INNOVACIÓN TECNOLÓGICA Y COMPETITIVIDAD - E

,1129$&,Ï17(&12/Ï*,&$<&203(7,7,9,'$'$1È/,6,6
0,&52(&21Ï0,&2'(/$&21'8&7$(;3257$'25$(10e;,&2
6$/9$'25(675$'$<-2267+(,-6
'RFXPHQWRGHWUDEDMRQž0D\RGH
(GLWD ,QVWLWXWR GH $QiOLVLV ,QGXVWULDO\)LQDQFLHUR8QLYHUVLGDG&RPSOXWHQVHGH0DGULG
)DFXOWDGGH&LHQFLDV(FRQyPLFDV\(PSUHVDULDOHV&DPSXVGH6RPRVDJXDV
0DGULG
)D[
7HO
HPDLOMRRVW#FFHHXFPHV
,PSULPH6HUYLFLRGH5HSURJUDItDGHOD)DFXOWDGGH&LHQFLDV(FRQyPLFDV\(PSUHVDULDOHV
8&0
(VWHGRFXPHQWRSXHGHVHUUHFXSHUDGRDWUDYpVGH,17(51(7HQODVVLJXLHQWHVGLUHFFLRQHV
7KLVILOHLVDYDLODEOHYLDWKH,17(51(7DWWKHIROORZLQJDGGUHVVHV
KWWSZZZXFPHVEXFPFHHLDLI
KWWSQHWHFPFFDFXN:R3(FKWPO
³,1129$&,Ï17(&12/Ï*,&$<&203(7,7,9,'$'$1È/,6,6
0,&52(&21Ï0,&2'(/$&21'8&7$(;3257$'25$(10e;,&2´
6DOYDGRU(VWUDGDh \-RRVW+HLMVk ,QVWLWXWRGH$QiOLVLV,QGXVWULDO\)LQDQFLHUR
GHOD8QLYHUVLGDG&RPSOXWHQVH0DGULG
5(680(1
6HH[SORUDQORVIDFWRUHVDVRFLDGRVDOD HVWUXFWXUD\ FRQGXFWD WHFQROyJLFDTXHH[SOLFDQVLJQLILFDWLYDPHQWHODFRQGXFWD
H[SRUWDGRUDGH XQ FRQMXQWRGH HVWDEOHFLPLHQWRV PDQXIDFWXUHURVORFDOL]DGRV HQHO HVWDGR GH*XDQDMXDWR0p[LFR6H
UHDOL]DQ GLYHUVRV DQiOLVLV HVWDGtVWLFRV SDUD LQIHULU XQ SHUILO GH OD HPSUHVD H[SRUWDGRUD /D FRQGXFWD H[SRUWDGRUD VH
H[SOLFD HQ VX PD\RU SDUWH SRUIDFWRUHV HVWUXFWXUDOHVHQWUH ORVTXHVREUHVDOHQODSDUWLFLSDFLyQGH FDSLWDOH[WUDQMHUROD
HVSHFLDOL]DFLyQSURGXFWLYDGHODUHJLyQDQDOL]DGDDVtFRPRHOWDPDxRGHORVUHFXUVRVKXPDQRV\PRQHWDULRV6HHVSHUD
TXHODDXVHQFLDRSUHVHQFLDGHGLYHUVDVYDULDEOHVSXHGDHYLGHQFLDUODFRQGXFWDH[SRUWDGRUDSHURHVODLQWHQVLGDGODTXH
HVWi UHODFLRQDGD FRQ OD PD\RU SUREDELOLGDG H[SRUWDGRUD /RV UDQJRV PRGHVWRV GH JDVWRV HQ ELHQHV GH FDSLWDO
DFWLYLGDGHVGH,'\HQWUHQDPLHQWRDVRFLDGRDODSURGXFFLyQGHQRYHGDGORVQLYHOHVPHGLRVGHJDVWRVHQDGTXLVLFLyQ
GHWHFQRORJtDQRLQFRUSRUDGD\ORVYDORUHVVXSHULRUHVGHODLQWHQVLGDGGHLQJHQLHURVHQODSODQWLOODDIHFWDQIXHUWHPHQWH
ODSUREDELOLGDGH[SRUWDGRUD7DPELpQHOHQIRTXHDODLQWURGXFFLyQGHSRFRVSURGXFWRVQXHYRVDSDODQFDGRVFRQJDVWRV
HQPHUFDGRWHFQLDIDYRUHFHQODSUREDELOLGDGH[SRUWDGRUD&RQUHVSHFWRDODHGDGODGLYHUVLILFDFLyQHOSHUVRQDOHQ,'
OD LQWHQVLGDG HQ ODV YHQWDV GH QXHYRV SURGXFWRV \ ODV UHGHV H[WHUQDV SDUD ,' \ VHUYLFLRV WpFQLFRV QR VH HQFRQWUy
QLQJXQDUHODFLyQHVWDGtVWLFDPHQWHVLJQLILFDWLYDFRQODSUREDELOLGDGH[SRUWDGRUD$VtODFRQGXFWDWHFQROyJLFDUHYHODGD
UHIOHMD ODV ULJLGHFHV GHO VLVWHPD QDFLRQDO GH LQQRYDFLyQ 6H SURSRQH TXH D~Q FXDQGR ORV IDFWRUHV HVWUXFWXUDOHV \
WHFQROyJLFRVEULQGHQEXHQDLQIRUPDFLyQSDUDSUHGHFLUODFRQGXFWDH[SRUWDGRUDDOQLYHOGHODILUPDHQSDtVHVGHPHQRU
GHVDUUROORUHODWLYRORVIDFWRUHVWUDGLFLRQDOHVVLJXHQFRQWULEX\HQGRDH[SOLFDUODFRPSHWLWLYLGDG
'HVFULSWRUHV&RQGXFWDH[SRUWDGRUDIDFWRUHVHVWUXFWXUDOHV\WHFQROyJLFRV*XDQDMXDWR0p[LFR
$%675$&7
:HDQDO\VHVWUXFWXUDODQGWHFKQRORJLFDOUHODWHGIDFWRUVWKDWH[SODLQWKHH[SRUWEHKDYLRXU RIPDQXIDFWXUHHVWDEOLVKPHQWV
ORFDWHG LQ WKH 6WDWH RI *XDQDMXDWR 0H[LFR 6HYHUDO VWDWLVWLFDO DQDO\VHV DUH FDUULHG LQ RUGHU WR LQIHU D SURILOH RI WKH
H[SRUW ILUP ([SRUW EHKDYLRXU LV PRVWO\ H[SODLQHG E\ VWUXFWXUDO IDFWRUV DPRQJ WKHP IRUHLJQ FDSLWDO UHJLRQDO
SURGXFWLYHVSHFLDOL]DWLRQDQGVL]HPRQHWDU\DQGKXPDQUHVRXUFHVUDWLQJV$EVHQFHRUSUHVHQFHRIVHYHUDOIDFWRUVDUH
H[SHFWHG WR VKHG OLJKW RQ H[SRUW EHKDYLRXU EXW GLIIHUHQW UDQJHVWHQGWR FRQFHQWUDWH PDMRU H[SRUW SUREDELOLW\0RGHVW
UDQJHVRIFDSLWDOJRRGV5'DQGTXDOLILFDWLRQLQYHVWPHQWPHGLXPOHYHOVRIGLVHPERG\WHFKQRORJ\H[SHQGLWXUHVDQG
VXSHULRUYDOXHVRI HQJLQHHU LQWHQVLW\ HPSOR\PHQW VWURQJO\DIIHFWH[SRUWSUREDELOLW\)RFXVLQJRQDIHZQHZSURGXFWV
LQWURGXFWLRQ OHYHUDJHZLWKQHZ SURGXFWPDUNHWLQJ H[SHQGLWXUHVDOVR IDYRXUV H[SRUWSUREDELOLW\7KHLQIOXHQFHVKRZQ
E\DJH GLYHUVLILFDWLRQ SHUVRQQHO LQ5' QHZSURGXFWVDOHVLQWHQVLW\DQGH[WHUQDOQHWZRUNVIRU5'DQGWHFKQLFDO
VHUYLFHV VHHPV WR EH PDUJLQDO DQG VWDWLVWLFDOO\ QRQ VLJQLILFDQW 7KXV WHFKQRORJLFDO FRQGXFW UHYHDOHG UHIOHFWV PDLQ
ULJLGLWLHV LQ QDWLRQDO LQQRYDWLRQ V\VWHP :H SURSRVH WKDW GHVSLWH VWUXFWXUDO DQG WHFKQRORJLFDO IDFWRUV JLYH HQRXJK
LQIRUPDWLRQLQRUGHUWRSUHGLFWH[SRUWEHKDYLRXU DWDILUPOHYHOLQFRXQWULHVZLWKDUHODWLYHORZOHYHORIGHYHORSPHQW,Q
WKHVHFDVHVWUDGLWLRQDOIDFWRUVVWLOOFRQWULEXWHWRH[SODLQFRPSHWLWLYHQHVV
.H\ZRUGV([SRUW EHKDYLRXUVWUXFWXUDODQGWHFKQRORJLFDOIDFWRUV*XDQDMXDWR0H[LFR
h
'RFWRUDQGR SRU OD 8QLYHUVLGDG $XWyQRPD GH 0DGULG 3URJUDPD ,QWHUXQLYHUVLWDULR HQ (FRQRPtD \ *HVWLyQ GH OD ,QQRYDFLyQ \
3ROtWLFD7HFQROyJLFD%HFDULRGHO&RQVHMR1DFLRQDOGH&LHQFLD\7HFQRORJtDGH0p[LFR&RUUHRHOHFWUyQLFRVHUXDP#\DKRRFRPP[
k
3URIHVRU $VRFLDGR GHO 'HSDUWDPHQWR GH (FRQRPtD $SOLFDGD ,, \ VHFUHWDULRGHO,QVWLWXWRGH $QiOLVLV ,QGXVWULDO\)LQDQFLHURGHOD
8QLYHUVLGDG&RPSOXWHQVHGH0DGULG&RUUHRHOHFWUyQLFRMRRVW#FFHHXFPHV
/RV DXWRUHV TXLHUHQH[SUHVDUVXDJUDGHFLPLHQWRDO&RQVHMR GH&LHQFLD\7HFQRORJtDGH(VWDGRGH*XDQDMXDWR&21&<7(*SRU
KDEHU SURSRUFLRQDGR OD EDVH GH GDWRV GH OD(QFXHVWD VREUH ,QYHVWLJDFLyQ 'HVDUUROOR ([SHULPHQWDO 7HFQRORJtD ,QQRYDFLyQ \
9LQFXODFLyQHQHO(VWDGRGH*XDQDMXDWR
4XHUHPRVUHFRQRFHUHODSR\RSUHVWDGRSRUHOSURIHVRU0LNHO%XHVDTXLHQIXQJLyFRPRWXWRUGHOSUR\HFWR³)DFWRUHVH[SOLFDWLYRVGH
OD FRQGXFWD H[SRUWDGRUD HYLGHQFLD HPStULFD GHO FDVR PH[LFDQR´FRQ HO FXDO VH DFUHGLWy HO 'LSORPD GH (VWXGLRV $YDQ]DGRV HQ HO
3URJUDPD,QWHUXQLYHUVLWDULRGH'RFWRUDGRHQ(FRQRPtD\*HVWLyQGHOD,QQRYDFLyQ\3ROtWLFD7HFQROyJLFD(OSUHVHQWHWUDEDMRHVXQD
YHUVLyQUHYLVDGD\DPSOLDGDGHODPHPRULDGHLQYHVWLJDFLyQGHGLFKRSUR\HFWR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
,1752'8&&,Ï1
0p[LFR FRPR HO UHVWR GH SDtVHV GH $PpULFD /DWLQD VXIULy XQ SURFHVR GH
LQGXVWULDOL]DFLyQ SURGXFWRGHSROtWLFDVGHGHVDUUROORHFRQyPLFREDVDGRHQODVXVWLWXFLyQ
GH LPSRUWDFLRQHV (VWD LQGXVWULDOL]DFLyQ HVWXYR ILQDQFLDGD SRU HO VXSHUiYLW HQ HO VHFWRU
DJUtFRODHQXQSULPHUPRPHQWR\GHVSXpVFRQHQGHXGDPLHQWRH[WHUQRSURSLFLDGRSRUHO
KDOOD]JRGHLPSRUWDQWHVUHVHUYDVSHWUROHUDV6LQHPEDUJRODVIOXFWXDFLRQHVGHSUHFLRVGH
ORV HQHUJpWLFRV \ ODV DOWDV WDVDV GH LQWHUpV YROYLHURQ LQYLDEOH HVWD VHQGD 3DUD HYLWDU
LPSDJRV \ GHVHTXLOLEULRV HQ ODV ILQDQ]DV PXQGLDOHV ORV JUDQGHV RUJDQLVPRV GH FUpGLWR
DFRUGDURQ OOHYDU D HIHFWR XQD VHULH GH PHGLGDV GH DMXVWH HQ ODV HFRQRPtDV GHXGRUDV
UHFRJLGDV HQ XQ GRFXPHQWR GHQRPLQDGR &RQVHQVR GH :DVKLQJWRQ (VWDV SROtWLFDV GH
FRUWH RUWRGR[R DSHUWXULVWDV GHVUHJXODGRUDV SRU HO ODGR GHO FRPHUFLR \ OD FRPSHWHQFLD
UHVWULFWLYDVFRQUHVSHFWRDOJDVWRS~EOLFR\SURWHFFLRQLVWDVKDFLDHOSDWULPRQLRLQWHOHFWXDO
VHDSOLFDURQLQGLVFULPLQDGDPHQWHWHQLHQGRUHVXOWDGRVYDULRSLQWRV
3DUD HO FRQWH[WR PH[LFDQR ODV UHIRUPDV HVWUXFWXUDOHV GH DSHUWXUD KDQ SURSLFLDGR XQ
FUHFLPLHQWR DFHOHUDGR GHO VHFWRU H[SRUWDGRU \ GH VX GHVHPSHxR FRPSHWLWLYR 6LQ
HPEDUJR GH DFXHUGR FRQ &ODYLMR \ 9DOGLYLHVR ODV UHIRUPDV HVWUXFWXUDOHV GH OD
HFRQRPtD PH[LFDQD QR SXHGHQ FDOLILFDUVH VLQR GH ³SDUFLDOPHQWH´ H[LWRVDV HQ OD
UHFXSHUDFLyQ\HVWDELOL]DFLyQGHXQFUHFLPLHQWRVRVWHQLGR2WURVDXWRUHVHQIDWL]DQTXHVX
LPSOHPHQWDFLyQ KD WHQLGR DOWRV FRVWRV SDUD OD LQGXVWULD 8QJHU HQIDWL]D OD
GHVWUXFFLyQGHJUDQ SDUWHGHOWHMLGRHPSUHVDULDOGHHPSUHVDVSHTXHxDV\QDFLRQDOHV'H
DFXHUGR FRQ $ERLWHV ORV FDPELRV HQ HO UpJLPHQ GH SURSLHGDG LQGXVWULDO QR
FRQWULEX\HURQ D LQFHQWLYDU OD FDSDFLGDG LQYHQWLYD GHO HPSUHVDULDGR QDFLRQDO \ ODV
SDWHQWHV GH UHVLGHQWHV VH FRQYLUWLHURQHQ XQD EDUUHUD GH HQWUDGD8Q UHSRUWH UHFLHQWH GH
81,'2GHVWDFDHQODPLVPDOtQHDTXHORVHVIXHU]RVHQJHQHUDFLyQGHWHFQRORJtD
SURSLDPHGLDQWH OD,' VHKDQ GHWHULRUDGR &LPROL VHxDOD TXHVHIDYRUHFLyDORV
JUXSRVWUDQVQDFLRQDOHV\DORVJUDQGHVJUXSRVQDFLRQDOHVROLJRSyOLFRVHQSDUWLFXODUHQHO
VHFWRU DXWRPRWUL] \ TXtPLFR DGHPiV GH SURSLFLDU OD FRQVROLGDFLyQ GH XQ SDWUyQ GH
LQGXVWULDOL]DFLyQ H[SORWDGRU GH YHQWDMDV FRPSDUDWLYDV HVWiWLFDV DVRFLDGRV D ORV EDMRV
FRVWHV VDODULDOHV \ D HIHFWRV ORFDOL]DFLRQDOHV SRU OD FHUFDQtD D OD IURQWHUD FRQ (VWDGRV
8QLGRV
'DGDV HVWDV FRQGLFLRQHV WUDV OD DSHUWXUD H LQWHJUDFLyQ FRPHUFLDO FDEH SUHJXQWDUVH TXp
SDSHOMXHJDQORVIDFWRUHVFRPSHWLWLYRV QRDVRFLDGRV DOSUHFLR SDUD ORJUDUODHILFLHQFLD\
ELHQHVWDU HFRQyPLFRV (Q HFRQRPtDV DYDQ]DGDV H[LVWH HYLGHQFLD HPStULFD 'RVL HW DO
TXHVRQHVWRVIDFWRUHVORVTXHVRVWLHQHQODYHQWDMDFRPSHWLWLYDHQGHWULPHQWRGHORV
IDFWRUHV WUDGLFLRQDOHV GH SUHFLR DXQTXH pVWRV VLJXHQ H[SOLFDQGR DOJXQDV VLWXDFLRQHV
GRQGH OD HVWUXFWXUD GH FRVWRV \ ORFDOL]DFLyQ WLHQHQ PD\RU UHOHYDQFLD 3DUD HO UHVWR GH
SDtVHV HQ YtDV GH LQGXVWULDOL]DFLyQ VH WLHQH OD H[SHFWDWLYD TXH ODV FRQGLFLRQHV GH
FRPSHWHQFLDJOREDOVHDQXQDFLFDWHSDUDPDQWHQHUHVIXHU]RVTXHORVPDQWHQJDHQODVHQGD
TXHQRHQODIURQWHUDGHORVFDPELRVWHFQROyJLFRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
(O SUHVHQWH WUDEDMR WLHQH FRPR REMHWR DQDOL]DU OD LQIOXHQFLD TXH WLHQH OD GLPHQVLyQ
WHFQROyJLFD HQ HO GHVHPSHxR FRPSHWLWLYR GH OD HPSUHVD /D HYLGHQFLD HPStULFD TXH VH
SUHVHQWD HVWi EDVDGD HQ PLFUR GDWRV GH HPSUHVDV XELFDGDV HQ HO HVWDGR GH *XDQDMXDWR
0p[LFR9pDVH&XDGUR
&8$'52*8$1$-8$72&$5$&7(5Ë67,&$662&,2(&21Ï0,&$65(/(9$17(6
*XDQDMXDWRHVWiXELFDGRHQODSDUWHFHQWUDOGH0p[LFR6XVXSHUILFLHWHUULWRULDOHVGHNP
GH
ODGHOSDtV6XSREODFLyQHVGHPLOORQHVGHKDELWDQWHVGHORVFXDOHVHOVHFRQFHQWUDHQODViUHDV
XUEDQDV \ HO HV PHQRU GH DxRV ,1(*, /D SREODFLyQ HFRQyPLFDPHQWH DFWLYD HV GH PLOORQHV\ODWDVDGHDQDOIDEHWLVPRGHO/DUHQWDSURPHGLRHVGHGyO
DUHVDQXDOHVSHUFiSLWD
'RWDGRGHXQDGLYHUVLGDGGHUHFXUVRVQDWXUDOHVGXUDQWHODFRORQLDHVSDxROD*XDQDMXDWRIXHXQLPSRUWDQWH
FHQWUR PLQHUR DGHPiV GH TXH VXV IpUWLOHV SODQLFLHV SURSLFLDURQ ODV DFWLYLGDGHV DJUtFRODV\JDQDGHUDV /D
UXWDGHODSODWDIDYRUHFLyXQDJUDQDFWLYLGDGFRPHUFLDOLQWUDUHJLRQDOPLVPDTXHVHUHIRU]yFRQHOGHVDUUROOR
GH SHTXHxDV PDQXIDFWXUDV 'H DFXHUGR FRQ 5XL] 'XUiQ HO SDWUyQ GH GHVDUUROOR VHJXLGR SRU
*XDQDMXDWRHVWXYREDVDGRHQDFWLYLGDGHVWUDGLFLRQDOHV
3DUD*XDQDMXDWRUHSUHVHQWDEDODRFWDYDHFRQRPtDGHOSDtVFRQXQ3,%GHPLOORQHVGHGyODUHV
GHO3,%QDFLRQDO3RGHU(MHFXWLYR)HGHUDO/DLQGXVWULDPDQXIDFWXUHUDDSRUWDHOGHO
3,%HVWDWDO,1(*,/RVtQGLFHVGHHVSHFLDOL]DFLyQUHODWLYDUHIOHMDQTXH*XDQDMXDWRHVWiRULHQWDGRD
OD SURGXFFLyQ GH DOLPHQWRV EHELGDV \ WDEDFR SUHSDUDFLyQ GH IUXWDV \ OHJXPEUHV \ RWURV SURGXFWRV
DOLPHQWLFLRVWH[WLOHVYHVWLGR\FXHURFRQIHFFLyQFDO]DGR6XVWDQFLDVTXtPLFDV\GHULYDGRVGHOSHWUyOHR
FDXFKR\ SOiVWLFRSURFHVDPLHQWRGHSHWUyOHR\VXV GHULYDGRV\TXtPLFD EiVLFDSURGXFWRVPLQHUDOHVQR
PHWiOLFRV PDWHULDOHV DVRFLDGRV D OD FRQVWUXFFLyQ UHVLGHQFLDO *RGtQH] (QWUH ODV H[SRUWDFLRQHV
VREUHVDOHQODVKRUWDOL]DVORVDXWRVODVFRQVHUYDVODVSUHQGDVGHYHVWLUORVDSDUDWRV\PDWHULDOHVHOpFWULFRV
ODVVXVWDQFLDVTXtPLFDV\ ORVSURGXFWRVFHUiPLFRV
5HVSHFWR DOUHVWRGHOSDtV*XDQDMXDWR KD WHQLGRXQFUHFLPLHQWRGLQiPLFRWUDVODVUHIRUPDVHVWUXFWXUDOHV
70$&8QH[DPHQGHVXVSROtWLFDVLQGXVWULDOHV\WHFQROyJLFDVIUHQWHDODDSHUWXUDOR
FDOLILFDFRPRXQHVWDGRHQSURFHVRGHUHFRQYHUVLyQLQGXVWULDO5XL]'XUiQ
(VWHDUWtFXORGHVDUUROODXQWUDWDPLHQWRHVWDGtVWLFREDVDGRHQODVGLIHUHQFLDVVLJQLILFDWLYDV
HQWUH GRV JUXSRV GH HPSUHVDV H[SRUWDGRUDV \ QR H[SRUWDGRUDV FRQRFLHQGR VXFRQGXFWD
H[DQWH 3ULPHUR VH DERUGD HO PDUFR WHyULFR \ HPStULFR VREUH OD HYLGHQFLD H[LVWHQWH
UHVSHFWRDODFRQGXFWDH[SRUWDGRUDDVRFLDGDDODLQQRYDFLyQGHVGHHOSXQWRGHYLVWDGHOD
WHRUtDHYROXFLRQLVWD6LODFRPSHWLWLYLGDGVLVWpPLFDGHODHFRQRPtDVHEDVDFDGDYH]PiV
HQ IDFWRUHV WHFQROyJLFRV pVWRV WLHQHQ TXH DSRUWDU LQIRUPDFLyQ SDUD H[SOLFDU OD
SUREDELOLGDGGHHQFRQWUDUXQDFRQGXFWDH[SRUWDGRUDDOQLYHOGHODVHPSUHVDVD~QHQXQD
HFRQRPtD GH LQGXVWULDOL]DFLyQ UHFLHQWH 3DUD FRPSUREDU OD VLJXLHQWH KLSyWHVLV VH UHDOL]D
XQ EUHYH UHSDVR VREUH ORV UHVXOWDGRV TXH KD DUURMDGR OD OLWHUDWXUD HPStULFD UHFLHQWH $
FRQWLQXDFLyQ VH SUHVHQWDQ ODV FDUDFWHUtVWLFDV GH OD IXHQWH GH LQIRUPDFLyQ DVt FRPR XQD
EUHYHGHVFULSFLyQGHODPHWRGRORJtDGHDQiOLVLVDVHJXLU6HFFLyQ6REUHQXHVWUDEDVH
GHGDWRVVHKDFHXQDQiOLVLVH[SORUDWRULRFRQVLVWHQWHHQXQWHVWGHGLIHUHQFLDVGHPHGLDV
HQWUHHPSUHVDVH[SRUWDGRUDV\QRH[SRUWDGRUDVDVtFRPRGLYHUVRVWHVWVGH DVRFLDFLyQFRQ
DOJXQDV YDULDEOHV H[SOLFDWLYDV SDUD VHOHFFLRQDU ODV YDULDEOHV TXH PHMRU GLVFULPHQ HQWUH
DPERV WLSRV GH HPSUHVD 6HFFLyQ D ILQ GH GHVDUUROODU HQ XQ VHJXQGR SDVR XQ
PRGHORPXOWLYDULDQWHTXHWUDWHGHUHFRJHUORVHIHFWRVGHORVIDFWRUHV WHFQROyJLFRVVREUHOD
FRQGXFWD H[SRUWDGRUD 6HFFLyQ $O ILQDO VH REWLHQH XQD HFXDFLyQ TXH SHUPLWH
SUHGHFLUFRQXQDEXHQDILDELOLGDGODSUREDELOLGDGH[SRUWDGRUDGHXQDHPSUHVDDSDUWLUGH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
YDULDEOHVHVWUXFWXUDOHV\WHFQROyJLFDV/DYDULDELOLGDGGHODSUREDELOLGDGH[SRUWDGRUDVH
UHFRJHHQSRFRPiVGHOGRQGHORVIDFWRUHVHVWUXFWXUDOHVWLHQHQPD\RUSHVRIUHQWHD
ORVWHFQROyJLFRV
(QODVHFFLyQODHYLGHQFLDSUHVHQWDGDQRVSHUPLWHFRQFOXLUTXHODFRQGXFWDH[SRUWDGRUD
VHH[SOLFDHQDOJXQDPHGLGD SRUORVIDFWRUHVWHFQROyJLFRVD~QHQHFRQRPtDVHPHUJHQWHV
'HVDIRUWXQDGDPHQWH HQ HO PRGHOR QR FRQWDPRV FRQ YDULDEOHV TXH SXHGDQ XVDUVH SDUD
H[SOLFDU OD FRQGXFWD GH DFXHUGR FRQ OD WHRUtD PiV FRQYHQFLRQDO HVWR HV GLIHUHQFLDO GH
FRVWRVGHODPDQRGHREUD WLSRGHFDPELR\RWUDVYHQWDMDVFRPSDUDWLYDVORFDOL]DFLRQDOHV
D~Q FXDQGRHQQXHVWURWUDEDMR VXVHIHFWRVHVWiQFRQWURODGRV SRU TXH WRGDVODVHPSUHVDV
SURYLHQHQGHODPLVPDUHJLyQ&UHHPRVTXHHVWDVYDULDEOHVVLJXHQWHQLHQGRLPSRUWDQFLD
SHUR TXH QR EDVWDQSRU VtVRODVSDUD H[SOLFDUWRWDOPHQWHODGHFLVLyQH[SRUWDGRUD GHXQD
HPSUHVD
0$5&27e25,&2
([SRUWDFLRQHV&RPSHWLWLYLGDGH,QQRYDFLyQ7HFQROyJLFD
/D FRPSHWLWLYLGDG KD RULJLQDGR GLYHUVDV SROpPLFDV UHVSHFWR D VX VLJQLILFDGR 3DUD
DOJXQRVVyORHVFXHVWLyQGHSURGXFWLYLGDG.UXJPDQSODQWHDTXHODH[SOLFDFLyQGHO
GHVHPSHxR GH OD HFRQRPtD QDFLRQDO EDVDGR HQ OD FRPSHWHQFLD HQ HO PHUFDGR
LQWHUQDFLRQDOHVSXUDUHWyULFDSDUDRFXOWDUODYHUGDGHUDIXHQWHGHFRPSHWLWLYLGDGTXHQRHV
VLQRODSURGXFWLYLGDG3RUVXSDUWH3RUWHUGHVWDFDTXHODEDVH~OWLPDGHODYHQWDMD
FRPSHWLWLYDGHODQDFLRQHVHVODSURGXFWLYLGDGGHODLQGXVWULDGRPpVWLFD6LQHPEDUJRHO
FRQFHSWR GH FRPSHWLWLYLGDG VH KD YHQLGR RSHUDFLRQDOL]DQGR FRPR OD HVWUXFWXUD
H[SRUWDGRUDTXHUHIOHMDYHQWDMDVHQODHVWUXFWXUDGHFRVWRV%XHVD\0ROHUR(VWD
YLVLyQHVWiEDVDGDHQODLQWHUSUHWDFLyQPiVRUWRGR[DGHOFRPHUFLRLQWHUQDFLRQDOWHQLHQGR
EDVHVHQORVWUDEDMRVGH5LFDUGR\+HFNVFKHU2KOLQ+HFNVFKHU
/DVH[SRUWDFLRQHVGHXQSDtVUHIOHMDQODHILFLHQFLDSURGXFWLYDGHVXHFRQRPtDDVtFRPRHO
HVWDGR GH OD HVWUXFWXUD LQGXVWULDO SURGXFWR GH VX KLVWRULD SURGXFWLYD OD VLWXDFLyQ GH OD
UHHVWUXFWXUDFLyQLQGXVWULDOLQWHUQDFLRQDO\ODVYHQWDMDVFRPSHWLWLYDVDFWXDOHV/RVLQJUHVRV
GHULYDGRVGHODVH[SRUWDFLRQHV\ODQDWXUDOH]DGHORVSURGXFWRVH[SRUWDEOHVVHDVRFLDQDO
GHVHPSHxR FRPSDUDWLYR GH ODV HFRQRPtDV $O LQWHULRU GHO SDtV OD RIHUWD H[SRUWDGRUD
UHYHOD OD VLWXDFLyQ GH ORV IDFWRUHV GH SURGXFFLyQ ODV FDSDFLGDGHV FRQRFLPLHQWRV \
KDELOLGDGHVDFXPXODGRVODVGHFLVLRQHVLQYHUVRUDVSDVDGDVORVDUUHJORVLQVWLWXFLRQDOHVHO
HVIXHU]RLQQRYDGRUODGLIXVLyQLQWHUQDFLRQDOGHWHFQRORJtD\ODVFRQGLFLRQHVGHULYDOLGDG
\ FRRSHUDFLyQ LQWUDLQGXVWULDO H LQWHUHPSUHVDULDO (Q OD ySWLFD H[WHULRU ODV H[SRUWDFLRQHV
SHUPLWHQ GHVYHODU ODV HVWUDWHJLDV JOREDOHV GH FRPSHWHQFLD GH HPSUHVDV WUDVQDFLRQDOHV
SDUDH[SORWDUYHQWDMDVGHORFDOL]DFLyQHVFDODRDOFDQFHSRULQWHJUDFLyQRGLYHUVLILFDFLyQ
GHODSURGXFFLyQGHVXVILOLDOHV\VXUHODFLyQFRQORVPHUFDGRVORFDO\UHJLRQDOHV'LFKDV
HVWUDWHJLDV FRQWULEX\HQDODUHHVWUXFWXUDFLyQLQWHUQDFLRQDOGHODVDFWLYLGDGHVHFRQyPLFDV
WDQWRGHORVSDtVHVGHRULJHQFRPRGHGHVWLQR
6LODFRPSHWLWLYLGDGGHORVSDtVHVVHDVRFLDDVXVH[SRUWDFLRQHVQRVHQFRQWUDPRVFRQXQD
VHULH GH IHQyPHQRV FRPSOHMRV GLItFLOPHQWH H[SOLFDGRV VyOR SRU OD VLWXDFLyQ GH ORV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
IDFWRUHVFRPRKDQVLGRHOGLIHUHQFLDOGHSUHFLRVODHVWUXFWXUDGHFRVWRVRODDEXQGDQFLD
UHODWLYDGHUHFXUVRV
4XHHOSURJUHVRWHFQROyJLFRKDWHQLGRXQJUDQLPSDFWR VREUHODHILFLHQFLDHFRQyPLFDKD
VLGRUHFRQRFLGRGHVGHVLHPSUHHQODKLVWRULDGHOSHQVDPLHQWRHFRQyPLFR6LQHPEDUJRQR
KD VLGR VXILFLHQWHPHQWH HVWXGLDGR VLQR KDVWD KDFHSRFRV DxRVFRQ HOUHFRQRFLPLHQWR GH
TXH HV XQ HOHPHQWR FRQVWLWXWLYR GHO SURJUHVR HQGyJHQR GH FUHFLPLHQWR \ GHVDUUROOR
HFRQyPLFR+DVLGR6FKXPSHWHUTXLHQKDIRUPXODGRTXHHOPRWRUGHOGHVDUUROOR
HFRQyPLFR\GHOFDPELRHVWUXFWXUDOHVODLQQRYDFLyQ8QSURFHVRTXHYDPiVDOOiGHODV
WXUEXOHQFLDVPDFURHFRQyPLFDV\IOXFWXDFLRQHVGHODGHPDQGD\TXHOOHYDDODHFRQRPtDD
URPSHUFRQVX³FRUULHQWHFLUFXODU´(VWHSURFHVRVHGHVDWDFRQODDFWLYLGDGGHUHFRPELQDU
HQIRUPDLQpGLWDUHFXUVRVSDUDODSURGXFFLyQGHWDOIRUPDTXHVHSURGX]FDXQDJDQDQFLD
H[WUDRUGLQDULD GH HILFLHQFLD DO LPSXWDU HO YDORU GH ORV PHGLRV GH SURGXFFLyQ D VXV
DQWLJXRVXVRV
(O FUHFLPLHQWR GHO SURGXFWR QR VyOR VH GHEH D OD GLIHUHQWH LQWHQVLGDG HQ HO XVR GH ORV
IDFWRUHVVLQRDTXHVHREWLHQHQUHQGLPLHQWRVPiVTXHSURSRUFLRQDOHVSRUVXH[SORWDFLyQ
6RORZGHWDOIRUPDTXHFXHQWDQRVyORODFDQWLGDGVLQRODFDOLGDGGHORVLQVXPRV
SURGXFWLYRV$TXHOORTXHDIHFWDODFDOLGDG\HOGHVHPSHxRGHORVIDFWRUHVSURGXFWLYRVQR
HVVLQRHOFDPELRWpFQLFR/DQXHYDWHRUtDGHOFUHFLPLHQWRDVtORUHFRQRFH\ORDWULEX\HDO
DSUHQGL]DMH SURGXFWLYR HQ OD SUiFWLFD 5RPHU DO HVIXHU]R WHFQROyJLFR TXH
UHDOL]D FDGD HFRQRPtD *URVVPDQ \ +HOSPDQ D ODFDOLGDG GHVXFDSLWDO KXPDQR
/XFDVDVtFRPRDODLQIUDHVWUXFWXUD%DUUR
$QWH HVWRV HQIRTXHV OD WHRUtD FRQYHQFLRQDO GHO FRPHUFLR LQWHUQDFLRQDO KD VLGR
IXHUWHPHQWH FXHVWLRQDGD /RV GHWHUPLQDQWHV TXH LGHQWLILFD FRPR SURSXOVRUHV GH OD
DFWLYLGDG FRPHUFLDO VRQ OD GLIHUHQWH GRWDFLyQ GH IDFWRUHV \ HQ VX FRQVHFXHQFLD VXV
SUHFLRV UHODWLYRV HQ FDGD HFRQRPtD +HFNVFKHU (VWR HV OD YHQWDMD UHODWLYD HQ
FRVWHV5LFDUGR
$~Q SXGLHQGR PDQWHQHU HO VXSXHVWR GH TXH OD GRWDFLyQ GH UHFXUVRV VHD HVWiWLFD ODV
GLYHUVDVFRPELQDFLRQHVH[SORWDGDVIXQFLRQHVGHSURGXFFLyQQRKRPRJpQHDVSXHVWRTXH
