Memoria

Anuncio
3$125$0$'(/$,1)/8(1=$325&,1$(10e;,&2
'U6iQFKH]%HWDQFRXUW-,$YDORV*3/ySH]&KDUUHWyQ6$ULDV&7ULJR7)%HOWUiQ)5
+DUWH%3-XiUH]'*0HUFDGR*0&&DUUHyQ157UXMLOOR20(
)DFXOWDGGH0HGLFLQD9HWHULQDULD\=RRWHFQLD81$0
,QVWLWXWRGH%LRWHFQRORJtD81$0
&RUUHRDLVEB#\DKRRFRPP[
$QWHFHGHQWHVGH9LUXVGH,QIOXHQ]D$LVODGRVHQ&HUGRV
/RV YLUXV GH LQIOXHQ]D WLSR $ KDQ VLGR DLVODGRV GH XQD JUDQ YDULHGDG GH HVSHFLHV GH DQLPDOHV
LQFOX\HQGRVHUHVKXPDQRVFHUGRVFDEDOORVPDPtIHURVPDULQRV\DYHV/DVDYHVDFXiWLFDVVRQORV
SULQFLSDOHV UHVHUYRULRV GH ORV YLUXV GH LQIOXHQ]D HQ ODV FXDOHV VH KDQ UHSRUWDGR KDVWD VXEWLSRV
YLUDOHVGHORVVXEWLSRVH[LVWHQWHVHVWRODVKDFHODSULQFLSDOIXHQWHGHLQIHFFLyQGHORVYLUXVGH
LQIOXHQ]DKDFLDRWUDVHVSHFLHV$SHVDUGHVXRULJHQFRP~QORVYLUXVGHLQIOXHQ]D$HQJHQHUDOVH
OLPLWDQDODJDPDGHKXpVSHGHVGHDFXHUGRDXQUDVJRSROLJpQLFR\DODHVSHFLILFLGDGGHOUHFHSWRUGH
OD KHPDJOXWLQLQD +$ TXH HV FRQVLGHUDGD HO IDFWRU GHWHUPLQDQWH SDUD XQLUVH D ORV UHFHSWRUHV
FHOXODUHV(OHSLWHOLRGHODWUiTXHDHQFHUGRVH[SUHVDUHFHSWRUHVWDQWRSDUDORVYLUXVGHODLQIOXHQ]D
KXPDQD FRPR SDUD OD DYLDU \ HVWR SURSRUFLRQD XQD EDVH ELROyJLFD SDUD OD VXVFHSWLELOLGDG GH ORV
FHUGRVWDQWRDODLQIOXHQ]DDYLDUFRPRSDUDHOYLUXVGHODLQIOXHQ]DKXPDQD
/D UHGLVWULEXFLyQ KD MXJDGR XQ SDSHO IXQGDPHQWDO HQ OD HYROXFLyQ GHO YLUXV GH OD LQIOXHQ]D $ HQ
FHUGRV)XHGHVFULWDSRUSULPHUDYH]FRPRXQDHQIHUPHGDGHQORVFHUGRVHQ\HOSULPHUYLUXV
GHLQIOXHQ]D$IXHDLVODGRGHHVWRVHQ(VWHDLVODPLHQWRIXHGHOVXEWLSR+1\IXHGHOPLVPR
OLQDMHTXHHOYLUXVGHODSDQGHPLDGH'LFKRYLUXVHQWUyHQODSREODFLyQKXPDQD\SRUFLQDHQOD
PLVPD pSRFD \ KD HYROXFLRQDGR LQGHSHQGLHQWHPHQWH HQ FDGD KXpVSHG(O ³FOiVLFR´ YLUXV GH
LQIOXHQ]DSRUFLQD+1FDXVySUHYLVLEOHVSLFRVHVWDFLRQDOHVGHODHQIHUPHGDGSHURQRIXHPRWLYRGH
JUDQ SUHRFXSDFLyQ HFRQyPLFD \ FRQWLQXy FLUFXODQGR FRPR HO YLUXV GH LQIOXHQ]D GRPLQDQWH HQ OD
SREODFLyQSRUFLQDGH$PpULFDGHO1RUWHKDVWD
$ ILQDOHV GH RWURV GRV YLUXV GH LQIOXHQ]D +1 GLIHUHQWHV IXHURQ DLVODGRV GH FHUGRV TXH
SUHVHQWDEDQXQDHQIHUPHGDGVHYHUDVLPLODUDODLQIOXHQ]DHQ&DUROLQDGHO1RUWH0LQQHVRWD,RZD\
7H[DV(QHODLVODPLHQWRGH&DUROLQDGHO1RUWHVHLGHQWLILFyXQYLUXVUHFRPELQDQWHTXHFRQWHQtD+$
1$\3%VLPLODUHVDOYLUXVFRQWHPSRUiQHRGHLQIOXHQ]DKXPDQD\ORVJHQHV013163$\3%
VLPLODUHVDOOLQDMHGHOYLUXVFOiVLFRGHLQIOXHQ]DSRUFLQD+1/RVDLVODPLHQWRVGH0LQQHVRWD,RZD\
7H[DV WULSOH UHFRPELQDQWH IXHURQ D~Q PiV FRPSOHMRV DO LJXDO TXH HO DLVODPLHQWR GH &DUROLQD GHO
1RUWHHVWRVYLUXVFRQWHQtDQ+$1$\3%GHXQOLQDMHGHOYLUXVKXPDQRFRQWHPSRUiQHR\013\
16GHOOLQDMHFOiVLFRSRUFLQR+1
6LQ HPEDUJR HVWDV FHSDV FRQWHQtDQ JHQHV 3$ \ 3% GH XQ OLQDMH GH YLUXV GH OD LQIOXHQ]D
DYLDU'HVSXpVGHODDSDULFLyQGHHVWRVGRVYLUXVUHFRPELQDQWHVHOGREOHUHFRPELQDQWHQRFRQWLQXy
