Visibilidad e iluminación en invierno
Anuncio
,1)250(
,1)250(9LVLELOLGDGHLOXPLQDFLyQHQLQYLHUQR
9LVLELOLGDGHLOXPLQDFLyQHQLQYLHUQR
(OGHORVFRQGXFWRUHVKDVXIULGRSRUODQRFKH
(OGHORVFRQGXFWRUHVKDVXIULGRSRUODQRFKHXQ
SRUODQRFKHXQ
GHVOXPEUDPLHQWRTXHOHKDFHJDGRFRPSOHWDPHQWH
GHVOXPEUDPLHQWRTXHOHKDFHJDGRFRPSOHWDPHQWH
GH1RYLHPEUH
GH 1RYLHPEUH(OGHORVDFFLGHQWHVVHSURGXFHHQFRQGLFLRQHVGH
1RYLHPEUH
EDMDOXPLQRVLGDG\VLWHQHPRVHQFXHQWDORVIDFWRUHVFOLPDWROyJLFRVDGYHUVRV
ORV GDWRV HVWDGtVWLFRV PXHVWUDQ FRPR HO GH ORV DFFLGHQWHV PRUWDOHV VH
SURGXFHQ EDMR FRQGLFLRQHV DWPRVIpULFDV WDOHV FRPR QLHEOD OOXYLD JUDQL]R
QLHYH«3DUDUHGXFLUHOULHVJR\DXPHQWDUODVHJXULGDGGXUDQWHODFRQGXFFLyQ
QRFWXUQDRHQVLWXDFLRQHVGHFOLPDWRORJtDDGYHUVDHVPX\LPSRUWDQWHOOHYDUHO
YHKtFXOR HQ SHUIHFWR HVWDGR \ VREUH WRGR SUHVWDQGR HVSHFLDO DWHQFLyQ D ORV
VLVWHPDVGHLOXPLQDFLyQ\OLPSLH]DGHORVSDUDEULVDVORTXHQRVJDUDQWL]DXQD
FRUUHFWD YLVLELOLGDG GH OD VLWXDFLyQ GH ODV FDUUHWHUDV \ GHO WUiILFR /D HQFXHVWD
UHDOL]DGDDPiVGHXVXDULRVGHPXHVWUDFRPRHOGHORVXVXDULRVKD
FLUFXODGRFRQPDODYLVLELOLGDGSRUXQDVHVFRELOODVHQPDOHVWDGR\XQKD
WHQLGRTXHSDUDUSRUIDOWDGHYLVLELOLGDGGHELGRDPDODFOLPDWRORJtD
(O5$&(\ODUHGGHWDOOHUHV%26&+&DU6HUYLFHLQLFLDQXQDFDPSDxDLQIRUPDWLYD
GXUDQWH HVWH LQYLHUQR HQ PiV GH FHQWURV GH WRGD (VSDxD SDUD LQIRUPDU
VREUH OD LPSRUWDQFLD GH GLVSRQHU GH HVWRV VLVWHPDV HQ SHUIHFWR HVWDGR DVt
FRPRFRQVHMRVGHFLUFXODFLyQ
680$5,2
680$5,2
,1752'8&&,Î1
,1752'8&&,Î1
5(68/7$'26 '( /$ (1&8(67$ 62%5( ,/80,1$&,Î1 < 9,6,%,,/,'$' (1
,19,(512
,19,(512
3HUILOGHOHQFXHVWDGR
3HUILOGHOHQFXHVWDGR
5HVXOWDGRVVREUHLOXPLQDFLyQ
5HVXOWDGRVVREUHLOXPLQDFLyQ
5HVXOWDGRVVREUHYLVLELOLGDG
5HVXOWDGRVVREUHYLVLELOLGDG
OWDGRVVREUHYLVLELOLGDG
5HVXOWDGRVVREUHFLUFXODFLyQ\6HJXULGDG9LDO
5HVXOWDGRVVREUHFLUFXODFLyQ\6HJXULGDG9LDO
,/80,1$&,Î1
,/80,1$&,Î1
/HJLVODFLyQ
/HJLVODFLyQ
'HIHFWRVGHOD,79VREUHDOXPEUDGR
'HIHFWRVGHOD,79VREUHDOXPEUDGR
/DLOXPLQDFLyQHQORVDFFLGHQWHVGHSHDWRQHV
/DLOXPLQDFLyQHQORVDFFLGHQWHVGHSHDWRQHV
&RQVHMRVVREUHLOXPLQDFLyQ
&RQVHMRVVREUHLOXPLQDFLyQ
&RQVHMRVVREUHLOXPLQDFLyQ
/,03,(=$'(/3$5$%5,6$6
/,03,(=$'(/3$5$%5,6$6
$6
(OFDPELRGHORVOLPSLDSDUDEULVDV
(OFDPELRGHORVOLPSLDSDUDEULVDV
&RQVHMRVSDUDHOXVR\PDQWHQLPLHQWRGHODVHVFRELOODV
&RQVHMRVSDUDHOXVR\PDQWHQLPLHQWRGHODVHVFRELOODV
GHIHFWRVHQORVVLVWHPDVGHOLPSLD\ODYDSDUDEULVDVHQODV,79
GHIHFWRVHQORVVLVWHPDVGHOLPSLD\ODYDSDUDEULVDVHQODV,79
'(&Ç/2*23$5$81$%8(1$9,6,%,/,'$'(/,/80,1$&,Î1
'(&Ç/2*23$5$81$%8(1$9,6,%,/,'$'(/,/80,1$&,Î1
,1752'8&&,Î1
,1752'8&&,Î1
8QFRQGXFWRUGRPLQDODVLWXDFLyQFXDQGRGHWHFWDUDWLHPSRXQSUREOHPDHQOD
FDUUHWHUDDQDOL]DODVLWXDFLyQ\WRPDODGHFLVLyQFRUUHFWD(QGHILQLWLYDFXDQGR
FRQWURODODLQIRUPDFLyQ\REWLHQHWRGRVORVGDWRV QHFHVDULRVSDUDODWRPDGH
OD GHFLVLyQ < UHVSHFWR DO UHVWR GH YHKtFXORV TXH FLUFXODQ SRU OD YtD OD
VHJXULGDG UHVLGH HQ VHU YLVWR EDMR FXDOTXLHU FRQGLFLyQ PHWHRUROyJLFD D
FXDOTXLHU KRUD GHO GtD 7RGR OR TXH UHGXFH HO DOFDQFH GH YLVLyQ R OD PLVPD
YLVLyQ HQ FDVRV JUDYHV SURORQJD HO WLHPSR GH UHDFFLyQ 3RU HOOR HV YLWDO
GLVSRQHU GH OD PHMRU YLVLELOLGDG \ HQ HO FDVR GH OD FRQGXFFLyQ QRFWXUQD OD
LOXPLQDFLyQ
3RUGHVJUDFLDORVIDURVORVGLVSRVLWLYRVGHLOXPLQDFLyQ\ORVOLPSLDSDUDEULVDV
D PHQXGR UHFLEHQ SRFD DWHQFLyQ SRU SDUWH GH ORV FRQGXFWRUHV /R TXH
GHVFRQRFHQORVXVXDULRVHVTXHXQDPDODLOXPLQDFLyQSURYRFDXQDXPHQWRGH
ODIDWLJDQRFWXUQDRHQFDVRGHFOLPDWRORJtDDGYHUVDHOPDOIXQFLRQDPLHQWRGH
ORVOLPSLDSDUDEULVDVKDFHTXHQRGLVSRQJDPRVGHXQDFRUUHFWDYLVLELOLGDG(Q
DPERVFDVRVVHSURGXFHXQLQFUHPHQWRGHOULHVJRGHVXIULUXQDFFLGHQWHSRU
XQD SDUWH SRU OD IDOWD GH LQIRUPDFLyQ \ SRU RWUD SRU XQ DXPHQWR GHO
FDQVDQFLR\RODVRPQROHQFLD
6L WHQHPRV HQ FXHQWD ORV GDWRV HVWDGtVWLFRV GH OD '*7 UHIHULGRV DO DxR SDUDFLXGDG\FDUUHWHUDHOGHORVDFFLGHQWHVVHSURGXFHHQFRQGLFLRQHVGH
EDMD OXPLQRVLGDG 6L FRQVLGHUDPRV OD JUDYHGDG GH HVWRV VLQLHVWURV HO GH
ORV DFFLGHQWHV PRUWDOHV
PRUWDOHV HQ FDUUHWHUD \ ]RQD XUEDQD VH SURGXFHQ EDMR
FLUFXQVWDQFLDVGHEDMDOXPLQRVLGDGFRPRHOFUHS~VFXOR\ODQRFKH\HO
GHORVPXHUWRVSRUDFFLGHQWHGHWUiILFR
6L WHQHPRV HQ FXHQWD ORV IDFWRUHV FOLPDWROyJLFRV DGYHUVRV ORV GDWRV
HVWDGtVWLFRV PXHVWUDQ FRPR HO GH ORV DFFLGHQWHV PRUWDOHV VH SURGXFHQ
EDMR FRQGLFLRQHV DWPRVIpULFDV DGYHUVDV WDOHV FRPR QLHEOD OOXYLD JUDQL]R
QLHYH« 'HQWUR GH HVWRV IDFWRUHV GHVWDFD OD ´OORYL]QDµ FRPR HO PiV OHWDO XQ
SULPHUHVWDGLRGHODOOXYLDGRQGHODFDUUHWHUDVHHQFXHQWUDPiVUHVEDODGL]D(Q
FLXGDG HO GH ORV DFFLGHQWHV PRUWDOHV VRQ FRQ FOLPDWRORJtD DGYHUVD \
WDPELpQFRLQFLGHODOORYL]QDFRPRHOTXHPiVLQFLGHHQORVVLQLHVWURVPRUWDOHV
&RPR VH REVHUYD HTXLSDU QXHVWUR YHKtFXOR HQ ODV PHMRUHV FRQGLFLRQHV \
DXPHQWDUODSUHYHQFLyQVRQODVPHMRUHVKHUUDPLHQWDVSDUDUHGXFLUHOULHVJR
5(68/7$'26'(/$(1&8(67$
5(68/7$'26'(/$(1&8(67$
(67$
(O VHJXQGR HVWXGLR VREUH 6HJXULGDG \ PDQWHQLPLHQWR UHDOL]DGR SRU HO 5HDO
$XWRPyYLO &OXE GH (VSDxD \ OD UHG %RVFK &DU 6HUYLFH KD DQDOL]DGR PiV GH
HQFXHVWDVUHDOL]DGDVDFRQGXFWRUHVHVSDxROHV GXUDQWHORV GtDV\
GH RFWXEUH GH (O SHUILO GHO HQFXHVWDGR QRV LQGLFD TXH HO GH ORV
XVXDULRVTXHKDQFRQWHVWDGRWLHQHHQWUH\DxRVVHJXLGRSRUXQGH
FRQGXFWRUHVHQWUH\DxRV
)LFKD7pFQLFD
)LFKD7pFQLFD
3HUILOGHOHQFXHVWDGR
3HUILOGHOHQFXHVWDGR
3RU HGDG HO PD\RU Q~PHUR GH UHVSXHVWDV VH FHQWUD HQ HO LQWHUYDOR
FRPSUHQGLGRHQWUHORV\ORVDxRVVREUHWRGRHQHOWUDPR²DxRV
FRQFDVLXQGHODVHQFXHVWDVUHFLELGDV
7DEOD(GDG
7DEOD(GDG
(GDG
3RU VH[R \ H[SHULHQFLD DO YRODQWH HO SHUILO GHO FRQGXFWRU SUHJXQWDGR HV XQ
KRPEUHFRQPiVGHDxRVGHH[SHULHQFLDDOYRODQWH
7DEODVH[R
7DEODDxRVGHH[SHULHQFLDDOYRODQWH
6H[R
$xRVGHH[SHULHQFLDDOYRODQWH
+RPEUH
0XMHU
0HQRVGH
DxRV
'HD
DxRV
'HD
DxRV
'HD
DxRV
0iVGH
DxRV
3RU NLOyPHWURV UHFRUULGRV DO DxR HO GH ORV FRQGXFWRUHV HQFXHVWDGRV
DVHJXUDURQ UHFRUUHU HQWUH \ NLOyPHWURV DO DxR (VWH KHFKR
DXPHQWDHOLQWHUpVGHODPXHVWUDDOVHUXVXDULRVTXHXWLOL]DQVXYHKtFXOR\VH
H[SRQHQDODVFRQGLFLRQHVTXHVHSODQWHDQHQHOSUHVHQWHWUDEDMR
7DEODNPVSRUDxR
7DEODNPVSRUDxR
NPVSRUDxRPHGLD
0HQRVGH
(QWUH (QWUH (QWUH
0iVGH
\
\
\
NPV
DODxR
3RUXVRGHOYHKtFXOR\SRUWLSRGHOYHKtFXORHOGHORVXVXDULRVKDFHQXQ
XVR SULYDGR GHO YHKtFXOR HQ VXV GHVSOD]DPLHQWRV \ HQ XQ GH ORV FDVRV
HVWRV WUD\HFWRV VH UHDOL]DQ HQ XQ WXULVPR HQ XQ GH ORV FDVRV HQ XQD
PRWRFLFOHWD \ HQ HO UHVWR HQ YHKtFXORV SHVDGRV WDQWR GH WUDQVSRUWH GH
SDVDMHURVFRPRGHPHUFDQFtDV
5HVXOWDGRVGHOD(QFXHVWD,OXPLQDFLyQ
5HVXOWDGRVGHOD(QFXHVWD,OXPLQDFLyQ
(O GH ORV HQFXHVWDGRV FDPELD ODV OiPSDUDV FXDQGR VH IXQGHQ OR TXH
VLJQLILFDTXHQRH[LVWHXQPDQWHQLPLHQWRSHULyGLFRQLSUHYHQWLYR(QXQGH
ORVFDVRVHOFRQGXFWRUFRQVLGHUDXQSOD]RGHUHYLVLyQGHHQWUHXQR\WUHVDxRV
R HQWUH \ NPV \ XQ FRQItD HVWH PDQWHQLPLHQWR D ODV
UHYLVLRQHVGHOIDEULFDQWH/DUHFRPHQGDFLyQHVUHYLVDU\VXVWLWXLUODVOiPSDUDV
FDGDNPVSDUDWHQHUXQDLOXPLQDFLyQHILFLHQWH
7DEODGHWLHPSRVHQWUHVXVWLWXFLyQGHODVOiPSDUDV
7DEODGHWLHPSRVHQWUHVXVWLWXFLyQGHODVOiPSDUDV
GHWLHPSRVHQWUHVXVWLWXFLyQGHODVOiPSDUDV
¢&DGDFXiQWRWLHPSRFDPELDODVOiPSDUDVGHVXYHKtFXOR"
$ODxRR
FDGD
NPV
$ORV
DxRVR
FDGD
NPV
$ORV
DxRVR
FDGD
NPV
&XDQGROR &XDQGRVH
HVWDEOHFHHO
