LQVWUXPHQWRODVFDUDFWHUtVWLFDVDF~VWLFDVGHODVDOD
(OJUiILFRSDUDQXHVWURLQVWUXPHQWRSXHGHTXHGDUGHODVLJXLHQWHIRUPD
(;&,7$&,Ï1'(
5(621$1&,$6
)8(17(
),/752
/$65(621$1&,$6
'(/$6$/$
/DVVDODVGRQGHHVFXFKDPRVORVLQVWUXPHQWRVWDPELpQWLHQHQVXVUHVRQDQFLDVFDUDFWHUtVWLFDVTXHPDUFDUiQ\FRORUHDUiQ
HOWLPEUHGHOLQVWUXPHQWRRFRQMXQWRGHLQVWUXPHQWRVTXHHVFXFKHPRV1RVHUiORPLVPRWRFDUHQXQDVDODVHFDTXHHQ
XQDFRQEDVWDQWHUHYHUEHUDFLyQ
$XQDIXHQWHRFXHUGDOHH[LJLPRVXQDVUHVRQDQFLDV FRQXQIDFWRUGHFDOLGDGPX\DOWR\FRQXQDSURSRUFLyQDUPyQLFD
HQWUHODVIUHFXHQFLDVGHODVUHVRQDQFLDVP~OWLSORVHQWHURVGHODIXQGDPHQWDOFRQORFXDOQRVDVHJXUDPRVXQDDOWXUDGH
WRQRPX\GHILQLGD/DIRUPDHQODTXHSRQHPRVHQPDUFKDHVWDVUHVRQDQFLDVSRWHQFLDUiPiVXQRVDUPyQLFRVTXHRWURV
GHSHQGLHQGR GH ORV PDWHULDOHV \ GH ORV OXJDUHV GRQGH SHUFXWDPRV R IULFFLRQHPRV OD FXHUGD (VWR PDUFDUi WDPELpQ HO
WLPEUHGHOLQVWUXPHQWR(QHOFDVRGHORVLQVWUXPHQWRVGHDUFRHVWH~OWLPRHVWDQLPSRUWDQWHFRPRHOSURSLRLQVWUXPHQWR
3DUDHOILOWURRFDMDDUPyQLFDQRHVQHFHVDULRTXHHOIDFWRUGHFDOLGDGGHODVUHVRQDQFLDVVHDWDQHOHYDGR(VEXHQRTXH
ODVUHVRQDQFLDVWHQJDQFLHUWDDQFKXUDGHEDQGD%SDUDSRGHUUHVSRQGHUDXQQ~PHURFRQVLGHUDEOHGHIUHFXHQFLDVTXH
OOHJDQGHODIXHQWH(VPiVVLODVUHVRQDQFLDVGHOILOWURWLHQHQXQH[FHVLYRIDFWRUGHFDOLGDGSXHGHQDSDUHFHUIHQyPHQRV
H[WUDxRVFRPRHOGHQRPLQDGR³ORER´TXHDSDUHFHHQYLRODVFHOORV\DOJXQRVYLROLQHV\TXHFRPHQWDUHPRVHQHOVLJXLHQWH
SXQWR
(VWDVUHVRQDQFLDVGHOILOWURHVSUHIHULEOHTXHHVWpQVHSDUDGDVHQWUHHOODVDOPHQRVODDQFKXUDFUtWLFDGHEDQGD$&%DVtHO
VRQLGRRWLPEUHREWHQLGRVHUiPiVWUDQVSDUHQWH\FODUR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
$FRSODPLHQWRGHUHVRQDQFLDV
(Q XQ LQVWUXPHQWR VH SXHGHQ SURGXFLU DFRSODPLHQWRV HQWUH ODV UHVRQDQFLDV GH OD IXHQWH \ GHO ILOWUR 6H SURGXFH XQ
DFRSODPLHQWR FDUDFWHUtVWLFR HQ YLRODV \ FKHORV OODPDGR ORER (O ³ORER´ PiV FDUDFWHUtVWLFR HV HO TXH VH SURGXFH HQ HO
FRUGDO GHO FHOOR (VWH FRUGDO WLHQH XQD UHVRQDQFLD FRQ XQD IUHFXHQFLD TXH SXHGH FRLQFLGLU FRQ XQD GH ODV QRWDV GH OD
FXHUGD'2&XDQGRWRFDPRVHVWDQRWDHOFRUGDOFRPLHQ]DDYLEUDUFDGDYH]FRQPiVDPSOLWXG\DTXHODUHVRQDQFLDWLHQH
XQIDFWRUGHFDOLGDGDOWRORTXHVXSRQHPX\SRFDVSpUGLGDVGHHQHUJtDFDGDYH]JDQDPiVDPSOLWXGHLQWHUDFW~DFRQOD
FXHUGD URPSLHQGR OD YLEUDFLyQ (VWD QRWD QR SXHGH HVWDEOHFHUVH FRQ QRUPDOLGDG \ VH HVFXFKD XQ VRQLGR URQFR /D
VROXFLyQ D HVWH SUREOHPD VXHOH SDVDU SRU DxDGLU XQD SHTXHxD PDVD HQ HO FRUGDO GH PDQHUD TXH OD IUHFXHQFLD GH
UHVRQDQFLDVHGHVSOD]D\QRVDVHJXUDPRVDVtTXHHVDIUHFXHQFLDRQRWDQRODYDPRVDGDU(QODVYLRODVVLXQDGHODV
UHVRQDQFLDV GH OD WDSD WLHQH XQ IDFWRU GH FDOLGDG DOWR \ JUDQ DGPLWDQFLD VH DFRSOD FRQ OD UHVRQDQFLD GH OD FXHUGD
FRUUHVSRQGLHQWHDODQRWDGHODPLVPDIUHFXHQFLD/DFXHUGDFRPLHQ]DDYLEUDUODYLEUDFLyQSDVDDODWDSDDWUDYpVGHO
SXHQWH\HVWDFRJHPXFKDYHORFLGDG(VWHDXPHQWRGHVPHVXUDGRGHODYHORFLGDGKDFHTXHODWDSDUREH´ODHQHUJtDGHOD
FXHUGD \ OD YLEUDFLyQ HQ OD PLVPD VH URPSH &RQ HO DUFRSRGHPRV VXPLQLVWUDU PiV HQHUJtD SHUR HO WRQR QR DFDED GH
PDQWHQHUVHELHQ\VHHVFXFKDXQDHVSHFLHGHUXLGRURQFRTXHVHGHQRPLQDORER
(VWRV ORERV DSDUHFHQ JHQHUDOPHQWH FXDQGR HO LQVWUXPHQWR WLHQH XQD GH VXV UHVRQDQFLDV FRQ XQ IDFWRU GH FDOLGDG
GHPDVLDGRDOWRORTXHSXHGHKDFHUTXHHOSXHQWHRVFLOHGHPDVLDGRFRQORFXDOODFXHUGDQRWLHQHXQRGHVXV³DSR\RV´
ILMRV\ODDOWXUDGHWRQRQRSXHGHHVWDEOHFHUVHELHQ
&LHUWDLQWHUDFFLyQHQWUHODVUHVRQDQFLDVFHUFDQDVSURGXFHEDWLGRVTXHDYHFHVUHDO]DQODFDOLGDGWtPEULFDGHOLQVWUXPHQWR
(QHVWRVFDVRVODVUHVRQDQFLDVPX\FHUFDQDVDSDUHFHQFRPRXQDVRODFRQXQDFLPDGHGREOHSLFR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(/7,0%5(
&RQFHSWRGHWLPEUH
8QRGHORVDWULEXWRVYLYHQFLDOHVTXHVHOHDVLJQDQDORVVRQLGRVHVODDOWXUDGHWRQR/DVRQRULGDGHVRWURDWULEXWRTXHORV
FDUDFWHUL]D \ SRU ~OWLPR WHQHPRV XQ WHUFHU DWULEXWR HO WLPEUH OD FDUDFWHUtVWLFD TXH QRV SHUPLWH GLIHUHQFLDU GRV
VRQLGRVGHLJXDODOWXUDGHWRQR\VRQRULGDGeVWDHVODGHILQLFLyQTXHVHGDDOWLPEUHHQP~VLFD/RTXHKDFHTXHGRV
VRQLGRV FRQ OD PLVPD DOWXUD GH WRQR \ VRQRULGDG VHDQ GLIHUHQWHV HV SULQFLSDOPHQWH OD GLVWULEXFLyQ \ DPSOLWXG GH ORV
DUPyQLFRVGHFDGDXQRGHORVVRQLGRV7RGRVHVWRVDUPyQLFRVDFRPSDxDQDODUPyQLFRIXQGDPHQWDO/DGLVWULEXFLyQGHORV
DUPyQLFRV\VXVDPSOLWXGHVGHILQHQHQXQHOWLPEUHGHFDGDLQVWUXPHQWRRVRQLGRHOUpJLPHQWUDQVLWRULRGHILQHHO
UHVWR&DGDLQVWUXPHQWRWLHQHVXWLPEUHFDUDFWHUtVWLFR
'HILQLU HO WLPEUH KD VLGR VLHPSUH XQD WDUHD FRPSOLFDGD &RQ ORV RWURV
DWULEXWRV FRPR OD IUHFXHQFLDDVRFLDGD D OD DOWXUD GH WRQR\ OD VRQRULGDG
DVRFLDGD D OD DPSOLWXG GH OD SUHVLyQ VRQRUD OD GHILQLFLyQ HV IiFLO SRUTXH
H[LVWHXQDUHODFLyQVXILFLHQWHPHQWHOLQHDOHQWUHHOODV6LDXPHQWDHODWULEXWR
ItVLFRDXPHQWDHOYLYHQFLDO(QHOWLPEUHYHUHPRVFRPRODDVRFLDFLyQQRHV
WDQVHQFLOOD\QRVHDGDSWDDHVWDQRUPD
6L OH VHJXLPRV OD SLVWD DO VRQLGR TXH OOHJD D QXHVWURV RtGRV SRGHPRV
FRPSUHQGHUFRPRDOPHQRVHQORVLQVWUXPHQWRVGHFXHUGDWRGRFRPLHQ]D
HQ ORV PRGRV GH YLEUDFLyQ GH OD FXHUGD &XDQGR VH H[FLWD HVWD PLVPD
FXHUGDDTXtHODUFRWLHQHPXFKRTXHGHFLUVHSRQHQHQPDUFKDHQWUH\
DUPyQLFRVR PRGRV GH YLEUDFLyQ 7RGRVHVWRV VRQLGRV SDVDQ D WUDYpV
GHOSXHQWHDODFDMD\pVWDORVDPSOLILFDVLWLHQHDOJXQDUHVRQDQFLDFHUFDQD
D HVWRV DUPyQLFRV 7HQHPRV XQ VLVWHPD PXOWLGLPHQVLRQDO HQ HO FXDO
YDULDQGR XQR VROR GHORV DUPyQLFRV \ PDQWHQLHQGR LJXDOHV ORV GHPiV HO WLPEUHYDULD/DV FRPELQDFLRQHV SRVLEOHV VRQ
LQILQLWDV (O GH ODV YLYHQFLDV WtPEULFDV VH SXHGHQ H[SOLFDU PHGLDQWH HVWD GLVWULEXFLyQ GH DUPyQLFRV (O UpJLPHQ
WUDQVLWRULR HQ RWUDV SDODEUDV OD HYROXFLyQ GHO VRQLGR HQ HO WLHPSR FRPR VH HVWDEOHFH OD HQHUJtD WDPELpQ VHUi PX\
LPSRUWDQWHHQHVWDYLYHQFLD\DYHFHVWDQWRFRPRODGLVWULEXFLyQGHDUPyQLFRV
/DGHILQLFLyQSDUDHOWLPEUHGHFDGDXQRGHORVGLIHUHQWHVLQVWUXPHQWRVVHKDFHJHQHUDOPHQWHPHGLDQWHDGMHWLYRVUHODWLYRV
DRWURVVHQWLGRVFRPRODYLVWDHOJXVWRRHOWDFWR(VWRHVSUREDEOHPHQWHGHELGRDORH[WUHPDGDPHQWHVXEMHWLYRTXHHVHO
VHQWLGRGHORtGR\HQWUHRWUDVFRVDVFDUHFHPRVGHXQDFXOWXUDYHUEDOUHIHUHQWH
DpO
6LHOVRQLGRTXHQRVOOHJDFRQWLHQHDUPyQLFRVVRORGHEDMDIUHFXHQFLDGHFLPRV
TXHHOWLPEUHGHOVRQLGRHVRVFXURRPDWH
6L FRQWLHQH DUPyQLFRV GH DOWD IUHFXHQFLD \ QLQJXQR JUDYH HQWRQFHV GHFLPRV
TXHWLHQHXQWLPEUHFKLOOyQDJULRHWF/RVDUPyQLFRVJUDYHVOHGDQFXHUSRDXQ
LQVWUXPHQWRFDOLGH]VLIDOWDQHOFDUiFWHUVHWRUQDPHWiOLFR
8Q VRQLGR EULOODQWH HV DTXHO TXH WDPELpQ WLHQH DUPyQLFRV GH DOWD IUHFXHQFLD
DGHPiV GH ORV JUDYHV 6L HO VRQLGR HVWD HTXLOLEUDGR HQ WRGR HO HVSHFWUR GH
IUHFXHQFLDVGHFLPRVTXHHVXQVRQLGRUHGRQGR
/RVVRQLGRVQDVDOHVHVWiQFDUDFWHUL]DGRVSRUWHQHUDUPyQLFRVPX\DPSOLRVHQOD]RQDGHIUHFXHQFLDVFHUFDQDD
+]/RVLQVWUXPHQWRVTXHWHQJDQDOJXQDUHVRQDQFLDHQHVWD]RQDWHQGUiQXQWLPEUHQDVDO
8Q VRQLGR VLOEDQWH HV DTXHO TXH WLHQH XQ PD\RU Q~PHUR GH DUPyQLFRV HQ OD ]RQD GH +] /RV VLOELGRV KXPDQRV
FRPLHQ]DQDOUHGHGRUGHORV+]\YDQKDVWDORV+]
3RGHPRVYHUHOHIHFWRRODFRQWULEXFLyQGHODVGLIHUHQWHVIUHFXHQFLDVHQXQDPHORGtDFXDOTXLHUDLQWHUSUHWDGDSRUXQYLROtQ
FRQ XQ WLPEUH FX\R HVSHFWUR HV FRPSOHWR 9DPRV D FRQVLGHUDU XQDV IUHFXHQFLDV GH FRUWH GH N N N \ N+] \ VL
GLVSRQHPRVGHXQHFXDOL]DGRUSRGHPRVUHDOL]DUHOH[SHULPHQWR\DSUHFLDUORTXHRFXUUHFXDQGRILOWUDPRVSRUHQFLPDGH
XQDIUHFXHQFLDGHWHUPLQDGDRTXLWDPRVWRGRVORVDUPyQLFRVKDVWDHVDIUHFXHQFLDHQFXHVWLyQ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6LTXLWDPRVORVDUPyQLFRVSRUHQFLPDGHN+]DSHQDVVHDSUHFLDFDPELRDOJXQRSXHVVRQDUPyQLFRVPX\DOWRVTXHFDVL
QRVHSURGXFHQRWLHQHQDPSOLWXGSHTXHxDHQHOYLROtQ\HORtGRDSHQDVORVQRWD6LTXLWDPRVWRGDVODVIUHFXHQFLDVKDVWD
ORVN+]DSHQDVVHHVFXFKDHOLQVWUXPHQWR(OVRQLGRHVXQFKLOOLGRPHWiOLFRPX\EDMRHQVRQRULGDGHQHOFXDOQRVH
SXHGHDSUHFLDUODDOWXUDGHWRQR)LOWUDQGRORVVXSHULRUHVDSDUWLUGHN+]HOLQVWUXPHQWRSLHUGHEULOOR\TXHGDXQVRQLGR
PDWH6LILOWUDPRVORVLQIHULRUHVVHHVFXFKDXQVLOELGRFKLOOyQ\ODPHORGtDHVSRFRSHUFHSWLEOH3RUHQFLPDGHORVN+]VL
KDFHPRVXQILOWUDGRORVDUPyQLFRVJUDYHVTXHTXHGDQOHGDQXQFDUiFWHUPX\RVFXURDOLQVWUXPHQWRVLQH[SUHVLyQDXQTXH
VRPRVFDSDFHVGHSHUFLELUODDOWXUDGHWRQRODPHORGtD\ODVRQRULGDG6LTXLWDPRVORVJUDYHVKDVWDN+]HOLQVWUXPHQWR
TXHGD FKLOOyQ FRPR HQ ODV UDGLRV DQWLJXDV DXQTXH WDPELpQ VRPRV FDSDFHV GH VHJXLU OD PHORGtD 6ROR TXLWDPRV XQRV
FXDQWRV DUPyQLFRV KDVWD N+] \ HO VRQLGR SLHUGH FXHUSR 4XLWDQGR WRGDV ODV IUHFXHQFLDV D SDUWLU GH N+]ORV SRFRV
DUPyQLFRVTXHTXHGDQGHMDQDOYLROtQVLQYLGD6HSHUFLEHODDOWXUDGHWRQRSHURHVXQVRQLGRWDQRVFXURTXHDSHQDVVH
UHFRQRFHHOYLROtQ)LOWUDQGRORVDUPyQLFRVJUDYHVWDQVRORGRVDUPyQLFRVHOVRQLGRTXHGDFKLOOyQVLQFXHUSR
(O DUPyQLFR IXQGDPHQWDO GH XQ FRQWUDEDMR VXHOH VHU EDVWDQWH GpELO SRU HO HVFDVR
WDPDxRGHOLQVWUXPHQWRFDMDGHUHVRQDQFLDRILOWURFRQUHODFLyQDODVIUHFXHQFLDVTXH
WLHQHTXHGDU6HYDORUDPXFKRTXHWHQJDXQJUDQIXQGDPHQWDODVtFRPRDUPyQLFRV
DOWRVWDPELpQQDGDIiFLOGHFRQVHJXLUTXHQRVD\XGDQDDILQDU\DGHILQLUODDOWXUDGH
WRQR 7DPSRFR SRGUtDPRV GLVWLQJXLU HQWUH VHPLWRQRV ~QLFDPHQWHFRQODV IUHFXHQFLDV
PX\JUDYHV
6LQWHWL]DFLyQGHVRQLGRV
$ORODUJRGHODKLVWRULDVHKDLQWHQWDGRFRPSUHQGHU\DQDOL]DUORVGLIHUHQWHVVRQLGRVSURGXFLGRVHQODQDWXUDOH]D\ORV
SURGXFLGRV SRU ORV LQVWUXPHQWRV PXVLFDOHV +R\ HQ GtD JUDFLDV D OD ODERU GH LQYHVWLJDFLyQ GH +HOPKROW] \ GH )RXULHU
VDEHPRVTXHORVVRQLGRVFRQVWDQGHGLIHUHQWHVFRPSRQHQWHVGLIHUHQWHVPRGRVGHYLEUDFLyQDUPyQLFRVRSDUFLDOHV(O
DQiOLVLVGH XQ VRQLGRFRQVLVWH HQ GHWHUPLQDU ORV HOHPHQWRV TXHORFRPSRQHQ (Q VX GtD +HOPKROW]SXGRGHWHUPLQDU \
GLIHUHQFLDU HVWRV FRPSRQHQWHV SRU PHGLR GH XQRV UHVRQDGRUHV TXH UHVSRQGtDQ ~QLFDPHQWH VL HO VRQLGR D HVWXGLDU
FRQWHQtD OD YLEUDFLyQ GH IUHFXHQFLD LJXDO D OD IUHFXHQFLD GH UHVRQDQFLD GHO UHVRQDGRU XWLOL]DGR $Vt SRU PHGLR GH XQD
FROHFFLyQH[WHQVDGHUHVRQDGRUHVSXGRGHWHUPLQDUJUDQSDUWHGHORVDUPyQLFRVTXHFRPSRQtDQPXFKRVGHORVVRQLGRVD
HVWXGLDU+R\HQGtDHVWHWUDEDMRORSRGHPRVUHDOL]DUSRUPHGLRGHXQPLFUyIRQR\XQSURJUDPDDQDOL]DGRUGH)RXULHU
/DVtQWHVLVGHXQVRQLGRFRQVLVWHHQFUHDUXQQXHYRVRQLGREDViQGRQRVHQHODQiOLVLVKHFKRDQWHULRUPHQWH6HSXHGHQ
VLPXODUXQDVHULHGHDUPyQLFRVRSDUFLDOHVSRUPHGLRGHFLUFXLWRVHOpFWULFRVHQYLDUORVDXQDOWDYR]\UHFUHDUDVtHOVRQLGR
GHDOJ~QLQVWUXPHQWRHVWXGLDGR(VWDWDUHDODUHDOL]DHOVLQWHWL]DGRU&RPRYHUHPRVODODERUQRHVVHQFLOODSRUTXHDSDUWH
GHOHVSHFWURGHIUHFXHQFLDVWDPELpQLQIOX\HHQHOWLPEUHHOWUDQVLWRULRGHOVRQLGRHVWRHVFyPRVHHVWDEOHFHODHQHUJtDGH
WRGRVORVDUPyQLFRVTXHFRPSRQHQHOVRQLGR\FyPRGHVDSDUHFHHVDHQHUJtD&RQODOOHJDGDGHORVRUGHQDGRUHVHVWD
WDUHDVHKDH[WHQGLGR\VHKDVLPSOLILFDGRPXFKRODODERUGHORVFUHDGRUHVGHVRQLGRV/RVVLQWHWL]DGRUHVFUHDQGHIRUPD
DUWLILFLDO VRQLGRV SDUHFLGRV D ORV \D H[LVWHQWHV R QXHYRV VRQLGRV GHVFRQRFLGRV SDUD HOFHUHEUR KXPDQR ([LVWHQ WDQWRV
PDWLFHV\YDULDEOHVTXHODWDUHDQRHVVHQFLOODSHURVLPX\FUHDWLYD
/DVSULPHUDVH[SHULHQFLDVTXHVHKLFLHURQFRQVLVWtDQHQIDEULFDUILOWURVHOHFWUyQLFRVVLPXODQGRUHVRQDQFLDVHQORVTXHVH
DPSOLILFDQ SRU LJXDO WRGRV ORV DUPyQLFRV HQ XQRV FDVRV R VH DPSOLILFDEDQ DOJXQRV PiV TXH RWURV \ D GLIHUHQWHV
IUHFXHQFLDV
8Q LQVWUXPHQWR GH FXHUGD SXHGH VRQDU FRPR DOJR LQWHUPHGLR HQWUH ORV GRV ~OWLPRV FDVRV 8Q YLROtQ HOHFWUyQLFR VH
FRQVWUX\H PHGLDQWH XQ EDQFR GH ILOWURV TXH UHFLEH OD VHxDO GH ODV FXHUGDV JUDFLDV D XQRV FULVWDOHV GH FXDU]R
SLH]RHOpFWULFRVFRORFDGRVHQHOSXHQWHORVFXDOHVFRQYLHUWHQODVHxDOGHSUHVLyQYDULDEOHHQXQDGLIHUHQFLDGHSRWHQFLDO
8QEXHQYLROtQKDGHWHQHUGLIHUHQFLDVHQODDPSOLILFDFLyQGHORVGLIHUHQWHVDUPyQLFRVODFDMDGHUHVRQDQFLDKDGHILOWUDU
DOJXQRVDUPyQLFRVSDUDTXHQRVHSURGX]FDQIULFFLRQHVHQHOVRQLGR\QRVSDUH]FDFODUR\OLPSLR
ž+]+]
ž+]+]
ž+]+]
ž+]+]
ž+]+]
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3RGHPRV PRYHU ORV Pi[LPRV GH UHVRQDQFLD GH HVWH YLROtQ HOHFWUyQLFR (Q HO SULPHU FDVR YDULDPRV OD IUHFXHQFLD GH OD
UHVRQDQFLDGHD+]\FDPELDHOFDUiFWHUGHYRFDOFRPRYHUHPRVPDVDGHODQWHGHHFHUUDGDDHDELHUWD(Q
HOVHJXQGRFDVRGHHFHUUDGDDDHQHOWHUFHURVHKDFHEULOODQWHODH(QHOž\žFDVRVVHJDQDPXFKRHQEULOODQWH]
EDMDQGR HO Pi[LPR GH HVWD ~OWLPD ]RQD GH DUPyQLFRV HVWH IHQyPHQR OR DSOLFDUHPRV D ODV UHVRQDQFLDV GHO SXHQWH 6L
YDULDPRVSRUHQFLPDGHORVN+]QRFDPELDHOWLPEUHYRFiOLFRORTXHKDFHPRVHVFDPELDUODEULOODQWH]GHOLQVWUXPHQWR
2WUR DVSHFWR TXH LQIOX\H HQ HO WLPEUH HV HO YLEUDWR TXH VH HMHFXWD FRQ
PD\RU R PHQRU GLILFXOWDG \ FRQ GLIHUHQWHV WpFQLFDV HQ FDVL WRGRV ORV
LQVWUXPHQWRV (O YLEUDWR OH GD YLGD \ PXFKD H[SUHVLYLGDG D OD PHORGtD
7pFQLFDPHQWH VH SURGXFH XQD PRGXODFLyQ HQ IUHFXHQFLD DXQTXH HQ
DOJXQRVLQVWUXPHQWRVHVPiVIiFLOKDFHUXQDPRGXODFLyQHQDPSOLWXG/D
YLYHQFLDGHODDOWXUDGHWRQRSXHGHTXHGDUPHMRUGHILQLGDFRQXQYLEUDWR
RSWLPRTXHVHGDPiVRPHQRVFRQXQDVRVFLODFLRQHVSRUVHJXQGR\XQD
PRGXODFLyQHQIUHFXHQFLDGHXQFXDUWRGHWRQRDSUR[LPDGDPHQWHXQ
&RPR FRQVHFXHQFLD GHO YLEUDWR VH SURGXFH WDPELpQ XQD PRGXODFLyQ HQ
DPSOLWXG HQ ORV GLIHUHQWHV DUPyQLFRV \D TXH ORV DUPyQLFRV VXSHULRUHV VH GHVSOD]DQ HQ OD PHGLGD HQ TXH OR KDFH HO
IXQGDPHQWDO (VWDV YDULDFLRQHV GH WRQR \ VRQRULGDG KDFHQ TXH VH UHDOFH OD ULTXH]D WtPEULFD \ OD H[SUHVLYLGDG
FRQVHJXLPRVPiVLQIRUPDFLyQVREUHHOLQVWUXPHQWR\HOWLPEUHTXHQRVOOHJDGHOPLVPRVHHQULTXHFH
/DV LQYHVWLJDFLRQHV KHFKDVSRU FLHUWDV SHUVRQDV VDFDURQD OD OX] GLIHUHQWHV IHQyPHQRV UHODFLRQDGRV FRQ HO WLPEUH8Q
KHFKRGHWHUPLQDQWHSDUDODYLYHQFLDGHOWLPEUHHVODDSDULFLyQGHORVDUPyQLFRVRSDUFLDOHV(QODWURPSHWDSRUHMHPSORORV
SDUFLDOHV VXSHULRUHV VH LQLFLDQ R DSDUHFHQ PiV WDUGH TXH ORV JUDYHV \ VH DWHQ~DQ DQWHV 6H KDQ VLQWHWL]DGR VRQLGRV
VHPHMDQWHVDORVGHODWURPSHWDWHQLHQGRHQFXHQWDHVWDVYDULDFLRQHV\VHFRQVLJXHQFUHDUDYHFHVVRQLGRVHOHFWUyQLFRV
LPSRVLEOHVGHGLIHUHQFLDUGHORVUHDOHV
/DYR]ORVIRUPDQWHV\HOWLPEUH
/DYR]KXPDQDSXHGHFRQVLGHUDUVHFRPRHOSULPHULQVWUXPHQWRPXVLFDOXWLOL]DGRSRUQXHVWURVDQWHSDVDGRV/DFDSDFLGDG
TXHWHQHPRVGHPRGXODUODVRQRULGDGGHQXHVWUDYR]\ODDOWXUDGHWRQRGHIRUPDFRQWLQXDDVtFRPRGHYDULDUHOWLPEUH
SURSLRGHFDGDYR]\ODLQILQLGDGGHYRFHVGLIHUHQWHVKDFHGHHVWDKHUUDPLHQWDXQLQVWUXPHQWRTXHFXEUHXQHVSHFWURPX\
DPSOLRGHSRVLELOLGDGHV(QHVWHDSDUWDGRHVWXGLDUHPRVODUHODFLyQTXHH[LVWHHQWUHODYR]\HOWLPEUH
(OVLVWHPDRDSDUDWRIRQDGRUFRQVWDGHXQDIXHQWHODVFXHUGDVYRFDOHVGRVPHPEUDQDVTXHVHDEUHQ\VHFLHUUDQSDUD
SHUPLWLUHOSDVRGHODLUHTXHUHVSLUDPRV\SDUDSURGXFLUVRQLGRVFRQXQDDOWXUDGHWRQRGHILQLGDJUDFLDVDOHIHFWR%HUQRXOOL
&RPRFXDOTXLHURWURLQVWUXPHQWRPXVLFDOWLHQHXQILOWURODULQJH\FDYLGDGHVEXFDO\QDVDOTXHVHHQFDUJDQGHPRGXODUORV
DUPyQLFRV TXH OH OOHJDQ GH OD IXHQWH ODV FXHUGDV YRFDOHV $ GLIHUHQFLD GH RWURV LQVWUXPHQWRV GH YLHQWR OD YR] HV XQ
VLVWHPD QR UHDOLPHQWDGR HQ HO TXH ODV IUHFXHQFLDV GH UHVRQDQFLD GH OD IXHQWH PiV EDMDV TXH ODV GHO ILOWUR QR VH YHQ
DOWHUDGDV SRU OD FROXPQD GH DLUH FRQWLJXD /DV FXHUGDV YRFDOHV QRV GDQ OD DOWXUD GH WRQR )XQFLRQDQ GH HVWD PDQHUD