FLUFXODQGRSHURHOYLUXVWULSOHUHFRPELQDQWHVHHVWDEOHFLyHQODSREODFLyQSRUFLQD\VLJXLyFLUFXODQGR\
HYROXFLRQDQGR
(Q RFWXEUH GH XQ YLUXV GH LQIOXHQ]D $ +1 IXH DLVODGR GH FHUGRV FRQ QHXPRQtD HQ XQD
JUDQMD SRUFLQD FRPHUFLDO HQ &DQDGi /RV DQiOLVLV ILORJHQpWLFRV GH ODV VHFXHQFLDV GH ORV RFKR
VHJPHQWRVGH$51YLUDOGHPRVWUyTXHHVWRVHUDQHQVXWRWDOLGDGYLUXVDYLDUGHOOLQDMHGH$PpULFD
GHO1RUWH
$ SULQFLSLRV GHO PiV GHO GH ORV FHUGRV PXHVWUHDGRV IXHURQ VHURSRVLWLYDV DO YLUXV WULSOH
UHFRPELQDQWH +15HWURVSHFWLYDPHQWH VH GHPRVWUy TXH HO YLUXV UHFRPELQDQWH WULSOH HVWXYR
SUHVHQWHHQORVFHUGRV\DHQPDU]RGH
(QHOXQQXHYRYLUXVUHFRPELQDQWH+1IXHLGHQWLILFDGRGHFHUGRVTXHSUHVHQWDEDQWRV
HQ (VWDGRV 8QLGRV (O DQiOLVLV ILORJHQpWLFR GH OD VHFXHQFLD GH QXFOHyWLGRV GHPRVWUy XQ VHJPHQWR
+$FRQDGHVLPLOLWXGHQORVQXFOHyWLGRVFRQUHVSHFWRDODSDUWH,,,GHOYLUXVGHLQIOXHQ]D
SRUFLQR +1 TXH HV HO JHQRWLSR SUHGRPLQDQWH + TXH FLUFXOD HQWUH ORV FHUGRV HQ ((88 (O
VHJPHQWR 1$ HUD PX\ VLPLODU DO GHO YLUXV +1 FOiVLFR FRQ D GH LGHQWLGDG HQWUH ODV
VHFXHQFLDVYLUDOHVGLVSRQLEOHVHQHO*HQ%DQNSHURPRVWUDURQXQDPD\RUKRPRORJtDDFRQ
HOYLUXV+1FRQWHPSRUiQHDGHO0HGLR2HVWH2WURVJHQHVHUDQGHRULJHQSRUFLQR013\16
DYLDU3$\ 3%\KXPDQR3%UHSUHVHQWDQWHGHODFRPSRVLFLyQLQWHUQDGHOJHQFRQWHPSRUiQHD
GHO YLUXV SRUFLQR WULSOH UHFRPELQDQWH +1 GH $PpULFD GHO 1RUWH (VWR VXJLHUH TXH ORV YLUXV GH OD
LQIOXHQ]D+1$6ZLQH0LQQHVRWDVRQXQDUHFRPELQDFLyQTXHFRQWLHQHJHQHVGHOYLUXV
GHLQIOXHQ]DSRUFLQDWULSOHUHFRPELQDQWH+1\GHOYLUXVGHLQIOXHQ]DSRUFLQRFRQWHPSRUiQHR+1
(Q DEULO GHO HO YLUXV GH LQIOXHQ]D $6ZLQH0LVVRXUL 6Z IXH
DLVODGR GH FHUGRV GH VHPDQDV GH HGDG TXH SUHVHQWDEDQ LQIHFFLRQHV UHVSLUDWRULDV (Q
VHSWLHPEUHGHOPLVPRDxRRWURYLUXVGHLQIOXHQ]D$6ZLQH0LVVRXUL6ZIXH
DLVODGR GH YDULRV FHUGRV GH D VHPDQDV GH HGDG TXH SUHVHQWDEDQ EURQFRQHXPRQtD PXOWLIRFDO
(VWRV YLUXV IXHURQ LGHQWLILFDGRV D WUDYpV GH OD EDVH GH GDWRV GH *HQ%DQN FRPR YLUXV GH LQIOXHQ]D
+1
6HJ~Q HO DQiOLVLV ILORJHQpWLFR HO JHQ +$ GHO YLUXV 6Z FRLQFLGH PiV HVWUHFKDPHQWH FRQ ORV
YLUXV+DLVODGRVGHSDWRVHQHOQRUWHGH$PpULFDKDVWDHOGHLGHQWLGDGHQODVHFXHQFLDGH
QXFOHyWLGRV(OVHJPHQWR1$HVWDEDHVWUHFKDPHQWHUHODFLRQDGRFRQHOYLUXVGHODJULSHDYLDU+1
DLVODGRGHFHUFHWDGHDODVD]XOHVLGHQWLGDG&RQODH[FHSFLyQGHOJHQ3$ORVJHQHVLQWHUQRV
IXHURQ GHULYDGRV GH ORV YLUXV SRUFLQRV FRQWHPSRUiQHRV WULSOHV UHFRPELQDQWH TXH VH HQFXHQWUD
DFWXDOPHQWHHQ(VWDGRV8QLGRV
/DLQIOXHQ]DSRUFLQDQRVHUHSRUWyHQ(XURSDKDVWDFXDQGRHOYLUXVFOiVLFRSRUFLQR+1IXH
GHWHFWDGRHQFHUGRVHQ,WDOLD3RUODPLVPDpSRFDXQYLUXVWRWDOPHQWHKXPDQR+1VHSUHVHQWyHQ
ODSREODFLyQSRUFLQDHXURSHD(QXQYLUXVGHLQIOXHQ]DDYLDUIXHDLVODGRGHORVFHUGRVHQ,WDOLD