IXQGHQ
IDEULFDQWH
HQVXV
UHYLVLRQHV
1RVp
5HVSHFWR DO VLVWHPD GH DOXPEUDGR TXH GLVSRQH FDGD XVXDULR HQFXHVWDGR OD
PD\RUtD GH ORV TXH KDQ UHVSRQGLGR WLHQH OiPSDUDV KDOyJHQDV \ VyOR XQ WLHQH ;HQRQ 3RU RWUR ODGR H[LVWH XQ LPSRUWDQWH GHVFRQRFLPLHQWR VREUH ORV
OHGV\DTXHXQRGHFDGDFLQFRXVXDULRVQRVDEHVLOOHYDOHGVHQVXVIDURVRHQ
ORVSLORWRV7DPSRFRHOGHORVXVXDULRVVDEHVLVXYHKtFXOROOHYD;HQRQ/D
IRUPDFLyQ SDUD LGHQWLILFDU \ VDEHU FXDO HV HO PDQWHQLPLHQWR TXH GHEHPRV
OOHYDU HQ ORV VLVWHPDV GH DOXPEUDGR HV HO SULPHU SDVR SDUD XQ FRUUHFWR
IXQFLRQDPLHQWR
7DEODGHVLVWHPDVGHDOXPEUDGR
GHVLVWHPDVGHDOXPEUDGR
7DEOD
GHVLVWHPDVGHDOXPEUDGR
¢4XpVLVWHPDGHDOXPEUDGRWLHQHVXYHKtFXOR"
4XpVLVWHPDGHDOXPEUDGRWLHQHVXYHKtFXOR"
6Ê
6Ê
+DOyJHQDV
+DOyJHQDV
;HQRQ
;HQRQ
/HGVHQOXFHVGHSRVLFLyQ
/HGVHQOXFHVGHSRVLFLyQ
/iPSDUDVQRUPDOHVHQSLORWRVWUDVHURV
/iPSDUDVQRUPDOHVHQSLORWRVWUDVHURV
/HGVHQSLORWRVWUDVHURV
/HGVHQSLORWRVWUDVHURV
/DUHFRPHQGDFLyQTXHKDFHQORVIDEULFDQWHVHVODGHVXVWLWXLUODVGRVOiPSDUDV
D OD YH] FRPR SRVWHULRUPHQWH VH YHUi HQ HO FDStWXOR TXH VH UHILHUH D
,OXPLQDFLyQ /D SUREDELOLGDG GH TXH VH IXQGD OD RWUD OiPSDUD WUDV VXVWLWXLU OD
IXQGLGD HV PX\ DOWD \D TXH WUDEDMDQ GH IRUPD VLPpWULFD 3RU HOOR VH
UHFRPLHQGDFDPELDUODVGRV3HUR¢HOXVXDULRVLJXHHVWDUHFRPHQGDFLyQ"
7DEODGHFDPELRVGHODVOiPSDUDVKDOyJHQDV
7DEODGHFDPELRVGHODVOiPSDUDVKDOyJHQDV
GHFDPELRVGHODVOiPSDUDVKDOyJHQDV
(QHOFDVRGHTXHVHOHIXQGDXQDOiPSDUDKDOyJHQD
&DPELRVyORODOiPSDUD
IXQGLGD
&DPELRODVGRVOiPSDUDV
7HQJR[HQRQ\VROR
DODYH]DXQTXHQRHVWp FDPELRHOIDURIXQGLGR
IXQGLGD
(O GH ORV XVXDULRV VyOR FDPELD OD OiPSDUD IXQGLGD FLUFXODQGR FRQ XQD
LPSRUWDQWH GLIHUHQFLD GH LQWHQVLGDG HQWUH OD VXVWLWXLGD \ OD DQWLJXD 3RU RWUR
ODGRHOVtVXVWLWX\HODVGRVHQFXDQWRVHIXQGHXQDOiPSDUD
&RQORVJUDQGHVGHVSOD]DPLHQWRVORVXVXDULRVUHYLVDQVXVYHKtFXORVTXHVHUiQ
VRPHWLGRV D XQ LPSRUWDQWH HVIXHU]R 4XLVLPRV SUHJXQWDU VREUH HO WLSR GH
UHYLVLyQTXHUHDOL]DQ\ORVHOHPHQWRVTXHFKHTXHDQ
7DEODGHUHYLVLRQHVDQWHVGHXQYLDMH
GHUHYLVLRQHVDQWHVGHXQYLDMH
7DEOD
GHUHYLVLRQHVDQWHVGHXQYLDMH
$QWHVGHVDOLUGHYLDMH«
$QWHVGHVDOLUGHYLDMH«
6Ê
6Ê
5HYLVRODVOiPSDUDV\ODVySWLFDV
5HYLVRODVOiPSDUDV\ODVySWLFDV
5HYLVRODEDWHUtD
5HYLVRODEDWHUtD
5HYLVRODVHVFRELOODVGHORVOLPSLDSDUDEULVDV
5HYLVRODVHVFRELOODVGHORVOLPSLDSDUDEULVDV
5HYLVR\UHOOHQRORVOtTXLGRV
5HYLVR\UHOOHQRORVOtTXLGRV
&RPSUXHERHOHVWDGRLQIODGR\GLEXMRGHORVQHXPiWLFRV
&RPSUXHERHOHVWDGRLQIODGR\GLEXMRGHORVQHXPiWLFRV
/RTXHORVXVXDULRVGDQPiVLPSRUWDQFLDHVDORVQHXPiWLFRVFRPRHOHPHQWR
GHVHJXULGDGDQWHVGHXQYLDMH$ORTXHPHQRVLPSRUWDQFLDGDQORVXVXDULRV
HV DO HVWDGR GH OD EDWHUtD 6L FRPSDUDPRV HVWH GDWR FRQ ODV DYHUtDV TXH VH
SURGXFHQ HQ FDUUHWHUD FRPR PHGLD DQXDO ORV SUREOHPDV HOpFWULFRV \ VREUH
WRGR GH DJRWDPLHQWR GH OD EDWHUtD VXSRQHQ OD VHJXQGD FDXVD GH DVLVWHQFLD
PHFiQLFD UHDOL]DGD SRU HO 5$&( HQ (VSDxD (VWH WLSR GH VLWXDFLyQ VH SURGXFH
VREUH WRGR HQ LQYLHUQR \D TXH HO IUtR SXHGH KDFHU GHVIDOOHFHU OD EDWHUtD
7DPELpQXQPDOIXQFLRQDPLHQWRGHODEDWHUtDUHGXFHODYLGDGHODVOiPSDUDV
8QDYH]HQFDUUHWHUDSUHJXQWDPRVDORVFRQGXFWRUHVVREUHVXH[SHULHQFLD«
7DEODGHVLWXDFLRQHV
GHVLWXDFLRQHVHQFDUUHWHUD
HQFDUUHWHUD
7DEODGHVLWXDFLRQHV
HQFDUUHWHUD
¢$OJXQDYH]OHKDRFXUULGRODVLJXLHQWHVLWXDFLyQ"
¢$OJXQDYH]OHKDRFXUULGRODVLJXLHQWHVLWXDFLyQ"
6Ê
6Ê
8QYHKtFXORPHKDGHVOXPEUDGRFRPSOHWDPHQWHSRUODQRFKH
8QYHKtFXORPHKDGHVOXPEUDGRFRPSOHWDPHQWHSRUODQRFKH
+HFLUFXODGRFRQORVIDURVIXQGLGRVVLQVDEHUOR
+HFLUFXODGRFRQORVIDURVIXQGLGRVVLQVDEHUOR
6HKDIXQGLGRXQDOiPSDUDFXDQGRFLUFXODED
6HKDIXQGLGRXQDOiPSDUDFXDQGRFLUFXODED
+HYLDMDGRVLQUHSXHVWRGHOiPSDUDV
+HYLDMDGRVLQUHSXHVWRGHOiPSDUDV
GHOiPSDUDV
+HFLUFXODGRFRQXQOLPSLDSDUDEULVDVHVWURSHDGR
+HFLUFXODGRFRQXQOLPSLDSDUDEULVDVHVWURSHDGR
+HFLUFXODGRFRQPDODYLVLELOLGDGSRUXQRVOLPSLDSDUDEULVDVHQ
/RV DJHQWHV PH KDQ SDUDGR SDUD LQIRUPDUPH TXH FLUFXODED
PDOHVWDGR
PDOHVWDGR
FRQXQDOiPSDUDIXQGLGD
FRQXQDOiPSDUDIXQGLGD
(O GH ORV FRQGXFWRUHV KDQ VLGR GHVOXPEUDGRV FRPSOHWDPHQWH OR TXH
VLJQLILFD TXH KDQ FLUFXODGR XQRV VHJXQGRV EDMR XQD FDSDFLGDG YLVXDO
PHUPDGDORTXHDXPHQWDHOULHVJRDQWHXQLPSUHYLVWR2WURGDWRVLJQLILFDWLYR
HV HO FLUFXODU SRU XQ ODGR FRQ ORV IDURV IXQGLGRV XQR GH FDGD FLQFR \ SRU
RWURFRQXQOLPSLDSDUDEULVDVHVWURSHDGR(QDPERVFDVRVHOXVXDULRQR
KHWHQLGRODFRPSOHWD\QHFHVDULDLQIRUPDFLyQVREUHHOHVWDGRGHODFLUFXODFLyQ
R GH OD YtD &LUFXODU FRQ PHQRU LQWHQVLGDG GH OX] SRU OD QRFKH R DQWH XQD
FOLPDWRORJtD DGYHUVD FRQ ORV OLPSLDSDUDEULVDV HVWURSHDGRV KDFH TXH DQWH XQ
LPSUHYLVWRUHWUDVHPRVODUHDFFLyQ\ODGHWHQFLyQGHOYHKtFXORORTXHDXPHQWD
HOULHVJRGHDFFLGHQWH\GHVXJUDYHGDG
8QD GH ODV UHVSXHVWDV REWHQLGDV GH ORV XVXDULRV VREUH VX H[SHULHQFLD HQ ORV
WUD\HFWRV UHDOL]DGRV IXH TXH D OD PLWDG GH ORV PiV GH FRQGXFWRUHV
DQDOL]DGRV VH OHV IXQGLy XQD OiPSDUD PLHQWUDV FLUFXODED FRQ VX YHKtFXOR /D
SUHJXQWD TXH VH QRV SUHVHQWy IXH FRQRFHU FyPR HVWRV XVXDULRV KDEtD
VXVWLWXLGR OD OiPSDUD /D SUHJXQWD FRQ XQ PD\RU QLYHO GH UHVSXHVWDV
DILUPDWLYDVIXHFRQXQGHOWRWDOTXHHOSURSLRXVXDULRKDEtDFDPELDGROD
OiPSDUD6LWHQHPRVHQFXHQWDODD\XGDPHFiQLFDHODFXGLyDOWDOOHUFLIUD
DODTXHKD\TXHVXPDUXQTXHDOKDEHUVXIULGR SUREOHPDVFRQORVIDURV
GH;HQRQWXYLHURQTXHDFXGLUDXQWDOOHU
7DEODGHFDPELRGHOiPSDUDVIDURV
7DEODGHFDPELRGHOiPSDUDVIDURV
GHFDPELRGHOiPSDUDVIDURV
(QHOFDVRGHTXHVHOHKD\DIXQGLGRXQDOiPSDUD¢&yPRODKDVXVWLWXLGR"
$FXGLHQGRD
XQWDOOHU
1XQFDKH
7HQJRIDURV
/DKH
0HODKD
0HODKD
$FXGLHQGRD
XQFHQWURGH FDPELDGR\R FDPELDGRXQ FDPELDGRPL FDPELDGRXQD GH[HQRQ\
OiPSDUD
YR\DOWDOOHU
DPLJR
DVLVWHQFLDHQ
PHFiQLFD
FDUUHWHUD
UiSLGD
2WUR3RU
IDYRU
HVSHFLILTXH
5HVXOWDGRVGHOD(QFXHVWD&LUFXODFLyQ\YLVLELOLGDG
5HVXOWDGRVGHOD(QFXHVWD&LUFXODFLyQ\YLVLELOLGDG
&LUFXODFLyQ\YLVLELOLGDG
8QD GH ODV RSLQLRQHV TXH QRV LQGLFDURQ ORV XVXDULRV HQ ORV FRPHQWDULRV
DELHUWRVIXHHOJUDGRGHGLILFXOWDGGHVXVWLWXLUODVOiPSDUDVHQORVFRFKHVPiV
PRGHUQRV3DUDHOORVHSURSXVRFRQRFHUHOJUDGRGHGLILFXOWDGGHDOJXQDVGH
ODV WDUHDV GH PDQWHQLPLHQWR GHO YHKtFXOR FRPR FDPELDU ODV HVFRELOODV
VXVWLWXLU ODV OiPSDUDV R UHOOHQDU OtTXLGRV \ DOJXQDV XQ SRFR PiV FRPSOHMDV
FRPR XQ UHJODMH GH IDURV 3DUD ORV FRQGXFWRUHV OD ODERU PiV VHQFLOOD HV HO
UHOOHQDGR GH OtTXLGRV DFHLWH UHIULJHUDQWH OtTXLGR OLPSLDSDUDEULVDV FRQ XQ
GH UHVSXHVWDV FRQ YDORU \ HQ VHJXLGR GH OD VXVWLWXFLyQ GH ODV
HVFRELOODV
/DDFFLyQPiVFRPSOHMDODTXHREWXYRHOPD\RUQ~PHURGHUHVSXHVWDVFRQHO
YDORU ´0X\ GLItFLOµ IXH HO UHJODMH GH IDURV VHJXLGR GH ORV FDPELRV GH IDURV \
SLORWRV
7DEODGHFDPELRGHOiPSDUDVIDURV
7DEODGHFDPELRGHOiPSDUDVIDURV
GHFDPELRGHOiPSDUDVIDURV
(OYDORUFRUUHVSRQGHD´0X\IiFLOµ\HOD´0X\GLItFLOµ
(OYDORUFRUUHVSRQGHD´0X\IiFLOµ\HOD´0X\GLItFLOµ
GLItFLOµ
*UDGRGHGLILFXOWDGGHODVVLJXLHQWHVWDUHDV
5HOOHQDGRGHOtTXLGRVGHOYHKtFXORDFHLWHOLPSLDUHIULJHUDQWH
&DPELDUODVHVFRELOODV
&DPELDUXQDEDWHUtD
8QUHJODMHGHIDURV
&DPELDUXQDOiPSDUDGHXQSLORWRWUDVHUR
&DPELDUXQDOiPSDUDGHXQIDURGHODQWHUR
&DPELDUXQIDURRXQSLORWR
3DUD SRGHU PHMRUDU OD YLVLELOLGDG HQ LQYLHUQR GHEHPRV FRQRFHU FXiQGR ODV
HVFRELOODV HPSLH]DQ D SHUGHU VX HILFDFLD GH EDUULGR \ FRQVLGHUDU VX
