Microscopía - Facultad de Agronomía y Agroindustrias

&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
3UHVHQWDFLyQ
0,&526&23º$
(O PLFURVFRSLR HV XQ LQVWUXPHQWR TXH SHUPLWH REVHUYDU REMHWRV QR
SHUFHSWLEOHVDVLPSOHYLVWD(VWRVHORJUDPHGLDQWHXQVLVWHPDySWLFRFRPSXHVWRSRU
OHQWHV TXH IRUPDQ \ DPSOLILFDQ OD LPDJHQ GHO REMHWR HQ REVHUYDFLyQ (O WpUPLQR
VXUJHHQHOVLJOR;9,,\GHULYDGHODVSDODEUDVJULHJDVPLNUyV SHTXHxR\VNRSpRR
REVHUYDU
6HJ~Q HO Q~PHUR \ OD SRVLFLyQ GH ODV OHQWHV VH GLVWLQJXHQ GRV WLSRV GH
PLFURVFRSLRVySWLFRV
0LFURVFRSLR VLPSOH FRP~QPHQWH OODPDGR OXSD (VWi FRQVWLWXLGR SRU XQD
OHQWHRXQVLVWHPDGHOHQWHVTXHDFW~DQFRPRVLIXHUDXQDOHQWHVLPSOH
0LFURVFRSLR FRPSXHVWR HVWi FRQVWLWXLGR SRU OD FRPELQDFLyQ GH GRV
VLVWHPDV GH OHQWHV FRQYHUJHQWHV XQR SUy[LPR DO RMR GHO REVHUYDGRU HO RFXODU \
RWURSUy[LPRDOREMHWRGHQRPLQDGRREMHWLYR
(OXVRGHODVOXSDVVHUHPRQWDFLYLOL]DFLyQDVLULDKDELpQGRVHHQFRQWUDGRHQ
ODV UXLQDV GH 1tQLYH FULVWDOHV GH URFDV WDOODGRV HQ IRUPD GH OHQWHV SODQRFRQYH[DV
)LJXUD
)LJXUD 3ULPHUD OHQWH GH OD TXH VH WLHQH
FRQRFLPLHQWR HQ OD KLVWRULD GH OD KXPDQLGDG 6H
WUDWDGHXQDOHQWH SODQR FRQYH[D GH FULVWDO GH URFD
WDOODGDWRVFDPHQWHHQFRQWUDGDHQODVH[FDYDFLRQHV
GH 1LQLYH SRU HO DUTXHyORJR EULWiQLFR 6LU $XVWLQ
+HQU\/D\DUGHQ
6LQHPEDUJRHOYHUGDGHURLPSXOVRUGHODPLFURVFRStDIXHHOKRODQGpV$QWyQ
YDQ /HHXZHQKRHN >)LJXUD @ &RQVWUXtD PLFURVFRSLRV VLPSOHV FRQ
OHQWHV FRQYH[DV TXH pO PLVPR SXOtD FRQ ODV TXH UHDOL]y GLYHUVDV REVHUYDFLRQHV
(VWXGLyODFRPSRVLFLyQGHODVDQJUHREVHUYySURWR]RRV\GHVFXEULyODVEDFWHULDV
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
)LJXUD $ OD L]TXLHUGD XQ UHWUDWR GH $QWyQ YDQ /HHXZHQKRHN $ OD GHUHFKD XQ
HVTXHPDGHOPLFURVFRSLRGH/HHXZHQKRHNDSRVLFLyQGHODOHQWHESXQWDGHVRSRUWHGHOREMHWRD
VHUREVHUYDGRF\GWRUQLOORVGHUHJXODFLyQ
(O SULPHU PLFURVFRSLR FRPSXHVWR IXH FRQVWUXLGR HQ SRU HO KRODQGpV
=DFDUtDV +DQVVHQ KLMR GH XQ WDOODGRU GH FULVWDOHV 8QRV DxRV GHVSXpV HO LWDOLDQR
*DOLOHR*DOLOHLWDPELpQGHVDUUROOyPLFURVFRSLRVFRPSXHVWRVPX\LQWHUHVDQWHV
)LJXUD
$SULQFLSLRVGHOVLJOR;9,,HOPLFURVFRSLRVXIUHLPSRUWDQWHVPRGLILFDFLRQHVQR
VyORHQORTXHFRQFLHUQHDODySWLFDVLQRWDPELpQHQORTXHVHUHILHUHDODPHFiQLFD
(QWUHHOORVVHGHVWDFDQORVFRQVWUXLGRVSRU5REHUW+RRNFRQORVTXHORJUDREVHUYDU
SRU SULPHUD YH] FpOXODV HQ SUHSDUDGRV GH FRUFKR 7DPELpQ IXHURQ LPSRUWDQWHV ORV
DSRUWHVGH%RQQDQL-REORW&XII%DNHUHQWUHRWURV
7RGRV HVWRV DSDUDWRV D SHVDU GH ORJUDU EXHQDV DPSOLILFDFLRQHV GDEDQ
LPiJHQHVPX\GHIHFWXRVDVDFDXVDGHODVDEHUUDFLRQHVFURPiWLFDV\HVIpULFDV\DVt
PXFKRVLQYHVWLJDGRUHVYROYLHURQDOPLFURVFRSLRVLPSOH
(VWDV DEHUUDFLRQHV IXHURQ FRUUHJLGDV JUDFLDV D OD LQFRUSRUDFLyQ GHO REMHWLYR