HVWH YLUXV +1 VLPLODU DO DYLDU UiSLGDPHQWH VXVWLWX\y DO FOiVLFR YLUXV SRUFLQR +1 FRPR HO OLQDMH
GRPLQDQWH\VHVRPHWLyDXQDUHGLVWULEXFLyQFRQHOYLUXV+1KXPDQRGDQGROXJDUDXQYLUXVFRQ
+$\1$VLPLODUDOKXPDQR\ORVJHQHVLQWHUQRVVLPLODUHVDOYLUXVDYLDU
8QYLUXV+1TXHFRQWHQtD+KXPDQR1SRUFLQR\JHQHVLQWHUQRVGHRULJHQDYLDUIXHDLVODGRGH
FHUGRV HQ *UDQ %UHWDxD HQ (Q VH DLVOy GH XQD JUDQMD GH FHUGRV TXH SUHVHQWy
LQIHFFLRQHV UHVSLUDWRULDV \ DERUWRV XQ YLUXV GH LQIOXHQ]D +1 HO DQiOLVLV ILORJHQpWLFR LQGLFy OD
UHFRPELQDFLyQ HQWUH HO FOiVLFR YLUXV SRUFLQR + \ HO YLUXV UHFRPELQDQWH +1 DLVODGR HQ $PpULFD
GXUDQWH (Q HO IXH DLVODGR HQ $OHPDQLD XQ QXHYR YLUXV +1 UHVXOWDGR GH OD
UHFRPELQDFLyQHQWUH+1\+1SRUFLQR
/D PD\RUtD GH ORV YLUXV GH LQIOXHQ]D SRUFLQD GH (XURSD WDPELpQ FLUFXODQ HQ $VLD SHUR KD\ YDULRV
OLQDMHV TXH VyOR VH KDQ DLVODGRV HQ HVWH FRQWLQHQWH(O YLUXV KXPDQR +1 IXH DLVODGR SRU SULPHUD
YH] GH FHUGRV HQ 7DLZiQ HQ \ FRQWLQ~D FLUFXODQGR HQ OD SREODFLyQ SRUFLQD MXQWR FRQ YDULRV
GLIHUHQWHVYLUXVUHFRPELQDQWHVGHOPLVPRYLUXV
/D YLJLODQFLD YLUROyJLFD SURVSHFWLYD UHDOL]DGD HQWUH PDU]R GH \ MXQLR GHO HQ +RQJ .RQJ
VREUH ORV FHUGRV LPSRUWDGRV GHO VXUHVWH GH &KLQD SURSRUFLRQy OD SULPHUD HYLGHQFLD GH WUDQVPLVLyQ
HQWUHHVSHFLHVGHOYLUXVGHLQIOXHQ]DDYLDU+1DORVFHUGRV\GRFXPHQWyVXFRFLUFXODFLyQFRQ
ORV YLUXV KXPDQRV FRQWHPSRUiQHRV +1 $6\GQH\ 6\GQH\7RGRV ORV VHJPHQWRV GHO
JHQRPD GHO YLUXV +1 SRUFLQR HVWDEDQ HVWUHFKDPHQWH UHODFLRQDGRV FRQ YLUXV VLPLODUHV D
JDOOLQD%HLMLQJ+1SDWR+RQJ.RQJ<+1\ORVGHVFHQGLHQWHVGHOOLQDMHGHHVWH
~OWLPRYLUXV(ODQiOLVLVILORJHQpWLFRVXJLHUHTXHODUHSHWLGDWUDQVPLVLyQHQWUHHVSHFLHVRFXUULyGHVGH
HOKXpVSHGDYLDUDORVFHUGRV/RVYLUXV6\GQH\+1DLVODGRVGHFHUGRVHVWDEDQHVWUHFKDPHQWH
UHODFLRQDGDVFRQHOYLUXVKXPDQRFRQWHPSRUiQHR+1HQWRGRVORVVHJPHQWRVGHJHQHV\QRKDEtD
VLGRREMHWRGHUHGLVWULEXFLyQJpQLFD
(O YLUXV DYLDU +1 VH KD DLVODGR HVSRUiGLFDPHQWH GH FHUGRV HQ &KLQD H ,QGRQHVLD SHUR QR
SDUHFHQ VHU DOWDPHQWH SDWyJHQRV HQ OD HVSHFLH SRUFLQD \ QR VH KD HVWDEOHFLGR HQ OD SREODFLyQ
ÒOWLPDPHQWH ORV YLUXV UHFRPELQDQWHV GH YLUXV DYLDU +1 \ +1 SURYRFDURQ HQIHUPHGDGHV \
PXHUWH HQ ORV FHUGRV HQ DOJXQDV SDUWHV GH &KLQD \ DFWXDOPHQWH HO YLUXV +1 DYLDU VH HVWi
WUDQVPLWLHQGRHQWUHKXPDQRVGHGLIHUHQWHVSDtVHVDVLiWLFRV
'XUDQWHODYLJLODQFLDGHOYLUXVGHLQIOXHQ]DSRUFLQDHQWUHHO\HOGRVFHSDVGHOYLUXVGHOD
LQIOXHQ]D +1 IXHURQ DLVODGRV GH FHUGRV HQ &KLQD FHQWUDO/D VHFXHQFLDFLyQ \ HO DQiOLVLV
ILORJHQpWLFR GH ORV RFKR VHJPHQWRV GH JHQHV UHYHODURQ TXH ORV GRV DLVODPLHQWRV IXHURQ GH RULJHQ
HTXLQR\PiVUHODFLRQDGRFRQHOYLUXVHXURSHRGHLQIOXHQ]DHTXLQDGHODGpFDGDGHORVQRYHQWD8QD
FRPSDUDFLyQ GH OD VHFXHQFLD GH DPLQRiFLGRV GH OD KHPRDJOXWLQLQD GHPRVWUy YDULDV VXEVWLWXFLRQHV