LQFRUSRUDQSURJUHVRWpFQLFROOHYDUtDQSRUGLYHUVRVFDPLQRVGHDSUHQGL]DMHSURGXFWLYR
DGHPiV GH DXPHQWDU KHWHURJpQHDPHQWH OD FDOLGDG GH ORV PLVPRV SRU HIHFWR GH OD
HGXFDFLyQODIRUPDFLyQWpFQLFDODLQYHVWLJDFLyQ\ODGLVSRQLELOLGDGGHLQIUDHVWUXFWXUDOR
FXDO UHSHUFXWLUtD HQ OD HVWUXFWXUD GH FRVWHV GH WDO IRUPDTXH VHOOHJDUtDQDPRGLILFDU ODV
YHQWDMDV UHODWLYDV LQLFLDOHV (QWRQFHV SRGHPRV HVSHUDU TXH HO FRPHUFLR QR VHD XQ
IHQyPHQR GHWHUPLQtVWLFR GHELGR D TXH HYROXFLRQD MXQWR FRQ HO FDPELR WpFQLFR HO FXDO
WLHQGHDPRGLILFDUWHPSRUDOPHQWHODVYHQWDMDVUHODWLYDVHQFRVWRV(VWHSDWUyQIXHGHVFULWR
FRQ 3RVQHU TXLHQ QRPEUy D OD UHGXFFLyQ WHPSRUDO HQ ORV FRVWRV XQLWDULRV FRPR
HFRQRPtDVGHHVFDODGLQiPLFDVeVWDVVHSURGXFHQSRUODGLIXVLyQGHOSURJUHVRWpFQLFROD
H[SHULHQFLDSURGXFWLYD\ODLQQRYDFLyQ
(OFDPELRHQODFDOLGDG\HVWUXFWXUDGHFRVWHVGHORVIDFWRUHVGHSURGXFFLyQLQFLGHHQVX
XVR UHODWLYR GH WDO IRUPD TXH XQ PLVPR SURGXFWR SXHGH SURGXFLUVH FRQ GLIHUHQWHV
GRWDFLRQHV\H[SORWDUODVYHQWDMDVWHPSRUDOHVFUHDGDV HQFDGDVLWXDFLyQ/DLQWHQVLGDGHQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
HOXVRGHORVIDFWRUHVWDPELpQHYROXFLRQD\SURYRFDTXHODSURGXFFLyQGHXQELHQHPLJUH
HQEXVFDGHHFRQRPtDVGHHVFDODGLQiPLFDV(VWDVLWXDFLyQGHPRYLOLGDGKDVLGRUHFRJLGD
HQOD7HRUtDGHO&LFORGH9LGDGHO3URGXFWR 9HUQRQ(QHVWHHVTXHPDH[LVWHXQD
MHUDUTXtD GH SDtVHV GH WDO VXHUWH TXH HO SDtV TXH LQLFLD OD DFWLYLGDG FRPHUFLDO HV HO
LQQRYDGRU\HOUHVWRSDUWLFLSDGHDFXHUGRDVXQLYHOGHGHVDUUROORSURJUHVLYDPHQWHGHVX
LPSRUWDFLyQSURGXFFLyQ\H[SRUWDFLyQPHUFHGDODGLIXVLyQWHFQROyJLFD
(VWDV EDVHVWHyULFDVKDQVLGR UHWRPDGDV SRU ORV HFRQRPLVWDV HYROXFLRQLVWDVTXLHQHVKDQ
HQFRQWUDGR TXH OD WHFQRORJtD HV XQ IDFWRU FODYH HQ OD H[SOLFDFLyQ GHO SDWUyQ GH
HVSHFLDOL]DFLyQFRPHUFLDOHQWUH VHFWRUHV\SDtVHV GHHFRQRPtDVDYDQ]DGDV 6RHWH
HQFRQWUy SDUD ORV SDtVHV GH OD 2&'( XQD UHODFLyQ VLJQLILFDWLYD HQWUH SDWUyQ GH
HVSHFLDOL]DFLyQ FRPHUFLDO LPSRUWDQFLD UHODWLYD GH ODV H[SRUWDFLRQHV HQ XQ VHFWRU \ OD
LQWHQVLGDG WHFQROyJLFD DFWLYLGDG SDWHQWDGRUD UHODWLYD HQ ORV (VWDGRV 8QLGRV 3RU VX
SDUWH 'RVL 3DYLWW \ 6RHWH GHVDUUROODURQ XQD WHRUtD GHO FRPHUFLR EDVDGD HQ HO
FRQWHQLGRWHFQROyJLFR&RQVLGHUDQGRODWHRUtDGHOD³EUHFKDWHFQROyJLFD´GDQFXHQWDGHOD
HYROXFLyQGHOFRPHUFLRDVRFLDGDDODVPRGLILFDFLRQHVHQODWHFQRORJtD$UJXPHQWDQTXH
ORVSULQFLSDOHVHIHFWRVGHOFDPELRWHFQROyJLFRVREUHODHVSHFLDOL]DFLyQVHUHIOHMDQHQTXH
ODVLQQRYDFLRQHVSURYHHQDORVSDtVHV\VHFWRUHVFRQYHQWDMDVFRPSDUDWLYDVPiVIXHUWHV\
GXUDGHUDVTXHDTXpOODVTXHVHEDVDQ HQFRVWRVODERUDOHVXQLWDULRV)DJHUEHUJ'RVL
HWDO:DNHOLQ
$ OD OX] GH ORV DQWHULRUHV DQWHFHGHQWHV DO QLYHO GH OD HPSUHVD ORV HIHFWRV GHO FDPELR
WHFQROyJLFR VREUH HO SDWUyQ FRPHUFLDO TXH SRGHPRV HVSHUDU HV TXH OD JHQHUDFLyQ GH
LQQRYDFLRQHV OOHYH D XQ PRQRSROLR WHPSRUDO KDVWD OOHJDU D XQD VLWXDFLyQ HQ TXH OD
SURJUHVLYD HURVLyQ GH OD WDVDV GH JDQDQFLD SRU SURGXFWRUHV GRPpVWLFRV PRWLYHQ OD
DSHUWXUD GH QXHYRV PHUFDGRV HQ HO H[WHULRU 'H DFXHUGR FRQ OD WHRUtD HYROXWLYD GH OD
LQWHUQDFLRQDOL]DFLyQ $ORQVR ORVDOWRV FRVWRV GH WUDQVDFFLyQ\ODVGLILFXOWDGHVGH
FRRUGLQDFLyQFRQLQWHUPHGLDULRV\HQWUDGDGHULYDOHVHQORVPHUFDGRVIRUiQHRVREOLJDUiQ
DO LQQRYDGRU D PRYLOL]DU VX H[SHULHQFLD SURGXFWLYD KDFLD QXHYDV SOD]DV (VWD LQYHUVLyQ
GLUHFWDHQHOH[WHULRULUiDFRPSDxDGDGHWUDQVIHUHQFLDGHFRQRFLPLHQWRVSURGXFWLYRVTXH
GDGDV ODV LPSHUIHFFLRQHV GH PHUFDGR WHQGUiQ GHUUDPDV KDFLD ODV HFRQRPtDV UHFHSWRUDV
(V SUREDEOH TXH ORV FRVWRV UHODWLYRV HQ HVWRV RWURV SDtVHV KDJDQ PiV IDYRUDEOH OD
LPSRUWDFLyQ TXH OD SURGXFFLyQ GRPpVWLFD HQ HO SDtV RULJLQDULR GH OD LQQRYDFLyQ < TXH
SRUHIHFWRGHODGLIXVLyQLQFOXVR\DQDGDUHQWDEOHUHWHQHUODSURGXFFLyQHQODHVWUXFWXUD
WUDVQDFLRQDOGHOLQQRYDGRU\GHMDUTXHFRPSHWLGRUHVGHOSDtVUHFHSWRUGHODLQYHUVLyQR
LQFOXVRSURGXFWRUHVGHWHUFHURVSDtVHVFRQFRVWRVPDUJLQDOHVLQIHULRUHVVHHVSHFLDOLFHQHQ
HVWDDFWLYLGDG
'HDTXtVHYLVOXPEUDQWUHVVLWXDFLRQHVHQTXHODVHPSUHVDVSXHGDQSUHVHQWDUXQDPD\RU
SUREDELOLGDGGHWHQHUXQDFRQGXFWDH[SRUWDGRUD
(PSUHVDVTXHSRUVXVXSHULRULGDGWHFQROyJLFD\FDSDFLGDGLQQRYDGRUDH[SRUWDQ
(PSUHVDVFRQXQEXHQQLYHOWHFQROyJLFRTXHH[SRUWDQKDFLDRWUDVVXEVLGLDULDVRD
VXFDVDPDWUL]
(PSUHVDV FRQ WHFQRORJtD HVWDEOH \ FDSDFLGDG DGDSWDWLYD TXH H[SRUWDQ SRU VX
PHQRUHVWUXFWXUDGHFRVWRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
5HYLVLyQFUtWLFDGHORVLQGLFDGRUHVXWLOL]DGRVHQHVWXGLRVHPStULFRV
,QWURGXFFLyQ
3DUD SDtVHV LQGXVWULDOL]DGRV OD WHRUtD HYROXFLRQLVWD KD PRVWUDGR TXH HO GHVHPSHxR
FRPSHWLWLYR SXHGHDVRFLDUVH DFDUDFWHUtVWLFDVREVHUYDEOHVGHOD FRQGXFWDWHFQROyJLFDHQ
SDUWLFXODU D DTXHOODV DFWLYLGDGHV HQFDPLQDGDV DO DSUHQGL]DMH H LQQRYDFLyQ WHFQROyJLFRV
)UHHPDQ 'RVL \ )DELDQL 6L ELHQ HVWi HYLGHQFLD VH KD PRVWUDGR DO QLYHO GH
LQGXVWULDV \ SDtVHV FRPR SRU HMHPSOR PHGLDQWH OD DVRFLDFLyQ SRVLWLYD HQWUH OD
SDUWLFLSDFLyQ HQ HO PHUFDGR PXQGLDO GH H[SRUWDFLRQHV \ ORV HVIXHU]RV LQQRYDGRUHV
QDFLRQDOHVODLQWHUUHODFLyQQRKDVLGRGHOWRGRVDWLVIDFWRULDHQHOiPELWRGHODVHPSUHVDV
:DNHOLQ
/D FRQGXFWD H[SRUWDGRUD VH KD WUDWDGR HQ ORV WUDEDMRV HPStULFRV FRPR HO UHVXOWDGR GH
PRGHORV TXH LQFOX\HQ XQ FRQMXQWR GH DWULEXWRV HVWUXFWXUDOHV FRQGXFWXDOHV \ GH
GHVHPSHxRGHODHPSUHVDEDMRODH[SHFWDWLYDGHTXHWLHQHQDOJXQDLQIOXHQFLD\SHVRVREUH
ODGHFLVLyQH[SRUWDGRUD(QHVWRVHVWXGLRVVHWRPDFRPRXQLGDGGHDQiOLVLVDODHPSUHVD
LQGLYLGXDO\DTXHVHUHFRQRFHTXHHVDHVWHQLYHODOFXDOVHLQFRUSRUDHOFRQRFLPLHQWRVH
UHDOL]D OD GHFLVLyQ GH LQQRYDU \ VH UHFRJHQ ODV JDQDQFLDV SRU LPSOHPHQWDU DFWLYLGDGHV
WHFQROyJLFDV\GHVDUUROODUQXHYRVSURGXFWRV\SURFHVRV:DNHOLQ
(QORTXHKD\PXFKDYDULDELOLGDGFXDQGRVHDERUGDODUHODFLyQWHFQRORJtDH[SRUWDFLyQHV
HQ OD IRUPD TXH VH DJUXSDQ ODV HPSUHVDV \ ODV FRQGLFLRQHV H[ DQWH TXH WLHQHQ TXH
FXPSOLU &RQ UHVSHFWR D OD DJUXSDFLyQ pVWD VH KD HIHFWXDGR SRU VHFWRU LQGXVWULDO
6WHUODFFKLQL 1DVVHPEHQL R SDWUyQ WHFQROyJLFR VHFWRULDO %DVLOH /DV FRQGLFLRQHV D FXPSOLU D ODV TXH QRV UHIHULPRV VRQ OD YHULILFDFLyQ GH ORV HYHQWRV
H[SRUWDFLyQ\ODUHDOL]DFLyQGHOD,'/HIHEYUHHW DO 'HHVWDIRUPDVHLQGXFHXQ
VHVJR SXHV OD FRPSDUDFLyQ HVWDGtVWLFD VH UHDOL]D VREUH HO SURPHGLR VHFWRULDO +LUVFK \
%LMDRXL\QRFRQWUDXQFRQMXQWRGHHPSUHVDVQRH[SRUWDGRUDVQLHMHFXWRUDVGH,'
TXHOHVVLUYDGHWHVWLJR3DUDHYLWDUHVWHVHVJRRWURVHVWXGLRVUHDOL]DQHODQiOLVLVVREUHXQ
FRQMXQWR GH HPSUHVDV LQQRYDGRUDV \ QR LQQRYDGRUDV UHVSHFWR D VX SUREDELOLGDG
H[SRUWDGRUD:DNHOLQ\5RSHU\/RYH
2WUDOLPLWDQWHDFRQVLGHUDUHQHVWRVHVWXGLRVHVODYHULILFDFLyQGHODGLVSXWDFRPHUFLDOSRU
ORV PLVPRV PHUFDGRV LQWHUQDFLRQDOHV \ ORV HIHFWRV TXH HVWR JHQHUD VREUH OD FRQGXFWD
WHFQROyJLFD SXHVWR TXH SDUWHQ GH FRQVLGHUDU TXH ODV HPSUHVDV ORFDOL]DGDV HQ XQ SDtV R
ORFDOLGDGIRUPDQXQQLFKRJHRJUiILFRGHFRPSHWHQFLD6LHVWRIXHUDDVtVHUtDGHHVSHUDUVH
TXHODSUR[LPLGDGDJXGL]DUiODULYDOLGDG\SRWHQFLDUDODVHFRQRPtDVGHDJORPHUDFLyQFRQ
XQRVHIHFWRV PXOWLSOLFDGRUHVVREUHODVFDSDFLGDGHVWpFQLFDV\FRPHUFLDOHVSDUDFRPSHWLU
H[LWRVDPHQWHHQXQHQWRUQRJOREDO6FRWW
/D LQWHUUHODFLyQ VH KD SODQWHDGR SDUD LQGXVWULDV GH WRGR WLSR GH WDPDxR VLQ HPEDUJR
GXUDQWHODGpFDGDGHORV\ H[LVWLyXQDWHQGHQFLDTXHVHFHQWUDEDHQODHPSUHVDVGH
PHQRUHV GLPHQVLRQHV GH DFXHUGR FRQ HO DUJXPHQWR GH TXH ODV WHRUtDV H[LVWHQWHV QR
ORJUDEDQ H[SOLFDU DGHFXDGDPHQWH HO p[LWR GH LQWHUQDFLRQDOL]DFLyQ GH ODV SHTXHxDV \
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
PHGLDQDV HPSUHVDV GDGDV VXV LQVXILFLHQFLDV JHUHQFLDOHV \ GH UHFXUVRV 1DVVLPEHQL
/D PHWRGRORJtD TXH VH KD HPSOHDGR HQ ORV HVWXGLRV VREUH LQWHUQDFLRQDOL]DFLyQ H
LQQRYDFLyQHVHODQiOLVLVPXOWLYDULDQWHTXHFRQMXJDDVSHFWRVHVWUXFWXUDOHVGHHVWUDWHJLD\
FRQGXFWD /RV PRGHORV XWLOL]DGRV KDQ GHSHQGLGR GH OD IRUPD GH RSHUDFLRQDOL]DU ODV
YDULDEOHV \ GH VX QDWXUDOH]D QXPpULFD RUGLQDO R QRPLQDO (QWUH ORV PRGHORV XWLOL]DGRV
HVWiQ OD UHJUHVLyQ GH PtQLPRV FXDGUDGRV RUGLQDULRV ,WR \ 3XFLN OD UHJUHVLyQ
ORJtVWLFD PRGHORV WRELW SH .XPDU \ 6LGGKDUWDQ /HIHEYUH HW DO SURELW
MXQWR FRQ UHJUHVLyQ WUXQFDGD FRPR HQ :DNHOLQ R ORJLW FRPR HQ 1DVVHPEHQL
/D H[SRUWDFLyQFRPRYDULDEOHGHSHQGLHQWHVHKDRSHUDFLRQDOL]DGRFRPRODSUREDELOLGDG
H[SRUWDGRUD \ OD SURSHQVLyQ H[SRUWDGRUD /D SULPHUD VH DVRFLD D XQD GLPHQVLyQ GH
FRQGXFWD \ODVHJXQGDGHGHVHPSHxR DXQTXHDOJXQRVDXWRUHV FRQVLGHUDQDPEDVIRUPDV
FRPRXQWRGRH[SUHVLYRGHODFRQGXFWD/DSUREDELOLGDGH[SRUWDGRUDUHIOHMDODFRQGLFLyQ
GHKDEHUWHQLGRLQJUHVRVSRUYHQWDVHQPHUFDGRVGLIHUHQWHVDOQDFLRQDO/DSURSHQVLyQVH
UHILHUH DODSURSRUFLyQGHGLFKRVLQJUHVRVUHVSHFWR DODVYHQWDVWRWDOHV(ORSWDUSRU XQ
HQIRTXHX RWURWUDHFRPR FRQVHFXHQFLD HOXVRGHGLIHUHQWHV KHUUDPLHQWDV GHDQiOLVLVDVt
FRPRGHUHVXOWDGRVHQDSDULHQFLDFRQWUDGLFWRULRVUHVSHFWRDODFDSDFLGDGH[SOLFDWLYDVGH
DOJXQDV YDULDEOHV SRU OR TXH KD\ TXH WHQHU FXLGDGR HQ OD LQWHUSUHWDFLyQ \
FRQWH[WXDOL]DFLyQGHORVHVWXGLRVGHFDVR
(QWUHODVYDULDEOHVH[SOLFDWLYDV GHODFRQGXFWDH[SRUWDGRUDHQFRQWUDPRVXQFRQMXQWRGH
DWULEXWRVUHIHULGRVDORVUHFXUVRVGHODHPSUHVDFRPRHOHPSOHRODVYHQWDVHOFRVWRGHOD
PDQR GH REUD \ OD LQWHQVLGDG GHO FDSLWDO 2WUDV YDULDEOHV DVRFLDGDV D OD YHQWDMD
WHFQROyJLFDKDQVLGRHOJDVWRHQ,'ODFDOLILFDFLyQGHODIXHU]DODERUDOODVDFWLYLGDGHV
LQQRYDGRUHVFRPRGLVHxRHLQJHQLHUtDODLQWURGXFFLyQ\JDQDQFLDVSRUSURGXFWRVQXHYRV
HQWUHRWURV
$FRQWLQXDFLyQSUHVHQWDPRVXQDWDEODTXHUHFRJHFXiOHVHOHVWDGRGHODUWHGHODFXHVWLyQ
6H PXHVWUD XQD OLVWD GH ODV SULQFLSDOHV YDULDEOHV TXH KDQ VLGR VXMHWDV D SUXHEDV GH
DVRFLDFLyQ UHVSHFWR D OD FRQGXFWD H[SRUWDGRUD (Q OD SULPHUD FROXPQD VH SUHVHQWDQ ODV
YDULDEOHV H[SOLFDWLYDV \ HQ OD VHJXQGD OD IRUPD HQ TXH VH KDQ RSHUDFLRQDOL]DGR $
FRQWLQXDFLyQVHPXHVWUDXQDOLVWDGHDXWRUHV(QODVGRVFROXPQDV VLJXLHQWHVVHPXHVWUDHO
UHVXOWDGRGHODSUXHEDGHDVRFLDFLyQFXDQGRHVVLJQLILFDWLYDDOPHQRVDOVHLQGLFD
HOVLJQRHQHOFXDOVHGLULJHODUHODFLyQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
7$%/$
35,1&,3$/(69$5,$%/(687,/,=$'$6(1/26(678',2662%5(
,1129$&,Ï1<&21'8&7$(;3257$'25$
9$5,$%/(
&$5$&7(5Ë67,&$6(6758&785$/(6
(PSOHR
7DPDxRD
D
2SHUDFLRQDOL]DFLyQ
9HQWDV
(GDG
$QWLJHGDG GH OD HPSUHVD R
DxRVGHRSHUDFLyQ
(VWUXFWXUDGHSURSLHGDG
$ILOLDFLyQ
D
JUXSR
HPSUHVDULDO GH QHJRFLRV R
PXOWLSODQWD
E (675$7(*,$(035(6$5,$/
'LYHUVLILFDFLyQ
5DQJRGHSURGXFWRVROtQHDVGH
SURGXFWR
&RVWRVODERUDOHV
&RVWRV GH PDQR GH REUD SRU
XQLGDGSURGXFLGD
,QWHQVLGDGGHO&DSLWDO
$FWLYRVILMRVSRUHPSOHDGR
3RVLFLyQ HQ OD FDGHQD GH &RQGLFLyQ GH FRQWUDWLVWD
VXPLQLVWUR
VXEFRQWUDWLVWD
$8725(6
:DNHOLQ
6WHUODFFKLQL
%DVLOHE
/HIHEYUH\/HIHEYUHF
5RSHU\/RYHG
6WHUODFFKLQL
+LUVFK\%LMDRXL
=KDR\/L
1DVVLPEHQL
%RQDFFRUVL
,WR\3XFLN
.XPDU\6LGGKDUWDQ
:DJQHU
%HUQDUG\:DJQHU
.LUSDODQL\0DF,QWRVK
3UREDELOLGDG
([SRUWDGRUD
3URSHQVLyQ
([SRUWDGRUD
16
1616
1616
H
16
H
I
H
:HOFK\:LHGHUVKHLP3DXO
2QJ\3HDUVRQ
5HLG
8UVLF\&]LQNRWD
$EEDV\6ZLHUF]
/HIHEYUH\/HIHEYUH
1DVVLPEHQL
%DVLOH
6WHUODFFKLQL
5RSHU\/RYH
/HIHEYUH\/HIHEYUH
:DNHOLQ
%DVLOH
=KDR\/L
/HIHEYUH\/HIHEYUH
6WUHODFFKLQL
16
16
16
16
H
16
1616
16
16
16
16
H
16
/RV DXWRUHV FRLQFLGHQ HQ VHxDODU TXH OD UHODFLyQ HQWUH LQQRYDFLyQ \ WDPDxR HV QR OLQHDO SRU OR TXH
LQWURGXFHQHQORVPRGHORVHVWDYDULDEOHDOFXDGUDGR
E
$SDUHFHQWUHVVtPERORVSRUTXHVHWUDWDGHXQDQiOLVLVORQJLWXGLQDOHOSULPHURHVSDUDHOVHJXQGR
SDUD\HOWHUFHURSDUD
F
$SDUHFHQGRVVtPERORVSRUTXHVHWUDWDGHXQDQiOLVLVORQJLWXGLQDOHOSULPHURHVSDUD\HOVHJXQGR
G
$SDUHFHQGRVVtPERORVSRUTXHHODXWRUUHDOL]DXQDQiOLVLVFRPSDUDWLYRHOGHODGHUHFKDFRUUHVSRQGHDO
5HLQR8QLGR\HOGHODL]TXLHUGDD$OHPDQLD
H
6HXWLOL]DFRPRPpWRGRGHHVWLPDFLyQHOPRGHORWRELWHOFXDODVXPHTXHODSUREDELOLGDG\ODSURSHQVLyQ
VHFRPSRUWDQGHOPLVPRPRGRSRUORTXHORVUHVXOWDGRVVyORVHUHILHUHQDODSURSHQVLyQ
H
6HXWLOL]DFRPRPpWRGRGHHVWLPDFLyQHOPRGHORWRELWHOFXDODVXPHTXHODSUREDELOLGDG\ODSURSHQVLyQ
VHFRPSRUWDQGHOPLVPRPRGRSRUORTXHORVUHVXOWDGRVVyORVHUHILHUHQDODSURSHQVLyQ
I
8WLOL]DHOPpWRGRGHPtQLPRVFXDGUDGRVRUGLQDULRVSRUORTXHVyORHVWLPDODSURSHQVLyQH[SRUWDGRUD
H
6HXWLOL]DFRPRPpWRGRGHHVWLPDFLyQHOPRGHORWRELWHOFXDODVXPHTXHODSUREDEL
OLGDG\ODSURSHQVLyQ
VHFRPSRUWDQGHOPLVPRPRGRSRUORTXHORVUHVXOWDGRVVyORVHUHILHUHQDODSURSHQVLyQ
H
6HXWLOL]DFRPRPpWRGRGHHVWLPDFLyQHOPRGHORWRELWHOFXDODVXPHTXHODSUREDELOLGDG\ODSURSHQVLyQ
VHFRPSRUWDQGHOPLVPRPRGRSRUORTXHORVUHVXOWDGRVVyORVHUHILHUHQDODSURSHQVLyQ
H
6HXWLOL]DFRPRPpWRGRGHHVWLPDFLyQHOPRGHORWRELWHOFXDODVXPHTXHODSUREDELOLGDG\ODSURSHQVLyQ
VHFRPSRUWDQGHOPLVPRPRGRSRUORTXHORVUHVXOWDGRVVyORVHUHILHUHQDODSURSHQVLyQ
D
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
*(1(5$&,Ï1'(&212&,0,(1726
,QWHQVLGDGGHOJDVWRHQ,'
(VIXHU]RVHQ,'*DVWRV
F
5HVXOWDGRVGHODLQQRYDFLyQ
(VIXHU]R
HQ
,'
3HUVRQDO\
&DSLWDOKXPDQR
3HUVRQDOHQ,'
(PSOHDGRVFRQIRUPDFLyQ
FLHQWtILFDRWpFQLFD
$FWLYLGDGHVIRUPDOHVGH,'
$FWLYLGDGHV LQWUDPXURVGH,'
7HFQRORJtD
G
(VWUDWHJLDVGH,'RULHQWDGDD
SURGXFWR
(VWUDWHJLDVGH,'RULHQWDGDD
SURFHVR
,QYHUVLyQHQFDSDFLWDFLyQ
,QWHQVLGDGGHOFRQRFLPLHQWR
WpFQLFRQRGHLQJHQLHURV
FLHQWtILFRV\WpFQLFRV
(PSOHDGRVFRQJUDGRXQLYHUVLWDULR
1LYHOGHODFDOLILFDFLyQVDODULRV
SURPHGLR
&RQGLFLyQLQQRYDGRUD
:LOOPRUH
,WR\3XFLN
.XPDU\6LGGKDUWDQ
%UDXQHUKMHOP
%HFFKHWL\5RVVL
/HIHEYUHHWDO
+LUVFK\%LMDRXL
/HIHEYUHHW DO
5RSHU\/RYH
=KDR\/L
/HIHEYUH\/HIHEYUH
5RSHU\/RYH
%DVLOH
%DVLOH
%UDXQHUKMHOP
/HIHEYUH\/HIHEYUH
5RSHU\/RYH
:DJQHU
:DNHOLQ
(QWKRUI\3RKOPHLHU
:DNHOLQ
6WHUODFFKLQQL
,QWURGXFFLyQGHSURGXFWRVQXHYRV 5RSHU\/RYH
RPHMRUDGRV
,QWHQVLGDGLQQRYDGRUDQRGH 5RSHU\/RYH
FDPELRVHQORVSURGXFWRVSRU
HPSOHDGR
1~PHURGHLQQRYDFLRQHV :DNHOLQ
$FWLYLGDGHVLQQRYDGRUDV
GLIHUHQWHVD,'LQYHUVLyQHQ 6WHUODFFKLQQL
GLVHxRLQJHQLHUtD\
SUHSURGXFFLyQ
,QYHUVLyQHQLQQRYDFLyQSUy[LPRV 1DVVLPEHQL
DxRV
&DSDFLGDGLQQRYDGRUDPHMRUDVHQ 1DVVLPEHQL
HOGLVHxRPDWHULDOHV\
IXQFLRQDOLGDG
e[LWRFRPHUFLDO3RUFHQWDMHHQODV 5RSHU\/RYH
YHQWDVSRUSURGXFWRVQXHYRV
1RGHSDWHQWHV 0RLQL
0DUFDVRSDWHQWHV /HIHEYUH\/HIHEYUH
$'48,6,&,Ï1'(&212&,0,(1726
,QWHQVLGDGGHOFDSLWDOSURPHGLR :DNHOLQ
1LYHOWHFQROyJLFRGHOVWRFNGHFDSLWDO 6WHUODFFKLQQL
GLVWDQFLDUHVSHFWRDOPi[LPRQLYHOGH
DXWRPDWL]DFLyQ
1LYHOGHDXWRPDWL]DFLyQ /HIHEYUH\/HIHEYUH
,QYHUVLyQHQELHQHVGHFDSLWDO 6WHUODFFKLQQL
LQQRYDGRUHV
(VWUDWHJLDVGHLQYHUVLyQ %DVLOH
'HVDUUROORGHQXHYRVSURGXFWRV
'LVPLQXFLyQGHOHPSOHR
8VRGHWHFQRORJtDGHPDQXIDFWXUD 0HFKOLQJHWDO
DYDQ]DGD :DJQHU
0RGHUQL]DFLyQGHOHTXLSR\PDTXLQDULD /HIHEYUH\/HIHEYUH
HGDGSURPHGLRGHSLH]DV\SDUWHV
0HMRUDGHWHFQRORJtDVJHQpULFDV /HIHEYUH\/HIHEYUH
16
16
16
16
16
16
16
16
16
1616
16
16
16
16
16
16
16±
16
16
16
16
16
16
161616
161616
1616
1616
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
&2/$%25$&,Ï1(1,1129$&,Ï1
&RODERUDFLRQHV H[WHULRUHV SDUD
,'
$FXHUGRV FRPHUFLDOHV R DOLDQ]DV
HVWUDWpJLFDV
9tQFXORVH[WHUQRVRUHGHV
H
/HIHEYUHHW DO
%HFFKHWL\5RVVL
/HIHEYUH\/HIHEYUH
3DUWLFLSDFLyQ HQ FRQVRUFLRV 1DVVLPEHQL
FRPSUDV GHVDUUROOR WHFQROyJLFR
SURPRFLyQRYHQWDV
6HUYLFLRVH[WHULRUHV
1DVVLPEHQL
([SHULHQFLD H[SRUWDGRUD SUHYLD %HUQDUG\:DJQHU
SUR[\ D FRVWRV GH GHVDUUROOR GH
UHGHVFRPHUFLDOHV
I
3$7521(66(&725,$/(6(,1'8675,$/(6'(,1129$&,Ï1
3DWURQHVVHFWRULDOHVGHO 'RPLQDGRSRUHORIHUHQWH
%DVLOH
FDPELRWHFQROyJLFR
3URYHHGRUHVHVSHFLDOL]DGRV
,QWHQVLYRVHQHVFDOD
1LYHOWHFQROyJLFRGHOD
=KDR\/L
LQGXVWULD
)XHQWH(ODERUDFLyQSURSLD
16
16
1616
16
/D IXHQWH GH LQIRUPDFLyQ VREUH OD FXDO VH WUDEDMDUi SUHVHQWD DOJXQDV GH ODV YDULDEOHV
VHxDODGDVSRUODOLWHUDWXUDSRUORTXHVHSURFHGHDFRPHQWDUODVFRQDOJ~QGHWDOOH
&DUDFWHUtVWLFDV(VWUXFWXUDOHV
x
7DPDxR
(O WDPDxR GH OD HPSUHVD LQIOX\H VREUH OD GLVSRQLELOLGDG GH UHFXUVRV ILQDQFLHURV \ OD
FDSDFLGDG GH DEVRUEHU ULHVJRV 'DGR TXH OD H[SRUWDFLyQ HV XQD DFWLYLGDG FRVWRVD \
ULHVJRVDVHSLHQVDTXHGHEHKDEHUXQDDVRFLDFLyQHQWUHHOWDPDxR\ODH[SRUWDFLyQ
'H DFXHUGR FRQ OD OLWHUDWXUD QR VH KD HQFRQWUDGR XQ FRQVHQVR VREUH OD GLUHFFLyQ GH OD
DVRFLDFLyQ &DORI /HIHEYUH HWDO /D SUREDELOLGDG H[SRUWDGRUD SDUHFH
DVRFLDGD FRQ HO WDPDxR HV GHFLU ODV HPSUHVDV D PHGLGD TXH GLVSRQJDQ GH PD\RUHV
UHFXUVRV UHIOHMDGRV HQ HO QLYHO GH YHQWDV R HPSOHR WHQGUiQ PD\RUHV SUREDELOLGDGHV GH
VHU H[SRUWDGRUDV 1R HV HO FDVR FRQ OD SURSHQVLyQ H[SRUWDGRUD TXH SUHVHQWD XQ HIHFWR
XPEUDO :DNHOLQ HVWR HV HO HVIXHU]R H[SRUWDGRU DXPHQWD FRQ HO WDPDxR KDVWD
OOHJDU XQ OtPLWH GRQGH DSDUHFH XQD LQIOH[LyQ \ HO GHVHPSHxR H[SRUWDGRU VH PDQWLHQH R
GHFUHFH (QWRQFHV OD UHODFLyQ WDPDxRSURSHQVLyQ H[SRUWDGRUD VH FDUDFWHUL]D SRU XQD
IXQFLyQHQIRUPDGH³8LQYHUWLGD´
3DUDRSHUDFLRQDOL]DUHVWDYDULDEOHDOJXQRVHVWXGLRVKDQXWLOL]DGRHOWDPDxRUHODWLYRGHOD
SODQWDGHHPSOHDGRV:DNHOLQ%DVLOH/HIHEYUH\/HIHEYUH\RWURVHO
YROXPHQGHYHQWDV1DVVLPEHQL6WHUODFFKLQL\=KDR\/L
x
(GDG
/DHGDGHVXQDYDULDEOHDODTXHVHOHKDWRPDGRHQFRQVLGHUDFLyQJUDFLDVDOHPSXMHGHOD
WHRUtD HYROXWLYD GH OD LQWHUQDFLRQDOL]DFLyQ GH OD HPSUHVD FRQRFLGD FRPR HVFXHOD GH
8SSVDOD /RV GLIHUHQWHV DQiOLVLV TXH VH KDQ KHFKR UHVSHFWR D VX FRQWULEXFLyQ D OD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
DFWLYLGDG H[SRUWDGRUD QR DSXQWDQ KDFLD QLQJXQD FRQFOXVLyQ IXHUWH (Q HVWH WHUUHQR
DOJXQRV DXWRUHV FRPR :HOFK \ :LHGHUVKHLP R $EEDV \ 6ZLHUF] HQFRQWUDURQ DVRFLDFLyQ SRVLWLYD PLHQWUDV TXH SDUD RWURV FRPR .LUSDODQL \ 0DF,QWRVK
R 8UVLF \ &]LQNRWD OD UHODFLyQ OHV UHVXOWy QHJDWLYD 8Q WHUFHU JUXSR HQ
GLVFRUGLD2QJ\3HDUVRQ5HLGVHxDODQTXHQRH[LVWHWDOFRUUHODFLyQHQWUH
ODVYDULDEOHV
(VWUDWHJLDHPSUHVDULDO
x
'LYHUVLGDGGHODFDUWHUDGHSURGXFWRV
([LVWH OD WHQGHQFLD D SURGXFLU ELHQHV D OD PHGLGD GH ORV FOLHQWHV (Q OD PHGLGD TXH VH
WLHQH XQD GLYHUVLGDG GH SURGXFWRV VH PXOWLSOLFDQ ORV PHUFDGRV \ FOLHQWHV HQULTXHFLHQGR