DSRFURPiWLFRSRUSDUWHGHOySWLFRORQGLQHQVH'ROODQG(VWHREMHWLYRFRQVLVWHHQGRV
OHQWHV VXSHUSXHVWDV XQD FRQYHUJHQWH \ RWUD GLYHUJHQWH 'HVGH HVD pSRFD KDVWD
QXHVWURV GtDV HO PLFURVFRSLR FRPSXHVWR QR KD FHVDGR GH SHUIHFFLRQDUVH
LQFRUSRUiQGRVH QXHYRV DFFHVRULRV FRPR HO UHYyOYHU SRUWDREMHWLYRV OD YLVLyQ
ELQRFXODUHWF
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
)LJXUD $ OD L]TXLHUGD 0LFURVFRSLR FRPSXHVWR UHDOL]DGR SRU ORV KHUPDQRV -XDQ \ =DFKDULDV
-DQVVHQHQHQ0LGHOEXUJ+RODQGD(VWiIRUPDGRSRUGRVWXERVGHODWyQVRSRUWDQGRXQDOHQWH
FDGD XQR TXH VH GHVOL]DQ GHQWUR GH RWUR WXER GH ODWyQ OR TXH SHUPLWH HO HQIRTXH 6H FRQVLGHUD HO
SULPHUPLFURVFRSLRFRPSXHVWRGHODKLVWRULD$ODGHUHFKD0LFURVFRSLRFRPSXHVWRGH*DOLOHR*DOLOHL
3RVHHGRVOHQWHVLQVWDODGDVHQGRVFLOLQGURVGHPDGHUDTXHVHGHVOL]DQVREUHXQRH[WHULRUGH
FDUWyQIRUUDGRGHFXHURYHUGHSHUPLWLHQGRHOHQIRTXH(ODFDEDGRFRQWDSDGHUDLQFOXLGDHVGHXQ
PDUFDGRFDUiFWHUUHQDFHQWLVWDLWDOLDQR
(OPLFURVFRSLRFRPSXHVWRFRQVWDGHGRVSDUWHV)LJXUD
3DUWH PHFiQLFD WLHQH OD ILQDOLGDG GH VRVWHQHU OD SUHSDUDFLyQ D H[DPLQDU \
VRSRUWDUWRGRHOVLVWHPDySWLFRGHOPLFURVFRSLR&RQVWDGH
3LHVRSRUWDDOUHVWRGHOPLFURVFRSLR HQ ORV PLFURVFRSLRV DQWLJXRV SRVHH
IRUPDGHKHUUDGXUD\HVWiFRQVWLWXLGRSRUXQDHVWUXFWXUDPHWiOLFDSHVDGD
3ODWLQD HV OD HVWUXFWXUD TXH VRVWLHQH DO SUHSDUDGR TXH VH GHVHD REVHUYDU
3RVHHHQHOFHQWURXQRULILFLRFLUFXODUTXHSHUPLWHHOSDVDMHGHORVUD\RVTXHYDQD
LOXPLQDU DO SUHSDUDGR 3XHGH VHU ILMD R PyYLO HQ HVWH ~OWLPR FDVR HO PRYLPLHQWR
KRUL]RQWDO HV SURGXFLGR SRU XQ SDU GH WRUQLOORV ODWHUDOHV (VWR SRVLELOLWD UHFRUUHU DO
SUHSDUDGRHQWRGDVGLUHFFLRQHV
7XERHQpOHVWiLQVWDODGRHOVLVWHPDySWLFR$FWXDOPHQWHVRQFRUULHQWHVORV
DSDUDWRV ELQRFXODUHV GRV RFXODUHV TXH IDFLOLWDQ OD YLVLyQ FRQ ORV GRV RMRV \ ORV
UHYyOYHUHV SRUWDREMHWLYRV FRQ ORV FXDOHV VH SXHGHQ FDPELDU ORV REMHWLYRV
LQVWDQWiQHDPHQWHVLQGHVHQIRFDUODSUHSDUDFLyQ(OHQIRTXHVHKDFHPHGLDQWHXQRV
WRUQLOORV OODPDGRV PDFURPpWULFRV \ PLFURPpWULFRV TXH SHUPLWHQ GHVSOD]DPLHQWRV
YHUWLFDOHVJURVHURV\ILQRVUHVSHFWLYDPHQWH
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
)LJXUD3DUWHVGHOPLFURVFRSLRySWLFR
3DUWH ySWLFD (VWi IRUPDGD SRU GRV VLVWHPDV GH OHQWHV FRQYHUJHQWHV
FHQWUDGDV VREUH XQ HMH ySWLFR FRP~Q GHQRPLQDGRV REMHWLYR \ RFXODU \ SRU HO
VLVWHPDGHLOXPLQDFLyQTXHIDFLOLWD\PHMRUDODREVHUYDFLyQPLFURVFySLFD
WLSRV
2EMHWLYRV 6HLQVHUWDQHQHOUHYyOYHUGHOPLFURVFRSLR\VHGLVWLQJXHQGRV
2EMHWLYRV HQ VHFR (Q pVWRV HO DLUH VH LQWHUSRQH HQWUH OD OHQWH \ HO
SUHSDUDGR/RVREMHWLYRVPiVFRP~QPHQWHXWLOL]DGRVVRQGH\[
2EMHWLYRVGHLQPHUVLyQ6HGLVWLQJXHQGHORVDQWHULRUHVSRUTXHHQWUH
ODOHQWH\HOSUHSDUDGRVHGHEHLQWHUSRQHUXQPHGLRWUDQVSDUHQWHFRQXQtQGLFHGH