LPSRUWDQWHV
(VWDH[SDQVLyQGHODJDPDGHKXpVSHGHVGHORVYLUXVGHODLQIOXHQ]DHTXLQD+1FRQPXWDFLRQHV
HQODSURWHtQD+$SRGUtDSODQWHDUODSRVLELOLGDGGHWUDQVPLVLyQGHHVWRVYLUXVDORVVHUHVKXPDQRV
(QHO6KLQ\FRODERUDGRUHVUHSRUWDURQHODLVODPLHQWRGHXQYLUXVGHLQIOXHQ]D+1HQ
FHUGRVTXHSUHVHQWDURQXQDLQIHFFLyQUHVSLUDWRULDHQGRVJUDQMDVFRPHUFLDOHVHQ&RUHD(ODQiOLVLV
ILORJHQpWLFRGHPRVWUyTXHORVJHQHV+$GHOYLUXVSRUFLQRGH&RUHD+1VHHQFRQWUDEDFRORFDGRHQ
XQIUDJPHQWRGLIHUHQWHTXHORVRWURVYLUXVSRUFLQRV+6LQHPEDUJRFRPSDUWHQODPLVPDUDt]FRQORV
JUXSRV,,\,,,GHORVYLUXVSRUFLQRV+1HQFRQWUDGRVHQ(VWDGRV8QLGRV(OJHQ1$HVWiFRORFDGR
HQHO³FOXVWHU´SRUFLQRGH(VWDGRV8QLGRV\HVWiPiVUHODFLRQDGRFRQHOYLUXV6Z:LVFRQVLQ
TXH HV XQ YLUXV DLVODGR HQ (VWDGR 8QLGRV /RV JHQHV UHVWDQWHV HVWiQ PiV HVWUHFKDPHQWH
UHODFLRQDGRV FRQ ORV YLUXV &RUHDQRV +1 \ +1 HVWR VXJLHUH TXH HO YLUXV +1 HV XQD
UHFRPELQDFLyQHQWUHXQOLQDMHGHVFRQRFLGRGHOYLUXV+1\HOYLUXVGHLQIOXHQ]DSRUFLQD
$ SULQFLSLRV GHO GRV YLUXV SRUFLQRV +1 IXHURQ DLVODGRV HQ &RUHD/D VHFXHQFLDFLyQ \
DQiOLVLV ILORJHQpWLFR GH ODV SURWHtQDV GH VXSHUILFLH UHYHODURQ TXH ORV YLUXV 6Z&RUHD& \
6Z&RUHD&IXHURQGHULYDGRVGHYLUXVGHLQIOXHQ]DDYLDUGHOOLQDMHHXURDVLiWLFR6LQHPEDUJR
DXQTXHHOYLUXV6Z.RUHD&HVXQYLUXVHQWHUDPHQWHDYLDUHOYLUXVDLVODGR6Z.RUHD&HV
XQDUHFRPELQDFLyQHQWUHYLUXVDYLDU\SRUFLQRFRQORVJHQHV3%3$13\0SURFHGHQWHGHOYLUXV
SRUFLQR&RUHDQRGHO+1
7RGRVORVGDWRVDQWHVPHQFLRQDGRVVRQXQDUHFRSLODFLyQGHLQIRUPDFLyQTXHQRVVLUYHSDUDGDUQRV
FXHQWDTXH$VLDHVXQRGHORVFRQWLQHQWHVTXHSRUVXVXVRV\FRVWXPEUHVHQHOPDQHMRGHXQVROR
KiELWDW SDUD GLIHUHQWHV HVSHFLHV DVt FRPR OD VREUHSREODFLyQ TXH H[LVWH HQ DOJXQRV GH VXV SDtVHV
SHUPLWHTXHORVYLUXVHYROXFLRQHQ\VHUHFRPELQHQPiVUiSLGRSDUDSRGHULQIHFWDUDRWUDVHVSHFLHV
VLHQGR TXL]i PiV SDWyJHQD HQ OD HVSHFLH UHFLpQ DGDSWDGD HVSHUDQGR DOJXQD PRGLILFDFLyQ HQ VXV
UHJLRQHV DQWLJpQLFDV TXH OH SHUPLWD UHFRQRFHU QXHYRV UHFHSWRUHV R TXL]i VHU PiV YLUXOHQWR HQ XQD
QXHYDHVSHFLH
3RURWURODGRODUHVSRQVDELOLGDGGHODHQIHUPHGDGHQQXHVWURSDtVUHFDHHQQRVRWURVSRUWDOPRWLYR
QRVILMDPRVREMHWLYRVHQHOSUHVHQWHHVWXGLRORVFXDOHVIXHURQLGHQWLILFDUYDULDQWHVGHOYLUXVGH
LQIOXHQ]D\YHUVLKD\FHSDVDQWLJpQLFDPHQWHGLIHUHQWHV
0$7(5,$/<0e72'26
,GHQWLILFDFLyQGHYDULDQWHVGHOYLUXVGHLQIOXHQ]DSRUFLQDHQ0p[LFR
6H UHDOL]y PXHVWUHR D QLYHO GH UDVWUR \ VH REWXYLHURQ PXHVWUDV GH SXOPyQ WUiTXHD \ OLQIRQRGRV
DGHPiVWDPELpQVHFRQVLJXLHURQPXHVWUDVGHVHPHQ\VXHUR
6H REWXYLHURQ XQ WRWDO GH PXHVWUDV ORV HVWDGRV GH OD 5HSXEOLFD 0H[LFDQD PXHVWUHDGRV ORV
VLJXLHQWHV
(VWDGRGH0p[LFR9HUDFUX]3XHEOD-DOLVFR4XHUpWDUR0LFKRDFiQ
*XDQDMXDWR 7DPDXOLSDV 2D[DFD <XFDWiQ +LGDOJR *XHUUHUR 6RQRUD