ORV IOXMRV GH LQIRUPDFLyQ \ FRRSHUDFLyQ DGHPiV GH TXH VH DFXPXOD H[SHULHQFLD \
FDSDFLGDG UHODFLRQDO 6H SUHVXPH TXH HQIRFDU VyOR D XQ WLSR GH SURGXFWRPHUFDGR VH
XQLIRUPL]DQ VXV FDUDFWHUtVWLFDV \ VH UHGXFH OD LQWHUDFFLyQ FRQ RWUR WLSR GH XVXDULRV
3DUHFHTXHXQRGHORVULHVJRVGHLQWHJUDFLyQHQWUHHFRQRPtDVHVODFUHDFLyQGHXQDIXHUWH
LQWHUGHSHQGHQFLDWDQHVWUHFKDTXHODUHODFLyQVHFLHUUHDRWURVDFWRUHV
3RVLEOHPHQWHVHSXHGDSUHGHFLUTXHXQDFDUWHUDGLYHUVLILFDGDGHSURGXFWRVVHDVRFLHDOD
GHFLVLyQ GH H[SRUWDU SXHVWR TXH DEUH SRVLELOLGDGHV SDUD UHGXFLU ULHVJRV \ DPSOLDU ORV
IOXMRVGHFRQRFLPLHQWR6LQHPEDUJRXQDUHODFLyQFHUUDGDSXHGHDXPHQWDUHOGHVHPSHxR
H[SRUWDGRUSRUXQHIHFWRPRQRSVyQLFR\GHH[SORWDFLyQGHYHQWDMDVFRPSDUDWLYDVEDVDGDV
HQ SUHFLRV /DOLWHUDWXUDGDFXHQWD GHHVWH GHEDWHHQWUH HVSHFLDOL]DFLyQ\GLYHUVLILFDFLyQ
&DYXVJLO\=RX
/D HYLGHQFLD TXH SUHVHQWDQ /HIHEYUH \ /HIHEYUH QR HV QDGD FRQFOX\HQWH SRU OR
TXHVHFRQVLGHUDSHUWLQHQWHVHJXLULQYHVWLJDQGRVREUHHVWDUHODFLyQ
/DLQQRYDFLyQFRPRYDULDEOHH[SOLFDWLYDGHODH[SRUWDFLyQ
/DLQQRYDFLyQHVXQDYDULDEOHTXHQRSXHGHVHUREVHUYDGDGLUHFWDPHQWH'LFKDYDULDEOH
HVXQSURFHVRTXHUHIOHMDXQDPXOWLSOLFLGDGGHDFWLYLGDGHVLQWHUUHODFLRQDGDV \XELFXDVHQ
ODRUJDQL]DFLyQWDQWRHQWLHPSRFRPRHQHVSDFLRFX\DILQDOLGDGHVODLQWURGXFFLyQGHXQ
SURGXFWR QXHYR R PHMRUDGR \R OD XWLOL]DFLyQ GH XQ SURFHVR SURGXFWLYR QXHYR R
PHMRUDGR /D QRYHGDG R PHMRUD SXHGH UHIHULUVH DO FRQMXQWR GH UXWLQDV GH SURGXFFLyQ
SUHYLDPHQWH DGRSWDGDV DO QLYHO GHO HVWDEOHFLPLHQWR IDEULO OD HPSUHVD OD LQGXVWULD
QDFLRQDORODHFRQRPtDPXQGLDO(QWRQFHVODPXOWLSOLFLGDGGHDFWLYLGDGHVLQYROXFUDGDV\
iPELWRV GH DSOLFDELOLGDG GH OD QRYHGDG UHSHUFXWHQ HQ OD LQH[LVWHQFLD GH XQ FULWHULR
XQLYHUVDOPHQWHDFHSWDGRVREUHODIRUPDGHPHGLUODLQQRYDFLyQ
(Q OD SUiFWLFD OD LQQRYDFLyQ KD VLGR DSUR[LPDGD PHGLDQWH ORVUHFXUVRV GHGLFDGRVDODV
DFWLYLGDGHV GH ,' R ORV UHVXOWDGRV REWHQLGRV GH OD DFWLYLGDG LQYHQWLYD LQFRUSRUDGD HQ
SDWHQWHV /D HFRQRPtD GHO FDPELR WpFQLFR \ OD LQQRYDFLyQ KD DSRUWDGR VXILFLHQWH
HYLGHQFLD VREUH ODV OLPLWDQWHV GH HVWH WUDWDPLHQWR GH WLSR LQSXWRXWSXW GDGR TXH OD
LQQRYDFLyQQRHVIHQyPHQROLQHDOVLQRXQSURFHVRLQWHUDFWLYRDVLQFUyQLFR\DIHFWDGRSRU
RSRUWXQLGDGHV WpFQLFDV \ GH PHUFDGR FRQGLFLRQDGR SRU SUREOHPDV GH DSURSLDELOLGDG
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
VXMHWR D OD KLVWRULD HYROXWLYD GH ODV HPSUHVDV H LQGXVWULDV DVt FRPR LQIOXLGR SRU XQ
FRQWH[WRLQVWLWXFLRQDO(OSUREOHPDHQODSUiFWLFDLQYHVWLJDGRUDHVFRPRPHGLUGHIRUPD
XQtYRFDORVFRQFHSWRVGHODWHRUtDHYROXWLYD
/D PDQHUD HQ TXH VH KD DERUGDGR HO SUREOHPD DUURMD GRV HQIRTXHV 8QR GH FRUWH
³REMHWLYR´TXHVHEDVDHQHOHVWXGLRGHODLQYHUVLyQHQLQQRYDFLyQ\ORVSURGXFWRVHQTXH
VHPDWHULDOL]DODLQQRYDFLyQWDOHVFRPRSDWHQWHVGHLQYHQFLyQHLQVXPRVRELHQHVQXHYRV
/DV GRV IRUPDV WUDGLFLRQDOHV SDUD PHGLU GH IRUPD ³REMHWLYD´ OD LQQRYDFLyQ VRQ SRU XQ
ODGR DQDOL]DQGR HO HVIXHU]R LQQRYDGRU GH OD HPSUHVD ±R VHD HO LQSXW GHO SURFHVR GH
LQQRYDFLyQ3RURWURODGRVHXWLOL]DFRQPXFKD IUHFXHQFLDORVUHVXOWDGRV ±RHORXWSXW
GHOSURFHVRLQQRYDGRUEDViQGRVHHQHOQ~PHURGHLQQRYDFLRQHVHOUHJLVWURGHSDWHQWHVR
ODVYHQWDVOLJDGDVDSURGXFWRVRSURFHVRVGHLQQRYDFLyQUHVSHFWRDOWRWDOGHYHQWDVGHODV
HPSUHVDV(QORTXHVHUHILHUHDOFULWHULRGHQRYHGDGHQXQPHUFDGRUHVSHFWRDOREMHWRGH
OD LQQRYDFLyQ VH FRQVLGHUD TXH ORV SDWHQWHV FXEUHQ GLFKR UHTXLVLWR SXHVWR TXH SDUD VX
FRQFHVLyQ PHGLD XQD DFWLYLGDG GH E~VTXHGD H[KDXVWLYD VREUH DWULEXWRV ~QLFRV \
GLIHUHQFLDEOHV GHOUHVWRGHOVWRFN LQYHQWLYRFLUFXQVFULWRHQXQPHUFDGRJHRJUiILFRGDGR
(O VHJXQGR HQIRTXH HV GH QDWXUDOH]D ³VXEMHWLYD´GRQGH HO pQIDVLV VH SRQH HQ HO VXMHWR
LQQRYDGRUTXHQRHVRWURTXHODHPSUHVD6HHVWXGLDQVXVFDUDFWHUtVWLFDVJHQHUDOHV\ODV
GH VXV DFWLYLGDGHV WHFQRSURGXFWLYDV ORV LQVXPRV TXH pVWDV FRQVXPHQ \ ORV REMHWLYRV
HVWUDWpJLFRVTXHSHUVLJXHQWDOHVFRPRDEDWLUFRVWRVRLQFLGLUVREUHODFDOLGDG'HKHFKRHQ
ORVHVWXGLRVHPStULFRVKHPRVYLVWRHOXVRGHYDULDEOHVDOWHUQDWLYDVFRPRODDGTXLVLFLyQGH
QXHYDVWHFQRORJtDV±LQFRUSRUDGDVRQRLQFRUSRUDGDVODFRRSHUDFLyQ HQLQQRYDFLyQORV
REMHWLYRVGHODLQQRYDFLyQQLYHOGHDXWRPDWL]DFLyQHQWUHRWUDV
(Q ODV VLJXLHQWHV SiJLQDV GHVFULELPRV ORV UHVXOWDGRV PiV GHVWDFDGRV GH ORV HVWXGLRV
HPStULFRVGHDFXHUGRFRQHOVLJXLHQWHHVTXHPDGHSUHVHQWDFLyQ
x
x
x
x
x
x
(VIXHU]RHQLQYHVWLJDFLyQ\GHVDUUROORJDVWRVHQ,'
(VIXHU]RHQLQYHVWLJDFLyQ\GHVDUUROOR3HUVRQDOHQ,'\&DSLWDOKXPDQR
5HVXOWDGRVGHOSURFHVRGHLQQRYDFLyQ
$GTXLVLFLyQGH7HFQRORJtD
9tQFXORVH[WHUQRVRUHGHVGHFRODERUDFLyQ
3DWURQHVVHFWRULDOHVGHOFDPELRWHFQROyJLFR
x
(VIXHU]RHQLQYHVWLJDFLyQ\GHVDUUROORJDVWRVHQ,'
$XQTXHFRQVFLHQWHVTXHSXHGHH[LVWLUFLHUWRVRODSDPLHQWRHQWUHORVGLVWLQWRVDVSHFWRVVH
SUHVHQWDQGHHVWDIRUPDSDUDIDFLOLWDUODOHFWXUD
(OHVIXHU]RHQLQYHVWLJDFLyQ\GHVDUUROORVHUHILHUHDODPHGLFLyQGHORVUHFXUVRVTXHVH
GHGLFDQ D HVWDV DFWLYLGDGHV EiVLFDPHQWH LQVXPRV PRQHWDULRV UHVSHFWR D OD YHQWDV R HO
UDWLRGHHPSOHDGRVGHGLFDGRVVREUHHOWRWDOGHODSODQWLOOD3DUDSDtVHVLQGXVWULDOL]DGRVDO
QLYHOVHFWRULDOH[LVWHHYLGHQFLDGHTXHHOJDVWRHQ,'HVWiDVRFLDGRSRVLWLYDPHQWHFRQHO
GHVHPSHxR H[SRUWDGRU )LQJHU /RZLQJHU 6WHUQ \ 0DVNXV )DJHUEHUJ*UHHQKDOJ(QHOQLYHOGHORVPLFURIXQGDPHQWRV\HQSDUWLFXODU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
SDUD SDtVHV HQ GHVDUUROOR OD UHODFLyQ \D QR DSDUHFH WDQ FODUD ([LVWH HYLGHQFLD SRVLWLYD
SDUD HPSUHVDV GH ,VUDHO ,QGLD \ &KLQD +LUVFK \ %LMDRXL .XPDU \ 6LGGKDUWDQ
=KDR \ /L UHVSHFWLYDPHQWH SHUR UHVXOWy QR VLJQLILFDWLYD SDUD HPSUHVDV
WUDVQDFLRQDOHVGH%UDVLO:LOOPRUH
/DIDOWDGHUHVXOWDGRVFRQVLVWHQWHVDOUHVSHFWRKDOOHYDGRDRSHUDFLRQDOL]DUODYDULDEOHGH
,' PiV DOOi GH ORV JDVWRV 6H KD WRPDGR FRPR XQ UDVJR RUJDQL]DWLYR 5RSHU \ /RYH
XQ DWULEXWR GH FDSDFLGDG WpFQLFD =KDR \ /L /HIHEYUH \ /HIHEYUH 5RSHU \ /RYH R XQD RSFLyQ HVWUDWpJLFD %DVLOH (Q HO SULPHU FDVR OD
LQIOXHQFLD GH OD IRUPDOL]DFLyQ GH OD DFWLYLGDG GH ,' VREUHODSUREDELOLGDGH[SRUWDGRUD
QR HV FRQFOX\HQWH /D UHDOL]DFLyQ LQWHUQD GH DFWLYLGDGHV GH ,' UHYHOD XQD LQIOXHQFLD
SRVLWLYD SUHGRPLQDQWHPHQWHVREUHODFRQGXFWDH[SRUWDGRUDPLHQWUDVTXHODRULHQWDFLyQ
HVWUDWpJLFD GH OD ,' KDFLD SURFHVR R SURGXFWR PXHVWUD XQD DVRFLDFLyQ SRVLWLYD FRQ OD
SUREDELOLGDGH[SRUWDGRUD
/HIHEYUH HWDO VHxDODQ HQVXHVWXGLRVREUHSHTXHxDVHPSUHVDVFDQDGLHQVHVTXH
ODLQIOXHQFLDGHODVDFWLYLGDGHVGH,'HQODFRQGXFWDH[SRUWDGRUDQRHVREVHUYDEOHHQOD
YDULDEOH QLYHO GH JDVWR VLQR HQ RWUDV DVRFLDGDV WDOHV FRPR HO QLYHO GH LQYHUVLyQ HQ
FDSDFLWDFLyQGHOFDSLWDOKXPDQRODVKDELOLGDGHVFLHQWtILFDV\WHFQROyJLFDVHQHOSHUVRQDO
R ODV HVWUDWHJLDV H[WHUQDV GH DGTXLVLFLyQ GH FRQRFLPLHQWRV FRPR ODV UHGHV FRQ RWUDV
HPSUHVDVRLQVWLWXFLRQHVDFDGpPLFDVGHOHQWRUQR/RVHIHFWRVGHHVWDVYDULDEOHVVREUHOD
FRQGXFWDH[SRUWDGRUDVHUiQDERUGDGRVDFRQWLQXDFLyQ
x
(VIXHU]RHQLQYHVWLJDFLyQ\GHVDUUROOR3HUVRQDOHQ,'\&DSLWDOKXPDQR
(OFDSLWDOKXPDQRHQXQDHPSUHVDHVXQD YDULDEOHQRGLUHFWDPHQWHREVHUYDEOHSRUORTXH
ORVGLYHUVRVHVWXGLRVODKDQDSUR[LPDGRPHGLDQWHHOSHUVRQDOGHGLFDGRDODVDFWLYLGDGHV
GH,'ODSURSRUFLyQGHHPSOHDGRVFRQIRUPDFLyQFLHQWtILFDRWpFQLFDUHVSHFWRDOWRWDOGH
HPSOHDGRVRODGLVSRQLELOLGDG GHPDQRGHREUDFDOLILFDGD/HIHEYUH\/HIHEYUHOR
LQFOX\H HQ VXV HVWXGLRV FRPR XQD YDULDEOH TXH DWUDSD OD QDWXUDOH]D WiFLWD GHO
FRQRFLPLHQWR \ TXH UHVXOWD HVSHFLDOPHQWH GLItFLO GH DSURSLDU VREUH WRGR HQ HPSUHVDV
SHTXHxDV
+LUVFK\%LMDRXLHQFRQWUDURQTXHODFDQWLGDGGHSHUVRQDOGHGLFDGRD,'WHQtDXQD
LQIOXHQFLD SRVLWLYD \ VLJQLILFDWLYD VREUH OD WDVD GH FDPELR GH ODV H[SRUWDFLRQHV HQ XQ
JUXSRGHHPSUHVDV LVUDHOtHV3DUDHOFDVRFDQDGLHQVH/HIHEYUHHWDO\/HIHEYUH\
/HIHEYUH PRVWUDURQ TXH ORV HPSOHDGRV FRQ IRUPDFLyQ WpFQLFD WLHQHQ XQ HIHFWR
SRVLWLYR WDQWR HQ OD SUREDELOLGDG FRPR HQ OD SURSHQVLyQ H[SRUWDGRUD (VWH HIHFWR IXH
FRUURERUDGR SRU 5RSHU \ /RYH SDUD HVWDEOHFLPLHQWRV DOHPDQHV DXQTXH SRU RWUR
ODGRKDOODURQHOHIHFWRFRQWUDULRHQHPSUHVDVLQJOHVDV
/DPDQRGHREUDFDOLILFDGDKDVLGRDERUGDGDGHGLYHUVDVIRUPDVHQORVDQiOLVLV5RSHU\
/RYH \ :DJQHU OD KDQ LQWURGXFLGR PHGLDQWH ORV HPSOHDGRV FRQ JUDGR
XQLYHUVLWDULR /RV UHVXOWDGRV GH ODV SUXHEDV VRQ DPELJXRV FRQ UHVSHFWR D VXV HIHFWRV
VREUHODFRQGXFWDH[SRUWDGRUD2WUDPDQHUDGLVWLQWDGHDERUGDUHVWDYDULDEOHHVPHGLDQWH
ODVGLIHUHQFLDVHQORVVDODULRVSURPHGLRFRPRHQ:DNHOLQFRQODLGHDGHTXHpVWDV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
UHIOHMDQ GLIHUHQWHVQLYHOHVGHFDOLILFDFLyQGHODPDQR GHREUD 'LFKDDXWRUD REWLHQHTXH
HVWDYDULDEOHWLHQHXQDLQIOXHQFLDSRVLWLYDVREUHODSURSHQVLyQH[SRUWDGRUD
3DUD HO FDVR VXHFR %UDXQHUKMHOP FRQVLGHUD DODLQYHUVLyQHQFDSDFLWDFLyQ FRPR
XQDSUR[\GHODPDQRGHREUDFDOLILFDGD6XDQiOLVLVGHPXHVWUDTXHHVWDYDULDEOHWLHQHXQ
HIHFWRSRVLWLYRHQODLQWHQVLGDGH[SRUWDGRUD
x
5HVXOWDGRVGHOSURFHVRGHLQQRYDFLyQ
/RVSURGXFWRVDVRFLDGRVDODSURSLHGDGLQGXVWULDOWDOHVFRPRPDUFDV\SDWHQWHVTXHVRQ
ORV TXH SULYLOHJLD HO HQIRTXH GH RXWSXW GH OD LQQRYDFLyQ SDUHFHQ WHQHU XQD LQIOXHQFLD
SRVLWLYD VREUH OD FRQGXFWD H[SRUWDGRUD /RV GHUHFKRV GH SURSLHGDG VREUH ORV DFWLYRV
WHFQROyJLFRV\GHLPDJHQ0RLQL/HIHEYUH\/HIHEYUHSDUHFHTXHSHVDQDO
PRPHQWRGHEXVFDUIUDQTXHDUODVIURQWHUDVQDFLRQDOHV\DVHJXUDUXQPHMRUGHVHPSHxRHQ
ORVPHUFDGRVIRUiQHRV
&XDQGR ORV HVWXGLRV KDQ H[SORUDGR OD LQWURGXFFLyQ GH LQQRYDFLRQHV HQ HO FRQWH[WR
VXEMHWLYRGHODHPSUHVDODHYLGHQFLDDSXQWDDTXHODFRQGLFLyQLQQRYDGRUDHVWiDVRFLDGD
FRQODSUREDELOLGDGGHH[SRUWDFLyQORTXHQRDSDUHFHFODURHVHOVLJQRGHODDVRFLDFLyQ
(V SRVLEOH TXH LQIOX\D HO DOFDQFH GH OD GHILQLFLyQ GH HPSUHVD LQQRYDGRUD SXHV FXDQGR
5RSHU\/RYHODDFRWDQVyORDODLQWURGXFFLyQGHSURGXFWRVQXHYRVRPHMRUDGRVOD
UHODFLyQHVSRVLWLYDSHURFXDQGR:DNHOLQLQFOX\HDGHPiVSURFHVRV\PDWHULDOHVOD
DVRFLDFLyQ HV QHJDWLYD (Q OR TXH FRLQFLGHQ HV TXH OD LQWURGXFFLyQ GH LQQRYDFLRQHV
SDUHFHQRWHQHUHIHFWRHQODLQWHQVLGDGGHODVH[SRUWDFLRQHV
2WUDIRUPDGHDFHUFDUVHDOIHQyPHQRLQQRYDGRUKDVLGRDWUDYpVGHODYDORUDFLyQH[DQWH
\H[SRVW GHODLQQRYDFLyQ/DSULPHUDVHUHDOL]DPHGLDQWHHOFyPSXWRGHORVUHFXUVRVD
GHGLFDU HQ XQ KRUL]RQWH GH WLHPSR SUy[LPR /D VHJXQGD H[SUHVD OD LQFLGHQFLD GH ORV
SURGXFWRV QXHYRV VREUH ODV YHQWDV WRWDOHV /D SUHYLVLyQ D FLQFR DxRV GHO PRQWR GH
UHFXUVRVDLQYHUWLUHQXQKRUL]RQWHGHFLQFRDxRVUHYHOyXQDQXODVLJQLILFDWLYLGDGIUHQWHD
ODSUREDELOLGDG\ODSURSHQVLyQH[SRUWDGRUDV1DVVLPEHQL6REUHHOSRUFHQWDMHGH
YHQWDVSRUSURGXFWRVQXHYRVTXHHVXQDSUR[\GHOp[LWRFRPHUFLDOGHODVLQQRYDFLRQHV
HVSRFRORTXHSXHGHGHFLUVHSDUDXQRVPHUFDGRVQRDIHFWDODSUREDELOLGDGGHH[SRUWDU
SDUD RWURV VX LQIOXHQFLD HQ SRVLWLYD OR PLVPR VXFHGH SDUD LQFUHPHQWDU VX FXRWD
H[SRUWDGRUDSDUHFHTXHQRLQIOX\HRTXHHOHVIXHU]RHQQRYHGDGUHVXOWDFRQWUDSURGXFHQWH
SDUDODH[SRUWDFLyQ5RSHU\/RYH
(Q ORV HVWXGLRV PLFUR HFRQRPpWULFRV VREUH OD LQIOXHQFLD GH OD LQQRYDFLyQ VREUH OD
FRQGXFWDH[SRUWDGRUD XQDIRUPDUHVWULFWLYDGHFRQFHSWXDOL]DU ODFRQGLFLyQLQQRYDGRUD
GH XQD HPSUHVD HV HO KDEHU SDUWLFLSDGR HQ OD UHDOL]DFLyQ GH LQQRYDFLRQHV UDGLFDOHV
:DNHOLQ DSDUWLUGHODEDVHGHGDWRVGLVHxDGDSRUHO6358SDUDHO5HLQR8QLGR
FRQWDELOL]yHOQ~PHURGHLQQRYDFLRQHVHQODVWRPDURQSDUWHODVHPSUHVDV5HVXOWDTXHODV
HPSUHVDVTXHKDQSDUWLFLSDGRFRQPHQRVLQWHQVLGDGHQHVWDVLQQRYDFLRQHVWLHQHXQDDOWD
SUREDELOLGDG GH VHU QR H[SRUWDGRUDV VLQ HPEDUJR D PHGLGD TXH WLHQHQ XQ GHVHPSHxR
LQQRYDGRU VXSHULRU HVWR HV TXH KDQ SDUWLFLSDGR HQ XQ PD\RU Q~PHUR GH LQQRYDFLRQHV
H[LVWH XQD PD\RU SUREDELOLGDG GH TXH VHDQ H[SRUWDGRUDV $PEDV FRQGLFLRQHV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
SUREDELOLGDG \ SURSHQVLyQ LQQRYDGRUDV HMHUFHQ XQD LQIOXHQFLD SRVLWLYD HQ ODSURSHQVLyQ
H[SRUWDGRUD
2WUDIRUPDHQTXHVHKDDERUGDGRODLQQRYDFLyQGH IRUPD³REMHWLYD´KDVLGRPHGLDQWHOD
FRQWDELOL]DFLyQGHOQ~PHURGHFDPELRV HQORVSURGXFWRVDQLYHOGHSODQWDSRUHPSOHDGR
5RSHU \ /RYH (VWD ³LQWHQVLGDG LQQRYDGRUD´ QR KD PRVWUDGR VLJQLILFDWLYLGDG
FXDQGRVHDVRFLDFRQODFRQGXFWDH[SRUWDGRUD
7DPELpQ SDUHFH VLJQLILFDWLYD \ SRVLWLYD OD UHODFLyQ HQWUH FRQGXFWD H[SRUWDGRUD \ OD
³FDSDFLGDG LQQRYDGRUD´ HVWR HV FXDQGR pVWD VH PDQLILHVWD D SDUWLU GHO GHVDUUROOR GH
DFWLYLGDGHV GH GLVHxR LQJHQLHUtD \ SUHSURGXFFLyQ 6WHUODFFKLQL DVt FRPR OD
LQWURGXFFLyQ GH PHMRUDV HQ HO GLVHxR PDWHULDOHV \ IXQFLRQDOLGDG GH ORV SURGXFWRV
1DVVLPEHQL
$GTXLVLFLyQGHFRQRFLPLHQWRV
x
$GTXLVLFLyQGH7HFQRORJtD
(VWD YDULDEOHPDQLILHVWD ODFRQWUDSDUWH GHODDFWLYLGDGLQWHUQDGH,' SXHV UHSUHVHQWD OD
DGTXLVLFLyQH[WHUQDYtDPHUFDGRRPHGLDQWHXQDFXHUGRLQWHUHPSUHVDGHFRQRFLPLHQWRV
SURGXFWLYRV /D IRUPD HQ TXH VH DGTXLHUH OD WHFQRORJtD VH GD PHGLDQWH FRQRFLPLHQWRV
LQFRUSRUDGRV HQ OD PDTXLQDULD \ HTXLSR R GHVLQFRUSRUDGRV HQ SDWHQWHV GLVHxRV \
DVLVWHQFLDWpFQLFD
(Q HO HVWXGLR GH ODV FDSDFLGDGHV LQQRYDGRUDV GH XQD HPSUHVD OD DGTXLVLFLyQ GH
PDTXLQDULDVHFRQVLGHUDUHOHYDQWHGDGRTXHUHSUHVHQWDODGHPDQGDSRUQXHYDWHFQRORJtD
LQFRUSRUDGDHQELHQHVGHFDSLWDO6FKPRRNOHU'LFKDGHPDQGDSXHGHDVRFLDUVHFRQ
OD H[SRUWDFLyQ HQ OD PHGLGD TXH SHUPLWD IOH[LELOL]DU OD SURGXFFLyQ SDUD FXPSOLU
UHTXHULPLHQWRV GH PHUFDGRV IRUiQHRV 3HUR WDPELpQ SXHGH HVWDU DVRFLDGD D HYLWDU OD
REVROHVFHQFLD WHFQROyJLFD GHELGR DO LQFUHPHQWR GH OD FRPSHWHQFLD GRPpVWLFD R D OD
UHQRYDFLyQ SRUGHSUHFLDFLyQGHOHTXLSR
/D LQYHUVLyQ HQ PDTXLQDULD SRU HPSOHDGR R LQWHQVLGDG GHO FDSLWDO SURPHGLR VH DVRFLD
SRVLWLYDPHQWHFRQODFRQGXFWDH[SRUWDGRUD:DNHOLQ6LQHPEDUJRODRULHQWDFLyQ
GH GLFKD GHFLVLyQ LQYHUVRUD SDUHFH RVFXUHFHU ORV HIHFWRV GH OD DVRFLDFLyQ $Vt OD
LQYHUVLyQ HQ PDTXLQDULD DVLJQDGD D OD SURGXFFLyQ GH QXHYRV SURGXFWRV R OD SXHVWD HQ
SUiFWLFD GH SURFHVRV LQQRYDGRUHV HVWi DVRFLDGR GH IRUPD DPELJXD FRQ OD FRQGXFWD
H[SRUWDGRUD SXHVWR TXH SDUD GLIHUHQWHV FRUWHV HQ HO WLHPSR OD UHODFLyQ UHVXOWD SRVLWLYD
SHUR SDUD RWURV QR VLJQLILFDWLYD 6WHUODFFKLQL %DVLOH /R PLVPR SXHGH
GHFLUVH GH OD LQYHUVLyQ TXH SHUVLJXH GLVPLQXLU HO QLYHO GH HPSOHR %DVLOH (QWRQFHVODUHODFLyQHQWUHODDGTXLVLFLyQGHWHFQRORJtD\ODFRQGXFWDH[SRUWDGRUDSXHGH
TXHHVWHUHJXODGDSRUGLIHUHQWHVGHFLVLRQHVUHDFWLYDVDORVYDLYHQHVGHOFLFORHFRQyPLFR
6HSUHVXPHTXHODDGRSFLyQGHQXHYDWHFQRORJtDSXHGDHVWDUDVRFLDGDDODH[SORWDFLyQGH
HFRQRPtDV GH HVFDOD \D VHDSRU OD DPSOLDFLyQ GH OD FDSDFLGDG WpFQLFD GH ODV SODQWDV OD
HILFLHQFLD HQ OD XWLOL]DFLyQ GH OD PDTXLQDULD \ HTXLSRV R SRU OD UHGXFFLyQ GH FRVWRV (O
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
QLYHO GH DXWRPDWL]DFLyQ GH OD SODQWD SDUHFH HVWDU FRUUHODFLRQDGR SRVLWLYDPHQWH FRQ OD
SUREDELOLGDG H[SRUWDGRUD /HIHEYUH \ /HIHEYUH DXQTXH VX SRVLFLyQ UHODWLYD
UHVSHFWRDODIURQWHUDWHFQROyJLFDUHYHOHUHVXOWDGRVQRVLJQLILFDWLYRV6WHUODFFKLQL
3RU RWUD SDUWH HO XVR GH WHFQRORJtDV GH PDQXIDFWXUD DYDQ]DGD HVWi DVRFLDGR
SRVLWLYDPHQWH FRQ OD SURSHQVLyQ H[SRUWDGRUD 0HFKOLQJ HWDO :DJQHU OR
FXDO SXHGH HVWDU GHPRVWUDQGR TXH OD DFXPXODFLyQ GH FRQRFLPLHQWRV SRU OD H[SHULHQFLD
SURGXFWLYDLQFLGDVREUHODFRQGXFWDH[SRUWDGRUD
/DPRGHUQL]DFLyQGHOHTXLSRDSUR[LPDGDPHGLDQWHODHGDGSURPHGLRGHODVSLH]DVGHORV
HTXLSRV\PDTXLQDULD±³YLQWDJHPRGHO´SDUHFHWHQHUXQDLQIOXHQFLDGHVSUHFLDEOHORFXDO
QRVOOHYDDSUHFLVDUTXHQRSDUHFHSUREDEOHDVRFLDUODGHFLVLyQH[SRUWDGRUDFRQXQDWDVD
DFHOHUDGD GH XVR GH PDTXLQDULD \ HTXLSR R D HYLWDU OD REVROHVFHQFLD WHFQROyJLFD GH ORV
ELHQHVGHFDSLWDO
x
9tQFXORVH[WHUQRVRUHGHVGHFRODERUDFLyQ
/DVUHODFLRQHVGHODVHPSUHVDVFRQHOHQWRUQRRFXSDQXQOXJDUHVSHFtILFRFRPRIXHQWHGH
DGTXLVLFLyQ GH FRQRFLPLHQWRV WDQWR GH QDWXUDOH]D WpFQLFD FRPR FRPHUFLDO (Q ODV
YDULDEOHV H[SORUDGDV HQ ORV HVWXGLRV VREUH ORV IDFWRUHV GHWHUPLQDQWHV GH OD FRQGXFWD
H[SRUWDGRUD VH KD LQWHQWDGR UHFRJHU DPERV DVSHFWRV DXQTXH QR VLHPSUH HQ IRUPD
VHSDUDGD(QHOHQIRTXHGHORVVLVWHPDVGHLQQRYDFLyQHVWDVUHGHVUHIOHMDQODLQWHJUDFLyQ
\FRKHUHQFLDHQWUH ORVGLIHUHQWHVDJHQWHVTXHSDUWLFLSDQGHODDFWLYLGDGLQQRYDGRUDHQODV
UHJLRQHV R SDtVHV 8Q GHVHPSHxR VXSHULRU HQ ORV PHUFDGRV IRUiQHRV VH KD UHODFLRQDGR
FRQ XQD GLQiPLFD LQWHUFRQH[LyQ FRQ FOLHQWHV SURYHHGRUHV FRPSHWLGRUHV \ OD
LQIUDHVWUXFWXUD LQYHVWLJDGRUD \ HGXFDWLYD GH XQD ORFDOLGDG 3RU RWUD SDUWH OD LQFXUVLyQ
H[LWRVD HQ SOD]DV H[WUDQMHUDV FRQOOHYD DOWRV FRVWRV GH WUDQVDFFLyQ JHQHUDGRV SRU OD
LQFHUWLGXPEUH FRQ UHVSHFWR D OD ILDELOLGDG GH ORV FDQDOHV GH FRPHUFLDOL]DFLyQ \ OD
UHVSXHVWD GH OD GHPDQGD (O DPLQRUDPLHQWR GH GLFKRV FRVWRV WLHQH TXH YHU FRQ OD
H[SHULHQFLDGHFRQVWLWXFLyQGHUHGHVGHGLVWULEXFLyQRILOLDOHVGHFRPHUFLDOL]DFLyQ
8QDHIHFWLYDWUDQVIHUHQFLDGHFRQRFLPLHQWRVVREUHFOLHQWHV\RWHFQRORJtDHVWiHQUHODFLyQ
FRQ XQD DGHFXDGD DFWLWXG FRODERUDWLYD GH ODV SDUWHV LPSOLFDGDV $Vt ODV DOLDQ]DV
FRQVRUFLRV R DFXHUGRV TXH EXVTXHQ FRPSDUWLU FRQRFLPLHQWRV WUDQVIHULU UHVXOWDGRV GH
LQYHVWLJDFLyQ JHQHUDU SRGHU GH QHJRFLDFLyQ R FRQVWLWXLU UHGHV GH GLVWULEXFLyQ \ YHQWD
UHTXLHUHQPRYLOL]DUUHFXUVRVGHWRGRWLSR\UHPRYHUEDUUHUDVFXOWXUDOHVSDUDOOHJDUDEXHQ
ILQ
3DUD YHU HO HIHFWR TXH GLFKRV DFXHUGRV WLHQHQ VREUH OD FRQGXFWD H[SRUWDGRUD SRGHPRV
FHQWUDUQRVHQVXREMHWR/DDGTXLVLFLyQGHVHUYLFLRVWpFQLFRVH[WHULRUHVSDUHFHQRLQIOXLU
1DVVLPEHQL PLHQWUDV TXH ODV FRODERUDFLRQHV SDUD UHDOL]DU ,' DIHFWDQ
SRVLWLYDPHQWH OD SUREDELOLGDG \ SURSHQVLyQ H[SRUWDGRUDV /HIHEYUH HWDO \
%HFFKHWL \ 5RVVL (O HVWDEOHFLPLHQWR GH DOLDQ]DV WDQWR WHFQROyJLFDV FRPR
FRPHUFLDOHV KD UHVXOWDGR HMHUFHU XQ LQIOXMR SRVLWLYR /HIHEYUH \ /HIHEYUH /R
PLVPRTXHODSDUWLFLSDFLyQHQFRQVRUFLRVGHGHVDUUROORWHFQROyJLFRFRPSUDVSURPRFLyQ
R YHQWDV 1DVVLPEHQL 6L DWHQGHPRV D ORV FRVWRV SRU HO GHVDUUROOR GH UHGHV
FRPHUFLDOHV TXH SXHGHQ UHSUHVHQWDUVH PHGLDQWH XQD SUR[\ TXH UHFRMD OD H[SHULHQFLD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
H[SRUWDGRUD SUHYLD VH KD HQFRQWUDGR TXH WDPELpQ DIHFWDQ GH PDQHUD SRVLWLYD OD