WDPELpQ HO DFRUGHyQ \ OD DUPyQLFD (Q FODULQHWHV WURPSHWDV \ GHPiV VLVWHPDV UHDOLPHQWDGRV ODV IUHFXHQFLDV GH
UHVRQDQFLDGHODIXHQWHFDxDRODELRVVRQPiVDOWDVTXHODVGHODFROXPQDFRQWLJXDSRUORTXHFDxD\ODELRVVHDFRSODQ\
YLEUDQDODPLVPDIUHFXHQFLDTXHODVUHVRQDQFLDVTXHVHSURGXFHQHQHOWXERRFROXPQDGHDLUHTXHHVTXLHQGHILQHOD
DOWXUDGHWRQR
(ODVXQWRTXHPiVQRVLQWHUHVDHQHVWHDSDUWDGRHVODUHODFLyQTXHH[LVWHHQWUHODVYRFDOHV\HOWLPEUH/DVFRQVRQDQWHV
VHGLYLGHQHQGRVJUXSRVXQRGHHOORVVHSXHGHFRQVLGHUDUFRPRPDQWHQLGDVRHVWDFLRQDULDV);6=PLHQWUDVTXHHQ
HORWURJUXSRGHFRQVRQDQWHVWHQHPRVWDQVRORXQWUDQVLWRULRFRPRXQDSHTXHxDH[SORVLyQTXHDFRPSDxDDFDGDYRFDO
3.%/HWF/DVYRFDOHVWLHQHQXQHVWDFLRQDULRPX\GHILQLGR\VRQPiVIiFLOHVGHHVWXGLDU(QHO LGLRPDFDVWHOODQR
FRPRHQHXVNHUDMDSRQpVJULHJR\WDQWRVRWURVLGLRPDVWHQHPRVWDQVRORFLQFRYRFDOHVSHURH[LVWHQHQWRWDOHQWUHORV
GLIHUHQWHVLGLRPDVGHOPXQGRXQDVYRFDOHV\ODGLIHUHQFLDTXHH[LVWHHQWUHHOODVHVODPLVPDTXHSXHGHH[LVWLUHQWUH
GRVLQVWUXPHQWRVSDUHFLGRVXQDFXHVWLyQGHWLPEUH
(ODSDUDWRIRQDGRUFRPRFXDOTXLHURWURVLVWHPDPHFiQLFRWLHQHVXVSURSLDVUHVRQDQFLDV(QHOFDVRGHODYR]KXPDQDODV
UHVRQDQFLDV VH GHQRPLQDQ IRUPDQWHV /D ODULQJH WLHQH XQD ORQJLWXG \ XQD DQFKXUD GHWHUPLQDGD 'HVSXpV WHQHPRV OD
FDYLGDGEXFDO\ODQDVDOFRQXQDVIRUPDVHVWDEOHFLGDVSDUDFDGDILVRQRPtD$GHPiVGHHVWRWHQHPRVXQDVSDUWHVPyYLOHV
VREUHODVFXDOHVDFWXDPRV\VRQpVWDVODVTXHQRVGDQODSRVLELOLGDGGHPRGLILFDUODIRUPDGHWRGRHODSDUDWRIRQDGRU\
PRYHUODVUHVRQDQFLDVRIRUPDQWHVHQFDUJDGRVGHPRGXODUORVDUPyQLFRVTXHOOHJDQGHODIXHQWH'HVSOD]DQGRHVWRV
IRUPDQWHVORTXHFRQVHJXLPRVHVXQDEDQLFRPX\DPSOLRGHWLPEUHVGLIHUHQWHVODVGLIHUHQWHVYRFDOHV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
7HQHPRVGRVFRPSRQHQWHVEiVLFRVTXHVRQHQJUDQPHGLGDORVTXHGDQHO
FDUiFWHU D FDGD YRFDO 3RU XQD SDUWH ORV ODELRV VRQ ORV HQFDUJDGRV GH
PRGLILFDU HO SULPHUR GH ORV IRUPDQWHV \ DFW~DQ FRPR OD DEHUWXUD GHO
UHVRQDGRUGH+HOPKROW]EDMDQGRODIUHFXHQFLDGHUHVRQDQFLDGHODFDYLGDG
EXFDOHQODPHGLGDHQTXHVHFLHUUDQORVODELRV(OVHJXQGRGHORVIRUPDQWHV
TXH FDUDFWHUL]DQ D ODV YRFDOHV VH DOWHUD SRU PHGLR GH OD OHQJXD eVWD VH
HQFDUJDGHPRGLILFDUHOYROXPHQLQWHUQRGHODERFD \HQFRQVHFXHQFLDVH
GHVSOD]D HQ XQ VHQWLGR X RWUR OD IUHFXHQFLD GH HVWH VHJXQGR IRUPDQWH
3RGHPRVLUGHOD8DOD$VLQPDVTXHDEULUORVODELRV±PRGLILFDPRVHOHU
IRUPDQWH \ SRGHPRV LU GH OD 8 FDVWHOODQD D OD , IUDQFHVD WDQ VROR
DGHODQWDQGR OD OHQJXD SDUD FHUUDU OD FDYLGDG EXFDO PRGLILFDQGR DVt HO ž
IRUPDQWH$FWXDQGRVREUHHOSDODGDUDQWHULRUSRGHPRVYDULDUDOJ~QIRUPDQWH
PiV\DOWHUDUHOWLPEUHGHODYR]
/DV FRPELQDFLRQHV SRVLEOHV VRQ LQILQLWDV SHUR VROR VHUiQ SRVLEOHV ODV
YRFDOHV SUy[LPDV FX\DV SHTXHxDV GLIHUHQFLDV VHDQ DSUHFLDEOHV /DV FLQFR YRFDOHV PiV WtSLFDV HVWiQ HQ ORV H[WUHPRV
EDVWDQWHVHSDUDGDVHQWUHVtFRPRHVOyJLFR/DGHILQLFLyQGHODVYRFDOHVVHSURGXFHHQORVSULPHURVN+]3RUGHEDMRGH
HVWD IUHFXHQFLD XQ SHTXHxR FDPELR HQ ORV IRUPDQWHV \ HO FDUiFWHU GH OD YRFDO TXHGD DOWHUDGR (Q YRFHV KXPDQDV VL
ILOWUDPRVORVVXSHULRUHVDN+]QRSRGHPRVGLVWLQJXLUHQWUHODYR]GHXQGHSULPLGR\ODGHXQKLVWpULFR/RVDUPyQLFRV
VXSHULRUHV D N+] OH GDQ H[SUHVLYLGDG \ EULOODQWH] D OD YR] \ D FXDOTXLHU LQVWUXPHQWR PXVLFDO WDPELpQ 6L EDMDPRV OD
DPSOLWXG GHO IXQGDPHQWDO XQD FDQWLGDG FRQVLGHUDEOH G% HQWRQFHV OD YR] SLHUGH FXHUSR \ VH KDFH FKLOORQD SLHUGH
FDOLGH]
/DVYRFHV GH ORVFDQWDQWHV GH ySHUD VH PRGHODQ GH PDQHUD
TXHORVIRUPDQWHVGHIUHFXHQFLDPiVDOWRVVHMXQWHQDOUHGHGRU
GH ORV N+] SDUD TXH VX YR] GHVWDTXH DO LJXDO TXH ORV
YLROLQHVVROLVWDVIUHQWHDODRUTXHVWD'HVGHHOSXQWRGHYLVWD
DF~VWLFR OD YR] IHPHQLQD VH GLIHUHQFLD GH OD PDVFXOLQD HQ
JHQHUDO SRU OD GLVWULEXFLyQ GH VXV DUPyQLFRV $PEDV YRFHV
WLHQHQ WUHV IRUPDQWHV JHQHUDOHV SHUR HO Q~PHUR GH SDUFLDOHV
FDPELD
/DVYRFHVIHPHQLQDVWLHQHQXQIXQGDPHQWDOPiVDJXGRPiVDOWRHQIUHFXHQFLDXQDPiVRPHQRV\HQFRQVHFXHQFLD
DSDUHFHQPHQRVDUPyQLFRVVXSHULRUHVSDUDFXEULUHOHVSHFWURGHIRUPDQWHVTXHVHHQFDUJDQGHGHILQLUODVYRFDOHV\GH
GDUOHEULOORDODYR]6RQYRFHVPiVFODUDV\DTXHHVWRVSDUFLDOHVHVWiQPiVHVSDFLDGRVSHURHVPDVFRPSOLFDGRGHILQLU
ODVYRFDOHVHQODYR]IHPHQLQDPDVD~QFXDQGRVHFDQWDQQRWDVHQWHVLWXUDVDOWDV
7HQHPRVWUHVIRUPDQWHVSULQFLSDOHVGHORVFXDOHVHOWHUFHURVXHOHVHUXQDDJOXWLQDFLyQGHXQRVFXDQWRVTXHHVWiQSRUOD
]RQDFHUFDQDDN+]3DUDGDUPiVSUR\HFFLyQDODYR]ODV\ORVFDQWDQWHVGHySHUDVHEXVFDQODYLGDPRGLILFDQGRODV
YRFDOHVSDUDFDPELDUDOJXQRGHORVIRUPDQWHVGHPDQHUDTXHSXHGDQDPSOLILFDUDOJ~QTXHRWURDUPyQLFR
&DGD YRFDO WLHQH VXV IRUPDQWHV HVSHFtILFRV &LHUWDV YRFDOHV FDQWDGDV OH GDQ PiV EULOODQWH] D OD YR] KXPDQD \ OH GDQ
FXHUSRWDPELpQ/DPiVEULOODQWH\FRQPiVFXHUSRGHODVYRFDOHVHVODH(OWLPEUHGHORVEXHQRVLQVWUXPHQWRVUHFXHUGD
XQSRFRHVWHFDUiFWHUYRFiOLFRGHHDXQTXHSRGHPRVFRQVLGHUDUOD³D´WDPELpQFRPRXQDYRFDOSRWHQWH\DTXHWLHQHORV
GRVIRUPDQWHVVLWXDGRVRXQLILFDGRVHQXQRV+]FRQORFXDOWHQHPRVPiVDPSOLWXG
5pJLPHQWUDQVLWRULR
(OVRQLGRQRVHHVWDEOHFHLQVWDQWiQHDPHQWH3DUWLHQGRGHOVLOHQFLRFDGDQRWDPXVLFDOWDUGDXQWLHPSRHQHVWDELOL]DUVH\
HQDSDUHFHU(VWHSHULRGRGHWLHPSRHVORTXHGHQRPLQDPRVWUDQVLWRULR8QDYH]TXHHOVRQLGRVHHVWDEOHFHWHQHPRVHO
UpJLPHQHVWDFLRQDULR3DVDPRVGHXQDVLWXDFLyQGHVLOHQFLRDRWUDHQODTXHXQDFDQWLGDGGHHQHUJtDVHKDHVWDEOHFLGR(O
WLHPSRTXHWDUGDHVWDHQHUJtDHQHVWDEOHFHUVHLQIOX\HHQHOWLPEUHTXHSHUFLELPRVGHHVHLQVWUXPHQWR
6HSXHGHYHUFRPRYDULDQGRORVWLHPSRVGHOUpJLPHQWUDQVLWRULRVHDOWHUDHO
WLPEUH GH PDQHUD FRQVLGHUDEOH &RQ XQ WLHPSR GH HVWDEOHFLPLHQWR GHO
YROXPHQVRQRURILQDOGHXQRVPVVHVLHQWHFRPRXQJROSHODDOWXUDGH
WRQR VH GHVILJXUD &RQ XQ WLHPSR GH HVWDEOHFLPLHQWR GH XQRV PV VH
FRQVLJXHXQDEXHQDDOWXUDGHWRQR(QXQDRUTXHVWDFRQYLHQHTXHQRVHDQ
PX\SUHFLVRV\TXHODVHQWUDGDVQRODVKDJDQWRGRVDODYH]VLQFURQL]DGRV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
SXHVWRTXHHVFXFKDUtDPRV\DVtRFXUUHFRPRXQJROSHH[SORVLYR/DVHQWUDGDVFRQVHFXWLYDVGHORVP~VLFRVVXDYL]DQHO
DWDTXH
(O VRQLGRTXHHVFXFKDPRV FRPR QRWDPXVLFDO WLHQH XQDV FXDQWDVIDVHV \ WRGDVYDQD LQIOXLU HQ OD YLYHQFLD GHO WLPEUH
7HQHPRVXQWUDQVLWRULRGHDWDTXHLQLFLDODWDFNTXHKHPRVYLVWR\DXQGHFDLPLHQWRLQLFLDO±GHFD\DQWHVGHOHVWDFLRQDULR
VXVWDLQ\XQGHFDLPLHQWRILQDOUHOHDVH
&DGDLQVWUXPHQWRWLHQHGLIHUHQWHVFDUDFWHUtVWLFDV\WUDQVLWRULRVGHDWDTXHGHSHQGLHQGRGHOPRGRHQHOTXHODVUHVRQDQFLDV
GHODIXHQWHVRQH[FLWDGDVFXHUGDSXOVDGDJROSHDGDGXUH]DGHORVPDWHULDOHVWLSRGHFDxDODELRVHWF
(OWUDQVLWRULRGHDWDTXHGHXQSLDQRHVPX\FRUWRODVHxDOVHHVWDEOHFHHQSRFRPiVGHPV\WLHQHXQGHFDLPLHQWR
FRQWLQXR JUDFLDV DO PDFLOOR GH ILHOWUR TXH DSDJD OD VHxDO GHVSXpV GH XQ WLHPSR SHTXHxR (O YLROtQ WLHQH XQ WUDQVLWRULR
PD\RUGHVSXpVXQHVWDFLRQDULRTXHSXHGHPDQWHQHUVHWDQWRFRPRHOP~VLFRTXLHUD\XQGHFDLPLHQWRILQDOPX\UiSLGR
7UDQVLWRULRVGHDWDTXH
3LDQR PV
&ODULQHWH
PV
9LROtQ PV
7URPSHWD
PV )ODXWD PV
6D[RIyQ
PV
8QDYR]VHSXHGHVLQWHWL]DUHOHFWUyQLFDPHQWH3DUDHVWRKD\TXHFRQWURODUELHQHOWUDQVLWRULR6LHOVDOWRGHWRQRDWRQRVH
KDFHSHUIHFWRVXHQDPX\PDOVXHQDDLQVWUXPHQWRHOHFWUyQLFR6LKDFHPRVXQVDOWRSURJUHVLYR\OHQWRWDPELpQVXHQDPDO
SHURVLVHKDFHQVDOWRVHQORVTXHYDUtHHOGHODHQHUJtDHQPVHQWRQFHVSDUHFHXQDYR]KXPDQD
(QSDVDMHV\PHORGtDVPX\UiSLGDVODVQRWDVWLHQHQXQDGXUDFLyQPX\FRUWD(VHQHVWRVFDVRVHQORVTXHHOWUDQVLWRULRHV
GHWHUPLQDQWHHQODSHUFHSFLyQTXHWHQHPRVGHOWLPEUH6LYDULDPRVHOWUDQVLWRULRGHDWDTXHGHXQDIODXWD\ORGLVPLQXLPRV
QRVSXHGHOOHJDUDSDUHFHUXQDWURPSHWDVLVHLQWHUSUHWDXQDPHORGtDPX\UiSLGD
6LDXQVRQLGRJUDEDGROHTXLWDPRVSRUFRPSOHWRHOWUDQVLWRULRGHDWDTXHODHQHUJtDVHHVWDEOHFHLQPHGLDWDPHQWH\VL
JHQHUDPRVHOHFWUyQLFDPHQWHHOUHVXOWDGRODVHQVDFLyQTXHQRVSURGXFHODHVFXFKDGHHVWRVVRQLGRVHVTXHVHWUDWDGHXQ
LQVWUXPHQWRGHSHUFXVLyQ6LODGXUDFLyQGHODVQRWDVHVPX\FRUWDODGHWHUPLQDFLyQGHODDOWXUDGHWRQRHVLPSRVLEOH
-XQWRDORVVRQLGRVDSDUHFHXQDFRPSRQHQWHGHUXLGRTXHSXHGHLQIOXLUHQHODVSHFWRWtPEULFR/RVSHTXHxRVUXLGRVVH
HVFXFKDQVLODVDODHVSHTXHxDRQRVVLWXDPRVFHUFDGHOLQVWUXPHQWR(ODWDTXHWDPELpQLQIOX\HOOHJDGLUHFWRDQXHVWURV
RtGRV HQ XQ LQWHUYDOR GH WLHPSR PX\ SHTXHxR \ QR VH JHQHUDQ UHYHUEHUDFLRQHV (O VRQLGR HVWDFLRQDULR DO FRQWUDULR
LQWHUDFFLRQDFRQODVUHVRQDQFLDVGHODVDOD\HOWLPEUHSXHGHPRGLILFDUVH(OLQVWUXPHQWLVWDWDPELpQSXHGHDFWXDUVREUHHO
LQVWUXPHQWR\FDPELDUHOWLPEUH/RVLQVWUXPHQWLVWDVGHYLHQWRELHQVDEHQODLPSRUWDQFLDTXHWLHQHXQDEXHQDFRORFDFLyQ
SRVWXUDOGHODFDEH]DJDUJDQWDHWFSDUDREWHQHUXQEXHQVRQLGRTXHHVORPLVPRTXHGHFLUXQEXHQWLPEUH
(VSDFLRGHWLPEUHV
/RV WUDEDMRV KHFKRV SRU 5LVVHW 3ORPS *UH\ \ RWURV PiV WUDWDURQ GH GHILQLU HVWH HVSDFLR GH WLPEUHV LQPHQVR TXH
FRQRFHPRV &DGD VRQLGR TXH HVFXFKDPRV SXHGH FRQVLGHUDUVH FRPR XQ REMHWR 9DPRV D FRQVLGHUDU ~QLFDPHQWH ORV
LQVWUXPHQWRVPXVLFDOHV'RVLQVWUXPHQWRVVHPHMDQWHVSXHGHQWHQHUWLPEUHVGLIHUHQWHV\DTXHXQDSHTXHxDPRGLILFDFLyQ
GHODJHRPHWUtDRGHOPDWHULDOSXHGHFDPELDUODVUHVRQDQFLDV\ORVDUPyQLFRVTXHGDQDPSOLILFDGRVGHGLIHUHQWHPDQHUD
(OHVSDFLRGHWLPEUHVHVPXOWLGLPHQVLRQDO
6HSLGLyDP~VLFRV\H[SHUWRVTXHHVWLPDUDQODVLPLOLWXGGHSDUHVGHVRQLGRVPXVLFDOHVSDUDFODVLILFDUORVHQXQHVSDFLRGH
WUHV GLPHQVLRQHV WHQLHQGR HQ FXHQWD TXH VH SXHGH GHVFULELU PHGLDQWH WUHV FDUDFWHUtVWLFDV R YDULDEOHV LPSRUWDQWHV TXH
LQIOX\HQHQHOWLPEUH
,(QXQRGHORVHMHVVHSXHGHYHUFRPRYDULDODGLVWULEXFLyQGHODHQHUJtDHVSHFWUDORGLVWULEXFLyQGHORVSDUFLDOHVFRQ
VXVFRUUHVSRQGLHQWHVDPSOLWXGHV
,,/DVHJXQGDGLPHQVLyQRHMHSXHGHGHSHQGHUGHFRPRDSDUHFHQHQHOWLHPSRORVGLIHUHQWHVSDUFLDOHV
,,,(VWHHMHVHSXHGHUHODFLRQDUFRQHOWUDQVLWRULRGHDWDTXHGHOVRQLGR
/RVLQVWUXPHQWRVVHSXHGHQDJUXSDUHQWUHVIDPLOLDVFDGDXQDGHODVFXDOHVSXHGHFRQWHQHUXQDVFXDQWDVVXEIDPLOLDV(O
WLPEUHGHORVLQVWUXPHQWRVSXHGHYDULDUFRQODSUHVLyQ6XHQDGLIHUHQWHXQVD[RIyQWRFDGRPX\VXDYHRWRFDGRIXHUWH$Vt
VHSXHGHFUHDUXQHVSDFLRWULGLPHQVLRQDOHQHOTXHVHVLW~DQWRGRVHVWRVREMHWRVVRQRURVRWLPEUHVGLIHUHQWHV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
029,0,(17221'8/$725,2
(Q HVWH WHPD YHUHPRV FDUDFWHUtVWLFDV JHQHUDOHV GH ODV RQGDV \ DOJXQRV IHQyPHQRV TXH RFXUUHQ FXDQGR pVWDV VH
HQFXHQWUDQFRQGLIHUHQWHVPHGLRV\REVWiFXORV
&RPR KHPRV YLVWR HO VRQLGR HV XQD RQGD PHFiQLFD XQD YLEUDFLyQ TXH QHFHVLWD GH XQD PDWHULD HOiVWLFD R PHGLR
PHFiQLFR SDUD SURSDJDUVH 1HFHVLWDPRV SRU OR WDQWR XQ PHGLR HQ HTXLOLEULR ±HO DLUH FRQ FLHUWD ULJLGH] \ FLHUWD
HODVWLFLGDG /D RQGD PHFiQLFD R VRQLGR HV XQD SHUWXUEDFLyQ XQD YDULDFLyQ GH SUHVLyQ SURGXFLGD HQ HO DLUH TXH VH
SURSDJDDWUDYpVGHpOGHVGHHOLQVWUXPHQWRPXVLFDOKDVWDQXHVWURRtGR
2QGDVWUDQVYHUVDOHV\RQGDVORQJLWXGLQDOHV
/DV RQGDV WUDQVYHUVDOHV VRQ DTXHOODV HQ ODV TXH OD GLUHFFLyQ GH OD SHUWXUEDFLyQ HV SHUSHQGLFXODU D OD GLUHFFLyQ GH
SURSDJDFLyQGHODRQGD8QDRODGHPDUHVXQDSHUWXUEDFLyQTXHVHSURSDJDKDFLDODFRVWDPLHQWUDVTXHHOPRYLPLHQWR
TXH VRSRUWDUtDPRV QRVRWURV HQ HO DJXD HV DVFHQGHQWH \ GHVFHQGHQWH SHUSHQGLFXODU R WUDQVYHUVDO D OD GLUHFFLyQ GH
SURSDJDFLyQ(QXQDFXHUGDVHSURGXFHHOPLVPRIHQyPHQR/DSURSDJDFLyQGHXQDSHUWXUEDFLyQSXOVDQGRSRUHMHPSOROD
FXHUGDVHSURGXFHDORODUJRGHODFXHUGDPLHQWUDVTXHODSHUWXUEDFLyQODSXOVDFLyQWLHQHXQDGLUHFFLyQWUDQVYHUVDODOD
FXHUGD(QODWDEODGHUHVRQDQFLDGHORVSLDQRVODVWDSDVGHXQYLROtQHWFODVRQGDVVRQWUDQVYHUVDOHVWDPELpQ
/DVRQGDVORQJLWXGLQDOHVVHFRPSRUWDQGHPDQHUDGLIHUHQWH(QHVWDVRQGDVODSURSDJDFLyQ\ODSHUWXUEDFLyQWLHQHQOD
PLVPDGLUHFFLyQ3RGHPRVLPDJLQDUHOHMHPSORGHODVSLH]DVGHGRPLQRFHUFDQDV\XQLGDVPHGLDQWHPXHOOHVDXQDEDVH
6LJROSHDPRVODSULPHUDGHODVSLH]DVKDFLDVXYHFLQDODSULPHUDGHODVILFKDVOHFRPXQLFDUiHOLPSXOVRDODVHJXQGD\
DFWRVHJXLGRUHWURFHGHUi/DVHJXQGDSLH]DFKRFDFRQODWHUFHUDHWF/D~OWLPDGHODVSLH]DVUHFLELUiXQLPSXOVRSDUHFLGR
DO TXH VH HMHUFLy VREUH OD SULPHUD (O VRQLGR VH SURSDJD GH HVWD IRUPD \ SRGHPRV YHU HQ HVWH WLSR GH RQGDV TXH OD
SHUWXUEDFLyQ\ODSURSDJDFLyQWLHQHQODPLVPDGLUHFFLyQ6RQRQGDVORQJLWXGLQDOHV
(Q HVWDV RQGDV OD PDWHULD HQ SURPHGLR QR VH
WUDVODGD /D SHUWXUEDFLyQ R VRQLGR VH SURSDJD D
WUDYpV GHO PHGLR HQ HO FXDO FDGD SDUWtFXOD RVFLOD
DOUHGHGRUGHXQSXQWR\WUDVPLWHHOPRYLPLHQWRDVX
YHFLQGDG'HHVWDPDQHUDHOVRQLGRSURGXFLGRHQHO
DOWDYR]VHWUDQVPLWHKDVWDQRVRWURV
(VWDVRQGDVTXHGDQGHWHUPLQDGDVSRUWUHVYDULDEOHV
TXH VRQ VX DPSOLWXG $ OD YHORFLGDG GH
SURSDJDFLyQ HQ HO PHGLR & ± HQ QXHVWUR FDVR HO
DLUHVHSURSDJDDPVDSUR[\ODORQJLWXGGH
RQGDȝTXHVHGHILQHFRPRODGLVWDQFLDTXHH[LVWH
HQWUHGRVSXQWRVKRPyORJRVGHODRQGDGRVIUHQWHV
GH VREUHSUHVLyQ GRV SXQWRV GH Pi[LPD DPSOLWXG
HWF(OSHULRGR7VHGHILQHFRPRHOWLHPSRTXHWDUGD
ODRQGDHQUHFRUUHUXQFLFORFRPSOHWR
/DIUHFXHQFLDIHVHOQ~PHURGHFLFORVTXHUHDOL]DOD
RQGDSRUXQLGDGGHWLHPSR
6LFRQRFHPRVODYHORFLGDGGHSURSDJDFLyQ\ODORQJLWXGGHRQGDHQWRQFHVODIUHFXHQFLDTXHGDGHWHUPLQDGDSRUODIyUPXOD
&=
λ
7
& = λ[I \GHDTXt I =
&
λ
/D ORQJLWXG GH RQGD Ȝ HV ODGLVWDQFLD UHFRUULGDSRUOD RQGD HQXQ SHULRGR ROR TXH HVOR PLVPR OD GLVWDQFLD HQWUH GRV
IUHQWHVGHVREUHSUHVLyQRGHGHSUHVLyQ(VWDGLVWDQFLDHQHOFDVRGHOVRQLGRSXHGHRVFLODUHQWUHP\FP
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3URSDJDFLyQGHOVRQLGRHQHODLUH
/DYHORFLGDGGHSURSDJDFLyQGHOVRQLGRHQHODLUHGHSHQGHHQWUHRWUDVFRVDVGHODWHPSHUDWXUDGHOPLVPR\YLHQHGDGD
SRUODIyUPXOD
& = &
+ W
& PVHJ
GRQGH W HV OD WHPSHUDWXUD HQ JUDGRV FHQWtJUDGRV \ & HV OD YHORFLGDG GH SURSDJDFLyQ GHO VRQLGR HQ HO DLUH D XQD
WHPSHUDWXUDGHJUDGRVFHQWtJUDGRV.HOYLQ
$&žODYHORFLGDGGHSURSDJDFLyQYLHQHGDGDSRU & = + PV
3RGHPRVFDOFXODUDKRUDODVORQJLWXGHVGHRQGDGHORVGRVVRQLGRVH[WUHPRVGHOHVSHFWURHQHODLUHD&žTXHVRQ\
+]
Ȝ+] PȜ+] P PP
(QFXDOTXLHURWURPHGLRODYHORFLGDGGHSURSDJDFLyQHVGLIHUHQWH\WDPELpQORVHUiODORQJLWXGGHRQGD
3HUWXUEDFLyQGHODVRQGDVSRUREMHWRV
$FDEDPRVGHYHUFRPRODVORQJLWXGHVGHRQGDGHORVVRQLGRVTXHSRGHPRVRtUYDUtDQGHXQRVPLOtPHWURVDXQRV
PHWURV(VWDVRQGDVVRQSHUWXUEDGDVSRUREMHWRVTXHWLHQHQXQWDPDxRFRQVLGHUDEOHFRPSDUDGRFRQODORQJLWXGGHRQGD
8QDSHUVRQDHVXQREMHWRLQVLJQLILFDQWHSDUDXQDRQGDGHVRQLGRGH+]Ȝ PSHURXQHGLILFLRHVORVXILFLHQWHPHQWH
JUDQGHFRPRSDUDSHUWXUEDU\SRGHUFDPELDUODGLUHFFLyQGHSURSDJDFLyQGHHVWDRQGD1XHVWURFXHUSRQXHVWUDFDEH]D\
QXHVWUDVRUHMDVYDQDSHUWXUEDUODVRQGDVDSDUWLUGHFLHUWDIUHFXHQFLD3DUDFDOFXODUHVWRFRQVLGHUDPRVHOWDPDxRGHXQ
REMHWRGHUDGLRD/RVREMHWRVTXHFXPSODQȝ”DVHUiQFDSDFHVGHSHUWXUEDUODVRQGDVFRQVLGHUDGDV
6L WHQHPRV HQ FXHQWD QXHVWUD RUHMD FRQ XQ UDGLR DSUR[LPDGR D P FP SRGHPRV FDOFXODU D SDUWLU GH TXp
IUHFXHQFLDVHUiSHUWXUEDGDSRUODRUHMDKDFLHQGRHOFiOFXORD [ PpVWDHVODORQJLWXGGHRQGDPiVJUDQGH
TXHHVFDSD]GHSHUWXUEDUQXHVWUDRUHMDSRUWDQWRVHUiFDSD]GHSHUWXUEDUWRGDVDTXHOODVRQGDVTXHWHQJDQXQDORQJLWXG
GHRQGDPHQRUXQDIUHFXHQFLDPD\RU(VWDȜFRUUHVSRQGHDXQDRQGDGHIUHFXHQFLDI &ȜTXHHQQ~PHURUHVXOWDVHU
I +]/DVRQGDVGHȜPHQRUWHQGUiQPD\RUIUHFXHQFLD\QXHVWUDRUHMDVHUiFDSD]GHSHUWXUEDUODVRQGDV