UHIUDFFLyQQVXSHULRUDOGHODLUHQ \VHPHMDQWHDOGHOYLGULRQ (OPHGLR
XWLOL]DGRHVXQDFHLWHGHLQPHUVLyQFRPRSRUHMHPSORHODFHLWHGHFHGUR6RQDSWRV
SDUDODREVHUYDFLyQGHEDFWHULDVILQDVHVWUXFWXUDVHWF
2FXODU 3HUPLWH REVHUYDU OD LPDJHQ GHO REMHWR IRUPDGD SRU HO REMHWLYR
DFWXDQGRFRPRXQDOXSD(VWiFRPSXHVWDSRUGRVOHQWHVODLQIHULRURFROHFWRUD\OD
VXSHULRUROHQWHRFXODU
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
6LVWHPDGHLOXPLQDFLyQ
6LWXDGRGHEDMRGHODSODWLQDHVWiIRUPDGRSRU
/iPSDUDyHVSHMRGHLOXPLQDFLyQ
&RQGHQVDGRU 3RVHH OD IXQFLyQ GH FRQFHQWUDU VREUH HO SUHSDUDGR ORV
UD\RVOXPLQRVRVSURFHGHQWHVGHODIXHQWHGHOX]
'LDIUDJPD 6LWXDGR GHEDMR GHO FRQGHQVDGRU VLUYH SDUD JUDGXDU OD
FDQWLGDGGHOX]TXHOOHJDDOREMHWR
)LOWURV GH OX] 6RQ SODFDV GH YLGULRV FRORUHDGDV TXH GHMDQ SDVDU ODV
UDGLDFLRQHVGHORQJLWXGGHRQGDGHVHDGDVDEVRUELHQGRODVUHVWDQWHV
(Q OD )LJXUD VH UHSUHVHQWD OD IRUPDFLyQ GH OD LPDJHQ HQ HO PLFURVFRSLR
FRPSXHVWR3XHGHDSUHFLDUVHTXHHOREMHWRSUHSDUDGRHVWiVLWXDGRFRQUHVSHFWR
DOREMHWLYRHQWUHHOIRFR\ OD GREOH GLVWDQFLD IRFDO 3RU OR WDQWR HO REMHWLYR IRUPDUi
XQDLPDJHQUHDOLQYHUWLGD\PX\DXPHQWDGDFRQUHVSHFWRDOREMHWR(VWDLPDJHQ
DVXYH]DFW~DFRPRREMHWRIUHQWHDORFXODUHQFRQWUiQGRVHHQWUHHOIRFR\ODOHQWH
GH HVWH VLVWHPD 3RU OR WDQWR HO RFXODU IRUPD XQD LPDJHQ YLUWXDO GHUHFKD \ PX\
DXPHQWDGD GH PRGR TXH OOHJD DO RMR GHO REVHUYDGRU LQYHUWLGD FRQ UHVSHFWR DO
REMHWRYLUWXDO\PX\DXPHQWDGD
2EMHWR
2EMHWLYR
I
I
,PDJHQ
REVHUYDGD
2FXODU
)LJXUD)RUPDFLyQGHODLPDJHQHQHOPLFURVFRSLRFRPSXHVWR
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
&DSDFLGDGGHDPSOLDFLyQ\SRGHUGHUHVROXFLyQGHORVLQVWUXPHQWRVySWLFRV
'RVFDUDFWHUtVWLFDVGHWHUPLQDQODFODULGDGFRQTXHSXHGHVHUYLVWRXQREMHWR
8QDGHHOODVHVODFDSDFLGDGGHDPSOLDFLyQ GHOLQVWUXPHQWRTXHHVODUHODFLyQGHO
WDPDxR GH OD LPDJHQ YLVWD FRQ HO PLFURVFRSLR \ HO WDPDxR UHDO GHO REMHWR /RV
PHMRUHV PLFURVFRSLRV ySWLFRV SHUPLWHQ XQD DPSOLDFLyQ QR PD\RU GH YHFHVPLHQWUDVTXHXQPLFURVFRSLRHOHFWUyQLFRSXHGHHOHYDUODKDVWDYHFHV
RPiV/DRWUDFDUDFWHUtVWLFDHVHOSRGHUGHUHVROXFLyQ RSRVLELOLGDGGHREVHUYDU
GHWDOOHV ILQRV (V OD FDSDFLGDG GHO LQVWUXPHQWR SDUD GDU LPiJHQHV GLVWLQWDV GH GRV
SXQWRVVLWXDGRVPX\FHUFDXQRGHORWUR(OOtPLWHGHUHVROXFLyQ( VHGHILQHFRPR
ODPtQLPDGLVWDQFLDDODFXDOGRVSXQWRVSXHGHQGLVWLQJXLUVHFRPRWDOHV\QRFRPR
XQSXQWRERUURVR(VWiGDGRSRUODVLJXLHQWHHFXDFLyQ
( O $1
'yQGH
O /RQJLWXGGHRQGDGHODOX]
$1$SHUWXUDQXPpULFDGHOREMHWLYRTXHDVXYH]HVWiGDGDSRUODH[SUHVLyQ
$1 QVHQT
'yQGH
QtQGLFHGHUHIUDFFLyQGHOPHGLRHQHOFDVRGHODLUHQ T VHPLiQJXOR ÙT
T GH OD DEHUWXUD GHO FRQR OXPLQRVR TXH HQWUD D OD OHQWH
IURQWDOGHOREMHWLYR)LJXUD
)LJXUD(VTXHPDLOXVWUDWLYRGHOFRQRTXHLQFLGHVREUHHOREMHWLYR
