Informe sobre la fatiga en la conducción

Anuncio
&DPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
VREUHIDWLJD\VRPQROHQFLDDOYRODQWH
VREUHIDWLJD\VRPQROHQFLDDOYRODQWH
(OGHORVFRQGXFWRUHVHVSDxROHVKDVXIULGR DO
YRODQWHXQDVLWXDFLyQGHULHVJRSRUI
YRODQWHXQDVLWXDFLyQGHULHVJRSRUIDWLJDR
XQDVLWXDFLyQGHULHVJRSRUIDWLJDRVXHxR
DWLJDRVXHxR
VXHxR
'XUDQWHORVPHVHVGHYHUDQRVHSURGXFHXQDGHODVRSHUDFLRQHVGHWUiILFRPiV
LPSRUWDQWHV GHO DxR FRQ PLOORQHV GH GHVSOD]DPLHQWRV GH FRUWR \ ODUJR
UHFRUULGR$OWUiILFR\ODVUHWHQFLRQHVGHULYDGDVGHHVWRVGHVSOD]DPLHQWRVVHOH
VXPDXQIDFWRUGHULHVJRDxDGLGRHOFDQVDQFLR(OHVWXGLRVREUHIDWLJD\
VRPQROHQFLDDOYRODQWHUHDOL]DGRGHQWURGHODFDPSDxD´8QUHIUHVFRWXPHMRU
FRPEXVWLEOHµDQDOL]DODHVWDGtVWLFDGHVLQLHVWUDOLGDGSRUHVWDFDXVD\H[DPLQD
OD RSLQLyQ GH ORV FRQGXFWRUHV HQ XQD HQFXHVWD UHDOL]DGD D PiV GH XVXDULRVFRQUHVXOWDGRVFRPRODSHUFHSFLyQGHODIDWLJDSRUWLSRGHYtDRODV
VLWXDFLRQHVGHULHVJRVXIULGDVSRUHVWDFDXVD
GHDJRVWRGH
GHDJRVWRGH
,QWURGXFFLyQ
,QWURGXFFLyQ
,QWURGXFFLyQ
/D FDPSDxD ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ GHVDUUROODGD SRU HO 5HDO
$XWRPyYLO &OXE GH (VSDxD 5$&( \ OD $VRFLDFLyQ 1DFLRQDO GH )DEULFDQWHV GH
%HELGDV 5HIUHVFDQWHV $QDOFRKyOLFDV $1)$%5$ FXPSOH VHLV DxRV HQ VX
REMHWLYR GH SUHYHQLU OD IDWLJD DO YRODQWH /RV GDWRV HVWDGtVWLFRV GHPXHVWUDQ
FRPRHOFDQVDQFLR\ODVRPQROHQFLDVXSRQHQODFXDUWDFDXVDGHPRUWDOLGDGHQ
ODVFDUUHWHUDVGH(VSDxDSRUHQFLPDGHRWUDVFRPRHODOFRKRORODVGURJDVR
ORVIDFWRUHVFOLPDWROyJLFRV'HVGHODSDVDGDHGLFLyQODFDPSDxDFXHQWDFRQOD
FRODERUDFLyQ GH OD UHG GH HVWDFLRQHV GH VHUYLFLR GH %3 (VSDxD \ OD 'LUHFFLyQ
*HQHUDOGH7UiILFR
(Q HVWRV VHLV DxRV GH WUDEDMR GH ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ VH KDQ
SXHVWR HQ PDUFKD DFFLRQHV GLULJLGDV D GLIHUHQWHV FROHFWLYRV FRPR ORV
SURIHVLRQDOHV ORV FRQGXFWRUHV GH WXULVPRV GH PRWRFLFOHWDV VHJ~Q HGDGHV«
SDUD OD FRQFLHQFLDFLyQ GH XQRV KiELWRV VDOXGDEOHV DO YRODQWH GHVGH OD FXOWXUD
SUHYHQWLYD 6H KDQ GHVDUUROODGR GLIHUHQWHV DFFLRQHV GH IRUPDFLyQ FRPR HQ
FHQWURV FRPHUFLDOHV HVWDFLRQHV GH VHUYLFLR« \ VH KDQ XWLOL]DGR GLVWLQWDV
SODWDIRUPDVWHFQROyJLFDVFRPROD:HERODVDSOLFDFLRQHVPyYLOHVSDUDPRVWUDU
ORVHIHFWRVGHODIDWLJDDOYRODQWH
(Q HVWD QXHYD HGLFLyQ GH OD DFWLYLGDG GH FRQFLHQFLDFLyQ HQ 6HJXULGDG
9LDO LQLFLDGD D SULPHURV GH DxR VH PDQWLHQH OD HVWUDWHJLD GH GLIXQGLU ORV
PHQVDMHVHQGLVWLQWRVFDPSRVGHDFWXDFLyQ\UHSDUWLGRVGXUDQWHWRGRHODxR
DERUGDQGR GLIHUHQWHV WHPiWLFDV /RV GDWRV HVWDGtVWLFRV VREUH IDWLJD \
FRQGXFFLyQ ORV DFFLGHQWHV \ OD IDOWD GH OHJLVODFLyQ \ FRQWURO D HVWH IDFWRU GH
ULHVJR DQLPDQ D FRQWLQXDU FRQ OD IRUPDFLyQ FRPR PHMRU KHUUDPLHQWD
SUHYHQWLYD
3DUD FRQWLQXDU FRQ OD GLIXVLyQ GH ORV PHQVDMHV ´8Q UHIUHVFR WX PHMRU
FRPEXVWLEOHµLQLFLyHOFRQYDULDVDFWLYLGDGHVGXUDQWHORVSULPHURVPHVHV
GHODxR6HRUJDQL]DURQIRURVSDUDDERUGDUODSUHYHQFLyQGHULHVJRVODERUDOHV
SRUDFFLGHQWHVGHWUiILFRHQYDULDV&RPXQLGDGHV$XWyQRPDVFRQODSUHVHQFLD
GH UHSUHVHQWDQWHV LQVWLWXFLRQDOHV 'HQWUR GH HVWRV WUDEDMRV HQ HO iPELWR
ODERUDO VH KDQ GLVWULEXLGR PDWHULDOHV FXUVRV GH SUHYHQFLyQ D WUDYpV GH OD
$FDGHPLD 5$&( \ VH KDQ LQVWDODGR VLPXODGRUHV GH FRQGXFFLyQ HQ GLVWLQWDV
iUHDVGHWUDEDMRSDUDXQDPHMRUDGHODIRUPDFLyQ
7DPELpQGXUDQWHORVSULPHURVPHVHVGHODxRVHSXVLHURQHQPDUFKDPHQVDMHV
SUHYHQWLYRVHQHOVHFWRUGHODVGRVUXHGDVFRQODGLVWULEXFLyQGHPDWHULDOHVHQ
HVWDFLRQHVGHVHUYLFLRXELFDGDVHQODUXWDD-HUH]FRQPRWLYRGHODFHOHEUDFLyQ
GHO*UDQ3UHPLRGH-HUH]GH0RWRFLFOLVPR\FRQODSUHVHQFLDGHPRQLWRUHVGH
5$&( &RQ XQD DIOXHQFLD HVWLPDGD GH PiV GH PRWRULVWDV DO *UDQ
3UHPLRODFDPSDxDHVWXYRSUHVHQWHHQSXQWRVGHDIOXHQFLDLQVWDODQGRLQFOXVR
FDUSDVFHUFDGHODVLQVWDODFLRQHVGHOFLUFXLWR
'XUDQWH HVWRV DxRV GH WUDEDMR VH KD LQYHVWLJDGR OD LQFLGHQFLD GH OD IDWLJD
PHGLDQWH DQiOLVLV GH FDPSR VH KD WUDEDMR HQ ODV FDXVDV \ VH KDQ
LPSOHPHQWDGRPDWHULDOHVYtGHRV\XQD:HEZZZIDWLJD\FRQGXFFLRQFRPSDUD
PHMRUDUHOFRQRFLPLHQWRGHORVXVXDULRVHQORVVLJXLHQWHVWHPDV
x ,GHQWLILFDFLyQGHORVVtQWRPDV
x $QiOLVLVGHOULHVJR
x ,QFRUSRUDFLyQGHKiELWRVVDOXGDEOHVDOYRODQWH
x ,QIRUPDFLyQVREUHODSDUDGDGHGHVFDQVR
x 'HVFDQVRV\WLSRVGHYHKtFXORV
x /DSUHYHQFLyQGHVGHHOHQWRUQRODERUDO
$FFLRQHVGHFDUDDOYHUDQR
$FFLRQHVGHFDUDDOYHUDQR
'XUDQWH ORV PHVHV GH MXOLR \ DJRVWR VH SURGXFHQ XQ LPSRUWDQWH Q~PHUR GH
GHVSOD]DPLHQWRV $O WUiILFR \ ODV UHWHQFLRQHV VH VXPD HO FDORU \ FRQ HOOR OD
GHVKLGUDWDFLyQ 3RU HOOR ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ WUDWD GH XQLU OD
LQJHVWD GH OtTXLGRV TXH HYLWDQ OD GHVKLGUDWDFLyQ FRQ HO DSRUWH GH JOXFRVD
QHFHVDULDSDUDPDQWHQHUXQDFRUUHFWDDFWLYLGDGFHUHEUDO/DFRQGXFFLyQHVXQD
DFWLYLGDGFRPSOHMDHQODTXHKD\TXHWRPDUGHFLVLRQHVGHIRUPDFRQVWDQWH(O
UHVXOWDGRGHHVDVGHFLVLRQHVVHUHIOHMDHQHOULHVJRDOYRODQWH
'XUDQWHORV~OWLPRVFLQFRDxRVGHVGHHOKDVWDHOHQ(VSDxDVHKDQ
SURGXFLGR DFFLGHQWHV PRUWDOHV SRU IDWLJD \R VRPQROHQFLD FRQ XQ
UHVXOWDGR GH YtFWLPDV PRUWDOHV 6LQ GXGD OD IDWLJD SURWDJRQL]D SRU
GHVJUDFLD XQR GH ORV IDFWRUHV TXH PiV FRQFXUUHQ HQ OD SURGXFFLyQ GH
VLQLHVWURV < SUHFLVDPHQWH HV GXUDQWH ORV PHVHV GH YHUDQR MXOLR \ DJRVWR
FXDQGR PiVDFFLGHQWHV PRUWDOHV \YtFWLPDVVH SURGXFHQ SRU HVWH PRWLYR 3RU
HOOR VH GHEHQ UHIRU]DU ODV DFFLRQHV SUHYHQWLYDV HQ HVWH SHULRGR DOHUWDQGR D
ORV XVXDULRV QR VROR HQ ODV DFWLWXGHV UHVSRQVDEOHV HQ ORV ODUJRV
GHVSOD]DPLHQWRV VLQR WDPELpQ HQ ORV WUD\HFWRV FRUWRV HQ GHVWLQR GRQGH VH
REVHUYDXQDPD\RUVLQLHVWUDOLGDG
$FFLGHQWDOLGDGHQ(VSDxD3HULRGR
$FFLGHQWDOLGDGHQ(VSDxD3HULRGR
$FFLGHQWDOLGDGHQ(VSDxD3HULRGR
(Q(VSDxDSDUDHOSHULRGRFRPSUHQGLGRHQWUHHOGHHQHURGH\HOGH
GLFLHPEUHGH\VHJ~QGDWRVDKRUDVGHO6HUYLFLRGHHVWDGtVWLFDGHOD
'LUHFFLyQ*HQHUDOGH7UiILFRVHSURGXMHURQDFFLGHQWHVPRUWDOHVSRUIDWLJD\
VXHxRHQFDUUHWHUDFRQXQUHVXOWDGRGHPXHUWRVHQORTXHFRQVWLWX\HXQ
DxRPiVHOFXDUWRIDFWRUFRQFXUUHQWHHQODSURGXFFLyQGHDFFLGHQWHVPRUWDOHV
SRUHQFLPDGHRWURVFRPRHODOFRKRORODVGURJDVPHWHRURORJtDHVWDGRGHOD
YtDIDOORPHFiQLFRRLQH[SHULHQFLDGHOFRQGXFWRU (VWHGDWRDKRUDVSRGUtD
DXPHQWDUHQHOLQIRUPHDGtDV\DTXHQRVHUHFRJHQQLORVGDWRVHQ]RQD
XUEDQDQLORVUHFRJLGRVHQ&DWDOXxD\3DtV9DVFRSRUQRHVWDUGLVSRQLEOHVHQ
HOFLHUUHGHOLQIRUPH
7DEODGHDFFLGHQWDOLGDGPRUWDOSRUIDFWRUHVFRQFXUUHQWHV)XHQWH'*7
7DEODGHDFFLGHQWDOLGDGPRUWDOSRUIDFWRUHVFRQFXUUHQWHV)XHQWH'*7
'DWRV UHIHULGRV D DFFLGHQWHV PRUWDOHV HQ FDUUHWHUD (O FyPSXWR GH YtFWLPDV PRUWDOHV
HVWiUHDOL]DGRDKRUDVVL
VLQLQFOXLU&DWDOXxDQL3DtV9DVFRSRUQRGLVSRQHUGHHOORV
QLQFOXLU&DWDOXxDQL3DtV9DVFRSRUQRGLVSRQHUGHHOORV
VL
QLQFOXLU&DWDOXxDQL3DtV9DVFRSRUQRGLVSRQHUGHHOORV
&DXVDGHODFFLGHQWH
$FFLGHQWHV
0XHUWRV
PRUWDOHV
$0&
$0&
$FFLGHQWHV
0XHUWRV
PRUWDOHV
$0&
$0&
'LVWUDFFLyQ
,QIUDFFLyQDODQRUPD
9HORFLGDGLQDGHFXDGD
&DQVDQFLRRVXHxR
$OFRKRORGURJDV
(VWRVIDFWRUHVFRQFXUUHQWHVVHUHILHUHQDODRSLQLyQGHODJHQWH\SXHGHGDUVH
PiVGHXQIDFWRUHQXQPLVPRDFFLGHQWHSHURUHVXOWDLPSRUWDQWHGHVWDFDUTXH
ODIDWLJD\ODVRPQROHQFLDVHPDQWLHQHHQHVWDFXDUWDSRVLFLyQXQDxRPiV1R
REVWDQWH HV LPSRUWDQWH VHxDODU TXH HQ HVWD EDVH HVWDGtVWLFD VH REVHUYD XQD
FDtGDGHOGHORVDFFLGHQWHVPRUWDOHVHQDIDOWDGHFRPSOHWDUGDWRV
URPSLHQGRODWHQGHQFLDDODO]DUHIOHMDGDHQHOLQIRUPHVREUHIDWLJD
(O DQiOLVLV GH ORV GDWRV GHPXHVWUD TXH GXUDQWH WRGRV ORV PHVHV GHO DxR VH
SURGXFHQ DFFLGHQWHV SRU IDWLJD SHUR HV GXUDQWH ORV PHVHV GH -XOLR \ DJRVWR
FXDQGR VH SURGXFH XQ PD\RU Q~PHUR GH DFFLGHQWHV FRQ YtFWLPDV \ GH
IDOOHFLGRVHQFDUUHWHUD6yORHQORVPHVHVGHOSHULRGRYHUDQLHJRFRPSUHQGLGR
HQWUH HO GH MXOLR \ HO GH DJRVWR GH VH SURGXMHURQ XQR GH FDGD
FXDWUR DFFLGHQWHV FRQ YtFWLPDV SRU FDQVDQFLR R VXHxR \ HO GH ORV
IDOOHFLGRV HQ FDUUHWHUD SRU HVWH PRWLYR 'H DKt OD LPSRUWDQFLD GH ODQ]DU
PHQVDMHV SUHYHQWLYRV HQ HVWRV PHVHV GH JUDQGHV GHVSOD]DPLHQWRV FRQ