GHIUHFXHQFLDVDSDUWLUGH+]
/RVVRQLGRVGHIUHFXHQFLDDOWDTXHOOHJDQDORtGRVHUHIOHMDQHQORVHQWUDPDGRVGHODRUHMD\HQWUDQDOFRQGXFWRDXGLWLYRGH
PDQHUDGLIHUHQWHGHSHQGLHQGRGHFyPRVLWXHPRVODFDEH]DFRQORFXDOSRGHPRVVDEHUODGLUHFFLyQGHODFXDOQRVOOHJDHO
VRQLGRHQFDPELRODVRQGDVGHEDMDIUHFXHQFLDRORQJLWXGGHRQGDJUDQGHQRVRQSHUWXUEDGDVSRUODRUHMD\QRSRGHPRV
VDEHUGHTXpGLUHFFLyQQRVOOHJDQ1XHVWURFHUHEURHVFDSD]GHVDEHUGHGRQGHOOHJDQODVRQGDVFDOFXODQGRODVGLIHUHQWHV
DPSOLWXGHVTXHOOHJDQDFDGDRtGR\HOGHVIDVHHQWUHHOORV
(IHFWR'RSSOHU
(QXQDIXHQWHVRQRUDHQUHSRVRODVRQGDVHYROXFLRQDQVLPpWULFDPHQWHHQWRGDVODVGLUHFFLRQHVHQIRUPDHVIpULFDSHURVL
OD IXHQWH HVWi HQ PRYLPLHQWR R VL QRVRWURV QRV DFHUFDPRV KDFLD OD IXHQWH HQWRQFHV HQ OD GLUHFFLyQ GHO PRYLPLHQWR
UHODWLYRVHSURGXFHXQDFRPSUHVLyQGHORVIUHQWHVGHRQGDRIUHQWHVGHSUHVLyQFRQORFXDOSHUFLELPRVXQVRQLGRFRQ
ORQJLWXGGHRQGDPHQRUTXHHOGHODIXHQWHHQUHSRVRFRQVHFXHQWHPHQWHSHUFLELUHPRVXQVRQLGRGHPD\RUIUHFXHQFLD
PD\RU DOWXUD GH WRQR 6L OD IXHQWH VH DOHMD GH QRVRWURV
SHUFLELUHPRVXQDDOWXUDGHWRQRPHQRU$PHGLGDTXHODIXHQWH
JHQHUD ODV VREUHSUHVLRQHV \GHSUHVLRQHV HO GHVSOD]DPLHQWR GH
ODIXHQWHKDFHTXHODGLVWDQFLDHQWUHORVIUHQWHVGLVPLQX\DHQHO
VHQWLGR GHO PRYLPLHQWR \ DXPHQWH HQ HO VHQWLGR FRQWUDULR DO
PRYLPLHQWR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DYLYHQFLDTXHWHQHPRVFXDQGRODIXHQWHVHDFHUFDFRQYHORFLGDGYKDFLDQRVRWURVHVODGHXQDVHxDOFRQXQDDOWXUDGH
WRQRPD\RUITXHODHPLWLGDSRUODIXHQWHI\FXDQGRODIXHQWHVHDOHMDGHQRVRWURVSHUFLELPRVXQDDOWXUDGHWRQRIPiV
EDMDTXHODHPLWLGDSRUODIXHQWH
&
DFHUFDPLHQWRUHODWLYR
& −9
I = I
I = I
&
DOHMDPLHQWRUHODWLYR
& +9
6LREVHUYDPRV\DQDOL]DPRVODVIyUPXODVDQWHULRUHVSRGHPRVYHUORTXHRFXUUHFXDQGRODYHORFLGDGGHXQDYLyQVHDFHUFD
D OD YHORFLGDG GHO VRQLGR & PV NPK 9 HV OD YHORFLGDG GHO DYLyQ TXH HQ QXHVWUR FDVR VHUi LJXDO D OD
YHORFLGDGGHSURSDJDFLyQGHODVRQGDVGHVRQLGRHQHODLUHI I[&&& ’8QDIUHFXHQFLDLQILQLWDFRUUHVSRQGHUtDDXQD
ORQJLWXG GH RQGD LJXDO D FHUR /D IXHQWH HPLWH ORV IUHQWHV GH SUHVLyQ \ VH PXHYH D OD PLVPD YHORFLGDG D OD FXDO VH
SURSDJDQHVWRVPLVPRVIUHQWHVORTXHVHWUDGXFHHQXQDFRPSUHVLyQLQPHQVDTXHHVSHUFLELGDFRPRXQDH[SORVLyQSRU
ODVSHUVRQDVTXHVHHQFXHQWUDQHQODVFHUFDQtDVGHODWUD\HFWRULDGHHVWHDYLyQ
5HIOH[LyQ5HIUDFFLyQ$EVRUFLyQFRHILFLHQWHGHDEVRUFLyQ'LVSHUVLyQ'LIUDFFLyQ\'LIXVLyQ
(Q HVWH DSDUWDGR YDPRV D YHU OR TXH RFXUUH FXDQGR ODV RQGDV TXH HVWDPRV HVWXGLDQGR VH HQFXHQWUDQ FRQ XQ PHGLR
GLIHUHQWH'HSHQGLHQGRGHFyPRVHDHVWHQXHYRPHGLRHOHIHFWRSUHGRPLQDQWHVHUiXQRXRWUR
(QWpUPLQRVJHQHUDOHVVHYDQDGDUVLHPSUHGRVFDVRV&XDQGRXQDRQGDVHHQFXHQWUDXQQXHYRPHGLRSDUWHGHODRQGD
VHUHIOHMDUi\SDUWHVHDEVRUEHUi
/D LPSHGDQFLD GH XQ PHGLR ±OD GLILFXOWDG SDUD PRYHUOR VH GHILQH FRPR HO SURGXFWR GH OD GHQVLGDG GHO PHGLR SRU OD
YHORFLGDGGHSURSDJDFLyQGHOVRQLGRHQHVHPHGLR= ȡ&HQHOFDVRGHODLUHODLPSHGDQFLDWLHQHXQYDORUPX\EDMR\OD
DGPLWDQFLDXQYDORUPX\DOWRODLPSHGDQFLDHVHOLQYHUVRGHODDGPLWDQFLDORFXDOTXLHUHGHFLUTXHHVXQPHGLRPX\IiFLO
GHPRYHU&XDQGRXQDRQGDVHHQFXHQWUDFRQRWURPHGLRGHLPSHGDQFLDGLIHUHQWHVHSURGXFLUiXQDUHIOH[LyQ
6XSRQHPRV XQ PHGLR OLVR \ SODQR /D RQGD UHIOHMDGD \ OD RQGD LQFLGHQWH PDQWLHQHQ HO PLVPR iQJXOR FRQ OD QRUPDO R
SHUSHQGLFXODUDODVXSHUILFLH\ODUHIOH[LyQVHSURGXFHHQXQSODQRSHUSHQGLFXODUDODVXSHUILFLH
&RQ HO VRQLGR VH SURGXFH HO PLVPR HIHFWR TXH FRQ OD OX] HQ XQ HVSHMR 1RVRWURV
HVFXFKDPRV SULPHUR HO VRQLGR GLUHFWR \ XQ SRFR PiV WDUGH HO UHIOHMDGR 7HQGUHPRV OD
LPSUHVLyQGHRtURWUDIXHQWHGLIHUHQWHTXHOOHJDGHORWURODGRGHO³HVSHMRGHVRQLGR´
/RV GLVHxRV GH ODV VDODV VH KDFHQ FRQ XQRV SDWURQHV GHWHUPLQDGRV GH PDQHUD TXH VH
SXHGDQRSWLPL]DU\DSURYHFKDUELHQWRGDVODVUHIOH[LRQHV6HSRWHQFLDUiQODVTXHPHMRUDQ
ODFDOLGDGGHODDXGLFLyQ\VHHYLWDUiQDTXHOODVTXHGHWHULRUDQXQDEXHQDHVFXFKDGHOD
REUDLQWHUSUHWDGD
&XDQGRSDVDPRVGHXQPHGLRGHPHQRULPSHGDQFLDDXQRGHPD\RULPSHGDQFLDHOFDVR
GHXQDRQGDGHVRQLGRTXHYLDMDDWUDYpVGHODLUH\VHHQFXHQWUDFRQXQDSDUHGQRVH
SURGXFH FDPELR GH IDVH ODV FRPSUHVLRQHV VH UHIOHMDQ FRPR FRPSUHVLRQHV \ ODV
GHSUHVLRQHVVHUHIOHMDQFRPRGHSUHVLRQHV6LODRQGDSDVDGHXQPHGLRGHPD\RULPSHGDQFLDDRWURGHPHQRULPSHGDQFLD
HVHOFDVRGHXQDRQGDTXHYLDMDGHQWURGHXQWXER\VHHQFXHQWUDFRQHOILQDODELHUWRHODLUHGHOH[WHULRUGHOWXERWLHQH
PHQRU LPSHGDQFLD TXH HO GHO LQWHULRU HQWRQFHV VL TXH FDPELD GH IDVH OD RQGD ODV FRPSUHVLRQHV VH UHIOHMDQ FRPR
GHSUHVLRQHV\ODVGHSUHVLRQHVFRPRFRPSUHVLRQHV
78%2$%,(572$%,(572 I =
&
λ
=
&
& &
78%2&(55$'2$%,(572 I = =
/
λ /
/D ORQJLWXG GH RQGD HV OD
GLVWDQFLD UHFRUULGD SRU OD
RQGDKDVWDHQFRQWUDUVHHQ
HO PLVPR OXJDU \ FRQ OD
PLVPDIDVH
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DVGLIHUHQWHVUHIOH[LRQHVTXHVXIUHODRQGDHQFDGDWXERQRVGDQHQHOFDVRGHOWXER$ELHUWR$ELHUWRXQDORQJLWXGGH
RQGDGHGRVYHFHVODORQJLWXGGHOWXER\HQHO&HUUDGR$ELHUWRGHFXDWURYHFHVODORQJLWXGGHOWXER
/DUHIUDFFLyQVHSURGXFHFXDQGRODGLUHFFLyQGHSURSDJDFLyQGHODRQGDFDPELDGHXQPHGLRDRWUR6LODRQGDSDVDGH
XQPHGLRFRQYHORFLGDGGHSURSDJDFLyQ&DRWURFRQYHORFLGDGGHSURSDJDFLyQ&HQWRQFHVHOiQJXORGHLQFLGHQFLDHV
GLIHUHQWHDOiQJXORGHODRQGDWUDVPLWLGD
6HQȕ!6HQȕVL&!&
6HQȕ6HQȕVL&& 6LODGLIHUHQFLDGHODVYHORFLGDGHVGHSURSDJDFLyQHVPX\
JUDQGH\SDVDPRVGHXQPHGLR&&FRPRHVHOFDVR
GHO SDVR GHO DLUH D XQ PDWHULDO GH FRQVWUXFFLyQ WtSLFR GH
VDODVHQHVWHFDVRH[LVWHXQiQJXORDSDUWLUGHOFXDOWRGD
ODRQGDVHUHIOHMD\QRSDVDQDGDGHVRQLGRDORWURPHGLR
(QODVVDODVDODUJDGDVRFXUUHHVWHIHQyPHQR
(OFRQFHSWRGHDEVRUFLyQHVIiFLOGHLQWXLU/DRQGDGHSUHVLyQVRQRUDOOHJDDXQQXHYRPHGLR3DUWHGHODRQGDVHUHIOHMD
\SDUWHVHWUDVPLWH/DDEVRUFLyQHVODFDQWLGDGGHVRQLGRTXHHOQXHYRPHGLRGHMDSDVDU\QRUHIOHMD0DQGDPRVXQD
RQGDLQFLGHQWHSHUSHQGLFXODUDXQDVXSHUILFLH\FDOFXODPRVTXHFDQWLGDGGHHVWDRQGDVHUHIOHMD6LODFDQWLGDGGHHQHUJtD
TXHVHUHIOHMDHVODPLVPDTXHODHQHUJtDLQFLGHQWHHQWRQFHVHOPDWHULDOHVWRWDOPHQWHUHIOHFWDQWH\VLODHQHUJtDTXHVH
UHIOHMDHVQXODHOPDWHULDOHVWRWDOPHQWHDEVRUEHQWH
3RGHPRVFDOFXODUHOYDORUGHHVWDVFDQWLGDGHVUHIOHMDGDV\WUDVPLWLGDVUHVSHFWRGHODLQWHQVLGDGLQFLGHQWHFRQRFLHQGROD
LPSHGDQFLDGHFDGDPHGLR= ȡ&\= ȡ&
, WUDVPLWLGD
= = =
, LQFLGHQWH (= + = )
, UHIOHMDGD
, LQFLGHQWH
(
= − = )
=
(= + = )
&XDQGRORVGRVPHGLRVWLHQHQXQDLPSHGDQFLDPX\SDUHFLGDFDVLWRGDODRQGDVHWUDVPLWH\PX\SRFDFDQWLGDGGHHQHUJtD
VHUHIOHMDeVWHHVHOFDVRGHODRQGDGHQWURGHXQWXER\VXSDVRDOH[WHULRUDOWXERPX\SRFDHQHUJtDVHUHIOHMD\VH
TXHGDHQHOWXERFDVLWRGDODHQHUJtDVDOHDOH[WHULRUHVSRUHVWRSRUORTXHHVFXFKDPRVORVLQVWUXPHQWRVGHYLHQWR6LOD
LPSHGDQFLD GH ORV GRV PHGLRV HV PX\ GLIHUHQWH HO FDVR GHO DLUH \ XQD SDUHG GH KRUPLJyQ XQ YDORU PX\ DOWR GH OD
LPSHGDQFLDHQWRQFHVFDVLWRGDODHQHUJtDGHODRQGDVHUHIOHMD\QRVHWUDVPLWHFDVLQDGDDORWURPHGLR(VWHPDWHULDO
VHUiPX\UHIOHFWDQWH
7HQHPRVTXHWHQHUHQFXHQWDWDPELpQODSRURVLGDGGHOPDWHULDO1RSRGHPRVROYLGDUTXHHOVRQLGRVHWUDVPLWHDWUDYpV
GHOPRYLPLHQWRRYLEUDFLyQGHODVSDUWtFXODV\PROpFXODVGHODLUH\XQPDWHULDOPX\SRURVRSXHGHVHUXQDWUDPSDSDUD
HVWDVPROpFXODVTXHSLHUGHQHQODVFDYLGDGHVGHOPDWHULDOODHQHUJtD\ODFDSDFLGDGGHWUDVPLWLUODVHxDO(VWHIHQyPHQR
VHXWLOL]DHQDOJXQRVPDWHULDOHVSDUDTXHVHDQPiVDEVRUEHQWHV(QWpUPLQRVJHQHUDOHVORVPDWHULDOHVEODQGRV\SRURVRV
VRQ EXHQRV DEVRUEHQWHV \ ORV PDWHULDOHV GXURV \ OLVRV EXHQRV UHIOHFWDQWHV 3RGHPRV LPDJLQDU HO HIHFWR TXH WLHQH XQ
PDWHULDO VREUH HO VRQLGR FRPSDUDQGR EXUGDPHQWH OD VLWXDFLyQ FRQ OD GH XQD SHORWD GH JRPD TXH UHERWD FRQWUD HVH
PDWHULDOHOUHERWHFRQWUDXQDSDUHGGHKRUPLJyQ\HOUHERWHFRQWUDXQDVFRUWLQDVSOLVDGDVGHWHODPX\EODQGD\SHVDGD
(OFRHILFLHQWHGHDEVRUFLyQįDOIDHVXQYDORUTXHVHDGMXGLFDDORVGLIHUHQWHVPDWHULDOHVHQIXQFLyQGHODFDSDFLGDG
TXHWLHQHQSDUDUHIOHMDURDEVRUEHUHOVRQLGR
6XSRQJDPRVXQDRQGD,LTXHOOHJDDXQDSDUHGGHVGHWRGDVODVGLUHFFLRQHVSRVLEOHV(VWDSDUHGDEVRUEHXQDFDQWLGDGGH
HQHUJtDDF~VWLFD,D\ODFDQWLGDGGHHQHUJtDUHIOHMDGDVHUi,U7RGDODHQHUJtDDEVRUELGDSXHGHTXHVHWUDVPLWDDRWURPHGLR
RTXHVHSLHUGDSRUIULFFLRQHV\DPRUWLJXDFLRQHVGHQWURGHOPDWHULDO
0DQGDPRVXQDLQWHQVLGDGLQFLGHQWHDODVXSHUILFLH\PHGLPRVODLQWHQVLGDGTXH
VH UHIOHMD /D GLIHUHQFLD HQWUH OR TXH HQYLDPRV \ OR TXH QRV OOHJD HV OR TXH
DEVRUEHHOPDWHULDO
, L = , U + , D , D = , L − , U /87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
α=
, D (, L − , U )
,
= − U =
,L
,L
,L
(VWH FRHILFLHQWH GH DEVRUFLyQ į WRPD YDORUHV HQWUH FHUR \ XQR 8Q PDWHULDO TXH QR UHIOHMH QDGD GH VRQLGR WLHQH XQ
FRHILFLHQWHGHDEVRUFLyQĮ \HOPDWHULDOTXHVHDFDSD]GHUHIOHMDUWRGRHOVRQLGRTXHOHOOHJDWHQGUiĮ *HQHUDOPHQWHORVPDWHULDOHVDEVRUEHQPHQRVORVVRQLGRVGHEDMDIUHFXHQFLD/DPDGHUDSRUHOFRQWUDULRDEVRUEHPiVORV
JUDYHV\UHIOHMDPiVORVDJXGRVHVWRKDFHTXHODVVDODVFRQVWUXLGDVFRQPDGHUDVHDQPiVEULOODQWHV$ODKRUDGHKDFHU
YDORUDFLRQHVKD\TXHYHUTXpHVORTXHSDVDFRQHOPDWHULDOHQWRGRHOUDQJRGHIUHFXHQFLDV8QPDWHULDOWLHQHHQJHQHUDO
GLIHUHQWHFRHILFLHQWHGHDEVRUFLyQSDUDFDGDIUHFXHQFLD8QDYHQWDQDDELHUWDWLHQHXQFRHILFLHQWHĮ \HOFHPHQWROLVR
HQWUHĮ DJXGRV\Į JUDYHV
&XDQWRPiVEODQGRVHDHOPDWHULDOPiVSRURVR\WHQJDPHQRVFDSDFLGDGSDUDYLEUDUPX\SRFRHOiVWLFRRPX\SOiVWLFR
FRPRORVSDQHOHVSLUDPLGDOHVGHILHOWURPiVDEVRUEHQWHVHUiDODVGLIHUHQWHVIUHFXHQFLDV
/DGLVSHUVLyQRFXUUHFXDQGRHQXQPHGLRWHQHPRVGLIHUHQWHVYHORFLGDGHVGHSURSDJDFLyQSDUDODVGLIHUHQWHVIUHFXHQFLDV
(QHODLUHWRGDVODVIUHFXHQFLDVYLDMDQDODPLVPDYHORFLGDGQRHVXQPHGLRGLVSHUVLYRVLORIXHUDRLUtDPRVHQGLIHUHQWHV
WLHPSRVORVJUDYHV\ORVDJXGRV
(OHMHPSORPiVFRQRFLGRHVHODUFRLULVSURGXFLGRSRUODGLVSHUVLyQGHORVGLIHUHQWHVFRORUHVHQODVJRWDVGHDJXD(VWH
IHQyPHQRWDPELpQVHSURGXFHHQXQSULVPDODVGLIHUHQWHVIUHFXHQFLDVRFRORUHVYLDMDQDGLIHUHQWHYHORFLGDGGHQWURGHO
PDWHULDO GHO SULVPD OR TXH KDFH TXH VH SURGX]FD XQD UHIUDFFLyQ FRQ GLIHUHQWH iQJXOR SDUD FDGD FRORU \ YHPRV DVt
VHSDUDGRVWRGRVORVFRORUHVTXHFRPSRQHQODOX]EODQFD
/DV RQGDV ORQJLWXGLQDOHVQRVRQ GLVSHUVLYDV HQQLQJ~Q PHGLR SHUR ODV WUDQVYHUVDOHV VL OR VRQ /DVIUHFXHQFLDV DJXGDV
YLDMDQ HQ ODV WDEODV DUPyQLFDV D PD\RU YHORFLGDG TXH ODV JUDYHV eVWH VL HV XQ PHGLR GLVSHUVLYR /D YHORFLGDG GH
SURSDJDFLyQGHXQVRQLGRHVSURSRUFLRQDODODUDt]FXDGUDGDGHVXIUHFXHQFLDSRUORTXHORVVRQLGRVGHPD\RUIUHFXHQFLD
WLHQHQPD\RUYHORFLGDGGHSURSDJDFLyQ/DVFXHUGDVQRVRQGLVSHUVLYDV
/DGLIUDFFLyQVHSURGXFHFXDQGRODRQGDVHHQFXHQWUDFRQXQREMHWRXQDSDUHGXQDSXHUWDHWF3RGHPRVLPDJLQDUXQ
IUHQWHGHRQGDVSODQRTXHOOHJDDXQSDQHOVyOLGRWRWDOPHQWHUHIOHFWDQWHSDUDDVHJXUDUTXHQDGDGHODRQGDORDWUDYLHVD
/D GLIUDFFLyQ VH SURGXFH FXDQGR OD RQGD SDVD SRU XQD DEHUWXUD (VWH IHQyPHQR VH SXHGH H[SOLFDU SRU HO SULQFLSLR GH
+X\JHQVTXHQRVGLFHTXHFDGDSXQWRGHOHVSDFLRRGHPDWHULDDOTXHOOHJDODRQGDVHFRPSRUWDFRPRXQDQXHYDIXHQWH
SXQWXDO
6L QR H[LVWH QLQJ~Q REVWiFXOR WRGRV ORV SXQWRV R QXHYDV IXHQWHV VH UHFRPSRQHQ \ IRUPDQ XQ QXHYR
IUHQWHGHRQGDVSODQRSHURVLODRQGDOOHJDDXQSDQHODEHUWXUDHWFFDGDQXHYRSXQWRVHFRQYLHUWHHQ
XQD QXHYD IXHQWH TXH HPLWH HQ WRGDV ODV GLUHFFLRQHV \ HO VRQLGR R OD RQGD VHUi FDSD] GH URGHDU DO
REVWiFXOR\SURSDJDUVHPiVDOOiGHVXGLUHFFLyQRULJLQDOGHSURSDJDFLyQ(VWHIHQyPHQRGHSHQGHGHOD
UHODFLyQHQWUHODORQJLWXGGHRQGD\ODDEHUWXUD&RQVLGHUDPRVDHOUDGLRGHODDEHUWXUDVLDȜHQWRQFHV
VHFXPSOHHVWHSULQFLSLR\ODDEHUWXUDVHFRPSRUWDFRPRXQDIXHQWHUDGLDQGRHQWRGDVGLUHFFLRQHVHVWR
YLHQHDVHUHOFDVRHQHOTXHODDEHUWXUDHVEDVWDQWHPiVSHTXHxDTXHODORQJLWXGGHRQGD6LD ȜOD
RQGD DWUDYLHVD OD DEHUWXUD JHQHUDQGR ³XQD VRPEUD´ \ SURSDJiQGRVH FDVLHQ OD PLVPD GLUHFFLyQ HV HO
FDVRGHXQDDEHUWXUDPX\JUDQGHUHVSHFWRGHODORQJLWXGGHRQGD
6HSXHGHHQWHQGHUDVtFRPRODVRQGDVJUDYHVVRQFDSDFHVGHURGHDUFXDOTXLHUREVWiFXOROOHJDQDWRGDV
SDUWHVJUDFLDVDODJUDQORQJLWXGGHRQGD\DPHGLGDTXHDXPHQWDODIUHFXHQFLDODGLUHFFLRQDOLGDGDQWH
XQDDEHUWXUDVHPDQWLHQH\HOHIHFWRGHGLIUDFFLyQHVPHQRVDFXVDGR/RVDOWDYRFHVGHDJXGRVVRQPX\
GLUHFFLRQDOHV
9DPRVDYHUDKRUDHQTXHFLUFXQVWDQFLDVVHSURGXFHODGLIXVLyQTXHVHSXHGHGHILQLUFRPRXQDUHIOH[LyQ
FDyWLFD VREUH XQD VXSHUILFLH TXH QR HV OLVD FRPSDUDGD FRQ OD ORQJLWXG GH OD RQGD TXH OOHJD (VWH
IHQyPHQRHVPX\LPSRUWDQWHSDUDHOWUDWDPLHQWR\ODDGHFXDFLyQDF~VWLFDGHODVVDODV
8QD UHIOH[LyQ VREUH XQD VXSHUILFLH OLVD QRV SXHGH SURGXFLU XQD ³LPDJHQ´ VRQRUD GH OD IXHQWH SHUR VL OD VXSHUILFLH HV
UXJRVDHQWRQFHVVH SURGXFHQ UHIOH[LRQHV FDyWLFDV HQ WRGDV GLUHFFLRQHV OD RQGDVH URPSH \ QRVH SURGXFHOD LPDJHQ
VRQRUD /R PiV LPSRUWDQWH D GHVWDFDU GH HVWH IHQyPHQR HV TXH OD HQHUJtD VRQRUD QR VH DEVRUEH VH PDQWLHQH HQ HO
UHFLQWR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/D GLIXVLyQ OD SURGXFHQ LUUHJXODULGDGHV HQ ODV SDUHGHV FRPR
DGRUQRV ILJXUDV SDQHOHV GHVRUGHQDGRV HWF 'HSHQGLHQGR GHO
WDPDxR GH HVWDV LUUHJXODULGDGHV ODV RQGDV VH GLIXQGLUiQ VL ODV
ORQJLWXGHVGHRQGDVRQFRPSDUDEOHVDHVWRVREMHWRVWDO\FRPR
YLPRVHQHODSDUWDGRGHSHUWXUEDFLyQGHODVRQGDVSRUREMHWRV
(VWHIHQyPHQRVHSXHGHDSOLFDUSDUDGLIXQGLURGLIXPLQDUFLHUWDVIUHFXHQFLDV\ODVVXSHULRUHV/DVIUHFXHQFLDVJUDYHVQR
LQWHUHVDGLIXQGLUODV\DTXHHORtGRKXPDQRQRSXHGHGLVFHUQLUODGLUHFFLyQGHSURFHGHQFLDGHWDOHVRQGDV
&RQVLGHUDPRV XQ WRQR GH +] Ȝ P OR TXH VXSRQH XQ WDPDxR SDUD ORV REMHWRV FDSDFHV GH SHUWXUEDU HVWDV
IUHFXHQFLDV GH UDGLR D Ȝ P XQRV FP GH UDGLR KDQ GH WHQHU QXHVWUDV UXJRVLGDGHV SDUD GLIXQGLU ODV
RQGDV GH IUHFXHQFLDV PD\RUHV GH +] /DV RQGDV PiV JUDYHV FRQVLGHUDQ QXHVWUD SDUHG DGRUQDGD FRQ HVWDV
UXJRVLGDGHVFRPRVLIXHUDOLVD\VHSURGXFHXQDUHIOH[LyQQRUPDOHQODVIUHFXHQFLDVEDMDV
,QWHUIHUHQFLDV\RQGDVHVWDFLRQDULDV
&RQVLGHUDPRV GH QXHYR HO IUHQWH GH RQGDV SODQR TXH OOHJD D XQD SDUHG FRQ GRV DEHUWXUDV SHTXHxDV &DGD QXHYD
DEHUWXUDVHFRPSRUWDFRPRXQDQXHYDIXHQWHSXQWXDOTXHUDGLDHQWRGDVGLUHFFLRQHV'HVSXpVGHODSDUHGODVRQGDVTXH
VXUJHQGHODVDEHUWXUDVVHHQFXHQWUDQHLQWHUILHUHQHQWUHVL
/RV SXQWRV HQ ORV TXH ODV RQGDV VH HQFXHQWUHQ HQ IDVH GRV VREUHSUHVLRQHV VH VXPDQ \ WHQGUHPRV GREOH LQWHQVLGDG
VRQRUD (Q RWURV SXQWRV HQ ORV TXH ODV RQGDV VH HQFXHQWUDQ HQ FRQWUDIDVH XQD VREUHSUHVLyQ FRQ XQD GHSUHVLyQ VH
DQXODQODVRQGDV\QRVHRLUiQDGD
6H GD OD LQWHUIHUHQFLD FRQVWUXFWLYD GREOH VRQRULGDG FXDQGR OD GLIHUHQFLD GH UHFRUULGRV HV LJXDO D XQ
Q~PHURSDUGHYHFHVODVHPLORQJLWXGGHRQGD
>GG@ QȜ
\ODLQWHUIHUHQFLDGHVWUXFWLYDDQXODFLyQGHOVRQLGRFXDQGRODGLIHUHQFLDHVLJXDODXQQ~PHURLPSDUGH
VHPLORQJLWXGHVGHRQGD
>GG@ QȜ
(VWHIHQyPHQRGHLQWHUIHUHQFLDVVHSURGXFHWDPELpQFXDQGRXQDRQGDFRQILQDGDHQXQUHFLQWRVHUHIOHMD
HQ GRV SDUHGHV SDUDOHODV R DSR\RV HO FDVR GH OD FXHUGD \ VH HQFXHQWUD FRQVLJR PLVPD /D
SHUWXUEDFLyQSURGXFLGDFXDQGRSXOVDPRVODFXHUGDYLDMDHQODVGRVGLUHFFLRQHV+D\SXQWRVGHOUHFLQWR
HQ ORV TXH ODV RQGDV FRLQFLGHQ FRQ OD PLVPD IDVH \ VH SURGXFH XQD VXPD GH LQWHQVLGDGHV SRU HO SULQFLSLR GH