VXVWLWXFLyQ /RVIDEULFDQWHV UHFRPLHQGDQVX UHYLVLyQ \VXVWLWXFLyQ DOLQLFLR GH
OD pSRFD LQYHUQDOSHUR FRPR \D VH KD YLVWR LQFOXVR XQ KD FLUFXODGR FRQ
XQ OLPSLDSDUDEULVDV HVWURSHDGR 4XLVLPRV SUHJXQWDU HQWRQFHV ¢&XiO HV HO
HVWDGRGHODVHVFRELOODVHQWUHORVYHKtFXORVHQFXHVWDGRV"
7DEODGHHVWDGRGHORVOLPSLDSDUDEULVDV
7DEODGHHVWDGRGHORVOLPSLDSDUDEULVDV
GHHVWDGRGHORVOLPSLDSDUDEULVDV
1RDSDUHFHQUD\DV
$SDUHFHQXQPi[LPRGH
UD\DVSHUGXUDEOHVHQHOFDPSR
YLVXDOH[WHULRU
FRPRPi[LPRDSDUHFHUD\D
SHUPDQHQWHVHQHOFDPSR
YLVXDOFHQWUDO
&RPRPi[LPRDSDUHFHQ
UD\DVSHUGXUDQWHVHQHO
FDPSRYLVXDOH[WHULRURFRPR
Pi[LPRUD\DVQR
SHUGXUDQWHVHQWRGRHOFDPSR
YLVXDO
FRPRPi[LPRDSDUHFHQ
UD\DVSHUGXUDQWHVHQHOFDPSR
YLVXDOH[WHULRURPXFKDVUD\DV
SHUGXUDQWHVHQWRGDVODV
DSDUHFHQYHORV
SHUGXUDQWHVQRSHUGXUDQWHV
GLVWULEXLGDVGHPRGR
XQLIRUPH
DSDUHFHQVXSHUILFLHVGHDJXD
]RQDV
DSDUHFHQPDUFDVGH
YLEUDFLRQHV
&RPR VH YHUi HQ HO DSDUWDGR FXDUWR HV LPSRUWDQWH FRQRFHU HO HVWDGR GH
QXHVWUDVHVFRELOODVSDUDSRGHUDQWLFLSDUORVSRVLEOHVSUREOHPDVTXHSRGDPRV
WHQHUEDUULGRJRPDURWD«DQWHVGHODHQWUDGDGHOPDOWLHPSR(VWRVVRQORV
UHVXOWDGRV VL FRQVLGHUDPRV HO JUDGR GH VHJXULGDG VHJ~Q HO HVWDGR GH ODV
HVFRELOODV
x /RV IDEULFDQWHV HVWLPDQ TXH ORV SXQWRV \ GH OD SUHJXQWD DQWHULRU
LQGLFDQ XQ IXQFLRQDPLHQWR FRUUHFWR OR TXH VXSRQH TXH HO GH ORV
XVXDULRVFLUFXODFRQXQDVHVFRELOODVTXHOLPSLDQHILFLHQWHPHQWH
x /RV SXQWRV \ VHxDODQ TXH VHUtD UHFRPHQGDEOH VXVWLWXLU ODV
HVFRELOODV HQ XQ EUHYH SOD]R GH WLHPSR OR TXH DIHFWDUtD DO GH ORV
FRQGXFWRUHV
x /DSDUWHPiVSUHRFXSDQWHODYHPRVHQORVSXQWRV\PRPHQWRHQ
HO TXH VH GHEHQ FDPELDU XUJHQWHPHQWH ORV OLPSLDSDUDEULVDV FRQVHMR
TXHGHEHUtDVHJXLUHVWHGHORVXVXDULRV
5HVXOWDGRVGHOD(QFXHVWD&LUFXODFLyQ\6HJXULGDG9LDO
5HVXOWDGRVGHOD(QFXHVWD&LUFXODFLyQ\6HJXULGDG9LDO
&LUFXODFLyQ\6HJXULGDG9LDO
-XQWR D ODV FXHVWLRQHV UHIHULGDV D LOXPLQDFLyQ YLVLELOLGDG \ FLUFXODFLyQ
TXLVLPRV DSURYHFKDU OD HQFXHVWD SDUD SUHJXQWDU D ORV FRQGXFWRUHV VREUH
FXHVWLRQHV PiV JHQpULFDV VREUH ODV VLWXDFLRQHV RFXUULGDV HQ HO WUiILFR \ TXH
GLUHFWDPHQWH HVWXYLHUDQ OLJDGDV D OD 6HJXULGDG 9LDO WDOHV FRPR ´VXVWRVµ
VLWXDFLyQItVLFDDOYRODQWHULHVJRGHDFFLGHQWHRVDQFLRQHV
7DEODGHVLWXDFLRQHVHQFDUUHWHUD
GHVLWXDFLRQHVHQFDUUHWHUD
7DEOD
GHVLWXDFLRQHVHQFDUUHWHUD
$ODKRUDGHFLUFXODU«
$ODKRUDGHFLUFXODU«
6Ê
6Ê
3RUODQRFKHPHFDQVRPiV
3RUODQRFKHPHFDQVRPiV
(QLQYLHUQRPHFDQVRPiVTXHHQYHUDQR
(QLQYLHUQRPHFDQVRPiVTXHHQYHUDQR
3RUODQRFKHQRFDOFXORELHQODVGLVWDQFLDV
3RUODQRFKHQRFDOFXORELHQODVGLVWDQFLDV
+HWHQLGRXQVXVWRFRQXQSHDWyQHQODYtDFLUFXODQGRGHQRFKH
+HWHQLGRXQVXVWRFRQXQSHDWyQHQODYtDFLUFXODQGRGHQRFKH
RGHQRFKH
+HWHQLGRXQVXVWRFRQXQDQLPDOHQODYtDFLUFXODQGRGHQRFKH
+HWHQLGRXQVXVWRFRQXQDQLPDOHQODYtDFLUFXODQGRGHQRFKH
+H WHQLGR TXH SDUDU SRU IDOWD GH YLVLELOLGDG OOXYLD QLHEOD
JUDQL]R«
JUDQL]R«
/DV UHVSXHVWDV SXVLHURQ GH PDQLILHVWR OD LQFLGHQFLD GH OD OXPLQRVLGDG HQ OD
FRQGXFFLyQ SRU HMHPSOR HQ HO KHFKR GH TXH OD PLWDG GH ORV PiV GH FRQGXFWRUHV QR FDOFXOHQ ELHQ ODV GLVWDQFLDV SRU OD QRFKH R TXH HO GHORV
XVXDULRVVHFDQVDQPiVSRUODQRFKH\DTXHODIDWLJDYLVXDOSURYRFDGDSRUHO
HVIXHU]R TXH VH QHFHVLWD SDUD FDSWDU OD PLVPD FDQWLGDG GH LQIRUPDFLyQ TXH
FRQUHVSHFWRDOGtDVHUHIOHMDHQXQPD\RUFDQVDQFLRJHQHUDO
8Q GDWR TXH QRV KD VRUSUHQGLGR KD VLGR HO DOWR SRUFHQWDMH GH LQFLGHQWHV
VXIULGR FRPR FRQVHFXHQFLD GH LUUXPSLU XQ SHDWyQ HQ OD YtD SHUR VREUH WRGR
GHVWDFD HO JUDQ Q~PHUR GH FRQGXFWRUHV TXH UHFRQRFHQ KDEHU VXIULGR XQ
LQFLGHQWHFRQDQLPDOHVGXUDQWHODQRFKHFRQXQ
6L WHQHPRV HQ FXHQWD HO ULHVJR TXH SURYRFD OD FOLPDWRORJtD XQ GH ORV
FRQGXFWRUHVKDWHQLGRTXHSDUDUDOJXQDYH]SRUVXIULUIDOWDGHYLVLELOLGDGFRPR
FRQVHFXHQFLD GH XQD FLUFXQVWDQFLD FOLPDWROyJLFD JUDYH FRPR QLHEOD OOXYLD
JUDQL]R«(QHVWDFLUFXQVWDQFLDWDPELpQHVLPSRUWDQWHGLVSRQHUGHXQDEXHQD
LOXPLQDFLyQSDUD´KDFHUVHYHUµPLHQWUDVHVWDPRVGHWHQLGRVFLUFXQVWDQFLDTXH
HQ FDVR GH TXH QRV YHDPRV REOLJDGRV D KDFHUOR SRU VHJXULGDG GHEHUHPRV
UHDOL]DU OD PDQLREUD WDQWR GH SDUDGD FRPR GH HVWDFLRQDPLHQWR VLQ SRQHU HQ
SHOLJURDOUHVWRGHXVXDULRVTXHGHFLGDQFRQWLQXDUODPDUFKD
3RU~OWLPRTXLVLPRVVDEHUFXiOHUDODRSLQLyQGHORVXVXDULRVVREUHODVOXFHV
GHFRQGXFFLyQGLXUQD/&'GHEDWHTXHVHKDSURGXFLGRHQQXHVWURSDtVFRQ
HOILQGHUHFRPHQGDUHOXVRGHODVOXFHVGXUDQWHHOGtDHQWRGRVORVYHKtFXORV
8QWUDEDMRSUHVHQWDGRDILQDOHVGHUHDOL]DGRSRUHO,',$'$SDUDOD'*7
HVWLPDEDTXHHOXVRGHODVOXFHVGHFRQGXFFLyQGLXUQDV/&'SRGUtDUHGXFLUHQ
ORV IDOOHFLGRV HQ (VSDxD FRPR FRQVHFXHQFLD GH XQ DFFLGHQWH GH WUiILFR
(QWUHODVFRQFOXVLRQHVHVWDEOHFtDXQDVYHQWDMDVWDOHVFRPR
x /RV YHKtFXORV FRQ /&' VRQ PiV YLVLEOHV TXH ORV YHKtFXORV TXH QR ODV
XWLOL]DQFRQPHMRUHVHVWLPDFLRQHVGHGLVWDQFLDV\YHORFLGDGHV
x 0HMRUDGHODLGHQWLILFDFLyQGHORVFRFKHV
x /RVYHKtFXORVFRQ/&'VHSHUFLEHQGHVGHXQDGLVWDQFLDPD\RU
(QWUHORVLQFRQYHQLHQWHVGHWHFWDGRVHQHVWHWUDEDMRVHVLW~DQ
x (OSRVLEOHGHVOXPEUDPLHQWRGHSHQGLHQGRGHVXLQWHQVLGDG
x (O ´UHDOFHµ GH ODV PRWRFLFOHWDV SXHGH YHUVH UHGXFLGR SRU HO XVR GH ODV
/&'SRUHOUHVWRGHYHKtFXORV
x ,QFUHPHQWRGHOFRQVXPRHVWLPDGRHQXQ
7DEODGHRSLQLyQVREUHHOXVRGHODVOXFHVGHFRQGXFFLy
GHRSLQLyQVREUHHOXVRGHODVOXFHVGHFRQGXFFLyQGLXUQDV
QGLXUQDV
7DEOD
GHRSLQLyQVREUHHOXVRGHODVOXFHVGHFRQGXFFLy
QGLXUQDV
(VWDUtD8GDIDYRUGHREOLJDUDWRGRVORVXVXDULRVDXWLOL]DUODVOXFHV
GHFRQGXFFLyQGLXUQD"
6tVLHPSUH\HQWRGRVORVFDVRV
6tSHURVyORFRQXQVLVWHPDGHEDMRFRQVXPR
6tSHURVyORFXDQGRYHQJDGHVHULHHQHOYHKtFXOR
1RGHEHUtDVHUVyORXQDUHFRPHQGDFLyQ
1RHQQLQJ~QFDVR
1RVp
/RV GDWRV UHFRJLGRV GHPXHVWUDQ FRPR XQ GH ORV FRQGXFWRUHV DILUPDQ
HVWDU GH DFXHUGR FRQOD PHGLGD RSFLyQ ´6t VLHPSUH \ HQ WRGRV ORV FDVRVµ IUHQWH D XQ TXH FRQVLGHUD TXH GHEHUtD VHU XQD UHFRPHQGDFLyQ \ XQ TXHPDQLILHVWDHVWDUWRWDOPHQWHHQGHVDFXHUGRRSFLyQ´1RHQQLQJ~QFDVRµ
(Q OD SDUWH LQWHUPHGLD GH OD WDEOD VH VLW~DQ ODV RSLQLRQHV TXH PDWL]DQ HQ
DOJXQDPHGLGDODREOLJDWRULHGDGRQRGHXWLOL]DUHVWHVLVWHPDGHLOXPLQDFLyQ
(Q HO GH ORV UHVXOWDGRV HO FRQGXFWRU PDQLILHVWD HVWDU GH DFXHUGR SHUR
PHGLDQWH XQ VLVWHPD GH EDMR FRQVXPR R XQ TXH FUHH TXH GHEHUtD VHU
REOLJDWRULRFXDQGRHOVLVWHPDYHQJDGHVHULHHQHOYHKtFXOR
/$,/80,1$&,Î1
/$,/80,1$&,Î1
&RPR VH KD FRPHQWDGR GH FDGD DFFLGHQWHV PRUWDOHV VH SURGXFH EDMR
FRQGLFLRQHV GH EDMD LOXPLQDFLyQ (O FRQFHSWR GH ´YHU \ VHU YLVWRµ HV GH YLWDO
LPSRUWDQFLD 'H KHFKR VL WHQHPRV HQ FXHQWD HO WLSR GH DFFLGHQWH TXH VH
SURGXFH HQ FRPSDUDFLyQ FRQOD YLVLELOLGDGHO GH ORV DFFLGHQWHV PRUWDOHV
TXHVHSURGXFHQSRUODQRFKHVRQVDOLGDVGHODYtDXQWRWDOGHUHVSHFWR
GHO WRWDO GH VLQLHVWURV 6L FRPSDUDPRV HVWH GDWR FRQ ORV DFFLGHQWHV TXH VH
SURGXFHQSRUHOGtDHOSRUFHQWDMHGHVLQLHVWURVPRUWDOHVGLXUQRVSRUVDOLGDVGH
YtD UHVSHFWR GHO WRWDO GH DFFLGHQWHV SRU HO GtD EDMD D XQ XQ WRWDO GH
LQFOXVRFRQXQDPD\RUGHQVLGDGFLUFXODWRULD
&RQRFHUODYtDVXHVWDGR\ORVSRVLEOHVREVWiFXORVHVLPSRUWDQWHSDUDDGDSWDU
OD FRQGXFFLyQ 3RU HMHPSOR HQ HO DxR HQ FLXGDG VH SURGXMHURQ DFFLGHQWHVPRUWDOHVSRUDWURSHOORHQFLUFXQVWDQFLDGHEDMDOXPLQRVLGDGORTXH
VXSRQH XQ GHO WRWDO GH DFFLGHQWHV PRUWDOHV SRU DWURSHOOR HQ ]RQD
XUEDQD3RUHOORQRVRORKD\TXHFRQVLGHUDUODLOXPLQDFLyQFRPRXQHOHPHQWR