(VLPSRUWDQWHUHFRUGDUTXHHOOtPLWHGHUHVROXFLyQHVODLQYHUVDGHOSRGHUGH
UHVROXFLyQGHPRGRTXHFXDQWRPD\RUVHDHVWHPHQRUVHUiHOOtPLWHGHUHVROXFLyQ
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
T QRSXGHVHUPD\RUGH\TXHHOtQGLFHGHUHIUDFFLyQGH
3XHVWRTXHHOVHQT
ORV PHMRUHV PDWHULDOHV ySWLFRV QR SXHGH VHU VXSHULRU D XVDQGR DFHLWH GH
LQPHUVLyQODPi[LPD$1GHODVOHQWHVHVGHDSUR[LPDGDPHQWH'HHVWHPRGR
XVDQGROX]EODQFDHOSRGHUUHVROXFLyQHVGHQP “P
$PHGLGDTXHDXPHQWDODDSHUWXUDQXPpULFDGHORVREMHWLYRV(GLVPLQX\H\
DXPHQWD OD SRVLELOLGDG GH YHU XQ PD\RU Q~PHUR GH WUD]RV HQ PP GHO REMHWR
REVHUYDGR7DEOD
7DEOD5HODFLyQH[LVWHQWHHQWUHODDEHUWXUDQXPpULFD$1HOOtPLWHGHOSRGHUGHUHVROXFLyQ
(\HOQ~PHURGHWUD]RVREVHUYDEOHVHQPPGHREMHWRSDUDREMHWLYRVDVHFR\GHLQPHUVLyQ
7LSRGHREMHWLYR
6HFR
'HLQPHUVLyQ
$1 QVHQT
( O$1
1~PHURGHWUD]RV
REVHUYDEOHVHQPP
&XLGDGRGHOPLFURVFRSLR
(O PLFURVFRSLR HV XQ YDOLRVR LQVWUXPHQWR 3DUD TXH SXHGD VHUYLU HILFD]PHQWH DxR
WUDV DxR HV QHFHVDULR TXH VH OH GLVSHQVH HO FXLGDGR DGHFXDGR 3RU HVWH PRWLYR
UHFXHUGHODVVLJXLHQWHVLQGLFDFLRQHV
x (YLWHPRYHUHOPLFURVFRSLRFXDQGRODOiPSDUDHVWpHQFHQGLGD\DTXHHOILODPHQWR
GHODOiPSDUDLQFDQGHVFHQWHHVH[WUHPDGDPHQWHVHQVLEOH
x 3DUDGHVSOD]DUORDGLVWDQFLDHPSOHHORVFRUUHVSRQGLHQWHVWRUQLOORVGHILMDFLyQ
x 1RWRTXHODVOHQWHVGHRFXODUHV\REMHWLYRVFRQORVGHGRVSDUDHYLWDUPDQFKDUORV
FRQVXJUDVLWXGQDWXUDO
x 1RFDPELHGHOXJDUVXPLFURVFRSLRQLODVOHQWHV
x /XHJRGHXVDUHOPLFURVFRSLROtPSLHORFRQXQSDxRGHOLQROLEUHGHSROYRRFRQ
DOJRGyQKLGUyILOR9HULILTXHTXHQRKD\DQTXHGDGRSUHSDUDGRVVREUHODSODWLQD
x 'pMHORFRQHOREMHWLYRGHPHQRUDXPHQWRODSODWLQDORPiVSUy[LPDSRVLEOHDpO\
SURWHJLGRFRQODFXELHUWDFRUUHVSRQGLHQWH
0LFURVFRSLRHOHFWUyQLFRGHWUDQVPLVLyQ
/DV FpOXODV \ VXV FRPSRQHQWHV VRQ WDQ SHTXHxRV TXH ORV PLFURVFRSLRV
ySWLFRV FRPXQHV VyOR SXHGHQ GLVWLQJXLU ORV GHWDOOHV JUXHVRV GH ODV HVWUXFWXUDV
FHOXODUHV (Q OD PD\RU SDUWH GH ORV FDVRV WRGR OR TXH SXHGH REVHUYDUVH HV HO
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
FRQWRUQRGHODVHVWUXFWXUDV\VXFDSDFLGDGGHWHxLUVHSRUDOJXQDVXVWDQFLD\QRSRU
RWUD1RIXHVLQRKDVWDTXHVHGHVDUUROOyHOPLFURVFRSLRHOHFWUyQLFRHQODGpFDGDGH
ORV © \ FX\R HPSOHR VH GLIXQGLy PiV DPSOLDPHQWH HQ ORV DxRV ¨ TXH ORV
LQYHVWLJDGRUHV HVWXYLHURQ HQ FRQGLFLRQHV GH HVWXGLDU ORV GHWDOOHV ILQRV R
XOWUDHVWUXFWXUDGHODVFpOXODV
&RQ HO PLFURVFRSLR HOHFWUyQLFR GH WUDQVPLVLyQ HO SRGHU GH UHVROXFLyQ
DXPHQWy FHUFD GH YHFHV UHVSHFWR GHO PLFURVFRSLR ySWLFR (VWR VH ORJUD
HPSOHDQGR¦LOXPLQDFLyQ§GHXQD ORQJLWXGGHRQGDPXFKRPiVFRUWDTXHFRQVLVWHGH
KDFHVGHHOHFWURQHVHQOXJDUGHUD\RVGHOX]/RVHOHFWURQHVVRQHPLWLGRVSRUXQ
FiWRGRGHWXQJVWHQRFX\RSRWHQFLDOHOpFWULFRVHPDQWLHQHHQ¤YROW