VXSHUSRVLFLyQSURGXFLpQGRVHPi[LPDYLEUDFLyQHQFDPELRHQRWURVOXJDUHVVHDQXODODRQGDYLEUDFLyQ QXOD&XDQGR
HVWRRFXUUHGHFLPRVTXHVHKDIRUPDGRXQDRQGDHVWDFLRQDULD/DRQGDHVWiYLDMDQGRHQHOUHFLQWRUHIOHMiQGRVHHQORV
H[WUHPRVSHURHQSURPHGLR\VREUHWRGRYLVXDOPHQWHODVHQVDFLyQHVGHTXLHWXGGHODRQGDORVSXQWRVQRGDOHV\ORV
SXQWRVGHPi[LPDYLEUDFLyQSHUPDQHFHQILMRV\QRYDUtDQVXSRVLFLyQ
(QODVFXHUGDVWXERV\WDEODVDUPyQLFDVVHSURGXFHQHVWDVRQGDVHVWDFLRQDULDV6RQVLVWHPDVFRQILQDGRVHQORVTXHXQD
SHUWXUEDFLyQ YLDMD HQ WRGDV ODV GLUHFFLRQHV UHIOHMiQGRVH HQ ORV H[WUHPRV /RV OXJDUHV GH HQFXHQWUR GH LQWHUIHUHQFLD
FRQVWUXFWLYDVRQORVGHPi[LPDYLEUDFLyQ\ORVGHLQWHUIHUHQFLDGHVWUXFWLYDVRQORVSXQWRVROtQHDVQRGDOHVTXHYLPRVHQHO
WHPDGHODVUHVRQDQFLDV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
2Ì'2<$8',&,Ð1
/DV YLEUDFLRQHV TXH SHUFLELPRV \ TXH VH WUDGXFHQ HQ QXHVWUR FHUHEUR HQ VHQVDFLRQHV VRQRUDV VRQ FRPR YLPRV \D
YDULDFLRQHVGHSUHVLyQVREUHSUHVLRQHV\GHSUHVLRQHVUHVSHFWRGHODSUHVLyQDWPRVIpULFDHVWDFLRQDULDTXHLQFLGHQVREUH
QXHVWURRtGR(VWDVYDULDFLRQHVGHSUHVLyQOOHJDQDQRVRWURVDWUDYpVGHOPHGLRPHFiQLFRTXHHQODLQPHQVDPD\RUtDGH
ORVFDVRVTXHQRVRFXSDHVHODLUH(VWHPHGLRPHFiQLFRWLHQHWDPELpQFDSDFLGDGSDUDYLEUDUFRQWUDHUVH\H[SDQGLUVH
FRPRFXDOTXLHURWURPDWHULDOHOiVWLFR
/RSULPHURTXHVHHQFXHQWUDQHVWDVYDULDFLRQHVGHSUHVLyQHVHO2Ì'2(;7(512TXHWLHQHODIXQFLyQGHFDSWDUFDQDOL]DU
\GLUHFFLRQDUHVWDVRQGDVFRQGXFLHQGRODVKDVWDHOWtPSDQR
(O 2Ì'2 0(',2 VH HQFDUJD GH WUDQVIRUPDU ODV YDULDFLRQHV GH SUHVLyQ TXH LQFLGHQ HQ HO WtPSDQR HQ YLEUDFLRQHV
PHFiQLFDV\GHSDVRDPSOLILFDODVHxDOTXHOHOOHJD
(O ~OWLPR GH ORV HVODERQHV GHO yUJDQR DXGLWLYR HV HO 2Ì'2 ,17(512 \ HV TXLHQ VH HQFDUJD GH WUDQVIRUPDU HVWDV
YLEUDFLRQHVPHFiQLFDVHQSXOVRVILVLRHOHFWULFRV(QHVWDSDUWHGHORtGRHVGRQGHVHUHDOL]DOD³WUDQVIRUPDGDGH)RXULHU´\
ODVVHxDOHVSDVDQSRUXOWLPRDOFHUHEUR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
2tGRH[WHUQR)XQFLyQUHFHSWRUD
/DRUHMDRSDEHOOyQDXGLWLYRHVORSULPHURTXHHQFXHQWUDODRQGDGHSUHVLyQVRQRUD(VWHHOHPHQWRSHUWXUEDFRPRYLPRV
HQDQWHULRUHVFDStWXORVODVVHxDOHVDSDUWLUGHFLHUWDVIUHFXHQFLDV(QODFXHQFDGHODRUHMDVHSURGXFHQUHIOH[LRQHVGHODV
RQGDVTXHOOHJDQGHOH[WHULRUGHPDQHUDTXHSRGHPRVSHUFLELUODGLUHFFLRQDOLGDGGHODVVHxDOHV(QFLHUWRVDQLPDOHVHVWH
IHQyPHQR VH SXHGH DSUHFLDU REVHUYDQGR HO FRQWLQXR PRYLPLHQWR TXH UHDOL]DQ FRQ ODV RUHMDV SDUD FDSWDU \ GHWHUPLQDU
PHMRUODSURFHGHQFLDGHORVVRQLGRV
7HQHPRVXQFRQGXFWRDXGLWLYRH[WHUQRXQWXERSHTXHxLWRGHXQRVFPFRQVXVUHVRQDQFLDVFRPRWRGRVORVWXERV
(VWDVUHVRQDQFLDVWLHQHQXQIDFWRUGHFDOLGDGEDMRSXHVODFDUQHEODQGDWLHQHPXFKDVSHUGLGDVSRUIULFFLyQSHOLOORVFHUD\
GHPiV(VWRKDFHTXHODDQFKXUDGHEDQGDGHHVWDVUHVRQDQFLDVVHDJUDQGH\DPSOLILTXHELHQXQDFLHUWD FDQWLGDGGH
IUHFXHQFLDVDOUHGHGRUGHODIUHFXHQFLDGHUHVRQDQFLD(VWDUHVRQDQFLDIXQGDPHQWDOGHOFRQGXFWRVHFDOFXODFRQODORQJLWXG
HIHFWLYD/HSDUDORVWXERVFHUUDGRVDELHUWRVFRQSHVWDxD(OUDGLRGHOFRQGXFWRHVGHPPDSUR[LPDGDPHQWH
/H /[5
/ P
5 P
I =
&
λ
=
&
/H
/H [ P I [ +]
eVWD HV OD IUHFXHQFLD GH UHVRQDQFLD GHO FRQGXFWR DXGLWLYR /D H[WUHPD VHQVLELOLGDG TXH WLHQH HO RtGR KXPDQR D ODV
IUHFXHQFLDVFHUFDQDVDORVN+]VHGHEHHQSDUWHDHVWDIUHFXHQFLDGHUHVRQDQFLDHVSHFtILFDGHHVWHFRQGXFWRGHORtGR
H[WHUQR/DVRQGDVTXHOOHJDQDOPLVPRSDVDQFRQPiVIDFLOLGDGDWUDYpVGHpOVLVXVFRUUHVSRQGLHQWHVIUHFXHQFLDVVH
HQFXHQWUDQHQHOHVSHFWURGHODDQFKXUDGHEDQGDGHHVWDUHVRQDQFLD
2tGRPHGLR7UDQVIRUPDFLyQDF~VWLFRPHFiQLFD
$OILQDOGHORtGRH[WHUQRVHHQFXHQWUDHOWtPSDQRXQDPHPEUDQDHQWHQVLyQVHPHMDQWHDODSLHOGHXQWDPERUPX\ILQD
GH PP GH HVSHVRU FRQ XQD VXSHUILFLH PHGLD GH FP &XDQGR OOHJDQ ODV VREUHSUHVLRQHV \ GHSUHVLRQHV D HVWD
PHPEUDQDVHH[FLWD\YLEUDFRQHOPLVPRSDWUyQGHYLEUDFLyQTXHODRQGDUHFLELGD(VWDVYLEUDFLRQHVSDVDQDORVWUHV
KXHVHFLOORVGHORtGRPHGLRPDUWLOOR\XQTXH\HVWULER/DVIUHFXHQFLDVGHYLEUDFLyQTXHSXHGHQOOHJDUDDOFDQ]DUSRUVX
WDPDxRPDWHULDO\HVWUXFWXUDHVWRVKXHVRVVRQGHXQDVSRUVHJXQGRFRPRPi[LPRTXHQRHVSRFR
(VWHUHFLQWRPHGLRWLHQHFRPXQLFDFLyQFRQODFDYLGDGEXFDOSRUPHGLRGHOD7URPSDGH(XVWDTXLRTXHVHHQFDUJDGH
HTXLOLEUDUODVSUHVLRQHVDWPRVIpULFDVTXHVRSRUWDQORVGRVODGRVGHOWtPSDQR&XDQGRQRVHQFRQWUDPRVDJUDQDOWXUDOD
SUHVLyQ DWPRVIpULFD H[WHULRU HV SHTXHxD (Q HO PRPHQWR HQ HO TXH FRPHQ]DPRV D GHVFHQGHU OD SUHVLyQ HQ OD SDUWH
H[WHULRUGHOWtPSDQRDXPHQWD\pVWHVHWHQVDKDFLDHOLQWHULRUGLVPLQX\HQGRODFDSDFLGDGGHUHVSXHVWDGHOPLVPR(VWH
FDQDOGHFRPXQLFDFLyQHQWUHHORtGRPHGLR\HOH[WHULRUDWUDYpVGHODERFDKDFHTXHODVSUHVLRQHVVHFRPSHQVHQ\HO
WtPSDQRVHVLW~HHQVXSRVLFLyQySWLPDGHIXQFLRQDPLHQWR%RVWH]DURVRSODUFRQIXHU]DPRGHUDGDWDSDQGRERFD\QDUL]
SUiFWLFD KDELWXDO HQ VXEPDULQLVPR VRQ PpWRGRV XWLOL]DGRV SDUD FRPSHQVDU HVWDV GLIHUHQFLDV GH SUHVLyQ $EULUOD ERFD
ELHQ\WRPDUDLUHIUHQWHDXQDH[SORVLyQHYLWDSRVLEOHVURWXUDV\GDxRVLUUHYHUVLEOHV/DPXVFXODWXUDTXHVXMHWDHOWtPSDQR
WDPELpQD\XGDDHYLWDUGHIRUPDFLRQHVH[DJHUDGDVWHQVLRQiQGRVHIUHQWHDSUHVLRQHVVRQRUDVHOHYDGDV
/DIXHU]DTXHKDFHHOHVWULERHQODYHQWDQDRYDOVREUHODFXDOVHDSR\DHVYHFHVPD\RUTXHODIXHU]DHMHUFLGDSRUHO
WtPSDQR VREUH HO PDUWLOOR *UDFLDV D OD GLVSRVLFLyQ GH ORV KXHVRV VH FUHD XQ HIHFWR SDODQFD TXH DPSOLILFD OD VHxDO /D
YHQWDQDRYDOHVXQDVYHFHVPiVSHTXHxDTXHHOWtPSDQRFRQORFXDOVHSXHGHFDOFXODUTXHODSUHVLyQHMHUFLGDVREUHOD
YHQWDQDHVDSUR[LPDGDPHQWHYHFHVVXSHULRUDODTXHHOWtPSDQRHMHUFHVREUHHOPDUWLOOR6HSURGXFHXQDDPSOLILFDFLyQ
GHSUHVLyQHQXQIDFWRUGH\FRPR, 3ODLQWHQVLGDGTXHGDDPSOLILFDGDXQDVYHFHV
2tGRLQWHUQR7UDQVIRUPDFLyQPHFiQLFRHOpFWULFD\7UDQVIRUPDGDGH)RXULHU
3HJDGRDODYHQWDQDRYDOWHQHPRVHOFDUDFRORODFyFOHDXQDSHTXHxDOHQJXDHQURVFDGDTXHVHUHFRJHVREUHVtPLVPD
XQSRFRPiVGHGRVYXHOWDV7LHQHXQDORQJLWXGGHFPDSUR[LPDGDPHQWH\GHQWURGHHVWHFDUDFROHVWiODSDUWHPiV
LPSRUWDQWHGHWRGRHOVLVWHPDDXGLWLYRDTXLHVGRQGHVHJHQHUDQORVSXOVRVHOpFWULFRVTXHOOHJDQDOFHUHEUR
(Q HO RtGR LQWHUQRVH HQFXHQWUDQ WUHV FRQGXFWRV RFDQDOHV VHPLFLUFXODUHV VLWXDGRVHQ GLIHUHQWHV SODQRV \OOHQRV GHXQ
OtTXLGRGHPDQHUDTXHDQWHLQFOLQDFLRQHVGHODFDEH]DRFXHUSRHQFXDOTXLHUGLUHFFLyQDOPHQRVXQRGHORVFDQDOHV\VX
OtTXLGRVXIUHQGHVSOD]DPLHQWR\VHDFWLYDQFLHUWRVVHQVRUHVORTXHKDFHTXHVHGHWHFWHHVWHPRYLPLHQWR(VWRVFDQDOHV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
VRQORVTXHVHHQFDUJDQGHOHTXLOLEULR\ODVDQRPDOtDVHQVXIXQFLRQDPLHQWRWLHQHQFRPRFRQVHFXHQFLDORVVtQWRPDVGHO
YpUWLJR
'HQWURGHOFDUDFROWHQHPRVHOFRQGXFWRFRFOHDUHQHOFXDOHVWiODPHPEUDQDEDVLODU(VDTXtGRQGHVHVLW~DHOyUJDQRGH
&RUWL(VWHyUJDQRFRQVWDGHXQRVSHOLOORVVXPHUJLGRVHQXQOtTXLGROODPDGRHQGROLQID(VWRVSHOLOORVVRQORV
TXH SURGXFHQ SXOVRV HOpFWULFRV FXDQGR VRQ PRYLGRV SRU OD HQGROLQID OD FXDO VH DJLWD FXDQGR OOHJDQ YLEUDFLRQHV GH ORV
KXHVRVDWUDYpVGHODYHQWDQDRYDO/D PHPEUDQDEDVLODUOOHJDFDVLKDVWDHOH[WUHPR$OILQDOKD\XQDJXMHUROODPDGR
KHOLFRWUHPDTXHFRQHFWDHOFRQGXFWRFRFOHDUFRQODYHQWDQDUHGRQGD(OOtTXLGRSXHGHSDVDUDWUDYpVGHHVWHDJXMHURDO
FRQGXFWRLQIHULRUGHOFDUDFRO\FRQHFWDUFRQODYHQWDQDUHGRQGD/DIXQFLyQGHHVWDYHQWDQLWDHVHTXLOLEUDUODVSUHVLRQHV\
GHSUHVLRQHVTXHVHJHQHUDQHQODYHQWDQDRYDO
'H FDGD SHOLOOR VDOH XQ QHUYLR \ HVWRV FDEOHV FRPSRQHQ HO QHUYLR DF~VWLFR TXH OOHJD KDVWD HO FHUHEUR /D
PHPEUDQD WHFWyULFD SURWHJH ORV SHOLOORV GH PRYLPLHQWRV DMHQRV D ODV VHxDOHV DF~VWLFDV FRPR PRYLPLHQWRV GH FDEH]D
UiSLGRVHWFGHHVWDPDQHUDFXDOTXLHUSHUWXUEDFLyQTXHGDDQXODGD\ODVYLEUDFLRQHVTXHVHSURGXFHQHQODPHPEUDQD
VHUiQFDXVDGDV~QLFDPHQWHSRUPRYLPLHQWRVRYLEUDFLRQHVGHOHVWULER
7HRUtDGHODORFDOL]DFLyQ
8QDWHRUtDTXHH[SOLFDFRPRSHUFLELPRVODVGLIHUHQWHVIUHFXHQFLDVHVODWHRUtDGHODORFDOL]DFLyQ/DSDUWHPiVFHUFDQDD
ODYHQWDQDRYDOVHOODPD]RQDEDVDO\HOILQDOHVOD]RQDDSLFDO
/D PHPEUDQD EDVLODU HV OD TXH KDFH HO DQiOLVLV GH )RXULHU &XDQGR VH SURGXFH XQD YLEUDFLyQ GH XQD IUHFXHQFLD
GHWHUPLQDGDHQODYHQWDQDRYDOKD\XQD]RQDGHODPHPEUDQDEDVLODUTXHSUHVHQWDPD\RUDFWLYLGDG(OOtTXLGRVHDJLWD
PiVHQHVD]RQDFRQFUHWD\ORVSHOLOORVVLWXDGRVHQHVDUHJLyQJHQHUDQSXOVRVHOpFWULFRVJUDFLDVDOPRYLPLHQWRDOTXHVRQ
VRPHWLGRV/DVYLEUDFLRQHVGHEDMDIUHFXHQFLDTXHOOHJDQDODYHQWDQDRYDOKDFHQTXHUHVXHQHODHQGROLQIDVLWXDGDHQOD
]RQDDSLFDO6HJ~QDXPHQWDODIUHFXHQFLDOD]RQDTXHSUHVHQWDPD\RUDFWLYLGDGGHOOLTXLGRVHYDUHWUDVDQGR\DFHUFDQGR
KDFLDOD]RQDEDVDO
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(V GH VXSRQHUTXHODV IUHFXHQFLDVPiV DOWDV TXHVRPRVFDSDFHVGH SHUFLELU SRQJDQHQ PDUFKD ORV SHOLOORV TXH HVWiQ
VLWXDGRVMXVWRDOODGRGHODYHQWDQDRYDO&XDQGROOHJDDORtGRXQDVHxDOTXHUHVXOWDVHUODVXPDGHXQDVFXDQWDVRQGDV
GHGLIHUHQWHVIUHFXHQFLDVHQODPHPEUDQDEDVLODUDSDUHFHUiDFWLYLGDGHQODV]RQDVTXHFRUUHVSRQGHQDODVIUHFXHQFLDV
TXHFRPSRQHQODVHxDO
(VWDWHRUtDQRUHVXHOYHWRGRVORVSUREOHPDVSXHVVLELHQVROXFLRQDHODQiOLVLVGHODVIUHFXHQFLDVQRH[SOLFDQDGDDFHUFD
GHFLHUWRVIHQyPHQRVGHIUHFXHQFLDVDOWDVDUPyQLFRVVXSHULRUHV\UHFRQVWUXFFLyQGHODDOWXUDGHWRQR GHOIXQGDPHQWDO
FXDQGRHVWHQRWLHQHDPSOLWXG
7HRUtDGHODSHULRGLFLGDG
:KLOHSODFHWKHRU\WULHVWRH[SODLQSLWFKVHQVDWLRQE\ILQGLQJSODFHVLQWKHEDVLODUPHPEUDQHZKHUHWKHH[FLWDWLRQE\WKH
VWLPXOXV LV PD[LPDO WHPSRUDO WKHRU\ LV D WLPHGRPDLQ PHFKDQLVP ZKLFK LV HYHQWEDVHG LH LW WULHV WR GHWHFW WKH WLPH
LQWHUYDO EHWZHHQ HYHQWV ZKLFK PD\ EH SHDNV RU RYHUDOO HQYHORSH RI WKH LQSXW ZDYHIRUPV 7KHVH HYHQWV GHWHUPLQH WKH
SHULRGLFLW\RIWKHZDYHIRUPDQGWKHUHFLSURFDORIWKHSHULRGLFLW\LVWKHVDPHDVWKHIXQGDPHQWDOIUHTXHQF\,QKLVUHVLGXH
SLWFKWKHRU\6FKRXWHQ6FKRXWHQ6FKRXWHQ5LWVPDDQG&DUGR]RPHQWLRQHGWKHLPSRUWDQWUROHRIXQUHVROYHG
KLJK KDUPRQLFV $FFRUGLQJ WR KLP SLWFK VHQVDWLRQ RI D FRPSOH[ WRQH RFFXUV ZKHQ DQ LQWHUDFWLRQ RI WKRVH VHYHUDO
XQUHVROYHG KDUPRQLFV UHVXOWV LQ D SHULRGLF WLPH SDWWHUQ RI WKH ZDYHIRUP DQG WKH UHVLGXH SLWFK LV GHWHUPLQHG E\ WKH
SHULRGLFLW\(VWXGLRVUHDOL]DGRVSRUHVWDVWUHVSHUVRQDV2[HQKDQ%HUQVWHLQDQG3HQDJRVUHYHODQODYDOLGH]GHODWHRUtD
GHODORFDOL]DFLyQ
/DVFpOXODVGHOyUJDQRGH&RUWLVRQODVHQFDUJDGDVGHJHQHUDUSXOVRVILVLRHOpFWULFRVTXHYDQDSDUDUDOD]RQDGHOFHUHEUR
FRUUHVSRQGLHQWH7HQHPRVXQOHQJXDMHELQDULROOHJDXQSXOVRRQROOHJD/DWHRUtDGHODSHULRGLFLGDGQRVGLFHTXHHQFDGD
]RQD HVSHFtILFD GH OD PHPEUDQD EDVLODU SDUD XQD IUHFXHQFLD GHWHUPLQDGD XQ JUXSR GH FpOXODV YD D WUDEDMDU
FRQMXQWDPHQWHSDUDHQYLDUDOFHUHEURPiVRPHQRVSXOVRVHOpFWULFRVHQIXQFLyQGHODIUHFXHQFLDTXHOOHJDDORtGR6HFUHH
TXHODVFpOXODVWDQVRORVRQFDSDFHVGHYLEUDUYHFHVSRUVHJXQGR\TXHVHUHSDUWHQHOWUDEDMRSDUDSRGHUUHVSRQGHU
DIUHFXHQFLDVVXSHULRUHV+D\IHQyPHQRVTXHQRVHH[SOLFDQFRQODWHRUtDGHODORFDOL]DFLyQSRUORTXHVHFUHHTXHKDGH
H[LVWLU RWUD PDQHUD GH SHUFLELU OD DOWXUD GH WRQR /D WHRUtD GH OD SHULRGLFLGDG SRGUtD VHU RWUD PDQHUD GH H[SOLFDU HO
IHQyPHQRGHODVRQRULGDG(VWtPXORVFRQSRFDVRQRULGDGSRQGUtDQHQPDUFKDSRFRVSHORV\OOHJDUtDQDOFHUHEURSRFRV
SXOVRVGHXQDPLVPD]RQD6LDXPHQWDODVRQRULGDGODVFpOXODVVHUHSDUWHQHOWUDEDMR\OOHJDQPiVFDQWLGDGGHSXOVRVGH
HVDPLVPD]RQD
$FWLYLGDGGHORVKHPLVIHULRVFHUHEUDOHV
(QHOIRUHQVH3LHU3DXO%URFDVHSHUFDWyGHTXHORVKXPDQRVKDEOiEDPRVFRQXQD]RQDGHOFHUHEURORFDOL]DGDHQHO
KHPLVIHULRL]TXLHUGR/OHJyDHVWDFRQFOXVLyQGLVHFFLRQDQGRORVFHUHEURVGHSHUVRQDVTXHKDEtDQYLYLGRFRQSUREOHPDVGH
KDEOD
0iVWDUGHHQ5RJHU6SHULQJUHWRPyORVHVWXGLRVDQWHULRUHV\VHUHDILUPyHQORPLVPR(OODGRL]TXLHUGRGHOFHUHEUR
VHHQFDUJDGHODVIXQFLRQHVGHOKDEOD6HVXSRWDPELpQTXHHOKHPLVIHULRGHUHFKRFRQWUROD\JRELHUQDODSDUWHL]TXLHUGD
GHOFXHUSR\HOKHPLVIHULRL]TXLHUGRFRQWURODODSDUWHGHUHFKD([SHULPHQWyFRQHSLOpSWLFRVDORVTXHVHOHVSUDFWLFDEDXQD
RSHUDFLyQGHGHVFRQH[LyQGHORVGRVKHPLVIHULRVGHOFHUHEURSDUDSDOLDUODHSLOHSVLD(VWRVHUDQORVVXMHWRVDSURSLDGRV
SDUDFRPSUREDUHVWHIHQyPHQRGH³FUXFHGHFDEOHV´
(QORVVHUHVKXPDQRV\GHPiVDQLPDOHVH[LVWHXQIOXMRGHLQIRUPDFLyQHQWUHORVKHPLVIHULRV
GHUHFKR H L]TXLHUGR SHUR HQ ODV SHUVRQDV HSLOpSWLFDV RSHUDGDV HVWD YtD GH WUDVPLVLyQ GH
GDWRVHVWDEDFRUWDGD\VHSXGLHURQGHVFXEULUFLHUWDVIXQFLRQHVGHOFHUHEUR
(QHOH[SHULPHQWRODSHUVRQDWLHQHORVKHPLVIHULRVGHVFRQHFWDGRV6HPXHVWUDQXQDVILJXUDV
HQODSDQWDOODL]TXLHUGD&DGDRMRYHXQDFRVDGLIHUHQWH(OMHIHOHGLFHDOVXMHWRTXHFRMDHO
FXER TXH HVWi YLHQGR /D VHxDO GHO FXER HQWUD SRU HO RMR L]TXLHUGR \ OOHJD DO KHPLVIHULR
GHUHFKR $O KHPLVIHULRL]TXLHUGR QR OOHJDYLVLyQDOJXQD \FRPR pVWH HV HOTXH JRELHUQD HO
KDEODGLFHODSHUVRQD³TXHQRYHQDGD´SHURODIUDVHHQWUDSRUORVGRVRtGRV\ORTXHHQWUD
SRUHORtGRL]TXLHUGROOHJDDOKHPLVIHULRGHUHFKR³QRYHRQDGD´SHURVLKDYLVWRDOJRVHFUHD
XQDFRQIXVLyQUHFWLILFD\FRJHHOFXER
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
%DViQGRVHHQHVWRVH[SHULPHQWRVVHKDQSRGLGRFRQRFHUGLIHUHQWHVIXQFLRQHVTXHFRQWURODFDGDKHPLVIHULR
+HPLVIHULRGHUHFKR
+HPLVIHULRL]TXLHUGR
+DEOD 0XGRFDQWDFUHDP~VLFD
3LQWDPDOQRWLHQHVHQWLGRGHOHVSDFLR
1RHVFULEHSLQWDELHQ
/HHHVFULEHFDOFXOD
6XPDKDVWDQRUHVWDQLQL;
1RGLVWLQJXHWLPEUHV
'LVWLQJXHWLPEUHV
,PiJHQHVJUDQGHVUDVJRVQRGHILQLGRV 9HUDVJRV\GHWDOOHV
7LHQHVHQWLGRGHOWLHPSR 1RWLHQHVHQWLGRGHOWLHPSR
2SWLPLVWD
3HVLPLVWD
2ULHQWH WUDEDMDPiVFRQ HOKHPLVIHULR GHUHFKR\ RFFLGHQWH FRQ HO L]TXLHUGR HVWR VHSXHGH YHU HQ OD IRUPD GH SHQVDU
UDFLRQDOLVPRHPSLULVPRIRUPDVGHHVFULELUHWF
'HSHQGLHQGRGHODDFWLYLGDGTXHUHDOLFHPRVVHDFWLYDQGLIHUHQWHV]RQDVGHOFHUHEUR6LHVFXFKDPRVP~VLFDVLQWLpQGROD
VLQ DQDOL]DU HQWRQFHV VH DFWLYDQ ]RQDV GHO +' SHUR VL HPSH]DPRV D SHQVDU \ DQDOL]DU ORV LQWHUYDORV OD PHGLGD
WRQDOLGDGHWFODDFWLYLGDGVHGHVSOD]DDO+,&XDQGRKDEODPRVFDVLWRGDODDFWLYLGDGVHREVHUYDHQODSDUWHL]TXLHUGD
&RQODVQXHYDVWHFQRORJtDVVHKDSRGLGRGHVFXEULUTXHSDUWHGHOFHUHEURVHHQFDUJDGHFDGDIXQFLyQ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
$&Ó67,&$'(6$/$6
(Q OD DQWLJHGDG VH FRQVWUXtDQ GLIHUHQWHV WLSRV GH VDODV FRQ GLIHUHQWHV GLVHxRV KDVWD TXH GDEDQ FRQ XQR EXHQR \
FRQVHJXtDQXQDEXHQDVRQRULGDGGHVSXpVVHSURFXUDEDFRSLDUHVWHGLVHxRHQODVSRVWHULRUHVVDODV
<D HQ ORV WLHPSRV GH OD DQWLJXD *UHFLD OD SUHRFXSDFLyQ SRU XQD EXHQD DF~VWLFD HVWDED PX\ SUHVHQWH 3LWiJRUDV
H[SHULPHQWyPXFKR FRQ HO WHPD GHOD DF~VWLFDORV VRQLGRV ODV FXHUGDV HWF \ HV HO SULPHU FLHQWtILFRGHOTXHVH WLHQH
FRQVWDQFLD VREUH HVWH WLSR GH WUDEDMRV 3UREDEOHPHQWH pO \ VX JUXSR WDPELpQ HVWXGLDURQ ORV GLIHUHQWHV GLVHxRV GH XQ
DQILWHDWURTXHKDUtDODHVFXFKDGHODREUDPiVSUHFLVD\HQHOTXHFXSLHUDQPiVHVSHFWDGRUHV
(OGLVHxRGHORVDQWLJXRVDQILWHDWURVHVWiDF~VWLFDPHQWHPX\ORJUDGR\FXPSOHELHQODVQHFHVLGDGHVTXHVHOHH[LJHQ/D
SUR\HFFLyQGHOVRQLGRVHORJUDELHQFRQODSDUHGWUDVHUDGHOHVFHQDULR\HOVRQLGROOHJDELHQDWRGRHOS~EOLFRJUDFLDVDOD
LQFOLQDFLyQGHODVJUDGDVDGHPiVODIRUPDVHPLFLUFXODUGHpVWDVHVODPHMRUPDQHUDSDUDTXHHOPD\RUQ~PHURGHS~EOLFR
YHDORPiVFHUFDSRVLEOHODREUD
+R\HQGtDWDPELpQVHSXHGHQFRQVWUXLUEXHQDVVDODVFRQWRGRVORVFRQRFLPLHQWRVWHyULFRVTXHKD\VREUHDF~VWLFD6H