DIOXHQFLD PDVLYD GH YHKtFXORV HQ OD FDUUHWHUD \ GRQGH FRQIOX\H XQ HOHPHQWR
DGLFLRQDOGHULHVJRGHDXPHQWRGHODIDWLJDHOFDORU
$FFLGHQWHVFRQYtFWLPDVHQFRQIDFWRUFRQFXUUHQWHFDQVDQFLRVXHxRSRU
PHVHV $FFLGHQWHV FRQ YtFWLPDV \ PXHUWRV D GtDV HQ DFFLGHQWHV FRQ IDFWRU
FRQFXUUHQWHFDQVDQFLRRVXHxRHQ]RQDXUEDQD\FDUUHWHUDSRUPHVHV
$FF9tFWLPDV
$FF9tFWLPDV
0XHUWRVDGtDV
0XHUWRVDGtDV
&DUUHWHUD
&DUUHWHUD =RQDXUEDQD
=RQDXUEDQD &DUUHWHUD
&DUUHWHUD
UD =RQDXUEDQD
=RQDXUEDQD
(QHUR
(QHUR
)HEUHUR
)HEUHUR
0DU]R
0DU]R
$EULO
$EULO
0D\R
0D\R
-XQLR
-XQLR
-XOLR
-XOLR
$JRVWR
$JRVWR
6HSWLHPEUH
6HSWLHPEUH
2FWXEUH
2FWXEUH
1RYLHPEUH
1RYLHPEUH
'LFLHPEUH
'LFLHPEUH
3RURWURODGRVLWHQHPRVHQFXHQWDORVDFFLGHQWHVPRUWDOHV\ORVIDOOHFLGRVSRU
IDWLJD\VRPQROHQFLDHQUHODFLyQDOWLSRGHYtDHQFRQWUDPRVTXHHOGHORV
PXHUWRVSRUHVWHPRWLYRVHSURGXMRHQYtDVFRQYHQFLRQDOHVORTXHGHPXHVWUD
OD SHOLJURVLGDG HQ HVWH WLSR GH YtD \ HO ULHVJR GH ORV WUD\HFWRV FRUWRV HQ
GHVWLQR(QVHJXQGROXJDUSRUDFFLGHQWDOLGDG\ULHVJRHVODDXWRYtD
$FFLGHQWHVPRUWDOHVHQSRUFDQVDQFLRVXHxRSRUWLSRGHYtD
$XWRSLVWD
$XWRSLVWD
$FF0RUWDOHV
$FF0RUWDOHV 0XHUWRVK
0XHUWRVK
$XWRYtD
$XWRYtD
&DUUHWHUD&RQYHQFLRQDO
&DUUHWHUD&RQYHQFLRQDO
$FFLGHQWDOLGDGSRUIDWLJD\VRPQROHQFLDSRU&RPXQLGDGHV$XWyQRPDV
$FFLGHQWDOLGDGSRUIDWLJD\VRPQROHQFLDSRU&RPXQLGDGHV$XWyQRPDV
$QGDOXFtD VLJXH VLHQGR OD &RPXQLGDG $XWyQRPD HQ OD TXH VH SURGXFHQ XQ
PD\RU Q~PHUR GH DFFLGHQWHV PRUWDOHV SRU IDWLJD \ VRPQROHQFLD \ OD TXH
PD\RUQ~PHURGHIDOOHFLGRVVHFRQWDELOL]DQSRUHVWHPRWLYR+D\TXHWHQHUHQ
FXHQWD ORV GHVSOD]DPLHQWRV SURSLRV \ GH SDVR TXH VH SURGXFHQ HQ HVWD
&RPXQLGDG\DVXPDUDHVWHIDFWRUHOKHFKRGHTXHHOFDQVDQFLRDGTXLHUHVX
HVSHFLDOSHOLJURHQORVNLOyPHWURVILQDOHVDOGHVWLQR
&XDGURGHDFFLGHQWDOLGDGPRUWDO\IDOOHFLGRVSRUIDWLJD\VRPQROHQFLDHQ\
&XDGUR
'DWRVUHIHULGRVDFDUUHWHUDDKRUDV
$FFLGHQWHV
0XHUWRV
$FFLGHQWHV
0XHUWRV
$QGDOXFtD
&DVWLOOD\/HyQ
&DVWLOOD/D0DQFKD
&RPXQLGDG9DOHQFLDQD
&DWDOXxD
QG
QG
QG
QG
QG
QG
QG
QG
$UDJyQ
0DGULG
*DOLFLD
$VWXULDV
/D5LRMD
0XUFLD
1DYDUUD
&DQDULDV
&DQWDEULD
,VODV%DOHDUHV
QG
QG
QG
QG
QG
QG
QG
QG
([WUHPDGXUD
3DtV9DVFR
$0&
$0&
$0&
$0&
/RVGDWRVUHIHULGRVD&DWDOXxD\3DtV9DVFRSXHGHQGLIHULUGHOUHVWRGH&RPXQLGDGHV
SRUHOSURFHVRGHWRPDGHGDWRVSRUORTXHQRVHKDQHVWLPDGRHQODWDEODJHQHUDO
/DPRUWDOLGDGSRUIDWLJDVXEHGHIRUPDFRQVLGHUDEOHHQ$UDJyQ\OHYHPHQWHHQ
&DVWLOOD ² /D 0DQFKD &RPXQLGDGHV GH PXFKR WUiILFR GH YHKtFXORV 7DPELpQ
GHVWDFD OD UHODFLyQ HQWUH DFFLGHQWHV PRUWDOHV \ IDOOHFLGRV &GDG
9DOHQFLDQD 0XUFLD &DQWDEULD &DQDULDV ([WUHPDGXUD &DVWLOOD ² /D 0DQFKD«
ORTXHFRPRKLSyWHVLVRSHUDWLYDLQGLFDUtDFDVRVGHDFFLGHQWHVHQVROLWDULR
,1)250(
,1)250(
,1)250(62%5()$7,*$<&21'8&&,Î1
62%5()$7,*$<&21'8&&,Î1
62%5()$7,*$<&21'8&&,Î1(1(63$f$
(1(63$f$
'XUDQWH ORV VHLV DxRV GH WUDEDMR VREUH IDWLJD \ FRQGXFFLyQ VH KDQ YHQLGR
UHDOL]DQGRHQFXHVWDVVREUHODLQFLGHQFLDGHOFDQVDQFLRDOYRODQWHLGHQWLILFDQGR
HO SUREOHPD SRU FROHFWLYRV SURIHVLRQDOHV SDUWLFXODUHV SRU FRQGXFWRUHV
PRWRFLFOHWD WXULVPRV YHKtFXORV SHVDGRV SRU SHUILO HGDG \ VH[R H LQFOXVR
SRU SDtVHV 'XUDQWH OD HGLFLyQ VH WUDWy GH FRQRFHU OD LQFLGHQFLD GH OD
IDWLJD HQ HO FRQWH[WR LQWHUQDFLRQDO FRQ HO REMHWLYR GH FRQRFHU VXV KiELWRV DO
YRODQWH OD LGHQWLILFDFLyQ GH ORV VtQWRPDV GH FDQVDQFLR VX FRPSRUWDPLHQWR
GXUDQWHORVYLDMHVHWF6HDQDOL]DURQPiVGHHQFXHVWDVDFRQGXFWRUHVGH
SDtVHVHXURSHRV\GHVXHQWRUQR
(Q HVWD HGLFLyQ HO HVWXGLR VREUH IDWLJD \ FRQGXFFLyQ UHWRPD HO DQiOLVLV
HQ QXHVWUR SDtV DGDSWiQGROR D OD VLWXDFLyQ DFWXDO H LQFLGLHQGR HQ OD
DFFLGHQWDOLGDGGHIDWLJD\VRPQROHQFLDSRUWLSRGHYtDFRQWUDVWDQGRORVGDWRV
GHVLQLHVWUDOLGDGFRQODSHUFHSFLyQGHOULHVJRSRUSDUWHGHOFRQGXFWRUHVSDxRO
6HWUDWDDVtGHDKRQGDUHQORVIDFWRUHVTXHHVWiQGHWUiVGHODLQFLGHQFLDGHOD
IDWLJDHQODVLQLHVWUDOLGDGYLDOHQQXHVWURSDtV
3HUILOGHODHQFXHVWD
3HUILOGHODHQFXHVWD
/DV HQFXHVWDV IXHURQ UHDOL]DGDV HQWUH ORV PHVHV GH PD\R \ MXQLR GH \
VH KDQ UHFRJLGR PHGLDQWH XQ EUHYH FXHVWLRQDULR GLULJLGR D FRQGXFWRUHV GH
GLIHUHQWHV HGDGHV WHQLHQGR HQ FXHQWD HO WLSR GH YHKtFXOR KDELWXDOPHQWH
XWLOL]DGR R HO Q~PHUR GH NLOyPHWURV UHFRUULGRV DO DxR /D HQFXHVWD IXH
VHJPHQWDGDSRU&RPXQLGDGHV$XWyQRPDVSDUDVXSRVWHULRUDQiOLVLV(OHVWXGLR
IXH UHDOL]DGR SRU HVSHFLDOLVWDV GHO 5$&( FRQ OD UHFHSFLyQ GH PiV GH HQFXHVWDVYDORUDGDV\HVWXGLDGDV
),&+$7e&1,&$
),&+$7e&1,&$
8QLYHUVR
8QLYHUVR3REODFLyQGHFRQGXFWRUHVHVSDxROHV
7DPDxRGHODPXHVWUDILQDO
7DPDxRGHODPXHVWUDILQDO
3XQWRVGHPXHVWUHR
3XQWRVGHPXHVWUHR&RQGXFWRUHV
0pWRGR
0pWRGR(QFXHVWDDXWRDGPLQLVWUDGDFRQFXHVWLRQDULRHVWUXFWXUDGR
(UURUPXHVWUDO
(UURUPXHVWUDO3DUDXQQLYHOGHFRQILDQ]DGHO\3 4HOPDUJHQGHHUURU
HVGHSDUDHOFRQMXQWRGHODPXHVWUD
/DHQFXHVWDIXHGLYLGLGDHQWUHVEORTXHV
%ORTXHGHSHUILOGHHQWUHYLVWDGR\SUHJXQWDVGHFRQWURO
%ORTXHVREUHODIDWLJDHQORVGHVSOD]DPLHQWRV
%ORTXH VREUH KiELWRV DO YRODQWH UHODFLRQDGRV FRQ OD IDWLJD HQ OD
FRQGXFFLyQ
(Q HO WHUFHU \ ~OWLPR PyGXOR DSURYHFKDPRV HO HVWXGLR SDUD TXH ORV
HQFXHVWDGRVFRPHQWDUDQODWLSRORJtDGHORVGHVSOD]DPLHQWRVGHFDUDDOYHUDQR
\VXLQFLGHQFLDFRQODVLWXDFLyQHFRQyPLFDDFWXDO
5HVXOWDGRVGHOHVWXGLR
5HVXOWDGRVGHOHVWXGLRVREUHIDWLJD\FRQGXFFLyQ
VREUHIDWLJD\FRQGXFFLyQ
)LFKD7pFQLFD
)LFKD7pFQLFD
(O HVWXGLR VREUH KiELWRV DO YRODQWH IDWLJD \ FRQGXFFLyQ HQ (VSDxD KD
DQDOL]DGRPiVGHHQFXHVWDVUHDOL]DGDVDFRQGXFWRUHVGHQXHVWURSDtV(O
SHUILOGHOHQFXHVWDGRQRVLQGLFDTXHHOGHORVXVXDULRVTXHKDQFRQWHVWDGR
WLHQHHQWUH\DxRVIUHQWHDXQGHHQWUH\DxRV3RUVH[RHO
HUD KRPEUH (O XWLOL]D SUHIHUHQWHPHQWH XQ WXULVPR SDUD VXV
GHVSOD]DPLHQWRVVHJXLGRGHPRWRFLFOHWD
¢&XiQWRV N LOyPHWURV F RQGXF HDODxRDSUR[LPDGDPHQWH"6HOHF FLRQHXQDUHV SXHVWD
DĞŶŽƐĚĞϱ͘ϬϬϬŬŵƐ
ŶƚƌĞϱ͘ϬϬϬLJϭϬ͘ϬϬϬŬŵƐ
ŶƚƌĞϭϬ͘ϬϬϬLJϭϱ͘ϬϬϬŬŵƐ
ŶƚƌĞϭϱ͘ϬϬϬLJϮϬ͘ϬϬϬŬŵƐ
DĄƐĚĞϮϬ͘ϬϬϬŬŵƐ
6REUH ORV SHUILOHV GH PRYLOLGDG ORV XVXDULRV HQFXHVWDGRV UHFRUUHQ PiV GH
NLOyPHWURV HQHO GHORV FDVRV IUHQWH D XQ TXH OR KDFH HQWUH
\NLOyPHWURV(OUHFRUUHHQWUH\NLOyPHWURV
PLVPRSRUFHQWDMHTXHSDUDORVFRQGXFWRUHVTXHUHFRUUHQHQWUH\
NLOyPHWURV DO DxR 6L WHQHPRV HQ FXHQWD ORV GDWRV GH HO Q~PHUR GH
FRQGXFWRUHV TXH UHFRUUH PiV GH NLOyPHWURV DO DxR FDH WUHV SXQWRV
SDVDQGRGHODO
%ORTXH)DWLJDHQORVGHVSOD]DPLHQWRV
%ORTXH)DWLJDHQORVGHVSOD]DPLHQWRV
)DWLJDHQORVGHVSOD]DPLHQWRV
(Q HVWH DSDUWDGR VH FHQWUDEDQ ODV FXHVWLRQHV VREUH OD LGHQWLILFDFLyQ GH ODV
FDXVDV GH OD DFFLGHQWDOLGDG SDUD VLWXDU HO FDQVDQFLR \ OD SHUFHSFLyQ GH OD
IDWLJD FRPR HOHPHQWR GH ULHVJR HQ HO FRQWHVWR JHQHUDO GH ORV IDFWRUHV TXH
LQFLGHQHQODVLQLHVWUDOLGDG
*UiILFD¢+DVHQWLGRDOJXQDYH]HVWRVVtQWRPDVFXDQGRHVWDEDFRQGXFLHQGR"3RUIDYRU
*UiILFD
PDUTXH6tRQR
3pUGLGDGHFRQFHQWUDFLyQ
3LFRUGHRMRVYLVLyQERUURVD
SDUSDGHRFRQVWDQWH
&DODPEUHVRGRORUHV
PXVFXODUHV
6RPQROHQFLD
1HFHVLGDGGHPRYHUVHHQHO
DVLHQWRLQFyPRGR
'HVKLGUDWDFLyQ
Ϭй
ϭϬй
ϮϬй
ϯϬй
ϰϬй
^ş
ϱϬй
ϲϬй
ϳϬй
ϴϬй
ϵϬй
ϭϬϬй
EŽ
/DJUiILFDVREUHORVVtQWRPDVUHODFLRQDGRVFRQODIDWLJDPXHVWUDFRPRPiVGH
OD PLWDG GH ORV FRQGXFWRUHV HVSDxROHV KD VXIULGR SpUGLGD GH
FRQFHQWUDFLyQ DO YRODQWH \ XQ GH ORV XVXDULRV KD WHQLGR HSLVRGLRV GH
VRPQROHQFLD (Q UHODFLyQ D ODV GROHQFLDV ItVLFDV HO GH ORV FRQGXFWRUHV
GHWHFWDURQ VXIULU SLFRU GH RMRV YLVLyQ ERUURVD R SDUSDGHR FRQVWDQWH XQ GHFODUyKDEHUWHQLGRFDODPEUHVRGRORUHVPXVFXODUHVHQVXWUD\HFWR\WUHVGH
FDGDFXDWURXVXDULRVGHFODUDURQKDEHUWHQLGRODQHFHVLGDGGHLUPRYLpQGRVHHQ
HODVLHQWRFODURVtQWRPDGHFDQVDQFLRTXHVHWUDGXFHHQLQFRPRGLGDGItVLFD\
PDOHVWDU ItVLFR 8Q LGHQWLILFy DGHPiV VtQWRPDV GH GHVKLGUDWDFLyQ
UHODFLRQDGDFRQODIDWLJDDOYRODQWH
&XDGURUHVXPHQGHUHVSXHVWDVUHODFLRQDGDVFRQORVVtQWRPDV\FRPSDUDWLYD
&XDGUR
¢+DVHQWLGRDOJXQDYH]HVWRVVtQWRPDVDOYRODQWH"
¢+DVHQWLGRDOJXQDYH]HVWRVVtQWRPDVDOYRODQWH"
6Ê
6Ê
6t
6t
3pUGLGDGHFRQFHQWUDFLyQ