EiVLFRSDUDODFLUFXODFLyQSRUFDUUHWHUDHQ]RQDXUEDQDPHMRUDUODFDSDFLGDG
YLVXDOSXHGHVHUODGLIHUHQFLDHQWUHXQDWURSHOORPRUWDORXQVXVWR
9HQWDMDVGHXQDFRUUHFWDLOXPLQDFLyQ
9HQWDMDVGHXQDFRUUHFWDLOXPLQDFLyQ
PiVVHJXULGDGGHELGRDXQDLOXPLQDFLyQXQLIRUPHRSWLPL]DGDGHODYtD
XQDPD\RUGLVWDQFLDGHYLVLELOLGDG
GH IRUPD SDUDOHOD D OD DQWHULRU PHMRUD GH OD DQWLFLSDFLyQ \ GH OD
UHDFFLyQDQWHXQLPSUHYLVWRYLpQGRVHDVtDQWHVORVSHOLJURVLQFOXVRHQ
FRQGLFLRQHVGHPDODYLVLELOLGDG
PD\RUFRQIRUWJUDFLDVDXQDPD\RUYLVLELOLGDG
UHGXFFLyQ GHO FDQVDQFLR PHMRUD GH OD FDSDFLGDG GH UHFRJLGD GH
LQIRUPDFLyQFRQXQPHQRUHVIXHU]R
&XDQGRVHKDEODGHLOXPLQDFLyQQRVRORKD\TXHWHQHUHQFXHQWDODLQWHQVLGDG
RHOGHVJDVWHGHORVIDURVRODVOiPSDUDV(QPXFKRVFDVRVXQPDOUHJODMHGH
ODV ySWLFDV UHGXFH QXHVWUD FDSDFLGDG GH LQIRUPDFLyQ (Q RWURV FDVRV XQRV
IDURVPDODMXVWDGRVVRQDOJRPiVTXHXQDPROHVWLDSDUDXQRPLVPR\SDUD
ORVGHPiV(QHVWHVHQWLGRHODMXVWHFRUUHFWRGHORVIDURVGHEHJDUDQWL]DUSRU
XQODGRTXHODYtDTXHGHELHQLOXPLQDGDFRQODVOXFHVFRUWDV\SRURWURODGR
TXHVHGHVOXPEUHORPtQLPRSRVLEOHDOWUiILFRTXHFLUFXODHQVHQWLGRFRQWUDULR
/(*,6/$&,Î1
/(*,6/$&,Î1(63$f2/$62%5((/862'(/$/80%5$'2
/(*,6/$&,Î1(63$f2/$62%5((/862'(/$/80%5$'2
(63$f2/$62%5((/862'(/$/80%5$'2
(O 5HDO 'HFUHWR GH GH QRYLHPEUH SRU HO TXH VH DSUXHED HO
5HJODPHQWR *HQHUDO GH &LUFXODFLyQ SDUD OD DSOLFDFLyQ \ GHVDUUROOR GHO WH[WR
DUWLFXODGR GH OD /H\ VREUH 7UiILFR &LUFXODFLyQ GH 9HKtFXORV D 0RWRU \
6HJXULGDG 9LDO DSUREDGR SRU 5HDO 'HFUHWR /HJLVODWLYR GH GH
PDU]RHVWDEOHFHHOXVRGHODOXPEUDGRHQVXDUWLFXODGR
&$3Ê78/2;
´8WLOL]DFLyQGHODOXPEUDGRµ
6(&&,Î18VRREOLJDWRULRGHODOXPEUDGR
$UWtFXOR1RUPDVJHQHUDOHV
7RGRV ORV YHKtFXORV TXH FLUFXOHQ HQWUH HO RFDVR \ OD VDOLGD GHO VRO R D
FXDOTXLHU KRUD GHO GtD HQ ORV W~QHOHV SDVRV LQIHULRUHV \ WUDPRV GH YtD
DIHFWDGRVSRUODVHxDO©7~QHOª6GHEHQOOHYDUHQFHQGLGRHODOXPEUDGRTXH
FRUUHVSRQGDGHDFXHUGRFRQORTXHVHGHWHUPLQDHQHVWDVHFFLyQ
/DUHJXODFLyQGHORVVLVWHPDVGHDOXPEUDGRTXHQRHVWpQSURKLELGRVRHQ
WRGR OR TXH QR HVWp H[SUHVDPHQWH SUHYLVWR HQ HVWH FDStWXOR R HQ RWURV
SUHFHSWRV GH HVWH UHJODPHQWR VH DMXVWDUi D OR GLVSXHVWR HQ ODV QRUPDV
UHJXODGRUDVGHORVYHKtFXORV
/DV ELFLFOHWDV DGHPiV HVWDUiQ GRWDGDV GH ORV HOHPHQWRV UHIOHFWDQWHV TXH
GHELGDPHQWH KRPRORJDGRV VH GHWHUPLQDQ HQ HO 5HJODPHQWR *HQHUDO GH
9HKtFXORV &XDQGR VHD REOLJDWRULR HO XVR GHO DOXPEUDGR ORV FRQGXFWRUHV GH
ELFLFOHWDVOOHYDUiQDGHPiVFRORFDGDDOJXQDSUHQGDUHIOHFWDQWHTXHSHUPLWDD
ORVFRQGXFWRUHV\GHPiVXVXDULRVGLVWLQJXLUORVDXQDGLVWDQFLDGHPHWURV
VLFLUFXODQSRUYtDLQWHUXUEDQD
$UWtFXOR$OXPEUDGRVGHSRVLFLyQ\GHJiOLER
7RGR YHKtFXOR TXH FLUFXOH HQWUH HO RFDVR \ OD VDOLGD GHO VRO R EDMR ODV
FRQGLFLRQHVDODVTXHVHUHILHUHHODUWtFXOR\HQHOSDVRSRUW~QHOHVSDVRV
LQIHULRUHV R WUDPRV GH YtDV DIHFWDGRV SRU OD VHxDO ©7~QHOª 6 GHEHUi OOHYDU
HQFHQGLGDVODVOXFHVGHSRVLFLyQ\VLODDQFKXUDGHOYHKtFXOR H[FHGHGH
PHWURVWDPELpQODGHJiOLER
/D FLUFXODFLyQ VLQ DOXPEUDGR HQ VLWXDFLRQHV GH IDOWD R GLVPLQXFLyQ GH
YLVLELOLGDGWHQGUiODFRQVLGHUDFLyQGHLQIUDFFLyQJUDYHFRQIRUPHVHSUHYpHQHO
DUWtFXORHGHOWH[WRDUWLFXODGR
$UWtFXOR$OXPEUDGRGHODUJRDOFDQFHRFDUUHWHUD
$FWXDOL]DGRSRUHO5'
7RGR YHKtFXOR HTXLSDGR FRQ OX] GH ODUJR DOFDQFH R FDUUHWHUD TXH FLUFXOH D
PiV GH NLOyPHWURV SRU KRUD HQWUH HO RFDVR \ OD VDOLGD GHO VRO IXHUD GH
SREODGRSRUYtDVLQVXILFLHQWHPHQWHLOXPLQDGDVRDFXDOTXLHUKRUDGHOGtDSRU
W~QHOHV SDVRVLQIHULRUHV \ WUDPRVGHYtD DIHFWDGRV SRU OD VHxDO ©7~QHOª 6
LQVXILFLHQWHPHQWH LOXPLQDGRV OD OOHYDUi HQFHQGLGD H[FHSWR FXDQGR KD\D GH
XWLOL]DUVH OD GH FRUWR DOFDQFH R GH FUXFH GH DFXHUGR FRQ OR SUHYLVWR HQ ORV
DUWtFXORV\HVSHFLDOPHQWHSDUDHYLWDUORVGHVOXPEUDPLHQWRV
/DOX]GHODUJRDOFDQFHRGHFDUUHWHUDSRGUiXWLOL]DUVHDLVODGDPHQWHRFRQODGH
FRUWRDOFDQFH
6H SURKtEH OD XWLOL]DFLyQ GH OD OX] GH ODUJR DOFDQFH R GH FDUUHWHUD VLHPSUH
TXH HO YHKtFXOR VH HQFXHQWUH SDUDGR R HVWDFLRQDGR DVt FRPR HO HPSOHR
DOWHUQDWLYRHQIRUPDGHGHVWHOORVGHODOX]GHODUJRDOFDQFHRGHFDUUHWHUD\GH
ODOX]GHFRUWRDOFDQFHRGHFUXFHFRQILQDOLGDGHVGLVWLQWDVDODVSUHYLVWDVHQ
HVWHUHJODPHQWR
6HHQWLHQGHSRUYtDLQVXILFLHQWHPHQWHLOXPLQDGDDTXHOODHQODTXHFRQYLVWD
QRUPDOHQDOJ~QSXQWRGHVXFDO]DGDQRSXHGDOHHUVHODSODFDGHPDWUtFXODD
PHWURV R QR VH GLVWLQJD XQ YHKtFXOR SLQWDGR GH RVFXUR D PHWURV GH
GLVWDQFLD
/RV VXSXHVWRV GH FLUFXODFLyQ HQ ORV TXH VH SURGX]FD GHVOXPEUDPLHQWR DO
UHVWRGHORVXVXDULRVGHODYtD\GHFLUFXODFLyQVLQDOXPEUDGRHQVLWXDFLRQHVGH
IDOWD R GLVPLQXFLyQ GH YLVLELOLGDG WHQGUiQ OD FRQVLGHUDFLyQ GH LQIUDFFLRQHV
JUDYHVFRQIRUPHVHSUHYpHQHODUWtFXORHGHOWH[WRDUWLFXODGR
$UWtFXOR$OXPEUDGRGHFRUWRDOFDQFHRGHFUXFH
7RGR YHKtFXOR GH PRWRU \ FLFORPRWRU TXH FLUFXOH HQWUH HO RFDVR \ OD VDOLGD
GHO VRO SRU YtDV XUEDQDV R LQWHUXUEDQDV VXILFLHQWHPHQWH LOXPLQDGDV R D
FXDOTXLHUKRUDGHOGtDSRUW~QHOHVSDVRVLQIHULRUHV\WUDPRVGHYtDVDIHFWDGRV
SRU OD VHxDO ©7~QHOª 6 VXILFLHQWHPHQWH LOXPLQDGRV OOHYDUi HQFHQGLGR
DGHPiVGHODOXPEUDGRGHSRVLFLyQHODOXPEUDGRGHFRUWRDOFDQFHRGHFUXFH
,JXDOPHQWHOOHYDUiHQFHQGLGRGLFKRDOXPEUDGRHQORVSREODGRVFXDQGRODYtD
HVWpLQVXILFLHQWHPHQWHLOXPLQDGD
7RGRYHKtFXORGHPRWRU\FLFORPRWRUGHEHOOHYDUHQFHQGLGRHODOXPEUDGRGH
FRUWR DOFDQFH R GH FUXFH DO FLUFXODU HQWUH HO RFDVR \ OD VDOLGD GHO VRO SRU YtDV
LQWHUXUEDQDV LQVXILFLHQWHPHQWH LOXPLQDGDV R D FXDOTXLHU KRUD GHO GtD SRU
W~QHOHV SDVRV LQIHULRUHV \ GHPiV WUDPRV DIHFWDGRV SRU OD VHxDO GH ©7~QHOª
LQVXILFLHQWHPHQWH LOXPLQDGRV FXDQGR FRQFXUUD DOJXQD GH ODV VLJXLHQWHV
FLUFXQVWDQFLDV
D1RGLVSRQHUGHDOXPEUDGRGHODUJRDOFDQFH
E&LUFXODUDYHORFLGDGQRVXSHULRUDNLOyPHWURVSRUKRUD\QRHVWDU
XWLOL]DQGRHODOXPEUDGRGHODUJRDOFDQFH
F 3RVLELOLGDG GH SURGXFLU GHVOXPEUDPLHQWR D RWURV XVXDULRV GH OD YtD
S~EOLFD
/RV VXSXHVWRV GH FLUFXODFLyQ HQ ORV TXH VH SURGX]FD GHVOXPEUDPLHQWR DO
UHVWRGHORVXVXDULRVGHODYtD\GHFLUFXODFLyQVLQDOXPEUDGRHQVLWXDFLyQGH
IDOWD R GLVPLQXFLyQ GH YLVLELOLGDG WHQGUiQ OD FRQVLGHUDFLyQ GH LQIUDFFLRQHV
JUDYHVFRQIRUPHVHSUHYpHQHODUWtFXORHGHOWH[WRDUWLFXODGR
$FWXDOL]DGRSRUHO5'
$UWtFXOR'HVOXPEUDPLHQWR
(ODOXPEUDGRGHODUJRDOFDQFHRGHFDUUHWHUDGHEHUiVHUVXVWLWXLGRSRUHOGH
FRUWRDOFDQFHRGHFUXFHWDQSURQWRFRPRVHDSUHFLHODSRVLELOLGDGGHSURGXFLU
GHVOXPEUDPLHQWR DRWURV XVXDULRV GH OD PLVPD YtDR GH FXDOTXLHU RWUD YtD GH
FRPXQLFDFLyQ \ PX\ HVSHFLDOPHQWH D ORV FRQGXFWRUHV GH YHKtFXORV TXH
FLUFXOHQ HQ VHQWLGR FRQWUDULR \ DXQTXH pVWRV QR FXPSODQ HVWD SUHVFULSFLyQ \
QR VH UHVWDEOHFHUi HO DOXPEUDGR GH FDUUHWHUD KDVWD UHEDVDU HQ HO FUXFH OD
SRVLFLyQGHOYHKtFXORFUX]DGR
/DPLVPDSUHFDXFLyQVHJXDUGDUiUHVSHFWRDORVYHKtFXORVTXHFLUFXOHQHQHO
PLVPR VHQWLGR \ FX\RV FRQGXFWRUHV SXHGDQ VHU GHVOXPEUDGRV D WUDYpV GHO
HVSHMRUHWURYLVRU
(QFDVRGHGHVOXPEUDPLHQWRHOFRQGXFWRUTXHORVXIUDUHGXFLUiODYHORFLGDG
OR QHFHVDULR LQFOXVR KDVWD OD GHWHQFLyQ WRWDO SDUD HYLWDU HO DOFDQFH GH
YHKtFXORVRSHDWRQHVTXHFLUFXOHQHQHOPLVPRVHQWLGR
/DVLQIUDFFLRQHVDODVQRUPDVGHHVWHSUHFHSWRWHQGUiQODFRQVLGHUDFLyQGH
JUDYHVFRQIRUPHVHSUHYpHQHODUWtFXORHGHOWH[WRDUWLFXODGR
$UWtFXOR8VRGHODOXPEUDGRGXUDQWHHOGtD
'HEHUiQOOHYDUHQFHQGLGDGXUDQWHHOGtDODOX]GHFRUWRDOFDQFHRFUXFH