WLHQH XQ FRQWURO FLHQWtILFRVREUH HVWD SUREOHPiWLFD D~Q DVt VLHPSUHVHVXHOH SUHVHQWDUDOJ~QTXH RWUR LQFRQYHQLHQWH R
SUREOHPDXQDYH]FRQVWUXLGDODVDOD
• 3UREOHPDV GH WLSR ItVLFR SUHVHQWDGRV SRU ODV UHIOH[LRQHV GH ODV RQGDV HQ ORV PDWHULDOHV eVWRV MXQWR FRQ OD
JHRPHWUtDFRQGLFLRQDQHOFRPSRUWDPLHQWRGHODVRQGDVFRQORVIHQyPHQRVGHUHIOH[LyQGLIXVLyQ\DEVRUFLyQ
• 3UREOHPDV GH WLSR SVLFRDF~VWLFR 5HIOH[LRQHV LQGHVHDGDV TXH GLVWRUVLRQDQ OD VHQVDFLyQ GH VRQLGR GLUHFWR (O
VRQLGRQRSDUHFHTXHOOHJXHGHVGHGRQGHHVWDVLWXDGDODRUTXHVWD
• 6XUJHQSUREOHPDVGHWLSRSUHIHUHQFLDO8QDVDODSXHGHVHUEXHQDSDUDLQWHUSUHWDUP~VLFDVLQIyQLFDSHURSRFR
DGHFXDGDSDUDP~VLFDGHFiPDUD3DUDXQFROHFWLYRGHWHUPLQDGRDOJXQDVVDODVVRQPX\EXHQDV\RWUDVQRWDQ
EXHQDV /D UHYHUEHUDFLyQ HV XQD FXDOLGDG GH OD VDOD TXH JXVWD D XQRV R\HQWHV PiV \ D RWURV PHQRV /RV
QyUGLFRVSUHILHUHQODVVDODVFRQSRFDUHYHUEHUDFLyQ
([LVWHQXQDVHULHGHH[LJHQFLDVSDUDODEXHQDDF~VWLFDGHXQDVDOD6HOHSXHGHQH[LJLUGHWHUPLQDGDVFDUDFWHUtVWLFDVSDUD
TXHODHVFXFKDVHDySWLPD
$XVHQFLDGHUXLGRVH[WHULRUHVHLQWHULRUHV
%XHQDWUDVPLVLyQGHOVRQLGRGHVGHHOHVFHQDULRDWRGRVORVSXQWRVGHODXGLWRULR
%XHQDDXGLFLyQHQWUHORVLQWpUSUHWHV
5HVSXHVWDLGyQHDHQWRGDODJDPDGHIUHFXHQFLDV
(VWDELOLGDGGHWHPSHUDWXUD\KXPHGDG
5HYHUEHUDFLyQDGHFXDGD
$XVHQFLDGHHFR
6HQVDFLyQQtWLGDGHGLUHFFLRQDOLGDGHOVRQLGROOHJDGHVGHHOHVFHQDULR
&DOLGH]\FODULGDG
(TXLOLEULRGHUHVSXHVWD7RGRVORVLQVWUXPHQWRVKDQGHRtUVHSRULJXDO
/DVDODYDFtDKDGHVRQDUWDQELHQFRPRFXDQGRHVWiHODIRURFRPSOHWR
$PSOLDUHVSXHVWD\GLQiPLFD5DSLGH]GHUHVSXHVWD
+DFH \D XQRV FXDQWRV DxRV VH KL]R HQWUH ORV GLUHFWRUHV GH RUTXHVWD XQD HQFXHVWD SDUD GHWHUPLQDU FXiOHV VRQ ODV
PHMRUHVVDODVGHOPXQGR\ODVPHMRUFRQVLGHUDGDVIXHURQODVVLJXLHQWHV
0XVLF9HUHLQKDPV
9,(1$
&RQFHUWJHERQ
$067(5'$0
7HDWUR&ROyQ %8(126$,5(6
6LQSKRQ\+DOO
%26721 .RQVHUW+XVHW
*g7(%25*
3DODLV'HV%HDX[$UWV %586(/$6
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6HSXHGHUHVDOWDUTXHWRGDVHOODVWLHQHQXQDSODQWDUHFWDQJXODUDODUJDGDVRQGHODpSRFDQHRFOiVLFD\VRQPX\EXHQDV
SDUDODP~VLFDVLQIyQLFD(Q%LOEDRH[LVWHXQDVDOD/D)LODUPyQLFDPX\EXHQDSDUDODP~VLFDGHFiPDUDSRUVXFDUiFWHU
VHFR SRFD UHYHUEHUDFLyQSHUR QR OR HV WDQWR SDUD OD P~VLFDVLQIyQLFD /DV SODQWDV UHFWDQJXODUHV DODUJDGDVVDWLVIDFHQ
PX\ ELHQ FLHUWRV IHQyPHQRV UHODFLRQDGRV FRQ OD SHUFHSFLyQ \ HO VRQLGR GLUHFWR (O QHRFOiVLFR VH FDUDFWHUL]D SRU VX
DUTXLWHFWXUDFRQDGRUQRVTXHUHVXOWDQPX\SRVLWLYRVSDUDODGLIXVLyQGHOVRQLGR
(FR\UHYHUEHUDFLyQ
(O HFR HV OD YLYHQFLD GH XQ PLVPR VRQLGR TXH XQD YH] FHVDGR YXHOYH D
HVFXFKDUVH (VWH IHQyPHQR VH GHEH D XQD UHIOH[LyQ OHMDQD 6L QRV VLWXDPRV
IUHQWH D XQD SDUHG D XQD GLVWDQFLD GH PiV GH P \ SURGXFLPRV XQ VRQLGR
QXHVWURVRtGRVHVFXFKDQLQPHGLDWDPHQWHHOVRQLGRJHQHUDGRSRUQRVRWURV\DO
GH SRFR WLHPSR YROYHPRV D HVFXFKDU HVH PLVPR VRQLGR TXH KD UHFRUULGR HO
FDPLQRGHLGDKDVWDODSDUHG\YXHOWDKDVWDQRVRWURV
9DPRVDWHQHUHQFXHQWDXQGDWRPX\LPSRUWDQWHTXHHVHOWLHPSRTXH
QHFHVLWD HO RtGR SDUD UHODMDUVH GHVSXpV GH XQ HVWLPXOR \ SHUFLELU RWUR
GLVWLQWR DO DQWHULRU (QFDStWXORV DQWHULRUHV YLPRV FRPR HVWH WLHPSR GH
UHODMDFLyQ HV GH DSUR[LPDGDPHQWH PV &RQVLGHUDPRV XQD VHxDO
JHQHUDGDHQXQDVDODDQRVRWURVQRVOOHJDHOSULPHUHVWLPXORGLUHFWRGH
ODVHxDOGLVWDQFLD G\ODVUHIOH[LRQHVTXHVHSURGXFHQHQODVDODQRV
OOHJDUiQ VXFHVLYDPHQWH XQD WUDV GH RWUD HQ LQWHUYDORV GH WLHPSR TXH
GHSHQGHUiQ GH OD GLVWDQFLD UHFRUULGD SRU OD VHxDO ±HQ OD UHIOH[LyQ GHO
WHFKR GG /D GLIHUHQFLD HQWUH ORV GRV FDPLQRV HV OR TXH YDPRV D
WHQHUHQFXHQWDSDUDSHUFLELUHFRRUHYHUEHUDFLyQ
7LHPSRGHUHYHUEHUDFLyQ
6LODVVHxDOHVUHIOHMDGDVOOHJDQDORtGRDQWHVGHTXHHVWHVHUHODMHDQWHVGHPVHQWRQFHVQRHVFXFKDPRVHFRVLQRTXH
ODVHxDOUHIOHMDGDUHIXHU]DDODSULPHUD\VHSURGXFHODUHYHUEHUDFLyQ3RGHPRVWHQHULQILQLGDGGHUHIOH[LRQHVTXHOOHJDQDO
RtGRFDGDYH]FRQPHQRULQWHQVLGDGFRQVHFXWLYDPHQWHFRQLQWHUYDORVPHQRUHVGHPVGXUDQWHXQRVFXDQWRVVHJXQGRV
(QHVWDVFRQGLFLRQHVVHGLFHTXHODVDODWLHQHWDQWRVVHJXQGRVGHUHYHUEHUDFLyQ'HILQLPRVODUHYHUEHUDFLyQFRPRHO
WLHPSRTXHWDUGDXQVRQLGRXQDYH]TXHFHVDGHHPLWLUODIXHQWHHQGHFDHUG%
(QXQDVDODVHUiQPiVDGHFXDGRVXQRVWLHPSRVGHUHYHUEHUDFLyQTXHRWURV(VWRGHSHQGHUiGHOWLSRGHP~VLFDTXHVHYD
DLQWHUSUHWDU\GHORVLQVWUXPHQWRVFRQORVTXHVHLQWHUSUHWDODP~VLFD(VWHWLHPSRGHUHYHUEHUDFLyQGHSHQGHHQWUHRWUDV
FRVDVGHOYROXPHQGHODVDOD&XDQWRPD\RUHVHOYROXPHQPD\RUHVHVWHWLHPSRGHUHYHUEHUDFLyQ7WDPELpQOODPDGR
57(QHVWDWDEODSRGHPRVYHUGLIHUHQWHVYDORUHVGHODUHYHUEHUDFLyQSDUDVDODVGHYRO~PHQHVGLIHUHQWHV
92/80(1P ÏUJDQR 6LQIyQLFD
ÏSHUD 0~VLFDGH&iPDUD
&RQIHUHQFLD
8QDySHUDQHFHVLWDVHUUHSUHVHQWDGDHQXQDVDODFRQSRFDUHYHUEHUDFLyQSDUDTXHHOVRQLGRVHDOLPSLR\VHRLJDFRQ
FODULGDGORTXHHOFDQWDQWHFDQWD\ORTXHFXHQWD
3DUD P~VLFD SRU HMHPSOR GH %UDPV %HHWKRYHQ VLQIRQtDV GH :DJQHU HWF OD UHYHUEHUDFLyQ DOWD HV SRVLWLYD 7 VHJ
(VWDVREUDVQHFHVLWDQHVDUHYHUEHUDFLyQSDUDVHUHVFXFKDGDVFRQWRGRVXFDUiFWHUGHJUDQGLRVLGDG(QJHQHUDOODP~VLFD
URPiQWLFDGHFDUiFWHUOHQWRVHHVFXFKDELHQHQVDODVFRQPD\RUWLHPSRGHUHYHUEHUDFLyQ
/D P~VLFD EDUURFD 0|]DUW %DFK HWF P~VLFD GH FiPDUD FLHUWRV DXWRUHV FOiVLFRV FRPR 6WUDYLQVN\ PRGHUQRV FRPR
6FK|QEHUJHWFUHTXLHUHQGHWLHPSRVGHUHYHUEHUDFLyQPHQRU7 VHJ1RQHFHVLWDQODVHQVDFLyQGHJUDQGLRVLGDG\D
TXHVXVFRPSRVLFLRQHVVRQPiVUiSLGDV\FRQPXFKRVDGRUQRVTXHUHTXLHUHQGHXQDVDODFODUDRVHFDSDUDTXHWRGRVORV
GHWDOOHVVHSHUFLEDQELHQ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6L TXLWDPRV WRGD OD UHYHUEHUDFLyQ D OD VDOD FRPR HQ XQD VDOD DQHFyLFD VH HVFXFKDUi PX\ FODUR \ OLPSLR SHUR D OD
LQWHUSUHWDFLyQOHIDOWDUDFXHUSR\WHQGUHPRVFLHUWDVHQVDFLyQGHDLVODPLHQWR/DVUHIOH[LRQHV\ODHQHUJtDVRQRUDTXHVH
PDQWLHQHHQODVDODD\XGDQDFUHDUXQDPELHQWHFiOLGR\DFRJHGRU(QORVHVWXGLRVGHUDGLR\WHOHYLVLyQHVQHFHVDULDSRFD
UHYHUEHUDFLyQ
/DIyUPXODTXHREWXYR6DELQHSDUDHOWLHPSRGHUHYHUEHUDFLyQIXH
7=
[9
&[D
(Q HVWD IyUPXOD 9 HV HO YROXPHQ GH OD VDOD FDOFXODGR HQ P & HV OD YHORFLGDG GHO VRQLGR \ D OR FDOFXODUHPRV GH OD
VLJXLHQWHPDQHUDHVODVXPDGHWRGRVORVWpUPLQRVTXHUHVXOWDQGHODPXOWLSOLFDFLyQGHOiUHDHQPGHFDGDVXSHUILFLHV
GLIHUHQWHSRUHOFRHILFLHQWHGHDEVRUFLyQįFRUUHVSRQGLHQWHDOPDWHULDOGHODVXSHUILFLHFRQVLGHUDGD'HFDGDVXSHUILFLHGH
PDWHULDOGLIHUHQWHREWHQHPRVXQWpUPLQR\VHUHDOL]DODVXPDGHWRGRVHOORV/DXQLGDGGHPHGLGDGHHVWHSDUiPHWURDHV
HOVDEtQ
D ĮVĮVĮVĮVĮQVQ ȈĮLVL
/RVEXHQRVGLUHFWRUHVGHRUTXHVWDSXHGHQOOHJDUDGHWHFWDUKDVWDYDULDFLRQHVHQHOWLHPSRGHUHYHUEHUDFLyQGHVHJ
SRUORTXHHVWDSUHFLVLyQHVQHFHVDULD(VWDIyUPXODHVDQWLJXD\H[LVWHQKR\HQGtDIyUPXODVPiVSUHFLVDVSHURFRQHOOD
SRGHPRVKDFHUQRVXQDLGHDGHFyPRVHKDFHQORVFiOFXORV\REWHQHUGDWRVDFHSWDEOHV6LODVDODHVJUDQGHVHSURGXFHQ
PHQRV UHIOH[LRQHV \ SRU FRQVLJXLHQWH PHQRV DEVRUFLyQ SRU OR TXH OD UHYHUEHUDFLyQ DXPHQWD &XDQWR PD\RU VHD OD
VXSHUILFLH WDPELpQ VH SURGXFH PiV DEVRUFLyQ \ HVWRV GRV SDUiPHWURV VH FRPSHQVDQ 6H SXHGHQ FRQVWUXLU VDODV FRQ
PXFKRYROXPHQ\PtQLPDVXSHUILFLHRPi[LPDGHSHQGLHQGRGHODJHRPHWUtDXWLOL]DGD\GHORTXHLQWHUHVH
8QDFiPDUDDQHFyLFDKDGHWHQHUXQWLHPSRGHUHYHUEHUDFLyQQXORVLHVWDELHQFRQVWUXLGDFRQXQDVXSHUILFLHLQPHQVD\
XQ PDWHULDO PX\ DEVRUEHQWH D~Q DVt FRQ OD IyUPXOD GH DUULED REWHQHPRV XQ YDORU GLIHUHQWH GH FHUR /D IyUPXOD
VREUHYDORUD ODV VDODV PX\ VHFDV SHUR YD ELHQ SDUD ODV QRUPDOHV 6H SXHGH XWLOL]DU SDUD REWHQHU ORV YDORUHV GH ORV
FRHILFLHQWHV GH DEVRUFLyQ GH ORV GLIHUHQWHV PDWHULDOHV DXQTXH GDUi YDORUHV XQ SRFR DOWRV 6L VH DSOLFDQ HVWRV PLVPRV
YDORUHVHQHVWDIyUPXODGH6DELQHVHFRPSHQVDQORVHUURUHV$XQTXHQRVSXHGHGDUXQDLGHDDSUR[LPDGDH[LVWHQWDEODV
PiVSUHFLVDVTXHpVWDVLJXLHQWH
0$7(5,$/
+]
9HQWDQDDELHUWD $]XOHMRDF~VWLFRUtJLGR $]XOHMRDF~VWLFRSDQHOHV $UWHVRQDGRGHPDGHUD +RUPLJyQ0iUPRO
&RUWLQDVPHGLDV $VLHQWRVWDSL]DGRVRFXSDGRV
$VLHQWRVWDSL]DGRVOLEUHV $VLHQWRVPDGHUDRFXSDGRV
$VLHQWRVPDGHUDOLEUHV /D PDGHUD FRPSHQVD D RWURV PDWHULDOHV \D TXH DEVRUEH PiV ORV JUDYHV TXH ORV DJXGRV (Q JHQHUDO ORV PDWHULDOHV
DEVRUEHQPiVORVDJXGRV/DVVDODVFRQVWUXLGDVFRQPXFKDPDGHUDVHUiQPX\EULOODQWHV
+R\HQGtDVHKDFHQHVWUXFWXUDVXWLOL]DQGRPDGHUDHQODFDUDYLVWDFRQDEHUWXUDV\SHTXHxDVFiPDUDVTXHIXQFLRQDQ
FRPRUHVRQDGRUHVGH+HOPKROW]SDUDREWHQHUPDWHULDOHVFRQFRHILFLHQWHVGHDEVRUFLyQPD\RUHVTXHHOGHODPDGHUDSHUR
FRQODHVWpWLFDDJUDGDEOH\FiOLGDGHODPDGHUD
8QDIyUPXODGLIHUHQWHSDUDFDOFXODUHOWLHPSRGHUHYHUEHUDFLyQSXHGHVHUODVLJXLHQWH
/H\GH(\ULQJ
7 [96[F[OQįGRQGHį ȈįLVL6GRQGH6HVODVXSHUILFLHWRWDO
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
3UREOHPDGHDSOLFDFLyQ
7HQHPRVXQDVDODGHGLPHQVLRQHV[[PFRQORVVLJXLHQWHVGDWRVVREUHORVPDWHULDOHVFRQORVTXHVHKDFRQVWUXLGR
ODVDOD
ôGHSODQWDFRQS~EOLFR
Į óGHODSODQWDHVFHQDULR
Į SDUHGGHOIRQGR
Į WHFKR
Į ODWHUDOHV
Į IURQWDO
Į 9 [[ P
3DUDFDOFXODUHOWLHPSRGHUHYHUEHUDFLyQGHHVWDVDODXWLOL]DUHPRVODIyUPXODVHQFLOODGH6DELQH
7=
[9
7 [[ VHJ
&[D
D VĮVĮVĮVĮVĮVĮ ô[[[ó[[[[[[[[[[[[ VDELQHV
(VWDVDODWDO\FRPRHVWDFRQVWUXLGDWLHQHXQWLHPSRGHUHYHUEHUDFLyQGHVHJXQGRVORFXDOKDFHTXHODVDODVHD
DGHFXDGDSDUDLQWHUSUHWDUP~VLFDVLQIyQLFDGLYHUVDGHDXWRUHVURPiQWLFRVFRPR%HWKRYHQ%UDPVHWFSHURWDPELpQVHUi
DFHSWDEOHSDUDP~VLFDTXHUHTXLHUDGHXQWLHPSRGHUHYHUEHUDFLyQVHQVLEOHPHQWHPHQRUDOGHVHJXQGRVHVSHFtILFRVGH
ODP~VLFDVLQIyQLFD
6LHQODVDODDQWHULRUTXHUHPRVLQWHUSUHWDUP~VLFDTXHUHTXLHUHGHXQWLHPSRGHUHYHUEHUDFLyQPHQRUSRGHPRVDMXVWDUOD
VXVWLWX\HQGRDOJXQRGHORVPDWHULDOHV/DVFRQGLFLRQHVySWLPDVSDUDLQWHUSUHWDUP~VLFDGH0R]DUWVRQ7 VHJXQGRV
3RGHPRVFDOFXODUHOQXHYRYDORUGHD
7 [[DHOYDORUQXHYRSDUDD 7HQHPRVXQS~EOLFRTXHKDGHVHUILMRHQVXFDSDFLGDGGHDEVRUFLyQ(OIRQGRGHODXGLWRULRWDPELpQKDGHDEVRUEHUHO
VRQLGR TXH OH OOHJD \ HO IURQWDO KD GH VHU UHIOHFWDQWH ORV PDWHULDOHV GHO WHFKR \ ODWHUDOHV VRQ ORV ~QLFRV TXH SRGHPRV
FDPELDUORVFXDOHVHQQXHVWUDVDODVRQEDVWDQWHUHIOHFWDQWHV\FRORFDUHPRVPDWHULDOHVPiVDEVRUEHQWHVSDUDODQXHYD
VDOD/DLQFyJQLWDHVDKRUDHOQXHYRFRHILFLHQWHGHDEVRUFLyQTXHORPXOWLSOLFDPRVDODVXPDGHOiUHDWRWDOGHSDUHGHV
ODWHUDOHV\WHFKR
Į[[[
Į ±±± Į §
3RGHPRV VXVWLWXLU HO PDWHULDO GHO WHFKR \ ORV ODWHUDOHV SRU RWUR XQ SRFR PiV DEVRUEHQWH Į \ GH HVWD PDQHUD
REWHQHPRVXQWLHPSRGHUHYHUEHUDFLyQSDUDODVDODGHVHJXQGRV
6HQVDFLyQGHVRQLGRGLUHFWR
/RVLQYHVWLJDGRUHV5HLFKKDUGW\6FKPLGWH[SHULPHQWDURQHQWUHRWUDVFRVDV
FRQ OD VHQVDFLyQ GH VRQLGR GLUHFWR (VWH HIHFWR HV PX\ LPSRUWDQWH HQ ODV
VDODV(QXQDEXHQDVDODODP~VLFDTXHRtPRVQRVGDODVHQVDFLyQGHTXH
YLHQHGHOOXJDUHQHOTXHVHVLW~DODRUTXHVWD6HSXHGHH[SHULPHQWDUHQTXH
FRQGLFLRQHVVHGHMDGHSHUFLELUVRQLGRGLUHFWR8WLOL]DURQSDUDODH[SHULHQFLD
XQD FiPDUD DQHFyLFD Į HQ OD FXDO VLWXDURQ D XQD SHUVRQD URGHDGD GH
DOWDYRFHV GH PDQHUD TXH SRGtDQ UHFUHDU ODV VXFHVLYDV UHIOH[LRQHV TXH VH
JHQHUDQHQXQDVDOD(OVRQLGRGLUHFWROOHJDDOR\HQWHGHVGHHOFHQWUR\FRQ
XQSHTXHxRUHWDUGR\XQDDWHQXDFLyQVHSXHGHVLPXODUHOVRQLGRUHIOHMDGRHQ
ODVGLIHUHQWHVSDUHGHVGHODVXSXHVWDVDOD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
6HOOHJRDODVLJXLHQWHFRQFOXVLyQ
5(7$5'2PV
È1*8/2
()(&72
W” FXDOTXLHUD
6RQLGRGLUHFWR
”W” ȕ” 6RQLGRGLUHFWR
”W” ”ȕ UHYHUEHUDFLyQ
”W
FXDOTXLHUD
HFR
(VWRVVHxRUHVYLHURQFXDWURJUXSRVGHIHQyPHQRV
&RQXQWLHPSRGHUHWDUGRSHTXHxRW”PVHQWUHXQDOWDYR]\RWURSDUDFXDOTXLHUiQJXORHOVRQLGRVHHVFXFKDFRPR
GLUHFWR
6L HO iQJXOR GHO VRQLGR UHIOHMDGR HV SHTXHxR ȕ”ž HV DFHSWDEOH XQ UHWDUGR GH KDVWD PV SDUD VHJXLU WHQLHQGR
VHQVDFLyQGHVRQLGRGLUHFWR
3DUDiQJXORVPD\RUHVXQUHWDUGRHQWUH\PLOLVHJXQGRVQRVGDXQDVHQVDFLyQGHUHYHUEHUDFLyQ\HOVRQLGRQR
SDUHFHWDQGLUHFWR
$SDUWLUGHORVPVVLOOHJDDOJXQDVHxDOUHIOHMDGDGHVGHFXDOTXLHUiQJXORVHHPSLH]DDSHUFLELUHFR\ODVHQVDFLyQGH
VRQLGRGLUHFWRVHURPSH
3RGHPRVUHFRUGDUFRPRODFRQVWDQWHGHUHODMDFLyQGHORtGRVHHQFXHQWUDHQWUH\PV\HVWHWLHPSRHVGHWHUPLQDQWH
SDUDODHVFXFKD\ODSHUFHSFLyQGHOVRQLGRGLUHFWR
/DVVDODVDODUJDGDVQRVXHOHQJHQHUDUUHIOH[LRQHVOHMDQDVDOPHQRVFRQODVSDUHGHV\pVWHHVXQRGHORVPRWLYRVSRUHO
FXDOVRQPX\DSUHFLDGDVSRUORVGLUHFWRUHVGHRUTXHVWD\HOS~EOLFRH[LJHQWH
6LHOWHFKRGHHVWDVVDODVHVGHPDVLDGRDOWRVHSXHGHQSURGXFLUUHIOH[LRQHVTXHVXSHUHQHVWHUHWDUGRGHPV
'HEHPRVSURFXUDUTXHORViQJXORVGHODVGLIHUHQWHVUHIOH[LRQHVQRVXSHUHQORVž
(QHOSULPHUGLEXMRHQHOSXQWR$GHODXGLWRULRWHQHPRVPXFKRVRQLGRGLUHFWR(QHOSXQWR&KD\PHQRVVRQLGRGLUHFWR
SHURHVWiUHIRU]DGRSRUODVUHIOH[LRQHVPHQRUHVGHžTXHJHQHUDQODLOXVLyQGHVRQLGRGLUHFWR/DVVDODVHQODVTXHVH
VLW~DHOHVFHQDULRFHQWUDGR\HOS~EOLFRDOUHGHGRUWLHQHQXQDGLVWDQFLDPtQLPDHQWUHS~EOLFR\RUTXHVWDSHURDF~VWLFDPHQWH
QRVRQPHMRUHV(QODVVDODVFRQWHFKRVDOWRVVHFRORFDQSDQHOHVSDUDHYLWDUODVUHIOH[LRQHVGHPDVLDGRODUJDV\UHGXFLUHO
iQJXORȼ'HHVWDPDQHUDHOiQJXORGHUHIOH[LyQHVPHQRU\VHFRQVLJXHPHMRUVHQVDFLyQGHVRQLGRGLUHFWR
'LUHFFLyQGHUDGLDFLyQGHLQVWUXPHQWRVPXVLFDOHV
'LIHUHQWHV LQYHVWLJDGRUHV KDQ UHDOL]DGR HVWXGLRV VREUH OD FDSDFLGDG UDGLDWLYD \ OD GLUHFFLyQ GH UDGLDFLyQ GH OD HQHUJtD
VRQRUD GH ORV GLIHUHQWHV LQVWUXPHQWRV (Q ODV FiPDUDV DQHFyLFDV VH SXHGHQ H[SHULPHQWDU WDPELpQ DVSHFWRV GH OD
SHUFHSFLyQKXPDQD6HKDYLVWRFRPRHORtGRGHUHFKRHVFXFKDPHQRVEULOODQWHTXHHOL]TXLHUGR
/RVLQVWUXPHQWRVQRUDGLDQODPLVPDFDQWLGDGGHHQHUJtDHQWRGDVODVGLUHFFLRQHV\HQFRQVHFXHQFLDSRGHPRVSHUFLELUGH
GLIHUHQWHPDQHUDXQLQVWUXPHQWRLQWHUSUHWDGRGHSHQGLHQGRGHODSRVLFLyQTXHWRPHPRVUHVSHFWRGHpVWHDORVODGRVGH
IUHQWHHWF
(QXQDFiPDUDUHYHUEHUDQWHGLIHUHQWHVLQVWUXPHQWRVSXHGHQOOHJDUDSDUHFHUHOPLVPRGHELGRDOHFR\XQVRORLQVWUXPHQWR
SXHGHVRQDUGHIRUPDTXHSDUH]FDQXQRVFXDQWRVWRFDQGR(OSDUiPHWURGHODUHYHUEHUDFLyQKDGHFRQWURODUVHPX\ELHQ
HQODVVDODVSDUDTXHQRVHGHVYLUW~HQODVFDUDFWHUtVWLFDVVRQRUDVGHORVGLIHUHQWHVLQVWUXPHQWRV\GHODRUTXHVWDHQVX
FRQMXQWR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/RVLQVWUXPHQWRVGHDUFRSRUGHEDMRGHORV+] LUUDGLDQHQWRGDVODVGLUHFFLRQHVSHURDIUHFXHQFLDVPiVDOWDVODV
GLUHFFLRQHVGHUDGLDFLyQVRQPiVHVSHFtILFDV3DVDDOJRSDUHFLGRFRQORVLQVWUXPHQWRVGHYLHQWR$IUHFXHQFLDVDOWDVOD
UDGLDFLyQHVPiVGLUHFFLRQDOPiVORQJLWXGLQDO
(VWH KHFKR KD GH WHQHUVH HQ FXHQWD D OD KRUD GH GLVHxDU OD GLVSRVLFLyQ GH ORV GLIHUHQWHV LQVWUXPHQWRV GHQWUR GH OD
RUTXHVWDGHPDQHUDTXHODPD\RUFDQWLGDGGHVRQLGROOHJXHDOS~EOLFR
&ODULGDG
$FWXDOPHQWH VH XWLOL]DQ SXOVRV GH FRUWD GXUDFLyQ SDUD ODV PHGLGDV DF~VWLFDV FRPR SHTXHxDV H[SORVLRQHV \D TXH ODV
RQGDVTXHFLUFXODQSRUODVDODVRQPiVIiFLOHVGHFRQWURODU\SHUPLWHQH[FLWDUXQPD\RUQ~PHURGHUHVRQDQFLDVGHODVDOD
TXHVHYDDHVWXGLDU8QDSHTXHxDH[SORVLyQQRVSURSRUFLRQDXQDVHxDOSDUHFLGDDXQUXLGREODQFR\SHUPLWHHVWXGLDUHO
FRPSRUWDPLHQWRGHODVDODHQXQPD\RUUDQJRGHIUHFXHQFLDV
'HILQLPRVODFODULGDGDF~VWLFDFRPRHOORJDULWPRGHODUHODFLyQHQWUHODLQWHQVLGDGVRQRUDTXHQRVOOHJDHQORVSULPHURV
PVSULPHURVPVHQDOJXQRVFDVRV\ODTXHOOHJDGHVSXpV(OQ~PHURREWHQLGRQRVGDXQDPHGLGDGHODFODULGDGGH