')&DPSHFKH7OD[FDOD0RUHORV7RWDOGHPXHVWUDVREWHQLGDV
(VWDGRV0XHVWUHDGRV
6H UHDOL]y OD WpFQLFD GH 57 3&5 GH 7LHPSR 5HDO GLULJLGR KDFLD OD SURWHtQD 0 SDUD LGHQWLILFDU ODV
PXHVWUDVSRVLWLYDVDOYLUXVGHOD,QIOXHQ]D3RUFLQD
6HREWXYLHURQXQWRWDOGHPXHVWUDVSRVLWLYDV
(VWDGRGH0p[LFR
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
9HUDFUX]
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
7DPDXOLSDV
$VZLQH7DPDXOLSDV'0=&)09=81$0
$VZLQH7DPDXOLSDV'0=&)09=81$0
2D[DFD
$VZLQH2D[DFD'0=&)09=81$0
-DOLVFR
$VZLQH-DOLVFR'0=&)09=81$0
$VZLQH-DOLVFR'0=&)09=81$0
$VZLQH-DOLVFR'0=&)09=81$0
4XHUpWDUR
$VZLQH4XHUpWDUR'0=&)09=81$0
$VZLQH4XHUpWDUR'0=&)09=81$0
*XDQDMXDWR
$VZLQH*XDQDMXDWR'0=&)09=81$0
0LFKRDFiQ
$VZLQH0LFKRDFiQ'0=&)09=81$0
+LGDOJR
$VZLQH+LGDOJR'0=&)09=81$0
$VZLQH+LGDOJR'0=&)09=81$0
6RQRUD
$VZLQH6RQRUD'0=&)09=81$0
*XHUUHUR
$VZLQH*XHUUHUR'0=&)09=81$0
'LVWULWR)HGHUDO
$VZLQH'LVWULWR)HGHUDO'0=&)09=81$0
7OD[FDOD
$VZLQH7OD[FDOD'0=&)09=81$0
3XHEOD
$VZLQH3XHEOD'0=&)09=81$0
0RUHORV
$VZLQH0RUHORV'0=&)09=81$0
/DVPXHVWUDVSRVLWLYDVIXHURQSURFHVDGDVSDUD$LVODPLHQWR9LUDO
$LVODPLHQWRVYLUDOHV
8QDYH]DLVODGRVORVYLUXVGHODVPXHVWUDVVHUHDOL]y573&53XQWR)LQDOSDUDLGHQWLILFDUHOVXEWLSR
SUHVHQWHHQODVPXHVWUDVSRVLWLYDVPHGLDQWHHOXVRGHORVVLJXLHQWHVSULPHUVSDUDFDGDXQRGHORV
JHQHV
+ SE +) 
*&$77*7$7*7&&$$$7$7&&$
***$&$7*77$&&&$**$*$7
1 SE 1) 
&7$7&&$$$&$&&$77*&&$7$
**77&&$$$**$*$&$77777*


+5 
15 
+ SE +)  7$7*&&7**7777&*&7&$$  +5 &$*$&$&$7&7$7*&&7**

1 SE 1) 
&$*$&$&$7&7*$&$&&$**$7
7*&*$7&&7*$&$$*7*77$7&

15 
/RVFRQWUROHVSRVLWLYRVTXHVHXWLOL]DURQIXHURQORVYLUXVGHUHIHUHQFLD
+,QIOXHQ]D$YLUXV>$VZLQH1HZ-HUVH\+1@
1,QIOXHQ]D$YLUXV>$VZLQH1HZ-HUVH\+1@
+,QIOXHQ]D$YLUXV>$VZLQH0LQQHVRWD+1@
1,QIOXHQ]D$YLUXV>$VZLQH0LQQHVRWD+1@
573&5GH&RQWUROHVSRVLWLYRV
6HUHDOL]DURQUHDFFLRQHVGH573&5GHSXQWRILQDOP~OWLSOHSDUDORVJHQHV+1\+1FRQHO.LW
GH4,$*(12QH6WHS573&5.LW&$71RREWHQLpQGRVHDPSOLFRQHVVRORGHORVFRQWUROHV
SRVLWLYRV QR WRGDV ODVPXHVWUDV GH FDPSR SUHVHQWDURQ EDQGDV VXJHUHQWHV GH DOJXQR GH ORVJHQHV
EXVFDGRV
3RVWHULRUPHQWHVHUHDOL]DURQUHDFFLRQHVGH573&5GHSXQWRILQDOSDUDHOJHQ0XVDQGRHO.LWGH
4,$*(12QH6WHS573&5&$71R6HREVHUYDURQTXHDPSOLILFDURQEDQGDVGHPXHVWUDV
GHFDPSR\HVWDVIXHURQGHDSUR[LPDGDPHQWHSE6HXVDURQORVLQLFLDGRUHVFRQQ~PHUR)
$*$7*$*7&77&7$$&&*$**7&* \ 5 &$$$*&*7&7$&*&7*&$*7&& ORV FXDOHV
IXHURQGLVHxDGRVHQHO'0=&HUGRV)09=81$0
*HQHVLGHQWLILFDGRVHQODVPXHVWUDVGHFDPSR
6HUHDOL]DURQUHDFFLRQHVGH573&5GHSXQWRILQDOSDUDORVJHQHV+\1FRQHO.LWGH4,$*(1
2QH6WHS573&5.LW&$71RREWHQLpQGRVHORVVLJXLHQWHVUHVXOWDGRV
3DUDHOJHQ+QRVHREVHUYDURQDPSOLFRQHVVXJHUHQWHV3DUDHOJHQ1VHREVHUYDURQDPSOLFRQHV