D/DVPRWRFLFOHWDVTXHFLUFXOHQSRUFXDOTXLHUYtDREMHWRGHODOHJLVODFLyQVREUH
WUiILFRFLUFXODFLyQGHYHKtFXORVDPRWRU\VHJXULGDGYLDO
E 7RGRV ORV YHKtFXORV TXH FLUFXOHQ SRU XQ FDUULO UHYHUVLEOH SRU XQ FDUULO
DGLFLRQDO FLUFXQVWDQFLDO R SRU XQ FDUULO KDELOLWDGR SDUD FLUFXODU HQ VHQWLGR
FRQWUDULRDOQRUPDOPHQWHXWLOL]DGRHQODFDO]DGDGRQGHVHHQFXHQWUHVLWXDGR
ELHQ VHD XQ FDUULO TXH OHV HVWp H[FOXVLYDPHQWH UHVHUYDGR ELHQ HVWp DELHUWR
H[FHSFLRQDOPHQWH D OD FLUFXODFLyQ HQ GLFKR VHQWLGR DVt FRPR DTXHOORV
REOLJDGRVHQYLUWXGGHORHVWDEOHFLGRHQORVDUWtFXORV\
6(&&,Î16XSXHVWRVHVSHFLDOHVGHDOXPEUDGR
$UWtFXOR&RQGLFLRQHVTXHGLVPLQX\HQODYLVLELOLGDG
7DPELpQ VHUiREOLJDWRULR XWLOL]DU HO DOXPEUDGR FXDQGR H[LVWDQ FRQGLFLRQHV
PHWHRUROyJLFDV R DPELHQWDOHV TXH GLVPLQX\DQ VHQVLEOHPHQWH OD YLVLELOLGDG
FRPR HQ FDVR GH QLHEOD OOXYLD LQWHQVD QHYDGD QXEHV GH KXPR R GH SROYRR
FXDOTXLHURWUDFLUFXQVWDQFLDDQiORJDDUWtFXORGHOWH[WRDUWLFXODGR
(Q ORV FDVRV D TXH VH UHILHUH HO DSDUWDGR DQWHULRU GHEHUi XWLOL]DUVH OD OX]
DQWLQLHEOD GHODQWHUD R OD OX] GH FRUWR R ODUJR DOFDQFH /D OX] DQWLQLHEOD
GHODQWHUDSXHGHXWLOL]DUVHDLVODGDRVLPXOWiQHDPHQWHFRQODGHFRUWRDOFDQFHR
LQFOXVRFRQODGHODUJRDOFDQFH
/D OX] DQWLQLHEOD GHODQWHUD VyOR SRGUi XWLOL]DUVH HQ GLFKRV FDVRV R HQ WUDPRV
GH YtDV HVWUHFKDV FRQ PXFKDV FXUYDV HQWHQGLpQGRVH SRU WDOHV ODV TXH
WHQLHQGRXQDFDO]DGDGHPHWURVGHDQFKXUDRLQIHULRUHVWpQVHxDOL]DGDV
FRQVHxDOHVTXHLQGLTXHQXQDVXFHVLyQGHFXUYDVSUy[LPDVHQWUHVtUHJXODGDV
HQHODUWtFXOR
/D OX] DQWLQLHEOD WUDVHUD VRODPHQWH GHEHUi OOHYDUVH HQFHQGLGD FXDQGR ODV
FRQGLFLRQHV PHWHRUROyJLFDV R DPELHQWDOHV VHDQ HVSHFLDOPHQWH GHVIDYRUDEOHV
FRPR HQ FDVR GH QLHEOD HVSHVD OOXYLD PX\ LQWHQVD IXHUWH QHYDGD R QXEHV
GHQVDVGHSROYRRKXPR
(OKHFKRGHFLUFXODUVLQDOXPEUDGRHQVLWXDFLRQHVGHIDOWDRGLVPLQXFLyQGH
ODYLVLELOLGDGWHQGUiODFRQVLGHUDFLyQGHLQIUDFFLyQJUDYHFRQIRUPHVHSUHYpHQ
HODUWtFXORHGHOWH[WRDUWLFXODGR
$UWtFXOR,QXWLOL]DFLyQRDYHUtDGHODOXPEUDGR
6L SRU LQXWLOL]DFLyQ R DYHUtD LUUHSDUDEOH HQ UXWD GHO DOXPEUDGR
FRUUHVSRQGLHQWH VH KXELHUD GHFLUFXODU FRQ DOXPEUDGR GH LQWHQVLGDGLQIHULRU
VH GHEHUi UHGXFLU OD YHORFLGDG KDVWD OD TXH SHUPLWD OD GHWHQFLyQ GHO YHKtFXOR
GHQWURGHOD]RQDLOXPLQDGD
'()(&726(1(/$/80%5$'2(1/$6,163(&&,21(65($/,=$'$6(1
'()(&726(1(/$/80%5$'2(1/$6,163(&&,21(65($/,=$'$6(1
(67$&,21(6'(
(67$&,21(6'(,79(1(63$f$
,79(1(63$f$
(1(63$f$
(Q HO ~OWLPR LQIRUPH GHO 5$&( VREUH ,79 SUHVHQWDGR D ILQDOHV GH VH
DQDOL]DEDQORVUHVXOWDGRVGHODVLQVSHFFLRQHVWpFQLFDVGHHVWDFLRQHV,79GH
$7,6$( GLVWULEXLGDV SRU GLIHUHQWHV SXQWRV GH (VSDxD /DV HYDOXDFLRQHV VH
UHDOL]DURQDYHKtFXORVOLJHURVFDWHJRUtD0YHKtFXORVGHVWLQDGRVDOWUDQVSRUWH
GHSHUVRQDVTXHWHQJDQDGHPiVGHOFRQGXFWRURFKRSOD]DVFRPRPi[LPR
7DEOD
(67$&,21(6,79
(67$&,21(6,79
9(+Ê&8/26
75(6&$17260DGULG
/2=2<8(/$0DGULG
/2*52f2
$/%$&(7(
$/&Ç=$5'(6-8$17ROHGR
/26<e%(1(67ROHGR
38(572//$12&LXGDG5HDO
9$/9(5'('(/0$-$126HJRYLD
7$5$1&Î1
(/(63,1$5
&8(//$5
727$/
727$/
,163(&&,21$'26
/RV GDWRV IXHURQ REWHQLGRV GHO SURWRFROR TXH HVWDEOHFH HO 0DQXDO GH
3URFHGLPLHQWR GH ,QVSHFFLyQ GH ODV (VWDFLRQHV ,79 0LQLVWHULR GH ,QGXVWULD
&RPHUFLR\7XULVPR5HYLVLyQ-XQLRGH3DUDHOORVHKDDQDOL]DGROD
LQWHUSUHWDFLyQGHGHIHFWRVTXHUHFRJHGLFKRSURWRFROR
/D LQWHUSUHWDFLyQ GH OD GHIHFWRORJtD TXH GLFKR PDQXDO UHFRJH VH FODVLILFD HQ
WUHVFDWHJRUtDVGHGHIHFWRV/(9(6*5$9(6<08<*5$9(66HJ~QORGLVSXHVWR
HQHO5'
'()(&726/(9(6'/
6RQ GHIHFWRV TXH GHEHUiQ UHSDUDUVH OR DQWHV SRVLEOH 1R H[LJHQ XQD QXHYD
LQVSHFFLyQ SDUD FRPSUREDU TXH KDQ VLGR VXEVDQDGRV VDOYR TXH HO YHKtFXOR
WHQJD TXH YROYHU D VHU LQVSHFFLRQDGR SRU KDEHU VLGR FDOLILFDGD OD LQVSHFFLyQ
FRPRGHVIDYRUDEOHRQHJDWLYD
'()(&726*5$9(6'*
6RQ GHIHFWRV TXH LQKDELOLWDQ DO YHKtFXOR SDUD FLUFXODU SRU ODV YtDV S~EOLFDV
H[FHSWR SDUD VX WUDVODGR DO WDOOHU R HQ VX FDVR SDUD UHJXODUL]DFLyQ GH VX
VLWXDFLyQ \ YXHOWD D OD (VWDFLyQ GH ,79 SDUD QXHYD LQVSHFFLyQ HQ XQ SOD]R QR
VXSHULRU D GRV PHVHV VHJ~Q OR HVWDEOHFLGR HQ HO DUW SXQWR GHO 5'
/DLQVSHFFLyQWpFQLFDVHUi'(6)$925$%/(
'()(&72608<*5$9(6'0*
(OYHKtFXORVHLQPRYLOL]DUi\GHEHUiVHUWUDVODGDGRDWDOOHUSRUPHGLRVDMHQRVDO
PLVPRSDVDQGR XQDQXHYDLQVSHFFLyQ HQ XQ SOD]R QR VXSHULRUD GRVPHVHV
FRQIRUPH DO DUW SXQWRV \ GHO 5' /D LQVSHFFLyQ WpFQLFD
UHVXOWDUi'(6)$925$%/(
7DEOD'HIHFWRVJUDYHVSRUVLVWHPDLQVSHFFLRQDGRHQODV,79$xR
6,67(0$
325&(17$-(
,GHQWLILFDFLyQ
$FRQGLFLRQDPLHQWRH[WHULRU
$FRQGLFLRQDPLHQWRLQWHULRU
$OXPEUDGR
(PLVLRQHV
)UHQRV
'LUHFFLyQ
(MHV
UXHGDV
QHXPiWLFRV
\
VXVSHQVLRQHV
0RWRU
2WURV
727$/
6LDQDOL]DPRVORVGHIHFWRVJUDYHVTXHGDQOXJDUDUHFKD]RVHQOD,79ORVPiV
IUHFXHQWHV VRQ GHIHFWRV HQ HO VLVWHPD GH HPLVLRQHV \ HVFDSH HQ
VHJXQGR OXJDU GHIHFWRV HQ HO VLVWHPD GH DOXPEUDGR HQ WHUFHU OXJDU
GHIHFWRV HQ ORV VLVWHPDV GH HMHV UXHGDV QHXPiWLFRV \ VXVSHQVLRQHV \
HQ FXDUWR OXJDU GHIHFWRV HQ HO VLVWHPD GH IUHQRV /RV GHIHFWRV HQ HO
VLVWHPD GH DOXPEUDGR VXSRQHQ OD VHJXQGD FDXVD GH UHFKD]R HQ ODV
LQVSHFFLRQHVGHOD,79SRUGHWUiVGHODVHPLVLRQHVGH&26HSXHGHGHFLUGH
HVWDIRUPDTXHORVSUREOHPDVHQHODOXPEUDGRHVODSULPHUDFDXVDUHODFLRQDGD
GLUHFWDPHQWH FRQ OD VHJXULGDG HQ ORV GHIHFWRV JUDYHV GHWHFWDGRV HQ PiV GH
LQVSHFFLRQHVDQDOL]DGDVHQ,79HQ(VSDxDGDWRVGHODxR
*UiILFR'HIHFWRVJUDYHVSRULQVSHFFLyQ$xR
'()(&726*5$9(63256,67(0$,163(&&,21$'2
(MHVUXHGDV
QHXPiWLFRV\
VXVSHQVLRQHV
0RWRU
2WURV
,GHQWLILFDFLyQ
$FRQGLFLRQDPLHQW
RH[WHULRU
$FRQGLFLRQDPLHQW
RLQWHULRU
$OXPEUDGR
'LUHFFLyQ
(PLVLRQHV
)UHQRV
7DEOD'HIHFWRVJUDYHVSRUVLVWHPDLQVSHFFLRQDGR\DQWLJHGDG
6,67(0$
35,0(5$
6(*81'$
7(5&(5$
&8$57$
,GHQWLILFDFLyQ
LQWHULRU
$OXPEUDGR
(PLVLRQHV
)UHQRV
'LUHFFLyQ
\VXVSHQVLRQHV
0RWRU
2WURV
727$/
,163(&&,Î1 ,163(&&,Î1 ,163(&&,Î1 ,163(&&,Î1
$FRQGLFLRQDPLHQWR
H[WHULRU
$FRQGLFLRQDPLHQWR
(MHV UXHGDV QHXPiWLFRV
6L WHQHPRV HQ FXHQWD ORV GHIHFWRV JUDYHV DQDOL]DGRV HQ UHIHUHQFLD D OD
DQWLJHGDG GHO YHKtFXOR ORV IDOORV HQ HO DOXPEUDGR YDQ UHGXFLpQGRVH FRQ
UHVSHFWRDOWRWDOGHIRUPDFRQWUDULDDORTXHVXFHGHDRWURVGHIHFWRVFRPRHO
PRWRUODGLUHFFLyQRORVIUHQRV(VWHKHFKRVHGHEHHQSDUWHDTXHHOFRQWURO
\ODVXVWLWXFLyQGHODVOiPSDUDVSXHGHQVHUHIHFWXDGRVSRUHOSURSLHWDULRSRU
ORTXHVHGHEHPDQWHQHU\DXPHQWDUODIRUPDFLyQHQHVWHDVSHFWRUHODFLRQDGR
FRQODVHJXULGDG
,QVSHFFLyQ
,QVSHFFLyQ 'HVFULSFLyQ
GHFUXFH
VHxDOL]DFLyQ
VHxDOL]DFLyQ \FDUUHWHUD
/(9(
,79
,79
'HD
'HD
'HD
'HD
DxRV
DxRV
DxRV
DxRV
'()
*5$9(
/XFHVGH
/(9(
PDUFKDDWUiV
'()
*5$9(
'()
²/XFHV
/(9(
,QGLFDGRUHV
'()
GHGLUHFFLyQ
*5$9(
6HxDOGH
'()
HPHUJHQFLD
*5$9(
'()
/XFHVGH
/(9(
IUHQDGR
'()
*5$9(
'()
/X]SODFD
/(9(
PDWUtFXOD
'()
WUDVHUD
*5$9(
'()
/XFHVGH
/(9(
SRVLFLyQ
'()
*5$9(
'()
²/XFHV
/(9(
DQWLQLHEOD
'()
,79
'()
R
,79
'()
$OXPEUDGR
$OXPEUDGR
$OXPEUDGR /XFHV
\
5HVXOWDG
*5$9(
'()
²
/(9(
&DWDGLySWULFRV
'()
727$/'()(&726/(9(6
727$/'()(&726*5$9(6
*5$9(
²$YLVDGRU
'()
DF~VWLFR
*5$9(
'()
/X]GH
/(9(
HVWDFLRQDPLHQWR '()
*5$9(
'()
6HxDOL]DFLyQ
/(9(
GHDSHUWXUD
'()
GHSXHUWDV
*5$9(
²
'()
6HxDOL]DFLyQ
/(9(
OXPLQRVD
'()
HVSHFtILFD
*5$9(
(O GH ORV GHIHFWRV JUDYHV GHWHFWDGRV HQ HO VLVWHPD GH DOXPEUDGR VRQ