ODVDOD&XDQWRPD\RUVHDHVWHQ~PHURTXHREWHQHPRVPiVOLPSLR\UiSLGRVHUiHOVRQLGRHQHVWDVDOD
3DUDHVFXFKDUREUDVSRUHMHPSORGH0R]DUW7 VHJHVFRQYHQLHQWHTXHODFODULGDGVHDFHUR& HVGHFLUTXHHQ
ORVSULPHURVPVQRVOOHJXHODPLVPDHQHUJtDTXHHQORVSRVWHULRUHV
/DVVDODVUHYHUEHUDQWHVWLHQHQXQDFODULGDGQHJDWLYDOOHJDPiVHQHUJtDGHVSXpVGHORVPV\ODVVDODVPX\VHFDV
WLHQHQXQDFODULGDGSRVLWLYDODHQHUJtDTXHOOHJDHQORVSULPHURVPVHVPD\RUTXHODUHVWDQWH(VWDVVDODVVRQPX\
OLPSLDV\FODUDVSHURVHSLHUGHJUDQGLRVLGDG
7LHPSRGH'HFDLPLHQWR3ULPDULR('7
(VWH WLHPSR ('7 VH GHILQH FRPR HO WLHPSR TXH WDUGD XQD VHxDO HQ
GHFDHU G% $KRUD OD VHxDO HV XQ SXOVR LQVWDQWiQHR XQD GHOWD GH
'LUDF
8WLOL]DPRVFRPR SXOVR XQ GLVSDUR \ PHGLPRV FRQ XQ VRQyPHWUR FyPR
HYROXFLRQDODVHxDOHQODVDOD/RVGLIHUHQWHVPDWHULDOHVDEVRUEHUiQOD
HQHUJtDVRQRUD\HOWLHPSRGHGHFDLPLHQWRSULPDULRQRVGDLQIRUPDFLyQ
GH OD FDSDFLGDG GH DEVRUFLyQ GH HVWRV PDWHULDOHV (VWH SDUiPHWUR HV
PX\ SDUHFLGR DO WLHPSR GH UHYHUEHUDFLyQ TXH YLPRV DQWHULRUPHQWH
&XDQWRPiVDEVRUEHQWHVVHDQORVPDWHULDOHVPHQRUHVHO('7
6H VXHOHQ KDFHU YDULDV PHGLGDV HQ GLIHUHQWHV OXJDUHV GHO DXGLWRULR 8QD EXHQD VDOD QRV GDUi XQ YDORU SDUD HO ('7
SDUHFLGRHQWRGRVORVVLWLRV6LWRPDPRVXQDPHGLGDGHO('7HQHOHVFHQDULRREWHQHPRVXQDLGHDGHORUiSLGRTXHVDOHHO
VRQLGR\VHSUR\HFWDKDFLDHODXGLWRULR(QORVSXQWRVUHVWDQWHVQRVGDLQIRUPDFLyQSDUHFLGDDODUHYHUEHUDFLyQ
7LHPSRGH(OHYDFLyQ(7
(VHOWLHPSRTXHWDUGDHQOOHJDUHOGHODHQHUJtD'HWRGDODHQHUJtDVRQRUDTXHQRVOOHJDFDOFXODPRVHOWLHPSRTXH
WDUGDHQOOHJDUODPLWDGGHODPLVPD(VWHYDORUGH(7\HO('7HVWiQEDVWDQWHUHODFLRQDGRV6LH('7HVJUDQGHWDPELpQ
ORVHUi(76LWRPDPRVPHGLGDVHQHODXGLWRULRGHHVWHWLHPSRGHHOHYDFLyQREWHQHPRVLQIRUPDFLyQVREUHODUDSLGH]FRQ
ODTXHUHVSRQGHODVDOD6LHQSRFRWLHPSR57SHTXHxRQRVOOHJDODPLWDGGHODHQHUJtDTXLHUHGHFLUTXHODVDODUHVSRQGH
PX\UiSLGDPHQWH
(OSDUiPHWURTXHVHXWLOL]DKR\HQGtDHVHO7VRWLHPSRFHQWUDOTXHFDOFXODDOJRSDUHFLGRDOWLHPSRGHHOHYDFLyQ\QRV
YDOHSDUDGHVFULELUHOEDODQFHHQWUHODFODULGDG\ODUHYHUEHUDFLyQ
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
8QHVFHQDULRGHPDVLDGRFODUR\FRQXQDSUR\HFFLyQGHVRQLGRPX\UiSLGDKDFLDHODXGLWRULRSXHGHJHQHUDUFRQIXVLyQHQ
ORV P~VLFRV \D TXH SXHGH TXH QR VH HVFXFKHQ HQWUH HOORV \ QR WHQJDQ UHIHUHQFLDV GH ODV PHORGtDV GH ORV GHPiV
LQWpUSUHWHV (VWR SXHGH SURYRFDU SUREOHPDV GH GHVDILQDFLyQ HQWUH FXHUGD \ YLHQWR SH R JUXSRV GH LQVWUXPHQWRV
GLVWDQFLDGRVHQWUHVL
(MHPSORVGHVDODVGHFRQFLHUWRV
$IRUR 9ROXPHQ3XQWXDFLyQ ,,57
ǻ('77VHJ
6DOD %HUOtQ +DPEXUJR
%UDXQVFKZHLJ :RSHUWDOO
+DQRYHU
'XVVHOGRUI
8QSDUiPHWURLPSRUWDQWHGHODVVDODVHVHOLQFUHPHQWRGHO('7ǻ('7HVODYDULDFLyQTXHH[LVWHHQWUHORVWLHPSRVGH
GHFDLPLHQWRSULPDULRPHGLGRVHQGLIHUHQWHVOXJDUHVGHODXGLWRULR(VFRQYHQLHQWHTXHODVYDULDFLRQHVVHDQSHTXHxDV(VWR
VHUiXQLQGLFDGRUGHODKRPRJHQHLGDGGHODVDOD(QODVVDODVDUULEDPHQFLRQDGDVVHSXHGHREVHUYDUTXHFXDQWRPHQRU
HVHVWHGDWRGHODYDULDFLyQHQJHQHUDOPHMRUYDORUDGDHVWiODVDOD(OVRQLGRHQHVWDVVDODVVHUHSDUWHSRULJXDOORTXHGD
FDOLGDGDODVDOD
0HMRUDV\DGHFXDFLRQHVDF~VWLFDVGHODVVDODV
&XDOTXLHUVDODGHVWLQDGDDDOJ~QWLSRGHDFWRHQHOTXHODLQIRUPDFLyQVHWUDVPLWDSRUPHGLRGHHQHUJtDVRQRUDKDEUiGH
VHUWUDWDGD\DFRQGLFLRQDGDDOPHQRVSDUDTXHFXPSODXQDVFRQGLFLRQHVDF~VWLFDVPtQLPDVGHPDQHUDTXHODFKDUODREUD
WHDWUDO FRQFLHUWR GH P~VLFD HWF OOHJXH D QRVRWURV HQ EXHQDV FRQGLFLRQHV \ SRGDPRV GLVIUXWDU GHO HYHQWR GH IRUPD
UHODMDGD 6H SXHGH HVWXGLDU FDGD FDVR \ YHU TXp PHMRUDV VH SXHGHQ OOHYDU D FDER SDUD TXH HO VRQLGR VHD FODUR OD
UHYHUEHUDFLyQMXVWDVHHVFXFKHELHQGHVGHWRGRVORVOXJDUHV\WHQJDPRVXQDVHQVDFLyQGHVRQLGRGLUHFWR\XQFRQIRUW
DFHSWDEOH
8QDFDUDFWHUtVWLFDPX\UHFRPHQGDEOHHVTXHHOHVFHQDULRGRQGHVHVLW~DQORVLQVWUXPHQWRVHVWHUHYHVWLGRGHXQPDWHULDO
UHIOHFWDQWH\DVHUSRVLEOHFRQODVSDUHGHVWUDVHUDV\ODWHUDOHVIRUPDQGRXQWUDSHFLR'HHVWDIRUPDQRVDVHJXUDPRVTXH
HOVRQLGRJHQHUDGRVHSUR\HFWDELHQKDFLDHODXGLWRULR\QRVHSLHUGHFRPRHVHOFDVRGHORVWHDWURV HQORVTXHJUDQ
FDQWLGDGGHHQHUJtDVRQRUDVHSLHUGHHQORVHQWUDPDGRVWUDPR\DV\FRUWLQDVVLWXDGDVDORVODGRVGHOHVFHQDULR8QRV
SDQHOHVUHIOHFWDQWHVPyYLOHVSXHGHQVHUXQDEXHQDVROXFLyQSDUDFRQYHUWLUXQWHDWURHQXQDVDODGHFRQFLHUWRVDFHSWDEOH
3RURWUDSDUWHODWUDVHUDGHODXGLWRULRVHKDGHUHYHVWLUGHXQPDWHULDODEVRUEHQWHSDUDHYLWDUHOLQGHVHDGRHFR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DFODULGDGDF~VWLFDHVWiUHODFLRQDGDFRQODFDQWLGDGGHHQHUJtDTXHQRVOOHJDHQORVSULPHURVPV(QHVWHWLHPSRHO
VRQLGRSXHGHUHFRUUHUXQDGLVWDQFLDGHXQRVPHWURV/DVUHIOH[LRQHVTXHVHSURGXFHQQRKDQGHVREUHSDVDUHQPD
OD GLVWDQFLD TXH H[LVWH HQ OtQHD UHFWD KDVWD HO HVFHQDULR GH OR FRQWUDULR OD VHQVDFLyQ GH UHYHUEHUDFLyQ FRPLHQ]D D
FRQIXQGLUVHFRQHOHFR\GHVDSDUHFHODVHQVDFLyQGHVRQLGRGLUHFWR
6LORVP~VLFRVVHVLW~DQDOERUGHGHOHVFHQDULRHOVRQLGRQRUHERWDGHOWRGRHQHOVXHOR\QRVHSUR\HFWDELHQKDFLDORV
DQILWHDWURVSRUORTXHHVFRQYHQLHQWHGHMDUXQHVSDFLRPtQLPROLEUHHQHOHVFHQDULR
(QHO0HWURSROLWDQ2SHUD+RXVHGH1<VHWUDEDMyFRQHVWRVSDUiPHWURV/DVYRFHVGH
ySHUD HQ HVWD VDOD QR VDOtDQ FRQ HO EULOOR TXH OHV FRUUHVSRQGtD 3DUD FRUUHJLU HVWR
DXPHQWDURQODVHQVDFLyQGHVRQLGRGLUHFWR\HO('7
&RQVWUX\HURQXQPDUFRFXUYRXQDHVSHFLHGHSRUWDOFRQXQiQJXORODWHUDOGHIRUPDTXH
HOVRQLGRVHSUR\HFWDEDKDFLDHODXGLWRULR\QRVHSHUGtDHQORVODWHUDOHV
6HSXVLHURQSDQHOHVFLUFXODUHVFRQYH[RVTXHUHIOHMDEDQODVRQGDVTXHVXEtDQKDFLDHO
WHFKRGLVPLQX\HQGRDVtODGLVWDQFLDGHODVUHIOH[LRQHV\HOiQJXOR6HFRQVLJXHGHHVWD
PDQHUDSUR\HFWDUHOVRQLGRKDFLDHODXGLWRULR\QRVHSLHUGH
6LODVUHIOH[LRQHVVRQPX\JUDQGHVHQWRQFHVDXPHQWDODUHYHUEHUDFLyQ\HVWHYDORUDOWR
QRHVEXHQRSDUDLQWHUSUHWDUySHUD3DUDHVWHWLSRGHP~VLFDVHUHTXLHUHGHXQDVDODFRQ
PXFKDFODULGDGDF~VWLFDRSRFDUHYHUEHUDFLyQ
2WUDVDODHQODTXHVHSXGLHURQKDFHUPHMRUDVHVOD2SHUD+RXVHGH
6\GQH\(VWDVDODWLHQHIRUPDGHDUHQDFRQHOHVFHQDULRHQHOFHQWUR
SDUD GLVPLQXLU OD GLVWDQFLD PHGLD DO S~EOLFR VLW~DGR FHUFD GHO
HVFHQDULR'HHVWDIRUPDWHyULFDPHQWHODVHQVDFLyQGHVRQLGRGLUHFWR
TXHGDJDUDQWL]DGD(QHVWDVDODDXQTXHHOYDORUGHO('7HUDSHTXHxR
QRKDEtDVHQVDFLyQGHVRQLGRGLUHFWR
6HKLFLHURQYDULDVSUXHEDVFRQOHQWHMDVJLJDQWHVGHPGHGLiPHWURVXVSHQGLGDVGHOWHFKRDXQRVPGHODRUTXHVWD
'HHVWDPDQHUDVHFRQVLJXLyHYLWDUODUHIOH[LyQODUJDFRQHOWHFKR\GLVPLQXLUDVtHOiQJXORGHODRQGDUHIOHMDGD$XPHQWy
OD VHQVDFLyQ GH VRQLGR GLUHFWR )LQDOPHQWH VH RSWy SRU XQDV ILJXUDV WRURLGDOHV GH PHWDFULODWR FRQ PD\RU FXUYDWXUD GH
IRUPD TXH HO VRQLGR TXHGDED GLIXPLQDGR /DV RQGDV JUDYHV GH ORQJLWXG GH RQGD ODUJD SDVDQ PHMRU D WUDYpV GH HVWRV
WRURLGHV
(QXQDVDODHVEXHQRTXHHO('7VHDVLPLODUHQWRGRVORVOXJDUHVGHODXGLWRULR\WDPELpQHVSUHIHULEOHTXHVHDPX\VLPLODU
SDUD WRGR HO UDQJR GH IUHFXHQFLDV 1RUPDOPHQWH SDUD ODV EDMDV IUHFXHQFLDV HO ('7 VXHOH VHU DOJR PD\RU (O FDUiFWHU
WtPEULFRGHODVDODWLHQHTXHYHUFRQHVWHKHFKR
(QODVDOD$YHU\)LVKHU+DOOGH1<KDEtDPXFKDVIUHFXHQFLDVJUDYHV\IDOWDEDQDJXGDV(VWRVHSXGRVROXFLRQDUFRQ
SDQHOHV GH PDGHUD GHO WDPDxR VXILFLHQWH SDUD TXH SHUWXUEH \ UHIOHMH ~QLFDPHQWH ODV IUHFXHQFLDV DJXGDV 6H SXHGH
FDOFXODUHOUDGLRQHFHVDULRGHORVSDQHOHVWHQLHQGRHQFXHQWDODFRQGLFLyQTXHYLPRVSDUDODORQJLWXGGHRQGDȜ•D/DV
ORQJLWXGHVGHRQGDVXSHULRUHVDYHFHVHOUDGLRGHORVSDQHOHVQRVHYHUiQSHUWXUEDGDVSRUpVWRV\SDVDUiQKDFLDHO
WHFKR GRQGH VH SXHGHFRORFDU DOJ~Q PDWHULDO DOJRPiVDEVRUEHQWH /DVORQJLWXGHV GHRQGD LQIHULRUHV ±IUHFXHQFLD PiV
DOWDVHYHUiQUHIOHMDGDVSRUORVSDQHOHV\VHSUR\HFWDUiQPHMRUKDFLDHOS~EOLFR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(QDOJXQDVVDODVVHKDQOOHJDGRDFRQVWUXLUWHFKRVIDOVRVFRUUHGHURVSDUDPRGLILFDUHOYROXPHQGHODVDOD\GLVPLQXLUDVtHO
WLHPSRGH UHYHUEHUDFLyQ 'HHVWH PRGR VH SXHGHQ LQWHUSUHWDU GH PDQHUD ySWLPD YDULRV HVWLORV GHP~VLFD DXQTXH HVWD
VROXFLyQHVWiHQGHVXVRDODOWHUDUHOYROXPHQ\ODHVWpWLFDGHODVDOD6HSXHGHQLQVWDODUWDPELpQSDQHOHVJLUDWRULRVFX\DV
FDUDV VH UHYLVWHQ GH PDWHULDOHV FRQ GLIHUHQWHV FRHILFLHQWHV GH DEVRUFLyQ GH HVWD IRUPD VH SXHGH YDULDU HO WLHPSR GH
UHYHUEHUDFLyQ VLQ PiV TXH JLUDU WRGRV R DOJXQRGH ORV SDQHOHVKDVWD GDUFRQ HO WLHPSR DGHFXDGRSDUD OD REUD TXH VH
TXLHUHLQWHUSUHWDU
(QHOQRUWHGH(XURSDJXVWDQODVVDODVFRQSRFDUHYHUEHUDFLyQVDODVPX\FODUDV\OLPSLDV(VWHWLSRGHVDODVQRSXHGHQ
OOHJDUDVHUPX\JUDQGHV\DTXHVHXWLOL]DQPDWHULDOHVPX\DEVRUEHQWHVTXHVHFRPHQSDUWHGHODHQHUJtDDF~VWLFDGHOD
VDOD/HMRVGHOHVFHQDULRODFDQWLGDGGHVRQLGRTXHOOHJDVHUtDPiVELHQSRFDHQXQDVDODJUDQGH\VHFDUHFRUGHPRVTXH
ODVRQRULGDGEDMDFDVLDODPLWDGFXDQGRVHGXSOLFDODGLVWDQFLD
(Q OD VLJXLHQWH WDEOD VH UHSUHVHQWDQ ORV WLHPSRV GH UHYHUEHUDFLyQ SDUD ODV GLIHUHQWHV IUHFXHQFLDV GH DOJXQDV GH ODV
PHMRUHVVDODVGHFRQFLHUWRV
7?IUHF
.RQVHUWKXVHW
*RWHERUJ
6\QSKRQ\+DOO
%RVWRQ &RQFHUWJHERZ
ÈPVWHUGDP
0XVLFYHUHLVKRXV
9LHQD 3DODLV%HDX[$UWV
%UXVHODV
7HDWUR&ROyQ
%XHQRV$LUHV 0HWURSROLWDQ2SHUD
1< 6FDOD
0LOiQ /D FDOLGH] GH XQD VDOD VH SXHGH GHILQLU FRPR OR KL]R %HUHQHN HV OD UHODFLyQ HQWUH HO WLHPSR GH UHYHUEHUDFLyQ HQ ODV
IUHFXHQFLDVEDMDV\HOWLHPSRGHUHYHUEHUDFLyQHQODVIUHFXHQFLDVDOWDV
&DOLGH] 77
6LODVDODWLHQHPXFKDUHYHUEHUDFLyQHQODVIUHFXHQFLDVDJXGDV\SRFDHQODVJUDYHVODVHQVDFLyQTXHGDHVGHIULDOGDGHV
SRFR FiOLGD /D QLWLGH] GH ORV VRQLGRV GHSHQGH GH HVWDV DOWDV IUHFXHQFLDV SHUR VH QHFHVLWDQ GH ODV EDMDV SDUD TXH HO
VRQLGRVHDPiVUHGRQGR\QRWHQJDXQFDUiFWHUPHWiOLFR
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&/$6,),&$&,Ð1'(/26,167580(1726086,&$/(6
&ODVLILFDFLyQGHORVLQVWUXPHQWRVPXVLFDOHV
/RVLQVWUXPHQWRVKDQHYROXFLRQDGRHQEDVHDODVH[LJHQFLDVGHORVP~VLFRVFDSDFLGDGHV\DQDWRPtDGHORVLQWpUSUHWHV\
SUHIHUHQFLDV GH WRGRV HQ JHQHUDO WRGR HVWR XQLGR D OD KDELOLGDG WUDEDMR \ H[SHULPHQWDFLyQ GH ORV FRQVWUXFWRUHV GH
LQVWUXPHQWRVROXWKLHUHV
/DP~VLFDFRPSXHVWDHQODVGLIHUHQWHVpSRFDVGHODKLVWRULDVHFHxtDDORVLQVWUXPHQWRVH[LVWHQWHV'HVGHKDFHPLOHVGH
DxRVH[LVWHQLQVWUXPHQWRVGHFXHUGDSXQWHDGD\GHFXHUGDIURWDGD6LQRVFHQWUDPRVHQODFXOWXUDHXURSHDVHSDVDGHOD
FXHUGDSXQWHDGDDODIURWDGDHQHOPHGLRHYR\HVWRKDUiFDPELDUODPDQHUDGHFRPSRQHUODVREUDVTXHKDQOOHJDGRD
QRVRWURV/RVLQVWUXPHQWRVGHYLHQWRQROOHJDQDVXSOHQRGHVDUUROORKDVWDILQDOHVGHO;,;&RQ%UDPV\:DJQHUVHKDFH
SRVLEOHHOFRQWUDVWHGHORVFRQMXQWRVVRQRURVDLVODGRVGHPHWDOPDGHUD\FXHUGD
/D FODVLILFDFLyQ GH ORV LQVWUXPHQWRV VH SXHGH KDFHU GH PX\ GLIHUHQWHV PDQHUDV GHSHQGLHQGR GH ORV FULWHULRV TXH VH
FRQVLGHUHQ (O SULPHU FULWHULR SDUD KDFHU OD SULPHUD GLYLVLyQ GH ORV LQVWUXPHQWRV HQ IDPLOLDV WLHQH HQ FXHQWD FXiO HV HO
VLVWHPDHOiVWLFRTXHJHQHUDODVRQGDVHVWDFLRQDULDV\FRQVLJXHODDOWXUDGHWRQRFXHUGDFROXPQDGHDLUHHWF\GHQWUR
GHFDGDJUXSRKDUHPRVRWUDVXEGLYLVLyQFRQXQVHJXQGRFULWHULRTXHWLHQHHQFXHQWDFXiOHVVRQORVPHFDQLVPRVTXH
SRQHQHQPDUFKDORVPRGRVGHYLEUDFLyQRUHVRQDQFLDVGHORVVLVWHPDVFRQVLGHUDGRV
(OLQVWUXPHQWRPXVLFDOSRUH[FHOHQFLDPiVFHUFDQRDQRVRWURVHVODYR]KXPDQD3RGHPRVPRGXODUODYR]HQIUHFXHQFLD\
HQDPSOLWXGGHIRUPDFRQWLQXD'HVSXpVGHpVWDHOVHUKXPDQRKDH[SHULPHQWDGRFRQVRQLGRVSURGXFLGRVEiVLFDPHQWH
SRUORVVLJXLHQWHVHOHPHQWRV
&XHUGDVHQWHQVLyQ
&ROXPQDVGHDLUHHQWXERVKXHVRPDGHUDPHWDOHWF
%DUUDVGLVFRVEORTXHV\SODFDV
3LHOHVHQWHQVLyQ
,QVWUXPHQWRVPXVLFDOHVGHFXHUGD
8QD FXHUGD HQ FRQGLFLRQHV QRUPDOHV OLEUH QR HV FDSD] GH JHQHUDU
YLEUDFLRQHVSHURVLODVRPHWHPRVDXQDWHQVLyQSRUORVGRVH[WUHPRVWHQHPRV
XQ VLVWHPD FDSD] GH JHQHUDU YLEUDFLRQHV WUDQVYHUVDOHV 6L GHVSOD]DPRV OD
FXHUGD HQ WHQVLyQ GH VX SXQWR GH HTXLOLEULR PHGLDQWH FXDOTXLHUD GH ORV
PpWRGRV FRQRFLGRV DUFR SXOVDFLyQ SHUFXVLyQ HWF HVWD YLEUDUi GH XQDV
GHWHUPLQDGDV PDQHUDV /RV PRGRV QDWXUDOHV GH YLEUDFLyQ VRQ OR TXH
OODPDPRVDUPyQLFRVGHODFXHUGD\DTXHODVIUHFXHQFLDVGHHVWRVPRGRVGH
YLEUDFLyQ FRLQFLGHQ FDVL H[DFWDPHQWH FRQ ORV P~OWLSORV HQWHURV GH OD
IUHFXHQFLD IXQGDPHQWDO I I I I I HWF 9LPRV HQ FDStWXORV DQWHULRUHV
FRPR HVWD IUHFXHQFLD IXQGDPHQWDO GHSHQGH GH OD WHQVLyQ GH OD ORQJLWXG GH
FXHUGDYLEUDQWH\GHODGHQVLGDGOLQHDOGHODFXHUGD
IQ =
Q
/
7
ρO
/RVLQVWUXPHQWRVGHFXHUGDSXHGHQVHUGHHQWRQDFLyQILMDRYDULDEOHGHSHQGLHQGRGHVLFDGDFXHUGDGDXQDVRODDOWXUDGH
WRQRRYDULDV(QXQDPLVPDFXHUGDVHSXHGHQFRQVHJXLUYDULDVDOWXUDVGHWRQRPRGLILFDQGRODORQJLWXGGHFXHUGDYLEUDQWH
PHGLDQWHXQRVWUDVWHVFRORFDGRVHQHOEDWLGRUGHOLQVWUXPHQWR
6REUHFXiOSXGLHUDVHUHOSULPHULQVWUXPHQWRGHFXHUGDFRPRWDOWRGRKDFHSHQVDUTXHHODUFRGHFD]DHQPDQRVGHXQ
FD]DGRU DEXUULGR SXHGH VHU FRQVLGHUDGR FRPR OD SULPHUD H[SHULHQFLD FRQ FXHUGD HQ WHQVLyQ SXOVDGD 'HVSXpV OOHJDUtD
DOJXQDLGHDIHOL]VREUHODFRORFDFLyQGHDOJ~QWLSRGHUHFLSLHQWHRFDODED]DSDUDDPSOLILFDUHOVRQLGRGHHVD~QLFDFXHUGD
&RQ HO WLHPSR OOHJDUtDQ PHMRUDV RWURV DUFRV SDUD IURWDU OD FXHUGD PiV FXHUGDV HWF +DFH DxRV HQ FKLQD WRGD OD
FXOWXUDHQJHQHUDO\ODFXOWXUDPXVLFDOHQSDUWLFXODUHVWDEDQPX\GHVDUUROODGDV\OOHYDEDQYHQWDMDVREUHRFFLGHQWHSRUOR
TXHHVSUREDEOHTXHODVSULPHUDVH[SHULHQFLDVPXVLFDOHVIXHUDQUHDOL]DGDVDOOtHQRULHQWH\3LWiJRUDV\VXJUXSRWRPDUDQ
SUHVWDGRV WRGRV HVRV FRQRFLPLHQWRV \ FRQWLQXDUDQ H[SHULPHQWDQGR FRQ OD EDVH GH ORV DUPyQLFRV ORQJLWXGHV GH FXHUGD
YLEUDQWHWHQVLRQHVHWF
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/RV RUtJHQHV GH ORV LQVWUXPHQWRV GH HQWRQDFLyQ YDULDEOH WDPSRFR HVWiQ PX\ FODURV /RV SULPHURV LQVWUXPHQWRV TXH VH
FRQRFHQHQRFFLGHQWHSXGLHURQDSDUHFHUHQORVVLJORV;,,,R,;\SXGLHURQOOHJDUGHÈIULFD3UREDEOHPHQWHVXVRUtJHQHV
VHDQOHMDQRVWDQWRHQHOHVSDFLRFRPRHQHOWLHPSR6HSXHGHGDUHOFDVRWDPELpQTXHXQPLVPRLQVWUXPHQWRVXUMDHQXQRV
FXDQWRVVLWLRVDODYH]
8QDVHJXQGDFODVLILFDFLyQGHORVLQVWUXPHQWRVGHFXHUGDVHSXHGHKDFHUWHQLHQGRHQFXHQWDHOPRGRHQHOTXHVHSRQHQ
HQ PDUFKD ODV UHVRQDQFLDV GH OD IXHQWH TXH HQ HO FDVR TXH QRV RFXSD HV OD FXHUGD ([LVWHQ GLIHUHQWHV PHFDQLVPRV
PHGLDQWHORVFXDOHVJHQHUDPRVXQDYLEUDFLyQSRUIURWDPLHQWRSXOVDFLyQRSXQWHRSHUFXVLyQ\WDPELpQPHGLDQWHHOYLHQWR
R VRSODGR (O WLPEUH GHO LQVWUXPHQWR FDPELD PXFKR VL YDULDPRV OD PDQHUD GH SRQHU HQ PDUFKD ODV UHVRQDQFLDV XQD
JXLWDUUDWRFDGDFRQDUFRVXHQD³FDVL´DFHOOR
&XHUGDIURWDGD/DVFXHUGDVVHSRQHQHQPRYLPLHQWRDOVHUIURWDGDVPHGLDQWHXQDUFRFRQFULQHVODFRODGHFDEDOORHVOR
PiV FRP~Q JUDFLDV DO DOWR UR]DPLHQWR SURGXFLGR SRU OD UHVLQD GH OD TXH HVWiQ LPSUHJQDGDV 9,2/Ë1 9,2/$
9,2/21&(//2&2175$%$-29,2/$'(*$0%$5(%$%5$%(/(7&
&XHUGDSXOVDGDRSXQWHDGD(QHVWHVHJXQGRFDVRODYLEUDFLyQGHODFXHUGDODREWHQHPRVDOSXOVDURSXQWHDUODFXHUGD
FRQORVGHGRVRFRQDOJ~QPDWHULDOGLIHUHQWHS~DVSOHFWURVHWFFRQODPDQRRPHGLDQWHXQPHFDQLVPRDFFLRQDGRGHVGH
XQ WHFODGR $53$ %$1'855,$ /$8' 9,+8(/$ *8,7$55$ &/$9(&Ë1 &/$9,&e0%$/2 0$1'2/,1$ /,5$
7,25%$(63,1(7$&Ë7$5$6$/7(5,2(7&
(Q HO DUSD VH SXHGH DXPHQWDU OD DOWXUD GH WRQR GH FDGD FXHUGD XQ
VHPLWRQR R XQ WRQR HQWHUR SDUD SRGHU HMHFXWDU ODV REUDV HQ FXDOTXLHU