SUREDELOLGDGH[SRUWDGRUD%HUQDUG\:DJQHU
x
3DWURQHVVHFWRULDOHVGHFDPELRWHFQROyJLFR
/DV HPSUHVDVSURGXFHQVXVSURGXFWRVFRQSURFHVRVGLVWLQWRVDORVGHRWUDVHPSUHVDVVX
DSUHQGL]DMH GHSHQGH GH VX SURSLD H[SHULHQFLD SURGXFWLYD \ GH E~VTXHGD GH VROXFLRQHV
SDUWLFXODUHVSDUDORFXDOJHQHUDQFRQRFLPLHQWRVDFXGHQDRWUDVHPSUHVDV\UHFXUUHQDODV
IXHQWHV S~EOLFDV VLHQGR HO UHVXOWDGR VXPDPHQWH HVSHFtILFR $Vt ORV SURGXFWRV TXH VH
JHQHUDQ\ODVWHFQRORJtDVTXHVHXWLOL]DQVRQWUD\HFWRGHSHQGLHQWHVDODKLVWRULDHYROXWLYD
GHODHPSUHVD6LQHPEDUJRVHKDHQFRQWUDGRDQLYHOPHVRHFRQyPLFR TXHH[LVWHQUDVJRV
GH HVWD FRQGXFWD TXH VH UHSLWHQ HQ XQ FRQMXQWR GH HPSUHVDV GH WDO IRUPD TXH VH SXHGH
KDEODU GH FODVHV R SDWURQHV GH FRPSRUWDPLHQWR VHFWRULDOHV (VWD FRQGXFWD FRP~Q SXHGH
IDYRUHFHU X REVWDFXOL]DU OD FDSDFLGDG SURSLD GH DSUHQGL]DMH \ DFXPXODFLyQ GH
FRQRFLPLHQWRVWHFQROyJLFRVSRUUHODFLRQHVGHFRRSHUDFLyQ\FRPSHWHQFLD
6LODVH[SRUWDFLRQHVHVWiQUHODFLRQDGDVFRQODJDPDH[LVWHQWHGHFDSDFLGDGHVWHFQROyJLFDV
HQWRQFHVHVSRVLEOHXWLOL]DUFRPRYDULDEOHVGXPPLHVODSHUWHQHQFLDGHODVHPSUHVDVDORV
SDWURQHVWHFQROyJLFRV VHFWRULDOHVGHVDUUROODGRVSRU3DYLWW(VWRVSDWURQHVDJUXSDQ
DODVHPSUHVDVSRUHORULJHQHOXVR\GLIXVLyQGHODVLQQRYDFLRQHV
(VWD GLVWULEXFLyQ KD GHPRVWUDGR VHU ~WLO HQ GLYHUVRV DQiOLVLV D QLYHO PDFUR \ PLFUR /D
HYLGHQFLDDSXQWDDTXHORVSDWURQHVWHFQROyJLFRVLQIOX\HQHQODSUREDELOLGDGH[SRUWDGRUD
\DTXHDPERVUHIOHMDQ ODHVSHFLDOL]DFLyQGHODHVWUXFWXUDSURGXFWLYD7DOIXHHOFDVRGHO
HVWXGLR VREUH HPSUHVDV LWDOLDQDV UHDOL]DGR SRU %DVLOH GRQGH OD SUHVHQFLD \
DXVHQFLD GH VLJQLILFDWLYLGDG UHIOHMDEDQ OD IRUWDOH]D UHODWLYD HQ FXDQWR D ORV VHFWRUHV
WUDGLFLRQDOHVGHRIHUHQWHVHVSHFLDOL]DGRV\GHSURGXFWRUHVLQWHQVLYRVHQHVFDOD
2%-(7,926<0(72'2/2*Ë$
,QWURGXFFLyQ
(QHVWHWUDEDMRVHDQDOL]DUiHOURO\ODLPSRUWDQFLDTXHWLHQHQ ODVGLPHQVLRQHVHVWUXFWXUDO
\WHFQROyJLFDFRPRGHWHUPLQDQWHVGHODFRQGXFWDH[SRUWDGRUD1RVHWUDWDGHGLVHxDUXQD
UHFHWD VLQRHQLGHQWLILFDUORV IDFWRUHV PiV VLJQLILFDWLYRVTXHLQIOX\HQHQODSUREDELOLGDG
GHH[SRUWDUFRQUHODFLyQDOHQWRUQRHFRQyPLFRORFDO<DOFRQVLGHUDUORVVLPXOWiQHDPHQWH
REVHUYDUTXHSHVRUHODWLYRWLHQHFDGDYDULDEOHHQSDUWLFXODUODVGHWLSRWHFQROyJLFR
6H GHVDUUROODUi XQ HQIRTXH HPStULFR XWLOL]DQGR XQD PXHVWUD GH HPSUHVDV
PDQXIDFWXUHUDV /D LQIRUPDFLyQ TXH VH HPSOHD SURYLHQH GH OD EDVH GH GDWRV GH OD
(QFXHVWD VREUH ,QYHVWLJDFLyQ \ 'HVDUUROOR ([SHULPHQWDO 9LQFXODFLyQ 7HFQRORJtD H
,QQRYDFLyQHQHOHVWDGRGH*XDQDMXDWR,1(*,&21&<7(*
(VWDHQFXHVWDPXOWLSURSyVLWRWXYRSRUREMHWLYRVFXDQWLILFDUHOQLYHOGHJDVWR \UHFXUVRVGHGLFDGR
VDODV
DFWLYLGDGHV GH ,' DVtFRPR FRQRFHU ODV DFWLYLGDGHV LQQRYDGRUDV GH FRPSUDYHQWD GH WHFQRORJtD \ GH
YLQFXODFLyQ HQ HO HVWDGR PH[LFDQR GH *XDQDMXDWR HQ ORV VHFWRUHV GHILQLGRV SRU HO 0DQXDO GH )UDVFDWL
2&'( , 6HFWRU SURGXFWLYR LL JRELHUQR LLL,QVWLWXFLRQHV GH HGXFDFLyQ VXSHULRU \ LY VHFWRU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
7$%/$
0$5&208(675$/3256(&725'($&7,9,'$'(&21Ï0,&$<
)$&725(6'((;3$16,Ï1(1/$08(675$
&yGLJR
&,,8 6HFWRUGHDFWLYLGDG
1žGHFDVRVHQODPXHVWUD
7RWDOPXHVWUDH[SDQGLGD
Q )DFWRUGHH[SDQVLyQ
1 $OLPHQWRVEHELGDV\WDEDFR
7H[WLOHVSLHOHV\FXHUR
VXEWRWDO
3URGXFWRVPLQHUDOHVQRPHWiOLFRV
0HWDOHVEiVLFRV
3URGXFWRVIDEULFDGRVGHPHWDO
0DTXLQDULDHTXLSRLQVWUXPHQWRV\
HTXLSRGHWUDQVSRUWH
VXEWRWDO
VXEWRWDO
VXEWRWDO
VXEWRWDO
VXEWRWDO
VXEWRWDO
0XHEOHV\RWUDVPDQXIDFWXUDV
&DUEyQSHWUyOHRHQXFOHDUTXtP\SGWRV
FDXFKR\SOiVWLFR
VXEWRWDO
0DGHUDSDSHOLPSUHQWD\SXEOLFDFLRQHV
VXEWRWDO
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHODEDVHGHGDWRVGHOD(QFXHVWD&21&<7(*
,1(*,
/D HQFXHVWD SDUD HO VHFWRU SURGXFWLYR VH EDVy HQ XQ GLVHxR HVWDGtVWLFDPHQWH
UHSUHVHQWDWLYR SRU DFWLYLGDG HFRQyPLFD \ WDPDxR GH HPSUHVD GH XQ FRQMXQWR GH
HVWDEOHFLPLHQWRV TXH SUHVHQWDEDQ DOJXQD R YDULDV FDUDFWHUtVWLFDV FRQGXFWXDOHV TXH
SUHVXPLEOHPHQWHSRGUtDQHVWDUDVRFLDGDVDODJHQHUDFLyQGHFRQRFLPLHQWRVDVDEHU
SULYDGR QR OXFUDWLYR (Q SDUWLFXODU HO PDUFR PXHVWUDO GHO VHFWRU SURGXFWLYR VH FRQIRUPy FRQ HVWDEOHFLPLHQWRVGH ORV VHFWRUHV LQGXVWULDO FRPHUFLDO \ VHUYLFLRV (Q HVWH WUDEDMR VyOR VH XWLOL]DUi ORV
LQIRUPDFLyQGHODVDFWLYLGDGHVPDQXIDFWXUHUDV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
$SHUWXUDDOH[WHULRU
&HUWLILFDFLRQHV GH FDOLGDG R LPSOHPHQWDFLyQ GH VLVWHPDV SURGXFWLYRV
DPLJDEOHVFRQHOPHGLRDPELHQWH
3DUWLFLSDFLyQHQDFWLYLGDGHVGHSODQHDFLyQ\IRPHQWRLQGXVWULDO\WHFQROyJLFR
2EWHQFLyQGHDOJXQDD\XGDRVXEYHQFLyQ S~EOLFD
$ILOLDFLyQDRUJDQLVPRVRVRFLHGDGHVHPSUHVDULDOHV
(VWHGLVHxRSUREDELOtVWLFRSHUPLWLUiUHDOL]DUORVDQiOLVLVFRQHPSUHVDVSHURH[SDQGLU
ORVUHVXOWDGRVDHVWDEOHFLPLHQWRV(OIDFWRUGHH[SDQVLyQSDUDFDGDFDVRHVLJXDODOD
LQYHUVD GH OD SUREDELOLGDG GH VHOHFFLyQ (QWUDURQ FRQ FHUWH]D HVWDEOHFLPLHQWRV TXH
KDEtDQ UHFLELGR DOJXQD D\XGD S~EOLFD SDUD SUR\HFWRV GH LQYHVWLJDFLyQ HQ FRRSHUDFLyQ R
SDUWLFLSDURQDFWLYDPHQWHHQODSODQHDFLyQGHOGHVDUUROORLQGXVWULDO3DUDHOUHVWRVHKL]R
XQ PXHVWUHRSRUHVWUDWRVGHWDPDxRWRPDQGRFDGDVHFWRUGHDFWLYLGDGHFRQyPLFDFRPR
GRPLQLR LQGHSHQGLHQWH &DEH PHQFLRQDU TXH HQWUH ORV HVWDEOHFLPLHQWRV VHOHFFLRQDGRV
FRQ FHUWH]D H[LVWH XQ VHVJRD HPSUHVDV JUDQGHV GDGD VX PD\RU SUHVHQFLD HQHOHQWRUQR
VRFLDOSROtWLFR\S~EOLFR
7$%/$
9$5,$%/(6(1/$(1&8(67$62%5(,19(67,*$&,Ï1<'(6$552//2
,1129$&,Ï17(&12/2*Ë$<9,1&8/$&,Ï1(1(/(67$'2'(
*8$1$-8$72
*UXSRGH9DULDEOHV
(MHPSORVGHYDULDEOHVVXEJUXSRVGHYDULDEOHV
,'DWRV *HQHUDOHV
$xRVGHRSHUDFLyQJLURGHODHPSUHVDSULQFLSDOHVSURGXFWRV
1DWXUDOH]DGHO&DSLWDO9HQWDV$QXDOHV0HUFDGRV3HUVRQDO
SURPHGLRDQXDO
,,,QYHVWLJDFLyQ\
'HVDUUROOR
([SHULPHQWDO
,,,7HFQRORJtD
7LSRGH
YDULDEOHV
%LQDULD
0pWULFD
1RPLQDO
$FWLYLGDGHVH[WHUQDVHLQWHUQDV*DVWRV1RGHSHUVRQDVGHGLFDGDV %LQDULD
8QLGDG)RUPDO3ULQFLSDOHVREMHWLYRV&RQYHQLRV7LSRGH
0pWULFD
,QVWLWXFLyQ
2UGLQDO
$GTXLVLFLyQGHPDTRHTXLSR7LSRGHPDTXLQDULD(IHFWRVHQOD
HPSUHVD$GTXLVLFLyQ7UDQVIHUHQFLDGH7HFQRORJtD7LSRGH
3URYHHGRU)UHFXHQFLDGHXWLOL]DFLyQGHPpWRGRGHSURYLVLyQ
&DPELRVHQODRUJDQL]DFLyQ
%LQDULD
0pWULFD
2UGLQDO
,QWURGXFFLyQGHSURGXFWRVQXHYRV$OFDQFHGHQRYHGDG,PSDFWR %LQDULD
HQODVYHQWDV*DVWRVSRUWLSRGHDFWLYLGDG8QLGDGGHLQJHQLHUtD1ƒ 0pWULFD
GHSHUVRQDVGHGLFDGDVDLQJHQLHUtD,PSRUWDQFLDGHIXHQWHVGH
2UGLQDO
LQIRUPDFLyQLQWHUQDVH[WHUQDV)XHQWHVGHILQDQFLDPLHQWR
3DWHQWHVVROLFLWDGDVFRQFHGLGDVSDtVH[WUDQMHUR9DORUDFLyQGH
PpWRGRVGHDSURSLDELOLGDG2EMHWLYRVGHODLQQRYDFLyQ
0RWLYDFLRQHV\2EVWiFXORV$\XGDVS~EOLFDV
(ODERUDFLyQSURSLDDSDUWLUGHOD(QFXHVWD&21&<7(*,1(*,
,9,QQRYDFLyQ
/D EDVH GH GDWRV SURSRUFLRQD LQIRUPDFLyQ VREUH ODV FDUDFWHUtVWLFDV JHQHUDOHV GH ODV
HPSUHVDV VXV FDSDFLGDGHV SDUD JHQHUDU DGTXLULU \ DGRSWDU WHFQRORJtD DVt FRPR VXV
DFWLYLGDGHVSHUFHSFLRQHV\DFWLWXGHVIUHQWHDOSURFHVRLQQRYDGRU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
0pWRGRVGHDQiOLVLV
$ SDUWLU GH XQ DQiOLVLV H[SORUDWRULR EDVDGR HQ SUXHEDV GH LQIHUHQFLD HVWDGtVWLFD
SUHWHQGHUHPRV YLVOXPEUDU TXp YDULDEOHV WLHQHQ DOJXQD LQIOXHQFLD HQ OD FRQGXFWD
H[SRUWDGRUD GH OD HPSUHVD $ FRQWLQXDFLyQ VH UHDOL]DUi HO DQiOLVLV FRQILUPDWRULR GH OD
LQIOXHQFLD GH ODV YDULDEOHV HOHJLGDV 0HGLDQWH OD WpFQLFD PXOWLYDULDQWH GH UHJUHVLyQ
ORJtVWLFD VH FRQRFHUi HO SDSHO \ OD LPSRUWDQFLD GH FDGD YDULDEOH SDUD GHWHUPLQDU OD
FRQGXFWDH[SRUWDGRUD
&RQUHVSHFWRDORVDQiOLVLVH[SORUDWRULRVVHXWLOL]DUiQGRVWLSRGHSUXHEDVGHLQIHUHQFLD
HVWDGtVWLFD REHGHFLHQGR D OD QDWXUDOH]D GH ODV YDULDEOHV D HVWXGLDU $Vt ODVFXDQWLWDWLYDV
VHUiQVRPHWLGDVDODSUXHEDWGH6WXGHQWSDUDYHUVLODVPHGLDVHQORVJUXSRVH[SRUWDGRU\
QRH[SRUWDGRUVRQVLJQLILFDWLYDPHQWHGLVWLQWDV6LHVWHHVHOFDVRHQWRQFHVHVWDVYDULDEOHV
SHUPLWLUiQ KDFHU XQD KLSyWHVLV VREUH TXH QLYHO GH PDJQLWXGHV VRQ HVSHUDEOHV SDUD XQD
HPSUHVD H[SRUWDGRUD /D VHJXQGD SUXHED GH LQIHUHQFLD D XWLOL]DU HV OD SUXHED GH
LQGHSHQGHQFLD GHFKLFXDGUDGRSDUDORFXDOVHXWLOL]DQWDEODVGHFRQWLQJHQFLD$SDUWLUGH
YDULDEOHVFXDOLWDWLYDVVHHVWXGLDVXGLVWULEXFLyQFRQGLFLRQDOSDUDOD DXVHQFLD\SUHVHQFLD
GHO DWULEXWR H[SRUWDGRU (QWRQFHV OD SUXHED SHUPLWH YDORUDU ODV GLIHUHQFLDV HQWUH ODV
IUHFXHQFLDV REVHUYDGDV \ ODV HVSHUDGDV EDMR LQGHSHQGHQFLD 6L OD GLIHUHQFLD HV
VLJQLILFDWLYDPHQWHGLVWLQWDVHUHFKD]DODSUXHEDGHLQGHSHQGHQFLDHQWUHODVYDULDEOHVHVWR
HVODYDULDEOHREMHWRGHHVWXGLRHVWDUtDDVRFLDGDDODWULEXWRH[SRUWDGRU/DKLSyWHVLVTXH
VHGHVSUHQGHHVTXHODSUHVHQFLDRDXVHQFLDGHXQDYDULDEOHFXDOLWDWLYDHQXQDHPSUHVD
HVWiDVRFLDGDDODH[LVWHQFLDGHODFRQGXFWDH[SRUWDGRUD'HVSXpV VHUHDOL]DUiXQDQiOLVLV
FRPSUREDWRULR 3DUD HOOR VH LQWURGXFLUiQ ODV YDULDEOHV FXDQWLWDWLYDV \ FXDOLWDWLYDV
VHOHFFLRQDGDV HQ XQ PRGHOR ORJDUtWPLFR FRPR IDFWRUHV H[SOLFDWLYRV GH OD FRQGXFWD
H[SRUWDGRUD eVWD VHUi H[SUHVDGD FRPR HO ORJDULWPR GHO UDWLR HQWUH OD SUREDELOLGDG GH
H[SRUWDU \ OD SUREDELOLGDG GH QR KDFHUOR 6H WRPDUi HO GH ORV FDVRV GH OD PXHVWUD
H[SDQGLGD FRQRFLHQGR GH DQWHPDQR OD DXVHQFLD SUHVHQFLD GH FRQGXFWD H[SRUWDGRUD OD
FXDO VH RSHUDFLRQDOL]DUi FRPR OD XQLGDG VL OD HPSUHVD WXYR LQJUHVRV SRU YHQWDV HQ
PHUFDGRV H[WUDQMHURV \ FHUR HQ FDVR FRQWUDULR (O PpWRGR D XWLOL]DU HV OD UHJUHVLyQ
ORJtVWLFDELQDULDSRUSDVRVKDFLDDGHODQWHXWLOL]DQGRFRPRFULWHULRGHODERQGDGGHDMXVWH
GHOPRGHORODPi[LPDYHURVLPLOLWXG/DYHQWDMDGHHVWHPpWRGRHVTXHODLQWURGXFFLyQR
VDOLGDGHYDULDEOHVXQDDXQDHOLPLQDORVSUREOHPDVGHPXOWLFROLQHDOLGDG$FDGDSDVRVH
LQWURGXFHXQDYDULDEOHWHVWDQGRODUHGXFFLyQGHO±ORJGHODYHURVLPLOLWXGKDVWDOOHJDUDO
PRGHORGHPi[LPDYHURVLPLOLWXG
5(68/7$'26
$QiOLVLVH[SORUDWRULRV
(Q ORV WUDEDMRV FRQ PLFUR GDWRV H[LVWH XQD ULTXH]D LQWHUSUHWDWLYD DVRFLDGR D OD
FRQFHSWXDOL]DFLyQ GH OD HPSUHVD FRPR XQ HQWH H[SUHVLYR GH UHFXUVRV DFXPXODGRV
HVWUDWHJLDVDLPSOHPHQWDU\UHVXOWDGRVREWHQLGRV7DPELpQSHUPLWHDVRFLDUFDUDFWHUtVWLFDV
GHO HQWRUQR FXOWXUDO \ GH PHUFDGR SUy[LPRV (Q HVWH VHQWLGR OD H[SORUDFLyQ VH EDVy HQ
E~VTXHGDV DOWHUQDWLYDV \ FRPSOHPHQWDULDV VREUH ODV IRUPDV GH RSHUDFLRQDOL]DU ODV
YDULDEOHV SDUD DSUR[LPDU PiV DGHFXDGDPHQWH ODV FDUDFWHUtVWLFDV HVWUXFWXUDOHV GH
FRQGXFWD \ GHVHPSHxR GH OD HPSUHVD D OD GHFLVLyQ GH SDUWLFLSDU HQ PHUFDGRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
LQWHUQDFLRQDOHV R PDQWHQHUVH HQ HO PHUFDGR GRPpVWLFR 6H SDUWH GHODLGHDGHSUHVHQWDU
ODV YDULDEOHV HQ IRUPD FXDQWLWDWLYD SDUD VXVWHQWDU ODV KLSyWHVLV VREUH HO QLYHO GH ORV
YDORUHVTXHPiVYHURVtPLOPHQWHSXHGDQDVRFLDUVHDODFRQGXFWDH[SRUWDGRUD
7$%/$02'(/2'(',675,%8&,Ï1%,120,$/
3UXHEDELQRPLDO
&RQGLFLyQH[SRUWDGRUD
GHODHPSUHVD
*UXSR
*UXSR
7RWDO
&DWHJRUtD
1R
H[SRUWDGRU
([SRUWDGRU
1
3URSRUFLyQ
REVHUYDGD
D%DVDGRHQODDSUR[LPDFLyQ=
3URSGH
SUXHED
6LJDVLQWyW
ELODWHUDO
D
*UiILFR3UREDELOLGDGH[SRUWDGRUDHQODPXHVWUDH[SDQGLGD
&RQGLFLyQH[SRUWDGRUDGHODHPSUHVD
([SRUWDGRU
1RH[SRUWDGRU
&DVRVSRQGHUDGRVSRU)$&725
/D GHVFULSFLyQ HVWDGtVWLFD TXH VH VLJXH GH OD SREODFLyQ HVWXGLDGD HV TXH HO DWULEXWR
H[SRUWDGRU QR VH GLVWULEX\H HTXLWDWLYDPHQWH HVWR HV ODV HPSUHVDV QR SURFHGHQ GH XQD
SREODFLyQGRQGHODSUREDELOLGDGH[SRUWDGRUDVHDLJXDODODQRH[SRUWDGRUDVLQRTXHVLJXH
XQDGLVWULEXFLyQELQRPLDOFRQPHGLDGHQSGRQGHQHVWDPDxRGHODPXHVWUD\SOD
SUREDELOLGDG H[SRUWDGRUD \ GHVYLDFLyQ HVWiQGDU GH QSTA GRQGH T HV OD
SUREDELOLGDG QR H[SRUWDGRUD /DV IUHFXHQFLDV UHYHODQ TXH HO GH ODV HPSUHVDV
GHFODUDURQKDEHUSDUWLFLSDGRHQPHUFDGRVH[WUDQMHURVIUHQWHDOTXHVyORFRQFXUUHQDO
PHUFDGRGRPpVWLFR
(OHVWXGLRGHOFRPSRUWDPLHQWRGHODVYDULDEOHVLQGHSHQGLHQWHVHQWUHODVGRVVXEPXHVWUDV
SREODFLRQDOHV UHYHODQ GLIHUHQFLDV VLJQLILFDWLYDV 'HO DQiOLVLV GH GLIHUHQFLDV GH PHGLDV
WDEOD SRGHPRV LQIHULU XQ SHUILO SURPHGLR GH OD HPSUHVD H[SRUWDGRUD
FRPSDUDWLYDPHQWHFRQVXFRQWUDSDUWHQRH[SRUWDGRUDHPSOHDPD\RUQ~PHURGHSHUVRQDV
FXHQWDFRQPD\RUH[SHULHQFLDSURGXFWLYDWLHQHXQDPD\RUSDUWLFLSDFLyQH[WUDQMHUDHQVX
FDSLWDO VRFLDO \ GHSHQGHQ HQ PD\RU SURSRUFLyQ VXV LQJUHVRV GH OD YHQWD GH XQ VROR
SURGXFWR 1R HV VLJQLILFDWLYDPHQWH GLIHUHQWH VX HVIXHU]R ILQDQFLHUR HQ LQYHVWLJDFLyQ \
GHVDUUROOR DXQTXH GHGLFD PiV SHUVRQDO D HVWDV DFWLYLGDGHV 'H VXV JDVWRV GHVWLQDGRV D
LQQRYDFLyQ VyOR VH GLIHUHQFLDQ ORV UHODWLYRV DO ODQ]DPLHQWR DO PHUFDGR GH QXHYRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
SURGXFWRV (Q ORV UHVXOWDGRV LQQRYDGRUHV VH SHUFLEHQ GLIHUHQFLDV SRVLWLYDV HQ OD
SDUWLFLSDFLyQHQODVYHQWDVGHORVSURGXFWRVQXHYRV\PHMRUDGRV/RVLQJUHVRVTXHGHGLFD
D DGTXLULU WHFQRORJtD VRQ PHQRUHV SDUD FRPSUD GH PDTXLQDULD \ HTXLSR SHUR PD\RUHV
SDUDODWHFQRORJtDQRLQFRUSRUDGD
7$%/$
&203257$0,(172',)(5(1&,$/(175((035(6$6(;3257$'25$6
<12(;3257$'25$67(67'(0(',$6
9$5,$%/(6
9DULDEOHV
(VWXFWXUDOHV
3HUVRQDOWRWDOSURPHGLRRFXSDGRHQODHPSUHVDGXUDQWH (VIXHU]RHQLQQRYDFLyQ
(VWUDWHJLD
HPSUHVDULDO
'LYHUVLILFDFLyQ
9HQWDVDQXDOHVGXUDQWHPLOORQHVGHSHVRV
$xRVGHRSHUDFLyQGHODHPSUHVD
GHFDSLWDOH[WUDQMHUR
HQODYHQWDVWRWDOHVGHOSULPHUSURGXFWRSULQFLSDO
GHODVYHQWDVWRWDOHVGHGLFDGRD ,'H[WUDHLQWUDPXURV
GHOSHUVRQDOWRWDOSURPHGLRRFXSDGRHQ,'
,QWHQVLGDGGHLQJHQLHURVVREUHHOSHUVRQDOWRWDO
,QWHQVLGDGGHOJDVWRHQGLVHxRLQJHQLHUtD\SUHSURGXFFLyQ
,QWHQVLGDGGHOJDVWRHQFDSDFLWDFLyQ
,QWHQVLGDGGHOJDVWRHQODQ]DPLHQWRGHQXHYRVSURGXFWRV
,QWHQVLGDGGHOJDVWRHQLQWDQJLEOHV
,QWHQVLGDGGHOJDVWRHQPDTXLQDULD\ HTXLSRL QQRYDGRU
5HVXOWDGRVGHOD
LQQRYDFLyQ
1RGHSURGXFWRVQXHYRVLQWURGXFLGRVHQ $GTXLVLFLyQGH
FRQRFLPLHQWRV
GHYHQWDVDWULEXLGRDSURGXFWRVQXHYRV
GHYHQWDVDWULEXLGRDSURGXFWRVPHMRUDGRV
1RGHSDWHQWHVVROLFLWDGDVHQHOSDtVGXUDQWH
1RGHSDWHQWHVFRQFHGLGDVHQHOSDtVGXUDQWH GHODVYHQWDVWRWDOHVGHGLFDGRDODFRPSUDGH
PDTXLQDULD\HTXLSR
GHODVYHQWDVWRWDOHVGHGLFDGRDODFRPSUDGH
WHFQRORJtDQRLQFRUSRUDGD
&RQGLFLyQ
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
(;3
12(;3
0HGLD
'HVYWtS
'LIHUHQFLD
GHPHGLDV
16
16
16
16
16
16
16
16
16
16
16 1R VLJQLILFDWLYR GH VLJQLILFDWLYLGDG GH VLJQLILFDWLYLGDG \ GH
VLJQLILFDWLYLGDG
&DEHVHxDODU TXHHVWDVYDULDEOHVQRSURFHGHQGHXQDGLVWULEXFLyQQRUPDOORFXDOSXHGH
HVWDU RFXOWDQGR TXH H[LVWH XQ UDQJR GH YDORUHV DOHMDGRV GH OD PHGLD TXH SXHGDQ HVWDU
SUHVHQWDQGR XQD DVRFLDFLyQ VLJQLILFDWLYD FRQ HO DWULEXWR H[SRUWDGRU (QWRQFHV SDUD ODV
YDULDEOHV FXDQWLWDWLYDV VH UHDOL]D DGHPiV XQD DVLJQDFLyQ GH UDQJRV D VX UHFRUULGR SDUD
LGHQWLILFDUSRVLEOHVDVRFLDFLRQHV(QODWDEODVHSUHVHQWDQORVUHVXOWDGRVGHODVSUXHEDV
GH DVRFLDFLyQ HQWUH YDULDEOHV HVWUXFWXUDOHV \ WHFQROyJLFDV FRQ UHVSHFWR D OD FRQGXFWD
H[SRUWDGRUD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
7$%/$
&203257$0,(172',)(5(1&,$/(175((035(6$6(;3257$'25$6
<12(;3257$'25$6358(%$6'($62&,$&,Ï17DEODGHFRQWLQJHQFLDV
9$5,$%/(6
3UXHEDVGH;FXDGUDGR
;FXDGUDGR
GH3HDUVRQ
(VWUDWRGHWDPDxRVHJ~QSHUVRQDORFXSDGR
9DULDEOHV
(VWUXFWXUDOHV
$QWLJHGDGUDQJRGHDxRVGHRSHUDFLyQ
(VWUDWHJLD
HPSUHVDULDO
GLYHUVLILFDFLyQ
6LWXDFLyQGHODFDUWHUDGHSURGXFWRV
5DQJRGHODLQWHQVLGDGGHOJDVWRHQ,'
5DQJRGHLQWHQVLGDGSHUVRQDO LQJHQLHUtD
5DQJRGHYHQWDVHVWUDWRV
(PSUHVDILOLDOGH0XOWLQDFLRQDO
5DQJRGHLQWHQVLGDGSHUVRQDO,'
(VIXHU]RHQ
LQQRYDFLyQ
5DQJRGHODLQWHQVLGDGGHOJDVWRHQGLVHxRLQJ
\SUHSURGXFFLyQ
3DWURQHV
VHFWRULDOHVH
LQGXVWULDOHVGH
LQQRYDFLyQ
5DQJRGHODLQWHQVLGDGGHOJDVWRHQPDT\HT
LQQRYDGRU
5DQJRGHODLQWHQVLGDGGHOJDVWRHQLQWDQJLEOHV
$GTXLVLFLyQGH
FRQRFLPLHQWRV
5DQJRGHODLQWHQVLGDGGHOJDVWRHQ
FDSDFLWDFLyQ
5DQJRGHODLQWHQVLGDGGHOJDVWRHQ
ODQ]DPLHQWRDOPHUFDGR
5HVXOWDGRVGHO
SURFHVRLQQRYDGRU
5DQJRGHSURGXFWRVQXHYRV
5DQJRGHLQWHQVLGDGHQODVYHQWDVSRU
SURGXFWRVPHMRUDGRV
5DQJRGHLQWHQVLGDGHQODVYHQWDVSRU
SURGXFWRVQXHYRV
5DQJRGHODLQWHQVLGDGGHOJDVWRHQ
PDTXLQDULD\ HTXLSR
5DQJRGHWHFQRORJtDQRLQFRUSRUDGD
3DWURQHVVHFWRULDOHVGHOFDPELRWHFQROyJLFR
1LYHO7HFQROyJLFRGHODLQGXVWULD
16
16
16
16
$QiOLVLVGH
FRQWUROVHJ~Q
WDPDxR
3*D
JO
&RHILFLHQWHGH
FRQWLQJHQFLD
16
16
16
16
16
16
1616
16
16
16
16
16
16
1616
1616
16
16
GRQGH 16 1R VLJQLILFDWLYR GH VLJQLILFDWLYLGDG GH VLJQLILFDWLYLGDG \ GH
VLJQLILFDWLYLGDG
D
3DUD FRQWURODU ORV HIHFWRV GHULYDGRV GHO WDPDxR GH ODV HPSUHVDV VH UHDOL]DURQ SUXHEDV FRQ GRV
VXEPXHVWUDVFRQHOFULWHULRGHFRUWHGHHPSOHDGRVGRQGH3*VHUHILHUHDODVLJQLILFDWLYLGDGGHORV
UHVXOWDGRVSDUDODVVXEPXHVWUDV3SHTXHxRVHVWDEOHFLPLHQWRVHVGHFLUFRQXQDSODQWLOOD SHUVRQDV\
*JUDQGHVHVWDEOHFLPLHQWRVHVGHFLUFRQXQDSODQWLOOD!SHUVRQDVUHVSHFWLYDPHQWH
&DUDFWHUtVWLFDV(VWUXFWXUDOHV
&RQUHVSHFWRDODVFDUDFWHUtVWLFDVHVWUXFWXUDOHVVHREVHUYDTXHODVWUHVYDULDEOHVDQDOL]DGDV
WDPDxR DQWLJHGDG GH OD HPSUHVD \ OD SHUWHQHQFLD ±R QR D XQD JUXSR PXOWLQDFLRQDO
HVWiQ UHODFLRQDGDV FRQ OD SUREDELOLGDG H[SRUWDGRUD 6H FRPSUXHED TXH ODV HPSUHVDV
H[SRUWDGRUDVVHDVRFLDQFODUDPHQWHFRQWDPDxRVPD\RUHVHQHOQ~PHURGHHPSOHDGRV/D
SUHVHQFLD GH HPSUHVDV QR H[SRUWDGRUDV HV PD\RU HQ HO VHJPHQWR PLFUR PHQRV GH SHUVRQDVHQWRUQRDOPLHQWUDVTXHHQHOUHVWRDXPHQWDODSUREDELOLGDGGHHQFRQWUDU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
HPSUHVDVH[SRUWDGRUDVSRUFHQWDMHVPD\RUHVDO6LHOWDPDxRVHDSUR[LPDPHGLDQWH
ODVYHQWDVVHHQFXHQWUDDVRFLDFLyQHQWUHORVUDQJRV\ODFRQGXFWDH[SRUWDGRUD/RTXHHQ
HO DQiOLVLV GH GLIHUHQFLDV GH PHGLDV TXHGDED RFXOWR HUD TXH HQ HO H[WUHPR LQIHULRU GHO
UHFRUULGR YHQWDV PHQRUHV D PLOORQHV GH SHVRV OD SUREDELOLGDG GH HQFRQWUDU QR
H[SRUWDGRUDVHUDPD\RUPLHQWUDVTXHODDFWLYLGDGH[SRUWDGRUDVHKDOODFRQPD\RU
SUREDELOLGDG HQ ORV UDQJRV GH YHQWDV PD\RUHV D PLOORQHV GH SHVRV 9pDVH
*UiILFR
*UiILFR'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QDWULEXWRVHVWUXFWXUDOHV
(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDGH[SRUWDGRUD
5DQJRGHYHQWDV
(VWUDWRGHWDPDxR
0LFURGH
3HTXHxRGH
0HGLDQRGH
*UDQGHGH
*LJDQWH\PiV
PLOHVGHSHVRV
&RQGLFLyQ
([SRUWDGRU
!