GHWHFWDGRV HQ ODV OXFHV GH FDUUHWHUD \ FUXFH OR TXH LQFLGH GLUHFWDPHQWH HQOD
VHJXULGDGGHODFLUFXODFLyQQRFWXUQD
',675,%8&,Ï1'('()(&726*5$9(6(1$/80%5$'2<
6(f$/,=$&,Ï1
$YLVDGRU
/X]GH
DF~VWLFR
HVWDFLRQDPLHQWR
6HxDOL]DFLyQ
&DWDGLySWULFRV
/XFHVDQWLQLHEOD
OXPLQRVD
HVSHFtILFD
/XFHVGH
SRVLFLyQ
/X]SODFD
PDWUtFXOD
WUDVHUD
/XFHVGH
IUHQDGR
/XFHVGHFUXFH
\FDUUHWHUD
6HxDOGH
HPHUJHQFLD
/XFHV
LQGLFDGRUHVGH
GLUHFFLyQ
/$,/80,1$&,Î1(1/26$&&,'(17(6&213($721(6,03/,&$'26
/$,/80,1$&,Î1(1/26$&&,'(17(6&213($721(6,03/,&$'26
&XDQGRVHKDEODGHLOXPLQDFLyQQRVyORKD\TXHFRQVLGHUDUORVHOHPHQWRVTXH
DIHFWDQ DOD VHJXULGDG GH ORV RFXSDQWHV GHO YHKtFXORR HO FRQIRUW ([LVWH XQD
UHODFLyQ GLUHFWD FRPR \D VH KD YLVWR HQWUH DFFLGHQWDOLGDG \ FRQGLFLRQHV GH
LOXPLQDFLyQ GH OD YtD (VWH KHFKR HO IDFWRU OX] WDPELpQ DIHFWD ORV XVXDULRV
YXOQHUDEOHV SHDWRQHV R XVXDULRV GH OD GRV UXHGDV HQ ORV TXH LQFOXVR H[LVWH
XQDQRUPDWLYDHVSHFtILFDSDUDDSOLFDUHOFRQFHSWRGH´9(5<6(59,672µ3DUDHO
FDVR GH ORV SHDWRQHV OD REOLJDWRULHGDG GH HTXLSDU XQ FKDOHFR UHIOHFWDQWH \
SDUD ORV XVXDULRV GH ODV GRV UXHGDV GLVSRQHU GHO DOXPEUDGR HQ WRGR
PRPHQWRSDUDDOHUWDUDOUHVWRGHXVXDULRVGHVXSUHVHQFLD
(Q OD Pi[LPD GH ´9HU \ VHU YLVWRµ KD\ TXH FRQVLGHUDU QR VyOR D ORV SHDWRQHV
TXHQRVHQFRQWUHPRVHQODYtDVLQRWDPELpQHQHOFDVRGHTXHVXIUDPRVXQD
DYHUtD HQ QXHVWUR YHKtFXOR \ GHEDPRV VDOLU GHO PLVPR SDUD VROXFLRQDU HO
SUREOHPD R DOHUWDU D ODV HPHUJHQFLDV 7DPELpQ HQ HVWH PRPHQWR GHEHPRV
HTXLSDUHOFKDOHFRUHIOHFWDQWHREOLJDWRULR\GHEHPRVVHxDOL]DUHOYHKtFXORROD
FDUJDPHGLDQWHORVWULiQJXORVGHVHxDOL]DFLyQGHSHOLJURHQODYtD
'XUDQWHHODxRVHSURGXMHURQDFFLGHQWHVFRQSHDWRQHVYtFWLPDV
WDQWRHQFDUUHWHUDFRPRHQ]RQDXUEDQDFRQXQUHVXOWDGRGHDFFLGHQWHV
PRUWDOHVTXHDUURMDURQODFLIUDGHPXHUWRV\KHULGRVJUDYHV
6LWHQHPRVHQFXHQWDHOIDFWRU´OXPLQRVLGDGµHLQFOX\HQGRHQHVWHHStJUDIHORV
DFFLGHQWHV RFXUULGRV HQ HO FUHS~VFXOR \ GXUDQWH OD QRFKH VH SURGXMHURQ HQ
HQ(VSDxDDFFLGHQWHVXQGHOWRWDOFRQXQUHVXOWDGRGH
DFFLGHQWHVPRUWDOHVXQGHOWRWDOPXHUWRVXQGHOWRWDO\
KHULGRVJUDYHVXQGHOWRWDO
6L DQDOL]DPRV ORV GDWRV GHVGH HO SXQWR GH YLVWD FXDOLWDWLYR VH REVHUYD XQD
PD\RULQFLGHQFLDGHODDFFLGHQWDOLGDG\GHODJUDYHGDGGHORVPLVPRVGXUDQWH
ODV KRUDV GHEDMD OXPLQRVLGDG \D TXHVL FRQVLGHUDPRVODSURSRUFLyQ HQWUH HO
Q~PHUR GH IDOOHFLGRV HQ UHODFLyQ DO Q~PHUR GH DFFLGHQWHV SRU OD QRFKH ORV
DFFLGHQWHV SURGXMHURQ IDOOHFLGRV XQ PLHQWUDV TXH HQ HO
UHVXOWDGR WRWDO LQFOX\HQGR HO GtD GH ORV DFFLGHQWHV WRWDOHV VH
SURGXMHURQIDOOHFLGRVXQ
(MHPSOR GH XQD FRUUHFWD LGHQWLILFDFLyQ GH XQ SHDWyQ HQ OD YtD FRPR
FRQVHFXHQFLDGHXQDEXHQDLOXPLQDFLyQ
FRQVHFXHQFLDGHXQDEXHQDLOXPLQDFLyQ
3HDWyQVLQHTXLSDUFKDOHFRUHIOHFWDQWH
3HDWyQVLQHTXLSDUFKDOHFRUHIOHFWDQWH
(O SHDWyQ SDVD GHVDSHUFLELGR DO QR
HTXLSDU HO FKDOHFR UHIOHFWDQWH TXH
REOLJDOD/H\GH6HJXULGDG9LDO
&XDQGR HO FRQGXFWRU SHUFLEH QXHVWUD
SUHVHQFLD SXHGH VHU GHPDVLDGR WDUGH
SDUD IUHQDU R HYLWDU DO SHDWyQ FRPR
GHPXHVWUD OD HVWDGtVWLFD OD PLWDG GH
ORV SHDWRQHV IDOOHFLGRV VH SURGXMHURQ
HQFLUFXQVWDQFLDGHEDMDLOXPLQDFLyQ
3HDWyQFRQFKDOHFRUHIOHFWDQWH
3HDWyQFRQFKDOHFRUHIOHFWDQWH
(O SHDWyQ HV UHFRQRFLEOH PHGLDQWH
HO XVR GH ODV EDQGDV UHIOHFWDQWHV
GHO
FKDOHFR
SXGLHQGR
VHU
LGHQWLILFDGR SRU HO FRQGXFWRU \
DGRSWDQGR OD DFWLWXG GHIHQVLYD
SDUDUHGXFLUHOULHVJRGHDWURSHOOR
/D VHJXULGDG UDGLFD HQ LGHQWLILFDU
TXH QR VROR KD\ ´DOJRµ HQ OD YtD
VLQRUHFRQRFHUTXHHVH´DOJRµHVXQ
SHDWyQ
&216(-2662%5(,/80,1$&,Î1
&216(-2662%5(,/80,1$&,Î13$5$$80(17$5/$6(*85,'$'
62%5(,/80,1$&,Î13$5$$80(17$5/$6(*85,'$'
3$5$$80(17$5/$6(*85,'$'
/R PiV LPSRUWDQWH HV HTXLSDU QXHVWUR YHKtFXOR FRQ OiPSDUDV GH FDOLGDG \D
TXHMXQWRDXQDKRUURHQHOFRQVXPR\XQDXPHQWRGHODYLGDGHODOiPSDUD
FLUFXODUHPRVFRQODVHJXULGDGTXHRIUHFHXQDLOXPLQDFLyQHILFLHQWH
&RQVHMRVEiVLFRVVREUHHOVLVWHPDGHLOXPLQDFLyQ
&RQVHMRVEiVLFRVVREUHHOVLVWHPDGHLOXPLQDFLyQ
/DV OiPSDUDV YDQ UHGXFLHQGR VX LQWHQVLGDG
FRQ HO XVR SRU OR TXH GHEH FDPELDUVH FDGD
NPV R DxRV 'HVSXpV GH XQ
IXQFLRQDPLHQWR SURORQJDGR VH REVHUYD FRPR
ORVHQWXUEDPLHQWRVRGHSyVLWRVHQODERPELOOD
UHGXFHQ OD FODULGDG (VWR OLPLWD OD SRWHQFLD
OXPtQLFDDYHFHVKDVWDHOSRUFLHQWR
/DVOiPSDUDVVHGHEHQFDPELDUGHGRVHQGRVGHELGRDTXHVXXVRHV
VLPpWULFRHQODPD\RUtDGHORVFDVRV/DSUREDELOLGDGGHTXHGHVSXpVGH
FDPELDUXQDOiPSDUDGHIHFWXRVDGHXQODGRSRFRGHVSXpVWDPELpQIDOOH
ODVHJXQGDHVEDVWDQWHDOWD3RUORWDQWRSRUUD]RQHVGHVHJXULGDGODV
OiPSDUDVGHORVIDURVGHEHQFDPELDUVHVLHPSUHHQDPERVODGRV
3RQHU OiPSDUDV GH FDOLGDG $ODUJDUHPRV HO PDQWHQLPLHQWR \ QRV
DVHJXUDUHPRVGHXQDLOXPLQDFLyQHILFLHQWH$XQTXHODVOiPSDUDVGHWLSR
´/RQJOLIHµ VRQ XQ PiV FDUDV TXH ORV WLSRV FRQYHQFLRQDOHV WLHQHQ
XQDGXUDFLyQKDVWDFLQFRYHFHVVXSHULRU(QPXFKRVYHKtFXORVHOFDPELR
GH OiPSDUDV VyOR HV SRVLEOH HQ HO WDOOHU HO XVR GH ODV OiPSDUDV WLSR
´/RQJOLIHµFRQWULEX\HGHPDQHUDFRQVLGHUDEOHDODUHGXFFLyQGHFRVWHV
0DQWHQHUVLHPSUHOLPSLDVODVySWLFDVIDURV\SLORWRV
$O FDPELDU OD OiPSDUD QR GHEH VXMHWDUVH OD ERPELOOD FRQ ORV GHGRV /D
JUDVD \ HO VXGRU GH OD SLHO VH TXHPDQ VREUH OD VXSHUILFLH \ UHGXFHQ
LJXDOPHQWHHOUHQGLPLHQWRGHOX]
(VFRJHU OXFHV ;HQRQ HQ YHKtFXORV QXHYRV \D TXH RIUHFH XQD OX] PiV
LQWHQVD DPSOLD \ SDUHFLGD D OD OX] QDWXUDO DVt FRPR XQD GXUDFLyQ
SUiFWLFDPHQWHVLPLODUDODGHOYHKtFXOR
5HFRUGDUODLPSRUWDQFLDGHSURWHJHUDORVXVXDULRVYXOQHUDEOHVGHODYtD
VREUHWRGRFXDQGRFLUFXOHQSRUODQRFKH
/$/,03,(=$'(/3$5$%5,6$6
/$/,03,(=$'(/3$5$%5,6$6
/,03,(=$'(/3$5$%5,6$6
&RPR \D VH KD FRPHQWDGR HO GH ORV DFFLGHQWHV PRUWDOHV VH SURGXFHQ
EDMR FRQGLFLRQHV DWPRVIpULFDV DGYHUVDV FRPR OD QLHEOD OD OORYL]QD OD OOXYLD
LQWHQVDHOJUDQL]RODQLHYH«$XQTXHODQLHEODRODQLHYHSXHGDQSDUHFHUORV
HOHPHQWRV GH PD\RU ULHVJR SRU OD IDOWD GH YLVLELOLGDG R GH DGKHUHQFLD HV OD
SULPHUD OOXYLD R ´OORYL]QDµ OD TXH UHFRJH ORV GDWRV GH PD\RU DFFLGHQWDOLGDG
OHWDO0XFKRVFRQGXFWRUHVVHFRQItDQTXHMXQWRDODPH]FODGHORVDFHLWHVTXH
YDQWLUDQGRORVYHKtFXORVFRQYLHUWHQHVWDSULPHUDIDVHHQODPiVSHOLJURVD
7DPELpQ HQ OD FLXGDG H[LVWH XQ ULHVJR (Q ]RQD XUEDQD HO GH ORV
DFFLGHQWHV PRUWDOHV HVWiQ HQYXHOWRV HQ IDFWRUHV FOLPDWROyJLFRV DGYHUVRV \
WDPELpQ FRLQFLGH HQ HVWH FDVR OD OORYL]QD FRPR HO IDFWRU DPELHQWDO TXH PiV
LQFLGHHQORVVLQLHVWURVPRUWDOHV
$XPHQWDU OD SUHFDXFLyQ GXUDQWH ODV SULPHUDV IDVHV GH OOXYLD LQIRUPDUQRV
VREUH OD PHWHRURORJtD GXUDQWH ORV GHVSOD]DPLHQWRV LQYHUQDOHV H LQFUHPHQWDU
OD SUHYHQFLyQ \ HO PDQWHQLPLHQWR UHVXOWDQ FODYHV SDUD UHGXFLU HO ULHVJR HQ
QXHVWURVGHVSOD]DPLHQWRVWDQWRHQFDUUHWHUDFRPRHQ]RQDXUEDQD
6LWHQHPRVHQFXHQWDORVGDWRVPHQVXDOHVVHKDSURGXFLGRXQDXPHQWRHQOD
SURSRUFLyQGHIDOOHFLGRVHQORVPHVHVFRQPD\RUOOXYLDTXHFRQUHVSHFWRDODxR
DQWHULRUHQFRQFUHWRVXELHQGRSXQWRVHQHOSRUFHQWDMH
7DEODGHVLQLHVWURVSRUPHVHVGHRWRxRHLQYLHUQR
(QHUR
(QHUR
)HEUHUR
)HEUHUR
0DU]R
0DU]R
2FWXEUH
2FWXEUH
1RYLHPEUH
1RYLHPEUH
'LFLHPEUH
'LFLHPEUH
7RWDOPHVHVFRQOOXYLD
7RWDOIDOOHFLGRVDxR
UHVSHFWRGHOWRWDO
/DYLVLELOLGDGHQHOFDVRGHODFOLPDWRORJtDDGYHUVD
/DYLVLELOLGDGHQHOFDVRGHODFOLPDWRORJtDDGYHUVD
<D VH KD YLVWR FRPR OD IDOWD GH OX] HVWi SUHVHQWH HQ XQR GH FDGD WUHV