3pUGLGDGHFRQFHQWUDFLyQ
3LFRUGHRMRVYLVLyQERUURVDSDUSDGHRFRQVWDQWH
3LFRUGHRMRVYLVLyQERUURVDSDUSDGHRFRQVWDQWH
&DODPEUHVPXVFXODUHVRGRORUGHHVSDOGD
&DODPEUHVPXVFXODUHVRGRORUGHHVSDOGD
UGHHVSDOGD
6RPQROHQFLD
6RPQROHQFLD
1HFHVLGDGGHPRYHUVHHQHODVLHQWR
1HFHVLGDGGHPRYHUVHHQHODVLHQWR
'HVKLGUDWDFLyQ
'HVKLGUDWDFLyQ
6L FRPSDUDPRV ORV GDWRV GH FRQ UHVSHFWR DO ~OWLPR DQiOLVLV UHDOL]DGR D
ORVFRQGXFWRUHVHVSDxROHVHQHVWHVHQWLGRVHREVHUYDTXHHQODPD\RUtDGHODV
FDWHJRUtDVHYDOXDGDVVHSURGXFHXQDGLVPLQXFLyQGHORVVtQWRPDVVREUHWRGR
HQ ORV ItVLFRV (Q ODV FDWHJRUtDV GH SpUGLGD GH FRQFHQWUDFLyQ \ VRPQROHQFLD
WDPELpQ KD\ XQD FDtGD HQ OD LQFLGHQFLD PLHQWUDV TXH HQ OD GHVKLGUDWDFLyQ VH
GDXQDXPHQWRHQVXGHWHFFLyQ
'DGDODUHGXFFLyQGHODVLQLHVWUDOLGDG\GHODPRUWDOLGDGGHILQLGDHQORVGDWRV
'DGDODUHGXFFLyQGHODVLQLHVWUDOLGDG\GHODPRUWDOLGDGGHILQLGDHQORVGDWRV
HVWDGtVWLFRVGHOD'LUHFFLyQ*HQHUDOGH7UiILFRSDUDHODxR\DWHQRUGH
HVWDGtVWLFRVGHOD'LUHFFLyQ*HQHUDOGH7UiILFRSDUDHODxR
\DWHQRUGH
ORVUHVXOWDGRVREWHQLGRVHQODVFXHVWLRQHVSODQWHDGDVVREUHODGHWHFFLyQGH
UHVXOWDGRVREWHQLGRVHQODVFXHVWLRQHVSODQWHDGDVVREUHODGHWHFFLyQGHOD
OD
ORV UHVXOWDGRVREWHQLGRVHQODVFXHVWLRQHVSODQWHDGDVVREUHODGHWHFFLyQGH
VLQWRPDWRORJtDGHODIDWLJDODIRUPDFLyQ
VLQWRPDWRORJtDGHODIDWLJDODIRUPDFLyQ\ODFRQFLHQFLDFLyQ
QWRPDWRORJtDGHODIDWLJDODIRUPDFLyQ \ODFRQFLHQFLDFLyQVHWUDGXFHHQXQD
\ODFRQFLHQFLDFLyQ VHWUDGXFHHQXQD
PHMRUDGHODVHJXULGDG\DTXHQRH[LVWHQVDQFLRQHVQLFDPSDxDGHFRQWUROHQ
HVWHVHQWLGRSDUDHOFRQGXFWRUSDUWLFXODU
HVWHVHQWLGRSDUDHOFRQGXFWRUSDUWLFXODU
SDUDHOFRQGXFWRUSDUWLFXODU
'HVGH OD ySWLFD GH OD SUHYHQFLyQ GH VLQLHVWURV VHJXLU FRQ HVWD IRUPDFLyQ \
GHVDUUROODU FDPSDxDV DFWLYDV GH FRQFLHQFLDFLyQ LQFLGLUi VLQ GXGD HQ OD
LGHQWLILFDFLyQ GH ORV VtQWRPDV GH OD IDWLJD \ OD VRPQROHQFLD FRPR HOHPHQWR
SUHVHQWHHQORVVLQLHVWURVSXGLHQGRGHWHFWDUXQDVLWXDFLyQGHULHVJRGHIRUPD
SUHYLD DO DFFLGHQWH &RQRFHU ODV FRQVHFXHQFLDV \ OD UHDOLGDG GHWUiV GH OD
HVWDGtVWLFDVHWUDGXFLUiHQODPHMRUDGHORVFULWHULRVSUHYHQWLYRV
(Q PXFKRV FDVRV HVWD SUHYHQFLyQ D ODV VLWXDFLRQHV GH ULHVJR SXHGH OOHJDU
GHPDVLDGR WDUGH 3RU HVWH PRWLYR TXLVLPRV SUHJXQWDU D ORV FRQGXFWRUHV VL
KDEtDQ VXIULGR DOJ~Q PRPHQWR GH SHOLJUR SRU FXOSD GH OD IDWLJD \ OD
VRPQROHQFLD 7UHV GH FDGD GLH] FRQGXFWRUHV UHFRQRFtD KDEHU YLYLGR DOJXQD
VLWXDFLyQGHULHVJRSRUFXOSDGHDOJXQDGHHVWDVGRVFDXVDV
*UiILFR ¢+D WHQLGR DOJXQD VLWXDFLyQ GH ULHVJR SURYRFDGD SRU FRQGXFLU FRQ IDWLJD R
VRPQROHQFLD"
ϯϬ͕Ϭϰй
ϲϵ͕ϵϲй
^ş
EŽ
6L WHQHPRV HQ FXHQWD RWUDV VLWXDFLRQHV GH ULHVJR GHFODUDGDV SRU ORV
FRQGXFWRUHV HVSDxROHV XQ HVWXGLR UHFLHQWH GHO 5$&( VREUH GLVWUDFFLRQHV \
VHJXULGDG YLDO UHYHODED TXH XQ GH ORV FRQGXFWRUHV KDEtD VXIULGR XQD
VLWXDFLyQ GH ULHVJR SRU FXOSD GH XQ WHOpIRQR PyYLO (Q HVWH FDVR HVWRV
PRPHQWRV GH SHOLJUR GHFODUDGRV SRU OD IDWLJD \ OD VRPQROHQFLD VH PXOWLSOLFD
SRU GRV FRQ UHVSHFWR D ODV GLVWUDFFLRQHV
GLVWUDFFLRQHV OR TXH QRV LQGLFD OD QHFHVLGDG GH
DERUGDUHVWHSUREOHPDSDUDTXHHOFDQVDQFLRODYRODQWHQRDXPHQWHORVGDWRV
GHVLQLHVWUDOLGDG
7DPELpQUHVXOWDEDLPSRUWDQWHFRQRFHUHQTXpYtDVVHKDEtDQSURGXFLGRHVWDV
VLWXDFLRQHV GH ULHVJR &RPR \D KHPRV YLVWR HQ OD SDUWH HVWDGtVWLFD HQ ODV
FDUUHWHUDV FRQYHQFLRQDOHV HV GRQGH VH SURGXFHQ OD PD\RUtD GHORV DFFLGHQWHV
PRUWDOHV\FRQYtFWLPDVGHORVDFDHFLGRVHQFDUUHWHUD¢,QFLGLUtDWDPELpQHVWDV
VLWXDFLRQHV GH ULHVJR HQ ODV PLVPDV YtDV" ¢([LVWH XQD UHODFLyQ HQWUH
VLQLHVWUDOLGDG\ULHVJRSRUWLSRGHYtD"
$VtGHOGHORVFRQGXFWRUHV TXHUHFRQRFLHURQKDEHU
TXHUHFRQRFLHURQKDEHU WHQLGRXQDVLWXDFLyQ
GH OD IDWLJD R GH OD VRPQROHQFLD
GH ULHVJR SRU FXOSD GH
VRPQROHQFLD HO LQGLFy TXH HO
PRPHQWR GH SHOLJUR VH SURGXMR HQ DXWRYtDV VHJXLGR GHO HQ FDUUHWHUDV
FRQYHQFLRQDOHVGHGREOHVHQWLGR\HOHQDXWRSLVWDV(QWRWDOGRVGHFDGD
(QWRWDOGRVGHFDGD
WUHV FRQGXFWRUHV HVSDxROHV UHFRQRFH KDEHU VXIULGR IDWLJD R VRPQROHQFLD HQ
YtDVGHDOWDFDSDFLGDG
YtDVGHDOWDFDSDFLGDG
*UiILFR
*UiILFR ¢(Q TXp WLSR GH YtD VH SURGXMR HVD VLWXDFLyQ GH ULHVJR" 3RU IDYRU VHOHFFLRQH
XQDUHVSXHVWD
KƚƌĂ;ƉŽƌĨĂǀŽƌ͕
ĞƐƉĞĐŝĨŝƋƵĞͿ
ŽŶĂhƌďĂŶĂ
ƵƚŽǀşĂ
ƵƚŽƉŝƐƚĂ
sşĂĚĞĚŽďůĞƐĞŶƚŝĚŽ
;ŽŶǀĞŶĐŝŽŶĂůͿ
Ϭ͕ϬϬй
ϱ͕ϬϬй
ϭϬ͕ϬϬй ϭϱ͕ϬϬй ϮϬ͕ϬϬй Ϯϱ͕ϬϬй ϯϬ͕ϬϬй ϯϱ͕ϬϬй ϰϬ͕ϬϬй ϰϱ͕ϬϬй
0XFKDV GH HVWDV VLWXDFLRQHV GH ULHVJR VH SURGXFHQ SRU XQD FRPELQDFLyQ GH
IDFWRUHV WDOHV FRPR HO WLHPSR GH FRQGXFFLyQ SURORQJDGR VLQ GHVFDQVR ODV
KRUDV HQ ODV TXH UHDOLFHPRV HO YLDMH ODV SUHIHUHQFLDV GtDQRFKH« +D\ TXH
UHFRUGDU TXH HQWUH OD VHJXQGD \ OD WHUFHUD KRUD GH FRQGXFFLyQ FRQWLQXDGD
YDPRV SHUGLHQGR FDSDFLGDG GH UHFRQRFHU HO HQWRUQR \ WRPDU GHFLVLRQHV
FRUUHFWDVDXPHQWDPRVORVHUURUHVGHSHUFHSFLyQGHGLVWDQFLDV\YHORFLGDGHV\
DXPHQWDPRV HO WLHPSR GH UHDFFLyQ OR TXH HTXLYDOH D DXPHQWDU KDVWD HQ XQ
HOULHVJRGHVXIULUXQDFFLGHQWHSRUHVWDVFDXVDV
/RV FRQGXFWRUHV HVSDxROHV SUHILHUHQ PD\RULWDULDPHQWH VDOLU GH YLDMH SRU OD
PDxDQD D SULPHUD KRUD
KRUD VHJXLGR SRU ORV FRQGXFWRUHV TXH OR KDFHQ SRU OD
QRFKHDXQTXHOHSRUFHQWDMHGHXVXDULRVTXHSUHILHUHYLDMHVQRFWXUQRVEDMDXQ
UHVSHFWRDORVGDWRVGH
6H SUHJXQWy VREUH OD SDUDGD GH GHVFDQVR /D UHFRPHQGDFLyQ TXH VH GD D ORV
FRQGXFWRUHV GH WXULVPRV HV GHVFDQVDU FDGD KRUDV R NLOyPHWURV FRPR
Pi[LPR3HURKD\TXHWHQHUWDPELpQHQFXHQWDHOWLSRGHSDVDMHUR\HOWLSRGH
YtD SRU OD TXH QRV GHVSODFHPRV \ VREUH WRGR WHQHU HQ FXHQWD TXH HVWDV
UHFRPHQGDFLRQHV VRQ JHQHUDOHV +D\ TXH FRQVLGHUDU ODV FLUFXQVWDQFLDV
SHUVRQDOHVGHFDGDFRQGXFWRUODVFRQGLFLRQHVItVLFDVHOWLSR GHYHKtFXORORV
KiELWRV DO YRODQWH \ VREUH WRGR OD LGHQWLILFDFLyQ GH ORV VtQWRPDV TXH QRV
DOHUWDQGHOFDQVDQFLRRODVRPQROHQFLDSDUDUHDOL]DUODSDUDGD
*UiILFR
*UiILFR $O UHDOL]DU XQ WUD\HFWR GH ODUJR UHFRUULGR GH HQWUH \ KRUDV GH GXUDFLyQ
¢&DGDFXiQWRWLHPSRGHFRQGXFFLyQVHGHWLHQHDGHVFDQVDU"3RUIDYRUVHOHFFLRQHXQD
UHVSXHVWD
ĂĚĂŚŽƌĂ
ĂĚĂϮŚŽƌĂƐ
ĂĚĂϯŚŽƌĂƐ
ƉĂƌƚŝƌĚĞϰŚŽƌĂƐ
EŽƉĂƌŽĂĚĞƐĐĂŶƐĂƌ
/RV GDWRV UHFRJLGRV PXHVWUDQ FRPR OD PLWDG GH ORV FRQGXFWRUHV GHFODUDQSDUDUDGHVFDQVDUFDGDGRVKRUDVGHQWURGHORUHFRPHQGDGRIUHQWHD
XQFRQMXQWRGHXVXDULRVTXHUHFRQRFHTXHRSDUDDSDUWLUGHODVFXDWURKRUDV
XQFRQMXQWRGHXVXDULRVTXHUHFRQRFHTXHRSDUDDSDUWLUGHODVFXDWURKRUDV
RGLUHFWDPHQWHQRSDUDHQYLDMHVGHODUJRUHFRUULGR(OSRUFHQWDMHGH
RGLUHFWDPHQWHQRSDUDHQYLDMHVGHODUJRUHFRUULGR
FRQGXFWRUHV TXH SDUDQ D ODV WUHV KRUDV DOFDQ]D XQ (Q HVWH VHQWLGR HV
LPSRUWDQWHDOHUWDUDORVXVXDULRVVREUHORVULHVJRVGHFRQGXFLUSRUHQFLPDGH
ODVGRVKRUDVVLQGHVFDQVDUVREUHWRGRVLKHPRVLQLFLDGRHOWUD\HFWRWUDVXQD
DFWLYLGDGODERUDOFRPROXHJRVHYHUi
< VL OD SDUDGD HV LPSRUWDQWH QR OR HV PHQRV HO WLHPSR TXH SDVDPRV
GHVFDQVDQGR1RVHWUDWDGHSDUDUVyORDUHSRVWDURLUDOEDxR+D\TXHWHQHU
HQFXHQWDTXHVHQHFHVLWDXQWLHPSRSDUDUHWRPDUHOWRQRItVLFR\GHVSHMDUVH
$GHPiVHVGHYLWDOLPSRUWDQFLDFRQVLGHUDUDORVRFXSDQWHVTXHQHFHVLWDQSDUD
PiV D PHQXGR FRPR SXHGD VHU HO FDVR GH ORV YLDMHV FRQ QLxRV SHTXHxRV R
SHUVRQDV PD\RUHV VLQ ROYLGDU D QXHVWUDV PDVFRWDV TXH WDPELpQ VXIUHQ ORV
YLDMHVGHODUJDGLVWDQFLD
$QWHODSUHJXQWDUHDOL]DGDVREUHORVWLHPSRVGHGHVFDQVRHOPD\RUSRUFHQWDMH
ORHQFRQWUDPRVHQHOJUXSRTXHSDUDHQWUH\PLQXWRVDMXVWiQGRVHDODV
UHFRPHQGDFLRQHVVREUH HO WLHPSRPtQLPRGH SDUDGD (Q HVWDV SDUDGDV FRPR
OXHJR VH YHUi HQ HO DSDUWDGR GH UHFRPHQGDFLRQHV HV LPSRUWDQWH HVWLUDU ORV
P~VFXORV SLHUQDV EUD]R FXHOOR GDU XQ SHTXHxR SDVHR H KLGUDWDUVH FRQ
UHIUHVFRVTXHDSRUWDQDJXD\JOXFRVDSDUDODDFWLYLGDGFHUHEUDO
*UiILFR¢&XiQWRWLHPSRVXHOHSDUDUHQORVGHVFDQVRVHQVXVGHVSOD]DPLHQWRV"
*UiILFR
DĞŶŽƐĚĞϱŵŝŶƵƚŽƐ
ĞϱĂϭϬŵŝŶƵƚŽƐ
ĞϭϬĂϭϱŵŝŶƵƚŽƐ
ĞϭϱĂϯϬŵŝŶƵƚŽƐ
ĞϯϬĂϰϱŵŝŶƵƚŽƐ
DĄƐĚĞϰϱŵŝŶƵƚŽƐ
8QDSDUDGDSRUGHEDMRGHORVPLQXWRVQRSHUPLWHUHFXSHUDUHOWRQRItVLFR
QL UHODMDUQRV SDUD HQIUHQWDUQRV D XQD QXHYD HWDSD GHO WUD\HFWR 8QD
FRPSDUDWLYDHQWUHORVUHVXOWDGRVREWHQLGRVHVWHDxRFRQUHVSHFWRDOHVWXGLRGH