HQ ORV SR]RV TXH FRUUHVSRQGtDQ D ODV PXHVWUDV 9HUDFUX] (GR GH 0p[ (GR GH 0p[ 7DPDXOLSDV9HUDFUX](GRGH0p[2D[DFD9HUDFUX]\HOFRQWUROSRVLWLYRLQWHUQR
3DUDHOUHVWRQRVHREVHUYDURQDPSOLFRQHVVRODPHQWHVHFRQILUPyTXHKDEtDYLUXVGHLQIOXHQ]DFRQ
573&5FRQORVSULPHUVTXHLGHQWLILFDQHOJHQ0
,GHQWLILFDFLyQGHYDULDFLyQDQWLJpQLFDGHGLIHUHQWHVDLVODPLHQWRVGHLQIOXHQ]DSRUFLQD
$LVODPLHQWRV YLUDOHV 6H WUDEDMDURQ FRQ DLVODPLHQWRV YLUDOHV GH ,QIOXHQ]D SRUFLQD GH GLIHUHQWHV
SDUWHVGH0p[LFRORVFXDOHVIXHURQUHSRUWDGRVHQSiUUDIRVDQWHULRUHV
5HSOLFDFLyQ YLUDO 'H FDGD XQR GH ORV DLVODPLHQWRV VH UHDOL]R OD UHSOLFDFLyQ YLUDO HQ HPEULRQHV GH
SROORGHGtDV$ODVKRUDVSRVWLQRFXODFLyQVHSURFHGLyDWLWXODUFRQHULWURFLWRVGHDYHDO
(O YLUXV UHFXSHUDGR GH FDGD DLVODPLHQWR VLUYLy SDUD OD HODERUDFLyQ GHO VXHUR KLSHULQPXQH SRU
DLVODPLHQWR\SDUDODVSUXHEDVGH,QKLELFLyQGHODKHPRDJOXWLQDFLyQKRPRORJD\KHWHUyORJD
,QDFWLYDFLyQ YLUDO /RV DLVODPLHQWRV FRQ WtWXOR YLUDO GH D XQLGDGHV KHPRDJOXWLQDQWHV 8+
IXHURQ LQDFWLYDGRV FRQ OX] 89 D XQD ORQJLWXG GH RQGD GH 10 GXUDQWH PHGLD KRUD \
SRVWHULRUPHQWHVHUHDOL]yXQDLQDFWLYDFLyQTXtPLFDXWLOL]DQGRIRUPDOLQDIRUPRODOHQXQDUHODFLyQ
GH YLUXV \ IRUPDOLQD 8QD YH] LQDFWLYDGRV IXH HYDOXDGD OD FDSDFLGDG GH UHSOLFDFLyQ FDGD YLUXV
LQRFXODQGRHPEULRQHVGHSROORGHGtDV \DODVKRUDVSRVWLQRFXODFLyQVHSURFHGLyDWLWXODU
FRQ HULWURFLWRV GH DYH DO /RV DLVODPLHQWRV LQDFWLYDGRV VLQ FDSDFLGDG GH UHSOLFDFLyQ HQ HO
HPEULyQIXHURQDG\XYDGRVFRQKLGUy[LGRGHDOXPLQLR
6XHURV KLSHULQPXQHV 'H FDGD XQR GH ORV YLUXV REWHQLGRV VH LQRFXODURQ FHUGRV GH UD]D <RUN
/DQGUDFHGHPHVHVGHHGDGFRQPOYtDLQWUDPXVFXODU\POYtDLQWUDQDVDOUHSLWLHQGRDORV\
GtDVODPLVPDLQRFXODFLyQSDUDJHQHUDUDQWLFXHUSRVHVSHFtILFRVKDFLDFDGDXQRGHORVDLVODPLHQWRV
6H UHDOL]DURQ FXDWUR PXHVWUHRV GH VDQJUH HO SULPHUR SUHYLR D OD SULPHUD LQRFXODFLyQ \ WUHV
SRVWHULRUHVDFDGDLQRFXODFLyQSDUDODREWHQFLyQGHOVXHURTXHVHXWLOL]RHQODVSUXHEDVGHLQKLELFLyQ
GHODKHPRDJOXWLQDFLyQ8QDYH]VHSDUDGRVORVVXHURVVHPDQWXYLHURQHQFRQJHODFLyQž&KDVWD
HOPRPHQWRGHWHQHUWRGDVODVPXHVWUDV
3UXHEDGHLQKLELFLyQGHODKHPRDJOXWLQDFLyQ,+
,+ +RPyORJD /D SUXHED VH XWLOL]y SDUD GHWHFWDU OD SUHVHQFLD GH DQWLFXHUSRV HVSHFtILFRV GH FDGD
DVLODPLHQWR FRQ VX VXHUR KLSHULQPXQH UHVSHFWLYR SRU PHGLR GH OD ,+ /RV VXHURV VH SXVLHURQ HQ
FRQWDFWR FRQ HO YLUXV SDUD TXH VH OOHYDUD D FDER XQD UHDFFLyQ DQWtJHQRDQWLFXHUSR \ HO YLUXV IXHUD
QHXWUDOL]DGR OD UHDFFLyQ IXH HYLGHQFLDGD SRU PHGLR GH HULWURFLWRV GH DYH DO ORV FXDOHV HQ
SUHVHQFLDGHOYLUXVDJOXWLQDQVXHURQHJDWLYR\HQDXVHQFLDGHYLUXVVHGLPHQWDQVXHURSRVLWLYR/DV
GLOXFLRQHVGHORVVXHURVLQLFLDURQFRQKDVWDVHFRQVLGHURXQWtWXORSRVLWLYRDSDUWLUGH
XQD GLOXFLyQ GH /D OHFWXUD VH UHDOL]y WRPDQGR OD GLOXFLyQ LQYHUVD D GRQGH FRPLHQ]R D