PLHQWUDVTXHHOGHOiQRGRFHUFDGHOH[WUHPRGHOWXERHVFHUR(VDFDtGDGHYROWDMH
SURGXFHODDFHOHUDFLyQGHORVHOHFWURQHVDPHGLGDTXHVHGHVSOD]DQKDFLDHOiQRGR
8QD OHQWH FRQGHQVDGRUD HQIRFD HO KD] GH HOHFWURQHV VREUH OD PXHVWUD ODV OHQWHV
REMHWLYR \ SUR\HFWRU HQIRFDQ ORV HOHFWURQHV TXH DWUDYLHVDQ OD PXHVWUD \ ORV
SUR\HFWDQ VREUH XQD SDQWDOOD GH REVHUYDFLyQ R XQD SHOtFXOD IRWRJUiILFD GHEH
HQWHQGHUVHTXHDTXtODV¦OHQWHV§VRQVLVWHPDVHOHFWURPDJQpWLFRV
/D PLFURVFRStD HOHFWUyQLFD GH WUDQVPLVLyQ VXPLQLVWUD HQ OD DFWXDOLGDG XQ
SRGHUGHUHVROXFLyQGHDSUR[LPDGDPHQWHQPXQDVPLOYHFHVPD\RUTXHHO
RMRKXPDQR(VDPHGLGDHTXLYDOHPiVRPHQRVDOGREOHGHOGLiPHWURGHXQiWRPR
GHKLGUyJHQR
)LJXUD)RWRJUDItDGHXQPLFURVFRSLRHOHFWUyQLFRGHWUDVPLVLyQ
7DQWR HQ HO PLFURVFRSLR ySWLFR FRPR HQ HO PLFURVFRSLR HOHFWUyQLFR GH
WUDQVPLVLyQ OD IRUPDFLyQ GH XQD LPDJHQ FRQ FRQWUDVWH SHUFHSWLEOH H[LJHQ TXH
GLIHUHQWHVSDUWHVGHODFpOXODGLILHUDQHQVXWUDQVSDUHQFLDDOKD]GHLOXPLQDFLyQ\D
VHDQUD\RVGHOX]RHOHFWURQHV/DVSDUWHVGHOHVSpFLPHQTXHSHUPLWHQHOSDVRGH
ODOX]RORVHOHFWURQHVDSDUHFHQEULOODQWHVPLHQWUDVTXHODVSDUWHVTXHEORTXHDQHO
SDVRGHOKD]GHLOXPLQDFLyQDSDUHFHQRVFXUDV
/DV FpOXODV YLYDV VRQ FDVL FRPSOHWDPHQWH WUDQVSDUHQWHV D OD OX] \ D ORV
HOHFWURQHV SRUTXH FDVL HO GH VX SHVR HVWi FRQVWLWXLGR SRU DJXD 3DUD FUHDU
VXILFLHQWH FRQWUDVWH FXDQGR VH XVD HO PLFURVFRSLR ySWLFR ODV FpOXODV GHEHQ VHU
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
WUDWDGDV FRQ FRORUDQWHV X RWUDV VXVWDQFLDV TXH VH DGKLHUDQ GLIHUHQFLDOPHQWH D
FRPSRQHQWHV VXEFHOXODUHV HVSHFtILFRV R UHDFFLRQHQ FRQ HOORV SURGXFLHQGR
UHJLRQHVGHRSDFLGDGGLIHUHQWH3DUDHOPLFURVFRSLRHOHFWUyQLFRORVHVSHFtPHQHVVH
WUDWDQSRUORJHQHUDOFRQFRPSXHVWRVGHPHWDOHVSHVDGRV
'HVSXpVTXHHOHVSpFLPHQKDVLGRWHxLGRWRGRHOFRORUDQWHTXHQRVHKD\D
DGKHULGR D ODV VXSHUILFLHV GHEH VHU ODYDGR 6LQ HPEDUJR ODV FpOXODV VRQ EDVWDQWH
IUiJLOHV\FXDOTXLHUWUDWDPLHQWRHQpUJLFRGLVRFLDUtDVXHVWUXFWXUD3DUDUHVROYHUHVWH
SUREOHPD ORV HVSHFtPHQHV ELROyJLFRV VH ¦ILMDQ§ DQWHV GH WHxLUORV (VWH
SURFHGLPLHQWRLPSOLFDXQWUDWDPLHQWRFRQFRPSXHVWRVTXH¦DPDUUDQ§ODVHVWUXFWXUDV
DVXOXJDUKDELWXDOPHQWHSRUIRUPDFLyQGHHQODFHVFRYDOHQWHVDGLFLRQDOHVHQWUHODV
PROpFXODV 3RU HMHPSOR ORV DOGHKtGRV FRPR HO JOXWDUDOGHKtGR UHDFFLRQDQ FRQ ORV
JUXSRV DPLQR GH ODV PROpFXODV SURWHLFDV HQOD]DQGR ODV PROpFXODV GH SURWHtQDV
FRQWLJXDVHQXQDHVWUXFWXUDEDVWDQWHUtJLGD(OWHWUy[LGRGHRVPLRVHXVDDPHQXGR
SDUDODSUHSDUDFLyQGHHVSHFtPHQHVSDUDPLFURVFRStDHOHFWUyQLFD\DFW~DXQLHQGR
HQWUHVtODVPROpFXODVGHOtSLGRV
/RV SURFHGLPLHQWRV GH ILMDFLyQ \ WLQFLyQ VXHOHQ UHDOL]DUVH VREUH JUXSRV GH
FpOXODV FRPR SRU HMHPSOR XQ WUR]R GH WHMLGR (VWRV HVSHFtPHQHV VRQ GHPDVLDGR