PXHVWUDXQRVUHVXOWDGRVVLPLODUHVHQWRGDVODVFDWHJRUtDVFRQSHTXHxDV
YDULDFLRQHVHQORVWLHPSRVGHGHVFDQVR
7DEOD
7DEOD&RPSDUDWLYD¢&XiQWRWLHPSRVXHOHSDUDUHQORVGHVFDQVRVHQVXV
GHVSOD]DPLHQWRV"
(1&8(67$)DWLJD\FRQGXFFLyQ96
(1&8(67$)DWLJD\FRQGXFFLyQ96
¢&XiQWRWLHPSRVXHOHSDUDUHQORVGHVFDQVRV"
¢&XiQWRWLHPSRVXHOHSDUDUHQORVGHVFDQVRV"
0HQRVGHPLQXWRV
0HQRVGHPLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
(QWUH\PLQXWRV
WUH\PLQXWRV
)UHQWH DO FDQVDQFLR OD PHMRU GH ODV PHGLGDV SUHYHQWLYDV HV HO GHVFDQVR
WRPDQGRHOWLHPSRTXHVHDQHFHVDULRRLQFOXVRGXUPLHQGRVLIXHUDQHFHVDULR
HQXQOXJDUVHJXUR&XDOTXLHUPHGLGDIUHQWHDXQGHVYDQHFLPLHQWRDOYRODQWH
ORTXHSRUGHVJUDFLDSXHGHHVWDUGHWUiVGHGHFHQDVGHVLQLHVWURVPRUWDOHVHQ
ODVFDUUHWHUDVHVSDxRODV
(Q PXFKRV FDVRV FXDQGR HO FRQGXFWRU HPSLH]D D VHQWLUVH FDQVDQGR DGRSWD
XQD VHULH GH FRPSRUWDPLHQWRV HQ OD FUHHQFLD GH TXH SXHGHQ PLQLPL]DU ORV
HIHFWRVGHFDQVDQFLRORTXHDODODUJDQRUHVXOWDQDGDHILFD]6LWXDFLRQHVFRPR
HVFXFKDU P~VLFD WRPDU HO DLUH KDEODU QR VXSRQHQ UHGXFLU ORV ULHVJRV GH OD
IDWLJD IUHQWH D RWURV FRPR FDPLQDU HQ OD SDUDGD GH GHVFDQVR R WRPDU XQ
UHIUHVFRPLHQWUDVGHVFDQVDPRVHQXQD]RQDVHJXUD
5HVSXHVWDV
5HVSXHVWDV (Q VX FDVR FXDQGR VH KD VHQWLGR FDQVDGR DO YRODQWH ¢&XiOHV GH HVWDV
PHGLGDVOHKDQD\XGDGRDGHVSHMDUVH"3XHGHVHxDODUKDVWDWUHVUHVSXHVWDV723
¾ 3DUDU\WRPDUXQUHIUHVFR(O
¾ &DPLQDUXQUDWR\HVWLUDUODVSLHUQDV(O
¾ +DEODUFRQHOFRSLORWR(O
3RUGHWUiVPHGLGDVFRPRWRPDUXQFDIpDEULUODYHQWDQLOODSDUDWRPDUHO
DLUHHVFXFKDUP~VLFDRFRPHUDOJRHQRUGHQGHSUHIHUHQFLD
DODKRUDGHEXVFDUPHGLRVSDUDGHVSHMDUVHHQFDVRGHFDQVDQFLR
%ORTXH%ORTXHVREUHKiELWRVDOYRODQWHUHODFLRQDGRVFRQODIDWLJDHQ
%ORTXH %ORTXHVREUHKiELWRVDOYRODQWHUHODFLRQDGRVFRQODIDWLJDHQ
ODFRQGXFFLyQ
ODFRQGXFFLyQ
'XUDQWH ODV JUDQGHV RSHUDFLRQHV GH YHUDQR VH SURGXFHQ PLOORQHV GH
GHVSOD]DPLHQWRV VLHQGR ORV PHVHV MXOLR \ DJRVWR ORV GH PD\RU Q~PHUR GH
WUD\HFWRV \ DFFLGHQWHV PRUWDOHV 3RU HVWH PRWLYR \ GHQWUR GHORV KiELWRVTXH
WHQHPRV ORV FRQGXFWRUHV FXDQGR QRV SRQHPRV HQ UXWD TXLVLPRV FRQRFHU
PHMRU HVRV FRPSRUWDPLHQWRV \ FRPSDUDUOR FRQ DxRV DQWHULRUHV SDUD YHU VX
HYROXFLyQ
3DUDHOORVHSUHVHQWyXQDEDWHUtDGHFXHVWLRQHVUHODFLRQDGDVFRQORVWUD\HFWRV
GH ODUJR UHFRUULGR DERUGDQGR WDQWR OD SUHSDUDFLyQ FRPR ODV FRQGLFLRQHV
SURSLDV GHO YLDMH 'HQWUR GHO FRQMXQWR GH RSFLRQHV SUHJXQWDPRV VREUH ORV
YLDMHV HQ GHVWLQR \D TXH ODV HVWDGtVWLFDV GHPXHVWUDQ FRPR HV HQ HVWRV
GHVSOD]DPLHQWRVGRQGHVHSURGXFHXQDDOWDDFFLGHQWDOLGDGFRQXQLPSRUWDQWH
Q~PHURGHIDOOHFLGRVGXUDQWHORVPHVHVGHYHUDQR/RVUHVXOWDGRVGHPXHVWUDQ
FRPR VLHWH GH FDGD XVXDULRV HQFXHVWDGRV GHFODUDQ TXH UHDOL]DQ
GHVSOD]DPLHQWRVIUHFXHQWHVWUD\HFWRVLQWHUQRVHQHOOXJDUGHYDFDFLRQHV
*UiILFR(QODUJRVGHVSOD]DPLHQWRVFRPRORV
TXHVH SURGXFHQHQYHUDQR¢&XiOHV GH
*UiILFR
ODVVLJXLHQWHVDILUPDFLRQHVVRQFLHUWDVHQVXFDVR"
(QPLVWUD\HFWRVHQYHUDQRKHVXIULGRVRPQROHQFLDR
FDQVDQFLRH[WUHPR
3DURVRORSDUDLUDOEDxRRHFKDUFDUEXUDQWH
%HERIUHFXHQWHPHQWHSDUDHYLWDUODGHVKLGUDWDFLyQ
1RVXHORSDUDUSUHILHUROOHJDUFXDQWRDQWHV
+DJRFRPLGDVOLJHUDVDQWHVRGXUDQWHHOYLDMH
3DURFDGDGRVKRUDV\EHERXQUHIUHVFR
+DJRGHVSOD]DPLHQWRVIUHFXHQWHVHQYDFDFLRQHVRFLRWXULVPR«
'HVFDQVRHQFDVDDQWHVGHVDOLUGHYLDMH
&XDQGROOHYRWLHPSRFRQGXFLHQGRSLHUGRODFRQFHQWUDFLyQ
+HLQLFLDGRXQYLDMHGHVSXpVGHVDOLUGHWUDEDMDU
Ϭй
ϭϬй
ϮϬй
ϯϬй ϰϬй
ϱϬй ϲϬй ϳϬй
ϴϬй ϵϬй ϭϬϬй
^ş
EŽ
'HIRUPDPiVHVSHFtILFDTXLVLPRVFRQRFHUVLHQHVWRVGHVSOD]DPLHQWRVFRUWRV
TXHVHSURGXFHQHQODVYDFDFLRQHVWDPELpQLQFLGHODIDWLJDGHIRUPDH[SUHVD
PDQLIHVWiQGRVH HQ IRUPD GH VRPQROHQFLD R FDQVDQFLR H[WUHPR (Q HVWH
VHQWLGR FDVL XQR GH FDGD FXDWUR FRQGXFWRUHV GH ORV HQFXHVWDGRV KD
VXIULGR VRPQROHQF
VRPQROHQFLD
LD R FDQVDQFLR H[WUHPR HQ ORV WUD\HFWRV FRUWRV GXUDQWH ODV
YDFDFLRQHV OR TXH VXSRQH XQ LPSRUWDQWH ULHVJR TXH SXHGH LQFLGLU HQ OD DOWD
VLQLHVWUDOLGDGHQYHUDQRFRQDFFLGHQWHVHQGHVSOD]DPLHQWRVGHSRFDGLVWDQFLD
VLQLHVWUDOLGDGHQYHUDQR
HQGHVWLQR+D\TXHLQFLGLUHQHVWHWLSRGHWUD\HFWRVGRQGHORVFRQGXFWRUHVVH
FRQItDQSHURTXHHVFRQGHQXQDLPSRUWDQWHVLQLHVWUDOLGDG
3RURWUR ODGR \ GHQWUR GHO FRQMXQWRGH FXHVWLRQHV SODQWHDGDV HQ HVWH EORTXH
VREUHORVKiELWRVDOYRODQWH\VXUHODFLyQFRQODIDWLJDGHVWDFDXQDYH]PiVHO
Q~PHURGHFRQGXFWRUHVTXHFRQILHVDQKDEHULQLFLDGRXQYLDMHWUDVILQDOL]DUVX
MRUQDGD ODERUDO &RPR HQ HGLFLRQHV DQWHULRUHV GRQGH KHPRV DERUGDGR ORV
SUREOHPDV GHULYDGRV GHO FDQVDQFLR HQ OD FRQGXFFLyQ HV LPSRUWDQWH DOHUWDU
VREUH XQ LPSRUWDQWH HOHPHQWR GH ULHVJR LQLFLDU XQ YLDMH GH ODUJR UHFRUULGR
GHVSXpVGHWUDEDMDU
&RPR VH LQGLFDED HQ HO ~OWLPR LQIRUPH SRGHPRV GLIHUHQFLDU DVt HQWUH GRV
WLSRORJtDVGHIDWLJDDOYRODQWH
/D IDWLJD GH RULJHQ FRQ OD TXH LQLFLDPRV HO YLDMH \ TXH HQWUH VXV
FDXVDVSXHGHQHVWDUXQPDOGHVFDQVRODVFRPLGDVFRSLRVDVODMRUQDGD
ODERUDO6HWUDWDUtDGHODIDWLJDFRQODTXHQRVVHQWDPRVDFRQGXFLU
/DIDWLJDVREUHYHQLGDSRUODSURSLDDFWLYLGDGGHFRQGXFLU\TXHSXHGH
YHUVH UHIRU]DGD SRU HOHPHQWRV FRPR XQD PDOD FOLPDWL]DFLyQ XQ PDO
UHJODMH GHO DVLHQWR OD FRQGXFFLyQ HQ GHWHUPLQDGDV KRUDV GHO GtD \ ORV
FLFORVGHVXHxRHOWUiILFR
6LDOULHVJRSURSLRGHODFRQGXFFLyQOHVXPDPRVXQIDFWRUGHULHVJRGHRULJHQ
FRPR HV OD IDWLJD HVWDPRV DxDGLHQGR FLUFXQVWDQFLDV TXH SXHGHQ VXSRQHU XQ
DXPHQWR GH OD SHOLJURVLGDG VREUH WRGR HQ ORV NLOyPHWURV ILQDOHV GHO YLDMH
GRQGH FRLQFLGHQ HQ IRUPD GH FyFWHO SHOLJURVR HO FDQVDQFLR R OD VXPD GH ODV
GRVPRGDOLGDGHVGHIDWLJDODVJDQDVGHOOHJDUFXDQWRDQWHVDOGHVWLQRODIDOWD
GHOXPLQRVLGDGSRUOOHJDUGHQRFKHWUDVLQLFLDUHO YLDMHGHVSXpVGHODMRUQDGD
ODERUDO \ OD FRQIOXHQFLD GH YHKtFXORV TXH FRLQFLGHQ HQ ODV HQWUDGDV D ORV
OXJDUHV GH YDFDFLRQHV &RPR VH KD SRGLGR REV
REVHUYDU
HUYDU HQ OD WDEOD DQWHULRU HO
HQFXHVWDGRV KDQ
KDQ LQLFLDGR XQ YLDMH WUDV VX
GH ORV FRQGXFWRUHV HVSDxROHV HQFXHVWDGRV
MRUQDGD ODERUDO
ODERUDO DXPHQWDGR OLJHUDPHQWH FRQ UHVSHFWR DO ~OWLPR LQIRUPH GH
FRQXQ
)DWLJDSRUWLSRGHYtD
)DWLJDSRUWLSRGHYtD
8QD GH ODV QRYHGDGHV GHO HVWXGLR VREUH IDWLJD \ FRQGXFFLyQ HQ HVWD HGLFLyQ
\GHQWURGHODFDPSDxDSUHYHQWLYD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
HUD FRQRFHU OD LQFLGHQFLD GH OD IDWLJD SRU WLSR GH YtD ¢6H IDWLJDQ LJXDO ORV
FRQGXFWRUHVHQDXWRSLVWDVRHQDXWRYtDV"¢7LHQHUHOHYDQFLDHQHOFDQVDQFLRODV
YtDVGHGREOHVHQWLGRFRQUHVSHFWRDODVYtDVGHDOWDFDSDFLGDG"¢([LVWHDOJXQD
UHODFLyQHQWUHHOWLSRGHYtDHOXVXDULR\ODGLVWDQFLD"
/DSULPHUDGHODVFXHVWLRQHVKDFtDUHIHUHQFLDDORVGHVSOD]DPLHQWRVFRUWRVGH
HQWUH\NLOyPHWURV\ODSHUFHSFLyQGHOXVXDULRFRQUHVSHFWRDODIDWLJD
*UiILFR
*UiILFR
iILFR 6HJ~Q VX H[SHULHQFLD \ HQ GHVSOD]DPLHQWRV &25726 HQWUH \ NLOyPHWURV¢'yQGHQRWDTXHVHIDWLJDPiVDOYRODQWH"
ŶĐĂƌƌĞƚĞƌĂƐĚĞ
ĚŽďůĞƐĞŶƚŝĚŽ
;ĐŽŶǀĞŶĐŝŽŶĂůĞƐͿ
ƵƚŽƉŝƐƚĂƐ
ƵƚŽǀşĂƐ
DĞĨĂƚŝŐŽŝŐƵĂů
3UiFWLFDPHQWH OD PLWDG GH ORV FRQGXFWRUHV SUHJXQWDGRV XQ GHFODUDURQ IDWLJDUVH PiV HQ FDUUHWHUDV FRQYHQFLRQDOHV GH GREOH VHQWLGR
FXDQGR VH WUDWD GH GHVSOD]DPLHQWRV FRUWRV VHJXLGR GH FLUFXODFLyQ SRU
DXWRSLVWDV \ GH DXWRYtDV &XDQGR VH WUDWD GH WUD\HFWRV GH FRUWR
UHFRUULGRGHHQWUH\NLOyPHWURVXQRGHFDGDFXDWURXVXDULRVUHFRQRFH
IDWLJDUVHLJXDOLQGHSHQGLHQWHPHQWHGHOWLSRGHYtDSRUODTXHFLUFXOH\DVHDGH
GREOHVHQWLGRRGHDOWDFDSDFLGDG
/D VHJXQGD GH ODV FXHVWLRQHV SODQWHDGD HQ HVWH VHQWLGR VH UHIHUtD D OD
SHUFHSFLyQ GH OD IDWLJD HQ ORV JUDQGHV GHVSOD]DPLHQWRV FRQ XQ UHFRUULGR
VXSHULRUDORVNLOyPHWURV/DVSURSXHVWDVSRUWLSRGHYtDHUDQODVPLVPDV
*UiILFR
*UiILFR (Q JUDQGHV GHVSOD]DPLHQWRV PiV GH NLOyPHWURV ¢'yQGH FRQVLGHUD TXH
VHIDWLJDPiVDOYRODQWH"
ŶĐĂƌƌĞƚĞƌĂƐĚĞĚŽďůĞ
ƐĞŶƚŝĚŽ;ĐŽŶǀĞŶĐŝŽŶĂůĞƐͿ
ƵƚŽƉŝƐƚĂƐ
ƵƚŽǀşĂƐ
DĞĨĂƚŝŐŽŝŐƵĂů
(Q HVWH FDVR HO SRUFHQWDMH GH FRQGXFWRUHVTXH SHUFLEHQ XQDPD\RUIDWLJD HQ
DXWRSLVWDV DXPHQWD FRQ ORV GHVSOD]DPLHQWRV GH PD\RU UHFRUULGR DOFDQ]DQGR