REVHUYDUVHODDJOXWLQDFLyQGHFDGDXQRGHORVVXHURV
,++HWHUyORJD(VWXGLRVGHGHVDItRFUX]DGR6HUHDOL]RHOHQVD\RGH,QKLELFLyQGHOD
KHPRDJOXWLQDFLyQHPSOHDQGRODWpFQLFDGHVFULWDDQWHULRUPHQWHXWLOL]DQGRGLIHUHQWHVGLOXFLRQHVGH
DQWLFXHUSRVFRQIURQWDGDVFRQORVYLUXVKHWHUyORJRVDXQDFRQFHQWUDFLyQGH8+'HVSXpVGH
KRUDVHUHDOL]RODOHFWXUD/DLQWHUSUHWDFLyQGHUHVXOWDGRVVHHIHFWXyFRQORVPLVPRVFULWHULRV
GHVFULWRVHQOD,++RPRORJD
3RUFHQWDMHVGHSURWHFFLyQFUX]DGD(OSRUFHQWDMHGHSURWHFFLyQREWHQLGRFRQORVGHVDItRVGHYLUXV
KRPyORJRV\KHWHUyORJRVIXHFDOFXODGRGHODVLJXLHQWHPDQHUD/RVYDORUHVGHSURWHFFLyQ93IXHURQ
FDOFXODGRVSDUDFDGDXQDGHORVDLVODPLHQWRVXVDQGRODHFXDFLyQGH$UFKHWWLDQG+RUVIDOO TXHVH
GHVFULEH D FRQWLQXDFLyQ /RV WtWXORV GH ,+ IXHURQ XVDGRV HQ HO FiOFXOR GH ORV YDORUHV GH UHODFLyQ
DQWLJpQLFD95$/RVWtWXORVIXHURQXVDGRVSDUDHVWDEOHFHUORVYDORUHVGHU\UHQGRQGHU WLWXOR
KHWHUyORJR WLWXOR KRPyORJR \ U WLWXOR KHWHUyORJR KRPyORJR /RV SRUFHQWDMHV GH
SURWHFFLyQ DQWLJpQLFD 33$ TXH WXYLHURQ XQ YDORU GH IXHURQUHHPSOD]DGRV FRQ HO YDORU SDUD
SRGHUUHDOL]DUORVFiOFXORVPHGLDQWHODPXOWLSOLFDFLyQGHORVYDORUHVGHUU[UGHOFXDOHOUHVXOWDGR
IXHPXOWLSOLFDGRSRUSDUDFRQYHUWLUORHQSRUFHQWDMH
6HREWXYLHURQORVVLJXLHQWHVUHVXOWDGRVFRQORVYLUXVXWLOL]DGRV
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH4XHUpWDUR'0=&)09=81$0
$VZLQH9HUDFUX]'0=&)09=81$0
$VZLQH0LFKRDFiQ'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
$VZLQH(VWDGRGH0p[LFR'0=&)09=81$0
&XDGUR7tWXORGHDQWLFXHUSRVREWHQLGRVGHODSUXHEDGH,QKLELFLyQOD+HPRDJOXWLQDFLyQ
FUX]DGD
$17,68(52 9,586 $9
$9
$9
$9
$9
$9
$9
$9
&XDGUR9DORUHVGHUHODFLyQDQWLJpQLFDHQWUHDLVODPLHQWRVYLUDOHV
95$
$17,68(52
9,586 $9
$9
$9
$9
$9
$9
$9
$9
&21&/86,21(6
&RQ ORV UHVXOWDGRV GH YDULDFLyQ DQWLJpQLFD SRGHPRV DVHJXUDU TXH H[LVWHQ YLUXV DQWLJpQLFDPHQWH
GLIHUHQWHVTXHVHHQFXHQWUDQFLUFXODQGRHQODSREODFLyQSRUFLQDGH0p[LFR/RVYLUXVGHYDORUR
PHQRU LQGLFDQ TXH VRQ DQWLJpQLFDPHQWH RWUR VXEWLSR &RQ HO FXDGUR SRGHPRV LGHQWLILFDU TXH HO
DLVODPLHQWR YLUDO \ VRQ DQWLJpQLFDPHQWH GLIHUHQWHV (O DLVODPLHQWR YLUDO Q~PHUR HV
DQWLJpQLFDPHQWH GLIHUHQWH DO $9 $9 \ $9 7DPELpQ HO DLVODPLHQWR YLUDO \ HO $9 VRQ
DQWLJpQLFDPHQWHGLIHUHQWHV
7DPELpQSRGHPRVDVHJXUDUTXHORVUHVXOWDGRVGHOGLDJQyVWLFRVHUROyJLFRGHORVODERUDWRULRVHVWDUi
GHWHUPLQDGR SRU HO YLUXV TXH PDQHMH HO ODERUDWRULR GLDJQyVWLFR \D TXH XQ VXHUR JHQHUDGR SRU XQ
YLUXVGHFDPSRDQWLJpQLFDPHQWHGLIHUHQWHSXHGHGDUUHVXOWDGRVIDOVRVQHJDWLYRV
(VWR WDPELpQ WLHQH LPSOLFDFLRQHV HQ HO FRQWURO GH OD HQIHUPHGDG \D TXH VL ODV YDFXQDV FRPHUFLDOHV
TXH DFWXDOPHQWH H[LVWHQ QR FRQWHPSODQ DQWtJHQRV ³VHPLOOD´ FRQ FDSDFLGDG DQWLJpQLFD SURWHFWRUD