&RQGLFLyQ
1RH[SRUWDGRU
1RH[SRUWDGRU
$QWLJHGDG
&DSLWDOH[WUDQMHUR
DDxRV
DDxRV
DDxRV
'HHQDGHODQWH
([SRUWDGRU
1RILOLDO
&RQGLFLyQ
)LOLDO ([SRUWDGRU
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
1RH[SRUWDGRU
/DH[SHULHQFLDSURGXFWLYD±RDQWLJHGDGGHODHPSUHVD WDPELpQHVWiDVRFLDGDDXQTXHGH
IRUPD GpELO D OD FRQGXFWD H[SRUWDGRUD (Q ORV UDQJRV PHQRUHV D ORV GRFH DxRV OD
SUREDELOLGDG GH KDOODU OD FRQGXFWD H[SRUWDGRUD HV PHQRU PLHQWUDV TXH HV PiV
SUREDEOHTXHXQDHPSUHVDPD\RUGHDxRVVHDH[SRUWDGRUD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
3DUDKDFHUORV UHFRUULGRVGHODGLVWULEXFLyQFRUUHVSRQGLHQWHDODSDUWLFLSDFLyQGHFDSLWDO
H[WUDQMHUR HQ ODV HPSUHVDV VH SUHILULy FRQVWUXLU XQD YDULDEOH GLFRWyPLFD VREUH OD
QDWXUDOH]DVXEVLGLDULDGHXQDFRPSDxtDPXOWLQDFLRQDOGDGRTXHHUDQPX\SRFRVORVFDVRV
FRQSUHVHQFLDGHFDSLWDOH[WUDQMHURPHQRUDO3DUDFRQWURODUVHVJRVSRULQIRUPDFLyQ
GHILFLHQWHVHFRQVLGHUyILOLDOGHPXOWLQDFLRQDODWRGDVODVHPSUHVDVFRQFDSLWDOH[WUDQMHUR
PD\RU DO R ELHQ FRQ SDUWLFLSDFLyQ PHQRU VLHPSUH \ FXDQGR XWLOL]DUDQ
IUHFXHQWHPHQWH DJHQWHV LQWUDHPSUHVD SDUD SURYHHUVH GH LQYHVWLJDFLyQ \ GHVDUUROOR
PDTXLQDULD \ HTXLSR LQWDQJLEOHV R SDTXHWHV WHFQROyJLFRV /D FDUDFWHUtVWLFD H[SRUWDGRUD
DSDUHFHDVRFLDGDFRQMXQWDPHQWHDODQDWXUDOH]DILOLDOFRQXQDVLJQLILFDWLYLGDGGHO
/R TXH QR HV VRUSUHQGHQWH WHQLHQGR HQ FXHQWD TXH ODV HPSUHVDV TXH IRUPDQ JUXSRV
PXOWLQDFLRQDOHVWLHQHQXQDFFHVRSULYLOHJLDGRDODVUHGHVGHGLVWULEXFLyQLQWHUQDFLRQDO
'HELGRDODLPSRUWDQFLDGHOWDPDxRFRPRYDULDEOHH[SOLFDWLYDGHODSUREDELOLGDG±FRPR
PXHVWUDQ FDVL WRGRV ORV HVWXGLRV HPStULFRV VH KDQ UHDOL]DGR XQRV DQiOLVLV GH FRQWURO
XWLOL]DQGRGRVVXEPXHVWUDVVHJ~QHOWDPDxRHPSUHVDVSHTXHxDV\PHGLDQDV ±KDVWD
HPSOHDGRV YHUVXV HPSUHVDV JUDQGHV PD\RUHV D HPSOHDGRV &RQ UHVSHFWR D OD
VXEPXHVWUDGH3<0(6VHKDQHQFRQWUDGRXQRVUHVXOWDGRVPX\SDUHFLGRVDORVGHWHFWDGRV
SDUDODPXHVWUDHQVXFRQMXQWRPLHQWUDVTXHSDUDODVHPSUHVDVJUDQGHVVHKDQGHWHFWDGR
SRUXQODGRTXHODDQWLJHGDG±HQFRQWUDVWHDODPXHVWUDJOREDO QRMXHJDQLQJ~QSDSHO
SDUDH[SOLFDUODSUREDELOLGDGH[SRUWDGRUD\SRURWURODGRVHFRQILUPDODLPSRUWDQFLD±
FRPR YDULDEOH H[SOLFDWLYD GH OD SHUWHQHQFLD D XQ JUXSR PXOWLQDFLRQDO (V GHFLU VH
FRQILUPD TXH HO DFFHVR DGHFXDGR D UHGHV GH GLVWULEXFLyQ LQWHUQDFLRQDO WDPELpQ HV
LPSRUWDQWHSDUDHPSUHVDVJUDQGHV
(VWUDWHJLDHPSUHVDULDOGLYHUVLILFDFLyQ
/D ~QLFD YDULDEOH UHVSHFWR D OD HVWUDWHJLD HPSUHVDULDO ±DGHPiV GH DTXHOODV UHODFLRQDGDV
FRQODFRQGLFLyQLQQRYDGRUD TXHVHXWLOL]DHQHVWHHVWXGLRHVODTXHH[SUHVDHOQLYHOGH
HVSHFLDOL]DFLyQRGLYHUVLILFDFLyQGHODSURGXFFLyQGHODHPSUHVD(VWHDVSHFWR VHPLGHD
SDUWLU GH OD SDUWLFLSDFLyQ GHO SULPHU SURGXFWR SULQFLSDO HQ ODV YHQWDV HO FXDO QR VH XVy
SDUD FRQVWUXLU UDQJRV VLQR TXH VH SUHILULy XWLOL]DU FRQMXQWDPHQWH OD LQIRUPDFLyQ
FRPSOHPHQWDULDVREUHODSDUWLFLSDFLyQGHOVHJXQGR\WHUFHUSURGXFWRVSULQFLSDOHVHQODV
YHQWDV$VtVHJHQHUDURQFXDWURFDWHJRUtDVVLHOGHODVYHQWDVVHFRQFHQWUDEDHQHO
SULPHUSURGXFWRHQWRQFHVVHWUDWyDODHPSUHVDFRPRPRQRSURGXFWRUDVLODSDUWLFLSDFLyQ
GH ORV GRV SULQFLSDOHV SURGXFWRV VXPDED HO VH FRQVLGHUy D OD HPSUHVD FRPR
ELSURGXFWRUDVLHVWR VXFHGtDFRQORVWUHVSURGXFWRVODFDWHJRUtDIXHGHWULSURGXFWRUD\VL
HQWUH ORV WUHV QR VXPDEDQ HO HQWRQFHV OD DVLJQDFLyQ IXH GH PXOWLSURGXFWRUD /D
FRQGXFWDH[SRUWDGRUDSDUHFHHVWDUOLJHUDPHQWHDVRFLDGDDODVHPSUHVDVPRQRSURGXFWRUDV
GHODSREODFLyQHQGLFKDFDWHJRUtD\ODQRH[SRUWDGRUDDODVELSURGXFWRUDV
9pDVH *UiILFR &DEH PHQFLRQDUTXH ORV DQiOLVLV GH FRQWURO ± VHJ~Q VXEPXHVWUDV GH
WDPDxR UHYHODQ TXH OD HVSHFLDOL]DFLyQ HQ XQ VROR SURGXFWR UHVXOWD VHU XQD YDULDEOH
H[SOLFDWLYD ~QLFDPHQWH SDUD ODV JUDQGHV HPSUHVDV PLHQWUDV TXH SDUD HO VXEFRQMXQWR GH
ODV3<0(6HVWDYDULDEOHQRHVVLJQLILFDWLYD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
*UiILFR'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QGLYHUVLILFDFLyQ
(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDGH[SRUWDGRUD
&DUWHUDGHSURGXFWRV
0RQRSURGXFWRU
%LSURGXFWRU
7ULSURGXFWRU
0XOWLSURGXFWRU
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
/DDFWLWXGLQQRYDGRUDFRPRYDULDEOHH[SOLFDWLYDGHODSUREDELOLGDGH[SRUWDGRUD
(QODVHFFLyQGRQGHDQDOL]DPRVORVUHVXOWDGRVGHORVHVWXGLRVHPStULFRVH[LVWHQWHVKHPRV
GLVFXWLGR ODV GLYHUVDV IRUPDV GH PHGLU HO FRPSRUWDPLHQWR LQQRYDGRU +D\TXHWHQHUHQ
FXHQWD TXH ORV HVWXGLRV DQDOL]DGRV UHIOHMDQ ±HQ JHQHUDO GDWRV GH SDtVHV PX\
GHVDUUROODGRV1RREVWDQWHODFRQGLFLyQLQQRYDGRUDHVXQDWULEXWRTXHSDUWLFXODUSHURQR
H[FOXVLYDPHQWH HQ HO FDVR GH SDtVHV GH PHQRU GHVDUUROOR UHODWLYR SUHVHQWD PD\RUHV
GLILFXOWDGHVSDUD VXFRQFHSWXDOL]DFLyQHQYDULDEOHVPHGLEOHVHQODUHDOLGDGHFRQyPLFD\
HPSUHVDULDO (Q WDO FDVR VH GHEHUtD SODQWHDU XQ FRQFHSWR GH LQQRYDFLyQ PXFKR PiV
DPSOLR
6H SXHGH KDEODU GH LQQRYDFLyQ FXDQGR VH FRPELQDQ GH IRUPD QRYHGRVD LQVXPRV GH OD
SURGXFFLyQ R VH GHVDUUROODQ QXHYRV PpWRGRV GH RUJDQL]DU OD SURGXFFLyQ GLVWULEXFLyQ R
YHQWDV GH XQ SURGXFWR R VH PRGLILFDQ OD WHFQRORJtD ORV XVRV \R ORV PHUFDGRV GH XQ
SURGXFWR R VH FUHDQ SURGXFWRV QXHYRV /DV QXHYDV FRPELQDFLRQHV PpWRGRV \
PRGLILFDFLRQHV HVWiQ HQ UHODFLyQ FRQODVHPSUHVDV \ORV PHUFDGRV SXHVWRTXH SDUD XQD
ILUPD ODV VLWXDFLRQHV QR UXWLQDULDV FRPR OD DGRSFLyQ GH PpWRGRV R PDTXLQDULD QR
IDPLOLDUHVFRQOOHYDXQHVIXHU]RTXHFRQVXPHWLHPSRGLQHURDVtFRPRUHFXUVRVItVLFRV\
KXPDQRV SDUD VDFDU HO PD\RU SURYHFKR SRVLEOH GH ODV QRYHGDGHV .DW] LQGHSHQGLHQWHPHQWH GH TXH pVWDV HVWpQ GLVSRQLEOHV SDUD WRGRV VXV FRPSHWLGRUHV
QDFLRQDOHV R H[WUDQMHURV 6L DGHPiV VH SUHWHQGH H[FOXLU D RWURV GH VX GLVIUXWH \
H[SORWDFLyQ VH UHTXLHUHQ UHDOL]DU HVIXHU]RV DGLFLRQDOHV \ FRQ HVWUDWHJLDV GLIHUHQWHV 'H
DTXtTXHSDUDDWUDSDUODFRQGLFLyQLQQRYDGRUDGHXQDHPSUHVDVHUHTXLHUHLGHQWLILFDUOD
HMHFXFLyQ GH XQD YDULHGDG GH DFWLYLGDGHV GLYHUVDV TXH YDQ GHVGH OD FDSDFLWDFLyQ OD
FRPSUD GH PDTXLQDULD OD LQYHVWLJDFLyQ \ GHVDUUROOR H[SHULPHQWDO HO GLVHxR \ OD
LQJHQLHUtD GH GHVDUUROOR \ SUHSURGXFFLyQ OD DGTXLVLFLyQ GH ELHQHV LQWDQJLEOHV R GH
HVWXGLRVSUXHEDV\ODQ]DPLHQWRDOPHUFDGR2WURDVSHFWRDFRQVLGHUDUHVODREWHQFLyQGH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
FLHUWRVUHVXOWDGRVFRQFUHWRVFRPRODFRQFHVLyQGHSDWHQWHVODYHQWDGHOLFHQFLDVRDFWLYRV
WHFQROyJLFRVRFXRWDVGHYHQWDVSRUSURGXFWRVQXHYRVRPHMRUDGRV
3RU WRGR HOOR HQ HVWH WUDEDMR OD LQQRYDFLyQ VH H[SORUDUi HQ HO FRQWH[WR VXEMHWLYR GH OD
HPSUHVD 1R VyOR VH DQDOL]DQ ODV YDULDEOHVWUDGLFLRQDOHVGHOFRPSRUWDPLHQWR LQQRYDGRU
TXHVHEDVDQHQODUHVSXHVWDGLUHFWDGHOHQWUHYLVWDGRVREUHODUHDOL]DFLyQGHLQQRYDFLRQHV
VLHQGR OD SUiFWLFD KDELWXDO HQ ODV HQFXHVWDVVREUH LQQRYDFLyQ\ORV HVWXGLRV UHYLVDGRV
VLQR DGHPiV VH FUHD XQD YDULDEOH QXHYD ³ODFRQGLFLyQ LQQRYDGRUD PDQLILHVWD´ SDUDOD
FDOLILFDFLyQGHODWULEXWRLQQRYDGRUTXHSDUWLUiGHOFXPSOLPLHQWRGHSRUORPHQRVXQDGH
ODVVLJXLHQWHVFRQGLFLRQHV
D
E
F
G
ODUHDOL]DFLyQGHDFWLYLGDGHVGH,'WDQWRRFDVLRQDOFRPRUHJXODUPHQWH
ODVROLFLWXGXREWHQFLyQGHSDWHQWHVQDFLRQDOHVRHQHOH[WUDQMHUR
ODLQWURGXFFLyQGHSURGXFWRVQXHYRVSDUDHOPHUFDGRQDFLRQDORLQWHUQDFLRQDO
ODDGTXLVLFLyQGHPDTXLQDULDDYDQ]DGDMXQWRFRQODLQWURGXFFLyQGHFDPELRVHQOD
RUJDQL]DFLyQ GHODSURGXFFLyQ FX\DVHVWUDWHJLDVSULQFLSDOHVHVWXYLHUDQRULHQWDGDV
DOGHVDUUROORRPHMRUDGHSURGXFWRVRSURFHVRV
/RV SULPHURV GRV SXQWRV VH SXHGHQ FRQVLGHUDU FRPR FULWHULRV PX\ UHVWULFWLYRV SDUD
FRQFHSWXDOL]DU ODV HPSUHVDV LQQRYDGRUDV \ GH KHFKR VL QRV OLPLWiUDPRV D HOORV
GHWHFWDUtDPRV ±SDUD HO FDVR GH *XDQDMXDWR X RWUDV UHJLRQHV SRFR GHVDUUROODGDV XQ
Q~PHURSHTXHxRGHHPSUHVDVLQQRYDGRUDV 'DGRTXHOD,'QRHVQLOD~QLFDQLODPiV
LPSRUWDQWHIXHQWHGHDSUHQGL]DMHWHFQROyJLFR\TXHODVSDWHQWHVQRUHSUHVHQWDQODIRUPD
PiV HILFLHQWH \ DSUHFLDGD GH DSURSLDFLyQ GH ORV EHQHILFLRV GHULYDGRV GHO HVIXHU]R
LQQRYDGRU (O WHUFHU SXQWR WUDWD GH UHIOHMDU HO DOFDQFH GH OD QRYHGDG GH ORV SURGXFWRV
LQWURGXFLGRV (VWH FULWHULR DEUH ODV UHVWULFFLRQHV SXHV QR VH WUDWD VyOR GH HVIXHU]RV \
UHVXOWDGRVVLQRGHXQDWULEXWRHPSUHQGHGRU(O~OWLPRSXQWRLQWHQWDFDSWXUDUHOSDSHOGH
OD HPSUHVD HQ OD GLIXVLyQ GHO FDPELR WHFQROyJLFR WDQWR HQ VX DVSHFWR PDWHULDO FRPR
RUJDQL]DWLYR&RQUHVSHFWRHVWHSXQWRFRQYLHQHKDFHUXQDSUHFLVLyQ/DVRODLQWURGXFFLyQ
GH PDTXLQDULD DYDQ]DGD SXHGH HVWDU UHIOHMDQGR TXH OD HPSUHVD SRVHH XQ QLYHO WpFQLFR
DGHFXDGR SDUD RSHUDU HVWH WLSR GHPDTXLQDULDVLQHPEDUJRSXHGH PRVWUDUVRILVWLFDFLyQ
WpFQLFDVLQLPSOLFDUDSUHQGL]DMH 3DUDWHQHUPD\RUHV IXQGDPHQWRVVREUHODH[LVWHQFLDGH
XQ YHUGDGHUR DSUHQGL]DMH DFRPSDxDPRV GLFKD DGTXLVLFLyQ GH OD HYHQWXDOLGDG GH KDEHU
LQWURGXFLGRDGHPiVFDPELRVHQODRUJDQL]DFLyQGHOWUDEDMRTXHWXYLHUDQFRPRILQDOLGDG
SULQFLSDOLQWURGXFLUQRYHGDGRPRGLILFDFLRQHVHQORVSURGXFWRV\R ORVSURFHVRHVWR HV
SDUD DOODQDU HO FDPLQR KDFLD OD LQQRYDFLyQ $Vt HVWH FULWHULR VH FRPSRQH GH YDULDV
FRQGLFLRQHVGHFXPSOLPLHQWRVLPXOWiQHR
/DFRQGLFLyQLQQRYDGRUDPDQLILHVWDEXVFDLGHQWLILFDUD ODVHPSUHVDVTXHKD\DQUHDOL]DGR
HVIXHU]RVSRUJHQHUDUVLVWHPiWLFDPHQWHFRQRFLPLHQWRVDOFDQ]DGRUHVXOWDGRVWHFQROyJLFRV
UHOHYDQWHV QDFLRQDO R LQWHUQDFLRQDOPHQWH HPSUHQGLGR HVIXHU]RV SLRQHURV GH
FRPHUFLDOL]DFLyQ R PRVWUDGR DFWLWXGHV RUJDQL]DWLYDV IDYRUDEOHV KDFLD HO FDPELR
WHFQROyJLFR
3DUDODEDVHGHGDWRVXWLOL]DGDHQHVWHWUDEDMRVHUHDOL]yXQDQiOLVLVPXOWLYDULDQWHSDUDYHU
HOJUDGRGHFRQFRUGDQFLDVREUHODYDORUDFLyQVXEMHWLYDGHODFRQGLFLyQLQQRYDGRUDIUHQWH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
D XQD YDULDEOH GXPP\ TXH H[SUHVDED OD HIHFWLYD UHDOL]DFLyQ GH DFWLYLGDGHV GH
LQYHVWLJDFLyQ \ GHVDUUROOR OD DGTXLVLFLyQ GH PDTXLQDULD DYDQ]DGD WDO FRPR DTXHOOD
PDQHMDGD FRQ FRQWURO QXPpULFR LQIRUPDWL]DGR URERWV \ HTXLSRV GH QDWXUDOH]D
DXWRPiWLFD \ OD FRQVHFXFLyQ GH UHVXOWDGRV WDOHV FRPR OD VROLFLWXG R FRQFHVLyQ GH
SDWHQWHVHLQJUHVRVSRUYHQWDGHELHQHVLQWDQJLEOHV /DFRQGXFWDLQQRYDGRUDGHULYDGDFRQ
ORV DQWHULRUHV FULWHULRV REMHWLYRV SUHVHQWDED XQD PD\RU WDVD GH DFLHUWRV TXH HO FDUiFWHU
LQQRYDGRU SUHYLDPHQWH HVSHFLILFDGR FXDQGR KDEtD TXH GLVWLQJXLU HQWUH HPSUHVDV
LQQRYDGRUDV \ QR LQQRYDGRUDV (VWUDGD \ 7HUUpV 3RU WDQWR H[LVWH HYLGHQFLD
HPStULFDSDUDQRFRQVLGHUDUHQHODQiOLVLVODUHVSXHVWDGLUHFWDVREUHHOFDUiFWHULQQRYDGRU
VLQR WUDEDMDU VREUH XQD YDULDEOH ³OD FRQGLFLyQ LQQRYDGRUD PDQLILHVWD´ TXH UHFRMD XQD
VHULHGHFRQGLFLRQDPLHQWRV
3DUD WRGR HOOR VH HQFRQWUDUDQ HQ ORV VLJXLHQWHV SiJLQDV DOJXQDV YDULDEOHV ³DOWHUQDWLYDV´
SDUDDQDOL]DUODUHODFLyQHQWUHODSUREDELOLGDGH[SRUWDGRUD\HOFRPSRUWDPLHQWRLQQRYDGRU
GHODVHPSUHVDV
(VIXHU]RLQQRYDGRU
$FRQWLQXDFLyQVHSUHVHQWDQODVYDULDEOHVUHODFLRQDGDVFRQODFRQGXFWDWHFQROyJLFDGHODV
HPSUHVDV$OJXQDVGHODVYDULDEOHVUHIHULGDVDOHVIXHU]RLQQRYDGRUJDVWRV\SHUVRQDO±
TXH VH RIUHFH PiV DGHODQWH D ORV UHVXOWDGRV GH ODV DFWLYLGDGHV LQQRYDGRUDV \ DTXpOODV
UHODWLYDV DODDGTXLVLFLyQGHFRQRFLPLHQWRVSUHVHQWDQXQDWHQGHQFLDSDUHFLGDHQIRUPD
GH 8 LQYHUWLGD HQWUH OD SUREDELOLGDG H[SRUWDGRUD \ ODV FDUDFWHUtVWLFDV TXH UHIOHMDQ HO
FRPSRUWDPLHQWR LQQRYDGRU /DV HPSUHVDV TXH VH FDUDFWHUL]DQ SRU OD DXVHQFLD GH XQD
DFWLYLGDGLQQRYDGRUDWDQWRHQWpUPLQRVGHJDVWRVRSHUVRQDOFRPRGHUHVXOWDGRVUHIOHMDQ
OD SUREDELOLGDG H[SRUWDGRUD PiV EDMD VHJXLGD SRU ODV HPSUHVDV PiV LQQRYDGRUDV
0LHQWUDV TXH ODV HPSUHVDV FRQ OD SUREDELOLGDG H[SRUWDGRUD PiV DOWD ±\ FRQ GLIHUHQFLD
VRQ ODV TXH WLHQHQ XQ HVIXHU]R PtQLPR HQ DFWLYLGDGHV GH ,' \ DGTXLVLFLyQ GH
FRQRFLPLHQWRVSRUODYtDGHWHFQRORJtDQRLQFRUSRUDGD(VWHSRGUtDHVWDUUHODFLRQDGRFRQ
HOKHFKRTXHHVWDVHPSUHVDVHQIRFDQVXVDFWLYLGDGHVLQQRYDGRUDVDODDGDSWDFLyQGHVXV
SURGXFWRV SDUD HO PHUFDGR LQWHUQDFLRQDO ±EiVLFDPHQWH ((88 DXQTXH FRQ ORV GDWRV
GLVSRQLEOHV QR VH SXHGH FRQILUPDU HVWD KLSyWHVLV 2WUDV YDULDEOHV UHODFLRQDGDV FRQ OD
DFWLYLGDG LQQRYDGRUD UHIOHMDQ TXH FXDQWR PiV DOWD OD DFWLYLGDG LQQRYDGRUD PD\RU OD
SUREDELOLGDGH[SRUWDGRUDDXQTXHODVGLIHUHQFLDVQRVLHPSUHIXHURQPX\DFHQWXDGDV
$QWHV GH HQWUDU HQ ORV GHWDOOHV GH FDGD XQD GH ODVYDULDEOHV UHODFLRQDGDV FRQ OD DFWLWXG
LQQRYDGRUD GH ODV HPSUHVDV VH GHEH UHVDOWDU TXH OD PD\RUtD GH ODV WHQGHQFLDV
PHQFLRQDGDV VyOR VH FRQILUPDQ SDUD OD VXEPXHVWUD GH SHTXHxDV \ PHGLDQDV HPSUHVDV
&RQ UHVSHFWR DODVHPSUHVDV JUDQGHVODLQQRYDFLyQQRSDUHFHXQDYDULDEOHGHWHUPLQDQWH
SDUD LQLFLDU ±R QR DFWLYLGDGHV H[SRUWDGRUDV 6RODPHQWH OD LQWHQVLGDG HQ ODV YHQWDV SRU
SURGXFWRV PHMRUDGRV UHVXOWD VLJQLILFDWLYDPHQWH UHODFLRQDGD FRQ OD SUREDELOLGDG
H[SRUWDGRUD/RTXHSRGUtDFRQILUPDUODWHVLVPHQFLRQDGDFRQUHVSHFWRDODVDFWLYLGDGHV
LQQRYDGRUDVGHODDGDSWDFLyQGHVXVSURGXFWRVSDUDHOPHUFDGRLQWHUQDFLRQDO
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
*UiILFR'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QDWULEXWRVWHFQROyJLFRV,
(VIXHU]RHQLQQRYDFLyQ(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDG
H[SRUWDGRUD
*DVWRHQ,'
!
3HUVRQDO,'
!
!
&RQGLFLyQ
([SRUWDGRU
!
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
1RH[SRUWDGRU
3HUVRQDOLQJHQLHUR
!
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
*DVWRHQFDSDFLWDFLyQ
*DVWRHQPDT\HTLQQRYDGRU
!
!
!
!
&RQGLFLyQ
!
([SRUWDGRU
1RH[SRUWDGRU
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
$ FRQWLQXDFLyQ VH RIUHFH XQD GHVFULSFLyQ SRUPHQRUL]DGD GH FDGD XQD GH ODV YDULDEOHV
3DUDHYLWDUXQDSUHVHQWDFLyQVLQILQGHGDWRV\UHVXOWDGRVVyORVHWRPDQHQFXHQWDVyORORV
UHVXOWDGRVGHODPXHVWUDHQVXFRQMXQWR
(VIXHU]RLQQRYDGRUJDVWRV\SHUVRQDOHQDFWLYLGDGHVLQQRYDGRUDV
(OUDQJRGHHVIXHU]RVPRGHUDGRVHQ,' JDVWRVPHQRUHVDO GHOWRWDOGHYHQWDV
HVHO~QLFRTXH HVWiDVRFLDGRDODFRQGXFWDH[SRUWDGRUD9pDVH*UiILFR/RVTXHWLHQHQ
XQJDVWRPD\RUQRSUHVHQWDQHYLGHQFLDHVWDGtVWLFDPHQWHVLJQLILFDWLYDGHHVWDUDVRFLDGRVD
DOJ~QSDWUyQFRQGXFWXDOPLHQWUDVTXHODVHPSUHVDVTXHQRDVLJQDQUHFXUVRVVHUHODFLRQDQ
FRQ OD QRH[SRUWDFLyQ /DV HPSUHVDV TXH HPSOHDQ DO PHQRV R PiV GHO GH VX
SHUVRQDO HQ DFWLYLGDGHV GH ,' SUHVHQWDQ XQD DVRFLDFLyQ HVWDGtVWLFDPHQWH VLJQLILFDWLYD
FRQODFRQGXFWDH[SRUWDGRUD
7RGRV ORV UDQJRV GHO SHUVRQDO LQJHQLHUR FRPR SRUFHQWDMH GH OD SODQWLOOD GH HPSOHDGRV
HVWiQ DVRFLDGRV D OD FRQGXFWD H[SRUWDGRUD PLHQWUDV TXH OD DXVHQFLD GH HVWH WLSR GH
SURIHVLRQDOHVHVWiHVWUHFKDPHQWHUHODFLRQDGRFRQODVHPSUHVDVQRH[SRUWDGRUDV'HLJXDO
IRUPD WRGRV ORV UDQJRV GH OD LQWHQVLGDG GHO JDVWR HQ FDSDFLWDFLyQ UHODFLRQDGD FRQ
DFWLYLGDGHV LQQRYDGRUDV HVWiQ FRUUHODGRV FRQ OD SUHVHQFLD GHO DWULEXWR H[SRUWDGRU
PLHQWUDV TXH OD DXVHQFLD GH HVWD FDUDFWHUtVWLFD DSDUHFH HQ ODV HPSUHVDV TXHQR GHVWLQDQ
UHFXUVRVSDUDHVWHWLSRGHDFWLYLGDG
&XDQGRVHREVHUYDODLQWHQVLGDGGHOJDVWRHQRWUDVDFWLYLGDGHVLQQRYDGRUDVUHIHULGDVDOD
DGTXLVLFLyQ GH PDTXLQDULD \ HTXLSR FRQ HO SURSyVLWR H[SOtFLWR GH LQWURGXFLU R XWLOL]DU
QXHYRV SURGXFWRV R SURFHVRV ORV ~QLFRV UDQJRV VLJQLILFDWLYDPHQWH UHODFLRQDGRV FRQ HO
SDWUyQ ELPRGDO GH H[SRUWDFLyQ VRQ ORV H[WUHPRV HO L]TXLHUGR GHO FRQ ORV QR
H[SRUWDGRUHV\ODFRWDVXSHULRUJDVWRVPD\RUHVDOFRQODH[SRUWDFLyQ
5HVXOWDGRVGHODVDFWLYLGDGHVLQQRYDGRUDV
/D LQWURGXFFLyQ GH SURGXFWRV QXHYRV HVWi DVRFLDGD FRQ OD FRQGXFWD H[SRUWDGRUD HQ HO
UDQJRGHHPSUHVDVTXHLQWURGXFHQPHQRVGHFLQFRSURGXFWRVHQHOWULHQLRGHUHIHUHQFLD
9pDVH*UiILFR1LQJ~QUDQJRGHOSRUFHQWDMHGHYHQWDVGHHVWHWLSRGHSURGXFWRVHVWi
VLJQLILFDWLYDPHQWHDVRFLDGRDODFRQGXFWDH[SRUWDGRUDPLHQWUDVTXHFXDQGRHODQiOLVLVVH
KDFHUHVSHFWRDORVSURGXFWRVPHMRUDGRVODFRQGXFWDQRH[SRUWDGRUDHVHVWDGtVWLFDPHQWH
PiV IDFWLEOH GH KDOODU HQWUH DTXHOODV HPSUHVDV VLQ LQJUHVRV SRU OD YHQWD GH ELHQHV
PHMRUDGRVDXQTXHFRQGLIHUHQFLDVPiVELHQSHTXHxDV
/DVLJQLILFDWLYLGDGGHODVSUXHEDVEDVDGDVHQFKLFXDGUDGDVHEDVDHQXQPtQLPRGHIUHFXHQFLDVHVSHUDGDV
SRU OR TXH KXER TXH LQWHQWDU GLYHUVRV FRUWHV HQ OD GLVWULEXFLyQ GHO JDVWR HQ ,' SDUD FXPSOLU FRQ HVWH
UHTXLVLWR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
*UiILFR'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QDWULEXWRVWHFQROyJLFRV,,
5HVXOWDGRVGHODLQQRYDFLyQ
(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDGH[SRUWDGRUD
9HQWDVSRUSURGXFWRVPHMRUDGRV
3URGXFWRVQXHYRV
1LQJXQR
(QWUHXQR\FLQFR
0iVGHFLQFR
!