HO GH ODV UHVSXHVWDV OR TXH VXSRQH SXQWRV SRU HQFLPD TXH OD IDWLJD
SHUFLELGDHQORVGHVSOD]DPLHQWRVFRUWRV7DPELpQVXFHGHHQORVWUD\HFWRVSRU
DXWRYtD DXQTXH FRQ PHQRU LQWHQVLGDG WUHV SXQWRV SRU HQFLPD FXDQGR VH
FRQVLGHUD XQ PD\RU Q~PHUR GH NLOyPHWURV (Q FDUUHWHUD FRQYHQFLRQDO OD
SHUFHSFLyQGHFDQVDUVHDOYRODQWHHVPX\VLPLODUFRQHOGHORVXVXDULRV
(O GDWR TXH PDUFD OD GLIHUHQFLD HV OD SHUFHSFLyQ GHO FRQGXFWRU GH IDWLJDUVH
LJXDOSRUWLSRGHYtDGHILQLpQGRVHPHMRUHVWHFDQVDQFLRHQWUD\HFWRVODUJRV
&203$5$7,9$)$7,*$325'(63/$=$0,(1726<7,32'(9Ê$
&203$5$7,9$)$7,*$325'(63/$=$0,(1726<7,32'(9Ê$
2SLQLyQGHORVXVXDULRVVREUHSHUFHSFLyQGHODIDWLJDSRUWLSRGHYtD
2SLQLyQGHORVXVXDULRVVREUHSHUFHSFLyQGHODIDWLJDSRUWLSRGHYtD
3HUFHSFLyQ\HYROXFLyQGHODIDWLJDSRUWLSRGHYtD
3HUFHSFLyQ\HYROXFLyQGHODIDWLJDSRUWLSRGHYtD
YROXFLyQGHODIDWLJDSRUWLSRGHYtD
7UD\HFWRV
7UD\HFWRV
FRUWRV
FRUWRV
7UD\HFWRV
ODUJRV
ODUJRV
&DUUHWHUDFRQYHQFLRQDOGHGREOHVHQWLGR
&DUUHWHUDFRQYHQFLRQDOGHGREOHVHQWLGR
$XWRSLVWD
$XWRSLVWD
$XWRYtD
$XWRYtD
0HIDWLJRLJXDOLQGHSHQGLHQWHPHQWHGHODYtDV
0HIDWLJRLJXDOLQGHSHQGLHQWHPHQWHGHODYtDV
6LDQDOL]DPRVORVGDWRVSRUWLSRGHYtDHVPX\LPSRUWDQWHUHODFLRQDUORVFDVRV
HQORVTXHHOFRQGXFWRUKDGHFODUDGRKDEHUVXIULGRXQVLQLHVWURFRQODSURSLD
SHUFHSFLyQGHFDQVDUVHPiVHQXQDYtDXRWUD6LWHQHPRVHQFXHQWDORVGDWRV
6LWHQHPRVHQFXHQWDORVGDWRV
GHSHOLJURUHDOYLYLGRSRUORVHQFXHVWDGRV
GHSHOLJURUHDOYLYLGRSRUORVHQFXHVWDGRVODVLWX
SRUORVHQFXHVWDGRVODVLWXDFLyQGHULHVJR
ODVLWXDFLyQGHULHVJRUHFRQRFLGD\
DFLyQGHULHVJR UHFRQRFLGD\
FDXVDGD SRU IDWLJD R VRPQROHQFLD VH SURGXMR HQ XQD DXWRYtD FRQ XQ
SRUFHQWDMH TXH DOFDQ]D HO < HV S
SUHFLVDPHQWH
UHFLVDPHQWH HV HQ OD DXWRYtD GRQGH ORV
FRQGXFWRUHV UHFRQRFHQ FDQVDUVH PHQRV WDQWR HQ ORV GHVSOD]DPLHQWRV FRUWRV
FRPRHQORVODUJRV
FRPRHQORVODUJRV(QHVWHFDVRVHLGHQWLILFDXQIDFWRUGHULHVJRLQKHUHQWHHQ
VODUJRV
ORV DFFLGHQWHV SRU IDWLJD \ VRPQROHQFLD TXH HV FRQILDUVH QR UHFRQRFHU ORV
VtQWRPDV HQ GHILQLWLYD QR GDUOH OD LPSRUWDQFLD TXH WLHQH OR TXH KR\ HQ GtD
VXSRQHODFXDUWDFDXVDGHPRUWDOLGDGHQODVFDUUHWHUDVHVSDxRODV
3HUFHSFLyQGHODIDWLJD\FRQGXFFLyQ
3HUFHSFLyQGHODIDWLJD\FRQGXFFLyQ
*UiILFR'HODVVLJXLHQWHVSURSXHVWDV¢&XiOHVFRQVLGHUDTXHOHSURGXFHQPiVIDWLJDDO
*UiILFR
YRODQWH"3RUIDYRUYDORUHVHJ~QODHVFDODSURSXHVWDFRQXQDUHVSXHVWDSRUILOD
EŽŵĞ
ĨĂƚŝŐĂ
ŶĂĚĂ
hŶĂƚĂƐĐŽŽƌĞƚĞŶĐŝſŶ
DĞĨĂƚŝŐĂ
ĂůŐŽ
ůŝƌĂĚĞůĂŶƚĂŶĚŽĂŽƚƌŽƐ
ǀĞŚşĐƵůŽƐĞŶƵŶĂǀşĂĚĞ
ĚŽďůĞƐĞŶƚŝĚŽ
hŶǀşĂĚĞĚŽďůĞƐĞŶƚŝĚŽ
ĐŽŶĐƵƌǀĂƐLJĐĂŵďŝŽƐĚĞ
ƌĂƐĂŶƚĞ
DĞĨĂƚŝŐĂ
ďĂƐƚĂŶƚĞ
ŝƌĐƵůĂƌĚĞĨŽƌŵĂ
ŵŽŶſƚŽŶĂĂůĂŵŝƐŵĂ
ǀĞůŽĐŝĚĂĚ
Ϭй
DĞĨĂƚŝŐĂ
ŵƵĐŚŽ
ϭϬй
ϮϬй
ϯϬй
ϰϬй
ϱϬй
ϲϬй
ϳϬй
ϴϬй
ϵϬй
ϭϬϬй
6HJ~QHOWLSRGHVLWXDFLyQHOFRQGXFWRUUHFRQRFHXQPD\RUQLYHOGHFDQVDQFLR
/RV SRUFHQWDMHV PiV ODWRV GH YDORUHV EDMRV ´1R PH IDWLJD QDGD ² PH IDWLJD
DOJRµ VH HQFXHQWUDQ HQ OD FRQGXFFLyQ GRQGH OD VLWXDFLyQ UHTXLHUH GH XQD
HVSHFLDOH[LJHQFLDDOFRQGXFWRUWDOHVFRPR LUDGHODQWDQGRD RWURVYHKtFXORVR
XQDFLUFXODFLyQSRUYtDFRQYHQFLRQDOFRQFXUYDV\FDPELRVGHUDVDQWH<SRUHO
FRQWUDULR ORV YDORUHV PiV DOWRV GH SURGXFFLyQ GH FDQVDQFLR HQ RSLQLyQ GHO
FRQGXFWRUVHVLW~DQHQODSUHJXQWDUHIHULGDDDWDVFRV\UHWHQFLRQHV6HUHFRJHQ
YDORUHVPHGLRVSDUDODFXHVWLyQVREUHFLUFXODFLyQDXQDYHORFLGDGFRQVWDQWH
'HVSOD]DPLHQWRVHQHOYHUDQR
'HVSOD]DPLHQWRVHQHOYHUDQR
8QRGHORVDSDUWDGRVGHODHQFXHVWDWUDWDEDGHFRQRFHUDOJXQRVLQGLFDGRUHVGH
FDUD D ORV GHVSOD]DPLHQWRV TXH VH SURGXFLUiQ GXUDQWH HVWH YHUDQR DERUGDQGR FXHVWLRQHV FRPR SUHIHUHQFLD GH WUDQVSRUWH R NLOyPHWURV TXH VH
HVWLPDQUHFRUUHUHQHVWRVPHVHV
*UiILFR'HPHGLD¢&XiQWRVNLOyPHWURVHQFRFKHFDOFXODTXHKDUiHQWUHORVPHVHVGH
*UiILFR
MXOLR \ DJRVWR FRPR FRQGXFWRU R SDVDMHUR HQ JHQHUDO LQFOX\HQGR WRGRV ORV
GHVSOD]DPLHQWRVGHODUJRUHFRUULGRHQGHVWLQRILQHVGHVHPDQD"
DĞŶŽƐĚĞϭ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
ŶƚƌĞϭ͘ϬϬϬLJϮ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
ŶƚƌĞϮ͘ϬϬϬLJϯ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
ŶƚƌĞϯ͘ϬϬϬLJϰ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
ŶƚƌĞϰ͘ϬϬϬLJϱ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
DĄƐĚĞϱ͘ϬϬϬ
ŬŝůſŵĞƚƌŽƐ
'H PHGLD ORV HVSDxROHV UHFRUUHUiQ HQWUH \ NLOyPHWURV GXUDQWH
HVWH YHUDQR FRQ SRUFHQWDMHV PX\ VLPLODUHV SDUD ORV WUDPRV HQWUH \
NLOyPHWURV\ HQWUH \NLOyPHWURV
\NLOyPHWURV (O SRUFHQWDMH
PiV EDMR OR HQFRQWUDPRV HQ HO LQWHUYDOR HQWUH ORV \ NLOyPHWURV
&RPR KHFKR FXULRVR VH SXHGH GHGXFLU TXH ORV UHVXOWDGRV REWHQLGRV HQ HO
LQIRUPHVRQLGpQWLFRVDORVUHVXOWDGRVDQDOL]DGRVHQFRQODPLVPD
SURSRUFLyQHQWRGRVORVWUDPRVSURSXHVWRV&RPRVHSXHGHHVWLPDUDUDt]GH
ORV UHVXOWDGRV ORV HVSDxROHV PDQWLHQHQ XQRV KiELWRV VLPLODUHV GH FDUD D ORV
GHVSOD]DPLHQWRVHVWLYDOHV
2WUD GH ODV FXHVWLRQHV D FRQRFHU HUD VL OD VLWXDFLyQ HFRQyPLFD HQ (VSDxD
SRGUtD LQIOXHQFLDU HQ FXDQWR DO WLSR GH WUDQVSRUWH D XWLOL]DU HQ ORV
GHVSOD]DPLHQWRVGHYHUDQRSUHJXQWDQGRVREUHODVRSFLRQHVGHYLDMH\VREUH
WRGR HQ HO FDPELR GHFRPSRUWDPLHQWR UHVSHFWR D RWURV DxRV (Q FRQFUHWR VH
SUHJXQWy DO FRQGXFWRU VL HVWH DxR LED D XWLOL]DU HO FRFKH PiV R PHQRV TXH
RWURVDxRVRVLLEDDGHVSOD]DUVHHQRWUDVPRGDOLGDGHVFRPRHODYLyQWUHQ
EDUFR«HQOXJDUGHOYHKtFXORSULYDGR/RVUHVXOWDGRVLQGLFDQTXHWUHVGHFDGD
/RVUHVXOWDGRVLQGLFDQTXHWUHVGHFDGD
FXDWUR XVXDULRV
XVXDULRV YD D XWLOL]DU
XWLOL]DU VX FRFKH FRPR HQ RWURV DxRV 3RU OD FULVLV
HFRQyPLFDXQFRQILHVDTXHYDDXWLOL]DUPHQRVHOFRFKHTXHRWURV
HFRQyPLFD XQFRQILHVDTXHYDDXWLOL]DUPHQRVHOFRFKHTXHRWURVDxRV
XQFRQILHVDTXHYDDXWLOL]DUPHQRVHOFRFKHTXHRWURV DxRV
IUHQWHDXQTXHUHFRQRFHTXHYDDXWLOL]DUPiVHOYHKtFXORSULYDGR'RQGH
IUHQWHDXQTXHUHFRQRFHTXHYDDXWLOL]DUPiVHOYHKtFXORSULYDGR
PiV GLIHUHQFLD H[LVWH HQ RSLQLyQ GH ORV PiV GH FRQGXFWRUHV
HQFXHVWDGRV VH UHILHUH D RWUDV PRGDOLGDGHV GH WUDQVSRUWH TXH QR VRQ HO
YHKtFXORSULYDGR FRQXQ (QRSLQLyQ GHO XVXDULR VH FRJH PHQRV HO FRFKH
SRU HO SUHFLR GH ORV FDUEXUDQWHV \ SDUD XQR GH FDGD FXDWUR FRQGXFWRUHV OD
FULVLVDIHFWDHQODFRQGXFFLyQFRQXQDPD\RUDJUHVLYLGDG\WHQVLyQ
*UiILFD
*UiILFD /D VLWXDFLyQ HFRQyPLFD DFWXDO HQ (VSDxD ¢9D D LQIOXLU HQ TXH XWLOLFH HO FRFKH
PiVTXHRWURVDxRVHQOXJDUGHRWURVWUDQVSRUWHVFRPRDYLyQWUHQ"
sŽLJĂƵƚŝůŝnjĂƌĞů
ĐŽĐŚĞŵĄƐ͕ĞŶůƵŐĂƌ
ĚĞŽƚƌŽƐ
ƚƌĂŶƐƉŽƌƚĞƐ
hƚŝůŝnjĂƌĠĞůĐŽĐŚĞ
ŝŐƵĂůŵĞŶƚĞ͕ĐŽŵŽ
ŽƚƌŽƐĂŹŽƐ
sŽLJĂǀŝĂũĂƌĞŶŽƚƌŽ
ƚŝƉŽĚĞƚƌĂŶƐƉŽƌƚĞ͕
ĐŽŵŽĂǀŝſŶ͕ƚƌĞŶ͕
ďĂƌĐŽ͕ĂƵƚŽďƷƐ͘͘͘
hƚŝůŝnjĂƌĠĞůĐŽĐŚĞ
ŵĞŶŽƐƋƵĞŽƚƌŽƐ
ĂŹŽƐ͘
*UiILFR
*UiILFR (Q VX RSLQLyQ ¢FUHH TXH OD FULVLV HFRQyPLFD HVWi DIHFWDQGR D ORV KiELWRV GH
ORVFRQGXFWRUHV"3RUIDYRUVHOHFFLRQHXQDUHVSXHVWD
^ş͕ƐĞƵƚŝůŝnjĂŵĞŶŽƐĞůĐŽĐŚĞ
ƉŽƌĞůƉƌĞĐŝŽĚĞůŽƐ
ĐĂƌďƵƌĂŶƚĞƐ
^ş͕ƐĞĐŽŶĚƵĐĞĐŽŶŵĄƐ
ƚĞŶƐŝſŶLJĨĂƚŝŐĂ;ĂŐƌĞƐŝǀŝĚĂĚ͕
ŶĞƌǀŝŽƐŝƐŵŽ͘͘͘Ϳ
EŽ͕ůĂŐĞŶƚĞĐŽŶĚƵĐĞŝŐƵĂů
EŽ͕ůĂŐĞŶƚĞǀĂŵĄƐƌĞůĂũĂĚĂ
Ϭ͕ϬϬй
ϭϬ͕ϬϬй
ϮϬ͕ϬϬй
ϯϬ͕ϬϬй
ϰϬ͕ϬϬй
ϱϬ͕ϬϬй
ϲϬ͕ϬϬй
´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµVHLV
´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ VHLVDxRV
VHLVDxRVIRUPDQGRDO
DxRV IRUPDQGRDO
FRQGXFWRUSDUDUHGXFLUOD
FRQGXFWRUSDUDUHGXFLUODIDWLJD
SDUDUHGXFLUODIDWLJDHQOD
IDWLJDHQODFRQGXFFLyQ
HQODFRQGXFFLyQ
FRQGXFFLyQ
,QYHVWLJDFLyQ
,QYHVWLJDFLyQ
LyQ
8QR GH ORV HOHPHQWRV FODYHV HQ OD IRUPDFLyQ \ HQ OD FRQFLHQFLDFLyQ HV OD
LQYHVWLJDFLyQ &RQRFHU SDUD SUHYHQLU VREUH WRGR HQ HVWH iPELWR GRQGH OD
UHVSRQVDELOLGDGGHOFRQGXFWRUSUHYDOHFHVREUHODVDQFLyQ\ODQRUPD3RUHOOR
HO SULPHU SDVR GH OD FDPSDxD
FDPSDxD IXH HO HVWXGLR UHDOL]DGR SRU HO 5$&( SDUD
FRQRFHU ORV HIHFWRV GH XQD FRQGXFFLyQ SURORQJDGD (Q HVWH WUDEDMR VH
GHPRVWUyTXHWUDVSDVDUFXDWURKRUDVDOYRODQWHGHXQFRFKHXQDXWRPRYLOLVWD
PHGLRWDUGDHOGREOHHQUHDFFLRQDUDQWHXQLPSUHYLVWRHQODFDUUHWHUD
/DVSUXHEDVUHDOL]DGDVFRQYROXQWDULRVHQHO&LUFXLWRGHO-DUDPDVHJPHQWDGRV
SRUVH[R\HGDGGHPRVWUDURQTXHVLHOWLHPSRPHGLRQHFHVDULRSDUDDFFLRQDU
HO IUHQR HV GH XQ VHJXQGR XQ FRQGXFWRU IDWLJDGR WDUGD GRV 'H HVWD IRUPD