DFFLGHQWHV PRUWDOHV (Q HO FDVR GH OD FOLPDWRORJtD DGYHUVD HO GH ORV
DFFLGHQWHVPRUWDOHVVHSURGXFHQEDMRFRQGLFLRQHVDWPRVIpULFDVDGYHUVDVWDOHV
FRPR QLHEOD OOXYLD JUDQL]R QLHYH« -XQWR D OD REOLJDWRULD VHxDOL]DFLyQ
PHGLDQWHODVOXFHV\DVHDQDQWLQLHEODVFRPROXFHVFRQYHQFLRQDOHVGHFUXFHR
FDUUHWHUD KD\ TXH VXPDU OD YLVLELOLGDG TXH GHEH WHQHU HO FRQGXFWRU VREUH ODV
FLUFXQVWDQFLDVGHODYtD\ORPiVLPSRUWDQWHGHODVFRQGLFLRQHVGHOWUiILFR
(OWLHPSRGHUHDFFLyQ\ODGLVWDQFLDGHGHWHFFLyQUHVXOWDQIXQGDPHQWDOHVSDUD
UHGXFLU HO ULHVJR HQ ORV GHVSOD]DPLHQWRV LQYHUQDOHV 3RU HOOR PHMRUDU HO
VLVWHPD GH EDUULGR R OLPSLH]D GHO SDUDEULVDV GH QXHVWUR YHKtFXOR SXHGH
KDFHUQRV JDQDU XQ WLHPSR YLWDO DQDOL]DQGR WRGD OD LQIRUPDFLyQ UHFRJLGD \
DQDOL]DGD HQ GpFLPDV GH VHJXQGR TXH QRV SHUPLWD SRGHU GHWHQHU QXHVWUR
YHKtFXORDWLHPSRRHVTXLYDUHOSUREOHPD$GHPiVHOWLHPSRGHDOHUWDDQWHXQ
LPSUHYLVWR SXHGH SURYRFDU OD JUDYHGDG GHO DFFLGHQWH \D TXH QR WHQHPRV
WLHPSRGHGHWHQHUQXHVWURYHKtFXORRUHFXGLUODYHORFLGDGGHFROLVLyQ
3RU VX SDUWH H[WHULRU XQRV FULVWDOHV K~PHGRV \ VXFLRV SXHGHQ UHGXFLU
FRQVLGHUDEOHPHQWH OD YLVLyQ GHO FRQGXFWRU 3RU HVH PRWLYR ORV VLVWHPDV GH
OLPSLH]DGHORVFULVWDOHVWLHQHQJUDQLPSRUWDQFLDSDUDODVHJXULGDGGHOWUiILFR
(QOD]RQDLQWHULRUGHOKDELWiFXORFLUFXODUFRQORVFULVWDOHVHPSDxDGRVUHGXFHQ
ODLQIRUPDFLyQGHOWUiILFR\GHODYtD
/RVOLPSLDSDUDEULVDVGHXQWXULVPRGHEHQIXQFLRQDUSHUIHFWDPHQWHLQFOXVRHQ
ODVFRQGLFLRQHVPiVH[WUHPDVWDQWRGHIUtRFRPRGHVXFLHGDG/DVHVFRELOODV
GHEHQ VXSHUDU XQD PHGLD GH FLFORV GH EDUULGR )XHQWH %26&+ GH
HVWD PDQHUD ODV HVFRELOODV WHQGUtDQ XQD YLGD ~WLO FDSD] GH OLPSLDU XQD
VXSHUILFLHFRPSDUDEOHDFDPSRVGHI~WERO
0HFDQLVPR\IXQFLRQDPLHQWRGHOVLVWHPDOLPSLDSDUDEULVDV
0HFDQLVPR\IXQFLRQDPLHQWRGHOVLVWHPDOLPSLDSDUDEULVDV
8QVLVWHPDOLPSLDSDUDEULVDVFRQVWDFRPRPtQLPRGHXQPRWRUHOpFWULFRFRPR
SURSXOVRUXQPHFDQLVPRDUWLFXODGRORVEUD]RVRYDULOODVFRQODVHVFRELOODV\
XQ LQWHUUXSWRU HQ OD FROXPQD GH GLUHFFLyQ TXH JHQHUDOPHQWH YD FRPELQDGR
FRQ OD SRVLELOLGDG GH H[SXOVDU DJXD SDUD HO ODYDGR GHO SDUDEULVDV 'DGR TXH
XQD OOXYLD GpELO SXHGH GHVJDVWDU HO ILOR GH ODV HVFRELOODV DO SDVDU SRU ]RQDV
VHFDVODVSDXVDVGHEDUULGRSXHGHQFRQWURODUVHPHGLDQWHXQUHOpGHLQWHUYDORV
RPHGLDQWHXQVHQVRUGHOOXYLD
/D PD\RUtD GH ORV YHKtFXORV SRVHHQ OLPSLDSDUDEULVDV XQLGLUHFFLRQDOHV HQ ORV
TXHDPEDVYDULOODVVHPXHYHQHQODPLVPDGLUHFFLyQ(QHVWHFDVROD]RQDTXH
TXHGD OLPSLD HV PD\RU HQ HO ODGR GHO FRQGXFWRU TXH HQ HO GHO DFRPSDxDQWH
GRQGH QHFHVDULDPHQWH TXHGD XQ ERUGH VLQ SDVDU /RV OLPSLDSDUDEULVDV
ELGLUHFFLRQDOHVKDFHQTXHWDPELpQHQHOODGRGHODFRPSDxDQWHODOLPSLH]DVHD
FRPSOHWDSHURSRUORJHQHUDOUHTXLHUHQGRVPRWRUHVSURSXOVRUHVVHSDUDGRV\
VHXWLOL]DQVREUHWRGRSDUDFULVWDOHVJUDQGHVFRPRORVGHXQPRQRYROXPHQ
/RV OLPSLDSDUDEULVDV PRQREUD]R SRU HO FRQWUDULR HVWiQ PiV LQGLFDGRV SDUD
ORV YHKtFXORV FRQ SDUDEULVDV SHTXHxR \ GHMDQ VLQ EDUUHU XQD ]RQD
UHODWLYDPHQWH JUDQGH VDOYR TXH XQ FRQWURO GH GHVSOD]DPLHQWR HVSHFLDO
SURORJXH PHFiQLFDPHQWH HO EUD]R KDVWD ODV ]RQDV H[WHULRUHV DOWDV GHO
SDUDEULVDV
(O VLVWHPD FRQVWD SDUD VX IXQFLRQDPLHQWR GH XQ EUD]R R YDULOOD TXH HV HO
HOHPHQWR GH XQLyQ HQWUH OD SURSXOVLyQ GHO OLPSLDSDUDEULVDV \ OD HVFRELOOD /D
YDULOOD DSULHWD OD HVFRELOOD FRQWUD HO FULVWDO \ OD JXtD FRQ OD Pi[LPD H[DFWLWXG
SRVLEOH (Q ORV OLPSLDSDUDEULVDV FRQYHQFLRQDOHV ODV DUWLFXODFLRQHV GH ODV
HVFRELOODV VH HQFDUJDQ GXUDQWH HO EDUULGR GH OD DGDSWDFLyQ D OD FXUYDWXUD
FDPELDQWHGHOFULVWDO&XDQGRPHQRUHVHOMXHJRPHQRUHVODWHQGHQFLDDODV
YLEUDFLRQHV\VDOWRVGHODVHVFRELOODV
3DUD TXH XQD HVFRELOOD DFW~H FRQ HILFDFLD GHEHQ UHVSRQGHU D XQD VHULH GH
H[LJHQFLDV SUHYLDV TXH ODV SHUPLWD DGDSWDUVH D WRGDV ODV FLUFXQVWDQFLDV $Vt
ODVHVFRELOODVGHEHQVRSRUWDURVFLODFLRQHVH[WUHPDVGHWHPSHUDWXUDVHQWUHORV
& \ & H[SXHVWDV D OD UDGLDFLyQ VRODU GLUHFWD LQIOXHQFLDV TXtPLFDV GH
ORV DGLWLYRV GH ODYDGR KDVWD VRSRUWDUOD GXUH]D GH ORV H[FUHPHQWRV GHDYHV \
UHVLQDGHORViUEROHVDVtFRPRODVFDUJDVPHFiQLFDVFRPRVRQODGXUDFRUWH]D
GHTXLWLQDGHORVUHVWRVGHLQVHFWRVRHOKLHORVREUHHOSDUDEULVDV$GHPiVHO
R]RQRGHODLUH\ORVUD\RV89GHOVRODWDFDQODHVWUXFWXUDGHODJRPDTXHVH
YXHOYHiVSHUD\TXHEUDGL]D\VHDJULHWD3RUORWDQWRHOXVRGHGLVWLQWRVWLSRV
GHFDXFKRGHDOWRYDORUGHWHUPLQDGHVSXpVODFDOLGDG\VXUHVLVWHQFLD
8WLOL]DUHVFRELOODVGHEDMDFDOLGDGFRQGXFHDXQIXHUWHGHVJDVWHGHOFDQWRVREUH
HO FULVWDO FDXVDQGR UD\DV \ HVWUtDV $GHPiV HO UR]DPLHQWR FRQ HO SDUDEULVDV
DFDEDSRUUHGRQGHDUFRQUDSLGH]HOILOR6HJ~QODVGLVWLQWDVSUXHEDVUHDOL]DGDV
OD Pi[LPD FDOLGDG GH EDUULGR GH XQD HVFRELOOD VH PDQWLHQH GXUDQWH
DSUR[LPDGDPHQWH PHGLR DxR OR TXH HTXLYDOH DSUR[LPDGDPHQWH D FLFORVGHEDUULGR$SDUWLUGHHQWRQFHVHOUHVXOWDGR\ODFDOLGDGGHODOLPSLH]D
GLVPLQX\HQGHPDQHUDFRQVWDQWH
/D LQFLGHQFLD TXH WLHQH HO EDUULGR SRU ]RQDV VHFDV KDFH TXH OD UHVLVWHQFLD \
GXUDELOLGDGGHODVHVFRELOODVVHYHDPHUPDGDGHELGRDXQH[FHVLYRFRHILFLHQWH
GHUR]DPLHQWR
&RHILFLHQWHGHUR]DPLHQWR
&RHILFLHQWHGHUR]DPLHQWR
ˤK~PHGR VHFR 'HHVWHPRGRHOUR]DPLHQWR\FRQHOORHOGHVJDVWHHVKDVWDYHFHVLQIHULRU
DFRPRHQHOFDVRGHXQFULVWDOVHFR
/D HVFRELOOD HV HPSXMDGD VREUH HO FULVWDO FRQ OR FXDO HO ODELR FRUWDGR FRQ
SUHFLVLyQ GH XQD FHQWpVLPD GH PLOtPHWUR GHEH GHVOL]DUVH SRU HQFLPD GH XQD
ILQtVLPDSHOtFXODGHDJXD3DUDSRGHUGHVSOD]DUODHVFRELOODVREUHHOFULVWDOHQ
DPEDV GLUHFFLRQHV HQ ORV SXQWRV GH FDPELR GHEH LQFOLQDUVH GH PDQHUD
DXWRPiWLFD 3DUD HOOR VLUYH HO WDOyQ EODQGR \ IOH[LEOH 6L HVWD IXQFLyQ GH
LQFOLQDFLyQ HVWi SHUWXUEDGD DXPHQWD OD WHQGHQFLD D ODV YLEUDFLRQHV \
GLVPLQX\H FRQ UDSLGH] OD FDOLGDG GHO EDUULGR 3RU HVH PRWLYR OD FRQVWUXFFLyQ
GHODJRPDLQIOX\HGHPRGRGHFLVLYRVREUHHOFRPSRUWDPLHQWRGHLQFOLQDFLyQ
(OFRPSRUWDPLHQWRGHLQFOLQDFLyQGHEHPDQWHQHUVHHVWDEOHKDVWDKRUDVOR
TXH HTXLYDOH D WUHV YHUDQRV FHQWURHXURSHRV &XDQGR KDFH IUtR VH KD
GHPRVWUDGR TXH FRQ XQD JRPD GH EDMD FDOLGDG pVWD GLVPLQX\H GH PDQHUD
QRWDEOH \D D SDUWLU GH ORV & VREUH FHUR PLHQWUDV TXH HVWH HIHFWR QR
DSDUHFHKDVWDORV&EDMRFHURHQHOFDVRGHODV HVFRELOODVFRQHOGRUVRGH
JRPDEODQGD
(/862¢&8Ç1'2+$<48(&$0%,$5/26/,03,$3$5$%5,6$6"
(/862¢&8Ç1'2+$<48(&$0%,$5/26/,03,$3$5$%5,6$6"
¢&8Ç1'2+$<48(&$0%,$5/26/,03,$3$5$%5,6$6"
/RV DXWRPRYLOLVWDV QR VXHOHQ FDPELDU ORV OLPSLDSDUDEULVDV KDVWD TXH QR OHV
PROHVWDQODVYLEUDFLRQHVRHOEDUULGRGHDJXDQRVHSURGXFHGHIRUPDUHJXODU
$ PHQXGR ODV HVFRELOODV HVWiQ HQWRQFHV WDQ JDVWDGDV TXH \D QR SXHGHQ
OLPSLDUELHQHOFULVWDO\JUDQGHVIUDQMDVGHDJXDLPSLGHQODYLVLyQDXPHQWDQGR
HO ULHVJR ([LVWHQ XQRV LQGLFDGRUHV EiVLFRV SDUD VDEHU FXDQGR GHEHPRV
FDPELDU ODV HVFRELOODV VREUH WRGR DQWLFLSDQGR VX VXVWLWXFLyQ DQWHV GHYHUQRV
VRUSUHQGLGRVSRUXQSUREOHPD
(VWRVLQGLFDGRUHVGHFRQVXPR\VXVWLWXFLyQVHEDVDQHQODVQRUPDVGHHQVD\R
LQWHUQDFLRQDOHVYLJHQWHVHQWUHORVIDEULFDQWHVGHDXWRPyYLOHVHQWUHORVTXHVH
HQFXHQWUD%26&+
,QGLFDGRUHVGHFRQVXPR
QGLFDGRUHVGHFRQVXPR
RUHVGHFRQVXPR
862&255(&72)81&,21$0,(172(),&,(17(6,«
QRDSDUHFHQUD\DV
FRPR Pi[LPR DSDUHFHQ UD\DV SHUPDQHQWHV HQ HO FDPSR YLVXDO
H[WHULRU
(65(&20(1'$%/(&$0%,$5/$6(6&2%,//$66,«
FRPRPi[LPRDSDUHFHUD\DSHUPDQHQWHVHQHOFDPSRYLVXDOFHQWUDO