!
&RQGLFLyQ
!
([SRUWDGRU
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
1RH[SRUWDGRU
3DWURQHVVHFWRULDOHVHLQGXVWULDOHVGHLQQRYDFLyQ
5HDOL]DQGR XQ DQiOLVLV VHFWRULDO VH REVHUYD TXHODV HPSUHVDV LQVFULWDV HQ LQGXVWULDV TXH
VLJXHQ SDWURQHV WHFQROyJLFRV GRPLQDGRV SRU ORV RIHUHQWHV VRQ ODV TXH SUHVHQWDQ
DVRFLDFLyQ FRQ OD FRQGXFWD H[SRUWDGRUD PLHQWUDV TXH ODV TXH HVWiQ HQFXDGUDGDV HQ ORV
ELHQHV LQWHUPHGLRV WUDGLFLRQDOHV SURYHHGRUHV GH ELHQHV HVSHFLDOL]DGRV \ EDVDGRV HQ
FLHQFLD HVWiQ FRUUHODGDV FRQ OD QR H[SRUWDFLyQ 9pDVH *UiILFR 8Q LQGLFDGRU
DOWHUQDWLYRDHVWDFODVLILFDFLyQHVHOSURSXHVWRSRUOD2&'(HOFXDOVHEDVDHQHOHVIXHU]R
UHODWLYR GH ORV VHFWRUHV LQGXVWULDOHV HQ ,' &RQ HVWD LQIRUPDFLyQ ODVLQGXVWULDVTXHGDQ
DJUXSDGDV HQ FXDWUR QLYHOHV GH DOWR FRQWHQLGR WHFQROyJLFR PHGLRDOWR PHGLREDMR \
EDMR3DUDHOSUHVHQWHHVWXGLRORVGRVSULPHURV\ORVGRV~OWLPRVVHKDQIXVLRQDGRHQXQD
VRODFDWHJRUtDUHVSHFWLYDPHQWHLQGXVWULDVGHDOWDWHFQRORJtD\GHEDMDWHFQRORJtD
7$%/$/,67$'(6(&725(6'($/7$7(&12/2*Ë$
,QGXVWULDVGH$OWD7HFQRORJtD
6HFWRUHVGHDOWDLQWHQVLGDGHQ,'2&'(
6HFWRUHVPDQXIDFWXUHURVGHWHFQRORJtDDOWD
x
,QGXVWULDIDUPDFpXWLFD
x
x
&RPSRQHQWHVHOHFWUyQLFRV
x
x
x
x
0DTXLQDULDGHRILFLQD\PDWHULDOLQIRUPiWLFR
x
x
$SDUDWRVGHUDGLR79\FRPXQLFDFLRQHV
&RQVWUXFFLyQDHURQiXWLFD\HVSDFLDO
x
x
6HFWRUHVPDQXIDFWXUHURVGHWHFQRORJtDPHGLDDOWD
,QGXVWULDTXtPLFDH[FHSWRLQGXVWULDIDUPDFpXWLFD
0DTXLQDULD\HTXLSRV
0DTXLQDULD\DSDUDWRVHOpFWULFRV
,QVWUXPHQWRVPpGLFRVGHSUHFLVLyQySWLFD\UHORMHUtD
,QGXVWULDDXWRPyYLO
2WURPDWHULDOGHWUDQVSRUWH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
$OFRQVLGHUDUHVWDFODVLILFDFLyQDOWHUQDWLYDVHFRQILUPDORREVHUYDGRDWHQGLHQGRDOSDWUyQ
VHFWRULDO GH FDPELR WHFQROyJLFR /DV LQGXVWULDV GH DOWD WHFQRORJtD VH DVRFLDQ FRQ OD QR
H[SRUWDFLyQPLHQWUDVTXHODVGHEDMDLQWHQVLGDGFRQODH[SRUWDFLyQ
*UiILFR 'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QHOSDWUyQVHFWRULDO\HO
QLYHOWHFQROyJLFRLQGXVWULDO
(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDGH[SRUWDGRUD
3DWURQHVVHFWRULDOHVGHOFDPELRWHFQROyJLFR
&RQVXPRWUDGLFLRQDO
,QWHUPHGLRV
(VSHFLDOL]DGRV
(VFDODHQVDPEODMH
%DVDGRVHQFLHQFLD
1LYHO7HFQROyJLFR
%DMD7HFQRORJtD
$OWD7HFQRORJtD
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
,QQRYDFLyQ$GTXLVLFLyQGHWHFQRORJtD
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
/RVUDQJRVGHODLQWHQVLGDGGHOJDVWRHQPDTXLQDULD\HTXLSRHVWXYLHURQDVRFLDGRVFRQOD
FRQGLFLyQH[SRUWDGRUDDO'LFKDDVRFLDFLyQWXYRVXRULJHQSDUDODVQRH[SRUWDGRUDV
HQ ODV HPSUHVDV TXH QR GHGLFDURQ UHFXUVRV D OD DGTXLVLFLyQ DVt FRPR DTXHOODV TXH
GHVWLQDURQPiVGHOGHVXV LQJUHVRVSRUYHQWDV9pDVH*UiILFR/DV H[SRUWDGRUDV
VHHQFXHQWUDQFRQPD\RUSUREDELOLGDGHQWUHDTXpOODVTXHGHVWLQDURQDOPHQRVHOGH
VXVYHQWDVDODFRPSUD\DGTXLVLFLyQGHPDTXLQDULD\HTXLSR(ODQiOLVLVGHODDVRFLDFLyQ
HQWUHORVUDQJRVGHLQWHQVLGDGGHOJDVWRHQWHFQRORJtDQRLQFRUSRUDGDUHYHODTXHWRGDVODV
HPSUHVDVTXHGHVWLQDQUHFXUVRVDHVWDIRUPDGHDGTXLVLFLyQGHELHQHVWHFQROyJLFRVHVWiQ
DVRFLDGDVDODH[SRUWDFLyQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
*UiILFR'LVWULEXFLyQGHODFRQGXFWDH[SRUWDGRUDVHJ~QDWULEXWRVWHFQROyJLFRV,,,
$GTXLVLFLyQGHWHFQRORJtD
(QODPXHVWUD3UREDELOLGDGQRH[SRUWDGRUDSUREDELOLGDGH[SRUWDGRUD
*DVWRVHQ
*DVWRHQPDTXLQDULD\HTXLSR
!
!
!
7HFQRORJtDQRLQFRUSRUDGD
!
!
&RQGLFLyQ
!
([SRUWDGRU
1RH[SRUWDGRU
&RQGLFLyQ
([SRUWDGRU
1RH[SRUWDGRU
&RRSHUDFLyQ\UHGHVGHLQQRYDFLyQ
'RVYDULDEOHVDOUHVSHFWRPLGHQODFRODERUDFLyQH[WHUQDSDUDLQYHVWLJDFLyQ\GHVDUUROOR\
ODFRQWUDWDFLyQGHVHUYLFLRVH[WHULRUHVWHFQROyJLFRV/DYDULDEOHUHIHULGDDODFRODERUDFLyQ
H[WHUQD MXHJDXQ SDSHO PHGXODU HQ OD FRQGXFWD WHFQROyJLFD GH ODV HPSUHVDV SXHV UHYHOD
DOJXQDV GH ODV IXHQWHV SRU ODV TXH VH DGTXLHUHQ FRQRFLPLHQWRV \ FRPSHWHQFLDV SDUD OD
LQQRYDFLyQ 'LFKDV UHODFLRQHV H[WHUQDV VH GHVWDFDQ HQ HO HQIRTXH GH ORV VLVWHPDV
QDFLRQDOHV GH LQQRYDFLyQ (Q HO SUHVHQWH WUDEDMR ODVIXHQWHV H[WHUQDV VH SODVPDQ HQORV
DWULEXWRVGHFRODERUDFLyQH[WHUQDSDUD,'\ODFRQWUDWDFLyQGHVHUYLFLRVWHFQROyJLFRVGH
SURYHHGRUHVH[WHUQRV(OSULPHUDWULEXWRVHFRPSRQHGHODVHPSUHVDVTXH
D KDQ ILUPDGR FRQWUDWRV GH FRODERUDFLyQ FRQ XQLYHUVLGDGHV FHQWURV GH
LQYHVWLJDFLyQ FRQVXOWRUHV SURYHHGRUHV FOLHQWHV \ FRPSHWLGRUHV SDUD OD
UHDOL]DFLyQGH,'
E KDQGHVWLQDGRJDVWRVSDUDODHMHFXFLyQGH,'H[WUDPXURV
F KDQFRQWUDWDGRDJHQWHVH[WHUQRVSDUDODFDSDFLWDFLyQGHVXSURSLRSHUVRQDOGH,'
G KDQJR]DGRGHD\XGDVS~EOLFDVGHORVIRQGRVSDUDLQYHVWLJDFLyQHQFRRSHUDFLyQ
/D FRQWUDWDFLyQ GH VHUYLFLRV H[WHUQRV LQFOX\H D DTXHOODV HPSUHVDV TXH KDQ XWLOL]DGR
DJHQWHV QDFLRQDOHV R SURYHHGRUHVIRUiQHRV SDUD WHFQRORJtDV QR LQFRUSRUDGDVHVWXGLRV\
FRQVXOWRUtDV DVLVWHQFLD WpFQLFD SDWHQWHV R TXH IUHFXHQWHPHQWH XWLOLFHQ D ODV
XQLYHUVLGDGHV FHQWURV GH LQYHVWLJDFLyQ R HPSUHVDV SDUD SURYHHUVH GH HVWXGLRV WpFQLFRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
GH LQJHQLHUtD R FRQVXOWRUtD \ TXH H[SORWHQ OD LQIUDHVWUXFWXUD S~EOLFD SDUD DGTXLULU
LQIRUPDFLyQWHFQROyJLFD\FRPHUFLDODVtFRPRSDUDQRUPDOL]DUVXVSURFHVRVRSURGXFWRV
RLQWURGXFLUVLVWHPDVGHFDOLGDG
/DVSUXHEDVGHDVRFLDFLyQHQWUHHVWRVDWULEXWRVFRPSXHVWRV\ODFRQGXFWDH[SRUWDGRUDVH
SUHVHQWDQHQODWDEODGRQGHODSULPHUDFROXPQDPXHVWUDHOYDORUGHODFKLFXDGUDGD\
VXVLJQLILFDWLYLGDG HVWDGtVWLFD$FRQWLQXDFLyQVHPXHVWUDQORVJUDGRVGHOLEHUWDG\HQOD
~OWLPDFROXPQDODIXHU]DGHODDVRFLDFLyQPHGLDQWHHOFRHILFLHQWHGHFRQWLQJHQFLD
7RGRV ORV DWULEXWRV FRPSXHVWRV FRQ UHVSHFWR D OD FRRSHUDFLyQ \ FRODERUDFLyQ H[WHUQD
PXHVWUDQ XQD DVRFLDFLyQ HVWDGtVWLFDPHQWH VLJQLILFDWLYD FRQ OD FRQGXFWD H[SRUWDGRUD GHO
/D IXHU]D GH OD DVRFLDFLyQ HV PRGHUDGD SDUD WRGRV ORV DWULEXWRV VLHQGR PiV
LPSRUWDQWHODTXHVHSUHVHQWDUHVSHFWRDODFRQWUDWDFLyQGHVHUYLFLRVWHFQROyJLFRVORFXDO
UHIOHMDXQDPD\RULPSRUWDQFLDUHODWLYDGHORVVHUYLFLRVGHDVLVWHQFLDWpFQLFDJHQHUDOVREUH
ODLQYHVWLJDFLyQ\GHVDUUROORWDQWRGHORVTXHVHDGTXLHUHQHQHOPHUFDGRFRPRDWUDYpVGH
FRQYHQLRVGHFRRSHUDFLyQFRQFHQWURVGHLQYHVWLJDFLyQ\XQLYHUVLGDGHV
&RPR\DKHPRVYLVWRFRQUHVSHFWRDRWUDVYDULDEOHVGHOFRPSRUWDPLHQWRLQQRYDGRUVyOR
VHFRQILUPDHVWD UHODFLyQSDUDODVHPSUHVDVSHTXHxDV\PHGLDQDV0LHQWUDVTXHSDUDODV
HPSUHVDVJUDQGHVHVWRVLQGLFDGRUHVQRSDUHFHQLQIOXLUVREUHVXSUREDELOLGDGH[SRUWDGRUD
7$%/$358(%$6'($62&,$&,Ï1(175($75,%87267(&12/Ï*,&26<
&21'8&7$(;3257$'25$
9DULDEOHV
3UXHEDVGHFKL
FXDGUDGR
&KLFXDGUDGR
&RRSHUDFLyQ\ UHGHVGHLQQRYDFLyQ
&RODERUDFLyQH[WHUQDSDUD,'
&RQWUDWDFLyQGHVHUYLFLRVWHFQROyJLFRV
9DULDEOHVDOWHUQDWLYDVUHIHULGDVDODFRQGXFWDWHFQROyJLFD
&RQGLFLyQLQQRYDGRUDPDQLILHVWD
$GTXLVLFLyQGHPDTXLQDULDDYDQ]DGD
JO
&RHILFLHQWHGH
FRQWLQJHQFLD
$QiOLVLVGH
FRQWUROVHJ~Q
WDPDxR3*
16
16
16
D
GRQGH161RVLJQLILFDWLYRGHVLJQLILFDWLYLGDGGHVLJQLILFDWLYLGDG\GHVLJQLILFDWLYLGDG
9LG 7DEOD
D
9DULDEOHVDOWHUQDWLYDVUHIHULGDVDODFRQGXFWDWHFQROyJLFD
&RPR \D VH KD LQGLFDGR SDUD SDtVHV PHQRV GHVDUUROODGRV FRQYLHQH XWLOL]DU YDULDEOHV
DOWHUQDWLYDV±EDVDGDVHQXQFRQFHSWRPXFKRPiVDPSOLRGHLQQRYDFLyQ SDUDLGHQWLILFDUD
ODV HPSUHVDV LQQRYDGRUDV 3RU HOOR RWUDV YDULDEOHV FDWHJyULFDV TXH VH H[SORUDUiQ D
FRQWLQXDFLyQ VRQ OD XWLOL]DFLyQ GH PDTXLQDULD DYDQ]DGD DVt FRPR XQD YDULDEOH GXPP\
TXHUHIOHMDUiVLODHPSUHVDFXPSOHFRQFLHUWRVUHTXLVLWRVSDUDFDOLILFDUFRPRLQQRYDGRUD
(VWDV YDULDEOHV VRQ DWULEXWRV FRPSXHVWRV SRU GLYHUVDV FDUDFWHUtVWLFDV TXH VH GHVFULEHQD
FRQWLQXDFLyQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
8QD SULPHUD YDULDEOH DOWHUQDWLYD VHUtD OD XWLOL]DFLyQ GH PDTXLQDULD DYDQ]DGD eVWD VH
FRPSRQHGHODVYDULDEOHVTXHHVWDEOHFHQVLXQDHPSUHVDDGTXLULyGXUDQWHHO~OWLPRWULHQLR
GH UHIHUHQFLD PiTXLQDV KHUUDPLHQWDV GH FRQWURO QXPpULFR FRPSXWDUL]DGR R URERWV SDUD
VXV SURFHVRV GH PDQXIDFWXUD (VWH HV XQ HOHPHQWR TXH VH SRGUtD FRQVLGHUDU FRPR OD
PRGHUQL]DFLyQ GHO VLVWHPD SURGXFWLYR TXH SDUD OD HPSUHVD HQ FRQFUHWR VH SRGUtD
LQWHUSUHWDUFRPRLQQRYDFLRQHVGHVXFDGHQDGHIDEULFDFLyQ5HVXOWDTXHODVHPSUHVDVTXH
KDQ DGTXLULGR HVWH WLSR GH PDTXLQDULD WLHQHQ XQD SUREDELOLGDG H[SRUWDGRUD PD\RU D ODV
HPSUHVDVQRDGTXLULHQWHV$GHPiVUHVXOWDTXHHVWDYDULDEOHVyORGLVFULPLQDFRQUHVSHFWR
D OD SUREDELOLGDG H[SRUWDGRUD SDUD ODV HPSUHVDV JUDQGHV PD\RUHV D HPSOHDGRV
PLHQWUDV TXH SDUD ODV SHTXHxDV HPSUHVDV QR VH KD HQFRQWUDGR XQD DVRFLDFLyQ
HVWDGtVWLFDPHQWHVLJQLILFDWLYD
8QD VHJXQGD DOWHUQDWLYD SDUD LGHQWLILFDU OD HPSUHVD LQQRYDGRUD HV ³OD FRQGLFLyQ
LQQRYDGRUD PDQLILHVWD´ &RPR \D VH KD LQGLFDGR KHPRV HODERUDGR XQD YDULDEOH GXPP\
TXHUHIOHMDVLODHPSUHVDFXPSOHFRQFLHUWRVUHTXLVLWRVSDUDFDOLILFDUODFRPRLQQRYDGRUD
(VWD YDULDEOH VH EDVD HQ HO DQiOLVLV VLPXOWiQHR FRPELQDQGR GLYHUVRV DWULEXWRV $Vt OD
FDOLILFDFLyQ GHO DWULEXWR LQQRYDGRU SDUWLUi GHO FXPSOLPLHQWR GH XQD R DOJXQD GH ODV
VLJXLHQWHVFRQGLFLRQHV
ODUHDOL]DFLyQGHDFWLYLGDGHVGH,'DOPHQRVXQDxRGXUDQWHHOWULHQLRDQWHULRU
ODVROLFLWXGXREWHQFLyQGHSDWHQWHVHQ0p[LFRRHQHOH[WUDQMHUR
ODLQWURGXFFLyQGHSURGXFWRV QXHYRVSDUDHOPHUFDGRQDFLRQDORLQWHUQDFLRQDO
OD DGTXLVLFLyQ GH PDTXLQDULD DYDQ]DGD MXQWR FRQ OD LQWURGXFFLyQ GH FDPELRV HQ OD
RUJDQL]DFLyQ GH OD SURGXFFLyQ FX\DV HVWUDWHJLDV SULQFLSDOHV HVWXYLHUDQ RULHQWDGDV DO
GHVDUUROORRPHMRUDGHSURGXFWRVRSURFHVRV
8WLOL]DQGR HVWD YDULDEOH FX\R FRQFHSWR VH UHILHUH D XQD HPSUHVD LQQRYDGRUD HQ HO
VHQWLGRPX\DPSOLR VHKDGHWHFWDGRTXHODVHPSUHVDVPiVLQQRYDGRUDVWLHQHQXQDPD\RU
SUREDELOLGDG H[SRUWDGRUD 8QD WHQGHQFLD TXH VH FRQILUPD WDQWR SDUD ODV HPSUHVDV
SHTXHxDV\PHGLDQDVFRPRSDUDHOVXEFRQMXQWRGHHPSUHVDVJUDQGHV
5HFRSLODFLyQGHORVUHVXOWDGRVH[SORUDWRULRV
/RVUHVXOWDGRVGHODQiOLVLVH[SORUDWRULRSXHGHQUHVXPLUVHHQXQFRQMXQWRGHDWULEXWRVTXH
VHDVRFLDQDODFRQGXFWDH[SRUWDGRUD
x
x
/DV YDULDEOHV HVWUXFWXUDOHV VH DVRFLDQ FRQ PD\RU IXHU]D DO DWULEXWR H[SRUWDGRU HQ
SDUWLFXODUODVUHODWLYDVDOQLYHOGHUHFXUVRVKXPDQRV \PRQHWDULRV/DUHODFLyQQRHV
PRQyWRQDFUHFLHQWHVLQRTXHODVHPSUHVDVPHGLDQDVVRQODVPiVSURFOLYHVDH[SRUWDU
EDMDQGR OD SUREDELOLGDG HQ ORV VHJPHQWRV VLJXLHQWHV GH WDO IRUPD TXH OD UHODFLyQ
SRGUtDGHVFULELUVHFRPRXQD³8LQYHUWLGD´(OPLVPRSDWUyQVHREVHUYDHQHOWDPDxR
UHVSHFWRDORVLQJUHVRVSRUYHQWDV
/RV DxRVGHRSHUDFLyQGHXQDHPSUHVDWLHQHQXQDOLJHUDLQIOXHQFLDVREUHODGHFLVLyQ
H[SRUWDGRUDHVGHFLUODH[SHULHQFLD SURGXFWLYDD\XGD SDUDH[SRUWDUVREUHWRGRFRQ
UHVSHFWRDODV3<0(6SHURQRHVFUtWLFDDVtPLVPRSXHGHLQWHUSUHWDUVHDODLQYHUVD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
x
x
x
ODSHUPDQHQFLDHQHOPHUFDGRQRVHIDYRUHFHFRQODH[SRUWDFLyQKDVWDSDVDGRV XQRV
DxRVGHFRPSHWHQFLDHQHOPHUFDGRGRPpVWLFR
/D SDUWLFLSDFLyQ H[WUDQMHUD HQ HO FDSLWDO VRFLDO GH XQD HPSUHVD LQIOX\H
VLJQLILFDWLYDPHQWH OD GHFLVLyQ GH H[SRUWDU /DV HPSUHVDV ILOLDOHV GH PXOWLQDFLRQDOHV
WLHQHQLQGHSHQGLHQWHPHQWHGHVXWDPDxRXQVHVJRFODUDPHQWHH[SRUWDGRU
&RQ UHVSHFWR D OD HVWUDWHJLD HPSUHVDULDO ±OD GLYHUVLILFDFLyQ R HVSHFLDOL]DFLyQ HQ
SURGXFWRV ORV LQJUHVRV GH ODV HPSUHVDV TXH FRQFXUUHQ D PHUFDGRV LQWHUQDFLRQDOHV
GHSHQGHQ PiV GH OD YHQWD GH XQ VROR SURGXFWR 6LQ HPEDUJR OD IXHU]D GH HVWD
DVRFLDFLyQHVGpELO \VyORVHFRQILUPDSDUD HOVXEFRQMXQWRGHODVHPSUHVDVJUDQGHV
FRQORFXDOVHGHGXFHTXHODHVSHFLDOL]DFLyQQDGDPiVWLHQHXQDOLJHUDLQIOXHQFLD
/D LQQRYDFLyQ SDUHFH HVWDU DVRFLDGD D OD SUREDELOLGDG H[SRUWDGRUD ±ODV HPSUHVDV
LQQRYDGRUDVWLHQHXQDPD\RUQLYHOGHLQWHUQDFLRQDOL]DFLyQGHVXFRPHUFLR TXHODVQR
LQQRYDGRUDV 3RU XQ ODGR VH GHEH HVSHFLILFDU HVWD UHODFLyQ \D TXH VyOR SDUD HO
VXEFRQMXQWR GH SHTXHxDV \ PHGLDQDV HPSUHVDV FDVL WRGDV ODV YDULDEOHV WDQWR ODV
WUDGLFLRQDOHV FRPR DOWHUQDWLYDV GH OD LQQRYDFLyQ KDQ PRVWUDGR XQD UHODFLyQ
HVWDGtVWLFDPHQWH VLJQLILFDWLYD FRQ OD FRQGXFWD H[SRUWDGRUD $XQTXH SRU RWUR ODGR
ODV YDULDEOHV ³FRQGLFLyQ LQQRYDGRUD PDQLILHVWD´ \ OD TXH UHIOHMD ³OD LQWHQVLGDG GH
YHQWDV SRU SURGXFWRV PHMRUDGRV´ SUHVHQWDQ XQD UHODFLyQ VLJQLILFDWLYD HQWUH OD
SUREDELOLGDGH[SRUWDGRUD\HOFRPSRUWDPLHQWRLQQRYDGRU SDUDODVHPSUHVDVJUDQGHV
GRQGHODVPiVLQQRYDGRUDVWLHQHXQDPD\RUSUREDELOLGDGGHH[SRUWDU6LQHPEDUJR
HQHVWHFDVRODDVRFLDFLyQHVGHXQDPDJQLWXGSHTXHxDSHURVLJQLILFDWLYD
$QiOLVLVFRQILUPDWRULR
0HGLDQWHXQPRGHORELQDULRGHUHJUHVLyQORJtVWLFDVHH[SORUDUiODFRQGXFWDGHODHPSUHVD
FRQ UHVSHFWR D OD DFWLYLGDG H[SRUWDGRUD 'LFKR PRGHOR SXHGH VHU HVWLPDGR PHGLDQWH OD
IXQFLyQGHGLVWULEXFLyQORJtVWLFDFX\DIRUPDEiVLFDHV
S >H±DE;@
'RQGHS SUREDELOLGDGFRQGLFLRQDOGHTXHXQDHPSUHVDVHDH[SRUWDGRUD
; 8Q FRQMXQWR GH YHFWRUHV TXH UHSUHVHQWDQ OD FRPELQDFLyQ OLQHDO GH ODV YDULDEOHV
H[SOLFDWLYDV GH OD H[SRUWDFLyQ$ FRQWLQXDFLyQ SUHVHQWDUHPRV XQFRQMXQWRGHFRQFHSWRV
TXHUHFRJHQODVYDULDEOHVDGHVSOHJDUHQHOPRGHOR
Â
9DULDEOHGHSHQGLHQWH
/DH[SRUWDFLyQHVXQLQGLFDGRULQGLUHFWDGHODFRPSHWLWLYLGDGGHODHPSUHVD\GDGRTXHOD
WHFQRORJtD HV XQD GHWHUPLQDQWH GH HVWD FRPSHWLWLYLGDG OR TXH VH VLJXH HV TXH ODV
GHFLVLRQHV GH H[SRUWDFLyQ GHEHQ HVWDU LQIOXLGDV HQ DOJXQD PHGLGD SRU ODV DFWLYLGDGHV
WHFQROyJLFDV(VWDYDULDEOHVHSXHGHUHSUHVHQWDUHQIRUPDQRPLQDOWRPDQGRHOYDORUODV
HPSUHVDVTXHKDQWHQLGRDFWLYLGDGHVGHH[SRUWDFLyQ\YDORUODVTXHQR
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
Â
9DULDEOHVH[SOLFDWLYDV
$ FRQWLQXDFLyQ GH DFXHUGR FRQ ORV UHVXOWDGRV HQFRQWUDGRV HQ OD OLWHUDWXUD \ HO DQiOLVLV
H[SORUDWRULR VH SUHVHQWD XQD OLVWD GH ODV YDULDEOHV SRWHQFLDOHV SDUD VHU VRPHWLGDV D OD
UHJUHVLyQORJtVWLFD
&DUDFWHUtVWLFDV(VWUXFWXUDOHV
7DPDxR3HUVRQDOWRWDOSURPHGLRRFXSDGRHQODHPSUHVDGXUDQWH\9HQWDVDQXDOHVGXUDQWHPLOHVG
SHVRV
$QWLJHGDG$xRVGHRSHUDFLyQGHODHPSUHVD
&DSLWDO([WUDQMHUR(PSUHVDILOLDOGHHPSUHVDWUDQVQDFLRQDO
&DUWHUDGHSURGXFWRV(PSUHVDPRQRSURGXFWRUD
(VWUDWHJLDHPSUHVDULDO
&RPSRUWDPLHQWRLQQRYDGRU
(VIXHU]RHQ,'
,QYHVWLJDFLyQ\'HVDUUROOR3RUFHQWDMHGHODVYHQWDVWRWDOHVGHGLFDGRDDFWLYLGDGHVGH,'H[WUDHLQWUDPXURV
SRUFHQWDMHGHOSHUVRQDOWRWDOSURPHGLRRFXSDGRHQDFWLYLGDGHVGH,'
,QJHQLHUtD,QWHQVLGDGGHLQJHQLHURVVREUHHOSHUVRQDOWRWDO
$FWLYLGDGHV DVRFLDGDV D OD LQQRYDFLyQ ,QWHQVLGDG GHO JDVWR HQ FDSDFLWDFLyQ ,QWHQVLGDG GHO JDVWR HQ
ODQ]DPLHQWRDOPHUFDGRGHQXHYRVSURGXFWRV,QWHQVLGDGGHOJDVWRHQPDTXLQDULD\HTXLSRLQQRYDGRU
5HVXOWDGRVGHOSURFHVRLQQRYDGRU
5HVXOWDGRVGHODLQQRYDFLyQ1~PHURGHSURGXFWRVQXHYRVLQWURGXFLGRVHQHOSHUtRGR
SRUFHQWDMHGH
YHQWDV DWULEXLGR D SURGXFWRV QXHYRV GXUDQWH \ SRUFHQWDMH GH YHQWDVDWULEXLGR D SURGXFWRV PHMRUDGRV
GXUDQWH
9DULDEOHVDOWHUQDWLYDVTXHPLGHHOFRPSRUWDPLHQWRLQQRYDGRU
³&RQGLFLyQLQQRYDGRUDPDQLILHVWD´
8VRGHPDTXLQDULDDYDQ]DGD
$GTXLVLFLyQGHFRQRFLPLHQWRV\FRODERUDFLyQHQLQQRYDFLyQ
7HFQRORJtDLQFRUSRUDGD3RUFHQWDMHGHODVYHQWDVWRWDOHVGHGLFDGRDODFRPSUDGHPDTXLQDULD\HTXLSR
7HFQRORJtDQRLQFRUSRUDGD3RUFHQWDMHGHODVYHQWDVWRWDOHVGHGLFDGRDODFRPSUDGHSDWHQWHVPDUFDVGLVHxRV
PRGHORVHVWXGLRV\DVLVWHQFLDWpFQLFDJHQHUDO
5HGHVH[WHUQDV&RODERUDFLyQSDUD,'H[WHUQD\&RQWUDWDFLyQGHVHUYLFLRVWHFQROyJLFRVH[WHUQRV
3DWURQHVVHFWRULDOHVHLQGXVWULDOHVGHLQQRYDFLyQ(VSHFLDOL]DFLyQ
3DWUyQVHFWRULDOGHOFDPELRWHFQROyJLFR
1LYHOWHFQROyJLFRGHODLQGXVWULD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
7$%/$(;321(1&,$/(6'(/26&2(),&,(17(6'(/$5(*5(6,Ï1/2*Ë67,&$
3DWURQHVVHFWRULDOHVH
LQGXVWULDOHVGH
LQQRYDFLyQ
&RPSRUWDPLHQWRLQQRYDGRU
$GTXLVLFLyQ GHFRQRFLPLHQWRV
&RPSRUWDPLHQWRLQQRYDGRU
(VIXHU]RLQQRYDGRU\UHVXOWDGRVWHFQROyJLFRV
(VWUXFWXUD
9$5,$%/(6
3HUVRQDO
&5HPSOHDGRV
HPSOHDGRV
HPSOHDGRV
HPSOHDGRV
!HPSOHDGRV
9HQWDV
&5PLOORQHVGHSHVRV
± PLOORQHVGHSHVRV
± PLOORQHVGHSHVRV
±PLOORQHVGHSHVRV
!PLOORQHVGHSHVRV
)LOLDOGH7UDQVQDFLRQDO
*DVWRHQ,'
&5GHODVYHQWDV
± GHODVYHQWDV
± GHODVYHQWDV
!GHODVYHQWDV
,QWHQVLGDGGHLQJHQLHURV
&5GHODSODQWLOOD
± GHODSODQWLOOD
± GHODSODQWLOOD
!GHODSODQWLOOD
*DVWRHQFDSDFLWDFLyQ
&5GHODVYHQWDV
± GHODVYHQWDV
!GHODVYHQWDV
*DVWRHQODQ]DPLHQWRDOPHUFDGR
*DVWRHQPDTXLQDULD\HTXLSRLQQRYDGRU
&5GHODVYHQWDV
± GHODVYHQWDV
± GHODVYHQWDV
!GHODVYHQWDV
1RGHSURGXFWRVQXHYRV
&5QLQJ~QSURGXFWRQXHYR
± SURGXFWRVQXHYRV
!SURGXFWRVQXHYRV
9HQWDVSRUSURGXFWRVPHMRUDGRV
&RQGLFLyQLQQRYDGRUDPDQLILHVWD
*DVWRHQPDTXLQDULD\HTXLSR
&5GHODVYHQWDV
± GHODVYHQWDV
± GHODVYHQWDV
!GHODVYHQWDV
*DVWR HQWHFQRORJtDQRLQFRUSRUDGD
&5GHODVYHQWDV
± GHODVYHQWDV
± GHODVYHQWDV
!GHODVYHQWDV
8VRGHPDTXLQDULDDYDQ]DGD
&RQWUDWDFLyQH[WHUQDGHVHUYLFLRVWHFQROyJLFRV
3DWURQHVGHOFDPELRWHFQROyJLFR
%LHQHVGHFRQVXPRWUDGLFLRQDOHV
%LHQHVLQWHUPHGLRVWUDGLFLRQDOHV
%LHQHVLQWHUPHGLRVHVSHFLDOL]DGRV\HTXLSR
%LHQHVLQWHQVLYRVHQHVFDOD\HQVDPEODMH
&5%LHQHVLQWHQVLYRVHQFRQRFLPLHQWRV
1LYHO7HFQROyJLFR
%DMD7HFQRORJtD
&5$OWD7HFQRORJtD
&2167$17(
([S%
16
16
16
16
16
16
$QiOLVLVGHFRQWUROVHJ~QWDPDxR D
0XHVWUDHPSUHVDV
3HTXHxDV
16
16
16
16
0XHVWUD HPSUHVDV
*UDQGHV
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
GRQGH161RVLJQLILFDWLYRGHVLJQLILFDWLYLGDGGHVLJQLILFDWLYLGDG\GHVLJQLILFDWLYLGDG
&5 &DWHJRUtDGHUHIHUHQFLDD9LG 7DEOD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
/D7DEODUHFRJHXQRGHORVPRGHORVSRVLEOHVH[SOLFDWLYRVGHODFRQGXFWDH[SRUWDGRUD