FXDQGR VH FLUFXOD D NLOyPHWURV SRU KRUD VLJQLILFD TXH HO YHKtFXOR KDEUi
UHFRUULGRPHWURVDUD]yQGHSRUVHJXQGRDQWHVGHLQLFLDUODIUHQDGD
8Q VHJXQGR WUDEDMR GH LQYHVWLJDFLyQ
LQYHVWLJDFLyQ UHDOL]DGR SRU HO 5$&( GHQWUR GH OD
&DPSDxD ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ HVWXGLy HQ SURIXQGLGDG FXiOHV
HUDQORVHIHFWRVItVLFRV\GHFRPSRUWDPLHQWRDOYRODQWHGHORVFRQGXFWRUHVDOD
KRUDGHUHDOL]DUXQODUJRUHFRUULGR3DUDVXUHDOL]DFLyQXQHTXLSRFRPSXHVWR
SRURFKRYHKtFXORV\WpFQLFRVFRQPpGLFRV\SVLFyORJRVUHDOL]DURQ
NLOyPHWURVSRUDXWRSLVWDVDXWRYtDV\FDUUHWHUDVGHGREOHVHQWLGRSRU(VSDxD\
0DUUXHFRV /D HOHFFLyQ GH 0DUUXHFRV VH GHELy DO LQWHUpV SRU HVWXGLDU XQD
VLWXDFLyQUHDOGHFDUUHWHUD\FDORUVLPLODUDORVWUD\HFWRVGXUDQWHHOYHUDQR
(OWUDEDMRVHEDVyHQPHGLU\FXDQWLILFDUFyPRDIHFWDODIDWLJDHQORVQLYHOHVGH
DOHUWD GHO FRQGXFWRU WRPD GH GHFLVLRQHV YHORFLGDG GH UHDFFLyQ QLYHOHV GH
DWHQFLyQ\SHUFHSFLyQSDUDORTXHVHGLYLGLHURQODVSUXHEDVHQYDULRVJUXSRV
ORV FXDOHV IXHURQ VRPHWLGRV D SUXHEDV PpGLFDV \ SVLFRWpFQLFDV GXUDQWH XQD
FRQGXFFLyQFRQWLQXDGD\DDOWDVWHPSHUDWXUDV
3UXHEDVSVLFRWpFQLFDV
3UXHEDVSVLFRWpFQLFDV
(Q UHODFLyQ FRQ ODV SUXHEDV SVLFRWpFQLFDV UHDOL]DGDV D ORV GRV JUXSRV VH
HYDOXy OD HVWLPDFLyQ GH GLVWDQFLDV \ YHORFLGDGHV HO WLHPSR GH UHDFFLyQ \ OD
DWHQFLyQ VHOHFWLYD FRPSUREiQGRVH TXH HVWDV WUHV KDELOLGDGHV VXIUHQ XQ
GHWHULRUR VLJQLILFDWLYR GHVSXpV GH KRUDV GH FRQGXFFLyQ $Vt HO WLHPSR GH
UHDFFLyQ DXPHQWy FRQVLGHUDEOHPHQWH HQ DPERV JUXSRV DXPHQWDQGR XQ PiV HQ HO JUXSR TXH QR SDUy SHULyGLFDPHQWH (Q FXDQWR D OD HVWLPDFLyQ GH
GLVWDQFLDVSDUDUGHVFDQVDU\EHEHUUHIUHVFRVUHFXGHHQXQHOHUURUHQHO
FiOFXOR GH GLVWDQFLDV \ YHORFLGDGHV ,JXDO VXFHGH HQ HO DSDUWDGR GH DWHQFLyQ
VHOHFWLYDFX\RGHWHULRURIXHXQPD\RUTXHHOSDGHFLGRSRUHOJUXSRTXH
VHJXtDORVFRQVHMRVGHSDUDU\GHVFDQVDUFDGDGRVKRUDV
3UXHEDVPpGLFDV
3UXHEDVPpGLFDV
(QUHODFLyQDODVSUXHEDVPpGLFDVFRQHOILQGHGHWHUPLQDUORVQLYHOHVGHIDWLJD
GHORVFRQGXFWRUHVVHPLGLHURQXQDVHULHGHYDULDEOHVGHODVFXDOHVVHREVHUYy
XQD GLVPLQXFLyQ GHO SXOVR HQ WRGRV ORV FRQGXFWRUHV OD WHQVLyQ DUWHULDO
DXPHQWy HQ HO JUXSR TXH QR SDUy D GHVFDQVDU HQ FXDQWR D OD VDWXUDFLyQ
DUWHULDO GH R[tJHQR VH HYLGHQFLy XQ DXPHQWR HQ OD VDWXUDFLyQ HQ WRGRV ORV
SDUWLFLSDQWHVDXQTXHHVWHLQFUHPHQWRIXHPD\RUHQHOJUXSRTXHHQHO
2WUD GH ODV SUXHEDV PpGLFDV VH FHQWUy HQ PHGLU OD GHQVLGDG XULQDULD OD
GHQVLGDGXULQDULDDXPHQWyH[FOXVLYDPHQWHHQORVSDUWLFLSDQWHVGHOJUXSRTXH
WHQtD OLPLWDGD OD LQJHVWD GH OtTXLGRV 3RU HO FRQWUDULR HQ ORV JUXSRV TXH
LQJHUtDQXQPtQLPRGHPOGHOtTXLGRGLFKDGHQVLGDGVHPDQWXYRLJXDOR
GLVPLQX\y
/D SUXHED GH 3URGXFFLyQ GH OiJULPD GHPRVWUy TXH HQ WRGRV ORV SDUWLFLSDQWHV
VH GLR XQ GHVFHQVR GUiVWLFR GH OD SURGXFFLyQ ODFULPDO (VWD VHTXHGDG RFXODU
DSDUHFLyHQWRGRVORVJUXSRVDXQTXHGHIRUPDPiVDFHQWXDGDHQHOJUXSRTXH
QR GHVFDQVD QL LQJLHUH OtTXLGRV (VWD UHGXFFLyQ HQ OD SURGXFFLyQ GH OiJULPD
DSDUWH GH XQD PD\RU IDWLJD YLVXDO SXHGH OOHYDUDSDUHMDGD XQD YLVLyQ ERUURVD
ORTXHVXSRQHXQPD\RUULHVJRHQODFRQGXFFLyQ
3RU~OWLPRVHPLGLyHOULWPRFDUGtDFRTXH VHHPSOHySDUDHYDOXDUODYDULDFLyQ
GH OD DUULWPLD VLQXVDO UHVSLUDWRULD TXH VH PDQLILHVWD SRU XQ LQFUHPHQWR GHO
ULWPR HQ OD LQVSLUDFLyQ \ XQD GLVPLQXFLyQ HQ OD HVSLUDFLyQ 'LFKD DUULWPLD VH
YLRLQFUHPHQWDGDHQXQGHPHGLDVLHQGRPiVDFHQWXDGDHQHOJUXSRTXH
QRGHVFDQVDEDPLHQWUDVTXHODYDULDFLyQHQHOJUXSRIXHPtQLPD
,JXDOPHQWH PHGLDQWH SUXHEDV PpGLFDV \ SVLFRWpFQLFDV VH FRPSUREy TXH QR
GHVFDQVDU FDGD GRV KRUDV QR KDFHU HMHUFLFLRV R QR LQJHULU UHIUHVFRV SXHGH
DXPHQWDUHOHUURUGHSHUFHSFLyQGHODVGLVWDQFLDVHQXQRUHGXFLUDXQ
ODFDSDFLGDGGHSHUFLELU\SURFHVDULQIRUPDFLyQFRPRDODKRUDGHYHUVHxDOHV
R FXDOTXLHU RWUR HVWtPXOR UHOHYDQWH SDUD OD FLUFXODFLyQ $GHPiV HO WLHPSR GH
UHDFFLyQDOYRODQWHDXPHQWDHQPiVGHXQ
5HVXPHQGHODV
5HVXPHQGHODVDFFLRQHV
5HVXPHQGHODVDFFLRQHV
DFFLRQHV
)DWLJDHQORVPRWRULVWDV
)DWLJDHQORVPRWRULVWDV
&DGD DxR OD FDPSDxD ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ VH DFHUFD D ORV
PRWRULVWDVTXHVHGHVSOD]DQDO*UDQSUHPLRGH-HUH]SDUDFRQFLHQFLDUOHVVREUH
ORVHIHFWRVGHODIDWLJDHQODFRQGXFFLyQ3RUSULPHUDYH]GHVGHVXRULJHQORV
SXQWRV LQIRUPDWLYRV KDQ LQFOXLGR OD SURSLD ORFDOLGDG GH -HUH] HVWDEOHFLHQGR
XQD]RQDGHIRUPDFLyQFRQPRQLWRUHVFHUFDGHOFLUFXLWRGHYHORFLGDG&RPRHQ
RWUDV RFDVLRQHV HVWD DFFLyQ KD FRQWDGR FRQ OD FRODERUDFLyQ GH OD 'LUHFFLyQ
*HQHUDO GH 7UiILFR \ GH OD UHG GH HVWDFLRQHV GH
VHUYLFLR%3 (Q HVWD HGLFLyQ OD DFWLYLGDG VH FHOHEUy
GXUDQWH ORV GtDV \ GH DEULO FRQ PRWLYR
GHO *3 GH -HUH] DSURYHFKDQGR ODV PiV GH
PRWRV \ ORV GHVSOD]DPLHQWRV TXH
OD'*7HVWLPyGXUDQWHODFHOHEUDFLyQGHODSUXHED
&RQ OD QRYHGDG TXH VXSXVR OOHYDU OD FDPSDxD DO
FRUD]yQ PLVPR GHO *3 -HUH] OD XELFDFLyQ GH ODV
HVWDFLRQHV GH VHUYLFLR PDQWXYR OD HVWUDWHJLD GH
RWURV DxRV FRORFDQGR FDUSDV LQIRUPDWLYDV D OR
ODUJR GH OD $ GHVGH 0DGULG KDVWD -HUH] 0DGULG
0DQ]DQDUHV &yUGRED 6HYLOOD \ -HUH] WDQWR HQ OD
LGD FRPR HQ HO UHWRUQR (O 5$&( OD $VRFLDFLyQ GH
UHIUHVFRV $1)$%5$ \ OD 'LUHFFLyQ *HQHUDO GH
7UiILFR FRQ OD FRODERUDFLyQ GH %3 SXVLHURQ HQ
PDUFKD OD SULPHUD GH ODV DFFLRQHV LQFOXLGDV HQ OD
&DPSDxD GH ´8Q UHIUHVFR WX PHMRU
FRPEXVWLEOHµ SDUD FRQFLHQFLDU D ORV PRWRFLFOLVWDV
GHODLPSRUWDQFLDGHSDUDUUHDOL]DUHVWLUDPLHQWRV\
EHEHU XQ UHIUHVFR SDUD SUHYHQLU OD GHVKLGUDWDFLyQ
\ODSpUGLGDGHDWHQFLyQ
/RV PRQLWRUHV GH 5$&( GLVWULEX\HURQ PDWHULDOHV H
LQIRUPDURQVREUHORVEXHQRVKiELWRVDOYRODQWHHO
UHVSHWR D ODV QRUPDV GH WUiILFR \ VREUH WRGR GH
ORV ULHVJRV GH FLUFXODU GXUDQWH XQ WLHPSR
SURORQJDGR \ GH VXIULU IDWLJD \GHVKLGUDWDFLyQ TXH
JHQHUD HQWUH RWUDV FRVDV SpUGLGD GH DWHQFLyQ
PDOHVWDUGRORUGHFDEH]DFDODPEUHVPXVFXODUHV«
)RUPDFLyQ\GLYXOJDFLyQGHOD(GLFLyQ
)RUPDFLyQ\GLYXOJDFLyQGHOD(GLFLyQ
GH
GH
OD9,
OD9,&DPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
9,&DPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
&DPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
D
D 0DWHULDOHVGLYXOJDWLYRV
0DWHULDOHVGLYXOJDWLYRV
7RGRV ORV DxRV VH UHYLVDQ GLVHxDV \ GLVWULEX\HQ FLHQWRV GH PLOHV GH
IROOHWRV (Q WRWDO \ GHVGH VXV RUtJHQHV VH KDQ GLVWULEXLGR PiV GH WUHV
PLOORQHV GH IROOHWRV VHJ~Q HO FROHFWLYR REMHWR GH FDGD FDPSDxD
DFWXDOL]DQGR ORV FRQWHQLGRV \ DGDSWDQGR OD IRUPDFLyQ VHJ~Q ORV XVXDULRV
LQFOXVRFRQSURJUDPDVGLYXOJDWLYRVHVSHFtILFRVSDUDFDGDJUXSRDORVTXHVH
KDQGLULJLGRODVGLVWLQWDVFDPSDxDV8QHMHPSORGHHOORIXHODDFWLYLGDGFRQ
ORV SURIHVLRQDOHV GH OD FRQGXFFLyQ \ HO WUDQVSRUWH ORV FRQGXFWRUHV GH
WXULVPRRORVXVXDULRVGHPRWRFLFOHWD
(OHMHWHPiWLFRGHWRGRVORVPDWHULDOHVKDVLGRVLHPSUHODSUHYHQFLyQGHOD
IDWLJD HQ OD FRQGXFFLyQ FXDUWD FDXVD GH PRUWDOLGDG HQ ODV FDUUHWHUDV (Q
WRGRVORVUHFXUVRVVHKDQDSRUWDQGRFRQVHMRVVREUHORVULHVJRVGHODIDWLJD
\ HO FDQVDQFLR OD QRFKH KRUDV GH FRQGXFFLyQ OD IDWLJD YLVXDO ORV
GHVFDQVRV OD GHVKLGUDWDFLyQ HO DOFRKRO OD QRUPDWLYD TXH UHFRJH D ORV
SURIHVLRQDOHV ODV FRQFOXVLRQHV GH ORV WUDEDMRV $GHPiV VH KDQ LQFOXLGR
GDWRV\HVWDGtVWLFDVVREUHODIDWLJDHQODFRQGXFFLyQ
-XQWR D ORV GtSWLFRV LQIRUPDWLYRV OD FDPSDxD KD FRQWDGR FRQ RWURV
PDWHULDOHV FRPR FDUWHOHV SHJDWLQDV EUD]DOHWHV UHIOHFWDQWHV UHJDOR GH
FDPLVHWDV SRUWDIROOHWRV« 7RGR XQ FRQMXQWR GH FUHDWLYLGDGHV SDUD TXH HO
FRQGXFWRU SXHGD DFFHGHU D ORV FRQVHMRV SUHYHQWLYRV VREUH IDWLJD \
FRQGXFFLyQ LQFOX\HQGR ORV HQFDUWHV HQ UHYLVWDV OD HQWUHJD GH HOHPHQWRV
SHGDJyJLFRV HQ FHQWURV FRPHUFLDOHV WLHQGDV RILFLQDVGH 5$&( FHQWURVGH
IRUPDFLyQHVWDFLRQHVGHVHUYLFLR(OPDWHULDOKDLGRFDPELDQGRVXGLVHxR
GHVGHHORULJHQGHODFDPSDxD\HQODDFWXDOLGDGLQFOX\HXQGHFiORJRVREUH
IDWLJD FRQGXFFLyQ \ VHJXULGDG YLDO HQ HO TXH VH SURSRQHQ PHGLGDV SDUD