JUXHVRVSDUDSHUPLWLUHOSDVRGHORVUD\RVOXPtQLFRVRGHORVHOHFWURQHV3DUDSRGHU
H[DPLQDUORV FRQ HO PLFURVFRSLR ySWLFR R FRQ HO PLFURVFRSLR HOHFWUyQLFR GH
WUDQVPLVLyQ GHEHQ VHU FRUWDGRV HQ VHFFLRQHV WDQ ILQDV TXH ODV UHJLRQHV VLQ WHxLU
UHVXOWHQWUDQVSDUHQWHV
0LFURVFRSLRHOHFWUyQLFRGHEDUULGR
(VWH PLFURVFRSLR SHUPLWH TXH HO LQYHVWLJDGRU REVHUYH OD VXSHUILFLH GH
PXHVWUDVQRFRUWDGDVTXHQRVHSXHGHQYHUFRQHOHTXLSRGHWUDQVPLVLyQSRUTXH
ORV HOHFWURQHV DWUDYLHVDQ WRGD OD PXHVWUD (O HVSpFLPHQ VH ILMD VH VHFD \ VH
UHFXEUH FRQ XQD FDSD GHOJDGD GH PHWDO SHVDGR SRU HMHPSOR SODWLQR SRU
HYDSRUDFLyQDOYDFtR8QKD]GHHOHFWURQHVLQWHQVRGHQWURGHOPLFURVFRSLREDUUHOD
PXHVWUD FRQ UDSLGH] /DV PROpFXODV GH OD PXHVWUD VH H[FLWDQ \ OLEHUDQ HOHFWURQHV
VHFXQGDULRV )LJXUD TXH VH HQIRFDQ KDFLD XQ GHWHFWRU GH FHQWHOOHR /D VHxDO
UHVXOWDQWH VH PXHVWUD HQ XQ WXER GH UD\RV FDWyGLFRV 'DGR TXH OD FDQWLGDG GH
HOHFWURQHV VHFXQGDULRV SURGXFLGRV SRU FXDOTXLHU SXQWR GH OD PXHVWUD GHSHQGH GHO
iQJXORGHOKD]LQFLGHQWHUHVSHFWRGHODVXSHUILFLHODVPLFURIRWRJUDItDVHOHFWUyQLFDV
GHEDUULGRWLHQHQDVSHFWRWULGLPHQVLRQDO
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
GHWHFWRU
(OHFWURQHV
VHFXQGDULRV
(OHFWURQHV
)LJXUD(VTXHPDUHSUHVHQWDWLYRGHOIXQFLRQDPLHQWRGHOPLFURVFRSLRHOHFWUyQLFRGHEDUULGR (Q UHVXPHQ PLHQWUDV TXH HQ HO PLFURVFRSLR HOHFWUyQLFR GH WUDVPLVLyQ ORV
HOHFWURQHVDWUDYLHVDQHOSUHSDUDGRHQHOGHEDUULGRXQKD]GHHOHFWURQHV¦EDUUH§OD
VXSHUILFLH'HHVWHPRGRHOSULPHURSHUPLWHHVWXGLDUODXOWUDHVWUXFWXUDGHODVFpOXODV
PLHQWUDV TXH HO VHJXQGR HV LGHDO SDUD REWHQHU \ UHFRQRFHU OD WRSRJUDItD GH OD
PLVPD\DTXHSURGXFHLPiJHQHVWULGLPHQVLRQDOHV)LJXUD
)LJXUD 0LFURIRWRJUDItDV GH XQ FRUWH GH WUDTXHD WRPDGD FRQ PLFURVFRSLR HOHFWUyQLFR GH
WUDQVPLVLyQ DUULED \ GH EDUULGR DEDMR 1RWH TXH OD PLFURIRWRJUDItD REWHQLGD FRQ 7(0 UHYHOD OD
XOWUDHVWUXFWXUDPLHQWUDV TXH DTXHOOD SURYHQLHQWH GHO 6(0 SHUPLWH HVWXGLDU OD ¦WRSRJUDItD§ GHO WHMLGR
\DTXHSURYHHLPiJHQHVWULGLPHQVLRQDOHV
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
3RU~OWLPRHQOD)LJXUDVHSUHVHQWDXQDFRPSDUDFLyQHQWUHODPLFURVFRStDySWLFD
\ODHOHFWUyQLFDGHWUDQVPLVLyQ\GHEDUULGR
)LJXUD &RPSDUDFLyQ HQWUH PLFURVFRSLRV D ¾SWLFR E (OHFWUyQLFR GH WUDVPLVLyQ F
(OHFWUyQLFRGHEDUULGR6HJ~Q&XUWLVHWDO%LRORJtDWD(GLFLyQ(GLWRULDO0pGLFD3DQDPHULFDQD
(VWHWUDEDMRSUiFWLFRWLHQHFRPRREMHWLYRVGHVDUUROODUGHVWUH]DVHQ
/DHODERUDFLyQGHSUHSDUDGRVPLFURVFySLFRV\XVRGHOPLFURVFRSLRySWLFR
/DHVWLPDFLyQGHODVGLPHQVLRQHVGHHVSHFtPHQHV
/D LGHQWLILFDFLyQ H LQWHUSUHWDFLyQ GH IRWRJUDItDV WRPDGDV FRQ PLFURVFRSLR
HOHFWUyQLFRGHWUDQVPLVLyQ\REDUULGR
$VSHFWRVWHyULFRVQHFHVDULRV