FRPRPi[LPRDSDUHFHQUD\DVSHUGXUDQWHVHQHOFDPSRYLVXDOH[WHULRU
RFRPRPi[LPRUD\DVQRSHUGXUDQWHVHQWRGRHOFDPSRYLVXDO
FRPRPi[LPRDSDUHFHQUD\DVSHUGXUDQWHVHQHOFDPSRYLVXDOH[WHULRU
R PXFKDV UD\DV SHUGXUDQWHVQR SHUGXUDQWHV GLVWULEXLGDV GH PRGR
XQLIRUPH
(6,035(6&,1',%/(&$0%,$5/$6(6&2%,//$66,«
DSDUHFHQVXSHUILFLHVGHDJXDTXHSHUGXUDQHQWRGDVODV]RQDV
DSDUHFHQYHORV
DSDUHFHQPDUFDVGHYLEUDFLRQHV
/DOLPSLH]DGHOSDUDEULVDVHOODYDGRHQORVSULPHURVHVWDGLRVGHODOOXYLD
/DOLPSLH]DGHOSDUDEULVDVHOODYDGRHQORVSULPHURVHVWDGLRVGHODOOXYLD
YDGRHQORVSULPHURVHVWDGLRVGHODOOXYLD
&XDQGRVHFRQHFWDHOOLPSLDSDUDEULVDVHQHOSULPHUHVWDGLRGHODOOXYLDVHXQH
OD VXFLHGDG TXH SHUPDQHFtD HQ HO SDUDEULVDV ODV JRWDV GH OOXYLD H LQFOXVR OD
VXFLHGDG TXH QRV H[SXOVDQ HO UHVWR GH YHKtFXORV FLUFXODQGR LQFOXVR YDULRV
PHWURV VLQ XQD FRPSOHWD LQIRUPDFLyQ /DV JRWDV GH OOXYLD GLVWULEXLGDV SRU OD
VXSHUILFLH GHO SDUDEULVDV GLVSHUVDQ OD OX] \ HO FRQGXFWRU QR YH QDGD /RV
UHVSRQVDEOHV VRQ ORV UHVWRV GH ORV DJHQWHV GH VHFDGR \ FHUDV GHO W~QHO GH
ODYDGRSDUWtFXODVGHQHXPiWLFRV UHVWRVGH LQVHFWRV\ SROYRGHOD FDO]DGD $O
FDER GH DOJ~Q WLHPSR WRGR HVWR IRUPD XQ UHYHVWLPLHQWR SHOLJURVR VREUH HO
FULVWDOGHOSDUDEULVDVSXGLHQGRUHGXFLUORVFULVWDOHVVXFLRVFRQVLGHUDEOHPHQWH
ODYLVLyQ\DXPHQWDQGRFRQHOORVLJQLILFDWLYDPHQWHHOULHVJRGHDFFLGHQWH
'H OD PLVPD IRUPD TXH FXDQGR QRV GLVWUDHPRV DO YRODQWH DQWH XQD OODPDGD
UHFRUULHQGR HQ XQ VHJXQGR XQD VHULH GH PHWURV VLQ DWHQFLyQ WHQHU XQDV
HVFRELOODV VXFLDV QRV LPSLGH YHU ODV FLUFXQVWDQFLDV GH OD YtD GH XQD IRUPD
HILFLHQWH FRQGXFLHQGR GHFHQDV GH PHWURV HQ FDUUHWHUD VLQ LQIRUPDFLyQ SDUD
SRGHUHYLWDUXQLPSUHYLVWRHQFDUUHWHUD
3DUD HYLWDU HVWD VLWXDFLyQ ORV YHKtFXORV GLVSRQHQ OtTXLGR OLPSLD SDUDEULVDV
FRQFHQWUDGRV TXH VH DxDGHQ DO GHSyVLWR GHO OLPSLDSDUDEULVDV \ TXH SHUPLWHQ
OLPSLDUXQFULVWDOWDQWRHOSDUDEULVDVFRPRODOXQDWUDVHUD0HGLDQWHFRPSOHMDV
SUXHEDV VH KDQ GHVDUUROODGR OLPSLD FULVWDOHV FRQFHQWUDGRV HVSHFLDOHV
GHVWLQDGRV H[SURIHVR SDUD HOLPLQDU ODV SHOtFXODV GH HVWH WLSR 'H OR TXH VH
WUDWD VREUH WRGR HV GH UHWLUDU FRQ UDSLGH] HVRV UHYHVWLPLHQWRV KLGUyIRERV HV
GHFLUORVTXHUHFKD]DQHODJXD7DPELpQHVLPSRUWDQWHTXHORVFRPSRQHQWHV
OLPSLDGRUHVQRFDXVHQOX]UHIOHMDGDHVGHFLUOX]GHVOXPEUDGRUD
6L WHQHPRV HQ FXHQWD ODV FDUDFWHUtVWLFDV GH HVWRV OLPSLDGRUHV KD\ TXH
FRQVLGHUDUODVFLUFXQVWDQFLDVTXHVHSURGXFHQHQRWRxRHLQYLHUQRSHULRGRVHQ
ORV TXH HV PX\ IUHFXHQWH ROYLGDU DxDGLU HO OLPSLD FULVWDOHV FRQFHQWUDGR
DGHFXDGR MXQWR FRQ XQ DQWLFRQJHODQWH 6L XWLOL]DPRV QDGD PiV TXH DJXD
FRUUHPRVHOULHVJRSRUXQDSDUWHGHQRWHQHUHOPLVPRHIHFWROLPSLDGRUTXH
XQFRQFHQWUDGR\HQVHJXQGROXJDUH[LVWHHOULHVJRGHFRQJHODFLyQGHODJXD
HQHOGHSyVLWRFRQHOFRQVLJXLHQWHSUREOHPDGHURWXUDGHOGHSyVLWR
<VREUHWRGRWHQHUHVSHFLDODWHQFLyQFXDQGRUHEDVDPRVDXQYHKtFXORSHVDGR
\D TXH VH SURGXFH XQ HIHFWR ´VSUD\µ
´VSUD\µ TXH QRV GHMD VLQ YLVLELOLGDG HQ XQ
PRPHQWR GH ULHVJR (VWDU SUHSDUDGR HQ HVWD PDQLREUD DXPHQWDQGR OD
YHORFLGDG
GH
ORV
OLPSLDSDUDEULVDV
\
OLPSLDQGRHOFULVWDOGHIRUPDSUHYLDPHMRUD
HVWDVLWXDFLyQ
6L WHQHPRV HQ FXHQWD ORV SUREOHPDV
GHULYDGRV GHO XVR GH ORV VLVWHPDV GH
OLPSLH]D GH ORV SDUDEULVDV KD\ TXH
FRQVLGHUDU ORV UHVXOWDGRV REWHQLGRV HQ ORV
DQiOLVLV HQ ODV ,QVSHFFLRQHV 7pFQLFDV GH
9HKtFXORV
HQ
VX
DSDUWDGR
GH
´$FRQGLFLRQDPLHQWR ([WHULRU FDUURFHUtD \
&KDVLVµ
'()(&726 (1 (/ 6,67(0$ '( /,03,$ < /$9$3$5$%5,6$6
/$9$3$5$%5,6$6 (1 /$6
,163(&&,21(65($/,=$'$6(1(67$&,21(6'(
,163(&&,21(65($/,=$'$6(1(67$&,21(6'(,79
(67$&,21(6'(,79(1(63$f$
,79(1(63$f$
(1(63$f$
,QVSHFFLyQ
,QVSHFFLyQ
,79 ,79
'HVFULSFLyQ
5HVXOWDGR
5HVXOWDGR
$QWLHPSRWUD '()/(9(
,79 ,79
'HD'HD 'HD 'HD
DxRV DxRV DxRV DxRV
'()*5$9( '()*5$9( GHDFRSODPLHQWR '()*5$9( '()/(9(
JXDUGDEDUURV
'()*5$9( /LPSLD\
'()/(9(
ODWHUDOHV
'()*5$9( 3URWHFFLyQ
'()/(9(
WUDVHUD
'()*5$9( 3XHUWDV
'()/(9(
\SHOGDxRV
'()*5$9( '()*5$9( '()*5$9( '()*5$9( PLHQWR
&DUURFHUtD '()/(9(
\FKDVLV
'LVSRVLWLYRV
ODYDSDUDEULVDV
ODYDSDUDEULVDV
$FRQGLFLRQD
PLHQWR([WHULRU
&DUURFHUtD\&KDVLV
'()*5$9( 3URWHFFLRQHV '()/(9(
5HWURYLVRUHV '()/(9(
'()*5$9( 6HxDOHVHQ '()/(9(
ORVYHKtFXORV
6RSRUWHH[W
UXHGDUHSXHVWR
9LGULRV GH'()/(9(
VHJXULGDG
727$/'()(&726/(9(6
727$/'()(&726*5$9(6
&216(-26(6&2%,//$6
&216(-26(6&2%,//$6
&XDQGRFLUFXODPRVHVWDPRVH[SXHVWRVDFXDOTXLHULPSUHYLVWRXQSHDWyQTXH
LUUXPSH HQ OD FDO]DGD XQD SDUDGD UHSHQWLQD XQD VHxDOL]DFLyQ YDULDEOH« (Q
HVWRV FDVRV GHWHFWDU HO SUREOHPD DQDOL]DU OD VLWXDFLyQ \ DFWXDU FRQ UDSLGH]
UHVXOWDQ EiVLFRV SDUD UHGXFLU HO ULHVJR 3RU GHVJUDFLD HO GH ORV
DFFLGHQWHVPRUWDOHVVHSURGXFHQEDMRFRQGLFLRQHVDWPRVIpULFDVDGYHUVDVWDOHV
FRPRQLHEODOOXYLDJUDQL]RQLHYH«
(Q FLUFXQVWDQFLDV GH OOXYLD UHVXOWD IXQGDPHQWDO FLUFXODU HQ SHUIHFWDV
FRQGLFLRQHVGHYLVLELOLGDGSDUDHOOR«
'HEHPRV WHQHU XQRV OLPSLDSDUDEULVDV HQ SHUIHFWR HVWDGR 5HYLVDUOR
SHULyGLFDPHQWH H LQFOXVR FDPELDUORV XQD YH] DO DxR HV OD PHMRU
JDUDQWtDGHXQIXQFLRQDPLHQWRFRUUHFWRHQWRGDVODVVLWXDFLRQHV
/tTXLGR OLPSLDSDUDEULVDV SDUD HO ODYDGR GHO FULVWDO HQ FRQGLFLRQHV GH
VXFLHGDG
3UHYHQLU HO YDKR LQWHULRU PHGLDQWH ORV VLVWHPDV GH FOLPDWL]DFLyQ
LQWHULRU
&2181$%8(1$9,6,%,/,'$'(,/80,1$&,Î1«
&2181$%8(1$9,6,%,/,'$'(,/80,1$&,Î1«
2EWHQGUiPD\RULQIRUPDFLyQGHOWUiILFR
5HGXFLUi OD IDWLJD VREUH WRGR EDMR FOLPDWRORJtD DGYHUVD \ FRQGXFFLyQ
QRFWXUQD
9HUiPHMRU\VHKDUiYHUPHMRU
$XPHQWDUiODGLVWDQFLDGHGHWHFFLyQ\WHQGUiXQPD\RUWLHPSRSDUDGHWHFWDU
HOLPSUHYLVWRTXHOHVXUMDHQODFDUUHWHUD
5HGXFLUiHOULHVJRGHVXIULUXQDFFLGHQWHSRUPDODYLVLELOLGDG
5HDOLFHUHYLVLRQHVSHULyGLFDVGHODLOXPLQDFLyQ\GHORVVLVWHPDVGHOLPSLH]DGH
ORVFULVWDOHVFRPRHVFRELOODVEUD]RV\YDULOODV
'(&Ç/2*23$5$81$%8(1$9,6,%,/,'$'(,/80,1$&,Î1
'(&Ç/2*23$5$81$%8(1$9,6,%,/,'$'(,/80,1$&,Î1
0DQWHQJD GXUDQWH WRGR HO DxR HO EXHQ HVWDGR GH ORV OLPSLDSDUDEULVDV
GHODySWLFDGHORVIDURV\ODLQWHQVLGDGGHODVOiPSDUDV
8Q
FRUUHFWR
PDQWHQLPLHQWR
SHULyGLFR
UHDOL]DGR
HQ
WDOOHUHV
HVSHFLDOL]DGRVDODUJDODYLGDGHOYHKtFXOR\RSWLPL]DVXUHQGLPLHQWR
(TXLSHHQVXYHKtFXOROiPSDUDVGHODUJDGXUDFLyQPHMRUDUiVXHILFLHQFLD
\VHDKRUUDUiFRVWHVGHVXVWLWXFLyQ
$XQTXH VH OH IXQGD XQD OiPSDUD VXVWLWX\D VLHPSUH ODV GRV ERPELOODV
\DTXHWUDEDMDQGHIRUPDVLPpWULFD\REWHQGUiODPHMRULOXPLQDFLyQ
&RQWUROHODDOWXUDGHORVIDURVFXDQGRFLUFXOHFRQXQPD\RUSHVR\KDJD
XQUHJODMHSHULyGLFDPHQWHSDUDXQDFRUUHFWDLOXPLQDFLyQ
(VFRQYHQLHQWHFDPELDUODVOiPSDUDVFDGDDxRVRNLOyPHWURV
0DQWHQJDOLPSLRHOSDUDEULVDV\ODOXQDGHIRUPDUHJXODU\DTXHHQFDVR
GH OOXYLD REWHQGUi XQD EXHQD YLVLELOLGDG GHVGH ODV SULPHUDV JRWDV GH
OOXYLD
(V FRQYHQLHQWH FDPELDU ODV HVFRELOODV DO PHQRU VtQWRPD GH PDO
IXQFLRQDPLHQWR
5HYLVH HO QLYHO GHO OtTXLGR OLPSLDSDUDEULVDV \ WHQJD HQ FXHQWD LQFOXLU
DOJ~QWLSRGHDQWLFRQJHODQWHSDUDHYLWDUSUREOHPDVGHIXQFLRQDPLHQWR
8Q~OWLPRFRQVHMR
/D EDMD LOXPLQDFLyQ \ ODV FRQGLFLRQHV FOLPDWROyJLFDV DGYHUVDV LQIOX\HQ
HQ OD DFFLGHQWDOLGDG HQ FDUUHWHUD \ HQ ]RQD XUEDQD 3RU HOOR HV PX\
LPSRUWDQWH H[WUHPDU OD SUHFDXFLyQ \ FLUFXODU FRQ XQ YHKtFXOR HQ SHUIHFWR
HVWDGR
HVWDGR
5HDO$XWRPyYLO&OXEGH(VSDxD
5HDO$XWRPyYLO&OXEGH(VSDxD
O&OXEGH(VSDxD
'HSDUWDPHQWRGH6HJXULGDG9LDO