GHWHFWDUORVVtQWRPDVGHODIDWLJDSUHYHQLUVXDSDULFLyQ\KiELWRVVDOXGDEOHV
SDUDUHGXFLUVXVFRQVHFXHQFLDV
0DWHULDOHV
0DWHULDOHVFRODERUDFLyQGH
FRODERUDFLyQGHODUHGGHHVWDFLRQHVGHVHUYLFLR%3
FRODERUDFLyQGHODUHGGHHVWDFLRQHVGHVHUYLFLR%3
ODUHGGHHVWDFLRQHVGHVHUYLFLR%3
'HVGHHOSDVDGRDxRODFDPSDxDFXHQWDFRQXQFRODERUDGRULPSRUWDQWHOD
UHG GH HVWDFLRQHV GH VHUYLFLR %3 FRQ SUHVHQFLD HQ WRGR HO WHUULWRULR
QDFLRQDO 6H WUDWD GH XQ SXQWR GH LQIRUPDFLyQ PX\ UHOHYDQWH GRQGH
PLOORQHVGHFRQGXFWRUHVKDUiQVXVSDUDGDVGHGHVFDQVR\GRQGHVHEULQGD
XQDH[FHOHQWHRSRUWXQLGDGSDUDDSRUWDUHVWDIRUPDFLyQSUHYHQWLYD
3DUDODHGLFLyQODFDPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµSRQGUiD
GLVSRVLFLyQGHORVXVXDULRVTXHUHDOLFHQXQDSDUDGDHQORVPiVGHSXQWRV
GH GLVWULEXFLyQ OD UHG GH HVWDFLRQHV GH VHUYLFLR GH %3 PLOHV GH PDWHULDOHV
GLYXOJDWLYRV FRQ HO REMHWLYR GH OOHJDU D PLOORQHV GH FRQGXFWRUHV HQ VXV
GHVSOD]DPLHQWRVHVWLYDOHV$GHPiVFRPRHQRWUDVHGLFLRQHVVHFRQWDUiFRQ
RWURV HVSDFLRV GH GLVWULEXFLyQ FRPR ODV RILFLQDV GH DWHQFLyQ GHO 5$&(
UHSDUWLGDVSRUWRGD(VSDxD
&RPR HQ RWUDV HGLFLRQHV \ MXQWR D ORV IROOHWRV OD FDPSDxD FXHQWD FRQ XQ
GRVVLHU LQIRUPDWLYR FRQ ODV DFWLYLGDGHV SUHYLVWDV ODV FRQFOXVLRQHV GH ORV
WUDEDMRV GH OD FDPSDxD R ORV PDWHULDOHV ORV FXDOHV VH GLVWULEXLUiQ HQWUH
SURIHVLRQDOHV GH OD FRPXQLFDFLyQ LQYHVWLJDGRUHV SURIHVLRQDOHV GH OD
VHJXULGDGYLDO\RUJDQLVPRVS~EOLFRVHQWUHRWURV
E
E $FFLyQIRUPDWLYDHQHOiPELWRODERUDO
$FFLyQIRUPDWLYDHQHOiPELWRODERUDO
ELWRODERUDO
8QD GH ODV FRQFOXVLRQHV GHO LQIRUPH VREUH OD IDWLJD HQ HO
VHFWRUSURIHVLRQDOHOFXDOFRQWDEDLQFOXVRFRQXQHVWXGLR
D ORV WUDQVSRUWLVWDV SURIHVLRQDOHV HUD OD HQRUPH
LPSRUWDQFLD GHO FDQVDQFLR HQ ORV GHVSOD]DPLHQWRV
SURIHVLRQDOHV3HURQRVHGHEHFHQWUDUHVWHSUREOHPDVROR
HQ ORV YHKtFXORV SHVDGRV WDPELpQ HQ ORV FROHFWLYRV GH
WUDEDMDGRUHV TXH FDGD GtD VH GHVSOD]DQ D VX OXJDU GH
WUDEDMR R GHVDUUROODQ VX DFWLYLGDG FRQ XQ YHKtFXOR 3RU
HOOR \ GHVGH OD HGLFLyQ OD FDPSDxD KD LQFOXLGR OD
IDWLJD FRPR HOHPHQWR GH HVWXGLR HQ ORV FXUVRV GH
SUHYHQFLyQGHULHVJRVODERUDOHV
0HGLDQWHDFXHUGRVFRQYDULDV&RPXQLGDGHV$XWyQRPDVOD
FDPSDxD ´8Q UHIUHVFR WX PHMRU FRPEXVWLEOHµ KD
GHVDUUROODGRDFFLRQHVGHFRQFLHQFLDFLyQDORVWUDEDMDGRUHV
VREUH OD LPSRUWDQFLD GH LQFRUSRUDU KiELWRV VDOXGDEOHV HQ
OD FRQGXFFLyQ LGHQWLILFDU ORV VtQWRPDV GH OD IDWLJD \ SUHYHQLU HO ULHVJR GH
FDQVDQFLR H[WUHPR R VRPQROHQFLD /RV FXUVRV \ MRUQDGDV FHOHEUDGDV KDVWD
DKRUDKDQVLGR
*DOLFLD1RYLHPEUHGH
0XUFLD0DU]RGH
$UDJyQ0DU]RGH
)RUPDU D ORV WUDEDMDGRUHV VREUH OD IDWLJD HQ OD FRQGXFFLyQ QR VROR PHMRUDUi
ORV UDWLRV GH DFFLGHQWDOLGDG GH ORV DFFLGHQWHV HQ PLVLyQ TXH HV FXDQGR HO
YHKtFXOR IRUPD SDUWH GH OD DFWLYLGDG ODERUDO VLQR TXH VHUYLUi SDUD PHMRUDU HO
FRQRFLPLHQWRGHWRGRVORVWUDEDMDGRUHVTXHVHGHVSOD]DQDGLDULRDOWUDEDMRHQ
VXYHKtFXORDOHUWDQGRVREUHHOFDQVDQFLRDFXPXODGR\ODVFRQVHFXHQFLDVSRU
HMHPSORGHLQLFLDUXQYLDMHGHODUJRUHFRUULGRWUDVXQGtDGHWUDEDMR
/RV WHPDV UHODFLRQDGRV FRQ OD IDWLJD \ VX
SUHYHQFLyQ VH LQFOX\HQ GHQWUR GH ORV
WHPDULRV
JHQHUDOHV
TXH
GHVDUUROOD
OD
$FDGHPLD 5$&( SDUD OD PHMRUD GH OD
VHJXULGDG ODERUDO /DV DFFLRQHV SUHYHQWLYDV
HQ HO iPELWR ODERUDO FXHQWDQ FRQ IRUPDFLyQ
WHyULFD \ UHIXHU]R FRQ HOHPHQWRV SUiFWLFRV
6H IRUPD GHVGH OD WHRUtD LQFOXLGD HQ ORV
FRQWHQLGRV GH OD $FDGHPLD 5$&( D ORV
XVXDULRV SDUD TXH SRVWHULRUPHQWH SXHGDQ
SRQHU HQ SUiFWLFD GH XQD IRUPD FRQWURODGD
SRUPRQLWRUHVORVFRQRFLPLHQWRVDGTXLULGRV
SUHYLDPHQWH6HUHIXHU]DHOPHQVDMH\VHFRQVROLGDODDXWRH[SHULHQFLDFRQOD
SURSLDFDSDFLGDGGHDQiOLVLVGHODVFRQFOXVLRQHV
/RV VLPXODGRUHV GH FRQGXFFLyQ LQFOXLGRV HQ ODV DFFLRQHV UHDOL]DGDV HQ ODV
&RPXQLGDGHV $XWyQRPDV SHUPLWHQ D ORV WUDEDMDGRUHV \ XVXDULRV YHU OD
GLIHUHQFLD GH UHDFFLRQDU HQ VLWXDFLyQ QRUPDO R EDMR OD IDWLJD FRQ SURFHVRV
PiV OHQWRV \ VXV FRQVHFXHQFLDV 8Q PRQLWRU PRVWUDUi DO UHVWR GH ORV
DVLVWHQWHV ORV HIHFWRV DO YRODQWH H[SOLFDQGR HO VLJQLILFDGR GHO HMHUFLFLR \
PRVWUDQGRODVLPXODFLyQWUDVODSUXHED
F
F $FFLyQLQIRUPDWLYD
$FFLyQLQIRUPDWLYDHQHVWDFLRQHVGHVHUYLFLR
HQHVWDFLRQHVGHVHUYLFLR
(QFRODERUDFLyQFRQODUHGGHHVWDFLRQHVGHVHUYLFLR%3FRPR\DVHKDYLVWRHQ
ODVDFFLRQHVGHVDUUROODGDVHQHO*3GH0RWRFLFOLVPRGH-HUH]DILQDOHVGHDEULO
ODFDPSDxDLQIRUPDUiDOXVXDULRVREUHORVULHVJRVGHODIDWLJDDOYRODQWHHQHO
PRPHQWR PiV LPSRUWDQWH GXUDQWH ORV GHVSOD]DPLHQWRV PDVLYRV HVWLYDOHV
'HQWURGHODHVWUDWHJLDIRUPDWLYDGHODFDPSDxDHVWRVPRPHQWRVHQORVTXH
VH KDEOD GH SUHFDXFLyQ HQ OD FDUUHWHUD VH YLDMD FRQ OD IDPLOLD \ VH DGRSWDQ
PHGLGDV SUHYHQWLYDV HV XQ PX\ EXHQ PRPHQWR SDUD LQIRUPD VREUH ORV
ULHVJRVGHFRQGXFLUEDMRORVHIHFWRVGHOFDQVDQFLR
&RQFLHQFLDU DO XVXDULR HQ HO SUHFLVR PRPHQWR HQ HO TXH GHEH PDQWHQHU HVH
KiELWR VDOXGDEOH HV XQD IRUPD GH UHIRU]DU OD FRQGXFWD SRVLWLYD 3RU HOOR VH
GLVSRQGUi GH HVSDFLRV LQIRUPDWLYRV HQ HVWDFLRQHV GH VHUYLFLR %3 VLWXDGDV HQ
ODVSULQFLSDOHVYtDVQDFLRQDOHVGHODUHGGHFDUUHWHUDVHQ(VSDxDWHQLHQGRHQ
FXHQWDORVPRYLPLHQWRVGHYHKtFXORV\ORVWLHPSRVHVWLPDGRVGHGHVFDQVRD
XQD GLVWDQFLD GH XQRV NLOyPHWURV PiV R PHQRV GHVGH FDGD SXQWR GH
GHVWLQR 0RQLWRUHV GH 5$&( \ $1)$%5$ LQIRUPDUiQ D ORV XVXDULRV VREUH ORV
ULHVJRVGHODIDWLJD\GLVWULEXLUiQORVPDWHULDOHVGLYXOJDWLYRVGLVSXHVWRV
/D DFFLyQ HQ HVWDFLRQHV GH VHUYLFLR WHQGUi GRV IHFKDV FODYH XQD GH HOODV \D
GHVDUUROODGDHQDEULO
™ /D FHOHEUDGD FRQ PRWLYR GHO *3 GH 0RWRFLFOLVPR GH -HUH]
FHOHEUDGRORVGtDV\GHDEULO
™ &RQPRWLYRGHORVWUD\HFWRVHVWLYDOHVGXUDQWHHOPHVGHDJRVWR
VLJXLHQGRODVSUHYLVLRQHVGHGHVSOD]DPLHQWRVGHOD'*7
'XUDQWH HO PHV GH DJRVWR \ GXUDQWH WRGR HO GtD PRQLWRUHV GH OD FDPSDxD
LQIRUPDUiQ D ORV XVXDULRV TXH FLUFXOHQ SRU ODV SULQFLSDOHV YtDV GH OD UHG
QDFLRQDO PHGLDQWH OD LQVWDODFLyQ HQ OD ]RQD GH DFFHVR GH XQ HVSDFLR
LQIRUPDWLYR (QWUH ORV FRQVHMRV TXH VH RIUHFHUiQ D ORV FRQGXFWRUHV ORV
PRQLWRUHV VH FHQWUDUiQ HQ DOHUWDU GH OD
LQFLGHQFLDGHODIDWLJDFRPRFDXVDGHOD
VLQLHVWUDOLGDG RIUHFLHQGR ORV FRQVHMRV
GH SDUDU FDGD NLOyPHWURV R FDGD
GRV
KRUDV
UHDOL]DU
SHTXHxRV
HVWLUDPLHQWRV SDUD UHFXSHUDU HO WRQR
ItVLFR\WRPDUXQUHIUHVFR\DTXHMXQWR
DODKLGUDWDFLyQQHFHVDULDHQXQPHVGH
FDORU FRPR HV DJRVWR DSRUWD JOXFRVD
HOHPHQWR TXH PHMRUD OD DFWLYLGDG \ HO
UHQGLPLHQWRFHUHEUDO
/RV WpFQLFRV WDPELpQ DOHUWDUiQ D ORV
XVXDULRVVREUHORVVtQWRPDVTXHHOFRQGXFWRUGHEHUHFRQRFHUSDUDDQWLFLSDUVH
D ORV ULHVJRV GH GHVIDOOHFLPLHQWR DO YRODQWH FRPR HV HO SLFRU GH RMRV OD
QHFHVLGDGGHPRYHUVHHQHODVLHQWRORVFDODPEUHVHO]XPELGRGHRtGRVRORV
HUURUHVDOYRODQWH
\HQODV
G
\ HQODV
G 7DPELpQHQOD:HE
7DPELpQHQOD :HE
:HE ZZZIDWLJD\FRQGXFFLRQFRP\
UHGHVVRFLDOHV)DFHERRN\7ZLWHU
UHGHVVRFLDOHV)DFHERRN\7ZLWHU
/D FDPSDxD FXHQWD FRQ OD :HE ZZZIDWLJD\FRQGXFFLyQFRP XQ HVSDFLR FRQ
WRGDODLQIRUPDFLyQUHODWLYDDODIDWLJD\ODFRQGXFFLyQFRQWHQLGRVLQWHUDFWLYRV
\ FRQVHMRV SUiFWLFRV VREUH OD PDWHULD (Q ODV UHGHV VRFLDOHV ´8Q UHIUHVFR WX
PHMRUFRPEXVWLEOHµWLHQHXQDSiJLQDSURSLDHQ)DFHERRNGHVGHODTXHLQIRUPD
GHODVGLVWLQWDVDFWLYLGDGHV\VHVLRQHVIRUPDWLYDVTXHVHYDQGHVDUUROODQGRDOR
ODUJR GHO DxR SDUWLFLSDU HQ IRURV GH GHEDWH HWF ,JXDOPHQWH ORV XVXDULRV GH
7ZLWWHUSRGUiQHVWDUDOWDQWRGHODVDFFLRQHVTXHVHYD\DQGHVDUUROODQGR
ZZZIDWLJD\FRQGXFFLRQFRP HV HO SULPHU VLWH HVSHFtILFR VREUH IDWLJD \
FRQGXFFLyQ FRQ YtGHRV GH FDUiFWHU GLYXOJDWLYRV FRPR HO SURWDJRQL]DGR SRU
SHUVRQDMHV IDPRVRV DOHUWDQGR VREUH OD IDWLJD HQ PRWR 'HSRUWLVWDV UHWLUDGRV
FRPR ORV PRWRFLFOLVWDV ÇQJHO 1LHWR \ 6LWR 3RQV R HO WHQLVWD
WHQLVWD $OH[ &RUUHWMD ORV
FRFLQHURV 6HUJL $UROD \ 3DFR 5RQFHUR SHUVRQDMHV GH ORV PHGLRV GH
FRPXQLFDFLyQ FRPR HO SHULRGLVWD -XDQ 5DPyQ /XFDV
/XFDV HO SUHVHQWDGRU -XDQ \
0HGLR R HO SHOXTXHUR /OXtV /ORQJXHUDV