WRQDOLGDG 8Q SHGDO VLWXDGR HQ OD EDVH KDFH JLUDU XQRV GLVFRV TXH
DSULVLRQDQODFXHUGDGLVPLQX\HQGRVXORQJLWXGYLEUDQWH
&XHUGD SHUFXWLGD (Q HVWH JUXSR VH FRQVLJXHQ SRQHU HQ PDUFKD ODV UHVRQDQFLDV GH OD FXHUGD DO JROSHDU OD PLVPD
PHGLDQWHPDFLOORVGHVGHHOWHFODGRPHGLDQWHXQPHFDQLVPRRFRQODVPDQRV(QDOJXQRVFDVRVXQPLVPRLQVWUXPHQWRVH
SXHGHWRFDUSXOVDQGRODVFXHUGDVRJROSHiQGRODVFRQPDFLOORVFRPRHVHOFDVRGHORVVDOWHULRVGXOFLPHU\DOJXQRPiV(O
PDWHULDOFRQHOTXHHVWiQFRQVWUXLGRVORVPDFLOORVLQIOX\HHQHOWLPEUHGHORVLQVWUXPHQWRV
([LVWHQ GLIHUHQWHV QRPEUHV SDUD XQ PLVPR LQVWUXPHQWR HQ GLIHUHQWHV SDtVHV H LQVWUXPHQWRV GLIHUHQWHV FRQ HO PLVPR
QRPEUH SRU OR TXH OD FODVLILFDFLyQ HV D YHFHV XQ SRFR FRQIXVD 3,$12 &/$9,&25',2 &Ë0%$/2 6$/7(5,2
'8/&,0(5(7&
&XHUGDVRSODGD([LVWHXQLQVWUXPHQWRSRFRFRQRFLGRFRPSXHVWRSRUXQDFDMDGHUHVRQDQFLD\XQDVHULHGHFXHUGDVGHOD
PLVPD ORQJLWXG\ GLIHUHQWHV GHQVLGDGHVOLQHDOHV (O LQVWUXPHQWRVH VLW~D HQHO KXHFR GH XQD YHQWDQDXQ SRFR DELHUWD \
FXDQGR VH FUHD XQD FRUULHQWH GH DLUH ODV FXHUGDV FRPLHQ]DQ D YLEUDU 'HSHQGLHQGR GH OD LQWHQVLGDG GHO YLHQWR GH OD
GHQVLGDGOLQHDOGHODVFXHUGDV\GHODWHQVLyQGHODVPLVPDVREWHQGUHPRVGLIHUHQWHVWRQRV\DUPyQLFRV7DOYH]QRVH
SXHGDFRQVLGHUDUFRPRXQLQVWUXPHQWRPXVLFDOSRUTXHQLVHKDFHQPHORGtDVFRQpOQLULWPRVWDQVRORVHSURGXFHQDOJXQRV
VRQLGRVTXHSXHGHQJXVWDUPiVRPHQRV$53$(Ï/,&$
7RGRV ORV LQVWUXPHQWRV GH FXHUGD WLHQHQ XQD
GLVSRVLFLyQPX\SDUHFLGD$XQTXHVHDQPX\GLIHUHQWHV
FRQVWUXFWLYDPHQWH VH SXHGHQ VLPSOLILFDU \ GLIHUHQFLDU
ELHQ ODV GRV SDUWHV TXH FRPSRQHQ HO LQVWUXPHQWR
)8(17( < ),/752 /DV FXHUGDV R IXHQWH YDQ
GLVSXHVWDV VREUHXQD FDMD GH UHVRQDQFLD R ILOWUR (V D
HVWD FDMD FXHQFR R WDEOD DUPyQLFD GRQGH OOHJDQ ODV
YLEUDFLRQHV GH OD FXHUGD ORV DUPyQLFRV /D FXHUGD
WLHQH UHVRQDQFLDV FRQ XQ IDFWRU GH FDOLGDG PX\ DOWR \
SURSRUFLRQHVDUPyQLFDVSRUORTXHODDOWXUDGHWRQRHV
PX\ GHILQLGD SHUR WLHQH SRFD VXSHUILFLH PXHYH SRFR
DLUH\ODSUHVLyQVRQRUDTXHSURGXFHQRHVVXILFLHQWHSRUVLVRODSDUDSRGHUHVFXFKDUVHSRUORTXHHVQHFHVDULRHOILOWURTXH
DFW~D FRPR DPSOLILFDGRU (VWH ILOWUR WLHQH WDPELpQ VXV SURSLDV UHVRQDQFLDV VX FDSDFLGDG GH UHVSXHVWD D ODV GLIHUHQWHV
IUHFXHQFLDV\HVFDSD]GHPRYHUHOVXILFLHQWHDLUHFRPRSDUDJHQHUDUXQDSUHVLyQVRQRUDFRQVLGHUDEOHHVORTXHSUHWHQGH
VLHPSUHHOOXWKLHU\DXGLEOHSDUDQRVRWURVDFLHUWDGLVWDQFLD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(O WDPDxR GH HVWH ILOWUR WDEOD DUPyQLFD FDMD GH UHVRQDQFLD HWF FRQVWUXFFLyQ PDWHULDO JHRPHWUtD KDQ GH DGHFXDUVH
SDUDTXHVXVUHVRQDQFLDVVHDQFDSDFHVGHDPSOLILFDUWRGRHOUDQJRRWHVLWXUDTXHOHOOHJDGHODIXHQWHFXHUGDV
8QDFDMDSHTXHxDGLItFLOPHQWHSRGUiDPSOLILFDUIUHFXHQFLDVEDMDVHQFDPELRVHUiXQEXHQILOWURSDUDORVWRQRVDJXGRVR
DOWDVIUHFXHQFLDV/DVFDMDVGHUHVRQDQFLDJUDQGHVVHUiQHQSULQFLSLRPiVDGHFXDGDVSDUDDPSOLILFDUODVEDMDVIUHFXHQFLDV
RQRWDVJUDYHVGHODVFXHUGDV
/DVFXHUGDVKDQGHWHQHUPXFKDFDSDFLGDGSDUDGREODUVHGHORFRQWUDULR
VHHPSLH]DQDFRPSRUWDUFRPRXQDEDUUD\ODVUHVRQDQFLDVQRPDQWLHQHQ
ODV SURSRUFLRQHV DUPyQLFDV FRQ OR TXH OD DOWXUD GH WRQR QR HV WDQ
GHILQLGD3DUDFRQVHJXLUIUHFXHQFLDVEDMDVSRGHPRVDXPHQWDUODORQJLWXG
YLEUDQWH GH OD FXHUGD OR FXDO QR HV SRVLEOH D YHFHV SRU HVSDFLR R
SRGHPRVWDPELpQDXPHQWDUODGHQVLGDGOLQHDOGHODFXHUGD(QWRUFKDUODV
PLVPDV FRQ PHWDOHV PiV R PHQRV GHQVRV HV XQD EXHQD LGHD \D TXH
DXPHQWDPRVDVtODPDVDGHODFXHUGDVLQTXHVHSLHUGDHQH[FHVRHVDFDSDFLGDGGHGREODMH(ODOPDGHODFXHUGDVXHOH
VHU GH PDWHULDO OLJHUR \ IOH[LEOH FRPR ILEUDV GH Q\ORQ R GHULYDGRV (Q ORV YLROLQHV VH XWLOL]DQ WDPELpQ FXHUGDV GH WULSD
WUHQ]DGDHQWRUFKDGDVHQPHWDOTXHPDQWLHQHQHOFDUiFWHUWtPEULFRGHODVFXHUGDVGHWULSDDQWLJXDV
,QVWUXPHQWRVPXVLFDOHVGHYLHQWR
6HGLFHTXHGHVGHWLHPSRVSUHKLVWyULFRVVHKDQXWLOL]DGRIODXWDVKHFKDVFRQPDWHULDOHVTXHSUHVHQWDQIRUPDWXEXODUFRPR
XQ KXHVR GH WLELD SH FRQ DOJXQRV DJXMHURV SUDFWLFDGRV HQ HO KXHVR /RV GDWRV TXH VH WLHQHQ VREUH ORV SULPHURV
LQVWUXPHQWRVKDFHQUHIHUHQFLDDODH[LVWHQFLDGHIODXWDVWUDYHVHUDVKDFH\DVHLVPLOHQLRV
(QORVLQVWUXPHQWRVGHYLHQWRORVVRQLGRVVHSURGXFHQFXDQGRVHLQGXFHXQDYLEUDFLyQHQODFROXPQDGHDLUHFRQWHQLGDHQ
HOWXER(VWDYLEUDFLyQVHSURGXFHJUDFLDVDXQIOXMRGHDLUHTXHVHHQYtDSRUXQRGHVXVH[WUHPRV\TXHLQWHUDFW~DFRQ
DOJ~Q HOHPHQWR GHO WXER R DxDGLGR D pO (VWD SHUWXUEDFLyQ YLDMD SRU HO LQWHULRU GHO WXER UHIOHMiQGRVH HQ ORV H[WUHPRV \
FUHDQGRRQGDVHVWDFLRQDULDV8QDGHODVSRVLEOHVPDQHUDVGHFODVLILFDUHVWRVLQVWUXPHQWRVGHYLHQWRWLHQHHQFXHQWDHO
PHFDQLVPRSRUHOFXDOVHJHQHUDQODVYLEUDFLRQHV
(Q FDVL WRGRV ORV OLEURV DSDUHFH XQ WLSR GH FODVLILFDFLyQ TXH WLHQH VX RULJHQ HQ HO EDUURFR FXDQGR VH HPSH]DURQ D
SHUIHFFLRQDUHVWRVLQVWUXPHQWRVSDUDODVRUTXHVWDV\FRQMXQWRVGHFiPDUD6HFRQVLGHUDXQJUXSRGH9LHQWR0DGHUDGRQGH
VHLQFOX\HQORVLQVWUXPHQWRVTXHDQWDxRVHFRQVWUXtDQHQPDGHUDLQVWUXPHQWRVGHHPERFDGXUDFRPRIODXWDVHWF\GH
OHQJHWDFRPRFODULQHWHVRERHHWF\RWURJUXSRGH9LHQWR0HWDOTXHFRQWLHQHDORVLQVWUXPHQWRVTXHVHFRQVWUXtDQHQ
PHWDOGHERTXLOODFRPRWURPSHWDVHWF(VWDFODVLILFDFLyQKR\HQGtDQRHVPX\DFHUWDGD\DTXHH[LVWHQLQVWUXPHQWRVGH
PHWDOHQHOJUXSRGH9LHQWR0DGHUDHLQVWUXPHQWRVGHPDGHUDHQHOGH9LHQWR0HWDO
/D FODVLILFDFLyQ TXH WHQGUHPRV HQ FXHQWD QRVRWURV FRQVLGHUD WUHV JUXSRV SULQFLSDOHV (Q ORV LQVWUXPHQWRV GH
HPERFDGXUDODYLEUDFLyQVHJHQHUDHQXQELVHO(QORVLQVWUXPHQWRVGHOHQJHWDODYLEUDFLyQVHSURGXFHHQXQDRGRV
OHQJHWDVHIHFWR%HUQRXOOL\HQORVLQVWUXPHQWRVGHERTXLOODODYLEUDFLyQVHSURGXFHHQORVODELRVHIHFWR%HUQRXOOL
+D\ TXH GHFLU TXH HQ ORV LQVWUXPHQWRV GH YLHQWR TXH FRQVLGHUDPRV HQ HVWD VHFFLyQ H[LVWH XQD UHDOLPHQWDFLyQ HQWUH HO
VLVWHPD TXH JHQHUD OD YLEUDFLyQ \ HO WXER XQ UHDFRSODPLHQWR TXH VH GD HQ ORV FDVRV HQ ORV TXH ODV IUHFXHQFLDV GH
UHVRQDQFLDTXHWLHQHHOVLVWHPDJHQHUDGRUSRUVHSDUDGRSHFDxDVRQPD\RUHVTXHODVIUHFXHQFLDVGHUHVRQDQFLDGHO
WXERRFROXPQDGHDLUH(QRWURVFDVRVFRPRHQODYR]RXQDDFRUGHyQSDVDORFRQWUDULRODVIUHFXHQFLDVGHUHVRQDQFLDGH
ODVFXHUGDVYRFDOHVROHQJXHWDVVRQPHQRUHVTXHODVIUHFXHQFLDVGHUHVRQDQFLDGHOWXERRODULQJH&XDQGRVHSURGXFH
UHDFRSODPLHQWRHOVLVWHPDJHQHUDGRUVHDPROGD\YLEUDDODPLVPDIUHFXHQFLDTXHODFROXPQDGHDLUH
(QHVWHWLSRGHLQVWUXPHQWRVGHYLHQWRQRVSRGHPRVHQFRQWUDUFRQGRVWLSRVGHWXERVGHSHQGLHQGRGHFRPRVHFRPSRUWH
ODFROXPQDGHDLUHHQFDGDH[WUHPR
$ELHUWR$ELHUWR IODXWD WUDYHVHUD IODXWD GXOFH RERH WURPSHWD HWF (Q HVWH WLSR GH LQVWUXPHQWRV OD SDUWLFXODULGDG GHO
H[WUHPRGRQGHVHJHQHUDODYLEUDFLyQKDFHTXHVHIRUPHXQPi[LPRGHYHORFLGDGDOLJXDOTXHHQOD]RQDDELHUWD\HQHO
WXERVHSURGXFHQUHVRQDQFLDVTXHVHDMXVWDQDODVHULHDUPyQLFDQDWXUDOFRPRYLPRVHQHOFDStWXORGHODVUHVRQDQFLDV
I I I I HWF TXH SRGHPRV REWHQHU VRSODQGR FRQ PiV IXHU]D &RQ XQD VROD ORQJLWXG GH WXER SRGHPRV REWHQHU ODV
SULPHUDVQRWDVGHODVHULHDUPyQLFDQDWXUDOXQWRQRIXQGDPHQWDOVXODGHODQWHULRU0PHWF
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&HUUDGR$ELHUWR7HQHPRVRWURWLSRGHWXERDELHUWRHQXQH[WUHPR\FHUUDGRHQHORWURIODXWDGH3DQFODULQHWHHWF(QHO
FDVRGHODIODXWDGHSDQHVIiFLOYHUTXHXQH[WUHPRHVFHUUDGR\HORWURDELHUWR(QORVRWURVLQVWUXPHQWRVHQXQRGHORV
H[WUHPRVHQODERTXLOODVHIRUPDXQPi[LPRGHSUHVLyQ\YHORFLGDGQXODSRUHOWLSRGHVLVWHPDGHERTXLOOD\GLVSRVLFLyQGH
ODOHQJHWD(QHVWRVFDVRVHQHOWXERVHIRUPDQVRODPHQWHORVDUPyQLFRVLPSDUHVSRUORTXHHQHVWRVWXERVREWHQHPRVHO
WRQRIXQGDPHQWDO\VRSODQGRPiVIXHUWHREWHQHPRVVXXQD0GHODQWHULRUHWF
+HPRVYLVWRFRPRGHXQDORQJLWXGGHWXERGHWHUPLQDGDSRGHPRVREWHQHUXQDVFXDQWDVQRWDVSHUWHQHFLHQWHVDODVHULH
DUPyQLFDQDWXUDO/DVGHPiVQRWDVODVSRGHPRVFRQVHJXLUDFRUWDQGRRDXPHQWDQGRODORQJLWXGGHWXER
(QHOFDVRGHDOJXQRVLQVWUXPHQWRVGHYLHQWR
FRPRODWURPSHWDRHOW[LVWXHOSULPHUDUPyQLFR
R IXQGDPHQWDO TXH WHyULFDPHQWH HV FDSD] GH
GDU HO WXER QR VH XWLOL]D (Q HVWRV FDVRV HO
GLiPHWURGHOWXERHVSHTXHxRHQUHODFLyQDVX
ORQJLWXG\HOIXQGDPHQWDOQRVHIRUPDELHQ(O
SULPHU WRQR TXH VH XWLOL]D HV HO VHJXQGR
DUPyQLFR \ SRVWHULRUHV   0 P (O
LQWHUYDORHQWUHHVWHVHJXQGR\WHUFHUDUPyQLFRHVGHXQD\FRQWUHVDJXMHURVQRVHVVXILFLHQWHSDUDFXEULUHOVDOWR\GDU
ODVWUHVQRWDVLQWHUPHGLDV
(OFiOFXORGHOGLiPHWUR\ODSRVLFLyQGHORVDJXMHURVUHDOL]DGRVHQHOWXERHVFRPSOHMR/DIUHFXHQFLDTXHGDHO³QXHYR´WXER
GHSHQGHGHPXFKRVIDFWRUHVGLiPHWURGHOWXERHVSHVRUGHOPLVPRORQJLWXGGHVGHHODJXMHURKDVWDHOILQDOHWF\KD\TXH
KDFHUFRUUHFFLRQHVSDUDTXHODVFRVDVIXQFLRQHQPiVRPHQRVELHQ/DVIUHFXHQFLDVGHUHVRQDQFLDGHHVWRVWXERVDYHFHV
QRVHDMXVWDQDODVHULHDUPyQLFDQDWXUDO(QHOFiOFXORGHODIUHFXHQFLDGHUHVRQDQFLDKD\TXHKDFHUXQDFRUUHFFLyQ
/D FROXPQD GH DLUH WDPELpQ SXHGH TXHGDU SHUWXUEDGD SRU HQVDQFKDPLHQWRV \ HVWUHFKDPLHQWRV GHO GLiPHWUR LQWHULRU GHO
WXER6LVHPRGLILFDHVWHGLiPHWURORVGLIHUHQWHVPRGRVYDUtDQODIUHFXHQFLDGHUHVRQDQFLDGHSHQGLHQGRGHOOXJDUGRQGHVH
PRGLILTXHHOGLiPHWUR\GHSHQGLHQGRGHVLVHHVWUHFKDRVHHQVDQFKDHOWXER/DDILQDFLyQGHOW[LVWXVHHVWiFRQVLJXLHQGR
PHGLDQWHHVWHPpWRGR
,QVWUXPHQWRVGHHPERFDGXUD/DVYLEUDFLRQHVVHSURGXFHQHQXQELVHOHIHFWXDGRHQHOWXER/DFRUULHQWHGHDLUHIOXFW~D\
SHULyGLFDPHQWH VDOH IXHUD HQWUD HQ HO WXER FUHDQGR OD SHUWXUEDFLyQ (VWDV YLEUDFLRQHV SRQHQ HQ PDUFKD ORV GLIHUHQWHV
PRGRVGHYLEUDFLyQRUHVRQDQFLDVGHOWXER6LODFRUULHQWHGHDLUHHVVXDYHVHH[FLWDQORVPRGRVGHIUHFXHQFLDPiVEDMD\
VLDXPHQWDPRVODIXHU]D\ODYHORFLGDGODVSHUWXUEDFLRQHVVRQPiVUiSLGDV\VHSRQHQHQPDUFKDODVUHVRQDQFLDVGH
IUHFXHQFLDPiVDOWD/DJHRPHWUtDGHHVWHELVHOWDPELpQLQIOXLUiHQORVDUPyQLFRVTXHVHJHQHUDQ
/RV WXERV SXHGHQ VHU GH HPERFDGXUD GLUHFWD HQ ORV
FXDOHV OD FRUULHQWH GH DLUH LQFLGH GLUHFWDPHQWH VREUH HO
ELVHO )/$87$ '( 3$1 )/$87$ 75$9(6(5$ .(1$
HWF\SXHGHQVHUWDPELpQGHHPERFDGXUDLQGLUHFWDHQORV
FXDOHV OD FRUULHQWH GH DLUH HV WUDQVSRUWDGD SRU XQ
SRUWDYHQWRSDUDTXHLQFLGDGHIRUPDSUHFLVDVREUHHOELVHO
)/$87$'(3,&27;,678Ï5*$12DOJXQRVWXERVHWF
,QVWUXPHQWRVGHOHQJHWD/DFROXPQDGHDLUHHVH[FLWDGDSRUXQDOHQJHWDIOH[LEOHJHQHUDOPHQWHGHFDxDTXHSXHGHVHU
VLPSOHRGREOH*UDFLDVDOHIHFWR%HUQRXOOLVHSURGXFHXQDGHSUHVLyQHQODFDxDVLVRSODPRVPX\IXHUWHODFDxDVHSHJDD
ODERTXLOODFXDQGRHOSDVRGHOIOXMRGHDLUHSRUODERTXLOODKDFHDXPHQWDUOD
YHORFLGDG GHO DLUH /D HODVWLFLGDG \ IOH[LELOLGDG GH OD FDxD KDFHQ TXH VH
SURGX]FDODYLEUDFLyQ/DFDxDSXHGHEDWLUVREUHXQDVXSHUILFLHFXDQGRHV
VLPSOH&/$5,1(7(6$;2)21$/%2.$(7&RVREUHRWUDOHQJHWDHQ
ODGREOH2%2()$*27&2512,1*/e6Ï5*$12RWURVWXERVHWF
,QVWUXPHQWRVGHERTXLOOD(QHVWHJUXSRGHLQVWUXPHQWRVODVYLEUDFLRQHVVHSURGXFHQHQORVODELRVGHORVHMHFXWDQWHVHQ
FRQWDFWRFRQXQDERTXLOODVLWXDGDDOSULQFLSLRGHOWXER/DIRUPDGHHVWDERTXLOODDVtFRPRODIRUPDGHOSDEHOOyQILQDOGHO
WXER GHWHUPLQDQ ODV FDUDFWHUtVWLFDV WtPEULFDV GH HVWRV LQVWUXPHQWRV (O DFDEDGR LQWHULRU GHO WXER WDPELpQ LQIOX\H HQ HO
WLPEUH
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
(Q HVWRV LQVWUXPHQWRV ORV GLIHUHQWHV WRQRV VH FRQVLJXHQ DODUJDQGR R DFRUWDQGR OD ORQJLWXG GHO WXER SRU PHGLR GH
PHFDQLVPRVTXHKDFHQSDVDUHODLUHSRUXQRVWUDPRVDxDGLGRVDOWXER/DFRQVLGHUDEOHORQJLWXGGHORVWXERVKDFHTXHVHD
QHFHVDULRGREODUORVPLVPRVSDUDORFXDOKHPRVGHWHQHUHQFXHQWDHOUDGLRGHFXUYDWXUDTXHVHOHGDDOWXERGREODGRKD
GHVHUVXILFLHQWHPHQWHPD\RUTXHHOGLiPHWURLQWHULRUGHOWXER3RGHPRVHQFRQWUDUHQHVWHJUXSRDO)5,;&251,278%$
75203$75203(7$7520%Ï1'(9$5$6%20%$5',12'((*(5,'22HWF
,QVWUXPHQWRVPXVLFDOHVGHEDUUDV\SODFDV
'HVGHVLHPSUHVHKDQXWLOL]DGRREMHWRVFRPRWDEODVGHPDWHULDOUtJLGR\HOiVWLFREORTXHVHWFVLHQGRJROSHDGRVHQORV
GLIHUHQWHVWUDEDMRVTXHKDUHDOL]DGRHOVHUKXPDQRDORODUJRGHVXKLVWRULD'LFHQTXHDOJXQRVGHORVULWPRV\ODVGDQ]DV
VXUJLHURQ D SDUWLU GH WDUHDV PRQyWRQDV \ UHSHWLWLYDV UHDOL]DGDV HQ FRPXQLGDG /RV GLIHUHQWHV ULWPRV \ GDQ]DV WLHQHQ D
PHQXGR HVWH FRPSRQHQWH R UHIHUHQFLD D XQD ODERU /RV ULWPRV \ PHORGtDV KDQ HYROXFLRQDGR PXFKR \ HVWiQ DKRUD
SUHVHQWHVHQWRGRVORViPELWRVGHOVHUKXPDQRIHVWLYRHVSLULWXDOHWF
/RVLQVWUXPHQWRVTXHYHUHPRVHQHVWHDSDUWDGRHVWiQUHODFLRQDGRV\FRQVLGHUDGRVWRGRVFRPRLQVWUXPHQWRVGHSHUFXVLyQ
KHFKRTXHQRVHDMXVWDDODXWLOL]DFLyQTXHVHKDFHGHDOJXQRGHHOORV([LVWHQLQVWUXPHQWRVTXHQRGDQXQDDOWXUDGHWRQR
GHILQLGD\VRQXWLOL]DGRVEiVLFDPHQWHSDUDSURGXFLUULWPRVSHURWHQHPRVRWURVHQHVWHJUXSRTXHVLQRVGDQDOWXUDVGH
WRQRGHILQLGDVFRQORVTXHSRGHPRVKDFHUPHORGtDVDOLJXDOTXHFRQXQSLDQRTXHWDPELpQHVGHSHUFXVLyQ
3ODFDV \ EDUUDV SHUFXWLGDV /RV VRQLGRV TXH HQ DOJXQRV FDVRV VRQ UXLGRV VH SURGXFHQ HQ HVWRV LQVWUXPHQWRV DO
JROSHDU HQWUH VL PDWHULDOHV HOiVWLFRV UtJLGRV 8QD EDUUD SODFD R WDEOD GH PDGHUD PHWDO R SLHGUD WLHQH XQRV PRGRV GH
YLEUDFLyQFRQXQDVIUHFXHQFLDVGHUHVRQDQFLDTXHQRVHDMXVWDQDODVHULHDUPyQLFDQDWXUDOSRUORTXHQRSXHGHQSURGXFLU
DOWXUDVGHWRQRPX\GHILQLGDV'HSHQGLHQGRGHODUHODFLyQHQWUHODVIUHFXHQFLDVGHHVRVPRGRVWHQGUHPRVXQVRQLGRPiV
R PHQRV DJUDGDEOH TXH VH HVFXFKD D YHFHV FRPR XQ DFRUGH GLVRQDQWH /D H[SHULPHQWDFLyQ GH ORV FRQVWUXFWRUHV KL]R
HYROXFLRQDUDOJXQRVGHHVWRVLQVWUXPHQWRV\WHQHPRVKR\HQGtDVLVWHPDVFRPRODVWDEODVGHXQDPDULPEDTXHKDQVLGR
PRGLILFDGRVHQVXJHRPHWUtDGHPDQHUDTXHODVIUHFXHQFLDVGHVXVPRGRVGHYLEUDFLyQVHDMXVWDQDODVHULHDUPyQLFD
QDWXUDO I I I« \ VRQ FDSDFHV GH GDU VRQLGRV FRQ XQD DOWXUD GH WRQR PX\ GHILQLGD (V HO FDVR GH OD 0$5,0%$
;,/Ï)2129,%5È)212HQORVFXDOHVODVWDEODVXQDSDUDFDGDQRWDGHPDGHUDRPHWDOYDQVLWXDGDVVREUHXQEDVWLGRU
DSR\DGDVVREUHVXVSXQWRVQRGDOHV\HOVRQLGRHVDPSOLILFDGRPHGLDQWHWXERVUHVRQDGRUHV
'HEDMR GH FDGD WDEOD VH VLW~D XQ WXER FHUUDGRDELHUWR FRQ
XQDIUHFXHQFLDGHUHVRQDQFLDLJXDODODQRWDGHODWDEODTXH
VRSRUWDGHPDQHUDTXHDPSOLILFDHOVRQLGRTXHpVWDSURGXFH
/DVEDTXHWDVRPD]RVFRQORVTXHVHJROSHDQODVWDEODVVRQ
GH GLYHUVRV PDWHULDOHV \ VH HVFRJHQ HQ IXQFLyQ GHO WLPEUH TXH VH TXLHUD REWHQHU /RV PDWHULDOHV PiV GXURV JRPD R
PDGHUDQRVGDUiQXQWLPEUHPHWiOLFR\ORVEODQGRVJHQHUDOPHQWHGHODQDPiVGXOFH\PHQRVEULOODQWH(OWLHPSRGH
FRQWDFWRJUDQGHGHORVPDWHULDOHVEODQGRVKDFHTXHVHSRQJDQHQPDUFKDODVUHVRQDQFLDVPiVJUDYHV\ORVPDWHULDOHV
GXURVFRQWLHPSRVGHFRQWDFWRSHTXHxRVSRQHQHQPDUFKDXQQ~PHURPD\RUGHUHVRQDQFLDVPiVDOWDVHQIUHFXHQFLD
FRQORTXHHOWLPEUHHVPiVPHWiOLFR\EULOODQWH
/D &(/(67$ HV XQ LQVWUXPHQWR GH EDUUDV YHUWLFDOHV FRQ XQ WHFODGR LQFRUSRUDGR TXH VH HMHFXWD LJXDO TXH XQ SLDQR
&RQVLGHUDU HVWH LQVWUXPHQWR HQ HO JUXSR GH ORV LQVWUXPHQWRV GH SHUFXVLyQ \ QR FRQVLGHUDU DO SLDQR WDPELpQ FRPR
LQVWUXPHQWRGHSHUFXVLyQQRWLHQHKR\HQGtDPXFKRVHQWLGRDXQDVtVHKDFH7HQHPRVODV&$03$1$678%8/$5(6
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
TXH QROOHJDQ D GDU XQD DOWXUD GH WRQR PX\ GHILQLGD SHURVH XWLOL]DQ SDUD FUHDU PHORGtDV FRQ VXSHFXOLDULGDG WtPEULFD
DXQTXHH[LVWHXQWLSRGHFDPSDQDVFKLQDVTXHVLSXHGHQGDUDOWXUDVGHWRQRPX\GHILQLGDV
([LVWHQRWURVLQVWUXPHQWRVTXHVHSHUFXWHQTXHQRQRVGDQXQDDOWXUDGHWRQRGHILQLGD\VHXWLOL]DQH[SUHVDPHQWHSDUD
SURGXFLUULWPRVFRPRHO75,$1*8/23/$7,//26&$-$&+,1$&/$9(6&8%$1$6&$67$f8(/$6HWF