3DUD FRPSUHQGHU ORV IXQGDPHQWRV WHyULFRV GH HVWH SUiFWLFR 8G GHEHUi GRPLQDU
SUHYLDPHQWHORVVLJXLHQWHVWHPDV
/HQWHVWLSRVFDUDFWHUtVWLFDV\SURSLHGDGHV
)RUPDFLyQGHLPiJHQHVFDVRVPDUFKDGHORVUD\RVHQHOPLFURVFRSLRySWLFR
3DUD HOOR OD FiWHGUD DFRQVHMD FRQVXOWDU HQ OD ELEOLRJUDItD \ UHFXUVRV GH ,17(51(7
UHFRPHQGDGRV
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
$FWLYLGDGHV
&RPSUXHEHODVFDUDFWHUtVWLFDVGHODLPDJHQIRUPDGDSRUHOPLFURVFRSLRySWLFR
&RUWH GH XQ GLDULR OHWUDV SHTXHxDV ¦D§ ¦E§ R ¦H§ +DJD FRQ HOODV XQ SUHSDUDGR
WHPSRUDULRSURFHGLHQGRGHODVLJXLHQWHPDQHUD)LJXUD
&RORTXHXQDJRWDGHDJXDVREUHHOSRUWDREMHWRV
&RQODD\XGDGHXQDDJXMDKLVWROyJLFDFRORTXHHOPDWHULDOVREUHODJRWDGHDJXD
&RORTXHXQFXEUHRMHWRVHQXQiQJXORGH•
$SR\H HO FXEUHREMHWRV VREUH OD JRWD GH DJXD \ GpMHOR GHVOL]DU VXDYHPHQWH GH
PRGRTXHHVFDSHHODLUH\VHHYLWHODSUHVHQFLDGHEXUEXMDV
6L HO PDWHULDO QR TXHGD FRPSOHWDPHQWH FXELHUWR SRU HO DJXD \ FRPLHQ]D D
VHFDUVHDJUHJXHXQDJRWDGHDJXDHQODRULOODGHOFXEUHREMHWRVVLQOHYDQWDUOR\D
TXHpVWDSHQHWUDUiSRUFDSLODULGDG
)LJXUD0RQWDMHGHOPDWHULDOSDUDODREWHQFLyQGHXQSUHSDUDGRWHPSRUDULR
$FRQWLQXDFLyQ
D(QFLHQGDODOiPSDUDGHOPLFURVFRSLR
E%DMHODSODWLQD\FRORTXHHOSUHSDUDGRILMiQGRORFRQORVVXMHWDGRUHVFXLGHTXHHO
FXEUHREMHWRVTXHGHKDFLDDUULED
F7HQJDHQFXHQWDTXHVDOYRH[FHSFLRQHVTXHOHVHUiQVHxDODGDVHOFRQGHQVDGRU
GHEHHVWDUFRORFDGRHQHOWRSHVXSHULRU
G&RORTXHHOREMHWLYRGHPHQRUDXPHQWR3DUDHQIRFDUFRUUHFWDPHQWH\VLQULHVJR
GH GHWHULRUDU HO REMHWLYR pVWH VH DSUR[LPD DO SUHSDUDGR KDVWD REWHQHU XQD
GLVWDQFLD PtQLPD VLQ TXH DPERV VH WRTXHQ 5HFXHUGH HQIRTXH SRU DOHMDPLHQWR
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
GH REMHWLYRSODWLQD QXQFD SRU DSUR[LPDFLyQ SXHV VH FRUUH HO ULHVJR GH GDxDU HO
SUHSDUDGR\VREUHWRGRHOREMHWLYR
H 0LUH SRU HO RFXODU \ KDJD GHVFHQGHU OD SODWLQD OHQWDPHQWH PHGLDQWH HO WRUQLOOR
PDFURPpWULFRKDVWDTXHORJUHYHUODSUHSDUDFLyQPiVRPHQRVHQIRFDGD
I6HJXLGDPHQWHORJUHHOHQIRTXHDGHFXDGRFRQHOWRUQLOORPLFURPpWULFR
J&RPSDUHODSRVLFLyQGHODVOHWUDVHQODLPDJHQREWHQLGDFRQODSRVLFLyQHQTXH
IXHURQPRQWDGDVHQHOSUHSDUDGR˜3RUTXpHOPLFURVFRSLRFDPELDODSRVLFLyQGH
ODVOHWUDV")XQGDPHQWHVXUHVSXHVWDPHGLDQWHXQHVTXHPD
K&DOFXOHHODXPHQWRGHODLPDJHQ
L'LEXMHODVOHWUDVWDOFRPRODVREVHUYDHQHOPLFURVFRSLR
M9HDHOSUHSDUDGRFRQXQREMHWLYRGHPD\RUDXPHQWR˜&RQTXpDXPHQWRREVHUYD
XQDPD\RUSURSRUFLyQGHODOHWUD
N([DPLQH\GLEXMHILEUDVGHDOJRGyQODQD\VHGDFRQGLIHUHQWHVDXPHQWRV
O5HSLWDODRSHUDFLyQFRQFDEHOORVGHGLIHUHQWHVFDUDFWHUtVWLFDV
5HDOLFHPHGLFLRQHVFRQDX[LOLRGHODUHJODPLFURPpWULFD
(O WDPDxR GH ORV REMHWRV REVHUYDGRV FRQ HO PLFURVFRSLR FRPSXHVWR SXHGH
VHU HVWLPDGR GHWHUPLQDQGR HO GLiPHWUR GHO FDPSR GH REVHUYDFLyQ XWLOL]DQGR XQ