VHJXLUiQFLUFXODQGRORVYLUXVTXHQRKD\DQVLGRFRQWURODGRVSRUORVDQWLFXHUSRVYDFXQDOHV
5()(5(1&,$6%,%/,2*5È),&$6
3HLULV-60*XDQ<0DUNZHOO'*KRVH3:HEVWHU5*6KRUWULGJH.)&RFLUFXODWLRQ
RIDYLDQ+1DQGFRQWHPSRUDU\µµKXPDQ¶¶+1LQIOXHQ]D$YLUXVHVLQSLJVLQVRXWKHDVWHUQ&KLQD
SRWHQWLDOIRUJHQHWLFUHDVVRUWPHQW"-9LURO±
%URFNZHOO6WDDWVD&:HEVWHUD*5DQG:HEE\D5-'LYHUVLW\RI,QIOXHQ]D9LUXVHVLQ6ZLQH
DQGWKH(PHUJHQFHRID1RYHO+XPDQ3DQGHPLF,QIOXHQ]D$+11,+±
*XDQ<.)6KRUWULGJH6.UDXVV3+/L<.DZDRNDDQG5*:HEVWHU(PHUJHQFH
RIDYLDQ+1LQIOXHQ]DYLUXVHVLQSLJVLQ&KLQD-9LURO±
.DUDVLQ$,006FKXWWHQ/$&RRSHU&%6PLWK.6XEEDUDR*$$QGHUVRQ6&DUPDQ
DQG&:2OVHQ*HQHWLFFKDUDFWHUL]DWLRQRI+1LQIOXHQ]DYLUXVHVLVRODWHGIURPSLJVLQ1RUWK
$PHULFD±HYLGHQFHIRUZKROO\KXPDQDQGUHDVVRUWDQWJHQRW\SHV9LUXV5HV±
<X++XD5+=KDQJ4/LX74/LX+//L*;7RQJ*=*HQHWLFHYROXWLRQRIVZLQHLQIOXHQ]D
$+1YLUXVHVLQ&KLQDIURPWR-RXUQDORI&OLQLFDO0LFURELRORJ\
=KRX116HQQH'$/DQGJUDI-6HWDO*HQHWLFUHDVVRUWPHQWRIDYLDQVZLQHDQGKXPDQ
LQIOXHQ]D$YLUXVHVLQ$PHULFDQSLJV-9LURO±
0D:9LQFHQW$/*UDPHU05%URFNZHOO&%/DJHU.0-DQNH%+*DXJHU3&
3DWQD\DN'3:HEE\5-5LFKW-$,GHQWLILFDWLRQRI+1LQIOXHQ]D$YLUXVHVIURPVZLQH
LQWKH8QLWHG6WDWHV3URF1DWO$FDG6FL86$±
.DUDVLQHWDOE$,.DUDVLQ,+%URZQ6&DUPDQDQG&:2OVHQ,VRODWLRQDQG
FKDUDFWHUL]DWLRQRI+1DYLDQLQIOXHQ]DYLUXVHVIURPSLJVZLWKSQHXPRQLDLQ&DQDGD-9LURO
ESS±
6KLQ-<6RQJ06/HH(+HWDO,VRODWLRQDQGFKDUDFWHUL]DWLRQRIQRYHO+1VZLQHLQIOXHQ]D
YLUXVHVIURPSLJVZLWKUHVSLUDWRU\GLVHDVHVLQ.RUHD-&OLQ0LFURELRO±
<X++XD5+:HL7&=KRX<-7LDQ=-HWDO,VRODWLRQDQGJHQHWLFFKDUDFWHUL]DWLRQRIDYLDQ
RULJLQ+1LQIOXHQ]DYLUXVHVIURPSLJVLQ&KLQD9HW0LFURELRO±
<X+=KDQJ3&=KRX<-/L*;3DQ-<DQ/3HWDO,VRODWLRQDQGJHQHWLFFKDUDFWHUL]DWLRQRI
DYLDQOLNH+1DQGQRYHOUHVVRUWDQW+1LQIOXHQ]DYLUXVHVIURPSLJVLQ&KLQD%LRFKHP%LRSK\V
5HV&RPPXQ0D\>(SXEDKHDGRISULQW@
/HH-+3DVFXD316RQJ06%DHN<+.LP&-&KRL+:HWDO,VRODWLRQDQGJHQHWLF
FKDUDFWHUL]DWLRQRI+1LQIOXHQ]DYLUXVHVIURPSLJVLQ.RUHD-9LURO±
0D:*UDPHU05RVVRZ.DQG<RRQ.-,VRODWLRQDQGJHQHWLFFKDUDFWHUL]DWLRQRI
QHZUHDVVRUWDQW+1VZLQHLQIOXHQ]DYLUXVIURPSLJVLQWKHPLGZHVWHUQ8QLWHG6WDWHV-9LURO
±
7X-=KRX+-LDQJ7/L&=KDQJ$*XR;=RX:&KHQ+-LQ0,VRODWLRQDQGPROHFXODU
FKDUDFWHUL]DWLRQRIHTXLQH+1LQIOXHQ]DYLUXVHVIURPSLJVLQ&KLQD$UFK9LURO±
/LX6-L.&KHQ-7DL'-LDQJ:+RX*&KHQ-/L-+XDQJ%3DQRUDPDSK\ORJHQHWLF
GLYHUVLW\DQGGLVWULEXWLRQRIW\SH$LQIOXHQ]DYLUXV3/R621(H
/LX::HL077RQJ<7DQJ)=KDQJ/)DQJ/<DQJ+&DR:&6HURSUHYDOHQFHDQGJHQHWLF
FKDUDFWHULVWLFVRIILYHVXEW\SHVRILQIOXHQ]D$YLUXVHVLQWKH&KLQHVHSLJSRSXODWLRQ$SRROHGGDWD
DQDO\VLV9HW-1RY
2OVHQ&:7KHHPHUJHQFHRIQRYHOVZLQHLQIOXHQ]DYLUXVHVLQ1RUWK$PHULFD
9LUXV5HV±
*DOO$+RIIPDQQ%+DUGHU7*UXQG&%HHU08QLYHUVDOSULPHUVHWIRUDPSOLILFDWLRQDQG
VHTXHQFLQJRI+$FOHDYDJHVLWHVRIDOOLQIOXHQ]D$YLUXVHV-&OLQ0LFURELRO±
Descargar