3ODFDV\EDUUDVVRSODGDV$XQTXHQRVUHVXOWHH[WUDxRWHQHPRVXQRVLQVWUXPHQWRVPX\FRQRFLGRVTXHQRUPDOPHQWHVH
KDQFODVLILFDGRFRPRLQVWUXPHQWRVGHYLHQWRSHURVLQRVDWHQHPRVDORVFULWHULRVHVWDEOHFLGRVDOSULQFLSLRžTXpVLVWHPD
SURGXFHODDOWXUDGHWRQR\žFyPRVHSRQHQHQPDUFKDODVUHVRQDQFLDVQRQRVTXHGDPiVUHPHGLRTXHKDFHUXQKXHFR
DOD$&25'(Ï1$50Ï1,&$75,.,7,;$%$1'21(Ï1HWF(QHVWRVLQVWUXPHQWRVODDOWXUDGHWRQRODGDXQDSODTXLWD
GHPHWDODPDUUDGDHQXQH[WUHPREDUUDILMDOLEUHTXHKDVLGRDILQDGDPRGLILFDQGRODORQJLWXG\ORVHVSHVRUHVGHODSODFD
GHPDQHUDTXHODVIUHFXHQFLDVGHORVPRGRVGHYLEUDFLyQGHOVLVWHPDVHDMXVWHQDODVHULHDUPyQLFDQDWXUDO(QHOFDVRGH
ODVDFRUGHRQHVVHKDFHSDVDUHODLUHHQWUHODSODFD\XQDDEHUWXUDILQDPHGLDQWHXQPHFDQLVPRSUHFLVR\ELHQDMXVWDGR
SDUDFRQVHJXLUHOIDPRVRHIHFWR%HUQRXOOL\FRQVHJXLUTXHODSODFDYLEUH(QWRGRVHVWRVLQVWUXPHQWRVODVIUHFXHQFLDVGH
UHVRQDQFLDGHORVVLVWHPDVJHQHUDGRUHVGHODYLEUDFLyQVRQPHQRUHVTXHODVIUHFXHQFLDVGHUHVRQDQFLDGHORVVRSRUWHVR
UHVRQDGRUHVGRQGHYDQVLWXDGRVGHPRGRTXHQRVHSURGXFHHOUHDFRSODPLHQWRSURGXFLGRHQRWURVLQVWUXPHQWRVGHYLHQWR
3ODFDV\EDUUDVSXOVDGDV7HQHPRVXQSHTXHxRJUXSRGHLQVWUXPHQWRVTXHQR
SRU GHVFRQRFLGR HV PHQRV LPSRUWDQWH 8QD SHTXHxD EDUUD GH PHWDO ILMD HQ XQ
H[WUHPR\OLEUHHQHORWURVHSXHGHDILQDUDMXVWDQGRODORQJLWXGGHOH[WUHPRGHOD
EDUUDOLEUH7HQHPRVOD&$-,7$'(0Ò6,&$FRQVXPHFDQLVPRGHUHORMHUtD\VX
FLOLQGUR GRQGH FDGD PXHVFD DFW~D VREUH XQD QRWD /D 0$5Ë0%8/$ HV RWUR
UHSUHVHQWDQWH GH HVWH JUXSR &RQVWD GH YDULDV EDUUDV DSR\DGDV \ VXMHWDV D XQ
SXHQWH XQLGR D XQD FDMD GH UHVRQDQFLD (O LQVWUXPHQWR VH HMHFXWD VRVWHQLpQGROR
HQWUHODVPDQRV\SXOViQGRORFRQORVGHGRVSXOJDUHV
3ODFDV\EDUUDVIURWDGDV8QSRFRSHFXOLDUHVHOLQVWUXPHQWRTXHWHQHPRVHQHVWHJUXSR8QVHUUXFKRRSODQFKDPHWiOLFD
IURWDGRFRQXQDUFRGHYLROtQHVFDSD]GHGDUXQDQRWDFRQXQDDOWXUDGHWRQRTXHVHSXHGHPRGLILFDUFRPEDQGRHOSURSLR
VHUUXFKR8QDFKDSDDODUJDGDGHPHWDOIOH[LEOHQRVSXHGHVHUYLUGHLQVWUXPHQWRPXVLFDO
,QVWUXPHQWRVPXVLFDOHVGHPHPEUDQDV
(Q HVWH FXULRVR JUXSR WHQHPRV XQ LQVWUXPHQWR PX\ FHUFDQR D
QRVRWURV\FRPRKHPRVGLFKRDQWHVTXL]iVHOPiVSULPLWLYR\HO
SULPHURGHWRGRV/DFDSDFLGDGGHODYR]KXPDQDGH DOWHUDUOD
DOWXUD GH WRQR GH PDQHUD FRQWLQXD \ PRGLILFDU WDPELpQ OD
VRQRULGDG KDFHQ GH HO XQ LQVWUXPHQWR PXVLFDO H[FHOHQWH /DV
FXHUGDV YRFDOHV IXHQWH VRQ HQ UHDOLGDG XQDV PHPEUDQDV
PXVFXODUHVFRQSLQWDGHFXHUGDVVLWXDGDVHQODODULQJHFDSDFHV
GHSURGXFLUXQDDOWXUDGHWRQRTXHPRGLILFDPRVWHQVDQGRGLFKD
PXVFXODWXUD/DODULQJHERFDOHQJXDFDYLGDGQDVDOODELRVHWF
ILOWUR DPSOLILFDQ \ PRGXODQ ORV DUPyQLFRV TXH OOHJDQ GH ODV
FXHUGDV YRFDOHV \ GHILQHQ HO WLPEUH FDUDFWHUtVWLFR GH FDGD
SHUVRQD/$92=
(QORVGHPiVLQVWUXPHQWRVGHHVWHJUXSRHOVRQLGRHVSURGXFLGRSRUXQDPHPEUDQDHQWHQVLyQVREUHXQDHVWUXFWXUDFRQ
IRUPD GH FDYLGDG UHVRQDQWH 2ULJLQDULDPHQWH XQD SLHO WHQVD VREUH XQ WURQFR KXHFR SURGXFtD ORV GLIHUHQWHV ³VRQLGRV´
$XQTXHQRSRGDPRVKDEODUGHXQDDOWXUDGHWRQRGHILQLGDSRGHPRVYDULDUODWHQVLyQGHODPHPEUDQD\ODIRUPDGHOKXHFR
GHOWURQFRSDUDREWHQHUJROSHVJUDYHVRDJXGRV³EDQGDVGHUXLGR´GLIHUHQWHV$QWLJXDPHQWHODVPHPEUDQDVHUDQWRGDVGH
SLHOILQD/RPiVIUHFXHQWH\HFRQyPLFRKR\HQGtDVRQORVSDUFKHVRPHPEUDQDVGHPDWHULDOVLQWpWLFRTXHHVPiVHVWDEOH
DORVFDPELRVGHWHPSHUDWXUD\KXPHGDG
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
&DVLWRGRVORVLQVWUXPHQWRVGHHVWHJUXSRGDQDOJRPiVSDUHFLGRDXQUXLGR
TXH D XQ VRQLGR VLQ DOWXUD GH WRQR SRU OR TXH VRQ LQVWUXPHQWRV UtWPLFRV
7$0%25%20%2&$-$3$1'(5(7$HWF(QHOFDVRGHO'-(0%(ROD
'$5%28.$ VH SXHGHQ GLVWLQJXLU GRV ³VRQLGRV´ R EDQGDV GH UXLGR
GLIHUHQWHV XQR DJXGR \ RWUR JUDYH JUDFLDV D OD GLIHUHQWH JHRPHWUtD GH ODV
GRV FDYLGDGHV GLIHUHQFLDGDV TXH WLHQH HO FXHUSR VREUH HO TXH VH VLW~D OD
PHPEUDQD
(O 7,0%$/ HV XQ LQVWUXPHQWR GH PHPEUDQD SHUR FRQ XQD FDUDFWHUtVWLFD
GLIHUHQWH*UDFLDVDODIRUPDGHODFDYLGDGUHVRQDQWH\DODFRSODPLHQWRTXH
VH SURGXFH FRQ OD PHPEUDQD VH FRQVLJXHQ XQDV UHVRQDQFLDV R PRGRV GH
YLEUDFLyQ HQ HVWD PHPEUDQD FRQ IUHFXHQFLDV TXH FRQWULEX\HQ D XQD
DFHSWDEOH DOWXUD GH WRQR 0HGLDQWH XQ PHFDQLVPR GH SHGDO VH WHQVD \
GHVWHQVDHOSDUFKH\VHFRQVLJXHQVRQLGRVFRQXQDDOWXUDGHWRQREDVWDQWH
GHILQLGD\VXWHVLWXUDSXHGHOOHJDUKDVWDODVGRVRFWDYDV
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
,1752'8&&,Ð1$/$(/(&752$&Ó67,&$
¢4XLpQ QR GLVSRQH HQ HVWD VRFLHGDG RFFLGHQWDO GH XQ UHSURGXFWRU GH P~VLFD
SDUDHVFXFKDUXQD\RWUDYH]HVRVFRQFLHUWRVTXHVHGLHURQHQHOSDVDGR"
6LVWHPDVPHFiQLFRVGHDOPDFHQDPLHQWRGHODVHxDO&RPLHQ]RKLVWyULFR
6DEHPRV \D TXH HO VRQLGR QR HV PiV TXH XQD YDULDFLyQ SHULyGLFD GH OD SUHVLyQ SURGXFLGD SRU HO PRYLPLHQWR GH ODV
SDUWtFXODV\PROpFXODVGHODLUHDOUHGHGRUGHVXSXQWRGHHTXLOLEULR\JHQHUDGDVSRUDOJXQDVXSHUILFLHYLEUDQWH(VWDSUHVLyQ
VRQRUDVHSURSDJDGHVGHODIXHQWHKDVWDQXHVWURRtGR\OOHJDDOFHUHEURGRQGHODYLYHQFLDPRV
8QDYH]TXHVHHQWLHQGH\FRQRFHQORVPHFDQLVPRVGHSURSDJDFLyQGHO
VRQLGRVHFRPLHQ]DDLQYHVWLJDUODSRVLELOLGDGGHDOPDFHQDUHVWHF~PXOR
GHYLEUDFLRQHVTXHVHJHQHUDQ\TXHVHSLHUGHQLUUHPHGLDEOHPHQWHDOGH
SRFRWLHPSRGHVHUJHQHUDGDV/DLGHDEiVLFDHVPX\VHQFLOODDOPDFHQDU
HO SDWUyQ GH YLEUDFLyQ SDUD SRGHU UHSURGXFLUOR HQ FXDOTXLHU OXJDU \
PRPHQWR 7DQ VROR QHFHVLWDPRV XQ VLVWHPD OR VXILFLHQWHPHQWH VHQVLEOH
FRPR SDUD GHWHFWDU HVWDV SUHVLRQHV \ GHSUHVLRQHV HQ WRGR VX UDQJR GH
IUHFXHQFLDV
$ORODUJRGHODKLVWRULDPXFKRVKDQVLGRORVLQWHQWRVFRQPD\RURPHQRU
p[LWR SDUD DOPDFHQDU ORV VRQLGRV (O SULPHUR GHO TXH VH WLHQH
FRQRFLPLHQWR HO IRQyJUDIR HV SXUDPHQWH PHFiQLFR &RQVWD GH XQ
SDEHOOyQ TXH UHFRJH ODV SUHVLRQHV VRQRUDV \ ODV GLULJH D XQ SHTXHxR
WtPSDQR VHQVLEOH DO FXDO HVWi SHJDGD XQD DJXMD (VWD DJXMD GHVFDQVD
VREUHXQURGLOORRFLOLQGURFRQXQDFDSDGHFHUDRPDWHULDOPDOHDEOHTXH
VHKDFHJLUDU
&XDQGRODVSUHVLRQHV\GHSUHVLRQHVOOHJDQDOWtPSDQRpVWHHVPRYLGRSRU
OD IXHU]D GHO DLUH \ OD DJXMDDFRSODGD JUDED XQ VXUFRVREUH HO URGLOOR GH
FHUDHQPRYLPLHQWRFRQHO³PLVPR´SDWUyQGHYLEUDFLyQTXHHOJHQHUDGR
SRUODIXHQWH(OPHFDQLVPRHVUHYHUVLEOH\SRGHPRVKDFHUJLUDUHOURGLOOR
GH PDQHUD TXH OD DJXMD VH GHVOLFH VREUH HO VXUFR JUDEDGR /DV
YLEUDFLRQHV VRQ WUDVPLWLGDV DO WtPSDQR TXH JHQHUD XQD SUHVLyQ VRQRUD
VLPLODUDODYLEUDFLyQGHOVXUFR\TXHHOSDEHOOyQVHHQFDUJDGHDPSOLILFDU
3RVWHULRUPHQWH VH GHVDUUROOy XQD QXHYD IRUPD GH DOPDFHQDU HVWDV
YLEUDFLRQHV XQ GLVFR SODQR FRQ XQ VXUFR HVSLUDO (VWH IRUPDWR SHUPLWtD
KDFHUXQDVRODSODQFKDRPDWUL]RULJLQDO\PXFKDVFRSLDVKHFKRTXHQR
RFXUUtDFRQHOFLOLQGURGHOTXHQRVHSRGtDQKDFHUFRSLDV
/DV VHxDOHV DF~VWLFDV VH JUDEDQ HQ HO VXUFR GHO YLQLOR FRPSULPLGDV
DWHQXDGDV FLHUWDV IUHFXHQFLDV HQ DOJXQR GH ORV IRUPDWRV HVWiQGDU SH
5,$$ TXH H[LVWHQ HQ HO PHUFDGR \ TXH HO SUHDPSOLILFDGRU GH IRQR VH
HQFDUJDGH³GHVFRPSULPLU´$OSULQFLSLRODVJUDEDFLRQHVVHKDFtDQHQXQ
VROR FDQDO PRQR \ OD JUDEDFLyQ HQ HO VXUFR TXHGDED FHQWUDGD HQ HO YDOOH &XDQGR FRPHQ]DURQ ODV JUDEDFLRQHV HQ
HVWHUHRGRVFDQDOHVODVFRVDVVHFRPSOLFDURQSDUDORVYLQLORV\VHGHVDUUROODURQQXHYDVDJXMDV\PpWRGRVGHJUDEDFLyQ
GHOVXUFR/RVGRVFDQDOHVVHJUDEDQHQODVSDUHGHVGHOVXUFRDžXQRGHORWUR/DDJXMDDSR\DVREUHODVGRVSDUHGHV\
VLHQXQDGHHOODVH[LVWHRVFLODFLyQXQDERELQDVLWXDGDHQODDJXMDORFDSWDUi/DVYHORFLGDGHVGHURWDFLyQGHORVGLVFRV
HUDQHQXQSULQFLSLRGHUSPGHVSXpVVHEDMRDUSP\DFWXDOPHQWHDOJRPiVGHHVORFRP~Q(VWRVHGHEHDTXH
HVPiVIiFLOJUDEDUYLEUDFLRQHVGH+]VLODYHORFLGDGGHURWDFLyQHVPD\RU/DWpFQLFDDFWXDOSHUPLWHVHPHMDQWH
GHILQLFLyQHQWDQVRORYHORFLGDGHVGHUSPFRQORTXHVHJDQDHQWLHPSRGHGXUDFLyQGHODREUDJUDEDGDHQORVYLQLORV
6LVWHPDVHOHFWURPDJQpWLFRVGHDOPDFHQDPLHQWR\UHSURGXFFLyQ
8QDYH]TXHVHHQWLHQGHODIHQRPHQRORJtDGHODDF~VWLFDQRVEDVWDFXDOTXLHUPHFDQLVPRTXHVHDVXVFHSWLEOHGHPRYHUVH
IUHQWHDYDULDFLRQHVGHORTXHVHDTXHOHOOHJXHSDUDDOPDFHQDURUHSURGXFLUP~VLFD6HSXHGHXWLOL]DUXQDFDUDFWHUtVWLFD
PX\VLPSOHGHORVFRQGHQVDGRUHV/DGLIHUHQFLDGHSRWHQFLDOHQWUHODVGRVSODFDVGHXQFRQGHQVDGRUXQDSODFDFDUJDGD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
SRVLWLYDPHQWH\ODRWUDQHJDWLYDPHQWHGHSHQGHGHODGLVWDQFLDGH[LVWHQWHHQWUHODVSODFDV&XDQGRODSUHVLyQDF~VWLFD
OOHJDDXQDGHHOODVODPXHYH\KDFHYDULDUODGLIHUHQFLDGHSRWHQFLDO
([LVWHRWURIHQyPHQRHOHFWURPDJQpWLFRGHVFXELHUWRSRU)DUDGD\TXHWDPELpQQRVYLHQHELHQSDUDHVWHSURSyVLWR&XDQGR
XQDSDUWtFXODFDUJDGDHOpFWULFDPHQWHRXQDFRUULHQWHHOpFWULFDFLUFXODFRQXQDYHORFLGDG9DWUDYpVGHXQFDPSRPDJQpWLFR
%pVWHHMHUFHVREUHODSDUWtFXODXQDIXHU]D)TXHHVPi[LPDFXDQGRODGLUHFFLyQGHOPRYLPLHQWRHVSHUSHQGLFXODUDODV
OtQHDVGHOFDPSRPDJQpWLFR\QXODVLODGLUHFFLyQHVSDUDOHODDODVOtQHDVGHFDPSR/DIXHU]DHVSURSRUFLRQDODODFDUJD
WUDVSRUWDGDTșHVHOiQJXORHQWUH9\%
) T9%VHQș
7UDQVGXFWRUHVDF~VWLFRV
/RV WUDQVGXFWRUHV DF~VWLFRV VRQ ORV VLVWHPDVTXH
VH HQFDUJDQ GH ³WUDGXFLU´ ODV YDULDFLRQHV GH
SUHVLyQ DF~VWLFDV HQ VHxDOHV TXH SXHGHQ VHU
PHFiQLFDVRHOpFWULFDV
/DV OtQHDV GH FDPSR PDJQpWLFR HQWUH ORV SRORV
QRUWH\VXUGHXQLPiQYDQGHOSRORQRUWHKDFLDHO
SRORVXU6LFRQVWUXLPRVXQLPiQFLUFXODUTXHWHQJD
HOSRORQRUWHHQHOFHQWUR\HOVXUHQHOH[WHULRUODV
OtQHDV GH FDPSR PDJQpWLFR LUiQ GHO 1 DO 6 HQ HO
HQWUHKLHUUR \ VL VLWXDPRV XQD ERELQD SRU OD TXH
FLUFXODFRUULHQWHHQHVWHKXHFRHQWRQFHVHOFDPSRPDJQpWLFRHMHUFHUiXQDIXHU]DVREUHODERELQD\pVWDVHGHVSOD]DUi
KDFLDHOH[WHULRURLQWHULRUGHSHQGLHQGRGHODGLUHFFLyQGHODFRUULHQWH(OSURFHVRHVUHYHUVLEOH\VLXQDSUHVLyQDF~VWLFD
OOHJDDODPHPEUDQDpVWDPRYHUiODERELQDHQHOLQWHULRUGHOHQWUHKLHUURFUHDQGRXQDFRUULHQWHHQHOFLUFXLWRGHODERELQD\
OD FRUUHVSRQGLHQWH VHxDO HOpFWULFD YDULDEOH /RV PLFUyIRQRV \ DOWDYRFHV HOHFWURGLQiPLFRV XWLOL]DQ HVWH IHQyPHQR
HOHFWURPDJQpWLFR
([LVWHQ RWUR WLSR GH PLFUyIRQRV \ DOWDYRFHV TXH XWLOL]DQ HO VLVWHPD GH FRQGHQVDGRU GHVFULWR HQ HO
DSDUWDGRDQWHULRU(VWRVVLVWHPDVOODPDGRVHOHFWURVWiWLFRVQHFHVLWDQXQYROWDMHH[WHULRUGHFRUULHQWH
FRQWLQXDSDUDFDUJDUODVGRVSODFDV3RGHPRVUHFRJHU\WUDQVIRUPDUODVYDULDFLRQHVGHSUHVLyQTXH
OOHJDQDODPHPEUDQDGHOPLFUyIRQRHQYDULDFLRQHVHOpFWULFDVDPSOLILFDUODV\HQYLDUODVDXQDOWDYR]
TXHJHQHUDUiXQDSUHVLyQDF~VWLFDVLPLODUDODTXHOOHJyDOPLFUyIRQR
+R\ HQ GtD VH SXHGHQ HQFRQWUDU HQ HO PHUFDGR DOWDYRFHV GH FXDOTXLHUD GH HVWRV GRV WLSRV TXH
UHSURGXFHQFRQDEVROXWDILGHOLGDGHQWRGRHOUDQJRGHIUHFXHQFLDVGHODDXGLFLyQ+]OD
VHxDOTXHOHVOOHJDDWUDYpVGHXQDPSOLILFDGRUGHVGHXQVLVWHPDGHDOPDFHQDPLHQWRYLQLORFLQWD
PDJQpWLFD&'HWF
8QIHQyPHQRGLIHUHQWHTXHVHXWLOL]DWDPELpQSDUDODVPHGLGDV\ODFRQYHUVLyQHOHFWURDF~VWLFDHVXQDSURSLHGDGTXHVH
HQFXHQWUDHQDOJXQRVFULVWDOHVOODPDGRV SLH]RHOpFWULFRV8QDFRPSUHVLyQHQHVWRVFULVWDOHVSURGXFHXQDGLIHUHQFLDGH
SRWHQFLDO HQWUH ODV GRV FDUDV GHO FULVWDO 6L VRPHWHPRV HVWH FULVWDO D XQD YLEUDFLyQ HQWRQFHV ODV DFHOHUDFLRQHV \
GHFHOHUDFLRQHV FRPSULPHQ \ GHVFRPSULPHQ HO FULVWDO REWHQLHQGR DVt XQD VHxDO HOpFWULFD FRQ HO PLVPR SDWUyQ TXH OD
YLEUDFLyQ
(O PDJQHWLVPR TXH SUHVHQWDQ DOJXQRV PDWHULDOHV VH SXHGH XWLOL]DU SDUD
DOPDFHQDU OD LQIRUPDFLyQ UHFLELGD SRU ORV PLFUyIRQRV /DV SDUWtFXODV
IHUURPDJQpWLFDV TXH LPSUHJQDQ XQD FLQWD PDJQpWLFD GH XQD FDVVHWWH
SXHGHQYDULDUVXSRVLFLyQHQODFLQWDGHSHQGLHQGRGHOFDPSRPDJQpWLFRTXH
H[LVWD HQ HO FDEH]DO /D VHxDO DF~VWLFD OOHJD DO PLFUyIRQR pVWH JHQHUD OD
VHxDO HOpFWULFD \ VH PDQGD DPSOLILFDGD DO FDEH]DO TXH JHQHUD HO FDPSR
PDJQpWLFRYDULDEOHFRQHOPLVPRSDWUyQDF~VWLFRLQLFLDO(OFDPSRPDJQpWLFR
³PRYLOL]D´ODVSDUWtFXODVTXHVHGLVSRQHQHQODFLQWDFRQORVPLVPRVSDWURQHV
GHIUHFXHQFLDHLQWHQVLGDGTXHODVHxDOTXHOOHJyDOPLFUyIRQR(OSURFHVRHV
UHYHUVLEOH\XQFDEH]DOSXHGHUHFRJHU\WUDQVIRUPDUHQVHxDOHVHOpFWULFDVOD
LQIRUPDFLyQPDJQpWLFDFRQWHQLGDHQXQDFLQWD
/87+(5,$(6.2/$%LOERNR(0.-XDQ&ULVyVWRPRGH$UULDJD&*3GH%LOEDR$F~VWLFDGHOD0~VLFDž
/DHUDGLJLWDO$OPDFHQDPLHQWRGHGDWRV\FRQYHUWLGRUHV'$&\$'&
&RQODOOHJDGDGHORVRUGHQDGRUHV\VXOHQJXDMHELQDULRVHSURGXMRXQDUHYROXFLyQHQHOPXQGRGHODP~VLFDWDQWRHQHO
iPELWRGHORVLQVWUXPHQWRVPXVLFDOHVFRPRHQHOGHODJUDEDFLyQDOPDFHQDPLHQWR\UHSURGXFFLyQ
1XHVWUROHQJXDMHRVLVWHPDPDWHPiWLFRGHFLPDOGHXVRFRP~QWLHQHGLH]GtJLWRVRVtPERORV\FRQ
HOORV FRQWDPRV \ UHDOL]DPRV ODV RSHUDFLRQHV PDWHPiWLFDV ([LVWHQ RWURV VLVWHPDV SRU HMHPSOR HO VH[DJHVLPDO WLHQH
LPSOtFLWRHOGHFLPDOSDUDFRQWDUHOWLHPSR\PHGLUJUDGRVHWFPLQXWRVRQVHJXQGRVKRUDPLQXWRV
(OOHQJXDMHELQDULRHOTXHQRVLQWHUHVDHQHVWHFDVRFRQVWDGHGRVGtJLWRV\TXHHVHOTXHXWLOL]DQODVPiTXLQDVKR\
HQGtDSRUTXHUHSUHVHQWDORV~QLFRVHVWDGRVHQORVTXHVHSXHGHHQFRQWUDUXQFLUFXLWRHOpFWULFRKD\HOHFWULFLGDGRQRKD\
HOHFWULFLGDG&RQHVWRVGRVGtJLWRVVHSXHGHQKDFHURSHUDFLRQHVPDWHPiWLFDVFRQVWUXLUXQOHQJXDMH\FUHDUWRGRORTXH
KDFHQDFWXDOPHQWHORVRUGHQDGRUHV6LFRQVLGHUDPRV³SDODEUDV´GHWUHVQ~PHURVHQHOOHQJXDMHGHFLPDOSRGHPRVFRQWDU
KDVWDPLOREMHWRVGLIHUHQWHV«««(QHOVLVWHPDELQDULRHVWDPRV
XQSRFRPiVOLPLWDGRVSHURHOIXQFLRQDPLHQWRHVVLPLODU&RQ³SDODEUDV´GHGRVQ~PHURVSRGHPRVFRQWDUWDQVRORFXDWUR
REMHWRV&RQSDODEUDVGHWUHVQ~PHURVFRQWDPRVKDVWDRFKR(QOD
GLJLWDOL]DFLyQGHODP~VLFDVHXWLOL]DQSDODEUDVGHRQ~PHURVRELWVFRQORVTXHSRGHPRVFRQWDUUHVSHFWLYDPHQWH
\ REMHWRV R QLYHOHV GLIHUHQWHV GH OD VHxDO (V HYLGHQWH TXH VL XWLOL]DPRV ELWV HO PXHVWUHR TXH KDJDPRV VH
SDUHFHUiPiVDODUHDOLGDG\DTXHSRGHPRVGLYLGLUORVGLIHUHQWHVQLYHOHVGHYROWDMHHQPiVGHSDUWHV&RQELWV
WHQGUHPRVPiVGHILQLFLyQHQORVQLYHOHVGHSUHVLyQVRQRUDGLJLWDOL]DGRV
(OSURFHVRTXHVLJXHODVHxDOVHH[SOLFDHQHOVLJXLHQWHHVTXHPD$QDORJLF'LJLWDO&RQYHUWHU\'LJLWDO$QDORJLF&RQYHUWHU
/D VHxDO GH VRQLGR ODV YDULDFLRQHV GH SUHVLyQ HV UHFRJLGD SRU XQ PLFUyIRQR TXH OD FRQYLHUWH HQ XQD VHxDO DQDOyJLFD
HOpFWULFD(OFRQYHUWLGRU$QDOyJLFR'LJLWDOR$'&PXHVWUHDODVHxDOXQDVYHFHVSRUVHJXQGRN+]HQHOFDVR
GHO&'SHURH[LVWHPXHVWUHRVGHPD\RUIUHFXHQFLD\SUHFLVLyQN+]\VHFXDQWLILFDXWLOL]DQGRORVQLYHOHVTXH
QRV SHUPLWHQ ODV SDODEUDV GH ELWV (VWD LQIRUPDFLyQ HQ IRUPD GH FHURV \ XQRV VH SXHGH DOPDFHQDU HQ GLIHUHQWHV
IRUPDWRV(QHOFDVRGHO&'HQODSLVWDPHWiOLFDVHJUDEDQVXUFRVFRUWRV\ODUJRVTXHHOOiVHULGHQWLILFDFRPRy
(OFRQYHUWLGRU'LJLWDO$QDOyJLFR'$&HVODPiTXLQDTXHUHFLEHORVFHURV\XQRV\ORVWUDQVIRUPDHQXQDVHxDOHOpFWULFD
DQDOyJLFDFDVLLJXDODODTXHWHQtDPRVDOSULQFLSLR'HVSXpVHVWDVHxDOVHHQYtDDODPSOLILFDGRU\GHDTXtDORVDOWDYRFHV
7RGDHVWDLQIRUPDFLyQGLJLWDOVHSXHGHPDQLSXODU\PDQHMDUFRQPXFKDIDFLOLGDG/RVSURJUDPDVGHRUGHQDGRUGHKR\HQ
GtD VRQFDSDFHVGH HGLWDU SDUWLWXUDVJHQHUDUVRQLGRVHOHFWUyQLFDPHQWHVLPXODUVRQLGRV GH LQVWUXPHQWRV UHDOHV FRUWDU
SHJDUHGLWDUFDQFLRQHVDxDGLUUHYHUEHUDFLyQ\HIHFWRVGLYHUVRV\XQODUJRHWFWDQVRORPDQHMDQGRFHURV\XQRV
/RV VLVWHPDV GH DOPDFHQDPLHQWR GH GDWRV \D QR VRQ XQ SUREOHPD \ OD UHVROXFLyQ REWHQLGD FRQ ODV IUHFXHQFLDV GH
PXHVWUHR\ODFXDQWLILFDFLyQHVFDGDYH]PD\RU/DUHSURGXFFLyQGHP~VLFDFRQORVIRUPDWRVGLJLWDOHVVHSXHGHGHFLUTXH
HVFDVLSDUHFLGDDODUHDOLGDG
Descargar