(Q OD SULPHUD FROXPQD DSDUHFHQ ODV YDULDEOHV FRQ VXV UHVSHFWLYRV QLYHOHV /D VHJXQGD
FROXPQD SUHVHQWD ORV YDORUHV GH ORV H[SRQHQFLDOHV GH ORV FRHILFLHQWHV GH OD HFXDFLyQ
UHVXOWDGRGHODUHJUHVLyQORJtVWLFD
/RVIDFWRUHVTXHDIHFWDQGHIRUPDVLPXOWiQHDODSUREDELOLGDGH[SRUWDGRUDVRQHOWDPDxR
WRPDGR FRPR HO SHUVRQDO WRWDO SURPHGLR RFXSDGR \ ODV YHQWDV DQXDOHV OD ILOLDFLyQ D
HPSUHVDVWUDQVQDFLRQDOHVODDGTXLVLFLyQGHWHFQRORJtDWDQWRODFRPSUDGHPDTXLQDULD\
HTXLSR FRPR HQ OD IRUPD QR LQFRUSRUDGD OD LQWHQVLGDG GHO HVIXHU]R HQ LQYHVWLJDFLyQ \
GHVDUUROOR OD GLVSRQLELOLGDG GH LQJHQLHURV HQ OD SODQWLOOD ODV DFWLYLGDGHV LQQRYDGRUDV
UHODWLYDVDODFDSDFLWDFLyQHOODQ]DPLHQWRDOPHUFDGRODDGTXLVLFLyQGHELHQHVGHHTXLSR
HO Q~PHUR GH SURGXFWRV QXHYRVODVYHQWDV SRU SURGXFWRV PHMRUDGRV HO SDWUyQ VHFWRULDO
GHOFDPELRWHFQROyJLFR\HOXVRGHPDTXLQDULDDYDQ]DGD
3RU WDQWR FRQ HO GHVDUUROOR GH HVWH PRGHOR ±DQDOL]DQGR ORV UHVXOWDGRV GH OD PXHVWUD
FRPSOHWD VHFRQILUPDTXH
&DUDFWHUtVWLFDV(VWUXFWXUDOHV
x
x
(OWDPDxRGHODHPSUHVDUHIOHMDGRPHGLDQWHORVUHFXUVRVKXPDQRV\PRQHWDULRV HVWD
UHODFLRQDGRFRQODFRQGXFWDH[SRUWDGRUDDXQTXHODUHODFLyQHQWUHDPEDVYDULDEOHVQR
HV OLQHDO \D TXH ODV HPSUHVDV PHGLDQDV WLHQHQ XQD FRQGXFWD H[SRUWDGRUD PiV
GLQiPLFDTXHODVGHPiVHPSUHVDV
/DFDOLGDGGHHPSUHVDILOLDOVHDVRFLDFRQXQDPD\RUSUREDELOLGDGH[SRUWDGRUD
&RPSRUWDPLHQWRLQQRYDGRU
x
x
(OJDVWRHQLQYHVWLJDFLyQ\GHVDUUROOR\ORVUHFXUVRVDVLJQDGRVDFDSDFLWDFLyQDSRUWDQ
LQIRUPDFLyQ VREUH OD FRQGXFWD H[SRUWDGRUD /D UHODFLyQ FRQILUPD OD IRUPD GH 8
HQFRQWUDGR HQ ORV DQiOLVLV H[SORUDWRULRV \D TXH ODV HPSUHVDV QR LQQRYDGRUDV \ ODV
PiV LQQRYDGRUDV WLHQH XQD SUREDELOLGDG H[SRUWDGRUD PD\RU TXH ORV UDQJRV FRQ XQ
HVIXHU]RLQQRYDGRUPRGHVWRGRQGHVHHQFXHQWUDODPD\RUSUREDELOLGDG
(O Q~PHUR GH LQJHQLHURV HQ OD SODQWLOOD \ OD LQWHQVLGDG HQ OD FRPSUD GH ELHQHV GH
FDSLWDO SDUD OD LQWURGXFFLyQ GH QXHYRV SURFHVRV R SURGXFWRV LPSDFWDQ OD FRQGXFWD
H[SRUWDGRUD\TXHODPD\RUSUREDELOLGDGVHHQFXHQWUDHQORV UDQJRVVXSHULRUHV
(QHVWH WUDEDMRVyORVHSUHVHQWDXQRGHORV FLQFRPRGHORVGLVHxDGRVSDUDSUREDUODFRQVLVWHQFLDGHODV
YDULDEOHV TXH DSRUWDQ LQIRUPDFLyQ VREUH OD SUREDELOLGDG H[SRUWDGRUD /DV YDULDEOHV DTXt SUHVHQWDGDV
WXYLHURQLQIOXHQFLDHQWRGRVORV PRGHORV6RODPHQWHHQXQRGHHOORVVHLGHQWLILFDEDXQDLQIOXHQFLDGHOD
PRQRSURGXFFLyQ HQ VHQWLGR QHJDWLYR \ HQ RWUR GHO SHUVRQDO RFXSDGR HQ DFWLYLGDGHV GH ,' (Q OD
PHPRULD GH LQYHVWLJDFLyQ SDUD OD REWHQFLyQ GHO '($(VWUDGD VH KL]R XQ DQiOLVLV FRQMXQWR GH OD
SUREDELOLGDG H[SRUWDGRUD HQ ORV VHFWRUHV PDQXIDFWXUHUR \ GH VHUYLFLRV HO FXDO RFXOWDED OD UHOHYDQFLD
HVWDGtVWLFDGHOJDVWR HQWHFQRORJtDQRLQFRUSRUDGDHOJDVWRHQ,'\ODLQWHQVLGDGHQODLQWURGXFFLyQGH
SURGXFWRVQXHYRVSDUDGLVFULPLQDUHQWUHHPSUHVDVH[SRUWDGRUDV\QRH[SRU
WDGRUDVPDQXIDFWXUHUDVSXHVWR
TXHHQORVPRGHORVGLFKDVYDULDEOHVQRHUDQVHOHFFLRQDGDVRFDUHFtDQGHVLJQLILFDWLYLGDGHVWDGtVWLFD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
x
x
x
x
x
x
x
/D SUREDELOLGDG GH VHU H[SRUWDGRU DXPHQWD FRQ HO LQFUHPHQWR GHO JDVWR HQ HO
ODQ]DPLHQWRGHSURGXFWRVQXHYRVDOPHUFDGR
8Q UDQJR PRGHVWR GH LQWURGXFFLyQ GH SURGXFWRV QXHYRV KDVWD SURGXFWRV HVWi
DVRFLDGRDODFRQGXFWDH[SRUWDGRUD
/RVLQJUHVRVSRUPHMRUDGHSURGXFWRVVHUHODFLRQDQFRQORVPHUFDGRVGRPpVWLFRV
/DFRPSUDGHPDTXLQDULD\HTXLSRDYDQ]DGRVVHDVRFLDFRQXQD PHQRUSUREDELOLGDG
H[SRUWDGRUD
$GTXLVLFLyQGHFRQRFLPLHQWRV
/DV YHQWDVGHGLFDGDVDODFRPSUDGHPDTXLQDULD\HTXLSRDSRUWDQLQIRUPDFLyQVREUH
ODFRQGXFWDH[SRUWDGRUDSHURHQORVUDQJRVPRGHVWRVHVPD\RUODSUREDELOLGDG
/D LQWHQVLGDG GHO JDVWR HQ WHFQRORJtD QR LQFRUSRUDGD DIHFWD OD SUREDELOLGDG
H[SRUWDGRUD\TXHHQHOUDQJRPHGLRpVWDVXHOHVHUPD\RU
3DWUyQVHFWRULDOHLQGXVWULDOGHODLQQRYDFLyQ
(OSDWUyQVHFWRULDOGHOFDPELRWHFQROyJLFRHVWiDVRFLDGRGHIRUPDVLJQLILFDWLYDFRQOD
GHFLVLyQH[SRUWDGRUD/DVHPSUHVDVTXHSHUWHQHFHQDLQGXVWULDVGHELHQHVGHFRQVXPR
WUDGLFLRQDOHVWLHQHQXQDUD]yQGHYHQWDMDVPD\RUUHVSHFWRDODFRQGXFWDH[SRUWDGRUD
/DV HPSUHVDV HQ LQGXVWULDV GH ELHQHV LQWHUPHGLRV WUDGLFLRQDOHV VRQ PiV SURFOLYHV D
VyORDWHQGHUODGHPDQGDQDFLRQDO
/RV DWULEXWRV TXH DO QR VHU VHOHFFLRQDGRV HQ HO PRGHOR PXHVWUDQ XQD LQIOXHQFLD
GHVSUHFLDEOH R QR GDQ LQIRUPDFLyQ HVWDGtVWLFDPHQWH FRPSUREDGR VREUH OD UD]yQ GH
YHQWDMDVGHODFRQGXFWDH[SRUWDGRUDVRQ ORVDxRVGHRSHUDFLyQGHODHPSUHVD ODFDUWHUD
PRQRSURGXFWRUD HO SRUFHQWDMH GHO SHUVRQDO WRWDO SURPHGLR RFXSDGR HQ DFWLYLGDGHV GH
,' HO SRUFHQWDMH GH YHQWDV DWULEXLGR D SURGXFWRV QXHYRV HO QLYHO WHFQROyJLFR GH OD
LQGXVWULD OD FRQGLFLyQ LQQRYDGRUD PDQLILHVWD OD H[SORWDFLyQ GH UHGHV H[WHUQDV SDUD OD
,'\ODSURYLVLyQGHVHUYLFLRVWHFQROyJLFRV
6L DQDOL]DPRV ORV PRGHORV GH UHJUHVLyQ ORJtVWLFD VHJ~Q WDPDxR VH REVHUYD SDUD OD
VXEPXHVWUDGHSHTXHxDV\PHGLDQDV HPSUHVDV XQRVIDFWRUHVH[SOLFDWLYRVPX\ SDUHFLGRV
DO PRGHOR JHQHUDO 'H KHFKR VyOR OD YDULDEOH JDVWR HQ ,' QR UHVXOWD HVWDGtVWLFDPHQWH
VLJQLILFDWLYDDXQTXHRWUDVYDULDEOHVTXHH[SUHVDQODFRQGLFLyQLQQRYDGRUDGHODHPSUHVD
VtHVWiQLQFOXLGDVHQHOPRGHOR&RQUHVSHFWRDODVHPSUHVDVJUDQGHVVHKDGHWHFWDGRXQ
PRGHOR PX\ HVFXHWR GRQGH VyOR ODV YDULDEOHV JDVWRV HQ FDSDFLWDFLyQ JDVWRV HQ
ODQ]DPLHQWRDOPHUFDGRYHQWDVGHSURGXFWRVPHMRUDGRVFRQGLFLyQLQQRYDGRUDPDQLILHVWD
\QLYHOWHFQROyJLFRGHODLQGXVWULDUHVXOWDQVHUYDULDEOHVH[SOLFDWLYDV %21'$''($-867(<&203$5$&,21&21$1$/,6,6(;3/25$725,2
3DUD WHQHU XQD LGHD VREUH OD FDOLGDG GH HVWH PRGHOR VH H[SRQGUiQ GLYHUVRV FULWHULRV D
FRQWLQXDFLyQ YpDVH WDEOD 6LQ PRGHOR GH UHJUHVLyQ ORJtVWLFD VH FODVLILFDUtD
DGHFXDGDPHQWH HO GH ORV FDVRV &RQ OD LQIRUPDFLyQ TXH DSRUWDQ ODV YDULDEOHV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
LQWURGXFLGDVHQHOPRGHORODHVWLPDFLyQPHMRUDHQXQDOFODVLILFDUFRUUHFWDPHQWHHO
GHORVFDVRVVHOHFFLRQDGRV
(QHOPRGHORKHPRVXWLOL]DGRVyORHOGHORVFDVRVGHMDQGRHOUHVWRSDUDYDOLGDUORV
UHVXOWDGRV 3UiFWLFDPHQWH OD ILDELOLGDG GHO PRGHOR VH PDQWLHQH SDUD OD SUHGLFFLyQ SXHV
QRVSHUPLWHFODVLILFDUFRUUHFWDPHQWHHOGHODVYHFHVWDQWR HQORVFDVRVVHOHFFLRQDGRV
FRPR HQ ORV QR FRQVLGHUDGRV +D\ YDULDFLRQHV FXDQGR VH WRPDQ ORV GRV JUXSRV
H[SRUWDGRUHV \ QR H[SRUWDGRUHV SRU VHSDUDGR (O PRGHOR FODVLILFD FRUUHFWDPHQWHD ORV
QRH[SRUWDGRUHVHQGHORVFDVRVVHOHFFLRQDGRVIUHQWHDO GHORVH[SRUWDGRUHV
(QODSUHGLFFLyQORVFDVRVGHQRH[SRUWDGRUHVELHQFODVLILFDGRVGLVPLQX\HKDVWDHO
PLHQWUDV TXH SDUD ORV H[SRUWDGRUHV JDQD HQ SUHFLVLyQ SXHV QRV SHUPLWH FODVLILFDU
FRUUHFWDPHQWHKDVWDXQGHORVFDVRV
7$%/$&/$6,),&$&,Ï1'(/26&$626(;$17(<(;3267'(/26&$626
6(/(&&,21$'26<126(/(&&,21$'263$5$(/'(6$552//2'(/02'(/2
'(5(*5(6,Ï1/2*Ë67,&$<%21'$''($-867( ([
SRVW
([DQWH
3URQRVWLFDGR
2EVHUYDGR
12(;3
(;3
JOREDO
12(;3
(;3
JOREDO
&DVRVVHOHFFLRQDGRV
12(;3
(;3
FRUUHFWR
&DVRVQRVHOHFFLRQDGRV
12(;3
(;3
FRUUHFWR
GRQGH 16 1R VLJQLILFDWLYR GH VLJQLILFDWLYLGDG GH VLJQLI
LFDWLYLGDG \ GH
VLJQLILFDWLYLGDG
%21'$''($-867(
ORJGHODYHURVLPLOLWXGLQLFLDOSDVR ORJGHODYHURVLPLOLWXGILQDOSDVR
&KL± FXDGUDGRLQLFLDOGHOPRGHORSDVR &KL± FXDGUDGRILQDOGHOPRGHORSDVR 5FXDGUDGRGH1DJHONHUNH
2WUDPHGLGDGHODERQGDGGHDMXVWHHVODGLVPLQXFLyQHQHO±ORJGHODYHURVLPLOLWXGGHO
PRGHOR /D Pi[LPD GLVPLQXFLyQ VH ORJUD FXDQGR VH LQWURGXFH OD YDULDEOH HQ HO SDVR
FDWRUFH (QWRQFHV SRGHPRV DILUPDU TXH H[LVWH HYLGHQFLD HPStULFD VXILFLHQWH \
VLJQLILFDWLYDGHTXHODSUREDELOLGDGHQORVUHVXOWDGRVREVHUYDGRVQRGLILHUDGHORV
UHVXOWDGRVHVWLPDGRV
(ODXPHQWRHQHOYDORUGHOFKLFXDGUDGRGHOPRGHOR VHUHILHUH DTXHKDKDELGRPHMRUDV
VLJQLILFDWLYDV HQ OD HVWLPDFLyQ FRQ FDGD YDULDEOH DJUHJDGD HQ FDGD SDVR $Vt SRGHPRV
UHFKD]DU TXH ORV FRHILFLHQWHV VHDQ QXORV HV GHFLU TXH DSRUWHQ LQIRUPDFLyQ UHGXQGDQWH
FRQXQGHFRQILDQ]D
)LQDOPHQWH SDUD FXDQWLILFDU OD ERQGDG GH DMXVWH VH SUHVHQWD HO FRHILFLHQWH GH
GHWHUPLQDFLyQ5FXDGUDGRGH1DJHONHUNH 7HQHPRVTXHVXUDQJRGHYDULDFLyQYDGHVGH
FHUR D XQR SRU OR TXH LQWHUSUHWDPRV TXH HO PRGHOR GH UHJUHVLyQ ORJtVWLFD GHVDUUROODGR
H[SOLFD HO FRPSRUWDPLHQWR H[SRUWDGRU DO SRU FLHQ (QWRQFHV H[LVWHQ XQD VHULH GH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
YDULDEOHV QR FRQVLGHUDGDV TXH SXHGHQ FRQWHQHU LQIRUPDFLyQ VREUH OD GHFLVLyQ
H[SRUWDGRUD
$QWHV GH SUHVHQWDU ODV FRQFOXVLRQHV D PDQHUD GH UHIHUHQFLD VH PXHVWUD XQDVtQWHVLV GH
ORVUHVXOWDGRVGHORVDQiOLVLVFRQUHVSHFWRDORVKDOOD]JRVHQODOLWHUDWXUD
7$%/$5(68/7$'26'(/26$1È/,6,6(;3/25$725,2<
&21),50$725,29,6¬9,6/$/,7(5$785$(03Ë5,&$
9$5,$%/(6
/LWHUDWXUD
3HUVRQDOWRWDOSURPHGLRRFXSDGR
16
9HQWDVDQXDOHVGXUDQWHPLOHVGHSHVRV
GHFDSLWDOH[WUDQMHUR(PSUHVDILOLDOGH7UDQVQDFLRQDO
GHODVYHQWDVGHGLFDGRDODFRPSUDGHPDTXLQDULD\
HTXLSR
GHODVYHQWDVGHGLFDGRDODFRPSUDGHWHFQRORJtDQR
LQFRUSRUDGD
GHODVYHQWDVGHGLFDGRDDFWLYLGDGHVGH,'H[WUDH
LQWUDPXURV
16
'LIHUHQFLD
GHPHGLDV
$QiOLVLV
H[SORUDWRULR
7HVWGH &RHILFLHQWHGH
$VRFLDFLyQ FRQWLQJHQFLD
16
16
([S%
,QWHQVLGDGGHOJDVWRHQODQ]DPLHQWRGHQXHYRVSURGXFWRV
16
,QWHQVLGDGGHOJDVWRHQPDTXLQDULD\ HTXLSRLQQRYDGRU
16
16
16
1~PHURGHSURGXFWRVQXHYRVLQWURGXFLGRVHQ
16
GHYHQWDVDWULEXLGRDSURGXFWRVPHMRUDGRV
$GTXLVLFLyQGHPDTXLQDULDDYDQ]DGD
3DWURQHVVHFWRULDOHVGHOFDPELRWHFQROyJLFR
'RQGH 16 1R VLJQLILFDWLYR VLJQLILFDWLYRDO VLJQLILFDWLYR DO VLJQLILFDWLYRDO
³´ $VRFLDFLyQSRVLWLYDFRQDOPHQRVGHVLJQLILFDFLyQ\ ³³ $VRFLDFLyQQHJDWLYDFRQDO
PHQRVGHVLJQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLD
,QWHQVLGDGGHLQJHQLHURVVREUHHOSHUVRQDOWRWDO
,QWHQVLGDGGHOJDVWRHQFDSDFLWDFLyQ
16
16
$QiOLVLV
FRQILUPDWRULR
&21&/86,21(6
&RQRFLHQGRODFRQGXFWDH[SRUWDGRUDGHXQJUXSRGHHPSUHVDVHQHOHVWDGRGH*XDQDMXDWR
VHKDUHDOL]DGRXQDQiOLVLVPXOWLYDULDQWHSDUDYHUODLQIOXHQFLDGHODFRQGXFWDWHFQROyJLFD
VREUH OD GHFLVLyQ H[SRUWDGRUD FRQVLGHUDQGR DGHPiV IDFWRUHV HVWUXFWXUDOHV 6H KD
FRPSUREDGR TXH OD LQIRUPDFLyQ DSRUWDGD HV VLJQLILFDWLYD \ TXH H[SOLFD OD FRQGXFWD
H[SRUWDGRUDHQXQ&RPRVHKDSRGLGRREVHUYDUODPD\RUtDGHODVFRQFOXVLRQHVTXH
VH SUHVHQWDQ D FRQWLQXDFLyQ HVWiQ VREUH WRGR UHODFLRQDGDV FRQ HO JUXSR GH SHTXHxDV \
PHGLDQDV HPSUHVDV 0LHQWUDV TXH SDUD ODV JUDQGHV HPSUHVDV VyOR VH KDQ HQFRQWUDGR
DOJXQDVYDULDEOHVDVRFLDGDVDODSUREDELOLGDGH[SRUWDGRUD
&DUDFWHUtVWLFDVHVWUXFWXUDOHV\SDWURQHVVHFWRULDOHV
/D VLWXDFLyQ GHVFULWD FRPSUXHED TXH HO WDPDxR PHGLGR WDQWR HQ YHQWDV FRPR SRU
HPSOHDGRVLQIOX\HSRVLWLYDPHQWHHQODFRQGXFWDH[SRUWDGRUDWDOFRPRVHKDPRVWUDGRHQ
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
HVWXGLRV SDUD SDtVHV LQGXVWULDOL]DGRV :DNHOLQ E 6WHUODFFKLQL %DVLOH /HIHEYUH \ /HIHEYUH 5RSHU \ /RYH /D UHODFLyQ QR HV OLQHDO VLQR TXH HO
DXPHQWRHQODSUREDELOLGDGVLJXHXQSDWUyQGH8LQYHUWLGD([LVWHXQWDPDxRFUtWLFRTXH
PD[LPL]D ODSUREDELOLGDGH[SRUWDGRUD TXHSXHGHREHGHFHUDODFDSDFLGDG GHDVXPLUORV
ULHVJRV \ ORV FRVWRV DVRFLDGRV D ODV WUDQVDFFLRQHV IRUiQHDV 6LJXLHQGR D OD WHRUtD
HYROXFLRQLVWD GH OD LQWHUQDFLRQDOL]DFLyQ VL VH VXSHUD HVWH WDPDxR SXHGH VHU PiV
FRQYHQLHQWHDYDQ]DUDXQDQXHYDHWDSDGHFRPSURPLVRLQWHUQDFLRQDO7DPELpQSXHGHVHU
TXH OD HPSUHVD GH PD\RU WDPDxR HVWp DWDGD D DFWLYRV HVSHFtILFRV ORFDOL]DFLRQDOHV \
H[SORWHHFRQRPtDVGHHVFDODHQHOPHUFDGRGRPpVWLFRTXHQRKDJDQDWUDFWLYRLQFXUVLRQDU
HQ PHUFDGRV LQWHUQDFLRQDOHV &DEH GHVWDFDU TXH HQ ORV DQiOLVLV GH FRQWURO VHJ~Q
VXEPXHVWUDVGHWDPDxR±WDQWRHQORVDQiOLVLVH[SORUDWRULRVFRPRORVFRQILUPDWRULRV VyOR
VH KD FRQILUPDGR HVWD UHODFLyQ HQWUH WDPDxR \ OD SUREDELOLGDG H[SRUWDGRUD GHQWUR HO
FRQMXQWRGHHPSUHVDVSHTXHxDVPLHQWUDVSDUDODVXEPXHVWUDGHHPSUHVDVJUDQGHVSDUHFH
TXHHOWDPDxRQRH[SOLFDODSUREDELOLGDGH[SRUWDGRUD
/D FRQGLFLyQ ILOLDO GH XQD HPSUHVD WUDQVQDFLRQDO UHIOHMD OD HVWUXFWXUD GH SURSLHGDG \ OD
SRVLFLyQ HQ XQD FDGHQD GH VXPLQLVWUR (Q OD OLWHUDWXUD DPEDV YDULDEOHV QR SUHVHQWDQ
HYLGHQFLD FRQFOX\HQWH UHVSHFWR D VX LQIOXHQFLD HQ OD SUREDELOLGDG H[SRUWDGRUD
6WHUODFFKLQQL %DVLOH /HIHEYUH \ /HIHEYUH 5RSHU \ /RYH $XQTXHVHSXHGHDxDGLUTXHHVWDFRQGLFLyQVyORHVWiHVWDGtVWLFDPHQWHUHODFLRQDGDSDUDOD
VXEPXHVWUD GH HPSUHVDV SHTXHxDV\PHGLDQDV \QRSDUD ODGHODVJUDQGHV 3DUDQXHVWUR
HVWXGLR GH FDVR SRGHPRV FRQFOXLU TXH WLHQHQ XQD JUDQ LQIOXHQFLD TXH SXHGH H[SOLFDUVH
FRQVLGHUDQGRHOSDSHOTXHMXHJDHOVLVWHPDSURGXFWLYRPH[LFDQRHQHOPDUFRGHO7/&$1
\ODIXQFLyQGHXQDVXEVLGLDULDHQHOHQWUDPDGRGHXQDHPSUHVDPXOWLQDFLRQDO
/RV SDWURQHV VHFWRULDOHV GH LQQRYDFLyQ SDUHFHQ VHU DJUHJDGRV TXH DGHPiV GH UHIOHMDU HO
SHUILOWHFQROyJLFR3DYLWWSXHGHQPRVWUDUODHVSHFLDOL]DFLyQFRPHUFLDO$VtSDUD
HOFDVRHVWXGLDGRODVHPSUHVDVHQVHFWRUHVSURGXFWRUHVGHELHQHVGHFRQVXPRWUDGLFLRQDO
HLQWHQVLYRVHQHVFDOD\HQVDPEODMHSUHVHQWDQXQDPD\RUSUREDELOLGDGH[SRUWDGRUDIUHQWH
D ORV RWURV SDWURQHV YpDVH WDPELpQ %DVLOH (VWR SXHGH UHIOHMDU OD PD\RU
H[SHULHQFLDPH[LFDQDHQSURGXFWRVLQWHQVLYRVHQUHFXUVRVQDWXUDOHV\HQODSURGXFFLyQD
JUDQHVFDODDVtFRPRODGHELOLGDGHVWUXFWXUDO\SRFDSDUWLFLSDFLyQSURGXFWLYDHQVLVWHPDV
WHFQROyJLFRVFRPSOHMRVDGHPiVGHODIDOWDGHLQWHJUDFLyQGHFDGHQDVKDFLDSURGXFWRVGH
PD\RUYDORUDJUHJDGR
&RPSRUWDPLHQWRLQQRYDGRU
&RPSRUWDPLHQWRLQQRYDGRU(VIXHU]RLQQRYDGRU
6HKDLGHQWLILFDGRTXHHQODFRQGXFWDH[SRUWDGRUDDGHPiVGHODFDUHQFLDGHXQDWULEXWR
WHFQROyJLFRRODPD\RUPDJQLWXGGHVSOHJDGDLQIOX\HQVHJPHQWRVPRGHUDGRVGHUHFXUVRV
SDUDDFWLYLGDGHVGHJHQHUDFLyQGHWHFQRORJtD\GHVDUUROORGHSURFHVRV\SURGXFWRV
3DUDHOFDVR LWDOLDQRYHUHODUWtFXORGH%DVLOHGRQGHODSUREDELOLGDG\SURSHQVLyQH[SRUWDGRUDVH
DVRFLDQ VLJQLILFDWLYDPHQWH DO SHUILO WHFQROyJLFR GH ORV VHFWRUHV GH HVSHFLDOL]DFLyQ SURGXFWLYD HPSUHVDV
GRPLQDGDVSRUORVRIHUHQWHV\SURYHHGRUHVHVSHFLDOL]DGRV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
(OHIHFWRGHOJDVWR HQ,' VREUHODSUREDELOLGDGH[SRUWDGRUDQRSDUHFHVHUVLJQLILFDWLYR
:LOOPRUH %HFFKHWL \ 5RVV (Q QXHVWUR SODQWHDPLHQWR XQD GHGLFDFLyQ
PRGHVWD WLHQH HIHFWRV SRVLWLYRV \ PiV DOOi GH HVH YDORU HIHFWRV QHJDWLYRV DXQTXH VLQ
VLJQLILFDWLYLGDG HVWDGtVWLFD &UHHPRV TXH OD SUREDELOLGDG H[SRUWDGRUD HVWi DVRFLDGD D OD
RSRUWXQLGDG WHFQROyJLFD HQ FDGD SDtV R UHJLyQ SRU OR TXH H[LVWH XQ XPEUDO GH JDVWR HQ
IXQFLyQGHOGHVDUUROORGHOVLVWHPDGHLQQRYDFLyQPiVDOOiGHOFXDOQRFRPSHQVDDVXPLU
FRQMXQWDPHQWHORVULHVJRVWpFQLFRV\ORVGHODFRPHUFLDOL]DFLyQLQWHUQDFLRQDOSRUORTXH
QRHVGHHVSHUDUVHXQDUHODFLyQOLQHDOSRVLWLYDHQWUHDPEDVYDULDEOHV
(OQLYHOGHUHFXUVRVGHVWLQDGRVDODIRUPDFLyQ\FDSDFLWDFLyQGHOSHUVRQDOSDUHFHLQIOXLU
HQ OD SUREDELOLGDG H[SRUWDGRUD %UDXQHUKMHOP DXQTXH WDPSRFR GHEH VHU XQD
DVRFLDFLyQOLQHDO(QQXHVWURFDVRPRQWRVSHTXHxRVGHJDVWRGHVWLQDGRVDODFDSDFLWDFLyQ
HQ DSR\R D DFWLYLGDGHV LQQRYDWLYDV PRVWUDURQ PD\RU LQIOXHQFLD HQ OD SUREDELOLGDG
H[SRUWDGRUD /D H[SOLFDFLyQ SUREDEOHPHQWH SXHGD HPSDUHQWDUVH FRQ DTXHOOD XWLOL]DGD
SDUDGHVFULELUHOSDWUyQGHOJDVWRHQ,'
6LQ HPEDUJR QR WRGDV ODV DFWLYLGDGHV DVRFLDGDV D OD LQQRYDFLyQ WHQGUiQ SRU TXp VHJXLU
HVWHSDWUyQ1RH[LVWHQPXFKRVHVWXGLRVTXHVHKD\DQHQIRFDGRDODUHODFLyQHQWUHRWUDV
DFWLYLGDGHV LQQRYDGRUDV GLIHUHQWHV D ,' \ OD SUREDELOLGDG H[SRUWDGRUD
6WHUODFFKLQQL 1DVVLPEHQL SHURHVSRVLEOHTXH ODLQWHQVLGDGHQHOJDVWR HQ
FDGDXQDGHSHQGDGHODLQWHUDFFLyQHQWUH ODVFDSDFLGDGHVLQWHUQDVGRPpVWLFDVLQGXVWULDOHV
\ HO QLYHO GH H[LJHQFLD GHO PHUFDGR GHVWLQR 3RU RWUD SDUWH OD LQWHQVLGDG GHO JDVWR FRQ
UHVSHFWRDODVYHQWDVRULHQWDGRDOODQ]DPLHQWRGHQXHYRVSURGXFWRVPXHVWUDXQDUHODFLyQ
SRVLWLYD H[SRQHQFLDO RWRUJDQGR D OD YDULDEOH GH PHUFDGRWHFQLD XQD LPSRUWDQFLD
H[WUDRUGLQDULD SDUD DOHQWDU OD GHFLVLyQ H[SRUWDGRUD 6H VXJLHUH TXH HVWD LQYHUVLyQ
UHSUHVHQWDORVFRVWRVSDUDIDPLOLDUL]DUDORVSURGXFWRVH[SRUWDGRVFRQHOQXHYRHQWRUQR<
TXHVXLPSRUWDQFLDGHFUHFHUiDPHGLGDGHTXHVHSHQHWUHHQHOQXHYRPHUFDGR
&RPSRUWDPLHQWRLQQRYDGRUFDSLWDOKXPDQRDGTXLVLFLyQGHLQQRYDFLRQHV\FRRSHUDFLyQ
(Q QXHVWUR HVWXGLR GH FDVR ORV UHFXUVRV GHVWLQDGRV D OD DGTXLVLFLyQ GH PDTXLQDULD \
HTXLSRGHGLFDGRVDDFWLYLGDGHVGHLQQRYDFLyQFXDQGRVRQSRFRVLQIOX\HQQHJDWLYDPHQWH
\PiVDOOiGHXQQLYHOFUtWLFRFRPLHQ]DQDIDYRUHFHUODLQWHUQDFLRQDOL]DFLyQ
(QWUHODVHPSUHVDVHVWXGLDGDVHOPRQWRGHVWLQDGRDODDGTXLVLFLyQGHWHFQRORJtD±WDQJLEOH
HLQWDQJLEOH SDUHFHHVWDUDVRFLDGDDODSUREDELOLGDGH[SRUWDGRUD/DVHPSUHVDVDFWLYDVHQ
OD FRPSUD GH WHFQRORJtD WLHQHQ XQD PD\RU SUREDELOLGDG H[SRUWDGRUD /DV FLIUDV
GHPXHVWUDQTXHODPD\RU SUREDELOLGDGHVWiHQORVVHJPHQWRV GHJDVWR PRGHUDGRSDUDOD
PDTXLQDULD \HTXLSR DVt FRPRHQHOVHJPHQWRGHJDVWR PHGLRFRQUHVSHFWR DORVELHQHV
LQWDQJLEOHV
/DGLVSRQLELOLGDGGHPDQRGHREUDFDOLILFDGDSDUHFHTXHSHUPLWHLQFXUVLRQDUFRQp[LWRHQ
PHUFDGRV PXQGLDOHV :DJQHU /HIHEYUH HWDO /HIHEYUH \ /HIHEYUH 5RSHU\/RYH3DUDHO FDVRHVWXGLDGRVHPXHVWUDTXHODLQWHQVLGDGGHLQJHQLHURVHQ
HOSHUVRQDOLQIOX\HHQODSUREDELOLGDGH[SRUWDGRUDDSDUWLUGHFLHUWRQLYHOFUtWLFR(QWRQFHV
HO SRWHQFLDO WpFQLFR GHO SHUVRQDO SXHGH FRDG\XYDU D IDYRUHFHU OD SDUWLFLSDFLyQ HQ ORV
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
PHUFDGRV IRUiQHRV LQWHUQDOL]DQGR ULHVJRV LQKHUHQWHV DO GLQDPLVPR WHFQROyJLFR \ GH
FDPELRVGHJXVWRVHQHOPHUFDGRGHVWLQR
2WUDVDFWLYLGDGHVFRPRHOGLVHxRLQJHQLHUtD\SUHSURGXFFLyQRODDGTXLVLFLyQGHDFWLYRV