/ORQJXHUDV VH XQLHURQ D HVWH REMHWLYR FRP~Q GH
SUHYHQLUORVDFFLGHQWHV
/D :HE FXHQWD OD ´6DOD GH 3UHQVDµ
3UHQVDµ XQ DSDUWDGR HVSHFtILFR GLULJLGR D ORV
SURIHVLRQDOHV GH OD FRPXQLFDFLyQ GRQGH SXHGHQ DFFHGHU D ODV QRWLFLDV
UHODFLRQDGDVFRQODFDPSDxDHVWXGLRVUHODFLRQDGRV\DJHQGDGHHYHQWRV
/D:HEVHDFWXDOL]DGHIRUPDSHULyGLFDFRQWRGDVODVQRYHGDGHV \ORVLQIRUPHVVREUH
IDWLJD\FRQGXFFLyQTXHVHYDQSXEOLFDQGRHQODVGLVWLQWDVDFFLRQHV
H
H /DFDPSDxDWDPELpQ
/DFDPSDxDWDPELpQDOHUWDVREUHORVULHVJRVGHODOFRKRO
WDPELpQDOHUWDVREUHORVULHVJRVGHODOFRKRO
DOHUWDVREUHORVULHVJRVGHODOFRKRO
(ODOFRKROHVXQRGHORVSHRUHVHQHPLJRVGHOFRQGXFWRUHVWDQGR
SUHVHQWHHQXQRGHFDGDWUHVIDOOHFLGRVSRUDFFLGHQWHGHWUiILFR
3RU HOOR \ GH FDUD D ODV PLOHV FHOHEUDFLRQHV \ HQ HVSHFLDO ODV
FRPLGDV \ FHQDV GH HPSUHVD TXH VH FHOHEUDQ GXUDQWH ORV GtDV
FRPSUHQGLGRV HQ ODV ILHVWDV QDYLGHxDV HO 5$&( \ $1)$%5$
TXLVLHURQUHFRUGDUODLPSRUWDQFLDGHHYLWDUHODOFRKROVLYDPRVD
FRQGXFLU GHQWUR GH OD &DPSDxD ´8Q UHIUHVFR WX PHMRU
FRPEXVWLEOHµ 1R YDOHQ WUXFRV FRQ HO DOFRKRO ORV ULHVJRV GH
VXIULU XQ DFFLGHQWH GH VHU VDQFLRQDGRV R GH FRPHWHU XQ GHOLWR
SHQDO VRQ PRWLYRV VXILFLHQWHV SDUD SHQViUVHOR GRV YHFHV DQWHV
GHEHEHUXQDFRSD\FRQGXFLU(QWUHODVUHFRPHQGDFLRQHVRSWDU
SRUUHIUHVFRVRXWLOL]DUHOWUDQVSRUWHS~EOLFR
(O 5$&( \ $1)$%5$ LPSXOVDURQ HVWD DFFLyQ GHQWUR GH OD FDPSDxD ´8Q
UHIUHVFR WX PHMRU FRPEXVWLEOHµ FRQ HO REMHWLYR GH FRQWULEXLU D OD
FRQFLHQFLDFLyQ VREUH ORV ULHVJRV GHO DOFRKRO DO YRODQWH FRQ XQD DFFLyQ
IRUPDWLYDHQODTXHPRQLWRUHVGH6HJXULGDG9LDOGLVWULEX\HURQSRUODV]RQDVGH
HVWDV FHOHEUDFLRQHV PDWHULDOHV GLYXOJDWLYRV HVSHFtILFR FRQ FRQVHMRV EiVLFRV
VREUHDOFRKRO\FRQGXFFLyQ
'XUDQWH FXDWUR GtDV ORV FRPSUHQGLGRV HQWUH HO MXHYHV GH GLFLHPEUH \ HO
GRPLQJR GH GLFLHPEUH GH ORV PRQLWRUHV GLVWULEXLGRV HQ YDULRV
HTXLSRV \ IRUPDGRV SRU HO 5$&( FRQFLHQFLDURQ D ORV XVXDULRV SDUD TXH
FHOHEUDVHQVXVFRPLGDV\FHQDVGHQDYLGDGGHIRUPDVHJXUDDOHUWDQGRVREUH
ORV ULHVJRV GH DFFLGHQWH GH VDQFLyQ \ SHQDOHV TXH VXSRQH LQJHULU DOFRKRO \
FRQGXFLU
-XQWRDHVWDDFFLyQSUHYHQWLYDODFDPSDxD´8QUHIUHVFRWXPHMRUFRPEXVWLEOHµ
LQFOX\y HQ VX SiJLQD :HE ZZZIDWLJD\FRQGXFFLRQHV GRQGH WRGRV ORV
XVXDULRV SXHGHQ VHJXLU FRQVXOWDQGR ORV FRQVHMRV VREUH DOFRKRO \ IDWLJD \
GRQGHVHLQFOXLUiQWRGRVORVPDWHULDOHV\UHFRPHQGDFLRQHV
/DFDPSDxDGHODIDWLJDHQ$33VPyYLOHV
/DFDPSDxDGHODIDWLJDHQ$33VPyYLOHV
LOHV
$VXYH]ODDFFLyQGLYXOJDWLYDVREUHDOFRKROIDWLJD\FRQGXFFLyQLQFOX\HRWURV
FDQDOHV FRPR OD :HE GH 5$&( ORV YtGHRV DORMDGRV HQ HO FDQDO GH 6HJXULGDG
9LDO GH 5$&( HQ ´<RXWXEHµ R ORV PDWHULDOHV TXH VH SXHGHQ FRQVXOWDU HQ OD
DSOLFDFLyQ GHO 5$&( GH 6HJXULGDG 9LDO SDUD WHOpIRQRV L3KRQH $QGURLG \
:LQGRZV3KRQHXQDDSSJUDWXLWD\GHIiFLOGHVFDUJD
$OJXQRVFRQVHMRVSDUDORVODUJRV
$OJXQRVFRQVHMRVSDUDORVODUJRV
SDUDORVODUJRVGHVSOD]DPLHQWRVGHOYHUDQR
GHVSOD]DPLHQWRVGHOYHUDQR
GHOYHUDQR
&RQ PRWLYR GH ORV GHVSOD]DPLHQWRV TXH VH SURGXFLUiQ GXUDQWH ORV PHVHV GH
YHUDQR \ UHFRUGDQGR OD LPSRUWDQFLD GH PDQWHQHU OD SUHFDXFLyQ HQ WRGRV ORV
UHFRUULGRV GHVGH 5$&( \ $1)$%5$ FRQ OD FRODERUDFLyQ GH OD 'LUHFFLyQ
*HQHUDOGH7UiILFRTXHUHPRVDSRUWDUDOJXQRVFRQVHMRVGHVHJXULGDGYLDO
x 'HMHSUHSDUDGRHOFRFKHODQRFKHDQWHULRU\GHVFDQVHELHQGXUPLHQGRWRGD
ODQRFKH(VWiGHPRVWUDGRTXHGRUPLUPHQRVGHVHLVKRUDVWULSOLFDHOULHVJR
GHVXIULUDFFLGHQWHVHQODFDUUHWHUD
x (YLWHVDOLUGHYLDMHQDGDPiVWHUPLQDUGHWUDEDMDU,QFOXVRVLWHUPLQDSURQWR
VLHPSUHHVWDUiFDQVDGRFXDQGRFRPLHQFHVWXYLDMH
x $QWHV GH HPSUHQGHU XQ YLDMH ODUJR SURFXUH GHVFDQVDU OR VXILFLHQWH /D
IDWLJD GLVPLQX\H HO FDPSR GH YLVLyQ DODUJD ORV WLHPSRV GH UHDFFLyQ \
GLILFXOWDODFRRUGLQDFLyQSVLFRPRWUL]\ODFDSDFLGDGPXVFXODU
x 'HWpQJDVH FDGD GRV KRUDV R DO PHQRU VtQWRPD GH FDQVDQFLR \D TXH
PDQWHQHU XQD DWHQFLyQ FRQVWDQWH GXUDQWH XQ WLHPSR SURORQJDGR SURGXFH
IDWLJD
x &DGDSDUDGDGHEHGXUDUDOPHQRVHQWUH\PLQXWRVEiMHVHGHOFRFKH\
WRPH XQ WHQWHPSLp +DJD HMHUFLFLRV GH HVWLUDPLHQWR GH DUWLFXODFLRQHV
FXHOOR SLHV SLHUQDV \ EUD]RV \ GH HVSDOGD $SURYHFKH SDUD FRPHU DOJR
OLJHUR\EHEHUXQUHIUHVFR
x +D\ TXH EHEHU DXQTXH QR WHQJD VHG \D TXH FXDQGR DSDUHFH HVWD VHxDO
H[LVWH XQ FLHUWR JUDGR GH GHVKLGUDWDFLyQ (O DLUH DFRQGLFLRQDGR GHO FRFKH
SURYRFD VtQWRPDV DVRFLDGRV D OD GHVKLGUDWDFLyQ GHO RUJDQLVPR VHG
VHQVDFLyQ GH VHTXHGDG HQ OD JDUJDQWD IDWLJD TXH SXHGHQ DIHFWDU D OD
FRQGXFFLyQ
x (YLWH FRPLGDV FRSLRVDV DQWHV \ GXUDQWH ORV GHVSOD]DPLHQWRV 2SWH SRU
FRPLGDV OLJHUDV \ IUHFXHQWHV D OR ODUJR GHO GtD DFRPSDxDGDV GH DJXD
]XPRVRUHIUHVFRV8QDIiFLOGLJHVWLyQD\XGDUiDPDQWHQHUODDWHQFLyQ\D
UHDFFLRQDUFRQUDSLGH]
x 1R EHED DOFRKRO \D TXH HO FRQVXPR GH FXDOTXLHU WLSR \ FDQWLGDG WLHQH
HIHFWRVVREUHODFRQGXFFLyQ
x 6LWRPDPHGLFDPHQWRVWHQJDHQFXHQWDTXHSXHGHQSURYRFDUVRPQROHQFLD
\ DOJXQRV SXHGHQ WHQHU HIHFWRV GLUHFWRV VREUH OD YLVLyQ R OD FRRUGLQDFLyQ
&RQVXOWHFRQVXPpGLFRDQWHVGHHPSUHQGHUXQYLDMH
x 1R FRQGX]FD GH QRFKH VL SXHGH HYLWDUOR \D TXH VX FXHUSR FRQRFH
SHUIHFWDPHQWHFXDOHVGHEHQVHUWXVKRUDVGHGHVFDQVR3LHQVHTXHVLWLHQH
TXH GRUPLU HQ HO FDPLQR HO WLHPSR \ GLQHUR LQYHUWLGR VLHPSUH HVWDUi
MXVWLILFDGRDQWHODSRVLELOLGDGGHSDGHFHUXQDFFLGHQWHSRUFXOSDGHODIDWLJD
\ODIDOWDGHYLVLELOLGDG
x /DP~VLFDSXHGHD\XGDUVLHPSUHYDULDGDSDUDTXHQRD\XGHDODPRQRWRQtD
GHODFRQGXFFLyQ
x 1R EDMH OD JXDUGLD HQ ORV GHVSOD]DPLHQWRV FRUWRV \D TXH HO
GHVIDOOHFLPLHQWRSRUFDQVDQFLRRVXHxRSXHGHOOHJDULQFOXVRHQWUD\HFWRVGH
SRFRUHFRUULGR
x < UHFXHUGH TXH DO ILQDO GH ORV WUD\HFWRV GH ODUJR UHFRUULGR DXPHQWD HO
ULHVJR SURYRFDGR SRU OD IDWLJD DFXPXODGD HQ HO WUD\HFWR HO FDORU ORV
DWDVFRV ODV JDQDV GH OOHJDU D QXHVWUR GHVWLQR ILQDO \ ODV SRVLEOHV
UHWHQFLRQHVTXHSXHGDQSURGXFLUVH
6tQWRPDVSDUDGHWHFWDUODIDWLJD
6tQWRPDVSDUDGHWHFWDUODIDWLJD
6LGHWHFWDDOJXQRGHHVWRVVtQWRPDVSDUH\GHVFDQVHORQHFHVDULRSDUDUHWRPDU
HOYLDMHHQEXHQDVFRQGLFLRQHV
™ 3pUGLGDGHFRQFHQWUDFLyQ
™ 3LFRUGHRMRVSDUSDGHRFRQVWDQWHSHVDGH]HQORVRMRVRYLVLyQERUURVD
™ &DODPEUHVPXVFXODUHVGRORUHVGHHVSDOGDR]XPELGRGHRtGRV
™ 6RPQROHQFLDRUHDFFLRQHVOHQWDVRLQVHJXUDV
™ 1HFHVLGDGGHPRYHUVHHQHODVLHQWR
™ 6HQVDFLyQGHEUD]RVRSLHVGRUPLGRV
™ 6HTXHGDGHQODERFDRGHVKLGUDWDFLyQ
™ 9DULDFLyQLQYROXQWDULDGHODYHORFLGDG
™ 'LILFXOWDGSDUDUHFRUGDUORV~OWLPRVNLOyPHWURVUHFRUULGRV
'HFiORJRSDUDSUHYHQLUODIDWLJD
'HFiORJRSDUDSUHYHQLUODIDWLJD
SDUDSUHYHQLUODIDWLJD
$SUHQGDDUHFRQRFHUORVVtQWRPDVGHODIDWLJDSDUDUHGXFLUVXVHIHFWRV
'HMHSUHSDUDGRHOFRFKHHOGtDDQWHULRU\GXHUPHXQPtQLPRGHKRUDV
'XUDQWHHOYLDMHGHVFDQVDFDGDKRUDVRNLOyPHWURVHQODViUHDV\
HVWDFLRQHVGHVHUYLFLR
(Q FDGD SDUDGD VDOJD GHO FRFKH GHVFDQVD DO PHQRV PLQXWRV \
UHDOL]DHMHUFLFLRVGHHVWLUDPLHQWR
&RQGX]FDXQPi[LPRGHKRUDVDOGtD
$VHJ~UHVHGHPDQWHQHUHOKDELWiFXORYHQWLODGRSDUDHYLWDUQLYHOHVDOWRV
GHPRQy[LGRGHFDUERQR
0DQWpQJDVH KLGUDWDGR OD IDOWD GH OtTXLGRV SURYRFD HQWUH RWUDV FRVDV
XQDUHGXFFLyQGHODDWHQFLyQGRORUGHFDEH]D\FDQVDQFLRPXVFXODU
8QQLYHOEDMRGHD]~FDUJHQHUDIDWLJD\IDOWDGHDWHQFLyQ(YLWHTXHHVWR
RFXUUDGXUDQWHHOYLDMH
1XQFD EHED DOFRKRO VL YD D FRQGXFLU &XDOTXLHU EHELGD DOFRKyOLFD
DXQTXH WHQJD XQD EDMD JUDGXDFLyQ GLVPLQX\H OD DWHQFLyQ ODV
FDSDFLGDGHVYLVXDO\DXGLWLYDUHWUDVDHOWLHPSRGHUHDFFLyQ\DFHOHUDOD
DSDULFLyQGHODIDWLJD
8Q~OWLPRFRQVHMR
8Q~OWLPRFRQVHMR
&XDQGRSDUHVWRPDXQDEHELGDUHIUHVFDQWH\DTXHDGHPiVGHKLGUDWDUWHWH
D\XGDUi D GHVSHMDUWH \ PHMRUDU WXV QLYHOHV GH DWHQFLyQ 8QD EHELGD UHIUHVFDQWH
VHUiWXPHMRUFRPEXVWLEOH«<WHTXLWDODVHGQRORVSXQWRV
/DSUHYHQFLyQHVODPHMRUKHUUDPLHQWDSDUDUHGXFLUORVDFFLGHQWHVSRUIDWLJD
5$&(
$1)$%5$
'HSDUWDPHQWRGH&RPXQLFDFLyQ
7HO(VWKHU5RPiQ6LOYLD'tD]
7HO
HURPDQ#LQIRUSUHVVHVVGLD]#LQIRUSUHVVHV
FRPXQLFDFLRQ#UDFHHV
'SWR&RPXQLFDFLyQ$1)$%5$
*DELQHWHGH3UHQVD,QIRUSUHVV
7HOFRPXQLFDFLRQ#DQIDEUDHV
Descargar