REMHWLYRSDUWLFXODU/XHJRHOWDPDxRGHOHVSpFLPHQVHHVWLPDFRPSDUiQGRORFRQHO
GLiPHWURGHOFDPSRGHREVHUYDFLyQ3DUDHOOR
D &RORTXH VREUH XQ SRUWDREMHWRV XQD SHTXHxD UHJOD WUDQVSDUHQWH PLOLPHWUDGD
(QIyTXHODFRQHOREMHWLYRGHPHQRUDXPHQWR
E0XHYDODUHJODGHPRGRTXHHOFRPLHQ]RGHODHVFDODPLOLPHWUDGDFRLQFLGDFRQHO
H[WUHPRL]TXLHUGRGHOFDPSRGHREVHUYDFLyQ
F&XHQWHHOQ~PHURGHWUD]RVGHVGHHOH[WUHPRL]TXLHUGRKDVWDHOGHUHFKR6LpVWH
~OWLPR QR FRLQFLGH FRQ XQD OtQHD HVWLPH OD IUDFFLyQ FRUUHVSRQGLHQWH ([SUHVH OD
PHGLGDHQPP\ P
G&XLGDGRVDPHQWHHQIRTXHODUHJODFRQHOREMHWLYRGH[1RWHTXHHOGLiPHWURGHO
FDPSRHVLQIHULRU D PP 5HHPSODFH OD UHJOD SRU XQ SRUWDREMHWRV JUDGXDGR pVWH
HV XQ SRUWDREMHWRV TXH SUHVHQWD JUDYDGD HQ VX VXSHUILFLH XQD HVFDOD PX\
SHTXHxD(VWLPHHOGLiPHWURGHOFDPSRGHOREMHWLYR[
H $KRUD SXHGH HVWLPDU HO GLiPHWUR GHO FDPSR GH ORV RWURV REMHWLYRV SRU
FRPSDUDFLyQ FRQ FXDOTXLHUD GH ORV DQWHULRUHV 3DUD HOOR VH HPSOHD OD VLJXLHQWH
UHODFLyQ
$XPHQWRWRWDOGH$[GLiPHWURGH$ DXPHQWRWRWDOGH%[GLiPHWURGH%
5HFXHUGHTXHHODXPHQWRWRWDO DXPHQWRGHOREMHWLYR[DXPHQWRGHORFXODU
(VWLPHHOWDPDxRGHGLIHUHQWHVHVSHFtPHQHVFRPSDUiQGRORVFRQHOGLiPHWURGHO
FDPSRGHREVHUYDFLyQ
0LFURVFRStDHOHFWUyQLFD,QGLTXHDTXpWLSRGHPLFURVFRStDHOHFWUyQLFD
FRUUHVSRQGHFDGDPLFURIRWRJUDItD
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
&pOXODSDQFUHiWLFD*UiQXORVGHDOPLGyQ(VFKHULFKLDFROL
0HORLGRJ\QHVDVVHUL
*UDQRVGHSROHQ
0LWRFRQGULD
&XHVWLRQDULR
'LEXMH ODV VLJXLHQWHV OHQWHV FRQYHUJHQWHV FyQFDYRFRQYH[D ELFRQYH[D
SODQRFRQYH[D
'LEXMH ODV VLJXLHQWHV OHQWHV GLYHUJHQWHV FyQFDYDFRQYH[D ELFRQYH[D
SODQRFyQFDYD
(VTXHPDWLFHODIRUPDFLyQGHLPiJHQHVHQOHQWHVFRQYHUJHQWHVFXDQGRHOREMHWR
VHHQFXHQWUD
D ,QILQLWR
E (QWUHHOLQILQLWR\I
F (QI
G(QWUHI\I
H(QI
I(QWUHI\ODOHQWH
˜4XpIXQFLyQGHVHPSHxDQORVILOWURVHQODPLFURVFRStDySWLFD"
0HQFLRQHVODVSULQFLSDOHVDEHUUDFLRQHVGHODVOHQWHV
8GTXLHUHHVWXGLDUODXOWUDHVWUXFWXUDGHXQ RUJDQRLGH ˜TXp WLSR GH PLFURVFRStD
HOHFWUyQLFDHPSOHDUtD"˜SRUTXp"
GH
&iWHGUDGH%LRORJtD)DFXOWDGGH$JURQRPtD\$JURLQGXVWULDV816(
%LEOLRJUDItDUHFRPHQGDGD
&XUWLV+%LRORJtDWD(GLFLyQ(GLWRULDO0pGLFD3DQDPHULFDQD
.DUS * %LRORJtD FHOXODU \ PROHFXODU • HGLFLyQ HQ HVSDxRO (GLWRULDO
0F*UDZ+LOO,QWHUDPHULFDQD
/RGLVK + %HUN $ =LSXUVN\ 6 0DWVXGDLUD 3 %DOWLPRUH ' 'DUQHOO - %LRORJtDFHOXODU\PROHFXODU(GLWRULDO0pGLFD3DQDPHULFDQD
5HFXUVRVGH,17(51(7
(Q HVWH GLUHFFLyQ HQFRQWUDUi XQ FRPSOHWR OLEUR GH %LRORJtD JHQHUDGR SRU OD
8QLYHUVLGDG1DFLRQDOGH/D3ODWD
KWWSZZZELROXQOSHGXDUELRORJLD
(QODVLJXLHQWHGLUHFFLyQHQFRQWUDUiXQ¦PXVHRYLUWXDOGHODKLVWRULDGHOPLFURVFRSLR§
SHUWHQHFLHQWHDOD8QLYHUVLGDGGH6DODPDQFD(VSDxD
KWWSFDPSXVXVDOHVaKLVWRORJLDPXVHRPLFURVFRPXVHKWP
GH