LQWDQJLEOHVDVRFLDGRVDODLQQRYDFLyQQRIXHURQVHOHFFLRQDGDVHQQXHVWURPRGHORSHURHQ
RWUR FRQWH[WR KDQ DIHFWDGR OD SURSHQVLyQ H[SRUWDGRUD 6WHUODFFKLQQL 3XHGH VHU
TXH VX LQFLGHQFLD HQ OD SUREDELOLGDG VHD PHQRU \ TXH WHQJD PD\RU SHVR HQ IDVHV GH
GHVDUUROOR PiV DYDQ]DGDV GHO SURFHVR GH LQWHUQDFLRQDOL]DFLyQ FRPR OD LQYHUVLyQ
H[WUDQMHUDGLUHFWDODWUDQVIHUHQFLDGHSDTXHWHVWHFQROyJLFRVRODVDOLDQ]DVHVWUDWpJLFDV
&RQGLFLyQLQQRYDGRUDPDQLILHVWD
(Q HO FDVR GH OD PXHVWUD WRWDO \ OD VXEPXHVWUD GH SHTXHxDV \ PHGLDQDV HPSUHVDV OD
YDULDEOH ³FRQGLFLyQ LQQRYDGRUD PDQLILHVWD´ ±R VHD ODV HPSUHVDV FDOLILFDGDV FRPR
LQQRYDGRUDV IXH H[SXOVDGR GHO PRGHOR SXHVWR TXH QR DJUHJDEDQ PD\RU LQIRUPDFLyQ
SDUD H[SOLFDU OD SUREDELOLGDG H[SRUWDGRUD 6LQ GXGD RWUDV YDULDEOHV DVRFLDGDV D VX
FRQFHSWXDOL]DFLyQ WDOHV FRPR HO JDVWR HQ ,' R OD LQWURGXFFLyQ GH SURGXFWRV QXHYRV
WXYLHURQ HIHFWRV UHGXQGDQWHV /R TXH SRGUtD H[SOLFDU TXH HVWD YDULDEOH Vt UHVXOWD
H[SOLFDWLYDHQHOFDVRGHODVHPSUHVDVJUDQGHV
1R VH SXGR YHULILFDU VL OD VXSHULRULGDG WHFQROyJLFD SHUPLWH DXPHQWDU OD SUREDELOLGDG
H[SRUWDGRUDDSDUWLUGHYDULDEOHVGHRXWSXWGHODLQQRYDFLyQWDOHVFRPRODVSDWHQWHVHQHO
PHUFDGR QDFLRQDO GDGR TXH pVWDV QR ORJUDURQ GLIHUHQFLDU HQWUH H[SRUWDGRUDV \ QR
H[SRUWDGRUDV8QDSRVLEOHH[SOLFDFLyQHVODSRFDDFWLYLGDGSDWHQWDWLYDHQFRQWUDGDHQODV
HPSUHVDVHVWXGLDGDVDGHPiVGHVXLPSOLFDFLyQFRQODHVWUDWHJLDFRPHUFLDOPiVTXHFRQ
ODWHFQROyJLFDHQHOPHUFDGRGHUHIHUHQFLD.DW]
(VWUDWHJLDHPSUHVDULDORGLYHUVLILFDFLyQ\HVSHFLDOL]DFLyQ
/DHYLGHQFLDH[LVWHQWHQRHVQDGDFRQFOX\HQWHVREUHORVHIHFWRVGHODGLYHUVLILFDFLyQ\OD
QRYHGDG HQ XQD FDUWHUD GH SURGXFWRV HQ OD SUREDELOLGDG H[SRUWDGRUD /HIHEYUH \
/HIHEYUH :DNHOLQ E 5RSHU \ /RYH (Q QXHVWUR DQiOLVLV ORVLQJUHVRV
GHODVHPSUHVDVH[SRUWDGRUDVSDUHFtDQGHSHQGHUPiVGHODYHQWDGHXQVRORSURGXFWRTXH
GH XQD FDUWHUD GLYHUVLILFDGD VLQ HPEDUJR HQ HO PRGHOR FRQILUPDWRULR HVWD YDULDEOH QR
DJUHJD PD\RU LQIRUPDFLyQ (Q OR TXH VH UHILHUH D OD LQWURGXFFLyQ GH QXHYRV SURGXFWRV
HQWUHXQD\FLQFRQRYHGDGHVWLHQHXQDLQIOXHQFLDSRVLWLYD(QHVWHVHQWLGRSDUHFHTXHHO
PHUFDGR LQWHUQDFLRQDO SUHVLRQD SDUD HQIRFDUVH HQ XQRV FXDQWRV SURGXFWRV GH WDO IRUPD
TXH VH PDQWHQJD XQ FLHUWR QLYHO GH FDOLGDG \ QR FRPSHQVH GLVSHUVDU UHFXUVRV D XQD
PXOWLSOLFLGDGGH OtQHDV QXHYDV 2WUR GDWRUHYHODGRUHVTXHORV LQJUHVRVSRU ODYHQWD GH
SURGXFWRV PHMRUDGRV VH DVRFLD FRQ OD SUREDELOLGDG QR H[SRUWDGRUD DXQTXH FRQ XQD
LQIOXHQFLDPtQLPD
&RQFOXVLRQHVJOREDOHV
$ OD OX] GHO PRGHOR GHVDUUROODGR SXHGH DGHODQWDUVH TXH HQWUH ODVHPSUHVDV SHTXHxDV \
PHGLDQDV XQD HPSUHVD ILOLDO GH WDPDxR PHGLR FRQ XQ QLYHO GH YHQWDV UHODWLYDPHQWH
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
JUDQGH H LQVFULWD HQ ODV LQGXVWULDV GH SURGXFWRUHV GH ELHQHV GH FRQVXPR WUDGLFLRQDO R
LQWHQVLYRVHQHVFDODRHQVDPEODMHWHQGUtDXQDPD\RUSUREDELOLGDGH[SRUWDGRUD
&RQ UHVSHFWR D OD IRUPD GH DSUHQGL]DMH WHFQROyJLFR XQD HPSUHVD FRQ XQD GHGLFDFLyQ
PRGHVWDGHUHFXUVRVDOD,'TXHSDUWLFLSHPRGHUDGDPHQWHGHODGLIXVLyQWHFQROyJLFDHQ
VX YHUWLHQWH LQFRUSRUDGD \ QR LQFRUSRUDGD TXH FXHQWH FRQ XQ Q~PHUR UHODWLYDPHQWH
JUDQGH GH LQJHQLHURV HQ VX SODQWLOOD XQD OHYH LQYHUVLyQ HQ FDSDFLWDFLyQ \ XQ HQIRTXH
KDFLD SRFRV SURGXFWRV QXHYRV DSDODQFDGR FRQ UHFXUVRV SDUD PHUFDGRWHFQLD WHQGHUi D
WHQHUXQDPD\RUSUREDELOLGDGH[SRUWDGRUD
)LQDOPHQWH OD VLWXDFLyQ GHVFULWD UHYHOD TXH HQ SDtVHV GH PHQRU GHVDUUROOR UHODWLYR OD
YHQWDMDFRPSDUDWLYDHQHOiPELWRPLFURHVWiFRQIRUPDGDQRVyORSRUFRVWHVDVRFLDGRVDO
PHUFDGR ODERUDO \ OD ORFDOL]DFLyQ R OD VLWXDFLyQ SUHYDOHFLHQWH HQ HO PHUFDGR GH
FRPSHWHQFLD VLQR WDPELpQ SRU GHFLVLRQHV UHODWLYDV DO QLYHO GH UHFXUVRV GHVWLQDGRV D OD
DGTXLVLFLyQ DGRSFLyQ\DGDSWDFLyQ WHFQROyJLFDV(VWDV DFWLYLGDGHVUHIOHMDQ HOGHVDUUROOR
GH XQD FDSDFLGDG WpFQLFD SURSLD OLPLWDGD HQ HVWULFWD FRQVRQDQFLD FRQ ODV ULJLGHFHV GHO
HQWRUQRGRPpVWLFR(VSUREDEOHTXHODVXSHUDFLyQGHHVWDVEDUUHUDVLPSOLTXHUHWUDHUVHDO
PHUFDGR QDFLRQDO R ELHQ DYDQ]DU KDFLD QXHYDV HWDSDV GH LQWHUQDFLRQDOL]DFLyQ 6L VH
OOHJDVHQ D FRPSUREDU WDOHV HIHFWRV VH SRGUtD SRVWXODU XQD DVRFLDFLyQ HQWUH SDWURQHV GH
DSUHQGL]DMH YHQWDMDV FRPSDUDWLYDV H LQWHUQDFLRQDOL]DFLyQ SDUD SDtVHV PHQRV
GHVDUUROODGRV
%,%/,2*5$)Ë$
$EEDV$\6ZLHUF]30³)LUPVL]H DQG H[SRUW EHKDYLRU OHVVRQVIURP WKH
0LGZHVW´-RXUQDORI6PDOO%XVLQHVV0DQDJHPHQW $ERLWHV - ³6LVWHPD GH SDWHQWHV FRPSDUDGRV (O FDVR GH 0p[LFR \ &RUHD´ HQ
'XWUpQLW * *DUULGR & \ 9DOHQWL * HGV 6LVWHPD 1DFLRQDO GH ,QQRYDFLyQ
7HFQROyJLFD 7HPDV SDUD HO 'HEDWH HQ 0p[LFR 0p[LFR 8QLYHUVLGDG $XWyQRPD
0HWURSROLWDQD SS
$ORQVR-$³(O3URFHVRGH,QWHUQDFLRQDOL]DFLyQGHOD(PSUHVD´HQ,QIRUPDFLyQ
&RPHUFLDO(VSDxROD (QHURQRSS
%DUUR 5- ³(FRQRPLF *URZWK LQ D FURVV VHFWLRQ RI FRXQWULHV´ HQ 4XDUWHUO\
-RXUQDORI(FRQRPLFVYROQRSS
%DVLOH5³([SRUWEHKDYLRXURI,WDOLDQPDQXIDFWXULQJILUPVRYHUWKHQLQHWLHVWKH
UROHRILQQRYDWLRQ´5HVHDUFK3ROLF\ %HFFKHWWL/\5RVVL67KHSRVLWLYHHIIHFWVRILQGXVWULDOGLVWULFWRQWKHH[SRUW
SHUIRUPDQFHRI,WDOLDQILUPV/XLVV:RUNLQJ3DSHU1R
%HUQDUG $ \ :DJQHU - ³([SRUWV DQG VXFFHVV LQ *HUPDQ PDQXIDFWXULQJ
:HOWZLUWVFKDIWOLFKHV$UFKLY KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
%RQDFFRUVL $ ³2Q WKH UHODWLRQVKLS EHWZHHQ ILUP VL]H DQG H[SRUW LQWHQVLW\
-RXUQDORI,QWHUQDWLRQDO%XVLQHVV6WXGLHV %UDXQHUKMHOP 3 ³7KH UHODWLRQ EHWZHHQ ILUPVSHFLILF LQWDQJLEOHV DQG H[SRUWV´
(FRQRPLF/HWWHUV %XHVD0\0ROHUR-(FRQRPtD,QGXVWULDOGH(VSDxD2UJDQL]DFLyQWHFQRORJtD
HLQWHUQDFLRQDOL]DFLyQ 0DGULG(GLW&LYLWDV
&DORI -/ ³7KH ,PSDFW RI 6L]H RQ ,QWHUQDOL]DWLRQ´ -RXUQDO RI 6PDOO %XVLQHVV
0DQDJHPHQW2FWREHU
&DYXVJLO 67 \ =RX 6 ³0DUNHWLQJ VWUDWHJ\SHUIRUPDQFH UHODWLRQVKLS DQ
LQYHVWLJDWLRQRIWKHHPSLULFDOOLQNLQH[SRUWPDUNHWYHQWXUHV´ -RXUQDORI0DUNHWLQJ &LPROL0³6RPH1RWHVRQ0H[LFDQ(FRQRPLF5HIRUPVDQGWKHLU,PSOLFDWLRQV
RQWKH7HFKQRORJLFDODQG2UJDQL]DWLRQDO/HDUQLQJ3DWKV´HQ'XWUpQLW**DUULGR&\
9DOHQWL*HGV6LVWHPD1DFLRQDOGH,QQRYDFLyQ7HFQROyJLFD7HPDVSDUDHO'HEDWHHQ
0p[LFR 0p[LFR8QLYHUVLGDG$XWyQRPD0HWURSROLWDQDSS
&ODYLMR)\9DOGLYLHVR6³5HIRUPDV(VWUXFWXUDOHV\3ROtWLFD0DFURHFRQyPLFD´
HQ &ODYLMR ) FRPS 5HIRUPDV HFRQyPLFDV HQ 0p[LFR &(3$/ ($(&
6&)&( 0p[LFRSS
)UHHPDQ & 'RVL * \ )DELDQL ³7KH SURFHVV RI (FRQRPLF 'HYHORSPHQW
,QWURGXFLQJ VRPH 6W\OL]HG )DFWV DQG 7KHRULHV RQ 7HFKQRORJLHV )LUPV DQG ,QVWLWXWLRQV´
HQ,QGXVWULDODQG&RUSRUDWH&KDQJHSS
'RVL * 3DYLWW . \ 6RHWH / 7KH (FRQRPLFV RI 7HFKQLFDO &KDQJH DQG
,QWHUQDWLRQDO7UDGH+DUYHVWHU:KHDWVKHDI1HZ<RUN
(QWKRUI+3RKOPHLHU:³(PSOR\PHQWLQQRYDWLRQDQGH[SRUWDFWLYLW\HYLGHQFH
IURP ILUPOHYHO GDWD´ HQ )ORUHQV HW DO HGV 0LFURHFRQRPHWULFV 6XUYH\V DQG
$SSOLFDWLRQV %DVLF%ODFNZHOO/RQGRQ
(VWUDGD6³)DFWRUHVH[SOLFDWLYRVGHODFRQGXFWDH[SRUWDGRUDHYLGHQFLDHPStULFD
GHO FDVR PH[LFDQR´ 0HPRULD GH ,QYHVWLJDFLyQ 'LSORPD GH (VWXGLRV $YDQ]DGRV
'RFWRUDGR ,QWHUXQLYHUVLWDULR HQ (FRQRPtD \ *HVWLyQ GH OD ,QQRYDFLyQ \ 3ROtWLFD
7HFQROyJLFD8$08&0830
(VWUDGD 6 \ 7HUUpV 0 'LIHUHQFLDV VLJQLILFDWLYDVHQWUH HPSUHVDV LQQRYDGRUDV\
QR LQQRYDGRUDV HYLGHQFLD HPStULFD GHO FDVR PH[LFDQR&RPHUFLR ([WHULRU 2FWXEUHHQ
SUHQVD
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
)DJHUEHUJ-³,QWHUQDWLRQDO&RPSHWLWLYHQHVV´(FRQRPLF-RXUQDO
)LQJHU-0³$QHZSURGXFWF\FOHWKHRU\´:HOWZLUWVFKDIOLFKHV$UFKLYH ,,,0DUFK
*RGtQH]90³/DHFRQRPtDGHODVUHJLRQHV\HOFDPELRHVWUXFWXUDO´HQ&ODYLMR
) FRPS 5HIRUPDV HFRQyPLFDV HQ 0p[LFR &(3$/ ($(& 6& )&(
0p[LFRSS
*UHHQKDOJK & ³,QQRYDWLRQ DQG WUDGH SHUIRUPDQFH LQ 8.´ (FRQRPLF -RXUQDO
*URVVPDQ*\+HOSPDQ(,QQRYDWLRQDQG*URZWKLQWKH*OREDO(FRQRP\0,7
3UHVV&DPEULGJH
+HFNVFKHU ( ) ³7KH HIIHFW RI IRUHLJQ WUDGH RQ WKH GLVWULEXWLRQ RI LQFRPH´ HQ
(OOLV +6 \ 0HW]OHU /$ HGV 5HDGLQJV LQ WKH WKHRU\ RI LQWHUQDWLRQDO WUDGH
+RPHZRRG,UZLQ
+LUVFK 6 %LMDRXL , ³5' LQWHQVLW\ DQG H[SRUW SHUIRUPDQFH D PLFUR YLHZ´
:HOWZLUWVFKDIWOLFKHV$UFKLY ,1(*,&HQVRV(FRQyPLFRV*XDQDMXDWR ,1(*,0p[LFR
,1(*,&HQVR*HQHUDOGH3REODFLyQ ,1(*,0p[LFR
,WR.3XFLN9³5'VSHQGLQJGRPHVWLFFRPSHWLWLRQDQGH[SRUWSHUIRUPDQFH
RI-DSDQHVHPDQXIDFWXULQJILUPV 6WUDWHJLF0DQDJHPHQW-RXUQDO .DW]-,PSRUWDFLyQGH7HFQRORJtD$SUHQGL]DMHH,QGXVWULDOL]DFLyQ'HSHQGLHQWH
)RQGRGH&XOWXUD(FRQyPLFD0p[LFR
.LUSDODQL 9+ 0DF,QWRVK 1% ³,QWHUQDWLRQDO 0DUNHWLQJ HIIHFWLYHQHVV RI
WHFKQRORJ\RULHQWHGVPDOOILUPV -RXUQDORI,QWHUQDWLRQDO%XVLQHVV6WXGLHV .UXJPDQ 3 ³&RPSHWLWLYHQHVV $ 'DQJHURXV 2EVHVVLRQ´ HQ )RUHLJQ $IIDLUV
0DUFK$SULO
.XPDU 1 6LGGKDUWDQ 16 ³7HFKQRORJ\ ILUP VL]H DQG H[SRUW EHKDYLRXU LQ
GHYHORSLQJFRXQWULHVWKHFDVH RI,QGLDQ HQWHUSULVH´-RXUQDO RI'HYHORSPHQW6WXGLHV /HIHEYUH e /HIHEYUH /$ \ %RXUJDXOW 0 ³5'UHODWHG FDSDELOLWLHV DV
GHWHUPLQDQWVRIH[SRUWSHUIRUPDQFH 6PDOO%XVLQHVV(FRQRPLFV KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
/HIHEYUHe\/HIHEYUH/$³,QQRYDWLYHFDSDELOLWLHVDV'HWHUPLQDQWVRI([SRUW
3HUIRUPDQFH DQG %HKDYLRXU $ /RQJLWXGLQDO 6WXG\ RI 0DQXIDFWXULQJ 60(V´ HQ
.OHLQOHQHFKW $\ 0RQKHQ 3 HGV ,QQRYDWLRQ DQG )LUP 3HUIRUPDQFH (FRQRPHWULF
([SORUDWLRQV RI D 6XUYH\ 'DWD3DOJUDYH 0DF0LOODQ 3UHVV /RQGRQ \ %DVLQJVWRNH (Q
SUHQVD
/RZLQJHU 7 ³7KH WHFKQRORJ\ IDFWRU DQG WKH H[SRUW SHUIRUPDQFH RI 86
PDQXIDFWXULQJLQGXVWULHV´(FRQRPLF(QTXLU\ /XFDV 5(% ³2Q WKH PHFKDQLVPV RI HFRQRPLF GHYHORSPHQW´ HQ -RXUQDO RI
0RQHWDU\(FRQRPLFVYRO
0HFKOLQJ *: 3HDUFH -: %XVELQ -: ³([SORLWLQJ $07 LQ VPDOO
PDQXIDFWXULQJ ILUPV IRU JOREDO FRPSHWLWLYHQHVV´ ,QWHUQDWLRQDO -RXUQDO RI 2SHUDWLRQV
DQG3URGXFWLRQ0DQDJHPHQW 0RLQL$+³$QLQTXLU\LQWRVXFFHVVIXOH[SRUWDWLRQDQHPSLULFDOLQYHVWLJDWLRQ
XVLQJDWKUHHVWDJHPRGHO´-RXUQDORI6PDOO%XVLQHVV
1DVVLPEHQL*³7HFKQRORJ\LQQRYDWLRQFDSDFLW\DQGWKHH[SRUWDWWLWXGHRIVPDOO
PDQXIDFWXULQJILUPVDORJLWWRELWPRGHO´5HVHDUFK3ROLF\ 2QJ&+\3HDUVRQ$:³7KHLPSDFWRIWHFKQRORJLFDODFWLYLW\DVWXG\RIVPDOO
DQGPHGLXPVL]HG8.HOHFWURQLFILUPV´5'0DQDJHPHQW 3DYLWW . ³6HFWRUDO SDWWHUQV RI WHFKQRORJLFDOFKDQJHWRZDUGV DWD[RQRP\DQG D
WKHRU\´5HVHDUFK3ROLF\ 3RGHU (MHFXWLYR )HGHUDO 3ULPHU ,QIRUPH GH *RELHUQR 3UHVLGHQFLD GH OD
5HS~EOLFD0p[LFR
3RUWHU0LFKDHO(/D9HQWDMD&RPSHWLWLYDGHODV1DFLRQHV %DUFHORQD3OD]D
-DQpV (GLWRUHV6$
3RVQHU 0 ³,QWHUQDWLRQDO WUDGH DQG WHFKQLFDOFKDQJH´ 2[IRUG (FRQRPLF 3DSHUV
5HLG6'³7KH,PSDFWRIVL]HRQH[SRUWEHKDYLRXULQVPDOOILUPV´HQ&]LQNRWD
057HVDU*HGV ([SRUW0DQDJHPHQW$Q,QWHUQDWLRQDO&RQWH[W3UDHJHU1<SS
5LFDUGR'DYLG7KH3ULQFLSOHVRI3ROLWLFDO(FRQRP\DQG7D[DWLRQ'HQW(QJODQG
5RPHU 3 0 ³,QFUHDVLQJ UHWXUQV DQG ORQJUXQ JURZWK´ HQ -RXUQDO RI 3ROLWLFDO
(FRQRP\YRO2FWREHUSS
KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
5RPHU30(QGRJHQRXV7HFKQRORJLFDO&KDQJH-RXUQDORI3ROLWLFDO(FRQRP\
YRO2FWREHU66
5RSHU 6 \ /RYH -+ ³,QQRYDWLRQ DQG H[SRUW SHUIRUPDQFH HYLGHQFH IURP WKH
8.DQG*HUPDQPDQXIDFWXULQJSODQWV´5HVHDUFK3ROLF\ 5XL]'XUiQ&³/RWHUULWRULDOFRPRHVWUDWHJLDGHFDPELR´HQ'XVVHO(3LRUH0
\ 5XL] 'XUiQ & 3HQVDU JOREDOPHQWH \ DFWXDU UHJLRQDOPHQWH +DFLD XQ QXHYR
SDUDGLJPDLQGXVWULDOSDUDHO6;;,0p[LFR81$0)XQGDFLyQ)(EHUW (G-XV
6FKPRRNOHU - ,QYHQWLRQ DQG (FRQRPLF *URZWK +DUYDUG 8QLYHUVLW\ 3UHVV
&DPEULGJH
6FKXPSHWHU-$/D7HRUtDGHO'HVHQYROYLPLHQWR(FRQyPLFR GDHGHQ
HVSDxRO0p[LFR)&(
6FRWW $- 5HJLRQV DQG WKH :RUOG (FRQRP\ 7KH FRPLQJ VKDSH RI JOREDO
SURGXFWLRQFRPSHWLWLRQDQG3ROLWLFDO2UGHU 2[IRUG8QLYHUVLW\3UHVV
6RHWH/³7KH LPSDFWRIWHFKQRORJLFDOLQQRYDWLRQRQLQWHUQDWLRQDOWUDGHSDWWHUQV
WKHHYLGHQFHUHFRQVLGHUHG´HQ5HVHDUFK3ROLF\ 6RORZ 5 ³$ FRQWULEXWLRQ WR WKH WKHRU\ RI HFRQRPLF JURZWK´ HQ 4XDUWHUO\
-RXUQDORI(FRQRPLFV/;;
6WHUODFFKLQL $ ³'R LQQRYDWLYH DFWLYLWLHV PDWWHU WR VPDOO ILUPV LQ QRQ5'
LQWHQVLYH LQGXVWULHV" $Q DSSOLFDWLRQ WR H[SRUW SHUIRUPDQFH´ 5HVHDUFK 3ROLF\ 6WHUQ 50 \ 0DVNXV .) ³'HWHUPLQDQWV RI WKH VWUXFWXUH RI 86 IRUHLJQ WUDGH
´ -RXUQDORI,QWHUQDWLRQDO(FRQRPLFV
8QJHU . ³/D JOREDOL]DFLyQ GHO VLVWHPD LQQRYDWLYR PH[LFDQR´ HQ 'XWUpQLW *
*DUULGR & \ 9DOHQWL * HGV 6LVWHPD 1DFLRQDO GH ,QQRYDFLyQ 7HFQROyJLFD 7HPDV
SDUDHO'HEDWHHQ0p[LFR 0p[LFR8QLYHUVLGDG$XWyQRPD0HWURSROLWDQD SS
81,'2 ,QGXVWULDO 'HYHORSPHQW 5HSRUW &RPSHWLQJ WKURXJK
LQQRYDWLRQDQGOHDUQLQJ (QKWWSZZZXQLGRRUJ
8UVLF 0/ &]LQNRWD 05 ³$Q H[SHULHQFH FXUYH H[SODQDWLRQ RI H[SRUW
H[SDQVLRQ´ -RXUQDORI%XVLQHVV5HVHDUFK 9HUQRQ5³,QWHUQDWLRQDOLQYHVWPHQWDQGLQWHUQDWLRQDOWUDGHLQWKHSURGXFWF\FOH´
7KH4XDUWHUO\-RXUQDORI(FRQRPLFV KWWSZZZXFPHVEXFPFHHLDLI
'RFXPHQWRGH7UDEDMRQž
:DJQHU- ³([SRUWVILUPVL]HDQGILUPG\QDPLFV´6PDOO%XVLQHVV(FRQRPLFV :DNHOLQ . D 7UDGH DQG ,QQRYDWLRQ 7KHRU\ DQG (YLGHQFH (GZDUG (OJDU
&KHOWHQKDP8.
:DNHOLQ.E³,QQRYDWLRQDQGH[SRUWEHKDYLRXUDWWKHILUPOHYHO´5HVHDUFK3ROLF\
:HOFK/6 :LHGHUVKHLP3DXO)³,QLWLDOH[SRUWV ±DPDUNHWLQJ IDLOXUH"-RXUQDO
RI0DQDJHPHQW6WXGLHV
:LOOPRUH /³7UDVQDWLRQDOVDQGIRUHLJQWUDGHHYLGHQFHIURP%UD]LO´-RXUQDORI
'HYHORSPHQW6WXGLHV =KDR +\ /L+ ³5' DQG ([SRUWV $Q (PSLULFDO $QDO\VLV RI &KLQHVH
0DQXIDFWXULQJ)LUPV´ 7KH-RXUQDORI+LJK7HFKQRORJ\0DQDJHPHQW5HVHDUFK 8/7,0267Ë78/2638%/,&$'26
/D SROtWLFD FLHQWtILFD \ WHFQROyJLFD HQ ODV UHJLRQHV HVSDxRODV $QWRQLR )RQIUtD -RRVW +HLMV
)HUQDQGR-LPpQH]-RVp/XLV=RItR\%HDWUL]3UHVPDQHV
5HJLRQDOWHFKQRORJ\SROLF\DQGLQQRYDWLRQVV\VWHPV$FRPSDUDWLYHVWXG\RI*HUPDQ\DQG6SDLQ
-RRVW+HLMV
7KH GLIXVVLRQ RI WKH ORZ LQWHUHVWV FUHGLWV IRU 5'SURMHFWV RIIHUHG E\ WKH 6SDQLVK *RYHUQPHQW
ZLWKLQWKH6SDQLVKSURGXFWLRQVWUXFWXUH -RRVW+HLMV
,'HLQQRYDFLyQWHFQROyJLFDHQODVUHJLRQHVHVSDxRODV 0LNHO%XHVD 3DWURQHVGH,QQRYDFLyQ\SROtWLFDWHFQROyJLFD $QWRQLR)RQIUtD0HVD
'H ORV PRGHORV GH LQQRYDFLyQ D ORV UHJtPHQHV WHFQROyJLFRV VFKXPSHWHULDQRV $QWRQLR )RQIUtD
0HVDH,QpV*UDQGD*D\R
)RUPDVGH,QWHUQDFLRQDOL]DFLyQ8QHVWXGLRDSOLFDGR $GROIR*XWLpUUH]GH*DQGDULOOD6DOGDxD\
/XLV-DYLHU+HUDV/ySH]([LVWHODYHUVLyQHQLQJOpVGHHVWHGRFXPHQWR
'LIXVLyQGHORVFUpGLWRVGHO&'7,HQODVHPSUHVDVLQQRYDGRUDVGHO3DtV9DVFR\1DYDUUD -RRVW
+HLMV
,QQRYDWLRQ DQG ,QWHUQDWLRQDOLVDWLRQ 3ROLFLHVLQ 6SDLQ6SHFLDO &RQVLGHUDWLRQRI/HVV'HYHORSHG
$UHDV-RVp0ROHUR\$QWRQLR)RQIUtD
(O&RQWUROGHORVLQWHUFDPELRVLQWHUQDFLRQDOHVGHDUPDPHQWR\WHFQRORJtDVGHGREOHXVRHOFDVR
GH(VSDxD0LNHO%XHVD
3DWURQHV WHFQROyJLFRV \ FRPSHWLWLYLGDG XQ DQiOLVLV GH ODV HPSUHVDV LQQRYDGRUDV HQ HO 3DtV
9DVFR 0LNHO%XHVD\$UDQW]D=XELDXUUH
3XEOLFILQDQFHRIWKH5'DFWLYLWLHVLQHQWHUSULVHV5ROHDQGLPSDFWRIWKH6SDQLVKORZLQWHUHVW
FUHGLWV IRU5'-RRVW+HLMV
,QWHUYHQFLRQLVPR HVWDWDO GXUDQWH HO IUDQTXLVPR WDUGtR XQ DQiOLVLV GHO FRQGLFLRQDPLHQWR
LQGXVWULDO0LNHO%XHVD\/XLV(3LUHV
1XHYDV SDXWDV GH LQWHUQDFLRQDOL]DFLyQ GH OD ,' GH ODV HPSUHVDV PXOWLQDFLRQDOHV
HVWDGRXQLGHQVHV $QD%HOOYHU
6LVWHPDVQDFLRQDOHV\UHJLRQDOHVGHLQQRYDFLyQ\SROtWLFDWHFQROyJLFD8QDSUR[LPDFLyQWHyULFD
-RRVW+HLMV
-XVWLILFDFLyQGHODSROtWLFDGHLQQRYDFLyQGHVGHXQHQIRTXHWHyULFR\PHWRGROyJLFR-RRVW+HLMV
/RVVLVWHPDVQDFLRQDOHVGHLQQRYDFLyQXQDUHYLVLyQGHODOLWHUDWXUD0LNHO1DYDUUR
(ODQiOLVLV\ODSROtWLFDGHFOXVWHUV0LNHO1DYDUUR
/RVVLVWHPDVUHJLRQDOHVGHLQQRYDFLyQGHO3DtV9DVFR\1DYDUUD0LNHO%XHVD
&HQWUDOLVDWLRQRUGLVSHUVLRQ"DVSDWLDODQDO\VLVRIWKHLPSDFWRIWKHVLQJOHPDUNHWSURJUDPPHRQ
WKHDFWLYLW\RIXVPDQXIDFWXULQJDIILOLDWHV$QGUHZ0ROG
(OVLVWHPDUHJLRQDOGHLQQRYDFLyQGHOD&RPXQLGDGGH0DGULG0LNHO%XHVD
(FRQRPtDGHODVHFHVLyQ/RVFRVWHVGHODµ1R (VSDxD¶HQHO3DtV9DVFR 0LNHO%XHVD
7KH VSDQLVK SXEOLF ILQDQFLDO VXSSRUW DFFHVVLEOH IRU VPDOO DQG PHGLXP VL]HG ILUPV RUJDQLVDWLRQV
SURJUDPPHVLQVWUXPHQWVDQGPHDVXUHV -RRVW+HLMV
/RVGHWHUPLQDQWHVGHODFDSDFLGDGLQQRYDGRUDUHJLRQDOXQDDSUR[LPDFLyQHFRQRPpWULFDDOFDVR
HVSDxRO5HFRSLODFLyQGHHVWXGLRV\SULPHURVUHVXOWDGRV7KRPDV%DXPHUW\-RRVW+HLMV
5HFXUVRV \ UHVXOWDGRV GH ORV VLVWHPDV GH LQQRYDFLyQ HODERUDFLyQ GH XQD WLSRORJtD GH VLVWHPDV
UHJLRQDOHVGHLQQRYDFLyQHQ(VSDxD0yQLFD0DUWtQH]3HOOLWHUR
0HGLGDGHODFDSDFLGDGLQQRYDGRUDGHODV&RPXQLGDGHV$XWyQRPDVFRQVWUXFFLyQGHXQtQGLFH
UHJLRQDOGHLQQRYDFLyQ 0yQLFD0DUWtQH]3HOOLWHUR\7KRPDV%DXPHUW
,QQRYDFLyQ7HFQROyJLFD\&RPSHWLWLYLGDG$QiOLVLV0LFURHFRQyPLFRGHOD&RQGXFWD([SRUWDGRUD
HQ0p[LFR 6DOYDGRU(VWUDGD\-RRVW+HLMV
,QGLFDGRUHVGHOD6RFLHGDGGHOD,QIRUPDFLyQHQ(VSDxD 6DOYDGRU(VWUDGD
/RV&HQWURV7HFQROyJLFRV\HO6LVWHPD5HJLRQDOGHOD,QQRYDFLyQ(O&DVRGHO3DtV9DVFR 0LNHO
1DYDUUR$UDQFHJXL\$UDQW]D=XELDXUUH*RHQD
1RUPDVGHHGLFLyQSDUDHOHQYtRGHWUDEDMRV
7H[WR:RUGSDUD:LQGRZV
7LSRGHOHWUDGHO WH[WR7LPHV1HZ5RPDQ1RUPDO
(VSDFLDGRLQWHUOLQHDO6HQFLOOR
7LSRGHOHWUDGHODVQRWDVGHSLHGHSiJLQD7LPHV1HZ5RPDQ1RUPDO
1XPHUDFLyQGHSiJLQDV,QIHULRUFHQWUR
&XDGURV\JUiILFRVDJXVWRGHODXWRULQGLFDQGRSURJUDPDVXWLOL]DGRV
(Q OD SiJLQD GHQWUR GH XQ UHFXDGUR VHQFLOOR GHEH ILJXUDU HO WtWXORHQ QHJULOOD \ PD\~VFXODV
DXWRU HQ QHJULOOD \ PD\~VFXODV H LQVWLWXFLyQ D OD TXH SHUWHQHFH HO DXWRU HQ OHWUD QRUPDO \
PLQ~VFXODV
(Q OD SULPHUD SiJLQD GHO WUDEDMR VH GHEHUi LQFOXLU XQ 5HVXPHQ HQ HVSDxRO H LQJOpV OtQHDV
Pi[LPRDFRPSDxDGRGHSDODEUDVFODYH
/RV WUDEDMRV KDEUiQ GH VHU HQYLDGRV HQ SDSHO \ HQ VRSRUWH PDJQpWLFR D OD GLUHFFLyQ GHO ,QVWLWXWR GH
$QiOLVLV,QGXVWULDO\)LQDQFLHUR